Good afternoon. This is the Chorus Call conference operator. Welcome, everyone, to Adevinta's first quarter 2023 results investor 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. At this time, I would like to turn the conference to Mr. Antoine Jouteau, CEO of Adevinta. Mr. Jouteau, the floor is yours. Thanks, operator. Good morning, everyone. Welcome, and thank you for joining today's presentation of your Q1 results and progress. I'm very pleased to be in New York today with our CFO, Uvashni Raman, to share our results. We have scheduled several days of our roadshows here to meet with our U.S. investors immediately after the release of our first quarter results, which explains the unusual timing of our results released this quarter. We'll go back to our usual morning release for our Q2 results at the end of August. We are pleased to report a strong financial performance and good operational progress. We will also be taking the opportunity to update you on our project to verticalize Adevinta's operations as we seek to align our operations more closely with our growing at scale strategy and unlock the group's full potential. Uvashni and I will be joined by the rest of the Adevinta executive team for the Q&A session. Overall, we delivered strong financial performance with 15% growth in core revenue in core markets. EBITDA margin was strong at 33.4%, up 1 percentage point year-on-year, despite the business mix evolution and the impact of French DST. This has resulted in strong cash generation, allowing us to further leverage the business and to pay down debt again this quarter. We can confidently confirm our full-year targets for 2023. We continue to lay the foundation for a stronger, even more efficient, and innovative organization, and we are making good progress in the verticalization of our operations announced in November 2022, focused on realigning our organization with our strategy. This will allow us to deliver more value to our stakeholders. At the same time, we keep focusing on delivering on our operations daily with key achievements on the product and commercial side in our key strategic pillars: mobility, real estate, and transaction, with a continued financial discipline mindset. Delivering more value to all of our stakeholders is the reason why we have initiated our verticalization project. This will allow us to better leverage our scale. We will become the largest inventory of secondhand goods in the world. We will share more features and expertise across our core markets, and in turn, we will reduce our time to market. We will allocate resources more efficiently and boost innovation. This is how we will be able to deliver more value to our customers and users whose experience will be improved. Our employees will have wider and more attractive career and development opportunities. Overall, we aim at enhancing the usage of our secondhand trading platforms and enabling circular economy. With this comes strong ambitions for sustainable growth that will create value for our shareholders as well. Let me share now some key achievements and upcoming milestones. The definition of the target operating model progressed well with the key design principles defined in line with the group's strategy in January. In the second quarter and second half of this year, the detailed organization design and key processes will be completed, and the engagement with employee representatives will be launched. Our objective is to transition to our new verticalized organization in 2024. Some of our marketplaces are also involving at the moment. I'm sure that you have already seen the news about the rebranding of our German generalist platform, Kleinanzeigen. Kleinanzeigen is the number-one classified business and a true household brand in Germany with exceptionally strong underlying metrics. Kleinanzeigen is not only widely known in Germany, but more importantly, the majority of the population use the platform. The brand boosts a consideration score of close to 90% and 56% of online Germans visits our platform every month. With almost 90% of our visits coming from mobile, Kleinanzeigen is a full mobile-oriented platform. Kleinanzeigen's success is based on three main pillars. Abundance. We have an enormous reach with more than 36 million unique users per month. We have impressive supply levels with more than 50 million ads, and we have 15 years of experience in online classifieds. It's all there in abundance. Resilience. Kleinanzeigen is an unrevealed classified platform in terms of audience and reach, demonstrating the strength of the brand and how firmly it is ensured with the German audience. Simplicity, Kleinanzeigen offers a barrier-free experience open to anyone with instant availability of millions of products across a diverse range of categories. Following the acquisition of eBay Kleinanzeigen by Adevinta, the rebranding to Kleinanzeigen is a natural transition. Last week, the company said goodbye to the old-fashioned logo and hello to a modern brand identity. The new logo symbolizes sustainability and circular economy. Remains Kleinanzeigen with one exception. We are not only the market leader of e-commerce, but also a serious alternative to traditional e-commerce. The new design has been implemented successfully across all platforms. As part of the changes, Kleinanzeigen has responded to long-standing user feedback, requesting a dark mode for its apps, which has been received very positively so far. Let's move on to more innovative products introduced in the quarter across all marketplaces. Our utmost priority is to bring value to our users and to our clients. In mobility, we continue to enhance our offering with the new product features, Follow a Dealer at mobile.de that adds value to both consumers and car dealers, and where consumers can now follow their favorite car dealers and receive notifications when new listings are added. Another example of product innovation is the launch of a car inspection service pilot at Marktplaats. In real estate, at leboncoin, we initiated it the first steps of our financing proposition with the launch of a borrowing capacity simulator on Adiu. In transactional services, Subito launched its shop-to-shop solution, where buyers now have the option of picking up purchases at shops and lockers of two shipping carriers, reducing shipping costs and improving user experience. At leboncoin, we deployed our bundle purchase solution, allowing users to buy multiple items from a single seller. Those are only a few examples, but there are many others. I will now focus on traffic, which is a key indicator in our industry. Both leboncoin and Kleinanzeigen continue to show an impressive performance with visits up by 48% and 28% compared to three years ago, and even positively for evolution compared to last year. This is, of course, demonstrates the strength of both brands. In mobile.de, we hold a very strong number one position, and we continue to maintain our competitive advantage when we compare web and app visits with our main competitor. However, it is inevitably impacted by the motor market environment, temporarily weaker, but we believe the potential remains intact. Now, let's dig into our two key verticals, starting with Adevinta Mobility. While the new car supply is showing signs of recovery, we expect the recovery in dealers' inventory and used car transaction to be staggered versus the new car volume recovery. As a consequence, for now, supply volume remain weak globally and more specifically in Europe, although we have observed differences from one market to another. In Germany, the total number of listings, driven by an increase in the time to sell a car continue to develop positively, increasing by 14% year-on-year, heading more towards pre-pandemic levels. In France, listings are down 4% in the first quarter, as the total number of listings continues to be driven by high demand and continued supply pressure. In the meantime, we're able to actively mitigate the volume impact through our own business initiatives, such as price increases alongside product enhancement and increased added value for customers. In the quarter, ARPA in France has increased by 21% year-on-year. Average revenue per listing at mobile.de has increased by 15% year-on-year. At mobile.de, we successfully implemented a new pricing adjustment on April 1, 2023, resulting in average dealer price increase of around +15%, which will continue to drive increased monetization. Meanwhile, mobile.de continues to innovate in the space of leasing, finance, C2B, and much more. The overall macro environment continues to be challenging with rising inflation and interest rates, low consumer confidence ultimately affecting the property market with consequences of the number of listings available of our platform although to different degrees in France and Germany, largely due to the different market position we hold. In France, professional listings increased by 7% year-on-year, driven by a slowdown in the number of transactions, which can be explained by the rise in interest rates and the tightening of credit access condition on the demand side for all properties. We continued to improve our monetization. ARPA increased by 17% year-on-year, which continued to benefit from the successful launch of enhanced subscription packages in September with high added value for professional clients. In Germany, professional listings are up with an impressive 101% increase year-on-year. This is explained by the market dynamics, where the demand for houses for sale is decreasing significantly and shifting partly towards houses for rent due to the current economic situation. A consequence, professional listings stay longer in our platform. The second driver is our gain in market share and increased agents penetration. The number of professional clients increased 18% year-over-year to 9,000. We still have a lot of room to grow in real estate, and we are making sure that we continue to bring further value to agents, ultimately leading to increased monetization. In transactional services, we continue to see very strong traction in product adoption, with strong double-digit growth in all markets and even triple-digit growth at Kleinanzeigen. During the quarter, we had a strong promotional activity with the launch of successful shipping promotions in France with leboncoin, Kleinanzeigen in Germany, Marktplaats in Netherlands and in Spain, which had a positive impact on both the number of transactions and the adoption of the service. In the quarter, we also continued to improve and to launch new products in all our core markets. I will now hand over to Uvashni for the financial performance section. Thanks, Antoine, good morning, everyone. Overall, our financial performance for the first quarter of 2023 was underpinned by the continued acceleration in revenue growth, driven by exceptional growth in mobile.de and transactional services. We prioritized investment and cost management that offset the impact from the changing business mix and the French DST. Group revenues grew 14% compared to last year to EUR 435 million. The 14% growth refers to comparable revenues. What this means is that we restated revenues for the markets that we exited between last year and this quarter. These included InfoJobs Brazil, Belarus, and Mexico. Turning our focus to core markets, revenues grew 15% with progressive acceleration quarter-on-quarter. Online classified revenues improved by 18%, supported by strong double-digit growth in mobility. Real estate also posted double-digit growth in the period, while the jobs vertical saw steady performance. This despite lapping tougher comps in Spain, our largest contributor in this vertical and the current market context. Transactional revenues grew by 62% year-on-year, with strong performance in all core markets. Advertising revenues, on the other hand, were down 3% year-on-year as a result of the overall weaker advertising market, especially in automotive display advertising. This was, however, partially offset by good performance in Italy and Kleinanzeigen in the quarter. Moving on to EBITDA. Reported EBITDA amounted to EUR 145 million, up 16% year-on-year, representing a 34.4% margin. This performance was driven by the positive top-line evolution, as outlined earlier. Lower marketing investments, not only driven by different phasing, but with spend discipline and ROI prioritization. Cost management on other discretionary spend, considering the current market context, also contributed. This was partially offset by an anticipated controlled increase in personnel and other costs. This increase in personnel costs were in two areas. Firstly, resources built up ahead of the implementation of new operating models for support functions and product and technology teams, as previously announced. Secondly, the annualization of the previous year's investment in product enhancement and in sale and customer support operations, particularly in legacy eCG markets, to support new business models. Direct costs for transactional services, delivery, and payments also increased in the quarter, in line with adoption of the service and revenue growth. Finally, a EUR 3 million expense booked in the quarter related to the French DST also impacted our profitability. Excluding this DST impact, EBITDA improved 19% to EUR 148 million compared to the first quarter of 2022, representing a 34.1% margin. I will now provide further detail on the different markets, beginning with France. Revenues in France grew 10% in the quarter. Online classified revenues grew 8% year-on-year, mainly driven by real estate and mobility. Real estate double-digit revenue growth benefited from the successful launch of enhanced subscription packages in September, with high added value for professional clients. Contributing to a 17% year-on-year ARPA increase. Mobility revenue growth in the quarter was driven by the 21% ARPD increase, which more than offset the effect of declining professional volumes. Jobs and holiday rental revenues were down year-on-year. In advertising, we saw the continued impact of reduced agency and programmatic activity, resulting in a 9% decline in revenues year-on-year. Transaction revenue, on the other hand, was up 48% year-on-year on the back of volume growth. Reported EBITDA was EUR 56 million, up 2% year-on-year, supported by the positive top-line development. This improvement was partially offset by, firstly, an increase in direct transactional costs, while improved delivery pricing structure, the wallet solution, the introduction of buyer fees for the fashion category, and the new cap on shipping eligibility partly offset the volume-related increases. Of course, the expense of EUR 3 million in French DST that I mentioned previously. Finally, we saw a slight increase in personnel due to investments in product and technology development. EBITDA margin, on the other hand, deteriorated by 3.5 percentage points year-on-year, mainly reflecting the business mix change with an increased share of transactional services and one-off promotions to drive adoption, a decreasing share of high profitability advertising revenues, as well as the DST expense. Moving on to Mobile. Revenues in Mobile improved by 32% in the first quarter of 2023. Online classifieds revenue and value-added services increased by 36% year-on-year, benefiting mainly from the recovery in dealer listings and the successful implementation and execution of dealer price adjustments in April last year, in combination, of course, with increasing value for customers. Average revenue per dealer listing increased by 15% year-on-year. Revenue from private sellers also posted a strong performance in the quarter, supported by ARPL. Advertising revenues decreased by 10% compared to the previous year, with the impact from reduced spend by OEMs continuing due to the current market context. EBITDA improved by 38% in the first quarter, mainly driven by the positive top-line development and operating leverage. This was partly offset by an increase in personnel costs as a result of the annualization of our investment in product enhancements and in sale and customer support operations as we roll out new business models. Marketing expenses reduced in the quarter, down 12% year-on-year. This drove the 2.5 percentage point increase in Mobile's EBITDA margin year-on-year. In the EU markets, revenues on a comparable basis increased by 12% in the first quarter, led by strong performance at Kleinanzeigen, Spain and Italy. Online classified revenues were up 15%, supported by double-digit growth in the verticals, especially Mobile, Mobility, Consumer Goods and Real Estate. Advertising revenues are slightly down year-on-year. Transactional revenues continued with strong momentum and more than doubled compared to the same period last year. In line with top line evolution, EBITDA improved 11% compared to the first quarter of 2022. The performance was despite an increase in personnel expenses, particularly in Kleinanzeigen and Marktplaats, as we continued to manage and prioritize product development and sales and customer support in growing business models. Transactional costs also increased, driven by higher volumes and by promotional campaigns to drive adoption of the service. EBITDA margin was flat year-on-year, despite the unfavorable revenue mix evolution. I would now provide more insights on revenue development for the largest market in the segment. Kleinanzeigen grew 16% in the period and reached EUR 62 million. This was driven by significant momentum in real estate with further market share gains, consumer goods with strong performance from small and medium businesses, and in mobility. Advertising posted a positive growth in the quarter, mainly driven by low comps at the start of the war in Ukraine severely impacted the advertising business last year. Transactional revenues doubled in the period, benefiting their first shipping promotions in March. In Spain, revenues grew 11% in the period and reached EUR 56 million. Contributing to this performance was the strong performance in all three verticals in online classifieds, up 13% year-on-year, and the further ramp-up of transactional services benefiting from promotional campaigns. Advertising revenues, on the other hand, were down 9% year-on-year, driven by lower vibrancies. Benelux revenues grew 5% in the period and reached EUR 38 million. Revenue growth in online classifieds and transactional services was partly offset by the lower advertising revenues, which continue to be impacted by the weaker economic environment. In Italy, revenues grew 22%, mainly driven by the strong performance in mobility, real estate, and consumer goods, and continued strong momentum of transactional services. Advertising revenues improved year-on-year, driven by higher programmatic performance. Let's now move to the international markets, which now only includes Canada. International markets showed a 10% year-on-year decline in revenues at constant parameter. Canada posted a 3% revenue decline in online classifieds, primarily led by jobs and real estate. This was partly offset by mobility. Advertising performance continued to be soft, driven by soft display advertising. Reported EBITDA was broadly stable year-on-year. The top line evolution and slight increase in personnel costs driven by Canada, offset by a reduction in marketing expenses and other cost optimization, saw the stabilization of EBITDA. The EBITDA margin improved 6.3 percentage points year-on-year. Next slide is about OLX Brasil, which we do not include in our segment reporting. We believe it's important to continue to provide the markets with visibility on the asset. OLX Brasil increased by 7% year-on-year in local currency and reached EUR 39 million. This performance should be seen in the context of the macroeconomic environment, which is affecting our activities, particularly in the real estate business. EBITDA was almost four times higher than last year in local currency and amounted to EUR 40 million. This development was driven by a strong decrease in marketing expenses and lower personal expenses, mainly due to a headcount reduction and other efficiencies, which was completed without compromising operations. The EBITDA margin for the quarter was at 36%. I will now move on to the next slide covering other and headquarters, which comprises Adevinta's HQ costs, as well as global enabling functions and product and technology costs. The other at HQ, EBITDA increased by EUR 2 million compared to last year at EUR 47 million. This evolution was driven by the continued buildup of the global activities and capabilities due to the implementation of new operating models for the support functions and product and technology teams to drive operational efficiency and accelerate value creation. This was partly offset by the larger share of cost allocation to the markets to reflect the global teams supporting those markets. As a percentage of revenues, central product and HQ costs were down year-on-year at 11%. Moving to the other P&L items below EBITDA. Depreciation and amortization increased by EUR 8 million in the quarter, mainly driven by the reassessment of useful lives of certain trademarks. Other expenses amounted to EUR 16 million in the first quarter of 2023, with the main driver being the eCG integration and the verticalization product of the organization. Net financial costs were up EUR 32 million, mainly due to the variation in foreign exchange gains on the loan in BRL issued by Adevinta to OLX Brasil. Tax expenses for the group were up EUR 20 million as Q1 2022 benefited from an adjustment of an income tax provision related to the Mexican operations and the use of tax losses in the previous periods. We saw strong cash generation in quarter, up EUR 39 million compared to last year. Some of the more material movements for EBITDA to cash include a negative change in working capital due to non-cash items and provisions related to the 2022 employee bonus payments and some prepaid expenses that relate to global contracts for cloud and CRM providers, as well as some media campaigns. Tax payments of EUR 3 million. CapEx, which is essentially the capitalization of development costs, represented about 6% of our sales in the quarter, and share-based compensation amounted to EUR 12 million. This has resulted in an adjusted net cash flow from operations of EUR 84 million. In the quarter, we managed to pay back EUR 80 million of our long-term loan in euros. This is in accordance with our financial policy and associated leverage targets. In line with our prioritization strategy around reduction of floating debt repayment, at the end of the quarter, our senior secured leverage ratio was at 3.4x. We will continue to focus on deleveraging and will further optimize our debt structure to mitigate the impacts of rising interest rates. We reconfirm our target to reach a reduced leverage ratio of below 3x net debt to EBITDA by the end of fiscal year 2023. Liquidity remains strong as our total cash position at the end of April was EUR 51 million. We have a further undrawn facility of EUR 450 million. We continue to implement cash optimization measures to reduce our operating cash requirements. Looking now at our debt maturity profile, we also have some way to go before the maturity of our debts. We do not have to repay debt before November 2025. With this strong position and a good balance between investment and cost control, we believe we have the right ingredients to take advantage of market upswings or have the levers to pull if further deterioration in market conditions occur. Moving on to the next slide. As explained in the previous quarters, we are taking measures to mitigate our FX and interest rate exposure. Regarding interest rates, we continue to reduce our floating interest rate exposure by prioritizing floating interest rate debt when it comes to deleveraging. Our floating to total debt ratio is now at 31%, compared to 38% a few quarters ago. With this deleveraging strategy, we expect our interest rate expense to remain roughly flat in the first half of the year, despite a rapid increase of reference rates. Regarding exchange rate exposure, we hedge every material transaction, and we try to minimize the FX risk by keeping FX cash at operational minimum and by hedging our M&A proceeds where possible. In summary, an operational performance translating into a strong financial performance for the group in the first quarter, building on the momentum and reaping the benefits of controlled investments actions in previous quarters. I will now hand over to Antoine, who will take you through the outlook and conclude. Thank you, Uvashni. In conclusion, we saw a strong start to the year for the group where we delivered strong financial performance and made significant progress in the execution of our business and strategic roadmap. In the next quarters, we'll continue to focus on preparing for the implementation of our vertical organization while continuing to invest in our products and our people. We expect to generate low double-digit revenue growth for core markets and to reach consolidated EBITDA in the range of EUR 620 million-EUR 650 million. This will allow us to reduce our leverage to below 3 times net debt to EBITDA by the end of the year. Beyond 2023, we continue to see many further opportunities. Our financial ambition for the business remains strong, with annual revenue growth ranging between 11% and 15% until 2026, and EBITDA margin between 40% and 45% from 2026. This compares to the 33% level we were at in the full year 2022. A significant improvement expected over the next four years. Our priority remains to create value for our users and customers, our people, and our shareholders. I will now open the Q&A session. The rest of the Adevinta management team will join, and we are now available to answer your questions. Operator, please. 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 touch-tone 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. The first question is from Joseph Barnet-Lamb of Credit Suisse. Please go ahead. Excellent. Thank you. Yeah, first question from me. One of the drivers of the 1Q margin expansion year-on-year was lower marketing, and you specifically flagged sort of different phasing. Can you give some more detail on which markets saw particularly suppressed levels of marketing in the period? I know you did mention mobile.de. Beyond that, you quantify it at EUR 10 million as a reduction year-on-year in slide 17. I don't think you've given a comment on full year marketing expectations. Could you give a little bit of color on your full year expectations and the cadence through the year? The second question is just gonna be on OLX Brasil. I mean, the EBITDA improvement is spectacular. You give some explanation on the side, the slide, but obviously is a huge improvement. You flag the sort of reduced marketing and personnel, sort of costs. Could you talk a little bit about how sustainable that is without impacting the core business and sort of what, any expectations or views you can give with regards to profitability at OLX Brasil going forward? Thank you very much. Thank you for your question, and also thank you for asking us today. Uvashni, maybe you can give us some answer to this question. Yeah. In terms of the marketing spend, you know, yes, we saw decreased marketing spend in mobile.de. Across the board, where we looked at in Adevinta is we really looked at prioritizing marketing, and we relooked at it through a lens of ROI and where we are also looking at it in terms of product development. Across all of our markets, we saw a reduced spend. In some areas, we did increase spending. However, it was in line with what we were expecting from a product perspective. You know, no clearly, no clear direction as where exactly it was. Let's just say the way we look at marketing now is very different than we've done in the past, really coming at it from an ROI perspective. When it comes to Brazil, yes, marketing spend was reduced, there were a couple of things that we did in Brazil. Ajay, if you wanna dive in at any point, please do. From a Brazil perspective, I'll start with marketing. Similarly, we looked at marketing spend relative to what we wanted to bring to market this year versus what we wanted to do in terms of re-engagement of that business on a very different level. We cut back on marketing based on the fact that we didn't expect and anticipate new large product developments in the current period and investment in areas where we really want to drive some of that. We also pulled back on some of the new revenue streams that we were looking at and, you know, in terms of the current context. We see marketing spend decline there. How sustainable it is, it definitely we would look at marketing quite differently again within Brazil, similarly to what the way we look at it in the other Adevinta businesses. Sustainable to an extent that we are doing it in a very different way. From a people perspective and people reduction perspective, there's a key thing there is, you know, we did say over a period of time that with the consolidation of the, you know, the Grupo ZAP within the business, we were gonna look for synergies and efficiencies. The other element of it is what we are looking at is, you know, when we were growing the business at quite a high rate, we looked at how the business has been structured. Structurally, we changed it quite differently. You'll see some of the benefits of that synergy bringing together those two businesses coming to play. You know, we do believe we are now getting to an optimized level. We will see further efficiencies come through this year, and then after that, we'll see the business actually scale up going forward as well. Some of that EBITDA development, we believe, will be consistent. Thank you, Uvashni. Our pleasure to host you. Sorry, Uvashni. Carry on. Sorry. You asked something on Canada, right? I did not ask anything on Canada. Okay. The follow-up I was just gonna ask was. No, sorry. Just at the group level, I totally understand you won't sort of give guidance on marketing in any individual country for sort of competitive reasons. Is there anything you can say with regard sort of group level marketing and the cadence through the year or not? You know that, what we are, what we have started to do is that we have implemented a strong ROI model across the portfolio. That's the guidelines we gave to the team everywhere. But also we are spending money where we think that it's important. For example, we are investing now in the new brand of Kleinanzeigen in Germany that we'll continue to do during the next months. That is healthy because that first, it's a very strong platform, but also, during this period, it's needed to continue to invest. That's important. Globally, we have this financial discipline. We are adjusting. We are more frugal than in the past. That's true. We are investing only in the areas where we think that we have ROI on transaction, on mobility, where we think that we have ROI. Globally, you're right, we are more frugal than last year. Wonderful. Thank you. The next question is from Christopher Johnen of HSBC. Please go ahead. Thanks, everyone, for the opportunity to ask questions. First, on your competition, with eBay, obviously, they changed their business model in Germany, basically allowing private individuals to list everything for free. I'm just curious, what sort of impact, if any, you have seen, you know, on your C2C business. I think the focus so far has only been on the cars and real estate part, plus transactional. First, I think first, it's important to come back to the fact that the Kleinanzeigen is a very strong brand today, with more than the 46 million users. A well-known C2C brand. Everybody is using it in Germany. Do you know that the competition has always existed in this market? That's a new competitor, but not so different that what we are facing already. What is important is all the opportunities we are facing now on this market. We are investing in transaction. We have opportunities on real estate. Far we don't see any impact, but we are very focused on continue to develop this strong asset that has a lot of potential for the future. Perfect. Can I have another follow-up on that? I'm just curious, at first, whether you're aware of any decisions by eBay to roll this sort of, which seems to be a bit of a German-only strategy into other European markets. Is that something that you're aware of? I'm also wondering, in terms of product innovation on Kleinanzeigen, I know you've probably been quite busy with the rebranding, and that makes a lot of sense. It seems that there hasn't really been anything major in quite a while. I mean, I hope the dark mode introduction in 2023 isn't really a highlight this year. I'm just curious, does the verticalization project need to conclude first before we see a more significant step? I think innovation is happening probably more in other parts of the businesses than in Kleinanzeigen. You know, happy to correct me if I'm wrong. Well, I will answer to the first part. We don't have any information about eBay strategy. I think you should ask to them this question. On the second part, I think maybe I could ask Paul to give you more color on what we are doing. We are doing a lot of things in Kleinanzeigen, not only repainting the app, but maybe Paul, you can give more example of that. Yeah, sure. Happy to do that. Thanks, Antoine. Thanks for the question. overall, we've done quite a significant amount of product changes and rolled them out in the last couple of months next to the rebranding, which obviously is a good amount of work. Just to give you a couple of examples on the product side. One of the things that we've done is implemented shipping recommenders, so that makes it very easy for sellers to pick the right shipping option. Based on AI, we identify the object that someone is shipping, and then we recommend the right parcel size depending on the shipping carrier that you use. That's just one of the examples, which, by the way, also helps to improve the profitability for our transactional service, because we're recommending exactly the right, the right size of parcel. Also, if you look on the more pro business sellers, we have done a lot on the self-service. We've provided a pretty major update to our statistics module for professional customers on the advertising side. They get a very deep view on the value that we're generating with our one first-party PLA product. In terms of consumer goods, we have done a lot in deeper integrating the transactional offering into our chat. You can, for example, now within the chat, do a direct offer, similar how you are, how you would be doing it in an e-commerce context. If you think about real estate, we have iterated our C2B seller lead feature, added new entry points. We built a price estimation tool. We have implemented new features, new agent branding. We've also collaborated quite a bit with Leboncoin team, with France on things like our Smart Bumps. On C2C, we have done, carried out quite extensive user research, and tackled some of the bigger pain points in our real estate, seeker user journey. Actually, we are, quite far away from not doing anything. It's a significant amount of work that has gone into the product over the last few months, and we will obviously continue that with a focus on our key areas like transactions, like real estate, and also our mobility integration, with Mobile. We are working on all fronts, and we feel quite confident about what we have been doing in the last few months and what's in our plan for the, for the next quarters. That's very clear. Thank you. You know. Is it possible to get... Sorry, go ahead. No. Just a final comment maybe on that. You know that, at Adevinta, we are an innovative company. Even if we are starting to verticalize the business, it doesn't mean that we are stopping what we are doing everywhere. We are transforming, and we are delivering user and customer value at the same time. We are doing both. That's important for us to continue to innovate and to continue to serve the customer expectations. It's everywhere. It's in Germany, in Spain, in the Netherlands, in France. Everywhere, we continue to deliver at the same time that we are changing the organization. I think you had another question, right? I was just curious if it was possible to get any idea how the C2C listings did for Kleinanzeigen in Q1? I think we are not disclosing this level of detail. I think, on the quarterly basis, I think we continue to be positive on that overall. That means that That's showing that Kleinanzeigen is a solid asset growing in terms of traffic, growing in terms of content. I think that's a signal that we continue to gain some market shares everywhere, especially in Germany. Okay. Thank you very much. The next question is from Marcus Diebel of JP Morgan. Please go ahead. Hi, everyone. Three questions from my side. The first one also on Kleinanzeigen. The property business, clearly strong increase in customer, 18% up to 9,000. Could you maybe talk a little bit about who these customers are? Particularly, are they mostly private or mostly agents? That would be interesting. Secondly, on the kind of like rebranding exercise on Kleinanzeigen, should we think about it as a larger, kind of like one-off event in the second quarter? If so, if you could maybe tell us how much you actually spent in branding and advertising correspondingly to this. Thirdly is on pricing in mobility. Could you remind me when is kind of like the new value-based pricing coming through and where are we in that journey? Just try to understand when kind of like this initial change, is getting annualized. I think we still talk about, I think, a few quarters. Thank you. Yeah. Maybe on the first question, maybe I will ask also Paul to complement what I will say. On Kleinanzeigen, the property market, as we commented before, is growing significantly. As you noticed on our slide, we have a tremendous growth during the last I would say last 24 months. Now we are reaching 9,000 agents. That's a significant progress compared to the past. I think now we are on the top three real estate portal in Germany. We are growing on the C2C side. We are by far number one, but now on the B2C side, we are on the podium. It's showing the progress we are doing on that market, on both sides, on C2C and on B2C. Of course, it's a young market. We are just starting to grow on that part. It's a promising market for the future. As you know, it will take some time to improve the product and to be ready to continue to monetize it for the future. On the rebranding, we have started our marketing spend during the last weeks. We will continue, of course. We cannot disclose, of course, what we will do, you can imagine, because we have some competitor that they will be happy to hear what we will do. Of course, we will continue to sustain the rebranding of Kleinanzeigen. That is a strong asset for us. Part of this investment will be below the EBITDA, and it's a one-off that will not continue next year, of course. Of course, we'll give you more detail during the next quarters when we will be able to disclose it. On the last part, that was a question about pricing, right? On mobility. As you know, our pricing strategy, we have different timing depending on the different assets. In Germany, we have done a price increase in April by 15% in average. In France it was around 15% or so in January. In Spain also, it's double digits for this year, it was also implemented in January. I would say that the motors market is more fixed on the first quarter where we are implementing, sorry, our new pricing offer. Whereas on real estate, for example, for France, it's implemented in September. It's a different timing. Right? It's completely based on always the value we want to bring to our customers. We synchronize always new product that we are bringing to real estate agent or car dealers at the same time that we are doing this price increase. Proof of ROI and price increase. Okay, thank you. The next question is from Giles Thorne of Jefferies. Please go ahead. Thank you. My first question was back on Kleinanzeigen in real estate. I wanted to test the scope of your ambition here. Momentum is obviously very good, but do you see yourself able to replicate what leboncoin did to in France, or is the window to that type of opportunity closed? My second question is for Ajay. I think Ajay is on the line there somewhere. It's been, I think, eight months now since you've been executing and refining the online car buying and selling proposition. Over time, Ajay, do you like that model more or do you like that model less? Okay. Before that, I give the answer to Ajay. I will answer on the first one. I think what we think on the real estate market. First, it's a promising market. Usually generalist, when we are already monetizing the motors category on Kleinanzeigen, thanks to a strong bundle that we are selling to the car dealers in Germany. The motors business is monetized globally in Germany in the same offer. On real estate, it's different. As we said, we have started to invest on the real estate user experience during the last month. We are continuing to develop the tools that the real estate agent needs to monitor and to develop their business on Kleinanzeigen. It takes time, but you're right, it's a strong potential. The liquidity, what we are calling the liquidity, is going up on Kleinanzeigen. It's a good sign. We have started by the C2C exactly that what leboncoin has done at the beginning. Now the B2C is coming. That's a good sign, but it will take some time. We should not expect in the short term a strong acceleration. It's a promising market that we are planning to invest on the product side, mainly to deliver more added value. That is more, I would say, midterm market for us than the short term, because we need some product improvement to deliver the right tools for our real estate agents. On the Ajay questions, I think Ajay is the best person to answer to that. Ajay, you are in Brazil, so. Yeah, no. You can answer. Yeah. Thanks. Thank you, Antoine, thank you, Giles, for the question. It's a very good question. From my perspective, firstly, we are totally committed to digital retail, as Adevinta Mobility, but also as mobile.de. We're totally committed to this. Which model will succeed is still to be known. You know, for me, the question really is which model scales as well. Our current model, there are some struggles in terms of its scaling. I wouldn't say that this is the model that will scale without any changes to this model. We will be looking at some changes to the model, but we are committed to digital retailing. Perfect. That's great. Thank you very much. The next question is from Pete Kujala of Morgan Stanley. Please go ahead. Hey, it's Pete from Morgan Stanley. Thanks for taking my questions. You mentioned there a little bit on the pricing on the motor side, maybe just to recap. The French average revenue per dealer, did you say the pricing that you did like 15%? Is there some, like, ARPU uplift also coming from the churning dealers? Because I think dealers were down, like, 8%. Is it smaller dealers are churning out? Just checking. What we said on the pricing part in France, for example. We said that, in average, the price increase was around 15%. As you know, when we are increasing our prices by 15%, you don't have automatically this impact on the ARPA. The, the price is not automatically in the ARPA. The reason is that some of the customers, they are, down, downselling, and some of them, they are upselling to other products. Overall, what we are calculating, the ARPA, was going up the 20%, including the price increase, plus the upsell that, as you know, we are pushing our customers to have more premium packages, more advanced, product. That's the work of our salesforce to push the customers and to push them to get more ROI and pay also more expensive packages. It's why the price increase is part of the effort of going ARPA, but not the only one. Same in Germany. Part of the average revenue per listing is the growth is coming from the price increase. Part is coming from the number of ads that is increasing on the platform, and part is coming from the product and the product that we are providing to the car dealers. Great. That's all clear. The second one is on Mobile. You did 15%, on average in April. What's the feedback been from agents so far? Have you seen any kind of reactions from the customer base? Ajay, do you want to answer to that question? Sure. What I'd say is, you know, feedback is never good on a price rise. At the same time, you know, from a cancellations perspective, cancellations stay in line with what we expected and in line with last year. Overall, I, the thing to point out is our relationships with dealers are better than they were this time last year, and we're investing a lot in making sure that our relationships are robust and strong. Great. Thank you. Then the last question from me is, can you give any kind of comments on your current view on the breaking to positive EBITDA, absolute EBITDA on the French transactional revenues? Thanks. Yeah. Thank you for the question. We said during the last quarterly presentation, we said that in Q4, leboncoin has reached the profitability. During the Q1, we have continued to invest on that market to expand our product. We have delivered new innovation especially focused on the wallet, on allowing our seller to put more product and the buyer to be able to buy a few items at the same time. We have invested, we continue to invest in discounting the shipping. We know that discounting the shipping is bringing us new users and we are keeping this user for the future. Sometimes you will have a positive impact on our EBITDA. Sometimes you will not see it because it depend on our discounting policy on the shipping side. Overall, we continue to think that this business is a business that can be profitable, can be in France because that's the most advanced market. In the other market, it's a different situation where we are continuing to invest to get new users to continue to improve our product for the future. I would say that sometimes you will have some bumps on that part, but it's healthy because it's improving the liquidity of the platform, the efficiency of the platform. When we want, we become profitable on that part. All right. All clear. Thanks a lot. Thank you. The next question is from Adam Berlin of UBS. Please go ahead. Yeah. Hi, everyone. I've still got three questions as well. First question is, how did you manage to grow Kleinanzeigen advertising in the quarter? You know, you'd think that the advertising market in Germany would be pretty weak, and it seems to be in most other countries. Is that a one-off effect or, and what are the trends into Q2 on the Kleinanzeigen advertising? Second question is, you're struck by the difference in the trends in Germany and France in terms of listings. You know, in Germany, both the property and the car listings are very strongly up, both year-over-year and quarter-over-quarter, whereas in France, the listings trends are kind of at the reverse. Can you just help us understand a little bit what about why Germany and France are having such different dynamics in the car and property markets? That would be helpful. Thirdly, now that the first quarter is out the way and you're into the second quarter, can you give us any more detail on the margin guidance for the year? Obviously, you said margins will be up, but can you give anything more concrete on that? Thanks very much. On growth on advertising and on Kleinanzeigen during Q1, you know that we are comparing Q1 2023 with Q1 2022. Remember that that was the start of, unfortunately, the war in Ukraine. We had some drops on the advertising revenue during Q1 in Germany, but not only in Germany. It was across the different assets. Now in Q1 2023, you'll see an improvement on that, but the comparable of Q1 was lower. On advertising, you know that it's a more volatile market. We are more cautious on this market than on the other, especially because we are dependent a little bit on the external providers, but also with the context, the macroeconomics. We are more cautious. We should not be too optimistic on that market and be more focused on the rest of the revenue line. We are growing on the SMB in Germany. We are growing on transaction. We are growing on real estate. I think that's the main area where we want to continue to grow. To your question, the comparison between Germany and France. You're right. These two countries, they are in different stage of the volumes, depending on the vertical. On mobility, I would say that Germany is in advance on the motors area. The reason is that the new car market is more dynamic than the French market. I would say that now the French market is improving compared to a couple of quarters. You see already that Germany is in a more positive trend. On the real estate, we are not really comparing apples with apples. The Leboncoin has a strong real estate position established, I would say. The last 10 years, he has a number one position already on that market, capturing the C2C and the B2C market, has having most of the real estate agent in France. That's not the case of Kleinanzeigen. That is entering, I would say, to that market, not on the C2C side, where Kleinanzeigen is already number one. I'm talking more about this B2C side. This part is growing. It's capturing because the real estate agent, they want to capture leads. They want to get more clients. They are using Kleinanzeigen to get that. It's why we are going on the rental part, where the German market is switching now. The transaction are slowing down in Germany more than in France. Kleinanzeigen is capturing the rental part, whereas leboncoin is still steady, but we see some weaknesses already on the real estate market in France in terms of transaction. If we are taking, for example, the forecast of transaction in France, we are talking about this year probably around 1 million transaction, which is pretty good year, even if it's slowing down. It's quite promising. Your last question on. Do you have a view on German transactions for the year? We don't have the transaction forecast. I don't think so. Paul, do you have any? I don't think we have. We have transaction forecast on real estate market for this year. No, they didn't discuss. We don't discuss it. No, we don't have that data. It's not not published anywhere in Germany other than in other markets in Europe. Correct. On Q2, yeah, on margin, as you know, we are not disclosing, and we are not communicating on. We are just confirming that this year we will improve the margin. The idea is to do it quarter by quarter. That's the goal we gave at the beginning of the year. Low double-digit growth on revenue and improving the profitability. That's the commitment. It's starting pretty well, I would say. The year is, the quarter is very solid. Hopefully, we'll continue on that trend. The idea is we continue to deliver financial discipline, delivering healthy revenue growth, and it should improve the global profitability, what was 33% last year, and the idea is to improve it. Just to clarify, are you saying that the margin should improve quarter-on-quarter through the year? Would I misunderstand that? I think what I'm saying is that overall, the margin will increase. You will have a quarter that will improve some of the other, less, depending on the seasonality, depending on the volatility of some of our markets. Overall, the full year will be better than last year. Clear. Thank you. The next question is from Andrew Ross of Barclays. Please go ahead. Hi. Good evening, everyone. Thanks for squeezing me in. I've got two, if that's okay. First one is to follow up on Marcus's question on eBay Kleinanzeigen, where I think you said that part of the investment is going to be below EBITDA. Did I hear that correctly? If so, could you clarify what you mean and whether any of the rebranding spend is being treated as an exceptional? The second question is on pricing plans into the second half. I assume there's nothing planned in autos in Germany, Spain, and France because you've done it all already in the first half. Correct me if I'm wrong, maybe just talk us through what's planned in real estate and jobs into the second half. Thank you. Andrew, I'll take the first one on the eBay Kleinanzeigen or the Kleinanzeigen cost below EBITDA. As you know, the branding and change in name from Kleinanzeigen was part of the deal we had with eBay as we did the transaction. We had the use of the name eBay Kleinanzeigen until June 2024. We had to then rebrand on the back of that. On the back of that, you know, like with other costs and integration costs, we put that below the line. Therefore, it will be below the line, and it'll be a one-off from a rebranding perspective. On the pricing part, you know, we have implemented our pricing on motors in Q1, mainly in France, Germany, and Spain, and also in Italy and like that. The effect will be during the rest of the year. mobile.de, it was just the last month, it will continue to impact the revenue for the rest of the year. That's exactly the same thing for the other countries. Most of them, we have got a yearly contract or subscription model, the pricing effect will continue during the rest of the year until the anniversary of the price increase. On real estate, I cannot disclose what we will do. Of course, you can imagine because we are in a competitive environment. As you know, we will do it in France and also in the other assets. We are still ambitious on that part because we believe that the added value we are bringing to our real estate agent is strong, so we continue to deliver more qualitative and quantitative leads, especially now the volume are coming back also. We'll be I would say normally aggressive on that part. On jobs, it's a different situation. The job market is more volatile. The pricing power is low compared to the other market, except for jobs in Spain. That has a strong leadership position that can do some pricing, I think. Except that, we are not planning to use the pricing or our pricing power to do that. We are planning to use our product, our offers, our sales power to continue to increase this that market. Cool. Can I just follow up on the first point? How much is the exceptional gonna be in Q2? Can I clarify that it's just going to be in Q2, and then we'll go to zero after that? Or should we be expecting an exceptional to run through for multiple quarters as part of this rebranding? You know, on that part, we are not disclosing that. It's too early. We are still adjusting also some stuff. Of course, we'll give you more information during the Q2 results. Okay, thanks. The next question is from William Packer of BNP Paribas. Please go ahead. Hi, hi there, and thanks for taking my questions. Two from me, please. Firstly, just coming back to the exceptional marketing costs, and eBay.de push. You know, if I was to summarize your update today, it's that eBay.de have kind of pivoted their strategy. They're pushing, but thus far, you're not seeing any impact on your business. An undisclosed portion of marketing spend for the year will be treated as exceptional. Is there any help you can give us in terms of, you know, quantifying what that could be for the year and what portion of marketing costs that would be? Or is it all eBay Kleinanzeigen marketing costs for FY 2023 are now exceptional? Just some help there would be useful. Secondly, one of the key takeaways of the presentation is the priority of verticalizing your portfolio and bringing assets closer and closer together from a technology perspective. While some of your peers are doing that, some are pursuing almost the opposite. We're now 2 years into the eBay deal. Could you just remind us of what you see the long-term advantages of bringing those assets closer together are? Then, what risks you see in terms of executing that, and how we should think about that challenge? Thanks. Yeah, sure. Sure, Will. In terms of the marketing costs, to be clear, there's two elements of marketing. Market business as usual marketing, which will include some of the elements around marketing or that we have with eBay Kleinanzeigen, then there's the rebranding marketing. There's a very clear distinction between the two. The rebranding marketing is the only one that sits below EBITDA. The rest sits above EBITDA and is part of the marketing costs within eBay Kleinanzeigen and EBITDA of Kleinanzeigen as well. You know, Will, on our marketing strategy, when we have decided for our budget for this year, we knew already that we were planning to rebrand Kleinanzeigen. It was already planned, and we are exactly on the plan. We are not spending more than what we were planning to do on the rebranding part, so it's on plan, and it's really already included in our guidelines that we are planning to deliver this year. We are not worried on that. Regarding your question on verticalization, I think the verticalization move is a natural move for us. We try to align our growing up scale strategy, which is verticalizing our business. It means that we think that it's more interesting and more relevant to have an organization by industry and less by geography. Why? Because when you are comparing the different roadmap and the customer needs across our portfolio, really the alignment is very strong because we want to expand on the value chain. We want to develop cross-sell real estate tooling. We want to expand on the transaction. We want to improve our AI capacity. Really, we have strong alignment by industry. I would say that the geography, the geographical analysis is less pertinent than thinking by industry. That's the main reason why we think that we have a lot of opportunities for us to explore. The thing we will have to do if we want to verticalize correctly is, and this is what we have already started, is to have three strong business leaders that we have already to manage this three business line. We'll, the idea is to combine our product and tech capabilities to have more product and tech capabilities to reduce the complexity of our portfolio, to be able to accelerate and to use the powerful workforce of 3,000 product and tech people that we have in Adevinta. This is already what we are doing, and we are doing it at the same time of delivering strong financial results. We are not stopping anything. The risk perspective, always when you are doing this kind of transformations, you have risk. We are reasonable people. It's why we are doing the two at the same time. If we are doing the two at the same time, it means that we are taking part of our roadmap to continue to deliver added value for our customers. In parallel, we are switching part of the resources to do with transformation. We are aware of it, of that. We try to find the right balance. We have already started in our job. Our job is always to refactor, to merge platform, to kill platform, to create new one. That's already what we have done during the last years everywhere. That's our job, to be able to do both this transformation that is necessary for innovation, for fighting competition and for grabbing new opportunities and financial results. That is the commitment of the management for the next four years. Many thanks for color. I suppose what's difficult here for investors will be that, you rebranding expenses, being exceptional kind of makes sense. On the other hand, it comes at a time when it sounds like eBay.de will be pushing quite hard of their own marketing campaign. Separating what's kind of ordinary course, associated the deal and what's incremental, will be tough. Can you give us any kind of range for the kind of spend that will be exceptional related marketing spend for the year or even, you know, total exceptional costs, just so we have the right thing in mind? Unfortunately, we cannot. We don't disclose that, especially for competition reason. We are in the middle of this deployment of the rebranding. Of course, when we will come back with the next quarters, we'll be able to give you the result of the quarter path. For the next, we cannot. I'm just saying that the rebranding was planned initially in our budget, we are planning to grow and to improve the profitability this year. That's still the plan. We have a new context of competition in Germany, that's something we used to face in many countries. We are adjusting across the portfolio, our marketing budget. We are doing some reallocation, that's something we continue to do. That's, the, I would say, the normal life of our business. Part of it, as we said, will be below EBITDA. That's the rebranding part. The other part is business as usual, I would say. So far, what we see is that Kleinanzeigen rebranding is a success. We are reinforcing our position on the C2C market. That's a very strong brand. The reaction from our users and customers is very good. We don't see for our new competitor any positive signs so far. I would say that, it's a little bit soon, right? We need to get some more time. So far so good. I think we have a very strong brand and a strong product for the next month and quarter, and the innovation is still high. It's, we are not worried. We are focused on delivering. Well, the one thing to give you assurance is that, you know, we're not gonna push just costs on the EBITDA because, you know, we increasing costs. There's a very clear guideline and a discussion we've had around reclassification of this below the line when it comes to rebranding. We've got a very clear plan, and that plan, you know, is very, has to be maintained. We can't just push any costs into below the EBITDA rebranding. That's a discussion in terms of, you know, accounting disclosure, which we can't do. You know, we're giving you the assurance that, you know, that which sits below EBITDA is truly that we have planned and anticipated. Then any further changes that you may have in normal spend above EBITDA will be disclosed on a quarterly basis as we normally do. Just to give you that reassurance. Thanks, Uvashni. Appreciate it. Thank you. Yes. No worries. The next question is from Markus Heiberg of SEB. Please go ahead. Hi, thank you for taking my question. Two questions for me as well. The first one is on new car sales. The data that we're seeing in Europe and across the world is sort of encouraging. Now we have some more data into the year. You're looking at double-digit growth in new car registrations across most markets. The question is, what are the actual impact that you are seeing on new listings so far? Should we still expect there to be some 6 months lag or so before we see that in actually massive increase in listing volumes? You are still quite far behind the inventories we had pre-pandemic. The second question is on the competitive landscape in Brazil, because we are seeing some local players reporting good e-commerce revenues. Are you seeing any changes in the competitive landscape in Brazil? Those are my questions. Thank you. Thank you very much for your question. Ajay, do you want to answer to the first question on the new car sales impact and the potential impact in our liquidity in Germany and elsewhere? Yeah. No, thanks, Antoine, and thanks, Marcus, for the question. Yes, it's correct that new car sales are rebounding. The thing to understand is the lag between new cars and used cars is a lot longer than six months. If you think about when does a new car become a used car and enter the market, there's a couple of ways to do it. They go into fleets, and then eventually fleets let go of those cars, and they come into the used market, or someone owns that car and come back. This is at least a three to five-year cycle, not a six-month cycle. That's one thing to be very conscious of. The second thing, the increase that you're seeing in listings at the moment is more weighted towards demand slowdown than actual used car listings returning. Just be conscious of those two things. Antoine, did you want to answer Brazil or did you want me to do Brazil? Yeah, yeah. Can I have a follow-up on the car registrations? Yeah. Sure. My question is also that if you get a new car delivered, you'll have to sell your old car. You don't really see that impact, inventories as well? Or did I understand you correctly? What we have seen there, Marcus, is an increase in C2C listings in that regard. We have seen an increase in C2C listings, but we're not seeing a very significant increase in B2C listings. B2C listing increase is still low single digits, low to mid single digits. Whereas C2C listings are increasing. That's clarifying. Thank you. On Brazil, you're right. I think the competitive landscape is moving, as the other countries, it's not a surprise. Again, in Brazil we have a strong asset that is quite powerful with OLX. That has leadership position on the C2C side, has leadership position on real estate, on motors. This asset is, You're right, it's facing some issues because of the macro context. Globally has all the asset, all the qualities to deliver the growth for the future. We continue to deliver good product to our market. We are not worried by the situation. We are just focusing on delivering, and to continue to develop on the C2C side, on the B2C side also, in all of our markets. Thank you. The next question is from Catherine O'Neill of Citi. Please go ahead. Great. Thank you. We're two-thirds through 2Q, pretty much. I just wondered if you've seen any kind of notable change in trends. I know you mentioned about advertising being fairly volatile. That's my first question. Secondly, on the verticalization plan, I think on the slide, it mentions sort of work council approvals and employee engagement. I just wondered whether we should expect some cost synergies on the back of it or how we should think about the sort of work council approval requirements. Finally, it's quite a sort of broad question, but just wanted to get your thoughts on the impact of AI and the evolution of generative AI for your classifieds from a perspective of personalization, but also from a cost perspective. If you've got any examples of where you see opportunities to develop and areas where you see there may be any threats? Thank you for your question. I will start by the working council question. What we have done so far on our verticalization project was to prepare to redesign what could be a verticalized organization aligned around mobility, recommerce and real estate and I would say emerging verticals. That's the thing we have done with the management team during the last months to rethink how do we could put differently our resources, how we will operate this company if we verticalize the business. We are entering to a second phase that is involving our people and to assess the impact for them. For that, we need the working council participating to that process. That is mandatory, of course. We are not worried by this process. It's just a normal process. That's something we are doing all the time. At this moment, we will start this consultation during the next weeks. That's really business as usual process. It's just part of our natural process for the next month and our method to involve our now our employees in this dialogue. We will start, but it will not delay what we will do. It's just we need their opinion or sometimes their agreement on that. As we are presenting, I would say a current plan that is unambitious, but also that will bring opportunity to the employees. We are not worried by that. Answering to your question on AI, I'm happy that I have this question because it's an important topic for us. You know, we are already using some AI technology across our different platform and assets. We are already using it for the many concrete business cases on customer support, on ad reviewing, on the search engine. This is already something that we are using as a tool. I think it will create a lot of opportunities for us for being more efficient, more accurate, but also opening new opportunities in some of our business. I think we are one of the digital weapon player able to develop in this area. It's why also we are changing. We want to change the organization of this company because we want to free up some capacity to be able to develop some proof of concept and to be able to develop some offers on using AI technology for our customers. That's also the verticalization project is focused on, I would say, switching some resources to be able to innovate and to grab this opportunity. I think that's many positive perspective for us also to improve the quality of what we are doing, but also opening new doors. Regarding your first question, maybe I will let Uvashni answer to that. In terms of the Q2 trends, I mean, you know, for us, you know, we're not seeing any material changes in terms of trends, but what you must understand and realize is we're going into tougher comps into Q2, Q3 and Q4 as we saw progressive improvements last year in terms of growth. Fundamentally, you know, the trends we had anticipated are on track. As we reiterated guidance around 2023, you would expect that that trend will continue from our performance perspective. You know, from a business perspective, no material changes. Great. Thank you. I think, we are close to the end of this session, right? First, I would like to thank you, all of you for your questions, and thank you for your time. I wish you a very good day, very good evening. Bye-bye. Thank you. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones. Thank you.