Auto1 Group Se

Good morning, hello, and good afternoon, good morning, and good evening to international participants. Welcome to the Auto1 Group second quarter 2026 results presentation. I'm Philip Reikersdorfer, Group Treasurer. I'm joined today by Christian Bertermann, our co-founder and CEO, as well as Christian Wallentin, our CFO. As always, we will start with a presentation followed by a questions and answer session. If you would like to ask a question, please raise it via the usual Zoom Q&A tool at the bottom of your screen. We will then call on you to ask your question directly after the presentation. Before I hand over, I must make you aware of the safe harbor provisions at the beginning of the presentation here. These will apply to any forward-looking statements made by management today. And now over to your question.

Hi, everyone. Thank you, Philip. Welcome to the Audubon Group second quarter earnings call. Our second quarter results were very strong. We delivered increasing operating leverage across the business at scale. We sold 240,000 units at the group level. This is up 20% year-on-year. Total gross profit reached €281 million, an increase of 21% compared to Q2 of last year. And we grew adjusted EBITDA from €42 million in Q2 2025 to €59 million this year, representing an outstanding 38% increase. Our adjusted EBITDA margin climbed to 2.4%. This is 30 basis points higher than last year and the highest Q2 margin we ever achieved. These great results continue to demonstrate the strength of our value-first strategy and the structural advantages of our vertically integrated business model that we laid out in detail at our capital markets event back in June. This is our first quarterly trading update since our CME, so alongside our Q2 results, we have also disclosed the adjusted EBITDA on segment level for the last four quarters in this presentation to give everyone a complete set of quarterly profitability data. Let's start with a deep dive into merchant performance in segment financials. We sold 207,000 cars to our partner dealers in Q2. This is a new Q2 record and represents a 17% year-on-year unit increase. Merchant cross-profit grew to €198 million for Q2, increasing by 17% compared to the previous year. Merchant GPU was €959 for the quarter, stable versus €961 in Q2 of last year. Merchant adjusted EBDA surged to 67 million euro in the second quarter, a new quarterly record. This is 14 million euro or 28% more compared to Q2 of last year. Adjusted EBDA margin increased by 30 basis points to 3.7% in Q2 for merchant. The strong growth in our merchant segment is driven by constantly rising demand for our B2B offering. This momentum is reflected in yet another record-breaking quarter for the number of merchants buying on orderone.com. Our network of active buying partners across Europe reached 36,300 dealers in the second quarter, a 22% increase compared to Q2 of last year. As we continue to expand our buyer base, the average basket is slightly down year on year, driven by the strong growth of new dealers. Unit demand per dealer is generally increasing when the dealer cohort ages in time, as we also laid out in our capital markets event. Our merchant financing portfolio continues to perform well, growing by 20% year-on-year from €264 million last year to €317 million in the second quarter. We provide eligible partners with an instant credit line integrated directly into our platform. This allows them to finance vehicles with just one click and enables our partners to grow their business significantly with our floor plan financing solution. We financed €370 million of merchant sales, a growth of 13% year-on-year. The number of vehicles financed increased to 33,000 units, a 14% increase compared to Q2 of last year. Overall, we are very happy with the performance of our merchant segment in the second quarter. We outperformed our long-term unit growth corridor of 10-15% by growing 17.1% year-over-year. We slightly increased merchant GPU quarter over quarter, which is a very good result considering the following factors. Q2 seasonality generally puts a small drag onto margins created by an accumulation of holidays during Q2. Macro continued to have a limited but controlled impact on merchant in Q2. Our results could have been even better in a more stable environment. We invested into a number of initiatives over the course of H1 with the shared goal of speeding up our trading. These initiatives have been resulting in a short-term GPU drag. We have completed the majority of those investments in H1 and hence are expecting a sequential GPU increase for merchant in H2 combined with higher capital efficiency already visible today and significantly reduced inventory levels. We expect to grow inventory from its new base today in line with future unit growth rates. This means that the strong Q2 performance on profitability was primarily driven by disciplined cost management. We lowered our SG&A per unit to 633 euro, a 4.4% decrease compared to Q2 of last year, reflecting economies of scale in our purchasing organization and overhead. Marketing costs per unit were roughly stable quarter over quarter. Overall, we are progressing well towards the merchant milestone targets, with Q2 SG&A just 8 euro ahead of the SG&A milestone target. Our goal is to keep that level for Q3 and combine it with a sequential increase on GPU, as we expect short-term GPU headwinds to moderate down. Now let's switch to retail segment results and financials. Altruhero is our consumer growth engine, and we are still barely scratching the surface of its massive long-term opportunity. The structural advantages of our vertically integrated model, including sourcing, pricing, our physical infrastructure, and financing, continue to compound as retail scales. This is clearly visible in our strong Q2 results. We sold 33,400 vehicles to customers, This is 40% growth compared to Q2 25 and a testament to the increasing traction of our Autohero brand. Retail gross profit reached 82 million Euro, a 34% increase year on year. Retail GPU was 2,503 Euro for the second quarter, a strong result in light of the outstanding unit growth in Q2. Adjusted EBITDA margin of the retail segment improved significantly compared to Q2 of last year by 1 percentage point from negative 2.5 to negative 1.5 this year, demonstrating operating leverage by managing our cost base more and more efficiently. We remain fully focused on establishing Autohero as the leading used car brand in the European market. The Auto Euro brand is at the core of our vertically integrated model, setting the standard for a superior way to buy, sell, and finance a car. This brings customers peace of mind while serving as a durable engine for demand as brand equity continues to strengthen. At the end of Q2, aided brand awareness reached 36% across all our markets. That is a new high and an 8 percentage point increase year over year. While increasing brand recognition remains a strong driver of demand, the speed and convenience with which we deliver our vehicles to customers is equally important. Our average delivery time currently stands at just over 10 days and ensuring a seamless end-to-end delivery experience remains a top priority as it underpins our best-in-class customer journey. Zooming out a bit, We are very happy with the retail set of results for the last quarter. We kept growing slightly north of the high end of our long-term growth corridor, We realized that growth while keeping retail GPU almost flat year on year and quarter on quarter. We are happy with retail GPU, given that there have been a number of short-term headwinds to it. As laid out in the CME, every 10% of additional growth means a roughly 100 euro short-term headwind to unit economics, partially affecting GPU. Similar to Merchant, Q2 seasonality generally puts a small drag onto margins created by an accumulation of holidays during Q2. Macro continued to have a limited but controlled impact on retail GPU and Q2. Our results could have been even better in a more stable environment. We invested into a number of initiatives over the course of H1. with the common goal of speeding up our retail trading and unlocking a bigger step up in retail GPUs going forward. These investments into those initiatives have been residing in a short-term GPU drag. We have completed the majority of those investments in H1 and hence are expecting a sequential GPU increase for retail in H2 combined with higher capital efficiency, again already visible today, and significantly reduced inventory levels. We expect to grow inventory from its new base today in line with future unit growth rates. With retail GPU being flat year-on-year, the €170 improvement on adjusted EBITDA per unit is primarily driven by the €207 improvement of SG&A demonstrating operating leverage in retail for Q2. We continue to invest strongly into the Autohero brand with marketing cost per unit of €884 as we are laser focused on building a leading European used car brand. At the same time, our adjusted EBITDA loss per unit improved significantly from €436 last year to €266 in Q2. Now let me sum up with a short walkthrough of our vertical integration strategy, the basis for reaching our milestone and long-term segment targets. For more than a decade, we have invested in the leading vertically integrated pan-European user platform with one objective, maximizing value for everyone in this market. Our investments have focused on key areas, including our AI pricing technology, our unique logistics network, our dense drop-off and pickup network, Highly efficient production centers and comprehensive financing facilities. Together, these capabilities form the backbone of our vertically integrated business model. They shape how we think and how we make decisions at every level of the business. We apply our Value First strategy across all our segments, relentlessly focusing on the levers that create value for our customers. While we have executed this approach since day one, we're continuously sharpening our understanding of what our customers want and expect. In our business, value can take many forms. Higher selling prices, lower buying prices, reduced processing costs, greater selection and convenience, Highly motivated staff, increased trust, faster and more reliable delivery or competitive financing. It is this thinking applied at scale that underpins the ambitious long-term targets we have set. We're highly motivated to continue our journey of capturing the massive opportunity in the European youth car market as we progress towards 10% market share. Let me now hand over to Christian Wallentin, who will give you a detailed financial update.

Thank you, Christian, and hi, everyone. Q2 was another quarter of strong growth with further operating leverage in the business. The key message overall is that we saw volume, pricing, and cost discipline compounded into a strong 38% adjusted EBITDA growth year over year. We sold roughly 240,000 units, up 20% year on year. Revenue grew even faster than volume to 2.4 billion for the quarter, up 23%. Cross-profit was 281 million, up 21%, at a Group GPU of 1,174. Operating expenses were 222 million, that is 18% growth against 21% cross-profit growth. This demonstrates our disciplined cost management and the operating leverage of the business. Adjusted EBTA was 58.6 million, up 38% year-on-year, at a margin of 2.4%. That is 30 basis points better than Q2 last year and the strongest second quarter margin we have ever delivered. Overall, we pay very close attention to the capital deployed in our business and we have changed the presentation here so that you can separate total assets from the parts we fund ourselves. Starting with how we think about these facilities. We view our ABS structures across inventory, consumer finance and merchant finance as evergreen working capital financing. We grow them with the asset base and reduce them only when the assets reduce. This quarter, the inventory closed at 803 million. Given the improvement in trading speed that Christian described, we reduced total inventory by 252 million, or 24%, and we reduced the linked inventory ABS drawings by 225 million as a consequence. This means that we funded only 111 million of 803 million of inventory ourselves, leading to cash release in the quarter. Consumer finance, total assets grew to 700 million, of which 576 million was externally funded. Both the ABS funded portion and our own portion increased. Our own funding was 124 million. I want to flag one point of timing here. With the closing of Finance03 imminent at quarter end, there was no reason to optimize ABS consumer funding in the final days of June. For merchant finance, the portfolio reduced slightly to 317 million, of which 259 million was ABS funded. The reduction is mainly faster repayment by our merchant partners, which we read as a positive signal on the health of the dealer market. We optimized funding nonetheless, taking our own funded portion down to 58 million. Taken all together, we carried 1.8 billion of assets across the three pools and funded 84% of that externally and without recourse. This demonstrates our approach to utilizing our ABS structures as a key driver in keeping our business capital light and efficient as we continue to scale. We had no corporate debt during Q2. This page is our self-funded growth model working in practice. Capital Light, funded from the cash we generate, becoming more profitable as we scale. To be precise on what that means, the assets are largely funded externally, as I've just described. But the business funds itself is the growth from the cash we generate with no external funding raised. On the left-hand side, you can see that we generated 24 million of cash in the quarter, taking total cash to 676 million. On the right-hand side, we've outlined the out-of-one cash flow we use to assess business performance and cash flows. This is aligned with the view we've set out that the capital markets invent that we publish every quarter on our webpage. It shows the earnings generation of the business and our net investments into our three asset pools, inventory, consumer finance, and merchant finance. Under IFRS, the gross asset change sits in operating cash flow and separately, the ABS funding and financing cash flow. These facilities are working capital in character. The assets and the funding move together. So we manage them that way and we present them that way on this page. The bridge itself is straightforward. Adjusted EBTA contributed 59 million. Cash items below the adjusted EBTA line, for example, capital expenditure, tax and general working capital changes, were an outflow of 29 million. The changes across our three funded asset pools used 6 million net with inventory reduction releasing cash and the Consumer Loan Book absorbing it. That takes us to the 24 million of cash generated in the quarter. As I indicated earlier, the consumer finance outflow was a timing effect. It has unwound with the closing of Finance03 after the quarter close. In early July, we priced our third public ABS transaction, Finance03. The transaction backed by German and Austrian consumer car loans originated by Autohero was met with very strong demand. What makes this transaction particularly significant is the evolution of our structure. For the first time, we introduced a six tranche capital structure and we adopted vertical risk retention, which means holding 5% across every tranche and then refinancing the retention through a repo facility. The effect is that we now retain 1% effective cash contribution. At the Capital Markets event, we said vertical risk retention should take that to an average of 1-2% in our public AVS structures over time. Finance Hero lands at the bottom of that range, at the first issuance under this new structure. Now to full year guidance. The first half of the year has developed as we planned. Strong unit growth and cost discipline. On that basis, we're confirming our full year guidance across all metrics, We're targeting the top end of our ranges. We expect merchant units in the range of 815,000 to 865,000. For auto hero units, we expect 125,000 to 135,000 units. We therefore expect 940,000 to 1 million total units. We expect gross profit of 1.1 to 1.2 billion. Based on continuous strong SG&A management, we expect adjusted EBITDA of 250-275 million. In Merchant, we expect sequential improvements in GPU driven by faster trading speed, combined with unit growth at the top end of our 10-15% growth corridor for the second half of 2026. In Alto Hero, our focus for the remaining part of the year will be on continued growth and increased GPU levels, moving faster towards a milestone profitability target. During the second half, we're likely to see year-on-year growth for Vital in the 20-30% range of our long-term growth corridor. We have exercised strong cost discipline in the first half of 2026 and expect to continue to operate at current levels of SG&A per unit for the rest of the year. Putting these strong performance parameters together, we expect to complete the year towards the top end of the guidance ranges. To wrap up the presentation, Q2 was another port of strong growth, cost discipline and profitability. We also materially increased our trading speed. As outlined, we expected to come through in GPU increases in the second half of the year. Our vertically integrated business model continues to deliver a highly differentiated custom offering, driving operating leverage while steadily progressing towards our long-term targets. With that, I'd like to open up now for questions.

Before we begin the Q&A portion of today's call, I'd like to go over a few brief technical points. If you haven't already, please feel free to submit your question using the Q&A tool located at the bottom of your Zoom screen. Philippe will call on participant interns. Once your name is announced, I will unmute your line and hand the floor over to you. Kindly ensure your microphone is enabled and you are ready to speak when prompted.

Philippe, I think you are unmuted.

Philippe, over to you. Sorry, thank you. Sorry, but thank you for that. I was going to actually start with two questions from Jo Barnett-Lam at UBS, which she emailed to me, and then we'll go into the general Q&A session. So the first question is, clearly there's a trade-off between GPU and gross, but at the same time, the new inventory management system seems to be structurally set to aid GPU. At a given level of gross, how many euros on GPU is the new inventory management system worth versus the old?

Yeah, thank you for this question. I mean, as you outlined in this written question, Joe, I mean, it is a constant trade-off between the 20 to 40% gross quarter that we laid out and the GPU rate. Soren Lange, Lisa Langlois, Maria Shevtsova, Timo and many others. but yeah then we are expecting a faster track on the GPU going forward when having now reconfigured with the new trading system yeah so I think the important point is we're sticking also when we're looking at the and so on. While we are now concentrating on GPU improvements to create a good track towards the GPU milestone target that we outlined. The H2 reduction in growth where we're expecting 20-30% from the 40% does not mean that we are in any way stepping back from the growth corridor that we just outlined on the CME. So the 20-40% They stand for the years to come. We will be targeting the high end of that, but we will balance it versus the profitability improvement track because we want to create Auto Euro as a much more profitable business going forward. And overall, we can say that with respect to retail, everything is going according to plan.

Thank you, Christian. That actually also answered the second question, which was whether we could get back towards the upper half of that gross corridor in 2027. Yeah, totally.

I mean, totally. In order to, you know, in order to speed up the trading, we're invested into a number of these initiatives, one being the new trading algorithm that we're rolling out. We're rolling that out, obviously, you know, not from zero to 100% day on day, right? Like we're phasing it in. We're seeing, we're managing, we're tracking it carefully that it does exactly what it does. And that's why there's a certain transition time. The first effect that you will see is lower inventory. This is what we're seeing right now. The second effect that we'll see is faster turn speeds that are then ultimately realizing higher GPUs. And this is something that we are expecting to see for Q3. and so far I can only say that the start of Q3 has been good.

Good, great. So with that then I think we have a few questions from Markus Diebel at JP Morgan.

Hi everyone. If you can just go back to the inventory. Christian, I understand obviously there are a lot of improvements, but is that really the story of a 24% decline in the inventory? If you can just elaborate a little bit more and maybe help us to understand whether we are now at a sort of like stabilizing level going into Q3? Yeah. That would be helpful maybe related to this. You obviously put out the slide 18, which is very helpful. The Auto One funded inventory went from 138 to 111. Is that then just slightly the working capital effect on inventory? Just to understand that better. And then next to inventory, a second question. Obviously, you spend more on marketing, which clearly is fine. But some data suggests that paid search is getting much more in focus over organic search. A, is that right? Would you say that you focus a lot more on this and the share of paid search goes up in the mix? No. And if so, why is that the case, given that you obviously spend more and more on brand advertising, TV adverts and so on? Thank you.

Yeah, no, I think very good question. Thank you, Markus. So yeah, on the inventory, I think we covered a lot of the auto hero dynamics with respect to GPU. From the inventory, we have now, I think, very much seen the low point of the inventory. And from here on, we're expecting it to grow in line with the unit growth levels. So yeah, in that sense, I think the best assumption is to assume a linear growth from here, where we build it up. So the system that we have now carefully rolled out over the course of H1 changes the mix and the profitability and the The incoming profitability of the cars in different clusters that we are buying. In that sense, it's very much effective on selection and it requires faster turn speeds. And we are seeing that effect. Very, very good effect in my point of view. On the absolute inventory, but you can now then assume going forward that we will grow this in line with units slash revenue. Does this answer your question or do you have any?

Yeah, yeah.

So low point inventory, yeah.

Okay.

I would, yeah, yeah, yeah. That's how we think about it. And then Christian on the slide 18.

Yep, no, we do think about this as working capital of the business. So The inventory, when it shrinks, then it releases cash. Normally, clearly, going forward, we will expect to invest the margin on this, so the net funded based on this. And clearly, we have a large facility to support that growth when we reset the trading speeds.

Yeah, just to understand, obviously, lower inventory obviously means cash inflow, but it would be just on the 138 minus 111. So just a smaller effect, just to understand that.

Yes, there's some allowances in there as well. So it's not all cash. So there's slight deviation between cash and the balance sheet items as well.

Okay.

Markus, you're right. So the Delta is like we funded 138 million in Q1 and now this number stands at 111. So the Delta is what we have received as cash, Philip, correct?

Yeah. I mean, just subject to your question, Seth, there's obviously always some allowance movements which already are in the P&L, which are reflected in the adjusted EBITDA portion of the cash flow. and then not in the net funding position, but that's kind of at the end.

So they couldn't fully reconcile.

Okay. It's because some of those allowances flow through about the adjusted EBITDA line already in that cash flow chart.

Okay. Yeah. And then just on search.

On marketing. So, I mean, our primary focus is brand marketing, as you correctly stated. So there might be deviations depending on what type of data that you look at between the level of paid versus organic that we get. but generally brand is the more valuable traffic and that's what we focus on. Over the summer period you could see a relative weakening of the share of brand because a lot of People with higher net worth and income, they're on holiday. And that's potentially what drives this effect. But this is nothing that you need to worry about. So also in marketing, we're actually quite happy. We're still investing strongly. But we think the goal that we're investing to is a multitude in terms of return versus the amount of funding that we're putting down here.

Okay. Thank you.

Thanks, Marcus. And with that, Andrew Ross from Barclays.

Hey, guys. You'll be pleased to hear I've got more questions about inventory turn. The first one is, I guess, to follow up on Joe's. Soren Lange, Maria Shevtsova, Timo The second question is to narrow down your expectations for retail growth of 20 to 30 in H2 and to talk about Q3 specifically where I guess you have some visibility at this point because you know how much you sold in July and you know how much inventory you sit on in terms of the rest of the quarter. So should we think about Soren Lange, Timo And now you're at a point where you're going to be below the midpoint of your midterm growth corridor in H2. And I guess the question is why you've done that and why you weren't able to transition the trading platforms and keep growth in the midpoint or above. Thanks.

Yeah, thank you, Andrew. So you're asking specifically about the number of days that inventory turns now fast and if I can give you that number. And the answer is that I cannot give you that number. But what I can give you is that the fresh cohorts that we're sourcing with the new system, that they're turning substantially faster. Now we're ramping up volumes. And yeah, the level of... The level of speed increase has slightly exceeded our own expectations. So we're actually really happy how we started Q3. But sorry, I cannot quantify the exact days. Obviously, we have that and we're looking at that. But we're looking at it in various ways. If we look at the trajectory of retail units going forward, and that's I think also your final question here, yes, this absolutely was a conscious decision. As we outlined also in the first call of the year, we continuously balance between the profitability and the growth that we see in Autohero. and what is important for us is that we're staying within the corridor that we outlined while we are then seeing GPU progress further. Otihiro is not yet a profitable business right and so from time to time we will push more on the growth rates within the corridor or more on the GPU side because they are in that sense antagonistic to each other but For H2, we absolutely are convinced that this is the right decision because we want to unlock this GPU track towards the milestone target that we laid out of 3300+. We are aiming at a stronger step up there. and that does not mean again that we in any way step back from the 20 to 40 percent growth corridor that we laid out in the CME for the years to come so you can count on that growth corridor and yeah pretty much it's the GPU the GPU is the reason why we're doing this.

If I could just press you on some more detail on Q3 and your expectations for now, are you thinking closer to 20 or closer to 30% year-on-year growth for retail units?

So I think implied in our guidance, right, in the commentary that Christian said is an implied number for the H2 or to Euro units. And we think that the year-on-year growth rate for Q3 will be lower than in Q4.

That's helpful. Thank you.

Thank you, Andrew. And with that, over to James Tate from Goldman Sachs.

Hi, everyone. Thank you. Good afternoon. Got a couple more questions. I guess firstly, could you just help unpack the impact to GPUs from the reduction in inventory through Q2? Could you help us understand the scale of the negative impact and some of the moving parts there? and I guess secondly just following up you mentioned that AutoHoo units growth could re-accelerate in 2027 does that require another step up in marketing per unit to deliver that re-acceleration and I guess strategically based on your current planning are you targeting an acceleration from that mid-20s growth implied for H2? Thank you.

Yeah. And James, let me understand like your first question in detail. So when you're saying like, what's the negative impact from the, from the GPU on, you know, you mean on, you know, on full profitability or like how should I understand this exactly?

So I think my understanding is the reduction in inventory through Q2 was a headwind to GPUs across Autohero and Merchant. So just understanding sort of the scale of the negative impact from the inventory change in the quarter. Which is another way of asking, like, what could it have been?

I mean, look, I think we've, in Merchant, I think the high point of the GPUs that we reached was Q1 25%. If I'm not mistaken, Philip, correct me if I'm wrong, but which was, I think, at around the 990 or 991 level. 991. Yeah, I think this was kind of the best results that we have ever seen. And yeah, I think somewhere, somewhere, yeah, between where we have been. Yeah, so this is maybe an indication of, you know, potential. However, if we look at what you guys are in, Soren Lange, Maria Shevtsova, Timo and I think we will not see the full potential unfold in Q3, but we'll see some of that potential unfold and then we'll see a continued track going forward. And if we talk about marketing cost per unit, then yeah, to achieve higher levels of growth, we would not assume that we need to spend more than what we're currently spending per unit. Yeah, we would know this is like a decent amount of investment per unit. And this will also be good for higher growth in 2027.

Okay, thank you.

And thanks, James. And with that, over to Nisla Naisa from Deutsche Bank.

Great, thank you. I guess I have three more questions. There's a lot of talk about the new inventory management system, Christian, but could you maybe tell us what changed from the previous trading system to now? Like what are you doing differently to see the benefits that you then expect in H2? That would be question one. And question two is, could you remind us what happened to the underlying used car market in Europe? Because one of the questions we get is, you know, how is Auto One growing so fast? And, you know, is it really them taking market share? So maybe could you give us some colour as to what's happening to the underlying market and how you've been able to gain that share? And the third question is on merchant marketing per unit, which was up around 8% while total SG&A was down 4%. Could you remind us what's driving the merchant marketing cost per unit and would it stay at these sort of levels or is there any opportunity to bring it down further on a per unit basis going forward? Thank you.

Yes. Thank you, Nisla. Very good questions. So, yeah, what exactly does a new trading system The amount of cars that we're getting offered. We're getting a substantial amount of cars offered to buy every single day. This is a substantial volume. Our system can choose what prices to offer and how much margin each of those cars is making. And then we can also look at how many cars of a certain type do we think are optimal for filling the demand that we see on this car and the profitability of that cluster. And yeah, this is an algorithmic trading system and we're continuously optimizing that system with the goal. You can think of it like a software algorithm or like an AI algorithm. and so on. Margin requirements and it shifts prices and it changes the speed requirements on certain price clusters in a better way than the one that we have running. and obviously we are only changing because I mean this is a 10 billion euro business we're obviously changing that only slowly to balance out to balance the opportunity versus the risk of errors and this is what we have done over the course of H1 and which is now pretty much complete and we're very happy with how it goes and now After we completed H1, we can say that everything went exactly according to plan. The used car market in general is in a stable to slight decline depending on the market. I think this is where we are at so it's not that in these growth numbers we're getting any tailwind from the market growth at the moment the market growth at the moment is impacted by the high fuel prices and also by electric adoption and uncertainty do I buy this generation of electric vehicle or do I wait for the next one and We are absolutely taking market share, probably one of the strongest market share gains, also in the last quarter with respect to the total used car market numbers. So we continue to gain in market share. We're only given an annual update on the market share because only at the end of the year, all of these countries that we're working in have finalized the numbers. and on marketing per unit on the merchant side is why does it go up a little bit? I mean, when we're going to create the next level of growth in brand marketing and also performance for merchant, which is the marketing for our B2B buying brands mostly, then we are always tapping And then we are reading that performance data and then we're optimizing on that. And that is like a progress where on some of the initiatives you will only see clearly six weeks after investing or eight weeks after investing, then you still need to consider the macro. So in other words, the 147 euro, which is a little bit up, Q2 versus Q2 25, It's something that is a totally normal course of business while we build the next level of supply growth. It has definitely a couple of euros, maybe three, four euros in there with respect to macro because obviously some people, and that's also visible in the market, numbers are postponing their purchase of the next car or they wait. And if you look at 147 euro, then yes, it's an increase year on year, but it's just 7 euro of the high end of the long-term target that we think is a steady state target. Obviously, there's some upside on the low end with 110 euro, but also in C2B marketing, we're actually very happy with the progress we made in Q2.

Very helpful. Thank you.

Thank you, Nisla. Thank you, Christian and Kristina. I think that brings us also to the end of the Q&A. I mean, otherwise, I think a lot of you have calls booked. Otherwise, obviously, post-August, we will be in London at the DB Communications and TMT Conference. We will then be at the Goldman Sachs Communicopia Conference and then Christian Bertermann will actually be in Munich for the large conference there at the end of September. So hopefully see you all around and have a good summer if I don't speak to you later today.

Thank you so much, everyone. And thank you for your interest in Audubon Group. Take care. Thank you, everyone.