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Thank you and welcome to this earnings call.

Let's jump right into a recap of Cedion Group. We consist of two different marketplaces, Cedion and Findic. Starting from left, we have 3 million active customers and 100 million annual visits. Ab Ab Ab Ab Ab Ab Ab Ab Ab So to give a high level summary of this quarter, we had a strong turnaround in the quarter, weak start, but the big inflection point came with a big tech investment that was released that we have been working for quite some time. Ab Ab Ab Ab Ab I was held back by non-recurring costs, mainly from or only from our one P business that now we're closed down in the last quarter and also our front loaded investments, mainly in brand marketing in the quarter. And our European giants kept up the pace and grew with the growth of the company as well. And now keep a share of total sales of 6%. Looking into our numbers, we start with our top line growth, GMB, 568 million SEK in the quarter and a 18% growth. So I'm going to pause here a little bit and double click on this number. We had a quite tough start. First of July, we added the EU tariffs of four euros of all goods coming outside EU into EU. That had a big dent on Fyndik's sales. throughout the quarter we worked intensively to turn this negative trend around and released one quite big thing that we have been working on for quite some time now and it's a product data service enriching and structuring all of our millions of data in a better way we are launching that in three steps the first step was to be able to identify copies of the same products where we have multiple product cards belonging to one product. Now we are able to showcase only one of those products and be able to expand that into our feeds into Google. And that enabled us to really expand our Google feeds, which is our main marketing channel. We did this by the end of August, and that really pushed the sales. And what happens when we're doing changes like this is, especially when it comes to Google, is that first we see an uptake on GMB. But we don't get the marketing efficiency instantly. That comes with a lagging effect. And this is what we see why GPAM is lower than last year. we didn't really pick up the profitability in the quarter, but it comes later on on this. We also have the one P non-recurring cost and we also have the front loaded brand marketing cost. We released our new brand marketing concept 21st of September. Loading 3.8 million SEC in costs, both production and media in the quarter, but obviously don't really getting the upside already yet in the quarter. Usually you talk about maybe a lagging effect of three to six months on big brand marketing investments. Definitely not nine days as in this quarter. This then trickled over to a weaker EBITDA, minus 5.4 million SEC. Adjusted for these non-recurring and front-loaded costs, it was, sorry, only adjusted for this 1P non-recurring cost, it was 1 million SEC in EBITDA. If we look into the quarterly performance now, we have four consecutive quarters with double-digit GMB growth. We're very happy with that. You can see that GPAM, our most important KPI, is though negative performance compared to last year. In this quarter, if we take away the 1P cost and the brand marketing cost, The comparable G-Pen basis shows 1% growth versus last year. But still, as I said, we have lagging effect, both from our Google feed expansion, but also from our brand marketing investments. Looking into the quarter, here you can see the weak start, especially for Fyndik, it was very weak. So Cedeon really carried the first two months of the quarter. And then we had this really strong increase in sales for both segments because we did this expansion both on Fyndik and Cedeon. And the first 20 days in October, you can see it carries over. We continue to have this strong growth. And looking into our giants, we continue to grow our giants. Since we had 32% growth in September, it was quite hard numbers to keep up with, but our giants did. So they kept up with that increased growth. Ab Ab Ab Ab Ab I know a lot of information, but let's focus on the middle part of this slide. We start with retail media. We are lagging a bit behind here. We still don't have any revenue. We are live on both segments. But we see that we need to continue to expand ad placement, expand ad placements on the site to make sure that we get more eyes on the retail media ads. This is being released now in the fourth quarter. So now we really see that we have revenue ahead of us. Ab Ab Ab Ab Only this year we have been able to move 130 merchants that previously didn't sell in markets outside Sweden into the other Nordic countries. And then brand marketing. I will in a bit talk a little bit more on that. But our brand consideration, which is our main KPI that we're showing here, continues to have a small decline compared to last year. And just a reminder, we launched 21st of September, so last week in the quarter. So obviously we didn't expect any effect in this quarter. And then last but not least, we have our tech and AI resource boost. We don't share any external KPIs, but we can show two quite big initiatives that we now have launched. The first is, as I mentioned before, the product data service that is released. The first step is now released where we can group duplicated products into one product that improves the customer experience and also obviously improves our marketing capabilities. We are now looking into expanding step two and three, where we can enrich the products with much better and structured data, colors, sizes, dimensions and such. Ab Ab Ab Ab The second part is that we now have a new internal search and we choose to go with Google. We have heard they are good at search and we have now implemented their Google AI commerce search. and we can already now see an improvement in commercial rate. And for us, the internal search is especially important. Having millions of products, you need a good internal search. So we see that this can really give a positive effect, even though we haven't enabled all features yet. And in the future, we see also a capability here to have Help me out.

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