Worldline SA (WLN) Earnings Call Transcript & Summary

Good day, and thank you for standing by. Welcome to the Worldline H1 2026 Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Pierre-Antoine Vacheron, Group CEO. Please go ahead.

Thanks a lot. Good evening, everyone, and thank you for joining us for Worldline's H1 2026 Results Call. I'm joined by Srikanth Seshadri, our Group CFO. And I will take you first through the key business highlights and strategic progress before Srikanth presents the financials in more detail. So I will start with Slide 5. H1 marks an important step forward for Worldline turnaround and transformation. Everything is not done yet, far from it, but we delivered what we committed for the first half, and this period shows clear momentum across the organization. First, as you know, we have significantly strengthened the balance sheet, together with the successful capital increase and the closing of most of the M&A transactions, including the super important MeTS and CAWL. We have significantly reduced our net debt with a leverage, which is now down to less than 2x the EBITDA. Second, Merchant Services has regained traction with a second consecutive quarter of growth and even acceleration during Q2. Financial Services remained impacted by contract termination as planned, but also by a longer sales cycle than we would have liked. Still, the quality of recent important wins reinforces our confidence in our positioning and midterm trajectory on this segment. Third, North Star is working and delivering tangible progress on the priority we laid out at the Capital Market Day across simplification, platform convergence, integration and commercial execution. And finally, sorry, our profitability is starting to improve, especially on Merchant Services, supported by disciplined cost management and the first benefits of our transformation program with reduction of headcount in Western Europe ahead of our 2030 trajectory. Turning to Slide 6 and the key figures for H1. As you can see, our payment volume continued to grow steadily, probably in line with the market trends with acquiring volumes more than 4% in the semester. For the full semester, external revenue were broadly stable year-on-year and flat in the second quarter. Net-net revenue remains negative as anticipated at the Capital Market Day, reflecting the mix and the dynamics across our geographies and segments. Adjusted EBITDA reached EUR 294 million, with EBITDA margin improving at net-net revenue level for the first time since H1 2023. Free cash flow remains negative, but it is better than anticipated, reflecting disciplined cost management and better capital allocation. On Slide 7, you can see that Q2 showed encouraging improvements across all businesses. Merchant Services, which represent 80% of our external revenue continued to gain momentum. supported by stronger customer focus and improving satisfaction. We are seeing encouraging performance with high single-digit growth across several geographies and segments, including Greece, the Nordics, Central and Eastern Europe, Germany, mobility and self-service within enterprise and in our Global Collect entity. Switzerland and Benelux are also moving in the right direction with Switzerland close to flat in Q2 and Benelux still negative though. Financial Services, which represents 20% of our external revenue is recovering more gradually. While performance continues to reflect anticipated contract termination as planned, it also reflects longer sales cycle due to our own context. Nevertheless, we managed to secure several important signings that reinforce our confidence in the positioning and the medium-term trajectory of this business. To highlight this, I would like to comment on two important commercial milestones for financial services. The first one is the signing of an outsourcing agreement with ICS, which is the ABN AMRO entity managing the credit card issuing portfolio of the group. This selection is a confirmation of the attractiveness of our modern card issuing platform and does cover the full life cycle of the card. It demonstrates the confidence of a leading European bank for a long-term partnership at scale with Worldline. It reinforces our position as a trusted infrastructure partner for the financial sector. And as a reminder, we serve as Worldline around 80% of the 20 top European banks. The second milestone I would like to comment is the selection of Worldline for the digital euro pilot. We will operate in this case on both sides of the value chain, the bank of the consumer and the merchants, which is one of our differentiating strengths. This decision of the ECB confirms that Worldline is legitimate and well positioned on the payment rails of tomorrow. The Slide 9 shows that since CMD, we made tremendous progress in multiple area, showing the breadth and the depth of our action. On the corporate and M&A side, we are reaching the final stage of the disposal program with most transactions now closed and Australia and India coming soon. On the business side, we have signed and implemented several partnerships to enrich our offering, either to go beyond pure acquiring with Klarna and YouLend or to position Worldline on the next-generation rails, including Wero, stablecoins and the digital euro. In parallel, we gained traction in deploying meaningful and innovative product features, Click to Pay for recurring payments, where we are the first one in Europe and Spanish -- the Spanish Bizum Wallet in-store, where again, we are the first one in Europe. On Slide 10, we show that North Star is clearly in motion and delivering. To pick up some particular highlights in this slide. Platform convergence continues to advance with the Italian acquiring portfolio migrating to our target platform. We have 5,000 merchants migrated as we speak and things move smoothly. And the Ogone and SIPS portfolios are moving to GoPay as planned, and we reached in June 80% of the SME portfolio on GoPay. At the same time, we continue to simplify and modernize our technical infrastructure and network, moving from 49 to 47 sites and closing our Madrid data center. In terms of integration, Launchpad has now entered in a pilot mode in line with plan. This is again an important milestone in our recovery journey. As you certainly remember from our presentation at CMD, Launchpad is the backbone of a dramatic modernization in our SMB customer journey with targeted onboarding in one day for low-risk merchants with full automation of the process. This version is the first step available on the first segment of the market, but the foundation are now in place for a step deployment every quarter going forward. All those initiatives have enabled good progress on active workforce management, leveraging internal mobility to reduce headcount in Europe while preserving critical skills and capabilities. But I would like to highlight three visible examples of North Star execution during the period. On simplify, the Crédit Agricole partnership evolution is a good example of simplification. Here, we have demonstrated our ability to make tough and bold decisions to simplify and be more efficient. Together with Crédit Agricole, we have agreed on a simpler and more efficient operating model that is better aligned with the future development of our partnership. No need to say that we are extremely proud of the successes of this partnership, which works extremely well on acceptance and brings innovation to the French market. Second illustration on integrate, the Global Collect case. Global Collect is one of the hidden jewels of Worldline, making 2/3 of external revenue of the Global Commerce division. As a reminder, the rest of the division consists of pure acquiring activities for a portfolio of travel and digital customers. Over the last few months, we have successfully integrated Global Collect with Worldline acquiring platform, developed shared agency commerce capability while repositioning Global Collect within the group with a dedicated setup and operating model to focus on two attractive verticals, travel and digital with complex cross-border requirements. Combining high-performance reinvested technology stack and deep integration into customers' ecosystems, Global Collect benefits of a differentiated value proposition. The revised operating model and the leverage of on Worldline shared capability is already translating into improved commercial traction and return to high single-digit growth in the last quarter. I clearly count on Global Collect to be one of the faster growth engines of Worldline going forward, leveraging on faster dynamics of cross-border payments. Finally, on the growth pillar of North Star, I would like to comment on the progress of Worldline in agentic commerce. As you have seen from our recent announcement, Worldline is positioning itself at the forefront of agentic commerce for the European market. First, we have built the technical foundation, what we call the MCP server to expose Worldline payment capability to AI agent and large language models platforms. Second, we have built the technical foundation and the infrastructure, which is protocol agnostic to support the various Visa Intelligent Commerce, Mastercard Agent Pay or Google-specific protocols. Third, we leverage on our unique positioning on the issuing and acquiring side to ease trust and adoption across the ecosystem. This was the objective of the real end-to-end transactions that we executed in the three geographies with two banks, ING and Crédit Agricole. At Worldline, we believe agentic commerce has the potential to reshape how consumers and businesses interact with payments. This is why it is important for Worldline to provide the banks and the merchants the infrastructure layer required to support this evolution with trust. On the following slide, we show how we are accelerating Gen AI through a trusted AI operating model. We have seen over the last six months, a significant acceleration of adoption of Gen AI across the organization. Given the critical role Worldline plays in the economy, we have built all the foundations to deploy generative AI securely and at scale, infrastructure, governance, financial impact measurement, risk management and security. Those foundations are now in place. We are rolling out Gen AI through a multimodal approach to avoid dependency on a single model. And as you can see here, the deployment is now becoming meaningful with 83% of our developers using AI-assisted coding and testing tools and 9,000 monthly active users of LibreChat, our internal Agentic AI chat platform based on open source. More importantly, we are already seeing a ramp-up in impact, higher development velocity when using cloud code in software development, concrete business impact through use cases such as smart routing on e-commerce and progressive identification across several functions in the organization. At Worldline, we clearly consider generative and agentic AI as a vehicle of transformation and customer satisfaction. What is new at Worldline is not Gen AI itself. What is new is our ability to deploy it securely and at scale through a trusted operating model at the forefront of the European financial industry. With that, let me hand over to Srikanth, who will take you through the financial performance in more detail.

Thank you, Pierre-Antoine, and good evening, everyone. Before I go into the numbers, the financial section, again reiterates the four messages that has been mentioned on our execution. H1 results were in line with our expectation on a fully prudent basis. Merchant Services is showing improving momentum sequentially, while Financial Services remains impacted by the known contract terminations and timing effects of commercial rebound. Third, the inorganic balance sheet strengthening is complete. And fourth, our 2026 outlook confirms the adjusted EBITDA and the leverage target with an improved free cash flow trajectory and the leverage target has been achieved six months in advance than what we had said during the Capital Markets Day. And you also recall what we anticipated at the Capital Markets Day back in November on three points: the FX loss of contracts, the business mix, which we said would be adverse with more cross-border and within Merchant Services that will impact the net revenue and that the North Star will start providing early returns in our EBITDA, and we already see that. Now on that messages, if we go down to the next slide, Pierre-Antoine has already taken you through the post-prune numbers. And what you have also here is the published numbers, and I will detail that in the coming slides with an elaboration in scope so that we are all clear on what means for what scope. Additionally, normalized net income was EUR 65 million and a normalized diluted EPS at EUR 2.04. The key point is that after pruning actions, the underlying business is stabilizing, while profitability and balance sheet discipline is improving. Moving on to the next slide regarding the divestment update. The pruning program is complete substantially. Two deals still to close, Australia and India, and we expect that in Q3. We guided you that between EUR 590 million and EUR 640 million of net proceeds will be received. We have already received EUR 580 million with EUR 40 million to EUR 50 million additionally to come from India and Australia. And that puts us in the high range of -- on the upper end of the range that was communicated earlier. This, of course, excludes the cash held in divested entities, which is addressed now in the liquidity section. Now moving on to scope. You recall that we provided quite a bit of pedagogy on the scope for the end of the year. This year is a step more into complexity. We said 2026 will be a year of transition, and it is, of course, with a transitory scope. At the bottom part is the green block, which is our fully pruned scope. It is the constant. It is the future perimeter of Worldline after this year of closing, those transactions will be finished. Now looking at the published scope, you all know now that the IFRS 5 governs the rules for discontinued operations as well as assets held for sale. METS being the discontinued operations has not been in our scope from day one. However, the assets held for sale, all of the other divestments that you see below, the P&L and cash flow are in our published numbers until closing. Hence, North America and Payment IQ, we closed in end of February. So January and February is in our numbers. Cetrel, we closed end of April. So Jan to April is in our numbers and so on. And obviously, India and Australia still not closed, is still in our published scope. So that's the purple -- part, which is the published scope and then the green one is the fully pruned, and we've even color coordinated that in the rest of the presentation. Now moving to the next one. So applying the scope to the present numbers, I wouldn't go into the detail, but this slide has been presented just specifically to bring clarity and the full impact of scope changes for all of us to be on the same page. In white is the FY '25 H1 published scope, so it's only without METS. And then in the purple, H1 '26 is with the progressive closing of the transactions that I've just explained. And we have done a pro forma for 2025 so that you have a like-for-like comparison. And then in the green is the post-prune scope that we are all on the same page. So no need to go step by step, but we've addressed the impact on revenue, adjusted EBITDA and free cash flow, but we'll, of course, deal with each one of these in the future slides. Now moving on to the next one, please. Now on the post-prune scope, we see for Q2 -- on Worldline level, we are flat at 904 million, with Merchant Services showing a plus 2%, so sequentially better in external revenue as compared to Q1 with acceleration across segments that I will explain in a second. Financial Services is the drag on us like Q1 with minus 6.9%. So at the end, we are flat in terms of our postponed revenue. On a net-net revenue basis, Merchant Services is at minus 2% for Q2 and Financial Services at minus 6.8%. If we move to the next slide now drilling down into the specifics per segment. SMB is growing single digit, low single digits, continued momentum in the Nordics, Germany, Italy, Greece, Central and Eastern Europe. Switzerland is further stabilizing, Benelux showing gradual recovery. Commercial traction is improving with partner and with independent software vendors. Enterprise is also growing low single digit with continued strength in mobility and self-service, including petrol and transportation. One Commerce is gaining traction in Germany, the U.K. and Poland. In Global Commerce, travel remains strong and Global Collect is back to growth, while the digital vertical is still affected by expected churn. Now moving on to Financial Services. H1 remains the drag as we have been mentioning so far. The underlying commercial dynamic, however, is positive. In issuing and account payments, the decline reflects the legacy terminations, while the ABN AMRO deal that Pierre-Antoine mentioned gives us strong future growth platform as our other items in our pipeline that we continue to follow and also harvest the digital and value-added features. Acquiring growing across geos, and we are also supporting Wero. Digital services seeing early positioning benefits of new products, which was also explained by Pierre-Antoine. Now moving on to the H1 financial performance fully pruned. Group delivered broadly stable revenue, minus 0.2% on external revenue. And then in terms of Merchant Services at plus 1.8%, offsetting the minus 7.1% decline in Financial Services. Adjusted EBITDA was at plus EUR 294 million. Merchant Services improved its EBITDA margin by 70 bps on external revenue and 170 bps on net-net revenue. Financial Services margin declined as expected due to the run contracts loss. Moving on to Slide 24 on published P&L. While the fully pruned scope is the most relevant view for management guidance, investor assessment and published scope is necessary for statutory reporting. This table shows H1 2025, excluding METS and H1 published scope as presented earlier. The scope column aims to make the like-for-like. So that's making the white bar purple, right, for like-for-like comparison and for each line item with the pruning program and FX. Key takeaways in two sections. First, operating expenses. Personnel expenses decreased year-on-year, reflecting the reduced headcount in Western Europe and strict control helped by -- strict cost control helped to protect our adjusted EBITDA despite higher scheme fees. EBITDA is better year-on-year with the like-for-like scope by EUR 40 million, and you see that is the reduced rationalization and integration cost due to the end of spend on Power24. Second block is on the nonoperating expense. Net financial expenses in 2026 absorb higher interest cost. But unlike 2025, there are no more exceptional items. Moving on to published free cash flow. Free cash flow remains a key area of focus and to improve the quality of the free cash flow. Three key pillars. The integration and the restructuring and integration cost declined sharply as we just saw. Taxes are lower. We have done some fiscal consolidations, and it has partly offset higher financial cost. Working capital, with the quality of cash flows generated, we are reinforcing working capital here with a reduced level of payables and also reflecting the smaller perimeter going forward. Now to net debt leverage and liquidity. We have halved the level of net debt in the first six months. We've gone from EUR 2.2 billion to EUR 1.1 billion result. Leverage target is less than 2x, and that's been achieved six months earlier than announced, and that's good. On the right, we show the liquidity has been strengthened as a result as well of the pruning and equity infusion. And this is sufficient in order to face the 2026, 2027 bonds as well as the puts. And also, we have obtained the EUR 80 million, which is the cash in divested entities. You'll recall, we had the EUR 186 million of cash and divested entities in December '25. We have received EUR 80 million. We have another EUR 90 million to go. So the EUR 90 million is in India and Australia. And with the EUR 40 million to EUR 50 million, we should have this crystallized as well in Q3. Finally, the second extension of the RCF has been obtained to go from July 30 to 31 for EUR 900 million. And until 2030, we are at EUR 1.125 billion. So 80% of that has been extended on the same terms until 2030. Now I'll conclude with the outlook. We have already achieved our leverage targets, as I mentioned. We confirm our adjusted EBITDA of EUR 630 million to EUR 650 million, supported by cost discipline. Improved free cash flow guidance, we upgrade our free cash flow guidance with better capital allocation. And we are marginally revising the revenue, as mentioned, due to the timing effects on the commercial rebound and financial services. But with recent pipeline wins, contract wins and pipeline, we are confident this will recover. Merchant Services is growing as planned. So with that, I will hand you back to Pierre-Antoine to conclude. Thank you very much.

Thanks a lot, Srikanth. So four message to conclude this presentation. First one, by demonstrating progress, Worldline H1 performance are data points that strengthen conviction in our vision and in the success of our turnaround. Second message, we made the right choice in refocusing on Europe. The organization is clearly gaining momentum and discipline across the board, and this is visible in those results. Third, while executing, Worldline position itself with success on the future industry drivers while managing its capital allocation. Finally, we are demonstrating our ability to control our cash costs with discipline, which can help navigate the volatile macro context in which we operate. Thank you, and happy to get your questions.

[Operator Instructions] We will now take our first question from the line of Frederic Boulan from Bank of America.

Maybe -- I mean, three questions. Maybe one, starting with Pierre-Antoine, if you can give us an update on the kind of competitive and macro dynamics. MSV growth seems to be stronger in the second quarter. So it would be good to have a bit of an update there. Secondly, if you can come back on what happened with the JV with Crédit Agricole? Who initiated the end of the structure? What does it mean for you in particular? I understand the acceptance business was from Worldline was supposed to be bought in the JV. So what happens to this? I mean is it staying with you? And then a question for Srikant. If you can spend some time on the free cash flow moving parts in H2 and '27? I understood from your commentary that the commentary on the working cap was positive. But if I look at the Slide 25, I can see about EUR 100 million worsening in working capital. So I'm not really sure what's going on there. That seems to be offsetting most of the reversal in restructuring costs. So any commentary around moving parts in H2 and next year would be great.

Thanks a lot for those questions. So on the competitive and macro dynamics, so you're right. I mean, we have a very sound growth in merchant acquiring volumes in H1 and more importantly, in Q2. Let's say that the verticals on which we've been exposed have been behaving well, especially travel, especially large retail, especially mobility and self-service. So obviously, there is some contrast depending on the segment with specialty retail, which is behaving not that good, especially in some geographies like Germany, as you may have heard already. But globally, we have these good dynamics. And since many of our geographies are now behaving well with a significant growth, as I mentioned, high single-digit growth in various geographies, but also in mobility, self-service, and Global Collect in the last period, that feeds this good dynamic in terms of MSV. Regarding the JV with the Crédit Agricole, so it's super simple. I mean, I have assessed what was the potential of a model where there was no contribution of acquiring portfolio by the bank to the contrary of the other JVs that we have had. So it was massively, I would say, acceptance -- partnership in acceptance. And having a regulated entity in a bank context was clearly heavy as compared to the potential that we had. So today, we are focusing on acceptance services. We are providing to CAWL that remains an entity retained by the Crédit Agricole that itself serves the case -- I mean, the original banks of the Crédit Agricole. We are providing them acceptance solutions, and it's working well. And besides that, we are partnering between our own acceptance that has not been contributed and their own acquiring for enterprise merchants on which we have, as you know, strong positions. So it's a joint decision. We came to a similar diagnosis between the Crédit Agricole and ourselves at Worldline. So it has been quite natural to come to that decision, which is from the outside, a bit surprising probably, but which makes a lot of sense, and that's the way we want to drive our business. On the free cash flow, Srikanth?

Yes. Thank you, Pierre-Antoine. Hello Fred. Yes, what I was mentioning is indeed the end of spend of Power24 and also better progression on the R&I for the current year. We do expect to have a lower spend, and we had also some phasing effect in H1. So you see the two impacts. But in terms of working cap, essentially, what -- taking a step back, this year, we have said there's been a reset. We have strengthened the balance sheet with all the inorganic measures. And we're also taking a good look at the organic measures to ensure that we are able to have the right measures going forward. So we have reduced the level of payables and also with the smaller perimeter to have a level that's manageable from -- the seasonality as well as the ups and downs of the business until we stabilize. So hence, this creates, again, from H1 last year to H1 this year. But in terms of working cap outflow this year is EUR 60 million, as you see. So it's primarily reduced of payables as well as some reduction in advances.

Sorry, just to clarify, you expect EUR 60 million outflow for this year, so same as H1?

Yes. And we expect this to normalize in H2 indeed. But again, we'll need to have some effects for H2, but it won't be -- it will be more normal in H2 as compared to what we had in H1.

We will now take our next question from the line of Justin Forsythe from UBS.

A couple of questions from my end. Srikanth, I wonder if you could just walk us a little bit through the moving pieces in the revenue guide. So I think we had a bit of an actual -- as you flagged very clearly, a stronger Merchant Solutions result in 2Q, but yet we take down the full year revenue guide. You're saying that's attributable to Financial Services, if I understood you. So if I have that correct, I mean, we should be basically taking that, call it, one point down at the midpoint out of the FS line. So you could be talking about something like a 10% to 15% decline for the full year in FS, if I have that correct? And does that mean the Q2 result in MS, you say no changes. Should we be expecting off of that, call it, accelerated base in 2Q '26? How do we think about it? And then just a question on the strength that you called out, the high single-digit growth, Pierre-Antoine, that's obviously quite promising in some of the geos that you laid out. Germany was the one that seemed out of place in a way in my head because you've clearly had challenges there in the past, and one of your peers just flagged pretty severe weakness in that same geography. So maybe you could outline a little bit there. And one just cleanup question perhaps Srikanth on the Crédit Agricole deal following on from Fred's question. Is there -- could you be a little bit more clear on the price paid? So you both have contributed expenses into this JV. There is, I presume, some sort of, I believe, if I remember correctly, some revenue sharing model that was in place. So now it's more of a commercial referral relationship. How much is being paid by Crédit Agricole for that? And maybe you could just be clear as well on what acceptance solutions you are providing? Like what is it exactly that you're enabling for the go-forward commercial partnership?

Yes, you want me to start with Crédit Agricole and the Q2. So on Crédit Agricole, so today, what's working well is the e-commerce solution. So we've been distributing GoPay, so our new e-commerce solution for Europe to the Crédit Agricole since 12 months now. And it's working well at the speed of the bank distribution. And besides that, we are partnering commercially on the acceptance solutions. So the Axis platform, which is extremely successful for large enterprise merchants. And here, we are combining when it makes sense, our proposal on acceptance and Crédit Agricole comes with its acquiring capability. Going down the road, the idea is to provide POS also for the POS solutions for the SMB, but that's, I would say, a second stage as compared to what we are providing today, okay? And so for all that, the revenue generation is based on the shared revenue on the acceptance between the Crédit Agricole Group and ourselves. Okay?

Yes. Thanks, Pierre-Antoine. Hello Justin. On the revenue, so on PFI, essentially, we said we'll have a EUR 60 million impact coming from contract terminations, and we've seen exactly half of that. We had EUR 15 million in Q1. We have a EUR 30 million in Q2. And we expect that to be the effect of the contract loss, but then we'll offset that partly in H2. So we'll be somewhere between 6% to 7% as compared to last year of lower 6% to 7% as compared to last year.

Okay. Got it. Could you just then clarify what you mean on MS then because -- or what changed? So if that was already in your expectations, if I understand you correctly, then like maybe help us understand why the guide moved down at the midpoint. Is that like something tied to MS then? Because it sounded like you were saying MS is going to be stable? And is there any macro conservatism layered in there given the environment is a bit shaky right now?

Yes. So maybe -- so three comments on that. As you noticed, we have -- and Srikanth commented on that between the growth in volumes and the growth in external revenue, there is a gap, which is linked to the geo and merchant mix that we have witnessed in Q2 and Q1 and that is a bit dragging us behind in terms of growth of external revenue. The second element is that in Q2, we've been benefiting from delayed in some merchant migration outside our scope. and that will push down a bit the growth in enterprise as compared to what we've been witnessing in Q2. I would say that that's the second element. And I think that most of the elements. Obviously, we are a bit conservative about the macro context because up to now, and that's a surprise for the whole industry, consumption has remained quite strong in Q2, but we may anticipate that things evolve in the second half of the year. So yes, there might be some elements of conservatism that we are taking into account. But I think the very important point is the commercial traction across the board. The fact that the NPS has improved on each of our segments and the churn has reduced also in each of our segments. So I would say really the fundamentals of our business has improved. And again, the signing of ABN AMRO is very, very promising for us because it shows that we have turned the page of the scrutiny that we've been going through in '25.

And Pierre-Antoine, if you add anything just on that last point on Germany to add, that would be helpful. Really appreciate the time.

Yes, sorry. So Germany has been -- Germany has been behaving well in Q2. But remember that we had been struggling the previous year. So to some extent, we have an easier comparison than maybe some others. But yes, we have good traction. We have had good traction in Germany in H2, especially on the SMB front, but also in some verticals in enterprise with lower margin because of the segment, but with a strong traction. So we are better exposed probably in what we call FMCG, which is all the discounters in Germany.

We will now take our next question from the line of Hannes Leitner from Jefferies.

Yes. Maybe I can add a couple of more from -- after Justin. Maybe you can talk about net-net revenue basis, especially for the Merchant Services. When do you expect basically to breakeven and move to growth and to sustainable growth there? And maybe that's how you can square that in the guidance. Then just like maybe you gave in previous presentations always a nice overview on the SMB segments per geographies. How did the turnaround and the stabilization perform? Maybe you can help there. What is the visibility? Because I believe that this is the big moving parts, which can then sustainable push Merchant Services in the growth territory? And then maybe just like in terms of your capital raise and the big shareholders who joined your cap table, should we -- when can we expect some financial services wins in France in your home region?