Welcome everyone to Adevinta's Q1 2022 results presentation. Mr. Rolv Erik Ryssdal, CEO of Adevinta, will host today's conference. Mr. Ryssdal, the floor is yours. Thank you, operator. Good morning, everyone. Welcome and thank you for joining today's presentation of our Q1 results. I have the pleasure to host a call out of Oslo, together with Uvashni, Antoine, and Gianpaolo, and the whole AdEx team at Adevinta is also on the line. I'm very pleased to welcome Alex, our new CPTO for the first time in the results calls. I also wanted to use this opportunity to thank Renaud for his immense contribution as the interim CTPO until Alex was appointed, and his ongoing support. Together with Uvashni, I will take you through the main highlights of the quarter, the progress we made on the execution of our growing at scale strategy and our financial performance and outlook. All of AdEx will join us for the Q&A session. Before we start, I would like to give some explanation of our reporting date and why since the publication of our Q3 results, we've been re-releasing our results later than we used to. This is because of the ECG integration and the ongoing transition to major reporting systems. With time, we aim at reducing our reporting deadlines. This will happen when system teams and internal processes are in place and proven. Right, I'll not go through the disclaimer. I'll invite you to read it, and we'll start with the key highlights of the quarter. On this slide, just a quick reminder of our vision for Adevinta that we presented at the Capital Markets Day in November. We are focusing our portfolio and our investments in the five European markets which hold the greatest potential, France, Germany, Spain, Benelux, and Italy. We will give 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 the fast-growing transactional services. We will also continue to transform advertising by investing in our first-party products and proprietary capabilities in order to preserve revenues. We will leverage technology and expertise at scale. This will generate significant synergies. Lastly, we'll continue to consolidate the industry in our core markets. In Q1, we made strong progress in the execution of our roadmap, portfolio optimization and integration. We are on track to deliver our synergy targets. We also continue to execute our strategic goals. We successfully carried on our monetization journey in motors and real estate, and we continue to scale our transactional services. We also continue to adapt our advertising business to the evolving environment. I will dig into those in the following slides. As anticipated, our first quarter performance follows the trend that we observed at the end of last year, delivering a solid 6% revenue growth in a challenging environment and an underlying EBITDA margin of 35.3%. We have a solid balance sheet and strong cash generation profile. To sum up, we're on track to achieve our financial targets for this and for the longer term. Now on the next slide, you'll see that our portfolio optimization is progressing at pace. We sold InfoJobs in Brazil in March, and we closed the sale of Kufar in Belarus actually last week, last Friday. We are today announcing the divestment of Mexico, and we expect to reach an agreement on the sale of Australia and South Africa by the end of the third quarter. Regarding the two main remaining assets under strategic review, Canada and Hungary, we continue to assess the options, and we expect to come to a decision by the end of the year. On the next slide, I will not go into the details on this slide. It's quite busy. What you can see is that we have a solid integration roadmap to reach our synergy targets, and we have already made good progress on it. Uvashni will discuss this in more detail later in the presentation, but I wanted to emphasize that at the end of the first quarter, we have already executed around 75% of our targeted run rate synergies for 2022. This means that concrete actions needed to achieve 75% of our 2022 targets have already been implemented, although they will have actual EBITDA impact later in the year. This makes us confident that we can achieve our run rate EBITDA synergy targets of EUR 35 million in 2022 and EUR 130 million in year three. Moving on to the operational performance, I will focus first on traffic, a key indicator in our industry. Given the external factors that affected our KPIs in the last couple of years, with COVID, the Ukraine war, regulatory changes, we thought it would be useful to show you the long-term evolution. Both leboncoin and eBay Kleinanzeigen show an impressive performance with visits being up more than 30% compared to Q1 2019. This demonstrates the strength of both brands. In Mobile, although the brand is as strong as its market, it is inevitably impacted by the motor market environment, temporarily weaker, but we believe the potential remains intact and we continue to increase our market share. Now let's dig into our core verticals, starting with motors. The industry is going through an unprecedented, though temporary, situation that arise from the global chip supply crisis. This is a direct consequence of the lack of inventory and has direct knock-on effects on the used car market and professional listings. It has, of course, an impact on the used car market and on dealer listing volumes on the marketplaces. In France, they are down 10% in Q1, and in Germany, they're down 27% year-on-year, approximately in the same proportions as the last quarter. This is temporary impact, and we continue to believe that it will be unwind. Market specialists plan for recovery in car sales in the core markets in 2022 as outlined on this slide. This recovery will be back-end loaded in 2022 with a strong acceleration, we believe, expect in 2023. In the meantime, we're able to mitigate those temporary headwinds through our own initiatives. In France and Germany, we hold number one market positions, and we continue to gain market shares. Our competitive advantage in Mobile is even stronger year-on-year when we compare our dealer listings and web visits to our main competitors. Our strong market positions demonstrate the quality of our solutions for car dealers and legitimize price increases that allow us to mitigate the short-term volume effect. In Mobile, the average revenue per listing increased by 28% year-on-year, thanks to the successful 14% listing price increase that was implemented in August, together with other initiatives such as tier pricing mechanism and upselling of products. We also, in April first this year, successfully implemented the new pricing adjustments, which includes the dealer price increase and the car value factor, and which will have a positive impact on our average revenue per lead evolution as from second quarter this year. At leboncoin, we increased average revenue per dealer by 15% year-on-year. In France and in our other core markets, we intend to continue our monetization journey along with further product development. Let me also emphasize that the car industry is a healthy industry. We're seeing record profits both for OEMs and for dealers. They will need effective marketplaces going forward. There are three levers for us to increase our yields. It's either through price increases, upsell products, or new product innovation, and we're working on all three of those. In Mobile, we acquired Null-Leasing in March after a successful market test at the end of 2021. This acquisition will enable Mobile to expand its product and services offering in line with our Adevinta strategy. We scaled our C2B proposition with the launch in the quarter of our lead generation offer at leboncoin, but also Marktplaats. This product will enable dealers to purchase cars directly from customers. This is very valuable, especially in the context of shortages. We also continue to bring added value for our clients. For example, in Spain, we launched in the quarter our multi-province product, which allows dealers to publish content in different provinces at the same time. In real estate, volume-wise, our situation is different in France than in Germany, where we hold different market positions. In France, we see listings declining year-on-year under the effect of supply pressure and very strong demand. However, we continue to improve our monetization. We increased ARPA by 14% year-on-year, thanks to good performance of subscription packages with high added value for professional clients. In Germany, professional listings are up 12% year-on-year, reflecting our gains in market share and increased agent penetration. We still have a lot of room to grow here, and we're making sure that we continue to bring further value to agents, ultimately leading to increased monetization as well, as illustrated in our next slide. In leboncoin, we continue to deploy our market verticalization strategy with the ongoing development of rental management offer, the development of virtual visits for new constructions, for example. We continue to develop added value products for our customers in all our markets as well, such as our new valuation tool in Spain, while we continue to improve the user experience. At eBay Kleinanzeigen, we developed a dynamic map for all real estate categories. Moving on to transactional services, we continue to see strong traction in the adoption of the product. I will illustrate this with the two relevant examples, leboncoin and eBay Kleinanzeigen, where we see continued growth in numbers of transactions with respectively 40% and more than 210% compared to the same period one year ago. This is a growth opportunity, a very important one, and also contributes to the vibrancy of all of our platforms. During the quarter, we established a transactional transformation team to drive transaction efforts jointly across markets. This team and marketplaces have already agreed on immediate priorities and collaboration areas to boost the transactional growth this year. We continued and will continue to scale and launch new products. The promotion of our new products will be supported by marketing campaigns, for example, in Germany. To give you some examples of our product launches, we launched a pilot for our wallet and split payment solution at leboncoin at the end of the second quarter. We're also launching our buy now, pay later solution in partnership with Klarna, and we're scaling our shipping solution in Germany. In Benelux, we're enhancing our buyer protection services, including escrow and shipping solution. As you can see, we're rapidly scaling our solutions in the different marketplaces, benefiting from our European scale and market expertise. Moving on to the advertising business, which is currently challenged by an overall weaker advertising market, especially in automotive display advertising. We're transforming to adapt to this environment. We're investing in our first-party products and proprietary capabilities. For example, we're currently developing first-party retail media proposition for eBay Kleinanzeigen. We're also investing to preserve revenue by adding headcount to drive direct display in Germany and also developing new products, new formats, and by rolling out AdSense across legacy Adevinta markets. I'll now hand over to Uvashni for the financial performance session. Thanks, Rolv Erik, and good morning all. As Rolv Erik mentioned earlier, we delivered a solid financial performance for the quarter, where we saw trends in line with the last quarter and also demonstrated a progressive improvement through to Q1 2022. When compared to last year, there have been a few changes in our portfolio, so let me walk you through the revenue buildup. From left to right on the slide you see the 2021 combined numbers at EUR 368. What this includes is revenue from continuing operations. We exclude revenue from Australia and South Africa here as we now disclose them and account for them as discontinued operations. To get to a fully comparable set of numbers, we also then adjust the revenue for those markets we exited in 2021, which were Chile and Spain. This brings us to a restated Q1 of 2021 of EUR 366 million. In Q1 2022, EUR 387 million revenue shows a 6% increase. Classified revenues grew 7% year-on-year, demonstrating the resilience of our business and the strength of our market positions. We continue to implement solutions with new features and drive user adoption in transactional, where we saw revenues grow 41% year-on-year. This was slightly offset by advertising revenue, which reflected the current softer market and lower OEM spend. Moving on to EBITDA. To be consistent and comparable with industry peers, and to demonstrate our underlying performance, we in Q4 introduced a new KPI underlying EBITDA. What this does is shows consolidated EBITDA before charges for share-based compensation. These different views can be confusing, so let me walk you through that. When we talk about our core markets, we include Spain, Germany, Italy, Benelux, and France. We then add on other continuing operations. Here we include our JV in Ireland, which we fully consolidate, Canada and Hungary, and then, of course, Mexico, InfoJobs, and Belarus. We've just effectively announced the divestment of Mexico and Belarus, which going forward will not be included. Our reported EBITDA and underlying EBITDA do not include our non-consolidated JVs and our discontinued operations, Australia and South Africa. As a result, our EBITDA from continuing operations, which is our reported EBITDA, includes EUR 125 million. Then you have the share-based compensation of EUR 12 million, which takes you to an underlying EBITDA of EUR 137 million. EUR 120 million of that comes from our core markets, and EUR 17 million from our other continued operations. If I then take you through the actual impacts and walk through what impacted our EBITDA for 2022 Q1. We saw an impact of EUR 90 million higher on revenue. That's a 6% increase. This was offset slightly by personnel costs. Now, personnel costs of EUR 22 million, let me give you a brief idea of that. We have a run rate compared to last year, where coming off the back of COVID, we ramped up on resources. You have the full year impact coming through in Q1 2022. There was also an increase in share-based compensation of EUR 5 million, and a one-off positive that happened in Q1 2021 in Mobile that is now offset in the current year. We have costs from transactional services that increased in the quarter as the adoption of the services increased and in line with revenue increase as well. We do see a lower marketing spend as we come off the back of higher spend in Q1 2021, and we also pulled back on some marketing spend in mature markets where we saw slightly softer revenue. All in all, EBITDA reached EUR 125 million, a 32.3% EBITDA margin, which was a 70 basis point increase from Q4 2021. Progressive improvement as we had anticipated. Now let me take a closer look at some of our markets starting with France. Reported revenues in France grew 7% in the first quarter of 2022. Online classifieds up 8% year-on-year. This was driven by real estate which continued to post double-digit growth as a result of good performance of subscription packages with higher value added items for professional clients which led to a positive RP development and evolution of 14% year-on-year. Jobs also posted double-digit growth supported by good performance on subscription packages. Motors grew in the quarter driven by 15% ARPD growth with more than offset the declining volumes that we see. Advertising as well was down 6% year-on-year as we continue to see the impact of reduced activity from media agencies and OEMs. Revenues from transaction was up 31% year-on-year. Consumer transaction volumes grew but they were partially offset by some discounting campaigns on shipping fees as we look to drive up volumes and adoption. EBITDA was stable compared to the first quarter of 2021, reflecting the evolution of the business mix, with transactional services growing faster than other business lines and advertising declining year-on-year. The top line evolution was slightly offset by increasing marketing expenses, again, as we drove campaigns to increase adoption on transactional in the quarter. We saw an increase in transactional costs, again, driven by volumes and from promotional campaigns in March. This was positively impacted by some good negotiations we've done on the procurement front with suppliers. Personnel and IT costs also increased in the quarter, again, as we invested in product and technology for further product development. This saw an EBITDA contraction, margin contraction of 3.4%. Moving on to Mobile. Revenues in Mobile declined by 3% in the quarter. Online classifieds were down 3%. The negative volume impact was partially mitigated by the successful increase of prices 14% up year-on-year in August, as previously mentioned. Together with tier pricing mechanisms and continued upselling, this resulted in a 28% year-on-year increase in average revenue per listing. Revenue for private listers also grew in the first quarter compared to the first quarter of 2021. Advertising revenues declined in line with what we see in the current car market and OEM spend, which was further exacerbated by the Ukraine crisis. The volume impact then translates into a 1.4 percentage point drop in EBITDA margin. Moreover, personnel costs increased 31% year-on-year. This was as a result of a positive one-off impact in Q1 2021 and higher share-based compensation. We also did accelerate somewhat product and tech resources as we look to bring in new business initiatives and models. EBITDA margin contracted 5.5 percentage points year-on-year accordingly. Moving on to our European market segment. Revenues grew 10% in the first quarter of 2022, supported by a very strong performance in Spain and Italy and by a solid quarter from eBay Kleinanzeigen. Online classifieds grew by 16%, driven by our growth in our verticals, while display advertising was down 4%. Transactional revenues continued to see strong traction and doubled compared to the same period last year. EBITDA increased by 7% compared to the first quarter of 2021. The positive top line evolution was partially offset by some personnel increases, strong product development, and in line with the growth of the business. Transactional costs also increased in line with the adoption of the services. We saw a reduction in marketing expenses, driven by lower spending in eBay Kleinanzeigen, which had a higher comp quarter, and then further pullback in other areas as well. EBITDA margin contracted 0.8% year-on-year accordingly. Now, let me give you some more insight on the development in the larger markets within European markets. As we said, in eBay Kleinanzeigen, we showed revenue growth of 9% in the period, despite the very tough comps and the current market environment we see. This was driven by significant momentum in all verticals, especially in consumer goods. This evolution was partially offset by a decline in advertising behind softer markets at the moment. Transactional revenue tripled in the period, benefiting from the launch of our shipping offer at the end of 2021. In Spain, we saw revenue growth of 16% in the period. This was driven by strong performance in online classifieds, up 19% year-on-year, supported by the continued recovery in the jobs vertical. The motors and real estate verticals continued to see strong revenue development, up 8% year-on-year, fueled by higher dealer penetration and ARPU growth, respectively. Advertising and transactional revenues were flat year-on-year. Benelux revenues were flat compared to the first quarter of 2021. The growth in the consumer goods sector was supported by high insertion fees, was partially offset by a decline in advertising revenues behind traffic softness. Transactional revenues were slightly up year-on-year. In Italy, revenues grew 18%, mainly driven by double-digit growth in jobs and motors and by the strong momentum of transactional goods and services launched in August 2021. Moving on to our international markets. The international markets revenues were down 8% year-on-year. This was driven by a 16% contraction in advertising and by 4% contraction in online classified revenues. EBITDA was up 7% compared to the first quarter as we mitigated some of this reduction in revenue with cost savings and largely a large portion of that being marketing spending. EBITDA margins improved by 6 percentage points year-on-year accordingly. In OLX Brazil. The next slide is about OLX Brazil. We do not include OLX Brazil in our business segment reporting anymore. However, we believe it's important to continue to provide visibility on this market because it is a huge growth market for us. Revenues increased 20% year-on-year in local currency. Revenue growth was driven by continued expansion of the triple bundle strategy across brands in the real estate, by strength in motors, both from private and dealer revenues, and high liquidity and conversion in consumer goods. Transactional revenues doubled in the period. Advertising revenue, on the other hand, similar to other trends we see, were impacted by a weaker market. EBITDA decreased by 30 and 38% in local currency. This was on the back of some higher share-based compensation. We also included some elements of marketing and investment in technology as well. This is to support the further development in new ventures and models we do see and anticipate in this market. EBITDA margin was down 10% for the quarter. Other and headquarters on the next slide represents our cost for central product and technology and HQ. As you saw the trend in Q4, 2021, this has increased year-on-year compared to our previous quarters. This was on the back of a ramp up in product and tech personnel to fuel some of the growth that we see in our new models. Then also to build up some capacity as we anticipate coming off the TSAs from eBay in the coming quarter. Moving on to the next slide where we talk about synergies. Rolf Erik alluded to earlier that we are on track when it comes to our synergies for FY 2022. We've already re-achieved the run rate of 75% of our targeted number as we had disclosed in our CMD and reiterated in our guidance in Q4. We speak of economies of scale and our synergies, and the main achievement for us and that we want to achieve anyway, is the local deployment of our procurement organization. We also wanna release TSA. We wanna come off the TSAs in July. This will be nine months after we have gone live. Now, all ERP systems are ready to go, and we are transitioning off that system at this point in time. Once we have our arms around the system and the processes, we will start to see some of the synergies come through in Q4 2022. The first synergies execution executed on the IT landscape is done. We are now targeting more synergies on infrastructure and data. The global contracts secured for programmatic advertising is in place, and we'll continue to unlock those synergies through 2022. In the coming months, we will continue to implement our operating models, and there we will see further synergies come through as well. On the platform rationalization, we are busy completing through and handing over some of that rationalization on some of the core platforms, and we start to see some of those benefits also come through in H2 2022. Pretty much on track when it comes to this and firmly confirming the EUR 130 million for the three-year period as we had anticipated. I will now move on to other P&L items. On this slide, the Q1 2021 column is a table that refers to the IFRS reported numbers. Here we only talk about the legacy Adevinta assets. You'll see some material changes in 2022, and I'll explain them now. Depreciation and amortization was up EUR 50 million year-on-year, and this is mainly due to the amortization of the ECG intangible assets that we took on purchase of these businesses. The other income was up EUR 26 million year-on-year, due to the gain on the sale of InfoJobs Brazil, offset slightly by integration costs related to the ECG acquisition. Net financial items were up by EUR 360 million compared to the same period last year. This is mainly due to a gain in foreign exchange with the appreciation of the Brazilian real against the euro, which was partly offset by the increase in interest expenses related to the new financing and amortization of the loan issuance costs. Taxable income improved by EUR 11 million, mainly due to an adjustment of previously recognized income tax provisions related to the Mexican assets. On the following slide, we talk about our strong cash flow generation and profile. Again, another solid performance from a cash generation perspective. I'll just explain some of the more material movements in relation to from EBITDA down to your actual cash. We had a negative change in working capital, and this was off the back of accelerated payments we did, and we had to do that before we had the conversion to the new systems to ensure that our suppliers were paid on time, and that will normalize over the next couple of months. We also prepaid some expenses related to our global contract with a cloud provider. These prepayments allow us to benefit from future discounts going forward as well. You will see the benefits of that come through. Our CapEx is essentially the capitalization of our development costs and is circa 6% of our sales. Again, I've already spoken about the share-based compensations, taking you to an adjusted net cash flow of EUR 49 million. Still solid. Moving on to deleveraging on the next slide. Our total cash position as of the end of March was EUR 124 million, with senior secured leverage ratio was 3.8x, and we're still on track to achieve our 2-3x over the next 18 months. We did launch a share buyback program in the quarter. The first tranche was 4 million shares, completed on the 22nd of March. The next tranche of 6 million shares was launched on the 6th of April. We managed to pay back EUR 75 million of debt in the period as well. What one of the other elements we are doing is to ensure operational optimization. We've taken measures now underway to reduce our interest expense. We're doing this by looking at what requirements from a true cash position we need and making sure we optimize on that. Moving on to the last slide. Strong liquidity and long-term debt maturity. Liquidity remains strong and stable, and we have some ways to go before the maturity of our debt. With this strong balance sheet position and a good balance between investment and cost control, as we saw in the Q1 results, we believe we have the right ingredients to take advantage of market upswings or have the levers to pull on the back of further deterioration in market conditions. A solid quarter, and we reaffirm our stable outlook, and we reaffirm our forecast for 2022. With that, I wrap up and hand over back to Erik. Thank you very much, Uvashni. Now, as outlined during our Capital Markets Day in November last year, we see good opportunities across all our businesses with large monetization on the way in core markets, motors and real estate, and the potential to expand throughout the transactional value chain with new business model and largely untapped second-hand commerce pool. The integration of the businesses is progressing as planned, and we remain on track to deliver on the previously announced synergies that will progressively contribute to accelerated growth and improvement in EBITDA margins. As a result, we repeat our core markets revenue growth target of approximately 15% and driving up the EBITDA margin to 40-45%, notwithstanding the required investments. In the short term, we're facing temporary headwinds with low production levels on new cars globally, and that has a knock-on effect on used cars listing volumes and on the OEM's marketing spend. Throughout the year, the financial performance is expected to mirror the recovery trajectory in motors volumes, the MoM evolution, planned pricing initiatives and the ramp-up of synergies, including a progressive acceleration in revenue growth and margin improvement. We expect core markets revenue growth to be low double digits%, subject to market developments for the full year and group underlying EBITDA in the range of EUR 575 million-EUR 600 million. In France, we'll continue to benefit from our resilient motors and real estate business models and our ability to drive ARPU growth through upselling and price increases. We're also seeing accelerated traction in transactional services on the back of investments in the last couple of years. As a result, we expect revenue growth to accelerate in the second half of the year. In Mobile, we'll benefit from further pricing initiatives implemented in April 2022, as well as easing comps throughout the year. The expected delay in industry volume recovery is likely to be mitigated by softening demand induced by the overall macroeconomic environment. The resulting improvements between supply and demand, the balance there is expected to have a positive impact on average live listings year-on-year development. That drives, of course, the platform's monetization level. In parallel, we'll continue to invest in our product offering and build new business lines, such as online buying and selling. In the European market, we expect continued growth throughout 2022 on the back of a solid job market in Spain and further ramp up of eBay Classifieds. Transactional services are expected to further accelerate as we enhance products and increase its adoption. We'll continue to drive monetization in motors and real estate and to improve competitive product offers in these categories. Right. That was our presentation. I'll now open the Q&A session, and my colleagues from the executive committee and I, we're available to answer your questions. Operator, please go ahead. Thank you, sir. 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. Once again, star and one if you'd like to ask a question. Your first question comes from the line of Joseph Barnet-Lamb from Credit Suisse. Please go ahead. Your line is open. Thanks for taking my questions, team. 3 from me. Firstly, when we consider the now lowered third-party car sales forecast on slide 9 and the trough and small upward movement in cars on site on Mobile, the lower forecast sales, how much does that impact your internal expectations for stock on site in late FY 2022? I'm just trying to figure out what's baked into your guidance effectively. Secondly, can you clarify the +28% Mobile average revenue per lead, that does not include the April price rise, right? Can you remind us how material that price rise was? With volume comps getting easier or far easier, could you talk a bit about your overall expectations for Mobile revenues going forward? Any discussions around the moving parts would be great. Then finally, on share-based comp, you've done EUR 12 million in Q1. I think, Uvashni, you stated it'd be broadly in line 2022 versus 2021. Is the EUR 12 million a good quarterly run rate, or is there any sort of fluctuation through the year there? Thanks. Thank you. You kind of broke up there during the final part. Some share-based compensation. If you can- I'll try that again. If you can repeat that part about the share-based compensation. The compensation. Yeah. The final bit on share-based comp is I think Uvashni said that FY 2022 will be comparable with FY 2021 in absolute levels. You've done EUR 12 million in Q1. Is EUR 12 million a good quarterly run rate, or is there any seasonality or anything else impacting it through the year? Thank you. Right. Okay, I'll start and then I think Patricia can also help me out on Mobile. What we're seeing is that right now there's a softer demand in the car sector in Germany, and that balances more the supply and the demand situation, leaving longer listings. We've also seen a small uptick in the number of listings, and we have also, as you know, done a price increase, and Patricia can come back to that. The price increase has been implemented from April first, last one. We had one in August last year, and then we have one in April this year. Your question about that ARPU improvement, yes, that was without the latest price improvement. It was including the price improvement of 14% from last year, and then there were upsell products that accounted for the rest of that leads improvement. You wanna provide some more color on that, Patricia? Sure, yes. I fully agree to what you have said. I think, with regard to the price increase, we have, in April this year, raised prices by, on average, 15-ish%, depending on the size of the dealer. We've also introduced a value factor which considers the average price of the dealer's inventory. That is something that you do not see in the ARPL improvement that we have recorded. Right. For share-based compensation, Yeah, for sure. I would look at the comparable basis of 2021 as a comparable number and in terms of your forecast. One of the things you'd need to consider though is this will also depend on new joiners and some of the management changes we have. I would anticipate that being a big, good proxy of where we'd land on share-based compensation. Did we fully answer your question? Yeah. Just one, maybe one follow-up. The point that you alluded to there, Rolv Erik, with regards supply and demand getting slightly more balanced, leading to a slightly longer duration of listing, which is aiding listing volumes on site, was that expected from your perspective? I mean, if we think about the guidance that you've given, is that better than you anticipating when you gave that guidance? You know, there's always a bit ups and downs, right? As you've seen, the car sales recovery has been a bit slower than we expected, and this has been a bit better than expected. That was not really included in the guidance, but you can see that some of those effects are kind of balancing each other out. Excellent. Thank you very much for the answers. Appreciate it. Thank you. Your next question comes from the line of Miriam Josiah from Morgan Stanley. Please go ahead. Your line is open. Great. Thanks for taking my questions. Firstly, just to follow up on Mobile, what's sort of been the response from dealers to that 15% price rise that you've done in April? Has there been any additional churn? Can we just confirm that there are no more price rises expected for the rest of the year? Secondly, on the guidance, I mean, since you've set the guidance, clearly there's been some more sort of negative headwinds around advertising and then also the motors as well. I guess what really gives you confidence in hitting the guidance for the year? I know you did speak about some of the offsetting factors in motors, but what can you do to mitigate some of these factors if they do deteriorate further? Finally, just on the synergies, so you mentioned sort of 75% secured already. Do you think there is any upside to where you might be by the end of the year, or is it that you've just been sort of focused on the low-hanging fruit and getting that additional 25% might be more challenging? Just any more color on how you're thinking about that for the rest of the year. Thanks. Right. You wanna answer the question about how the dealers received it, Patricia? The price increase. Yes. Yes, sure. In general, as you can imagine, our dealers are never really delighted when we raise prices. Looking at the impact we saw in terms of churn, the outcome is very much in line with our expectations, so there were no negative surprises there. Right. We did a price increase in August, and we did one in April, so we have not anything further planned for this year. We're constantly looking at how we can improve our product. We're seeing what we can do next year in terms of delivering better products. As I said, you know, there are actually three levers we have when it comes to increasing the yield, and I think it's interesting. I think it's a good thing that the car industry is doing so well, right? Dealer profits have been very good, which means that our take rates have not increased. We think that, you know, we can do more in longer- and medium-term on product and also on prices and upsell and new innovation. When it comes to guidance, of course, the top-line guidance is subject to market conditions, and we've said that all the time. That's why we said that, you know, it's low double-digit% and, you know, it's definitely subject to market conditions. But that is what we're seeing now based on our latest forecast. When it comes to the guidance on the EBITDA, then of course there's more things that we can do. What we need to do then if then the revenues are not developing as planned, then we have the costs, then we have to do what's necessary on the cost side in order to meet that guidance. I think that's a comment on the guidance. On synergies, I think we're sticking to our guidance and we have repeated today what we're trying to achieve, and so I don't want to promise more than that. Yeah. No, I think we really did concentrate on the whole low-hanging fruit, but we did concentrate on those synergies to get ourselves off the TSAs to make sure that we are truly independent from eBay and the TSAs. 'Cause once you have that, then you can truly start to drive your operating model and drive some of those synergies too. Therefore, to be able to do that and implement that takes a lot. The second half is really concentrating on that, and then we'll see the full benefits of that coming through. Of course, we continue to look for further improvements and synergies as we can, but in this year we wanna really concentrate on getting off those TSAs, making sure we have the right systems and processes in place, have the right contracting in place, and then drive further improvements through to next year and the following year as well. That's helpful. Thank you. Thank you. Your next question comes from the line of Christopher Yonan from HSBC. Please go ahead. Your line is open. Yes. Morning, everyone. Thanks for taking my questions. First one, getting back to a former comment, with respect to demand sort of softening in the car vertical. I think there was a comment, specifically for Mobile. Is there similar patterns that you see in France, for example? Maybe you could quickly comment on that. Then I'm wondering, as far as coming back to the guidance question, maybe you could remind us on, you know, what your current expectations are with respect to, particularly the motor situation improving throughout the year so that we get a bit of a better understanding of how you see phasing for the year. I think that'll be helpful. Given the quarter is halfway through, maybe a quick peek into the running quarter. Do you see improvement overall on the top line with respect to the first quarter? Any sort of color on that would be appreciated. Thanks. The first question was about the car market in France, Antoine? Yeah. We have more or less the same market. The difference between Mobile and leboncoin is that we have, as you know, we have a strong subscription model, so we are less dependent on the volume variation. You see it on the slide we show on the motors market. At this moment, we are more resilient and we are resisting well. We are doing exactly what Mobile is doing. It mean that we are increasing our prices, we are bringing added value, like a C2B offer for our car dealers, so we are taking care a lot of them. We are growing on this market. Honestly this market is still under pressure about the volume. The business model we have is more resilient. I will comment the same for Spain as well, same situation as in France. Yes. When it comes to the motor market, what I said previously was that yes, especially in Germany, we're seeing some mitigating effect by the ads staying for a longer period of time. Then the other effect has been that the production recovery has been somewhat slower than anticipated by the beginning of the year. I think the latest IHS forecast was slightly below what they gave out last month. That's why we said that yes, the production will go up, and it will definitely go up in the second half of the year. That's why we say we'll see an accelerated effect from this in 2023. What’s positive, what was helping us for this year is the price improvements we’ve done, the demand effect, and also that we have somewhat softer comparables in the last half year for Mobile. Yes. In terms of what we're seeing, you know, we're not providing guidance. I think what we'll see is for Q1, it'll be thereabout or in line with what we've seen in Q2 that we saw in Q1, with possibly some upside. At this point in time we are cautious because we are seeing some uptick. You know, how that plays out, we'll see. Our recovery, if you wanna. You asked what we anticipated in terms of the progression and recovery. As we said, we expected production to come back in H2, and then that we had a lag effect in terms of the used car supply into our markets. Therefore, our recovery is H2 loaded and more especially in Q4 loaded. You know, as you think about that progression, you will see that come through in the second half of the year. Yes. I think when it comes to current trading, it's fair to say that the advertising market remains challenging. You know, it goes up and down. We can see that market is tough, and that is definitely influenced also by, of course, by the car market, by the OEMs and by the general macro situation and the war in Ukraine. We anticipate that, you know, we said that the CMD, that we have a growth ambition there between 0% and 5%. But we expect this quarter to be challenging also on the advertising side. That's helpful. Thank you. Thank you. Your next question comes from the line of William Packer, BNP Paribas. Please go ahead. Your line is open. Hi, Rolv Erik Ryssdal, Uvashni Raman. Thanks for taking my questions. Firstly, about marketing spend, I was a little bit surprised to see it down year-on-year. Could you just talk through about a bit more detail, I suppose, perhaps the important part of that was the reduction within the international segment. How much was marketing down in the core business, and how should we think about it for the rest of the year? Secondly, for Q2, just to come back on that, more specific regards to advertising jobs and listings in the auto segment. I think from your previous comments and from the tracking, it's clear that motor listings have bounced a little bit. How are ad and jobs doing in Q2? Finally, there's various comments in the release to transactional segment costs scaling with revenue. Could you just help us think about the margin of that transactional business and how it's developing? Is it going down because of the investment in the new geographies, or is it going up because of the progress in France? Thanks. The first question, William, was on marketing spend, and, you know, that will vary from quarter to quarter. I think for other competitive reasons, we don't want to be too specific about what we're going to do in each market going forward. Antoine, you want to comment on the marketing we've done in France? Yeah. On the marketing budget, you know, our different geographies and our different verticals, we are sticking to the seasonality of this market, and we try to accelerate when we can. It's why you see some movement between quarter and even some months. You should see it on a global year, not quarter by quarter. We are controlling this marketing spend. Just to remember in France last year, we have our fifteenth anniversary in Q2. This year we have decided to invest more in Q1. It's, you know, it's changing and depending on the goals of the quarter and the markets we want to push. We have some discipline on this marketing budget, and this is what we will continue to do for the rest of the year in France, but probably also for the rest of the world. Second question was on advertising, and then we said that the display ad market will remain challenging also in the second quarter. You asked about the jobs. Champion, you want to comment on that? Yeah. We know that jobs is a vertical that is higher cyclicality compared to other verticals. I don't know, you got a bit nervous last year when jobs was declining strongly. Now, you know, we see that it's bumping up very strongly with the reactivation of economy. We've seen a very strong Q1, and so far we don't have any evidence of a slowdown. In particular, you know, our key contributor in jobs is InfoJobs in Spain. We saw it growing more than 40% in Q1 and a very solid growth also. We can observe the same in this first part of the second quarter. That's still going well. Yeah. The third question was about the transactional cost and the transactional business model. Antoine, you want to comment on that? Yeah. As you know, the transaction business model is really important for Adevinta, but also for France. We said during the last quarter that we will target to reach the profitability on this activity this year. This is what we are doing, the best we can. Also because we are optimizing a lot the shipping price on the platform. We are working on many funnel KPI to improve the conversion rate. We should be profitable this year, as expected, without touching the volume. That's the good news. The tests we are doing are not attacking the volume, but they are improving the profitability. That's something we continue during the second half of the year. That's the positive sign of this activity for this year. The rest of the portfolio is continuing to invest to raise the level of product country by country and to follow the playbook of what I've done leboncoin during the last months. Yeah, absolutely right. In particular in Germany and also in Italy, where we want to drive adoption, we're still in unprofitable grounds. You know, this is what we also communicated in Capital Markets Day. We know that this year and next year we will, at portfolio level, still be unprofitable, but then we see a 20% margin opportunity in the long term. Thanks for the helpful color. Just to come back on two specific comments. Firstly, in terms of total marketing across the group for FY 2022, should that be up, down, the same? How have you budgeted for that? Then just in terms of the advertising comment for Q2, you said it's a tough market. Is it getting worse or is it the same toughness as Q1? Thanks. On marketing, you know, we don't comment on our total marketing budget for the year. Also, because you need to understand that, you know, we need to be elastic on how the market developed and also our financial, our top line develops. On that, you know, we cannot provide guidance on the full year. I'll just add, I mean, we've provided guidance on EBITDA. Well, I mean, what we do with marketing is it will be tactical, like we've done within Q1 with our international markets, where we saw softening and then we pulled back on some marketing because we realized there wasn't gonna be an impact, so we pulled back. Similarly, what we have done is, you know, going into Q2, Q3, and Q4, if we do see the improvement not coming as when it's, we can pull back on marketing. We don't expect higher marketing spend, you know, than we had seen last year. We definitely are using it as a key lever, and doing it very smartly around when we can do it. Especially, you know, seeing Q3, normally, you know, your activity levels are much lower, so you can think about marketing in a very different way. The team is using that as a key lever and managing that very, very smartly, so. We're also benefiting now from transferring best practice across the portfolio after eBay Classifieds Group integration. It can be, as Uvashni said, smart about that. The second question was again on On advertising, I think. Advertising. On advertising, yeah. I think you know the advertising market is depending on two important things. One is the volume. We are depending on the inventory on each platform, and we are comparing Q1 2022 to Q1 2021, where we had some lockdown in many countries in Europe. It's why you see some headwinds on the volume side. The second part is the OEM. The OEM strategy now, they have ups and downs many headwinds on their marketing strategy. They are opening marketing budget, they are cutting marketing the budget the week after. We are dependent on that. At the same time, this is for the national display advertising. At the same time, on the contrary, we are developing more and more local advertising and direct relationship with our customers. This part is positive. This part is improving, especially in Spain or in France, where we are quite good on that. We try to accelerate or to have the direct relationship with the advertiser and be less dependent on the OEM side. Very helpful. Thank you for the color. Thank you. Your next question comes from the line of Lisa Yang from Goldman Sachs. Please go ahead. Your line is open. Good morning. The questions have been asked already, but just a couple more. Firstly, could you maybe give us an update on the current CEO search process? Any update you can share in terms of the timing, whether you're, you know, more tempted by an external versus internal candidate? Any update on that would be helpful. That's the first question. The second one is on capital allocation. I mean, you mentioned you have accelerated the buyback program, and clearly the share price is, you know, does look very attractive at this level. Could you do more on the buyback? Once you do sell, you know, the assets like Australia, et cetera, could you just comment on the use of proceeds and whether, you know, a lot of that could go into buyback? The third question is then on the European markets. Just wondering, there's a few moving parts there. Italy looked very strong, up 18%. I know there's a lot of advertising exposure there, so wondering, you know, why that was so strong. You know, could that basically is that sustainable? Similarly, you know, why the Kleinanzeigen have decelerated in Q1. From the +20% in Q4 to sort of +9% in Q1. Just wondering what's going on there, and what you're expecting for the rest of the year. Thank you. Why don't we start with the last one? Okay. Thanks, Lisa. Indeed, overall, the performance in European markets has been strong, right? 10% growth with stable margins. We are satisfied with how the portfolio is developing. Every time, you know, some markets perform at a different level. We now have seen a couple of quarters with strong development in Spain and in Italy. Commenting on Italy first. No, most of the growth is coming from the verticals, in particular motor. But where we still have room to grow because our penetration is small, even if the market is difficult. Jobs is doing very well. TuttoSubito, our transactional services, also are progressing very fast. Overall, it is just a very good execution from the team and capturing the market opportunity that is there. When it comes to Germany, you know, yes, it's true that in Q4 we grew 20% and in Q1 we grew 9%. First of all, we are facing now a tough comparison because Q1 2021 was a lockdown period. The activity level and the vibrancy, like, was and the traffic, and hence the advertising was very high. But in general, I want to reassure you that, you know, the development in eBay K is very strong, and we're very satisfied with how our position is developing there. Let me give you some color, right? Like, traffic is down 4% year-on-year, but it's 39% up versus 2019 in the same quarter. Listings are up year-on-year. Real estate customers are increasing 18% year-on-year. SMB subscribers are growing 41% year-on-year. The development of the key drivers of the business are very solid. If I have to give a bit more color on the 9% growth in terms of revenues, we see that advertising is declining 4% year-on-year. This 4% decline is driven by a 6% decline in third-party advertising and an increase of 15% year-on-year in first-party advertising. That is really what our strategy is saying, right? We want to expose ourselves more and more to first-party advertising that is less dependent from the cookie and this kind of regulations. What is good is that we have already commented the transactional business that is growing more than 20% year-on-year, but also the verticals are growing very well. Revenues from professional customers are growing 22%. You know, now we are a bit exposed to the fact that eBay Kleinanzeigen is still significantly exposed to advertising because more than 50% of the revenues of eBay Kleinanzeigen come from advertising. Over time, you know, we are growing in the area of the business that's strategic. That means first party advertising, transactional and verticals. Right. On the capital allocation, Uvashni. The priority for me at this point in time and, you know, in the current environment and as per, you know, had we anticipated would be to delever and to ensure that we prioritize deleverage at this point. Lisa. Right. For the CEO search that's progressing as planned. I'm obviously not part of the process, but the board is working with an external recruiter and that's all progressing well according to plan. Okay. There's nothing on timing like this is by the end of the year, Q3, Q4? Well, you know, I think you know, Lisa, as I think mentioned previously by our chair, there's internal candidates and external candidates, and I think it will depend on that. If you would take my guess on it, I guess before we have the next quarterly announcement, some kind of announcement will be made, would be my guess. The speed of the transition will depend whether there is an internal or an external candidate. Thanks. That's helpful. Thank you. Thank you. Your next question comes from the line of Andrew Ross from Barclays. Please go ahead. Your line is open. Great. Good morning, everyone. Thank you for squeezing me in. I've just got two more. The first one, you've touched a lot on accelerating price rises in mobile.de. Can you just talk a bit about your pricing plans in other countries for the rest of the year, and whether there are any plans to accelerate increases? I think in the past you thought about doing something in France, so would be curious to understand what the plans are there. The second one is back on the TSA agreement, which is coming off in July. Can you just remind us how big that is and how much that would impact the central costs into Q3 and Q4? Thank you. Right. Starting with the price increases in other countries. Starting with you, Antoine, and then go to Gianpaolo. Yes. Usually I prefer not to communicate much on the timing because of the competition. You know that we are changing our pricing. We used to change our pricing, yes, on real estate, usually in September. This is probably what we will do this year again. On the motors market we are doing it at the beginning of the year. We did it already in January, and we have done another small one in April, but no more before the end of the year. For the other market. Yeah. Giapa. When it comes to the key European markets. In general, Andrew, you should understand that over time, like we try to increase ARPU also when we don't increase listing price because we try to move customers from cheaper packages to more expensive packages, right? This is something that we do continuously and help us driving ARPU up during the year. When it comes to listing increase, we've done already some significant price increase, but now what I can share with you is that we might do something at the back of this year in real estate in Germany. You know, we also believe that over time, while we migrate our Fotocasa customers in Spain to the new package, you might see also some good development there for the rest of the year. You know, I'm not ready to disclose any other concrete plans for the other assets. Of course, you know, we're constantly working on seeing how we can do a better job for our customers with price, with products. We're watching the yield rates, which we think we have been quite conservative on. Then the other question was about the TSAs, Uvashni. I guess in this year, what you're gonna see, effectively, Andrew, is over the longer term you're gonna see a reduction of costs. Because what we are doing is we're bringing on some capabilities ahead of some of the transition on our other businesses as well. You might not see that offset immediately, but you definitely will start to see some of that run rate into Q4 this year, in terms of the TSA costs. Cool. That's 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. Just a couple of quick ones for me. Can you just remind us of the split in your 25% advertising revenue between third party and first party? 'Cause that seems to be increasingly important if we're worried about the future of third party advertising. The second question is just to have a comment from Uvashni around Mobile.de revenue in Q2. If we're seeing improving number of listings and the impact of the 12% price increase from April. Shouldn't there be quite a big step up in Mobile.de revenue in Q2? Why did you say that we shouldn't expect to see much improvement? Is that just because advertising's falling off a cliff in Germany? Zac, you wanna comment on the split in the advertising? Uvashni, do you wanna comment on the Mobile.de? Zac, are you there? Yes. Hi. Within core markets, the rough split between third party and first party is 60% revenue for third party and 40% for first party advertising. Right. Okay. Then, of course, we're working constantly to improve the first party part of it to increase that as a percentage of the total. When it comes to the question on Mobile.de, Uvashni? Effectively year-over-year, we're still seeing volumes and advertising down, right? You know, although you're seeing some positive elements, year-over-year, you're still having that volume impact and advertising impact. Yes, we're seeing improvement and back to positive, but we will see most of the acceleration in H2. That's why I've been cautious around that, because when you look at the year-over-year comparative, there is a differential. Yeah. Sorry, just some Q on Q, you know, Q1 revenue for Mobile.de was EUR 68 million. Shouldn't Q2 be much higher than that because of the improving listings and the price increases? Possibly, yes. You know, we still don't provide full Q2 guidance, but we are seeing positive trends in that direction. Right. Okay. Thanks very much. Thank you. Your next question comes from the line of Morgan Steven from JP Morgan. Please go ahead. Your line is open. Yeah. Hi, everyone. All the three questions from my side. I mean, the first one, again, on Mobile.de. Patricia, if you can comment on also the change to the pricing packages. I mean, obviously it just started, but just want to understand what the latest thoughts are actually in this regard. Secondly, also on cars, I mean, clearly your midterm guidance for 15% growth and 40%-45% EBITDA margin is highly dependent on car volumes coming back. Could you remind us of what is actually the scenario in terms of volume that you actually anticipate to get to this guidance, yeah? i.e., is it basically 2018, 2019 levels, or what are you actually baking into to get to this in the midterm, as you say? Lastly, again, on for Uvashni on the debt repayment, EUR 75 million. So you're basically saying you're in debt repayment mode until your target leverage is reached and everything, every maturity that comes up is just gonna be repaid rather than refinance. Is that a fair reading? Yeah, those are my three questions. Thank you. Thank you. First question goes to you then, Patricia, about the prices and packaging in Germany. Yes. Morgan, if I understood the question correctly, it was about the most recent price increase we did in April, right? No, it was more about, you mentioned this, it was more about how you actually changed the packaging structure, yeah, rather than from just purely transactional. Basically, what are the latest developments in terms of changing package structures for dealers rather than just the pricing component? This is a project we're currently working on, so I think that's also something that we have communicated in the last update we gave, that this is something that we will continue to work on to make sure that we continue to improve the value that we provide to our dealers. We will continue to review what is the ideal package structure that allows dealers to select the package that is most suitable for them, but also that allows us to monetize and grow our revenue, obviously. That is an evolution that is currently ongoing and that we're currently working on. With regard to the most recent price increase, we changed the base prices and incorporated a value factor which considers the average car price. Because we do think, as Rolf Erich said, that in general, the car market is healthy in terms of the levels of profit. We are making these changes to basically also increase our yield. Right. Behind our prognosis is that we expect the car market to normalize to normal production levels. There we're following the common industry standards. We're watching what the OEMs are saying. We're watching IHS. You know that the production was especially low in the third quarter last year, so there will definitely be an increase in production in the second half of the year. Then we said that will accelerate during 2023, and then we expect in 2023 and 2024 to see a more normalized car production level. When it comes to deleveraging, I think the key thing for us in the short term is to delever. We've also got a long-term target of 2-3x on debt and leverage. You know, we would of course anticipate to get to those levels. Of course, when the opportunity comes up for refinancing, we will look at that very clearly from a capital structure perspective. Right now, we would like to get into that 2-3x level because then it affords us the opportunity to continue to invest and grow as well as maintain, you know, enough room for further growth organically or inorganically. In the short term, with the current market environment, deleverage is the key priority for us. Of course, when the opportunity provides itself once we're in that range to then think about other alternatives from an investment perspective. Okay, thank you. Thank you. Your next question comes from the line of Silvia Cuneo from Deutsche Bank. Please go ahead. Your line is open. Good morning, everyone. My first question is around what we are seeing in the market with rising inflation and lower discretionary spend. Can you please discuss the potential impact to the consumer goods transactional business? Have you seen any changes in consumer demand so far? Here, I'm just wondering whether it is fair to think that this segment could actually benefit from higher demand for used items as the purchasing power reduces. Secondly, about the real estate vertical. Thanks for sharing those examples about the latest product addition. Just wanted to ask about the growth that you've seen on the customer's side of things, whether you can comment around as these customers are switching off other platforms or perhaps they're still on competitors' portals are also now using the Adevinta portals. Thank you. I think the first question goes to Antoine. It's about the inflation and consumer goods, how it's affecting. Yeah. Globally, you know that our general platform are very useful during a growth period, but also during a crisis period. Most of our countries are facing some inflation. The consumer goods platform like leboncoin, Subito, eBay Kleinanzeigen will benefit from this situation. Why? Because people are looking for money to make savings, but also to make money. We expect that the volume will be solid and also that the prices will go up in some products like electronics, for example. That's probably an opportunity for us, and it's why we are accelerating so much on the transaction because we think that it's a good service for our users, but also an opportunity for our platform for the next months. Maybe on real estate. If you comment France, then I comment the rest. You start, and then I continue. On real estate. Just first, the volume in France, the pressure on the volume has started before COVID. Why? Because the pricing was going up, but the offer was going down, and the demand was going up a lot, especially in some areas like Paris and some big cities in France. We see now that the market is still very strong, probably slightly below last year, but last year was an exceptional year. Probably one of the best year again during the last 10 years. Our real estate agent, they are looking for mandates. They are looking for flats and houses to sell. It's why we have reacted quite strongly. leboncoin, we have launched some C2B offer, lead generation offers to help our customers to get some leads and to propose goods to the market. This is what we are continuing to do. We have done some repricing, also adjustments, some packages also to propose to our customers. This is something. It's a dynamic market, so we'll continue to be positive on this market. We were double-digit during Q1, which is a big strong performance with the volume we have. We will continue to work for the next months, I'm very confident on this market. Okay. When it comes to European markets, the key positions are in Spain and an emerging position in Germany, as you said. In Spain, the situation is developing well. In terms of number of customers, we are slightly ahead of Q1 2021. We see number of customers growing in Fotocasa, with also good development of our ARPU there, because we introduced a new business model, and we are successfully migrating our customers to a new package service. The development is going well there. I commented already on eBay- Yeah. Kleinanzeigen, where we see that number of customers are growing 18% year-on-year. We see that development as very positive because we are now on par with the historical number two in the market and with the strongest traction. We're very satisfied. More innovation and more products is coming in for real estate in Germany. We're very confident of our development there. Instead, in Italy, we have a number two position because we have the two verticals that are competing very heavily, as you know. Also there, as the customers' second choice, we are growing in terms of number of customers 5% year-on-year. Overall, good development in real estate. Does that answer to your questions, Silvia? Yes. Thank you very much, everyone. Thank you. We will now take our last question, and the last question comes from the line of Daniel Haugland from ABG SC. Please go ahead. Your line is open. Hi, all. Thanks for taking my question. I think, the key question from me will be to Uvashni. In the cash flows, the working capital is strongly negative. Historical Q1 seasonality. I think you shortly commented on that in your presentation, but can you just confirm that this will reverse in Q2? How should we think about should we be back to normal seasonality then, et cetera, on the working capital? Thank you. Yeah. It was an abnormal period because we accelerated some payments as we went into system implementations, as you normally would in these scenarios. Of course, we did a prepayment as well. Quarter on quarter, we don't expect these huge deviations and therefore normalize. We do have different elements that come into quarters. Like some quarters we would have tax payments, others we don't. Over the period, you might find that, you know, your cash conversion is pretty stable. It is variability. In this quarter, we don't anticipate anything materially different, but it also depend on, you know, effectively how your working capital position. The good thing for us is that we don't have huge capital, working capital commitments, and that's the most important element where we don't carry stock, et cetera. It's just when we decide and choose to make a different payment, then it's up to us. From a variability perspective, I don't anticipate it to be at these levels, but, you know, you will anticipate some spikes depending on payments that need to be made. It won't necessarily be reverted in Q2, but more back to normal seasonality? Exactly that. Exactly. I mean, these are two big spikes that happen in Q1. Okay, thank you. Thank you. I will now hand the call back over for closing remarks. Well, I would like to thank everyone for listening in, and please come back to us also if you have more questions. The management team, many of us will have investor meeting and analyst meeting in Oslo today and London tomorrow. Of course, we'll be available for you. Please come back to us with any questions or comments you might have, and thank you so much for listening and for attending, and have a good day, everyone. Thank you. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.