Good morning, ladies and gentlemen. Thank you for standing by. Welcome, and thank you for joining the conference call of ABOUT YOU. Throughout today's recorded presentation, all participants will be in a listen-only mode. After a short introduction by the management, there will be a question and answer session. If you would like to ask a question, you may do so by pressing star and one. Please press the star key followed by zero for operator assistance. It will be my pleasure to turn the conference over to Frank Böhme, Head of Investor Relations and Communication. Please go ahead. Good morning, everyone, and welcome to our Q3 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 Q3 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. Yeah, thanks, Frank, and good morning to everyone also from my side. Today, as usual, we're focusing on the following topics: our business update, followed by Q3 financials, the outlook section, and we'll close this call with Q&A. Let's directly jump into our business update, starting on page four with the key takeaways of the third quarter, 2023/2024. We have delivered on our profitability targets for Q3. Group Adjusted EBITDA improved by more than EUR 60 million year-on-year, and reached EUR 19.8 million in Q3. Revenues remained broadly flat at EUR 551.9 million, despite a challenging market environment and a delayed start into the fall/winter season due to unusually warm weather conditions. Gross margin increased by a strong 490 basis points to 40.3%, driven by our profitability measures, revenue mix effects, and an improved inventory composition, leading to lower discount levels. This, combined with strict operating cost control, has led to a significant profitability improvement across all our segments. In DACH, the adjusted EBITDA margin increased by 590 basis points and in ROE by more than 1,000 basis points year-on-year. In TME, the adjusted EBITDA margin more than doubled to 38.3% in Q3. We are also reporting a strong free cash flow generation of EUR 93.1 million, driven by the improved EBITDA and measures to optimize working capital and CapEx. The seasonality of the business with the sell-out of the fall/winter collection and revenue peaks around Black Friday, further supported free cash flow generation in Q3. On the back of the positive adjusted EBITDA of EUR 11 million in the first nine months of FY 2023/2024, we confirm our adjusted EBITDA guidance to reach break-even on group level. Considering the relatively muted revenue growth in the first nine months of FY 2023/2024 and a continuously volatile market environment, we now have our expected revenue growth to come in around the lower end of the initially guided 1%-11% growth range. Let's dive into our business update on slide 5 with another look at the macro environment. We've seen moderate slowdowns in inflation rates across Europe. Consumer confidence, however, further contracted in September and October and only slightly improved in November. In this changing market environment, we continue to focus on driving gross margin and operating cost control measures instead of chasing growth opportunities. We hence delivered a substantial improvement in our group Adjusted EBITDA of more than EUR 60 million year-on-year, and the EBITDA improvement is entirely driven by efficiency measures as revenues remain broadly flat year-on-year. An important driver of our Q3 results was the successful execution of this year's Black Period in November, as summarized on page six. We recorded the highest Black Friday season revenue ever, while at the same time increasing the profit contribution of the campaigns. During the two-week campaign period, we reached more than 50 million users via social media and recorded around 2 million orders. These strong KPIs were the result of a flawless execution from our teams, cold weather conditions across Europe during the Black period, and a high number of price-sensitive customers seeking Black Friday deals. Despite tight cost controls on the marketing cost line, we decided to continue to invest in brand building also in the third quarter, with several new and mostly digital initiatives, as highlighted on page seven. One example is the ABOUT YOU Shopperei campaign in October. In several European markets, customers had the chance to become a millionaire by ordering in our online fashion stores during a one-week period. For every net EUR ordered, customers were automatically entered into a lottery for a chance to win EUR 1 million. The campaign, with a lot of buzz in social media, produced incremental high basket orders and more than regained the lottery invest. Additionally, we've been inspiring customers at home with large-scale branding campaigns across numerous TV stations and digital channels. The traditional campaign formats were accompanied by numerous new co-op launches in Q3, including supermodel Toni Garrn and the creators Millane Friesen and Marie von Behrens. Let's now move on to our financial update, starting with our top line on page nine. Revenues came in at EUR 551.9 million, which is a slight delta of -0.5% versus Q3 last year. The revenue development at the beginning of Q3 2023/2024 was negatively impacted by unusually warm weather conditions, leading to a delayed sell-out of the fall/winter collection.... Dynamics improved throughout Q3, supported by colder weather conditions and the successful Black Friday campaigns, which we discussed in the business update section. Let's now take a closer look at our segments to analyze top line dynamics in Q3. Starting with DACH, where revenues declined by 7% in the third quarter. This development is largely driven by the German market, where low consumer sentiment weighed on spending. Austria and Switzerland, in turn, showed a better top line performance. Across all DACH countries, however, revenue dynamics in Q3 have also to be seen in the context of a significantly improved EBITDA versus last year and the various profitability measures which drove this improvement. The Rest of Europe segment, revenue increased by 7.1%, compensating for the decline in DACH. Revenue growth was fueled by the CEE region, driven by improving consumer sentiment in key markets and successful Black Week campaigns. In the Nordics and Southern European markets, we again observed a relatively broad range of country growth rates due to different impacts of the cost reduction measures on country level. Moving on to our TME segment, where revenues declined by 3.6% in the third quarter. Top line performance, however, were right across the different TME divisions. In tech, revenue developed positively, driven by the acquisition and go live of new new business customers for SCAYLE. Media, revenues were flat to slightly declining as brand partners reduced their marketing campaign budgets and rather focused on measures to drive immediate revenue growth. Our enabling revenues, however, showed a moderate decline year-on-year, largely driven by the relatively soft volume development on ABOUT YOU, as well as the elimination of loss-making enabling revenue streams. Let's now move on to page 10, where we see our customer engagement metrics for the commerce segments. The number of active customers declined by 0.9% to 12.4 million in the last 12 months. This decrease is broadly in line with expectations and primarily driven by the shortening of break-even targets for newly acquired customers and the measures introduced to increase the profitability of existing customers. The average order frequency increased by 1.6%, reaching 3.1 transactions per active customer over the last 12 months. This development is supported by age structure effects of the customer cohorts. The AOV average order value increased by 1.2% year-on-year to EUR 56 per order. The increase is largely due to our unit economics measures, as well as higher RRPs and lower discount levels. That, let's move on to our bottom line on page 11, where we can see that profitability improved strongly across all our segments. But let's start again on the left-hand side of this chart, showing our group Adjusted EBITDA. As expected, our Adjusted EBITDA margin turned positive again and reached 3.6% in the third quarter of 2023/24. Driven by our efficiency measures, the total year-on-year improvement of our group Adjusted EBITDA amounted to more than EUR 60 million in Q3. Let's take a closer look at the key drivers from a segments perspective. Our DACH business improved profitability by 590 basis points, reaching an Adjusted EBITDA margin of 4.3% in Q3. The increase was the result of a lower level of discounting compared to the prior year period and continued tight cost control. Moving on to our ROE segment, where we increased our adjusted EBITDA margin significantly by 1,310 basis points year-on-year. The main drivers for the improvement were lower expenses for marketing measures, as well as the non-recurrence of one-time cost related to the rollout of the European distribution network. On B2B, our TME business more than doubled its adjusted EBITDA margin to 38.3% in Q3, up from 15.6% last year. The margin increase is largely the result of positive mix effects with a higher share of tech and media revenues, as well as general cost discipline and the elimination of loss-making revenue streams. 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, which increased by 490 basis points to 40.3%, from admittedly low levels in Q3 last year. The increase was mainly driven by a lower need for clearance, given an improved inventory position at ABOUT YOU, and a reduced promotional intensity in the online fashion industry more broadly. Introduction of a new commission model for brand partners, price adjustment for the FbAY business model, and the increased share of high-margin tech and media revenues in the TME segment, further supported the gross margin increase. Next, our fulfillment cost ratio, which declined by 300 basis points to 20.4% in Q3. The decrease was primarily attributable to the absence of one-time costs related to the rollout of our European distribution network. Further, our measures to improve unit economics and softening inflationary dynamics helped us to realize these efficiency gains. Let's move on to our marketing costs, which declined by 390 basis points to 12.4% in Q3. The decrease was mainly due to the pausing of large-scale marketing events, as well as a more conservative ROI steering. Lastly, our admin and other cost ratio increased by 50 basis points to 4%. The increase is largely due to organizational measures as well as positive one-time effects in the prior year quarter. Effects combined resulted in the increase of our group-adjusted EBITDA margin by 1,140 basis points to a positive 3.6% margin in Q3 2023-24.... Let's now take a look at our cash flow drivers on page 13. Our net working capital turned to a negative EUR 46.5 million at the end of Q3 2023/24, which is a decrease of around EUR 40 million versus last year. This arises from various working capital measures, as well as cut-off date effects around Black Friday. CapEx amounts to EUR 3.7 million in the third quarter, which is a significant reduction versus last year levels. The development is partially driven by the net repayment of loans, where partial loan repayments contributed to the reduction on top of lower investments in software and infrastructure. Moving on to our cash position on page 14. Let us first look at our operating cash flow, which is at a positive EUR 96.8 million in Q3. The development largely resides from the positive EBITDA, as well as seasonal working capital effects, relative to the sellout of the fall/winter collections and Black Friday revenue. Even though CapEx in Q3, operating cash flow almost entirely translates into a high free cash flow of EUR 93.1 million for the quarter. Investing cash flow is at a negative EUR 11.7 million, largely driven by payments for leasing agreements relating to our logistics network. We ended the third quarter with a very strong cash and equivalent balance of EUR 229.6 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. Of the business, with the inflow of the spring/summer 2024 collection in our Q4, we, however, expect the year-end cash position to be below the level reported in Q3. Let's now move on to the final section of the presentation, the financial outlook. Let's start with top line, where we are further narrowing our guidance today to around the lower end of the 1%-11% growth range in FY 2023-2024. We are narrowing the top-line guidance due to the weaker than anticipated revenue growth in Q3 and the trading pattern observed to date in Q4. We've recorded top-line growth in December, but trading remains relatively volatile, and it's still too early to commit to the substantial acceleration in growth, which will be needed in Q4 to post meaningful growth in FY 2023-2024. For the Adjusted EBITDA, we are confirming our break-even guidance for the full year on the back of EUR 11 million Adjusted EBITDA generated in the first nine months. For Q4, we expect Adjusted EBITDA to come in slightly negative, but with another healthy improvement year-over-year. Let's move on to CapEx and net working capital, where our guidance remains unchanged. CapEx is expected to be around EUR 30-50 million in FY 2023-2024, and net working capital is expected to remain broadly around the level seen at the end of our FY 2022-2023. With this, let me close our Q3 presentation. Thanks for joining us on this exciting journey to become a profitable growth company. I'm now looking forward to answering your questions, so moderator, handing it back to you. Thank you very much. Ladies and gentlemen, at this time, we will begin the question and answer session. Anyone who wishes to ask the question may press star and one. If you wish to remove yourself from the question queue, you may press star and two. In the interest of time, please limit yourself to two questions only. Anyone who has a question may press star and one at this time. One moment for the first question, please. Our first question today is from Anne Critchlow. Please go ahead with your question. Thanks. Good morning, all, and thank you for the presentation. I've got two questions, please. The first one is on gross margin. Please, could you quantify the impact of business mix within the gross margin increase? And then secondly, just on the pricing outlook for spring/summer 2024, do you still see this as flat to slightly down? Thank you. Yeah, thanks for the question. So on the gross margin, I would say three factors drove the improvement. One is indeed mix, which I would say roughly contributed a third of the improvement, and then secondly, lower discounts due to improved inventory composition, which is another third, and then the last third, I think, comes from measures, so the many measures that we actively implemented to improve gross margin and profitability. On the pricing outlook, yes, I think we can confirm that, so broadly flat to maybe slightly declining RRP levels for spring/summer 2024. That's our current view. We're seeing some third-party brand suppliers, some categories where we indeed would expect a slight decline in RRPs, but all remains rather flattish. Thank you very much. The next question is from Emily Johnson, from Barclays. Please go ahead. Hey, I've got two questions, please. So the first one is, you referenced the positive trends in December. Is there any color that you can give in terms of the size of the improvement in November and into December by kind of DACH and rest of Europe, to get a sense of the exit rate and the momentum that you have? Now that the kind of unseasonable weather and the consumer sentiment has improved slightly, helpful to get a gauge of the size of the improvement there. The second question is, can you talk about your inventory build into spring/summer and potential disruption from the Red Sea and increased freight costs? Are you seeing any disruption already? Do you have any plans to change anything around the size or timing of your inventory build to mitigate any potential problems here? Thanks. Yeah. Thanks for the question. So on the first piece, trading dynamics, more recently, in November, we've indeed recorded healthy growth of high single-digit percentage rates. So that looked quite good. In December, we've also recorded growth, but here, more like in the low- to mid-single-digit percentage range. And this pattern, I think is consistent broadly across regions, although of course, on reportedly lower levels. So the spread between DACH and Rest of Europe, of course, also translates. And for inventory in spring/summer 2024, we would actually expect our inventory position to continue to improve, both in absolute terms and also in terms of the composition. We're not seeing any major risks on the third-party side, where our business is somewhat protected versus short-term volatility in freight. So nothing we need to call out here. And also the current conflicts in the Red Sea, I think this will rather have minor impacts and more like moderately less expected from that. I hope this answers the question. Yes. Thank you. Our next question is from Yashraj Rajani from UBS. Please go ahead. Thank you for taking my questions, and, congratulations on the results this morning. I have two questions, please. So the first one is just a follow-up on Emily's question. So I think, again, given how we've seen, Germany trading in Q3 and also following that into December, do we still remain confident that we can return to double-digit growth in calendar 2024? And if so, I mean, again, any color on the drivers would be super helpful. And, the second question is on marketing, right? So again, how do we think about marketing in calendar 2024? Because obviously with, you know, return to growth, I mean, we probably have to spend a little bit on marketing. So I think, again, should we sort of expect that to stabilize at the nine-month run rate of between 10.5% and 11%, or do you think there'll be some improvement from there as well? Thank you. Yeah. Thanks for the question. So our ambition remains to get back to double-digit growth rates in the future for the group, and that is, was always tied to an improvement in the market environment. That is not really what we're seeing at present, as discussed, so that makes it challenging to get to these double-digit growth rates very near term. However, even in this unsupportive environment, our ambition would remain to accelerate growth into next year and also to deliver on a further improvement in profitability. But please excuse that we can't give very specific guidance on this at this point. This will then happen in the course of our full year release in May 2024. On marketing, we would actually expect a slight step up, so a slight increase in the marketing cost to revenue ratio, for next year. That is also somewhat visible now in the Q3 2023-2024, where we've seen a higher cost of revenue ratio versus Q1 and Q2. This, on the one hand side, is driven by improved unit economics and improved CLV projections from that. Always when we see higher CLV projections, we can invest more into customer acquisition in our steering at a given, a break-even horizon for new customers. That's one factor. And the other is, of course, also that we are, in other cost lines, generating savings from all of our profitability measures, which also gives room for a slightly elevated marketing spend versus this year, given also somewhat improved market. Awesome. This answers the question? Thank you very much. Yeah, super helpful. Thank you. The next question is from Georgina Johanan from JP Morgan. Please go ahead. Good morning, thanks for taking my questions. I've got two as well, please. The first one, just following on with regards to improved profitability into next year, and of course, completely appreciate that it's an early stage to be getting sort of detailed guidance. But just in terms of what would be driving that, you know, if you're expecting marketing actually to sort of move up a little bit as a percentage of sales next year, is it kind of ongoing recovery of the growth margin that will be driving that, or is it something else, please? And then the second question was just, I know you talked about sort of obviously changing some of the rate cards with partners and so on, which has been one of the drivers of improved profitability. How are your partners feeling about that at the moment, and what's the latest kind of dialogue with them in that regard, please? Thanks very much. Yeah, sure. Thanks for the questions. So on the profitability part, that would be driven by several factors. On the one hand, operating leverage from moderate growth expectations into next year, then we will also have full year effect from the profitability measures, which we've introduced over the course of this year, and which will then have their full effect in the next financial year. To your point, we also expect further improvements in the gross margin from a further improvement in the inventory position. And then there are also further measures which we have on our mid to long list that we are executing right now and that we plan to execute for the next year to further drive improvements in unit economics and fixed cost lines. So it's a mix of external factors, but mostly self-help measures. Then I assume the question relates to three key partners and the changes in the commission and pricing scheme that we've implemented. Our discussions here are going definitely in a very good direction, so I think our partners are happy with operating models that we provide. They also see their own P&Ls happy and sustainable. We're also providing a very flexible tool set in terms of marketing visibility measures, so they can steer their contributions also to a large extent by themselves, contributions in campaigns, participation in campaigns, and so on. I think with the overall tool set and with the commission and pricing scheme that we provide, our partners are happy overall, at least that's the feedback that we're getting at this point. Ladies and gentlemen, as a reminder, if you would like to ask a question, please press star and one. Our next question is from Nizla Naizer from Deutsche Bank. Please go ahead with your question. Great. I hope you can hear me. I just have two questions as well. The first is on the competitive environment. I'm just trying to understand, you know, the region growth in Q3 was down 7%. Was there a step up in competition that contributed to that as well, or did the entire market sort of see a similar sort of trajectory? Any color you can give us there would be great. And also whether competition is still highly promotional or has everyone sort of reached, you know, a sensible inventory level, any color you can give us that in the current condition would also be great. And my second question is on seasonality in Q4 when it comes to the cost items. Could you remind us again, how margins could trend, in Q4 versus Q3, so where I, we have an idea about the sequential sort of developments, that we should anticipate? Thank you very much. Sure. So on the first part, the competitive environment, I would say, among onliners, given a broadly improved inventory position, need for discounting, and hence, also promotional intensity has somewhat declined versus Q3 last year. So that's, I think, a positive. At the same time, we're also seeing continued pressure from new entrants, like Asian players, for example, which are relatively aggressive on price, and that on the other hand, I think, drives up competition a bit also in online marketing channels. Net, net, I would say neutral, so nothing that really stands out, at least in the online world. In terms of seasonality, so the second question, our expectation would be that EBITDA margin turns to slightly negative territory again now in Q4, which is the seasonal pattern now with the end of season sale in our financial Q4. However, this will be of low impact, so only slightly negative, and hence we continue to be very bullish on achieving our breakeven guidance for the full year. Understood. Thank you. There are no further questions at this time, and I hand back to Frank for closing comments. Let me close our presentation by saying thank you for your support and for joining us today on our conference call for Q3 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 the upcoming virtual roadshow and conferences. Have a good day. Bye-bye. Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you very much for joining, and have a pleasant day. Goodbye.