Good afternoon, I would like to welcome you to the Modivo Platform conference to sum up the financial results for Q2 2026. Before we go on, I would encourage you to pose questions in the chat function window.

We'll respond to those questions in the latter half of today's meeting. Let's kick off with the results achieved in Q2.

As in previous quarter, we'll begin the presentation in a non-standard fashion, because on the first slide we're going to show the results of the group. We're utilizing the adjusted EBITDA to show how we see the actual condition of our core comparable business.

As you can see, the EBITDA result is slightly up year-on-year. We give a relatively good assessment of that, having in mind the expansion pace.

Of course, our ambitions were higher. The driving forces, CCC and HalfPrice brands, are steadfastly delivering high results EBITDA in issuers and this new stores are paying back very quickly.

This result, having in mind the nominal sales, means that we have a stable EBITDA margin year-on-year. Let's remind ourselves how we've arrived at these figures.

Just as in the previous quarter, we'll begin by cleaning up both quarters from those factors that are beyond our control, especially FX differences. Last year they improved our results; this year they softened our results.

On top of that, to have an objective comparison, we'll extract Worldbox results, cuz one year ago we didn't have the consolidation of Worldbox results. We're also getting rid of the wholesale transactions.

In that way, we can make a well-justified assessment of how healthy our business is. We'll talk about Worldbox results a little bit later in the presentation.

What then is the condition of our core business? We have a record-breaking level of sales.

For the first time in the history of the company, we've exceeded the watermark of 3 billion zlotys. This is just another one of our stages in our growth strategy.

Every subsequent quarter should be record-breaking. The nominal revenue has grown by 3%, but if we look at the comparable business, it's much higher.

It's more than 20%, let me remind you, up. We have added wholesale sales, which we decided to discontinue for a number of reasons because a totally different delivery schedule, which means that we have to make inventory available more quickly.

We've focused on organic sales in our own channels and focusing on developing our own off-price network. That's why the best metric is the like-for-like metric, which has a high double-digit growth.

We score this very highly, having in mind the high pace of expansion. HalfPrice has grown very substantially, and it's growing faster than the pace of expanding stores.

We also have a strategic change in the model that we're undergoing at present. We're changing the product portfolio, and so generating, of course, the traffic, and so this is improving the gross margin.

It's also reducing the amount of cost that we have to bear for payable traffic. Certainly HalfPrice deserves to be singled out here.

HalfPrice had a like-for-like sales performance of 23%. This is very good result, and this reflects our ambitions for the further development of this concept.

HalfPrice is very resistant to cannibalization even though it has a high pace of expansion. We haven't been affected negatively by the high base from last year.

This is a very good sales concept with a well-defined offering, and customers happily visit it, and they happily come back and visit the store again. The results of this line of business clearly emphasize that it's worthwhile to continue developing that HalfPrice model, and also it's true of the ShockPrice, the younger brother.

Next year, we believe that off-price will outpace CCC brand, and it'll be the top sales channel. This will be a major change in the group.

In terms of like-for-like, the CCC brand has shown itself to be a good-performing brand, and so 4% like-for-like as it continues to develop. CCC has defended itself well in terms of its high base from last year, especially in May and July.

Now let's look at the gross margin. At the level of the group, for once again, we've improved the margin clearly.

This is a result of the steadfast development of licensed products across all of the brands. The share of licenses has grown by 22%.

It's increased by 14 percentage points, and margin has improved by nearly 3 percentage points. Combining this with the information about the growth in the sales pace, this is the best evidence that the HalfPrice offering is developing in the right direction, and it's been welcomed by the customers.

The reception has been very good. In Modivo.com, in terms of margin growing by leaps and bounds means that we've been able to do that by changing the portfolio, and we have higher percentages of licensed brands and getting rid of partner brands.

We've been able to improve the margin by nearly 5 percentage points, and it's now at an unparalleled level of nearly 46%, not seen amongst the market competitors. I would like to mention to you the segmentation within our brands that we've talked about for a while.

We're starting with the upcoming collection in the autumn. Segmentation means that our customers will be able to distinguish between the products depending on the price points.

Modivo will be the primary beneficiary of this project. The changes in the gross margin in CCC is a result of optimization efforts for the inventories.

Having in mind the statements, we've reduced the inventory, the stock levels, by 16% year-on-year, and if you compare that to square meters, that's a decrease of some 23%. That means in upcoming seasons we're going to have a much healthier stock or inventory mix, and it will not exert any pressure on the gross margin.

Now let's take a look at the costs. The cost base in the group and in individual lines of business is directly linked to the development of store space.

The cost growth is much slower than the growth in the number of meters that we're selling in. The revenue growth is higher than the cost growth, which means we have operating leverage expanding.

This is a difference of 1% and 3%. Modivo.com is continuing its disciplined approach to e-commerce, and so costs have fallen in e-commerce by 11% year-on-year.

That's because performance marketing spend has dropped by 24%, much more effective. We're able to generate traffic in our sales channels and utilizing organic sources of traffic, and we are utilizing the Modivo Club Gold to a much greater extent.

Of course, the brick-and-mortar stores in the new format, e-footwear, they've grown by 50%. We very strongly believe in this format, which will gain quite a bit thanks to this segmentation and the image marketing that we're going to be doing.

Modivo.com in Q2, for the first time in a long time, has been able to do a large marketing campaign, which is a one-off campaign, it's not something that's comparable year-on-year. Costs in total would be lower by roughly 5% if we were to disregard that campaign.

This was for our own brands available in all of our brands. How has this affected the results of individual lines of business?

Here, as I've shown you previously, we use adjusted EBITDA, which eliminates the FX impact. HalfPrice results, which is the driving force of our strategic growth, which has doubled its EBITDA year-on-year, it's nearly twice the level of revenue, and so profitability has improved a lot, which has grown by some 4 percentage points.

If we look at CCC, once again, it has the same level of EBITDA as last year. It has a very robust EBITDA in the high double digits.

It would be much better had we not used promotions, which reduced the gross margins. As I've already said, our priority in Q2 was to clean up inventory in CCC.

Modivo.com is reducing its reported result year-on-year. Here we would highlight the impact of the cost item linked to the image campaign for own brands.

The impact will be spread over time, and other sales brands will benefit from that. Were we to disregard that, the result of Modivo.com would be higher year-on-year, and the adjusted EBITDA would be around 9%.

As of Q1 2026, we've changed basically the definition of our reporting segments. As the beginning of this year, we have the three major lines of business.

We're talking about omnichannel sales as the result. The other channels are shown within the other segments.

In the later portion of the presentation, we'll talk about Worldbox. Now let's take a quick look at inventories or stocks and the three major lines of business: CCC, HalfPrice, Modivo.com.

They were down by 3% year-on-year after taking into consideration new lines. They only grew a little bit with 36% increase for the amount of sales space.

That's an increase of 16% year-on-year. We've optimized inventory.

We've brought that down, optimized it by 300 million zlotys. That means that the decline per square meter is some 23%.

In upcoming seasons, we have a very healthy inventory structure or stock mix, which will not exert any pressure on the gross margin. We want to emphasize, at the same time, that we haven't said our last word here.

We want to continue to bring down inventory. Over the next two, three quarters, we want to bring it down by the same nominal amount.

We can see the work that's been done on the product portfolio, and above all, we've been reducing the number of partnership brands in our offering, and we're focusing on the most profitable brands. We emphasize that the inventory is down, in terms of value, by nearly 300 million, it's down also by quarter-on-quarter, despite the fact that we've had to buy stock for the new collection.

We have some 50% more in terms of e-footwear stores, we here see the ability to reduce our inventories. HalfPrice has increased the level of inventory as it's expanded the number of stores.

Let me mention that we also have the inventory, which means that ShockPrice has to have stores, and we're going to start those stores of ShockPrice in August of this year, they haven't started generating sales. If we compare that on a per square meter basis, we believe that it's at the optimum level.

If we look at the plan for the development of off-price this year, and this is where that inventory will be utilized, as we've emphasized, in next years off-price will be the driving force behind the growth of the group. In the latter half of this year, off-price will grow by some 30%, and CCC is growing much slower at only 6%, and so we're taking a more selective approach here in terms of making that network more dense.

In off-price, it's going to be bigger as a business than CCC. This is a major change in the group.

We can say boldly that we're a large off-place player, and next year it's going to be the largest sales segment within the group in 2027. So 85%, 90% of new sales area will be linked to off-price.

This is our direction of growth. We very strongly believe in that area of the business, the results which clearly warrant that approach.

Let's go ahead and take a look at Worldbox at this time. As you recall from the previous conference, we stifled Worldbox growth plans until we could verify our assumptions, our targets.

First, we wanted to show you that we're able to increase the share of licensed brands, and we're going to be able to improve its gross margin as a result. We are clearly achieving that target versus Q1.

We've been able to double the gross margin, and that means we've been able to improve the result of that line of business. Sales were higher than expected, even though the number of new stores was down.

Of course, sales per square meter is far from our target approach, but it's increasing the return on sales. Let me say this is being done without any dedicated marketing, which will be justified once the product offering of Worldbox reaches the optimal level where we have licensed brands representing 80% of total sales.

First half of this year has shown how quickly we're able to improve the profitability of Worldbox stores. As you can see on the graph on the left, over the first half of the year, some 93% 93% of Worldbox stores operating more than 12 months have basically a store-level EBITDA profitability that's in the black.

We've been able to improve the EBITDA over this period, and so these two graphs show how important it is to have licensed brands and to increase the share of licensed brands in the offering and in sales. We'll have another opportunity to increase the share of licensed products in Q3 of 2026, when we'll have the autumn and winter collection for 2026.

This will be the next opportunity to do that. We assume that by the end of the year, the share of licensed brands will be some 70%, and the gross margin should improve by another 10 percentage points.

That means, having in mind that we will continue to ramp up sales, we'll have break-even achieved, and by the end of the year it will start making a positive contribution to the group. We're changing a conservative approach to Worldbox, we have a limited number of stores, but later we'll make the decision about what's the suitable pace of growth for this format in the future.

Let's summarize the key information from today's presentation. In Q2 2026, for the first time in history, we've been able to surpass the watermark of 3 billion in sales.

We have dynamic sales growth like-for-like of 13%, wherein HalfPrice we had a record-breaking level of 23%. For once again, we've been able to improve our gross margin.

At the same time, we've conservatively managed our cost base. We've been able to reduce inventories per square meter.

We can say this was another quarter in which we've been pursuing the strategic assumptions of the group on a steadfast basis. Thank you very much.

We're going to come back for the Q&A session after a short break. Welcome, ladies and gentlemen.

We're going to kick off the Q&A session. Let's begin with the first question.

Are you worried by the current situation of the company, Modivo, on the Warsaw Stock Exchange? It's discouraging investors where we have a low trading volume of shares.

I wouldn't like to give commentary on the share price. In my opinion, the company is undervalued, but that's not really the role of the management team.

What I can say, and to a large extent I've already said that I've talked about what's happening in the company, that we're acting to implement our plan on a steadfast basis to improve individual brands. We have a precise plan.

We're doing that on a consistent basis, steadfast basis, unwavering basis. As we've seen some of the results in CCC, we have consistent results.

We've reduced inventory. HalfPrice is improving its results in like-for-like, fast expansion, and we're improving gross margin in Worldbox, which still is not a major element of the group, but here we're improving results as well.

The company is doing a lot of things, and I'm convinced that in the near future this will have an impact on the share price. In terms of the anticipated expectations, when will we see the impact of the expanding store numbers in terms of EBITDA?

Here the priority is the growth of off-price. Year-on-year, it's the driving force behind expanding selling space, and this is profitable.

The stores have a quick payback period, over several months, up to 12, it doesn't erode the like-for-like performance, cuz these are outstanding results. We will observe that, we'll track that on an ongoing basis.

In terms of how the stores are being opened, as we see in HalfPrice, the growth we've seen in sales in this quarter year-on-year, this was above 50%, where the selling area is much lower than 50%, because HalfPrice is growing through two engines: like-for-like sales improvement, also the expansion in terms of opening new stores. Having in mind the current results, does the management team consider a change or an update to the strategy up to 2030?

No, we're not considering any changes. The strategic plans for 2030 are current.

We're in the process of pursuing them, implementing them. Of course, nothing is written in stone.

Of course, we do make some changes. We weigh things differently.

We move things. We see how quickly off-price is growing, we're doing more in that area.

We have tools to enable us to achieve our strategic targets for 2030. I can say that we uphold these plans, and we're taking steps, and the effects are showing that these plans are justified or warranted.

We have a question about Worldbox. Do you want to have an intense marketing campaign for this brand?

In terms of a marketing campaign for Worldbox and the other brands, a tool works well is the Modivo Gold Club, which is operating very well. The number of customers is growing.

It's topped 2 million watermark. Sales are growing extensively as a result of the good reception of the Modivo Gold Club.

These are the fundamental tools for promoting. We'll add, of course, some additional items, maybe some targeted campaigns, but I wouldn't assume that we're going to have a major price increase linked to marketing for Worldbox.

Where is the buyback for shares where the management board is warranted or authorized to do that? What is the level of share back share buyback?

I can't say anything new on top of what I've already said at the previous conference. The share buyback plan was accepted.

It's in valid for 2 years, and we have a lot of time for that. We're looking for the optimal moment in time to execute that task.

I think we've already responded to a portion of the next question during the presentation. That's why EBITDA has fallen year-on-year.

What part of that fall is a one-off, and to what extent is it a fixed element of the new cost model? It's not a fixed element of the new cost model that we've had a decline in EBITDA.

If we think about the decline, we explained where that came from. We had one-offs, like Worldbox not doing wholesale sales anymore.

Those are the most important factors. Then we had the one-off marketing campaign for Modivo, which has increased the image awareness of the stores at Modivo.

That's not something that will be recurring. What we've observed, these are one-offs, and all of the activities we've undertaken are there for enhancing our EBITDA, and not to shrink it.

What are the plans for your CapEx this year, and is it possible in terms of your expansion to actually curtail those plans? The planned CapEx, I think at the previous conference we talked about that we were talking about 700, 700+ million.

We would uphold that level. What's important here is that a big portion of that CapEx is financed through fit-out, and the priority in this CapEx is fast growth of off-price, which gives a payback, a very quick payback.

Some reductions in CapEx, some shifts have already been done. We've delayed a little bit the start of the next phase for constructing or building a warehouse for HalfPrice.

We're now finalizing the process of setting that up and implementing the project, the first phase of the warehouse HalfPrice 2.0. We want to extract the maximum amount of value in terms of its operating efficiency.

We wanted to begin quickly and smoothly with implementing the next phase. Having in mind the priority, which to improve the financing position and deleveraging, we decided to push that back in time until next year.

We've reduced the plans strongly in terms of expanding Worldbox. The priority here, again, we looked at that.

We performed work in terms of improving the profitability of that concept, certain decisive actions have been taken to reduce CapEx. We have that conviction that the CapEx which is to be incurred and has been incurred is the most top priority and will actually give a quick return.

What pace of growth in online sales is the management board expecting in 2027, and which foreign markets, international markets, have the greatest growth potential in terms of online? We treat online sales relatively opportunistically.

When we think I say we take an opportunistic viewpoint because our strategy assumes, above all, that we will develop the offline sales network, but the omnichannel strategy assumes that this is accompanied by presence in online. Online is not something that we're actively promoting and developing.

What's important in terms of online, we want that sales to be profitable. In the past, historically, we had some difficulties.

It was a challenge for us. The actions that we've taken, as you've seen today, in terms that are focusing on the product portfolio, this is increased the sales what's increased the profitability of sales in online.

What we can expect in the future, it's not so much that we're talking about a major growth. We assume rather stabilization year-on-year in terms of the level of online sales.

The activities we've taken and are taking are highly advanced, linked to tweaking that portfolio, will not lead to lower sales levels. We believe that spring/summer 2027 season will be the first season when we'll have flat sales or we'll start gradually growing year-on-year.

We won't anticipate spectacular growth driven by performance marketing. As we've said previously, the priority for us is the the priority for us is to develop offline, sorry, off-price.

What are the most important goals that you have for 2027? Do you want to improve your operating results, sales?

Above all, we want to grow EBITDA, and we can say they're obviously linked to one another: growth of EBITDA, growth of operating results, and they're the predominant factors. Of course, we want to continue to improve our cash flow position, we want to continue the deleveraging process.

As a result of our fast-paced expansion and other challenges that we faced in the past in terms of having excess amounts of inventory or stock, we want to reduce that leverage. The other efforts that we're undertaking in terms of extending the payment terms, optimizing purchases or procurement of products in terms of when inventory is in the warehouse, we've already achieved some results.

You see that in the result of Q2, and that's something that you'll see in the next two to three quarters to a greater extent. The improvement of the cash position, deleveraging, I would add that those are very important elements of the goals of the management team.

How comfortable is the company in terms of the banking covenants? The banking covenants are something that we monitor on an ongoing basis.

As I said previously, having in mind the rapid expansion and the temporary growth in inventories or stocks that we've seen, perhaps we were a little too liberal in terms of reverse factoring limits. Over the last two quarters, we've seen a higher leverage, and in a few cases we had to communicate with our banks and to obtain some waivers from banks in terms of getting some greater flexibility in terms of one ratio that was laid down in our banking agreement that was in terms of exposure.

We've reported on that and the current reports, it's not anything new that I'm disclosing here at this time. We've already talked about that.

The banks always have taken an understanding approach to our certain situation. We are in ongoing constant dialogue, and we're taking efforts to deliver results, deliver impacts.

The waivers were needed were received or granted when needed, and in some cases they were a little too prudent cuz we asked for a waiver with great advance notice, but then it turned out that we were able to achieve those targets as originally stated. As a public company listed on the stock exchange, we want to have a clear level of comfort when it comes to being compliant with the covenants.

We monitor the covenants, we manage the covenants, and for us the priority is to deleverage the company. That's something that's producing results and will continue to deliver additional fruit in Q3 and subsequent quarters.

We don't see any major risk factor for the company. We have another question.

How are your factoring limits changing? Have they been diminished quarter-on-quarter?

No, they've not been limited quarter-on-quarter. Some of the factoring limits, we have an ability to freely manage them.

In terms of allocation, it could be factoring, is it a guarantee, is it a loan, like an overdraft facility? Depending on our needs, we make some shifts or adjustments there, but there's been no reduction.

Moreover, I would say in the middle of July, as we informed, the overdraft limit was extended for another year at the same level as in the past. I'll combine two questions from two different people.

I'll combine that question. What are the development plans for brick-and-mortar stores for CCC, and do you plan to optimize the number of CCC brick-and-mortar stores?

When it comes to optimizing the number of stores, we can say that optimizing is always ongoing. At previous conferences, we've discussed that subject.

We look at the results of individual stores, and we have the parameter which is the EBITDA per store, the profitability of every store. We don't have a situation in which we have stores that aren't profitable.

We don't have any stores that aren't profitable. We optimize them, or we close them if that happens.

That's very rare, cuz the expansion process fast, but it's based on market awareness, familiarity, and we have negotiations of the contracts we have in place. In most cases we have OCR cap about rents in most of the agreements.

These are some of the safety valves that we have to make sure that expansion is safe for us, and that applies to those segments that are in stores that are profitable. We have profitability.

In HalfPrice, we're developing that above all. In terms of CCC, we're much more selective in terms of growth.

We're just pumping up density in those markets where we're already present, where we already have a foothold, where we see some additional incremental potential. A very good market for us is Ukraine, Bulgaria, Serbia.

Those are markets where we already have a foothold, but the network wasn't so dense. Like-for-like is outstanding.

The results were generating are outstanding. A few spots in Poland, we're adding additional density for CCC, but that's only going to be 6%.

Our real focus is on off-price, and CCC is on a point-by-point basis. Then we have a product question.

How is the integration going for products in terms of Authentic Brands Group and licensed brands? In the latter half of this year in 2027, do you expect to expand the brand portfolio?

We're treating that on a selective basis. Let me remind you, in terms of licenses, we're not only working with ABG, we also work together with other licensors.

We take an overall view on that. We believe that the portfolio of brands we've developed addresses our needs.

We don't see a need to develop that broadly over a great expanse to add new brands, but on a point-by-point basis, in terms of the development of ShockPrice, some smaller brands on even better terms and conditions. I shouldn't say smaller brands, but if we can get better licensing conditions, we might add some things there for ShockPrice.

It won't be anything major in terms of the overall group. Rapid expansion in HalfPrice and ShockPrice, a little bit slower expansion in CCC, these are things that are helping us to discharge our obligations in terms of the minimum sales levels.

We don't have any challenges in this respect. In terms of integration of Modivo, this is something that's running very well.

We've identified or we've agreed a catalog or a product portfolio for Modivo. These are brands that are well received by customers, and the share of these brands is growing on a steady basis, and so it's more than 20%.

Why are the costs of the image campaign done in Q2 was allocated only to Modivo.com if this was also on own brands and other brands? The purpose was to increase the recognition or the brand recognition of Modivo in terms of the availability of brands in our brick-and-mortar stores in the e-footwear.

That's why the cost of this campaign was allocated to e-footwear, eobuwie, and therefore to Modivo, because it was about the presence of those brands in the brick-and-mortar stores of e-footwear. That was the direct purpose.

At the same time, we were promoting brands, and brands are also available in other brands across the group, other lines of business. This was expanding the overall position, but this was in the eobuwie stores, above all, e-footwear stores, above all.

What is the optimum stock per square meter in the CCC? How much time will you need to reach that level?

In terms of CCC, as we've said today, we see some potential to continue reducing inventory. Last quarter, we dropped that by roughly 300 million.

Over the next two, three quarters, we want to do a similar thing. In total, that would be a decline by the end of the year.

This would be a number in the teens, double-digit figure of decrease. We think we can reduce that inventory by a high double-digit figure in percentages.

This will be done over two, three quarters, I think safely by the end of Q1 of next year. Then we have a question about the brick-and-mortar stores of e-footwear.

What's their profitability? What are plans?

These stores, we believe in these stores strongly, and we're doing everything we can to make sure that the product offering includes branded products, own brands, and licensed brands. That's the major determining factor of the profitability.

The margin is growing clearly. What's demanded here, to improve things, we need to sell more per square meter, and so that improvement is underway, having in mind that marketing campaign that we discussed.

It's not sufficiently good. If you think about the CapEx that will give us the quickest payback, we give the priority to CapEx for off-price.

The e-footwear stores have to wait a little bit. They have to wait until they're able to deliver better results in terms of the EBITDA at store level.

The HalfPrice or the CCC results are much, much better. How is HalfPrice doing in southern European markets like in Spain, in Italy?

It's doing pretty well. If we look at Italy and Spain, the circumstances there are different.

In Italy, we have a much smaller group of stores, and we have franchise stores, but the results in Italy are very good. In Spain, we have very good results.

We have a higher number of stores, a higher store count, not all of the target locations. The attractive shopping malls, we're observing the results delivered by the Spanish market and smaller towns and communities.

In comparison to Italy, they're not as good as in Italy, but they clearly warrant further expansion, and we also see the results are improving from month to month on a consistent basis, and so it's a profitable market. During the previous conference, results conference, you mentioned that you have a plan to open 20 ShockPrice stores.

Now you say it's 43 for this year. Is at the expense of HalfPrice, or are these additional openings?

We're talking about the total pool of selling area. I think we said 300,000 square meters.

That's within the total pool. We won't exceed that total figure of 300,000.

Why is it growing? It's growing because HalfPrice continues to surprise us in a positive way, and we're convinced that in a very short period of time, we're going to be able to generate results, similar results as in ShockPrice, which will have an even more attractive products, and so this will lead to a much quicker turnover in days of products.

That's why we're picking up the pace for ShockPrice expansion. What about geographically?

Where have you defined your presence in the upcoming quarters, generally speaking? We want to develop off-price on those markets where we're already present.

ShockPrice will follow the footsteps of HalfPrice, but there may be some diversification in terms of where those stores are going to be located. HalfPrice in bigger stores and shopping malls, higher image.

ShockPrice will be in smaller towns and communities, and maybe plazas or parks as opposed to shopping malls. We want to be in those markets, on those same markets where we already have a foothold.

Of course, we're thinking about entering some other new markets on a one-by-one basis, case-by-case basis. It depends on negotiating very good conditions, but I think it's a little premature to give any notification about that subject.

Is the group currently talking with banks about refinancing or extending the loan? What are the goals of the group here?

We have a regular dialogue with the banks. Recently, we extended the factoring limit line.

We talk with the banks about many areas of opportunities for cooperation. That's how I would put it.

What's important to us from this financing structure, that would be consolidation of financing. At present, we have financing divided into two business units.

We have the CCC business unit, which is HalfPrice, Worldbox, and CCC, and then we have the Modivo business unit. That split is a bit of an operating challenge because of synergy growing.

For us, the priority would be to consolidate that. We'd like to do that consolidation when possible, on good conditions.

That's something that we're talking about. How that will materialize, that's something that we'll report to you on an ongoing basis.

How many members do we have in the Modivo Club Gold? Do people happily extend their membership?

We've already exceeded the 2 million customer member watermark. We see also people renewing their subscriptions or their memberships.

The activities that we take to inform customers of the benefits they generate or achieve, well, our activities have been effective, and so customers are renewing. The rule is that customers actually extend their memberships for the next period.

I think we've exhausted all of the questions we had. We responded to the bulk of the questions during the presentation or during the Q&A.

I'd like to thank you for your attention, and we'll invite you to join us for the next results conference, which will take place at the beginning of November.