growth rates in September and continued good trading in October. On the back of our strong year-to-date EBITDA performance, we raised our Adjusted EBITDA guidance to a range of EUR 15-EUR 35 million in FY 2024/25. The range already reflects a step up in marketing investments in H2, which should support a further acceleration in top line growth, paving our way to get back to double-digit growth rates in FY 2025-2026. For FY 2024- 2025, we are narrowing our top line guidance to a range of 1%-7% year on year. This reflects, on the one hand, relatively moderate growth actions in H1, and on the other hand, strong current trading patterns and an expected acceleration in growth in H2. Let's dive into our business update section on Slide 5, starting with the ABOUT YOU Fashion Circus. This event took place in July during the Berlin Fashion Week in cooperation with Circus-Theater Roncalli. 10 brand shows were presented in the circus tent, combining fashion and art, as well as spectacular performances with acrobatics and magic. 1,300 guests attended on-site, including numerous brand executives, content creators, and celebrities. Most importantly, the event generated a reach of around 67 million via the digital channels of ABOUT YOU and a potential 334 million contacts via media. This made the Fashion Circus another great success in creating phygital experiences around the ABOUT YOU brand. Let's discuss active and new customer metrics on Slide 6. Our stepped-up investments in brand and performance marketing are clearly paying off, as the number of active customers, as well as the number of new customers, returned to growth in the last quarter. Let's start on the left-hand side of this chart, where we are comparing our rolling last twelve-month customer metrics in a quarter-over-quarter view that is LTM per Q2 versus Q1 2024, 2025. For total active customers, we have seen an increase of 1.3% quarter over quarter, and LTM new customers increased by 0.8%. On the right-hand side of this chart, we are showing the same metrics in the last three-month view, comparing Q2 2024, 2025 versus Q2 2023, 2024. Here, total active customers increased by 4.4% and new customers by 3.2% year on year. That means that our customer numbers are growing healthily again, and that growth has accelerated more recently. There are good news on our strategic growth initiatives to further fuel growth in the future. To double-click on the operating model extension on Slide 7, which we pre-announced with the full year release. As a quick reminder, we want to enable partners to sell directly to our ABOUT YOU customers in a typical marketplace operating model. Made strong progress over the last quarters, and we are now ready to roll out in H2. We have established a dedicated legal entity, SCAYLE Payments, employing around fifty payment experts already today, which are ready to handle online payments on the ABOUT YOU platform and beyond. Around SCAYLE Payments, we have successfully established the regulatory framework to enable marketplace payments on ABOUT YOU, including a license granted by the Federal Financial Supervisory Authority. Our self-developed technical infrastructure is ready to SCAYLE to thousands of new sellers on the ABOUT YOU platform, and we have developed a new seller center and API to ease onboarding and operations for these sellers. Some screenshots on the left-hand side should give you a first impression of this newly developing seller ecosystem. Lastly, we have a large number of new partners already lined up to be onboarded to the new marketplace model. These range from top-tier brands over mid-sized merchants to smaller manufacturers. We are convinced that this operating model extension will substantially support future growth in GMV and contributions. However, unlike for our current 1P models, we will recognize only the commission as revenue for marketplace model sales. Potential revenue recognition effects are also reflected in the relatively broad revenue growth range we are guiding for FY 2024-2025. Moving on to SCAYLE on Slide 8, where we can proudly announce that the strong operating performance continued in H1 2024/25. SCAYLE's annual recurring revenues grew by more than 20% year on year, largely driven by the go-live of new enterprise customers. Gross margins on these ARRs remain very high at around 85%. This gives room for investments into product and go-to-market, while sustaining EBITDA margin levels of more than 40%. Not only key financial metrics improved in H1. We've also made further operational progress, reflected in new customer wins in the U.K., Nordics, and Germany. Stay tuned for the coming weeks, where we will announce further exciting new customer wins. We are also proud to report that SCAYLE has been recognized as a leader in the 2024 IDC MarketScape for enterprise headless digital commerce platforms. Among other strengths, IDC highlights SCAYLE's strong understanding of the enterprise B2C landscape, the flexible architecture with modular pre-integrated core services, as well as our extensive feature set and flexible product data model. We're just some snippets of our SCAYLE highlights in H1. More exciting content will be presented at the upcoming SCAYLE event. So let's focus on this for a second. On November 7th, we will host a virtual and standalone event dedicated to SCAYLE. We will dive into SCAYLE's product features, present key financial and operational metrics, and discuss the growth drivers for future success. We will also make sure to leave sufficient time for Q&A. Registration for the event will open soon on our investor relations website. Let's now move on to our financial update, starting with our top line on Page 11. We grew our group revenue by 2.4% in Q2, which is a slight acceleration versus Q1, and corresponds to EUR 450 million in revenue. Let's take a closer look at our segments to understand our top line dynamics. Starting with DACH, where revenue growth accelerated to 8.6% in the second quarter. This growth was largely driven by the German market, which also saw an improvement in consumer sentiment. 2024, 2025 growth in DACH was further supported by an increased marketing spend to grow our customer base. Rest of Europe segment, revenue increased by 0.2% year-on-year. The individual countries and regions showed a relatively wide range of growth rates again. Many of our ROE focus markets were producing strong double-digit growth rates. Total revenue development for the segment was, however, negatively impacted by markets where we are reducing our commitments. This effect should wear off over the next quarters, enabling our ROE segment to get back to more meaningful growth rates. To our TME segment, where revenue declined by 1.5% in the second quarter. Top line performance, however, varied across the different TME divisions. In tech, revenue developed positively, driven by the go live and acquisition of new clients for SCAYLE, resulting in double-digit ARR growth, as discussed in the business update section. In media, revenue returned to growth as brand partners were investing more to increase brand awareness and visibility in the ABOUT YOU ecosystem. Enabling, on the contrary, revenue declined, largely driven by a shift towards higher margin B2B revenue streams. Let's now move on to page twelve, where we see our customer engagement metrics for the commerce segments. Our active customer base declined slightly by 1.4% year-on-year, to EUR 12.4 million in the last twelve months. But as discussed in the business update section, active and new customer numbers returned to growth quarter over quarter. And we are confident that we will now enter into a new phase of sustainable customer growth following the normalization over the last twelve months. The LTM average order frequency was relatively muted at 3.1 transactions per active customer. This can be attributed to many measures introduced to increase the profitability of existing customers. The average order value increased sharply by 5.6% year-on-year to EUR 58.8 over the last twelve months. This increase is largely due to our unit economics measures, as well as higher RRPs and lower discount levels. With that, let's move on to our bottom line on Page 30. Group Adjusted EBITDA shows a strong margin improvement of two hundred and forty basis points versus Q2 last year, as depicted on the left-hand side of this chart. For the H1, total EBITDA improvements have grown to more than EUR 20 million year-on-year. With this, let's move on to segment profitability. In our DACH business, the Adjusted EBITDA margin declined to 0.5% in Q2 this year. The decrease was the result of higher marketing investments in events, media, and performance marketing. This overcompensated the positive effects from a higher gross margin due to lower promotional intensity. Moving on to our ROE segment, where we increased our Adjusted EBITDA margin significantly by 480 basis points year-on-year. Improvement in the EBITDA margin was driven by lower clearance activity, measures introduced to improve economics, as well as the non-recurrence of one-time costs related to the rollout of the European distribution network. Our TME business, the Adjusted EBITDA margin remained relatively flat on a high level of 22.9% in Q2. That is, as a higher share of high-margin B2B revenues compensates the step-up in growth investments, particularly into SCAYLE. Let's now move on to page 14 and take a closer look at the key cost lines of the group. Starting with the gross margin, which increased by 280 basis points from a relatively low base in Q2 last year, reaching 37.9% in Q2 2024, 2025. Positive revenue mix effects with an increasing share of high-margin tech revenues, a significantly improved inventory position, combined with more effective discounting logics and a lower promotional intensity in the fashion industry more broadly, were the main drivers for the gross margin increase. Next, our fulfillment cost ratio, which declined by 70 basis points to 23.1% in Q2. The decrease was primarily attributable to unit economics measures, productivity improvements, and further optimizations in the logistics network. Let's move on to our marketing costs, which increased by 210 basis points to 11.1% in Q2 2024/25. The uptick was planned and partly driven by events such as the ABOUT YOU Fashion Week or the ABOUT YOU Pangea Festival, as well as new celebrity brand drops. This is in line with the strategic decision to increase marketing investments to drive brand awareness and growth. Selective adjustments and marketing steering models to support new customer acquisition further contributed to the increase in marketing costs. Lastly, our admin and other cost ratio declined by 90 basis points to 4.3%. The decline is largely due to operating leverage as well as strict operating cost control. All these factors combined, resulted in the increase of our group-Adjusted EBITDA margin by 240 basis points to a negative 0.5% margin in Q2 2024/25. Let's now take a look at our cash flow drivers on Page 15 net working capital is at a negative EUR 50 million at the end of Q2 2024-2025. A decline of around EUR 90 million versus last year, which largely arises from a further reduction in own stock inventories and the optimization of payables through improved payment terms. CapEx amounted to EUR 10.7 million in Q2, which is EUR 1.5 million below last year levels. Areas of investment were in software and IT infrastructure, as well as in influencer brands and incubators. Moving on to our cash position on page 16. Let us first look at our operating cash flow, which is at a negative EUR 21 million in Q2. This development is largely seasonal, as it arises from the EBITDA and working capital dynamics at the end of the spring/summer season. CapEx translates into investing cash flow, and our IFRS free cash flow is hence at a negative EUR 32 million in Q2. Free cash flow is, however, clearly positive in H1, up almost EUR 50 million year-on-year. Our financing cash flow at a negative EUR 70 million in Q2, largely driven by payment for leasing agreements. We ended the quarter with cash and equivalents of EUR 146 million, which is around the prior year level. We had our credit lines of around EUR 100 million remain undrawn, and we've also lowered the utilization of working capital financing lines. Thus, we remain very comfortable with our current liquidity position. Let's now move on to the final section of this presentation, the financial outlook. Let's start with top line, where we are narrowing our guidance today to a 1%-7% growth range in FY 2024-2025. The function of, on the one hand, moderate top line growth in our H1 actuals, as well as potential revenue recognition effects from the operating models in H2, as discussed in the business update section. On the other hand, we had a very good start into the fall/winter season, with strong double-digit growth rates in September and continued good trading in October. We remain very confident that the planned step up in growth investments will further contribute to a sustainable acceleration growth in H2. This is a good transition to our Adjusted EBITDA guidance, which we are raising today on the back of strong year-over-year improvements in H1. For the full year, we are expecting an Adjusted EBITDA between EUR 15-EUR 35 million EUR versus EUR 10-EUR 30 million previously. This raised guidance still gives us enough flexibility to execute the discussed step up in investments in H2, going into growth initiatives for SCAYLE, as well as marketing for the commerce business. For financial Q3, we continue to expect a year-over-year improvement in both revenue and Adjusted EBITDA. Comparison versus last year's Q3 may, however, be skewed, as the revenues from the Black Friday weekend will effectively be recognized in December under IFRS, due to the timing of the event at the very end of November this year. For our financial Q4 in turn, this should mean a potential upside versus last year. If we move on to CapEx and net working capital, well, our full year guidance remains unchanged. CapEx is expected to be around EUR 30-EUR 50 million in FY 2024-2025, and net working capital is expected to remain in negative territory. Let me close my Q2 presentation by saying that I'm really happy with the strategic progress we are making. Active and new customers are returning to growth. We expect further near-term upsides from our strategic growth initiative. SCAYLE continues its great performance, and our strong group availability improvements give room for a step up in investments, laying the foundation to return to double-digit growth next year. I look forward to answering your questions. Moderator, handing it back to you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only headsets while asking a question. Anyone who has a question may press star and one at this time. Our first question comes from Nizla Naizer and Deutsche Bank. Please go ahead. Great. I hope you can hear me. Thanks, Hannes, for that presentation. Just had a quick question on the macro environment that you're witnessing in Germany and in Europe. You know, we're not hearing the most optimistic news. Is that affecting the business at all? Could you give us some color on how you're managing that? That would be great. And you did mention double-digit growth in September and that that should taper off. So it's fair to assume that there won't be a double-digit kind of growth momentum for the full quarter. Some color there would be great. And secondly, on EBITDA, you mentioned seasonality in the business before, and Q3's better margin quarter, you mentioned that as well. So could we assume that absolute EBITDA in Q3 could be even higher than maybe what you reported in Q1? Some color there would be great. And maybe lastly, on Rest of Europe, clearly not the growth that we wanted to see, but it sounds like you're prioritizing some markets over others. What are your most successful markets in that ROE business, and could that segment also return to positive margin territory in Q3? Thank you. Yeah, thanks for the questions, Nizla. Let's start with the macro environment. I mean, what we see in our trading currently is definitely positive development. What we are seeing is favorable weather patterns that basically offset maybe some of these macro dynamics. We are also seeing a slightly lower competitive intensity in some areas. And of course, we are also facing some soft comps from last year. And I think all this together, combined with the strong execution of our growth initiatives, ultimately currently leads to very strong trading momentum, which definitely more than offsets maybe some bad news on the macro side. And then the next one, on the growth outlook for the financial Q3 quarter to date, we've definitely grown in double-digit territory, so that's definitely clear positive. Now we're facing relatively tough comps in November with a very strong Black Friday season in the last financial year. And also, as discussed in the presentation, there will be some revenue shift effect because of the timing of the Black Friday weekend, very late in the quarter this year, so part of these revenues are going to be shifted into the Q4. So we definitely expect growth for the Q3, but probably not in a double-digit range. Then lastly, total EBITDA for the Q3, yes, given seasonality patterns, we would expect this to be also slightly above the EBITDA seen in the financial Q1, and also probably slightly above the Q3 EBITDA from the last financial year. Last question on ROE, we are super positive currently on the Benelux markets, for example. We are also happy with some of our big CE markets in terms of current developments that drive both revenue and also contributions. Then there are some markets where we are reducing our commitments. Part of these have already been called out in previous earnings calls, like for example, Spain is a candidate that we are not really focusing on, similar for Norway as an example. Net net, we believe we're on a very good trajectory to also get to a positive Adjusted EBITDA in the ROE segment as a whole. Whether this will already be the case in the Q3, this is actually too early to tell. Very helpful. Thank you. Our next question comes from Benjamin Kohnke in Stifel. Please go ahead. Good morning, Hannes. Good morning, Frank. Thanks for taking my question as well. Let me maybe follow up on that, let's say, revenue guidance question. So you mentioned the sort of launch of the new marketplace model, so to speak, and could you just give an indication what sort of magnitude of lower revenues we could think of here as you're shifting from, I guess, wholesale to marketplace? And then the second question would be around your EBITDA guidance. I appreciate that you increased it with today's numbers. But was just wondering, I mean, the corridor is still very wide and you haven't really changed that. Now, we're through the first half of the year and, I was hoping you could give some more color on what it needs to get you to the upper end of that guidance, and I guess respectively, to the lower end tier, as well, and yeah, that will be it for now. Thank you. Sure. Yeah, thanks for the question. The revenue recognition piece, I mean, we would expect currently a low-to-mid double-digit million amount from these new operating models, not recognized as revenue. And this then translates into a growth effect for the full year in a definitely low single-digit range. And this is then also factored into the guidance, and as said, partly also explains this relatively broad range in revenue, because on top of the trading dynamics, we also factor in some uncertainty on these amounts of the revenue recognition. And on the Adjusted EBITDA guidance, yeah, I think that's a totally fair question. I mean, for us, currently, we're looking at a very strong development, which would have also given room for a more progressive guidance or a narrow guidance, and more likely to the upper end, but as also discussed in the call, we want to use part of this flexibility to increase investments in both commerce and also in SCAYLE and the magnitude of this investment or these investments then also explains to a large extent where we end up in the upper or lower end of the EBITDA guidance range, but now I would agree that this seems broad and also fairly conservative, but as said, we're comfortable with this at the moment because it gives us flex in exploiting growth opportunities. Understood. Thank you very much. Can I just quickly follow up on that last point you made? If I'm not mistaken, you kind of... So at the time of the full year release, you guided for or you indicated EUR 30-EUR 40 million in incremental marketing and I think around EUR 10 million for SCAYLE. Can you maybe just say or give an indication how much of that growth budget, if that's the right term, has already been used in the first half? I would say broadly, half for both of these buckets, but now, especially for commerce, given the current market momentum and also the increased customer lifetime value projections that we see, we will probably move more like towards the higher end of this range or even above. That is also a function of how customer value or customer lifetime value projections are going to develop over the next months. And this then is also the discussed step up in investment in the call, that we think we will end up more at the higher end of this range or even above. Thank you, Hannes. Our next question comes from Yashraj Rajani in UBS. Please go ahead. Thank you so much for taking my questions. So mainly two from me, please. The first one is, you know, just to follow up on the double digit percent number that you've given us, like, can you give us some more color into what that actually is? So is that sort of on the lower end of the double digit range? Is that sort of mid-teens, high teens? If you can help us think about that, that would be really helpful, and then the second question is on gross margin, so you know, I appreciate very strong performance in Q2, but equally, that does come on the back of some very easy comps. So based on what you're seeing in September, and you know, probably early October, how should we think about gross margins for the second half, especially given we are coming up against you know, slightly more elevated comps from last year? Thank you. Yeah, thanks for the question. So on the growth in September, that was in a mid-teens corridor. This is also, I think, a corridor which we are happy with at the moment. Then on the gross margin in H2, we would expect a further improvement also here, but probably not in similar magnitude as what we've seen in the H1, given to your point that the comps are not as soft anymore. We, however, also see a continued improvement in the inventory position. We continue to see very good trading momentum, so we are positive to also achieve further gross margin improvements in H2. Super clear. Thank you. Our next question comes from Georgina Johanan and JP Morgan. Please go ahead. Hi. Yeah, just a few from me, please. First of all, just in terms of the Black Friday impact, thank you for reminding us of that in the upcoming quarter. Is it possible just to get a kind of better understanding of the magnitude? I would have thought it'd be something like 3%-4% for the quarter, but any clarification there would be helpful, please. And then the second question, in terms of the benefit to the gross margin from the mix effect, of course, the high margin recurring revenues in SCAYLE and so on, is it possible just to clarify how much of that gross margin improvement is coming from that mix benefit, please? And then finally, you mentioned lower competitive intensity across the market. Is that a sort of a very broad comment because in general, inventories are less elevated than they were last year? Or are you seeing sort of specific players perhaps changing their behavior, please? Thank you. Yeah, sure. Let's start with the Black Friday question. What we would expect here is an effect of low to mid double digit million revenues being shifted into Q4. This means the incremental revenues that we usually see from a Black Friday weekend. This is then in a low to mid double digit million corridor being shifted and hence also growth impact for the Q3 is probably in a similar corridor as you just called out. Then on the gross margins, yeah, it's largely driven by commerce, so we're definitely seeing an incremental positive effect from B2B. But the key driver, at least for Q2, was the much healthier inventory position that we have, less need for clearance and has driven by improved gross margin from the B2C businesses, and then lastly, on the competitive intensity piece, I think it's both ultimately, so the improved inventory position of the industry more broadly, leading to less discounting pressure. Also, of course, the February weather patterns that we see right now are somewhat reducing competitive intensity versus last year, but also we see CPCs, for example, gradually coming down, which also relates to some of the players in the market being less aggressive. So, it's not just inventory and weather, I think this is also, to a certain extent, the behavior that we can observe from some of the competitors. Sorry, may I just ask two quick follow-ups to that? Just clarifications, please. Sure, sure. Just, when you... Sorry, I don't think I quite heard you. You said what's coming down? Were you referring to something in marketing costs coming down? Yeah. CPC is cost, so basically cost of, to acquire traffic are slowly, slightly coming down. Got you. Thank you, and just coming back to this Black Friday point, and sorry if you'd mentioned that beforehand, I’d actually misheard. I thought you were talking about something else. When you're saying a low to mid double digit revenue shift, are you saying it could be as much as EUR 50 million? Yeah. So- Probably not EUR 50 million, but rather in the towards the midpoint of this range, so something around probably EUR 20-EUR 30 million that is being shifted, and this would then be the incremental revenues, because, of course not, also there's remaining revenues from the days at the beginning of the quarter. So the incremental revenues we would expect to be in a range of EUR 20-EUR 30 million. Okay. And I very much understand that, of course, it's just accounting. It's just, you know, Q4 versus Q3. It sort of doesn't matter in the grand scheme of things, but, I mean, that could be as much as 5%, so you're still assuming that you can achieve revenue growth in Q3, even accounting for that situation? Yeah, true. So from an accounting perspective, in IFRS, the Black Friday weekend revenues are going to be recognized largely in Q4, because in order to recognize these as revenue, the goods have effectively to be delivered to the customer. And in our segment management account view, this is being recognized upon order, so there, a large extent of the revenues will be visible still in the Q3. So when you said you expect to see revenue growth for Q3, you meant from a management account perspective, not necessarily what we will see in the numbers? We meant from an IFRS perspective. So we believe that the quarter-to-date strong trading patterns and the outlook that we now have into the remaining half of the quarter will compensate the negative effect in IFRS from a shift of the revenues into Q4, so that we still believe we will be able to grow also in IFRS in Q3. Thank you so much for clarifying. Really appreciate that. Thank you. As a reminder, if you wish to register for a question, you may press star and one. Our next question comes from Sarah Roberts at Barclays. Please go ahead. Hi, good morning. Thank you for taking my question. So just a couple from me. Firstly, you narrowed revenue guidance to 1%-7% for the full year, but you still remain confident in 2025, 2026 returning to double-digit growth. Just curious if you could provide some color on what gives you that confidence, especially if the second half remains into the kind of low single digit range, and you might see a bit of a headwind from kind of the new revenue recognition? And then secondly, could you provide a little bit more color on the pipeline you're seeing for the marketplace model that you're launching in the second half? Are these mainly brands that you already sell wholesale on your website, or are these kind of new vendor opportunities that could offer an expansion in the product selection? Just finally, can you just clarify on the competition point on the last question, and you're seeing lower marketing intensity from other players, is this kind of broadly across the group to be the case, or are there specific regions where competitive intensity is higher or lower? Thanks very much. Yeah, sure. Thanks for the questions. Let's start with the one on guidance and our confidence to get back to double-digit growth range in 2025, 2026. So that's on the one hand side, driven by the expectation of a further improvement in the market environment, meaning more support, more tailwind from channel shift, gradual further improvement in consumer sentiment, a continuation of the moderate slowdown and competitive intensity that we're seeing at the moment. So basically, external factors. And then on top of this, the successful execution of our growth initiatives for commerce, mostly around assortment extension, around engagement drivers, and also, of course, the market model dynamics that we've discussed. And then lastly, we are also already executing the step up in marketing investments, so investing more into the ABOUT YOU brand, into the ABOUT YOU brand equity. We're seeing higher customer lifetime value projections, which gives room for a step up in customer acquisition costs to acquire more new customers. This is also visible in the turnaround of the customer metrics that we've discussed in the business update section. And all these combined makes us confident to get back to these double-digit growth rates in 2025, 2026. And you may have noted that the upper end of our guidance for the full year actually also already implies the possibility of a double-digit revenue growth in the H2. So we are not only bullish on 2025, 2026, but we also remain bullish, of course, on the H2 2024, 2025. Then secondly, on the marketplace model piece, it's a mix actually. So there are some also larger brands that we currently operate in a wholesale or also in an existing three-tier model, which we plan to migrate to the new marketplace model, from which we expect also an extension in the range that these brands are offering us. We expect positive dynamics also in media spend and so on. But from these types of costs, there will be some sort of cannibalization to existing revenues and hence also like-for-like revenue recognition effects. And then there's another bucket of new partners that we can onboard to this new model, and from this, we will really expect an incremental a range extension and also incremental revenues, incremental customer inflows. So it's really a mix of shifts and new partners. And then lastly, on the competitive situation, I think that one related to the regions in which we see a slowdown. I would say currently for us, that's observable in our core markets, so in the DACH region, for example, also in Western markets like in Benelux, for example, not so much in the Eastern territories, where competition definitely remains intense. So it's not across the board, but I would say mostly in more mature and Western markets. Got it. That's really helpful. Thank you. Ladies and gentlemen, this was our last question. I hand back over to Frank Böhme for any closing remarks. Let me close our presentation by saying thank you for your support and for joining us today on our conference call for Q2 2024, 2025. 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 and the upcoming SCAYLE event. Have a good day. Bye-bye.