Consumer sentiment in Germany remains weak and well below the long-term average. The recovery has stagnated since July 2023, after a gradual improvement during the first half. Our expectation is in line with the decreasing number of active customers during the first half of 2023, while TV viewership remains stable as potential customers continue to watch, but are reluctant to buy. We expect that volumes will remain at low levels in the first half of 2024, as macroeconomic headwinds in the Germany, Austria, and Switzerland (DACH) region will persist, with a potential upside for volume growth in the second half of 2024. We expect that profitability in the DACH region will improve in 2023, after the heavy discounting at the
