Gentlemen, welcome to the Westwing Group SE H1 2026 earnings call. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation. It's only possible to state questions orally in a conference call. Please dial in if you wish to raise a question. The combination to state a question and to enter the queue is star nine and pound key on your telephone keypad. Please keep in mind that we can only accept questions from participants who provide their full names and their company information within the registration process. Ladies and gentlemen, let me turn the floor over to your host, Andreas Hoerning. Good morning, everyone. Thank you for joining us for our earnings call on the second quarter of 2026. My name is Andreas Hoerning. I'm the CEO of Westwing. I'm hosting the call together with Sebastian Westrich, our CFO. Looking at today's agenda, I will begin by providing key updates on our business for Q2 2026, after which Sebastian will share the details of Westwing's financial performance. After our investment highlights, we will be happy to take your questions. Let's take a look at the current state of Westwing. Overall, in Q2, we saw strong top-line growth while navigating a challenging macro environment. Our revenue increased by 14% year-over-year to EUR 113 million. This was driven by two main factors. First, we saw continued top-line momentum from country expansion. Second, we benefited from strong recurring sales events. Both drivers had already contributed significantly to our strong top-line growth in the first quarter of the year. On bottom line, we achieved an adjusted EBITDA of EUR 5.4 million at a revenue margin of 4.8%. This represents a decline of about EUR 800,000 compared to the same period last year. The negative development in adjusted EBITDA stems from expected macro-driven pressure on contribution margin, including transportation cost increases and one-off effects related to a large software transformation. Free cash flow was negative at - EUR 9.4 million, including an impact of EUR 9.5 million for the settlement of mostly legacy stock options. Our net working capital was negative at - EUR 5.5 million at the end of Q2, EUR 11 million better than a year ago. We ended the quarter with EUR 68 million in net cash, which includes the aforementioned stock option settlements and additionally, about EUR 3 million spent on share buybacks during Q2. Overall, net cash was EUR 18 million higher than at the end of Q2 2025, despite option settlements and share buybacks, reflecting the continued improvement in cash generation. Beyond key financials, we again made good progress on our three-step plan to unlock Westwing's full value potential. Our key achievements included, one, we grew our Westwing Collection business by 11% year-over-year and our third-party assortment by an even stronger 23%, driven by the onboarding of new partner design brands over the past quarters. Two, we continued to build momentum in our expansion initiatives with strong development in the U.K. and the launch of three additional countries at the end of July. Three, we strengthened our physical retail presence by opening a new store in Frankfurt and moving our Munich store to its permanent location. Four, we launched new order and warehouse management systems, replacing our proprietary legacy system and completing the final major step in modernizing our technology stack. Five, we successfully opened a third-party operated U.K. warehouse in July. To complete the summary, the overall development is in line with our guidance that we published in March and which we confirm today. Revenue is now expected to land in the upper half of the guided range. As always, let's have a look at our three-step value creation plan, which we initiated in 2022. We are happy to report that we are well on track with the execution of the third phase, scaling with operating leverage. As we grow both in pre-2024 as well as in new Westwing markets, we remain focused on cost discipline for operating leverage. We are able to invest throughout the cycle. Let me now briefly guide you through our progress on two key levers of the third phase of our plan as market share gains in existing geographies and country expansion. As outlined in previous earnings calls, besides improvements in product assortment, we see offline store expansion as a lever for share gains in existing markets. In Q2, we opened a store in Frankfurt and relocated the Munich store to its permanent location. Let's have a look at some pictures. In Munich, we relocated from our so-called warm-up store to the permanent location at Residenzstrasse, one of the city's premier shopping streets. Munich is especially meaningful to us as it is where our journey began and where most of our central teams are based, enabling us to learn and refine the customer experience even faster. The new Munich store is also the first to feature our enhanced in-store shopping concept to allow for an even better customer experience. We are also very proud to now have a permanent store in Frankfurt, located in the heart of the financial district. We had a great start in both new locations. In total, we now offer enhanced brand and product experience to our customers in six standalone and four store-in-stores. Let's move on from gaining market share in existing geographies to entering new markets. Expansion markets, that is countries launched since May 2024, accounted for 12% of group GMV in Q2 2026. Back in February, we reached a major milestone by entering the United Kingdom, representing our largest expansion so far. In just a few months, it has already become the biggest expansion market in terms of GMV. This early success reflects our focus on delivering great customer experience from day one. Alongside our curated product assortment, we launched the U.K. with our interior design service, Westwing Delivery Service, and B2B service. To serve U.K. customers even better, we opened a local third-party operated warehouse in July. This will help us to reduce delivery times while improving supply chain efficiency over time. Beyond the U.K. warehouse launch, we continue to expand our geographic footprint. At the end of July, we entered three additional markets, Estonia, Latvia, and Lithuania, bringing our total footprint to 26 markets. We are pleased with the traction in the new markets and will continue to invest into customer acquisition and long-term growth. 2026's marketing investments will be weighted towards the fourth quarter, including brand-building initiatives. I now hand over to Sebastian for details on our financial performance. Thank you, Andreas. Good morning, everyone. I'm Sebastian Westrich, the CFO of Westwing. Let me start, as always, with our top-line performance. Growth continued in the second quarter, with revenue increasing by 14% year-over-year, bringing revenue growth for the first six months of the year to 13%. As Andreas highlighted earlier, our Q2 performance was once again supported by our country expansion initiatives, the continued strength of our recurring sales events, and strong growth in both the Westwing Collection and our third-party assortment. Let us now take a closer look at our top-line performance on segment level. We are pleased to report growth across both segments, with revenue increasing by 10% year-over-year in DACH and by 19% in international. In the DACH segment, growth was supported by the continued expansion of our physical store network. In the international segment, our country expansion initiatives continued to deliver strong results, with the U.K. in particular, maintaining very encouraging momentum after our launch earlier this year. Q2 adjusted EBITDA came in at EUR 5 million, down EUR 800,000 year-over-year. Profitability was impacted by the expected macro-driven pressure on contribution margin, including fuel costs and unfavorable shifts in demand mix. In addition, we incurred temporary one-off costs related to the migration to our new order and warehouse management systems. These costs mainly reflected implementation-related expenses, lower warehouse productivity during the ramp-up phase following the system go-live, which required additional shifts, as well as lower freight efficiency. While some migration-related costs will continue into Q3, we expect them to be significantly lower than in Q2. At the same time, we have already started to realize the first efficiency gains from the new systems, particularly in our inbound processes, with the full benefits expected to materialize from Q4 onwards. Beyond efficiency improvements, the new platform will enable faster shipping and flexible delivery options for an enhanced customer experience. Looking at the first half of 2026 compared to the previous year's period, adjusted EBITDA remained broadly flat. Let me continue with an overview of our P&L development with a focus on the second quarter of 2026. In Q2 2026, gross margin decreased by 0.7 percentage points year-over-year to 51.9%. This was driven by a slightly lower Westwing Collection share, 63%, compared to 65% in Q2 2025, as well as overall margin pressure across the portfolio. The fulfillment ratio increased by 2.6 percentage points year-over-year to -21.7%. This development was driven by three main factors. First, we incurred temporary one-off costs related to the migration to our new order and warehouse management systems, as discussed earlier. Second, transportation costs increased year-over-year, mainly due to the temporary fuel surcharges following higher oil prices. In addition, the increase was driven by our targeted investments in freight quality in the DACH segment and regular carrier price increases. Third, we continued to experience unfavorable mix effects reflecting macro-driven changes in consumer demand. This included trading down behavior and a shift away from larger furniture items, both of which had a negative impact on our unit economics. Overall, contribution margin decreased by 3.3 percentage points year-over-year to 30.2%. Our marketing ratio improved by 0.2 percentage points year-over-year to 13%, despite our ongoing investments into country expansion. Please keep in mind that brand marketing investments will be concentrated on the fourth quarter, as Andreas mentioned already earlier, which means that marketing ratio is expected to increase in Q4 compared to the previous year's fourth quarter. Our G&A ratio, including other results, improved by 2.1 percentage points year-over-year to 15.9%, driven by significant scale effects despite additional G&A costs for our new stores. This marks our seventh consecutive quarter of operating leverage in G&A. The result adjusted EBIT margin came in at 1.3%, down 1 percentage point year-over-year. G&A ratio improved by 0.5 percentage points year-over-year to 3.5%, also driven by scale effects. Overall, adjusted EBITDA margin amounted to 4.8% in Q2 2026, down 1.5 percentage points compared to 3.6% in the previous year. While we are of course not happy about the year-over-year decline in adjusted EBITDA margin and absolute profitability, it is important to note that the pressure on our contribution margin was primarily driven by temporary factors, including one-off system migration costs and macro-driven headwinds. At the same time, we continued to benefit from significant operating leverage in G&A and D&A, demonstrating that the structural efficiency measures we have implemented remain firmly on track. With that, let's move on to profitability on segment level. In Q2 2026, negative one-off effects from the migration to new order and warehouse management systems affected profitability in both segments as related costs were allocated based on cross sales. Adjusted EBITDA margin declined in both segments as a result of these one-offs, as well as the aforementioned additional negative margin effects. The DACH segment was to a large extent impacted by unfavorable mix effects and deliberate investments in freight quality, including a shift in shipment volumes towards carriers offering higher delivery service levels. Consequently, adjusted EBITDA margin declined more than in the international segment. A very encouraging signal is that adjusted EBITDA in the international segment increased year-over-year in both Q1 and Q2, despite the pressure on contribution margin. This demonstrates that our expansion initiatives contribute positively to adjusted EBITDA, with only the countries launched in 2026 still below breakeven as they continue to ramp up. Let us now take a look at our net working capital. At the end of Q2 2026, net working capital remained negative at - EUR 5 million, a year-over-year improvement of EUR 11 million. This mainly reflects a favorable development in trade payables versus last year's period. I would also like to highlight our disciplined inventory management during the quarter, which made a positive contribution to net working capital as well. Despite top-line growth and inventory investments into U.K.-specific product variants to support the U.K. launch, we maintained inventory levels broadly flat year-over-year, demonstrating continued focus on working capital efficiency. On the next slide, you can see CapEx and CapEx ratio for the first half of 2026 compared to the first half of 2025. The first half of 2026, CapEx came in at EUR 6 million, an increase of EUR 1 million year-over-year, corresponding to a slightly increased CapEx ratio of 2.4% of revenue, compared to 2.1% in the prior year period. This temporarily increased CapEx was mostly driven by investments into intangible assets related to the migration to new order and warehouse management systems and some minor investments into our ERP system. Overall, our capital expenditure continues to reflect our disciplined approach and CapEx light business model. Let us now take a look at our net cash position. We are pleased to report a strong net cash balance sheet position of EUR 68 million at the end of June 2026. Free cash flow was at - EUR 9 million in Q2 2026, which includes a cash-out of EUR 9 million related to the settlement of employee stock options. However, 16 lease payments amounted to EUR 3 million, leading to a free cash flow after these payments of - EUR 12 million for the quarter. Other financing cash flow amounted to - EUR 3 million related to the purchase of treasury shares. As free cash flow in 2026 was significantly impacted by stock option settlements, I would like to provide a clearer view of the underlying cash generation in the first half of 2026 compared with the prior year period. This slide shows free cash flow after lease payments and before stock option settlements for the first half of 2025 and 2026. The stock option settlements are split into two categories. The purple bars represent cash settlements related to legacy stock programs, stock option programs, which were established before 2020. The light green bars represent settlements under newer programs introduced after 2020, including our employee equity participation programs and management program. As you can see, around 2/3 of the stock option settlements in the first half of 2026, so approximately EUR 6 million, were related to legacy programs, while around EUR 3 million related to newer programs. In the same period last year, virtually all stock option settlements were related to legacy programs. Looking at the underlying cash generation, free cash flow after leases and before stock option settlements improved by around EUR 9 million year-over-year from -EUR 17 million in the first half of 2025 to - EUR 8 million in the first half of 2026. As I mentioned earlier, this improvement was primarily driven by stronger net working capital performance. Overall, the negative free cash flow in the first half of the year should not come as a surprise. Our business has a pronounced seasonal cash flow profile, with Q4 typically generating the strongest cash inflows due to higher profitability and favorable net working capital movements. These working capital effects naturally reverse in the first half of the following year, resulting typically in temporarily negative free cash flow. Let me now provide some additional color on the stock option settlements in the first half of 2026 and what you can expect going forward. As we mentioned previous calls, we have been actively accelerating the reduction of our outstanding legacy stock options by exercising our rights to force the exercise of vested options. Combined with a higher exercise volume due to the increase in our share price earlier this year, this resulted in cash settlements of around EUR 9 million in the first half and reduced the number of outstanding stock options from 3.5 million at the beginning of the year to 3.1 million today, already including additional grants under newer programs. The reduction was primarily driven by the settlement of legacy stock options from programs established before 2020. The number of outstanding legacy options declined from around 2.5 million to 2 million during the first half. Importantly, the legacy options exercised in the first half of 2026 had an average exercise price of just EUR 3.10. The remaining legacy options have an average strike price of more than EUR 18, meaning the potential dilution from these programs has been reduced significantly, especially if you expect an increase in share price over time. Looking ahead, we expect the number of outstanding legacy stock options to decline by around 70% until mid-2027, driven by continued forced exercises and the scheduled expiry of several programs. As a result, by the end of Q2 2027, we expect our outstanding stock option base to consist to a very large extent of our newer long-term incentive and employee participation programs, with only very limited dilution risk remaining from legacy programs established before 2020. Let us now turn to capital allocation. With EUR 68 million of net cash at the end of June, a CapEx-aligned business model, and a completed turnaround, disciplined capital allocation remains a key priority, and we remain fully committed to our five capital allocation principles, which we introduced earlier this year. I already covered the third principle, reducing dilution from outstanding stock options, on the previous slides, and we talked about the latest settlements. I would now like to turn to our fifth capital allocation principle, returning excess capital to shareholders through share buybacks and EPS accretive share cancellations. We are very pleased to report that we successfully completed the share buyback program, which was launched in February 2026. In total, we repurchased approximately 512,000 shares, representing 2.6% of our share capital for a total consideration of EUR 8 million. The average purchase price was EUR 15.62 per share. Looking ahead, we will continue to evaluate capital allocation opportunities across all five principles, including the potential for further share buybacks, where we believe they create value for shareholders. Turning now to our outlook with some comments on current trading. We confirm our full year 2026 guidance, with revenue expected in the range of EUR 417 million - EUR 495 million, representing 5%-10% year-over-year growth, and adjusted EBITDA of EUR 36 million - EUR 48 million, corresponding to a margin of 7.7%-9.7%. Given our strong top-line performance in the first half of the year, we expect revenue in the upper half of our guidance range. Let me share some comments on this with a focus on current trading. Despite our strong performance in the second quarter, we entered the third quarter with a year-over-year growth remaining broadly flat. We believe this was largely driven by exceptionally hot, sunny, and dry weather across Europe, which typically reduces online shopping activities and which temporarily shifted consumer spending towards seasonal products such as fans, portable air conditioners, and heat protection products rather than home furnishings. Finally, the year-over-year comparison is also affected by a stronger prior year base, as July 2025, in contrast to this year's holiday season, saw above average rainfall across large parts of Europe, providing more favorable conditions for online shopping. As we expect these effects to be temporary, we remain confident that growth will return over the remainder of the quarters. However, given the softer start to the quarter and the stronger prior year comparison, we expect growth for the third quarter as a whole to remain below the levels achieved in the first half of 2026. As a result, the growth rates achieved in the first half of 2026 should not be annualized. Nevertheless, we remain confident that top-line growth will continue. Overall, we are well on track to deliver on our guidance for both revenue and profitability. We remain focused on executing our three-step value creation plan with a key objective to further improving profitability and cash flow while unlocking Westwing's full value potential. With that, I hand back to Andreas to conclude the presentation with our investment highlights. Thank you, Sebastian. Let me briefly recap the investment highlights. First, we have a unique, relevant customer value proposition through the specific assortment and the way we serve our customers. Second, the market potential is huge, both in our existing geographies and beyond. Third, we are developing the super brand in design with high loyalty and true potential to grow further. Fourth, we have high and increasing margins as well as operating leverage while we scale. Fifth, we have a great balance sheet with a strong cash position and no debt, strong net working capital, and low CapEx. All of this will lead us in the midterm to 10% plus adjusted EBITDA with a continued strong cash conversion. This also allows us to continue to invest through the cycle, even in the presence of temporary headwinds from the ongoing conflict in the Middle East. Sebastian and I are now happy to take your questions. Ladies and gentlemen, if you'd like to ask a question, you need to dial in via telephone and press star nine and pound key on your telephone keypad. If you would like to withdraw your question, please press star three and pound key. We already have the first question. This one is from Volker Bosse from Baader Bank. The stage is yours. Hello, gentlemen. Volker Bosse, Baader Bank. Thanks for taking my question. Congratulations on the great top-line momentum you achieved in the second quarter. This brings me to the first question. I don't know if it's possible. What would your take on like-for-like growth? If we exclude the expansion effects online, offline expansion, what would be like-for-like, if that is possible to break out, so to say? Second question is on the adjusted EBITDA. Could you be a bit more precise how much of the one-off effects were related to the new order and warehouse management system? Perhaps a bit of more meat on the bone regarding what does it mean, this warehouse management system? You said more flexible options and faster deliveries. How can that be achieved? Perhaps a bit more detail on what you changed here and why you expect here this positive outcome to come through over time. Last but not least, for clarification and as a reminder, so to say, on your expansion plans, you are now in 26 markets. Where do you want to be, until when? Also on the offline side, now six standalone and four store-in-stores, as I got it right. What is the target, until when? Thank you. Mr. Bosse, just a short moment. The speakers have to dial in again. I think the connection was lost. They will be back in a second. Okay, cool. Thank you. Have they got the questions? Yes, they heard everything. They just- Okay. No, it's fine. We seem to be back from Westwing side. Can you please confirm that you can hear us? Yeah, we can hear you. Okay, good. Volker, we'll go ahead with the answers to your questions. We'll answer number one, and I will answer number one and three, and Sebastian will take your question on the operation system migration. First question, you asked for like-for-like growth without expansion markets and without stores. That means the pre-2024 markets, excluding offline. And here, growth was low to mid-single digits, actually. Very different from market to market. For instance, we had a very strong performance in Switzerland. We had a not so strong performance in some of the Southern European countries. Especially Q2 was already affected by stronger or better weather conditions, actually, especially in the southern part. That would be a like-for-like growth comparison, low to mid-single digit. And your third question was on expansion plans, both new geographies and offline. Yes, in terms of countries, we are now in 26 markets. We still have a few European markets that we want to cover. We will likely also open one or two more new markets this year and potentially remaining countries over the next one, two years. Our focus at the moment lies on completing the European country expansion as far as it makes sense. We don't have specific plans on 2027 and 2028 yet for that, we will let you know as soon as we have them. Expansion plans in terms of offline. We have 10 offline locations at this point in time. As you know, our focus right now is on improving the customer experience further and top and bottom line in the stores. We are actually very pleased with the results so far, we believe that we need to optimize further. This is a new business model for us. We launched the first store in 2022, we are learning constantly how to serve the customers in the store, how to connect online with offline, this is best done with a limited number of stores, this is our focus at the moment. It might be that we open one or two more offline locations over the next 12 months, no more than that. In about 12 months time, we believe that we will be able to judge better on whether we have found the model that we would like to roll out further. Scenarios from what we believe could happen is from keeping the stores that we have right now up to a broader rollout. At the moment, we have not taken any decision. We're focusing on the operational excellence of the stores that we have, we will come back with information on what we believe we should be doing when the time is right for that. I now hand over to Sebastian for the question that you had on the operation system migration. Hi, Volker. Thanks for the question. The first part of your question was how much of the one-offs relate to the order and warehouse management systems migration. The entire one-off effect that we reported now in Q2 relates to the systems migration of our order and warehouse management systems. To give you a rough idea about the amount, it's about EUR 1.4 million of impact in the second quarter. Coming to the second part of the question, what are the actual improvements that we see? I would distinguish between benefits for the customers and then benefits for our warehouse costs. Starting with the customer benefits. There are two main advantages for customers. First advantage, which you can already experience in Germany, is that we were able to reduce the expected delivery times for on stock large furniture by two days, for example. We are able to reduce the promised delivery times towards customers, which of course, is a very good benefit for customers. On top of that, we are able to allow for more flexible delivery options. To give you one example there, today, for us, it's a very manual process to consolidate large orders and to deliver, I don't know, for a complete new furnishing of a newer house, all orders on a specific delivery date that the customer requests. With our new order warehouse management system, we will be able to allow exactly this. To consolidate large orders and deliver them on a specific date. This is great for B2C customers that have large orders, but it's also a very important requirement for our B2B business. Also there, a really good benefit for our customers. In terms of efficiency gains, two main areas where we expect efficiency gains going forward is the inbound process and also the picking process. We got to the inbound process. We are now able to move to a bulk inbounding process, which significantly increases the inbound productivity. With regard to the picking processes in the warehouse, we will be able to optimize the storage of items within the warehouse to optimize the picking distances. All of this will improve the warehouse efficiency going forward. It takes some time to really fully materialize, but that from Q4 onwards, we expect that the efficiency gains should fully materialize. With regard to the inbound process efficiencies there, we already see an impact. Does this answer your question, Volker? Yeah, absolutely. Thank you very much. It was very clear. Thank you. Thank you, Volker. Quick reminder. If you want to ask a question, please press star nine and pound key on your telephone keypad. The next question is from Michael Neises. The stage is yours. Thanks very much for taking my questions. I only have two. First, I would like to ask you to give some color on the recent U.K. expansion, how that worked out so far. I know that there was one line in the presentation, but perhaps you could give some additional information how this played out, whether hot weather was also a factor there or my second question relates to the implementation of the recent shareholder resolutions of the June AGM. I understand that this basically also enables potentially dividend distributions going forward, and I wanted to ask whether this is something you would consider, perhaps even a special dividend, given the negative working capital and the relatively high liquidity the company carries forward. Thanks. Michael, for your questions. I will take the first one on U.K. expansion, then hand over to Sebastian. U.K. expansion, we've actually been really happy about what we've been seeing there. As we said in the presentation today, it's already our largest market of all the expansion markets that we launched. It's actually all the expansion markets are about 12% of GMV in Q2, and the U.K. was already at about 3% of our total group GMV in Q2. That's a very strong momentum and is then the strongest market of those. How are we doing right now with the heat wave? Actually, we continue to grow in the U.K. It's one of the markets where we just see month-over-month growth, also throughout the summer. Last week, we actually recorded our strongest week ever in the U.K., so very confident there. How do we expect it to continue? As we said, we launched a U.K.-specific warehouse now in July. This will help us to reduce delivery times for U.K. customers on items that we store locally in the U.K., that is mainly U.K.-specific items and bestsellers as we grow in the U.K. This will likely then improve conversion on the website through better customer experience. We believe that that will contribute to improved top line also further. It will also, over time, contribute to better cost structure. We obviously don't have to ship back returns to our central warehouse logistics center in Poland, and we will be able to, at a later point in time, inbound more products from our suppliers directly to the U.K. and all of these things. It will both benefit top line and bottom line, believe over time. Of course, the second part requires a certain volume to go through the warehouse. Also kind of forward-looking, we will actually be investing into growth in the U.K. specifically because we see such good traction still this year. Sebastian and I mentioned that our marketing investments, specifically on the brand side, will be focused on Q4, and we plan to have the heavy spending actually on brand investments to be done, not just in Germany, but also in the U.K., probably the second most important market for our brand investments next to then France and Poland as our second and third biggest markets actually currently in terms of GMV. We will continue to invest in the U.K. also this year, which will then bring a top-line upside, we believe, also into 2027. This will weigh on margins in Q4 because of the additional brand investment, but we believe that it will be very fruitful, especially in the U.K. Handing over to Sebastian for the question on the recent shareholder resolutions and the effect on potential dividend payments. Yeah. Thanks a lot, Michael, for your question. You managed to give everyone the background here, and you're referring to the contribution of shares of the Westwing GmbH into the newly founded Westwing Management GmbH, which was approved by the AGM this year. Next to our operational advantages that we see from this with the new structure, this is also expected to increase the free capital reserve, which in turn is a prerequisite for capital allocation measures like share buybacks, but also dividends. As mentioned earlier in the call, we remain committed to our capital allocation principles. This includes different initiatives. Dividends can be one of them, like also share backs can be future use of excess and capital. There's, at the moment, no plan to introduce a dividend or to suggest a dividend payment to the AGM this year. As mentioned in the earnings call, we are constantly evaluating all available options. We will then decide in the future about the respective investments. With that, the free capital reserve is expected to increase as a prerequisite for dividends and also share buybacks. At the moment, no plans to suggest a dividend policy. Great. Thank you very much. Michael, does that answer your- Yes. Answers my question. Thanks very much. Thank you. Question comes from Michael Heider from Berenberg Bank. The stage is yours. Good morning, thanks for taking my question. I have one remaining question on your current business. You said that you are not, or you started at least into the Q3 without growth, on flat. Is this now also the case for the international markets, or were you just referring to the DACH region? Thanks. Thanks, Michael, for the question. We were referring to the group top line. Overall on group, we were flat in July. This is then obviously a combination of growth from the new markets and actually a negative top-line development in existing markets, typically. There are differences in the countries, but an overall flat development with good contribution from new markets, but a shrinkage in many of the existing markets. As we said, we believe that this is a very different picture to what we saw in Q2, where, as you know, we, for instance, grew by 10% in DACH which we believe is actually one of the strongest parts of the Q2 performance. We saw a sudden shift then in July, and as we don't see anything that we changed in marketing or on-site, et cetera. We believe that this is mainly weather driven, plus probably what we also saw in figures on consumer sentiment and a decreased consumer sentiment even into July. When you think about, for instance, when you look at the markets, actually in July, France was shrinking quite heavily, which is a new picture for us. This was clearly related to the weather issues in France at that point in time, including the fires. We actually saw a significant drop during specifically those weeks. We believe it's weather related, but of course, that weighs on the expectation for Q3 top line. That's why we said we believe that there's no chance that it will be on Q2 levels. It will be significantly below Q2 levels. We believe that we'll also return to growth once actually the hot wave, the weather wave actually subsides. Michael, does that answer your question? Yes. Very clear. Many thanks. Thank you. Another question from Volker Bosse from Baader Bank. You can speak now. Yeah. Thank you. A follow-up also on the current trading statement which you made, and then add on to what Mr. Heider said. You said flat growth in July. That is fair on group level. Yes, thanks for the clarification. Is it fair to assume that customer growth should have continued on the back that the new countries came on stream, this was then, so to say, compensated by less orders in total and lower order baskets on average, right? Is that a fair assumption? The active customer number is a view on the last 12 months, right? Oh, yeah. Anyone who placed an order with Westwing within the last 12 months counts into the active customer base. If you have a month where previously active customers actually did or like a customer placed an order like 13 or 14 or 15 months ago, and you have a very weak month in existing markets, then of course, active customers might actually drop in the existing markets. That is then potentially compensated by active customer growth in new markets. How this will pan out exactly for Q3, we will see at the end of the quarter, and we'll report then obviously on active customers, on average order value, et cetera. Thanks for that reminder on the LTM figure. Yeah. Thank you. Yeah. Thanks, Volker. Just a last quick reminder. If you want to ask a question, please press star nine and pound key on your telephone keypad. We just wait a few seconds and I think there are no more questions coming, I'll hand over to Andreas Hoerning for some closing words. Thank you. As we haven't received any additional questions, we're ending today's earnings call. Thank you for joining and goodbye.