Afterwards, we invite you to submit your questions via the Zoom Q&A function. On the call, we have our CEO, Tobias Wann, and our CFO, Dr. Jan Middelhoff. Now, over to you, Tobias. Many thanks to all of you for taking the time, dialing in, and joining us today. We are very much looking forward to spending the next 60-90 minutes with you. We have some great news to share, for sure. Many of you will recognize our first slide here from previous presentations and conversations, still one of my favorites, because it highlights two things. We have an incredible platform and unparalleled stickiness. As of December last year, over 9 million Tonieboxes have been sold and activated in over 100 countries across the world. In early December, we crossed another very important major milestone: we sold our 100 million Tonie. We did not stop here. At the end of the year, we totaled over 110 million sold tonies. That makes us the world's leading audio platform for children. What I'm most proud of isn't just our global reach; it's how deeply children connect with our product. On average, kids spend more than 270 minutes per week with their Toniebox. That's 270 minutes spent on imagination, creativity, and education, and 270 minutes away from age-inappropriate media. In the end, that's what we are doing it for. It works. Our Net Promoter Score in the US improved even further, averaging 79 throughout the year. That shows just how much families love and trust the tonies brand. All this translates into a great performance for the fiscal year. 2024 was another record-breaking year for tonies. We met all and even exceeded some of our goals. Group revenue reached EUR 481 million, marking a 33% increase compared to last year. 62% of that was international revenue, with North America now being our largest market. With EUR 210 million in revenue there, we've also reached our guidance. Our growth is strong across all regions. Actually, we recorded double-digit growth in every single market, a great achievement. On profitability, we made a major leap forward. We achieved a 7.5% Adjusted EBITDA margin and a 3.5 percentage point improvement Year-over-Year. For the first time in our history, we achieved positive free cash flow, ending the year with EUR 33 million and over EUR 100 million in cash available. This, and also our first-ever positive net income, are clearly validating our profit-generating business model. We are keeping our IPO promises. What you see on the right-hand side here is the strength of our platform, clearer than ever. In 2024, we sold nearly 2.5 million Tonieboxes and over 30 million tonies in just one year. So much for the results for now. Let me now walk you through some of our highlights from 2024, most of which we'll look at in more detail later. We closed the year with a strong Q4 performance. This is good tonies habit. The quarter went exactly as expected, once again underlining the consistency and resilience of our business model. North America became our largest market just four years after launch, and importantly, it has now reached profitability. In line with our international growth strategy we launched in Australia and New Zealand, our experience in entering new markets made this one of our most successful launches ever. We also significantly broadened our product portfolio across IPs and categories, offering more ways for families to engage with our content and brand. On the sustainability front, we took on a fresh perspective with a new vision for tonies and made some tangible steps forward. For the first time, we will publish a voluntary sustainability report this year. Finally, we had great talent leadership join and reach our ranks. Ginny McCormick joined us in the US as our new Chief Experience Officer on the tonies Management Board, alongside a number of highly talented people around the world. Ginny is a seasoned expert with experience at a number of iconic brands, and we are already seeing her great impact. Q4 is consistently the most important quarter of the year for us, and once again, we went above and beyond when it mattered most. The secret sauce behind this strong finish is our proven commercial playbook, including strong visibility at the point of sale, well-established operations for our own distribution channels, a good supply chain that ensures we have product available upon demand, and a strong focus on customer satisfaction. Over the years, we've continuously refined this model, allowing us to improve execution each peak season. In fact, Q4 2024 alone accounted for 50% of our full year revenue, underlining just how effectively we scale when it counts. As a result, in Q4 2024 alone, we sold over 1.4 million Tonieboxes and more than 14 million tonies, with 17% of tonies sold coming from our own portfolio. These outcomes are a clear testament to our institutional capability to scale effectively and deliver commercial excellence during peak demand periods. tonies has successfully transitioned into a truly international business. We see strong and profitable growth across all regions and are constantly increasing our international revenue share. This expansion strategy has proven both scalable and effective. Consistent with our projections, new core markets typically achieve profitability within three to four years. The current performance across our international markets aligns with this timeline, reinforcing the reliability of our expansion model. Today, our products are available in 28 countries, enabling us to grow well beyond the boundaries of our original core markets and creating real global scale. In 2024, 62% of our total revenue came from outside the DACH region, a remarkable shift from just 6% in 2020. That reflects just how far we've come in only a few years. As many of you know, North America is now our biggest focus, so let's take a closer look. Just as planned, North America is now our largest market just four years after launch. We have an installed base of more than 2.5 million Tonieboxes and over 20 million tonies across North America. We see a strong product-market fit and clear brand resonance for tonies. We are accelerating our absolute growth. As you can see, nearly half of this space was sold in 2024 alone. And the millions of Tonieboxes are only a fraction of the market. We are still only at the beginning. Despite the obviously challenging tariff environment, and I'll talk about this later, when we look ahead, we see a lot of untapped potential and substantial headroom for continued growth in the coming years. The great thing about our perspective, North America is already profitable. We achieved this within 2024, meaning our path forward will contribute even stronger to tonies' overall growth. To unlock this, we will continue to innovate and work together with strong partners such as in wholesale. If you look now into exactly this, we started to build our North American business, as you remember, first via D2C channels through our own web shop as well as our Amazon platform. Today, nearly half of our revenues are coming through wholesale. Expanding our wholesale presence is a major driver for our growth here at tonies. We continue to strengthen our existing partnerships, for example, with Coles, Target, Walmart, working together to further maximize tonies' potential. This includes additional shelf space and the perfect positioning in the markets. In addition, we are forging new corporations, for example, with Macy's and Barnes & Noble, just to name two more household brand names. By now, we've reached a very stable channel mix, balancing our own D2C channels with wholesale sets us up strongly to fuel growth, particularly in volumes. Expanding our wholesale, we focus on two core KPIs, both of which made great strides in 2024. We increased the number of point of sales by 24% to approximately 8,300. With each point of sale, we grew our shelf space on average by 62%. We have seen that expanding shelf space gives us opportunity to overproportionally expand revenues. This is an important achievement and one we are very proud of. While we have grown North America into our largest single markets and become more international than ever before, I also want to take a look at our development in the DACH region, because this year's performance shows just how impressively our business model works in more established markets. We are continuing to prove our blueprint for core markets and with it, our profitability potential. If you take a look at the left hand of the slide, you'll see that over the past year, neither the product nor the channel mix have shifted significantly. Still, we were able to grow our revenue at a double-digit rate and at the same time improve our profitability like never before. This is exactly how the tonies business model works once we have established category leadership and brand awareness. Of course, we win new customers every year, even in a market with a high penetration such as DACH. What is most important for us is to retain our customers and expand their lifetime value. We focus on delivering more and new magic moments for our tonies fans. What we cluster under product innovation and new content production is very successful. We clearly see that the market is hungry for any new product we launch. I'll get to that in more detail in a minute. Combine that with the still ongoing wholesale expansion in DACH, and we drive revenues up 11% Year-over-Year, a remarkable achievement. Probably even more remarkable, we have reached a new level of profitability. We've always known about this potential in our business model. We talked about it, and we are now happy to demonstrate it in black and white. We grew our EBITDA margin by nearly 7 percentage points Year-over-Year to just over 23%. There were several drivers behind this. I'd like to point out again the role of our product development. Our Clever tonies launched in Q1 2024 in DACH with a different product shape and sales concept. They are a notably higher margin product, and they were one of the outstanding product successes in DACH last year. The same is true for our own IPs, which we continue to create and expand successfully. Profitability was further driven by a sensible expansion of our D2C revenue share, as well as a continued expansion of our contribution margin. We do that wherever we are. As we expand our global footprint, we are also expanding our global success. Our strong growth is not limited to North America and DACH. It continues across the rest of the world. In Australia and New Zealand, we have had our largest ever launch with an unparalleled portfolio. Within the first few months, we were already awarded Product of the Year in Australia, something we are really proud of. In the U.K., we continue to grow our wholesale presence with the largest Year-over-Year point of sale growth. We are successful with innovative formats such as the award-winning Today with tonies, our morning podcast for kids. In France, tonies is now the number one audio platform for kids in a market with more competitors than anywhere else in the world. Our expanded offering and increased presence clearly contributed to that. All of this shows our go-to-market model is replicable and successful. We have a very strong blueprint. After talking a little bit about it on the previous slides, let's take a closer look at our product innovation. There are two factors to what we achieved in 2024. One, we strengthened our content platform with additional own IPs. Two, we are targeting expanded consumer groups with new products. I've always said that the tonies platform sits at the exciting intersection of technology, toys, and content. On the content side, we are doing great in building our own tonies originals. Last year, we launched 69 new own IP tonies, and they are performing really, really well. Let me highlight our two flagship franchises. We launched La La Linos at the end of last year in DACH and saw strong early demand. 25 has more launches planned on this franchise as well as regional expansion. We have set La La Linos up to scale growth across categories in various content formats, so stay tuned for that. Our Sleepy Friends is a tremendously successful series designed to make bedtime easier for both parents and children. Over 90% of surveyed parents say it actually helps them. No surprise, it is already a top five global IP across our entire content portfolio. Cross-category sales is also a key theme for Sleepy Friends. The Night Light we added to the series is our most successful accessory ever. Continuing with product successes, the introduction of Pocket tonies is a game changer. Last year, we launched 70 new Pocket Tonies SKUs divided between our Clever and Book Tonies. That was 30% of our total new SKUs, a remarkable statistic. Both Clever and Book Tonies are designed to engage older kids above age five with educational content. As with all tonies, we mix strong partnerships and licensed content with our own designs. We are very excited to launch Book Tonies in DACH this year. Overall, we are very happy to see the success of our product innovation. It reinforces our leading position, our competitive edge, and our strong perspective for continuing to shape audio entertainment for children. As we grow, we know that responsibility must grow with us. That's why we've taken a closer look at how we define sustainability at tonies and how we bring that vision to life across everything we do. Let me show you what that means in practice. We've refined our sustainability strategy and taken a close look at where we stand today. We are creating transparency and laying a strong foundation for future progress. As a next step, we are proud that we've published our first voluntary sustainability report in 2025, aligned with the CSRD and ESRS standards. This is just the beginning. We are committed to building on this foundation as we continue to listen, learn, and grow responsibly and bring our sustainability vision to life. Our vision is just the starting point. Now it's about action. Here are two ways we are already putting sustainability into practice. We are improving the footprint of our product. All Pocket tonies, so that's the Clever tonies and Book Tonies, are produced with up to 50% Bio-circular material. We are now preparing a transition to a material mix containing up to 94% Bio-circular feedstocks. We also launched the Toniebox Repair Service in 2024 across the DACH region. This enabled us to repair over 13,000 devices, reducing waste and helping families extend the life of their Tonieboxes. These are just two examples of how we are moving from strategy to action, embedding sustainability and circularity directly into our products and services. I would like to hand it over to Jan, who will now guide you through our financials in more detail. Over to you, Jan. Thank you very much, Tobias, and welcome to everyone on the call. It's a pleasure to present a really exciting year for tonies. 2024 has truly been the year where we have proven probably the last things that we promised to prove, and that was our free cash flow break-even. More importantly, I think it is again a testament to the fact that our strategy works. The execution is great. Starting from replicating our profitable DACH blueprint internationally, we can report that 62% of our revenues are now international, and it comes from growth, double-digit growth in our markets, primarily driven by North America. That has become our biggest market, largest market, and also is our greatest opportunity still for growth. At the same time, we have shown that all of those markets can be profitable and increasing in profitability. In fact, DACH turning even more profitable than we reported in a previous year. North America turning profitable and the rest of the world turning profitable is really a testament to the strength of the business model, the resilience of the business model. It is no surprise that if you look at the Year-over-Year comparison of our EBITDA, you'll see us improving 4.6 percentage points. That shows real operational profitability that's also translating now into cash generation abilities of this company. The free cash flow of EUR 33 million that we have shown in 2024 should be a very strong testament to the healthiness of our business model. In fact, it's more than EUR 38 million improvement Year-over-Year, resulting in a cash position at year-end that puts us in a very, very stable position also for 2025, which is at EUR 107 million. The EUR 107 million includes EUR 20 million of non-used credit facilities. The rest is cash on account. I think personally, one of the highlights for me is also the ability to show you a positive net income. EUR 13 million is an amazing result, deserves a lot of credit to the team at tonies. I think it shows that our business model works. Tobias had said it. The strategy execution works and puts us in a very strong position also for the year 2025. Let's maybe dissect a little bit how we have been doing on the P&L. I want to direct your attention probably a little bit to the upper part of the P&L for the minute. As you can see, our gross profit has been improving by half a percentage point and is a continued journey. What we've always said, we will continue to drive up unit economics. Point for watch out and remark is our licensing ratio because you need to consider that 2023 saw a one-off exceptional provision release of EUR 3.3 million, which added, if you have a clean year on your comparison, about 0.9 percentage points. The rest of the deviation versus prior year is product, channel, and geo mix. You'll hear me talking to that in a minute again. There are some mixed effects in here, which show a slightly decreasing, so kind of, or increasing licensing cost ratio, but it's fully as expected. You see that on fulfillment, we're kind of doing okay. Contribution margin without the one-off effect from 2023 would be improving. That is also, again, coming from our product, geo and channel mix effects. That is very important. If you look at how we have delivered our improvement in overall EBITDA, maybe you can stand with Tob, thank you, profitability, it comes from operating leverage. That was one of the things we discussed with you previously, and I also know that from various interactions on the road. Will tonies be able to show operating leverage? Yes, we are. We are on both personnel and OpEx side. We have always said it requires some time to build the foundation and the baseline for us to start scaling. It comes with growth then that we can add in the markets through the channel expansion. EBITDA at 7%, margin at 7% with the 4.6 improvement, Adjusted EBITDA at 7.5% margin. Also here, I want to call out the spread is getting slimmer, and I'll speak to that in a minute. Let's look at the growth, and I think Tobias covered it, so I don't want to go into much detail on this slide here, but you see that all regions are growing double-digit, and that is fantastic. Majority of absolute growth Year-over-Year comes from the US. That is, again, a testament to the strength of our position in the market, the opportunity we still have in the market. You also see the rest of the world really adding to the weight. I think one of the things that many of you have reached out and commented on on our preliminary results is the strength of the DACH market. It is very healthy consumer demand, and we're very, very happy with that. The team there is doing a fantastic job, but also our brand is strong and the product appeal is high. 62% international share, we talked about that enough, so let's maybe look a bit more to the product side. I talked about product geo channel mix effects, and you can see it here, Toniebox revenue, a little lower in growth versus the tonies growth. We actually are happy with that because our goal for this year was to show profitable hypergrowth. You know the profit comes through our attached to our cohorts, so the subscription-like behavior of our cohorts. What we can show here is that we're growing our attached revenue base, and that is important for us. There are several levers in there or several effects. Tobias spoke to it. Clever Tonies, Book Tonies are a fantastic extension in age, contributing as a single factor strongly to the growth that we have seen in the DACH region. Also, if you think about the wholesale expansion in the US, we told you in Q3 that we are doubling shelf space with some retailers that were targeted, for example, that at Target, we have increased SKU count. SKU count is tonies. tonies and accessories. That means we are opening up more choice for consumers. Wholesale expansion for us is also attached support, and therefore these numbers make absolutely sense also in light of the overall profitability improvement that we're seeing in our business. Now, on the next one, we see a very strong Q4. We see that particularly DACH has been growing 20%. That is amazing. That is fantastic. I also repeat what I've been saying since years now. Please always consider baseline effects. Last year's Q4 was slower. Effects here are when is Black Friday, when is loading, how do retailers stack up? It's a great performance, but we also want to make sure that we don't misinterpret it. It's a very healthy development, but the disproportionate Q4 growth also has baseline effects from prior periods in there. Again, the strong increase also on tonies and product mix on the right-hand side is the time when we really introduced Clever Tonies and Book Tonies. I think that speaks to the effects I described before. With this, maybe let's look at one thing that I find personally very exciting. Knowing that many people have asked us, how profitable can the North American business be? Would it be profitable in the near term? It is profitable. 2024, our biggest growth opportunity has been profitable and has been profitable on a 50% year-on-year growth. That shows hyper-profitable growth for tonies is possible if we execute our business model right, if we make sure that we are installing new platform, acquiring new customers with Tonieboxes, and that we manage our cohorts well, that we put attached on those cohorts. You can see it here in the numbers. What is also very exciting is the improvement that you see in the rest of the world. That comes off a very strong performance, as Tobias has said, in the U.K., in France, in Australia, New Zealand. Very, very happy with the performance of the teams there. The consumer demand in all regions is healthy, and that translates into such results. If you're interested also in understanding a bit here what the drivers are, you can see that the contribution margin difference between the DACH market, our home market, and the international markets, North America and rest of the world, is different. That has to do with maturity. That has to do with maturity, product mix, and also some channel mix effects. Contribution margin improvement is what we're after and what we're optimizing. That is something that we're tracking closely. These results, these figures give me a lot of confidence. Probably a few of you will then ask, how does it look then below contribution margin? Here you can see EBITDA, of course, we're still investing more into the growth markets. Marketing, you can assume, is higher in those areas than versus the DACH market. Overall, fantastic results. Next, I'd like to speak about our Adjusted EBITDA. It's essentially a summary of what I've been looking at at the P&L previously. You can see here the most important ups and downs along our Adjusted EBITDA year-on-year comparison. You can see licensing cost has been a negative effect for us, which is in large portion explainable by this one-off year-on-year, but also by those product channel mix effects. What are those? If we're selling more tonies, they have a higher licensing share. If we're growing in markets that have a high tonies share, it additionally adds. Those are the mix effects that we need to be careful to interpret, but also channel mix plays into that. You see the big leverage really in personnel and OpEx. Overall, that gets us to a 7.5% Adjusted EBITDA margin. I'm very, very pleased with the work of the team because that has put us in the upper half of our guidance that we provided last year. It shows that we can reliably forecast our business, manage and steer our business. That, of course, as a CFO, is something I like. Next is a view on the spread between the Adjusted EBITDA and the EBITDA. Since 2023, we have decided to only adjust for share-based payments. Previously, in 2022, we've also been adjusting for own software development. Again, in the time before that, there were some IPO-related costs in there. You can see how Adjusted EBITDA and EBITDA are getting closer and closer together. There are, of course, baseline effects, but it's also because we're managing this, I think, well. I would expect us to have a continued very narrow corridor between the two so that EBITDA and Adjusted EBITDA should be close together also going forward. Now, cash, I said it before, a very strong cash generation in the business. The operating performance has been a key driver to that. Our cash levels at the end of the year, despite some investing and funding the cash flows, of course, EUR 87 million is a very, very strong number. That is something we carry into the Q1. We have unused credit facilities as per 31 December of EUR 20 million. The cash position is healthy. I will speak also to the outlook on the cash and our working capital financing ability in a few slides. Now, this for me, probably more than for other people in the company, but for me as a CFO, this is really a milestone landmark slide. The last piece to deliver, the last piece we promised was our free cash flow breakeven and the net income. You can see in 2024, we have to improve it. I really think the ability of this company, of this product, and especially the team to deliver comes through if you just look at the track record of how we have optimized our free cash flow position and our net income Year-over-Year and Year-over-Year. It speaks to the team that we can grow the revenue profitably, that we add those value levers to the already profitable DACH blueprint, hence drive the margin expansion forward, and that we improve our working capital. We have CapEx discipline. As a result, you see a free cash flow like this in the business, which I expect to also continue to be an attractive profile going forward. I said working capital is also something that we take serious. I am very, very proud that we have been able to improve our syndicated loan facility. We have signed an updated syndicated loan. From our previously available EUR 30 million credit volume plus a EUR 10 million top-up option, we will have at our disposal now in total EUR 135 million because we have doubled our credit volume as of now to EUR 60 million. We have increased our top-up option fivefour to EUR 50 million. Plus, for this year, we have added a EUR 25 million seasonal line just in case to make sure that working capital this year, with everything we have planned, stays stable and healthy. This has only been possible for us by working with top-tier partners. You see a few of the logos here. We work with the best banks in Germany. What makes me really, really proud is that also Citi has decided to join our syndicated loan. We have a top-tier global bank, an American-first bank that is part of our portfolio and supporting tonies on the continued expansion and growth path. With this, I am very, very confident that also for 2025, we are in a very stable and good position to continue our journey. How that will look like, Tobias can talk better than I do. Tobias, back to you. Yes. Thank you so much, Jan, for that deep dive into our 2024 financials. Looking at where we stand today, I want to make this really, really clear. I hope it becomes clear when looking at all these numbers. We have entered 2025 from a position of strength. At the same time, we are also entering an environment that is much more complex and volatile than anything we have seen, I have seen, I am sure you have seen in recent years. Before we wrap up, let me address the elephant in the room and walk you through what we expect in the months ahead and how we are navigating the current tariff headwinds. The U.S. tariff environment has shifted dramatically in the last week, and it is reshifting constantly within days, within hours. There are record tariffs announced and taken off the table within days across several key sourcing countries for us, including China, Vietnam, Bosnia, and Tunisia. These measures have triggered retaliation threats, counteractions from multiple global stakeholders, leading to significant uncertainty across supply chains and international trade flows. Of course, we are monitoring the ongoing political negotiations with potential new deals expected to be signed shortly. Many of these could have had an immediate impact on global sourcing and pricing structures, including for us. Capital Markets are reacting with high volatility, and the broader economic outlook remains unclear. U.S. consumer sentiment, a key driver for our business, is becoming increasingly difficult to predict. The situation is extremely dynamic and continues to evolve on a daily basis. In light of these developments, reliable midterm planning has become a real challenge not only for us, but across the entire industry. Yet, this is where tonies' strength comes into play. We do not just have the ambition to meet our goals. We also have the ambition to share transparent and reliable forecasts with all of you. Both of these principles are underlined in our strong track record of delivering on our guidance. At this point in time, the rapidly changing environment does not provide a sufficient basis for a reliable forecast. In light of the situation and its acceleration in recent days, we've decided to postpone the issuance of specific short-term guidance until we have a higher degree of certainty around global tariff rates. We would have liked to give you more clarity on where our KPIs will lie exactly. We will do so as soon as we responsibly can. Yet it goes without saying that we plan to continue our profitable growth trajectory in the year ahead. We are convinced that we will be able to do this and that 2025 will be another year of profitable growth for tonies. Let me briefly walk you through why we are well equipped to manage this environment. We have a very strong business model built on a fantastic product with market fit around the world in a very resilient industry. Speaking from experience, people tend to save last on toys and creating special moments for their families. What also gives us confidence, we are not dependent on one single market. Besides a highly cash-generating business in DACH, we are exposed across multiple regions, helping us balance out local fluctuations. Financially, as you heard from Jan, our business model has proven to be cash-generating, and we have now reached free cash flow and net profit breakeven milestones that reflect a healthy business and give us the flexibility to act decisively when needed. Beyond that, we've shown time and again that we can deliver even in challenging environments. Whether it was during the pandemic, the energy crisis, or other geopolitical disruptions, we stayed on course, continued our growth, and delivered on our plans. In addition, we are able to actively manage the impact. We have several levers at our disposal, and we are already putting them to use as the situation evolves. First, we will vary and shift our production and sourcing according to what's best for tonies in this new environment. After preparations, we will be able to do so along a much more diversified supply chain. Second, our category leadership allows us to set prices, and we will make use of this pricing power, reflecting the tariffs accordingly. Third, we've created a strong financial foundation over the past years which now gives us a high degree of flexibility. We have a new syndicated loan, as you just saw, that provides more room at better conditions than ever. We have over EUR 100 million in cash available. We are rock solid financially, and we will make use of that when needed. Fourth, we will look at our operations to optimize for the new environments. We will work with our partners, for example, to renegotiate with the suppliers, reclassify products, and, of course, continue improving our overall cost structure. I want to be very clear about this. The tariff environment is highly challenging, but we have the strength and the strategy to manage it. Be assured, we are doing so as we speak, evaluating measures and planning our way forward continuously. We are convinced that our strong business model and our toolbox to manage the situation will help us make 2025 yet another year of profitable growth for tonies. Now, after all that talk about tariffs, I want to wrap up with more on what we love most: building tonies and bringing Joyful audio moments to families around the world. Our key business priorities for the first half of 2025 are delivering results early on. All indicators we have tell us that we have set off with a good start into the year and a very strong first quarter. We are growing at approximately 20% above last year's rate. That is even though, unlike in other years, Q1 did not yet include Easter. As usual, Easter will be one of our key commercial moments in the first half of the year. We have strong campaigns and product visibility planned across all major markets to once again make tonies product part of the most favorite Easter eggs of the season. We have also launched some exciting new products in the first month of the year, such as new Sleepy Friends tonies, as I just talked about. We will continue to expand our proprietary content portfolio with further innovative IPs. As you've seen, this has a positive impact on revenue, on margin, and as well on customer loyalty. Furthermore, international expansion remains a key growth lever. We are continuing to accelerate in core markets like DACH, the U.K., France, North America, and Australia, building on our successful rollouts and increasing local penetration. Mitigating the impact of tariffs is, of course, top of mind. I've outlined our areas of action, and we are actively working on this continuously. One more note here. As you know, we have announced our first capital markets day to be held in the first half of 2025. Given the environment we are in, we've decided to take a step back from this and postpone it to a time where we can comfortably present a new midterm outlook to you. We hope to be able to do so soon and promise to keep you updated. Against this backdrop, we want to spread some good vibes too. Without telling you too much, stay tuned for what else we've got planned for the rest of the first half of this year. It's going to be exciting. Over to you now, Dietz, for the Q&A session, and I'm looking forward to your questions. Thank you very much, Tobias. Thank you, Jan. We'll now enter the Q&A session. Just as a reminder, if you have any question that you would like to ask, please put it into the Q&A function. We can already see that we have received the first questions. The first one is, why did you not provide guidance today? Could you please give at least an indication on the impact of current tariffs on your business? Yeah, I think I spoke to it, but I do perfectly understand why you would ask that question again. I can really tell you we did not take this lightly. Let me start by saying we are in a uniquely volatile moment when it comes to global trade policy, especially tariffs. The situation is evolving so rapidly that providing a concrete, reliable forecast today would have not been responsible. I'm really convinced about that. As you know, we've always prided ourselves on delivering what we promise. We wanted to make sure that we take a moment, reflect on that, and then come out. For now, we were choosing, let's say, adaptability over false precision. We want to stay agile. We want to focus on long-term value creation rather than anchoring ourselves to assumptions that we may not be able to hold in a few weeks' time. Again, let me point out what gives us confidence. We've got a very resilient category. We've got a differentiated product. We've got a business model that's proven to work, even in turbulent times. We have strong retail. We have strong licensing partnerships, and those partners are also in this together with us. On the operational side, we have this toolbox that I reflected to a couple of slides before that gives us flexibility. We can shift sourcing across regions. We've got pricing power. We are the category leader, and we have, and we will, and we will continue to generate cash. In fact, we reached cash flow breakeven, as you know, and that is a major, major, major milestone for us. The new syndicated loan that Jan talked about, that gives us even more headroom. Maybe what I can share with you, one thing, and then I hand it over to you, Jan, and you probably have a couple of comments too. While it is too early for detailed guidance, as I said, I can share what was our initial idea, what was our initial guidance that we wanted to give to you today that has already a 20% China tariff scenario in there. Under that assumption, a 20% China tariff, we aimed, and our original idea was to guide you on group revenue growth of over 30%, North America up more than 38%, and an Adjusted EBITDA margin in the 9-11% range. These were the original guidance plans that we had that we took back deliberately, but I think it gives you an indication of where this business could go to and how strong it is. Yeah. Yes, I think we, as Tobias said, we discussed it at length, and I believe the dynamic situation that we're in, we're coming out, and we said that on the 10th of April. Within the past 72 hours, I think we have seen six changes to the overall tariff landscape. We felt it would be not prudent to give you an indication that could be obsolete by the time we're coming out. If I just look at the events yesterday, I think it confirms what we have said. I want to reiterate what Tobias said. The business is super healthy. We have a product that has shown in past macroeconomic crisis situations that it can sustain price increases, also in inflationary environments, in recessionary environments. tonies has performed well. Will there be effect from tariffs? Yes, on every company on this planet, because tariffs are meant to hurt, and they are. The question really is, how agile are you, and what is the scenario you're planning for? As we don't have a stable scenario, we will, of course, on a daily basis, following the plans that we've developed months ago, months ago we developed plans, we will execute at best. We have alternative sourcing options, which we will put in place and use, and I'm pretty sure this will give us resilience. I don't think we can, and I saw a question on this one as well, really predict how the tariff scenario will evolve. I think yesterday has shown us that there seems to be some easing tendency now, which I think is, from a business perspective, great to hear because it gives us some perspective on how we can now adjust our plans. That would also allow us then at a good point in time to give a concrete guidance that everyone here can work with. I think that is a very prudent approach. I think it's fully our responsibility to do something like this at these unprecedented times. The next question is, how do you see consumer sentiment at the moment, and which impact from tariffs do you expect on the US consumer? Yeah, I mean, obviously, as I think I said, that the US consumer sentiment is important for us. We are watching this very, very closely. I want to reiterate again, our category is very resilient when it comes to macroeconomic downturns. The last thing parents are saving on are their kids' presents or basically expenses for kids. Actually, I mean, there is the saying that usually there are three things that almost stay the same in downturns, which is expenses for kids, for pets, and for travel and vacation. That makes us confident that even with a downturn on the US consumer, we are in the probably potentially best suited category. Also, let's just make this very clear here. We are in a very good position when it comes to the toy category overall. We are the fastest growing brand in the US Preschool category, the fastest growing brand in the US Preschool category last year. I think this is really, really important for all of you to keep in mind. We have, as I said, looking into Q1 of this year, this growth is continuing. We have no signs that this will slow down even with basically potentially a different US consumer. Finally, the last comment from my side, kids do not care about tariffs. I can tell you the average playtime last week was the same as the week before and the weeks before. Our product remains highly attractive to kids who love us, who continue to listen to us with the same excitement as they had actually done before. We have seen the current turmoil, and they will continue to use our product in the same way. That makes me extremely confident that we will get to this. Maybe, Jan, you want to add a few things from your perspective? I think, as we said it before, the American consumer is a very healthy consumer. We have a category that has consistently been ranked as a very recession-resilient category. If anything happens, I believe that we can trust into our category. Is that something we should be counting on and relying on and just be naive about? No, not at all. The situation is unprecedented. From all indicators that we can observe and that we do observe on a daily basis, such as activation of our products and all macro primary research available, I would say I have a lot of confidence into our product category in the American consumers. I also do think that signs of easing of a shock that has been wandering through the market in the past few days should be a lift-off to consumer sentiment. In the end, I don't think it will be an appealing case of destroying consumer sentiment overall. Of course, we need to plan with scenarios and that is what we're doing. I can only reiterate our product has a very strong and resilient consumer attitude, and that is good for us. The next question is on product. Could you please give an update on your product innovation? Yeah, great question. I love to talk about product, as you know, and I'm happy to talk about product, not only tariffs. What I showed you and what we showed you at the presentation, innovation and product innovation is really at the heart of what we do here at tonies. Constantly developing, evolving, both the product and the platform is something we spend a lot of time on, and I think we become increasingly good at. I spoke about the really good strides we did in 2024 when it comes to expanding our product offerings to older children. I mean, we were always knowing that we have such a great installed base, especially also in our DACH market. The success of the Clever Pocket Tonies, for example, is also something that did surprise us. I'll be very honest. We knew it would be a great product, but to actually see how fantastically it is accepted in all our markets, but also specifically in a market that is deemed to obviously be a more established market like the DACH market, is really, really rewarding. We continue to work here. I told you about the Book Tonies. That is the other category that we have in the Pocket Tonies category. This is also something that has been a proven concept, audiobooks. Kids love listening to audiobooks, especially older kids. The launch of the Book tonies, again, in DACH this year is something that I'm very much looking forward to. Also, obviously, we have very, very early, great early signals now from the US market where we launched Book Tonies in Q4 of last year. Finally, just again, the La La Linos, an amazing, wonderful, beautiful product. I have it here. For those of you who have not seen it before, it's a beautiful concept, not only the figurine itself, but also everything that we have developed from a content perspective here. They really, really work well for us. You know about the success that we had with our and still have with our Sleepy Friends IP. We can see that the La La Linos will actually go in a very, very similar direction and will be a very, very similar category for us as well. The Night Light Tonies I spoke about on the accessory side, an amazing success. I'm continuing to hint here, there's more than that. There are great developments when it comes to additional form factors and categories on the tonies side. There are other products that we are working on, and we are working on a really, really strong pipeline here of innovations, something that we will double down on over the next month and even years. This is really, really exciting. I can't speak to all the details right now, as you can understand, but I can tell you I'm extremely confident when it comes to product innovation that will continue to actually surprise you and us. We have a question. Will you now focus more on growth opportunities outside the U.S. to become less dependent on one single market? We will continue basically our international expansion roadmap. This has always been core to our DNA. Look, I think I said it in the presentation, 6% of revenues for tonies in 2020 were international. Now it's 62%. That's just within five years, from 6% to 62%. Our Australia-New Zealand launch has been the most successful launch in any new market ever. That is something that we continue to basically train that muscle, and we are continuing thinking, obviously, of new countries to add. It's too early right now on this day to actually tell you what country comes next. What I'm hoping to make very clear here, the framework, the internationalization framework is there. It's intact. It works. Our international market that we entered in earlier, they become now profitable as planned. Our new markets that we enter are extremely successful when we do so. This is part of the DNA. There is a framework and a blueprint that we continue to execute. The next question is, why is the EBITDA margin in North America still so low compared to DACH, even though the market is now bigger than DACH and the contribution margin difference is only 8%? Jan, I think this is for you. Sounds like it is one for me. The DACH market is for us, of course, the blueprint of what we work with. The contribution margin difference is, of course, also a function of the maturity. As we are still building that market, product mix looks different than in DACH. We have a different channel structure in DACH. Most importantly, we are also still investing into that market. There is a mix. The contribution margin overall is, of course, in DACH also driven by some effects that we have announced last year, which is an optimized logistic network. DACH has actually seen the positive results of that. That does not mean that we do not have similar results in the US, but the US is growing with a different channel mix. Leverage is also one of the key aspects in the DACH business. As we are still scaling in the US, we are, of course, also building for that growth and building for that scale-up. If we move into wholesale, that means we need teams to be working with the wholesalers. As we're still building the category, and North America and rest of the world are still a growth market, we're also investing more into our marketing spend. You actually can see that also in our marketing ratio on the booth. It's slightly increasing, and that is driven by geo mix. This whole product channel geo mix equation for us is important to get it right. Rest assured, we steer it in the most efficient way for us. These are the key explanatory factors for the difference that you see. Free cash flow seems to have been strongly supported by reduced working capital in full year 2024. Should we expect a further improvement of working capital to sales going forward, or should there be some normalization reversion to the mean before any tariff impact? Yeah, Jan, do you want to continue? I can understand that question, I think we said it before that we took strong strides in 2023. There were a lot of low-hanging fruits we talked about in previous calls. We optimized payment terms using factoring. We are optimizing our inventory management. With the size of the business and the scale, we will get better. Of course, we will try and strive to always get better on our working capital management. Going forward, I would say I would expect tonies to improve relatively at a slower pace, also just because the means, the measures at our hand have a longer lead time and a bit of a lower effect. The low-hanging fruits are implemented, but it does not mean that this journey will not continue. We stay in the free cash flow space. After a strong year in free cash flow and ongoing growth ahead, what are short, medium-term capital allocation priorities? Great question. I'd say for now, we continue to invest from our free cash flow. We obviously will give you a bit more of a guidance as we update our midterm planning on what is planned. I can tell you that free cash flow generation is something that we put a lot of attention to. We will obviously continue to create more of that over the coming months and years. Hopefully, that's a good way to kind of frame it here for now. How are your US wholesale partners positioned in box and figurine stockpile going into the Easter season at the end of Q1? Let me be clear here. Our US partners take their own decisions on inventory and basically their health decisions. We have inventory, as you can see on the balance sheet. What's very important is that our Easter business is obviously something that is safe. I mean, those orders have been placed both for retailers, but also in the way we have stocked our own Warehouses for our D2C channels. In general, I mean, I remain very confident that we have the right measures in place. Also now with the ever-changing U.S. tariff fluctuations that both our retailers and our own channels will actually be stocked in order to meet the demand. How did your U.S. box activation figures develop in Q4 2024? Yeah, I hope you understand we have not and we do not plan to actually comment on activations. But what you see, and I understand the question, activations are a leading indicator for the financial results. What should make you confident is that the results that we are showing you are obviously a direct result of good activations that we are seeing across our market. When Jan and I talked about the great sales when it comes to figurines that we have seen in 2024, that's obviously a direct result of two things: a really healthy box activation and then also a continued great success of our business model that every box that is activated then has up to 20 figurines that we'll see over the lifetime of the box. I can assure you all those metrics are actually in green, and we're very happy with it. Could you please elaborate a little bit more why 162,000 treasury shares have been sold recently? I think you probably also have some of you have seen a notification of our treasury shares. What has been a standard practice at tonies is that for our share-based compensation schemes, we have, as a company, chosen to settle them mostly in cash. During the periods of a negative free cash flow, we have always chosen to refinance or sell those respective shares then in a controlled way. That has also been the practice in this case here. Now, as tonies becomes cash generative going forward, that is, of course, something that we would look at and potentially decide differently on. That is also a strategic decision from us and management team. Hence, yeah, I cannot guide or answer whether we continue that practice at this stage, but probably also just referencing a bit to the dynamic world that we currently live in. Thank you. For the U.S. market, as long as tariffs on China are very high, but other tariffs on other countries are suspended for now, could you ship your China-made tonies to, say, Canada and then import them from Canada into the US to avoid the direct tariffs on China? I would love if that were possible in solving the problem. I think we would probably not have a lot of those discussions currently. Unfortunately, this is all about country of origin, not country of basically import or last import. If we would take our Chinese-produced goods, which is, as you know, only a part of our goods that we produce in China, it would not avoid US tariffs because the country of origin is what's important. As I said, we have not only yesterday, let me be very, very clear. I think you heard me saying this in previous calls that I had with you. We started, I mean, probably 12-15 months ago in expanding our footprint into other countries, something that by now is obviously very, very valuable, and we're very happy about. Going forward, we are not, and even right now, we are not exposed to China at the level that you probably would have seen two years ago, something like that. In short, the answer is the country of origin is important. That would not help us, unfortunately, avoiding paying tariffs for Chinese goods, but we are not dependent on China anymore as we had been in the past. Why are you giving discounts now in the US? Customers are buying before it and will be more expensive. They buy at the normal price. First of all, discounts is something that we obviously do not control entirely. Our retail partners are giving discounts at their own discretion. We obviously have discounts in what we call commercial moments. That has always been the case in the past. That is part of the success recipe. Let's not forget, I mentioned this, I think, two questions ago. We have a business model that builds on installed base, and then this installed base then drives obviously the purchase of figurines and accessories and other above-the-box items. It might make sense for us during commercial moments to discount, for example, the boxes to create buzz, to create a marketing event, and then we will benefit throughout, obviously, the other 11 and a half months or so that are where the product is going undiscounted. It makes sense. Can you provide some comments on current trading in the core regions? Current trading means Q1 trading. I think I said already that we are very happy with what we see. We are seeing growth in Q1 of 2025, about 20% above last year, despite the fact that Easter is actually almost four weeks later in now mid to late April. As you know, Easter is the really commercial moment or one of the more important commercial moments that we have. We are very happy with what we have seen in Q1 of 2025 across all markets, by the way. For more detail, I would like you to be a little bit more patient. We see each other again very, very soon.I mean helped me, I think, on May 15th for the Q1 Earnings Call, and then it is a great moment to actually dive deeper. The next question, can you give us your sourcing split and how you currently assess the impact of tariffs on your gross margin? Maybe, Jan, it's something that you want to do or? Sure. We don't disclose the full sourcing footprint. Of course, we have said it previously. We have a high exposure to China. That comes from the fact that our key supplier for the Tonieboxes is based in China. It's a company called Hansong. We've also moved parts in the past of our tonies production from Tunisia into China to also just have a more efficient footprint. We still have the Tunisia production site. We have, meanwhile, a few months ago already expected that changes to the global tariff scenario could be a scenario. Hence, we have other production facilities available in Vietnam. We also have parts of our production in Bosnia. The split, of course, depends. I think we have said one thing in Q3. If, and that was before the whole tariffs scenarios involving all countries, if we had to reduce our dependency from China to zero by end of year 2025, we could. However, of course, that also depends on an economic rationale, whether it makes sense to move to the location that you have prepared or that would be available. Long answer to your question, it all depends. I think that is why also we feel today, as soon as we can make a good prediction, we will. You can be pretty reassured that we have several options in our pockets and teams are executing as we speak right now, but they can always only execute against a known scenario that we can assess. We will, of course, reduce, if the situation prevails as of now, our dependency from China for the US markets, whilst we also have a portfolio of other markets available that are growing, that are in heavy demand, that could easily still source products from China. Our diversification with markets is also an asset. It is now a lot of work, of course, for our supply chain colleagues to just make sure that we optimize our sourcing footprint depending on the scenario that we're operating in. We have a clarification question. Did I understand correctly that you expect to grow 20% in Q1 Year-over-Year? Yeah. Yeah, that is so, Jan, go ahead. Sorry. Sorry, I was still on. I think that I saw a few questions on that. First and foremost, demand is healthy. I think we haven't guided for Q1 results. We will come on May 15th. What you can assume is that, and we haven't said it, all demand indicators are healthy across all markets, across all business segments. There is, however, one thing to bear in mind. Easter is this week, almost four weeks later. Whilst Easter was at the end of March last year, it is only coming up now towards the end of April. Again, such a baseline moving effect. We see healthy demand. We see growth. Happy with the business at this stage. What is the share of Canada in the North American revenue mix? It's small. We don't disclose, but it is a single digit. What is the reason for the sharp decline in accessories revenue in 2024? Yeah. Jan, you want to take that? Yeah. I think there was once a reclassification of our digital revenues that we did, and I think it was always clearly labeled. That might have been part of that. Check out our half-year financials in 2024. Also, I think for us as a company, it's important that we grow with our core product. We have two priorities. We want to grow our installed base, make sure that we acquire as many households and families into the tonies universe as possible, because then we will benefit from those subscription-like behavior, those cohorts that you see coming through strongly in our full year 2024. For us, of course, getting that magic going, making sure that cohorts are healthy has an even higher priority probably than accessories. Would I expect us to be, of course, continue to work with accessories? Yes. Could it be more? Absolutely. I think there's also a technical reason to that that I just mentioned. Would you consider presenting a guidance based on scenarios? Yes, this could be an option. We've been discussing various options, as you can imagine, over the last couple of days. I must say, me personally, I would love to actually provide you with a very clear plan that you can reliably build on. Options is one way, but I personally rather prefer even more clarity. Can you give an idea on Q1 and tell what you've seen, if you have seen any impact from the uncertainty in the economy from your consumers, probably a bit broader than just related to the U.S.? I think we've answered this. Healthy. Healthy sentiment, strong support, strong product sales and activations. Healthy. I think also the next questions we've already commented on. I'm scrolling a bit. When will you decide on price increases for the US market? We have. We have decided and aligned with our partners. This is what I said, we prepared for this. No one can tell me who's a prudent business person that they haven't seen this coming, probably not to this extent. We have had models in place, and we've been working with our partners now to make decisions. Please understand that we will not communicate this here today, but we are prepared. Could you talk about the current state of tariffs for all of your production sites? Say that again, sorry. Could you please state the level of tariffs for all your production sites? China, Bosnia, Vietnam. This changes hourly. I mean, we obviously know what the current situation is as of, what is it, noon today on April 10th. We have 125% from China, and we have 10% on all other countries. When it comes to the U.S., let me be very clear, right? This is a U.S. tariff situation. As we had said before, the U.S. is an important market for us, but it is certainly not the only market. We are growing very strong in the U.K., in France. We are growing double-digit in DACH as of last year. We have had the best launch ever in Australia. With all the respect, and we're proud to actually have grown the U.S. market in what it is right now, we are a very diversified business. How easy is it to transfer production from one country to another, China to Vietnam, for instance? How much time can it take? Sorry to say, it depends. It depends, do you have an existing infrastructure in a certain country, potentially existing suppliers. As I said before, or as Jan had actually said, we have partners that we work with that can support us moving into other countries. Just let me be very clear. Tunisia, for example, is a country where we've been producing figurines for many, many, many years. We have a strong partner there. They are able to actually continue to produce figurines at scale. We have obviously the ability to shift supply between Asia and North Africa. We have also a factory in Bosnia, as you know, where we are manufacturing the Clever tonies and the Book Tonies. It is probably nothing you can literally just implant in a new country, but it is also something we have shown that we can actually develop flexibly and in a relatively short amount of time. Did I understand correctly that the new gaming and creative Toniebox will be published in H1 2025? We do not comment too much on this at this very, very moment. There are rumors. I understand this. We are extremely excited about our product pipeline, as I said. You will see more on product innovation throughout this year. That much I can actually tell. If tariffs 100% plus on China stay where they are today, what would be the implication on your cost of goods sold? Jan, you want to say something? Probably I'll comment on that. If we were to, of course, source at this rate with tariffs directly to the US, you can almost take an assumption yourself. The point that I'm trying to make is we haven't guided today because it is not prudent to do so. We would, of course, try to mitigate. There's a whole toolbox available. We will not comment on COGS impact today because we are right now optimizing the scenarios again to make sure that we minimize impact and take the right calibration of levers available, really max out the effectiveness of our toolbox. Please understand that commenting on this today, I don't think is prudent. I'm pretty sure that we will find a very good solution. We've talked sufficiently today about how healthy we believe this business model is and that we think that we have great levers at hand. I don't want to comment on this one t oo much. Why did you have a positive tax effect in 2024? Jan, you've got to ta ke this one. Everyone go? Okay. A positive tax effect in 2024. These are deferred taxes. Tax losses carried forward that we felt we can use. We have been tax eligible in the US in 2023. Here is an effect that we now see. We always optimize the tax position of the co mpany as we can. What tax rate do you expect going forward? Again, a very hypothetical question because it depends on a lot of factors. I think it's not the right time to comment and predict it here. Also a very technical one. Probably once we're guiding a little bit more, that's maybe a follow-up question then. Hope you understand that at this stage. What is the reason behind the significant EBITDA margin improvement in DACH on a very high level? I think we also covered that one, but maybe, Jan, you want to reiterate. What can we expect from the DACH margin in the midterm? Yeah, midterm is probably too early to comment today. We always said that we would update our midterm guidance at one point in time. Please understand that I will not comment on this one. The EBITDA, if you compare it to prior years, has seen probably about 5 percentage points contribution margin improvement in DACH. You see already on contribution margin level, there are effects coming through from optimized logistics footprint. There is product mix. We have talked about the effect of Clever tonies and product mix coming in. You also see continued leverage. Those are the drivers in there. They are the classical value levers we have talked about before. It is also the tonies mix on content share, etc. Multiple product channel mix effects, sorry, D2C also rolling into it. More there. There are several drivers in there. This is what I meant earlier. Product channel geo mix is something that we watch closely and always try to optimize to the best possible extent. Our strategy has been to show profitable hyper growth. That means then taking the right decision also in terms of product channel allocation. Those are the drivers behind it. Again, I believe this business has high profitability. Seeing 23% EBITDA in DACH is, I think, showing the potential, showing the healthiness. It gives me a lot of confidence to see that also our other segments develop in a similar way. They turn profitable. They're still scaling more than the US business. I'd expect them also to grow in profitability in a, I would say, not unprecedented kind of macro environment. Let's see what that effect will then be once we guide. I think the blueprint is important for us and a path forward. We're now taking the last two questions of our extensive Q&A session. How many POS are you expecting to add in the US in full year 2025? We are not guiding or disclosing this number here today specifically. Obviously, we will inform you as we're making progress. I would like to make this point one more time. It's this magic formula. It's the number of POS that we will continue to build not only in the US, but I mean, I said also we have record growth in POS in the UK. We see high growth in France. We continue to grow POS in Germany, in DACH, believe it or not, with over 10,000 doors that we already have. Not to speak of Australia. Equally important is shelf space. This combination, POS and shelf space, is this magic formula that we have in retail, combined with obviously retail promotions. This is an extremely powerful formula for success for us. We continue to obviously build on that. Our last question is, there are some products that are no longer available. Are there plans to reissue these tonies licenses? Probably the end-of-life related. Getting back. This is about, if I understand it correctly, this is about portfolio planning, right? We clearly, as you heard from us, are issuing a high number of new SKUs every year. We have limited shelf space while it is growing. We also have to make sure that we obviously do not continue with every SKU. We are a very data-driven company, we assured. We also look at those slower-selling items over the years to actually take them out. Sometimes you have licensing agreements that are coming to an end. This is also the recipe of success here at tonies to continuously generate this freshness in above-the-box items. That is a key thing. Sometimes we end some of the tonies, but we are making sure that we have dozens, if not hundreds, of new items coming up every year. Great. This concludes our Q&A session. Over to you, Tobias, for your final remarks. Fantastic. This was great. I really, and I'm sorry, I could see with one eye here that there's more questions coming in. We are not avoiding any of these questions. We are literally just at the end of the time. Thank you so much for this engaged discussion. This was really, really great for Jan, for Dietz, for myself. I would like to wrap it up in a good tradition here by briefly summarizing the key takeaways of today's presentation. Number one, we delivered positive free cash flow and net income in 2024. This fully validates the profitability and the strength of our business model and importantly delivers on a very important key promise we made at or during IPO. Number two, we made North America our largest market just four years after launch, exactly as we had planned. It is a true proof point of our international appeal, and we will have much, much, much more to look forward here. Three, we have secured funding for future growth with an improved group of backers, as Jan had explained. Our core lender group now also includes a really important bank like Citi, forming a strong global and US-centric composition and giving us the flexibility to invest with companies. Number four, we achieved double-digit revenue growth while reaching EBITDA break-even in all markets. A great combination of growth and profitability. Number five, we turn our own IPs and new product launches into true growth drivers, giving us a fantastic level for the future. Still, we are just scratching the surface. Our customers are excited, and we have more to come. Number six, yes, the global tariff environment is challenging, but we have the strength, we have the partnerships, we have the strategy in place to manage this effectively. I am, we are convinced that 2025 will be a good year for tonies. We are incredibly proud of what the team has achieved, but even more excited about what lies ahead. Thank you all for your continued interest. Thank you for your trust, and thank you for joining us today. We look forward to reconnecting, as I said, during our Q1 2025 presentation that will take place on May 15th. Until then, stay tuned. Thank you again. Thank you.