Thank you for holding, and welcome to the Just Eat Takeaway.com Q4 2023 Trading and Update Conference. At this moment, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. I would like to hand over the conference to Mr. Jitse Groen. You can go ahead. Thank you very much, operator. Good morning, everybody, and welcome to this Analyst and Investor Conference Call to discuss the fourth quarter 2023 trading update for Just Eat Takeaway.com. On our corporate website, you can download our press release and the slides for this Analyst and Investor Conference Call. Given we published the trading update only, and the full year results will be published on 20th February, today's presentation will be kept brief, after which we will open the call for your questions. Then Jitse, Jörg Gerbig, and Andrew Kenny are also here to provide answers. Regarding the question and answer session, as a reminder, we will allow one question only from each of the analysts. To manage your expectations, given this is a trading update only, we won't be able to comment on financial metrics for 2023. On the following slide, I will provide more details, but the key messages for today's update are that Northern Europe and the UK and Ireland exited 2023 at the highest ever quarterly GTV level. That group GTV growth in 2023 was in line with guidance, and that the fourth quarter was the best quarter of the year. The 2023 adjusted EBITDA is ahead of guidance and expected to be approximately EUR 320 million. And lastly, that free cash flow was approximately break even in the second half of 2023, in line with guidance. Please follow me to slide 3, where you can see that the Northern Europe and UK and Ireland segments, representing more than 60% of group orders, exited 2023 at the highest ever quarterly GTV level, even including the pandemic period. This all-time high GTV emphasizes the strength of our European businesses. Our Northern Europe segment delivered a solid year-on-year GTV performance, with year-on-year constant currency growth at 4% in the fourth quarter of 2023. We have continued to invest in expanding our delivery network across Northern Europe, enabling us to serve more consumers with a wider choice of partners, including a wide variety of supermarkets, cosmetics, and electronics. This investment strengthens our moats and our platform for the future years. In the UK and Ireland segment, constant currency GTV grew 5% year-on-year in the fourth quarter. GTV, both absolute as well as in relative terms, grew sequentially for the third quarter in a row. While we are able to continue to increase our investments in the UK, this segment is also a key contributor to Adjusted EBITDA growth in the second half of the year, driven by rapidly improving unit economics of our delivery business. Moving to the North America, Southern Europe, and the ANZ segment on slide 4. Both segments continued to face a currency headwind in reported GTV growth in the fourth quarter of 2023, as you can clearly see in the significant difference between reported and constant currency numbers. While the year-on-year growth continued to be negative for both segments, we do see stabilizing GTV for each of the two reporting segments when looking at the quarter-by-quarter development in 2023. As mentioned during our last call, North America will be a key contributor to adjusted EBITDA growth in the second half of the year, driven by improved unit economics on the back of several organizational and operational improvements that we have made at Grubhub. Moving to the next slide. On the left side of the page, you can see that Just Eat Takeaway.com's GTV amounts to EUR 6.8 billion in the fourth quarter of 2023, down 3% in constant currency compared with the same period in 2022. While the year-on-year comparison continues to be impacted, we are excited that in fact, the fourth quarter was the best quarter of the year for GTV, both in absolute as well as in relative terms. This strength is also presented in the graph on the right-hand side of the page. When we exclude the North America segments from the group's results, it becomes clear that 70% of our group orders are back to GTV growth from the third quarter onwards. I'm now on slide 6. Our GTV in 2023 amounted to EUR 26.4 billion, down 4% in constant currency compared with 2022, in line with our guidance. We processed a total of 891 million orders in 2023, with orders growing sequentially in the fourth quarter. We continue to make good progress on operational improvements, primarily stemming from progress in the UK and Ireland and the North America segments, and we are ahead of guidance on profitability. Therefore, we now expect to have generated positive Adjusted EBITDA of approximately EUR 320 million in 2023, compared with previous guidance of approximately EUR 310 million and our original guidance of approximately EUR 225 million at the beginning of this year. On the next slide, we summarize the combined results of the two share buyback programs that were launched in 2023. The first program was initiated in April and completed on 20 September, and we launched a second program in October last year. Up to and including 12 January, we repurchased approximately 14.5 million shares at an average price of EUR 13.72, representing 6.6% of the issued shares. Based on yesterday's closing price of EUR 13.31, the maximum final number of shares to be repurchased under the abovementioned two share buyback programs amounts to approximately 10% of the issued shares. The repurchased shares will be used for settlement under employee incentive plans, or will be canceled to reduce issued share capital to improve future earnings per share. Moving to slide 8, where we show that we have met or exceeded our guidance for 2023. Our constant currency GTV growth was in line with our guidance of approximately -4% year-on-year in 2023. We remain focused on profitability and now expect to deliver a positive adjusted EBITDA of approximately EUR 320 million in 2023, which is ahead of our guidance of approximately EUR 310 million. We have reached a significant milestone of free cash flow to be approximately breakeven in the second half of this year and expect to be positive thereafter. Guidance for 2024 will be provided with the full year results, which will be published on 28 February. I will continue with the wrap-up of this brief presentation on slide 9. We are excited that both our Northern European and UK and Ireland segments have achieved their all-time high quarterly GTV level, showing the strength of our European businesses. Group GTV growth in 2023 was in line with guidance, and the fourth quarter was the best quarter of the year. Our 2023 Adjusted EBITDA is expected to be approximately EUR 320 million ahead of guidance. Our free cash flow was approximately breakeven in the second half of 2023, in line with guidance, and we have achieved a significant milestone with the company now becoming free cash flow positive. To conclude, we are very much looking forward to 2024, and with that operator, I would like to open the call for questions. As a reminder, if you would like to ask a question or make a contribution on today's call, please press star one on your telephone keypad. To withdraw your question, please press star two. We'll take now our first question from Stephanie Shishido from Goldman Sachs. You can go ahead now. Thank you. Yes. Hi. Thank you for taking the questions. I'm just wondering, you know, if you can maybe just go through again the drivers of the better than expected EBITDA. Like, if you can give a bit more color. Is it, you know, the strong progress you're making on North America, and or is it, you know, maybe the UK? And just how we should think about the main drivers. I know you're gonna give the outlook next month, but if you could think about how these different drivers will pan out for 2024 and sort of what sort of margin progression we can continue to expect. Thank you. Thank you for the question. Let me start with the two main drivers for the EBITDA. We've said that the improvement is coming from the UK and Ireland segment and the US, well, actually North America, but the US in particular. The UK, we've talked about this a lot the last year. We've been working hard on improving the unit economics of our delivery network. That's still in progress, so we're actually quite satisfied that we have improved the EBITDA so much while being able to invest more money in the UK, because actually our investment level in the UK has never been as high as it is today, and our EBITDA is going up, so that's a good combination. If you look at the US, we've made some difficult decisions that you've seen in the last year. We're cutting costs over there to make sure that our cash burn in the US goes to zero as rapidly possible. We don't want that to be a drag on the business. At the same time, of course, we're also trying to improve that business. But we've significantly reduced the cash burn. So if you look at the EBITDA drivers, those are the two main ones. In terms of outlook, obviously, I can't comment on that because we're going to give this outlook in the next month. But generally, we're actually very satisfied with the progress on profitability in our business. We see countries returning to growth or already having returned to growth. So that's very encouraging because obviously we have tremendously increased our profitability in a shrinking business. So you know, you can imagine that, of course, in a growing business, that also has a significant positive effect. So, we're actually quite confident going into the next year. We have a very significant cash position. Our Free Cash Flow has now turned positive. We're able to invest significant amounts into our core markets in a market in which everybody's, you know, under pressure to deliver profitability. 2024 looks actually quite, quite good for us, and we'll comment on how good exactly next month. Okay. Thank you. We'll take now our next question from Christopher Johnen from HSBC. Your line is open now. Thank you. Yes, thanks. Good morning. I'd like to pick your brain on M&A and consolidation. What's your current view on the topic? You know, if we maybe put Grubhub to the side for now, do you think there is greater scope for sector consolidation in 2024 versus 2023? Yeah, I'll take any comments, really. Thank you. Yeah, look, I think there's a lot of scrutiny on profitability, at least for some of the businesses in our sector. Unfortunately, not on all of them, but on some of the businesses. That will drive certainly some M&A here and there. So that might be in country, it might be also countries shutting down for certain competitors, of course, helping another competitor. Difficult to predict. There might be some small M&A here and there. There might be even larger M&A. I mean, we're at the beginning of the year, and you see the tremendous changes in market caps of businesses in our sector. So I wouldn't go out on a limb and predict what sort of M&A we're going to see. I can only say that it's very likely that there will be M&A in our sector this year. That's helpful. Thanks a lot. We'll take our next question from Monique Pollard from Citi. Your line is open now. Thank you. Hi. Good morning, everyone. Just a couple from me, please. On ad revenues, obviously, you'd mentioned at the first half that you were ad revenues were at 1.1% of GTV. I just wondered if there was any update you could give there, just directionally even, or, you know, the progress you've been making. And then the second, obviously, you know, the performance from UK& I today, and you mentioned the improvements that you're seeing on the EBITDA front. I also just wondered if there's any update you can give on the grocery side. I know we talked about at the first half there being 5,000 grocery partners in the UK& I, and just wondered again if there's any update you can give there. I will defer both questions to, to Andrew. Yeah. I'll start with the latter question on grocery. Undoubtedly, the momentum, both in terms of the number of grocery partners on the platform and the contribution to GTV, that grocery is making, has, you know, step changed, I would say, over the course of 2023. So the momentum that we were able to demonstrate in the first half has continued. We've well over 6,000 partners on the platform in the UK for grocery. That is also improving in other segments, albeit at a less mature stage. But we'll give a lot more on this at the full year numbers. You know, because we're definitely seeing the right types of behaviors from a consumer perspective on the back of adding grocery and it becoming a larger percentage of the mix. A similar comment on ad revenue. We will talk in more detail about this at the full year. But yes, we saw and posted a good strong uplift at the H1 stage, and you know, that trend has continued. It's certainly an area of the business that we're, you know, we've invested a lot more resource in. And you know, you will see various improvements from a feature perspective over the course of this year. But you know, again, we'll speak more about that at the full year numbers next month. Helpful. Thank you very much. We'll take now our next question from Will Woods from Bernstein. Your line is open now. Thank you. Good evening. Just want to ask a question about the U.S. market. What makes you comfortable or what are the drivers that you're seeing that make you comfortable that the demand has stabilized in that market? And from a kind of fundamental, kind of bottom-up perspective, what, what are you actually doing to make this happen? Is it number of restaurants? Is it more marketing? How are you driving that? Thank you. Thanks. Well, with stabilizing, we mean that the GTV for the last couple of quarters is roughly stable, and that has been different, of course, in that segment. So that's good for us. In terms of what we are doing in that segment in particular, is expanding our supply. Because, you know, always when a business is not growing, it's it comes down to supply. And that's something that we're very clearly focused on, also on repairing in the US. That should give us some additional firepower over there. But again, we're talking about stabilization, we're not talking about tremendous growth. That's still something that we need to figure out how to do that, given the fee caps that are in place over there. But at least those trends are looking better than what they were looking last year. Thank you. We'll take our next question from Wim Gille from ABN AMRO. You can go ahead now. Thank you. Yes, good morning. I hope you can hear me. December last year, European Parliament and the European Council finally agreed on the text for the European Platform Workers Directive, making sure that, couriers are treated properly, and also making sure that platform companies continue to pay... or are going to pay Social Security charges and taxes, like any normal company. Unfortunately, it took Emmanuel Macron, together with Viktor Orbán and Giorgia Meloni, less than a week to frustrate the process once more. If I look at how we got here, it's clear from the Uber Files in July 2022, and also the French parliamentary inquiry in July 2023, how Uber is, lobbying. And the French lobby register actually shows 12 meetings, per annum between Uber, Deliveroo, and the French government since 2022. Now, as European market leader, what have you done to oppose this and lobby for proper legislation in France and Europe at large in the last three years? And then I have a follow-up question. Well, you come to a couple of conclusions there that I don't always share. So let's first start with the nature of the Platform Workers Directive, because I think there's a lot of confusion about it. A Platform Workers Directive would be helpful, but there's currently already, of course, national law applicable to the countries in which we're active. So that means that, for instance, there are no freelancers in Germany at all, not even with our competitors. There's illegal subcontracting, but that's a different topic. There are countries in which using freelancers is illegal, and it takes, like Holland, eight years for the highest court to say that indeed, that's illegal, which, for instance, led to a market exit by one of our competitors. So in most countries, actually, it's pretty clear-cut what is legal and what is not. So the Platform Workers Directive, the only thing it actually does, is it provides a minimum level for the whole of the EU. So let's imagine it becomes very strict, then still nothing changes in already strict countries such as Germany and Holland, but something changes in less strict countries such as France, such as, such as, for instance, Slovakia. There's a couple of these, these, these examples in, in Europe. It not going through is also a bit is logical because the view on this is different in different countries, and the most significant, country in which this would be helpful to us would be Italy. Would not be Germany, would not be Holland, it would be, it would be Italy. Now, that's obviously not the biggest part of our business, but it would be helpful to us if the government would just uphold their own laws. And it's not that nothing is happening in Italy, because you do have, you know, fines being applied to our competitors in Italy. So something is happening there, but it is not as forceful as, for instance, in Germany. So if you ask us, what have we done about it? We have offered our views also to the European Commission. I've talked to the commissioner myself to the European Parliament and even to the governments. But in the end, you know, the governments have their own laws, which is also why, of course, for some governments, it's an easy thing to accept, and for other count... Government, it's more complicated. We do expect that something will be accepted, and we do expect this to be mildly positive for us. But I say mildly, because, you know, there's already national law. What's your follow-up question? Yeah, the second follow-up question is, a country where we do have strict regulation, which is in Spain, and Delivery Hero itself mentioned that they're adding EUR 45 million in off-balance sheet liabilities each quarter, as they choose to continue to ignore the Rider Law. So have you seen—I've not seen any difference in Glovo's behavior to date, so they just continue as they did in 2022, 2023. And what have you been seeing in the Spanish market, and how are conversations with the Spanish regulator going? Well, it's very clear that couriers are employees because it's in a law. You know, sometimes these laws are vague, but the Spanish law says couriers are employees, full stop. It's not vague, it's very clear. We abide by the law, so they're employees for us in Spain. You know, if other people don't abide by the law, then in the end, they're going to have to pay the fines. I mean, it's as simple as that, and it might take a long, long time. You can postpone this stuff, et cetera. But that, the Spanish government is obviously not very amused with people breaking the law, doesn't matter whether it's you and I or a company. So that situation will change. I can't tell you when, but it will change. Thank you very much. We'll take now our next question from Marc Hesselink, from ING. Your line is open now. Thank you. Yes, thank you. We've seen obviously a lot of changes going into COVID and coming out of COVID. You've also adjusted your own organization, especially in the U.S. Do you believe that the organization as you have it today is the right size for the business? I mean, obviously, if you grow a lot, you have to grow the organization again. But for now, is it a good size of the organization? Well, let me be clear on what we've done. We've, look, we've grown a lot during the pandemic, and even a company like Grub grew a lot during the pandemic. We sometimes forget that. So we actually grew our staff quite a bit during the pandemic, and obviously, you have to plan ahead. So, you know, you basically plan for six months after the current, the current, time. And therefore, what happens if there's no more pandemic and you start to shrink, then, you know, you have a pretty big delta between your hiring policy and, what's actually going on in the, in the market. We've corrected that for most of the markets. Now, some of these markets are already growing, so then, you know, as long as you keep your staff level stable, you're going to actually be more profitable going forward. In other markets, we still have some work to do here and there in the organization. What we try to do is not to say cost cut, we try to improve the cost per order. So that's very clear, for instance, in the UK, with the logistics model, but also elsewhere, you know, in automation, artificial intelligence, in customer service, that sort of thing reduces the cost of the organization. So we're certainly not done with that. It will become easier, of course, for us, when actually the organization grows in size in terms of orders, because then, yes, your CPO goes down by nature. Okay, thank you. We'll take now our next question from Sean Kealy from Panmure Gordon. You can go ahead now. Thank you. Morning, everyone, and thank you for taking questions. I was hoping you could comment on the relative balance of delivery versus marketplace orders, particularly in Northern Europe, so whether that's Germany, Netherlands, countries in there. How is that changing as you expand the grocery proposition and grocery wants to run right there? ... Yeah, it's a very good question. So first of all, I don't think a lot of people have noticed, but we've made significant investment in the delivery network in Northern Europe in the last half year. So our coverage actually in countries such as Germany and Holland has expanded a lot. And bear in mind, we are already the largest logistics provider in these countries, right? So in most of the European countries, our coverage of the population has actually increased quite dramatically in the last half year. Obviously, when we do that, that doesn't necessarily lead to a lot more orders, because most of the orders in food delivery are in the cities. So if you expand your coverage beyond the larger cities, you shouldn't expect miracles, from that. Obviously, if you add more logistics, restaurants and logistics partners, then marketplace partners, you increase your share of logistics orders. At the same time, we're driving down costs for logistics orders, which isn't always easy because we have minimum wages in Germany, Holland, a couple of other countries go up. But we still are driving down the cost, and we are improving the network as well. So we don't necessarily need more people. And of course, in most of these countries, we're talking about the employment model, but we do drive more orders through it. I can't be very specific on the share at this point in time. Great. Thank you. We'll take now our next question from Bradley Hughes, from Shore Capital. You can go ahead now. Thank you. Hi, morning all. Sort of changing tack a bit. Could you sort of please give us some color on, the rider supply and sort of broader rider marketplace in the UK and Northern Europe? So I'm kind of thinking about rider churn, new application growth, and sort of how you see rider cost inflation year on year in these sort of key regions for 2024. Cheers. You want to take it, Jörg? Yeah, sure. So overall, we don't see really in the freelance market, such as the UK, a shortage of rider supply. You have seen one coming out of the pandemic when the restaurants reopened again; there was some sort of shortage of rider supply, which we currently don't see that anymore. So we have sufficient supply in this sort of area. Okay, great. And any comments on sort of where you're seeing courier cost inflation for the year ahead at all, on a per order basis? Well, generally, we're assuming that rider costs also develop in line with inflation. Obviously, as it was flagging out before, we are doing significant changes to the platform. So, there's multiple focus areas. One is the simplification of the model, which will actually have a positive impact on the CPO. And then, we also have technological advancements, which will also again improve the efficiency of our network by, for example, pooling, which was also mentioned, which is one major driver of efficiencies and algorithmic optimizations. Obviously, in some countries, we also have minimum wages coming up, especially in Europe, where you have the employed model running, such as Netherlands and Germany, for example. And there has been increases in minimum wages along the lines of the inflation rates. Great. Thanks, guys. We'll take now our next question from Marcus Diebel, from J.P. Morgan. Your line is open now. Thank you. Yeah, hi. I have actually two questions. More financially. Could you more kind of like conceptually tell us a bit more, you highlighted some investments, what CapEx is going to do going forward? Again, I appreciate you don't give guidance, and I don't want the numbers or anything, but more conceptually, given your cash flow improvement, can we assume that we are sort of at peak CapEx, or is that something going forward that should go down? That's the first question. The second question is on Grubhub. Clearly, you have been highlighting for many quarters now that you intend to sell it. Could you maybe tell me a little bit more what your options are to deconsolidate it and hold it as an asset for sale? Yeah, it seems you first need to prove that you can sell it, which I do. What are your options there? Because that will obviously have an impact on your growth rate. Thank you. Thank you very much. Let me first take that last question. I can't obviously give you too many details, but we still have active conversations there. That's all I can say about that at this point. Regarding your CapEx question, obviously, I can't comment on that because we have our results come up in February. We strive to be a highly profitable business that grows, which is a lot better than a loss-making business that shrinks. We've turned that page in most of our markets, so things are looking quite good for us, and we'll continue to try to drive down costs for the business, whether that's the CPO or just generally cost of the business itself. I think one important thing to remember is that we are a merged business. That all happened, of course, during the pandemic as well, so we have several platforms. We have still sometimes a bit of a complicated organization in our business, so there's still ample opportunity to drive costs down, and we've been working hard on that in the last one half years, and we'll continue to do so. Okay, thank you. We'll take now our next question from Andrew Ross from Barclays. Your line is open now. Thank you. Great. Good morning, everyone. Hope, hope all is well. My one is on Grubhub as well, and was hoping you could give us the latest, as you see it, in terms of the processes to remove the Fee Caps. There's clearly various things you're trying. There's been some news slow. As you see it, can you just give us all of the detail in terms of where we are? Thank you. Yeah, just basically, we're quite confident that the fee caps will go. Now, naturally, this is good exercise in patience. There's two routes. There's a settlement with the city council in some sort of way. Now, there's a couple of other things going on in New York regarding legislation, including, for instance, batteries and that sort of discussion. It could be part of a discussion with the city council. And there's the legal venue of course, you know, we've won the first instance of the court case. And we are quite confident that the court case will go our way. Now, naturally, the courts are, as they are everywhere on the globe, very slow. And, you know, we'll see a result of that. But it's... I don't want to be drawn out on what the timing could be. It could be tomorrow, it could take a long time as well. Okay, thanks. We'll take now our next question from Silvia Cuneo from Deutsche Bank. Your line is open now. Thank you. Thank you. Good morning, everyone. I have one question on Northern Europe and UK and Ireland, which both reported a quarter-on-quarter growth in orders in Q4 versus Q3. And I wanted to ask if you could please remind us of what a normal seasonality should look like in Q1 versus Q4, and how to interpret your comments for these segments that they exited 2023 at the highest ever quarterly GTV levels. We think that means orders can return to positive growth, considering Q1 should be the easiest comp for the year? Thank you. Very good question, Cheryl. The orders actually in Northern Europe and UK and Ireland are rapidly approaching growth, so that's actually good news across those two, two segments, as well. In regards to seasonality, difficult to say this year, but we don't expect material differences between Q4 and Q1 usually in Europe. They should be roughly the same. Now, whether that's going to also be the case now, because there's still obviously, you know, we're returning to normal patterns, but still these patterns are not not entirely normal yet across across Europe. But the seasonality would roughly have Q4 being live Q1. Thank you. We'll take the next question from Giles Thorne from Jefferies. Your line is open now. Thank you. She's a lot more talkative normally. We move to the next question. So we'll take the next question then, from Miriam Adisa, from Morgan Stanley. Hi, morning, everyone. Just one from me. Just one on the, the impacts of grocery on average basket sizes. I think if I look at the trends across the regions, the UK is the most pronounced or seen the most pronounced uplift since Q1. So is it fair to assume that that is, is coming from grocery, given your comments earlier around the UK sort of being the most advanced, or is that still mainly inflation? And if you could just sort of remind us of the difference in basket size between grocery and food, at least directionally, and, and if that's growing. I'm essentially just trying to figure out how much the growth of grocery might offset falling inflation this year. Thanks. Thank you. Yeah, I mean, I think given the scale that grocery is at, on the grand scheme of things, in what is obviously a very large market for us in the UK, the ATV uplift essentially has been driven by inflation in the basket rather than grocery. Now, we do often see grocery being, you know, a slightly larger basket size than food delivery. But then it, that also depends, you know, our biggest opportunity in grocery is to penetrate our very large existing base of customers. So at times, we obviously are trying to encourage them into the category. And those early orders, you know, may take the form of smaller AOVs, et cetera. So in general, we see the walk up to being to larger markets part of the strategy. And I think in time they will be, you know, meaningfully ahead of of restaurant. But what you're seeing predominantly now is certainly more about the inflation that we've seen in the core business. And that was a story throughout 2023. You know, clearly there's still reasonably elevated levels of inflation in the UK market today. There's traditionally a catch up as well. You know, not everybody moves in real time. Menus need to be updated, et cetera. So there's generally a lag in menu pricing versus sort of a market inflationary picture. So it's not something that we think will be suddenly grinding to a halt. That's clear. Thank you. We'll take now our next question from Giles Thorne from Jefferies. You can go ahead now. The real question is, how many sell-side analysts does it take to turn off the mute button? Anyway, sorry, I was on mute earlier. The second question is back on grocery, and I guess it's one for Andrew. Yes, recognizing a lot of catch up on the supply side of the marketplace, but it'd be interesting to hear your comments on where you stand around quality of in-store technology around grocery for your partners, and then on any plans for building of a dedicated advertising platform for FMCG advertising? Thanks. Yeah, I think, you know, I certainly will be talking on both of those topics in more detail at the full year numbers, Giles. But you know, on grocery for the last 18 months, you know, we've had dedicated technology teams working on improving the offer both on the customer side and the customer interface, which is obviously very different from restaurants. As well as the picking technology, the integrations that we have with large partners, as well as the independent smaller grocers as well. So we'll be able to demonstrate a little bit more about that next month. Likewise, you know, we've also spent considerable time and energy investing in improving our advertising proposition. It's been a strength of ours, I think, going back quite a long time. But as we move more into grocery and other verticals in markets like the UK and Ireland, but more so—more and more so in other markets, clearly there's other opportunities that open up across the FMCG space as well. So yeah, it's an area of focus, and it's an area that you'll hear us talk more about in 2024. Great. Thank you. We currently have no questions coming through. As a final reminder, if you would like to ask a question, please press star one now. As we don't have further questions, I will hand you back to Mr. Jitse to conclude today's conference. Thank you very much. I would like to round off this analyst and investor call by thanking everybody for participating and for the questions. Should you have any additional questions or remarks, please reach out to our investor relations team. Thank you and have a good year. Thank you for joining today's call. You may now disconnect.