Hello everyone, and welcome to our SCAYLE Capital Markets event. My name is Frank, and I'm heading the Investor Relations activities for the ABOUT YOU Group. My colleague Nora from the Investor Relations team and I are your hosts for today. Good morning, everyone. We have prepared three and a half hours of really exciting content for you. But before we get started, let's quickly look at the agenda. Tarek, ABOUT YOU 's Co-founder and Co-CEO, will start with a keynote presentation discussing the investment highlights. After his presentation, we will have three deep-dive sessions discussing in more detail what Tarek presented. One of these deep-dive sessions will be a fireside chat with a special guest. So stay tuned. After the deep-dive sessions, we will have our first Q&A session. This will be followed by a short break. And after the break, we come back for the final part of today's event, the presentation discussing the financials and outlook. And we will end today's event with a final Q&A session. Please note that the written word in the presentations applies. I'm now handing over to Nora, who will explain how you can ask questions via video or chat function. Nora, over to you. Thank you, Frank. We would like to make this event as interactive and as lively as possible. This is why, before we get started with the presentations, I'm going to walk you through some of the features of the portal. First up, the video chat, which is relevant for the Q&A session later. If you'd like to ask a question, please click on the Q&A button in the top right corner of the portal and then select video chat. You will then enter a virtual waiting room, and after a quick technical check to see whether your video and your microphone are working all right, you will be able to be added to the livestream directly and ask your questions live. Alternatively, you also have the option to hand in questions via text chat by simply typing them in and entering them. But please note that these text questions will only be visible to Frank on his iPad and that we will be prioritizing questions asked via video. We decided to host this event fully virtually to make it as easy as possible for all of you to participate. Nevertheless, to still keep it engaging, almost as if we were all here together in Hamburg today, we thought it's a nice idea to introduce a few surveys throughout the event. When it is time for a survey, there will be a pop-up window appearing next to the livestream window where you can see and select the answers. I think this was enough of housekeeping for now because we're all eagerly awaiting the speakers and their presentations. So without further ado, I'm going to hand over to Tarek, who will be giving you the keynote presentation today. Tarek, the stage is yours. Yeah, thank you, Nora and Frank. Warm welcome also from my side. I'm actually very excited for today's Capital Markets event because we are going to shine light on a business segment that I believe is highly underappreciated. The ABOUT YOU Group is split into two different business lines. On the left-hand side, you see the aboutyou.com online fashion store founded in 2014. In only 10 years, we have built something amazing here. We grew from EUR 0 to 1.8 billion IFRS net revenue, EUR 5 billion in gross transaction volume. We're active in 28 continental European countries. We have 40 million monthly active users, 12 million active shoppers. This makes ABOUT YOU one of the largest e-commerce platforms in the world. The secret ingredient to our success was, and till this day, is technology. Technology is what makes an e-commerce company able to execute. Technology is what differentiates a good user interface and a great customer experience. We have built and proven our software ourselves. Since 2014, we are in the arena every day proving our ability. Since 2019, we are offering our technology to third-party brands and retailers, and that is SCAYLE, our second business line and the focus of today. When we talk about SCAYLE, we are talking about a 100% technology company. SCAYLE has been spun off in August last year. It is a 100% subsidiary of the ABOUT YOU Group Holding, and it has roughly 300 employees. Going forward, we will report SCAYLE as a separate reporting segment to the capital market. So why did we found SCAYLE? I want to take you back to the year 2013. We had a business plan for ABOUT YOU, and we had great ambitions. We wanted to internationalize fast. We wanted to manage multiple countries in an efficient manner. We wanted to have a great personalized experience. We wanted to have a great smartphone app, a huge assortment, and a lot more. And all of this, obviously, with the lowest cost to operate the online shop possible. To sum it up, back then, we needed cutting-edge, high-performance technology that did not yet exist. That's why we have built it ourselves. And that is also the foundation of the business of SCAYLE for today. As a quick overview of the investment highlights for SCAYLE, first off, we are operating in a large and expanding total addressable market. Today, the market for digital commerce software is already at $12 billion, expected to grow at 15% CAGR in the next years to come. We have a win rate of 70% in enterprise deals, being a testament to our unique product and sales approach. We have an industry-leading go-live track record. We have 0% failed projects and the highest NPS in the industry. All of this with very favorable unit economics and an 85% gross margin on product revenues. Our superior unified and composable products offer an extensive feature set and full flexibility for our customers to customize their own e-commerce experience. Going forward, we believe this business can substantially grow by growing with our existing customers, having a positive net revenue retention, by winning new customers, for example, through penetrating new geographies, and by expanding our take rate. It is our goal to grow from last year's EUR 47 million in revenue to EUR 175 million in five years and to grow our adjusted EBITDA margin from last year's EUR 25 million to EUR 75 million by fiscal year 2028-2029, representing an EBITDA margin of 43%. Ultimately, it is our goal to position SCAYLE as the next B2B powerhouse and the go-to vendor for the e-commerce industry. And here's how we are going to do it. We have huge tailwinds from a market perspective. As mentioned, the market today is roughly at EUR 12 billion of size, growing at 15% CAGR. That means the market will double in the next five years. That is a massive opportunity and already a huge tailwind for us. But not only the incremental spend will be redistributed, also the current market structure will change. Today, 80% of the market is in the hands of incumbents that actually have legacy technology to offer. These products are outdated. We expect a huge replatforming wave in the next years to come. SCAYLE has the perfect position to capture both the replatforming wave as well as the incremental growth in the market. If we look on the competitive landscape, obviously, you can split the market in various dimensions. We've tried to picture the competitive landscape here by choosing two dimensions. First of all, the dimension of the customer size. So from small to enterprise clients, that correlates with revenue, but it actually also correlates with complexity. And then secondly, the differentiation between incumbents, these are platforms that have been developed before 2025, and challengers having a more modern technology. Now, the interesting segment here is the top left segment. It's the largest of the large. It's the largest clients in the market. Because these clients not only have high revenues, they actually also have high complexity and therefore complex requirements to solve. This is the toughest segment to crack, but it's also the by far most profitable one. We have cracked it with SCAYLE. SCAYLE's advantage against the legacy incumbents is a more modern architecture providing full flexibility and scalability to its customers. We offer superior business and developer experiences and high innovation speed. As everything we do, everything I do, when I wake up in the morning brushing my teeth till I go to sleep, everything we do in our company is thinking about how to make e-commerce great. It is our core focus. That is why we are more innovative compared to our incumbents that usually have other core products and just see e-commerce as an adjacent domain. Against the challengers of the newly founded companies, we have a higher breadth and depth of a feature set because we have developed SCAYLE or the underlying technology of SCAYLE over 10 years, being in the arena every day. So we have a fully functioning software set to operate an e-commerce store. We have a unified user interface across the entire commerce capability landscape and a demonstrated track record with enterprise customers solving real enterprise problems. These are very strong use cases and competitive moats. That is also visible in our industry-leading win rate. We win 70% of all pitches of companies having a GMV of above 100 million. So we would consider this as large enterprise already. Against the main incumbents, with the largest market share in the enterprise segment, so these legacy players that you have seen on the top left segment, we have an even higher win rate of 80% - 100%. So we nearly win every pitch that is out there. And we win across all regions and all verticals. Here are a couple of examples for our clients. Obviously, there are much more. I just wanted to highlight a couple of clients here. DEICHMANN, for example, the DEICHMANN Group. It's Europe's largest footwear retailer with various subsidiaries like obviously DEICHMANN, SNIPES, Ochsner and many more. Or Harrods, the world's leading luxury department store. Harrods just recently went live on SCAYLE in just seven months' project time. That is very fast for the enterprise segment. Harrods went live, shipping to 200 countries in the world with all sorts of categories online. Actually, we won the Harrods account in a pitch against all other software vendors in the world, even though we were fairly new in the U.K. market. But we are not only winning in fashion. We are also winning across all verticals. For example, Babymarkt, Europe's largest online store for baby products. You can sell with SCAYLE everywhere, everything to everyone. Also a reason why Manchester United became our customer, the world's largest football club. We will have Patrick here for a fireside chat later to explain how they have chosen, why they have chosen SCAYLE. We can solve complexity at SCAYLE, also visible at Fielmann. Fielmann is Europe's leading optical retailer. Now, they had the goal to sell prescription glasses online. It's a very complex challenge to solve technologically because you are looking at millions of potential attributes. These are just very few examples of SCAYLE clients across industry verticals and geographies. What they all have in common is they are large and they are complex, and none of the other vendors were able to solve their problems. The unique value that we create and the ability to solve real-life problems is also visible in the money we can charge for our software. Now, on average, we charge roughly EUR 1.6 million per customer per year. That is five times more than our challengers do. Why? Because we have an exclusive focus on large enterprises, and we offer them a more extensive capability set. That we solve real-life problems for our customers is also visible in the high satisfaction that we achieve with our customers. Now, to be honest, software is usually something that people don't like. We are very happy that our customers are very happy with us, and we rank highest in the Gartner Peer Insights with the highest NPS in the industry. Now, let's see what our customers are saying. SCAYLE merges the flexibility of a headless API-driven architecture with an inherently robust set of built-in modules designed to simplify organizational complexities. Throughout the entire process, the SCAYLE team was completely convincing. We received the help we needed at all times. SCAYLE provides us with an extensive feature set on a modern architecture. Our team can focus on differentiation, for example, building front ends or driving personalization. Now, let's double-click on these quotes here and what are our customers actually saying. They are saying SCAYLE offers a large feature set, but at the same time, the ability to differentiate where they want to differentiate. And I think the reason is also our new and unique architectural approach. If we look on the market like 20- 25 years ago when this market has started to evolve, the most successful software vendors were all those monolithic systems. A monolithic system basically is a system that delivers everything you need to run an online shop out of the box. Now, that's great. No headache, no execution risk, or limited execution risk, and you can go live fast. That was important 20- 25 years ago. E-commerce was not that developed as what it was, not a mission-critical business model, but you obviously had to do it. So this is why most companies actually opted in for a monolithic software vendor. But as these e-commerce companies grew, as e-commerce in general became more important, they obviously had the desire to differentiate. They didn't want to have everything as everyone else because everyone had basically the same box. That's also why all online shops look the same. They wanted to customize the e-commerce platform. They wanted to innovate and build their own use case. But the closed monolithic box didn't allow them. That is why a new movement has started roughly 10,- 15 years ago called microservices, which you see on the right-hand side. It's basically the complete opposite of a monolithic system. The promise of microservices is there is no box anymore. For every piece of technology, you can choose the perfect vendor. Best of breed, full flexibility. You can do whatever you want. There are no limits anymore. Sounds great. And in fact, in some cases, it is great. But companies who bought into this new paradigm of microservices, some of them have realized that they don't have the skill and capacity to manage 20+ vendors and connect them to a well-functioning system. So the flip side of microservices and no limits suddenly became complexity, long time to market, and higher execution risk. Now, this is where SCAYLE comes into play. We try to combine best of both worlds. So the advantages of a monolithic system with the advantages of a microservice architecture. SCAYLE comes with a broad feature set, but without the lock-in effect. So you can take everything out of our box, but you don't have to. Business users love it because they can suddenly configure everything in a unified backend without opening a developer ticket. And we all know opening a developer ticket is always a bottleneck. And developers love us because they can flexibly decide where they want to innovate, where they want to build something on their own, or where they want to connect a specialized vendor that is doing something different than we offer. Developers can work against our modern technology with modern APIs and a modern technological framework. To sum it up, we consider ourselves as unified as the monolithic systems, but composable. That means you can take care of your use case and we take care of the rest. Now, as this is a cloud product, it's a cloud-native product. The only variable costs we have running against our product revenues are hosting and customer support. That is why we are achieving this 85% gross margin. And we believe this can even be further optimized up to 90% gross margin in the next years to come. But not only our gross margin will expand, so will our revenue. We have various growth drivers lying ahead of us, winning new customers, growing with our customers through a positive net revenue retention, and expanding our take rate, i.e., the share of wallet of the technological spendings of our customers. Let's go through these drivers, starting with winning new customers. I have shown you the high win rate that we have, and we believe we can more or less sustain that high win rate. In Germany, we have started our activities in 2019 after a two-year test and learn phase. Actually, we are really into the go-to-market field since more or less two or three years. And within that very short period of time, especially in long lead cycles as in the B2B area, we are already the number one B2C enterprise digital commerce vendor in Germany. Roughly two years ago, we have started in the U.K., and we already see high traction following lighthouse customer wins like Manchester and Harrods. The U.K. actually already is break-even after such a short period of time. Today, we have selected presence in other continental European countries that we aim to opportunistically expand. Roughly six months ago, we have started with first activities in the U.S., and we are seeing great results here. So winning new customers comes out of a combination of sustaining a high win rate combined with establishing ourselves in new geographies. Secondly, it's growing with our customers. Now, we have a take-rate business. That means we are charging a percentage of our customers' revenue. On average, we charge roughly 1% of the GMV of our customers. It is just a rough indication because it highly depends on the size of the customer and the features they are using. But generally, we are fully aligned with the interests of our customers. If they grow, we grow. Now, the cool thing is e-commerce grows. So we are profiting from the general growth in e-commerce. And the even cooler thing is our customers outgrow the market across the customer board. Here are three examples. FC Bayern grew its online revenue after migration. So in the 12 months after they replatformed from an incumbent legacy software to SCAYLE, they grew their revenue by 38%. Fielmann has grown their online revenues in the last fiscal year by 17%. Kapten & Son saw 20% growth after the replatforming. All of this leads to a positive net revenue retention that we are generating. That means we are growing. Even if we would not win any new customer, we would grow with our existing customers. Third, our take rate. Today, we offer a vast set of features: shop management, promotion engine, checkout, search, OMS, order management system, product information management system, storefront. We will guide you through the modules and capabilities that we offer in the course of the day, and Peter will show you a live demo on how this all looks. We have a fairly high capability adoption already today, generating this 1.6 million ARR per customer, but there is a lot more. Till 2030, we want to develop additional capabilities, for example, a seller center managing multiple merchants out of one instance. We want to develop an outbound marketplace functionality, connecting especially brand shops to external marketplaces like Zalando, ABOUT YOU, Amazon, Otto, and you name it. We want to establish an advanced personalization engine. We want to establish more payment solutions and even maybe offer payments. Maybe you have seen our announcement just a couple of weeks ago that we have received our banking license for our legal entity SCAYLE Payments. Now we can even process payments. I think it's important to note here, SCAYLE Payments is a sister company of SCAYLE, also a subsidiary of the ABOUT YOU Group. That means if we talk about guidance for SCAYLE today, it doesn't include margins and revenues we do through payments. These come on top as an additional upside. Further, we will develop a CMS, an integrated content management system, integrated advanced loyalty functionalities, a digital experience platform. Next to the B2C, we want to operate also the B2B shops of our customers. That gives us a great runway for the take-rate expansion. It is our goal to grow the business from last year's EUR 47 million to EUR 175 million within five years. That represents a CAGR of 30%. Now, also the bottom line will massively grow. Last year, we have achieved EUR 25 million in adjusted EBITDA. This will grow to EUR 75 million by fiscal year 2028-2029, representing a 25% CAGR. As you can see, SaaS companies have a very attractive financial profile, high gross margin, good visibility on the revenues we are doing. We have long-lasting contracts with our customers, securing a minimum guarantee. It's a great business. And that great business model is also visible in the high valuations our peers are able to achieve on the public market. Now, we have derived a peer set of comparable companies that are publicly listed. So these are high-growth software and consumer engagement vendors as well as commerce enabling. And they are on average achieving a 10-time multiple EV divided by next fiscal year's sales, and even a 40-times multiple EV divided by next year's cash EBITDA. As you can see, this is a huge value creation opportunity. Now, we strive to unlock this value creation opportunity for the ABOUT YOU Group and you as our shareholders. How do we do this? We do this through considering various short-term and long-term options. In the short term, we seek external validation to determine the true value of SCAYLE. Therefore, we are looking at various options, for example, external funding or partnership opportunities. In the long term, we are open to all options in order to crystallize the value of SCAYLE and to find the right governance setup that SCAYLE can reach its full long-term potential. Because SCAYLE is not only a great business today, it not only has a great financial profile today, it actually is more. We have the rare opportunity to become a multi-billion dollar B2B business. Because we see SCAYLE perfectly positioned to become the next B2B global powerhouse. Why? I'll tell you. Now, there are three secret ingredients that all of these big conglomerates have. And the most important secret ingredient is actually having a mission-critical system for a mission-critical business that is large enough or too large to fail. Through this offering of a mission-critical system, you always gain C-level access. As it's too big to fail and mission-critical, I can guarantee you C-level will take care of it. We see C-level in every steer call and every pitch. We have a unique C-level access. That is very rare for a software vendor. Usually, C-levels don't like to speak to their software vendors. Additionally, we have full transparency on the customer's tech stack and its roadmap because we have to connect all of these systems. Now, these three secret ingredients are present at SCAYLE. We want to become the go-to vendor for the commerce industry, and based on this competitive mode, it is our long-term goal to reach 20% market share in the digital commerce software market. And we see additional upside through smart M&A, where we can leverage the mission-critical system we have and the unique C-level access. As mentioned, it is our goal to become the next B2B powerhouse and the go-to vendor for the commerce industry, so stay tuned to our upcoming deep dives, where we will demonstrate to you how we are going to achieve this goal. Next up is Tobi to guide you through our go-to-market strategy. Tobi, the stage is yours. Yes, warm welcome also from my side. Super excited to lead you through the go-to-market update. I will separate the part into two sections. First, I will talk a little bit more about the market opportunity, and then secondly, I will talk about how we address the opportunity, both in where to focus and then also how we win in there, so the opportunity that we have is massive. It's $12 billion in the digital commerce software market, and it's not only massive, it is also heavily growing. We expect an annual growth rate of 15% over the course of the next five years until 2028, and we see very strong growth drivers, which make us very confident that this growth will impact us. On the one hand side, we see increasing online penetration. Simply more and more people are buying online, ultimately driving the amount that is being processed by software vendors. Secondly, we see an increasing SaaS adoption rate. So more and more brands and retailers out there decide to not build the commerce technology themselves, but rather go for a SaaS solution, again, driving the market. And then lastly, we are quite confident that the prices for commerce software will remain fairly stable due to the fact that constant innovation of the vendors' landscape will drive take rates. Now, looking a little bit more from the total addressable market towards the currently serviceable market of SCAYLE, we very much focus on the B2C space, on the regions Europe and North America. We focus on the enterprise space, and then across all various verticals. And as Tarek has outlined, it is a very attractive segment due to the competitive landscape we see. Today, 80% is owned by incumbents, so players who have started development prior to 2005, and hence have quite a disadvantage in terms of their architectures. This ultimately leads to a lack of flexibility. For example, if you want to integrate the next best AI search, it's quite cumbersome to do so on such a stack. Secondly, it's an inferior user and developer experience. So in particular, developers would like to work with the most modern technology. So if you as a brand or retailer want to really attract the best talent, you need to be on a modern tech stack. And then lastly, in many cases for those incumbents, commerce represents less than 5% of their total revenue. Consequently, it's not their focus area. So you see less innovation and less people being allocated to the respective area of commerce. Now, when we look at the market, I think it's important to highlight that it's really consolidated towards a few big regions. So obviously, Germany, our home market, represents roughly EUR 300 million of that total market. Then obviously, the U.K., given higher online penetration, is even larger, so roughly EUR 400 million. And then it's important to point out that North America amounts to roughly 60% of the total market opportunity for SCAYLE. Now then, it's also important to understand that only currently 7% of this market is accessible on an annual basis. That is simply driven by the fact that brands and retailers do not select a commerce platform every year. Currently, in particular, in the market environment, many are hesitant to select a new commerce platform, and hence, the market turns only every 14 years at the moment. Now, going forward, we believe this will increase over time. We believe it can jump from 7% to more than 10%, again, driven by various drivers. The first one is overcoming post-COVID budget constraints. So on the one hand side, after COVID, many brands and retailers said, "Let's avoid a high CapEx. Let's reduce team size and really adjust to the new revenue conditions we are seeing." Secondly, these smaller teams had still to do some IT projects. For example, upgrading the ERP from an on-premise solution to a cloud solution is simply a must-do. A CTO has to carry on. And consequently, other IT projects have fallen behind. And lastly, we believe that more and more brands and retailers will refocus on growth. The recent conversations I also had earlier this week in London were clearly about, "We want to go back on the growth track, and we see that shoppers are coming back, and our online business sees healthy growth." Again, to unlock this growth, you need to be on the most modern platform that allows you to create captivating customer experiences. Now, in this market, in Germany in the last year, remember, EUR 20 million have been accessible in the German e-commerce market for digital commerce software. We have been able to win 40%. And remember, obviously, we have not been in every single RFP. But irrespective of that, which we are constantly growing, we have won already 40%, so roughly EUR 8 million ARR in the last fiscal year, in additional ARR in the German market. And this is by far the highest number we have secured across all vendors in the German market. So what we do next is we take the German market as our strong position. We keep on penetrating the German market and will grow towards further attractive regions as outlined. Now, looking a little bit at how we're going to do it, I will first talk a little bit on where we focus our efforts on and then spend a little bit of time on both lead generation and lead conversion. So how do we actually win the respective customers in the key segments? Now, when we look at the markets, for us, there are three core markets we want to win in: Germany, as discussed, then U.K., in particular on the back of the strong lighthouse customers that we have secured in the last year and which are already live generating healthy revenues for us, then obviously the U.S., which I will touch in further detail, and we also will opportunistically continue to pursue other rest of European markets. On the one hand side, that's the Nordics, where we have recently won two great enterprise logos and are now seeing also their rapid expansion, but also the Benelux region and also Southern Europe, we will continue to opportunistically pursue with either a local team or through a strong headquarters support team. Now, when we look at the target segment that SCAYLE serves, it's important to understand that we are built for the most complex enterprise cases in the market. We focus on B2C. We focus in particular on brands and retailers who have a multi-company or multi-brand setup, who have omnichannel distribution, and who also have an international footprint, which is very important to them. Some of them examples are, for example, in retail. The DEICHMANN Group, Europe's largest shoe retailer, connects more than 4,500 stores to SCAYLE and is ultimately thereby managing complexity at SCAYLE. Another great example is Fielmann, having multiple categories: contact lenses, correction glasses, all with various number of variants, which they can easily handle through SCAYLE. And an example in the fashion space are both Otto but also the s. Oliver Group, who have multiple brands under their group level. So, for example, s. Oliver manages Liebeskind, Comma, and their big s. Oliver brand from one SCAYLE instance, and thereby driving tremendous efficiency gains across their operations. Now, when we look at the lead generation part, so how do we actually get the respective leads from when we start conversations? You see here a list of the typical levers that we see and the distribution on the right-hand side where we look at the first touch how we have come into contact. I'm very proud to share that the largest lever is inbound and SCAYLE referrals. So actually, people approaching us and saying, "I have heard that you have a great technology. Can I please talk to you?" That's very important for you to understand because it's the most cost-effective lever that exists. One example is Bayern Munich. Tarek has shown how successful they have been on the platform. So ultimately, now we are talking to every major soccer club in Europe because everyone wants to be as good as Bayern Munich when it comes to merchandising. Obviously, direct outreach plays an important role. And then partnerships is quite critical. In the moment we go into larger international markets such as U.K. and U.S., somehow we lack brand awareness, obviously, and we also lack to some extent trust. And here partners can help us a lot. Partners such as Stone Digital, DEPT, or also we have early conversations with Accenture can help us to build trust in an account and then help to win them over. And also you will see later that partnerships is a key focus area because we increasingly deliver our projects and service the technology through partners. I will also touch further on marketing and analyst relation in just a second. But this you can really see as a good mix of strong levers where we have built strong marketing muscles over the course of the last two years. Now, jumping into marketing. On the one hand, events is a key pillar. We need to attend in all the core markets the leading commerce events because there the commerce public comes together and gets informed what is the greatest technology, what are learning experiences that other peers are having. So, for example, the K5 in Berlin for Germany, key. But also when we attended Shoptalk Las Vegas this year, we received very, very positive feedback on our product approach and saw general interest in our solution. Now, obviously then we need to put also in our marketing our product first because our product is the key differentiator why we win deals and why our customers are successful. Therefore, we have launched Enterprise Evolutions. This is the first time we actually talked about our product publicly in a marketing campaign, and it has yielded tremendous success. And lastly, it's important to elaborate a little bit on account-based marketing. You remember that not every brand and retailer is in the market. So it's very important to understand, A, who is looking in the market, and then tailor the marketing messages exactly to the needs of a customer. So picture, for example, an omnichannel retailer in the U.S. who is actively looking for omnichannel use cases. Then we will make sure that through our AI tools that we have in place, this prospect will only see omnichannel capabilities that we have. We'll also be aware what other competitors they are searching for or which other capabilities they are searching for, and we'll adjust accordingly our marketing and content strategy towards exactly this account because this will ultimately enable us that the account will reach out or respond to one of our outreaches, and we have a great sales conversation. Now, obviously, brands and retailers in particular in U.K. and also in the U.S. turn towards analysts. Gartner, Forrester, and also IDC are the top three here to mention. So it's very key for us to work with the analysts that they understand our product best. And we are very, very proud to share that earlier this year, IDC, so one of the leading research firms, has actually said that SCAYLE is the leader for worldwide enterprise headless digital commerce platforms. Exactly our sweet spot, enterprise, modern technology, and there we were considered as a leader. What is being highlighted by IDC is, again, the strength of our product. On the one hand, that we can do quite complex enterprise cases. Secondly, that we have a composable commerce architecture which allows business teams to do great stuff and developers to focus on what differentiates. The flexible merchandising piece that they can ultimately do various product categories from one end. Then again, alluding to the technology, the composable based Storefront API. Sebastian and Chris will talk much more later about the product, but I think it is important for you to understand that this is the key differentiator we have in the market. That is why analysts recognize us. That is why people want to talk to us, and that is why we win in deals. Now, when we are then in the conversation, it is very important to have a sales team which is fairly unique in its skill set and really, really makes a difference. And here we are leaning on strong expertise in our sales team for former retail professionals, but also from people coming from strategy consulting or other areas who have actively worked with a client. Because it's very important to tailor every sales pitch to the exact needs of a customer. So nothing fits it all. You need to understand what the prospect wants and tailor accordingly. I've brought you today two examples. One of them is Manchester United. They have never done e-commerce before, so it was for them in-housing e-commerce and ultimately deciding what are the key levers I can pull and what is then the right platform to execute on. So it was a very business-heavy discussion, and we developed a detailed business case based also on our learning with FC Bayern Munich and other soccer clubs to derive a strong business case, which ultimately then led Manchester United to decide not only for the SCAYLE technology, but also for SCAYLE as a partner. And then on the other hand side, you have Mister Spex's very strong engineering team. They have always developed the platform by themselves. So for them, it was not about business case or PowerPoint slides. It was very much about, "Give me the product. Let me experience it firsthand, and I will tell you whether I select you." So for this reason, we have set up a proof of concept phase which spanned for six weeks where the Mister Spex's team could work in our technology and ultimately also get support from our business teams. And then thereafter, they clearly said, "Looked at the market, looked at your technology extensively, and it is the best in the market. We would like to work with you." So those are just a few examples. And then obviously, it's now for us bringing this winning formula towards various international markets. When we talk about expansion, we follow a three-phased approach. So on the one hand side, test and learn, where we have a fairly limited team on the ground, strong headquarters support, fairly limited marketing investment, and we focus on securing the first wins through our direct sales efforts. There follows the acceleration phase where we have first references established. We have a full standalone team on the ground. We keep on hiring and keep on investing because we have the local market validation that we are fit for this market. And then lastly, we move into maturity stage. In the maturity stage, we not only have a sales team on the ground, but also heavy account management teams which will support the customers to outgrow the market. Here then we see stable investment, and it's very much about being in every RFP included and also being sure that no customer leaves us. You see at the bottom how we look at the respective markets. Germany clearly ahead of everyone else where we are considered in almost every RFP and have a tremendously high win rate. Then all our European expansion markets are currently in the acceleration phase. In particular, I think Nordics is here again a great example because we have won two logos, and now over the last six weeks, we have already received three further RFPs because ultimately the Nordics e-com bubble is talking very positive about us and is taking notice. The U.S. is obviously still in early days, and I will touch more on that later, and it will definitely be the hardest market to crack. Therefore, we also believe that the test and learn phase will not only take one year for the U.S., but can take up to three years. Now, I want to allude a little bit more on how costly this expansion is because many of you might ask to what extent we need to run now heavy marketing investment, and rest assured, due to our focus on large-scale enterprise customers, we can break even relatively fast. We've started in the U.K. in early 2023- 2024 with a country manager and business development manager. Within one year, they were able to win Manchester United, and they were also shortly thereafter able to win Harrods, which gave us great market confirmation. Both of those went live in less than nine months, Harrods within seven and Manchester United within eight months, which ultimately led to great go-lives that we've seen and puts us already in the money for the U.K. region. We are already break even after allocating all our COGS, which we have associated with product, and also allocating all our sales and marketing efforts. This can only be done due to the take rate we assure and the high enterprise customers we win. For U.K., the second largest market, it took us two deals to win to break even. Now it's very much accelerating and winning further deals in order to drive further profitability for SCAYLE overall. Now, looking at the U.S., we have obviously looked at the U.S. for quite some time and decided earlier this year that the market is so attractive that we need to be there as well. Hence, we've initiated the test and learn phase. We've established the SCAYLE Inc. So we have our own legal entity there now. We've made the product available both from a tech and also product standpoint, so it can be hosted there. It has all the necessary pre-integration, all the necessary capabilities, and we've started to build a local team. What you see on the right-hand side, that even in the U.S., those brands and retailers are significantly larger than in U.K. or Germany. Simply because the whole market is so large, we are currently talking to ones who are doing $3 billion and above. And across them, you see that they are very, very attractive in size. So it will again only probably take two, three, maximum four accounts that we can win there in order to break even also for our U.S. operations. Now, U.S. will most certainly be our number one growth initiative for the next fiscal year. We are very much aware that it's a challenging market, in particular in terms of generating brand awareness, because not only is it whole market or Salesforce and Shopify, but also all European APAC or also Latin American players, they are all seeing basically U.S. as the biggest market and consequently concentrating on it. At the same time, we are ready to pull any lever that it takes in order to be successful in the U.S. We are constantly looking at what is working well, what we should improve, and what are other levers that other vendors have selected also in other industries in order to break into the software market. And this is already where we come to the end of the go-to-market presentation. And for you, there are three main parts that you should take away. First, it's a super sizable and super attractive opportunity with EUR 12 billion in size, growing double digit, and is in the early stage of major re-platforming. Secondly, we have a very clear focus on large enterprises and the largest countries. And lastly, we have already today proven tactics to win large deals across markets due to our winning formula in sales and marketing. With this, over to Nora again. Thank you to Tobias and also to Tarek for your insightful presentations. We are currently transforming our studio to host the Fireside Chat, so I believe this is the perfect moment to do our very first survey. So before we dive in on the topic of operations, we would like to get your input on the following topic or question. Based on what you have heard so far and also your own experiences, what do you see as the main reason for B2C retailers and brands to migrate to a different enterprise commerce platform? As mentioned earlier, you should now see a pop-up window appearing next to the live stream with a list of reasons that our customer success team often discusses with potential customers. These include a limited flexibility to integrate third-party best-of-breed solutions, an outdated business user and developer experience, a lack of innovation both in terms of capabilities and technology, the inability to execute on growth drivers, for instance, on internationalization or omnichannel experiences, and last but not least, the reduction in total cost of ownership. Please take a few seconds to select one of those answers. I can already see some movement. So far, it looks pretty much equal, but let's wait a few more seconds to see what your preference is. Oh, still moving. Okay, I think it's safe to say that almost all of those reasons were selected maybe with a slight preference for the growth drivers, the inability to execute on them. I mean, all of these are very valid reasons, but I think this is also a very good moment to turn to some first-hand experiences now. I am very happy to hand over to René, who's hosting the Fireside Chat in a second with a very special guest. We're super excited to have Patrick Jenkinson from Manchester United here with us today in Hamburg to share his experiences about SCAYLE. So René and Patrick, the stage is yours. Yeah, thank you, Nora, for handing it over and the very interesting survey results. So I think we have the opportunity now to learn a little bit more firsthand from our case study. Having a great product and bringing it to the market are two very important success factors. For us, it's equally important to bring the product to our customers. We are very proud that we have zero failed projects, meaning every client who started the onboarding journey with us eventually went live. We are also very happy to see that after the migration, our clients perform strongly in the business, making their own endeavors even more successful. And this is also proven by SCAYLE having the highest customer satisfaction review on the Gartner's review page. We do achieve this by the SCAYLE Operations Unit following two critical missions. On the one side, bring customers live. This is done via our own SCAYLE Agency conducting complex and first-of-its-kind projects and by our wonderful partner network delivering the majority of our onboarding journeys. On the other hand, we are committed to drive growth and loyalty for our customers. This is done by deploying our account management and tech support teams built of e-com experts driving the business success of our customers. We learned today we sell enterprise software, but we don't believe in enterprise timelines, and we are very, very happy to see that more than 90% of our clients went live within the timeframe of 12 months, and almost half of them went live within the timeframe of nine months, so this is an outstanding time to market, especially for the enterprise segments. Today, we will have the opportunity to discuss one of those cases with Manchester United going live from the first kickoff workshops in January to the actual switch beginning of September. It's a pleasure to introduce to you Patrick Jenkinson from Manchester United. Patrick, welcome to the show. Thanks for having me, René. So I think Manchester United as an iconic brand does not need a lot of introduction, but do you mind telling us a little bit about yourself and the role you have at the club? Yeah, absolutely. So I'm the Commercial Director responsible for revenue growth across direct consumer products at the club globally. So on a really simple basis, things that we sell to fans. Speaking about fans, I mean, everybody knows Manchester United, and I think it's a huge fan base we are looking at. Can you give us some sense of the scale and the breadth of the fan base we are having at Manchester United? Yeah, we're exceptionally lucky at Manchester United to have a very large audience, a very loyal audience, and a very global audience. We have the biggest audience in sport globally. On average, about 30 million people watch every single one of our matches globally. We have over 270 million social followers. We have the number one visited website in sports, the number one ranked app in over 100 countries, and we have supporters' clubs, over 300 supporters' clubs all around the world with more than 100,000 members and a huge, one of the biggest membership programs in global sport. So it's a huge audience, and it's my job and my privilege actually to develop products and experiences for those fans in the online and offline spaces. Yeah, so I guess with this massive fan base, it's totally clear that the fan experience as such is kind of embedded and at the heart of the club. So let's maybe switch viewpoints for a moment and look on the business side of things, and especially the e-com segment. What kind of role is playing e-com in terms of business strategy and especially revenue streams for the club? Yeah, traditionally, the main streams, revenue streams for sports teams have been broadcast, sponsorship, and matchday revenue principally from tickets. But as businesses, as the world has globalized and businesses have professionalized and modernized, and I've talked to Tarek about our global audience, actually the digital realm and particularly merchandising has become more important. So for us, e-commerce is a huge strategic growth area and a real key commercial focus for us as a business, but also, as I talked about, as we kind of, you talked about the fan experience for us, that is sacrosanct. And so growing and developing that experience, be it through the products and the online experience, is absolutely key because our fans want that. So there's a commercial goal, but also there's a fan want and need that we're serving. It's really, you can say, like one of the really important strategic pillars, I guess, to get e-com right in the end. Absolutely. It's a huge growth engine as well for the club. Yeah, and I guess, I mean, selling merchandise and having a web shop and all this is not new to Manchester United. I mean, they've been an online shop before. Can you elaborate a little bit? What was the situation actually before moving over to our platform? Yeah, absolutely. So yes, as you said, we've had a shop for a long time. We previously had an outsourced business model. So for us, moving to SCAYLE, it wasn't just a technological shift. We weren't changing from platform A to platform B. It was shifting our entire business model, creating new business effectively, and it was a really, really big cultural shift. And it wasn't evident that we'd necessarily going to do it, right? So it was a case of agreeing to do it and then finding the right partner. And we really feel we found both with SCAYLE. So if you take the situation before on some of our pain points, we had less control. We had limited control over the products, over pricing, over promotion strategy, the way our brand showed up, content on the site, and generally making the decisions that were best for us and for our fans, and then the fan experience, I said again, it really is key and core for us, so actually, our fans are shopping in all sorts of stores all over the world all the time, so we need to be able to give them an e-commerce experience when they come to our shop, which resonates with the quality of the experience they're getting and the localization of the experience that they're used to getting when they go elsewhere, so features and functionality and development are really, really important for us. Then finally, and really, as I said, my role is across all of direct consumer, and I have a real goal to unify the product ecosystem for direct consumer. What do I mean by this? Well, there's a couple of examples. Starting point is bringing different products closer together. So for example, when you and I, we go and shop elsewhere, we may unlock loyalty or rewards through doing that. That's a really simple example as well. I talked about we have our huge membership program. Our members should benefit from purchasing on our site through loyalty and rewards they can unlock. And then a second example is selling multiple products within the same transaction. For me, let's take this example. An aunt is buying a present for her nephew. Actually, so I'd like her to come to the shop and buy a shirt, a personalized shirt for her nephew. And then why not also add a gift card that can be used across different club products? And then why not, while she's there, as a basket for a subscription to our content subscription for our in-house TV channel? That for me is ultimately that multi-product experience is our goal. So there's various ways we can do it, and it's of real strategic importance for the club. Yeah, so I think building all this and deciding in the end what to build, I can only imagine that this is like a pretty difficult task or was a pretty difficult task, and it's more than just selecting a tech vendor or multiple tech vendors. Can you let us in a little bit into the key decision factors for selecting your new partners and your new solution, especially for the e-com space? Yeah, listen, you're spot on. For us, we needed a technology that we felt would deliver on the fan promises that we wanted to make, but also we really needed a partner. We needed someone who we felt would share our goals and share our aims, but actually, frankly, could help us there and could lead us there and guide us there with their expertise. And that was definitely key in terms of SCAYLE's DNA as retailers was really, really important for us. We had great faith in tech stack. We also knew that kind of knowledge and that experience was so important for us because, as you said, a lot of this stuff we were doing for the first time. When we look at, I mean, by now, people have figured that SCAYLE is an integral part of the journey. Can you elaborate what in the end made the decision for SCAYLE in the direction, especially when it comes to features and functions, for example? Yeah, absolutely. I mean, for us, there was, I mean, these things, we had a huge long list of criteria, actually, and I remember we had initially a sheet, which was, I think, we'd done over months, and it was about 190 additional features that we were looking for, and we said, "Guess what? Okay, we'll send that over, and we'll see how many of those they have out of the box or they're doing," and almost every single one was there, so that really comprehensive feature set was really, really important for us, again, to get our experience almost overnight to a world-class experience, so that was incredibly important. Our belief in the scalability and the future-proofing of the technology was also really important. So we'd have day one, our experience, but we knew and we know still now there's so many ways that we want to evolve that experience. And there were some specific things that really suited us, right? We weren't ever going to be in a position to have 10 developers that we want continually iterating the experience, changing buttons, changing colors. So we needed something. And that's what the Tech Stack really offers us, the scalability without needing to have all of that and that additional investment and complexity. And then also second one, something that we really liked was the ability to spin up local language sites and shops. I really have a belief and a principle that our fans, no matter what country they're in, they should have an equivalent experience to the greatest extent we can. So whether you're in England or whether you're in Thailand, you should have a site and an experience that you're used to based on your customs and preferences and likewise the payment methods and just the overall experience. So that was really, really important. And then trust in the delivery around the partnership. Someone who we trusted would be able to get us to the go live and when we needed to. And that was really important. And I think I've said a lot there. And I think when you boil it down, it came down to trust. Trust in two things. Trust in the technology and trust in the people. And I think really boiling it down for me as the project sponsor and our management and our board, that trust was what underpinned the eventual decision. Yeah, I really needed to smile when you mentioned the 190 line items Excel sheet. I can vividly remember filling that out. And I said it earlier, I mean, we had the big kickoff workshop in January and then followed by like eight months of, I think, what was, I think, for both teams, a very intense phase of the project. How did you experience these eight months of the onboarding journey? Yeah, listen, there was so much that went into it, right, and it was a real journey, but I think almost starting at the beginning, or well, depending on the end or the beginning, when we had to put a date in a contract, and I think it was last week before Christmas, right, and we're like, "We just need a date for this contract," and we said, "Okay, we pick the date five days after the transfer window in England closes," so that's when we sign our players, and that can lead to a lot of changes, so we said, "Okay, we'll pick five days," and from the date we picked that date, that was the date, and there was never any discussion about whether we would or wouldn't launch on that date and what. We'd always do that, which I think I've been involved in a lot of technology projects. You've been involved in even more than I have. And for me, that's a very rare situation for there to not have been a debate. And we launched successfully and robustly on that date. So the outcome from that perspective, absolutely delighted. And in terms of the process, it was great because, again, a lot for us, it was first time. We were doing this for the first time. It wasn't just about SCAYLE. We were bringing together multiple vendors, stitching it all together. Every decision was a first-time thing and just building it from scratch. So there was so much to do, but actually the project phase through from just the way it was structured, so that there was a process behind it, but then also the pragmatism, right? As things came up and we had to evolve and adapt, that was always there. So I think it was a huge amount of work for the teams and strain and probably particularly for your teams. But it was incredibly smooth. And the outcome, as I said, we launched on the date we wanted to, and we launched a stable and wonderful site on day one. Yeah, I think the 5th of September was really a happy day for both teams. And yeah, I can only give the feedback back. It was a really enjoyable, it was a lot of work, but actually a very enjoyable experience. And I think the teamwork made it work in the end. So I mean, it came together like 5th of September with the go-live. We are in a few weeks now into live operations. We learned that especially for your team, it's not just changing the e-comm system, but also building a whole new business unit and building out a new muscle, so to say. What's the first experience and the first feedback from your team working with SCAYLE, but also running the new e-comm business for Manchester United? Yeah, listen, for us, we internally, and when we talked about it at the beginning, we said, "What do we want?" And we said, "As a team, we wanted to build something that we were really, really proud of and that proud to be associated with." And also then we wanted something that would deliver for our fans and deliver on those fan promises and give them experiences that they deserve and also representative of our brand and our positioning. And I think we completely achieved that. So I think the whole team now, we're seven, eight weeks in, so we're still right in it, but I think the team is super proud and super happy. We can already look back and go, "We did achieve that." There's so much more that we want to do and that we will do, but we absolutely super positive about the experience and what we've got. Yeah, and I guess, I mean, it's I guess a little bit too early to draw the full conclusion, especially when it comes to KPIs. But can you share some KPIs we see already in the first few weeks? Yeah, yeah, the metrics really, and to the point, the starting point is stability, right? When we go online, have stability in the platform, and we absolutely had that, and we really succeeded on that piece, and I wasn't that focused on the metrics initially exactly for that reason because I was like, "Stability is the key," but actually, the metrics are also fantastic. So that was an absolute delight, and I think if you look, the overall experience, the satisfaction scores on the overall experience have jumped 12 points immediately, and then to do with the website UX specifically, it's up by 13%, so really, really strong. The word I always come back to is advocacy, and we want our fans to be advocates for the experience, so those positive scores are just fantastic to see. And then on a kind of financial level, the conversion rates have jumped already by over 30%. Again, I think down to like a really, really intuitive experience and just a really nice, easy experience for them to come through. And then our average order value is already up 8%. And I know some of that has been obviously some great work around the jersey configurator where we've seen a big increase in personalization, which adds to average order value. And it's also actually good margin because we've developed, well, you guys have developed a really intuitive, clean, nice jersey personalization experience. So we're really, really happy with the metrics. And even as I said, I wouldn't even have been focusing on them seven, eight weeks in because it was more about stability, but it just adds to the great story. Yeah, and I mean, for us at least, it's the start, right? So a few weeks in, we see already good numbers, and I think that's something we can build up on. Speaking about the future a little bit, what's next? So much. So don't worry. We'll still be doing a huge amount. As I said, we've just launched. There's so much that we're going to develop, and we want to evolve. So I think from our perspective, product range, we're significantly expanding the product range. And again, the way that the site merchandises it is really intuitive and really helpful. So the range expansion is really important for us. Then also features and functionality. Again, there's much more that we're going to add across all products and also as we look into more localization around areas. So features and functionality, and that will underpin international growth around on things. And I also talked about at the beginning. I said strategically it's important for us to unify products and bring our ecosystem together, closer together. I think the loyalty element and the rewards element is definitely something that we'll see in the near term. Those are some of the key big strategic priorities in the short to medium term. Yeah, so I mean, we talk about it a lot. For me, one of the most exciting things is the assortment expansion. Can you maybe give us and the viewers a little bit of a teaser what they can be looking for, especially as Manchester United fans or Manchester United B2B fans? Yeah, absolutely. And as we evolve who we are and how we're thinking, we sell fantastic amounts of kits and shirts, but we're evolving that and broadening that range. So we should have more of a lifestyle offering. So just more casual wear that people can wear around the place. We will do elements of hype and collab, right? They're so popular and they're great demands when we do them. So we'll do more of those. Retro is a great area. Likewise, gifting, another area. It's a key reason for purchasing for people who are buying gifts for other fans. So gifting is a huge area. So there's a huge range of assortment that we're going to develop and also around different audiences, right? Whether it's for kids, men and women, people in different countries. There's all sorts of areas that we're expanding into. That's a really fun and really exciting part of the journey. It's something tangible in the end and something I learned to also look forward to because it's great to experience the new site. I think it's also great to have the control back on the site and having something stable, looking good. So I can only invite everybody to look at the page, do some shopping. Yeah, and with that, Patrick, thank you very much. It was a pleasure talking to you today. Thank you for taking the time and guiding us through the journey you have done with us so far. And listen, thanks to you guys, right? And thank you for supporting us on our journey, right? And we're excited for your journey as well. Perfect. Thanks, Patrick. So with this, I hand over back to Frank. Thanks, gentlemen, for this insightful fireside chat. It was really great to hear what makes SCAYLE so unique from a customer perspective, and thanks again, Patrick, for traveling all the way from Manchester to Hamburg today to join us for this event. Our next presentation focuses on the SCAYLE technology, including a product demo. Sebastian, Peter, and Christopher will explain how SCAYLE's highly flexible and adaptable platform creates unique and frictionless customer experiences, but before we start, let's do another quick survey. We would like to get your feedback on the following question. Speaking of customer experiences, when shopping online, which functionalities do you find most essential in converting you from a browser into a buyer? You will now see a pop-up window on the right-hand side of your screen. You can select multiple of the following options: quick search function, well-structured product data, personalized promotions, loyalty programs with extra benefits, options to pick up purchases at a nearby store, multiple payment options, mobile-optimized site, and last but not least, real-time order tracking. I will now wait a couple of seconds so you can make your choice. I already see some movement. It is still moving. I would say it is safe to say that all options were chosen with a preference for the quick search function and the mobile-optimized site. Some of these features will now be shown in the next session. Sebastian, over to you. Thank you, Frank. I'm happy to guide you through our product. So when we started ABOUT YOU in 2014, we had unique requirements toward our technology stack. We wanted to have a mobile-first technology, which is highly scalable, which provides us with rapid internationalization features, and which, of course, also offers us efficient marketplace operations. And of course, we wanted to stay flexible for adjusting the business toward the needs. At that time, we looked at all of the existing e-commerce vendors, and we realized that none of those is able to fulfill our requirements. That's the reason why we built SCAYLE. So with SCAYLE, we had the beauty that we had four years' time to build the platform with one customer ABOUT YOU. During that time, I think we learned a lot. We built a very scalable, very flexible e-commerce technology, targeting exactly this mobile-first approach, and at the same time, the platform is really reliable. In 2019, we decided to offer the technology stack to other e-commerce customers. We needed two years to really be carefully onboard new tenants and make sure that we ramp up our service organization, that we ramp up our account structure, and so on and then from 2020 on, we started to scale the SCAYLE business, meaning onboarding a lot of new tenants, so let's have a look at the capabilities of SCAYLE, so what is SCAYLE as a product? First, SCAYLE has all of the core capabilities you need to operate your shop. So it starts with shop management, catalog management, basket, checkout and payment, pricing, promotion engine, and search. Already with this feature set, you are able to operate and run your whole e-commerce platform. But SCAYLE offers more. SCAYLE has an extended feature set and capability map. With SCAYLE, we are offering a PIM system, a DAM system. We are offering an order management system, an omnichannel system. We are offering marketplace operations. We are offering a subscription module, and we are offering a customer management tool. I think, first of all, with this extended feature set, we are already very uniquely positioned because you as a customer can always choose which of those components and capabilities you really want to use and which you don't need. In addition, we are also offering a storefront application. It's very easy to build up your own mobile or desktop storefront as a customer. In addition, with the omnichannel part, we are also offering an in-store application. This in-store application can be used to really unify the offline and online experience, and of course, all of those components and all of the systems are exposing APIs, so it's very easy as well to integrate your own ERP system, own WMS system, and all of the surrounding systems in a very short time, but we also extend the capabilities at SCAYLE on a short basis, so maybe to give three examples here. In early 2023, we talked to our customers and realized all of them, or a lot of them, are looking for new promotion capability, so they wanted to run very advanced promotions to be able to protect their margins and to increase their conversion rate. Only six months later, we already rolled out the first promotion engine versions and enabled our customers to operate their promotions, and the promotion engine is always still in development. We are always adding new features to this, co-developed with our customers. I think we have one of the most flexible and most advanced promotion engines on the market. Another great example is omnichannel. Having a look at our customer portfolio, you see that there are also a lot of customers with really big retail stores. Together with them, we want to co-develop an omnichannel module, which really brings up the offline world and connects it with the online world to really provide a unified commerce experience for the end customers. In late 2023, we started a discussion with some of our customers. Already in mid-2023, we rolled out the omnichannel add-on and brought live the first omnichannel cases. The same holds true for subscription. Also there, we discussed with our customers and saw the need that they want to operate subscriptions. And we co-developed together with our customers a subscription module and capability and rolled it out in mid-2024. I think we already now went through the core capabilities of SCAYLE. We had a look at some examples where we really co-developed with our customers great products. But now let's have also a look at the broader roadmap. So first of all, I think this slide you saw also on Tarek's presentation, but let's have a quick look on the left-hand side of the slide. I think even if we provide such a huge capability map, I think it's very interesting to realize that the module usage across all tenants is very high. So the majority of modules and components we are offering to our SCAYLE customers is used by all of the customers. In addition, we want to expand the capabilities, always in the mindset of co-developing this together with our customers, and if we look at 2030, we strongly believe in a lot of new capabilities we need to bring to the table as a SCAYLE software, so let's start with maybe the marketplace capabilities. We see a huge demand to have a software which enables our customers to get into a real marketplace model, so that's also the reason why you see the Seller Center here on the right-hand side as one capability we are already building right now. In addition, we are building the outbound marketplace part. We are investing into payments, also with SCAYLE Payments. We want to provide a CMS capability. We want to provide a loyalty capability, and we also want to provide a digital experience platform. And as you already heard, SCAYLE is currently focusing on the B2C e-commerce market. At some point, we believe that we also should start to offer B2B products under the hood of SCAYLE because the platform we have built is also capable of doing B2B cases. And we believe that if we build up this capability, we can increase the TAM even further. But let's also have a look at the short-term roadmap. So what we are currently working on with high focus. Also, the short-term roadmap is always an abstract of the feature requests we are getting from our customers and is always co-developed with our customers. And we always sit together with our customers and ask us, what is the real driver for the customers? How can they really generate some business impact with our software? As you can see here, selected of our short-term initiatives, for example, to increase the conversion rate. We increased the checkout performance by reducing the loading times. We extended a lot of new payment methods and identity provider support for the checkout systems. We also have a lot of features around the corner of profitability increase, so for example, a really advanced sorting, which is very smart in which product is shown to which customer, on which position, in which category, and also the promotions and omnichannel cases we are building have a huge impact on the profitability part. Then we are also having this efficient operation part. Here, we saw that we want to make it even further easier to use the storefront engine. We are building up an own kind of platform as a service model for the storefront application to make it very easy to host the storefront application as a customer so that it doesn't even feel like a headless system, but as a very integrated, very native e-commerce shopfront and integrated into SCAYLE. And we also have a lot of enhancements in our carrier steering, logistic optimization, and so on, which is currently ongoing. I think we looked at the roadmap, we looked at the short-term initiatives, at the core capabilities, but let's have a look again on the kind of stuff SCAYLE can handle. First of all, SCAYLE can really handle the big and complex B2C cases. We never saw any case which was not able to handle by SCAYLE on the market. Let's have a look at some dimensions maybe from our existing customer portfolio. On the country side, we do have customers which are using one instance to ship to over more than 150 countries. We have customers who have in one instance more than 50 million single SKUs. We have customers who have one instance of SCAYLE and operate more than 50 plus subshops in this system. We have shops which are operating more than 86,000 categories, and we have customers who have integrated more than 400 source systems into one instance, so we are really not targeting the small SMB cases of SCAYLE, but the very complex enterprise B2C cases, and I think with these numbers, I'm not aware of a lot of systems who can handle those numbers, but the best software is only as good as the documentation and the easiness of use, so we invested a lot into our resource center and our SCAYLE Academy. Both topics are targeting the business users as well as the developers, and the goal of those projects is to provide them easy access to understand how to use the SCAYLE engine, how to use all of the capabilities we are offering to make the most out of it. With the SCAYLE Academy, we introduced an interactive format as a screencast format, which not only focuses on how to use the software, but also gives insights how to scale a business, how to really make smart promotions to protect your margins, and so on, but even with the strong capabilities we are already having, we also see that there's always demand for third-party providers, so we have an ecosystem, an add-on store, which enables the most relevant add-ons and third-party integrations out of the box. I think the uniqueness of this ecosystem is that all of those integrations are integrated in a very safe, reliable, and privacy-focused approach. So it's very easy for those B2C enterprise companies to rely on an integration out of the add-on store and to, only with a few clicks and with very little effort, enable new capabilities such as, for example, Contentful and Storyblok for the CMS part. But also, for example, the payments, where we have, I think, a very big assortment of payment providers and payment methods which are pre-integrated. And also the same holds true for carriers, for example, where I think we have one of the biggest assortments of carriers you can choose from within one instance. SCAYLE has a lot of core capabilities, but at the same time, it's very flexible in relying on third-party softwares if a customer wants to use a third-party capability. Even with those two approaches, at some time, sometimes a customer also wants to build up their own functionality. Since SCAYLE is also targeting developers, it's very important to provide a very easy and developer-friendly experience in this case. We are doing this with one of the left-hand side outlined APIs. You can use the Admin API or the Storefront API and integrate all your surrounding systems. You can build up own custom logic and panel UIs within the SCAYLE panel with our UI component framework. Since SCAYLE is an event-driven-based application, you can listen to nearly every event within SCAYLE and build up own logics on top of those events. This approach makes it really easy to build up your own custom logic as a customer in SCAYLE to extend SCAYLE even further and build up your own capabilities within SCAYLE. It's kind of a framework for developing your own B2B software within SCAYLE. Additionally, this approach can also be used to integrate your third-party systems. For example, your WMS system or your ERP system. Looking at the market and the different software vendors, what we believe is that you at the moment always have to decide whether you want to have a software solution for e-commerce tech which is very feature complete, but at the same time, not very composable. You have to rely on the features offered by the vendor, and you are very locked into this. Those systems are typically the more monolithic applications. And then on the composability axis, you see all of the systems where you have extremely high freedom of the services, the microservice architecture. You can integrate, compose whatever you want, but it also comes with, most of the time, a very little feature set compared to the monolithic applications. And we believe that an enterprise B2C customer should have both. It should have a very complete feature set to rely on and at the same time have a very high composability to integrate and extend the solution even further towards the needs. And here we see SCAYLE uniquely positioned in this quadrant because we believe that's exactly the quadrant also all of the B2C enterprise customers are looking for. So maybe let's summarize the product part. First, SCAYLE is really focusing on the enterprise customers. Second, SCAYLE co-develops and innovates with the customers we already have new features and new capabilities at a very fast pace. And third, it's very easy to extend and it's very developer-friendly. If you need additional functionality, you can easily do this with the SCAYLE add-on and developer experience. And now I think the best is that we also do a live demo to see how SCAYLE really looks like, how it feels, and so on. And for this, I'm super happy to hand over to Peter to guide us through the live demo. Thank you. Thanks, Sebastian. Hi everybody. So we'll actually spend a few moments now looking at the product itself. So let's dive in then. We'll look at, first off, the panel and how intuitive this UI is, how it can simplify the complexity of running actually quite complex enterprise sites, whether that's spinning up new promotions, spinning up new countries, managing multi-categories of millions of SKUs. And we'll also look at how we can easily extend the SCAYLE platform. So with that, let's move to the demo. So here in the SCAYLE panel, we can see that we have everything to hand. So SCAYLE is a unified solution. This means that everything that you need is in one login, one system, one UI. There are a lot of systems out there, a lot of solutions out there that are actually lots of acquisitions bolted together, which means different tech stacks and multiple UIs, multiple logins, which really hinders the work. If we drill down to the shop, we can see here very, very quickly how easy it is to manage multiple dimensions of a business and expand across different companies, different brands, different channels, different devices, and of course, different countries. s. Oliver Group, for example, saw huge synergies by managing to manage all their three brands within a single instance. If we click through to the shop level, we can see here live real-time metrics for shop managers to manage the key success metrics for their sites. While at the same time, we also have detailed reports so that data science teams can track current trends, but also predict future trends with these metrics. Reports, as well as all the other technical assets, can be managed at the global level, but also localized at the country level. Here we can see, for example, we spin down to the U.K. site. The business manager, the business user, can spin up a country with a couple of clicks in seconds and then start to trade that site at the local level if they want to. It could be products, the customers, the orders, the search, etc. This is so intuitive that actually the ABOUT YOU team is currently running EUR 100 million revenue in a specific country where the language of that country no one in the business team actually speaks. This is how intuitive the UI is that we can even have that kind of growth across new territories. This commerce agility helps our customers, including Harrods, to reach a global reach of up to 200 countries at pace. Moving on to master categories and multi-categories and how we can manage our products across vast catalogs, we move to the product page. As a business user, everything I need is to hand, so it makes it very, very easy to do what I need to do. I can modify the catalog structure. I can, with a couple of clicks, create a new product attribute to meet a new business need that wasn't predicted even a week ago. Related products are surfaced up automatically to this one, and also merchant information, who supplied this product to us, is also at my hand, at my fingertips if I need it. Moving to the Fielmann site, we see the next level of product complexity, whether it's contact lenses with 40,000 SKUs and variants, or whether it's the corrective glasses that Fielmann weren't able to deliver on their previous technology. Here as a customer, I can walk through the sometimes complex journey of building out my prescription, and then step by step, I am personalizing and creating this entirely bespoke contact lens prescription. I can then choose what lens I want. I can add different filters onto the lenses as well. And then when I get to the basket, I have a unique product that is entirely bespoke just to me and is actually dynamically bundling all these different products together to create this unique product, this one-off product. All of this is managed natively by SCAYLE functionality. While we're in the checkout, let's also look at the checkout module of the SCAYLE engine. Now, this is an optional module, but it's very, very, very highly configured and really, really maintained for a frictionless conversion rate. The checkout module can handle up to 10,000 orders a minute. But because we're a no-code platform, you can still modify it without impacting the success rates and conversion rates. We have a rule engine so that you can tailor the journey depending on what the customer is doing. So it's an if this, then that logic that you can build out very easily with a mouse. Alternatively, maybe you want to just configure it for more permanent ways. We can modify all the shipping information, or maybe we want to modify the payment information, or maybe we simply want to change the styling and the look and feel or the colors of the buttons, for example. Moving on to promotions. In challenging markets, it's essential to be able to dynamically change pricing and personalize pricing for different customers. Promotions play a really key part in this strategy. Of course, out of the box, we have many different promotion templates. So within minutes, the business user can build a promotion that will achieve the business goal that they've been asked to do. But sometimes you might want to go the next level up. And so we have advanced promotions to build the edge case promotions that even aren't here out of the box. For all of these promotion types, you can very quickly share the promotion across multiple countries. You can stack the different promotions together, and you can target promotions to specific customer audiences to give them an elevated customer experience. This intuitive promotion engine, combined with powerful APIs, means that you can then offer up very enticing experiences on the customer pages. For example, ABOUT YOU has a very, very individualized coupon wallet, which means that every different customer gets a slightly different offer depending on their buying patterns. Moving on to omnichannel now. This has always been a strategic goal for many years, for decades, in fact, but it's always been very, very hard to achieve. Since COVID, though, this nice to have has really become an imperative. The SCAYLE omnichannel module allows business users to manage complex and powerful workflows to decide how to route orders for click and collect in stores. Store associates get mobile-friendly apps to help them service customers in the store. This could be for different use cases like returning in store or order on behalf of in store or doing a quick real-time stock check across all of the store estates. We can also, of course, manage click and collect orders. In this case, we have four packages coming from the warehouse. We have one click and collect order that we can fulfill with stock in our store, and we also have one order ready for collection by the customer. So as soon as the customer comes in, the store associate can very quickly find the order and give it to the customer, ensuring they get a seamless experience across all customer touchpoints. This has been co-authored with our customer, DEICHMANN, who are using this technology on the product detail page. Here, for this particular shoe, I can see in real time what shops it's available in, the closest shop to me, and in fact, what sizing as well. And it automatically translates the European to the U.K. size, and then I can plan my route to get to the store in the most efficient way possible. So we've looked at great functionality that's native to the platform, but let's look at ways that you can easily extend the SCAYLE platform. We have a lightning-fast storefront that comes with SCAYLE, and it's already pre-integrated to our APIs and comes with key functionality and key features that the modern consumer expects to see in the storefront. This means that you can go live faster on SCAYLE, but also that your technical teams will be able to focus on driving true unique UI innovations that are relevant just to your brand rather than reinventing the wheel each time. We also have an add-on store, which allows you to build custom modules or, if you want to, just integrate to third-party providers. This is the documentation page, and then back in the panel, this is the add-on store itself, and it's much like the App Store experience that you find on your iPhone. If I want to integrate a personalization engine, for example, I can quickly search for them. I can choose the provider that I want to use. I can click on activate, and this instantly appears on my active list. I scroll down, I find this newly added app, and then I open it up, and I can start to tailor and customize and configure it for all my different brands in all my different countries. So this is really how quick and intuitive it is to add and extend the SCAYLE platform. Okay, so that concludes the demo. If we just review and summarize what we've seen on the slides, we can see that we've had a great look at how intuitive the panel is to get work done fast. It really makes and empowers the business user as well as the developer. We've seen how we can internationalize at pace and how SCAYLE is the default platform for this kind of expansion. We've seen how we can handle and manage millions of SKUs and how our advanced promotion engine will offer up the right product at the right time to the right customer and at the right price. We've seen omnichannel experiences and also how easy it is to extend the SCAYLE platform. So now let's look at the technology that Chris will go through that underpins all these amazing features that we've just seen. Over to you, Chris. All right. Thank you so much, Peter. Today, I will walk you through the SCAYLE platform, where we are setting new standards in availability, scalability, and innovation in e-commerce. I will cover how our foundational technology partners enable unmatched performance, our achievements in availability and scalability, and our roadmap for groundbreaking new solutions. SCAYLE's platform is built on strategic partnerships with the world's most advanced technology providers, ensuring our infrastructure is high-performing, secure, and fully scalable. To start, Akamai's content delivery network powers lightning-fast content delivery across all regions, helping us provide a consistent experience for customers worldwide. With Cloudflare, we ensure top-tier web security and bot protection, creating a safe, seamless customer experience that our customers can rely on. At the heart of SCAYLE, we run our highly automated, in-house-built Kubernetes platform, enabling rapid scaling and high availability. With Datadog, our teams gain real-time monitoring across the platform. This visibility eliminates information asymmetries across our tech organization and enables our tech engineers to make fast, efficient, and data-driven decisions. Last but not least, AWS is our preferred hosting partner. AWS enables us to expand globally, potentially to 26 regions around the globe, providing flexibility and low-latency performance for all our clients. Together, these partnerships allow us to maintain high security and compliance standards to keep our operational data also within EU borders. SCAYLE is fully compliant with GDPR regulations, and we achieved our SOC 2 Type 1 certification in June this year. In summary, these partnerships form a resilient and compliant foundation for SCAYLE, delivering a best-in-class and enterprise-ready platform. Availability is critical in e-commerce. Every moment of downtime can impact revenue and customer loyalty. SCAYLE provides one of the industry's most reliable platforms. To quantify this, over the past six months, we have maintained an uptime at industry-leading levels. Our storefront API showed an uptime of 99.9992%. Also, our Checkout API and our Admin API perform at very similar levels. These metrics demonstrate that SCAYLE consistently provides continuous service, helping our clients to build trust and retain their customers. Alongside reliability, SCAYLE's platform is designed to scale effortlessly, handling vast amounts of transaction volumes as our brands grow. For each customer instance, we can process over 75,000 stock updates per second. We can process over 10,000 orders per minute, and our storefront API, remember the high uptime we had, can handle over 5 million requests per minute per customer instance. On the largest instances, our customers handle up to 100 million user sessions per month. Over the past 12 months, we have handled 37.7 million orders and half the capacity to scale further as demand grows. This scalability allows our clients to expand without limitations, making SCAYLE the choice for brands focused on high growth. Now let's look at how SCAYLE supports our clients' growth with a highly scalable multi-tenancy infrastructure. Our architecture is sharded, meaning we segment data to ensure that all requests and interactions with our platform are securely isolated by tenant instance. At the same time, this approach lets us add capacity as needed. There are two main benefits to this sharded multi-tenancy approach. First, tenant isolation and security ensure that each client's data and interactions are completely kept separate. Second, this architecture enables horizontal scaling without limits, allowing us to onboard more clients to handle more traffic at minimal marginal cost. This infrastructure means that SCAYLE can grow alongside our clients, no matter how large or complex their requirements might become. SCAYLE's commitment to innovation has led to three major tech improvements over the past two years, each contributing to our platform's efficiency and resilience. First, we launched our new storefront API, specifically optimized for speed. This improvement accelerates response times for user interactions, resulting in faster customer experiences and directly supporting higher conversion rates. Second, we expanded our global hosting through AWS, reducing latency and improving performance for clients' audiences worldwide. This expansion has been crucial in enhancing site speed and reliability across regions. Finally, we overhauled our entire checkout backend. This new backend reduces processing time, creating a smoother and more reliable checkout experience. It also lays the groundwork to quickly expand our checkout features in the future. These updates show SCAYLE's proactive approach in enhancing our platform, providing measurable advantages that drive our clients' business success. Looking ahead, we are tackling the next big challenge in e-commerce by building our own storefront as a service, storefront platform as a service solution. This solution is aimed at closing the convenience gap in headless e-commerce systems. As many of you know, headless commerce can be complex to deploy and manage. Our storefront platform as a service will simplify this process, allowing businesses to create, deploy, and manage storefronts more easily. This solution will use the same trusted tech stack as our SCAYLE core platform, ensuring high availability, scalability, and performance. With low-latency connections to our own headless APIs, clients will experience faster and more responsive storefronts. Additionally, our storefront platform as a service will integrate directly with SCAYLE's intuitive admin panel, making it easier for businesses to manage storefront settings, monitor performance, and make adjustments all in one place. We are also adding developer tools to reduce time-to-market, streamline customizations. With these tools, businesses can launch new storefronts quickly without sacrificing the flexibility of a headless e-commerce system. Our storefront PaaS represents an exciting new direction for SCAYLE as we aim to deliver the power of a headless e-commerce system with the convenience of a fully integrated storefront solution. In summary, SCAYLE's platform is a robust, reliable engine built for growth, with an innovation roadmap that will continue to set standards. With best-in-class technology partnerships, industry-leading availability, and innovative solutions like our storefront platform as a service, SCAYLE is positioned to be a market leader in e-commerce technology, and now, back to you, Nora. Thank you, Chris, and to all three of you for this presentation. It was very cool to see the many features that SCAYLE has to offer in an actual live demo. This presentation also marks the end of our first set of deep dive sessions for today. So now it is time for you, our viewers, to become active again because we will be commencing the Q&A session shortly. As a reminder, if you'd like to ask a question, please click on the Q&A button in the top right corner of the portal and select preferably video chat because, as you know, we will be prioritizing questions asked via video. We kindly ask you to limit your questions to three per person so that every one of the viewers has the opportunity to ask a question. After the Q&A, we will do a well-deserved short break, and after that, we'll dive into our last presentation on financials and outlook. I'm going to hand over to Frank behind me in the studio now. He will be moderating the Q&A session for you today. So Frank, over to you, and enjoy. Thanks, Nora. We already have a great lineup of financial market participants in the queue. And the first one is Ben from Stifel. Please go ahead. Yes, good morning, everybody, and thank you very much for the presentation. Extremely insightful, in my view. Maybe the first one is around your win rates, which look truly amazing, I must say. I think you talked extensively about the USPs that you see at SCAYLE versus the competition. I was just wondering how things look like in terms of pricing in the industry. So if you could shed some more light on your pricing strategy and maybe somewhat provocatively ask, are you, as a challenger, maybe seen as one buying its way into the market, so to speak? And maybe related to that, could there be any reason to be concerned that especially the incumbents that seem to be losing share in any sort of new pitch or new tender could actually act very aggressively on pricing to sort of come back? The other one is, again, a bit around the competitive environment. I mean, I get the point of your advantages and USPs versus the incumbents. Maybe a bit more detail on the challenges that are in your quadrant, maybe companies like, I don't know, commercetools and BigCommerce and so on. I mean, some of them, if I'm not mistaken, are backed by private equities. They come with kind of big wallets. So maybe if you compare yourself against those, what are you doing differently? How much did you actually spend over the last, at least a rough indication, to build SCAYLE to the platform it currently is and can compete with other players that have, as I said, deep pockets? Thank you very much. All right. Many thanks, Ben, for the questions. So we have the question on win rate and pricing and whether we have bought ourselves in the market. I think I would take that question. Then the competitive environment and what challenges we see compared to the incumbents. Maybe Sebastian, you can answer it from a product perspective and then maybe Tobias from a market perspective. And then lastly, how much did we spend on developing the platform? So let me start with the, so I would take the third question. Let me start with the win rate and the question on pricing. So yeah, indeed, 70% win rate is a lot. We're very proud about that. And we are even more proud about the fact that we don't underprice. There's just a very simple reason that price is a very important factor for a buying decision, but it's not the only and determining factor. If you are running an e-commerce store and your question is, I mean, I've elaborated, we are around 1% of your GMV, whether you pay 20% less of that or 20% more, really is not as big of a lever as the question on how far will the technology bring you. The more features you are having, and we have seen it in many examples here, Manchester has shown the conversion rate increases they have seen, but also the three examples I gave, you could see that the conversion rate with great technology can significantly increase. Now, the extra incremental profit contribution you are achieving through the incremental conversion rate increases delivered by technology massively outweigh the cost you have for your technology, so our goal is to never underprice, but also not overprice, i.e., our pricing is very similar to those of our incumbent competitors, and it's significantly above the pricing of the challengers, mostly the microservice competition, but the reason why we are more expensive than our competitors offering a microservice product is purely because we have a more extensive feature set, so at the end of the day, if you choose a microservice vendor, you pay less to the microservice vendor, but you have to pay more to other vendors, which again brings you to the same or even higher total cost of ownership, and that is also, I think, the keyword here. So the decision maker, they ultimately look on the total cost of ownership, i.e., not only what they pay to us, but also what they pay to other vendors, plus how much money do they have to spend on maintenance and basically keeping the system alive. And what we have demonstrated throughout our customers is, even though we are more expensive than microservices, even though we are the same as the legacy incumbents, at the end of the day, the total cost of ownership are decreasing while seeing an increase in conversion rate. I hope that answered the question. Maybe on competitive environment, who wants to start? You want to start on the competitive? I can maybe start from a product perspective. So, in addition to what Tarek said, what we see is there is currently only the option that you choose a very monolithic application as your e-commerce stack or this microservice approach. And I think typically in the history, companies tend to use the monolithic application, but I think that comes with all of the potential downsides they saw over the course of the last years. So I think they are really locked in those systems. And I think the systems itself sometimes don't really update at the speed as you would expect from a cloud-based system. And that also means high implementation efforts. On the other hand, the microservice-based systems, what we see there is that they work great if you have a great developer team and a huge developer team. So typically, you can build up everything you want on those systems because they give you a very high flexibility, but it also comes with the downside that you really have to invest in your engineering team, that you have to invest into the integration into third-party systems, and that you really need to compose your e-commerce landscape with third-party toolings and the e-commerce system. And what we believe is with SCAYLE, we have a product which is positioned in between. So I think it really offers the benefits of a really feature-full e-commerce solution, which is highly integrated out of the box, but also gives you the capability of flexible, inject your own logic, and work with it as it would be a microservice. And this beauty, I think, is what we saw in the customer project. So you get down the time to go live during integration projects. And you'd also see very good flexibility for all the capabilities which really need to be custom per customer, such as, for example, the shop front-end application. And I would hand over to Tobias. Yeah, exactly, and I think two major additions. Also, what we see in conversation with brands and retailers is the strong enterprise focus that we have, so in particular, running multiple countries, running multiple storefronts, running multiple channels, that is something where challengers which are not born in Europe actually have quite some challenges with because they ultimately have been serving a big US market. So it's one market, one currency, and that is a whole different game versus managing the complexity of various markets with various currencies, and then I think looking at my team from a sales perspective, it also makes a big, big difference if you focus on B2C enterprise only or if you sell B2B, B2C, chemicals, manufacturing, whatsoever. So we can very much focus on our core and then basically excel in the respective pitches. Yeah, and maybe on the last question, how much did we spend or is there a risk of being outspent by competition? I think history in software has shown that money doesn't necessarily produce a better software. There's a saying in technology, one pizza baker takes 20 minutes to bake a pizza, and 20 pizza bakers are also taking 20 minutes or even more. So in technology, it is really not so much about the money you throw on a problem, but it's more on how smart you solve the problem and how laser-focused you are in terms of reducing complexity and technological depth. And I think Sebastian and his team has done a great job in making sure that for the ICP we have, for the ideal customer profile we are serving, we have the best technology. And to be honest, if we would have like EUR 200 million more to spend in R&D, I don't think a much better product would come out of it because we are already working on everything that is relevant for our B2C clients with very smart teams. And from day to night, we're only thinking about these kind of very narrowed use cases. So we don't think that we could be outspent by any competitors. And maybe as an addition to add, I mean, we are spending the same ratio in terms of R&D as our competitors. I think one reason why we are more profitable than our competitors is simply the fact that we have a higher sales and marketing efficiency. So in the industry called Magic Number, if you divide sales, marketing, personnel costs through the newly won clients, which I believe one reason is we don't have that many target clients. The marketing basically we can do and the potential impressions we can generate through LinkedIn ads, et cetera, is limited. Again, here, more money doesn't solve the problem. And secondly, through the very high ARR per client we are winning, we are achieving. Winning a client always comes with kind of a fixed cost, basically. The higher the ticket is you generate with a client, obviously on a relative basis, the sales marketing costs are decreasing. And the combination of achieving an above-industry gross margin with a below-industry cost in sales and marketing are giving us this advantage in profitability. And yeah, throwing money on a problem for our competitors doesn't solve that. That's great. Gentlemen, thank you very much for that. I guess many more questions, but I'll jump back into the queue. Thanks, Ben. And I can see that there are more participants in the queue. And next is Sarah from Barclays. Please go ahead. Great. Thank you so much for taking my question. Just a couple from me. Firstly, following on the 70% win rate, obviously that's very impressive. I was just curious to hear as to the feedback on the 30% of pitches that you're not winning. What are the kind of recurring points coming out of those conversations, and what are the learnings that you're taking forward into new pitches is my first question. Secondly, it would be really helpful if you can talk through customer churn that you're seeing. Presumably, this is a fairly sticky business and revenue model, but just curious as to what the churn rates are and from those customers that are churning off, what the commentary is there. Finally, it would be really good if you could expand a little bit more on the U.S. Obviously, it's very early days, but just curious to when you think, based on your early conversations, that could start contributing meaningfully to growth into the midterm? Thank you. Yeah, many thanks, Sarah. I have the feeling these are all three questions for Tobi, right? So 70% win rate, what were the reasons for the 30% not choosing us? Then commentary on churn rate and more color on U.S. Yeah, exactly. To start off with the first question, why we are not winning, so the 30%, I think the most cases are really that SCAYLE is ultimately too complex or solves too complex cases for a certain brand. So what do I mean? We had in the Netherlands an account which is just in the Netherlands selling a relatively small number of products, still making EUR 40 million GMV with it, but it's just in the Netherlands, one storefront, one warehouse, no omnichannel. And that is simply said to us, you have a great product, but it's too much for me because I'm not operating multiple countries, I'm not operating stores. So then they opt typically for a rather SMB-focused solution, which is significantly cheaper than ours. And I think that is rightly so because they would not use all our capabilities that we develop into R&D. So that is one driver. The second driver is that we see that incumbents are pushing multi-cloud deals. So ultimately saying you need to do an upgrade on your ERP, and then you get the commerce product also almost for free or even at a higher discount than. And this is clearly where CTO says to me, Tobi, the ERP project is more important for me. And they give me such a discount if I also take commerce with it, so I go along with it. It's in particular two incumbents who push that a lot where we simply can today not yet compete because we don't have an ERP and we do not have a CRM. But again, those are very rare situations where we then become second or third winner. Now coming to the second question, churn rate. That is definitely an absolute focus point for us, churn, because as you rightly say, it takes a lot of effort to win respective customers. And then we see quite a long duration in terms of minimum contract rate, but also thereafter. So churn we actively manage. And in the last fiscal year, as I will also share later, we had 0% churn on our customer base. And we now actively manage the renewals which are coming up over the course of the next years in order to ensure that the customers are staying with us. And then last one, U.S. So this year had been really for us about testing and learning. So we expect that within the next fiscal year, we will win the first U.S. customer. Due to the size of those U.S. customers, we already expect that next year this will have an impact on our top line and ultimately also bottom line. This is basically what we currently look at from the conversations we are having. Perfect. Then let's do some questions via chat function. So Nizla from Deutsche Bank has the following questions. To reach the full year 2028-2029 revenue targets you have set out, how important is the U.S. market expansion, i.e., how large would the U.S. need to be in that mix? And B, how many employees would you need from the current 300? And then the second question she has is, you said you would look at short-term options such as external funding. Has there been interest in the SCAYLE platform already? And what would you use the funding for? All right, so maybe let's start with the question on U.S. share in our target fiscal year 2029. Yeah, exactly. So in the target year 2028-2029 that we've highlighted, U.S. will contribute to roughly 20%-25% of that revenue. It accounts for that number because we ultimately will experience a ramp-up over the next years that we sign first customers next year, and then we'll ultimately contribute over the course of the time. So still 75%-80% will be driven by Continental Europe and U.K. I think that also shows that there's upside. So I mean, we see in B2B, it takes a while to win customers. But once you have momentum, it can go really fast. So yeah, I think the business plan is pretty, I would say, realistic to conservative when it comes to the U.S. But this is given to the fact as Tobias has outlined that we are humbled by obviously the sheer size, but also by the competitive landscape in the U.S. But to be honest, I mean, we've been to Vegas, to the Shoptalk Vegas together early this year, and I was amazed by the interest and by the obviously sheer size of the customers. Given we have a take rate model that brings even higher ARRs per customer. And I really believe we are solving a lot of problems that U.S. customers are facing. There are a lot of them in our ICP. I think just adding on how big needs the team be in the U.S., because that was a little bit the second question to it. I think important to highlight when we talk to brands and retailers in the U.S., they do not care that much where the product development happens. So it doesn't matter if it sits in Europe or anywhere else. What they care about is that obviously the initial contact, the salespeople, they sit in the U.S., and then also their key account management and monitoring teams that they are ultimately in their time zones working with them. So we believe that we do not have to have 20%-25% of our people in the U.S. is going to be to too much lesser extent the amount of FTEs that we need to allocate towards the U.S. in order to achieve the numbers. Yeah. And on total number of employees, we don't have specific guidance here. But as you can see in the margin, I would say it probably remains pretty stable when it comes to a personnel cost revenue relation. Given that we are increasing our gross margin, that is also possible. And then on the third question of external financing and whether there's interest, yeah, I'm not always not sure how much I can say here, but I can tell you we get a lot of emails in the last six months by private equity, by growth investors, by strategics, by everyone. Because I mean, as you've seen on that competitive landscape chart I've shown there, it's a huge market, but it's a very, very small industry. So there's just a very few players basically competing for a very large pie. I mean, that is also for us very interesting to see compared to the B2C business. I mean, in the B2C business selling fashion, we have thousands of competitors. And in fact, we today have competitors that we didn't even know the name of two or three years ago. I mean, that is very different in B2B. In B2B, you don't basically start up a company selling enterprise software that needs years of development. And even if you invest the years of development, the question is where did you get your knowledge from? So there's a lack of knowledge, there's a lack of time to do like six years of development to have a great product. And even if you have a great product after six years of development that nobody's willing to finance, you don't have a customer, so you're lacking credibility. I mean, that's the beauty of that segment, but that's also the challenge of that segment is it takes a while to build up the product and to build up credibility. But that being said, it is pretty easy to find out who has solved these challenges on a global landscape. And as SCAYLE has popped up on every radar, both on customer side, but obviously also on financial community side. And as the financial profile, as we have shown, is extremely interesting with 85% gross margins already today, expanding high visibility, high security on revenues. I mean, it's just a fantastic robust business because it can't be disrupted that easy. And basically, it's a clear execution path. And we are not the only ones that have found out that this is a great business model, but also financial community has found out. That's why we are getting approached a lot. In terms of the question on how would we use this funding, yeah, I mean, definitely not to finance our operative business. I mean, as you have seen, and I mean, Tobi will give a bit more light on the financial section. I mean, we are profitable, we are generating cash. So even with the investments we are doing in product, in U.S. expansion and everything, like this business will remain profitable, significantly profitable and significantly cash flow positive. So we don't need money, luckily, to finance our business. But that's a good thing. I mean, that often creates even more interest by the financial community. So we predominantly actually don't, we wouldn't primarily look for money. We would primarily look for two other things, which is help, especially in U.S. market entries, U.S. market entry by getting intros, by creating awareness in the e-commerce industry and community, getting leads. I mean, you could see how valuable a single lead is for us. So imagine if we find a partner that can bring us five to 10 clients, that would be very significant already and a significant P&L effect. So that is obviously a very important factor when looking for partnerships. It is U.S. knowledge, it is bringing leads to the table. But in the very last slide, I've also outlined that we believe there might be potential in M&A because we have this mission-critical system, unique C-level access, visibility on the roadmap of our clients. So also getting knowledge, experience, and insights in potential M&A acquisitions for adjacent domains. There's nothing that we are doing today. So that would be more contributing to our long-term strategy as well as contributing to our long-term strategy of crystallizing and monetizing the value of SCAYLE and setting up a governance that sets SCAYLE towards this mission to become the go-to vendor in the e-commerce industry. I mean, these are the main things that we would be looking for when choosing a partner and definitely not the money. That is absolutely no issue as we don't need it and as money is vastly available for a business model like SCAYLE. Very good. Thanks, gentlemen. Before we continue with video contribution, let's do one more set of questions that we received via chat function. Georgina from JP Morgan is asking, can you talk about the size of the sales team in the U.S. and how this compares to that of large competitors? And the second question, Manchester United mentioned that SCAYLE's retail DNA was very important for them. Does this relate to SCAYLE's relationship with ABOUT YOU? Or more that SCAYLE is focused on B2C e-com? If the former, does this limit options for realizing the value of the SCAYLE business? Yeah, many thanks, Georgina. I'm very happy about the number of questions and the huge interest of our analyst friends. So maybe first question on sales team U.S., you take, and then I can take the second question. Yeah, exactly. So sales team in the U.S. is currently consisting of four people in total, but important to understand for you, two people who are carrying a quota, so really actively driving the sale, and then we have one solution consulting supporting in the pre-sales phase and one business development person who helps to generate respective meetings. How does this compare to competitors? So obviously that is significantly lower versus competitors due to two reasons, because A, we are just getting started, and B, the market we focus on is smaller versus our competitors, so remember, in particular, also European competitors are focusing also on B2B, chemicals, automotive, and many other things. Hence, they ultimately will also have always larger sales teams than we do. However, obviously we closely monitor the team sizes for consumer goods retail at competitor side and will grow into probably similar numbers. But again, the enterprise focus will help us to not have too many salespeople over there, but really a few who are hitting their targets well and are contributing nice additional ARR for us. Yeah, if you say the market is smaller, I think it's important to highlight that this is referring to the quantity of potential customers, but it's not necessarily referring to the revenue these customers are spending on technology. And even more, it's not referring to the profit pool. I mean, I think that is really, for me, the exciting part about SCAYLE is we have a fairly low absolute quantity of potential customers, but these customers are spending a lot on technology. And even more, the profit pool is larger. So with very few people, we can go obviously after very few. I mean, we're talking about a couple of thousand potential customers we have, but they are generating a huge revenue pool and contributing a huge profit pool. That's why we can be so efficient, because at the end of the day, acquiring a customer needs conversations, needs efforts from a sales team, even if they are at the end of the day spending EUR 10,000 per year. And it's not that much more effort actually to put into a customer that then contributes EUR 1.6 million compared to a customer contributing EUR 100,000. Manchester United, the point of retail DNA, now this was referring to SCAYLE's retail DNA and SCAYLE's focus on B2C, as Tobi has outlined. We are purely focused on B2C e-commerce, and that was what Patrick is referring to. Obviously, the source basically and what brought us there is heavily linked to ABOUT YOU, but there's no operative connection. So it's not, for Patrick, it's not necessary whether ABOUT YOU exists or not. I mean, Patrick living in the U.K. most likely didn't even know ABOUT YOU before he started conversations with us. He was just convinced by the knowledge of the people he was talking to in the SCAYLE organization as they live and breathe e-commerce day in, day out. Very good. Then, as promised, let's continue with video contributions. Next is Lawrence from L&M Capital. Hi everyone. Thanks for taking the questions and thanks for giving this great overview. One question on competition. You had Shopify on the very right of your 4x4 matrix. My understanding is that they this year won Westwing as a customer who I thought would have been a perfect customer for SCAYLE. Can you comment there if you see them creeping more and more into the size you guys are targeting and maybe you have some insights into that particular deal as well? Another question probably to Ben. I mean, you started developing the SCAYLE infrastructure in 2013, so that's now a little bit more than 10 years. Is there any technical debt you're aware of that you guys have to get rid of as well where you have to prepare for new paradigms like AI and stuff like that? Then lastly, a little bit on revenue composition of the EUR 47 million you guys mentioned. How much of that is true software revenue compared to customization for clients and adapting the platform for their needs? Thank you so much. All right. Lawrence, many thanks for your questions. Competition, sorry, the kind of Westwing case I would take, technical debt, obviously Sebastian, and then revenue composition, Tobi. So we don't speak about specific deals, i.e., we can't comment on any specific deals. I mean, generally, to be honest, every now and then we win a client where just from an ICP, maybe the client could have also gone to a different vendor. And every now and then it's vice versa that a client chooses for whatever reasons, often it's history, it's personal connections, you name it, for a software vendor where we believe we would have had a better technology. So it's not a perfectly efficient market, I would say, but generally it is to a large extent the client ends up with the software vendor where it actually matches the ICP. Yeah. Technical debt, Sebastian? Yeah. So we developed the platform over the course of the last 10 years, but we, of course, always refactored and maintained the application, meaning we didn't just introduce new features, but also make sure that the systems are stable, that they are scaled, that they work in a best practice approach and so on. So we don't see the technical debt in the platform itself. And that also reflects in the time we need to implement new features and also the reliability of existing features we are seeing in the platform. For the AI topic, the part is that we believe that it's easy to integrate AI services and so on because AI didn't change the way how you interact with the software. So you still would rely on the APIs, on service bus, and so on. You would just take the AI logics, models, and integrate them with SCAYLE, which is totally feasible. Cool. Yeah. And on the question on the revenue composition, indeed we distinguish between product revenue, so recurring revenue that is secured by multi-year contracts and quite predictable, high margin, and then service revenues. And the EUR 47 million, and I will share this also later, is split EUR 37 million for product revenue, so recurring revenue, and EUR 10 million, which accounts for service revenue in the last fiscal year. Yeah. We will give more color on the exact revenue composition in status quo, but also going forward in the next chapter. Very good. Then let's continue with questions we received via chat function. Yash from UBS has the following questions. If we take Manchester United and Bayern as an example, you are currently running only the e-commerce shop. What stops you from running the other services like ticketing? Wouldn't adding services with existing clients increase your TAM and also add to your margin versus current targets? And the second question is, retail media is a big theme in the sector. You clearly have done a great job with retailers like Fielmann. Given these are selling 3P brands, how are you helping them monetize their media and turn it into an additional revenue stream for them? Can you compete versus the likes of dunnhumby in this business? Yeah, many thanks, Yash. Maybe on the first question, I would take it. And then second question, retail media, you or shall I? You? Up to you. We can answer it both. So let me first start with the first question on whether we would target to also offer things like ticketing. So definitely, I would say not in the short term and medium term developed by us. So you have seen the capabilities we want to expand to. And all of these capabilities, Sebastian and I had the slide, if you remember, it was a content management system, digital experience platform, outbound marketplace capabilities, payments, et cetera. These are interesting capabilities to expand to because they are very close to e-commerce and they are relevant to the vast majority of our clients. And today they already buy these types of software from someone else. So we can actually take market share there. So these would be our, I would say, natural organic expansion fields. I think things like ticketing, we've never looked into this, but I would say if we would ever look into this in the short to medium term, this would rather be through M&A, for example. But also for two clients, it doesn't make sense. But if we whatever, win another five to ten soccer clubs, I think then one could start to think about M&A in such a field because obviously it is connected to the e-com system. It kind of makes sense to have one customer account. So there are clear synergies. We have clear upselling potential. And therefore, I don't want to say it doesn't make sense. It could make sense, but most likely not developed by us, but through either a partnership, an add-on that is obviously very easy, or through an acquisition. Retail media? Yeah. On the retail media side, maybe if you remember the slide we showed you regarding the 2030 capabilities, there one pillar was the Seller Center. What we are actively doing there, and this is an extension or capability we are co-developing right now with the ABOUT YOU organization, is the Seller Center, which should give all the retail brands and merchants a unified and holistic view on the whole assortment they are selling through in shop, but also providing additional capabilities. So for example, exactly those retail media cases, like sponsored products that they can optimize in a performance-oriented way, the sales they are doing through a platform running on SCAYLE. And in addition, also giving really huge and detailed analytics that they are able to understand which kind of customers are buying their brands or their products within a SCAYLE-operated shop. This is definitely something which is currently co-developed for ABOUT YOU, but within SCAYLE and also will be offered to SCAYLE tenants in the future and covers those retail media cases. Yeah, I think actually by accident, that is a really great example on why SCAYLE is so powerful, especially in terms of extending and capability. So if you think about retail media, there are two ways to do this. I mean, the kind of easy and a little bit dumb way is to inject sponsored products on your category page. That is usually what third-party vendors would do because it's doable and you have extra revenues. But think about it from a customer and consumer perspective. Now, you want to link this to personalization. So if I'm on ABOUT YOU and I'm a huge fan of Nike and I hate Adidas, which is not the case, but let's imagine, I don't want to see a sponsored product of a brand I don't like. So in order to make it smart, you have to connect it to your personalization engine. Secondly, if you're on the category page, let's say I'm on sneaker categories, for example, and you have a product that is doing very well and that is favored by the community, and then there's a second product that people don't like that much, it is rational to say if both products are being bid on the same cost per click, the product that is generally doing well should be ranked higher. It's the Google logic. If you Google something and you see advertisement, if two advertisers are bidding on the same price, you will see that advertiser on the top that has more relevance because sponsoring or basically advertisement systems are combined with relevance to the user. Now, this is a huge technological challenge. You not only have to connect it to your personalization, you also have to connect it to your sorting. Now, thirdly, which products shall be pushed? You have to connect it to your product information management system. Now, the question, how much stock do you have of a product? Now, it doesn't make sense to push a product that will be out of stock in a week. It doesn't make sense because if it's out of stock in a week and you push it, then it's going to be out of stock in five days. It's just a waste of money. So it has to be connected to your order management system, and I could go on for ages that these type of features are highly connected to the other modules within your software landscape. And that is, again, the theoretical promise of a microservice architecture is you have the best retail media engine here. But the reality is the best retail media engine in an isolated manner will not do as good of a job as a module that is highly interconnected with the other modules you have. And that is the power of SCAYLE because everything is developed by us. So everything speaks to each other, works with each other, and creates the seamless experience for the end consumer that ultimately levels conversion rate and improves your P&L as a SCAYLE client. And that is why SCAYLE has such a huge potential for capability expansion because if we release a new capability, it is, first of all, we have the C-level access so we can directly pitch it. And we have very strong arguments why you should jump on our solution and basically take it out of one hand. Very good. Thanks for all the contributions we received so far. There are many more questions we received via chat, so we will continue with that. The next question will also be answered in more detail in the next presentation, but I didn't want to ignore it. So maybe Tobias, you can quickly elaborate on it, and the question is from Henrik from Jefferies. Why do you expect the SCAYLE adjusted EBITDA margin to go down from 53% in FY 2023-2024 to around 43% in FY 2028-2029? What are the key drivers here? Yeah, exactly. So two main drivers, which is basically resulting to that effect. Number one is our geographical expansion. So in particular in the U.K. and also in the U.S., we are very well aware that we need to build brand awareness. And this will ultimately have an impact on our marketing spend, still at highly efficient levels, but ultimately to a larger extent than we have it today. So this is the first and most important driver. The second important driver is we have talked a lot already about capability expansion, that we have nice opportunities to sell further capabilities towards our existing customer base. And this will again result in product investments. And ultimately also here, we will see an elevated amount of money or amounts being spent over the course of the next five years. To sum it up, geographical expansion as well as product are the two main effects. Very good. Ben from Stifel has a follow-up question. Can you talk a little more on the opportunity from integrating your own payment engine? Is that crucial to win customers or simply lower your third-party costs? And if the latter is the case, can you give an indication on the magnitude? So maybe I can start. And for the last point, I would hand over to Tobias and Tarek. So looking at the payment part, we see this as an extremely interesting segment because in the end, of course, we have integrated or pre-integrated a lot of those payment providers. But what we see is that in the end, if you would just have the own payment provider, you can just take the whole volume of all your customers, bound it together, and make very good prices towards your customers. So I think that's a very good argument to use this payment provider. And in the end, if you look at other shop system providers on the market, I think you see that there are some who also have their own payment provider built in and that this payment provider has a huge impact on the revenues they are generating with their customers. So definitely something which is in our heads. I think the first small starting point here is that the ABOUT YOU Group set up the SCAYLE Payments legal entity, which is not part of the SCAYLE legal entity, but which is focusing or also received the BaFin license for the marketplace model now, which will operate the marketplace business for the ABOUT YOU in combination with the Seller Center built by SCAYLE. And of course, in the long-term roadmap, looking at the 2030 capabilities, also payment is part of the SCAYLE capabilities we want to offer. Yeah, it took us a while to get the banking license. I think it was a fun project of you and Hannes, right? So I mean, that is a huge asset, I believe, that I'm not sure everyone has understood how much of an asset it is and how much of an effort it is to get that payment license. I also want to just underline what you've just said. So generating revenue with payment services is not part of the guidance that Tobi will also show you in a minute, but the SCAYLE Payments entity is a sister company of SCAYLE Technology, but also 100% subsidiary of the ABOUT YOU holding. And I mean, next to the opportunity of generating revenues and very high barriers to entry for competitors to also do this, there are just very few that actually manage to do this. I think it will also contribute to the ease of use for our SCAYLE clients, I believe. So next to the fact that we can basically make an extra margin and still deliver lower payment costs to our clients by bundling, it will also allow a faster time to market because today all our SCAYLE clients have to have separate contracts with PSPs and payment providers. There's a whole lot of an administration process going on. So this actually is a big part of the implementation process today is actually getting the payments set up, which if we can take care of the payments, would lead to even lower time to market while generating an extra margin on top to the take rate we generate. So I think it's really a win-win situation in this case. Really good. And let's continue. Tim from Entrepreneurial Investments has the following question. Would a fellow competitor such as ASOS evaluate your software at all due to the ownership competitive issues? Yeah, that's a good question. I mean, I think when we started with SCAYLE, I think there was a bit of skepticism whether competitors of ABOUT YOU would opt into SCAYLE. I mean, if you look onto our customer base, you will find a lot of companies that one could argue are in competition with ABOUT YOU, but it was never a problem because we have Chinese walls. SCAYLE sits in its own building, has its own team. ABOUT YOU teams can obviously not look into the data of SCAYLE tenants. I mean, if that would be the end of our business and reputation, reputation is everything in B2B, so we absolutely make that sure. And we not only promise it, we also have external validation of these Chinese walls being in place. So there's no fear or there shouldn't be any fear of any competitive situations here. Actually, the advantage potential or whatever a competitor has out of using SCAYLE is actually way larger than the fear of competition because as we know the business extremely well, and obviously our teams know the business extremely well, and we are a clear market leader for enterprise software in the fashion space. It is very rational for a fashion player to opt in our software because at the end of the day, they will just see an increase in top line and a decrease in bottom line costs. So the advantages outweigh any fear. And so far, I think this has never been any serious concern of our potential clients. And also for us, I mean, imagine a competitor of ABOUT YOU uses SCAYLE and increases their revenue by 20%, let's say. Let's say maybe out of these 20 percentage points, three percentage points are cannibalizing the ABOUT YOU share. I think it's still economically rational because we are taking a take rate on 120% of the revenues while having a cannibalization of the 3%. And as you could see, the profits and gross margins we are achieving out of these 120 are so large and they are massively, massively higher than the basically cannibalization of this kind of theoretical example, three percentage points that we would lose on the ABOUT YOU side. So it is a clear advantage for the competitor to opt in onto our software. And also from an ABOUT YOU holding perspective, it's absolutely rational to say we are enabling the best we can, our even close competitors, because at the end of the day, it de-risks our front end and at the end of the day, it delivers much higher margins for us as an ABOUT YOU Group. Maybe to add one argument, I think looking at AWS and Amazon, I think it shows that it's really not a big deal for companies because I think there are a lot of e-commerce shops hosting on AWS and there you have the same consolidation on SCAYLE, so I think that highlights that it's not a real big deal. Absolutely. Let's do one last question before we go into a break, and maybe you can keep it brief and short and try to do it within one minute. Let's see. Expert in that. So the question comes from Jonas from Permira. And the question is, what's your competitive moat versus microservices-first challenges? What keeps companies like commercetools from adding more out-of-the-box functionalities? I'm really not good at having short answers. Sebastian, you want to give it a try or? Yeah. So I think in the end, what we see on the general landscape for providers offering microservice-based e-commerce systems, that they are really targeting a different customer group. So they are targeting customer groups who have big developer teams who want to build everything by their own. We want to integrate, have the full flexibility and full ownership of their technology. And I think this is not something SCAYLE will target for. So I think it really depends on what the buyer is looking for, the potential customer is looking for. And I think there's such a huge difference in unified and composable systems such as SCAYLE compared to a microservice-first composable system, which targets developers. And that's the main differentiation. And of course, there's an overlap, as always, also with the monolithic applications, for example, but the overlap is not that big. From a customer perspective, we believe both systems are valid and have their target customer group. Yeah, and the market is large. The market is traveling by riding on horses. And now cars are invented. And the horses are the legacy monolithic systems. And companies in the next 10 years will migrate to more modern software. And there's enough room for more than only one software vendor that will succeed in that market. We are absolutely sure about that. But we believe we are best positioned to grab most of the market share, as Tobi has shown. 40% of every basically client that was on the market in the German market, we won. I mean, that is a huge market share of the incremental newly redistributed share. And we believe we will continue to have industry-leading win rates. Nevertheless, there will be also other competitors and challengers winning clients who deserve credit. There are also great technologies out there. What I always find cool about our sales approach is that every now and then, when we get an inbound lead, we actually even direct it to our competitor because we believe reputation is key. We are not the perfect software for every potential client, but for the vast majority, we are. Very good. This was a great session. Thanks to everyone who contributed so far. We now go on a short break, and we will be back at 12:45 P.M. for the final presentation of today's event, focused on the financials and outlook. Enjoy your break. Welcome back, everyone. We hope you enjoyed your break and are all settled in again, perhaps with a nice cup of tea or coffee. We're now coming to the final presentation of today, which is covering the financials and the outlook. I think we're ready to jump right in. So Tobias, I'm handing over to you. Please go ahead. Yes, welcome back to the last session of today, the financials and the outlook. Super excited to share a little bit more details around our financial profile over the upcoming 20 minutes with you. Let's jump right in. So when we look at the revenue and EBITDA targets that we have set ourselves, we are very positive to grow from today, EUR 47 million up to EUR 175 million at a 30% CAGR. Now, what does this do to the EBITDA profile after the adjusted EBITDA profile? We'll grow from EUR 25 million up to EUR 75 million. So also see here seeing very healthy annual growth rate in the range of 25%. Now, before I jump into the details, it's important for you to understand the composition of our total revenue at SCAYLE. It consists of two major parts. On the one hand side, the product revenue. The product revenue is basically the annual recurring revenue we are generating on a monthly and yearly basis due to our live clients processing their e-commerce business through SCAYLE. Important to note that across our entire client base, we are currently having an average minimum contract duration of 4.8 years. Customers have committed at least this timeframe to spend with us. We see already now that many are renewing their contracts even beyond this minimum contract time. This product revenue is linked to the gross merchandise value. The gross merchandise value is the entire amount that is being processed through the SCAYLE platform, including the returns, but excluding the VAT. Obviously, this product revenue has a high margin profile, as I will outline later. It is also very predictable and very stable. On the other hand side, we have the service revenue. The service revenue is in particular related to implementation services. So basically running a six- to nine-month implementation project or thereafter providing services to our brands and retailers, for example, in the front-end development or maintenance work on any custom-built solutions. Obviously, this revenue comes at significantly lower margin profiles versus the product revenue. And it's also not as scalable as the product revenue because I always need people carrying out the respective implementation work. Now, let's jump into the top line first. So you see here for the fiscal year 2023-2024, the IFRS audited numbers of EUR 47 million that we have generated in total revenue, of which EUR 37 million have amounted to the product revenue. This product revenue, we will grow quite healthy towards EUR 165 million, contributing to the vast majority of the overall top line growth that we are experiencing. We will be able to generate this product revenue growth due to the fact that we will add new customers, in particular in international regions, but also by further penetrating the German market. And we'll also be able to further grow our existing customer base by their natural growth that they will incur due to our superior platform and also through take rate expansion. When you look at the service revenue, you see that this one amounted in the last fiscal year to EUR 10 million and is expected to stay rather flat and even decline in the short-term period. This is due to our partner-first strategy. What we mean by that is that we no longer will pay our vast majority of efforts on implementing the technology ourselves, but rather rely on partners who are very knowledgeable in the commerce space and have vast experience in SCAYLE. Examples are Stone Digital, Dept, diva-e for Germany. As I said earlier, we also talk to much larger SIs who are ultimately helping us to deliver the projects and then servicing the customer. When we then look at the adjusted EBITDA margin, we will see here a decline from 54% down to 43% over the course of next years, which is predominantly driven by the investment into our product and also the geographical expansion. Now, when we look at this fiscal year, which we are currently in, which will end until the end of February, we have already high visibility into the revenue that we will generate. Also here, we are very happy that we'll probably grow the product revenue by 20%. So we'll probably land at EUR 45 million due to our current view on our top line and a lower service revenue because we'll again drive here the partner-first strategy forward. Now, looking a little bit more on where this product revenue is coming from from a geographical standpoint. Today, it's heavily continental Europe and U.K. focused. Tomorrow, it will be significantly driven, obviously, by the continued penetration of the German and continental Europe market, which you see on the right-hand side amounting there to roughly 70% still in the steady state. And then U.K. and U.S. will account in total for 20%-30%, 20%-35% overall for the product revenue. is important to highlight that the geographic expansion is key for us, but again, it's not too over-optimistically planned due to the reason that we know that the US market is a tough market that we need to crack, and it will take time until we see major client acquisitions at high scale there. Now, when we look at the product revenue growth towards the next fiscal year, so as I have outlined, we expect that we will end at roughly EUR 45 million in this fiscal year. And we have already today high visibility into next year. Remember, we are signing up customers who will then go live in the course of next year. And we have also signed customers who have not been live for the full 12 months in this fiscal year. Three major drivers make us very confident to provide a guidance for next year product revenue, which will be around EUR 55 million-EUR 60 million. The first driver is the annualization of existing live customers. For example, in particular, Snipes, Harrods, and Manchester United, they have gone live just recently and have consequently not generated for full 12 months product revenue with us. This will impact next year fiscal year and thereby healthily driving our product revenue. Secondly, we have scheduled go lives of major online stores. For example, in the DEICHMANN Group, we still have a few shops open that will go live over the course of the next year and thereby ultimately driving our revenue, product revenue. Lastly, new customer wins. We are in various very promising conversations across the individual regions. We are very positive that winning customers over the course of the next months will again have a positive yet partial effect on the fiscal year to come. Overall, when you look at the product revenue, we already expect within the next fiscal year to grow around 25%-30% based on the current footprint, based on the current team we have on the ground. Now, looking a little bit more into the shape of the P&L, we have today a gross margin on entire SCAYLE GmbH level of roughly 79%. On the product side, it's 85%. Consequently, the service margin had been slightly negative even. We have done this on purpose because we continuously invest into key clients where we have done implementation service ourselves, but also in supporting the partners to run successful projects. Consequently, the service margin has been fairly low and will also over the course of the upcoming years be of minor importance for us as we see this rather as an enabler. Then we look at the OpEx part. This is at 25% and will naturally increase over time due to the reasons of expansion. So more marketing money that we will spend and then also due to the product investments. This will translate then in the shown adjusted EBITDA margin you see here. Now, when we then further walk down, it's important to highlight the reported EBITDA margin accounts for one of the effects that we have seen in the last fiscal year, for example, for our entity setup. And then secondly, also due to stock-based compensation that we have seen. We believe that this going forward will obviously to some extent still exist, but will not grow at the pace as we have seen it for the top line. Same holds true for the reported EBITDA. We are here in the last fiscal year at 30%, and again here, we believe that the capitalization effect will have a much lower impact relative to the revenue going forward, so we also believe that we end at an EBITDA margin of 30% in 2028-2029. Now, jumping into two key areas where we see very dynamic development. On the one hand side is the gross margin. Obviously, the absolute key focus point for us because we keep on adding significant number of customers over the course of the next years. So it's very essential to have the best and optimized gross margin here for the product side. Today, it's at 85%, and we are very confident to move it up to 90% due to various levers we are driving in the technology and product team. On the one hand side, it's the optimization of multi-tenancy infrastructure stacks. So today, we are already multi-tenancy capable, but we will further optimize it in order to ensure that we have highest efficiency within our technology stack. Secondly, we further optimize the application that we are running on the stack. And lastly, obviously, increasing size will help us to drive better economies of scale with our partners and in particular, hyperscalers that we currently work with. Now, moving over to the sales and marketing part. Sales and marketing, obviously, as you have seen throughout the day, is a very important part to us because it will enable us to drive geographical expansion into the new geography and thereby driving top line growth. Here you see the go-to-market efficiency, so the magic number we have achieved in the last fiscal year. It shows you the sales and marketing payroll, so ultimately the team we have in sales and marketing, and then also the advertising costs by attending events, having paid social, and so forth being run. And you can see the go-to-market cost relative to the newly ARR acquired has resulted in an outstanding magic number of 1.4x. So every dollar we spend in a given fiscal year, we are able to return at 1.4x in terms of newly ARR required. And we can do so because of our high productivity of quota-carrying sales reps. So in total, we have less than 10 quota-carrying sales reps in that respective fiscal years. So it shows you how productive those are. This productivity, again, is driven by high win rates and also our strong focus on enterprise accounts. As we've alluded earlier, it takes basically irrespective whether you win a 200,000 ARR client or 1.6 million ARR client, it takes very similar efforts. You walk them through product demonstration, you walk them through C-level exchange, but ultimately, it's very similar effort. And hence, our focus on the enterprise space gives us strong efficiency levers. Then secondly, we've also highlighted that the marketing we are spending is already today highly targeted towards the accounts who are A in the market and B who are in our target segment. Consequently, we cannot spend a significant amount of marketing money, at least not to an extent where we would all say it's efficiently spent and hence resulting in a strong ROI. Lastly, for us, it's clear that this magic number will slightly decline over the course of the next 12-24 months for the reasoning that we are heavily investing into new geographies. For example, in the U.S., we will obviously have upfront advertising costs and have also a team running there today already, which will not necessarily translate already in the first six or nine months of their existence into additional ARR. Consequently, we believe that this magic number will decline over time. However, we will always be best versus other benchmarks in the market given our strong enterprise focus. To sum up just a few further business results that we have achieved over the course of the last fiscal year, we have seen strong product revenue growth, more than 30%, which gives us also strong confidence that we will continue that growth record. We have powered tremendous external gross transaction volume. We see a very positive net revenue retention rate. Really looking at the customers in the fiscal year of 2023-2024 that has been also with us one year earlier, looking at this in relationship, we see that this has been growing by 130%, obviously to some effect also driven by the staggered rollout that we are seeing of various shops. Then, as outlined also in the Q&A, we have seen 0% customer churn in that fiscal year and also the magic number I have just outlined. Now, translating the adjusted EBITDA into a free cash flow perspective, because obviously many of you are eager how much funds are ultimately needed to propel the expansion that we have outlined over the course of the day. And it's very positive to share with you guys that we are today already free cash flow positive. So in the last fiscal year, with an adjusted EBITDA of EUR 25 million, CapEx of EUR 50 million, working capital, which has been neutral, we have been generating EUR 10 million in free cash flow and thereby have been able to fund our own operations and even funded on the group level. Now, going forward over the next five years, as you nicely see, the adjusted EBITDA will grow, CapEx will stay fairly in line at EUR 50 million because we keep on investing into our product and capitalize it respectively. Then the working capital part will stay broadly neutral. It will stay neutral due to the fact that we consider various levers to basically offset any negative working capital effect that might harm our free cash flow. To sum it up, we grow our free cash flow basis from EUR 10 million to EUR 60 million over the course of the next five years. Lastly, I'm very happy to share with you guys that we will be much more transparent going forward and include SCAYLE into the reporting as of next year at the ABOUT YOU Group level. It's very today just the day one, I would say, in talking more about SCAYLE. We'll make this really a separate reporting segment for the next fiscal year to provide you also ongoing updates on our strategy execution and the positive developments. To sum up this part of the financials and the outlook, I think three key takeaways. We believe in a very strong top line momentum of 30% annual growth rate over the next five years, in particular driven by the product revenue growth. We believe in a strong product gross margin that we will be able to further increase from 85%-90%. And consequently, this will translate in an adjusted EBITDA margin of roughly 40%-45% that we are seeing over the course of the next five years. And with this, over to Nora again. Thank you, Tobias, for the financials and the outlook. We are now coming to the very last item on our agenda today, which is the second and last Q&A session. As you already know, if you like to ask a question, please click on the Q&A button in the portal and preferably select video chat as we will be prioritizing those questions asked via video. I am now handing over again to Frank for the very last time because he will be the one moderating the Q&A session for today again. Frank, over to you and happy Q&A. Thanks, Nora. So without further ado, let's directly jump into Q&A. And the first question via video chat comes from Yash from UBS. Please go ahead. Hi, hi everyone. Great, great to be live and thanks for taking my question. Before I ask my question, I wanted to say a sincere thank you to the team for putting together this event. I think it definitely helps inform the capital markets about this business. So kudos on that. My question actually relates to OpEx firstly, right? I mean, you know, it seems like you're estimating quite a big step up in OpEx. And I appreciate you explained very well why your launch in new markets and capabilities sort of warrant some OpEx increase. But equally, I mean, you also explained your efficiency, but equally, it does seem that all your incremental efforts in marketing are not leading to better top line and aren't really fruitful, right? So can you just give us some more detail into why you're being so conservative on that OpEx growth in terms of absolute amounts that would be helpful? And relating to that, I mean, can you also tell us on the free cash flow? You also give us some guidance, but on the free cash flow, is there a bit of a phasing issue that we need to think about in 2025 and 2026, given you mentioned you're going to step up your advertising costs and you'll probably also be looking at other places to launch? Thank you. All right, many thanks, Yash. So first question on OpEx and kind of what is the composition of these OpEx investments and then free cash flow phasing. Do you want to kick it off with the? Yeah, exactly. So to start off with the OpEx part, I think it's important to highlight that for now we keep it at the level as displayed. We'll not further break it down. And I think to your comments, what are the main drivers and why is it planned so conservatively? I think it's important to highlight that in particular, the expansion into the U.S. is a big project for us. And consequently, we want to be rather conservative on the marketing investment and also sales efforts that we're going to have here. So a large part of the step up is U.S. related. But ultimately, as you've seen also in the revenue and not only in 2028, but also thereafter, U.S. will contribute to a large share of that. So we believe it's the right investment to step into the largest digital commerce software market because we have a strong product-market fit and this will ultimately hit the OpEx over the next five years. And then also new capabilities, we've touched on it during the Q&A already earlier, that is really a key differentiator for us, right? That we have a PIM, an OMS, a Seller Center soon, right? So this is really setting us apart from all the other challengers, and we believe it's the right thing to continue the investment down the path. And I think also on the free cash flow composition or the development over time, so there's no abnormal effects, I would say, over the course of the next five years that you need to be afraid of. So obviously, as we are just getting started with it, there will be a larger impact over the course of one or two years now upcoming, but this will again then be offset by the top line, which will accelerate due to the U.S. expansion. So broadly linear with obviously a slight effect over the next one or two years. Yeah, maybe just as a follow-up to the- Sorry, go ahead. Yeah, I was saying just as a follow-up to the last answer. So is it reasonable to expect sort of more EUR 7-8 million odd free cash flow growth for the next two years and then that sort of picking up to 11-12 over the years following? Is that sort of broadly how you're thinking? Yeah, so it's not even a step down, yeah, so over the next two years. It's rather a lesser increase versus the top line growth, yeah. So we won't see a step down because you've seen in the next year, we will already see a product revenue growth of 25%-30%, which will translate also down into the free cash flow part, but obviously to a lesser extent than you would see as if we would not be driving such an expansion projects. Yeah, maybe to add, I mean, the investments we do in this business really pay off after a long period of time. I mean, we develop for one or two years on capabilities, then it takes another 6- 12 months sales process till we have the first euro. So it is a pre-investment and a lot of these investments are actually visible in the OpEx, yeah. I don't know, one could argue how much should go in the OpEx, how much should be activated, et cetera, but at the end of the day, it's investments we do in the future. And also as Tobi has outlined, I mean, we hire a sales rep, that sales rep needs 12 months at least to sign a first client at least, sometimes even longer. Sometimes you are paying a person 12-18 months of salary, high paid salaries till they have signed the first client, but the signature is not the moment where we account revenue. Then it takes another nine months till they go live. Then after a month of being live, we send them our invoice, yeah, because we don't pre-invoice usually. Some other software vendors actually pre-invoice, we don't do this. There's just a huge gap between kind of money spent and money taken in. The ROI is just very high. I mean, you have shown the magic number that is basically also an ROI, yeah. I mean, if we spend EUR 1 and we get EUR 1.40 in ARR times five years minimum contract value with minimum guarantees, it's just save money in the books. So even if the magic number goes down from 1.4 to whatever, slightly less, it's still the best investment you can do, yeah. So if it would be possible to scale it even at half of the efficiency, yeah, if that would be possible, we would be willing to spend hundreds of millions because it would be rational. So even with a lower efficiency, it's still a rational investment, but in the P&L, unfortunately, there's a bit of a periodic effect of spending money today and accounting the profits in two or three years. Got it, got it. That's super clear. But nevertheless, I agree, yeah. We won't have a free cash flow decrease, but an increase also over the next years. Got it, super. Thank you. Very good. Next in the queue is Sarah from Barclays. Please go ahead. Hey, thanks for taking my question again. Just a couple from me. Just one clarification point. When you said the growth for this year to get to the 45 million and within that product revenues you're expecting to grow by 20%, did you mention that you're expecting lower services revenues for this full year? Just wanted to make sure I understood that correctly. And then secondly, on the gross margin at 80% across the scale, sorry, 85% across the scale business, obviously the services portion is a little bit lower within this. How much dilution do you get from the services piece? And of the 90% into the midterm, how much dilution are you expecting from services? And does this mean that product needs to get to much higher than that 95% to get to the 90% total? And then finally on contracts, so you broadly mentioned that the take rate is about 1% of GMV. Appreciate that this probably differs contract by contract, but do you have kind of anything in those that are inflation linked? Does that kind of 1% take rate tick up over time? And then are there any kind of termination fees within the contracts? That would be really helpful. Thank you. You want to take all three? Yeah, so let's start maybe with the last one, and then I would have a first question to the first question because I didn't really understand it. But let's start with the first one, last one, sorry. So on the take rate, 1%, we do not have today in the contracts any inflation linkage, but to our perspective, it's also not needed because the customers are ultimately growing with most likely the market or even outgrowing the market, right? Consequently, also our amount that we generate as product revenue will grow with that, right? So typically, we would see a retailer increase its prices by the inflation rate, at least I would say, every year. Consequently, the GMV that is being processed through the SCAYLE platform is also increasing through that amount, yeah? So ultimately, we do not have it as a contractual clause, but we have it built into our commercial model naturally. Second question toward the contract, termination rights, we do not have any, I would say, termination rights in the contract, which would basically free us from the fear that we might lose a customer during the minimum contract duration that we have. However, there's obviously some situations, for example, if we would be in terms of product availability significantly below the service level agreements that we promised for three consecutive months, which has never happened, yeah, then the customer would be allowed to terminate the contract. But again, here we are running in very standardized SaaS contract that you would see also with all other vendors. And obviously, we are actively managing that this will never happen. And I think Sebastian, we never even got close to it that someone would be able to pull such a clause. Then I think on the gross margin, as you have asked, important in the last fiscal year, the gross margin on SCAYLE total level had been 79% and the product revenue margin 85%, yeah? So you've seen heavy dilution due to the service business, yeah, which has been accounted for EUR 10 million and has even brought in negative gross margin. But we did this on purpose, yeah, because we wanted to support a few strategic clients where we did the implementation service ourselves. And secondly, we want to support our partners, yeah? So the partners who are running the projects ultimately, they should be successful. And if they have a question how I should design an architecture or how I should do something, we want to be available and support the partner best because when the customer goes live earlier and the customer is happy and the partner is happy, we ultimately have done a great job. And this is the effect you've seen on the service side. Now, when you look going forward, you also see in the revenue composition that service will stay fairly flat at EUR 10 million. Again, not assuming any major gross margin from this service revenue stream, but as the product revenue will grow significantly faster, we see that the gross margin on scale will ultimately increase then to the 85%. Cool. And I think on the first question, I at least didn't really understand the question, but it could also be that I didn't get it right. So feel free to repeat it if you guys didn't understand it. Yeah, it was because of the sound here. So yeah, it would be great if you could repeat the first question. Yeah, no problem. Just wanted a clarification on one of the points you said earlier. So the EUR 45 million that you're expecting in revenues this year, within that, you're expecting products to grow 20%. Did you say that you're expecting lower service revenues year on year for this coming year? Yes, correct. Yeah. So it's exactly as you described, product revenue will grow roughly at 20% and the service revenue will decline, in fact, yeah, because again, partner first, right? So we are pushing out all the projects towards the partners because this will again fuel marketing, right? Because you can imagine if a partner builds up a practice who is able to build or implement scale platform at brands and retailers, they will refer you more projects, which again will help us at the marketing and sales side. I mean, it will decline significantly. It was on the chart. I think we come from EUR 10 million service revenue last fiscal year, and for the current fiscal year, our guidance is what? EUR 5-6 million. Yeah. So you can see it basically halves in terms of service revenue. That's why the product revenue is growing by a little bit more than 20%, I believe. But the overall scale revenue will grow, but it will be less than the product revenue's growth as the service revenue is basically a drag for the overall top line. But it's a good thing in this case because the gross margin in total will improve. So it actually contributes to profitability, cash flow, et cetera, to shrink the service revenue given that the product revenue is significantly growing and even accelerating in growth. So as you've seen, the product revenue's growth of this year is lower than the product revenue growth of next year. So we are accelerating growth in the midpoint by a number of clients that have went live during the course of this year and will be fully accounted next year. Great, very good. Then let's jump to the next person in the queue. That's Ben from Stifel. Please go ahead. Yeah, thanks for taking my questions again. The first one would be, could you share some more information on the revenue share of existing clients versus new clients this fiscal year maybe? And how should we think about this proportion or this share to change going forward? I mean, I presume with a number of customer wins sort of accelerating, be it just in numbers or GMV or whatever, what would this proportion look like to the best of your knowledge a year from now? And then just two smaller questions, if I may. Can you remind me how much the contribution from ABOUT YOU is in your current revenue lines? How much revenue does ABOUT YOU as a customer generate with scale? And just lastly, is there any debt on the level of the scale, GmbH or AG or whatever it's going to be? All right, so would you like to start with the first question, new existing customer? I would take the ABOUT YOU question and then we would have to see who takes it that question. Yeah, exactly. So I think in terms of the composition of the product revenue that have accounted for EUR 37 million in the last fiscal year and will amount to EUR 45 million in this fiscal year, it's important to understand that vast majority of this EUR 45 million is existing customers, yeah, so who have been already with us in the last year but have seen full effect because they have been trading for the full 12 months. The s. Oliver Group is one major example of it. And new business that have been generated in this respective fiscal year, such as Harrods or Manchester United, right, they will account for the smaller share of the EUR 45 million. We expect this also going forward because we'll always have a little bit of drag on effect that the existing customer base grows very healthy due to the strong technology, the strong market tailwinds, and new customers will add in a given year only to some extent, but then see full rollout effects over the next years. Yeah, on the second question on how much is ABOUT YOU, it is roughly 10 million EUR, right? Yeah. And then do we have debt in SCAYLE GmbH? We don't, right? No. We need Hannes for that. No, we don't. Anyone know? No. I don't think we have. I mean, that is, yeah, we may follow up on that, but yeah, we'll find out. But I don't think we have. No worries. We can find out, as you said. But thank you very much. Great. Then let's now continue with some questions we received via chat function from retail investors. So the first one is, what is the long-term adjusted EBITDA margin potential for SCAYLE? Yeah, we don't have a long-term guidance. So I mean, in the fiscal year 2028- 2029, what was it, the adjusted EBITDA? That was in the midpoint, 43%, right? I mean, let's say steady state, we invest a little bit less in new capabilities on a relative basis. That would mean there's upside potential. So the adjusted EBITDA margin should go up. But it's very hard to say what would it be. I mean, if we basically deduct growth and deduct investments in new capabilities, then it would be significantly about 50%. That's clear, yeah? But obviously, that wouldn't be rational because it's much more rational to invest in growth as we have seen the ROIs are crazy. So the long-term margin will probably range around 50% would be my gut feeling. But that includes still also substantial growth investments. Very good. Perfect. Then the next question is, when are you winning first customers in the U.S.? Yeah, so based on the very positive conversations we had over the course of the last six months with various brands and retailers who very much confirmed the great product market fit that we have, we are confident that we report the first U.S. customer win over the course of the next fiscal year. Great. Then there's just one great comment, which I would also use to finish the session. I came for 30 minutes and I stayed for three hours. Thanks for the high information density. So whoever put this comment in, thanks a lot. This was also our feeling, or that's also what we tried to provide today. Very interesting content in three and a half hours. So any open questions that you may still have will be answered by the Investor Relations team. So feel free to reach out. And we will also attend a number of conferences and do a virtual fireside chat over the next weeks. So check out the Investor Relations website for more details. So we really hope that you enjoyed this event as much as we did. Have a good rest of the day. Bye-bye.