My name is Manuel Bösing, and I'm from the Investor Relations team. Today we will walk you through our My name is Manuel Bösing, and I'm from the Investor Relations team. Today we will walk you through our presentation, and 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. an Middelhof. Now over to you, Tobias. Thanks, Manuel, and a warm welcome also from my side. As usual, we'll start with what underpins everything that we do: our global platform. Tonies is the clear global leader in audio entertainment for children, and the data shows just how deeply it resonates. As of Q1 2025, over 9.3 million Tonieboxes and 119 million Tonies have been sold and activated across more than 100 countries. This alone speaks volumes about our global reach. Even more meaningful is the depth of engagement, the unparalleled stickiness that we are achieving. Kids spend, on average, around 270 minutes per week with their Toniebox. That's 270 minutes of creativity, imagination, and storytelling. Very important to me, 270 minutes less on screens. It's this kind of meaningful usage that drives our mission, and it's also reflected in our exceptionally high Net Promoter Score of 77 in the U.S. Just for reference, this puts us ahead of household names like Apple, Amazon, and Netflix. For us, that's more than just a number. It's a powerful reflection of the trust, emotional connection, and loyalty families have developed towards Tonies. It shows that parents don't just like our products; they actively recommend them to others because they value the role of our products in their everyday life. Let's take a look at how we translated this into performance in the first quarter of 2025. I want to preface this with a short remark. Given our successful and continuously growing international expansion, the impact of currency fluctuations, especially the U.S. dollar, is growing. Going forward, we will report our growth as well as our financial guidance at constant currencies. This will enable us to provide a clearer view of our business performance and comparability across reporting periods. Overall, the first quarter of 2025 was a very strong start into the year. Thanks to the very good momentum across our international markets, we were able to grow revenue even stronger than in the previous year period. We recorded group revenue of EUR 97 million, reflecting a currency-adjusted increase of 22% year- over- year. Continuing our growth path is good on its own. Accelerating it compared to Q1 last year is even more remarkable. The fact that we delivered such strong numbers speaks to the underlying health and resilience of our business. Looking at our performance by region, the picture is encouraging. DACH remained stable at a high level, with a slight decline of minus 3% in constant currency. This is in line with expectations given the early ordering from retail partners in Q4 and the delayed Easter impact. North America continued its dynamic growth path, delivering an impressive 37% increase, further cementing its position as our largest market and a key driver of our overall performance. The rest of the world was our fastest growing segment, with 79% of growth and a notable EUR 19 million. This was led by strong contributions from the U.K., France, and Australia and New Zealand. Given the continued uncertainty around U.S. tariffs, we continue to refrain from issuing a full year guidance at this point. This start into the year reinforces our confidence. Tonies is on track and well positioned to continue our profitable growth journey in 2025. What you see on the right-hand side of the slide is further evidence of our platform strength. We sold an additional 262,000 Tonieboxes in the first quarter, continuing the exponential expansion of the Toniebox platform. On top, we sold over 7 million Tonies in this quarter. This reflects the subscription-like behavior we observe across our customer base, with high activation rates and repeat purchases driving lifetime value across markets. Let's now take a look at the three focus areas that shaped our first quarter. We'll go into more detail on each of them in just a moment. Starting with international expansion, we continued to build a strong momentum across markets, from milestone achievement in the U.K. and France to accelerating our rollout in Australia and New Zealand, and firmly establishing Tonies as one of the top preschool toys in the U.S. On the product side, the Tonies category showed strong growth, with our original content playing an increasingly central role. Standout IPs like Sleepy Friends continue to perform exceptionally well. Finally, our response to the U.S. tariff situation. We've taken proactive steps to stay agile, including flexible production planning and price adjustments. I'll walk you through our response to this evolving environment in just a moment. Let's start with a closer look at our international expansion. All of our markets that we cluster as rest of world, so beyond DACH and North America, continue to develop strongly. Both the U.K. and France are great examples of how our German blueprint model translates internationally. Starting from D2C distribution, we are scaling our wholesale footprint with strong local retail partners, making our brand more visible and our product more accessible. As of Q1, we've now sold over 1 million Tonieboxes and more than 10 million Tonies in the U.K. alone. We continue to deliver exponential growth. While an above-average D2C revenue share positively impacts our profitability, we are growing our retail footprint, a key lever to scale reach, drive visibility, and grow our customer base beyond our own channels. By the end of 2024, we increased point of sales in the U.K. by more than 40% to well over 2,000, including new listings at Sainsbury's, JoJo, and The Entertainer. In France, remarkably, we've reached the pole position just three years after launch, a strong sign of how quickly we can scale even in the most competitive markets. By Q1, we've sold over 300,000 Tonieboxes and around 3 million Tonies. The 2024 point of sale growth of 96% was a record performance. Major retail partners like Carrefour, Recré, and Leclerc are helping to drive visibility and reach. Both markets show how well our go-to-market strategy translates internationally and provide a strong foundation for further growth. Let's now turn to Australia and New Zealand. It feels like we've arrived a long time ago, but it remains our most recent market launch and a particularly remarkable success story that continues to develop even better than expected. Launched in August 2024, ANZ was the most successful market entry in Tonies history, showing just how well our model also works in completely new regions. This strong start hasn't gone unnoticed. Within a few months after launch, Tonies was awarded the Australian Product of the Year 2024. Outstanding. In addition, we were also recognized with the Product of the Year in the infant and preschool category, a powerful signal of consumer endorsement and early brand relevance in that region. Having sold 45,000 Tonieboxes and over 300,000 Tonies, our platform has now reached a critical scale to boost further growth in Australia and New Zealand. To support this high demand for our products, we've also significantly expanded our regional Tonies assortment. What was already the largest launch assortment ever is now more than twice as big, giving local consumers access to a broader and ever-growing portfolio of beloved characters and stories. At the same time as everywhere, we are rapidly scaling our retail footprint. You can see on the right-hand side that the number of point of sales has increased by 71% since the launch in August, with key partners such as Big W, Baby Bunting, and just recently Target playing a central role in expanding visibility and distribution. Now to the U.S. Our rapid growth is not just visible in our own revenue or point of sale data. Tonies is now also officially one of the country's top preschool toys, both with our brand and as a corporate manufacturer. Looking at absolute point of sales, we have already achieved a strong ranking as the sixth largest property and corporate manufacturer in 2024. Tonies really has firmly arrived in the stores as well as in the minds and hearts of families with preschool children in the U.S. Now we are knocking on the door of the top five brands. We are confident to further climb the ranks because of another ranking that is even more noteworthy and confidence instilling, and that is our growth. We claimed number two positions in year-over-year growth for brands and corporate manufacturers of preschool toys in 2024. That means Tonies outgrew all but one competitor in both categories in the entire United States. Given our revenue growth, our profitability, and our wholesale expansion, we know about our fantastic momentum in the U.S. These rankings confirm our numbers. They reflect the combined strength of our product-market fit, our retail footprint and execution, and our customer experience strategy. Now, this official brand recognition with such a strong market position is the next clear signal of the progress on our journey towards shaping Tonies into a true global icon. Let's now turn to recent developments in one of our core product categories, our Tonies figurines. I just mentioned that Easter unusually shifted towards Q2 this year. I repeat this as particularly Tonies figurines experienced a sales boost from Easter festivities. Still, the Tonies category delivered a 26% growth year-over-year, equivalent to almost EUR 17 million in additional revenue. This performance underlines the strength and resilience of our content-driven model with strong licensed characters and stories, as you can see in our bestseller list, but in which own content becomes increasingly more important. In Q1 alone, we launched 65 new Tonies. More than 40% of these were original own content IPs. We are increasingly creating value not just through licensing, but through our proprietary storytelling and creative development. We also continued to expand our Pocket Tonies portfolio, a format that is proving particularly relevant for children aged above five years. With now more than 95 SKUs live globally, Pocket Tonies are evolving into a standalone growth lever with strong engagement and margin contribution. Given their outstanding success in the DACH region, they are also the best example for how we create growth through innovation, even in more penetrated and developed markets. Talking about the strength of our content strategy and doubling down on own content, one series in particular stands out, and that's our Sleepy Friends. Our Sleepy Friends were originally designed based on usage data that indicated that the Toniebox is popular as a bedtime companion. We leveraged that into creating a series of soothing stories, sounds, and accessories that help families ease into the night. The response has been fantastic. Sleepy Friends is the fourth best-performing IP in our entire global portfolio. Within the Sleep category specifically, it is our top-performing IP, setting the benchmark for both usage and satisfaction. With an average rating of 4.8 out of 5 stars, the series resonates deeply with families. Most importantly, 90% of surveyed parents say it improves their child's bedtime routine, which is exactly the kind of real-life value we aim to create. That is why we continuously look for how to build on that success. To celebrate World Sleep Day in March, we, for example, launched a dedicated global campaign and introduced a new collection of Sleepy Friends, the Sleepy Ocean Tonies. The portfolio combines storytelling with atmosphere and cross-category sales potential. It now includes seven Tonies and three Nightlight Tonies, which are of higher value, as you know, and one of our most successful accessories. The success of Sleepy Friends is a great example of how our own IP can grow into a full brand ecosystem, emotionally meaningful for families, and commercially scalable across regions and formats. Now let's move to a topic that has kept us, and probably you as well, particularly busy over the last days and weeks: the U.S. tariffs. As you can see here on the screen, the environment has been highly volatile and challenging for us, but we have the right toolbox to come out even stronger: sourcing options, pricing power, financial flexibility, and cost optimization. Today, we'll take a closer look at the first two elements of our toolbox: sourcing and pricing. Before we dive deeper into our strategic initiatives to mitigate these effects from tariffs, I would like to quickly show where we currently stand. China, currently at 30% tariffs, down from peak levels of 145%. Vietnam, currently at 10%, down from 46% announced on Liberation Day. Tunisia at 10%, down from 28%, and Bosnia also at 10% and down from 35%. This clearly demonstrates how dynamic and uncertain the situation has been over the last weeks for all of us. To address this uncertainty, we've taken deliberate and proactive steps to ensure a maximum of operational flexibility. Rather than waiting for policy clarity, we focused on creating optionality in our production setup. This means building the ability to adapt quickly and shift production volumes depending on how the situation evolves without compromising availability or cost efficiency. Here's how we've approached it. For Tonieboxes, we now have Vietnam as an alternative. Sourcing of Tonieboxes for the U.S. market is now fully feasible as we started producing in Vietnam shortly before tariffs were even introduced. We're actively expanding existing production footprints for Tonies figurines outside of China, including Tunisia and Bosnia. We are currently also working with our suppliers to ramp up capacity at these locations. Next, we're diversifying upstream with materials now sourced from a much, much broader range of countries beyond China to reduce input dependency. In all of this, we are balancing more than just tariffs. We also factor in lead times, logistic costs, and production scalability to ensure we remain agile without disrupting service quality or profitability. This diversified approach puts us in a strong position not only to mitigate tariff risks, but also to strengthen the long-term resilience of our supply chain. As a natural next step alongside our supply chain measures, we also reviewed our pricing structure to ensure we can partially offset the financial impact of tariffs while maintaining fairness and clarity for our consumers. Since May 1st, we have introduced a new simplified pricing model with now three instead of five price points for figurines in the U.S. Group one Tonies are now priced at $19.99, an increase of up to $2 compared to the previous range of $17.99-$19.99. This is a shift in the pricing structure with significant impact, enabling us to manage the current environment. Group two Tonies remain unchanged at $14.99, and Creative Tonies, which make up a relatively small fraction of Tonies sales in the U.S., were reduced to $9.99. Where appropriate, we continue to offer selected promotions, for example, to seize the maximum potential of high-impact commercial moments. This move helps to partially mitigate the tariff impact while ensuring our pricing stays transparent and easy to understand. Importantly, while we've adjusted some prices, our high-quality figurine standards remain completely unchanged. We remain fully committed to delivering a premium experience both in terms of product and content. We communicated the change proactively at the end of April through all relevant customer channels in the U.S. It's important to stress these adjustments are exclusively linked to the current tariff situation. We do not aim to benefit from the situation. Should tariffs be lifted, we will immediately revisit and readjust the pricing structure accordingly. Now over to our CFO, Jan, for the final segment. Good morning, everyone. Q1, a good start, as Tobias said. I also want to just call out that in Q1, we only report on top line, so revenue. I felt it was helpful that we maybe also just briefly recap on our full year results that we published about four weeks ago, which showed the power of our business. We have delivered an on-plan performance. We have continued successful execution of our international expansion path. You can see it's 62% of international business. I think what has been truly remarkable is the double-digit growth that we have seen in all of our segments in full year 2024, here on top box left right. What has also been a very fundamental and substantially important step for us is proving that our profitability journey continues. We have added 4.6 percentage points on our EBITDA margin. That's clean and reported, and that is, I think, a substantial step forward, which has led us to breaking even on free cash flow. EUR 33 million of free cash flow is a very, very strong improvement year over year. It has put us in an excellent position from a cash perspective: EUR 107 million cash available on account and through working capital lines. In addition, following our full year results, we have also upgraded our SIN loan facility, so our ability to finance our working capital. From a financial perspective, that, of course, gives me a lot of confidence that we're in a good position to manage and also headwinds that could arise from potentially additional costs out of a tariff scenario. Maybe I want to just round up and show you that also our blueprint in DACH, that is where what we're rolling out internationally, is continuing to show growth both on top line but also on profitability. I've brought with me also, as a recap, our segment reporting from our full year results. I really want to emphasize that we are building on a resilient, profitable business model. You can see it here in the DACH region, which shows 23% EBITDA margin, which has improved substantially versus prior year. You also see that our North American business and our rest of world business has turned profitable to end of last year. Therefore, I believe Tonies is in a very good position to make this a good year for Tonies despite all the uncertainties that still prevail around tariff scenarios for our business. Now let's look a bit more into Q1. Tobias has already told you that it's the first time we are really reporting currency neutral. I think the fluctuation of FX requires this. It's been a very good year. I would say with a stronger start into the year than last year, we have seen a growth towards EUR 97 million in net revenue. Just as a small fun fact, this is almost the full year revenue of our 2019 business as Tonies. I think just for the team entirely, that's been kind of a milestone everyone was really excited about. Tobias also spoke to the development in DACH, which is completely anticipated. Just as a reminder, we had seen over 20% growth in Q4 year- over- year in the DACH region. That came from just typical baseline effects that we always have at Tonies. Those of you who track us for longer hear me talking a lot about not comparing us too much quarter- over- quarter and comparing how was it did, because key dates such as Christmas, Chinese New Year, Easter business, and other facts can actually really shift comparison. You can imagine that this is actually a pretty healthy level because we have capped the overall level. Essentially, there is a EUR 1 million difference only. If you then consider a strong Q4, you can imagine that we probably have seen some ordering falling into Q4 versus Q1 on a year-on-year comparison. Hence, we are very, very happy with the development in DACH and consider it to be super healthy. North America growing 37% on a constant currency basis. We also tried to show you what the currency adjusted rate would have been. You see the effects are coming through. Rest of world clearly picking up the pace. That leads to a continued evolution of our international business share. That is our strategy, and it's working. If you would now add also a Q1 2023, you would see that essentially we're almost adding 10 percentage points year- over- year on our international expansion path. That clearly shows you that our strategy works. If you look on the comparison by product, which we also provide to you, you can see that we have seen a pickup in our Tonies growth. Tonieboxes are growing 8%. In there are some of those effects you have seen also on the baseline effects. If DACH, for example, orders a little bit earlier or you have a retail entry, I would not overinterpret it because if you look at prior year, you see a little bit more growth. It is absolutely as expected. Of course, we are also excited to see very strong Tonies sales here. H1 is typically Tonies time. It is when customers get on their Christmas purchases of boxes, additional Tonies because children love it so much. Tobias talked about the Net Promoter Score. These are the facts that you see here at work. Hence, we are very, very happy with the product mix. Also adding that the accessories business growing double digit in Q1 is obviously encouraging. With this, I am done already. It is a Q1 only. I will let Tobias take you through the outlook for 2025. Yeah, thanks, Jan. Let us quickly talk about guidance. I know many of you have asked us about an update here. I feel as we look at the remainder of 2025, at least to me, one thing is clear. This is going to be a great year for Tonies. We have full confidence in the fundamentals of our business. Product market fit has been validated across multiple geographies, as we've just seen, and also multiple customer segments. The category we operate in remains structurally attractive. Let me remind you, toys and family moments are where consumers save laughs. We are operating across a multitude of markets, with DACH being a profitable cash-generating market, as you just heard from Jan. Strong international growth also now stems increasingly from beyond the U.S., which continues to be our growth locomotive. We have built a strong financial foundation. We operate profitably and generate cash across our markets. Time after time, we've shown that Tonies can execute under pressure, whether during macroeconomic volatility or geopolitical uncertainty. At the same time, we are not standing still. As I've shown you, we've built a rich toolbox that enables us to proactively address external challenges such as an uncertain tariff environment, as we are seeing right now. On the sourcing side, we diversified our production setup. A key milestone was for us our Vietnam facility that is now fully operational and gives us greater flexibility, helping us also to reduce our dependency on any single region. When it comes to pricing, we benefit from strong brand loyalty and category leadership. As part of our response to cost inflation and tariffs, we've already implemented these price adjustments now on Tonies in the U.S., effective since May 1st. Let's also not forget from a financial perspective, we have not even used any of the financial headroom that we have gained through a newly established syndicated loan and also our cash reserves. That means we are well equipped to respond quickly if needed. In addition, we continue to optimize costs, particularly in logistics, where we've achieved further efficiencies and cost reductions in recent months, thanks to the improved processes and close collaboration with our partners. These levers are already working, but the external environment remains volatile. As seen again this week with the latest developments around U.S. and China tariffs, the situation is evolving quickly. That's why we've made the conscious decision to stand by our initial decision from full year 2024 and not to issue a full year guidance at this very moment. In this case, we believe that clarity and reliability are more important than speed. We will provide guidance as soon as we have the visibility and stability needed to do so responsibly. What we can say with confidence today is that we are fully focused on continuing our profitable growth path in 2025 with agility, discipline, and a clear long-term view. Now back to Manuel for Q&A. Thank you, Tobias. As a reminder, if you have any questions, please post them via the Q&A function. Let's see, we already got the first questions. Why have not you guided today, and when can we expect guidance for full year 2025? I guess that question probably came before I talked to the last slide, but let me quickly reiterate. We are in a highly dynamic and fluid global tariff situation. We believe, and I know I've been talking to many of you, you support this view, most of you at least, providing a reliable guidance at this time is simply not feasible. I mean, just reflect on the most recent shift on Monday, which is a clear example of how quickly the situation that we're in can evolve or change. Let's also not forget, and you saw it on one of the slides, at this very moment, no definitive agreements have been reached yet. We are on 90-day suspension periods for China. If you look at the Monday results, that runs until August 9. The rest of the world is on a 90-day suspension period that runs until July 9th. The potential impacts from tariffs are still evolving. We need, obviously, the flexibility to react to this. As I have said, we very much focus on making sure that we continue to deliver on our plans. That is something that we have done every single quarter since basically we were public. We will come out with a much more clear picture the moment we have it. I promise you that we will provide guidance with more specific guidance as soon as we prudently can. How is current trading in the U.S.? Have you seen a weaker consumer sentiment? No, no, we have not. That is great news. We have seen a very healthy U.S. consumer sentiment in April. We continue to be cautiously optimistic, cautiously because obviously, as I said, we are dealing with uncertainty. I can tell you, I mean, we are looking at, for example, the listening data. Not one single child in the U.S. listens less to the Toniebox because of tariffs. The product remains extremely attractive and is continuously growing very, very fast. We also talk to our retail partners. They tell us that they do not see any recessionary trends right now in our product category. We find, I think you could also say we see this as an opportunity for Tonies because, as I said before, children and pets, those are the two categories that are extremely resilient in times of a macroeconomic downturn, which is not yet decided. We see this resilience here at Tonies. As you all know, we have established this category. We are the category leader. As I said, we are a daily companion for all of our families. We come from a situation of robust consumer demand in the U.S., and we continue to see this. Could you please elaborate further why the DACH region was negative? Can we expect a stronger Q2 in DACH due to the Easter timing effect? As I think Jan has explained it perfectly, the situation is, as we've said, we always have these shifts between quarters. We've seen a high ordering volume in Q4 for the DACH region. You can see that the retailers have actually made sure that they are basically fully stuffed for Q1. Let's not also forget we have Easter now in Q2. That That has a specific impact specifically also on Tonies. A very strong Q4 in DACH with over 20% growth almost naturally means for us that Q1 is slightly softer, but we're also not talking about a significant dip here. It's almost like equal to what we've seen last year. Could you please elaborate on any general changes in order behavior in Q2 2025 versus Q2 2024? Q2, so that's a bit tough, right? I mean, we are still in the middle of Q2. Actually, we just have the only full month we can look at is April. Any elaboration on Q2 is difficult for us right now. I can tell you, and maybe that's the news you're looking for. That's also the news I was referring to when you were asking me about consumer sentiment, that the U.S. is continuously showing strong ordering behavior in Q1. I can say already a surprisingly good April. That's Q2. We have a question on production. If tariffs were to stay at 30% for China, would you continue to shift production out of China, or would you maintain the current sourcing split? I mean, 30% is nothing I would like to plan for long-term at this moment, right? I mean, a 30% tariff is difficult not only for us, but for everyone. I think the most important thing is that we have now not created just the possibility to shift, but we have created optionality. We can move between different sourcing markets. We can have some SKUs being produced out of China, if it makes sense. We have some SKUs that we can produce out of Vietnam. We have Tunisia. We have Bosnia. The point is, and I also mentioned this earlier, we are not looking at this only from the pure production cost level, but we're also looking at this from a logistics point of view and then at the total cost view. Optionality is what's most important for us. Optionality, by the way, is also what stays, even if maybe one day, hopefully, tariffs will be again coming down to zero or, let's say, low double digit. This optionality is something that we always wanted to build. I've mentioned it. The Vietnam facility is something that we have decided and built up way earlier than even the recent U.S. government has actually been taking over. We are now able to produce the U.S. box demand out of Vietnam, which is a really, really important development for us. We will continuously look at basically full cost and then also at SKU level to make a decision where we want to produce what product. Going back to Easter, could you please quantify the negative Easter effect on revenue in Q1? Jan, you want to take that? Yes. I think, as I said it before, for us, it's again a typical baseline quarter-over-quarter effect where we don't have any concerns. It is normal for us to move also with ordering patterns of our partners. I think I made this point earlier that in the DACH market example, it's just EUR 1 million shifting from left to right. Essentially, we are on the same level. The Easter business, of course, is preloaded by partners. There's also, of course, on our own channel, certain activities. It's very difficult to pinpoint it to it. We can see over here the comparison on our own channels, but ordering behavior of retail partners also matters. In the overall sense here, I would say it's hard. We're not guiding explicitly on how the effects are. For us, it's been a good Q1 to buy something about the April. We're happy with the business. Therefore, I think that is probably sufficiently indicating how the Easter effect went. Have you seen a pickup in growth so far in Q2? I mean, I elaborated to it. Jan, do you want to give your perspective maybe? Sure. I think let's also be honest that Q2 will be the time where we see potential tariff effects coming through because they really came to effect in the beginning of April. Right now, we see a very healthy April. That's what Tobias said. We have no reason to believe that our business should be diverting from plan at this stage. At least consumer demand is healthy. Hence, we are confident, but of course, also a bit too early to tell. We're also entering the time of the year where there's less festivities. Therefore, we're confident and think Tonies is in a good position, as we said, overall. I think the same goes also for the full year. Given the strong start in Australia and New Zealand, have you made any notable changes towards your go-to-market launch approach as compared to previous international market launches? Yes and no. I mean, first of all, of course, like everyone else, we are learning. It would be actually a bad sign if we wouldn't learn from past experience. We have looked at the successful market launches in the U.K., in the U.S., and in France, and then decided, are there things that we can do differently in Australia and New Zealand? Let's also be clear. We can see that this product is becoming increasingly stronger, that the ecosystem becomes increasingly stronger. You know, this clearly, specifically in Australia, the English content that we had in the U.K. and also in the U.S. have helped. I mentioned it. There is a very important ingredient in a market launch recipe, which is local content. We also learned from that in the past. We need to start with strong local content, and you need to continue to build out that local content, also something that I referred to earlier in the slides. There are some learnings. There is this increasingly strong product that is basically just taking up speed in every market that we're in. Clearly, also a couple of general things. Australia is just a, I mean, it's a fantastic market to be in. We see the retailers are very receptive. They love the product. Also, I mean, let me reiterate this, and I spoke to this earlier. This recipe of D2C and retail is clearly something that the Tonies are mastering. For retailers, it is such an important product because it means for them that their customers are continuously coming back and buying more, which increases store frequency. That is what they love about it. It is not a one-time product you sell, and then you never see that customer again. I mean, one Toniebox sold specifically also for those retailers, not only in Australia, but actually globally, means continuously repeat purchases at the point of sale at the retailer. That is what retailers love. That is why we see such a strong growth in point of sale. Moving to U.S. price adjustments. Is it still quite early? It's still quite early, but do you already have visibility on the impact of US price adjustments on sale through? I expect the question, and I think the question has the answer already. It is too early. We increased prices on May 1st. We are very closely monitoring the volume and price impact of our own channels, but then also obviously with our retailers. I actually fly to the U.S. this weekend to meet with our largest retail partners in the U.S., and we will look into their sell-through data. Right now, at this call here, it's a bit too early to actually see and discuss any impact. What impact from tariffs did you see in April and so far in May on your U.S. business? Jan, why don't you take that one? You're on mute. That doesn't help. Sorry for that. Sure, I can take that. We, of course, have our scenarios, and we work with a lot of scenarios to estimate the impact. Also, the real-life answer is that it really depends. It's a very agile situation. You probably know that from many companies out there that you're tracking and hear it. The decisions on a daily basis require teams to shift gears left and go from left to right. There are partially also some unclarities around cost. You have potentially now still open questions on the release on China, etc. We are moving goods. We're using opportunities to maybe something around bonded warehouses, move goods in and out. It is very hard to estimate at this stage. We do not see, I would say, massive impact yet. Also, most other players listed in similar categories have said that H2 will be the time where you really see it, because that is also when the goods that are being used for H2 are now arriving, are coming in. To the question, April, May is a bit early to fully read. With the continued dynamics, that also, I think, was one of the first questions around the guidance, we feel we need to provide a substantially solid planning guideline. Planning for us is still very, very difficult due to the changing nature of the scheme we operate in. We have the flexibility. We have the toolbox. We will do our best to mitigate impact. I'm pretty sure we're in a good position to mitigate a lot of the impact. Of course, tariffs are meant to hurt. Of course, they will hurt somebody. The question is who, by when. We will probably feel it to some extent, but it will not derail our business. What is the rationale behind lowering prices for Creative Tonies in the US? Will the price reductions be reversed if tariffs are lifted? Great question. Or it's actually two questions, I think. For us, it's important to have a low-priced content entry offer. We know this from many conversations also with our retail partners that they like. They actually have a content alternative below the $10 mark in the U.S. We feel that this is, from a pricing perspective, a great way to address this. Let's not forget that Tonies, the Creative Tonies, are an extremely important product for us because they allow creativity. It's also a very unique thing for Tonies to have the Creative Tonies. Then obviously, as you all know, you can then through the app speak to on the Creative Tonies, grandparents, parents, caretakers can record messages. We can also have the digital library that then allows to be downloaded onto the Creative Tonies. We have free content that goes onto the Creative Tonies. So this Creative Tonie is a cornerstone of our product. Obviously, this $9.99 price point is also something that is important to retailers. We see this as a strength actually in our retail strategy. Second question was further price adjustments, right? No, we have not yet actually decided, obviously, what would happen if tariffs would come down again to a meaningful solid level. As I said, we will look at this. We will again speak to our retail partners. We'll look at the volume, the price volume effects that you've been asking for in the previous question, and then make an informed decision. Are there any price adjustments planned for the German market? Jan, do we plan? I think we have never indicated price increases prior to it. I think also we should increase prices in times where we need. I think we show with the DACH market incredible ability to run a profitable business. Right now, we're not commenting on something like this, but I also think it's clear that our DACH business is not as affected from tariff impacts as the North American business is. I don't really want to comment on the general pricing strategy. I don't think we should talk about it in these calls. Of course, as Tonies, we should always consider what is the optimal setup for our company and if we feel it's needed and there are opportunities. We also know that our product matters to our consumers. Therefore, consumers knowing the Tonies price in and out, we also do not want to stretch out consumers too much. At this point, not commenting on any pricing crisis. How many employees do you have in corporate headquarters in Düsseldorf? And how many employees do you have in total worldwide? Surprisingly few for the revenues that we are producing and the growth that we are producing. We have, give or take, 560, I think is the latest number globally, and about 200 in our or associated to our Düsseldorf network. Including, obviously, sorry, including a lot of global functions being in Düsseldorf, right? Yeah. Are the price increases in the U.S. also applicable in the retail sales channel? Are you receiving pushbacks from these retail channels in the U.S. on the price increases? Yes, they are applicable in the retail channel. So far, we have actually, I mean, we've discussed this. We'll be discussing these things with our retail partners. We have received understanding, support, actually. As I said, I am again, for I think now the second or third time this year, going to the U.S. next week and meet with the top executives there. We'll have a very open dialogue. As I said, we look at some of these effects, potentially the early signals that we are seeing and making decisions. Obviously, we make the final decision, but we're making them in conjunction with our retail partners. Going back to production, can you please talk a bit more about your new production facility in Vietnam? Which percentage of boxes are being produced there compared to China? We do not elaborate on the exact percentage split, but I think I have said it before, so I can repeat it here. We continue to basically deliver if we wanted to, given all the back-and-forth changes. We can actually support the entire box production for the U.S. out of Vietnam. That is a number I can share with you. You can then make your own math probably at the back of the envelope what this means. I think the other part of the question, if we had actually started to think about this by March or April, you could clearly anticipate that we would not be able to do this. Very important. We already made that decision to move or to actually ramp up facilities in Vietnam early last year. This is actually one of the first things that I did when I joined in order to make sure that we have this optionality. We continue to work on this optionality. This will not be our last production site that we offer. As we grow and as we source more boxes and figurines, we will also make sure that the international footprint on the sourcing side will increase. That is a very important part of also my strategy here at Tonies. What is your market launch strategy for LATAM and for Asia? I love to talk about this topic, but I'll be brief here. I said it before. We have a unique opportunity here at Tonies to build a global icon. Not many companies see such an amazing global product market fit than we do. As I said, on every earnings call, on every full-year call, on every conversation with you when I meet you, we are now in over 100 countries. Every new country that we are entering, be it the U.K., be it the U.S., be it France, be it Canada, be it Australia, New Zealand, is a smashing success. This is hard work. We also have to be really, really aware of the fact that we have limited resources. You asked me about the employees. We want to use our limited resources in the best possible way. We always have to manage growth in existing markets versus growth in new markets versus growth in product innovation and other growth levers. What I can tell you for sure, the global expansion story of Tonies will continue. What I cannot tell you right now is where exactly it will. We are working on it, but it's nothing we can announce at this very moment. One thing that is important to Jan, to Ginny, to myself is let's make sure that this great momentum and growth momentum that we have in our key markets, including DACH, which I continue to consider established, but certainly not a mature market. An established market is something different than a mature market. We can continue to grow through product innovation in DACH. We will continue to see very strong growth in our rest of the world market. As I just showed earlier today, we'll continue to see fast growth, significant growth in the U.S. and also Australia, New Zealand. Then we'll see what the next country will be. Could you quantify the translational and transactional FX effect you expect for full year 2025? Oh, what a wonderful CFO question this is. Thank you, Tobias. Please understand, we cannot comment on this. We haven't done this. It is also a very dynamic world. I fully understand the question, but at this stage, not commenting on this one. We have two more questions on Vietnam that we've already answered. This takes us to our last question. That is on Ginny. That's a nice ending to our Q&A session. Any chance of Ginny McCormick making an earnings call appearance this year? Fantastic question. I'd love to actually see her coming on stage. As you know, it's a bit problematic where she is for all the right reasons. Located in the U.S., actually in Boston. We are obviously supporting hardworking people, but I don't want to have people get up at 3:00 or 4:00 in the morning to appear on a conference call. It's very early for her right now. We may actually shift a conference call maybe to a later point in time in a day. That would be a perfect moment for her to also speak. It's amazing to listen to her and her vision that she has for the product side. Let me repeat. Obviously, most of you know, we created this Chief Experience Officer role. Chief Experience Officer means in our world, product, content, and marketing, three very, very important parts of our business that she is responsible for. Listening to her is very entertaining, very interesting. I'll promise to you, we'll find a way to make this happen over one of the next earnings calls. Okay. When I see this slide, I know that Manuel wants me to wrap up. First of all, thank you very much for these great questions. I find it always very engaging to listen to you and answer basically the state of our business. Before we wrap up this call today, let me briefly summarize the key takeaways from today's presentation. Number one, we are continuing seeing high growth trajectory. In Q1, we delivered a strong performance with 22% year-over-year growth with basically neutral currencies, driven by a good momentum, a really good momentum in our international expansion across both the established and the new markets, as we had discussed. Number two, consumer sentiment remains healthy with strong usage, positive feedback from our consumers, from our kids, from our caretakers, and growing engagement across all age groups and regions. Number three, our tariff mitigation measures are well underway from supply chain diversification to pricing and logistics. That gives us the flexibility and resilience that we need in this dynamic environment. Number four, given the current volatility, we are not issuing a full-year guidance at this very moment. As we saw again this week with recent developments around tariffs in China and the U.S., the situation remains fluid. Once there is greater visibility and stability, we will provide an updated guidance to you as soon as possible. Let me just close this by saying we are incredibly proud of what we have achieved as a team. Everyone here, I am even more excited about what lies ahead for us. Thank you all for your continued interest, your trust. Thank you very much for joining us today. We are looking forward to reconnecting with you on August 21st when we are presenting our half-year results for 2025. Until then, stay tuned. Thank you again. Thank you, everyone.