Ladies and gentlemen, welcome to the HomeToGo Q2 2025 Earnings Call. I'm Valentina the Chorus Call Operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Carsten Fricke, Head of Investor Relations. Please go ahead.
Thank you, Valentina, and good morning, everybody, and welcome to HomeToGo's Q2 2025 Earnings Call. My name is Carsten Fricke, Head of Investor Relations at HomeToGo. I am pleased to be joined today by our Co-Founder and CEO, Dr. Patrick Andrae, and our new CFO, Sebastian Bielski. Together, they will walk you through our financial highlights for the second quarter and first half of 2025. As always, this call is being recorded and a replay will be available later today on our investor relations website. With that, I would like to hand it over to you, Patrick. The floor is yours.
Thank you, Carsten. Good morning, everybody, and thank you for joining us today and for your continued support.
I am pleased to welcome you as we present the results of our second quarter of 2025, a quarter in which HomeToGo delivered a strong performance and reached several important strategic and financial milestones. We achieved a new second-quarter record in IFRS revenues, more than tripled our adjusted EBITDA year-over-year, and significantly improved free cash flow in the first half of the year, all while maintaining our disciplined cost control and clear strategic focus. These results confirm that we are on the right track, accelerating growth in our HomeToGo_PRO segment, expanding adoption of our HomeToGo Payments product, and integrating AI even more deeply into our platform to increase both efficiency and innovation. With an all-time high booking revenues backlog and continued momentum across the group, we remain highly confident in achieving our full year 2025 targets.
At the heart of this success are our two business segments: the AI-powered B2C HomeToGo Marketplace and our fast-growing B2B services segment, HomeToGo_PRO. Let's now take a closer look at how both segments performed in Q2 2025. Starting with our Marketplace, the B2C side of our business, which offers the world's largest collection of vacation rentals and harnesses AI to offer an intuitive and seamless booking experience, directly caters to the needs of our travelers. With over 20 million offers, we serve a global user base across more than 30 countries through localized apps and websites. In Q2, our ongoing strategy of prioritizing profitability over growth for the Marketplace continued to show results. The Marketplace segment delivered a EUR 4.5 million year-over-year improvement in adjusted EBITDA, reaching an adjusted EBITDA of EUR 3.5 million in quarter two, with a margin of 8.9% for the quarter.
This was driven by higher marketing efficiency and an enhanced onsite take rate, which improved by more than one percentage point year-over-year to 13.8%. Let's now turn to HomeToGo_PRO, our B2B segment offering software and service solutions to professionals and senior professional vacation rental suppliers and hosts. For this segment, our strategy currently prioritizes growth over additional profitability. In quarter two, HomeToGo_PRO delivered towards this goal as IFRS revenue grew by 35% year-over-year to EUR 20.4 million, driven by increased subscription and also strong volume-based revenues. While profitability of the B2B segment has decreased for half year one, adjusted EBITDA actually grew by 23% year-over-year to EUR 3.9 million in quarter two, highlighting the current momentum of the positive scale effects. Based on this traction, HomeToGo_PRO is well positioned to become our primary driver for revenue and EBITDA in the future.
Before I continue, it's also worth noting that as we reported in euro, our reported IFRS revenue growth was negatively impacted by currency movements, in particular the weaker U.S. dollar, which has negatively affected roughly 20% of our group revenues. This context is important when comparing our top-line growth to industry benchmarks, as it reflects the underlying strength of our operations without FX headwinds. Beyond these strong financial results, Q2 2025 also marked continued strategic progress across both our business segments. On the Marketplace side, our HomeToGo Payments solution saw continued accelerated momentum, and it's now processing nearly 1/3 of total GBV on our onsite platform, and we expect this to grow further. This increase helped drive a strong improvement of our free cash flow, which surged by over 50% year-over-year in the first half of 2025.
Another key milestone was the successful integration of Vrbo into our onsite marketplace. With the majority of the inventory now available to book directly on HomeToGo brands, we significantly strengthened our onsite inventory. We also acquired the domain Ferienhäuser. Ferienhäus , which translates to Holiday Home in German, is one of the most searched vacation rental keywords in Germany, our home market. Now we turn to HomeToGo_PRO, the B2B side of our business, which is the future strategic center of gravity of HomeToGo, especially following the acquisition of Interhome. Starting with Smoobu, our vacation rental software for private and self-managing hosts, continued to build on its strong momentum from quarter one and increased its subscription annual recurring revenue, ARR, by more than 30% year-over-year in the total first half of 2025.
We also saw exceptional performance from HomeToGo_PRO doppelganger , a suite of fast, scalable software and redistribution solutions, which delivered IFRS revenue growth of over 200% year-over-year in quarter two. Finally, we remain confident regarding the upcoming closing of Interhome acquisition. While we are not subject to the ongoing regulatory review, the anticipated decision by the [Swiss Competition Commission] will allow us to finalize the transaction and begin unlocking synergies to deliver value from day one post-closing. We will now take a closer look at the HomeToGo Marketplace segment and performance in quarter two. We kick things off with our first Marketplace highlight: the continued success in scaling up HomeToGo Payments. In just the first half of 2025 alone, our payment solution has already exceeded the entire processing volume of full year 2024 by over 20%. Adoption continues to rise at a rapid pace.
Now, an impressive 30% of all GBV processed on our onsite marketplace uses HomeToGo Payments, marking a significant 18% point increase year-over-year. This has contributed to a 175% year-over-year rise in processed GBV and therefore positively contributed significantly to the free cash flow development in the first half of 2025. Our expectation, and for sure also ambition, for the rest of 2025 is to increase the adoption of HomeToGo Payments even further, at least at the same fast pace. This rapid adoption highlights the clear play for both travelers and partners. For travelers, it means more trust and basically effortless booking: 14 different payment methods at the fingerprint.
For partners on the other side, it delivers clear commercial benefits such as overall higher conversion, reduced payment processing fees through larger economies of scale, a 30% reduction in chargeback rates, reduced fraud risk through an additional protective layer provided by our payment partners, and lower cancellation rates. This clearly demonstrates that HomeToGo Payments is not only a key product of innovation but also a driver of efficiency and growth across our platform. That is because HomeToGo Payments is more than just a way to process transactions. It's a modular infrastructure, like a multi-lane highway, that creates numerous benefits for our business as adoption grows. An immediate benefit is higher conversion, driven by offering travelers more trust, choice, and convenience in how they pay. The smoother payment process reduces drop-offs and increases the number of completed bookings. Another advantage is improved pricing flexibility through our higher take rate.
This allows us to play with price points and discounts via mobile or non-fungible rates, offer further targeted discounts, and consequently achieve higher marketing efficiency. At the same time, the growing volume of processed payments improves the commercial terms we have with our payment partners, thus increasing the attractiveness of HomeToGo Payments for our partners and creating additional margin potential for HomeToGo. Finally, HomeToGo Payments helps to boost free cash flow through optimized working capital. When we look ahead, payments also open up exciting additional short and mid-term opportunities, especially across the whole HomeToGo group. Through the rollout of HomeToGo Payments for our subsidiaries and the introduction of embedded finance features together with our payment partners, we can further leverage our payment infrastructure, commercial terms, and especially the know-how that we built over the years across the group and our subsidiaries.
In short, higher adoption of HomeToGo Payments leads to greater opportunity. It's a powerful development both for revenue growth and for strengthening the foundations of our business. Coming to our second key Marketplace highlight from quarter two, this was the successful integration of Vrbo as a major onsite partner on the HomeToGo platform. Vrbo, along with its German brand FeWo-direkt and its French brand Abritel, is one of the world's largest vacation rental marketplaces and has been a top three partner for HomeToGo for years, with more than 2 million bookable properties worldwide. For over a decade, Vrbo has worked with us as an advertising partner, via an offsite kick-out-based model. Now, with this transition, the vast majority of the inventory is live directly on our onsite marketplace in key European markets, including the DACH region, France, Italy, Spain, and Portugal.
There are more markets that will be rolled out soon. The remaining listings continue to be available via our existing advertising model. This is a major milestone in our partnership, as it shifts a large share of Vrbo's revenues with HomeToGo from advertising-based revenues to high-margin booking onsite revenues. It also significantly strengthens our onsite inventory, improves the traveler experience with instant booking capabilities without leaving the site, and deepens our strategic relationship with both Vrbo and Vrbo's parent company, Expedia. The third key Marketplace highlight in quarter two was our acquisition of Ferienhäus, one of the most valuable domain names in the German vacation rental market. With the acquisition, we secured a highly strategic asset. The domain matches the second most searched vacation rental keyword in Germany. This directly enhances our organic visibility and boosts our long-term marketing efficiency in German-speaking regions.
The platform is already operating under the HomeToGo umbrella, so with our white-label technology, initial user engagement metrics are very encouraging. This move also reflects our commitment to continuously solidify our leadership position in Europe through targeted investments, which expand our reach and user base. Now, let's shift our focus from the consumer side of the business to our HomeToGo_PRO B2B segment, the professional side of our platform, which continues to build significant momentum. Since its introduction in December 2023, HomeToGo_PRO has evolved into one of our most dynamic growth drivers, combining scalable SaaS revenues with high-value service solutions for vacation rental professionals. Let's now take a closer look at two key developments from quarter two that underline the strength and long-term potential of this segment.
Quarter two was another standout quarter for HomeToGo_PRO, solidifying its role as a key pillar of growth and profitability for our group. IFRS revenues increased by an impressive 35% year-over-year, and adjusted EBITDA was up 23%, reflecting a healthy top and bottom line development. Now, let's break this down by revenue streams. Subscription-based revenues grew by 18% year-over-year, led by continued momentum on Smoobu, our vacation rental software for private and self-managing hosts, that we will go a little bit more into detail in a second. In quarter two, Smoobu's IFRS revenues grew by 28% year-over-year, driven by both new customer acquisition and better monetization of existing customers, also through the upselling of innovative premium features. On the volume-based side, we recorded even stronger growth of 45% year-over-year, fueled primarily by the exceptional performance of HomeToGo_PRO Doppelganger.
Developed entirely in-house, HomeToGo_PRO Doppelganger is a suite of fast, scalable software and redistribution solutions that utilize the technology backbone of the Marketplace. These white-label and API-based products allow our partners to embed our inventory directly into their platforms, fully branded and with no operational overhead. Over 30 well-known brands are already using HomeToGo_PRO Doppelganger, including TUI, HolidayCheck, and many others. The product's results speak for themselves. HomeToGo_PRO Doppelganger delivered a staggering 200% year-over-year increase in IFRS revenues in quarter two alone. The rapid adoption of both Smoobu and HomeToGo_PRO Doppelganger highlights the strengths of our differentiated B2B offering, combining recurring SaaS revenue with scalable infrastructure solutions and high-value service solutions for vacation rental professionals to drive long-term value. Let's take a closer look into Smoobu.
Given its momentum and strategic importance, Smoobu is performing and evolving as our all-in SaaS solution for independent vacation rental hosts and continues to deliver outstanding performance, both in product development and business results. In quarter two, as already said, the ARR, the annual recurring revenue, grew by more than 30% year-over-year, continuing the positive trend from quarter one and demonstrating strong demand for Smoobu's product solutions overall. Smoobu is designed for self-service-focused hosts who want to stay in control of their business while reducing the friction of multi-platform listing management. Through smart features like dynamic pricing, synchronized availability, and a central communication output, Smoobu eliminates the complexity of managing bookings across multiple OTAs, helping hosts not only to save time but avoid double bookings and increase revenue.
While we do this, we are continuously enhancing the product with features like the rebuilt new website builder or the new dynamic pricing engine. Smoobu is also earning strong recognition in the market. It holds a 4.5-star rating on Capterra, and it's for sure a preferred or premier partner of our peers in the Marketplace business, like Airbnb or Booking.com. In the end, we are very confident that Smoobu will continue to expand its footprint and drive high-margin recurring revenue growth for the group. Now, we turn to a key strategic milestone for HomeToGo, specifically HomeToGo_PRO, and that is the planned acquisition of Interhome. As you know, this transaction is set to significantly expand our position in the European vacation rental market and represents a major leap forward in the growth of the HomeToGo_PRO segment.
Including Interhome, HomeToGo_PRO would become the world's largest direct vacation rental supplier to third-party platforms. Looking a little bit more into where we stand currently in the process. Following the successful completion of our EUR 85 million capital raise in February, we remain well on track with the closing of our transformative acquisition of Interhome. As a reminder, Interhome is Europe’s second-largest vacation rental management company with over 60 years of operational excellence and a strong presence across key European markets. In 2024, the company generated approximately EUR 400 million in gross booking value, EUR 125 million in IFRS revenues, and over EUR 20 million in adjusted EBITDA, making it a highly strategic fit for our platform. We have already received all necessary regulatory approvals from our side.
The only remaining step at this point is the conclusion of the phase two review by the Swiss Competition Commission, which is tied to the parallel acquisition of Hotelplan by Der Tour. Once that process is completed, at the latest by the end of September, we are ready to consolidate Interhome into HomeToGo. In the meantime, we are fully focused on preparing for day one readiness, ensuring that Interhome is operationally independent and able to continue business as usual from the very first day after closing. In parallel, we are building out a carve-out plan to transition Interhome away from the systems and services of Hotelplan and DeGaulle. This strategic integration will expand HomeToGo's exclusive inventory access, operational capabilities, and host service portfolio, unlocking superior value for both supply partners and distribution channels worldwide.
Overall, this acquisition will materially enhance the scale and profitability of our HomeToGo_PRO segment, and moreover, it will position HomeToGo even more strongly on its path to becoming Europe's leading vacation rental powerhouse. With that, I hand now over to Sebastian, our new CFO, who I want to welcome again on board. We are very, very happy that he decided to join HomeToGo with all his experience from companies like Goldman Sachs or Delivery Hero, and most recently as CFO of UniNetworks. He will now walk you through the financial highlights of the quarter in more detail. Thank you.
Thank you very much, Patrick. Good morning, everybody. Thank you again for joining me. It's a super exciting day for me personally, as it's the first time I present quarterly results as CFO of HomeToGo. I joined about six weeks ago, and I'm increasingly certain that I joined at one of the most exciting times in the history of HomeToGo, especially with the upcoming and very transformational acquisition of Interhome, hopefully closing in a couple of weeks. I will now walk you through the financials for the first half and the second quarter. Let's start with a recap of our key financial highlights for the second quarter of 2025. Booking revenue had a very solid growth of about 3% year-on-year and reached about EUR 65 million. It was mainly driven by the very strong momentum that we saw in HomeToGo_PRO, our B2B segment.
The booking revenues backlog hit an all-time high for a second quarter at about EUR 84 million. This very high backlog provides very good visibility for revenue realization in the second half and provides us also with a high level of confidence about reaching our previously stated guidance. IFRS revenues grew by 11% year-on-year in the second quarter to about EUR 59 million. It's a new record for a second quarter. There was a small spillover effect of about EUR 1 million- EUR 1.5 million from Easter being in the second quarter of this year. However, this was also partially offset by negative U.S. dollar to euro currency movements for the about 20% of our revenue, which is generated in U.S. dollars. Adjusted EBITDA for the second quarter increased by EUR 7.4 million, and it was up more than 3x.
Margin improved to 12.6%, which is a 3.5% point increase versus last year. This reflects very strong cost discipline and improved marketing efficiency, but also the scaling of our revenue base. Cash and free cash flow also developed quite positively. Our cash position stood at EUR 152 million at the end of the second quarter, and free cash flow improved by about 52% year-on-year in the first half, or about EUR 5 million. This was driven by strong booking capital management, which was mainly the result of the increased adoption of the HomeToGo Payments solution, which Patrick has already outlined. Let's now take a closer look at key financials for the first half and the second quarter of 2025. Let's start with booking revenues. Booking revenues increased relatively steadily by about 3%- 4% in Q2 and H1.
This growth was driven mainly by a 13% year-on-year increase in the volume-based businesses of HomeToGo_PRO. The picture looks quite different for our IFRS revenue. Year growth has materially accelerated from the first quarter to the second quarter of this year. While we saw negative year-on-year growth of about 5% in the first quarter, we were very happy to see 11% growth in the second quarter. This meant that growth for the first half altogether was about 4%, in line with growth of booking revenues. Total IFRS revenue stood at about EUR 59 million in the second quarter, and only a small part of this, as I said, about EUR 1 million- EUR 1.5 million, was due to Easter falling into the second quarter of this year.
As I've already outlined also, and Patrick as well, this positive timing effect was also partially countered by negative currency movements for the about 20% of our revenue base, which we generate in U.S. dollars. Adjusted EBITDA stayed relatively stable when you compare the first half of 2024 and 2025 at about negative EUR 20 million. However, you really can see the progress of our business when you focus on the second quarter, with very, very good improvement of EBITDA which more than tripled to about EUR 7.4 million. As I already outlined before, cash flow improved by about 50% when you compare the first half of 2024 and 2025. As I said, driven in large part by improved working capital, which was the result of the increased adoption of our payment product.
In the second quarter, the cash flow was slightly negatively impacted by the timing of the payment or the cash outflow for marketing activities, which actually took place in the first quarter but was paid in the second quarter. We now take a closer look at the composition of our booking revenues, IFRS revenues, and adjusted EBITDA by segment for the first half of this year. Booking revenues were overall up about 4% year-on-year to EUR 154 million. We had a slight growth of about 1%- 2% for our marketplace business, but the real story, which Patrick has highlighted before, was our B2B business, which showed very, very strong growth. Our subscriptions grew by about 7% to over EUR 12 million, and our volume-based business within the HomeToGo_PRO segment grew even 13% to almost EUR 33 million. IFRS revenues were up about 4.3% year-on-year to EUR 93.2 million.
We saw stable IFRS revenues for our marketplace business, but once again, very, very strong growth in our B2B business. Subscriptions grew 9% year-on-year, driven predominantly by Smoobu, and the volume-based side of our revenues grew 15%, especially due to the super strong performance of the HomeToGo_PRO Doppelganger product. Adjusted EBITDA was down slightly by about $1.5 million year-on-year. The marketplace segment improved its EBITDA by $3.5 million year-on-year to about -$20 million. This was driven by reduced marketing spend and higher take rate. As Patrick has already outlined, and you will also hear me repeat this a couple of times throughout my part of the presentation, this was really a strategic choice that the management team took to focus profitability over growth for our marketplace side of the business. The story is quite different for the HomeToGo_PRO business.
As Patrick has also said, in this business, we see great momentum, and the management team took, again, a very conscious decision to prioritize growth over further increasing profitability here. Due to these decisions, the EBITDA declined actually slightly by $0.6 million, which again reflected strong investment into product development. However, we can also see the positive impact of increased scale on revenue, which is mainly visible for the second quarter on the next slide. We will now zoom in or double-click on the booking revenues, IFRS revenues, and EBITDA for the second quarter. Booking revenues were up about 3% year-on-year to almost $66 million. The marketplace business was slightly down by 3% to about $47 million. This again reflects the intentional decrease of our marketing activities in the second quarter as we prioritize efficiency and profitability over top-line growth for this segment.
However, the negative growth of the marketplace business was more than compensated by the very, very strong results from our B2B segment. Here, subscription revenue was 14% to $6.5 million, and the volume-based business was even up 19% to $14.2 million. In terms of IFRS revenues, those were up by 11% year-on-year for the second quarter to almost $59 million. We saw stable IFRS revenues of about $40 million for our marketplace segment, which had a slightly different revenue mix as we opportunistically looked for margin optimization opportunities, and we shifted a little bit between the offsite and onsite part of our business within the marketplace. We had absolutely outstanding growth from our B2B segment. It was up 34% to $3.3 million of IFRS revenue. This segment now accounts for about 35% of total IFRS revenue, which was up from 29% in the second quarter of last year.
The subscription revenue grew by 18% to EUR 6.6 million, as Patrick has outlined, mainly benefiting from very strong performance at Smoobu, and the volume-based business was up 45% to EUR 13.7 million, driven by the very strong performance of Doppelganger. When looking at EBITDA overall, we had a very strong improvement to EUR 7.4 million. This was up from EUR 2.2 million in the second quarter of last year, which means that we more than tripled our EBITDA comparing quarter to quarter. The marketplace segment saw a strong improvement from a loss of about EUR 1 million last year to a profit of EUR 3.5 million this year. This again highlights our strategy of focusing on profitability over growth for the marketplace side.
For the B2B side, we had adjusted EBITDA of EUR 3.9 million, and that was also up 23% when comparing quarters, even though we actually took the decision to strategically focus more on growth. This again highlights the benefits of additional revenue in the software and service solutions side of our business. Looking a little bit at the booking revenues backlog, it actually reached a new record high for the end of the Q2 quarter and stood at EUR 84 million. This marks a 25% increase when you compare it to the EUR 67.4 million which we saw two years ago, and an increase of 6% over last year.
The strong backlog provides excellent visibility into IFRS revenues for the second half of this year, and it also reinforces our confidence in the peak season performance, which we are seeing at the moment, actually in July and August, and also our high confidence in being able to deliver upon our guidance. We now look a little bit at the evolution of our onsite take rate on slide 21. Our marketplace continues to provide very high-quality and attractive demand for our partners, and this high quality of the customers that we bring to our partners is reflected in the willingness of our partners to pay higher take rates over time. Our onsite take rate has actually increased from about 12.5% in the second quarter of last year to 13.8% in the second quarter of this year, which is a 1.3% point increase year-over-year.
Now looking a little bit at the development of our average basket size, we saw overall a 2% increase year-on-year across the group. This was mainly driven by the rest of Europe, which increased by 6%, and the DACH region, so Germany, Austria, and Switzerland, excluding our short-term business, which increased by 8%. In terms of the length of stay, this decreased slightly year-on-year across all regions, but this was actually then overcompensated by the increase in the average daily rate. On this slide, I would actually like to focus on the right-hand side of the slide because I think it really showcases the benefits of increasing our revenue scale while staying disciplined in costs and in terms of capital allocation.
You can see that the EBITDA margin has increased very strongly from 4.1% in the second quarter of last year to 12.6% in the second quarter of this year. When you look a little bit at the line items, you can also see that the main drivers of this positive development can be found in marketing and sales and in product development. Marketing and sales, the ratio of cost to revenue improved to 57.9%. This is a 7% point decrease year-on-year, mainly due to lower performance marketing spending in our marketplace side of the business, which again reflects the strategic priority that we took to focus on profitability over growth in that side of the business.
The product development cost as a percentage of revenue improved to 15.4%, even though we continue to invest very strongly into our product capabilities, as Patrick has also outlined, especially in our Pro segment. The way that we achieved this improvement was by very deliberately steering where we use our personnel resources and also an ongoing focus on applying AI wherever we can throughout the business. We had a strong liquidity position at the end of the second quarter. We had $152 million in cash and cash equivalents, which was up from the $143 million that we had at the end of the first quarter of this year.
We saw positive operating cash flow in the second quarter, which was driven by the positive EBITDA that we generated in the second quarter and also the improvements of our working capital, which was mainly driven by the increased share of our payment product. For those of you who like to dive deep into the financial side of our business, a quick explanatory note: when you look into the cash flow statement in our H1 report, the net cash from investment activities of 37.4% is mainly driven by a $40 million proceeds that we had from the transformation of our previous money market fund into an overnight account. This is really a change within cash and cash equivalents, but in our financial statements, you can find it in the investing cash flow. In terms of our previously given guidance, we're confirming our financial guidance for 2025.
This guidance excludes any potential impacts from the Interhome acquisition and, as such, is a standalone guidance for the current HomeToGo business. On that standalone basis, we expect booking revenues of more than $270 million, which represents year-on-year growth of more than 4%. IFRS revenues are forecast to exceed $230 million, up more than 8% year-on-year. On the profitability side, we continue to expect an adjusted EBITDA of more than $19 million, which would reflect 48% growth year-over-year, and we also expect positive free cash flow for the full year 2025. With that, I thank you very, very much for your attention, and we will now open the floor for your questions.
We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. You will hear a tone to confirm that you've entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. Anyone who has a question may press star and one at this time. As a reminder, if you wish to register for a question, please press star and one on your telephone. The first question comes from Ramon Huber from Limmat Capital. Please go ahead.
Hello, congratulations for the figures. I would have two questions. One is, did you see any change of the behavior of your clients? You showed they stay a bit shorter, but did they also take, let's say, cheaper houses, or did you see any changes at all?
We didn't see any change in behavior in terms of, so to say, trading down to cheaper houses, which you can also see in the fact that the daily average rate is actually up. The length of stay decreased slightly, but overall, in terms of our, so to say, basket size, that has actually increased. We don't see a trend of trading down.
The Interhome, they're also in the market, and I believe that you see them in the market. Did you see them changing their behavior a bit because, like, they saw definitely they would be already with you, or is it business as normal as well?
Could you maybe repeat the question? There was a little bit of interference.
The Interhome's appearance in the market, I think you told us that you see them sometimes in the market. Did you see their behavior different than last year? I think people thought they already would work for you.
Yeah, we don't take any influence on the Interhome business yet, obviously, until closing. Basically, Interhome operates separately and operates as we must assume, like they did also in the years before. We didn't witness any change, at least on our platform.
Okay, you're expecting the deal coming till the end of September?
Latest end of September, yes.
Okay, thank you very much.
Thank you.
Once again, to ask a question, please press star and one on your telephone. Ladies and gentlemen, that was the last question. I would now like to turn the conference back over to Carsten Fricke for any closing remarks.
Thank you very much, dear analysts and investors, for joining and your attention today. Should there be any additional questions afterwards, please feel free to reach out. We wish you a great day and hope to see you soon. Many thanks.
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