Good morning. This is the conference operator. Welcome everyone to Adevinta's Q2 2022 results presentation. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing Star and zero on their telephone. Mr. Antoine Jouteau, CEO of Adevinta, will host today's conference. Mr. Jouteau, the floor is yours. Thanks, operator. Good morning, everyone. Welcome, and thank you for joining today's presentation of Q2 results. I'm pleased and proud to be here presenting you with my first set of results becoming CEO just two weeks ago. In the room with me today in Oslo, Uvashni, our CFO, and other Adevinta executive team members are also on the line. I'm very pleased to welcome Ajay Bhatia, the new CEO of mobile.de, who joined earlier this month. I also wanted to use this opportunity to thank my predecessor, Rolv Erik Ryssdal, for his trust and support over the years. Rolv Erik has served with great distinction as CEO of Adevinta for the past four years, and prior to that, as the CEO of Schibsted. I'm sure you will join me in thanking him and wishing him well in his future endeavors. Together with Uvashni, we will take you through the presentation. Then Ajay, Gianpaolo, and Zac will join us for the Q&A session. We are delighted with our performance so far this year. It confirms Adevinta's position as resilient, growing, highly profitable leader in the European classified markets. You will note that both our revenue and EBITDA are ahead of market expectations, underlining the strength of our business despite the economic headwinds. I will talk you through our performance in more detail in a moment, but first, I would like to share with you my observation of where Adevinta is today and why I'm so excited about the company's future. I will not go through the disclaimer, which I invite you to read, and I will start with a short introduction. We are an online classified market leader with the largest European-based platform with an outstanding team. As you can see from our results, we continue to deliver healthy top-line growth. We are highly profitable and cash generative with a strong balance sheet. These results also reflect our continuing progress on improving operational execution across the group. These qualities have already enabled us to successfully weather the COVID pandemic. Now, those same qualities, coupled with the counter-cyclical nature of many areas of our business, afford us great resilience at a time of economic uncertainty. They should equip us to grow at pace. You will recall that we clearly outlined our growing at scale strategy at our Capital Markets Day in November last year. There will be no significant changes to this growth strategy under my leadership. The five pillars will continue to support all of our decision-making in the months and years ahead. I will add one important caveat. It relates not so much to what we do, as to how we do it. In all areas of our business, we will be sharpening our operational focus, picking up the momentum of operational improvement, and tightening our financial discipline. This will ensure that we have the right structure, the right cost base, and the right people to execute that strategy and deliver the results you expect of us. Now, let's turn to the highlights of the quarter. In Q2, we made strong progress in the execution of the key strategic pillars I just mentioned, starting with portfolio optimization and operational efficiency. A significant milestone was achieved with the exit of most transaction services agreements we had with eBay. We can now operate as a unified group. We continued to execute on our strategy for growth businesses, increasing monetization of key Motors and Real Estate verticals, and further ramp up of our transactional services. I will dig into those in the following slides. This resulted in visible improvement of our financial performance despite the weakening macro environment. Revenue growth accelerated in the quarter, driven by mobile.de recovery. Core markets grew 10% year-on-year. EBITDA margin increased to 34.9%, benefiting from strict cost management. Cash generation also increased in the quarter, and we continue to optimize our balance sheet structure. To sum up, we are on track to achieving our financial targets for the year and the long term. Our portfolio optimization is progressing at pace. We announced the divestment of Australia and South Africa over the summer. We expect to close the transaction by the beginning of Q4, and we will use proceeds to delever. Moving on to operational performance, I will focus first on traffic, a key indicator in our industry. Given the external factors that affected our KPIs in the couple of years with COVID, the Ukraine war, regulatory changes, we thought it would be useful to show our long-term evolution. Both leboncoin and 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.de, although the brand is as strong in its market, it's inevitably impacted by the motor market environment, temporarily weaker. We believe the potential remains intact as we continue to increase our market share. Now, let's dig into our two key verticals, starting with Motors. As we have now experienced with more than one year, the industry is going through an unprecedented situation that derives from the global chip supply crisis and has been amplified by the war in Ukraine. This results in the lack of inventory, and has direct knock-on effect on the used car market and dealer listing volumes in our marketplaces. In France, they are down 14% in Q2. In Germany, they are down 19% year-on-year, showing inflection compared to the previous quarters. This is a temporary impact, and we continue to believe that this will unwind. In the meantime, we are able to actively mitigate these temporary headwinds through our own initiatives. In both France and Germany, we hold strong number one positions, and we continue to gain market shares. According to external data, our competitive advantage in mobile.de is even stronger year-over-year when we compare web visits and app sessions with our main competitors. leboncoin's dealer penetration has also increased more than our direct competitor in the quarter. This is not only the result of our strong brands, but also of our innovation capabilities coupled with a very customer-centric development strategy. Here you can see only a handful of new products and features that were released during the quarter. For example, the Pack Sérénité in France, which is a peer-to-peer payment and warranty solution of the enhanced filtering capability in Spain. In Real Estate, our situation is different in France and in Germany, where we hold different market positions. In France, listings were flat year-over-year. We continue to improve our monetization. ARPA increased by 16% year-on-year, thanks to the good performance of subscription packages with high added value for professional clients. In Germany, professional listings are up 21% year-on-year, reflecting our gains in market share and increased agents' penetration. The number of professional clients increased 17% year-on-year to 8,000. We still have a lot of room to grow here, and we are making sure that we will continue to bring further value to agents, ultimately leading to increased monetization as well, as illustrated in our next slide. In leboncoin, we launched a new seller acquisition tool for Real Estate agents. In Kleinanzeigen, we introduced a new map and view item page. The new website homepage in Spain allowed significant improvement of access to additional services. Again, those are only examples, and the wrap-up for the incoming quarter is very rich. Moving to the transactional services, we continue to see very strong traction in the adoption of the product. We reached 4 million total transactions in the quarter. More specifically, leboncoin and Kleinanzeigen's number of transactions grew 20% and 139% respectively compared to the same period one year ago. This is the significant growth opportunity, but it also contributes to the vibrancy of our whole platforms. Our scale and growing collaboration between our teams allow us to be more efficient and faster in the time to market of transactional services we're allowed. Moving on to advertising. Q2 performance remains challenged by the same headwinds we faced in Q1. Lower advertising volume compared to pandemic all-time high level in H1 2021, and a weaker advertising market, in particular in automotive. Despite these challenges, we are seeing some pockets of resilience, in particular in local advertising in Spain and in France. We continue to invest in our 1P product to transform our advertising business to ensure sustainable revenue growth and reduce reliance on third-party advertising. To highlight a few, one area of investment is 1P product listing ads, which are native ads that complement our consumer inventory, providing customers a comprehensive selection to choose from. Our new 1P product listing ad proposition targeting retailers in Kleinanzeigen is scaling well, and we are improving our 1P product listing ad proposition in Benelux by offering value-based pricing and functionality to simplify the way advertisers manage their budgets. I will now hand over to Uvashni for the financial performance section. Thanks, Antoine, and good morning, everyone. As Antoine mentioned, our financial performance for the quarter was underpinned by acceleration in revenue growth, mainly driven by mobile.de, which was back to positive growth in the quarter. We also saw stricter control around costs and management of costs as we navigate the current uncertain markets. Compared to last year, revenues grew 8% to reach EUR 417 million. Just to remind you, our combined numbers includes only our continued operations. Operations in Australia and South Africa are not included in these numbers as they are accounted for as discontinued operations. Further, to ensure numbers are comparable to last year, we also needed to restate revenues for Q1 2021 to Q2 2022 to exclude those operations that we divested, including Shpock, InfoJobs, and Kufar. This leads us to a restated Q2 2021 revenues of EUR 385 million. Our classified revenues saw growth of 11% year-on-year, supported by double-digit growth in Jobs, Motors, while Real Estate saw very high single-digit growth. Transactional services saw revenues up 28% year-on-year, driven by continued growth in the number of customer transactions. Our advertising revenues, however, declined year-on-year, reflecting the lower OEM spend and the weaker macro environment. This happened especially in our non-core markets, which was essentially driven by Canada, which was down 22% year-on-year on advertising revenues. More importantly, though, our core markets posted a growth rate of 10% in the quarter. Turning to EBITDA, excluding the impact of discontinued operations, this increased 8% year-on-year. This was the result of the positive top-line evolution, lower marketing investment due to the significant impacts we saw last year in marketing campaigns. We also looked at management of spend levels again in the quarter. This was partly offset by an anticipated increase in personnel costs in two areas. Firstly, resources focused to fuel product development and new business models, for example, online buying and selling and transactional services. Secondly, for the buildup of global capabilities as we prepare to exit the transitional services agreements from eBay. These are, as Antoine mentioned, we saw the exit in July 2022. We also saw high external services costs, primarily in mobile.de and Kleinanzeigen. This evolution related to, firstly, the deliberate use of variable workforce capacity while we structure and finalize our new operating models. Secondly, as we ramp up transactional services, we outsource our customer support and operations, and therefore, you saw the corresponding increase in external services. Direct costs from transactional services also increased, which includes delivery and payments, as we ramped up these services, and we saw adoption rates grow. EBITDA reached EUR 146 million in the quarter, representing a 34.9% EBITDA margin. Ladies and gentlemen, please hold the line. The conference will resume shortly. Thank you. Ladies and gentlemen, please hold the line. The conference will resume as soon as possible. Ladies and gentlemen, please hold the line. The conference will resume shortly. Ladies and gentlemen, please hold. The conference will resume shortly. Thank you. You may go ahead. Thank you. Hello, everyone. We are back. Sorry, the call appeared to have been disconnected. We've had some technical issues. I think I was on slide 18 when the call dropped. I'll start again from that slide, and then continue again. That is, turning to our EBITDA performance for the quarter. Excluding discontinued operations, EBITDA increased 8% year-on-year. This was the result of the positive top line evolution and lower marketing investment due to significant marketing campaigns in the second quarter of 2021 and management of spend levels. This was partly offset by an anticipated controlled increase in personnel costs in two areas. Firstly, resources focused to fuel product development and new business models, for example, online buying and selling and all transactional services. Secondly, on the buildup of global capabilities ahead of eBay's transitional services exit that took place in July 2022. We also saw high external services costs in the period, notably at mobile.de and Kleinanzeigen. This evolution related to, one, the deliberate use of variable workforce capacity while we structure and finalize our new operating models. Secondly, as we ramp up on our transactional services, we outsource our customer support and operations, and therefore you see the corresponding increase in these costs. Direct costs from transactional services, which is delivery and payments, also increased in the quarter in line with the adoption and ramp-up of these services and the revenue growth. EBITDA reached EUR 146 million in the quarter, representing a 34.9% EBITDA margin, up 30 basis points compared to Q2 2021, and 260 basis points compared to Q1 2022. Included then, of course, is the EUR 7 million that we have in share-based compensation. This takes us to an underlying EBITDA of EUR 153 million and an underlying EBITDA margin of 36.6%. We show good performance across all four markets, with France being the standout. Moving on to France. Reported revenues in France grew 8% in the second quarter of 2022. Online classified revenues grew 10% year-on-year, mainly driven by Real Estate and Motors, which posted double-digit growth in revenues. Growth in Real Estate was the result of the continued good performance of subscription packages with high added value for professional clients. This led to positive ARPA evolution of 16% year-on-year. Motors revenue growth in the quarter was driven by the 20% ARPD increase, which was more than offsetting the declining professional volumes. Job revenues were down year-on-year, due to lower listing fees despite a steady performance of the subscription packages. Advertising revenues were flat compared to last year. Reduced activity from media agencies and OEMs were offset by good performance in local advertising and sponsored links. Revenues from all transactional services were up 16% year-on-year. Consumer Goods volume growth was 20%. This was partially offset by some discounting campaigns on shipping fees, which took place in June to drive further adoption. EBITDA improved 21% compared to the second quarter of 2021, driven by the positive top-line evolution and lower costs, including marketing, where we saw a 45% decline year-on-year. In the second quarter of 2021, we saw the strong marketing investment to celebrate the 15-year anniversary of leboncoin and to promote transactional services. These lower costs saw a partial offset where we increased personnel and IT costs in the quarter as we continued to invest in further product development, albeit at a slower pace. Transactional costs increased in the period driven by the higher volumes and by promotional campaigns which were held in June. This was partly offset by some contractual conditions we have with our suppliers that are more favorable. EBITDA margin increased 5.4 percentage points year-on-year. Now moving on to mobile.de. Revenues in mobile.de increased by 11% in the quarter. Online classified revenues were up 15% year-over-year, mostly driven by the new pricing adjustments implemented in April 2022, which included a dealer price increase and a car value factor. This resulted in a 19% average pricing fees, which was additional to the 14% listing price increase implemented in August 2021. The combined effect of these two successful price increases more than offset the year-over-year negative impact in dealer listings, which was down 19% year-over-year. Revenue from private sellers grew compared to the second quarter of 2021. Advertising revenues declined by 15%, impacted by the reduced level of OEM advertising spend. EBITDA was broadly in line in the second quarter. The positive top-line evolution was offset by an increase in external services fees and internal resources to accelerate our investment in product and technology and on our operational teams in order to support new business initiatives such as online buying and selling, leasing, and to prepare for business for the pricing and packages shift. Marketing expenses also increased in the quarter, up 43% year-on-year, where 2021 saw reduced spend in the COVID context. EBITDA margin contracted 7 percentage points year-on-year, but was marginally in line with Q1 2022. Moving on to our European markets. Revenues were up 9% in the second quarter and led by strong performance in eBay Kleinanzeigen, Spain, and Italy. Online classifieds were up 13%, driven by growth in our verticals, especially Consumer Goods and Jobs. Advertising revenues were down 3%, mostly due to the lowest traffic compared to the same period last year, driven by the context of COVID. Transactional revenues continued to see momentum and more than doubled in the period compared to last year. EBITDA improved 7% compared to the second quarter of 2021. The top-line evolution was partly offset by an increase in personnel costs and external services as we continue to invest in product development, albeit at a measured and targeted level to support revenue growth in the short term, and as well as improvements in our sales and customer support in line with the growth of our transactional services. Transactional costs increased in line with adoption of the services, while marketing costs reduced 3%, where we saw most of that contribution come from lower spend in Italy. EBITDA margin contracted 0.7 percentage points year-on-year. Now, to give you more insight in terms of our core markets within Europe. eBay Kleinanzeigen revenues grew 12% in the period. This was driven primarily by the momentum in all verticals, Jobs and Consumer Goods being the strongest, and a strong performance from small and medium businesses, which continue to gain market share in Real Estate. We continue to gain market share in Real Estate. This evolution was partly offset by a decline in advertising behind a weaker global market environment and higher comps in 2021. It's important here to mention that advertising performance in Kleinanzeigen was actually much stronger than the overall German market, where online marketing spend in the country decreased as much as 8% year-on-year. Transactional revenues doubled in the period, supported by the recent launch of shipping and payments propositions. In Spain, revenues grew 12% in the period and reached EUR 54 million. This was being driven by strong performance in online classifieds, up 13% year-on-year, and a recovery in Jobs vertical and a solid revenue growth in the Real Estate verticals. This was fueled by new products and packages driving ARPU growth. Motors and Consumer Goods also grew in the period. Advertising revenues were up 7% year-on-year, benefiting from our key account activities. Transactional revenues continued to ramp up as well. The Benelux was flat year-on-year compared to the second quarter of 2021 at EUR 38 million. Online classified revenues were flat year-on-year, but we did see lower advertising revenues due to traffic softness, which was partly offset in transactional revenues. In Italy, revenues grew 14%, mainly driven by double-digit growth in Jobs and Motors and the continued strong momentum of transactional services. Moving on to international markets. The international markets revenues were down 8% year-on-year, driven by a contraction of advertising revenues, mainly in Canada, down 22%, and a slight contraction in online classifieds revenues, down 1%. EBITDA consequentially was down 18% compared to the second quarter of 2021. This was partly mitigated by a reduction of marketing spend of 34% in the quarter. We saw an EBITDA margin contraction of 3.2 percentage points year-on-year, accordingly. In Brazil, we saw double-digit growth in our business segment, up 16% in local currency, reaching EUR 40 million. Revenue growth was driven by the continued expansion of the triple bundle strategy across Real Estate by growth in both private dealers and in our motor dealers, and a high liquidity and conversion in Consumer Goods. Transactional revenues tripled in the period. Advertising revenues, on the other hand, were slightly down, impacted by a very weak market. EBITDA was down EUR 3 million compared to last year. This evolution was led by investment in product and tech due to transactional services. We're seeing high inflation in salaries in Brazil with the current environment. We did have an increase in marketing efforts, especially in Grupo ZAP, where we did position branding quite differently this year, and then growing transactional costs, of course. EBITDA margin, excluding the management long-term incentives, was up 9% in the quarter or was 9% in the quarter. The next slide talks about the segment we call Other and Headquarters, which comprises Adevinta's costs for the headquarters and product and tech costs. The Other and Headquarters EBITDA decreased by EUR 5 million year-on-year to EUR 47 million. The evolution was driven by an increase in headquarters cost to EUR 19 million, and that was, as we've mentioned before, in the context of the eCG integration and the take on the services from eBay, and then of course some higher share-based compensation. The slight increase in central product and tech costs related mainly to IT and licensing costs. This was anticipated. These costs were anticipated in terms of the implementation of our operating models, where we will foresee operational efficiencies and accelerating value creation as we move into further implementation of our operating models. As a percentage of revenue, though, HQ costs remain flat year-on-year. If we think about and talk about our integration at the moment, our integration roadmap and economies of scale and synergies, the main achievements in this quarter were the TSA exits or the transitional services exits, which were implemented much faster than expected. Our key achievements in the period included execution of procurement synergies, the rationalization of our local footprint in overlapping geographies, which is Italy and Mexico, the downsizing of global P&T services due to divested entities, and the major system rollouts to implement functional operating models. Through these initiatives, our targeted run rate synergies of EUR 35 million for the full year 2022 has been confirmed and all initiatives to support this are in execution at the end of the first half. The upcoming major milestones for the next coming quarters are the definition of the product and tech operating model, the cloud migration, and data and marketing transformation. These will start delivering synergies in 2023. We remain on track for the 130 million run rate synergies we had announced previously. If we now move on to other P&L items below EBITDA. On this slide, the Q2 2021 column in the table refers to the IFRS reported numbers corresponding to the legacy Adevinta business. Prior to the acquisition of eCG, we only provide historical combined figures for our operational segment section. Depreciation and amortization increased by EUR 57 million year-on-year. This increase is almost entirely due to the amortization of the eCG intangible assets that related to the purchase price allocation. Other expenses mainly included integration expenses related to the eCG acquisition that remain on track as we had announced previously. Comparatively, in the second quarter of 2021, other expenses included the loss on the sale of Shpock and acquisition costs and integration costs mainly related to the eCG acquisition. Net financial items were down 33% EUR 33 million compared to the same period last year, and this was mainly due to the increase in interest expense and amortization of our loan issuance costs related to the eCG acquisition. In the second quarter of 2021, this also included a foreign exchange gain on the loan issued by Adevinta to OLX Brazil. Tax expense improved by EUR 3 million year-on-year as it benefited from the reversal of deferred tax liabilities related to the amortization of in-identified intangible assets recognized when we acquired eCG. Moving on to cash flow on the next slide. We saw strong cash flow generation in the quarter. Some of the more material movements from EBITDA to cash include a positive change in working capital, mainly as a result of the prepayment made in previous quarter. Tax payments were broadly in line with the last quarter. CapEx is essentially the capitalization of development costs and represents circa 5% of our sales in the quarter. I already spoke about the share-based compensation, which amounted to EUR 7 million. This has resulted in an adjusted net cash flow for the operating activities of EUR 129 million. We continued our share buyback program in the quarter. The second tranche of 6 million shares was launched in April 2020, was paused in 2022 prior to our AGM and will continue today. In the quarter, we managed to repay EUR 75 million of debt in the period in accordance with our financial policy and associated leverage targets. At the end of the quarter, our senior secured leverage ratio was 3.8x. Considering the current environment, we are actively managing our debt position. By optimizing our debt structure, we will reduce interest rates, therefore reducing interest costs, and focus on deleveraging with the aim of achieving our mid to long-term target of 2x-3x. Moving on to the next slide. Our liquidity remains strong and our financial total cash position at the end of June was EUR 102 million, and we had undrawn facilities of EUR 450 million. We also have some ways to go before the maturity of our debt. With this strong position and good balance between investment and cost control, we believe we have the right ingredients to take advantage of market upswings or have the right levers to pull on the back of further deterioration in market conditions. We are also taking measures to mitigate our FX and interest rate exposure. Regarding interest rates, we are consistently reducing our floating interest rate exposure. Our floating-to-debt, total debt ratio is now 38% compared to 41% a few quarters ago. Priority is given to floating rate debt reduction when it comes to deleverage. Regarding exchange rate exposure, we hedge every material transaction, and we try to minimize the FX risk by keeping FX cash at an operational minimum and by hedging M&A activity where possible. In summary, a strong financial performance for Q2, especially in our core markets. Balancing growth with targeted investment in people and resources to ensure we protect our market position and enhance our product delivery to users, while we are prudent on resource allocation and spend levels. We also continue to lean in on our synergy execution and delivery. Our focus in the short term remains on de-risking our financial position and getting to our leverage target. I now hand over to Antoine to wrap up with the outlook and conclusion. Thank you, Uvashni. In conclusion, you will see that we have not only produced a strong financial performance in a very challenging market, but we are also on track to optimize our portfolio and deliver growth at scale. We will focus on monetizing models and Real Estate, scaling up transaction services, and transforming our advertising business. Looking ahead, there is an exceptional opportunity for us to create long-term value for all of our stakeholders. We'll do it by delivering sustainable, profitable growth built on three foundations. Our market leadership and the resilience of our business models, discipline cost management at all levels, improvements to our operating model to leverage scale and drive efficiency, including our product and tech capabilities. This will enable us to deliver on our ambition mid to long-term targets, approximately 15% average annual revenue growth and a 40%-45% EBITDA margin. In the light of our excellent performance in the first half of the year, I can also confirm our targets for full year 2022. Low double-digit revenue growth in our core markets and underlying EBITDA in the range of EUR 575 million-EUR 600 million. Finally, a word about my immediate focus to ensure successful execution. All the levers are in place for us to deliver on our full year expectations. I'm a great believer in simplicity, and simplification will be at the heart of my approach. You can expect me to be laser-focused on two things in particular, operational excellence and strict financial discipline. I want to be sure that we keep our customer needs and sustainability at the heart of our product and tech development we make. I also want to be confident that we have the right organization in place to capture as efficiently as possible all the opportunities available to us in the key areas of our business. I also want to ensure that we can accurately measure our financial performance in a meaningful way, in particular by calibrating the return we make on our investments, so that we can sharpen our focus and improve future decisions about how we deploy our capital. I will, of course, be meeting as many of our external and internal stakeholders as possible in the coming weeks, including many of you on this call, and I will be listening to your thoughts and expectations and observations as I refine our plans for the future. I will update you on those plans with our Q3 results. Thank you. I will open now the Q&A session, and my colleagues from the Adevinta management team and I are available to answer to your questions. Operator, please. Thank you. This is the conference operator. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. We will pause for a moment as callers join the queue. The first question is from William Packer with BNP Paribas. Please go ahead. Hi, management. Many thanks for taking my questions. Three from me, please. Firstly, could you help us think through the margin trajectory at mobile.de, assuming solid growth in the second half, as looks likely? A little surprised to see margins down with double-digit growth. Is that new product investment and the diluted new leasing deal, and can margins improve back towards 60%? Secondly, in contrast, margins in France are very healthy. Is the way to think about the removal of marketing spend on the generalist transactional model? And can you just talk through the sustainability of improvement there? Finally, a bit of a wider question. Thanks for all the commentary on the outlook for 2022 and the long term. Can you help us think through how front or back-end loaded we should think about the margin improvement? Consensus has a 300 basis point improvement in 2023 in a period of product investment and potentially weak macro. Are you comfortable with that? Thank you. Thank you, Will. I will start on the mobile.de margin comment, and then I will drop the ball to Uvashni. First, I think mobile.de has done a very solid quarter, growing on its revenue, and that's quite impressive what they are doing now. On the margin topic, you're right. I think the softness of the margin is coming from a few topic. One is based on the new leasing impact, is impacting down their margin. The second thing is the online buying and selling investment is also impacting the margin. And the last is the marketing spend. So that's something we are presenting during this Q2 result. Maybe you can give more color on that, but I think it's the key element that's explaining the mobile.de's drop. Regarding the French margin, we made a very solid quarter. It's based on two things. One, we've implemented a strong cost discipline during the quarter. Plus, we are comparing this Q2 with the Q2 last year, where we just remember we had our 15th anniversary, and we spent more money in marketing during this quarter one year ago, and we were also discounting a lot the transaction shipping. It's explaining why the Q2 margin is high. We think that now France is more mature, and depending on the context and depending also on the profile of the quarter, and the mix on our revenue, we will try to sustain to keep this margin high. Regarding your last question about the outlook for this year, we confirmed the range we have presented at the beginning of the year. The Q2 was solid, but we also see that the context and the environment is tough around us, so we prefer to be cautious. We confirm the range, and I think it will be based on our operational excellence and the financial discipline we have implemented. Thanks, Antoine. Just to come back on a couple of points. Firstly, on mobile.de, how should we think of the trajectory of the margin through the rest of the year? Are those factors which dragged in Q2 going to impact the second half? Then my final question was more thinking of 2023. It feels like 2022 is pretty well underpinned with the revenue model and the subscription bases there. There's some quite punchy margin expected for next year. I suppose, how should we think about that, or when will you start to communicate on that? Thank you. On mobile.de, maybe you, Uvashni, you can give some color for the rest of the year. Yeah. I mean, I think, I guess what we. Sorry, can you hear us? We're We're trying to use a mobile device. Anyways, mobile.de, I guess, you know, we don't give forward-looking, but what you do see is, you know, we see better comps in the second half of the year, which does have an advantage. On volume development and demand evolution, we are, you know, super cautious because in the current environment, it's the first time we've seen this scenario play out. You know, for us, we will manage margin based on that development, but we won't do anything further than that at this stage. We don't see anything materially impacting on that. Going into 2023, again, you know, while we don't provide that forward guidance, and a large portion of that will depend on how the year ends up in the current environment as well. The expectation is, you know, continued development on your top line, and the investment will continue because we will bring new product to market. At this stage, we are not going to give that guidance. We'll still have a ways to go to work through that. Many thanks for the color. The next question is from Christopher Johnen with HSBC. Please go ahead. Yes, good morning, everyone. Thanks for taking my questions. I'd like to do them one by one, if possible. First, maybe a bit of a general outlook question. I mean, the current quarter is, like, 2/3 done now. Has there been any significant development in any of the markets, let's say, compared to the second quarter, you know, that you would want to or that you can actually flag to us that'd be interesting? I will take this one. What we are seeing now is that we are in a similar situation to the Q2. We are very cautious on the advertising market, which, as you know, is facing some issues with the macro context, the inflation, and the advertisers are cautious on the future. On that category, which is more volatile than the other, we are cautious. On the rest of the business, it's currently on the same trends. Volume on Motors is exactly the same trend as the Q2. On Real Estate, exactly the same. Globally, the volatility is really on the advertising market that we are analyzing. We have implemented some good strategy on that. As you know, we are switching from 3P to 1P. We push on local advertiser more than on national advertiser. The action plan is working, but we are cautious on this market. On the other one, we are quite confident. Okay, that's clear. My second question on the investment need, Uvashni, you just briefly touched upon, you know, investments continuing in 2023. I guess my question on that would be, if, let's say, the big part of some of the, let's say, restructuring need that was required on your part, particularly for the eBay assets, will be done. Whether, you know, from an absolute level, we should see a material difference next year versus this. Is there any color you can give on that? A lot in terms of the cost below EBITDA on your integration costs, yes, of course, this is the highest impacted year. In terms of the investment we're talking about that are above the line is really related to product investment in new products and new business, especially on transactional services, both on Consumer Goods, where you'll see, you know, we saw large investments in France previously. That's tapering up a bit. Now we're seeing investment in eBay Kleinanzeigen. We're talking about the investment in mobile.de around online buying and selling and leasing. Of course, you know, we are doing this in terms of the revenue growth we anticipate in those periods. That investment will come with revenue growth, albeit at lower margins. There's those two categories of investments that we talk about, you know, future businesses, new models, and then below the EBITDA investment in the integration of eCG. We've talked about it a couple of times now. Capital allocation is key on our agenda, and really, we are really prioritizing that investment in order to ensure that we maintain margin and of course, cash flow generation as well. Okay. That's very clear. My last question, coming back to the portfolio optimization. I know this is gonna be a bit of a tricky one, but correct me if I'm wrong here, but I feel that the current setup, particularly with together with Prosus on OLX Brazil is not really value-adding. I mean, is there any sort of update you can give us on that particular asset? Has there been any sort of discussion with Prosus of late or, you know, anything you can say with respect to that relationship? Yeah, on that, I'm sorry, I think we cannot comment on that. There's no specific topic at this moment. Yeah, I mean, if I can just add, Antoine, no, there have been no talks. We are, you know, we both support the business as we've done in the past. At this stage, there have been no specific talks around divestments on that business. Okay. That's very clear. Thanks a lot. No worries. The next question is from Andrew Ross with Barclays. Please go ahead. Great. Morning, everyone, and congrats both Antoine and Ajay on the new roles. I've got three, if that's okay. The first one is just to circle back on Chris's question there on Q3. To be clear, are you saying that advertising on a year-on-year basis has got worse in Q3 than Q2, but everything else is about the same, and therefore we should assume that the whole growth for Q3 across the group is maybe a bit slower than you just reported for Q2? Is that fair or have I misunderstood that? No, this is not what I'm saying. I'm just saying that we are cautious, and we have a more volatile market, as you know. It depends on the macro environment. It depends on the traffic. What I'm saying is that on this activity, which is more volatile with less visibility, I'm more cautious. We are expecting now September coming, and then we'll give you the reason during Q3 results. So far, we are still in the range that we were planning. I'm not saying that we are more pessimistic or optimistic. I'm just balancing the message on that to ensure that because just to remember, the drop in Q2, half of it was coming from Canada, an international market. The French market and the Spanish market are more resilient because of more local advertising revenue. Let's see how we'll beat the Q3 results, but the half of the decrease was coming from Canada. Okay then. To be clear, the ad trends that you're seeing in July and August are pretty similar to what you saw in Q2? It's pretty similar, yes. Okay, cool. That's very helpful. Thank you. And then I guess as it stands today, where do you think you are within the EUR 575 million-EUR 600 million range for the year? Do you kind of think the midpoint is sensible or, and what are the kind of puts and takes between the high end and the low end? Because right now, consensus is kind of at the low end on the same basis. Just trying to understand your thinking around that. Thank you. Yeah. What I said is what we are confirming, the range. It's too early to say that where we will be on this range. We will wait the Q3 result, and we will have more visibility on that. Okay. My final one is maybe one for Ajay if he's on the line, which is his kind of early perspective on mobile.de having been there now for, you know, a few weeks, but really curious to understand how you're seeing the longer term opportunity, maybe potential to innovate on product, and kind of what can be done with that asset on a five-year view. Any kind of early observations would be very interesting. Yeah, sure. Ajay, you take this one. Yeah. Thanks. Thanks, Antoine, and thanks, Andrew. Finally, it's nice to be in Europe. Mobile.de, I've been in the business now for one month, and what I've seen of mobile.de is an amazing team here and amazing opportunities. The commercial gap that you know exists from an international perspective from mobile.de to some of the international benchmarks such as carsales.com or Autot rader UK, while there are reasons for it, but the commercial gap is still quite large. I see a lot of opportunity commercially, but I also see a lot of opportunity long term in online buying and selling, something that we are focused on, and we will be launching a solution within the next month around online buying and selling. I'm very bullish long term. You know, this is one of the reasons I made the big move from Australia to Berlin, but it's reaffirmed it in the first four weeks that the opportunity is amazing. Thank you. The next question is from Lisa Yang with Goldman Sachs. Please go ahead. Good morning. I have a few questions as well. First, on advertising, could you remind us of the split between your major advertiser categories? How much is OEM? How much is national versus local? I think you mentioned local advertisers are more resilient, so any split would be great. The second question is on the pricing strategy. Obviously, you mentioned successful price increases so far. Obviously the main one being at mobile.de. I'm just thinking how you think about your pricing strategy for the rest of the year and into next year. Any major sort of, you know, price increases like planned in any of the markets? With that support, I would say that double-digit growth for core markets that is implied by the guidance for H2. Thirdly, could you comment on why Jobs were so strong in Q2, I think up 24%, and whether that's sort of sustainable. I know the comps are getting a bit tougher in H2, but should we still expect? Are we still seeing it basically at a sort of double-digit level of growth so far in Q3? Thank you. Yeah. Maybe on that data, I think, Zac, you can give some outlook on the current market. Yeah. I think specific to the question. The OEM automotive advertising spend for us is between 15% and 20% of our core market advertising revenues. I don't have the specific national, local split offhand. I think that those are the two main questions. Yeah. The second question was about mobile.de and also globally how we are approaching the price increase. Maybe Ajay, you can give some context on mobile.de, what we have done and what we are expecting to do. Yeah. On mobile.de, there was just a historically 14% price rise in August last year and 19% blended price increase in April this year. The general thinking on mobile.de is, as I said, the commercial gap exists, therefore it's prudent to be aggressive with pricing, but at the same time responsible to manage the market and the dealership profitability as well. Yeah, we will be thinking about mobile.de Pricing in an aggressive way. Yeah. Maybe I can give some, maybe Gianpaolo, you can give some flavor in European market, in Spain mainly. Yeah. Good morning, everybody. In general, when it comes to pricing, we will review our pricing periodically as we always do. Then we plan to do some kind of pricing adjustment, for example, for Real Estate already at the end of this year. In Spain next year, we'll review pricing for the key verticals as we regularly do. No pricing adjustments will be the results of listing pricing adjustments, but also introduction of new pricing packages, new bundles, upgrades, et cetera, et cetera. I think that, you know, our pricing activity will stay constant as you've managed to see and you've seen in the past. Take into consideration that, you know, inflation will also give some kind of further room for maybe price increases that might be a bit more aggressive than in the past. Yeah. Regarding France, I will take this part. Usually we are changing our pricing policy in September on the Real Estate market and in January for the Motors market. This is what we do. We try to combine two things. One is the pricing, the pure pricing, but also to combine with added value we are bringing to our customers. For example, on the Motors market, we have launched some lead generation product to help our car dealers to find cars to sell. We will also bring some new stuff to the Real Estate market in September. We are continuing to value what we are bringing to our customers, and I think that's key to regularly in the context of inflation, in the context of the weakest volume to continue to do that. Regarding your second about the core market growth, maybe Uvashni you can answer on that. Yeah. I mean, that question was around the double-digit growth and whether that's achievable. I think, yeah, you know, we are confident around that, and we have the pricing pieces that are contributing to that. At the way things stand right now, yeah, we're still confident around the double-digit growth. The last question on Jobs sustainability. Yeah. I think, when we talk about, Jobs and the Jobs sustainability, they are tougher compared to H2, you know, compared to what we see in the first half of this year. Gianpaolo, I don't know if you wanna then, comment further on that from our perspective. Yeah, for sure. Jobs is particularly strong in Spain and also has a good position in Italy, where we share the same platform with InfoJobs. I think that, you know, the market is developing pretty well. You know, we know that Jobs is a cyclical vertical more than the others. So we ask you not to panic in 2018 when Jobs was going down, and now we are seeing the rebound effect that we were expecting, and it's very good. In H2, the comparable will start to be a bit tougher, but our position are strong and we're still confident. Just to give you an example, job creation is continuing in Spain, and also the government issued a new law that we requested 40% of the new jobs created will be permanent j obs, not temporary jobs. This will mean that we will have less number of contracts, but more of those contracts will go to players like InfoJobs and less to players like temporary agencies. Overall, yes, it's a cyclical market. Our position is very strong, but, you know, we still are confident about future prospects. Thanks very much, the three of you. Can I maybe ask another question? Antoine, you mentioned in your introductory remarks that simplicity would be a main focus for you. I'm not sure if you can give us a bit more flavor in terms of what you actually mean by that. Do you mean by the sort of size of the portfolio? You think in general the operations or the way the business is run could be leaner, so there could be maybe more cost savings along the way? Yeah, any color would be helpful. I tried to explain, it's only two weeks. What I'm saying is that I'm very focused on the core market now we are running in Europe and in Germany and France. On the core markets, we want to expand on Real Estate, on the motor, on transaction, and that's something we will continue to execute and to operate strongly. In parallel with that, we will accelerate on the financial discipline that has already started. We will continue to be strict on that, and especially on the capital allocation. We will put the means and the money where we would think that it has an impact to our business. That's something I will be very close to, and that was my message on that, right? More focused on the key business area and be stricter on the means we are putting on that topic. It's really to nail it and to prioritize and to simplify the way we are spending our money and the way we are executing. Very clear. Thank you. The next question is from Matti Littunen with Bernstein. Please go ahead. Thank you. First question on OLX Brazil. Quite a few moving parts to the widening loss there. Could you give us a bit of color on how we should think about the next couple of quarters developing, for example, if we hold FX rates flat? On the synergies, looks like very quick execution there. Should we still maintain our view on the pacing of synergies for the coming years, or could that perhaps be moved forward a bit? Finally on share-based compensation, a bit lower than expected in Q2, is the sort of outlook for the full year in terms of the total amount changed, or you know, is it still the same? Thank you. On OLX Brazil, maybe, Zac, you can give some view for the current situation and the next quarters. Yeah. I think for the current situation, I think we've seen some strong growth both in automotive and our transactional offering, and we expect that growth to continue. The main deceleration in OLX has been around advertising, and that's on the back of softer traffic on the OLX platform. That also is linked to a softer advertising market. That's an area that, you know, as Antoine had said, we're being cautious about that for the remaining part of the year. The Real Estate business, while it's strong, it has decelerated a little bit as we've seen some reduction in the volume of clients that we have on our triple bundle package. We expect the numbers to continue to grow at strong double digits. Thank you very much, Zac. Uvashni, about the synergies to- Just to clarify, the H1 synergies that we have secured is to achieve the synergies for financial year 2020 targets. These are essentially the shorter term initiatives. We of course have, you know, longer term initiatives that we are still going through and, you know, effectively clarifying positions and pushing to execution. Those will be over longer term and may a little bit more complex than the shorter term initiatives. I think that we are still confident around EUR 130 million, but I don't want to change the pace of that now. As we go through these initiatives and bring them into execution, then at that point in time, we will decide on the pace of the acceleration or not. On the share-based compensation, we see no change as of now. In Q2, we did see a price that was lower. Therefore, it does have impact in terms of your share price and what will actually vest at which point. This of course can change. When we have allocations of share price of a new PSP as well, and management changes, our plans do change, and that could then influence an impact on the cost of the share-based compensation. It is one of those variable amounts, and that is why we like to look at it including share-based compensation then excluding share-based compensation on our performance to understand the true underlying performance of the business. Very helpful. Thank you. The next question is from Catherine O'Neill with Citi. Please go ahead. Great. Thank you. I just wanted to come back on mobile.de specifically actually, and whether you could tell us more about the online buying, selling service that you're launching in the third quarter, specifically what revenue model you're looking at and what the conversations with dealers have been around uptake and how we should think about the impact on revenue and margins. Ajay, you take this one? Thank you, Antoine. Thank you for that question, sir. We would be launching the online buying and selling solution sometime in September. The initial model is an asset-light model, where we are trying to control consumer experience as much as we can. The initial conversations with dealers have been very good. You know, we are partnering with dealers unlike some of the online dealers who tend to compete with dealers. We are in fact partnering with dealers. The conversation with dealers has been very good. Of course, we haven't launched this solution yet, so we still have to see the solution in market. Our competitor has launched a similar solution in the market. One of the benefits of being second is we've had a lot of experience and learnings from that and how the dealers have responded to that. We're improvising our solution based on that feedback. We're also thinking not just of the launch in September, but also the next launch, three months after that, and how we can continue to improve our revenue model. The initial model is a lower margin model, focusing on customer experience. That doesn't necessarily mean that will be our longer term model. We will continue to experiment with the model, and we're already thinking of improvements to that. Okay. When you talk about the revenue model, is it entirely sort of commission-based, or is there sort of a subscription element? How are you thinking about it initially? It's commission-based. We are thinking of commission in the first instance. It's based on performance, it's based on selling cars. The more cars we sell, the more we will earn. Okay, great. Thank you. The other question I've got, more on sort of financials for the group is on the marketing cost side of things. Could you talk about how we should think about the saving in the second half and maybe kind of what comps we're looking at? Because I know you mentioned in the 2Q, obviously there was a benefit in terms of being up against quite a high spend in France last year, given the 15th anniversary. Then you also talked about interest costs coming down. Are you able to quantify that at all or help us to think about how we should model that? Thank you for your question. On the marketing cost, the difference between Q2 this year and last year was mainly in France, where we had an extra cost in marketing during the 15th anniversary. It has impacted positively the margin of France. Now we are implementing some strict marketing budget control on that. We put the money where we think that is the most relevant and on the rest of the portfolio, on the other eCG assets. They will continue to spend money, but to sustain some important market for us, like a transaction in Kleinanzeigen which is important for us to keep the vibrancy on this area. We are not saying that we will, you know, the marketing spending are depending really on the quarter we are running. We have some seasonality on this cost line, but we have a strict control on that, and we want to be sure that we are spending our money the most efficient way we can. Regarding the, I think you had some part of your question, right? I'm sorry I skipped it. Oh, yeah, sorry. On the interest costs or- On the what? Sorry? Interest costs. I think you talked about reducing the cost or reducing the rates. I just wondered if you could help us to quantify that in terms of modeling. Yeah. Uvashni, maybe you can- Yeah. I'm talking about the long-term impacts of that and then the movement from a variable to a more fixed rate. At this point in time, it's the repayment of the deleveraging. We haven't got the exact amount yet, and I'll get back to you on that because it's a long-term modeling of that. I will revert to that question directly to you. Okay, thank you. The next question is from Sarah Simon with Berenberg. Please go ahead. Yes. Hi. I've got two questions. First one was on the autos business. Obviously you've put through some, as you said, pretty aggressive price increases in Germany. Are you seeing any change in terms of customer churn there? Because obviously for car dealers, life is getting significantly more difficult. It was all right when prices were going up and they could turn the cars really fast. Obviously, as you've said, they are taking longer to sell those cars now. I'm just wondering how that sat with the customers. And then the other one was just on investing in the transactional model. I mean, it's kind of interesting that you have been highlighting that as extra cost because Auto trader in the U.K. has managed to keep investing in its transactional model without really moving its margin. Do you think this is just more because you've been slow to invest and now it's coming at a more intense pace, or is there kind of something different? Sorry, the final one. In the last question, there was a comment about the initial model of autos online auto selling being asset light. Does that suggest that you are actually contemplating an asset heavy model? Thanks. Maybe, Ajay, you can comment on the German market, and Gianpaolo on the Spanish, and I will do on the French market regarding the customer churn or the price or the impact of the price increase on our customers. Yeah, yeah. There you saw. Thanks, Sarah, for the question. Good questions. On dealer churn, it's stable from before and after the price increase. There's been no material change to dealer churn. Most of the markets see this with tough conditions. The number one seems to always be quite stable with these kind of price rises. Whereas the number twos and threes tend to experience a lot more churn in these markets. You know, you might have seen through our deck as well, our market action continues to improve against competitors. That's the short answer on price rises and churn. In terms of the asset light model that I mentioned, that doesn't mean we're gonna go into asset heavy model. If anything, we are thinking of more scalable models, and asset-heavy models don't scale. We're definitely not thinking of asset-heavy models. Thank you. Thanks. Yeah. Gianpaolo Santorsola for Spain. We're not seeing any meaningful effects from price increases in churn or in market share of car dealers. In Spain, we have a market share of over 90%, and it's at that level. We have executed that price increase in the Netherlands with Marktplaats during Q2. There, we're not seeing meaningful increase in churn. Regarding France, it's a global comment, I think. In our portfolio we have very strong Motors brand and leadership position, and always the leader has more flexibility to do price increase than our challengers. In France, it's exactly the same comment. When we are increasing our prices, we are also bringing added value in our packages to be sure that the return on investment for our customer is higher. And that's what we see in our KPIs and what our car dealers are seeing in their KPIs also. That's key. We are reasonable, but reasonably aggressive. At this moment there is no impact on the churn. You know, we notice also that the car dealers' margin have improved during the last months and the last years. They have approached quite aggressively the margin in their activity, so that's good news. We are taking our part, but always bringing added value. Okay. Regarding the second question about the transactional opportunity on the Motors area, you know that, for example, in mobile.de, the business model is different from Autot rader UK because the business model is dependent on the volume of ads live on the platform. We are more dependent on that. This is the business we have, and it's positive when the volumes are growing and less when the volumes are stable, like. We are more dependent. We need to keep this business positive, and at the same time we will implement new transactional features that requires product and tech investment. That's something also we believe in, and we have significant opportunity on that. It's a different market also because the value of the car are different. We cannot fully compare the two markets. What is important for us is that we believe that going to transaction on this area is positive for the business of mobile.de, and not only for mobile.de, all the Motors classified business in Adevinta can take advantage of this product in Germany. Now, the idea is how we'll be able to expand and to scale these learnings and this success in the mobile.de in the other assets. Yes, you're right. There is an initial investment, which is the reasonable one, but behind opportunities for us to grow. Okay, that's helpful. Thanks a lot. The last question is from Silvia Cuneo with Deutsche Bank. Please go ahead. Good morning, everyone, and congratulations on the results. I just have a high-level question on the cyclicality of the business. Antoine, in your message in the press release, you highlight how the classified revenue performance in Q2 demonstrates the counter-cyclical nature of online classified. Obviously some areas like Jobs tend to be more cyclical. Can you please just tell us a bit more about how a lower macro environment might be good? Is that driving a higher volume of listings and hence revenues? Thank you. Sure. You know that our classified business model is pretty recession-proof, being driven by two consumer trends. One One is the economic optimization and the cheaper second-hand products and the ability to sell used goods are positive for our users and they will use more and more platform during this period for facing this tough situation for them and sustainability. I think those trends will prevail in a weaker macro environment and any economical or one way actually benefit from it. In Real Estate and Motors, honestly, it's the Motors area is already impacted by the crisis. Now we see some inflection on the volume, but it's quite early to say what will be the next months. The phenomenon we see now is that we see some inflation on the price of used cars, and that's something which is good, positive for our car dealers and also for us. On Real Estate, always this Real Estate market is sensitive to inflation. So far, we don't see a lot of impact in our business. Our Real Estate agents are quite resilient so far, but we'll analyze what will be the impact for them during the next month, and we are very vigilant on that. We have also a very diversified way. A range of product we are proposing to our Real Estate agent and car dealers. We are proposing many tools to analyze the efficiency of what we are providing, management tool system, dashboarding, which is really tools to analyze the efficiency of our platform. I think these tools are necessary for them to digitalize their activity and to face this environment. The marketplace we are running are very bringing added value to our business in their daily life. They need us, and we need them. We cross this context, I think together. On the last part is the advertising market. We have already commented it, which is more volatile than the other. On the core market, we are solid. We have strong relationship with our dealers. We have solid business model, so we are confident, but also aware of the difficulties our users and our customers are facing. Thank you. This concludes our Q&A session. Mr. Jouteau, the floor is yours. Yeah. I would like to say thank you for listening to us and sorry for the technical issues we had during the call. I would like to reassure you that we are very focused on the delivering our goals for this year, focused on operational excellence. Financial discipline, as you have heard during this call many times, and capital allocation will be the keywords for the next month. I will meet you soon for those that are present in Oslo today and in London tomorrow. Also, I will come back in Q3 with more details on the how. In between, I wish you a very good day. Thank you very much for listening to us. Bye-bye. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect.