A good day, and thank you for joining us today. Welcome to Migros second quarter 2026 earnings webinar. Joining me today are our CEO, Özgür Tort, our CFO, Ferit Cem Doğan. After Özgür Bey's presentation, we will open the floor for your questions. Before we begin, please note that this webinar is being recorded. With that, let me hand it over to Özgür Bey. Özgür Bey, please go ahead. Thank you, Affan. Good afternoon, everyone. Welcome to our regular conference call on our second quarter results for 2026. I guess it's worth to start with a brief description of this quarters, and from this presentation moment, we added a page for you, a simple scorecard, which is on page 5. We're going to just start reviewing the quarter results very briefly. I guess, since you all received the presentations, we're going to just start as usual with the page numbers, on page 5 with the quarterly scorecard. It is worth to express that we have come through a challenging quarter, where we continue delivering a clear real growth again. However, it is definitely worth to express that consumer purchasing power remains under pressure in this existing inflationary environment. Obviously, we remain focused on executing our growth strategy in all fronts, basically continuing with store expansion, strengthening our online channels, and obviously focusing on operational efficiency as well. Second quarter itself, in terms of net sales, delivered 2.7% year-over-year growth, reaching around TRY 125 billion of turnover. Our same stores in this quarter remained broadly flat, while we had improvements continuing on our basket size real growth. On the other part, our online operations in terms of commercial trade, grocery, and meal together delivered another strong growth at the levels of 21% real growth and reaching around 327,000 orders per day. During this quarter, we continue, as I expressed, physical expansion with another 64 stores and bringing our store numbers at the levels of 3,830, and we delivered roughly 2.3% of space growth in terms of physical expansion. Our EBITDA for this quarter stood at the levels of 4.3%, and our modern trade market share stayed at the levels of 15.3%, while our overall market stood at levels of 9.7%. With this quarter results, I guess it's worth to express at this beginning of the presentation that we remain on track to achieve our 2026 guidance, especially with EBITDA, store expansion, and capital expenditure ratios. We will be keeping our guidance levels. That will be the brief summary of the quarter itself, and now we will continue with our financial and operational review to dig in in each critical KPIs. Continuing with page 6, our market share evolution. In the first half of the year, we reached 9.7% total market share, which is slightly below about 10 basis points compared to last year's same period. And similarly for our modern market share, we have market share levels of 15.3%. We addressed already the different reasons of what categories and formats where the market share is lagging behind, and we are taking definitely our actions regarding our overall strategy to continue growing our market share. Basically, one of the reasons is looking like a late season start for the seasonal activities, which is impacting our June figures mainly. Overall, when we just try to understand the market dynamics on different categories, we explicitly find out that alcoholic beverages is one of the reasons that we are lagging a bit behind the market share figures. We will be just also addressing this important category for our growth periods. Starting from July, we already recovered part of this market share losses, and definitely we will be continuing focusing in across categories to go back again increasing our market share targets. To continue with our expansion, our store numbers reached, as I expressed, 3,830 with an expansion of 115 stores already opened in the first half of the year, around 50 stores in the first quarter and 64 stores in the second quarter itself. As we addressed earlier, we are focusing on relatively larger store formats like MM's and Macrocenter stores, which are targeting expanding in different regions, which is not present at the moment. This expansion provides us a better penetration in terms of market share and different category penetrations as well, where we are missing in terms of representation in specific cities and districts. All in all together, this expansion resulted into 2.3% physical space growth versus last year, and definitely worth to elaborate, our online expansion is still continuing aggressively. We added another 100 levels of stores into our online expansion, and we reached 1,127 stores which are servicing online and delivering as well online. On the other hand, we also now embrace a regular service of pickup, which is click and collect basis, where we improved another 1,000 store addition to have an availability for stores which are not delivering, but also helping shoppers to click and collect from the store address. Continuing with our capital expenditure on page 8. For the first half of the year, we reached TRY 6.3 billion of capital expenditures, which are roughly 2.6% of our turnovers, and similar to last year's same period expenditures. But overall, if you can just understand the breakdown of the capital expenditures, we have a strategy priority moves. Definitely, we are still keeping store expansion as number one priority with 115 stores. At the same time, we are putting a lot of efforts, as you can recognize from the pie chart, more than 40% of our capital expenditures are going right now into man-hour savings, especially for automation initiatives and some additional digitalization efforts, which are helping us in terms of physical stores and online stores at the same time, the representation to help us in terms of operating efficiencies at our core business of grocery retail. And obviously, we are putting more efforts regarding refurbishments. Not to mention, Migros is 75 years old retailer, so in that representation, we have stores where we want to also refurbish from scratch, and at the same time putting more efforts in terms of new format evolutions. Especially when we review our format strategies, category strategies, the space allocations of differentiation into some existing store base also are part of this strategy. Refurbishments will continue to be one of our focus area for a better CapEx, especially on working capital allocation. Of course, combined with our distribution center and digital ecosystem initiatives, we want to express that our priorities will be based on return on invested capital, to the favor of digital initiatives which are helping the company's overall return efficiencies. Continuing with same-store sales performance on page 9. For the second quarter of the year, we have a flat like-for-like sales growth in terms of CPI-adjusted figures. We started the year with around 3% levels, and now we are almost flat, and that is basically the area of focus for the company as well. We recognize especially the traffic losses reasons and the definition of the regions, definition of the formats, and obviously the categories which are relevant. To make sure that we are clearly addressing these issues in terms of traffic generation. Obviously, not to mention, shoppers are under pressure, so that is not a surprising situation. We are clearly aware, and we are now getting more aggressive in terms of how to attract these shoppers into our store base and to go back again to the positive levels of traffic flow. When we just, of course, recognize the reasons and the measures to address, we already addressed this, as I expressed, the alcoholic beverages categories, and also the seasonality impact, which is a bit a kind of a delay on seasonal stores' activities, which are impacting the June figures in a sense. That has been already addressed, and starting from July, the real season impact is taking place. Which I can express already that traffics are positive in that reflection. At the same time, the categories which are relevant, which we have to be addressing. When we are to address those categories, we will be just also reaching the levels of the targets, which are positive traffic flows as well. On the basket size front, we still deliver real growth, even in the environment of a difficult purchasing power situation. Basket sizes are still motivating us in terms of the growth potential. Obviously, the promotions are one of the key drivers of such basket size growth operations, which we are in need of continuing the support in this current inflationist environment. Overall summary of the top line on page 10. You can see that we realized already in terms of total growth in the second quarters at the levels of 2.7%, where we reached TRY 125 billion almost turnover, which is equivalent of 36% nominal terms growth. In the first half of the year, we delivered TRY 241 billion of turnovers, where we can express, I think not to mention, in terms of real top-line growth, an important figure to continue in a muted consumption patterns of shoppers. With the main focus to deliver, of course, better results in coming quarters, especially with the new season impact. So now moving into the profitability figures, starting with the gross profit, page 11. In terms of gross profitability, it is one of the important years that our policies regarding maintaining the growth of the company is also reflected into our gross profitability. As I expressed at the beginning of the presentation, promotion activities are one of the areas where our definitely suppliers also are focusing in order to maintain the demand. All in all, our gross margin has a decline, as we can address, especially in second quarters. We have a reduction at the levels of 120 basis points with the figures of inflation accounting and the other accounting elements. If we are just to address these accounting elements at the levels of 60 basis points, that is in terms of a reduction on gross profit at the levels of 60 basis points, where we can address around 20 basis points of this is relevant with our transition, which happened in the first quarter of the year, which are related with the distribution center employees moving into Migros payroll, which has lifted our cost of warehousing at the levels of 20 basis points, where we account those under our gross profitability. The rest is pretty much around another reflections of for half year results, as you can see, around 50 basis points of reduction, excluding accounting implementations impacts. The rest, which is at the levels of 30, 40 basis points, are directly related with the promotional aggressiveness which we are taking place in the second quarter, especially, where we focused heavily on promotions. That is the situation for the first half and especially second quarter of the first half results. Basically, of course, the trend is more important for us, as we know that the season started a bit late compared to regular years due to some school year impacts and everything, and the climate as well, especially one of the reasons. But starting from July, as I addressed, the demand is already taking place in the seasonal stores. Where we still maintain our aggressiveness in terms of promotion, there are some additional elements in terms of promotional mix and, of course, category mix of turnovers, which are on the positive side of the equation, which will help us in the third quarter itself in terms of gross profit generation. Continuing with our operating expenditures on page 12. Our operating figures in the first half of the year reached TRY 56 billion of expenditures, which are roughly 23% of our overall sales. As you can see, there is a 40 basis points increase in terms of our operating expenditures over sales ratio. However, it is worth to express that there is a significant part of this operating cost expenditures expansion coming from depreciation and amortization item. Of course, part of it is relevant with our asset expansions. If we are just for the sake of understanding the direct element of operational expenditures, when we exclude the depreciation and amortization, you can see that in the first half of the year, there is a further improvement in terms of our efficiencies at the levels of 30, 40 basis points of improvement already realized in the first half of the year. I think one of the reasons are pretty much the IFRS-driven reclassification of the rental cost, obviously. The other piece, which is further important, our energy cost savings, which are taking place with the new initiatives which we put in place in the last couple of years, are now paying back. It is also worth to elaborate where we already had an important cost increase at the beginning of the year, partly due to the movements of distribution center employees and our payroll, and next to it, with a three years important union agreement, which has resulted ahead of inflation numbers at the moment in the first half of the year. Even if we had these two important headwinds coming from staff cost elements, I think the improvement on operating expenditures around 30, 40 basis points is a clear gain for us for the coming quarters, where basically the main efficiencies are addressed and managed through process reengineering and, at the same time, store restructuring coming from our product assortments and category management instruments which are taking place on in-store efficiencies. Not to mention, definitely the automation and digitalization efforts, especially in store and at the online operations, are pretty much the major handful supports which are taking place, even if we had these important headwinds on unit cost of the staff. We trust that we will maintain these efficiencies in the second half of the year, with increased turnovers coming with inflation in the second part of the year, which should benefit towards our advantage on the second half of the year, pretty much the similar reflections of last year. We had a similar impact at the beginning of the year of 2025 as well. Next, we will continue with our EBITDA generation on consolidated figures. As we addressed, our EBITDA generation is pretty much flat in terms of excluding inventory-driven and interest-driven impacts. As we can see that in our reported figures, we reach TRY 11 billion of EBITDA generation in the first half of the year, where there is a decline on IAS 29 figures, as you can see, both in the second quarter itself and also the first half of the year, around 60 basis points of decline on IAS 29 figures. Whereas when we exclude these important accounting elements and straight going towards the calculation of underlying EBITDA margin, we can see that it is pretty much flat versus last year, 3.1% last year, and 3% levels of this year. As I tried to express, even if we had important investment on pricing and promotions, which impacted around 50 basis points on gross margin generation, we recovered around 40 basis points of this reduction of gross margin with operational efficiencies. Hence, we ended up around 10 basis points of slight decline on EBITDA generation, where we still trust that this is an important element, because that is where the cost hits are already taking place in the first part of the year. Considering that there is no additional adjustment on salaries in the second half of the year, we trust that we are going to deliver a better margin generation. Hence, the reason that we did not update anything on our guidance levels to trust that we can deliver our EBITDA targets, which we expressed at the beginning of the year. Coming to the net profit generation, bottom line of the company, we realized TRY 645 million of losses in the second quarter of the year. All in all, in the first half, we reported TRY 1 billion levels of net profit generation. As we addressed throughout the different items of the P&L, we know where we have this and the reasons of the net losses, and mainly the gross margin, which is our important driver of loss this quarter. Since we are already managing it, and we know the reasons, and we know how to tackle it is important to understand the reasons and the issues around this traffic generation, and which is important for the second quarter of the year. Taking into account basic drivers of loss is about gross margin is the largest piece. Another two important element, one is the net financial income decrease versus last year, which is relevant with the interest rates decline, which we had previously versus compared to last year. There is another element, as I addressed already, negative impact coming from depreciation and net monetary gains are impacting our profit generation. Of course, below EBITDA levels, majority of the items are addressed, and we are just managing it accordingly. But the most important driver is just to improve the EBITDA generation of the company in the second half of the year, to address the net losses to be recovered. Considering the reflections, of course, the measures that we are taking place is pretty much relevant with the season impact. We already, as I expressed, putting a lot of efforts on seasonal stores, and it is paying back, especially July figures are promising, and August started with a similar positive move, especially both in traffic and the overall gross margin generation for the company. Of course, not just the seasonality, obviously, we are taking a lot of new measures regarding the efficiency prioritization, especially the majority of capital expenditure for this year to be put into such store-driven, distribution center-driven efficiencies to be improved for our company's overall profit generation. Not to mention, working capital also will be one of our area of focus in order to address a better cash generation. However, we have to be prudent. We are in a difficult environment where we also support not just our shoppers in terms of their budget, but also we are supporting our trading partners, our suppliers, in terms of how to tackle this difficult environment under declining purchasing power situation of the shoppers. So finally, we will address our net cash generation. As basic nature of our overall historical focus on free cash flow generation, even if we had issues in the second quarter with profit generation, company's definitely focused on delivering free cash flow, and the areas are very explicit. We have been delivering strong cash generation in different fronts of the overall operation itself, but also at the same time, our ecosystem-driven initiatives are also now helping us in terms of generating free cash flow, which is a very good sign for us. Even though they are new initiatives, we are proud to express that they are already contributing in terms of free cash flow generation, which has resulted into TRY 5.8 billion levels of free cash generation in the first half of the year, which resulted into TRY 31.7 billion of net cash position at the first half of the year results. There is an important element on cash conversion cycle. You can see that compared to last year's, there is a decline on our cash conversion, which I try to express that in this environment, of course, we are trying to focus on shoppers' budget to improve their basket and to improve their traffic, where we are partnering definitely with our suppliers to make sure that we can continue building our trading activities strongly. We will maintain this position, and of course, there will be some areas of improvement that we're going to target on the stock level, on the payables level, but overall, the focus will be on delivering top-line growth together with our trading partner support. That will be the financial part of the presentation. Now we're going to move to our operational updates. Very briefly, we will touch base on our two important initiatives continuing. On one front, our e-commerce business. As I tried to express at the beginning of the presentation, the real growth in terms of 21% is a promising one across the all e-commerce channels. I can proudly express, including all marketplaces and meal marketplaces, this is one of the strongest real growth generation. And which means that our efforts, which are deliberately allocated into the digitalization of our grocery operation, is paying back. And now our operations in both front, both scheduled delivery and instant delivery, they are contributing positively to our bottom line of the companies overall. So it's a profitability-driven initiative. So in that reflection, it's also another important element that we are adding more shoppers, especially coming from our online meal operations, adding more and more new customers. Another 900,000 of new shoppers are added in terms of unique customers into our digital portfolio, now reaching 6.6 million shoppers in 12 months statistics. So we will continue focusing on our digital initiative both in terms of grocery and meal itself. On the other part, FinTech operations under the umbrella of MoneyPay brand is doubling in terms of size of the top-line contribution, which is another good news that the bottom line of the FinTech operations are now also profitable, and both improving our contribution of the bottom line, and also at the same time supporting the free cash flow generation as well in both fronts. And in terms of transactions per day, they already reach 1 million transaction per day in terms of all-time high in June figures. So in these two major initiatives combined, I think it is worth to elaborate the what we call substantial ecosystem traffic generation, which we invest for the future of the company. We know that traffic is the key, both for physical operations and, of course, online operations. To build this ecosystem of traffic generation is our core focus, as we addressed earlier in other presentations as well. If we are to split this in three major pillars, core retail combined now with online, which means that our online grocery as expressed as a core business. Combined together, it is providing 2.6 million transaction per day at the moment. On the other part, meal business is roughly now helping another 100,000 transaction per day for us. Similarly, FinTech is adding another 400,000 transaction per day for the overall averages of the year. All in all combined, we are targeting by the end of the year, more than 3 million transaction per day to be represented within our ecosystem. All these initiatives, as I addressed in other occasions, are putting efforts to generate further traffic into our core business. So that will be the summary of the operations. Now to summarize with underlining performance on page 20. Our net sales growth has reached 4.5% in the first half of the year. Our EBITDA generation in terms of IAS 29 figures reached TRY 11 billion, with a slight decline versus last year's in terms of margin contribution. IAS 29 excluded EBITDA generation is slightly positive in terms of comparison to last year, about 2% increase in real terms. In a reflection of almost flattish EBITDA margin generation. In terms of net income, we generated TRY 1 billion IAS 29 accounted figures where we had loss on Q2 itself, but we are focused on delivering better results in Q3 and Q4. Summarizing, together with our guidance right now on page 21 as the final page of the presentation. On the top line, of course, the inflation is an important element. In nominal figures, we are continuing focusing, delivering our nominal targets. However, inflation is a bit fluctuating. We know that there is a trend downward. However, on the other hand, the oil prices are putting another challenge into inflation. That is why we are just prudent on the top line growth. We delivered already 4.5% in the first half, and we guided the market within the levels of 5%-7% levels of sales growth. Of course, while we are just keeping this guidance levels remains unchanged, current trends suggest, especially with the fluctuation of the inflation, to land at the lower end of the guided range level for the end of year. At the EBITDA margin generation, both in terms of IAS 29 and underlying margin of EBITDA margin, we are keeping our guidance targets as on track, 6%-7% on IAS 29 and 4%-5% on underlying margin, without IFRS impacts. This is important for us because we know that our margin generation was weaker in the first half of the year. As I addressed with the measures and the targets we have been taking already, we trust that we can deliver, as we addressed at the beginning of the year, our EBITDA generation. When it comes to expansion, we already delivered 115 stores. We already added another 15 stores in July. We reached almost 130 stores, and we trust that we can deliver our expansion target as guided. CapEx will be pretty much at the guidance levels of 2.5%-3%, with the prioritization definitely focusing on digitalization and in-store automation to help man-hours reductions and efficiencies. This will be the presentation for the first half of the year. Now, as usual, we will be ready for your questions. Thank you. Thank you, Özgür Bey. Dear participants, if you would like to ask a question, please raise your hand. We will give you the floor. There is one question from Cemal Demirtaş. Yes, please, Cemal Bey. Go ahead. Thank you for the presentation. My question is about the growth sites. This quarter, we have the lowest growth, maybe we didn't see for a very long time. Could you further elaborate the details? For instance, alcohol side, what was the portion of alcohol beverages in your revenue that have some impact? Do we see any transition from seasonal? Could you, again, elaborate that? Because when I look at your store openings, we see 115 for first half, but net opening is 38 only. I understand that you also closed some stores. Is it a part of this transition that we see low growth? Just more elaboration on that. Related to your price index level. Any color on the third quarter. You mentioned that July and August looks better, but any further detail would be very helpful. Thank you. Thank you, Cemal Bey, for the questions. Reflections of expansion is, of course, important, but to start with category-driven initiatives in terms of growth, there is an element, especially in Q2, that is the shoppers are very prudent on their spending. That's first of all what we have to recognize. We are definitely taking measures and the most important reflections, of course, this is a trading activity we manage together with our trading partners, our suppliers. The first reaction is going towards promotional activities. I can express that fresh categories, which are not heavily promotion driven, they are actively already visited. Which means there is no declining element in terms of our fresh traffic. Even I can express that the categories, fruits and vegetable, meat categories, all these categories are doing even better than what we expect. However, when it comes to packed food, shoppers are more prudent. The reasons are pretty much similar. They want to be picky on the best benefit of the overall budget-driven initiative. That is why it is heavily promotion-driven. That was one of the reasons that, especially the traffic, we had some issues, and there are some categories which we don't need to pick all these elements into the seasonal categories, like alcoholic beverages or soft drinks, because the seasonality element was a bit delayed this year. It might be the same for the coming years, but there is a base impact with a stronger June, where the vacation started earlier, hence the reason that seasonal store activities were much earlier. Whereas this year, we had a late closure of the stores, universities exams. These are all minor reasons, but ended up with some seasonal stores activities realized later, which we already saw. The reactions are already there. We have a better traffic in July and August. But overall figures, we recognize that we are not happy with our top-line performance. I'm not just putting reasons in terms of seasonality elements. We have to deliver better top line, and we recognize the necessities, and we addressed different commercial models which are required for different store formats. There are, of course, better traffics coming from digital. There are better traffics coming from different formats, smaller format, larger formats. There are a lot of details, as you can imagine, that we can do a better traffic generation and further improvement into our commercial activities. This is going to be our target for third quarter itself. When it comes to expansion, we are reviewing our portfolio, not for the sake of just reviewing, which we are doing every year, but this year we are more aggressive in terms of the existing efficiencies at the store level. We know that manpower is more expensive and stores need to be more efficient, and there are stores that are not efficient. We have already strict rules that a store which is not performing to the levels that we want, we are closing down. Some of them are relevant with new initiatives, like our personal care initiative. Some of them are driven with our existing grocery retail business. That is why net-net increase of stores numbers is important, and this year is relatively less than the previous years because we had some other higher store closures. That is definitely driven by the performance of the stores. There was a question about your price index, Özgür Bey. Could you share the level of alcoholic beverages in your revenue? I am roughly calculating just from the numbers you gave about your position, the market share, and the impact on market share. I come up with 7%, but I do not know if it is a made-up number. Alcoholic beverages, to my memory, is representing about 8% of our business. Oh If I am not mistaken, but we will correct if there is. The team will just update us if there is a different number. It is not a significant portion of the business, obviously. But for some seasonal stores, it is an important element. That is why it delivers some mathematical impacts. But commercially, we have other categories to be focused as well to deliver a better performance. Any color on your price index, if possible? Sorry for repeating. Price index, Cemal Bey, you mentioned with the competition or? No, your overall in the basket, your inflation, Migros inflation. Oh, our inflation. That's Yes pretty much similar to CPI. Slightly below, I can express. Thank you. I wish the best for the following quarters, because this quarter was one of the We were expecting some slowdown, and from the colors from the presentations. I hope the worst might be over with this, because we are not used to seeing such low growth in your company. I wish you the best, Özgür Bey. Thank you, Cemal Bey. We trust we can deliver better. Thank you, Cemal Bey. I guess another question is from Eren Erciş. Eren Bey, yes, please. You may go ahead. Please unmute and go ahead. Thank you. Maybe we can have the second question from Hamza Donos. Can you hear me? Yes, we can hear you now, Eren Bey. Sorry, I just, some connection issues. Sorry for the late. No worries. Özgür Bey, thank you for the presentation. At your capital markets day, you note that hybrid stores carry roughly 35% higher basket sizes, and it is around 2-point better gross margins than existing stores. We are now observing your hybrid stores share in total network, it has reached 67%. This favorable mix shift should, on its own, have been a tailwind to consolidated gross margin. Yet now the gross margin still contracted 1.2 point year-over-year in this quarter due to promotional activities, as you mentioned. Could you help us separate the two forces at work? Specifically, did the standalone gross margin and basket premium of the hybrid segment hold up in the second quarter, or has there been some erosion in those unit economics? Is promotional intensity symmetric across channels, or are we having to promote more aggressively online given rising competition there? Could you elaborate more on that? My second question regarding competition, Uber is acquiring now Delivery Hero. Do you expect any competition pressure on your online operations? Thank you. Thank you for the question. This is pretty much the most important commercial element of Q2 itself, so that is why it is definitely worth to elaborate further. Two part of the equation is one part of definitely our, what we call hybrid shoppers and hybrid stores are delivering better gross margin. This is why we are focused on building more stores with online services, and creating more shoppers which are doing online, offline together. That is the overall proposition that we want to target, and which is already taking place. If we are to address the depth of promotional activities, which are significantly ahead of last year. Which means that if in a comparison, if we didn't have the hybrid shopping of shoppers and/or similarly expansion of our online activities into physical stores, we might have even received a deeper reduction on gross margin. Which means that the help of online, both in the shopper's hybridization and store hybridization, is helpful. This is the numbers that we are chasing, and this is what we trust to continue. On the other part of the equation is, of course, we are not alone. We are working with our trading partners. Trading partners are also having similar issues with the shopper expectations and inflationist moves, which are challenging basket sizes. That is why we are cooperating. It doesn't mean that every promotion costs directly to us. We are subsidizing the cost of promotions together with our trading partners. Which means that this equation has to be just monitored together. But there is another element that online, in terms of delivery cost, is a more costly operation. That is another element that we want to also cooperate with our trading partners, where we share the cost of delivering. Similarly, store operations are more costly when you do online operation in a store because you put more people for picking. Where we also try to cooperate with our trading partners. These are three, four different dimensions of promotional cost sharing, delivery cost sharing, picking cost sharing, which we are trying to do together with our suppliers. This is why it is not a simple equation. That's what I'm trying to express. This is where we focus to make sure that we combine doing it together with them, to make sure that it's a sustained activity. The signs that we are having from e-commerce at the bottom line of it is positive for us. This is why we trust that we can continue focusing and delivering more and more with online operations. When it comes to click and collect, not to just misguide the market, click and collect is a significant increase in terms of online services, but the penetration of click and collect shoppers are very limited at the moment. We should still focus on the main operation, which is based on delivery, which is the most important part of the equation, is coming with the delivery-driven expansion, which at the levels of one-third of our store expansion today. When it comes to Uber's acquisition on Delivery Hero, it is definitely an important element. We are monitoring it very carefully. That is why we know that there will be some antitrust issues, not relevant with Turkish market alone, with some other countries as well. It will take a while, to my knowledge, about a year or so, that transaction to be processed. During this environment, we are still focusing and we are the highest growth operator today in terms of meal delivery operations. This operation is still not contributing positive. We have to make sure that this is a new initiative for us, and where we will be just looking for every kind of opportunity to grow this operation, and in an environment where Uber is a very strong competitor. Thank you, Özgür Bey. Thank you. The next question is from Azade Hanım. Yes. Thank you, Özgür Bey. Thank you very much for the presentation. I do apologize, but I also want to make a follow-up on the revenue trends. You have highlighted that promotional activity has peaked. Do you see a visible customer trade-down in all categories, and how is the competition responding to this? For example, are they also taking down the prices, challenging you further? What is your current pricing differential to discounters after this promotional intensity, and how long can you continue like this? Because the mobility in Turkey seems low actually, particularly in the tourism sector, and this is your high season. You rely on margin expansion in the second half despite you see lower revenue trends. I am trying to understand what makes you comfortable to achieve this margin guidance as well. Thank you, Azade Hanım. First of all, I can express that the trading down is definitely taking place. This is across categories. This is not a surprise. We were expecting it, and we are replying accordingly with every promotional activity or new private label generating commercial trading activities as well. What I can express, there is always one important element where you are trading down. This is more relevant with packed food. When it comes to fresh, trading down is also relevant. Trading down, there is no such new channel to trade down. Today, I can definitely express that for our operations, it is a simple answer. Our fruits and vegetable pricing is even better priced than the open bazaars. Which means that there is no trading down relevant coming from fresh businesses. However, when it comes to packed foods, everything which can be stored, shoppers are keen to shop when there is a promotional occasion because there is no rush to do the shopping tomorrow or next day. That is why on every FMCG categories, even if it is detergent or tea or sugar, oil, it does not matter, shoppers are definitely keen to buy at the promotional occasions. To our perception, I can express that we are not the only one. All the channels, including discounters, are also doing the similar promotional activities, which is on our overall proposition of trading activity, supermarkets are high-low priced environments, which is not a surprise. However, when it comes to other formats, they used to be everyday low priced formats. Today, I can express that every across all the players in the market are building their business based on promotions. Which means that there is a clear trend about shoppers in terms of trading down, so where we have to be just replying accordingly. But as I said, that is not a surprise. This is what we expect. And the depth of promotions are higher than previous year. That is a challenge that we have to tackle together with our trading partners, as I expressed. Pricing difference, I can see no difference at the pricing at the moment. Every player in terms of organized trade are trying to match the pricing to the shoppers' overall budget requirements. We cannot say there is a price difference from one player to the other. Every player is trying to be aggressive in order to compete with the shoppers' preferences. How do we get more comfortable in the second half of the year? It is the good question because this is, first of all, the seasonality element, which we trust. We know that tourism is not strong. However, the local tourism is important for us. That is why we trust that our seasonal stores will be performing not as heavy maybe as in the previous years, but relatively better than the first half of the year, definitely. Which is giving us the trust that we can deliver a better margin in the third quarter and the fourth quarter as well. And the signs already taking place, and we are not just waiting and seeing the reaction. We are taking a lot of measures in terms of our stores' overall product mix, portfolio mix, and in terms of shopping efficiencies, in terms of store efficiency. These are all combined efforts that we are taking place right now in order to address the challenge. The seasonal stores will be one of the good element to help the bottom line of the company. Thank you, Özgür Bey. Thank you, Azade Hanım. Next question is from Maxim. Yes, good afternoon. Thank you for the presentation. Özgür Bey, I would follow up again on the growth, and you basically confirmed the guidance. But even to reach the lower end of the guidance from 4.5% in the first half to reach 5% for the full year, you need some acceleration in the second half compared to the second quarter, something around 5% or slightly above that. Can you confirm that this is something that you see in July and August, acceleration to those levels compared to the second quarter? On margins, underlying margins were flat basically in the first half. Is it something that you think you can maintain in the second half? Should we expect some continuing gross margin pressure on promotions but offset by better OPEX to sales? How would you look at underlying margin compared to last year, basically for the full year and second half? Thank you. Thank you, Maxim, for the question. Both front, we trust we can deliver. I mean, the short answer is we are positive that we can deliver our guidance. It will be difficult. It will be more difficult than the previous years, but we trust we can deliver on it. We have taken our measures and plans to make sure that we reach our targets. The top line is pretty much, especially when it comes to our nominal figures, we have even stronger trust. However, of course, inflation accounting is accounting, so the inflation itself is going to define where we're going to end up. This is why we are just prudent on our guidance level. It doesn't mean that we are in nominal terms, we have a much higher trust that we can deliver. The issue is about how we are going to end up with inflation, and that inflation is an element of, unfortunately, oil price today, which is an important unknown. That is why we are trying to be prudent on how we are going to just end up with the range guidance. When it comes the focus of our seasonal activity, I expressed, and I am confident that especially July was already taking place. I mean, July is a strong one. August started also strong, which means that especially for the first 2 months of the third quarter, we are positive in terms of our growth pace. That is why we want to achieve our targets. This is why we want to keep up where the targets are expressed at the beginning of the year. In terms of margin, you already expressed, there will be 2 elements that we trust. One of them is just the OPEX base. The second half of the year, we are going to just benefit from the fixed cost base advantage. We are going to increase our top line with inflation. However, the cost base will be pretty much flattish. That is what we trust. On the other part, we are going to do better in terms of commercial performance. We want to do better in terms of commercial performance. All in all, the margin guidance will be kept. That is what we trust and what we just have our teams focused. Thank you, Özgür Bey. I guess last question is from Rajat Suri. Hi, thank you so much. I wanted to just ask 2 questions. One is, in Q2, we saw obviously promotional activity hurting the gross margin. I suspect also the basket size, but the traffic didn't follow. Obviously, you mentioned July and August are better. So I just wanted to understand if there is just a time lag between the promotional levels and when the customer starts to react to them. So that would be one question. The second is, I know one of your competitors has just had a change in ownership. There is speculation that perhaps they will stop selling alcohol. I do not know as an organization if you have thought about what that means for you as an incremental opportunity. Thank you for the question. The promotional activities, that is a bit too major category differentiation. As I said, on the fresh categories, promotions are not as efficient because fresh is consumed and finished. However, on packed food, FMCG, promotions are more deliberate because you can stock the product. But in an environment such as now, shoppers, they are not keen to stock their products, so they want to purchase as much as they need only. That is why promotional activities, even if you do deeper promotions, the ending solution of the promotion, the ending outcome of the promotions are not as strong as in the previous years as well. So this is twofold. First, you do more promotions, and your promotional efficiency are not as strong as in the previous years. That is the dilemma of our trading partners as well, which means our suppliers are keen to do more promotions to trigger the demand. However, the promotions are not as efficient as in the past. That is why we have to be careful on how much further you go with the promotions and which categories promotions are working or what type of promotion. That's a lot of operational details coming behind that. The second part of your question regarding one of our competitor's outcome. Yes, important, because at the end of it, this is one of the rare operators selling alcoholic beverages. In case it is not confirmed officially, it's not expressed anything officially, that is why we cannot comment on it officially. However, in case they stop selling alcohol, there should be a positive traffic that we trust to be built on us. Great. Thank you so much. Thank you. Thank you, Rajat. I guess the last question is from Ezgi. Hi. Thank you for the presentation. I have only one question. What should we expect in terms of fixed rent to sales ratio this year? Is there any target or estimate that you can share with us? Thank you. Could you please repeat the question? We couldn't hear you clearly. Can you hear me now? Yes, it's better. What is your expectations in terms of fixed rent to sales ratio this year? You mean the rent to sales ratio? Yeah, fixed rent. Fixed rent. Fixed rent. Yes. Link to the sales. To be honest, we do not have a direction on fixed rent. Our operation is doing both of them. Some stores are fixed, some stores are based on turnover. So it is pretty much, I think, 50/50 range. Half of our stores are based on fixed rent, and half of our stores are based on sales turnovers. Is that an answer to your question, or you need more details? Yes, but under the cash flow statement, you only book the fixed part of the rent, right? Correct, yes. I'm asking about that ratio. It's 2.3% in the first half. What should we expect for the full year? It should be stable. We don't change our policy of renting, so that is why the existing ratio can be managed for the rest of the year as well. Okay. Thank you. We thank you. Thank you very much. I guess this concludes the webinar, Mr. Güven. Thank you very much for joining us today, and we trust that we can deliver better results in the second half, and we will be glad to see you in our third quarter results. Thank you for joining.