Good day and thank you for standing by. Welcome to the Q4 2021 Results Investor Presentation. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you will need to press star one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Rolv Erik Ryssdal. Please go ahead. Thank you, operator. Hello, everyone, and welcome, and thank you for joining this presentation of our Q4 results. First of all, I hope that wherever you are, you and your close ones are healthy and safe. Although we see the sanitary situation improving globally, we need to remain cautious. Now, this presentation is about the Q4 results. As you have seen from the press release, we shared some other news this morning, and that is that I have informed and agreed with the board that I will retire as CEO and leave the business by February 2023, when the group will release its annual results. I'm turning 60 this year, and I believe that now is the right time to start to plan my departure for the company. Doing this in a planned manner ensures stability for the company. Now, in this conference, our chairperson, Orla Noonan, is here with us today, so we can get back to this topic if there are any questions during the Q&A session. Now let's get back to today's focus, and that is the Q4 presentation. On the call with me is the whole exec team of Adevinta. Together with Uvashni, I will take you through the main highlights of the quarter and our financial performance as a combined group with the former eBay Classifieds Group. Considering the successive changes and the planned changes in the group's perimeter, we'll ensure this is clear for you. Uvashni will get back to this in fine details, but I'd like to highlight our fronts that are a consolidated financial KPI, KPIs referred to continuing operations as per applicable accounting standards. Now, I will not go through the disclaimer. I invite you to read it, and I will start with an overview of the key highlights of the quarter before going into details of the business review. Uvashni will do a review of the financials. I will conclude the outlook. Then Antoine, Patricia, Gianpaolo, Zac, Renaud, and Nicki will join us for the Q&A session. Following our merger with ECG last summer, we have been working at pace to bring the two companies together. At the Capital Markets Day, we unveiled our five-year growing at scale strategy with ambitious and credible targets to create value for the group and its stakeholders. We have now started to execute on our strategic goals with a strong focus on growth value levers in core markets. Here, I'm specifically referring to our core verticals, motors and real estate, as well as fast-growing transactional services. I'll give more details on the achievements later in the presentation. We have launched a sales process for Australian and the South African assets, and are maturing our reflection on other non-core markets. We are progressing on the transformation into more efficient, integrated organizations. The money and time we will save from working at scale will be invested into our product and teams, adding value for customers and users. This, together with the many integration initiatives that were initiated in Q4, allows us to confirm that we are on track to reach our synergy targets. Now, Uvashni will discuss this in more detail later in the presentation. Now, moving on to operational performance, I will focus first on traffic, which is a key driver. Across our various marketplaces, we see positive developments. Looking at this from pure visit metrics standpoint in our two largest markets, you can see here, France and Germany, you may think that traffic development is soft, with leboncoin only flat compared to Q4 last year and Kleinanzeigen slightly down. Now, actually, this trend reflects the impact of changes in content rules, which reduces the tracking capabilities. We're not comparing apples to apples here. This is an industry-wide phenomenon, not specific to Adevinta. According to our estimates, traffic continued to grow year-on-year, and we also see positive trends across the board, despite the high comparables from Q4 2020. We also continue to see strong traction in the adoption of the transactional services with two relevant examples, leboncoin and Kleinanzeigen, where we see growth in number of transactions of respectively 60%, more than 300%, compared to the same period one year earlier. As Gianpaolo explained at the Capital Markets Day, this is a growth opportunity, but it also contributes to the vibrancy of our platforms as an indirect benefit. Now, let's dig into our two core verticals. You can see we have presented a few slides for you here about motors and real estate. Now, starting with motors, it's not any secret that the industry is going through an unprecedented situation that derives from the global chip supply crisis. That has a direct impact on the used car market and on dealer listing volumes. In France, they're down 9% in Q4, and in Germany, they're down as much as 24% in mobile.de year-on-year. This is a temporary impact, and we expect it to unwind later in 2022. What is very encouraging is to see that we have better conversion rates with leads showing better performance in both markets. This demonstrates our strong market position and the quality of our solutions for car dealers. This also legitimizes price increases that allow us to partly mitigate the short-term volume effect. Now, a longer-term market recovery combined with further product development and price development will drive improved monetization for leading platforms like ours. In real estate, our situation is different in France than in Germany. In France, we see similar trends as in motors, with professional listings declining year-on-year under the effect of supply pressure and strong demand. Similarly, conversion is better, and the higher added value of our solutions allow us to increase prices. In Germany, we continue to gain market share and increase agent penetration. Hence, professional listings are up 8% year-on-year, and leads grow even faster. We still have a lot of room to grow here and we're making sure that we continue to bring further value to our agents, ultimately leading to increased monetization as well. Overall, our operations are trending well, especially in core markets, and this is reflected in our quarterly performance. In Q4, at comparable scope, which is excluding Australia and South Africa and past disposals, we generated 6% revenue growth despite the headwinds in motors. Excluding motors, revenue growth would have been approximately 11%, and that means for the core classifieds, 16% growth in consumer goods, 12% growth in real estate, and 28% growth in jobs. Transactional revenues increased by more than 40%. The number of transactions increased actually much more than that, as I said before, but the subsidies we implemented, especially in France, lowered associated revenues. Let us get back to that later. Advertising revenues for the group were flat year-on-year. They were up 3% for core markets as the strong performance in Kleinanzeigen was offset by overall lower car manufacturer advertising spending. Although not included in our consolidated numbers, our JVs continued to show strong performance, especially OLX Brazil, that posted 41% year-on-year growth at constant currency. Total consolidated EBITDA was down year-on-year. This is down to some extent driven by higher share-based compensation charges following the ECG acquisition. We also increased marketing efforts on low 2020 levels as we had not resumed investment in most markets following the pandemic. Overall, I'm pleased with the strong 2021 performance. We achieved, despite the motors headwind, double-digit growth in both revenue and EBITDA with an underlying EBITDA margin excluding share-based compensation schemes at close to 37%. Now, let me go further and deep dive more on the segments highlighted in our quarter. In France, the real estate markets remained dynamic in the period with a new record in transactions in 2021, but the continued decline in supply due to fast sales and lack of sellers. In the car markets, we continued to see a decline in transactions in the country as a consequence of the chip shortage, which is impacting dealer inventory. We did quite a lot of product innovation. We launched face-to-face payments for private users and extended peer-to-peer payments for professionals. We optimized our face-to-face payment solution consumer goods and continued to deploy our verticalization strategy with the new product developments in both motors and real estate. Now, as I have explained in the previous slides, the current market dynamic in real estate and motors have a direct consequence on listings in France, but we have been able to mitigate this impact by continuous growth in ARPA. This last year, our significant ARPA growth has been mainly driven by our subscription business model, ensuring secure monthly revenue from clients and by optimized pricing and packaging strategies, allowing to mitigate potential volatility of ads volumes on categories. I think the most important thing is that we have delivered more value and efficiency to our users and customers through product innovation. In transactional services, we have made significant investments in product and tech and in marketing over the last couple of years to drive user adoption. We see that investments are now paying off, and this quarter was a quarter of record. The number of transactions increased by 61% year-on-year, with 42,000 transactions on average per day in the quarter of our new P2P solution showing promising results. The combination of increased number of transactions and reduced investment in marketing is expected to bring us close to break-even level for transactional service by the end of its run rate by the end of 2022. Now in Germany, while macro indicators keep very robust, the number of car transactions continue to decline 90% year-on-year with dealer supply, as we've seen at an all-time low due to the chip shortage and the decline in sales of new cars. At the same time, demand remains high, driven by the overall market situation, and car prices are trending up. We are also doing innovations here, and we launched two market tests in the quarter to understand demand and consumer behavior around build-to-order new car leasing, which is very popular in Germany, and around online buying and selling services. We also continued to optimize our consumer to business proposition and our financing solution while we continued to further improve the experience for users and professional clients. Regarding our product and packaging strategy, we launched an initiative moving towards more sophisticated packages and pricing models. The motor industry is going through a truly unprecedented situation which we and industry observers believe is highly temporary. Looking back at the last 20 years in Germany, we've never seen such a low number of new car registrations. This is a direct consequence of lack of inventory and has knock-on effect on the used car market and professional listings. At mobile.de, the number of dealer listings is significantly down year-on-year, as you can see from this graph. Of course, this leads to softer revenues as our business model in Germany is highly correlated with volumes. We're able to partly mitigate this with high value added for our clients, and increasing prices. Now, the important thing here for the car market is to look ahead. You will see on the next slide there that market specialists are pointing to a recovery in the car production as from the second quarter of this year. This is expected to drive a pickup in dealer listing in the second half of the year. We'll continue to enhance our offering and optimize our pricing and packaging strategy. We expect to see an acceleration in financial performance in mobile.de at the back end of this year. Now moving on to European markets with the focus on the largest assets, starting with eBay Kleinanzeigen. in France, the real estate market environment remained dynamic in Germany with a high level of transactions but a continued decline in supply. We continued to develop our transactional services over the period with the launch of a shipping solution with DHL with new visibility features. We also increased the number of SMB subscribers up 8% year-over-year, while we launched new pricing and packaging for this solution. In real estate, we further grew our subscriber and agent base and continued to gain market share. Let me also add that in December, we closed the acquisition of the kleinanzeigen.de domain. This will allow us then to have a smooth transition from the eBay brand. In Benelux, a strict lockdown was enforced mid-December due to the increase of COVID cases, which impacted the vibrancy of our platforms. We continued to increase our SMB seller base and to increase pricing, resulting in steady growth of B2C monetization. In Spain, we observed a great recovery in the jobs market with the highest level of employment since the real estate bubble. As a consequence, we reached an all-time high Q4 revenue and client record. In real estate in Spain, we continued to deploy our product and packaging offerings with triple bundle solutions. In Italy, we saw strong growth momentum for a new transactional solution, TuttoSubito, and we launched a new marketing campaign to support used reduction. In Canada, our motors and advertising revenues continued to be challenged by the muted car supply environment. Kijiji launched digital car retail platform, which is actually the first to market platform with motors end-to-end transaction capabilities in Canada. In Mexico, we saw growth in real estate agent accounts. We also developed joint commercial and advertising offerings across our two brands, Vivanuncios and Segundamano. Now in Australia, we saw some continued mobility restrictions that led to softer traffic development. Strength in motors was driven by continued upselling to dealers to the Auto Trader Group joint proposition. Now finally, about OLX Brazil, there are some headwinds in the Brazilian economy with the COVID infections that has put some strain on the economy, and that's of course affecting the motors market. But we are generally very positive about our situation and about our position in Brazil, especially the way we're positioned in real estate, where we see very good opportunity and runway for growth in the years to come. We're constantly launching new product innovation. In the quarter we launched ZapWay+, which is the kind of an end-to-end transactional solution, which includes financial services. We completed the development of the Zap+ product. That looks good for Brazil. All right, that was the operations. I will now hand over to Uvashni for the financial performance section. Thanks, Rolv Erik, and good morning, everyone. Before I head into the Q4 results, I think I'd like to just zoom out and look at the full- year 2021 numbers. Looking at the combined numbers that includes the ECG and Adevinta numbers, we delivered solid revenue growth at about 10% despite the motors headwind. Effectively, what that means if we had to take out the motors, we had a 12% year-on-year increase. That's a solid performance. Although our JVs are not included in our consolidated numbers, OLX and willhaben combined revenues were up 54%, a phenomenal performance. Our reported EBITDA was up 10% year-on-year. In the quarter, we have introduced a new KPI, underlying EBITDA, and we've done this in order to ensure comparability with some of our competitors, as we see. This underlying EBITDA number includes or is before we exclude our share-based compensation. This effectively speaks to our underlying operational performance. Moving on to the Q4 results on the next slide. In our Q3 announcement, we said that we would see an acceleration in underlying revenue, excluding mobile.de and to some extent, Motors. We've seen that. I know in the quarter we've had a lot of changes with our scope and our parameters. What I would like to do is take you through the bridge on those changes. If you look in the combined numbers we disclosed ahead of the Capital Markets Day, we have now excluded Australia and South Africa from the numbers as we now count them as discontinued operations. We didn't announce that we will be divesting those assets. In order to get a full comparability to our scope, we also restated the comps for revenues for those assets we had divested in Adevinta. That gets to your Q4 2020 excluding disposal number of EUR 371. That is the comparable basis on which we'll take our numbers forward. Now, for Q4 2021, we reported EUR 394 million, which represents a 6% increase year-on-year despite the Motors headwinds. Mobile.de revenues actually decreased 6% for the quarter. Excluding Motors, revenue growth would have reached 11%, which shows the acceleration we talked about within our other classified verticals. As expected, in line with our ambitions that we set out in the CMD, transactional services were up 41% year-on-year. Advertising revenues were flat with a strong growth in eBay Kleinanzeigen, offset by lower performance in other markets that were more exposed to the car manufacturing marketing spend. As you know, with the listings down, our OEM spend on marketing has reduced in the quarter. Moving on to the next slide. Group EBITDA, excluding the impact of discontinued operations, decreased 9% year-on-year. This reflects the temporary mix evolution, where we see a growing share of transactional services relative to our classified business, especially driven by the Motors underperformance. During the period, we saw a strong increase in marketing effort compared to the lows of 2020. Some of our markets had less than 50% spend compared to 2021. Personnel costs increased by EUR 80 million year-on-year. This was a large extent due to non-cash accounting of share-based incentive plans that were up EUR 6 million in the quarter. Transactional costs increased by EUR 4 million compared to last year as a result of the higher adoption rates we saw. We also had some promotional campaigns on shipping fees in France in the quarter as well, impacting their numbers. All in all, EBITDA reached 124 in the quarter or EUR 139 million before share-based compensation. This represents a 35% underlying EBITDA margin. Now I will deep dive in some of our core markets, starting with France. Reported EBITDA or reported revenues in France grew 8% in the fourth quarter. Online classifieds grew 10% year-over-year, driven by real estate with double-digit growth in revenues as a result of positive ARPA evolution, which were up 18% year-over-year. We also improved product development and produced higher value add for our professional clients. Motors revenues grew in the quarter at 9% driven by ARPD growth. Revenues from transactions were up 29% as consumer goods transactional volumes grew. This was partially offset by discounting campaigns on shipping fees that drove the uptake adoption of the service. We've always said in the early stages of transactional, we want to drive up volume. What we are seeing since, even when you remove that discounting, we are now maintaining those volumes, which is a positive moving into Q1 2022. EBITDA remains stable compared to the fourth quarter. We had a few one-off items in the past quarter that impacted on our EBITDA margin performance. EUR 2.5 million related to the cyberattack, which is a one-off. This will normalize in Q1 2022. As we expected, we invested in marketing and product and tech technology resources to further develop and build out on new models. We saw an increase in transactional costs, as I said before, because of the higher volumes and the campaigns. As a consequence of the volumes, you know, we see the volume impact, but we don't see that consequence on revenues. We will see that going forward. EBITDA margin contracted 4% year-on-year accordingly. If you took the one-off effects of the cyber attack and some of the discounting we had on our transactional services, EBITDA margin for France would have been at 40%-47%. In mobile.de. mobile.de was challenged in the quarter. As Rolv Erik alluded to, we have seen a drop in listings. With the mobile.de model, a drop in listings has a direct consequence in revenue. That revenue drop could move directly down into EBITDA. That's where you see some of the operating leverage lost as your top- line decreases. The volume impact on listings was down 24% year- on- year. This was, however, successfully mitigated to an extent by a 14% listing price increase we saw in August 2021. We also saw C2C performance much better and higher revenues from our C2B lead generation product as well. Advertising revenues continued to be impacted by the low car production, and its knock-on effects effectively on OEM spend, down 23% year-on-year. This volume impact translates into a 7 percentage point impact on EBITDA margin. Moreover, we also doubled marketing spend that was at all-time low in 2020, that quarter, Q4. This headwind that we see within mobile.de is reversing and will reverse. As Rolv Erik showed, we expect the run rate on margins for mobile.de In fourth quarter of 2021 to be much better than we see heading out of Q4 2021. Moving on to our European markets. The European market segment saw growth of 12% compared to the fourth quarter of 2020, supported by a very strong performance in eBay Kleinanzeigen, Spain, and Italy. Online classified revenue grew up 11% and display advertising grew 10% year-on-year. This was as well driven by eBay Kleinanzeigen. The transactional revenues grew, doubling during the period, in line with our strategy outlined in the CMD. EBITDA was offset there. We increased just 1%, but the positive top-line evolution was partly offset by a 50% increase in marketing spend, especially in Italy, Spain, and Benelux, to reinforce our positions after several quarters of us reducing investments during the COVID context. Personnel expenses in the period was in line with business development and future growth. EBITDA margin contracted 4.4 percentage points accordingly. We are, however, quite positive about our European markets opportunity, and we will see that acceleration going into Q1 2020 and 2022 and further. I will now provide some more insights on the revenue development for the four largest market segments. In eBay Kleinanzeigen, revenues grew in the quarter up 20% year-on-year and reached EUR 54 million. This was driven by a strong performance both in advertising and online classifieds, where consumer goods revenues was supported by growing contributions from the small and medium businesses. Real estate and jobs revenues also saw a significant positive evolution, while motors revenues declined slightly due to the market environment. In Spain, revenues grew 14% compared to the fourth quarter of 2020 to EUR 49 million, driven by strong performance in online classifieds up 15% year-on-year. The jobs vertical outperformed at 31% year-on-year growth in revenues. It also reached its all-time Q4 highs in revenue in Q4. It also achieved record client numbers in Q4. The motors vertical continued to see strong revenue growth performance +10% year-on-year. This fueled by higher dealer penetration, and that was despite the market softness we see currently. In real estate, we continue to see recovery also driven by increased penetration and display advertising, a slight improvement of 2% year-on-year. Overall, a very strong performance in Spain and a strong recovery from the lows we saw in 2020. Benelux revenues were flat compared to the fourth quarter of 2020, and it continued renewed growth in consumer goods, supported by higher revenues per listing and the small and medium business outreach campaigns. This was slightly offset by motors revenue, again, due to the muted supply. Transactional revenues, again, in line with our growth and strategy up year-on-year, while we did see an impact on advertising revenues. In Italy, we saw an uplift of 19% driven by double-digit growth in jobs and the motors verticals, and by the strong momentum of transactional services that we launched in 2021. Overall, you know, the performance within our European market, very strong, in line with our strategy on driving the effective transactional model and also a strong performance in underlying jobs and classified verticals. In our international markets, of course, our performance was impacted by advertising, where we see a larger impact on the motors advertising segment. Our underlying classifieds had a marginal growth of around 2%. EBITDA reduced 12% compared to the fourth quarter, landing at EUR 11 million, largely impacted by the top- line. Moving on to the next slide. When we look at OLX Brazil, you know, again, a strong performance, 41% year-on-year on a local currency basis, and this includes the acquisition of Grupo ZAP. On a comparable basis, this was up 23%. Revenue's growth was driven by continued expansion of our cross-selling proposition, the triple bundle strategy within real estate. In motors, we increased revenues both on the private and dealer revenues. We saw a decline, of course, in EBITDA as we ramped up some investment in product and tech, as we took advantage of some investment in marketing as well. We are still very positive about the position in Brazil, and we see strong performance heading into 2022. On other headquarters, we did see an increase of EUR 7 million in the quarter, but we believe now we've hit our run- rate when it comes to HQ costs. We are building up capacity ahead of the eBay TSA, and I'd just like to explain that a little bit. In order for us to take on the services from that we have TSAs and eBay, we have to build some capacity in terms of the HQ to take those on. As we take those services on, and as we build capacity, we're also looking for efficiencies within the other elements of our business, looking at scale. What you have is a ramp-up of costs before that scale efficiency comes in. We also have announced certain elements, which I will cover later on, ahead of our synergy efficiencies that are coming through as well. We don't expect HQ costs to increase beyond the increase of run- rate that we saw in Q4 2021. Talking about our synergies and our integration. We are on track when it comes to our integration and our synergy tracking. I'm very positive, and we are very positive about the outlook on attaining the actual target that we put out in our CMD, and reiterate that we are on track to achieve EUR 130 million that we announced. We made a lot of headway, and really were in Q4 2020 or since the actual transaction closed. We de-duplicated the leadership, which was done already post the closing of the transaction. We've organized our global procurement organization, and we already are seeing huge potential from scaling our volume and combining our contracting, resulting in some really good commercial terms. We're also consolidating quite a lot of our supplier base, and this in turn is leading to better pricing elements. Our physical office footprint is continued to be reduced, and we have plans in place to further optimize that in the coming quarters. We deduplicated roles and structures in our overlapping geographies, especially in Mexico and Italy, and that has already been concluded. We also announced the proposed functional operating models, which are of course subject to local works council approval, but that will actually drive the efficiencies that we would wanna see coming through in the quarters to follow, especially at the back end of 2022, and then in 2023. System implementations. We have already stood up and are standing up our new ERP systems and reporting systems, processes, enterprise-wide architecture systems in preparation for the TSA. Therefore, you saw some of the ramp-up of the costs in the quarter in preparation of those TSAs that will come. Of course, we are now lining up our operating models so that we can start to then bring in the synergies, especially from our markets as well. One of the key things that is more quantitative than qualitative element, which you can't really put a number on, is the collaboration and learnings that we already see deliver value for the business. Some of the key things is around transactional, and we've started to see that the key learnings out of leboncoin we're actually bringing into the markets like Italy and Germany with Kleinanzeigen and accelerating that. Don't underestimate that. Some of the things that we are looking at in new product development when it comes to online buying and selling and new models, and especially on the next wave of transactional, where we've created now a center of excellence, and the collaboration that is happening there is really driving value forward. We have initiatives that we've implemented now that will see a value coming in Q1 2020. We will see the progressive rollout of our operating models. We will do the final stages of our preparation for the TSA exit that happens in Q1, Q2, early Q2. We've already announced and we will launch the sale processes for Australia and South Africa towards the back- end of Q1 2022. The capabilities that we have seen from our discontinued platforms, we are moving into our local markets, then optimizing the central costs around these platforms as well. A great deal of work done since the closing of the transaction, and we truly believe that the scale element of that will start to come through in the next couple of quarters. Now I want to move on to some other P&L items. Effectively on the slide, the Q4, 2020 column in table B, in the table, just refers to the IFRS reporting. Now, IFRS reporting means that it's the legacy Adevinta perimeter as we do not provide combined figures on an IFRS basis. Depreciation and amortization was up EUR 47 million on the year, and this is really entirely due to the amortization of the ECG and intangible assets that we purchased as part of the purchase price allocation. The main amounts relate to mobile.de, eBay Kleinanzeigen, Marktplaats, and Canada. Other expenses were up EUR 15 million compared to the same period last year as a consequence of the increased integration expenses because of the acquisition, and is in line with you know, with our announced number that we showed at the CMD of EUR 130 million. Net financial costs were up EUR 27 million compared to the period last year. This is directly due to the interest expense on the new financing incurred as we bought the business as well. Tax income improved by EUR 11 million, mainly due to the reduction in deferred tax liabilities that relate to, effectively, the amortization of intangible assets. Moving on to our financial position on the next slide. At the end of the quarter, we had a total cash position of EUR 231 million. This includes some of our restricted cash, about EUR 4.5 million. On our senior debt net leverage ratio, according to the definitions of our facilities, our leverage was at 3.7x at the end of the quarter. We are on target, and our target remains to be within, back to the 2x-3x levels in the medium term. Today, we announced the launch of the share buyback of 10 million Adevinta shares that will be used to settle the company share-based incentives plans over the next three years. The execution of any repurchases, of course, will depend on market conditions. I will conclude by saying, overall, we continue to see the resilience of our business. Our strong market positions and diversified portfolios provided for a steady year- on- year performance. The motors headwinds are temporary, and our investment will stand us in good stead to benefit from the acceleration and accelerate when the recovery is expected in the second half of the year. The integration of our business is on track, and we see visible benefits of cross-sharing and collaboration. We are well positioned to deliver on our mid- to long-term targets as outlined previously, and we are confident in achieving that. I will now hand over to Rolv Erik, who will wrap up with the outlook and conclusion. Thank you very much, Uvashni. As outlined during our Capital Markets Day in November, we see big opportunities across all our businesses with large monetization runway in the core motor and real estate online classifieds, and the potential to do more in transactional also in the value chain with new business models. The integration of the business is progressing well, and we remain on track to deliver on the previously announced synergies that will progressively contribute to accelerated growth and EBITDA margin improvement. As a result of that, we confirm our mid- to long-term targets for core markets communicated at the CMD. In the short- term, we are facing temporary headwinds with low production levels in new cars globally that have knock-on effects on used cars listings and on the car manufacturers' marketing spend. Similar trends is what we expect in the first quarter of 2022, as observed in the fourth quarter of 2021. Throughout this year, the financial performance is expected to mirror the recovery trajectory in motor volumes, planned price initiatives and of course, ramp-up synergies. That, we believe, will result in progressive revenue growth acceleration and margin improvement quarter- by- quarter. This implies that we expect to exit Q4 2022 better than the full- year 2021 trend, both in terms of revenue growth and margin profile. Overall, this will, as previously mentioned, lead to softer revenue growth in 2022 relative to our mid- to long- term ambition. Assuming a gradual recovery in motors market in the second half, we expect core markets revenue growth to be below double- digits for the full- year. We will continue to invest in our product development to capture future growth opportunities as we've proven and illustrated today in that we've done in France with giving tangible results. Based on the above, for 2022, we expect underlying EBITDA, consolidated EBITDA before share-based compensation impact in the range of EUR 575 million-EUR 600 million. Now that is. Let me point that out, that's excluding discontinued operations. If I had included them, then the target would have been EUR 585 million-EUR 610 million. The share-based compensation also, just to point it out, represented EUR 40 million in 2021. I'll now open the Q&A session. My colleagues from the executive committee and I are available to answer your questions. Operator, please go ahead. Thank you. As a reminder to ask a question, you will need to press star one on your telephone. To withdraw your question, press the pound hash key. Your first question today comes from the line of William Packer from BNP Paribas. Please go ahead. Your line is open. Hi there, Manny. Many thanks. Take my questions. Three from me, please. Firstly, on marketing investment, it was somewhat scaled back during 2020 and 2021 for rational reasons. Could you help us understand where for the new scope of the business, 2021 marketing spend was versus 2019 and where you expect it to be for 2022? You know, how marketing intensive do you get to be? Then second question is around the auto segment. It's absolutely, you know, critical business in the portfolio and lots of new models are being explored by your classified peers. We've got Smyle in the German market by AutoScout24, we've got Auto Trader's approach for digital retailing, we've got Cinch, we've got Select by Car Sales. Could you kind of provide some commentary on how you think about the next stage of digital retailing, which models you see as right for your markets, and when you'll need to start investing there? The final question is around, kind of e-commerce momentum. We've seen some peers, be it Shopify or food delivery, talk to e-commerce tailwinds from the pandemic fading. How are you seeing that in the volumes of your, pay and ship business? It'd be interesting to see where you are on that maturity curve. Thank you. Wanna take the first question? Yeah, sure. Hey, Will, morning. In terms of our marketing spend, Will, we expect the marketing to go back to pre-COVID levels. We don't expect a further acceleration in terms of marketing spend. So, you know, we really pulled back in 2020, as you said. We started to recover some of that in 2021. I think, you know, in 2022, our expectation is no more than pre-COVID levels. Right. On the second question, Will, yes, we're seeing that there's new models coming in the car market. I think I mentioned also that we're doing experimentations with that. We have on the mobile.de site both experimented with new leasing models for newer cars, that's very popular in Germany. We also have an experiment going, have been testing online buying and selling, and we're also enhancing our C2B offering. We are definitely doing that. I think it's fair to say that the pure online buying and selling will take some time, but it's important for us to be there, and we're experimenting with that, and then plan to roll out those capabilities. Now, your third question, Will. Will, it's Gianpaolo here. I understand. Sorry, you were a bit broken in the third question. What about, like, e-commerce development and if it's affecting our transactional activity, is it right? Yeah. How is the volume of transactions performing in Q4 and Q1 in the context of some of the, you know, wider peers slowing in terms of the momentum as COVID tailwind fades? I'm happy to share Q4. I will not share Q1, as you know. Q4 has been very, very good. You remember in Q3, you know, some analysts had some concern about, you know, the volumes back then, and we said, "Hey, you know, look, the transactional business is much more seasonal than our normal businesses." We could see it in Q4, where we had a spectacular quarter in terms of transaction. Just to give you a number, like, we reached 5.7 million transactions during the quarter across the five core markets. That means 55% quarter-on-quarter. So we see activity ramping- up for sure. The market is. Our business in this line is so immature that, you know, we've plenty of room to grow, so we might still not be affected by changes in e-commerce, etc. You know, short answer is, not at all. We are growing as expected, and even a bit faster than expected, actually. Thanks. Rolv Erik, just coming back on question two around the new products for autos. When should we expect to see the kind of peak investments requirements for those products? Is that now and already in the 2022 guidance, or is that something that will comes in 2023 and beyond? Thanks. Hey, Will, I'll take that. We're starting to see some investment come into 2022. It's already within the number we've guided you on. Progressively, you know, moving on from there. I think we've already started. In fact, we started somewhat in the back end of the quarter 2020, Q4 2021 already, and progressively ramping through 2022. It's already within the numbers and the guidance we've provided. Yeah. Thanks very much for the color. Yep. Thank you. Your next question comes from the line of Marcus Diebel, Adevinta. Please go ahead. Your line is open. Hi, it's Marcus Diebel from JP Morgan. Also three questions from my side. The first one to follow- up on the question on more investments in you going transactional. Your comments, Uvashni, shall we take them that 2022 will be kind of like the majority of investments in that area, or can we see a step up next year? I think that was also what Will was asking, but I didn't get the answer fully. Is there basically a kind of like an additional impact in 2023? Just conceptually, I appreciate you you're not guiding on that year. That's the first question, if you can just clarify. The second question is on share-based payments. Clearly you took this out of your adjusted EBITDA numbers. The question is why now? Secondly, if you can give us an indication, yeah, from current share price level, what you think share-based payments will be like in 2022, given where we are now in the share price. The third question is more on margins as well. Is there scope for a larger restructuring program as well, yeah? I'm not asking for the eBay synergies, which you obviously highlight, but it feels to me that Adevinta has never really had an active restructuring and cost-saving program in the divisions. Is there scope for this in 2022 and 2023? Thank you. A couple of questions there. I'll try and answer them. In terms of the transactional investment. Effectively, if you remember how we outlined that in our Capital Markets Day, we saw investment in 2020. We saw a growth through to 2025, effectively of EUR 400 million, and we saw progressive investment. We'll see two years of big investment, which is, you know, we've already seen France, but in the rest of our markets will be 2022 and 2023. Then you'll see the benefit of that really hit in 2024 onwards. You know, if you look at it and it's all included again in our long-term guidance, right, and mid- to long-term guidance. Two more years of investment before you really see that traction within your transactional revenues. On the EBITDA guidance on underlying earnings, excluding share-based compensation, I think there's a couple of factors there. Firstly, you know, we see they are to be comparable in terms of the market and our market peers. We should be effectively showing that number. The combination of the eBay business or ECG business and ourselves, that number has become quite a big number on the combined group. Therefore, we've you know, to really understand the underlying performance of the assets, I think you it would be we think it's a good indicator for you to have, you know, going forward. You know, that's the only reason that we brought in into play now. In terms of the expectation on 2022 number, it'll be, you know, circling the same ballpark as you saw for 2021. On the third point, Marcus, you know, we're working with the realization of synergies. In there's a big effort to drive efficiencies. As you may have seen, we have just launched a proposed model for the operating model for finance, HR, and central functions there. Then we've said that this is an important part to realize the synergies. To your point as well, you know, when we had identified synergies, that's why we are so confident about the synergies. You know, we are constantly looking at our cost base and trying to make sure that we drive efficiencies as much as possible. One of the things, you know, we are seeing that coming out of the collaboration is a best practice across our businesses at the moment. Inherently in the process of driving the synergies, we are now looking at even further elements of cost reductions and optimization. You know, it's not a program that we are doing, but we certainly are looking at every cost item across the group as we look to optimize margins. That's an important thing to understand, this is not just, we don't believe that this should be a program. One of the things, you know, the conversations we are having as well is continuous improvement within the business, I think is a core element of it. You know, that's something we will, you know, probably progressively implement within Adevinta. But we really are seeing a lot of traction across the group just by, you know, when we looked at the synergy elements of things. I just wanna give that confidence to you and the markets as well. Okay. Yeah. Thank you. Your next question comes from the line of Miriam Josiah from Morgan Stanley. Please go ahead. Your line is open. Great. Thanks. Morning, everyone. Three questions from me. Firstly, just on France. I think you said around the sort of subsidized shipping fees, it wasn't clear actually if you were saying that this is a one-off or not. If you could just clarify how you're thinking about shipping fees this year and how much you're willing to subsidize. Should we take that EUR 1.5 million as the run- rate for this year, or potentially could that increase? Any color you can give on margins for France this year as well would be helpful. Secondly, on the transactional services, if you could share any KPIs, perhaps the number of eligible ads, GMV or repurchase rate, how that's trended in Q4, that would be helpful. Finally, just on the process for Australia, South Africa, and then also the strategic review, if you could give any update there, for Australia and South Africa, are you already starting to have conversations? Have there been any bids? Any update would be great. Thank you. Okay. There's a couple of questions there. There's a few questions. There's first on France, and that was a question on margin and one question on how the operations is going. Then there is transactional KPIs. You want to take that, Gianpaolo? Then there's the process for disposals. On the French margins or the cost on transactional, and I'm Antoine, I'm speaking on your behalf. If you want to interject, please do, if I say anything wrong. Effectively on the French margins, yes, there was some discounting on delivery fees, and then the other element of discounting is new users to the platform using the actual transactional services which we discounted. Both of them, we do as promotional. What we are seeing, the discounting on new users has now been removed, so that's not permanent. The discounting on, you know, delivery fees, we do promotional during certain periods to drive up volumes. That is at the discretion of the business, so it's not entrenched fully. That, again, we do on a promotional basis where we really wanna drive some value. So those, I would say, are not, you know, costs that you will incur on a recurring basis. On the operational front? Yeah. Antoine, you wanna give some color on the operational side in France and on transactions? Yes. Good morning, everybody. I think really the transactional business is accelerating a lot in France. What we have done during the last Q4 is we were preparing Christmas period, and we were pushing strongly the volume. It's why we have implemented this promotion during this period. With a very, very good result, as you saw in our presentation today. 61% growth year-on-year, that is very good. Now we are starting and we are coming back to normal life, so with keeping our price at the right price, so without any discount. We continue some promotional period during the year, but not permanently. We are very, very focused on that to continue to improve the transaction business for the next months. You know, just to finalize that, you know, we did also say that we expect to break- even on transactions in France this year. You know, it just shows that, you know, we are getting to that point now, as we had outlined in the CMD as well. Yeah. Miriam, on your third question, I'm happy to provide, like, number of transactions and also a bit more color on the revenues, and also a bit more evolution on how our transactions are moving in the key markets. For the time being, we're not going really to share, like, detailed information on other KPIs around this. Because this is still a pretty mature business for us, and we need to learn better how the trends move. In general, we had 5.7 million transactions this quarter. Represents 55% quarter-on-quarter growth. To this, we had EUR 30 million of revenues linked to those. That represent a 49% quarter-on-quarter growth. As you can see, in line with our strategy, volumes are growing faster than revenues because now we are actually favoring user adoption. That is our key strategic priority for this area. When I look at single market, number of transactions in France quarter-on-quarter grow by 61% with some promotions. In eBay Kleinanzeigen, the growth was 44% quarter-on-quarter without any promotion. In Spain, the growth was 64% quarter-on-quarter, and in Italy it was a staggering 164% quarter-on-quarter. Very solid growth across all the markets. In general, the other information that I can give you is that we see stable AOV, so you should expect that this growth in transaction is translating almost 1: 1 into also GMV growth, except a bit in Italy, where we are successfully gradually moving towards lower AOV. Because in Italy, the way TuttoSubito started, it was a very high AOV, and now it's stabilizing and slowly converging towards France numbers and Germany numbers. Yes. Thank you, Gian. Your last question, Miriam, was on disposals. There, when it comes to Australia and South Africa, we have received a number of incoming calls. We have done our preparations. This is going as planned, meaning that we're launching these processes now officially during the first quarter. That's what I can say about that. That's on track. I can't say anything more this session. Just to add to that, the other strategic assets under review, we continue to work and we'll, you know, we'll bring that to the market as soon as we have confidence around that as well. The work is continuing in earnest. Great. That's been really helpful. Thank you. Thank you. Your next question comes from the line of Adam Berlin from UBS. Please go ahead. Your line is open. Hi. Good morning, everyone. Thanks for taking three questions, please. The first question is on the EBITDA guidance for 2022 that you've given. You've given a bit of a range. Is the bottom of the range and top of the range based on what happens with the recovery in auto inventory during the year? Or what are the other moving factors we should think about in terms of where in the range you end up for 2022? That's the first question. The second question is about the level of investment in the next few years. From your reported numbers, there was about a GBP 90 million increase in OpEx in 2021. Based on the guidance, you know, it looks like there's gonna be a bit of a step up in that number in 2022 to something around EUR 120 million to EUR 130 million of incremental OpEx in 2022. As we go forward from 2022, is that the type of step-up investment we should see every year or will the step-up investment start to come down, and 2022 is really the peak in terms of incremental OpEx? Of course, we've got more impact from synergies going on in outer years. If you can just talk through the dynamics, 'cause obviously we have to forecast 2023 and 2024, and not just 2022 when we update our models today. And then the third question is on Mexico and Canada. You know, they're not core markets, but they're not held for sale. Can you just update us on the latest on those two assets? Have you tried to launch a sales process for those two assets? Thanks very much. Let's take the last question first. We have not launched any sales process for this, and we're still contemplating what to do. We're doing a thorough strategic review of those two assets and the markets and the market development. We need to come back to that later in the year. When it comes to our EBITDA targets, firstly, I just want to zoom out and talk about how we actually built that, you know? When we looked at it, we did a full bottom-up review when we built up the targets across all of our markets, and we considered all of the plausible risks and outcomes that we could possibly see based on the current environment. We took an assumption view on the ranges we believe based on our assumptions on recovery, yes, of course, in the markets. Also other factors that may come in in terms of the knock-on effects of that. You know, the bottom end of our range, it includes some of those factors in there and provides for some of our leeway around that, you know. You know, you are right, we have considered that recovery in that. But remember there's all other factors that, you know, if we providing the flexibility as you see recovery in order to then invest in some of them in marketing to take on some of the product development we see or to pull back investment as we see fit in line with the recovery and in line with also a bit of margin protection. Then the fourth bit. The OpEx evolution. The drivers of your OpEx evolution there is personnel, which is directly linked to, you know, ramping- up on some of your product development. These are for new product lines, right? Earlier on you asked you had questions around some of the new models, the online buying and selling, some of the leasing elements of things. Now especially when we see the acceleration in our motors vertical and the new models that are coming on, we are investing somewhat to be able to you know be relevant and provide product to the market. That's OpEx cost increase is really related to that. In line with what we expect is an increase in effectively our revenue uplift as per our guidance as well. Sorry, that didn't really answer. My question is, as we think about 2023 and 2024, will the OpEx level in the business be broadly in line with 2022, you know, especially when you take account of the synergies that are coming? Or should we still expect to see large increases in OpEx in 2023 and 2024? Yeah. You're absolutely right. You know, as you see. Firstly, you're gonna see operating leverage come through, right? Because your revenue uplift as we announced in 15% increase versus your low- double- digits you're expecting in 2022. Overall, you're gonna get operating leverage, you're gonna get a scale benefits there. Then you're gonna get the overlay of your efficiencies that are gonna come through from your synergies. Effectively, some of that increase you'll have a bit of an offset, but not total offset, depending on some of the new models we bring in. We don't expect an overarching positive. I mean, a doubling up of your expenses as you saw some of the ramp- up you see now. Remember, we've provided an EBITDA margin guidance of 40%-45%, which then effectively illustrates the fact that, you know, your cost base is going to scale according to your revenue base. Yeah, just that guidance is to 2026, so that's why it's helpful just to get some commentary on the intermediate years. Yeah. Intermediate years, I think, you know, if you're trying to tell me, is my OpEx going to go up EUR 100 million every year, you know, no, it's not. You know, the OpEx, remember, relates directly to investments. We said 2022 and 2023, transactional investments will continue. We'll bring on some other investment when it comes to new product line in line with revenue growth. You know, effectively, I would say, you know, basically maintaining it in line with revenue growth. Make sure that you're maintaining our margins, of course. Okay. No, that's really helpful. Thank you. Thank you, Uvashni. Yes. Thank you. Your next question comes from the line of Matti Littunen from Bernstein. Please go ahead, your line is open. Hello, good morning. Two questions left. The first one is on the outlook for, to car volumes. Now, I noticed you had a chart on the sort of you know expected sort of car production volumes to 2024. Just be curious to hear how you see the car volumes developing beyond that. Do you have sort of a view you use to project internally in terms of what's gonna happen to overall car volumes in the core markets? And for example, whether the shift to EVs is going to have an impact on the fundamentals of how cars move in the fleet and how that affects your business. The second one on the sort of trajectory of marketing investment, you know, for your competitors compared to what you've been saying. If I understood correctly, you said that you sort of had record low levels of marketing investment during COVID in 2020 and in the early part of 2021, and then you ramped- up to normal, more normal levels towards the end of the year. As far as you can tell, your competitors in the core markets, did they follow a similar pattern? Or was there some kind of sort of difference there in terms of the approach taken during the pandemic? Thank you. I'll start on the cars and then, Patricia, you can add on. What we said is that we provided the forecast done by that industry expert. I think the important part there is that you see that the pickup in production is expected to come gradually from the second quarter. I think that will really benefit our business models as we're working in especially in Germany, it's quite listing dependent. At the same time, I think there are many things that we can do there to work further on a more dynamic pricing model. We're taking the first steps into doing that now. Also the trends that we mentioned with providing a bigger part of the journey with online buying and selling. We think in the years beyond 2023 and 2024, that will provide good new revenue opportunities and also allow us to go deeper into the value chain, for instance, finance, insurance, et c, and warranties. I think as we go towards the more integrated buying and selling experience, there are a number of new revenue opportunities for us to tap into. Perhaps you wanna comment a bit on that, also Patricia? Sure. Hello everyone. I think what we'll see over time is a reduced dependency of mobility revenue on the listing volume and also on the production volumes. As Rolv Erik has said, we are capturing larger parts of the value chain with our transactional models, and we will continue to do so in the future. This will then mean that we will have a reduced volatility depending on production volumes and also listing volumes going forward. We will also continue to review our pricing and packaging to make sure that we support that journey. I think you mentioned about how the fleets will develop. I think it'll be, of course there'll be an increasing number of electric vehicles, and you'll see that also in the big fleet management. I think the important thing that we're and I think that the value chain in motors is going to, you know, is going to be interesting to watch as some parts of it will be challenged. I think the important thing for us to see that the marketplaces will continue to have a very strong position. Because what we're seeing is that the dealers and consumers and also OEMs are really dependent on strong and good marketplaces. That's why we have invested and continue to invest also in marketing, and that's why we will continue to develop in product development. I think there are a number of new revenue pools that we can tap into. Then the last one on marketing spend and what we're seeing in our markets. You know, across our markets what we are seeing is our competitors are spending much more, you know, than they've done in even in the pre-COVID levels. Effectively, as they bring on new product lines and models, marketing spend is at all-time high. We've increased marketing spend, you know. Compared to 2020, 2021, we increased it, but we are at similar levels to pre-COVID, and we don't anticipate, you know, going further than what we have expected to spend in 2021 as well. Very helpful. Thank you both. Can I? Yep. Yeah, sure. Thank you. We will now take our last question from Catherine O'Neill from Citi. Please go ahead. Your line is open. Hi. Thank you. I just had a question on your comments on the car buying and selling. I just wanted to make sure I understood clearly. Are you talking about you becoming a retailer, i.e., acquiring inventory and selling it, or is this car buying and selling like digital products that you're offering to dealers? And if you're planning to sort of experiment on the retail side, how would you finance the inventory? And if you're not planning that and it's product to dealers, could you maybe provide a bit more detail on that and how you think about the pricing structure around those things? Sure. Patricia, you can answer that, but the short answer to your first question, Catherine, is no. We're not planning to be a digital retailer ourselves. Our plan is to be the dealer's best friend and facilitate that they can do digital transactions online. I agree. I think this is really important to us to support our dealers in bringing the transaction online and also to help them to capture all of the needed process steps. As you heard earlier in the presentation, we have been running a test in the fourth quarter to see how this is accepted with good results. We're going to continue to explore that and are going to invest into this in this year. We'll do this in a very strong collaboration with the dealers. Okay, thanks. Thank you. I think Gianpaolo had a point in consumer, but thing is that if what we're helping the dealers with doing is something that many of them cannot do themselves, and I think that will allow us to tap into several of those revenue pools that I mentioned previously, especially on the financing, insurance and also warranty products, et c. It'll be a number of new revenue pools to tap into. Thank you. I will now hand the call back for closing remarks. I would like to just thank everyone for attending. Of course, we're going to have a number of investor meetings today and tomorrow, and our IR people and Uvashni and I and the team, we're here ready to answer your questions. Please don't hesitate to contact us. Thank you all for attending today and looking forward to meeting you soon. Have a nice day. Thank you. Thank you. That does conclude today's conference call. Thank you for participating. You may all disconnect.