Now I'm introducing today's hosts, Gonta Schulte, member of the Management Board and the CEO and Tatiana Nagla, member of the Management Board and the CFO. The floor is yours. Thank you very much, and, good day, everybody. It's always a pleasure to host the webinar, for our investors. And today, we are gonna cover, 2025 results and then also what's what's to be expected in the upcoming, period of 2025. So as usual, we have also, some legal disclaimers. For the sake of time, I will skip those through. But just for for the rules, then we keep them in the presentation. So for today, presenting, will be myself, Bonta Schulpe, and, and what we will cover. So we will talk about main events which have shaped, 2025 and then also beyond 2025. First half, we will go into more details about key numbers and even in more details what, what contributed to those numbers and what does it mean for company, and our results expected results. And then also covering in, in a bit more detail than maybe usual than what's anticipation ahead of, second half of the year in terms of key activities, both, related to growth and then also efficiency. As usual, full management reports can be found under our investors section on madrecosmetics.com or under Nasdaq Madre Cosmetics section. So we'll proceed. So 2025, first half. In one phrase, it can be characterized as really active, high speed phase of multiple test projects to test per our verticals for future growth. And I think this has been already some works preplanned in 2024. Some of those projects spurred the outcome of 2024 strategic sections and some formed early beginning of this year, but definitely has been very, very active in terms of testing and making sure that we have future growth verticals. Here on this slide, maybe I'm more sharing those really, a couple of which we are very, very proud of. Of course, we will cover then fuller scope, because, you know, in real life, pilot projects or test projects usually mean some of some are successful, some are less. Nevertheless, than covering the key of those. So first of all, what gave us really, confidence of future growth is that already last year, we started, scaling Amazon channel. And, this year, it's proved really to materialize in substantial growth. So we doubled Amazon in the first half, compared to the year ago, and it's already becoming a substantial, substantial channel for Mandela. And the the other channel that we started fresh new scaling, that was already, we started in q one, this year, and, this is TikTok. And this is a completely new territory for Mandela. TikTok, to be specific, in UK because TikTok niche market is a different channel per se. I may say that, because setup is is is country specific. So we launched our first TikTok shop in q one, which we already reported with the q q one results, and I'm very happy to share that also this completely new channel for Modern, we have managed to quarter on quarter double, and we see it as a substantial future growth engine. Next, it's a very important project that already have been started, last year, but then execution started fully the first half of this year is transitioning to Shopify. So for those who might not know, Shopify is a platform or environment in which ecommerce shops are operated and held. So until now, Mandera has been for many years on a platform called Magento, which, yes, is highly, adoptable for individual needs, but then it's also, less efficient and more resource heavy. So, ecommerce, that Yana will also cover, it's already close to 40% of our, revenue share. So moving to Shopify, which is more agile, flexible, efficient, and then also user friendly environment, it's really pivotal for us entering the new phase and accelerating, ecommerce. Next, two points are related to strategic decision also last year because we have been gradually building these team team capabilities and bringing in external resources in. It's reshaping our retail footprint and reshaping how we think about business to business vertical within mother cosmetics. As you know, business to business is much slower part of the, let's say, ecosystem. For you to understand, to get, deals done in q two, conversations started in November or October. So So it's it's it's a large cycle of, getting to the doors of retailers, nailing the negotiation with them, preparing the materials, going through regulatory if needed, in some specific areas, aligning on patch packaging requirements, establishing marketing plans and animation plans in place, planograms, etcetera, etcetera. So it takes at least, usually, especially for large liter retail chains, six, six months this cycle. Nevertheless, I'm very happy to already share that most of these cases happened in '2, but, except for Mule, which already happened in q four last year. But it has been very intentional decision to move away from fragmented retail presence to more consolidated retail players, which which are growing and which are conregional with pan regional representation, such as Drumi, which is a number one, beauty retailer in, Spain, Nociebert, which is in top five beauty retailers in France, Mueller, which is actually pan regional player He chained for us with the concept stores in Germany, where we started with five stores in q four last year, and we managed to scale to more than fixed 50, already in q two. And Mueller is one of those players which is playing, across the region, so not only Germany, but we already, in q two, entered in Switzerland and Austria. And then Oh My Cream, which is a specialized high end UP chain, and more of the shop influencer in France and UK, and Dozh, which is a Polish parapharmacy chain, which is also unlocking for us the big market of Poland. Another big event this year, and I think it's rooted in the DNA of Madeira to really walk the talk in terms of how we act and how we behave as a producer, as employer, as a cooperation partner, was to get a B Corp certification. So until now, we have been very lucky looking in terms of, our certification certification when it comes to products so that our formulas are clean, that our ingredients are ethically sourced, and that they're biologically obtained sorry, organically obtained, etcetera, and that they do not harm neither, users nor planets, then B Corp certification is a a big step forward. So this is actually a holistic certification throughout our value chain, making sure that, that we want the top also with our suppliers, with the the environment around us, with our employees, with our collaboration partners, with our consumers, and also making sure that we, produce ethical products. So very, very proud of it, and we are the second company in Latvia to obtain B Corp certification. Kala Coffee was the first one. And last but not least, and I think it's always, nice if you get, if you get unpaid, and positive feedback about what you do. And, this has been also a case of Mandela. The previous, unpaid feedback we got was a couple of years ago from. Then this year, in first half, we actually got fantastic reviews and positive mentions without any collaboration, from two, world level, influencers. One is the name Guy who is a very active US based TikTok influencer with more than 3,000,000 followers, and the other one just showing on the on the picture was mentioned on on positive feedback on our SPF product by Emma McKay, which is Golden Globe nominated actress for a Barbie movie and also sex education. So, these are, let's say, key highlights that really gave us a sense of pride and a sense of joy, of entering 2025 and, giving confidence of how we move forward. So now on, we will, more go into key numbers. As I mentioned, there are also topics where we had, let's say, more tough learning learning lessons, and Tatiana will cover overall results part, and then we will go more into details how these results were formed overall. Thank you, Gunther. Hello, dear shareholders. So, yes, I will guide you through our key financial results and also different statistics. So let's start with the key numbers. Our revenue in the first half of the year was €11,370,000, which is plus 9% in comparison to the same period last year if we take like for like data. If we take numbers as is, then the growth was a bit above 1%. But here, I would like to elaborate more why we see it important to look at like for like data, which in simple terms is that we compare apples to apples. So, basically, just to remind you that the last year, we had two very important, and I would say also, onetime transactions. First one was sale of Mosa brand in the first half of the year to Transmedy. And second transaction was divestiture of Cosmetics Nord, which possesses selfname.com business. So we still continue manufacturing products to these brands, and we see growth in volume. But we should acknowledge that the new pricing principles are different if we look at the group level. So here, for revenue to really be comparative, we made two adjustments in 2024 base, where first one was related to MOSSA. We recalculated MOSA according to contract manufacturing prices for the months prior the brand sale transaction took place because we have to understand that even if the same volume is sold, the new prices are lower. So we see that revenue is also lower. But, objectively, it's only because of of the deal and what were the terms parties agreed on. So first one was, which we recalculated for the first four months of the year. And the second important adjustment was related to self named or cosmetics node, where markup was excluded from the group consolidated results. And then here, just to explain it in simple words again, then in case of self named if before Madara Cosmetics sold one unit or €1 to Cosmetics Nord, And later, Cosmetics Nord sold this unit to end customer for €5. We reported group result for €5, consolidated group result. And then after the transaction took place, we don't look at these companies as a group. We look at the stand alone result. So in this particular example, our stand alone result would be this €1. So I hope I made it super, super clear. So, basically, first one was mostly recalculated, and second one was excluding self named markup from from the base, and then then we see how we really increased. So this is regarding revenue. Now when it comes to profitability, and here, key ratios, what we focus on are EBITDA EBITDA margin and, profit. So our EBITDA was €759,000, which is a decrease of 60% compared to, last year. And here again, for the following profitability ratios, we have excluded these onetime deals. So, again, just to remind, last year, we sold MoSA. Revenue was €4,000,000, and the related costs were a bit above 100,000. So we have excluded these from the base for numbers to be, really comparable with the the core business of the company. So, getting back to profit profitability numbers. So, yes, our EBITDA was lower than in the same period last year. Our EBITDA margin was 7%, which is also a decrease of four percentage points. And the pretax profit was 284,000,000, which is around 38% decrease. And here's very important information, and I want to go elaborate more in-depth, but I will just briefly give explanation in some two two key numbers, actually. In first half of this year, we took higher risk and tested new pilot projects for us where we saw higher also gain potential. And the impact of these pilot projects on profitability was around three percentage points from net revenue, which was over €300,000, which we invested in these pilot projects. And, also, what is important to mention here that although I call it investment, these costs were reported as period expenses, so they had an immediate impact on profitability. But Gonta will explain more in detail on pilot projects, and I will tell you more about geographies. So how we did in terms of revenue split by big regions. So, actually, there are no fundamental changes. Latvia is still the biggest market for Madera, and the majority of our sales are still generated in the European Union. Maybe what you see on pie charts that the share of Latvia has increased by nine percentage points. So this is also related to divestiture of Cosmetics Nord or selfname.com. And here, I hope that my example was super, super clear. But if prior to that, we looked at group results and sales were split by regions where they happened, then now as self named is not in our group, all sales to self named are reported under sales to Latvia where the company is still established. So this is the biggest shift. But if we look at Madera brands specifically, then what we see? And we see that the three largest markets for Madera are growing. If we look at export markets, then Germany and France are top two. So Germany had a wonderful double digit 2024% revenue growth. In France, we had 7% revenue growth. And then in Latvia, which is a key market, the biggest market here, our growth was 13%. This is for for the mother brand. And, of course, life is life, and not everything is happening as you expect. So there were some markets including Finland, which is also an important a very big market, which experienced stagnation. So Finland is one. I can also mention the The Netherlands or Belgium, where where we saw sales are declining. So overall, it impacted our revenue growth. But I am really proud that in key markets, which we have defined as key, we were able to achieve just double digit growth. Then if we look at product categories, so here, we are still paying most of our attention on innovation in face care products, in antiaging products, and makeup. So these are our largest largest categories, and we don't expect any changes in the near future in this category split. And here, we did quite a lot of innovative work. And in the first half of the year, we launched 17 new products. And already during this period, they generated €800,000 in turnover. And one of of the innovations SPF 50 sunscreen stick actually became the best selling product in Spain in the second quarter of this year, which we are really proud of. And just to give you more information on what are the launches of the first half of the of the year, then we launched h pro line, which has five products. Then we launched already a product mentioned by me, this SPF sunscreen stick. Then we had five shades of h two o tinting settle. And then we continue to innovate in pressed powder segment where we launched mineral bronzer, and we also entered completely new product category for us, which is pencils. So we launched two eye pencils and two brow pencils. And also for these new categories, we are already receiving very good market feedback. And last slide from my side regarding the channel split. And here, as Wont already mentioned, direct ecommerce is making quite a big part of our revenue, and it is almost 40%, but not yet. Nonetheless, what we see is growth, and our direct ecommerce share increased by three percentage points in comparison to same period last year. And, from now on, we will report also, on Amazon and TikTok, which are channels also directly operated by, our own teams. So direct e commerce in total increased by three percentage points. If we look at our Madera e store, then here, also two important statistics. So first one is that we continued investing money in attracting new users and building brand awareness. So what we see is that our new customer share was quite stable and actually with two percentage point increase. So this is a very important segment, and we will continue focusing on building brand awareness and attracting new customers. And, also, eStore in total increased by 7% in revenue. And here, again, if we look at specific countries, Germany reported over 20% increase. And then if you look at report, we also reported more details, statistics on some markets. And here, again, some markets operated with not growth, but they decreased. As a result, our total is 7%. But if we look at our focus countries, then growth is much higher. And then another segment which is important and where we have established dedicated team is Amazon. And for Amazon, we saw and we achieved over 100% turnover growth, which we're also really proud about. And last information here from my side is that we were very happy and also surprised on how our experiments resulted in Spain because what we achieved in Spain was, in my opinion, two amazing results. We achieved over 300% revenue growth as a result of which Spain joined the top five largest Mother e stores. So we will continue working with this market. And now I give word to Gonta who will guide you through our key pillars for the growth. Yeah. To continue maybe more and explaining more, why so many experiments and why so many, pilot projects in which had worked and which we let's call them, take as a learning lessons for the future. But I think, nonetheless, all of this is giving us a confidence that we are moving the right direction, and, this has been a really worthwhile investment towards future growth, but then also realizing where we have to build on in terms of efficiencies and improving EBITDA. So first of all, when we come, through through strategic lens, how we have refocused, I would say, over the last already year and a half is that we have established two very centric pillars through which we see growth will come. So first of all, Madeira is ecommerce centric brand, and this is how we see it. And beyond that, we see Madera Cosmetics is ecommerce centric company. So I will explain it why I talk about brands and why I talk about company. And then the second second, let's say, this big pillar is having omnichannel strategy than both ecommerce joining physical retail, which, again, yes, there are purely ecommerce brands that are building without physical retail, but we believe in in terms of building long lasting brand awareness, brand loyalty, but then also product experience, physical retail is very, very, very crucial. So that's why we have also reshaped how we approach this reach retail footprint. So coming on the first pillar on this ecommerce centric growth. So how do we view it, and why do we talk about new user acquisition so much? And it stems from one single data points. There is a much more underneath that than just to give an understanding and logic. Mother has way above market average or industry average retention rate. What is retention rate? So this is the percentage how many of first time users or first time shoppers come back with the second purchase. So if in average on the industry, every fourth customer that has tried the bread comes back to you, then in Madera, we see average is, by 6% points points higher. In some of the key markets, we see this number actually approaching 40%. So what does it mean? It gives us a very high confidence that we have higher than average loyalty base for our customers customer customers, but it also helps us understand how we build these metrics and models of how much we are willing to pay for and we call it user acquisition or what's the cost of acquisition of a new user so that we know that one third of them on average is gonna come back on the second purchase. And this is very important on setting how much we can invest to get this one user in, knowing that the payback is coming around nine nine months period. Because the second purchase, it it depends, but it's from the window of two to five months. So how we look at it from this lens? So new user acquisition, which means it's crucial for us to get repeated purchases because we know the repeated purchases are gonna come. So first of all, we have markets that we have identified, and we call them as win where we are markets. And those are these key strategic markets where we already have, last year, unlocked the model and unlocked the, which is very important, economics of this. So we know that this new user acquisition is profitable for us. So this is very, very important and profitable within financial year period because even though consumers don't care about financial, reported periods, we do. So this is also important how we landed into, January to December time span. So where it gives me a confidence and, really, a very positive expectations towards also upcoming quarters. So we have seen quarter over quarter already from last year than q one and then q two repeatedly that we have high double digit growth, in those markets, those, let's say, core or existing markets, in new user acquisition. And here in those core markets that we have defined, which is Latvia, Denmark, sorry, Germany, Estonia, and France, we have experienced in ecommerce, more than, around six 17% revenue growth, and we have increased the base of new users by around 6,000 new shoppers that are gonna do repeat the purchases in the upcoming periods. So this is first layer. The second layer is where the testing starts or these pilot projects start. So there are uncharted territories for us. So there are relatively big markets, which we would like to enter, but we don't know what's the economic of that market. So for first half of the year, we have identified two big markets, which one of them is Spain, and the second one was US, The United States, where we said, okay. We set some investments, aside, and we invest into new user acquisition and see how these metrics line up. So, how much we have to invest and how many of them come back, with the second, third purchase, and where where do we start making profits? So here, we had a win, and, I call it a learning lesson. So already, as Tatiana mentioned, we had fantastic results in Spain, and, we will continue, still investing in Spain in upcoming quarters. And, I expect already 2026, we will speak about Spain. Seeing this positive spillover on other channels in Spain, for retail, we will see Spain appearing already as a core market for us. The second, let's say, bigger test project was in The United States where we did the same, let's say, logic. The numbers and math is different for each of the markets. And here, we saw that in the six month period where we started new user acquisition, we didn't get to a healthy metric. So what does it mean? That in short term, we saw that we can't build economics that is bringing us in six months period in the profitable, let's say, side of the, economics. So we paused US, and we paused until the time when we launched Shopify, and I will come back to it in a in a bit later phase why Shopify is so important. But, this has been one of those pilot projects where we tested. We've had the learning lesson repossed already in June, which means we will not kinda experience this zero profit, or breakeven dilutive, dilutive impact. The next level, even further talking about new user acquisition is, one, is, yes, through our own ecommerce, Madera dos cosmetics.com. But then, like I mentioned, it's very important for us to uncover these new verticals, new growth verticals, and channels where we are not present. And, we call them other direct because, like, again, mentioned for TikTok and Amazon, we have our direct team, and these are our direct channels. It's just third party platforms. But then we have third party player channels like Zalando, Flavconi, Boost, to mention others. And these are also super crucial because how shoppers, work, or how the mindset works, at the end of the day, then consumer, they don't care where they bought the product. It's just that they bought it, and they had a good experience with it. So what we have been also investing and, testing, on the first half of the year was, opening TikTok shop. So I already said that we are very proud that we doubled. Of course, it's absolutely still small, but we saw positive traction. So here we gained the confidence that we are not in breakeven yet, breakeven yet. So still, we are not earning money on TikTok, but we see with continuing aggressively scaling the channel, we will reach to the fact that we absorb fixed cost enough that we start earning with the channel in the upcoming quarters, and that's the expectation towards the end of the year. And then also talking about third, third party channels here, we have close cooperation with those platforms. And then, for example, working with such third party, add ons as we are managing, these, for example, for colony, ad spends, campaigns where we, again, bring a fantastic traction on those third party channels where, again, we get new users. Why I have been returning to Shopify so often? So Shopify is where the efficiency comes in. So up if up up till now, we have been working, working with Magento, which is, yes, highly customizable but less flexible platform. Then Shopify over the last, I will say, already five years has developed into the mega house or mega power for brands to operate their e com stores from. And this is for maybe you to understand. It's it it is a bit like a spinal surgery for the company. Ecommerce is a big part of our business. So whenever we transition from one operating system to another, it is a massive work behind. So we have been preparing for this already from, q four last year. So execution started happening, this year with with first some tests already happening in q three and got full go live in q four. Why we are doing this? Overall, there are two big reasons. One is we will improve efficiency, so in terms of, costs and resources that are attributed. And second, which is also super, super important, is user experience, which is much better on Shopify, much more customizable both on desktop and mobile devices. And this is related to Madera. And why I mentioned Madera and then Madera Cosmetics as a company is that it has been also in the DNA of company to, let's say, test and and do different spin offs outside another brand, and this is something that's, conceptually, we will seek into as a potential to get new users, again, coming back to the new users. And there are certain niches and certain segments where we understand we can't tap in with Madra brand. So this was the sole reason of creating brand love cosmetics with eco centric model of testing these niche concepts. If if just to give an example what niche means, it means, for example, products for age spots for women, for example, on hands or on their on their neck or tail, or this is menopausal, menopausal products for female entering their pre or postmenopausal life experiences. So we tested more than 10 such different concepts, mostly in United States and United Kingdom, mostly based on Shopify and mostly through Meta platform, advertisements. So altogether, we invested in this more than, around €150,000. And this is where we didn't see, let's say, in economic terms giving us a short term payback immediately. Definitely, we acknowledge it has been draining in terms of profitability. So we have paused at the moment these concepts. However, we have gained, quite substantial learning lessons on understanding more of these niche target audiences and niche products, where we also take a learning curve once developing Madera products, and I will come to back come back to it a bit later. And it also gave the team, higher, let's say, knowledge and understanding on Shopify platform, while developing one for Madeira. So what's work what works, what doesn't work, what type of, interfaces work better, what type of pricing models work better. So there is a lot of synergies also developing Shopify, store for Madeira. So this is on the econcentric growth where we, let's say, invested, succeeded, reaching breakevens, or pausing. The other important pillar where we reshaped our strategy was, is physical retail. And here, we have really relooked, at how we approach retail and, physical retail. And if until now, Mother's Growth strategy has been really going through bottom up, fragmented niche, and concept stores, we see this is no longer, how the industry moves. And, also, with our brand, we see we are, setting up ourselves as a challenger to conventional beauty. But where conventionally conventional beauty stands, they don't send small, small niche, let's say, specific boutiques, but they are standing on the mainstream retailer shelves. So we have to be there where the conversation is happening. So what did the last where we started that we will finish this year is, reshaping our approach from country basic to re based to regions, regional teams. This also foresees, team resource revision and reallocation, with the goal line in q four. What does it in more detail entail that we will also automate, our client tiers? So we have we have been working with more than already, it's close to 400 b to b customers. This is already quite a lot. So we also have to start tiering them. So we we will tier the smallest customers to pull automated customer service model. So this means we also have revised what type of key account competencies we need within the company, and we need such competencies that can focus on medium and large customers, no longer on these niche small b to b acquisitions. And this is where I'm very, very happy that, like I mentioned, the cycle is much longer than on b to b. It started already last year, so we had first success cases with and and more coming. And then, yeah, I'm excited to to wait for q three report to to to to bring more news on the table, because retail works in the roughly six month cycle. So first, the negotiation cycles happen usually October, November with listing windows in March till June, and then the second is literally starting now. And last but not least, we have also refocused our team and brought in external competence insights end of last year to help us unlock new geographies. So outside European Union, and this is where, we already stated in our press release, but then also in in in, financial report that, unfortunately, I can't feel the news now, but we have been rigorously working in the background on really entering and unlocking, new territory for Moderna. So this is on how we look at the growth and, why it gives us the confidence of moving, forward that we are working on the right growth pillars that will, bring us positive results in upcoming periods. So if you look further of what's to be expected all the what I just presented in the second half of the year, so, for myself, and Etienne and then whole management team, there are two tasks at the hands. So this is minimal minimal of 1010% growth, to be expected, on full year basis, like for like, still because the first half, is impacting, the result because of moss and self land. So it's a minimal 10% growth, and it's a very high urgency agenda on coming back to sustainable profitability, which is double digit EBITDA margin. So this is what we are looking forward, and this is what is expected, first of all, from, from the team, but then also as a as a commitment towards our investor community that, we need to come back to sustainable double double digit EBITDA margin in the h two. But yeah. So these are two points, but then maybe explaining how we get there in more detail. So if we look at these strategic growth pillars, so first of all, on Econ side, so we will do what we have been doing successfully on those growth mark on those focus markets, so that's not changing. Second layer is, still scaling new markets, so we will more even aggressively scale Spain and then adding new market on the map, which is Italy. The next lever lever is, we have been working closely with TikTok growth team directly. So there's direct counterpart on TikTok side, UK, where our ambition is to actually triple the channel so we come to breakeven point by '4. So this is very, very crucial, which then will give us a confidence in opening new markets for TikTok and then further scaling Amazon. So these are two really important direct channels where we see, the more we grow, the higher is the fixed cost absorption for us and the more profitable these channels become. Then crucial for all of, all of the let's say, the first two points is that we launched Shopify, storefronts across all stores. So we have, I don't wanna lie, more than 10 stores, storefronts, so in different markets. So we have to launch all of those, including b to b, portal, which is serving those small, customers in an automatic way. And then what we are pausing for h two, so which gives us a breathing space in terms of profitability, is pausing those test pilot projects in USA and the Brandlab Cosmetics. If we talk about business to business, then, we, we will finalize this regional team setup implementation by q four. So there are changes happening across how we, look at the competencies within the team and resources that we have. Primarily, we expect to expand the presence. So it means entering in more shops with those partners that I already mentioned, of course, adding new ones on top. But it's very, very crucial that we don't stop the growth journey with Muller, with Drumi, etcetera. So it's very important that we keep investing in those partners that we expand the doors, especially, like I mentioned, that many of them are conregional. And then, so this will be really then starting operating in, new geographies where, again, can't say much at the moment, but then, we'll deliver the news in a couple of months. Going further, how we get to, let's say, positive momentum in h two is the announcement through product lens, further establishing Madera as strong challenger in functional skincare. And here, already, we have launched and it's available, it's cogic alternatives. So already, we have winning formulas of retinal alternative, mesinamide alternative, now cogic alternatives joint. What is very important, we will continue developing our makeup, so further investing into breast powder innovations. So we already, again, have launched on the our web store, so it's not a secret. It's highlighter. And then, not spilling any news at the moment because it's not public yet, but then also further innovation on, foundations. And last but not least, like I mentioned, taking these learning lessons throughout the first half of the year, we have also, we have been working on limited editions, which means testing testing different concepts of products, and, those are coming in q four. And then last but definitely not least, it's coming back to sustainable double digit EBITDA margin, in h two. So, we see we see three major pillars here. So first of all is we have been already starting in May and June revising organizational setup and efficiency. So it's mostly related how we organize sales with this regional setup, I mentioned, but then also our operations team in terms of planning, in terms of procurement and production, etcetera. Second pillar is revising resource allocation that that is beyond core business. So we have taken already managerial decisions where we pause profitability zero point piloting pilot projects, like those I mentioned, like, for example, specific country pilot projects or the branded cosmetics projects, which gives us, quite a large building space in terms of EBITDA. And then it should go without saying, still we put it on the table that also we are doing overall cost revision across the company throughout throughout all p and o lines, revising the revising the needed cost savings so we reach the reach the double digit that that I mentioned. So all in that, this is, this is the last slide of the presentation. And, looking forward myself towards h two and then also 2026, I think it's setting really profound and exciting base both for the team, and then I I also hope for investors looking forward. And we are ready now to answer the questions. Indeed. We're now opening the floor for questions. Please submit them in writing through the q and a window or raise your hand and be unmuted. We will start with the questions submitted prior the call, then we'll prioritize the audio questions. And finally, we'll continue with those submitted in writing. Our first question, are there any products or lines planned to be discontinued from production or launched in the near future? Yeah. We'll take this one question. So product portfolio revision is something that is happening on ongoing basis. And every year, around April, we go, quite thoroughly through all portfolio of, of our products and how we look at our portfolio. So we look it from mostly three angles. So first of all, it's growth. So whether product has growth, what's the absolute contribution of that product, and third is, what's the profitability of the product in terms of, product net margin. And then in some cases, we see there's some market specifics to the product, but that is less maybe important. And then each year, we take a decision which products to discontinue. So just to give a glimpse, and discontinue, it not necessarily means we stop reducing we stop selling that product in the upcoming months. But sometimes we take those decisions with a quite far set loop because we know we have x amount of stock, x amount of ingredients, or x amount of finished product in the warehouse. So sometimes these decisions come, let's say, year one, but then execution happens in year two. So just to understand the scope and implications of it, so, in 2025, we already have discontinued, around 17 products, including those of a couple of sets, vitamin facial oil and others. I will not maybe go into detail. And then we have already announced to the partner partners this year, so it's not confidential news, that we are gonna discontinue another nine, but the sales still continue because there's, like I mentioned, some stock related topics where, of course, it's much better to sell the product than to, write off this packaging or finished product. So altogether, 2025, we are moving 26 products from our portfolio. And then, of course, it comes together with what we are bringing, as new on plate. And like I mentioned, what Tatiana mentioned in the first half of the year, it was it it has been actually very, very active. So we launched 17 new prod products. There are also very exciting news, demands that are out there already on project alternative or highlighter, but more to come in semester two. So it's an ongoing process. Mhmm. Thank you. You have recently announced 120 new shops in Europe. Have you done it yourself or franchise? So when we talk about doors so in English, it's called doors. We enter doors. What does it mean? It means third party. So Madr's strategy is not opening our own shops. Yes. We do four retail stores in Riga, but that's it. So this is this is only where we have our own physical retail. So when it comes, comes to expanding physical retail presence, it's only through third parties or our b to b customers, business to business customers. So those 120 new locations is coming from the partners I mentioned and others. Mhmm. Thank you. I don't see any hands raised. Let's wait a moment to see if any new questions come in through Q and A perhaps. Okay. It seems the information provided has been very explicit. As no further questions have come in, we'll now be concluding the Q and A session. Participants, thank you for joining us today. We'll be looking forward to seeing you in our next event. Thank you, and goodbye. Thank you.