Hello everyone. On behalf of Adevinta and the whole executive team, I'm delighted to welcome you to our 2021 CMD. It's great to see so many familiar faces in the room, and I'm looking forward to spending the next few hours with you. May I remind you, please wear your face masks for the duration of this event. As you are aware, today is being recorded and will be webcast live on adevinta.com. We have a lot to share with you today, so now I'm handing over to Orla Noonan, Adevinta's Board Chair. Classifieds first appeared in the 1600s in England. There were handwritten notes nailed on posts in the village marketplaces. The guy making the money back then was the guy who could write them. Since then, classifieds have always played a vital role in people's lives. From jobs to cars, from housing to secondhand goods of all sorts, people turn to classifieds first, and people turn to Adevinta services. Now, secondhand goods have even become fashionable. It's cool to wear secondhand clothes. It's smart to buy secondhand equipment, and it's clever to drive a secondhand car. Because as well as looking for a good deal, people know that secondhand commerce is part of the solution for the planet. It's sustainable. Imagine a future where buying secondhand is as easy and as fun as shopping for something new. That's the vision that we have at Adevinta. Welcome to today's event. It's great to see so many people here in person and online. We've had a tremendous two years since our spinoff, our IPO, and indeed our last capital markets day here in London. As some of you will remember, our objectives then were focus, consolidation, and growth. Since then, we've covered a lot of ground. We've simplified the business, we've reinforced our strengths, and we've gone after the biggest opportunities. With the eBay deal, we've doubled in size. We've brought two great companies together. Since we closed last summer, we've been able to confirm the quality and the strength of those eBay classified businesses. We certainly made the right choice. Our strategy has been confirmed, and we are now the clear leader in online classifieds with a very powerful European base. And we have a clear plan to continue to grow at scale. We have big ambitions for Adevinta. Over this afternoon, you'll hear from management about the exciting developments across our business. We have set ambitious new targets, and you will hear about what we are doing to deliver on those targets. The integration is on track, and we're already seeing the benefits of bringing the eBay classified jewels together with those of Adevinta. 7,500 talented people have worked to make Adevinta the success it is today, and I would like to thank all of Adevinta's teams for their commitment, for their energy, and for their ongoing hard work. On all journeys and all exciting journeys, there can be bumps on the road. Like so many companies, we've seen market headwinds beyond our control, such as this chip shortage, which means our customers have fewer cars to sell. But we have also seen here that our new scale helps us. For example, when mobile.de is facing a slowing car market, they can call on the experience of Leboncoin, their pricing and packaging expertise as they move to mitigate. We're seeing more and more of these kinds of examples across the company. The board I lead includes representatives from our main shareholders, Schibsted, eBay, Permira, as well as independent directors. It brings together a diverse group of people, highly experienced from all across our geographies, fully engaged and committed to Adevinta's success, and we see that this is a really exciting time for Adevinta. There are so many opportunities open to us. One of our biggest challenges is to focus, focus on the biggest and best of those opportunities, and that's what we've been doing. You'll have seen in the announcements last week that we're focusing on our five core markets and reviewing other activities. By doing this, we can concentrate our investment where it adds most value for shareholders. We have very strong management. We have talented teams. We have great positions in great markets. We have big ambitions, and the opportunities are huge. With that, I'd like to hand over to Rolv Erik Ryssdal, Adevinta CEO. Thank you very much. Thank you very much, and a warm welcome to all of you. It's so great to see you here. To me, Adevinta now feels like a new company. It's bigger, it's better, and it's more successful than before. And we are proud to call ourselves the European champion of classifieds. But although I say it's a new company, it's a company that operates on tried and tested business models in markets that we know very well. So what has really changed the last year is the sense of scale. The scale of our opportunities, the scale of our brands, the scale of our assets, and of our technology. And when I look around our company, I'm very happy with what I see. We have the leading positions in many markets that are set to grow. We have a great team, and I am proud of what we have achieved as a team in the last two years. But having said that, there's still so much more to do in the years to come, and we are well positioned to do that. Now, I know that you have wanted to have more information about our businesses, about our plans, about our metrics, and today you'll hear much more from my colleagues. We'll share with you details about each of the major businesses and how we're going to drive growth, and we'll also update you on how we're progressing on the integration and the organization. But let's start then by recapping where we are today. As a group, we have unprecedented scale. As we cover close to one billion people with leading positions, we have 7,500 employees today. Of those, approximately 3,000 are working in product and tech, driving our platforms and with innovation every day. And I'd like to point out also our sizable financial scale. Last 12 months, turnover more than EUR 1.5 billion, healthy profitability of 36%, and generating an attractive cash flow. And then let's look at the brands and positions we have, and this is where I get really excited. Starting with France. I mean, Leboncoin, you heard more about Leboncoin. That is one of the biggest success stories in international online classifieds ever. So 15 years ago, we started with nothing. Now, it's a household name in France, and the company will soon pass EUR 500 million in turnover. France has a track record and a culture for delivering on double-digit growth, which I think they will continue to do. They've done that year after year after year. I'll point to three main growth levers for France. It's the verticals and transactional. If you look at our positions in cars, we're by far the market leader. If you look at the real estate, we're the leading in objects and traffic. Yet, if you look and compare at the monetization level, it's still relatively low if we compare it with what we believe is the international best-in-class peers. Transactions is well underway in France, and it's a good product. I'll advise you to try it when you're in France. Then Antoine will tell you much more about it very soon. Moving on to Germany, mobile.de is the number one car site on the European continent. This is where the Germans start their car journey before they enter the Autobahn. Patricia will take you into that in more detail. You'll notice that mobile.de saw a very strong upward growth in the years leading up to 2019, before the pandemic and before the chip shortage. And I think mobile.de's market position, however, has just become stronger. And I'm convinced that there are many things we can do now in terms of developing the products and also in pricing. And then when you see the supply coming back, hopefully with pent-up demand, I think mobile.de will be very well positioned to benefit from that in the years to come. In Germany, I'm also very proud that we have Kleinanzeigen. Sometimes I said to Paul, it's like the little brother of Leboncoin. He doesn't like that, but I've been a little brother myself, and today I'm taller and bigger than my brother, so I know that kind of thing can be a good thing. But the point is that this is a very vibrant site, right? You can ask any Germans about that. I'm amazed by what you guys have been doing with the limited resources because there are only around 170 people working in eBay Kleinanzeigen. And of course, in France, we have now well over 1,000 people. The levers are actually the same as in France. We can do more in the real estate. We can do more in the verticals, and there's a very exciting journey ahead of us also when it comes to the transactional. So Paul will talk more about that. Moving quickly into Holland, the Dutch love to trade, as they've always done, and the Dutch online markets. It's still unparalleled number one in penetration and daily use. I think they can grow more in transactions, more in the auto vertical, and more in the B2C segment. Spain, quickly, solid verticals with clear number one positions in cars and jobs, number two in real estate for the healthy development. And if you look at Italy, that's companies of Europe's third largest economy. We can do much more on consumers in transactions and in cars now with the combination of Subito and Automobile.it. We'll have a separate presentation for you on Brazil. And there's no doubt that we are the online champion in OLX, it's online champion in Brazil, have the number one, two, and three positions in real estate, have top positions in car. Very exciting story. We'll talk more about that later. So a very good portfolio. And behind our success in these markets is our digital platforms. So the European online digital market is developing fast. We are the leading European player with the largest reach in Europe. And that scale, that gives us strength. As we improve experiences for customers, we also create value for ourselves and for Adevinta. And key to continuing that is to be able to attract the best talent, to leverage and use our data across, and of course, rolling out new products and services. Now, driving growth requires strong execution and a focus on the biggest opportunities at the same time. That is why we have run, as you know, a big strategic review. And we ask ourselves the question, where are the biggest growth opportunities for Adevinta? Where can we execute best? Where do we get the best ROI? And then we came out with the five largest markets in continental Europe, which actually already contribute more than 90% of our EBITDA. And they, I can assure you, will also account for an equal large part of the total growth opportunity. So we're very excited about that. I'll get back to that in a moment. And then in line with Adevinta's active portfolio management that you have seen previously, we've also done a portfolio review now. We have decided to divest Australia and South Africa simply because we believe we are not the best owners for those businesses. We believe other owners can develop those businesses better, and we have to concentrate our efforts. And that process will start early next year. I expect it to be completed during the next year. Then we have joint ventures in Brazil, in Ireland, and in Austria. They are well positioned. We support their future growth. The remaining four assets are Canada, Mexico, Belarus, and Hungary. We decided to place them under strategic review so we can come back with more news on that during next year to find out what is the best way forward for these countries. Now, our core markets, we have very strong positions that we believe are well positioned for growth, both because of their brand and their strength, and because the markets are set to grow. I'd like to point out that they also generate more than 70% of the revenues from high-quality vertical streams. When we work with them, we can discover what works, and then we can transfer knowledge from one market to another market, and we can capture synergies. And that point about execution is important. Focus and simplifications allow us to execute faster when we concentrate our efforts on a few markets. And if I look ahead the next three to five years and look at what am I most excited about here, well, I think the further growth in the vertical positions will be strong. And I think led by France and Germany, of course. A normal supply of the chips to the car industry will give great opportunities for our sites, and especially for mobile.de, as mentioned. Then we are going to hear more from Gianpaolo about the business we're building in transactional. We believe that's a great growth opportunity for us, and it will become a very profitable business. Right, so that's a bit on the business side. Then let me talk about the people. Why does world-class talent come to Adevinta and want to work for us? And why do millions of people buy and sell on our sites every day? One reason is that because trading on Adevinta's platforms directly contributes to a better society and a better life. Our whole purpose is to help people buy and sell online. And by creating these matches, we help shape a healthier planet and a better society. So we are championing sustainable commerce. And I'm convinced that Adevinta's business model is uniquely positioned to make this vision a reality. So in Adevinta, we want to have a strong impact on our planet, our society, and the joint future. We want to be a circular economy champion in Europe. And while we are already making progress, we can do much more. And we're addressing hundreds of people in our core markets alone. Uvashni will tell you more about this later and how much we calculate exactly, how many tons of carbon dioxide we reduce emissions by using our marketplaces. We're going to set internal goals. And what I can tell you is that when I talk to my colleagues and employees in Adevinta, what really gets an engagement is the discussion around this. What can we do? And of course, when I'm around at university, or talking to potential new hires, they're very excited. What good are you doing for society? And we have a very strong story there. So in fact, there are many strong trends that are supporting our business model. And I think we'll demonstrate that also now by looking at the next video. How the world has changed over the last few years. We're still heading in the same direction. We are just getting there much faster. The ways in which we work and meet, what, where, and how we buy and sell, and as trends accelerate to the next level, we're keeping up by reimagining the ways people find new cars, new homes, new jobs, as well as not quite new clothing, furniture, books, electronics, baby gear, tools, video games, you name it. As a European tech company and a global leader in online classifieds, we see a world of infinite possibilities and growth. With consumers looking for safe, secure, sustainable shopping experiences and second-hand shopping moving from muddy fields and shaky tables to purpose-built digital marketplaces, our simple, efficient, fast technology makes it easy for everyone. As demand for second-hand items grows fast, our local trusted marketplaces help online traders to find the perfect match from their favorite place. For the right price, paid by the preferred method, delivered in their ideal way. As businesses begin adjusting to this new reality, we enable them to sell products and services more easily, more cost-effectively, more successfully, and as the focus shifts to personalization, we're using technology to power fulfilling, focused, and intuitive experiences within our verticals and in consumer goods, tailoring each and everyone to everyone. So yes, we are quickly moving towards a world of sustainable trade, of unique and personal connections, of positive change for you, him, her, them. And for this, we are quickly growing at scale. We are Adevinta. Right, so in order to deliver on this, we need to have a clear plan for growth. And this is where illustrating it, which I think many of you will be familiar with. I'm very excited when I see the huge potential in economic terms that we have ahead of us. Both the financial opportunity, of course, by addressing large untapped potential pockets, and also delivering good products and customers to our customers and users. The traditional classifieds model that you see here in the left corner, that will continue to grow. We'll continue to grow for our peers and for us. The industry will continue on the growth path that has been accelerated after the pandemic, then more and more spending, our shifting marketing budget, are shifting online. We can take a larger part of that. We're already doing that by partnering with car dealers in Germany, real estate agents in France, helping them how to spend their marketing budget in the most effective manner. And then, of course, with these same professional customers, real estate agents, car dealers, what they really want to do is to be as effective as possible and to get leads so that they can drive their business in the best possible way. Now, if we are able to provide them with better products and do that in a good manner, of course, there's an interesting revenue pool also there that we can tap into. Now, I talked about transactional. Transactional is a big force, and it's coming, and of course, we're talking about consumer-to-consumer transactions, and Antoine and Gianpaolo will talk a lot about that. That gives new opportunities for us for new revenue pockets as well, and then the transactional journey is, of course, not stopping there. Because in the car industry, people are getting used to being able to buy and sell cars online, second-hand cars, and with our positions, we'll be well positioned to take part of that and especially help the dealers become more digital. Patricia will talk more about that. I think that's a very interesting prospect. I think even real estate journey will become easier. Of course, people will still continue to go and look at the house they're going to buy, but many parts of the process will become much, much smoother, so we're excited about the potential of our business. You can see there are many exciting experiments and developments. Let me also show you how we're communicating this internally. This is the slide we're using. Here, of course, you can see, well, the big motors, consumer goods and real estate, are the three big revenue sources. Then we have a healthy advertising business that Zac will talk more about. You'll recognize the roots there. Again, when I talked about the scale, of course, we have a completely new scale now when it comes to innovation, financial capacity, and developing product and technology. To summarize our strategy for growing at scale, as we announced last week, you will see us focus more on the core portfolio. The European core markets is where the big growth potential lies for Adevinta, and that is where we will invest. Verticals will be the majority of the growth, where you'll see actually that we have core revenues, core vertical revenues in those markets of more than 70%. In all our businesses, you're going to see much more transactional services. This will add value to our users, to our advertisers, and to our shareholders. And we'll reduce the reliance on display advertising. And Zac will tell you more about how we're going to do that by relying more on first-party data rather than the third-party data. And all of these things is possible because of our scale. So we have come a long way since our IPO in April 2019. But in many ways, our journey is just beginning now. And we have more opportunities than ever before. We have stronger assets, and we have more powerful platforms. And we plan to continue to play a leading role in consolidating the industry. So all in all, I'm more excited about the future of Adevinta than I ever been before. With that, I'm going to hand you into interesting parts of the program. And Antoine, please welcome up on stage. Now we're going to talk about how we're going to expand our revenues in the motors and real estate verticals. Thank you, Rolv Erik. Good afternoon. I'm Antoine. I'm running France and Leboncoin. And I'm very proud today to show you how we continue to grow on the vertical side. So first, let's start by the motors vertical. So as you know, the motors market is one of the biggest markets we have. It's already representing 40% of our total revenue. It's a growing market. We have a strong track record on that. We have strong position in our markets. You can see that whatever Adevinta is present, we have generalists, and we have specialists on these markets. Of course, you have Germany, which is the biggest market, and you have mobile.de, and eBay Kleinanzeigen. You have France with Leboncoin and L'argus. You have also Spain with Coches.net, Netherlands with Marktplaats, and Italy with Subito. On each market, we are by far number one, and we have strong position in terms of traffic, in terms of content, and our brands are well-known on the C2C part, but also on the B2C part. This market is an amazing market. You know that our track record on that is that this is a big market in each country. You see now the size of this market in Germany, EUR 11 billion. France, EUR 7 billion. Netherlands, EUR 3 billion, and Spain, EUR 3 billion. This is just to show you that the part of the classified business we are taking today and our competitors are taking today, it's very small in comparison with the potential of this market, and you can see it. I don't know if we are right to see the ARPA during a budget session, but you see the gap between what we are monetizing today in our countries with already strong ARPA and our peers in the U.S. and in the U.K., and we have room to continue to grow and to be aggressive on that. Okay, so how we can get to increase this ARPA? Let's start first by the basic and coming back to the buyer side. The buyer side now, the way you are buying your car is completely changing. The fact is now buyers are very focused on first, they want electric cars. They are very sensitive to sustainability. Then more and more, the leasing part and the financing part is important when you are buying your car. More and more, you will rent your car unless you will buy it. Third, the online market is completely changing because now more and more, you could be able to buy used cars or your new cars. How Adevinta will react and what will be our proposition on that? Upstream, we will propose financing system, insurance system, transactional services, registration, even shipping. We are already working on all of these topics to deliver the best user experience. In terms of features, we want to remove all the friction when you are buying your car in our platform. On the C2C side, we can stress four areas in terms of product. One is the search and insertion. We have already implemented a vehicle history in our platform. We are already integrating some vehicle pre-evaluation. That's already live. And we'll continue to improve these features. On the contact side, on the transactional side, we have already C2C payment system live, for example, in Leboncoin. Even on the ownership part, we are proposing direct insurance warranties. So these features are arriving step by step in our countries because we want to protect our users and because we want to propose the best user experience on the C2C side. So this is the first part. The second part is, of course, the car dealers part. So what are their needs and their situation today? First thing is now, during this period, and it has started at the beginning of this year, it will continue during the next months, they have some issues to find vehicles to sell. So, we are proposing already sourcing solutions for them to find good leads to good vehicles to sell in our platform at the end. The second thing is we are continuing every day to improve our product to help them to easily post their ads, accelerate providing them some new services, helping them to optimize their marketing budget in our platform. That's very important because now they are more and more specialists. They are more and more digital players, and they are analyzing their leads, their cost per acquisition. And this is what we are doing, providing dashboards, for example. And the last part is helping them to optimize their transaction step by step. So as you see, our answer will be on two parts. One, it will be downstream, so before the transaction: sourcing, fit solution, pricing tool to help them to define the exact price that's important on this business to define the right margin for them and then upstream. It will be a way also to find the good tools on the marketing side, bringing lead generation product, even going to the transaction, so you see. We have planned to expand on the value chain and to match with the car dealer leads, but I suppose that you are worrying about the supply issue we are facing now, so let's talk about it now and of course I will be ready also to answer some questions on that. We are facing some volume issues. That's a reality, but the situation is different by country. You can see that in Spain, in France, we are still positive, but in Netherlands and in Germany, we are negative. The trend in our countries is the same. We are quite negative on the volume side. This is a temporary effect, and we expect that a rebound during the H2 2022. In between, we are doing many things to help our car dealers to close the gap. The first is, as I said, we are bringing leads to them, helping them to switch the private vehicles to the car dealer business. In terms of business, we will close the gap in terms of pricing because they are increasing the price of the vehicles. We will increase the services we are bringing to them. Some price increase or adjustment. We will bring more packages. We will adjust our packages to be able to continue to grow on this market because the added value we are bringing is increasing in all the countries we are running. So we are optimistic on that. It's just a temporary effect, and we'll come back to growth not only based on the volume effect, but also on the services we are bringing every day. So what kind of growth we can expect on this market? We will double the revenue on this motors market during the next five years. That's a big ambition, but we have a solid situation in our market, and we have good brand, and we have good product. So we will develop new businesses. We will expand on the value chain. We will bring new C2B business and B2B activities. We will prepare some OEM partnership approaches. We have a plan together to develop our business on this value chain. And you can see that, of course, we'll continue on the core business, the classified business, but we will expand on the value chain until that one-third of the business in 2026 will be based on new businesses. To conclude on the motor side, three key points. One, this market is transforming. The way you are buying cars is completely changing, and this is completely changing the way the car dealers are approaching their business today. The second thing is that we have a very, very solid situation, brand well-known in their countries. We have C2C unique content. We have a huge portfolio of car dealers. We have know-how, skills team, and we have a plan to do that, to expand on the value chain upstream and downstream. And we believe that this market will continue to grow to the next round during the next five years, right? So first, the motors market, that's a big pillar of our strategy for the next years. The second one is the real estate market. It's also a big market in our portfolio, representing 16% of our revenue, growing a lot, even if also on this market, the last years, the transaction is going up, the volume is soft in our countries. We have a strong position in three key countries. One is France. As you know, we have a gap over our competitor, and we are growing on that. In Spain, we have solid verticals, and in Germany, Immowelt and ImmoScout24 is a duo that we will work, and we will improve the real estate experience. So we have potential, strong potential in three core markets to continue to grow, and we have already a gap between us and our competitors. The potential of this market is also amazing. And as the motors market, we are the OLX business is just capturing a small part of the potential of this market. So we have still room in Germany, in France, in Spain to grow. And again, I put an ARPA on that. But on real estate, you can see the gap between the Adevinta ARPA and our peers or our competitors in some countries. We have very big potential of monetization in these countries to continue to increase our ARPA. So how to get this plan and how we can improve our monetization on this market? We will work a lot in our ARPA, and we will continue to develop the product. The first thing on ARPA, it will be based, of course, on pricing strategy, but we are integrating in our packages, in our offer, we are bringing to the real estate agent more added value. For example, we are bundling offers. We are integrating lead generation offer. We are putting some AutoBump product in our packages. That's bringing a lot of added value, and that's a way also to bring more leads to our real estate agent. And the third one will be to expand on the value chain. You know that this market is very focused on the financing part. So mortgages, new construction also could be an interesting way for us to expand. And why not to expand in M&A if we have some opportunities? So four key levers on this market to continue to grow during the next years. Just an example of what we have done and what is already live on the real estate market, which is key. Willhaben and Subito already have video integration. So it was very useful during the different lockdowns. Exactly the same product on Fotocasa with the virtual visit. On Leboncoin, the lead generation offer, the lead generation is already live. So we are bringing leads to real estate agents to help them to cross the volume issues they are facing now. So the plan on the real estate market is clear. This is a growing market, strong potential. Again, some transformation on this market, but we will face it thanks to the big content we have on the C2C part, the B2C coverage we have already. We have a plan to expand on the value chain upstream and downstream, and we will continue to capture this additional value during the next years, so now I will hand over to you, Gianpaolo, to talk about another big opportunity, which is the transactional part. Thank you very much. Good afternoon, everybody, so great opportunity in motor and real estate. Soon I will talk to you about another fantastic opportunity that is about transforming our consumer goods category into fully transactional business models. Before I start, I want to point out something that might be relevant for you to consider. We know that there is a strong connection between the strength of our consumer goods categories and our verticals, and this is something unique about Adevinta. We know that the more successful and more vibrant we are on our consumer goods categories, the more our flywheel is spinning, that this translates into also an opportunity to drive leads and private content to our vertical positions. This is not something that other players have. This combination of having both generalist categories and vertical categories with vertical players is something unique to Adevinta, right? So what I'm going to tell you is exciting per se, but it's also exciting because it will fuel the growth in what Antoine just explained. Let's start. So we've seen in our video that the world is changing. User journeys are moving online, right? Our users expect to trade secondhand goods with an e-commerce life experience. Let me give you a real example, right? Imagine that yesterday, if you wanted to buy this stuff, this remote control, you will meet the buyer and you'll meet the seller in the street. You will watch the object. You'll see if you like it or not. You will negotiate a bit. You will exchange the cash, and eventually, you will shake hands. Now, tomorrow, more and more of those transactions, more and more of those handshakes will happen in our apps. And we believe that this creates a tremendous opportunity for Adevinta because it will unlock our possibility to use technology to remove friction. Why it creates a huge opportunity. At the same time, we want to be very open with you on the fact that it will also represent a significant change in the way we run our business. Let me give you three examples. Yesterday, it was mostly our users' job to find what they were looking for. Our user search and discovery experience was very basic. Today, through data and through personalization, we are helping each and every user find their item that they're looking for. Another important difference is the way our users are trading. Yesterday, more of the trades, more of the trades were happening in the streets. You were looking for objects in your neighborhood or in your city. Tomorrow, or even today, actually, when we allow people to buy things that are available in the country or in the future, maybe even in the continent, well, we need to find new solutions to create that trust when you actually cannot see the product, to get paid when you cannot exchange the cash, and to get this remote control in the hands of the buyer as fast as possible through shipping. This represents a significant change in the way we have to run our business. At the same time, also the way we monetize will change. Today, we are monetizing our consumer goods categories mostly out of advertising and visibility features. Tomorrow, we have an enormous opportunity to launch and create a new revenue stream that is something magic. It aligns our success with the commercial success of our sellers. We make money when they manage to sell. This is great. The good news is that we are already offering this kind of experiences already in our marketplaces. So let me show already what is happening in Marktplaats, our leading marketplace in the Netherlands. Our Dutch users can already search, start the negotiation, chat, agree on a price, pay, organize, and track the shipping, and even give each other feedback on the quality of the transaction, and all of this is happening in our app. This is magic, right? Because what we are seeing, and this might be interesting for you to note, is that when we look at the behaviors of the users that are using our transactional services, we see increased engagement. This flawless experience is giving them much more attraction to our experience. So, for example, sellers tend to be between 30% and 40% more active after they've tried our transactional experience. Buyers that have already used our transactional experience tend to consume between 15%-20% more content. It means they look for more objects. They spend more time with us. The good thing is that this is not only happening in the Netherlands. This is happening everywhere. This transformation, we see it throughout all Europe. As Robert said, going forward, we will focus on five markets in Europe: France, Germany, Spain, Benelux, and Italy. In these markets, we have the possibility and the potential to engage around 250 million internet users. The good thing is that in all these markets, we are already providing on-platform payments, intermediate shipping, and also buyer protection. At the same time, this is a journey, and not all our markets are at the same level on the journey. You can see on one side that Marktplaats and Leboncoin that have launched first these transactional services around three years ago, they are ahead both in terms of product maturity, the quality of the feature, how flawless is the experience, right? And this is translating to higher adoption, approximately 5%. Other markets that have just launched, that were launched in the last 18 months, have a product that is still evolving. We're still experimenting. We're still learning. For sure, we're learning a lot from the big brothers. But these still show adoption that is around 1%. What is extremely exciting for us is that we see an enormous opportunity to see the adoption rates increase even in the most mature markets. And our teams are already working to make this happen. I've never seen our product roadmap, our product team so active and engaged with what we are doing. So let me give you three examples of how our product roadmaps look like for next year. In Subito and Coches, we will launch Buy It Now. This will allow a buyer to make an immediate offer for an object without even chatting with the seller. We believe that this will make the transaction much faster, but at the same time, we'll attract on our platform a different kind of user that we don't attract today. France will launch the wallet. So this means that the sellers will be able to store the proceeds of their sales on our platform securely. This will help on one side faster negotiation, faster payment. It will create an incentive to transform the sellers into buyers, right? And we'll also make the experience more engaging. In the Netherlands, we will do mainly two things next year, among many others. One is introducing more shipping solutions to adapt to the needs of our users in the different contexts, but we'll also relaunch and improve our buyer protection solution. These are just three examples. These are just three examples. We see a lot of local innovation happening in our markets. What is really nice is also to see that there is a lot of collaboration happening. If our teams are really experimenting in their own markets, at the same time, we are putting in place systems and solutions to ensure that knowledge sharing in product, in tech, in marketing, in go-to-market across these five markets accelerates tremendously. We see that thing happening already. In the next couple of slides, I want to show a bit how we are looking at this business. In this slide, you see our cumulative position today in 2021 for the five core markets that I mentioned before. We have approximately 600 million new listing and consumer goods categories in these countries, in these markets. Of those, approximately 30% of those items are actually sold in our platforms. But of those, only 7% are sold through our own platform payment solutions. These items that are sold through our transactional services have an average order value of approximately EUR 50. This translates into a transacted gross merchandise value of EUR 700 million. Multiplying this GMV for an average 7% take rate, it means that we are already generating today more than EUR 15 million in gross revenues that didn't exist yesterday. These are completely new revenues. And the good thing is that we believe that we can make all these bars significantly higher. So let me give you a few examples. From the example of Marktplaats, we know that when sellers start to trade and use our transactional services, they sell more and more often. So the number of listings will go up. At the same time, the success rate, the liquidity of our marketplaces will go up. It's easy, right? Today, your only chance to sell something on our website was to find a user in your city or in your neighborhood. Tomorrow, when you expose your content to the full country or even to the full continent, chances of finding an interested buyer increase significantly. So this will make our marketplaces much more successful and liquid. Now, more listings, more liquidity, combined with all the efforts that we will do to simplify the user experience to make it more smooth, so to increase the adoption rate, will translate into a significant higher number of transactions happening through our transactional services. As we believe that the average order value over time will stay more or less stable, the increase in transactions will translate one-to-one into an increase in GMV. We also believe that over time, we'll be able to align to international best practices, so increase our take rate. This will increase significantly more our gross revenues. Now, if I know you a bit, I believe that you are all wondering about one question. Yes, Gianpaolo, how much? Yes, our plan and our goal is to make these EUR 50 million become more than EUR 400 million. We believe that this represents a huge opportunity for us to monetize through all the services we provide to our users and to our customers, including the shipping. For sure, right? We are in investment phases, so for the next couple of years, we will invest to make sure that we accelerate the adoption rate, so we will invest in product, in tech, and in marketing, as we have always done, but we believe that when we grow at scale by 2026, this will represent a significant opportunity that will also be profitable. Our goal is to reach an operating margin of approximately 20% by 2026, and this is only one part of it. There is a farther upside that we see in this business. Because today, we are only talking about C2C transactions, private-to-private, domestic. There are two further opportunities that are not yet captured in these EUR 400 million. One, the possibility to launch cross-border listing, to get out of domestic borders and allow Spanish people to buy content from France and vice versa. And the other one is to make available all these transactional functionalities all to the thousands of small and medium enterprises that already are on our marketplaces as satisfied customers. Let me conclude with a few final remarks. User behavior is changing. There's no way back, right? Users want to trade online, e-commerce-like. We already are offering this kind of positions. We are satisfied and very happy with the traction we see. But at the same time, we see an increase, an incredible room for adoption potential. Short term, we will invest in product and marketing. In particular, for the next two years, we will keep this business slightly unprofitable. But by 2026, we see a more than EUR 400 million opportunity in terms of gross revenues with further upside potential. Let me conclude with one final remark. I'm clearly very excited about this opportunity, but I'm also very thankful for what I've seen in our teams happening in the last 18 months. Through my 10 years in this company, I've never seen teams throughout all the countries so aligned behind a common intent, a common intention, a common goal. And it's been very humbling to see our teams, our people working from their homes, from their desks, in the kitchen tables to develop these important features that were very important for the company, but were even more important for our users in moments in which users have a lot of difficulties in actually meeting face-to-face. I really want to thank our team to make this thing happen. Going forward, next is Zac that will tell us a bit more on how we also intend to transform our advertising business. Zac, the stage is yours. Thanks, everyb ody. Good afternoon, everybody. Excited to walk you through our plans to transform advertising at Adevinta. I'd like to start by sharing some context upfront. Okay. Advertising is an important revenue stream at Adevinta. Advertising accounts for 25% of our total revenues within our core markets, and that's about EUR 300 million this year. When we think about advertising, we break it down along two dimensions. First, by type of advertising, and second, by relationship with the advertiser. On that first dimension, display advertising, which is primarily banners, different forms of banners, is 70% of our total revenues. PLA, or product listing ads, which essentially are product ads intermingled in our search results, is 25% of the revenues, and text advertising is the remaining 5%. On the second dimension, first-party advertising, where we have a direct relationship with the advertiser, is 40% of our revenue, and third-party advertising, where there's an intermediary between us and the advertiser, is 60%. Regarding performance of our business, in our core markets, advertising has continued to recover from the lows in 2020 we saw with the pandemic. Display advertising is up 3% versus 2019, and PLA is up 2% versus 2019. Now, the advertising market is complex, and it's always changing, and we need to adapt. We need to adapt to changes in user behavior, regulations, and advertiser spend. On the first one, user behavior is evolving, and there's two main trends. Consumers are increasingly concerned about their privacy online. I think everybody knows that, and the collection and use of their data, and that's given rise to regulations, which I'll talk about in a moment. The second main user trend is we've seen users continue to grow their usage on our apps. Apps today account for 65% of our traffic, and that's up 4% year-over-year, and what's important for the advertising business is that we have the right balance between advertising and organic content in our small screens and our apps because that's where all our engagement is concentrated. Regarding regulations, regulations are increasing. GDPR and ePrivacy have been enacted in response to consumers' concerns about privacy, and these are resulting in two main impacts on the industry and our business as a publisher. First, more stringent consent requirements for publishers to ensure they're gathering user consent to show ads. And second, we're seeing the evolution of user tracking. We've all heard about third-party cookies slowly going away. The net effect of these things in regulations is that it's creating significant headwinds for third-party advertising, and then we need to adapt to that. Finally, regarding advertiser spend, the good news is ad spend is up in the market. Advertising spend is up 15% this year in core markets, and we expect it to grow at 10% next year. And there are two segments of the market that we watch a bit closer: automotive and retail and e-commerce. Automotive spend has been soft on the advertising side, and that's linked to the shortage of cars that we've talked about earlier today. And that's caused our display business to recover a bit slower coming out of the pandemic. However, as the inventory starts to pick up and normalize, we expect that to drive some strength in display going forward. Retail and e-commerce, on the other hand, coming out of the pandemic, we've seen the strong growth in e-commerce, and that's created a lot of strength in our PLA business in 2020 and then continued in this year in 2021, so 60% of our advertising is coming from third-party revenues. Regulations are increasing and creating some headwinds in that space, so we need to adapt, and that's what our plan is. We plan to transform our advertising business over the next five years, and we're focused on two primary objectives. One, deliver advertising revenue between 0% and 5% annually in our core markets. Two, reduce reliance on third-party advertising from 60% today down to 40% by 2026. During this time, we expect that non-advertising revenues are going to grow quite faster than advertising on the back of investments in transactional and verticals. As a result of that, the contribution of advertising will drop from 25% today of total revenue down to 15% by 2026. Now, the way we're going to drive this transformation is based on two main initiatives. First, enhancing first-party products for our SMBs and our large advertisers. And there are two areas there. One, enhancing our PLA platform so advertisers can purchase product listing ads on a self-serve basis. And two, enhancing our first-party direct display products and go-to-market capabilities. The second main area is strengthening our proprietary capabilities that are unique to Adevinta. And there are two. One, our optimization platform, which allows us to maximize the yields we get on advertising and also ensure that we have the right balance between advertising and organic content, which is very important because we have a lot of our vibrancy on small screens and apps. And finally, we will enhance our ad targeting platform, which allows advertisers to target their customers on our sites based on our first-party data. So I'd like to bring the strategy to life with an example. What you can see on the left-hand side of this chart is an online shop on Marktplaats, powered by Marktplaats, for Max's Guitars and Strings. Max is a small business owner in the Netherlands, and he relies on Marktplaats as his primary e-commerce channel. And Marktplaats provides Max with a comprehensive SMB advertising offering. And there are two elements to it. One is an e-commerce foundation, which you see here, an online shop, an easy way for Max to upload his inventory and drive sales, and second, and here's where the advertising comes in, they enable Max to access their first-party PLA platform, which they call their Admarkt platform, which allows Max to buy additional visibility for his inventory in an easy self-serve way on a pay-per-click. And that's really the vision and the direction we want to take advertising. We want to take advertising and use it to enable our first-party sellers and our first-party advertisers to get additional visibility for their inventory and their products and services. To conclude, three main takeaways to recap for today. One, advertising is an important revenue stream for Adevinta, but we have some exposure to third-party advertising. Two, the market is always changing. Regulations are increasing, and that's creating some headwinds on third-party advertising, so we need to adapt. We have a strategy to adapt and transform our advertising business by investing in first-party products and capabilities that will stabilize our revenue growth and reduce our reliance on third parties. And we're confident in our ability to transform our business. With that, I'd like to pass it over to Rolv Erik, who will conclude this section. Thank you very much, Zac, and we're soon going to have a break, but let's just try to tie it all together. This first section has been all about how we're going to grow at scale, so Antoine talked us through how we're going to grow in the verticals, what plans we have there, and what scale opportunities we see there, and let me remind you that in the core market, these verticals account for more than 70% of our revenues, then Gianpaolo. We heard from Gianpaolo what we believe we can do in transactional, what kind of services we're developing. These will require some short-term investments, and then we pointed out today, I think, which may have been used for you, that we believe this can be a very profitable business that will grow and has a lot of potential. And you heard from Zac how we're reducing strategically our reliance on advertising at the same time we're shifting to more reliable sources through first-party data. So as I said earlier, we're making more progress than we've ever done before. Then to sum it up, you'll see more focus from us going forward, focus on our most attractive core markets. There's a big monetization upside in these markets. They're far beyond the kind of best in class here in the U.K. or in the Nordics or in the U.S. And we have those positions, so we can significantly reduce that gap. At the same time, we're going to launch a big number of transactional services. We'll see accelerated growth from that. And as the number one player, you will continue to see that we benefit from our scale. And then we also said that, yes, the focus for this year will be to deliver, but we will also play a leading role in further industry consolidation. So with these plans, what does this mean for our top line and for our bottom line? Well, what we're planning for is that between now and 2026, you can expect to see continued profitable growth. Our ambition in core market is to deliver 15% annual revenue growth mid to long term. And that will result in enhanced EBITDA margins in the area of 40%-45%. So all in all, I'm more optimistic than I've been for Adevinta. Things are looking good. We'll tell you more about our different countries and assets after the break. And then we'll also, of course, talk more about how to do it with Renaud and Uvashni. So thanks a lot. But now I think we deserve the break. And Nicki, I think that's it for 15 minutes. That's right? That's right. Okay. So thanks a lot so far. See you in 15 minutes. Welcome back. May I have your attention? Thank you. In part one, you heard about our strategy, the opportunities we have, and the plans we have to capture those opportunities. Now, in this section, you can see for yourselves the huge progress we're making in some of our key markets, starting with France. So before having Antoine come back on stage, I invite you to watch a short video on Leboncoin. By offering pretty much everything people need, all just around the corner, Leboncoin has transformed online classified ads. As one of the dominant players in the sector, we have become one of France's most loved and best recognized brands. And today, 29 million unique users visit Leboncoin every month to find the right sofa, the right bike, the right camera, the right car, and now also the right job, the house, the holiday too. Clicking, scrolling, swiping, publishing, tagging, packing, sending, and receiving across 73 different categories. Today and every day, our 1,500 people are proud to take the right approach, supporting and strengthening local businesses, making a positive impact on society, and bringing people closer together. As we're entering a new era, the timing feels just right. Leboncoin Immobilier is the unrivaled partner for property professionals in France. [Foreign language]. 85% of the industry trust us to bring their properties to the screens of one in every two people and to take their businesses to the next level. [Foreign language]. As market leader, we are the first stop for buyers, sellers, and renters, with 17 million unique visitors browsing the widest number of ads available anywhere. [Foreign language]. By seamlessly displaying properties across our channels, we put independent agencies and chains in the right place at the right time, allowing them to simultaneously target home buyers and property investors. Our range of simple performance-boosting tools make it easy for them to compare directly with their competitors, check the status of campaigns, quickly analyze market trends, even enhance the visibility of ads in just three clicks. Behind the scenes, our technology is at their disposal to collect and leverage contacts by email or in their existing CRM systems, enabling them to sell their expertise, their services, and their brands, as well as their properties. [Foreign language]. Leboncoin Immobilier, the home of French real estate. It's not so easy to speak after this video, so I will try to be as good as my customers are saying. So I'm very proud today to present Leboncoin. I'm sure you know this business. It's a marketplace C2C and B2C. It's a well-known brand in France, one of the most famous in France. Every month, we have half of the French internet population using us. They are using our mobile.de apps, which is 90% of our traffic. Almost 50 million products are in our platform on the consumer goods part, on the real estate, on the motors category. We are number one. So it's not only Leboncoin. We have some brands that we made some acquisition to accelerate in some verticals. So it's an amazing story, Leboncoin. We have a lot of success. It's based also on a very strong team, 1,500 people, many focused on tech, which is 40% of the company. The culture is very focused on execution. It's a very focused company delivering added value for users, added value for our customers. After many years, we are a generalist site, as you know. We became and we have transformed completely Leboncoin into a multi-specialist app. You can see now we are very strong in our key verticals like on the real estate or on the motors market, where we are by far number one in terms of content, in terms of traffic. We are closing the gap, we are accelerating, and we are by far number one on these two key areas. Now, if you are going to Leboncoin, the experience you have is not only one size fits all. But now, when you are going to Leboncoin, on each universe, on each market you will go, you will see a different user experience. If you are going to real estate, you will see a bigger picture. If you are going to motors, you will see pricing too. You will see the history of the vehicle. You will see the proposition of insurance. So now we are verticalizing a lot after investing a lot of product and tech investment during the last years. So it's very chameleon, Leboncoin, not only one size fits all experience. During the last years, it's not only a success for the public, but it's also a financial success story. We have a strong track record in terms of revenue growth, EBITDA value growth, and it was based on the strong investment. During the last 10 years, we were growing a lot, double digit. And now you can see that our business model is very solid. And you saw it during the different crises that we have faced. But our business model is really not dependent on one market, but we have many big markets. Of course, real estate and motors market, more or less the same size, very big. More than 60% of our business is based on that. Advertising, 16%. But now you see that the transaction business model is going up. It was around zero two years ago. And now it's taking some shares in our business. Around 90% of our business is a B2C business. So it's really based on the professional side, even if we are C2C side. Most of this business is very secured because we have 40% of our business based on the subscription model. It's why we are so resilient during this period because we have a long-term contract with our customers. We are a strong partner with them. I think I focus on the two key verticals in our platform. First, the real estate. We are a strong leader on this market with more than 62% of the content of the real estate, number of real estate agents. We have around 40% of the total content. The big advantage of Leboncoin is you have professional content and you have private content. The track record we have on this market is that we have invested a lot in our product. The ARPA is increasing a lot. You can see it. During the last three years, the growth of our ARPA was double digit. And why it was double digit? Because we are bringing more and more added value to our real estate agent. And let me explain what will be the next stage for the real estate agent for the next five years. We will invest on three key areas. First, of course, we will continue to develop the ARPA. We will include many services as we are doing today, developing AutoBump in the listing, bringing more leads. As you know, the real estate agent now, they are missing some leads. We will bring more leads to the real estate agent to help them to cross this period. And we are now developing new features on the long-term rental market, which is a key area for us, a strong retention category for the users on real estate. The last will be to bring some new added value product for the private people, but also for the professional one. As you saw in the video, now they can see their dashboard when they can compare the performance of their ads with the other. They can see the difference of prices. They can bump their ads depending on the more traffic they want to have. Now it's really a marketing tool, the backend of Leboncoin, to accelerate the business of the real estate agent. On the motors side, the motors market is by far the strongest market for Leboncoin. In terms of market share, we have most of the car dealers in France, 78%. In terms of content, we have two-thirds of the total content in France. Why? Because this is a C2C market mainly. We have the private content and we have the car dealers' content at the same time. Also, a strong track record in terms of ARPA growth during the last years, growing double-digit. And it was based on the strong investment in terms of product. We made an acquisition a few years ago with L'argus. And we have integrated many features from L'argus, which is a specialist on the car market. The next step for us will be to continue to develop the ARPA, pricing strategy, integrating more added value, developing lead generation offer for the car dealers. Just to remember that they are facing some volume issues. We will launch a lead generation offer in January to the car dealers. That will be well received. And we will continue to develop the user experience. Now, when you are on Leboncoin, that's the best motors experience in the market in France. Pricing tool, criteria, search engine, apps, many photos, all the information you need to buy and to decide if you will buy this car or not. So you can see on that that this product is already live, as I said it before, with the vehicle information already live, warranty already live. We have L'argus. So really, now the motors category of Leboncoin is a real vertical when you can provide a very good service for the private people, but also for the car dealers. It's a real marketing tool. But it's not the only opportunities we have. Of course, we develop our business on the verticals, on the real estate and on the motors market. But the new baby we have is the transactional business that we have started four years ago. So four years ago, we have started to integrate some transactional services on the consumer goods categories. It's an amazing opportunity. Why? Because, as Gianpaolo said before, it's accelerating the virtuous circle of the platform. The more transactions you have, the more new ads you have. And the more new ads you have, the more transactions you have. It's an amazing opportunity for us. And we have decided to implement it. It's a buyer-friendly business model. So we are taking a commission, a 4% commission on this transaction. And you can also have some of the shipping services if you want. Most of them are using these shipping services. And last month, we have just launched a face-to-face payment, which is covering now the bigger item that we were not covering before. So now, most of the products of the platform are eligible to the peer-to-peer payment. And this is a business that we are investing a lot of means, but also because we think that the added value for our users and the potential for the business is very strong. The next step on that market, you saw it, that we will launch the wallet, probably in Q1 next year, the multi-item shopping. And we will expand also on the B2C side. Now, we are a C2C transactional business, but we will expand to small businesses as Marktplaats has done. So this is for the consumer goods part. And now, more and more, the transaction is expanding on the rest of the markets. We are doing it in the car market for the C2C part. So now you can buy your car on Leboncoin using our payment system. It's a different business model. It's based on a seller fee, and it's a flat fee depending on the value of your car, and now we are also transforming completely the whole rental market. That was a classic classified business in the past based on the freemium business model, and now we are switching to the transactional business model. It means that now on Leboncoin, you can book your holidays, and we are already big on this market, not so far from our friend of Airbnb, so globally, the transaction model is completely changing the way Leboncoin is working and transforming the business model, and this business is a huge opportunity, but you saw now that we are accelerating a lot, and it has a concrete impact in our growth and very promising track record on that. We are doubling already the result between Q3 2021 and Q3 2020. And now 16% of our users are using on a regular way our transactional payment. Now Leboncoin has an e-commerce site, which is completely new because Leboncoin was a classified site. And now we are really in the scope of an e-commerce site. And this market needs investment. To reach this level of growth, you need to invest in your product because it's a complete new job. For giving you an idea, we are investing 40% of our total roadmap today to deliver a good service for our users. We are investing 50% of our marketing budget. And we are doing many discounts on the shipping side to attract new users. This is our way we are doing it. We are investing a lot to acquire more users on our platform. We are discounting shipping when you are a new user. For example, on Leboncoin, you are paying only EUR 0.99 the first time you are buying. Okay? This is an aggressive strategy, an acquisition strategy. This is the right way to do to make this business bigger. As you can see now, Leboncoin on the consumer goods part is a full e-commerce site with all the different features you can find on an e-commerce site: profile, ratings, safe payment, shipping system, multi-delivery opportunities that complete and secure user experience. On motor side and the real estate side, it's more an MVP. We are transforming these categories step by step. To summarize Leboncoin opportunity, Leboncoin has a strong track record of growth during the last 15 years. We will continue to grow. We have many plans and many opportunities to continue to grow on the vertical side, on the transactional shift that we are operating, and it will be based on this strong team, which is a strong product and tech team, strong data-driven teams, and strongly focused on the execution of the plan, so I'm quite proud to say thank you to my team because what they are doing, it's an amazing job. Another amazing experience now to present to you will be the opportunity in mobile.de, but before, I think you have a nice video to show to you, so thank you very much. Way back in 1996, mobile.de disrupted the status quo of buying and selling cars as Germany's first online vehicle marketplace. Who knew where the road would lead? Since then, we have evolved from a simple used car platform into a powerful, innovative, and highly valued one-stop shop for consumers and dealers. Today, no other German car classified player connects more buyers and sellers. With 14 million unique users per month, mobile.de, together with our sub-brand MOTOR-TALK, is the undisputed market leader in Germany and a growth engine for the entire industry. In H1 2021, dealers sold an average of 53.5% of all their vehicles through our platforms. [Foreign language]. As the place people visit when they're in the market for a new car, we're in pole position to turbocharge future growth, and from 2022, mobile.de aims to shift up a gear to create and deliver even more value. By leveraging exceptional demand among car dealers, we will open up considerable new opportunities for monetization. This roadmap for the future will see us continue to innovate and empower buyers and sellers, drivers, backseat drivers, and would-be drivers to fulfill their individual mobility needs, from finding the right vehicle to closing the deal to getting it delivered through fully digital end-to-end car transactions. We're developing powerful leasing and car subscription services to meet the increasing demand for alternative car ownership models. We're making it even easier for consumers to sell their vehicles as well as buy them, supporting the mobility of consumers, driving the automotive industry forward, and significantly growing our business as we do. mobile.de, the journey continues. I love this video. It's amazing, isn't it? I'm delighted to share with you today how we are going to advance mobile.de's leadership and how we are going to leverage our position to basically offer our consumers and our dealers a fully online transactional proposition in the future. Before that, I would like to ask you a question. Could those of you who have one go-to platform that they always use when they have to make this one specific purchase just raise their hand? Show me who. The other winter colleagues are very reliable. Thank you for that. Excellent. I definitely do. When it comes to car buying and selling for leasing or financing, in Germany, this place is mobile.de. With a reach of 120 million sessions across web and app, we reach nearly 20% of adult internet users. That's quite a large size considering that the average German buys a new car every six years. 40,000 dealers rely on our reach. We have more than 1 million in listings that we can offer our car buyers. This makes us the clear number one, as you can see, across all relevant metrics and also the top-of-mind platform, as I said earlier. There is one specific metric that our more than 280 employees are specifically proud about. That is a market share in sales of more than 57%. You have to just consider that means that a car dealer using our platform sells more than every second car through mobile.de. Quite powerful. But let's put these numbers into perspective. So you can see how powerful our leadership position is looking at the comparison to our competitors. We do have more than 40% more listings than our second follower. We have 50% more dealers than the second competitor in the market. And we have 3.4 times the audience than the number two in the market. And we have been steadily growing this advantage. If you look at the next chart, you can see that since the beginning of 2019, we have grown not only the reach and the traffic side of things, but also the supply. So a quite steady improvement. Now, let me give you a bit of context on the business that is the driving force behind this quite impressive competitive position. We think about our business as rooted in automotive classifieds with a strong strategic expansion in automotive transactions. Within the automotive classifieds area, we offer in our dealer business, which is the largest part of our business, our dealers the opportunity to buy packages for the listings and to leverage the vast consumer reach of eBay Kleinanzeigen. We leverage this reach in our advertising business. We monetize it there through display advertising. And we expand this reach for dealer inventory even beyond our own platform, making us the one-stop shop for dealers for online marketing. By the way, dealers are very satisfied with this product, as we know from a very high rebooking rate of more than 70% in the last quarter. So we are very strong in automotive classifieds. And we have built also a strong footprint in automotive transactions. Firstly, in our private selling business, where we have developed a C2B offering, which allows car sellers to sell the car directly to a dealer in a very fast and convenient way. And secondly, in financing, where we allow dealers to offer financing rates for the cars that they insert on mobile.de in collaboration with captive banks they work with. And we work with a third-party provider partner to basically also empower all other listings with this service to make sure that every single car buyer can find a financing offer for the car they want to buy. These products and offerings that we have not only led to a huge consumer and dealer reach, as I mentioned earlier, but also drove substantial financial success. You can see here that pre-pandemic, our revenue grew on average by 15% in the years between 2015 and 2019, and by expanding our margin, we managed to grow our Non-GAAP operating income by 17% in the same time. Now, you probably wonder, and what's now, right? So let's take a closer look at the more recent development and the revenue mix. You can see here that our business has some reliance on dealers and dealer listings more specifically. 72% of our revenue is coming from dealer listings. These listings have been impacted, as we have heard earlier, by the chip shortage and the low production volumes, and with that, by low transactions in the markets. I will get to that in a second again. Despite the fact that we have seen declining listing numbers, we managed to maintain revenue and even achieve moderate growth in the last years by pricing and packaging activities, but also by developing our new transactional products and by scaling them. Let me talk a bit about the headwinds that I've just mentioned. In Germany, we do see that the car production is low, and so is the number of transactions in terms of new cars and used cars, not only below the pre-pandemic level, but also below previous year currently. That has knock-on effects on all platforms, our competitors, and ours. The good news here is we maintained our competitive position and are still strong number one. The other good news is that the demand for cars is still very strong in the market, as you can see on the right of this chart. That drove the prices for cars up, which again helped dealers to get through that time and also shows the opportunity in the market is very healthy still, and there is more reason for us to be optimistic and confident in our business, and I'll show you that on the next chart. Let me walk you through that, so you see the dark blue columns here, and these basically show the listing development starting with a baseline of 2015. On top of that, in the lighter blue columns, you can see basically the difference that we have managed to achieve through pricing, packaging, and new business development activities that goes far beyond that, so starting on the left, you can see that in the years leading up to 2019, we have managed to grow the business in the mid-teens despite the fact that the listings were only growing moderately. With the start of the pandemic, we managed to maintain revenue, and we managed to offset the decline in listings by the said growth drivers. Going forward, once we see that the market comes back and once we see that the volumes and the listings will recover, we will basically see these continued activities coming on top of this rebound of the market, which will then lead to accelerated growth going forward. Just to mention one example, we have raised prices successfully in August this year. So we see that there is still a lot of health in the market that we can continue to leverage going forward. There's one more reason for optimism, and that is, if you look at the two areas that I've mentioned earlier that we currently operate in, automotive classifieds and automotive transactions, we still see a lot of growth potential in both. And just to show you and illustrate, on the left, you see how we have grown the average revenue per listing quite substantially in the last couple of years. So that is taking out the listing effect that I've mentioned earlier. And you can also see, despite this growth and despite the progress we have made, there is still a lot of room for growth, which we have also already seen earlier in the motor section, particularly in comparison to the international peers we have. And we have a very similar story, although on a smaller scale, with regard to our automotive transactions businesses. So if you look at our financing business here, for instance, you can see that we have achieved very nice growth in the last couple of years. At the same time, we do think there is a lot of room to grow for us still and also for the addition of other services next to the propositions that we already have live. That's also reflected in our five-year strategy, which focuses on the one hand on advancing our pricing and packaging, tying it more closely to the value created, and secondly, in automotive transactions, it contains several exciting opportunities. First, creating a trade-in offering, which allows our consumers to leverage the value of their car for financing their next car by launching a fully online buying and selling proposition, and also by advancing our first offering for leasings and bringing it to a subscription service. Let me give you two more examples of what we already have live today to make it a bit more tangible, so let's double-click at automotive classifieds first. There we really have a unique advantage over our other players in the market. We have, with eBay Kleinanzeigen together, two market leaders who combine forces for the benefit of our dealers and also our consumers. To just explain how we use that, we allow our dealers who use our comfort and premium package to push their inventory to eBay Kleinanzeigen. That brings very attractive professional B2C inventory to the eBay Kleinanzeigen platform. And it allows dealers to get an uplift of 100% in terms of leads for these listings. We do the same for our private seller inventory. This is a unique proposition that we have, and we plan to build on that and continue it. Here, let me show you what we have already live today in terms of automotive transactions. We have three examples that I'd like to share. One is within our C2B offering, which I've mentioned earlier. We have launched a car digitization app, which has improved the seller success by 20%. We also started exploring online buying and selling services on our platform, addressing the need of more than a third of our buyer base who think that buying a car online is a viable alternative to visiting a car dealership. And thirdly, we do have a dedicated leasing-first experience live on our platform, and we will continue to expand on that. So far, we have 7,000 listing and leasing offers already live. And you will see that these opportunities will continue to grow. So closing, I would like to leave you with three key points. One is mobile.de is the car platform and the number one marketplace in the German market with still a lot of opportunity for growth in the future. Second, despite temporary headwinds, we have a huge strength in our platform, and we have seen strong performance that we can continue to build on going forward, and thirdly, there is huge potential and huge growth opportunity, particularly in the transactional parts of the business, which we will continue to build on, and we are very, very excited about being part of Adevinta because this allows us to accelerate that growth journey. And I'm very much looking forward to sharing more exciting stuff with you next time we talk. Thanks a lot, and I will hand over to Gianpaolo, who will now also talk about other exciting growth stories and opportunity for scale. Thank you. Thanks a lot. This is a bump in the road, a road that brings to a fantastic destination. It's good to do the journey when you know that you're driving the fastest car in the market. Let's move now to European markets very quickly. European markets include nine countries. Four of the five core markets where we will focus our strategic attention in the future are in this portfolio. We have Germany, we have Benelux, we have Spain, and we have Italy. Strong position across the place. In these few minutes I have, I would like to put the attention also on two very interesting positions we have together with our JV partners in Ireland and in Austria. In both those markets, we enjoy strong position in all the verticals that matter. Very strong position. At the same time, as Rolv announced before, we also have a presence in Belarus and in Hungary. These are two markets that have strong positions. At the same time, we know that in order to be successful, we will need scale. And this is why over the next 12 months, we will look at what opportunity we have to drive that scale and if we are the best owners to run the journey. Going pretty fast also on how this portfolio performed over the last years. Here you can see that this portfolio showed a significant resilience during COVID times. During 2020, revenues went down by only -3.7%. We are already delivering EUR 630 million over the last four quarters, double-digit growth already significantly above pre-COVID levels. Also throughout the period, these businesses and these markets have delivered above 40% margin throughout this period. And you also can see that the main contributors in terms of revenues are Germany, Spain, and Benelux. It is Germany that we want to present to you today with a bit more attention. It's a market that makes us very excited. When we see the size, when we see the opportunity, when we see the team, when we see the culture, and when we see the users and how much they love our brand, this really makes us very excited. This is why I'm happy to call on stage Paul Heimann, that is the CEO of eBay Kleinanzeigen. Paul, the stage is yours. Good afternoon, everyone. I'm Paul. I'm the little brother of Antoine, the younger brother primarily. Sister, even. Okay. Well, whatever. I'm soon to be your bigger brother. Let's work on that. All right. Thank you, Gianpaolo, for the nice words and the good introduction. I'm going to talk about our fantastic classifieds business that we have in Germany. And I'm going to touch on three things. So first of all, I'm going to talk a little bit about the fantastic position that we have and that we've been building up constantly over the last couple of years. Second, I'm going to talk about the massive opportunities that we have in some of the spaces that you've heard already about real estate, transactional, and so on. And then lastly, I'm going to showcase that we're in full swing already on executing our strategy. Okay. With that, let's start with a view on some of the high-level, big fundamental pieces here. We are by far the largest classifieds business in Germany. And we are the biggest, the number one Germany-based internet business. And we're the number seven internet destination in the country. So a lot of traffic. We are very, very well-known. Customers love our brand. They love what we are and what we do. Every second German comes to Kleinanzeigen at least once a month. That's super impressive. And one of the things that we have always focused on is our consumer experience. It has to be like a best-in-class experience, constantly tweaking the simplicity of our apps, constantly evolving the product experience. And that also has led to outstanding customer satisfaction scores. So we have amongst the highest customer satisfaction across all of Adevinta. And then the last point on this page here is to what Rolv Erik said in the beginning. We have a massive impact also on sustainability. We are the engine, in fact, of circular economy in Germany. And we help to save 100 tons of CO2 emissions every month. And that is, again, what customers love about our business. We're doing the right thing. We're helping them to do the right thing. What excites me even more is that this also translates into incredibly strong fundamental metrics in terms of demand and supply. So in the last couple of years, you can see we have been able to accelerate all of our core metrics substantially. And that is not a coincidence. It didn't just happen to us. It was, as I said earlier, constant focus on delivering the best possible user experience. And that has led to us in the last four years, for example, almost doubling the visits that we have. And one thing I'm particularly proud of, and I know my whole team is very proud of, is we have achieved all of what I just told you just with 170 people. It's a fairly lean team. And that is also why we're so happy to be part of Adevinta now, to tap into the scale, to tap into the knowledge, to accelerate this business. So everything I've told you so far in terms of our fantastic top-level position, our very healthy fundamental metrics, also combined with our constant focus on verticals, translates into very powerful positions in the verticals. So let's zoom into real estate and motors a little bit. So we have two very mature real estate players in the German market. And despite the fact that they have been in the market very long and are very much focused on real estate, we have been able to grow to be the number two in traffic already. And we are getting closer and closer in terms of content as well. So we are on a path to accelerate real estate, and we are on a path to become the number two. On motors, Patricia touched on it. We have a very, very successful joint position with mobile.de, where we exchange listings, where we have a joint dealer business, and we're bringing a whole ton of value to our dealers in Germany. And that also shows in these fantastic numbers. We are in every dimension the number one in the market. And then lastly, let me point out one thing that is very special, which is in both verticals, we are by far the number one in C2C supply. So the private listings are on us. And that is a very, very awesome competitive advantage that we have that we're leveraging as we speak. This gives us an opportunity, and we heard about it in motors as well as in real estate. There's a shortage of supply. It's hard to get new inventory. That is where our C2C position is very, very helpful. We're exploring as we speak C2B models, lead generation offerings. That's something that we're going to accelerate in the next couple of months. We'll touch on that a little bit later on. Good news, good news, good news. More good news. All of what you heard also translates into super strong financials. Let's look into that a little bit. Last couple of years, very strong growth and a very, very good position in terms of EBITDA. We managed to also come out very strong in terms of this unusual year of 2020. Our CAGR across those years is 17%. Very healthy double-digit growth. We feel that there is a lot of headroom for us. If you look on the right side here, how is this business composed? Roughly speaking, half of the business is advertising. One quarter is in what we call the generalist space, and then the other quarter is in the verticals. The status quo is interesting, but much more interesting is the journey that we have come from and the journey that we're on in terms of changing this mix going forward. Let's zoom into that very briefly. As you can see, our verticals offerings and the generalist side have been outgrowing our advertising proposition over the last couple of years by a lot. That is not a coincidence. We have been actively reworking our monetization composition. For us, it's very important. As to Zac's points, we see changes in the advertising space. Consumer behavior is changing. Legislation and regulation is changing, and that means for us, we're on a path to grow our verticals and grow our generalist proposition and lower our dependency on the advertising side. Still on the advertising side, we are re-architecting what we do in advertising, so we are accelerating our 1P offering, which we own and operate ourselves. We're moving away from third-party dependencies to owning our own advertising ecosystem, so looking at all of this and the different opportunities we have in these three spaces, we feel that there is a whole ton of acceleration potential here, and if you look at this slide here, Marktplaats is ahead of us. Leboncoin, our bigger sister brother, whatever, is ahead of us. If we look at the international benchmarks, there is even more headroom for us to grow. And I think that is incredibly exciting. So let me zoom in a little bit more into the verticals piece as well as the generalist piece and show you a little bit more what we do, what the potential is, and what our strategy is in these two very important areas. So first of all, let's zoom into the generalist opportunity. So there's two things here. One is the massive transactional opportunity as per Gianpaolo's point that we're accelerating across Adevinta as one global team that has a strong focus on this opportunity. And the second piece is a bit more unique to Kleinanzeigen. It's what we call Pro. It's an offering for small and medium businesses. So on the transactional opportunity, right now, what we have live is our payments and escrow solution. We launched that about a year ago. And as we speak, we're ramping up our shipping integration. So we are one of the markets that is still in a fairly early stage. As pointed out by a couple of people already, it's fantastic to be able to talk to our older sister and learn a lot from their journey, but also from the journey that we've seen in Marktplaats. On the right-hand side is SMB. That's our Pro offering. And let me sort of illustrate a little bit what that actually is. So Pro is a commercial offering for professionals regardless of the category. So it's not specialized for real estate or specialized for cars, which we have as well. But this is an offering for any business on our platform. What we're giving these customers is what they urgently need. We're simplifying their lives by making it easier for them to use our products on a larger scale. We're helping them with convenience and speed. And we're creating more visibility for their products and also for their brands. And if you look at the last couple of years and specifically since the pandemic started, you see that these businesses have an urge to digitalize their business models. So a lot of these smaller businesses, they are forced to digitize, to go online. And that's exactly the spot that we have placed Pro into. Pro for them is the easiest way and the fastest way to move online in one go. In a matter of minutes, they can have a shop on our platform overnight, and they can start to transact online. The value that we bring also shows in how this business has accelerated over the last couple of years. We have 20,000 paying subscribers in Pro already. We've managed to grow the ARPU constantly. If you look at the potential, there is a serviceable market of EUR 620 million annually in Germany, which is fantastic. We've just started this. This is something where we feel we can really accelerate going forward. Let's briefly touch on our five-year strategy. It's three pieces. One, the transactional opportunity that we see. It's massive. We see it as a joint Adevinta journey to accelerate on this. We're learning, we're sharing, we're working together. We are on a very good path to drive up the adoption and drive up the value that we create. The second piece is on the SMB piece. It's in terms of driving the penetration and also increasing the share of wallets. So we're working on evolving our sales approach and our sales capabilities. We're working on adding more and more features for our SMBs to drive up the value and also increase the share of wallet that we have there. And then lastly, something that has always been at the core of Kleinanzeigen is the horizontal flywheel, as we call it, the C2C heritage that we have. And we're going to continuously focus on that. For us, it's key to make sure that searchability is always the best across the market, that things like inspiration, trust, safety, the messaging experience, all these core pieces, they need to be spot on. And that's what we're constantly focusing on. And that's also what we're going to continue going forward. All right. So let me show you what we have been up to in the last couple of months and what we've been working on. So I mentioned it already. We're in the process of right now ramping up our shipping integration. We're working with the biggest German carrier, DHL, with a very nicely integrated offering. We're the first ones in the market to launch this C2C proposition together with our partner there. It's a very nice integrated product experience. Recently, we launched what we call the phone number verification that helps us to boost the trust in the platform, secure accounts to foster trust on our platform. And then lastly, just recently, we launched for the first time our good, better, best packaging offering for pro. So in the past, it was a one-size-fits-all offering. Now Pro has a differentiated packaging structure where, in the higher-paid packages, we offer a lot more features in terms of driving visibility and driving the effectiveness that customers can use our platform. All right. Let's shift to the other important side. So we talked about the generalist part. We talked about how important the transactional transformation is and also how amazing our opportunity in the small and medium business space is. The second piece is the vertical piece. And there, I would like to talk a little bit more about real estate. Antoine talked about it. It's an exciting vertical to be in. It's a growing vertical across all of our markets. And the good news is we have a very competitive position that we achieved over the last couple of months. So we have more than 7,000 paying agents, registered subscribers. We're holding a market share in terms of agent penetration of 25%, and we're getting closer to the 30% on the content side, and if you look at international comparisons, again, Leboncoin here is making substantially more. If you look at the ARPA numbers right here in terms of what the verticals in the market are able to make, there is, again, a massive opportunity to drive up the value and also drive up the value that we extract for us in the real estate space, so let's look at the five-year strategy again. Three things: increasing the penetration. For us, there's a lot we can do and we want to in the sales space, ramping up the teams, ramping up the capabilities. Again, learning from the best in class here from our French colleagues, increasing the share of wallet, diversifying the commercial offering that we have, adding features that are driving value to our agents. And then lastly, expanding in the value chain. There is a fantastic opportunity. I touched on it earlier. It's what we call C2B, the lead generation offering that we're working on and that we're thinking about. And that is a great opportunity. As Antoine said, there's a shortage in the demand of housing. And us, as the market leader in terms of C2C listings, we have a fantastic opportunity to leverage that and allow our agents to source leads from this great pool. Again, let's zoom in a little bit. What have we been doing in the last couple of months? And there's a few examples here. We have improved our view item experience, very much a tailored experience for real estate with things like structured data, with things like video integration. And as Antoine already mentioned earlier, video integration, 360-degree images. So we're really on a path to verticalize this experience more and more and more to make it also easier for our customers to find what they're looking for. And then, again, the C2B piece here. We want our agents to be able to leverage our content pool for them to source leads. And that's going to be a great addition to our product suite in the next couple of months. All right. So as you've heard, there is a whole ton of stuff going on. We're focusing on the SMB opportunity. We're focusing on real estate. We're focusing on the transactional evolution. And I want to wrap it up for you. Kleinanzeigen, at the heart of Europe, in the biggest European economy, is a true powerhouse. We have a very, very, very strong position. And what's even more exciting is all the acceleration opportunities that we have in this market, from transactional evolution that we're on full force, from our unique position in the SMB space, also to our verticals where we have, on the one hand, the exciting opportunities together with mobile.de, and on the other hand, our growing real estate offering. I'm super proud of what we have achieved with the 170 people that Rolv also mentioned in the beginning. And I'm even more excited about the path forward, given the scale of the group, given the learnings that we have, given everything that we can benefit from. We really feel we are at a milestone point in our history where we can really take off. That's what we're really excited about. I'm looking very much forward to go on that journey with my team in Berlin. Hi, guys. Yeah, I'm looking forward to your questions later on. With that, I conclude the section on eBay Kleinanzeigen. I'm happy to invite up Zach back to stage to talk us through the international market portfolio. Okay. All right. Let me do a quick walkthrough of international markets. International markets consist of leading horizontal and vertical classified businesses across five countries. In Brazil, our joint venture, our 50/50 joint venture with Prosus. Brazil is our fastest-growing business within this portfolio. Regarding the other assets, as we announced, we will divest Australia and South Africa next year. We will conduct strategic reviews in Canada and Mexico to identify strategic options to accelerate growth in those markets. A quick overview of international markets financials. Now, this is our segment view, which excludes Brazil, so these are only the 100% owned assets. And it's primarily Australia and Canada. As you can see, financial performance in 2020 came down significantly. Most of that was driven by pandemic issues. There were two factors. One, we provided dealer discounts during the initial phase of the pandemic so they could weather the storm, and two, our advertising business. And in Australia and Canada, we have relatively higher exposure to advertising. The advertising came down as a result of the lower spend during the pandemic. The good news is that revenues are recovering. They're up 12% this year. We expect to do EUR 195 million. As I mentioned before, Brazil is our fastest-growing asset, and we're going to do a deeper dive on that now. I'd like to invite up Andries, who's come here from Rio, to walk us through the exciting Brazil business. Thank you, Zac. Hello, everyone. You've been hearing a lot of exciting things about these amazing businesses in Europe. But now I'd like to take you on a journey across the ocean to Brazil. And before you start to think about tropical beaches and hot weather, I don't blame you looking where you are. But we're going to talk about something else because there's also an amazing business opportunity to really transform the way Brazilians buy and sell real estate, cars, and goods. I'm going to talk about that. We've got three really strong brands in Brazil: the leading horizontal brand, which is top of mind in goods, in cars, in real estate, and also leading employer brand. In the last year, we had 110 million people buying and selling on OLX. That's the same as the population of France and Spain together. It's incredible volumes that we're starting with and still an incredible opportunity to deepen the experience and grow monetization in these markets. Just to illustrate a little bit further about our leadership position, with the acquisition last year of ZAP and Viva Real, we now have the three leading sites in real estate, both in supply and demand, and also in cars with the horizontal OLX. We have a very strong leadership position both in supply and demand, far ahead of the leading verticals. What does it look like financially? Here you see the dark numbers are the OLX numbers, growing 30% per year over the past years. The light ones are pro forma numbers for the company we acquired, Grupo ZAP. As you can see, they've been growing single digits over the past years and also have been loss-making. Why did we acquire a company that doesn't seem to be growing very fast for an emerging market like Brazil? We believe we can bring it to the OLX growth levels in the short term. Already now, after one year, we've basically transformed this low-growth, loss-making company to a fast-growing company with high profitability. It's an incredible value creation already for you shareholders in this first year. We're now capturing a lot of efficiencies too with this integration, making the business more efficient and growing our profitability. Looking at our revenue mix with this acquisition, we're now very much focused on real estate. 56% of our revenues come from real estate, but also with important other businesses like cars, goods, and advertising. And if you look at the mix of our revenues, a very big part comes from subscriptions, which is a very resilient revenue stream, which also was resilient during the pandemic. And also interesting to see that there's 9% already coming from these new transactional and fintech revenues, which we believe will become very big in the future, a very big fintech opportunity in Brazil. So let me dive a little bit deeper into the key segments and share with you what opportunities we see there. So as you can see here on the left, these are the real estate transactions in Brazil. As you can see, it's not been a very exciting market over the past five years. The Brazilian economy has been very weak and facing a lot of challenges, so we've been growing basically in a very weak market with strong upside once the economy recovers, and also, we see a lot of upside in growing beyond traditional classifieds and with financing being the biggest opportunity in Brazil, so looking at some of the growth drivers in real estate, we have been penetrating the number of real estate agents that are on the site, and there's still further growth potential, but the biggest potential comes from increasing ARPAs. One thing we've been doing over the past year is migrating Viva Real and ZAP customers to a double bundle with ZAP and Viva Real, and recently also migrating to a triple bundle with ZAP, Viva Real, and OLX, where professionals can in one time post on all three sites and basically have the leading audience in Brazil, basically have a complete offering that don't need anything else. That has a huge impact on the ARPA because we're basically, for this triple bundle, charging the sum of the three sites separately. We're only partway done with this rollout of the bundle. So we see a lot of further potential, both in further penetrating the market, boosting retention, increasing the share of the commission pool with a more complete proposition, and also expanding in the value chain, where we're offering more transactional services and getting closer to financial services. And to do that, we've launched a new proposition last month called ZAPway+. This is a solution for real estate agents to allow them to digitalize their business and offer financial services and allow them to compete against some of the new digital real estate agents that have been growing very fast in Brazil. And basically, this way, we're helping our partners become more digital and also get us closer to the transactions. We're very excited about that. Looking at cars, very similar situation. The market has been soft over the past years, and we see there will be upside once the market recovers and also a lot of opportunity to grow beyond classifieds, car financing being an incredible opportunity. We're already growing very fast, working together with some of the leading banks in Brazil. We see that in cars, a bigger opportunity still of penetrating the markets. There's still a lot of car dealers which are not on OLX. We are working hard to bring them onto the platform and also increasing ARPAs. We have a very strong audience. We're generating a lot of results, and we're building a more complete offering. One of the things we need to do in cars is really make this experience within the horizontal verticalized. Antoine already talked about how they're doing that in France. We're doing the same thing, basically making sure that we capture these horizontal synergies, but also make the experience in cars world-class, that you have all the complete functionality that someone is looking for in a car vertical. And we're basically increasing the share of wallet, expanding along the value chain, and capturing some of the more high-end dealers that are still not on OLX. So just to show you some examples of what we're doing to get closer to a transaction in cars, financing is at the moment the biggest business for us now outside classifieds, where we're capturing a huge number of leads for the banks and closing more than 10,000 car financing contracts per month. And there's still a lot of growth potential there. Also, vehicle history, car escrow solutions. There's a lot of things happening for us to get closer to the transaction and help also car dealers digitalize their business. Quickly touching also on goods, a very similar story to what you heard in other markets. We launched our pay-and-ship solution a year ago. It's really about making the experience much more safe and convenient, and that's helping boost satisfaction and boost growth, and also allowing us to capture a much higher take rate of the transaction, up to 40 times what it is in our traditional premium listing model. We've got a full e-commerce solution with checkout, with delivery tracking, digital wallet, dispute resolution. But there's still a lot we need to add to really capture the full opportunity here, adding more payment methods, more shipping options, and a lot more. It's a big focus for us to keep on scaling this solution. I kept it very short to keep room for questions. Just before we go back to November in London, just want you to remember the three things we learned here in Brazil. We've got a leading position with very strong volumes and leadership in real estate, cars, and the C2C goods. We're really accelerating the growth after the acquisition of Grupo ZAP, and that way, creating a lot of value for shareholders. And we're rapidly shifting towards a transactional in all three verticals in real estate, cars, and goods, offering a more safe and convenient experience and increasing our take rates. So thank you very much. And now I'd like to invite Nicki here to lead the Q&A session. Thank you very much and welcome to the first opportunity to ask questions of the management team today, so let me start by inviting all of my management colleagues to come and join me on the stage. Now, there are two very simple ways to ask us questions today. The first is very traditional. You just raise your hand, and we will come to your questions. The second, if you are on the online webcast, is on the homepage, you'll find a question box. You pop your questions into this question box, and they magically appear on the iPad here, and I can ask them on your behalf, so we're going to start with the room. We'll start with this gentleman just over here. Thanks. It's Andrew Ross at Barclays. I've got two. The first one is on C2C transactions, and it's trying to unpick the EUR 400 million revenue target. How much of that is due to kind of take rate expansion versus GMV growth? And when you think about the take rate in the very long term, how much higher could it get than seven when you think about seller fees, financing, etc.? Then the second question is on mobile.de. And I think one of us already talked about exploring online transactions, but it was relatively high level. Just kind of curious as to how you see that space on a five-year view as you bring a transaction online. It sounds like you're working very much with the dealers, but do you envisage a car kind of ever going onto the mobile.de balance sheet? Curious on that note, what you see with AutoScout and smyle, which is quite disruptive in Germany? Thank you. Okay. So why don't we start with Patricia taking the question on mobile.de, and then we'll move back to your transaction question. Excellent. Yeah, that's a very interesting question, and as you can imagine, a topic that we look intensively into. So as you said, we're excited about the opportunity, and we see that there is a very strong consumer demand for buying cars online. Our current approach to this is really empowering dealers to bring this transaction online and helping them to serve this consumer need. So when we talk about balance sheet, I would like to leave it then probably to Uvashni to comment on that. But we're definitely thinking about opportunities to make this process as seamless as possible for our consumers, and that also includes that we empower the dealers to really make the transaction online. Yeah. And if I can add something, Patricia. So online buying and selling is definitely something we're going to do, right? We can develop it organically, or you can do it with partners. But that's definitely something we're going to do in Germany and in the other countries. Then we want to do it in partnerships with the dealers. So we don't see that we'll become a digital dealership ourselves, taking a big balance sheet risk. We want to continue to be the marketplace. And that same is actually for real estate. We're not considering going into the iBuyer model. But this is something that we're going to do for sure. Thank you. One question. I respect it for me. So growth will come mostly from GMV expansion, right? We said that we believe that the growth in the C2C part will mostly come from having more listings. So those 600 million listings will go up, more liquidity. So that 30% sell-through rate will go up. And then also adoption rate increase. So that 7% that you see in the slide will also go up. Stable AOV, this will translate a significant increase in transacted GMV, which is not GMV, is transacted GMV. So GMV that already goes through all the funnel. Okay? So also when you compare with other players, pay attention to notice the difference. Then for sure, we believe over time that we will also be able to increase take rate because we will provide more services. Just an example, installments, right? Insurance. When you buy your phone, you can get insured, or you can buy it over 12-month installments, etc., etc. And we will take a significant portion of the value that we add together with our financial partners to do these kinds of things. But the most of the increase, what will make those 50 million become hundreds of millions, will be GMV expansion. Thank you very much, Gianpaolo. Will. Hi, it's Will Packer from BNP Paribas. Three questions, please. Firstly, you gave some very useful numbers around the transactional economics, including, I think, a negative margin of 20% excluding marketing as things stand today. Firstly, could you just give us some kind of view as to what the margin would be including marketing? Secondly, I think the trajectory of the transactional losses is an important part of the group's profitability evolution going forward. Could you confirm we'll continue to get that as a KPI going forward, some kind of way we can sense-check the profitability evolution of the vertical business alongside those transactional losses? And then finally, you talked early on in the slide deck of one-third of Motors' revenues coming from new revenue sources. Is it right to think of those new revenue sources as akin to the kind of new revenue sources that Auto Trader and other peers are talking to? And could you comment on the margin impact of those new revenues, or maybe I've misunderstood? Thank you. Maybe Gianpaolo, you could start us off. The first one, thanks, Will. Good question. So in general, what we said is that over the next two years, right, while we scale this business to drive adoption and improve our product and tech user experience, we will be slightly unprofitable. We're discussing about a - 20% operating margin over EUR 50 million revenues this year. So it's EUR 10 million EBITDA. So first of all, I want you to put it in perspective, right? This is not negative EBITDA of EUR 300 million. This is EUR 10 million for this year. Then when we say that includes or not includes marketing, what we mean is that it includes marketing that is related to drive the adoption specifically. So all the activities that Antoine launches in France to launch adoption, incentivize and subsidize some shipping, etc., etc., customer user acquisition techniques and promotions to drive that adoption are included. What is not included is the typical brand advertising that we do in general to promote the Leboncoin brand across Europe. When it comes to how you should think about this business becoming profitable, we believe that by year two or three, this business will become profitable, and we believe that by 2026, we'll be 20% profitable margins, and what most probably we will observe is that not all the markets will come at profitability at the same level, right? The way we will reach profitability will also depend on the maturity stage, so I'm sorry, Antoine, but I guess that Antoine will be the first one to become profitable. As always. Right? So it's a blue book, right? We always play the same thing. And also on transaction, we'll be the first one to be profitable. And then the others will come. But you should not expect huge losses in relative terms over the next two years related to this business. We will invest because we see the opportunity. But what we're betting for is - 20% over the next two years on revenues that are important, but they're still not EUR 400 million. I think that also answers Lisa's question that she asked online as well. Okay. Any other questions in the room before we. Oh, sorry, Will, your third question. There's kind of two elements to it. Firstly, are we going to get systematic reporting of those losses, and how often will we get them? And then just a question on the revenue associated with Motors in kind of new product areas. Yeah. Thanks. I can take the Motors one. Perfect. So what we said is that the classic business model on the classified part will continue to grow significantly based on pricing increase, based on new packages, based on features we will integrate in our car dealers' offer. And then we'll expand on new product, the financing part, the insurance part, the warranty, the C2C payment, the lead generation offer, the leasing part, our domain where we can expand. We have already started. mobile.de is more advanced on that, and we will expand on that. It's why we think that on this part, we will be able to grow by 40% on that. Fabulous. And Uvashni, maybe you can take the reporting piece. In terms of the reporting for effectively the cost of investment, we will, to an extent, do it, Will, but not fully because there are different stages of some of these. Some of them are still in early-stage development. So for those effectively companies that have more maturity, you probably get some evidence of it. Take one more question in the room, this gentleman over here. Thank you. It's Matti Littunen from Bernstein. I've got two. One on the pricing. So quite a lot of the growth is expected to be coming from higher pricing across the verticals. Have you done any experiments with dynamic pricing, considering quite the big shifts in the demand and supply in your key growth verticals? So for example, tests moving away from subscriptions and rate cards to second-price auctions, for example. And the second one on the jobs vertical. So it wasn't too much commentary on that. So how should we think about the growth opportunity for that one? Is it, for example, going to be if those cars and real estate are growing faster than that, 15% going forward and ads 0-5%, would jobs be somewhere in the middle there? Thank you. Okay. Maybe Antoine, you can take the first question on pricing. Yeah. The pricing expertise we have is very focused at this moment on the motor side. And we have many knowledge on that in many countries. So now what we are doing is, I think you're right, the pricing we are doing now will be more sophisticated in the future. It's based at this moment on testing we are doing on differentiating the different offer when we are proposing a car dealer offer. We are bringing more added value on each packages, and we try to upsell them in more ROI packages for them. The next stage will be maybe to differentiate it by region, by area. This is what we are doing on real estate, for example, in France. We just launched it in September. And of course, this kind of testing stuff will be done by country, and we are gathering this information, and we are sharing. This is a big advantage of being in different countries, but that will be the case, and the performance approach that you were talking about, I think it's a good thing, but it will be on the top of the subscription model because this subscription model has proven during the crisis that it's very resilient and very important to have it. Yes. I think that's an interesting upside for us, dynamic pricing, especially in the cars because you can segment on many different things, and you can make popularity, geography, price, category, etc., so I think that's an interesting upside for us. Gianpaolo, maybe you can take jobs. Yeah. When it comes to jobs, I think that's how Orla said, that the difficulties in this strategy and difficulties in Adevinta these days is to prioritize our many opportunities, right? And for sure, jobs is a fantastic opportunity, and we're really happy with the positions that we have in Spain, for example, but also with the upside potential that we see in France. And even in Germany, right, the more I know the German market and eBay Kleinanzeigen position, eBay Kleinanzeigen position, we see that opportunity. But we have to prioritize, and we believe that the opportunity within real estate and motors are way bigger. So we will be more tactical on jobs and see what opportunities we see over time that can be captured. But the focus will be on real estate and motors from a strategic point of view. Fabulous. Now maybe we'll take a question online, and then I'll come back to the room for our last question. So Andries, a question on Brazil. Can you please discuss competition in the Brazilian real estate market? The likes of Loft have raised a lot of money. What impact are they having on your business right now? Yes. So there's a lot of attention for the real estate opportunity in Brazil. And everybody sees there's a huge opportunity to digitalize the experience and offer a much better experience for people buying and selling and renting real estate. So there's a lot of VC money flowing into QuintoAndar and Loft and other players. And we believe it's very good for the market because it's really accelerating the digitalization of the market and also lifting the bar for traditional real estate agents that are our clients. So we expect that they will increasingly come to us, and they are already doing that, to help them compete against these new entrants. We don't think that these new entrants will dominate the entire market. We think that they are really important players that are really the reference now in the market. Consumers expect the traditional real estate agents to match that experience. Those traditional real estate agents don't have the tech capabilities or the financial capabilities to do that. That's where we come in. That's why we launched this solution, ZAP Way+, which is a tech and financial services solution that allows them to offer the same rental guarantee and the same digital flow that QuintoAndar and Loft does. There's a lot of demand now in the market to get onto that solution and to really, yeah, as a whole sector now, improve the experience. I think that's something I'm really excited about. It's been a very traditional market. It's been very resistant against doing the changes that consumers are demanding. I think now the combination of the market power that we have to really drive behavior change and also these investments made by new competitors into the market is really changing the game now. We think we'll see a big acceleration of digitalization in the market because of that. We've probably got time for one more in the room. We've got another opportunity for questions, so we can ask some more later. The lady at the back. Yeah. Hi. It's Sarah Simon from Berenberg. I've got two questions which are quite different. First one is a kind of philosophical one, which is you've shown us lots of different products that are either rolled out or coming. If you think about the other listed classifieds players like Rightmove, Auto Trader, Scout24, and so on, where do you think you are in terms of the development of financing services and so on, just so we can put it into context as to whether you think you're ahead or behind or the same or whatever? And then the second one was on advertising. I was a bit confused by Q3. You talked about lower demand in France because of opening up of economies, but you didn't talk at all about IDFA, and you've obviously got a lot of app traffic. Can you talk about whether IDFA had any impact on your advertising in Q3 and what we should expect for Q4? Thanks. Yeah, so we'll start with your second question, and I'll hand that over to Zac. Yes. So on the IDFA question, it has had minimal impact in our overall Q3 results. And I think the main driver is that if you look at our overall advertising revenues, a smaller portion of that revenue is coming from iOS apps, around 15% or so. And on those apps, not all of the revenues were impacted by IDFA. In particular, PLA was not. So while we saw a little bit of softness on display on the apps and iOS as a result, the overall impact to the business was minimal. So we did not see a big impact. Fabulous, and maybe, Rolv, if I can give you the final answer. The first question was a really big one, right? If you ask us to kind of benchmark against the different players in different industries. In general, I would say that on traditional classifieds products, we are doing very well. I think there are more things we could do, such as the dynamic pricing we just talked about. Then I think that compared to many others in other markets, those additional products, finance, insurance, etc., I think we are a bit behind, but we have a good runway to develop those further. And then I think there is also upside in developing those transactional products, both in the verticals, cars specifically, and also in transactional. But I'll be happy to discuss it in more detail a bit outside here. Thank you very much. Okay. That concludes part two of today's proceedings. So we're now going to take a 15-minute break, and we'll be back in the room here at 5:00 P.M. GMT. See you soon. Welcome back, everybody, to the last part of today's proceedings. This final section is going to concentrate on how Adevinta is going to leverage its future scale. We're going to concentrate on some of our key enablers, our product and technology, our financial capabilities, and capacity. So I'd like to welcome to the stage our CPTO, Renaud Bruyeron, to talk about product and technology. Thank you, Nicki. Hi, everyone. I am very excited. We've talked a lot about growing at scale, and I'm going to tell you how we're going to enable customer-centric innovation at scale. We believe that as we bring together those two businesses, we're going to be able to leverage our scale in technology and into a sustainable advantage. Technology is part of our products in a way that is going to continue to increase over time. As Rolv told us 15 years ago when we started in classifieds, it was very simple, simple technology. But now it's everywhere, and we use it extensively throughout the product, as Jambo said earlier, to remove friction, to make it more convenient, to make it easier for our users to transact. Adevinta, as we bring together those two businesses, brings unique scale in terms of reach and audience. You've seen this, but also in terms of data and in terms of talent. And we believe that we have the recipe to leverage this into an advantage going forward in terms of speed, quality, and delivery cost. We bring together two organizations that have a rich history in leveraging technology to establish winning positions in their markets. And these two organizations have made many progress and mistakes and learnings that we bring together today. They have different strengths that we know how to leverage and that we'll bring together into a winning proposition going forward. And the goal is always to accelerate our development going forward in transactions, in motors, in real estate, and build this on top of solid foundations when it comes to technology. When it comes to technology, size does matter. We have a big muscle. We bring a lot of firepower in this space. We have 3,000 product and technology specialists working for us today. That's 40% of our global workforce. These are large numbers in our industry. In fact, it's pretty unique. We have other big numbers. You can see some of the outcomes of this work, and some of them are really big. 26 petabytes of storage is actually mind-blowing. It's very large, and we're very far from where we were a few years ago when we were doing simple classifieds. The amount of data that is going through our systems is truly astounding. We believe that we have a model going forward to leverage the scale and this firepower into accelerated developments for our products, and therefore, we're going to be able to continue to delight our users and monetize. We have a hybrid model. You can see here that we will leverage our scale when it comes to central product and tech where it matters, and we will also leverage our expertise in the local markets, in our core markets, working very close to the users and innovating for them. You can see here the blue areas are the areas where we'll concentrate standardization, globalization to build solid common foundations on which we will continue to accelerate the development of our platforms in each of our markets. Those foundations are cloud infrastructure, data foundations, and then business technology to power the whole corporation, and on top of this, we have our local platforms in Leboncoin, for example, or mobile.de, eBay Kleinanzeigen, and Subito, and for these, we will enable further scale by bringing common capabilities, features, products, or services that will span across those different markets. This is already the case today, and we'll continue to do this as we invest into further new products. Let's focus on those blue areas where we will enable scale and globalization. On business technology, we will consolidate those systems and bring them up to speed and up to modern standards by leveraging the carving out of ECG out of eBay, and we will use this opportunity to build fit-for-purpose business systems. One example is ERP. We will build a new ERP for our ECG businesses and then move Adevinta over to it, and therefore simplifying our IT landscape. We will also bring the service levels up and further opportunities for automation in this space. The result will be faster and also more efficient and better capabilities for our business. Second example is cloud and infrastructure. We will also leverage our rich history in this domain by consolidating on the main cloud vendor and allow our teams to develop faster by leveraging cloud-aided services from the public clouds. Overall, we will be faster. Our development teams, developing features for our users, will be faster. We will be able to do this at scale and also increase the security of the products we bring to market. The third layer is data foundations. These are the significant data infrastructure, tooling, and capabilities that our data experts use every day to generate value out of our data, and there, we will also consolidate, for example, data warehousing or tooling to catalog the data that we capture in our properties or through the privacy systems that we need to implement, and we do implement on all our markets. This will allow our specialists that generate value out of this, for example, data scientists, to focus on that, generating value or quality for our customers and not focus on plumbing or infrastructure. If we move up into the platforms, in the global capabilities that power our user experience, we have also a lot of experience and history in developing those, both in ECG and Adevinta. You can see here that we have already made a lot of progress supporting our markets. But those red crosses are further opportunities to leverage those capabilities and increase the speed of delivery to our customers. There's a lot of headroom, as you can see here, even if we only focus on our core markets. Our hybrid model is powerful because it allows us, by looking at both the foundations and global capabilities, to work across the whole customer journey. It starts from engaging users where we're able to leverage common data foundations and then build on top of this common capabilities around marketing technology, for example, to personalize content through also data foundations and then data science. And then beyond this, when we allow our users to transact and connect on our platforms, we also bring global capabilities. I'll come back to this in a minute. And then finally, in our markets, we enable further integrations with local providers of added services. It can go from payment to delivery to insurance or other agencies. I'll take the example of personalized home feed. This is something that we developed for a few markets, and we're able to scale to many other markets. This is typically something, in our case, built centrally by a team that leverages the data foundations and then builds added value on top of this through data science and machine learning techniques. In this case, we have rolled this out, starting from Kijiji Canada into other markets in the ECG portfolio, and we plan, as you've seen before, to deploy this further in other markets that are not equipped yet. Another example is chat. This started out as a simple chat service a few years ago that we deployed in many of our marketplaces. Most of them are equipped, but it evolved over time into a messaging platform, and this is on top of this that we build a lot of the transactional user flows because this is where the users meet, negotiate, trigger delivery, or negotiate payment. And therefore, it's turned into a platform with extension points that all the marketplaces leverage. And as we develop those extension points in a central place, marketplaces are able to accelerate their transactional progress. Beyond technology, we share knowledge as well. And don't underestimate this. This is hugely important. Progress in product and technology is made of learnings through mistakes, but also progress. And being able to share this across markets, compare KPIs, is invaluable. And we had several examples previously. I'll give you a few more. Transactional service. I just gave the example of messaging. This is part of a portfolio of services that has allowed, for example, Subito to roll out an MVP in a third of the time it took Leboncoin to do it. It's not because Subito is three times smarter than Leboncoin. Of course not. It's because they were able to leverage a lot of the developments we did on behalf of Leboncoin centrally. And so doing this allowed us to be faster to market with Subito. Another example is dispute rate. Very simple, very operational KPI. And Willhaben, our joint venture in Austria, was able to halve the dispute rate in the transactional service just by talking to Leboncoin experts and finding out that they were making a couple of simple mistakes, half the dispute rate. And then a bit more work, of course, involved in this conversion rate through the personalized email that was tested and developed and refined in Canada that was then applied into eBay Kleinanzeigen and Subito. And we had a conversion rate that went three times. So big progress as well. So it's not just sharing code, but also the knowledge that goes with it. In summary, we're very confident that we have a unique position to leverage technology into a sustainable advantage. Technology is key to our products and our future. We are a technology company. We have a unique muscle. We have the brains, and we believe the model to scale this across our core markets. This is exciting. Now I will hand over to the brilliant Uvashni, our CFO. Thanks, Renaud. And good afternoon, all. I know it's been a long afternoon for you, and I'm the last speaker before the Q&A session, the closing, and of course, the cocktail. So please bear with me. In this session, I will cover three areas. The first area I will cover is our ESG strategy and focus areas. Then I will cover off how we are doing in terms of our synergies and targets and our focus areas there. And last but not least, the financial section. Let me start with the ESG. We are extremely proud of our company and the contributions we make to the circular economy. That, together with our platforms, touches communities and people in many countries. We are able to drive and touch lives in a very different way. This, coupled with the commitment we have internally towards sustainability and the people that we have that are committed to this journey, truly believe we can catapult ourselves to be the European circular champion that we want to be. We believe that we have the firepower to do it, and we are in a unique position to be able to deliver that. When we talked about our ESG strategy, the one thing we wanted to do was really focusing on the areas where we could really make a difference. and therefore, we thought about three focus areas that we would like to hone in on. The one: lead the transition towards circular and responsible consumption. That is at the heart of what we do. We influence that externally by offering our customers the ability to trade secondhand on our platforms and also to extend the lifetimes of goods. But we want to do more. And I will talk to you about the commitments we make internally to be able to drive that. The second one is be a purpose-driven, inclusive marketplace for everyone. This is both our consumers and our employees. We think this is important to understand and do because as we bring new products to market, we can make them really sustainable. We can give the consumers and our users the ability to make sustainable choices. When it comes to our employees, we believe being an inclusive, diverse workplace really brings everybody comes to work every day really brings something very different and unique that sets us apart. And finally, of course, we want to embed the ESG governance in data and fraud protection throughout our organization. That is key for us. Our user information and data is critical to our business, and we want to protect them at every level. We are already off the starting blocks. It's not starting from a point of zero point. We have started our journey here, and we've done a lot. Every year, we publish a report that talks about our secondhand effect. In 2021 and 2020, we actually saved 19 million tons of CO2 and 24 million tons of materials by our users using secondhand and buying secondhand on our platforms. That is truly remarkable. That was the advent of standalone numbers. On the combined business basis, which we will report in 2022, that will be even higher. And we are really excited about that position we hold. Secondly, be a purpose-driven and inclusive marketplace. We have 95 nationalities working across our business at the moment, and we strive to increase that. We bring and we ensure that every one of our people is equipped to come to work every day and bring themselves to work. That is absolutely important. During the pandemic, we brought 3,000+ volunteers together and managed to connect them on our platforms. And we also provided accommodation through our real estate platforms for people in need. Really something truly remarkable, and we can do more. Our governance. On ESG governance, what we have done is we've re-looked at our organization from a security perspective, and we've re-established and redesigned an organization around that. We really want to drive that effectiveness across our organization. We believe because we hold in our hands information of people, it is critical that we actually maintain that and support that and make it absolutely safe. Although we've achieved a lot in this space, we are committed to do more. Our commitment to do more is around an area of what we can do more internally. We will commit to setting internal targets for our company when it comes to emissions. We are gathering the information as we bring the two businesses together and starting to look at some of those targets and target settings. We will also make sure that we make sustainable—what can I say?—sustainable product development on our platforms. Our main aim is to, when our consumers come onto a platform, they need to have a choice. They want to make that choice around a sustainability impact. We want coding around the fact that they can make those different choices as well. That's critical for us to bring to the fore. The other elements that we want to do is in our workplace. The talent element of things is important and critical. We underestimate that. In the current environment, we find the need for talent, and our talent is asking for it. What are we doing in this space? We want to be able to make sure that our people feel safe when they come to work and are willing to bring themselves to work. We've already seen huge examples of that where people are really driving for the outcomes. And Gianpaolo said earlier on, when we brought this sustainability strategy together, you said about transactional Gianpaolo where people were so excited. When we talk about sustainability in our company, there is no more excitement than that. People are really willing and wanting to work for us because we drive such an outcome for the economy and people and the world in its entirety. We will continue to raise awareness with our leaders to be able to challenge that. By focusing on what we do really well, by focusing on our unique opportunity, it provides us the license to operate and also differentiates us from others, and others are wanting to partner with us in order to be able to deliver that. Having established this solid platform for growth, I will now turn towards our integration and the focus there. This will then show you how we are setting up to deliver all the elements that my colleagues talked about earlier on. When we thought about integration, one of the key things that we thought about was, how do we take these two businesses and bring more than 1 + 1 = 2? How do we actually multiply in terms of what we can deliver to the organization? Therefore, when we talked about our integration, we had very clear targets in mind around that. Firstly, at pace, we wanted to successfully move ECG away from eBay. We want to separate them as quick as we can so we could take control of them and actually mold them into the Adevinta we want going forward. We also were very clear that we had to deliver on the synergies that we had put out previously and announced previously. And the third thing was we wanted to really use the opportunity to transform Adevinta and set it up to be able to scale and deliver the outcomes that we needed. That was a key thing. We had one opportunity to do it, and that opportunity was when we integrated these businesses. We set ourselves very clear principles. We would look at every opportunity when it came to our operating model to drive efficiencies, to ensure acceleration when it came to revenue, and to optimize the usage of our people and our talent. That was the key driver for us. The other thing was we wrapped around a very clear strategy and a very clear governance model with that in order to make sure that everything we did was sustainable and nobody was off the track when it came to that. That really drove the, what can I say, the collaboration that we needed and is really driving us actually getting to those synergies. We are on track with the synergies. Before I go into how we adjusted the synergies, or not really adjusted, but why we came back to the 130 million, let me just talk about the six areas that the synergies do entail. The first one being geographies, and you heard a little bit about that earlier on as well. When it came to our geographies, one of the key things we wanted to do was in areas where we had two businesses or areas where we had duplication of functions, we wanted to ensure we did it once. So we're optimizing in terms of our platforms and ensuring there were no duplication of skills and effort. This is what we want to do in order to accelerate in one area rather than duplicating when it comes to our platforms and driving synergies in that respect. The second area we looked at was procurement. That is one thing scale gives you. It gives you volume. It gives you a power to be able to negotiate better volumes, better rates, and commercially, we've seen that happen already. This is one area we have accelerated quite a bit, especially when we're looking at our large infrastructure contracts with our vendors. It gives us a very unique ability to be able to drive outcomes there. The third, general and administrative expenses. Bringing these two businesses together, there was duplication of functions. There was duplication of systems. There was duplication of processes. Renaud spoke about the fact that we are now implementing one system across our entire organization. Initially, the ECG businesses will come onto that in an ERP program. Over the next three years, we will transition all of the Adevinta assets on that and markets on that. If you think about this, over the next couple of years, we would have had to do this multiple times across many of our businesses. Now we do it once. It's a huge change for our business, but it does drive efficiencies. Now we do it once, and we use it multiple times. Very key. Product and tech. 3,000 people across our organization driving for a single outcome. That was the core purpose of bringing these businesses together and optimizing that. We wanted to bring the unique talents and capabilities and competencies of all of our teams together to drive that. Platform optimization, build once, use many times, is the core of what we want to do. Very different strategies when it came to infrastructure, when it came to cloud, combining, simplifying, and getting there now. We believe that is going to drive a lot of efficiencies. Renaud showed you the component things that we have, those that we do it on a common basis, those that we don't. Those that we don't. Every time we think about a new component, we may not do it all the time, but the first thing we ask, can this be built for everyone? Very different approach than we've had in the past, and we already see synergies being driven. Now let's move on to revenue. When you talk about revenue, it's very hard to think tangibly how do you actually quantify this. But the acceleration we see in the learnings between the businesses, I think we never imagined it to happen this quickly and this fast. When it comes to transactional, Leboncoin did over the last four years, having to be able to put it into Italy, put it into eBay Kleinanzeigen very quickly and fast, really takes away a lot of that development one would normally do upfront, really creating the synergies that you need. I think this is an area that we can further exploit as we bring these businesses onto one common ground, and we haven't quantified that within our synergies, but I think going forward, that is really going to be a lever for driving further benefit. Last but not least, marketing. When it comes to marketing, and if you think about our European footprint at this point in time, one of the things that we've got to do enabling our brands going forward and the new products we bring forward is to grow and really grow this investment, but do it in a very smart way, and when we think about the power we have in terms of how we can do marketing, how we can actually exploit that across our organization going forward, it's actually a unique positioning. We believe that we can stimulate a different mix in terms of our marketing, and then when we think about our global contracts around marketing, can bring efficiencies that is quite different as well. Now the numbers. When we initially announced, we announced EUR 130 million-EUR 165 million of synergies. Now, what we did was we are still on track for that. If you have to adjust, and what we've adjusted for in terms of synergies is we've adjusted for those areas that we have decided on disposals. One of those was decided for us when we came to the U.K. We had no choice, so we had to dispose or plan to dispose of that asset. The second thing is when we went through our strategy review, we've realized there are certain businesses that we wouldn't want to keep in our portfolio because, as Roderick said, they're probably better placed in other people's hands. So we've adjusted for that. And then the third thing was those assets under strategic review. I think at the moment, we've parked the bucket of synergies within this because we didn't want to integrate the business and make different decisions later on that could then unwind those synergies. So we've parked that bucket. That's how we came to the 130 million EUR. Now, if you look at the high end of the scale and the low end of the scale, if you adjust for those buckets that we put together, we're actually achieving more than we had said on the low end of our target. We're pretty comfortable with the number now at 130 and the fact that we will deliver that. The phasing of the synergies. We said that we would phase the synergies over a three-year period and a run rate basis, and that's exactly what we're going to do. Over the three years, we will phase it 35, 90, and 130, but that comes with the upfront investment that we've got to do in 2021, which we've already spent some money on. The biggest outlay comes in 2022, 2023, and then the smaller element in 2023. That's the way we would phase the synergies. We are really on track to deliver that in terms of the 2022 target, and we believe we have the right elements in place to be able to deliver the rest of them. As we think about the synergies, they really help us optimize our costs and, of course, accelerate revenues. You've heard through the afternoon we as Adevinta are extremely privileged as a company with all the levers we have to grow. In saying that, you have to optimize what you do. You can't do it all, and one of the things we did when we thought about that was, well, how do we optimize in our core markets? That's why our strategy leads to the core elements of revenue within our verticals, the transactional, and then advertising. We always have to balance our growth with our ability to deliver our business because we did take on debt, and then, of course, to be profitable. This is how we considered the strategy and the growth profile within the business. We will deliver superior growth. You've heard it. We're going to deliver 15% growth over the next five years on an average run rate basis. Propelled by, as we've said previously, our online classifieds core business, our advertising business in a very limited way, but most especially boosted by effectively transactional. The growth really comes from the online classifieds. That's the core, and that's what you have to solidify in your minds. We are growing our core business, and that's driving what we need to drive to be competitive and to actually be sustained as a business. Our businesses are undermonetized. You've seen it. You've seen the ARPU development. You've seen where we are compared to our competitors. There's a clear plan for us to deliver on that on online classifieds, and the growth medium- to long-term is absolutely set. When we move on to transactional, I mean, Gianpaolo gave you a view of how we think about that. This transactional profile is consumer goods plus. We really believe this is an opportunity to grow, and it will become profitable. We believe we have the ingredients for that. And by the collaborative work that we are doing across the organization now, we are accelerating that at pace. Again, something that we are really confident about. Finally, advertising. Zac talked about advertising. 25% of our revenue currently moving to 15% over the next five years. The focus here is really to sustain that and really to ensure that we have no variability there, trying to move it towards 1P, which will be critical for us, and making sure we own the process more than a third party. That's what our aim will be over the next couple of years as well. Now moving on to margins. We've also announced that we'll be moving on a target of 40%-45% in our core markets. Our core markets were at about 36% in the last 12 months, moving to 40%-45% margins. This we believe will come from operating leverage as well as the synergies that we have announced, the EUR 130 million of synergies. We also believe that the economies of scale will materialize. We'll also believe that we will get more efficient in some of our backups, as I also explained to you early on. We also need to understand that our profile is changing. Transactional, yes, comes at a lower margin percentage, but once again, it contributes to absolute EBITDA over that period of time. It will be a profitable business, and at 20% margins is still more profitable than most businesses out there. Bear that in mind. The opportunity, as Gianpaolo said, is even more, which we haven't considered in our growth rate. It becomes apparent that the profile changes in the business, but that doesn't mean we as an organization don't optimize in every way we can. Driving for 40%-45% takes hard work by everyone looking at every cost lever that we have and driving for that. We want to make sure that we maintain and retain our position. Our online classifieds businesses continue to provide margins at the high rate that they did in the past. Yes, it's somewhat offset by the transactional margin percentage, but they are solid, and they continue to grow and monetize. Some of our cost drivers and levers, headquarters costs. As we see, our headquarters cost has remained pretty much constant over the period, and we've kind of split it up this time to headquarters costs versus product and tech central costs. Our expectation is those costs will come down over a period of time because of some of the synergies, which we haven't seen there yet over the next couple of years, and they will be a lower percentage of revenue going forward. We will not scale it at pace. We believe we can do better here. On central product and tech costs, you saw a slight increase in 2021. That was really setting up in some of our back office functional areas to get away from eBay classifieds, eBay elements where they provide a lot of the services for ECG. But with that as well, we believe that we will drive efficiencies, and a lot of the synergies relate to some of our central product and tech. So we will see that come off over the next couple of years as well. Moving on to cash. We have an outstanding record when it comes to cash generation. We have cash conversion rates of 89%-90%, and we will continue to see that conversion rate. We want to double our cash generated over the next three to five years, and we believe we have all the ingredients to be able to do that. We have a very clear understanding of what our cash requirements are. We have very little working capital requirements on a go-forward basis, and we will maintain a balance sheet that does not require major working capital over that period of time. I think cash conversion rate of 90%, 89% is unseen and unheard of, and we'll really be able to utilize some of those elements on a go-forward basis as well. That cash generation does afford us the ability to deliver our business as well over a period of time. We did previously Adevinta had a positioning of leverage of less than one when we started off the business. Grew quite rapidly when we bought Grupo ZAP and funded some of the investment in Brazil to 1.82, and now sitting at four. That's a position we don't want to remain at. We like to be in a position of 2X to 3X because that affords us not only the ability to invest and continue to grow the business, but it also gives us firepower to, at some point in time, return value to shareholders or cash to shareholders as well. How do we utilize this and direct our firepower at the end of the day? Of course, we invest for growth. We've always been a company investing for growth, and you're seeing the fruits of that coming through now in our profile of our different markets and marketplaces. We will also utilize the cash or the EBITDA generation for deleveraging. We really like to be in a position to be able to have the firepower to do as we wish, and deleveraging does afford us that, and it gives us a good grading and rating for one. And the other element, it gives us cheap cash as well if we need to get more debt on our books. The excessive cash, of course, we'd like to always look at inorganic growth, but that will not come at any price. It will come only if we believe there's value-accretive acquisitions or inorganic growth. Value-accretive in a way that can accelerate the growth profile of our company that will take us longer to do or deepen the value within the businesses that we have in markets that we have them. But more especially, if we don't find that, we, of course, will return the cash to shareholders for sure. When we think about this business and you think about why we are where we are today, it's only because we've got the support of very key shareholders. Our shareholder structure affords us having expertise on our board that helps us propel ourselves for growth. Our shareholding with Schibsted, eBay, Permira provide us with expertise that helps support us. They come with tech experience. They come with e-commerce experience. They come with classifieds experience. We also got directors on our board from all walks of life that really help support us, drive the outcomes that we need, and also make sure we meet the requirements of our external shareholders as well. This is an important ingredient for us to have supportive shareholders. They are the ones helping us propel the business for the growth that we see today and the stories you heard today as well. Very privileged to have the shareholder base. In closing, we are very proud in Adevinta. We have the financial capacity to fund our own growth, to drive increased shareholder value. Whilst we have the ability and the license to operate because of our sustainability agenda, we are ideally positioned to deliver strong results because of our strong plans in leading markets. We have robust plans, which you saw today, to deliver those outcomes. And most of all, our superpower, our people, are ready and to go to deliver on every single one of these. They're talented. They're committed, and it is a powerful, powerful weapon to have. With that, I thank you, and I now hand over to Nicki, who will take us through the next Q&A session as well. Thank you. This is your final opportunity to ask us some questions this afternoon. So once again, let me welcome the management team up to the stage. We have a fantastic opportunity here today because we have all of our amazing leaders with us. So we'd appreciate any questions you have for some of our business leaders that you don't regularly get a chance to speak to. I'm going to take one question from the online piece, and then we'll come back to the room. The first question is, could you talk about the main differences between the French and the German real estate classified markets and what this means in terms of monetization catch-up potential for eBay Kleinanzeigen and Scout24? Do you feel you need to gain greater scale through M&A given the existing market structure with the three players? Maybe I will take the real estate one, the first part. Yeah, and then maybe hand over to Paul. Yeah. We'll just assemble this together. Exactly. It's a big question. Yeah. What I understand is that the real estate market in Germany and in France are quite similar. It's a B2C market. The difference is now the eBay Kleinanzeigen composition is different Leboncoin because we have started 10 years ago to integrate professional content in our platform. We have our own sales force. The product is at the level of our main competitor. And now eBay Kleinanzeigen and Scout24 is moving on this direction. But they need some time to do it. They have already the C2C content, which is an amazing advantage. And that was the situation Leboncoin 10 years ago. We were the only one to have this private content. And the next stage will be to expand on the professional side. But let's give some time to build this new journey. Yeah. I think not a whole lot to add. I think what we're facing in Germany, the market in terms of competition, we have two fairly mature verticals in Germany that have been in the market very long. We're kind of the not so new, but relatively new joiner in the space. And we're on an acceleration path as to Antoine's point. Real estate for us is clearly a key strategic focus area in terms of adding more firepower to our sales teams, investing in product, and so on and so forth. Again, a lot of overlap Leboncoin also to drive synergies and learnings from each other. So we are very confident on our real estate opportunity in general. I think the point you mentioned in your presentation, sorry, that was actually that point about the leading position in consumer to consumer and the personal leads because we know in a supply-short market to really have those consumer leads is very valuable. Yeah. Great. Let's take a question from the room. Will. Yes. That's why you're on. Hi. It's Will Packer from BNP Paribas. Three questions, please. Firstly, could you talk through the relationship between eBay Kleinanzeigen and eBay? I suppose there's a couple of things that come to mind. One is I saw some press reports that your brand is going to change in due course. Perhaps that's wrong, but it would be great to understand how you're thinking about that. And secondly, does this SMB pro business kind of compete quite closely with eBay's products in Germany? Any update there would be helpful. Secondly, on the synergies mix of costs versus revenue, I think on the graphic we can kind of estimate based on the pie chart what's cost versus revenue. Could you talk through how we should think about those cost savings? Is it headquarters costs comes down? Is it former ECG assets? Margins go up quicker? How to kind of think about the modeling there? And then finally, back to my favorite question around transactional margins. Just to clarify, was it break even by 2023, or did I misunderstand? Perfect. Three questions there. Right. Paul, do you want to start us off with the? Yeah. So the eBay relationship, maybe let's start with that one. So I think what's important to know is eBay and us, we're sitting still on the same compass. We have a very good relationship in general, right? It's a friendly relationship. eBay is also a customer of ours in terms of advertising. So we continue to work together to some extent, of course, even after the formal deal close. Then on the brand piece, I think we elaborated a little bit on that already in the Q2 earnings. So the brand is going to stay the same for the next couple of years. So we have a license to operate under this brand going forward. We are exploring different options in terms of evolving the brand, moving away gradually from the eBay heritage, and that is something that we're exploring together with also external partners in terms of where we want to move and how we're moving there, but we feel very confident that we can have a smooth transition over the years. It's not something that will be like a big bang from one day to another. It's something that we're going to execute gradually and very carefully, and then in terms of the last element of your question, the SMB proposition, so the way I would frame it for us, we're going after the non-digitalized SMBs, and in particular, we're catering to a need to rapidly digitalize those small and medium businesses, again, accelerated by the pandemic. This is where we come into play. We have a very, very low entry-level hurdle. It's super easy to get online. It's very easy for less sophisticated businesses to get to us compared to other players that are in the market where you definitely need a higher sense of e-commerce understanding and so on and so forth. I would consider us as the ones that really cater to this acute need of small and medium businesses to rapidly transform. I think to some extent, there is overlap there. I think there's a little bit of a difference in different categories. eBay is stronger in some categories compared to us and vice versa. That's for sure also the case. Thank you, Paul. Maybe Uvashni, you can take the piece on synergies. Yeah. Sure. In terms of the synergies, we've said that the cost synergies are two-thirds of the total synergies and revenue about one-third of that. and when it comes to where those synergies are going to come from, it's going to be across the board, both from the marketplaces and the central teams as well. So you'll find what we'll do in certain cases is you'll see some reduction on G&A within the marketplaces, and then you'll see some HQ cost reduction as well. Great. and Gianpaolo, the question on margin? Yeah. I I think your assumption is approximately correct, Will, but I will not be very definite saying, "On 1st of January 2023, we become profitable magically." I think it will be a journey, right? and some markets will reach that point faster. but what we say is - 20% for the first couple of years and then gradually moving to + 20%. So you will find a way to model it, but it's not definite. Great. Thank you. We'll take another question online from Adam. Does the shift to transaction revenues cannibalize any of the existing generalist revenues from paid listings? And perhaps Antoine, you can take this one. So it's a very good question. This is what we have anticipated the last three years. We were monetizing the consumer goods categories before through a freemium business model. But this business model was making a lot of money, but that was not very good for the liquidity of the platform. So we decided to kill this product step by step, and we have started two years ago to do it. And it's something we have to do because our main competitors, if you are editing your ads, this is for free in our competitors. That was not for free Leboncoin platform in the past. So we are doing it slowly, but it's bringing a lot of added value. We have, for example, Leboncoin, on the consumer goods category, we have multiplied by three the number of edits in one year on the platform. So it means that our users, they are editing their ads in a more frequent way. And this is bringing more visits. This is bringing more new ads. This is bringing more transactions. But the consequences are not very big. You'll not see it in our results. And we are doing it slowly at the same reason we are accelerating on the transaction. And at the same time, Will, France was a bit an exception when it comes, for example, to c harging for editing. That's not the case in any of our platforms anymore. So at least that part will not be visible in the rest of our platforms. Thank you. Any other questions in the room? Yes, at the back. Hi. It's Catherine O'Neill from Citi. I've just got one question on margins. Sorry. I can see the eye roll. I just wanted to understand a bit more about the profile of margin as we head towards 40%-45% target. Should we think of 2021 as the margin trough at 36%-ish, or should we assume investment ramps up in 2022 and the margin comes down? It's more of a hockey stick. How do we think about the profile? I guess when you think about margin profile, we are at 36% on our core markets, slightly lower than on the total business at around 33% at the moment. At the moment, we are reviewing what that profile would look like for 2022. We're assessing our investment. But my expectation is over time that will increase, especially if what Patricia talks about 2023, her acceleration with Immobilien, which is our high margin business. You will see some catch-up there, I would guess, versus the trough that you are in currently. Sorry. I didn't quite follow. Were you saying 2021 is a trough or 2022 is more likely? I would think we haven't given guidance on 2022 because we're still assessing the level of investment to do in 2022. But I would think 2023 is where you will see an acceleration in terms of the margin. And I think we need to come back to you more often. Yeah. That's what I forget. We're not going to leave you hanging on that. What we'll do is in Q1, once we do the assessment, we will provide some further guidance around what 2022 is going to look like. We just need to understand and get more visibility on the recovery in order to make some of that. We'll definitely commit to do something in Q1 when we do our Q4 results. Thanks, Uvashni. I'm going to turn back online to a question from Lisa and maybe Patricia. I can give this one to you. Could you talk about your relationship with pure digital car retailing players across your market, and how do the economics differ for you versus traditional car dealers? Yes. So my assumption is when you mention the pure digital retailing, you talk about asset-heavy players in the market. I think the key difference that we see in our model or the direction that we follow is our approach really is, as Rolv Erik also said earlier, that we want to empower our dealers to basically bring the transaction online rather than the models that we see where the platforms really are competitors to the dealers, which is not our intention. In terms of the business model, I think some of the players are also publicly traded companies. So I'm sure you have a lot of visibility into that. But they're our clients, right? They're our customers. They're advertising their cars on our sites. That's true. So we have some of these platforms advertising also on our platform, leveraging the reach that we have. So as showed in my presentation earlier, we are by far the platform with the bigge st reach. And these platforms also use that basically to bring the ads online. Exactly. Perfect. Any other questions in the room before I go back online? Yes. Over here. Thank you. I'll squeeze two in. First one's on Brazil. You guys did an amazing deal in terms of consolidating real estate a couple of years ago. Hypothetically, is more consolidation possible in Brazil? And I guess I'm thinking in autos. And the second question is to push a bit harder on real estate on eBay Kleinanzeigen and ZAP. How fast should we be thinking that you can build up agent numbers and listings volumes on the B2C side? If you could kind of give us a sense as to where might be a good outcome in two or three years and kind of how you're going to get there, that would be helpful. Thank you. Great. We'll start with Andries, and then we'll move across to Paul. Yes. So I cannot really comment on the M&A talks we're doing, but we are looking at M&A as a lever to accelerate innovation and this transition to transaction mainly. So on real estate, I mean, you have seen the past, and I think it's a pretty impressive track record in terms of capturing shares both on the agent side as well as on the inventory side. I expect us to continue what we've done in the past, and I hope for acceleration through the value that we get from the group, talking Leboncoin from the big scale we have as Adevinta. That's what I can tell you. Great. Oh, gentlemen just here in the middle table. Is that a hand up? We have to question the question. There we go. Here. Lady. Thank you. Ladies. Miriam Adisa from Morgan Stanley, thank you for taking my questions. Firstly, just on the M&A strategy, could you just talk a bit about the opportunities that you see across the three key verticals that you're focused on, real estate, motors, and I guess the transaction opportunity? It would just be interesting to see sort of specifically what would be interesting for you to acquire, what kind of capabilities, or whether you're still looking at in-market consolidation as well in those verticals. And then secondly, just going back on to transactions, just wondering how you're thinking about the category mix there as well. I think you spoke about flat AOVs in your assumptions. Just wondering if you've built in any category mix there, and if you could talk about what categories you're seeing at the moment seeing the most traction and how you think that might evolve. Thank you. Okay. We'll start off with Rolv Erik, and then we'll come to Gianpaolo. Right. So the first question was about our M&A policy, right? And well, we've said that we want to play a leading role in consolidation for our industry. However, that we want to deliver now in the year to come. And what we've said previously also is that it's always attractive for us to do M&A deals if we can do more in-market consolidation, such as we've done in Brazil, such as we've done in France and Spain previously. So if there are more opportunities to do that, that's interesting. I think we're also looking at can we do more into the value chain. We've seen examples of things we've done there, and we'll definitely be looking at some opportunities there. I think if there are interesting verticals in adjacent markets, I've already talked about in-market consolidation, then that's also attractive things for us to look at. Right. On the transactional. I got your question is really spot on, right? Because this is the magic about what we're trying to build, right? In the market, you see mono-vertical plays, right? Focusing on one micro-category or the other. We are playing the generalist way, right? We are playing this game for many, many categories at the same time. In the video Leboncoin, you could see 73 categories where you can already transact. So we're really playing the multi-category game. At the same time, there's a lot of things that we are learning along the way. For example, what I shall share with you is that not all the categories take off in the same way across the markets. And the most visible way in which you observe it is that the average AOV changes from market to market. Right? We see some kind of converging over time, etc., etc. But we see, for example, sport equipment and electronics have started stronger, and they have a higher percentage in Italy just because the user interest is there. So the AOV in Italy at this beginning of the journey is higher than in other markets. So what we are seeing is that there is not kind of common adoption across categories, but this is accelerating our learning, right? Because we are learning how to drive sports equipment in Italy, fashion in France, and other categories in Germany at the same time in parallel. But the short answer to your question is that we are playing across all the categories. You want to add anything from that? I can add two comments. One is now the revenue and the activity is really on e-commerce style. So the end of the year is a very top volume for this activity because of Christmas and electronics volume. And the second phenomenon is there is a strong elasticity on the shipping cost. So when you are playing with the shipping price, you are attracting cheaper goods. If you are discounting a lot, you have cheaper goods. You will see in the future when we disclose these kind of figures that depending on our pricing strategy, the AOV will move a lot depending on these categories and these countries. Great. We've probably got time for another two questions. I've got one question that's been asked a couple of times, so I'm going to ask that online. And that's from Sylvia. Can you please talk about the strategy in Brazil? You mentioned you're going to support the JV in the future, but with your focus shifting more into the core markets in Europe and the international markets being under review, what's the rationale for keeping this JV? And would you be interested in monetizing your stake? The reason why we're interested in Brazil and why we will continue to stay there is because of the fantastic growth opportunities that Andries outlined earlier. I'm very excited about what that company can achieve in the years to come. So we're very supportive of that. And likewise, I think Gianpaolo mentioned, both in Ireland, we have a solid position, and in Austria, leading positions in the verticals in Austria. So we're very happy about our JV positions and will continue to support them. Thank you very much. Any last questions in the room? Yes, Will. Just a quick one on German real estate. There's a big C2C element both in lettings and in sales where you have a very powerful position in terms of traffic and inventory, but the monetization today is quite limited. How are you thinking about the long-term monetization strategy within the C2C segment? Is it just stick to professional and that's more of a liquidity side, or can you monetize it with some of these transaction-like services? Thanks. That's a great question. So on the C2C side, I think what we're looking at in terms of monetizing directly C2C is voluntary monetization. We're adding features, visibility packages, for example, to drive the visibility also for the private content. So this is this space. The other thing that I talked about also in my presentation was around leveraging the C2C content pool for lead generation, which in my mind, that is the much bigger opportunity for us. And it connects very well into also what Antoine discussed. There is a big supply shortage also in the real estate space, similar to what we see in motors. And there, obviously, our C2C content comes in very, very handy. And we're going to think about how we package this up and how we bring it to our agents. But this is, for us, the big lever to also monetize that inventory. Thank you so much, Paul. So that concludes our Q&A session for today. A big thank you for all of your questions, both in the room and online. I would now like to hand over to Rolv Erik to close us. Thank you very much, Nicki. And thank you all for attending this long session. I hope you now understand why we are so excited about Adevinta's future. Let me try to quickly pull together some of the threads from today's events. So the first session was very much about how we're going to use our scale. Antoine talked about our opportunities in real estate and in motors, how we can use that across Europe. Gianpaolo talked about the very exciting opportunity we have in transactional, which will become a very profitable business. And then Zac talked about how we can de-risk our advertising business and make that a steady income stream, not with the same priorities as the others. Then we know that many of you are interested in our operating segments, and we tried to shed some more light on that in the second part of the event. I think you heard Patricia saying quite clearly that mobile.de has developed very well in the last years. And although there are some headwinds in the supply market right now, we believe that we are very well positioned to re-accelerate the growth when the supply comes back, but also through developing new prices and packages and new products. I think you all understood from Paul here that he's not happy of being the small brother for too long. So they are going to expand, and they have a good runway to do so. Andries, I just commented on the very exciting growth prospects in Brazil, and there's much more to come there. Then France, Antoine talked you through what opportunities we see there, both in real estate, motors, and in transactionals. In the final section, we talked about the enablers, Renaud. We're back to the scale again. Renaud told you about how we're going to use our scale in technology to be better to rolling out products, which is even reinforced with the core markets. Uvashni actually talked you through the ESG and, of course, the synergies and also the important financials and margin development. We are very proud to be European champion of classifieds. It's a new company, but the company is founded on very solid businesses and experienced management. We have now been through an important strategy process, simplified, focused, and said, "This is where we're going to execute." That is why we're sharing with you here today and presenting the content of our plan, which makes us confident that we will continue to grow this company, and that's why we set out ambitious growth targets and explained to you how we're going to do it, so 15% growth in the period up to 2026, and then with a margin picture of 40%-45%, we can do it, and we're very excited about it, so things are looking good, so thank you so much for coming. I hope that you will also join us now in the mingling session, where there'll be opportunity for further interactions with management. Thanks a lot. Hope to see you out there.