LuxExperience BV (LUXE) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Mytheresa First Quarter of Fiscal Year 2025 Earnings Conference Call. (Operator Instructions) Today's call is being recorded, and we have allocated one hour for prepared remarks and Q&A.

您好，歡迎參加 Mytheresa 2025 財年第一季財報電話會議。（操作員說明）今天的通話正在錄音，我們分配了一小時用於準備發言和問答。

It is now my pleasure to introduce your host, Martin Beer, Mytheresa's Chief Financial Officer. Thank you, sir. You may begin.

現在我很高興向您介紹主持人，Mytheresa 的財務長 Martin Beer。謝謝您，先生。你可以開始了。

Thank you, operator, and welcome, everyone, to Mytheresa's Investor Conference Call for the first quarter of fiscal year 2025. With me today is our CEO, Michael Kliger.

謝謝業者，歡迎大家參加 Mytheresa 2025 財年第一季投資者電話會議。今天和我在一起的是我們的執行長 Michael Kliger。

Before we begin, we would like to remind you that our discussions today will include forward-looking statements. Any comments we make about expectations are forward-looking statements and are subject to risks and uncertainties, including the risks and uncertainties described in our Annual Report. Many factors could cause actual results to differ materially. We are under no duty to update forward-looking statements.

在開始之前，我們想提醒您，我們今天的討論將包括前瞻性陳述。我們對預期做出的任何評論均為前瞻性陳述，並受到風險和不確定性的影響，包括我們的年度報告中所述的風險和不確定性。許多因素可能導致實際結果有重大差異。我們沒有義務更新前瞻性陳述。

In addition, we will refer to certain financial measures not reported in accordance with IFRS on this call. You can find reconciliations of these non-IFRS financial measures in our earnings press release, which is available on our Investor Relations website at investors.mytheresa.com.

此外，我們將在本次電話會議中提及未根據 IFRS 報告的某些財務指標。您可以在我們的收益新聞稿中找到這些非 IFRS 財務指標的調節表，該新聞稿可在我們的投資者關係網站 Investors.mytheresa.com 上找到。

I will now turn the call over to Michael.

我現在將把電話轉給邁克爾。

Thank you, Martin. Also from my side, a very warm welcome to all of you, and thank you for joining our call. We will comment today on the results and performance of our first quarter of fiscal year 2025.

謝謝你，馬丁。我也非常熱烈地歡迎大家，並感謝您加入我們的電話會議。今天我們將評論 2025 財年第一季的業績和表現。

As you can imagine, we are very excited about the recently announced expected acquisition of YNAP. As explained in our investor call, this acquisition will allow us to create a global digital luxury platform across multiple highly distinguished storefronts. We believe we will be able to generate significant synergies in using a joint backbone. But most importantly, we will have an overall value proposition with the highest relevance for global luxury shoppers and brands.

正如您可以想像的那樣，我們對最近宣布的預計收購 YNAP 感到非常興奮。正如我們在投資者電話會議中所解釋的那樣，此次收購將使我們能夠創建一個跨多個高度傑出的店面的全球數位奢侈品平台。我們相信，透過使用聯合骨幹網，我們將能夠產生顯著的協同效應。但最重要的是，我們將擁有與全球奢侈品購物者和品牌具有最高相關性的整體價值主張。

We expect closing of the transaction in the first half of calendar year 2025. As we wait for the transaction to close, it is, of course, our sole focus to keep the strong momentum in our business and to continue to show that our business model and economic model deliver strong results despite ongoing macro headwinds.

我們預計交易將於 2025 年上半年完成。當然，在等待交易完成時，我們唯一關注的是保持業務的強勁勢頭，並繼續表明我們的商業模式和經濟模式在宏觀逆風持續存在的情況下仍能帶來強勁的業績。

We are, therefore, very pleased with our results in the first quarter of fiscal year 2025. With the strong revenue growth and positive adjusted EBITDA, we continued our very positive business momentum that we have seen since the third quarter of fiscal year 2024. We have solidified our leading position in a clearly consolidating sector and displayed our unique characteristic of profitable growth in the sector.

因此，我們對 2025 財年第一季的業績非常滿意。憑藉強勁的營收成長和積極的調整後 EBITDA，我們繼續保持自 2024 財年第三季以來非常積極的業務勢頭。我們鞏固了在明顯整合的行業中的領先地位，並展示了我們在該行業中盈利增長的獨特特徵。

We still see lower demand from aspirational customers and promotional intensity by competitors in the market, but we have also seen market conditions improve in recent months. We strongly believe that we will benefit from this trend over the next quarters over-proportionally. Our strong growth with top customers, our record high average order value, our improved gross margin and the excellent customer satisfaction scores all highlight the fundamental health of our business.

我們仍然看到有抱負的客戶的需求下降以及市場競爭對手的促銷力度，但我們也看到近​​幾個月市場狀況有所改善。我們堅信，我們將在接下來的幾季從這一趨勢中受益匪淺。我們與頂級客戶的強勁成長、創紀錄的平均訂單價值、毛利率的提高以及出色的客戶滿意度評分都凸顯了我們業務的基本健康狀況。

I wish to highlight today three key messages to you that make us stand out in the first quarter and demonstrate the strength of the Mytheresa business despite ongoing macro uncertainties. First, our unique focus on big spending wardrobe-building luxury shoppers drove again our profitable business with our top customers and the desire of luxury brands to partner with us. We built a community for true luxury enthusiasts and create desirability through unique physical experiences.

今天，我想向大家強調三個關鍵訊息，這些訊息使我們在第一季脫穎而出，並展示了 Mytheresa 業務的實力，儘管宏觀經濟持續存在不確定性。首先，我們對大手筆打造衣櫃的奢侈品購物者的獨特關注再次推動了我們與頂級客戶的盈利業務以及奢侈品牌與我們合作的願望。我們為真正的奢侈品愛好者建立了一個社區，並透過獨特的實體體驗創造吸引力。

Second, the strong relationships and support from our brand partners allowed us to feature once more many exclusive capsule collections and campaigns that drove our global business growth, particularly in the United States in the first quarter of fiscal year '25. Third, our very resilient and consistent business model allowed us to significantly improve many of our key performance indicators in the first quarter of fiscal year '25.

其次，我們品牌合作夥伴的牢固關係和支持使我們能夠再次推出許多獨家膠囊系列和活動，推動我們的全球業務成長，特別是在 25 財年第一季的美國業務。第三，我們非常有彈性且一致的業務模式使我們能夠在 25 財年第一季大幅提高許多關鍵績效指標。

Our recently published Positive Change Report for fiscal year '24 also showed our progress along our commitments to being a sustainable and socially responsible corporation. Top customer growth and loyalty, global presence and growth, as well as excellent operational performance continue to set us apart from other players in our sector.

我們最近發布的「24 財年積極變革報告」也顯示了我們在致力於成為永續發展和對社會負責的公司方面所取得的進展。頂級的客戶成長和忠誠度、全球影響力和成長以及出色的營運績效繼續使我們在行業中脫穎而出。

Let me now comment in more detail on these three messages. First, let's look how building a global community for luxury enthusiasts is driving our business. In the first quarter, our GMV with top customers grew by plus 18.8% compared to Q1 of fiscal year '24. This excellent growth was largely driven by an increase of the average spend per top customer in terms of GMV by plus 16.7% in Q1 fiscal year '25 versus Q1 fiscal year '24.

現在讓我更詳細地評論這三個消息。首先，讓我們看看為奢侈品愛好者建立一個全球社區如何推動我們的業務。第一季度，我們與頂級客戶的 GMV 與 24 財年第一季相比成長了 18.8%。這種出色的成長主要是由於 25 財年第一季與 24 財年第一季相比，每位頂級客戶的平均支出 (GMV) 成長了 16.7%。

In the United States, our business with our top customers even grew by an outstanding plus 40.9%. This was driven both by an increase in the top customer base of plus 20.6% in the first quarter as well as an increase of the average spend per top customer by plus 16.9% compared to the first quarter of fiscal year 2024. Our clear ambition is to build the strongest relationships with our top customers, and we, therefore, constantly engage with them.

在美國，我們與頂級客戶的業務甚至大幅成長了 40.9%。與 2024 財年第一季相比，第一季頂級客戶群成長了 20.6% 以上，且每位頂級客戶的平均支出成長了 16.9% 以上。我們的明確目標是與我們的頂級客戶建立最牢固的關係，因此我們不斷與他們互動。

In the first quarter, we hosted again various events for our top customers across the globe. Examples included Style Suites in London, Milan, Prague, New York, Singapore and Hong Kong. We also invited top customers to the Dolce & Gabbana Beach Clubs in Saint Tropez and Marbella over the summer. In collaboration with Bucherer, we hosted menswear events in Munich and New York. We also invited our top customers to bespoke fine jewelry events in Munich, Los Angeles and Shanghai.

第一季度，我們再次為全球頂級客戶舉辦了各種活動。例如倫敦、米蘭、布拉格、紐約、新加坡和香港的 Style Suites。夏季，我們也邀請頂級客戶前往聖特羅佩和馬貝拉的 Dolce & Gabbana 海灘俱樂部。我們與 Bucherer 合作，在慕尼黑和紐約舉辦了男裝活動。我們也邀請頂級客戶參加在慕尼黑、洛杉磯和上海舉行的高級珠寶訂製活動。

Finally, we partnered with Porsche to host top customers for a Porsche driving experience in Los Angeles. Please see our Investor Presentation for more details on our various top customer events. To fulfill our ambition to build a community for luxury enthusiasts through digital and physical experiences, we bring together our top customers for amazing truly money can't buy experiences. In the first quarter, we invited guests to an intimate dinner with designer Simone Rocha at the illustrious Claridge's in London, featuring a mesmerizing culinary installation by Laila Gohar. We hosted a supper club evening with the designer Gabriela Hearst at the iconic club Le Bristol After Dark in Paris to celebrate Paris Fashion Week.

最後，我們與保時捷合作，在洛杉磯接待頂級客戶，體驗保時捷駕駛體驗。請參閱我們的投資者介紹，以了解有關我們各種頂級客戶活動的更多詳細資訊。為了實現我們透過數位和實體體驗為奢侈品愛好者建立社群的雄心，我們將頂級客戶聚集在一起，提供真正金錢買不到的令人驚嘆的體驗。第一季度，我們邀請客人與設計師Simone Rocha 在倫敦著名的克拉里奇酒店(Claridge's) 共進親密晚宴，晚宴上還有萊拉·戈哈爾(Laila Gohar) 設計的令人著迷的烹飪裝置。我們與設計師 Gabriela Hearst 在巴黎標誌性的 Le Bristol After Dark 俱樂部舉辦了晚宴俱樂部晚會，慶祝巴黎時裝週。

We created an unforgettable two-day experience together with Tod's in Milan to celebrate the launch of exclusive styles from the Tod's Spring/Summer '25 womenswear collection. Over two days, our guests were invited to various unique moments, starting with a behind-the-scene tour at the prestigious Teatro alla Scala, then attending the wonderful ballet La dame aux camelias, followed by a dinner after the performance served actually inside the Scala. The next day, our guests participated in a private tour of Leonardo Da Vinci's Masterpiece The Last Supper, and we concluded with the lunch at the Palazzo Marino hosted by the Mayor of Milan.

我們與 Tod's 在米蘭共同打造了為期兩天的難忘體驗，慶祝 Tod's '25 春夏女裝系列獨家款式的推出。在兩天的時間裡，我們的客人被邀請參加各種獨特的時刻，首先是在著名的斯卡拉歌劇院進行幕後之旅，然後觀看精彩的芭蕾舞劇《茶花女》，最後在演出結束後在劇院內享用晚餐。第二天，我們的客人參加了達文西的傑作《最後的晚餐》的私人遊覽，最後我們在米蘭市長主辦的馬裡諾宮享用了午餐。

Another example for money can't buy experience was a two-day experience in collaboration with the famous bag brand Delvaux in Brussels, including a tour of the museum, a beautiful dinner hosted inside the workshop, a crafts workshop for our customers in the Delvaux atelier and a lunch on the terrace of the Delvaux flagship boutique.

另一個金錢買不到體驗的例子是與布魯塞爾著名箱包品牌Delvaux合作的為期兩天的體驗，包括參觀博物館、在車間內舉辦的精美晚宴、為我們在Delvaux的顧客舉辦的手工藝工作坊工作室並在Delvaux 旗艦精品店的露臺上享用午餐。

In the United States, which remains a key driver for our growth, we hosted an intimate cocktail at Kathy Hilton's Residence in Bel Air together with Designer Rebecca Vallance and Nicky Hilton to celebrate the launch of the Nicky Hilton for Rebecca Vallance Holiday Collection. Guests attending this event included Paris Hilton and Kris Jenner.

美國仍然是我們成長的關鍵驅動力，我們在貝萊爾凱西·希爾頓(Kathy Hilton) 住所與設計師麗貝卡·瓦蘭斯(Rebecca Vallance) 和尼基·希爾頓(Nicky Hilton) 共同舉辦了一場親密雞尾酒會，慶祝尼基希爾頓(Nicky Hilton) 麗貝卡瓦蘭斯(Rebecca Vallance) 假日系列的推出。出席本次活動的嘉賓包括帕麗斯希爾頓 (Paris Hilton) 和克里斯詹納 (Kris Jenner)。

In addition to providing our top customers memorable experiences, such events also create global brand awareness for Mytheresa through press and global social media amplification. Please see our investor presentation for more details on these unique money can't buy experiences.

除了為我們的頂級客戶提供難忘的體驗外，此類活動還透過媒體和全球社交媒體的宣傳提升 Mytheresa 的全球品牌知名度。請參閱我們的投資者演示，以了解有關這些金錢買不到的獨特體驗的更多詳細資訊。

Second, the first quarter saw again many high-impact campaigns and exclusive product launches that drove our global business with high-spending wardrobe building customers. We launched exclusive womenswear and menswear styles from Loewe and Moncler, only available at Mytheresa as well as the exclusive Chloe Evening Blue Capsule Collection for womenswear only available at Mytheresa.

其次，第一季再次出現了許多高影響力的活動和獨家產品發布，推動了我們與高消費衣櫃客戶的全球業務。我們推出了僅在 Mytheresa 發售的 Loewe 和 Moncler 獨家女裝和男裝款式，以及僅在 Mytheresa 發售的獨家 Chloe Evening Blue Capsule 系列女裝。

We were also exclusive prelaunch partner for the Blake Bag of the Row and for the womenswear Fall/Winter '24 runway collection of Gucci as well as the womenswear Fall/Winter '24 collections of Tod's, Etro, and Givenchy, providing Mytheresa customers exclusive first access to these new collection pieces. Please see our Investor Presentation for more details on our brand collaborations in the first quarter. Such unique offers drove the interest by wardrobe building big luxury spenders and thereby our strong topline in the first quarter of fiscal year 2025.

我們也是 Blake Bag of the Row 和 Gucci 24 秋冬女裝時裝秀系列以及 Tod's、Etro 和 Givenchy 24 秋冬女裝系列的獨家預發布合作夥伴，為 Mytheresa 客戶提供獨家首發訪問這些新的收藏品。請參閱我們的投資者介紹，以了解有關我們第一季品牌合作的更多詳細資訊。這些獨特的優惠激發了奢侈品消費大戶的興趣，從而推動了我們在 2025 財年第一季的強勁營收。

We grew our GMV by plus 6.3% compared to Q1 of fiscal year '24, being fully on track with our outlook for the full fiscal year 2025. In terms of net sales, we achieved a strong growth of plus 7.6% compared to Q1 of fiscal year '24. The United States continues to be a significant growth driver for our business. We saw double-digit growth with plus 13.6% in Q1 fiscal '25, and the US accounted for 20% of the GMV of our total business in the first quarter of fiscal year '25. This demonstrates that our highly curated selection of true luxury brands resonates very well with the big spending US luxury shoppers looking for multi-brand inspiration. In Europe, we also experienced a net sales growth with plus 9.8% in the first quarter compared to the first quarter of the previous year, while results in China and Asia continue to be impacted by ongoing macro headwinds and uncertainties.

與 24 財年第一季相比，我們的 GMV 成長了 6.3%，完全符合我們對 2025 財年的展望。就淨銷售額而言，與 24 財年第一季相比，我們實現了 7.6% 以上的強勁成長。美國仍然是我們業務的重要成長動力。我們在 25 財年第一季實現了兩位數成長，成長了 13.6%，美國市場在 25 財年第一季占我們總業務 GMV 的 20%。這表明我們精心挑選的真正奢侈品牌與尋求多品牌靈感的美國奢侈品消費者的大手筆產生了很好的共鳴。在歐洲，我們第一季的淨銷售額也比去年第一季成長了 9.8%，而中國和亞洲的業績持續受到持續的宏觀不利因素和不確定性的影響。

Third, in the first quarter of fiscal year 2025, we significantly improved our business performance, thanks to our very resilient and consistent business model. Martin will talk in a few minutes about the details of our bottom-line results for the first quarter, but let me provide you with some key operational highlights.

第三，在 2025 財年第一季度，由於我們非常有彈性且一致的業務模式，我們的業務績效顯著提高。馬丁將在幾分鐘內討論我們第一季淨利潤的詳細信息，但讓我為您提供一些關鍵的營運亮點。

We achieved excellent customer satisfaction measured by our internal Net Promoter Score that reached an outstanding 82.6% in Q1 fiscal year '25, demonstrating the consistent excellence of our customer service proposition. Our LTM average order value increased significantly by plus 9.1% to a new record high of EUR720 in Q1 fiscal year '25, demonstrating the success of our focus on selling high-end luxury products to top customers. Furthermore, our return rate decreased in the first quarter and our cost ratios also mostly improved. All these operational highlights underline the fundamental health of our business.

根據我們的內部淨推薦值衡量，我們取得了出色的客戶滿意度，在 25 財年第一季達到了 82.6%，這證明了我們始終如一的卓越客戶服務主張。25 財年第一季度，我們的 LTM 平均訂單價值大幅成長 9.1%，達到 720 歐元的新紀錄，這證明了我們專注於向頂級客戶銷售高端奢侈品的成功。此外，第一季我們的退貨率下降，成本率也大幅改善。所有這些營運亮點都凸顯了我們業務的基本健康狀況。

Another important update I wish to mention is that Mytheresa published its third Positive Change Report, highlighting the progress toward our defined ESG commitments in fiscal year '24. A notable achievement in this report is the strategic partnership with DHL for the GoGreen Plus initiative, financing the use of sustainable aviation fuel to reduce our CO2 emissions associated with shipments by more than 27,000 tonnes over five years.

我想提及的另一個重要更新是 Mytheresa 發布了第三份積極變革報告，強調了我們在 24 財年確定的 ESG 承諾方面取得的進展。本報告中的一項顯著成就是與 DHL 就 GoGreen Plus 計劃建立戰略合作夥伴關係，為可持續航空燃料的使用提供資金，以在五年內將我們與貨運相關的二氧化碳排放量減少超過 27,000 噸。

Further key highlights include the start of a partnership with EcoVadis to assess risks within our supply chain, achievement of a share of 59% women in leadership positions at Mytheresa, the successful training of more than 600 new joiners on our DE&I commitments and the extension of our partnership for reselling pre-loved items with Vestiaire Collective to all our customers in Europe, the UK and the US. Please see our Investor Presentation for more details on the Mytheresa Positive Change Report for fiscal year '24.

其他重要亮點包括開始與 EcoVadis 合作以評估我們供應鏈內的風險、Mytheresa 領導職位中女性比例達到 59%、成功對 600 多名新加入者進行關於我們 DE&I 承諾的培訓以及延長我們與Vestiaire Collective 合作，向歐洲、英國和美國的所有客戶轉售二手商品。請參閱我們的投資者演示文稿，以了解有關 24 財年 Mytheresa 積極變化報告的更多詳細資訊。

With all the above, it should come as no surprise that we are very pleased with our performance in the first quarter of fiscal year 2025. We see this quarter as further proof that our business can deliver profitable growth even under ongoing macro uncertainties due to the strength of our model and consistency of our execution.

綜上所述，我們對 2025 財年第一季的業績非常滿意也就不足為奇了。我們認為本季進一步證明，由於我們模型的優勢和執行的一致性，即使在持續的宏觀不確定性下，我們的業務也能實現獲利成長。

We clearly see ourselves as a winner in the consolidating luxury e-commerce space. We are extremely well-positioned to benefit from the tremendous growth prospects as market conditions continue to improve globally. The expected acquisition of YNAP will, of course, provide even more opportunities for profitable growth. All this and the results of the first quarter support our strong confidence in our medium-term growth trajectory and profitability targets.

我們清楚地認為自己是整合奢侈品電子商務領域的贏家。隨著全球市場狀況持續改善，我們處於有利位置，可以從巨大的成長前景中受益。當然，預期收購 YNAP 將為獲利成長提供更多機會。所有這些以及第一季的業績都支持了我們對中期成長軌跡和獲利目標的堅定信心。

And now I hand over to Martin to discuss the financial results in detail.

現在我請馬丁詳細討論財務結果。

Thank you, Michael. I'm also truly excited about our acquisition of YNAP, and we will provide a more in-depth view on the performance and our plans for the future after closing. I will, therefore, focus this call on the financial highlights of our first quarter of fiscal year '25 ended September 30, 2024.

謝謝你，麥可。我也對我們收購 YNAP 感到非常興奮，我們將在交易完成後提供有關業績和未來計劃的更深入的看法。因此，我將在本次電話會議中重點討論截至 2024 年 9 月 30 日的 25 財年第一季的財務亮點。

The first quarter showed a continuation of improved top and bottom line performance that we experienced in the course of fiscal year '24. Net sales growth was at plus 8% in the quarter, and we improved our profitability at adjusted EBITDA level by 200 basis points year-over-year. Main driver of this increase in profitability was 150 basis points higher gross profit margin. In contrast to the previous quarters and despite persisting uncertainties in the overall luxury market, we were able to not only stabilize the gross profit margin slippage, but to initiate the recovery.

第一季的營收和利潤表現延續了我們在 24 財年經歷的改善。本季淨銷售額成長超過 8%，調整後 EBITDA 水準的獲利能力較去年同期提高了 200 個基點。獲利能力成長的主要動力是毛利率提高了 150 個基點。與前幾季相比，儘管整個奢侈品市場仍然存在不確定性，但我們不僅能夠穩定毛利率的下滑，而且能夠啟動復甦。

In addition, we successfully continued to rebalance inventory levels with sales volumes with a decrease of inventory by minus 3.6% year-over-year. We have now already reached our target inventory levels in relation to top line performance. We are fully on course with our performance improvements in our flexible and robust business model and will continue our track record of strong and profitable top line growth.

此外，我們成功地繼續重新平衡庫存水準與銷量，庫存較去年同期下降-3.6%。我們現在已經達到了與營收績效相關的目標庫存水準。我們完全按照靈活且穩健的業務模式實現績效改進，並將繼續保持強勁且有利可圖的營收成長記錄。

I will now review the financial results for the first quarter of fiscal year '25 ended September 30, 2024, in more detail and give additional color on certain key developments affecting our performance. Unless otherwise stated, all numbers refer to euro.

我現在將更詳細地回顧截至 2024 年 9 月 30 日的 25 財年第一季的財務業績，並對影響我們業績的某些關鍵發展提供更多說明。除非另有說明，否則所有數字均指歐元。

In Q1 of fiscal year '25, running from July to September, net sales increased by EUR14.2 million to EUR201.7 million, a plus 7.6% increase year-over-year. On a two-year basis, net sales increased by 15.1% and plus 28% on a three-year basis. GMV increased by plus 6.3% or EUR12.8 million to EUR216.6 million as compared to EUR203.8 million in the prior year quarter.

在 25 財年第一季（從 7 月到 9 月），淨銷售額增加了 1,420 萬歐元，達到 2.017 億歐元，年成長 7.6%。兩年淨銷售額成長 15.1%，三年成長 28%。GMV 較去年同期的 2.038 億歐元成長 6.3%，即 1,280 萬歐元，達到 2.166 億歐元。

We continue to attract and retain the best customer cohorts in the industry. GMV for all customers increased by plus 13.5% during the first quarter and GMV per top customer increased by plus 16.7%. Our AOV LTM now stands at EUR720, an increase of 9.1% or in absolute terms, plus EUR60 per package shipped compared to the prior year period. This increase adds to our track record of continuously expanding our AOV and thus improving our unit economics. It also demonstrates our successful focus on full price selling at the very high end of true luxury.

我們持續吸引並留住業內最優秀的客戶群。第一季所有客戶的 GMV 成長了 13.5%，每位頂級客戶的 GMV 成長了 16.7%。我們的 AOV LTM 目前為 720 歐元，絕對值成長了 9.1%，與去年同期相比，每個運輸包裹的價格增加了 60 歐元。這一增長增加了我們不斷擴大 AOV 的記錄，從而提高了我們的單位經濟效益。它還表明我們成功地專注於真正高端奢侈品的全價銷售。

We continue to manifest our leadership position in all regions of the world, especially in our core markets, Europe, the US, and Middle East. The US showed again strong revenue growth at plus 13.6% and the number of top customers grew by plus 21%. In the first quarter of fiscal year '25, gross profit increased by 11.5% to EUR88.6 million as compared to EUR79.5 million in Q1 of the preceding fiscal year. The gross margin stood at 43.9%, an increase of 150 basis points as compared to the prior year period.

我們繼續在世界各個地區展現我們的領導地位，特別是在我們的核心市場，歐洲、美國和中東。美國再次表現出強勁的收入成長，成長了 13.6%，頂級客戶數量成長了 21%。25 財年第一季度，毛利較上一財年第一季的 7,950 萬歐元成長 11.5%，達到 8,860 萬歐元。毛利率為43.9%，較去年同期成長150個基點。

As mentioned before, we successfully stabilized the gross profit margin slippage that we experienced in previous quarters. And in this quarter, we were able to already show improvements. While we still experienced some effects of promotional activities from competitors in the market, we were able to clearly demonstrate our success in not following that route. With our unique creation, increased brand support, and focus on full price selling, we continue to achieve high full price sell-through rates, resulting in improved gross profit margins during the quarter.

如前所述，我們成功穩定了前幾季毛利率下滑的局面。在本季度，我們已經能夠展示出改進。雖然我們仍然受到市場競爭對手促銷活動的一些影響，但我們能夠清楚地證明我們不走這條路所取得的成功。憑藉我們獨特的創造、增加的品牌支援以及對全價銷售的關注，我們繼續實現高全價銷售率，從而提高了本季的毛利率。

The adjusted shipping and payment cost ratio decreased by 40 basis points during the first quarter, now standing at 13.5% as compared to 13.9% in Q1 of fiscal year '24. This improvement is a result of our unique customer focus with improved AOVs, decreasing return rates and our continuous efforts on implementing efficiencies in our global shipping, customs and payment setup.

調整後的運輸和支付成本比率在第一季下降了 40 個基點，目前為 13.5%，而 24 財年第一季為 13.9%。這項改進得益於我們獨特的以客戶為中心、改進的 AOV、降低的退貨率以及我們不斷努力提高全球運輸、海關和支付設置效率的結果。

We continue to be mindful of the overall softer market environment and focus our marketing efforts on high potentials. During Q1 of fiscal year '25, marketing expenses only increased modestly by EUR1.3 million to now EUR25 million. The marketing cost ratio remained stable at 11.5% of GMV as compared to 11.6% in the prior year period. The adjusted selling, general and administrative SG&A costs only increased modestly by $0.8 million year-over-year.

我們持續關注整體疲軟的市場環境，並將行銷工作重點放在高潛力領域。在 25 財年第一季度，行銷費用僅小幅增加 130 萬歐元，目前為 2,500 萬歐元。行銷成本佔GMV的比例穩定在11.5%，去年同期為11.6%。調整後的銷售、一般和管理 SG&A 成本年比僅小幅增加 80 萬美元。

With that, our adjusted SG&A cost ratio decreased by 50 basis points from 14.5% in the prior year quarter to now 14.0%. We have fully closed down our legacy distribution center and moved all operations successfully to our new distribution center in Leipzig. Mostly due to our acquisition of YNAP, we incurred an adjusted EUR21.3 million of transaction-related certain legal and other expenses in the quarter. In the first quarter of fiscal year '25, adjusted EBITDA increased by EUR4.1 million to EUR2.9 million.

這樣，我們調整後的銷售、管理和行政費用比率從去年同期的 14.5% 下降到目前的 14.0%，下降了 50 個基點。我們已經完全關閉了原有的配送中心，並將所有業務成功轉移到萊比錫的新配送中心。主要由於我們收購了 YNAP，本季我們發生了調整後的 2,130 萬歐元的與交易相關的某些法律和其他費用。在 25 財年第一季度，調整後的 EBITDA 增加了 410 萬歐元，達到 290 萬歐元。

The adjusted EBITDA margin increased by 200 basis points to 1.4% during the quarter, driven by the increase in the gross profit margin and improvements in other cost lines. The improved performance is in line with our expectations and the guidance for the full fiscal year. Depreciation and amortization were at EUR7.1 million, EUR3.7 million above previous year due to a EUR3.1 million onetime write-off of our remaining warehouse installation in our legacy distribution center in Heimstetten, which we closed end of August.

在毛利率上升和其他成本項目改善的推動下，本季調整後的 EBITDA 利潤率成長了 200 個基點，達到 1.4%。業績的改善符合我們對整個財年的預期和指導。折舊和攤銷為 710 萬歐元，比去年同期高出 370 萬歐元，這是由於我們在 Heimstetten 的舊配送中心的剩餘倉庫設施一次性沖銷了 310 萬歐元，該配送中心已於 8 月底關閉。

Profit improvements in Q1 were also visible at adjusted operating and net income level. Adjusted operating income increased by EUR3.5 million. Adjusted net income increased by EUR8.6 million. Adjusted net income in the first quarter was at a positive EUR5.4 million or 2.7% of net sales, increasing by 440 basis points or minus 1.7% in Q1 of fiscal year '24. Let's move to the cash flow statement. For the three months ended September 30, '24, our operating cash flow used up EUR26.7 million, following a typical seasonal pattern.

在調整後的營業收入和淨利潤水準上，第一季的利潤改善也很明顯。調整後營業收入增加 350 萬歐元。調整後淨利增加 860 萬歐元。第一季調整後淨利為正 540 萬歐元，佔淨銷售額的 2.7%，比 2024 財年第一季增加了 440 個基點，即負 1.7%。讓我們轉到現金流量表。截至 2024 年 9 月 30 日的三個月，我們的營運現金流消耗了 2,670 萬歐元，遵循典型的季節性模式。

We have continued to successfully manage our inventory levels and adjusted buying accordingly. Our inventories decreased by minus 3.6% year-over-year and are even slightly below inventory levels end of June '24 despite the seasonal inventory buildup. With that, our KPI days inventory outstanding stands at 253 days at the end of September, already reaching our target DIO level of around 260 days. Our cash flow from investing used up only EUR1.3 million or 0.6% of GMV as we have now completed the remaining payments of our new Leipzig warehouse.

我們繼續成功地管理我們的庫存水準並相應地調整採購。儘管季節性庫存增加，但我們的庫存比去年同期下降了 -3.6%，甚至略低於 2024 年 6 月末的庫存水準。截至 9 月底，我們的 KPI 庫存天數為 253 天，已達到我們約 260 天的 DIO 目標水準。我們的投資現金流只使用了 130 萬歐元，即 GMV 的 0.6%，因為我們現在已經完成了萊比錫新倉庫的剩餘付款。

To stay with our CapEx cash flow on average below 1% of GMV is another highlight of the Mytheresa business model. For the three months ended September 30, we finished the quarter with $9 million cash at hand. With all of the above, it comes as no surprise that we are very confident in the success of our unique positioning and business model, and we will continue our clear focus on strong and profitable growth.

將我們的資本支出現金流平均保持在 GMV 的 1% 以下是 Mytheresa 商業模式的另一個亮點。截至 9 月 30 日的三個月，我們手​​頭現金為 900 萬美元。綜上所述，我們對我們獨特的定位和商業模式的成功充滿信心也就不足為奇了，我們將繼續明確關注強勁和盈利的成長。

We also confirm our guidance for the full fiscal year 2025 with GMV and net sales growth between 7% and 13% and an adjusted EBITDA margin between 3% and 5%. With the expected closing of the acquisition of YNAP in H1 of calendar 2025, we are very excited of our medium- and long-term outlook as we aim to fortify our clear market leadership position in global multi-brand luxury set for strong profitable growth and thereby creating significant value for our shareholders and all stakeholders in Mytheresa and YNAP.

我們也確認了 2025 年整個財年的指導，GMV 和淨銷售額成長在 7% 至 13% 之間，調整後 EBITDA 利潤率在 3% 至 5% 之間。隨著 YNAP 收購預計將於 2025 年上半年完成，我們對中長期前景感到非常興奮，因為我們的目標是鞏固我們在全球多品牌奢侈品領域的明確市場領導地位，以實現強勁的利潤增長和從而為我們的股東以及Mytheresa 和YNAP 的所有利害關係人創造重大價值。

And with that, I will now turn the call back over to Michael for his concluding remarks.

現在，我將把電話轉回給邁克爾，讓他作總結發言。

Thank you, Martin. We are very pleased with our first quarter of fiscal year 2025 earnings results. We see ourselves well on track to achieve our fiscal year 2025 guided targets. The first weeks of the second quarter support our confidence. We will continue to benefit from the ongoing consumer shift to online and luxury spend, the increasing importance of the high-spending multi-brand inspiration-seeking customer segment and the desire by brand partners to work with only the best digital platforms in the market. We are very confident that Mytheresa offers investors a great opportunity to participate in these growth trends.

謝謝你，馬丁。我們對 2025 財年第一季的獲利結果感到非常滿意。我們認為自己有望實現 2025 財年的指導目標。第二季的前幾週支撐了我們的信心。我們將繼續受益於消費者不斷轉向線上和奢侈品消費、高消費多品牌尋求靈感的客戶群日益重要以及品牌合作夥伴只與市場上最好的數位平台合作的願望。我們非常有信心 Mytheresa 為投資者提供了參與這些成長趨勢的絕佳機會。

And with that, I ask the operator to open the line for your questions.

然後，我請接線生接通您的問題電話。

(Operator Instructions) Oliver Chen, TD Cowen.

（操作員說明）Oliver Chen，TD Cowen。

This is Katy Hallberg on for Oliver Chen. Congratulations on the solid first quarter performance. I'd like to dig in a little bit around the success with lower return rates. Can you just speak to the architecture and how much of this is a component of new customers to the platform versus success with the product? And then I have a quick follow-up afterwards. Thank you.

我是凱蒂·哈爾伯格 (Katy Hallberg) 替奧利佛·陳 (Oliver Chen) 發言。恭喜第一季的強勁業績。我想深入探討退貨率較低的成功。您能談談架構嗎？然後我會進行快速跟進。謝謝。

Thank you. I mean we have seen as a sector for quite a while increasing return rates. And I think there are many hypotheses around it, but it's probably also an hypothesis about customers being very picky in what they really buy in the end and keep. And so we see two drivers for the first sign of a slightly decreasing return rate in a while. One is that there is a slowly but increasing appetite for customers to keep, to buy, but only to try.

謝謝。我的意思是，我們長期以來一直認為這個行業的回報率不斷提高。我認為圍繞它有很多假設，但這也可能是關於顧客對他們最終真正購買和保留的東西非常挑剔的假設。因此，我們看到兩個驅動因素在一段時間內首次出現退貨率略有下降的跡象。一是顧客保留、購買但僅嘗試的慾望正在緩慢但不斷增加。

And the second part, I think you hit the nail is, of course, the success with existing customers, the success with heavy spending often recurring customers is also helping return rates because these customers tend to know their sizes of different brands. They know exactly which shoe size they need from Louboutin or Jimmy Choo or Gianvito. So focusing on these high repeat customers also helps on return rates.

第二部分，我認為你擊中了要害，當然，現有客戶的成功，經常性客戶的巨額支出的成功也有助於退貨率，因為這些客戶往往知道不同品牌的尺寸。他們確切地知道他們需要 Louboutin、Jimmy Choo 或 Gianvito 的鞋碼。因此，關注這些高回頭客也有助於提高退貨率。

Excellent. And then I would just like to speak a little bit more to the success in the US. It really looks like there's a lot of progress there. Could you provide some color around how the quarter trended and if there was any potential noise quarter-to-date related to just the election news or greater macro uncertainty and how you're thinking about the US growth for the rest of the year?

出色的。然後我想多談談在美國的成功。看起來確實有很多進展。您能否提供一些關於本季度趨勢的信息，以及本季度迄今是否存在與選舉消息或更大的宏觀不確定性相關的任何潛在噪音，以及您如何看待美國今年剩餘時間的增長？

You're absolutely right. The United States has been a great success for us as a company over the last two years. Our team here in the United States is doing an amazing job. One of the big drivers is, of course, ongoingly reaching out to clients, making them aware of our offer. You will recall, we had over the whole summer for, I think, eight weeks, a pop-up in the Hamptons, generating a completely new cohort of customers.

你是絕對正確的。過去兩年，我們公司在美國取得了巨大成功。我們在美國的團隊做得非常出色。當然，最大的推動力之一是不斷接觸客戶，讓他們了解我們的報價。你可能還記得，我們​​整個夏天在漢普頓開了一家快閃店，我想有八個星期，產生了一群全新的客戶。

But we continue to have events, and it's visible in our Investor Presentation, menswear event in New York with Bucherer, fine jewelry event in L.A. We did an activation with Porsche in L.A. with Rebecca Vallance and Nicky Hilton. And so the ongoing outreach, the ongoing engagement with top customers is also driving this because, as we always say, top customers that bring their friends, top customers that invite other people bring us high potential new customers.

但我們繼續舉辦活動，這在我們的投資者介紹中可見一斑，在紐約與寶齊萊(Bucherer) 舉行的男裝活動，在洛杉磯舉行的高級珠寶活動。 Vallance) 和尼基希爾頓(Nicky Hilton) 在洛杉磯與保時捷一起舉辦了一場活動。因此，持續的外展活動、與頂級客戶的持續接觸也推動了這一點，因為正如我們常說的，帶來朋友的頂級客戶、邀請其他人的頂級客戶給我們帶來了高潛力的新客戶。

If we look at the US right now, we actually expect a very strong Q2. We believe the consumer sentiment in the US has further improved. We had an election, which regardless of the outcome, was decisive. So we did not have a hanging result. No one knows who really won. It was clear who won. And I think that is also removing uncertainty in the market. So we will -- we expect at the moment, continued growth and continued success in the US for Mytheresa.

如果我們現在看看美國，我們實際上預計第二季將非常強勁。我們相信美國的消費者信心進一步改善。我們舉行了一次選舉，無論結果如何，這都是決定性的。所以我們沒有得到懸掛的結果。沒有人知道誰真正贏了。誰贏了就一目了然了。我認為這也消除了市場的不確定性。因此，我們目前預計 Mytheresa 將在美國繼續成長並取得成功。

(Operator Instructions) Matthew Boss, J. P. Morgan.

（操作員說明）Matthew Boss，J. P. Morgan。

So Michael, how would you characterize overall health of your core luxury customer today? Any differences across regions that you're observing in overall spending? And maybe by category, any notable shift in category performance that you're seeing so far in the second quarter? I know you mentioned a positive progression in the US.

那麼邁克爾，您如何評價當今核心奢侈品客戶的整體健康狀況？您觀察到的各地區整體支出有何差異？也許按類別劃分，您在第二季度到目前為止看到的類別表現有任何顯著變化嗎？我知道你提到了美國的積極進展。

Thank you, Matt. I think you're right. You have to cut it in -- by different dimensions. So let me start with the geography. As I said, very happy with the US, plus 14%, double-digit growth continues. We see the US and the US luxury consumer in a good shape.

謝謝你，馬特。我認為你是對的。你必須用不同的維度來切割它。讓我從地理開始。正如我所說，對美國非常滿意，成長了 14%，兩位數的成長仍在繼續。我們看到美國和美國的奢侈品消費者狀況良好。

We're also very happy with Europe. Europe, including Germany, grew 9% in the last quarter. This is an excellent outcome. We had, for some time, challenges in Europe. So we also believe here uncertainties have been removed. Many of the European markets elections have happened. In some countries, there's actually good prospects for economic expansion.

我們對歐洲也非常滿意。包括德國在內的歐洲上一季成長了 9%。這是一個極好的結果。一段時間以來，我們在歐洲遇到了挑戰。因此，我們也相信這裡的不確定性已經消除。許多歐洲市場的選舉已經發生。在一些國家，經濟擴張其實有著良好的前景。

The one geography region that really still lags is Asia and particularly influenced by China. So that's clear. Uncertainties and challenges are there. So there, we probably still have to wait for continued improvements for continued recovery. But Germany -- sorry, Europe and US, which account for 70% of our business are in good shape, I would say.

真正仍落後的地理區域是亞洲，尤其是受中國影響的地區。所以這很清楚。不確定性和挑戰是存在的。因此，我們可能仍然需要等待持續的改善才能持續復甦。但我想說，德國——抱歉，占我們業務 70% 的歐洲和美國狀況良好。

In terms of the customer groups, our top customers are in excellent shape. The expansion of our business with top customers overall was driven by almost 17% more spend per customer in that group. So it's an amazing increase of the average spend per top customer. And in the US, we not only had this increase of roughly the same, 17%, we also added almost 19% more top customers. So this specific segment that has always been our focus is in very good shape.

從客戶群來看，我們的頂級客戶狀況非常好。我們與頂級客戶的整體業務擴展是由於該群體中每位客戶的支出增加了近 17%。因此，每位頂級客戶的平均支出出現了驚人的成長。在美國，我們不僅實現了大致相同的 17% 增幅，而且還增加了近 19% 的頂級客戶。因此，我們一直關注的這個特定細分市場狀況非常好。

I think the question about the aspirational customer segment, we do see improvements. We believe we will see a better Christmas business and Q2 is, of course, in our logic, Q2 is, of course, quite important for the aspirational customer. We didn't see any sort of business of them last year. Everyone sort of skipped their luxury item purchase for next year. We believe there will be some improvements, not a full recovery, but some improvements as consumer sentiment picks up. And that, of course, will also drive a better business in accessories and bags.

我認為關於有抱負的客戶群的問題，我們確實看到了改進。我們相信我們會看到更好的聖誕節業務，當然，按照我們的邏輯，第二季度對於有抱負的客戶來說非常重要。去年我們沒有看到他們有任何業務。每個人都跳過了明年購買奢侈品的計劃。我們相信，情況將會改善，但不是完全復甦，而是隨著消費者信心的回升而有所改善。當然，這也將推動配件和箱包業務的發展。

The main categories driven by, of course, our top customer focus continues to be ready-to-wear, continues to be the brands that you can loosely put under quiet luxury, continues to be fine jewelry. -- and continues to be everything connected to vacation. We will -- we, at the moment, launch beautiful evening and festive ready-to-wear. But beginning of December, we will already launch our campaigns for cruise resort because early December, our clients will start to think where to go in Jan, February, be it the Caribbeans, be it the Mediterranean. So that business continues to boom as luxury experiences actually also continue to show good growth.

當然，我們的首要客戶關注點仍然是成衣，仍然是可以寬鬆地置於安靜奢華之下的品牌，仍然是高級珠寶，這是推動的主要類別。 ——並且仍然是與假期有關的一切。我們現在將推出美麗的晚裝和節日成衣。但從12月初開始，我們就已經啟動了郵輪度假村的活動，因為12月初，我們的客戶將開始考慮一月、二月去哪裡，無論是加勒比海，還是地中海。因此，隨著奢華體驗實際上也繼續顯示出良好的成長，業務繼續蓬勃發展。

Great. And then maybe a follow-up for Martin. Could you just elaborate on the promotional backdrop, channel inventory levels today across luxury as we enter holiday? And what it means for gross margin in the second quarter and the back half of the year?

偉大的。然後也許是馬丁的後續行動。您能否詳細說明促銷背景，以及在我們進入假期之際，如何引導奢侈品行業的庫存水準？這對第二季和下半年的毛利率意味著什麼？

Yeah. Matt, happy to do so. Exactly. I mean we have talked about that and saw that in the preceding quarters that due to heavy promotions, there is continued excess inventory in the market, and that led to a decreasing gross profit margin. And that eased with Spring/Summer '24 and even more with Fall/Winter '24 season, less inventory in the market, less promotional pressure overall. And we continue to stay very focused, to stay true to our focus on full price selling and managing our inventory levels accordingly.

是的。馬特，很高興這樣做。確切地。我的意思是我們已經討論過這個問題，並且看到前幾季由於促銷力度很大，市場庫存持續過剩，導致毛利率下降。隨著 24 年春夏的到來，這種情況有所緩解，而隨著 24 年秋冬的季節，這種情況有所緩解，市場庫存減少，整體促銷壓力減輕。我們繼續保持高度專注，堅持全價銷售並相應地管理我們的庫存水準。

So we always followed a balanced approach -- and this clearly shows in our numbers. On the one side, we stabilized the gross profit margin slippage and reversed that. So we showed a very strong increase in the gross profit margin of 150 basis points already in this quarter. And we expect a stabilization and improvement in the gross profit margin to continue for the full fiscal year '25. And that is including the rebalancing of the inventory and to playing a very subtle promotional strategy, but more really focusing on our top customers and the quality also on the high potential new customers that we're getting in. And that leads to a higher full price share, better sell-through rates, higher sale margin and therefore, the overall improvement in the gross profit.

因此，我們始終遵循平衡的方法 - 這在我們的數據中清楚地體現出來。一方面，我們穩定並扭轉了毛利率下滑的局面。因此，本季我們的毛利率已經強勁成長了 150 個基點。我們預計 25 年整個財年毛利率將持續穩定和改善。這包括重新平衡庫存並採取非常微妙的促銷策略，但更真正關注我們的頂級客戶和品質以及我們獲得的高潛力新客戶。這會帶來更高的全價份額、更好的售貨率、更高的銷售利潤，從而整體提高毛利。

And on the same time, we were able to rebalance inventory levels in line with our top line expectations. So I called out that inventory levels are now minus 3.6% compared to year-over-year despite the growth and also are below -- slightly below the June inventory figures despite the seasonal inventory buildup. So very stable, healthy development exactly as we expected and as we planned for. And this enabled the DIO days inventory outstanding to be now at 253 days for -- I mean, our target level is always to be around 260. Obviously, there will be fluctuations in the coming quarters, but we expect the overall fiscal year also to end up around the 260 days inventory.

同時，我們能夠根據我們的營收預期重新平衡庫存水準。因此，我指出，儘管庫存水準有所增長，但與去年同期相比，目前庫存水準仍為負 3.6%，儘管季節性庫存有所增加，但仍略低於 6 月份的庫存數據。非常穩定、健康的發展，完全符合我們的預期和計畫。這使得 DIO 庫存天數現在達到 253 天——我的意思是，我們的目標水準始終在 260 天左右。顯然，未來幾季將會出現波動，但我們預計整個財年的庫存也將在 260 天左右結束。

So a stabilization on the inventory levels. We reached that target, managed quite successful inventory levels and achieved that with a balancing strategy on the brand side and customer side and fully reflected in the turnaround of the gross profit margin slippage this quarter, 150 basis points and going -- looking ahead also a stabilization of the gross profit margin and slightly improvement.

因此庫存水準趨於穩定。我們實現了這一目標，管理了相當成功的庫存水平，並透過品牌端和客戶端的平衡策略實現了這一目標，並充分反映在本季度毛利率下滑 150 個基點的好轉中——展望未來，毛利率趨穩並略有改善。

So we do see still promotional activities, as always, from struggling competitors or what we see in the market, but the effect is becoming less and less on the overall customers and especially our customers as we target a different customer and as the inventory situation clearly improved in the overall industry and therefore, being less -- so the promotional activities at competitors being less relevant for us.

因此，我們確實一如既往地看到來自苦苦掙扎的競爭對手或我們在市場上看到的促銷活動，但對整體客戶，尤其是我們的客戶的影響越來越小，因為我們針對的是不同的客戶，而且庫存情況清楚整個行業有所改善，因此，競爭對手的促銷活動與我們的相關性較小。

Ashley Helgans, Jefferies.

阿什利·赫爾根斯，杰弗里斯。

It's Blake on for Ashley. So I wanted to also ask on gross margin. It's nice to see a positive inflection there. But more specifically, just on your guidance philosophy. I believe you had said previously you expect Q1 and Q3 to have a weaker bottom line. I don't know if you could comment on that. Do you still expect that to be the case?

布萊克替補阿什利。所以我還想問毛利率。很高興看到那裡出現積極的變化。但更具體地說，只是你的指導理念。我相信您之前曾說過，您預計第一季和第三季的利潤會較弱。我不知道你是否可以對此發表評論。您仍然希望情況如此嗎？

And then if the Q1 gross margin continued that expansion, I feel like -- I think you would be at the high end of your EBITDA margin range. So can you comment if you are maybe investing incrementally in expenses ahead of the deal or is there any reason or maybe just being conservative? Is there any reason why that EBITDA margin couldn't be higher for the year?

然後，如果第一季的毛利率繼續這種擴張，我覺得——我認為你將處於 EBITDA 利潤率範圍的高端。那麼，您能否評論一下您是否可能在交易前增加支出投資，或者是否有任何原因或可能只是保守？是否有任何原因導致本年度 EBITDA 利潤率不能更高？

Yeah, happy to take that question. I mean the overall -- I mean, this is the first quarter. So for the full fiscal year '25, which ends in June, we obviously will continue to manage through, but we will have to see how the top line, gross profit margin, the cost lines all develop.

是的，很高興回答這個問題。我的意思是整體 - 我的意思是，這是第一季。因此，對於將於 6 月結束的整個 25 財年，我們顯然將繼續度過難關，但我們必須看看營收、毛利率和成本線的發展。

Right now, we are on good track with Q1, exactly as you pointed out, and we are fully in line with our expectations. So no one-offs, no major shift in strategy, especially not through for upcoming YNAP acquisition. So we continue -- we continue our strategy of go-to-market. And as we're not guiding on the gross profit margin in the current situation, we -- the gross profit margin improvement that we expect for the overall fiscal year '25 stays completely in line with our expectations and guidance. And that will lead to an improvement of the EBITDA margin and secure the EBITDA margin that we guided.

目前，正如您所指出的那樣，我們第一季的進展順利，並且完全符合我們的預期。因此，不會出現一次性的情況，也不會發生重大的策略轉變，尤其是在即將進行的 YNAP 收購中。所以我們繼續——我們繼續我們的市場進入策略。由於我們在當前情況下沒有對毛利率進行指導，因此我們預計 25 年整個財年的毛利率改善完全符合我們的預期和指導。這將導致 EBITDA 利潤率的提高，並確保我們指導的 EBITDA 利潤率。

We guided for 3% to 5% adjusted EBITDA margin for the full fiscal year and confirm the guidance and really stick to that expectations. Q1 versus Q2 and Q3 versus Q4, I mean, the Q1 and Q3 quarters are always weaker quarter on overall adjusted EBITDA margin. That's very typical. That has been the case for the last five years. That's what I called out in the last earnings call to expect for Q1 an overall lower adjusted EBITDA margin in Q1 than compared to, for example, Q2 or Q4.

我們指導整個財年調整後的 EBITDA 利潤率為 3% 至 5%，並確認了該指導並真正堅持這一預期。第一季與第二季相比，第三季與第四季相比，我的意思是，就整體調整後 EBITDA 利潤率而言，第一季和第三季始終是較弱的季度。這非常典型。過去五年都是這種情況。這就是我在上次財報電話會議中所說的，預計第一季的調整後 EBITDA 利潤率總體低於第二季或第四季。

We achieved an adjusted EBITDA margin in this quarter of 1.4%. That is obviously outside of the 3% to 5% guidance, but it's typical, very typical in line with the seasonal performance. And it was very nice to see that the adjusted EBITDA margin clearly improved. It improved 200 basis points year-over-year. So very good, clear visible improvement and again, all aligned with our expectations for the full fiscal year of the 3% to 5% adjusted EBITDA margin.

本季調整後 EBITDA 利潤率為 1.4%。這顯然超出了 3% 到 5% 的指導範圍，但這是典型的，非常典型，與季節性表現相符。很高興看到調整後的 EBITDA 利潤率明顯改善。年比提高了200個基點。非常好、明顯可見的改善，再次符合我們對整個財年 3% 至 5% 調整後 EBITDA 利潤率的預期。

And you're completely right. Part of that will be driven by an improvement in gross profit margin, but we will continue to work on all other cost lines to enable that guidance and secure our profitable growth.

你是完全正確的。其中一部分將由毛利率的提高推動，但我們將繼續在所有其他成本方面開展工作，以實現這一指導並確保我們的獲利成長。

That's very helpful. And then last one, if I could just ask, I don't know how much you could talk about it, but ahead of the deal -- proposed deal, I think the tech integration was going to be an important part of it. Is there any work you can start doing now or what maybe gives you confidence that you'll be able to have a smooth integration there?

這非常有幫助。最後一個，如果我能問的話，我不知道你能談論多少，但在交易之前——擬議的交易，我認為技術整合將是其中的重要組成部分。現在您可以開始做哪些工作，或是哪些工作可以讓您有信心順利融入那裡？

Sure. I mean, until the deal is approved by the authorities, we cannot do any heavy lifting. But of course, we conducted a proper due diligence. We analyzed the tech stack that is at the moment in place at YNAP, supporting all the different businesses. And we, of course, defined what our tech stack needs to still develop to fulfill all the needs that we identified. And that part we can start. That part we can work on to prepare on our side supporting the businesses. So in that sense, work is ongoing already. But the actual engagement, the actual working together with the other side, we can only start once the deal has been approved.

當然。我的意思是，在該交易獲得當局批准之前，我們無法做任何繁重的工作。當然，我們進行了適當的盡職調查。我們分析了 YNAP 目前支援所有不同業務的技術堆疊。當然，我們定義了我們的技術堆疊仍然需要開發什麼，以滿足我們確定的所有需求。我們可以開始這部分了。我們可以在這方面做好準備，為企業提供支援。所以從這個意義上來說，工作已經在進行中。但實際的接觸，與對方的實際合作，我們只有在交易獲得批准後才能開始。

And we have reached the end of our question-and-answer session. This concludes today's conference call. Thank you for your participation. You may now disconnect.

我們的問答環節已經結束了。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。