Good morning, ladies and gentlemen. Welcome to the Q1 2023/2024 earnings call of ABOUT YOU. At our customer's request, this conference will be recorded. As a reminder, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask questions. If any participants have difficulty hearing the conference, please press the star key followed by zero for operator assistance. May I now hand over to Frank Böhme, Head of Investor Relations and Communication, who will lead you through this conference. Frank, please go ahead. Thank you. Good morning, everyone, welcome to our Q1 2023/2024 results presentation. Today's conference call will be hosted by Hannes Wiese, Co-Founder and Co-CEO of ABOUT YOU. Hannes will walk you through our Q1 results in just a second. The corresponding slides to his presentation have been published on our IR website under the Publications section this morning. After his presentation, Hannes will be happy to answer your questions. With this, I hand it over to you, Hannes. Thanks, Frank, and good morning to everyone, also from my side. Today, as usual, we're focusing on the following topics: for update on our business, followed by Q1 financials, the outlook section, and we'll close this call, as usual, with Q&A. Let's directly jump into our business update, starting on page 4, with the key takeaways of the first quarter 2023, 2024. As a result of our strong focus on group profitability, we delivered a positive adjusted EBITDA and a positive free cash flow in Q1. Despite a continued volatile macroeconomic environment and a strong comparison base from Q1 2022, 2023, we still managed to grow our top line by 0.6%. Last 12 months, active customers in the commerce segments increased by 8.6% and the average order frequency by 4.6%. Our commerce segments are also the key driver of the group's profitability improvements in Q1. The adjusted EBITDA margin in DACH expanded by 110 basis points to 5.2%, with top line growth of 4.1% year-on-year. In ROE, our adjusted EBITDA margin improved substantially by more than 1,000 basis points year-on-year. The ROE EBITDA margin, however, is still negative at -5.3%, as top line growth was relatively muted in Q1. TME, our B2B segment, saw a margin increase by 420 basis points to 18.2%. This is driven by positive mix effects with a higher share of high-margin recurring tech revenues. Revenue in the TME segment, however, declined by 3.5% year-on-year, impacted by a slowdown in media spendings and enabling services. On the back of our solid performance in Q1, we confirm our FY 2023, 2024 guidance today. Our number one priority continues to be to reach adjusted EBITDA back even for the group. The measures we have implemented to date have already resulted in a visible increase in profitability. We hence continue to be very confident to achieve our full-year breakeven target. We also continue to expect revenue growth in a range of 1%-11%. This is, as we are observing, as expected, a slight acceleration in growth already in Q2. Let's dive into our business update with a look at the macro environment again. We've seen further moderate improvements in inflation rates and consumer sentiment. However, the market environment remained challenging and consumers were not really back in summer discovery shopping mode. In this environment, we focused strongly on improving our profitability instead of going for growth opportunities. We have delivered on our profitability targets with a positive adjusted EBITDA of EUR 4.2 million, while growing top line by 0.6% for the group. Key driver for the profitability improvements were our marketing costs in Q1, as shown on page six. We achieved a year-over-year cost improvement of EUR 54 million, which is a decline of more than 50% in marketing costs. These efficiencies are largely stemming from the planned reduction in new market entry and scaling investments in RE. At the same time, however, we continue to invest in brand building and into our discovery proposition. The marketing costs still totaled around EUR 20 million in Q1, as illustrated by the chart on the right-hand side. Our co-ops with influencers continue to be such a key area of marketing investments. Our Q1 2023/2024 saw particularly strong momentum, as illustrated by the numerous Spring/Summer drops we're showing on chart seven. These co-ops are an important tool to create lasting love brands for a diverse audience and attract additional customers to our online store. In the last quarter, influencer capsules were featured by a broad range of artists, including supermodel Bella Hadid, singer Katy Perry, or soccer player Kingsley Coman. We also released further exclusive brand collections with international celebrities like Leni Klum, soccer player Kevin Trapp, or the model Lorena Rae. We are very happy with the results of these Q1 drops, and we look forward to numerous further drops this year. Let's now move on to our financial update, starting with our top line on page nine. We grew our group revenue by 0.6% in Q1, which corresponds to EUR 507 million in revenue. Q1 2023/2024 started in a challenging market environment, with unfavorably cold weather conditions in Europe and continued headwinds from micro factors. As expected, our group revenue growth came in at the lower end of the guided range in Q1. Let's take a closer look at our segments to analyze this. Starting with DACH, where revenue increased by 4.1% in the first quarter. Although consumer sentiment has improved, the market environment remains challenging and thus weight on revenue momentum, particularly in Germany. In the Rest of Europe segment, revenue remained broadly flat overall, which is certainly below our own ambitions. However, we observed a relatively wide range of growth rates in the individual countries and regions in Q1 2023/2024. This is due to country-specific differences in macro factors, a varying impact on revenue from cost measures, comp effects from the prior year quarter, and continued differences in the maturity of the markets. Moving on to our TME segment, where revenue declined by 3.5% in the first quarter. Top-line performance, however, varied across the different TME divisions. In tech, revenue developed more positively, driven by the onboarding of new customers for SCAYLE. In media and enabling, however, revenues declined as brand partners reduced their budgets for marketing campaigns and halted operation and enabling projects in view of the current market environment. Let's move on to our customer engagement metrics in the commerce segments, shown on page 10. We were able to grow our active customer base to 12.8 million in the last 12 months, which is a healthy increase of 8.6% versus last year. The average order frequency per active customer increased by 4.6%, reaching 3.1 transactions per active customer over the last 12 months. The average order value, however, declined by 3.5%. In a last 12-month perspective, this development is largely driven by elevated discount levels and normalizing return rates. For our Q1 2023, 2024, AOVs are, however, broadly flat again year-on-year. We hence continue to expect AOV to stabilize in FY 2023, 2024, as the comp base normalizes and our unit economics measures become effective on a full-year basis. With that, let's move on to our bottom line on page 11, where we can see the profitability improved strongly across all our segments. Let's start again on the left-hand side of this chart, showing our group-adjusted EBITDA margin at a positive 0.8% in Q1 23/24, versus a negative 5.7% last year. Driven by our efficiency measures, the total year-on-year improvement of our adjusted EBITDA, which is EUR 33 million in Q1. We are hence already making significant progress towards our full-year breakeven goal. Moving on to segments. Our DACH business improved profitability, reaching an adjusted EBITDA margin of 5.2% in Q1 23/24, up from 4.1% last year. The increase resulted primarily from a positive top-line development and a reduction in marketing and administrative costs. Moving on to our ROE segment, where we increased our adjusted EBITDA margin significantly by 1,480 basis points year-on-year. The main driver for the improvement were reduced investments in new market entry and scaling campaigns. Our ROE EBITDA margin still remains negative at -5.3% in Q1 2023/2024. This resides, on the one hand, from challenging market conditions in some of our ROE markets. On the other hand, we also continue to invest into growth and brand building in our top-performing international markets, as well as into our international logistics infrastructure. On B2B, our TME business achieved an improved adjusted EBITDA margin of 18.2% in Q1, up from 14% last year. The margin increase is the result of positive mix effects with a higher share of high-margin recurring tech revenues in the TME segment. Let's now move on to page 12 and take a closer look at the key cost lines of the group. Starting with the gross margin, where we saw the expected decline versus Q1 last year. Gross margin is down by 310 basis points, reaching 39.5% in Q1 2023/2024. This is as our measures, like the new three-tier commission model and the increasing share of high-margin tech revenues, only partially offset the continued pressure on gross margin resulting from elevated inventory levels. We continue to expect inventories to improve in the second half of the year, and we will also see an improved gross margin from that. Next, our fulfillment cost ratio, which increased by 190 basis points to 23.8% in Q1. The year-on-year increase is attributable to several factors, including discount and inflationary dynamics, as well as our logistics network rollout. The visible positive effects from several efficiency measures, such as the introduction of shipment costs below minimum order value, could only partially offset these cost drivers. The year-on-year development of our fulfillment cost ratio should, however, stabilize in the coming quarters. This is due to further efficiency measures and easing one-time costs from the logistics network rollout. Let's now move on to our marketing costs. The marketing cost ratio declined by 1,070 basis points to 10.1% in Q1 2023, 2024. This is largely driven by the reduction in new market entry and scaling campaigns, as discussed in the business update section. Lastly, our admin and other cost ratio declined by 90 basis points to 4.8%, despite a generally high level of inflation. This is due to overhead efficiency measures and a slowdown in new hires. All these factors combined resulted in the increase of our group-adjusted EBITDA margin by 650 basis points to a positive 4.8% margin in Q1 2023/2024. Let's now take a look at our cash flow drivers on page 30. Our net working capital remains in positive territory and is at EUR 30.8 million at the end of Q1 2023/2024, which is an increase of around EUR 50 million versus last year. This is because our stock turnover is still not back to where it should be, and other net working capital levers are not yet fully compensating this. CapEx amounted to EUR 15.2 million in Q1, which is slightly above last year levels, mostly driven by investments in software and infrastructure, as well as in influencer brands and incubators. Moving on to our cash position on page 14. Let us first look at our operating cash flow, which is at a positive EUR 26 million in Q1. This positive development resulted primarily from the improved EBITDA, as well as from a slight reduction in inventories relating to seasonality patterns. CapEx translates into investing cash flow, and our financing cash flow is at a negative EUR 12 million in Q1. Financing cash flow is mostly driven by payments for leasing agreements, largely relating to our logistics network. The positive operating cash flow of EUR 26 million was well above the EUR 15.2 million in CapEx in Q1, resulting in a positive IFRS 3 cash flow of EUR 10.8 million for the quarter. We, however, expect cash flow to be negative again in the second quarter. This is due to the seasonality of the business, meaning end of season sale for Spring/Summer, and the inflow of new fall/winter collections over the course of our financial Q2. We ended the quarter with cash and equivalents of EUR 204 million. This cash position, in combination with the undrawn backup loan facility of up to EUR 97.5 million, gives us enough liquidity buffer to flexibly navigate through the current environment. Let us now move on to the final section of this presentation, the financial outlook. We are confirming our full-year guidance today on the back of a solid performance in the first quarter. We continue to expect our revenue to grow in a range of 1%-11%. While the growth rate in Q1 came in at the lower end of the guided range, as expected, we are seeing a slight acceleration in top-line growth in Q2, driven by an easing comp base and slowly improving market conditions. Moving on to profitability. Our number 1 priority remains to achieve adjusted EBITDA breakeven this year. Today, we are reiterating the group breakeven as part of our guidance, as we made significant progress towards achieving this target in Q1. For our financial Q2, we expect another strong year-on-year improvement in the adjusted EBITDA. However, we expect EBITDA to turn negative again in Q2 before returning back into positive territory in our financial Q3, which is due to the regular seasonality patterns of the business. Moving on to CapEx and net working capital. CapEx is expected to be around EUR 30 million-EUR 50 million in FY 2023, 2024, and net working capital is expected to remain broadly around the levels seen at the end of our FY 2022, 2023. Hence, also no changes here. With this, let me close our Q1 presentation. Thanks for joining us on this exciting journey to become a profitable growth company. I'm now looking forward to answering your questions. Moderator, handing it back to you. Thank you. Ladies and gentlemen, now we will begin the question-and-answer session. If you have a question to our speakers, please press star followed by one. Once your name has been announced, you can ask your question. If you change your mind and you would like to remove your question, you may press star followed by two. Anyone who has a question may press star followed by one at this time. One moment for the first question, please. Our first question today is from Georgina Johanan from JP Morgan. Please go ahead. Hi. Can you hear me? Yes. Great. Great. Thank you. Thanks for taking my question. I've got a couple, please. The first one was just on your comments on the development of the fulfillment costs as we go through the year. I mean, first of all, just to understand, where you talk about a stable development in the ratio, do you mean that you're expecting the ratio to be sort of broadly flat year-on-year from here? Can you also please just provide us with a recap of some of those initiatives that you now have in place around minimum order value and so on? I think that last time you updated, you were trialing paid returns in some markets, so that would be really helpful. Second question was on marketing spend for the year, please. I mean, obviously, it's a huge move. As somewhat expected on a year-on-year basis, is sort of 10% or so ratio, kind of, roughly what we should expect for the year for the year overall, going forward? Is that kind of a reasonable assumption, please? Thank you. Yeah, sure. Thanks for the questions. Let's start with the fulfillment costs. For the full-year, we would continue to expect a slight improvement year-on-year. Given the slightly increased fulfillment costs that we've seen now in Q1, which was also partly driven by one-time costs relating to our DC network rollout. What we mean now for the year to go is basically a slight year-on-year improvements for the next quarters, which should then lead to a full-year slight improvement on the fulfillment cost line. On the initiatives, second part of this question, which drive these improvements, that's to your point, indeed, shipment costs below minimum order value, which is basically rolled out across all large markets for us. This effect is also, to a large extent, visible in our Q1 results. That is actually being negatively overcompensated by some of these one-time costs and other headwinds that we still see. On the other initiatives, indeed, we called out test for return fees, which is also executed. But this is still early stage and too early to give more details around that. Please excuse that we have to postpone this discussion to a later in this call. Second question on marketing costs. The current levels of 10%, I think that's probably going to slightly increase now over the next quarters. That is driven on the one hand side by some campaigns, which we will certainly be running especially in the Q3, with the run-up to Black Friday and so on. We expect elevated campaign activity here and also with expected improvements on the gross margin, also on the fulfillment cost side, that should lead to higher projections. Which then, in turn, should increase spend on the marketing side in the, in the algorithmic marketing steering. Probably a slight increase on the marketing cost line, but not materially on the full-year. Thank you very much. The next question comes from Nicolas Katsaras from BNP. Your question, please. Hi, thank you for taking my questions. I have two, please. The first question is just on growth, and I might have missed this, but I wanted to know how you're thinking about your top line growth in terms of unit economics. You know, are you expecting to acquire more customers now? You know, you've said that you are gonna increase the marketing ratio slightly, or is it coming from frequency or average basket value? Then the next question is, you know, for Q2, you're expecting still a loss, but an improvement. What does that mean for the gross margin in Q2, given there was, you know, quite an adverse year-on-year change in Q1? Yeah, that would be it for me. Thank you. On the, on the first part, I hope I got that one right. On growth, we continue to expect an acceleration in top line growth, throughout the year. We're also seeing a static acceleration already in Q2, and we expect this to further improve in the second half of our financial year. This is a function, on the one hand side of, expected further improvement in market conditions, easing comms for us, especially in the second half. Then also, as just hinted, with the improvements in unit economics drivers, like gross margin and fulfillment costs, we also expect CRV projections to go up. Which then, ceteris paribus, will increase our ability to spend on new customer acquisition, which then will further increase new customer numbers and should also further support top line growth. Thank you. Yeah? Yeah, sorry, I'll let you go for the second one. That is very clear. Cool. For Q2, indeed, this is expected to be adjusted EBITDA negative. However, also here we expect a substantial improvement, maybe in a similar magnitude as we've seen in the Q1 year-on-year. However, the gross margin will probably still be slightly down both year-on-year and quarter-over-quarter, which is on the one hand due to seasonality. We're now moving into the end of season sale for Spring/Summer. As discussed, we are also looking at somewhat elevated inventories now in the H1. We do not yet expect a material improvement in gross margin, neither year-on-year nor quarter-over-quarter. This is expected for the H2. Thank you. The next question comes from Nizla Naizer from Deutsche Bank. Your question, please. Great. Thank you. From my end, the first is on the revenue in TME. Could you maybe give us some color on how your recurring revenue within the tech segment performed? Has it returned to growth? Some color there would be great. Could you maybe help isolate what SCAYLE growth looked like versus non-SCAYLE growth and profitability there? Some color there would be great. My second question is on, you mentioned, Hannes, that growth is picking up. That's what you're seeing currently. Could you maybe illustrate a bit on that? In which markets? Is it in some over others? Are some recovering faster? With that in mind, when you look at your wide guidance range, you know, is it fair to still think of the midpoint as the base? Some color there would be great. Thank you. Yeah. Thanks for the questions, Nizla. Let's start with TME. Dynamics from recurring revenues, let's unpack this maybe into three drivers. The, let's say, installed base from previous years, here we continue to see more like a muted and in parts, also slightly negative development, given that of course, also, clients are facing headwinds from macro and so forth. That has not changed, that we do not yet see support on TME revenues from the existing base. Then there are four other factors. The first one is the implementation of new clients in this very quarter. That, of course, brings another uplift to recurring revenues. At the moment, these clients are being taken live, that's a positive. Another positive is also the full-year effects of clients which have been taken live in the last three quarters, which, however, of course, were not visible in the Q1 2022, 2023. There's also a growth potential from these clients. Net-net, the picture hasn't changed, I think. The revenues from existing older client base, more like muted to declining, but this is then overcompensated by more recently and implemented clients in Q1. For the different TME sections, this means that we see a positive revenue development for tech, SCAYLE overall, which is, however, not extraordinarily high. We are growing, but this is not substantially double-digit also territory. We are seeing a more like negative development on the other TME revenue streams, especially media, but also enabling, but also here, rather slightly negative than substantially down year-on-year. For the second part, where is growth picking up in terms of regions? I presume this refers to the Q2. Here we're seeing a particularly positive development now in our eastern markets. I think this partly relates to macro. We've discussed in previous calls that we've seen these regions and some markets here are quite challenged by very high inflation rates, so consumer sentiment. More recently, now, this is improving, and we also see positive effects on our trading from that. Secondly, I think for us, for ABOUT YOU, there are also some comms effect in there. We're seeing easing comms now in Q2, especially in CEE. I think I would call out CEE, especially in the RE region as positive, more recently. In DACH, we continue to see, especially Switzerland, growing fast, whereas Germany is still a bit behind, in terms of growth rates versus the other DACH markets. For the guidance, yeah, we continue to be very confident with the midpoint here. As said, we're seeing now the expected slight acceleration in Q2. We believe there are many good arguments that we should further improve in the H2, like for example, expectations of a further moderate improvement in the market environment, the new economics discussion that we had, easing comms for ABOUT YOU. Yeah, net-net, we are very, very confident with the guidance range and with the midpoint here, and we are on good track to achieve that. Thank you very much. Next question comes from Emily Nolan. Please go ahead. Hey there. I've got a couple of questions. Apologies if any of these are repeating, my line's a little bit dodgy. The first question was on current trading. Are you able to comment and kind of quantify this improvement that you're seeing into June and July? Are you accelerating across all regions, or are there any specific ones that are kind of bucking that trend? And can you yeah, call out whether or not that is in your view, kind of being led by macro or weather or any kind of other factors? The second one was sort of linked to this. In Q1, I know you've called out some of the specific kind of geographical trends. Would you kind of agree that most of those are macro-driven, or are you seeing any particular shifts, positively or negatively, in competition in any of those markets? Can you attribute a lot of it to macro and kind of your own marketing spending? The third question was, are you able to talk us through both the quality and the quantum of your inventory position going into the second half of the year? What are your kind of expectations for the second half and into the next financial year in terms of the inventory, kind of pricing and inflation? When should we start to see some of the input prices sort of start to inflect there? Thanks. Yeah, thanks for the questions. Let's start with the ones on current trading. So quantifying the acceleration for Q2 now, yeah, to be honest, it's early stage, and we do not have the full visibility, of course. But directionally, I would expect this to end more like in the lower half of the guided range for the Q2, and then further acceleration in the H2, as said. So this just to give you some magnitude here. The regions, yeah, driven especially by CEE, as said, here we're seeing improvement in macro, but also easing comps for ABOUT YOU. I think it's a combination here, and that's, I think, also more broadly the case to the last part of the question. When we look at Q2 and also our H2 expectations, that this is not relating to one single factor, but more a combination of macro factors improving. Weather, of course, was not supportive, I think, for the first half, at least of the Q1, now normalizing or has now improved. Then other factors like the comp base for ABOUT YOU probably also easing, slowly easing inventory levels in the industry. I think all that, kind of taken together, leads to a more positive outlook, and also, I think, positive trading that we're seeing right now. The second part, switching gears a bit now, I think, related to competition, whether we see any changes here. I think generally, what we observe is a relatively promotional environment still. Payers are definitely fighting for A buys and sales. This, there would be the expectation that this may relax a bit towards the second half, but not yet materializing, at least as far as we see that. When we look at our own inventory position, that was the third question, I think, we still look at some sort of elevated inventories right now, especially driven by Spring/Summer 2023. The mix is healthy, but Spring/Summer 2023 is somewhat elevated. We expect the intake, or we see the intake, which is planned for Autumn/Winter 2023 now, as healthy, and in line with the current demand levels that we see. That means for the H2, we expect inventories to normalizing, which is a function of slight overhang from Spring/Summer 2023, and then healthy intake of Autumn/Winter 2023. That means throughout Autumn/Winter, we should see an improvement here, which will also be reflected in the gross margin. That means for the full-year, inventories will be or are expected to be slightly down year-on-year. Probably also end of year, not fully back to a to the normal state, but then on a very positive trajectory. I hope I got all the senior questions, Emily. Please follow up if that's not the case. Thank you. Thank you. The next question comes from Anne Critchlow. Please go ahead with your question, ma'am. Hello, and thanks for taking my questions. I've got three, please. The first one is on the gross margin, just whether you're able to quantify the promotional impact on the gross margin, in the first quarter, and whether you think it would be as high in the second quarter. Secondly, on the returns rate, if you could just comment how that is trending year-over-year. Finally, thinking about inflation for the Autumn/Winter collections, what's your view on market inflation? Thank you. Sure. First on the gross margin. I think quantifying the promotional impact, easiest would probably be to look at the year-over-year data right now, I mean, there are, of course, other factors here at play as well, like some measures on the gross margin side that we also implemented, which give further support. Broadly, I think that would give an indication. I think the similar impact can also be expected for the Q2. Return reference. Yeah, sorry, was it a follow-on? Yes. The second one on returns. I think that's stabilizing. When we look at the Q1 last year, maybe there was still some tailwinds, but I think also back then, we had already called out a bit of a normalization. When we look at year-over-year, there's not a substantial gap anymore. I think this is normalized. And yeah, I would also expect going forward that there are no huge data is expected other than revenue mix effects. And I think the last one was on i nflation rate, right. Autumn/Winter 2023 inflation rate. Our expectation would be maybe mid-single digits, RRP increases, not much more, maybe for some product groups, more like towards the high-single digit range. I think this is also consistent with previous estimates and also previous seasons, what we've seen. Great. Thank you. Yeah. Thanks, too. Our next question is from Andreas Riemann from ODDO BHF. Please go ahead. Yes, good morning. Two questions from my side. One on EBITDA. Yes, it will be negative in Q2, but if you arrive at higher EBITDA in the second quarter and in the third quarter versus plan, would you stand ready to reinvest that in H2 to push to growth? Any thoughts on this topic would be appreciated. The second one, again, on inventories, it's up 18% year-over-year in euro terms. What would be the inventory development in unit terms, please? That's it from my side. Sure. Thanks for the question. On the first part, the reinvestment philosophy, I mean, we would not look at this as a budget also that can be reinvested. It would more be a result of the marketing steering algorithms. We do not plan big investments in new markets or any big scaling campaigns. The shifts in, especially the marketing investments, are more like a result of the CRV projections that we see. As discussed previously, if CRV projections go up, then this would also lead to a short-term increase in marketing spend, given expectations of better customer breakeven projections. This can, of course, also be steered. When we see things develop more positively as expected, and also the projections are consistent to that, then we might increase breakeven targets a bit, for example, which would then further lead to an increase in spend. This is more steering on a day-to-day basis rather than more like strategic investment decisions also. Inventories in euro, yeah, there's certainly inflation on the, on the stock, so the unit increase should be lower than the euro increase. That said, there is also a bit of write-downs on stock, of course, which have increased, which are reflected in the inventory position. That also needs to be taken into account net, I'd say that stock and pieces growth is lower than in euro. Okay, thank you. We have a follow-up question from Georgina Johanan. Please go ahead. Hi, thank you. I actually have two brief follow-ups, please. Just firstly, obviously, given the sort of current strategic invest- reductions in marketing spend, I was just wondering if you could provide, sort of an update on how you're currently thinking about calendar 2024 or fiscal year 2025 growth, because presumably, you'll soon be at the stage where you're needing to buy for Spring/Summer 2024. You know, should we... Are you kind of confident on returning to double-digit growth next year? My second question was just a follow-on from Anne, please. Just on pricing commentary from your brand partners, what is the kind of current thinking on inflation into next year, please? Thank you. Sure. yeah, we remain very confident on this getting back to double-digit growth rate trajectory for 2024. This, of course, is also factored into that we are planning now for the spring, summer 2024. That said, I think one learning from the past quarters, from the past 12 months also, is indeed that we try to factor in more risk hedging into that. That can be singular agreements with suppliers. That can be the shift from 1P into 3P. That can be, you know, the shift or the share of pre versus reorder for singer brands. We are planning for a double-digit growth in 2024, I think, versus previous buys, we are a bit more on, you know, risk reduction terms. The second on pricing inflation expectations. When we say, auto winter 2023, maybe mid single digits to some cases, high single digit increases, I think it will be coming down slightly, but not materially. There will still be RRP inflation in 2024, as we see it. Thank you. With this last remark, we'll be ending the end of the session, and Frank will help you with a few final remarks. Let me close our call by saying thank you for your support and for joining us today in our conference call for Q1, 2023/2024. If there are any further questions, please feel free to contact the IR team directly. We are looking forward to seeing some of you during our upcoming virtual roadshow. Have a good day. Bye-bye. Ladies and gentlemen, thank you for attending. This call has been concluded, and you may disconnect your telephone. Have a great day. Goodbye.