Welcome to the Boozt Q2 2025 Report Presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now, I will hand the conference over to CEO Hermann Haraldsson and CFO Sandra Gadd. Please go ahead. Thank you, and good morning all, and welcome to our Q2 2025 Call. Let's turn to the first slide. I think it's fair to say that the first half of the year has been challenging due to quite difficult markets. Despite this, our revenue for the first six months was slightly positive in local currency. While this is below our long-term ambitions, we are satisfied with the performance given the strong consumer headwinds, particularly in Denmark. Looking at Q2, it was flat in local currency, but with a 3% currency headwind, our reported revenue declined by 3% to SEK 1.8 billion. This is broadly in line with what we anticipated when we updated our guidance in April, with the variation that May was significantly worse than we expected, and June was stronger than anticipated. In the quarter, Booztlet continued its strong performance with revenue growing by 14% or 17% in local currency. The strong growth is a direct result of our inventory clearance strategy. As we have said earlier, our inventory going into the spring-summer season was too high, so we have used Booztlet to manage our stock levels, effectively mitigating inventory risk and keeping our offering fresh. As was intended when we launched Booztlet, this channel now is providing its value as a crucial part of our business model. In contrast, Boozt.com saw a revenue decline of 6% or 3% in local currency. While this was impacted by a muted demand for fashion, sales were also affected by our strategy to limit promotional activity on Boozt.com to protect our brand value. We believe this is the right decision to preserve the long-term health of the Boozt.com brand, even though it affects us short-term in a difficult market. Our profitability or adjusted EBIT margin for the quarter was 3.4%, down 1.5 percentage points from last year. The decline was primarily driven by two factors: a lower gross margin due to the clearance sales on Booztlet.com and a higher marketing cost ratio. The increase in marketing was the result of a planned higher spend on marketing, mainly focusing on the non-fashion categories. However, with consumers holding back on spending, we did not get the expected returns on those investments in the short term. Partially offsetting the decline in margin, we saw a continuous solid trend in our operational costs, with significant improvements in both fulfillment and admin. These ratios improved by close to 2.5 percentage points combined compared with last year. A highlight for the quarter was our strong free cash flow, which more than doubled to SEK 186 million, up from SEK 90 million last year. The improvement was the result of our disciplined inventory management, as well as the repayment of the wrongfully paid customs in Norway related to 2022- 2024. The strong cash position allows our commitment to shareholders, as we repurchased SEK 94 million worth of shares in the quarter. In total, we have now already repurchased shares for SEK 109 million of the SEK 200 million program initiated in April. We are on track to return to shareholders from the Danish listing proceeds. To meet this commitment, the Board has initiated the process to increase the current share buyback program from SEK 200 million- SEK 300 million. Finally, our financial guidance remains unchanged. We expect net revenue growth of 0%- 6% and an adjusted EBIT margin of 4.5%- 5.5%, with the addition that we now also guide for a free cash flow of at least SEK 500 million in 2025. Provide more detail on the outlook at the end of the presentation. Now, please to the next slide. We normally do not provide a detailed breakdown of the monthly performance, but given the big swings we have seen in trading, we believe it is important to highlight how sales have developed on a month-by-month basis during the quarter. As you can see from the slide, after a relatively stable Q1, sales started to decline in April and reached a low point during May. The weak performance should be seen in the light of a challenging trading environment, where very low consumer confidence, as well as a cold May in the region, impacted consumer demand. However, with consumers' confidence starting to see some optimism, trading in June improved significantly, with revenue increasing with double- digits for the month. This was driven by all categories: women's fashion. This positive trend at the end of the quarter gives us confidence as we move into the second half of the year. Next slide, please. We are strategically fueling our business for future growth by three key areas: Hiring; AI, and Inspiration and Curation. First, let's talk about our people. We have made new high-profile recruitments in our buying and merchandise teams to significantly strengthen our organization. The move of our headquarters to Copenhagen has been instrumental in attracting very experienced and talented buyers and merchandisers. They bring strong fashion backgrounds and valuable industry relationships that will complement our data-driven approach in a powerful way. Second, we are making AI across all parts of our value chain. We are leveraging AI to generate content for banners, campaign images, and also product descriptions, which allows us to scale our creative output. We're also building AI assistants to support our technical engineering, financial tasks, as well as customer service teams, making our operations more efficient. Crucially, we can now deliver highly personalized recommendations to our customers based on the order and behavioral data, and do it more efficiently and with greater precision. Finally, is inspiration and curation. All these initiatives, particularly those driven by AI, are designed to increase customer loyalty through tailored content. By offering product descriptions through better curation and styling tips, we are confident that we can make the shopping experience more engaging and inspirational for our customers. To further support the business, we're also enhancing our engagement and focusing more on social media. These strategic initiatives are all focused on making us more agile and responsible, equipped to succeed in a rapidly changing market. We are confident that these actions are the right steps to build a stronger foundation for our future growth. Please turn to the next slide. Going back to the performance in the quarter, we continue to see an improvement in the share of our customers who buy from more than one category on Boozt.com. As most of you know, moving customers to buy from more categories is a key priority for us. Customers buying from more than one category are more loyal, and they buy exponentially more than customers buying from just one. In the last 12 months, 53% of customers bought from more than one category, which is an increase from 51% in the same period last year. As mentioned in the beginning, we have invested in offline media to increase the awareness of the non-fashion categories. It has had some effects, but it has not been as effective as we had hoped for. With this, I will hand over to Sandra for a more detailed run-through of the numbers for the second quarter. Please, Sandra. Thank you. Let's start with a look at our revenue for the quarter. Revenue declined 3%, and it was flat in currency. The decline was driven by Denmark, which was down 8% or 4% in local currency, while Sweden continues to perform above par, delivering 4% growth in the quarter. Looking outside of the Nordics, revenue was down by 3%. While the Baltics are still performing well for us, Germany and the Netherlands saw a decline. This is mainly because we're holding back on marketing here, as we remain focused on being profitable on every single order in these countries. The gross margin was 39.1% in the quarter and down 2.7 percentage points compared to last year. This was mainly the gross margin on Booztlet, where we are clearing inventory at higher discounts. Additionally, the gross margin was impacted by currency, resulting in a headwind of close to 1 percentage point. The adjusted EBIT margin was 3.5%, down from 4.9%. This was largely our gross margin, as well as the increased marketing spend in the quarter. These negative impacts were partially offset by a continued solid progression in fulfillment costs, as well as administrative costs, which I will come back to in a minute. Turning to our two platforms, Boozt.com saw a revenue decline of 6% for the quarter, which translates to a 3% decline in local currency. While the difficult market conditions had an impact, it's also important to note that our strategy of maintaining a more premium pricing on Boozt.com, which we do to protect our brand equity, is likely impacting short-term sales in the current environment. Despite this, we onboarded close to 200,000 new customers on Boozt.com. However, as consumers remain hesitant to spend across the Nordics, we also see that they're buying on average less frequently. The number of active customers in the last 12 months was flat compared to last year, while the average order value increased 2% to SEK 934. In the Nordics, Boozt.com revenue was down 6% or 3% in local currency, and this was driven by a 10% decline in Denmark, which translates to a - 5% in local currency, while Sweden was down 3% in the quarter. Consumer confidence in the Nordics continued to decline in the quarter, though we've seen a slight improvement towards the end, and especially in Sweden, which was also reflected in the strong performance in June. Sales outside of the Nordics declined 8%. As mentioned earlier, this was impacted by lower sales, mainly in Germany and the Netherlands. The adjusted EBIT margin for Boozt.com declined 0.8 percentage points- 3.8%. The decline was mainly driven by a lower gross margin impacted by currency, as well as a higher marketing spend. This was partially offset by the increased efficiency in fulfillment and distribution, supported by the transfer sales that we introduced in 2024. Additionally, margins were positively impacted by Boozt no longer being subject to customs payments in Norway, as well as the staff reduction. If we move on to Booztlet, revenue increased 14%, supported by the ongoing clearance sales introduced last year. In the quarter, we successfully continued to clear out older products from prior seasons to keep our inventory fresh. This has been well received by customers, particularly in Sweden, where sales increased 30%. Active customers during the last 12 months increased 19% to more than a million, while the average order value increased 2% to SEK 933. This was achieved despite the lower prices offered on Booztlet and was due to an increase in the number of items per basket. The adjusted EBIT margin for the quarter was 1.9%, down from 5.9% last year, and the decline was mainly due to the current clearance sales on the site. If we move to the cost ratios, starting with fulfillment, we're very pleased to see the continued good development in our fulfillment cost ratio, which was down to 10.5% for the quarter compared to 11.4% last year. This is a direct result of the operational efficiencies that we've been working on. The transfer sales we installed last year are now fully up to speed, and combined with better distribution deals, they are generating meaningful savings for our business. Our marketing cost ratio increased to 11.5% from 10.8% last year, and there are two main reasons for this. First, we continued, as Hermann mentioned, with the planned offline marketing spend to build awareness for our non-fashion category. The second reason is that we did not see the expected return on these investments due to the challenging environment, and particularly with women holding back on spending, also somewhat impacting other categories. We do not plan to spend the same level on offline marketing in the second half. If we add in other costs, the ratio continues to improve and decrease by 1.5 percentage points- 9.7%. This improvement was driven by two significant factors. First, our administrative costs benefited from no longer having to pay customs in Norway. The other major driver was the positive effects of the restructuring that we completed in February, which reduced our permanent positions by approximately 10%. We're very pleased with the increased efficiency that this has delivered. This is now projected to have a positive impact on our adjusted EBIT margin of up to 0.5 percentage points in 2025, an increase from our earlier projection of around 0.3 percentage points. Our depreciation cost ratio increased to 4.1% from 3.6%, and this was also due to two factors: the new depreciation cost associated with the lease of a new bulk store home and the installation of the transfer sales at the fulfillment center last year. These are strategic investments, and we expect to grow into these costs as our business expands. Finally, it is worth noting that costs related to share-based payments resulted in a positive investment this quarter. This was due to lower share price and lower projected performance than initially anticipated. Consequently, the non-adjusted EBIT margin for the quarter increased to 5.8% from 4.2% last year. The next slide, please. Cash development. We ended the quarter with net working capital of SEK 1.3 billion, corresponding to 15.5% of revenue, and this is to be compared to 12.2% last year. The increase was mainly related to a decline in accounts payables, which was primarily due to reduced inbound deliveries during the second quarter. Inbound deliveries are anticipated to pick up during Q3 ahead of the autumn-winter season. Inventories are on par with last year, but significantly down compared to the last couple of quarters, supported by the ongoing clearance sales on Booztlet. CapEx was slightly down compared with last year in the quarter versus SEK 48 million last year. The decline was mainly related to intangible investments. Investment in tangible assets was at SEK 12 million, and among other things, relates to investments at the fulfillment center for a new semi-automatic system for garments on hangers, which will increase productivity even further. Free cash flow in the quarter was SEK 186 million compared to SEK 90 million last year. The improved cash flow was mainly due to the effective inventory clearance during the quarter, as well as more cautious buying behavior given the difficult trading conditions. Furthermore, cash flow was positively impacted by the repayment of customs duties, which we incorrectly paid in Norway in 2022- 2024. These two factors were partially offset by a decline in our accounts payable. Our net cash position was SEK 75 million at the end of the quarter, down from SEK 297 million last year, and our cash position continues to be impacted by our share buyback program. In the last 12 months, we repurchased own shares for SEK 292 million. This ends the financial overview. Back to you, Hermann. Thank you, Sandra. Yeah, our performance is changing. Our guidance in April has been broadly in line with our expectations. We were clear then that we did not foresee trading improvement until the second half of the year. Although June saw a significant improvement, this was preceded by a weaker than expected May. Looking forward, with sales now returning to growth, we remain confident in our current guidance for the full year. The guidance remains unchanged with 0%- 6% revenue growth and an adjusted EBIT margin of 4.5%- 5.5%. This indicates that we need to achieve between 0% and 11% growth in the second half of the year. While this is a broad range, it also illustrates the continued uncertainties we are facing. Additionally, of course, it's worth noting that the comps for the second half of the year are higher than what we faced in the first half of the year. Currency remains a headwind. However, with a slightly weaker SEK, the top line headwind is now down to 2% from 3% in April. The margin headwind is slightly lower as well, going up to around 1 percentage point. Our capital expenditure guidance also remains the same, with SEK 150 million- SEK 170 million to be spent in 2025. One thing to mention though is that we are slightly postponing our capacity expansion plans. This is partly due to significant improvements in operational efficiency and better than expected utilization of our existing capacity, but of course also a result of the lower than expected growth we've seen since communicating the plan in April last year. This means that you should not expect us to spend around SEK 500 million from 2025 to 2027, but rather that these investments will be deferred by one to two years. Finally, as mentioned initially, we are now being a bit more firm on our cash flow, driven mostly by the positive development in our inventory position and supported by the clearance on Booztlet. We now expect to generate a free cash flow of at least SEK 500 million in 2025. This compares to around showing a significant improvement. Yeah, this concludes the presentation, and I would like to hand over to the operator for questions, please. If you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key 6 on your telephone keypad. The next question comes from Niklas from Ekman. Please go ahead. Thank you. Can I start with a question here on current trading? I know you don't usually comment on this, but given the huge variations we've seen here in April, May, and then June, it's just difficult to see which of these were a one-off. Can you say anything about the start of Q3, whether we should look at June or if we maybe should look at the entire Q2 as an indication? That's my first question. Good morning, Niklas. It's a good question. As you said, normally we don't provide current trading, and also you know July and August are kind of leftover from the spring-summer sales, but I can tell you that we're back to growth, even though it's a modest growth, we're back to growth. Of course, it's supporting the guidance for the second half. Very good. Thank you. The guidance here, as you said, is also a pretty wide range. If I just look at sales in H1, it does seem that at least the upper end of that guidance is more optimistic, and it seems to be pointing more towards the lower end of your guidance. A little bit the same on margins if you just were import duty. Do you share that view, or is it the easy comps that make you more optimistic about the possibility of reaching the mid to high end? I think it's a combination of easy comps, better stock alignment, and probably a more optimism that we see going forward. That's the revenue side. On the cost side, we're actually very, very well in control of the cost. I think the midpoint is a good bet, but definitely not the lower point of the guidance on EBIT. Very clear. Just to clarify as well, because last year's earnings were, of course, impacted by these import duties, the Norwegian import duties. Can you confirm that your underlying margin in Q2 was in the range of 5.6%? Also, I think that in Q3, your margin should have been around one percentage point higher, around 4.3%. Am I getting the math right on that? You're referring to last year's margin, right? Yeah, we don't really get your question. Can you elaborate where? I'm looking at the underlying margin if you adjust for Norwegian import duties, which you did pay in Q1- Q3, and then they were kind of repaid in Q4. The underlying margin was at 5.6% in Q2 and around 4.3% in Q3. If we look at this quarter, we have a tailwind from the customs of 0.7 percentage points. For the full year, it's around 0.5%, something like that. For Q3, the margin would have been around 1% higher, excluding these import duties. Is that correct? That sounds a bit much, but I don't remember Q3 number from last year right now. Maybe we can come back on that. We can come back on that. That's no problem. Okay. Final question to you, Sandra. How much longer are you staying? I'd like to take the opportunity to thank you for your contribution over all these years. Oh, thank you. That's very nice of you. Actually, I'm going to have a few days off here, but today is my last day at the office. I'm sorry, I was breaking up here a little bit. Oh, sorry. Thank you so much. Thank you. Thank you so much for taking my questions. Thank you, Nicholas. The next question comes from Benjamin Wahlstedt from ABGSC. Please go ahead. Good morning. First of all, I was wondering about your guidance. As you point out in the presentation as well, since the Q1 report, FX rates have sort of been moving your way again. I was wondering how and if this was taken into account when deciding on the guidance commentary in this report, or if it was taken into account when deciding on whether or not to change the guidance in this report. We think that's too early to say, obviously, but we think that when we provided the guidance, that change, that room covers it. Obviously, if it continues down, then we will be more specific in Q3. For now, we keep it as it is. Perfect. I was also wondering about the ongoing, perhaps, inventory clearances. In the beginning of the year, you noted that you expected an H1 inventory clearance through Booztlet. We've seen the signs and reported figures, and I was wondering if you could give us any additional flavor on the quality of the current inventory and what are your sort of your thoughts about the need for further clearances into Q3, please? As you see, our inventory now is in line with last year, so we actually have managed to clear that. Inventory position is actually quite good. We still are a bit spring-summer on Booztlet, and we'll continue to do that. Of course, the focus now is to have the right inventory on Boozt.com. As we said, right in the replace, that especially the women's category has been muted. Less dresses, and that has been corrected for the fall. I think that we have already now, and within deliveries that are coming into the warehouse, we have a quite good inventory position. We are at least now, we no longer have too much inventory. No longer have too much inventory sounds promising. Final question from me. You have changed your commentary around expected admin ratio savings from the headcount reduction to now be 50 basis points as opposed to 30 basis points previously. Could you talk a bit more about this decision, please? We can just see the effect of our savings. When you do restructurings, you know some of it is redundancy, some of it is where you need to kind of replace people with some kind of other types of people who are level set. We've seen that the effect is less than expected. The effects of our right sizing have been higher than expected, which is quite encouraging because our operational costs are very much in control. We believe we are kind of quite a very fit company. Perfect. That's all I had for now. Thank you. No, thanks very much, Benjamin. The next question comes from Daniel Schmidt from Danske. Please go ahead. Yes, good morning, guys. A couple of questions from me, and I think you answered most of them already, but I think you, Sandra, pointed to the fact that you will be less pronounced going forward when it comes to offline marketing and non-fashion categories for the second half of this year. Is that going to be neutralized by increased marketing when it comes to fashion-related items, or how should we view that statement? Marketing cost ratio was too high in the quarter. The business is still with 10% and below for kind of a long term, and the marketing cost ratio of 11.5% was too high, and it was due to our marketing campaign. Part of it, of course, you know, it ran in May, where consumers were holding back, and part of it was basically our concept was not good enough. We are back on the drawing board, and of course, our plan is still to increase the awareness of the categories, because we believe it is very strong. I think the best proof of the categories, you know, how they contribute, is that our basket size has actually gone slightly up in an environment where item price on fashion is going down, clearing on Booztlet. Actually, this only encourages us to focus more on the categories. We're forgetting the women's because it's still the women that are driving the purchases in all the categories. If women come into the site to shop for themselves, they typically add to the basket of other categories. A long answer, Daniel, to a question. Sorry. Yeah. I think I heard you breaking up a little bit during the call, so maybe I missed some of it. Did you say that you aim to get to a 10% ratio for the full year on marketing? Is that what you said? Not for the full year, but kind of normally we aim for 10%, and 11.5% is too high. Obviously, now it should be considerably lower than it was in the quarter in the first half. Okay. You did update the savings ratio, the savings amount when it comes to the staff cuts, and you upped it. What do you see in fulfillment, which was quite a significant improvement in Q2? Is there anything to say about that for the second half? Is that surprising you on the upside, or is that more in line with what you've been guiding for? Fulfillment is really, really delivering as we had hoped for. Our investments in automation consolidation have really, really paid off. As you know, we've been focusing on improvements in fulfillment basically since 2019, and really much. I think it's paying off. We are moving in the right direction. The aim is still to get improvements in fulfillment cost ratio, also in distribution. I think that I'm not guiding for the second half of fulfillment, but I think that we're on a really good track and are very much in control of our supply chain. Of course, when growth is weaker, it's easier to calibrate. That's why we use this slight growth pause to make sure that everything works in the warehouse, which it does. Okay. My interpretation is that you're happy, but it's a bit too early to say that this is going to have a significantly higher impact than what you already have guided for. So far, so good, at least. So far, so good, yes. All right. I think this sort of just also maybe just coming back to the inventory clearance, and you said that you didn't have any more excess inventory, but you also said that you are still maybe it sounded like you were a bit aggressive in July and beginning of August, to get to a position where you don't need to be more aggressive anymore as you get into the second half of August or back to school or whatever. Is that the right interpretation? We came into the year with too high prior season inventory, and that has been cleared. This is good. Obviously, sales in Q2 were less than expected. For the spring-summer inventories, they might be slightly elevated, and we will continue to clear that on Booztlet. Other than that, there's no noise from old inventory, so we can focus on the autumn-winter 2025, which is a very good thing for a retailer that you don't have a mountain of inventory behind you. That's why it's actually quite encouraging to see that our inventory now is on par with the same period last year. We are quite happy with the inventory position, which is also why we can guide a cash conversion that is as high as it is. Okay. Good. Thank you. That's all for me. Sandra, again, wish you good luck in your new position. That's going to work out great, I think. Thanks for all the collaborations that we've had, and talk to you in the coming quarter, Hermann. Thank you, Daniel. The next question comes from Johann Fred from SEB. Please go ahead. Good morning, guys. Johann Fred here from SEB. Thank you for taking my questions. I just have a few follow-ups from the previous quarter. Firstly, on Niklas' question on current trading, you mentioned that April and May were soft, but trading improved in June with growth returning across most categories except women's fashion. Do you mind elaborating just a little bit on what drove the recovery in June? Was this weather-driven? Was the improvement widespread throughout all regions? Any color there would be much appreciated. Thank you. Of course, weather contributed a lot to the recovery in June because May was quite cold. Also, we saw that consumer confidence across the region seems to be going up. Even though women were still buying less than we would have expected, they also were kind of increasing the buy. It was a combination of consumer confidence and weather, we believe. Of course, going into the third quarter, we don't see a double-digit growth again, but we are still seeing a growth. A modest growth, but it's still a growth, which is why we are confident that we can deliver on the guidance for the second half. Thank you. Is there any difference between the different regions or geographies? Denmark is still kind of holding back, being probably more depressed than other Nordic countries. Sweden is actually doing quite well, and we're happy with that. Finland is also slightly lacking. It is kind of, yeah, it's going in waves. We can see that in general, consumer confidence seems to be picking up, which gives us confidence that we might be getting out of this low consumer confidence dump that we've been in for a while. Got it. Very clear. Thank you. The second one, if I may, on marketing spend, you state that marketing to sales ratio in H2 will be considerably lower than in H1. Any chance that you could quantify the decrease in H2, i.e., how big of a step down can we expect? It would be low. I don't want to quantify kind of how much, but it would be lower. Of course, you know the category offline marketing has been put on hold. The increase compared to last year of 0.7% was only due to our offline marketing that we did for the categories, etc. It would be lower. Of course, you know we are still building the brand. If we see opportunities and we still are seeing a good probability, we might still do some marketing, but we will just spend what is needed to deliver on what we are expecting for the second half. I don't want to kind of quantify that it will be an X or Y amount, but it will be lower than in the first half. I hear you. Thank you so much for taking the time and answering my questions. Oh, thank you. You're welcome. The next question comes from Eric Sandstedt from Kepler Cheuvreux. Please go ahead. Hi, thanks. A few questions on the market environment to start off with here. In terms of competition, have you seen any changes from the ultra-fast fashion players during the quarter? I think it's as intense as it has been over the last year or two. We've seen some numbers lately from Denmark saying that some of these ultra-fast fashion players are losing ground, mainly the Chinese. We're not seeing a more intense competition. Of course, if the decline, especially in women's dresses, is because they are buying cheaper and more kind of Instagram or TikTok-friendly dresses, we don't really see a more intense competition. I believe that it's to a high degree kind of driven by consumers holding back, which also is supported by the numbers of the credit card use from the banks that are showing that spend on clothing and shoes in the Nordics has been down in the same quarter. Okay. Thanks. Great. Also, in terms of inventory levels on the market overall, so to speak, in the Nordics, do you sense that inventory levels are starting to normalize also for other retailers, or is it still sort of excess inventory out there that has to be cleared, also putting pressure on you? Yeah, a lot of inventory has been cleared during the first half. My impression is that retailers have probably been going more cautiously into the second half. I'm not anticipating that there will be a kind of gross margin pressure due to inventory in the second half. I think that we are all not expecting a worse consumer environment, and of course, we're all hoping that it will improve. Maybe the talks in Alaska might change something for the better. We're not assuming it will be worse. If anything, there are signs that consumers are becoming more optimistic for a good reason, actually. Thank you. In terms of your buying costs, do you get any benefit at all from the fact that the U.S. dollar has been weak versus the Nordic currencies, versus the same period last year? I guess you don't buy a lot directly into U.S. dollar terms, but indirectly, do you see any deflationary trends there in terms of sourcing costs? We don't buy anything directly, so anything from the U.S. We are a third-party retailer, so we buy from the brands. Typically now, for instance, we have been buying for the spring-summer 2026 season. We don't benefit directly from the nation of the dollars. We're not seeing any advantage. Of course, if this will continue, that might give an advantage as the brands might be more inclined to give you better prices or something like that. We don't see the immediate effects. I think we're much more affected by increases in freight costs, etc., because that's a direct cost and affects us quite a lot. We have not seen any real changes based on the fluctuations in the U.S. dollars. Also, the other way, if they would come and say, "You know the dollar is up," we say, "Yeah, but that's your problem," right? I think it's a more long-term thing. If it's a structural thing, then the dynamics will change. Thanks for clarifying. Finally, I know this is a difficult one, but relating to the share-based payments, as you mentioned, it was actually a positive one-off for a change here. Could you say anything about how to think about this line? I think the share-based payment, of course, it shows that the program works. If we don't deliver on growth and long-term profitability, the share-based payment basically goes away. This is just a reflection of a payout. There are social costs associated with the payments. When the share price goes down, the costs are lower. This big amount just reflects that the likelihood of us targets set out in 2022 and 2023 and 2024, they are kind of it's just much lower. I think actually it's a proof that it actually works, the share-based payment program. We only get share-based payment if we deliver targets. Great, thanks a lot. Welcome. The next question comes from Benjamin Wahlstedt from ABGSC. Please go ahead. Hello again. Quick follow-up on Johann's question. The line was breaking up a little bit. Did you say the reason for the higher marketing ratio year on year was fully due to the now post-offline marketing? Please. Sorry, I did not. Yeah, yeah, yeah. It was breaking up again. All right. Okay. The answer is yeah. Perfect. Thank you very much. Thank you. Welcome. There are no more questions at this time. I hand the conference back to the speakers for any closing comments. We hope for participating in our Q2 call for this quarter. Thank you for good questions. This is Sandra's last day, and I also would like to thank Sandra. Thank you guys for being a very good sparring partner to Sandra and myself during the last many years. Thank you very much. I guess I'll see you in the coming weeks. Thank you.