So, good morning, everyone. Welcome to our Q4 2024 trading update. I'm Will Shu, Founder and CEO of Deliveroo. I'm joined by Scilla Grimble, our CFO. It's going to be a short call today. I'm going to cover over a few of the key takeaways from the trading statement, and then Scilla and I will jump into Q&A. So, to get started, we closed out a really good year with GTV growth of 6% in constant currency. This is in line with our guidance range of 5%-9%, and we expect adjusted EBITDA to land toward the top end of our GBP 110 million-GBP 130 million range. Looking at Q4 specifically, group GTV growth was 7%, with order growth of 3%. We continue to execute on our strategy, significantly strengthening our CVP. We've seen encouraging signs from our enhanced Plus loyalty program. We continue to see strong growth in grocery, and both the UKI and international GTV growth accelerated sequentially. I think in the UKI, we're particularly pleased. We saw GTV growth increase to 9% year- on- year, and that's contrasting with 7% in the third quarter, and I think what's really great is we've seen continued momentum in order growth, so fourth quarter was 5% up year- on- year. Q1 was flat. Q2 was plus 1%. Q3 was plus 2%, and so we're seeing positive momentum in that, and I really think that's just due to strong execution on our initiatives, and we've seen improvements, continued improvements in both frequency and retention, and I think, you know, we're going to take questions on this, obviously, but there's still quite an uncertain consumer environment in the U.K. And so for the team to execute the way they did, we're proud of that performance. International GTV growth increased to 5%. We've had orders flat on GTV per order, up five. And the main growth drivers there were the U.A.E. and Italy. We continue to perform very strongly. France improved slightly after the temporary disruption of the Olympics in Q3, but we are seeing some continued market softness there. And, you know, in our discussions with other companies that operate in France, I think it's a pretty familiar theme. We've also mentioned Hong Kong in previous trading updates. It is a difficult competitive environment there, and that's been a drag on growth. So, excluding Hong Kong, international GTV growth was 10% in constant currency, and orders grew 6% year- on- year. And then finally, group revenue grew 6% in constant currency. Take rate decreased 40 basis points year- on- year, as expected. This is due to our planned CVP investments. And I guess before we start the Q&A, I know everyone's interested in what we're going to talk about for 2025, but I just want to highlight this as a trading update. We're going to provide guidance with our full year results on the 13th of March, so pretty soon. So with that, let's open up the line. Thank you. Ladies and gentlemen, if you would like to ask a question on today's call, please signal by pressing star one on your telephone keypad. In the interest of time, we kindly ask all analysts to limit themselves to two questions only, please. Again, that is star one for your questions today. And first up, we have Chris Johnen from HSBC. Please go ahead. Yes. Hi, good morning. Thanks for taking my questions. First, I was curious if you'd be able to give us a bit of a breakdown in terms of the growth between the quick commerce or grocery and retail business and core food growth, if that was possible, maybe starting with the U.K., but also maybe a bit of international color. And then second question, on your thinking about the CVP, sort of the take rate impact, is the sort of level that we've seen in Q4 maybe a good indication of, I would say, like stable waters for you guys, or do you see more need to do, you know, maybe a little bit more? Thank you. Hey, Chris, how are you doing? I'll take the first question, and Scilla can take your second one. I think we're continued to be just really amazed at the take-up of, you know, you guys call it quick commerce. We call it grocery, and obviously, you know, retail as well. And it just seems like there's just, you know, secular shifts happening to faster deliveries, smaller baskets versus, you know, what we saw sort of five years ago. So that continues to be really strong. The sort of food segment is still growing nicely as well. But as you know, as we've said, the grocery segment for us is definitely driving significant growth for the overall company. Scilla, do you want to take the second one? Sure. So, I mean, as we've said, it's a trading statement, so I'm not going to give you anything explicit on 2025, but I guess a reminder of a few points, Chris, on take rate. So, you know, we've, I think, been clear consistently for the last few years that we see it as a, if you like, as an output rather than an input growth. So this is all about how do we maximize the quantum profit of the business. And clearly, some of the strategic moves that we've made are dilutive to take rate. So, you know, we've just talked about grocery, some of the moves that we, you know, the further push we've made into plus this year. But it's clearly advantageous to have that incremental quantum margin that we get from those lines of business. Q1 2025 is as expected. There's nothing in the print today that's sort of a surprise, again, as we've flagged in the statement. I suppose kind of one thing, you know, we've been consistent, I mean, throughout about the importance of price value, both to our growth and to the broader growth of the sector. We, you know, we think it's been the right thing to do to, you know, if you like, invest into the CVP to support customers and to support some of that growth over recent quarters. We are, you know, we continue in the team, and again, we've flagged it to work really hard to drive the efficiency of some of that investment. You know, over time, I expect that we will see some, you know, some benefit of that come through into take rate. But, you know, at the moment, it's still been kind of very important, as I've said, to make sure that we're investing behind that price value equation. Understood. Thanks a lot. Thank you. And our next question now comes from Monique Pollard from Citi. Please go ahead. Hi, morning, everyone. Just two questions from me. The first was just whether you could give us an update on the retail offering. And I was just interested, particularly during things like, you know, peak Christmas trading, whether those kind of big events for, you know, a step change in terms of adoption or utilization of that on the platform. And the second question I had is just about, you know, the U.K. National Living Wage, because, you know, obviously increased in the budget. I'm just wondering sort of how to think about that in terms of U.K. gross margins and whether, you know, you like to try and sort of maintain a gap in terms of rider pay to National Living Wage. Hey, Monique. I'll take the first one, and Scilla can take the second one so I think on retail, really, really happy with the ramp-up in selection that the teams managed to accomplish in 2024 and as we said before, the holidays are a set piece in terms of, you know, how you drive awareness and demand, which is a bit maybe different than food. Like I said, this is a medium-long-term initiative, and we're most focused on DIY, which you guys will have seen, you know, B&Q, Screwfix, Dixons, health and beauty, pet food so those are the three categories we're really focused on. The business continues to scale nicely in the U.K. and U.A.E. but I didn't really view 2024 as sort of the big bang in terms of, you know, contribution, let's say, to the business. Really, we view that as a multi-year initiative. I do think the team did a great job building awareness in 2024 and adding merchants. We're going to continue to do that in 2025 as well. So we've done some really cool stuff. So in Q4, we announced a partnership with Wilko. We added our first fashion brand partner, HURR, which was surprisingly, everyone I spoke to was really excited about that. I'm not a customer, but pretty cool. Accessorize, we added as well, and also people like Not On The High Street. So I think we're building great momentum in that retail segment, and that's going to pay dividends in years to come. And then, Monique, just on the kind of living wage point. So clearly, you know, we've had to navigate increases in minimum wage and living wage, you know, over several years. And we, you know, we will continue to keep driving efficiencies into the delivery network, as you've seen us do consistently again over the last several years. So whether or not that's, you know, continuing to reduce rider wait time at restaurants, it's, you know, continuing to improve in terms of getting smarter on stacking those things. So, you know, I would expect that we continue to drive those delivery efficiencies forward. Obviously, we do think about kind of where we pay versus other things in the market because we want to make sure that we are both kind of ensuring our rider supply. And we also think about things in relation to the pay flow with the GMB. But as I said, nothing kind of new, if you like, in terms of having to manage those increases. Thank you. Thank you. And up next, we have Sean Kealy from Panmure Liberum. Please go ahead. Morning, everyone. Just me if I can. So obviously, Ocado had some excellent figures yesterday with respect to acceleration in grocery. It's not quite the same proposition as Deliveroo, but I was wondering if there was any comment, any further clarity you could give on grocery performance in particular over the festive season. And then secondly, just on Hong Kong, a couple of questions that I suspect you might be willing to share the answers on. So is that a cash flow positive business? And I guess what I'm trying to get at here is how do you see the future of that business given what looks like potentially fairly large declines in order volumes in the quarter? I'd just be very interested to hear a bit more commentary on that. Hey, Sean. I can take both. Yeah, I mean, in regards to the Ocado print, which looked really good, I mean, I don't know if there's, you know, that much read across. We're just continuing to execute on what we're doing. The growth is really good. And it's been good for, you know, years, right? And I just think you do have this secular shift to more convenience, you know, the sort of 30 to 60-minute window, kind of smaller midsize baskets. And, you know, we're seeing that around the world, right? So I just think that trend's going to continue, and we're really well positioned there. In terms of Hong Kong, I'm not going to go into specifics on financials there. But here's what I'd say. You know, if we take a step back, Hong Kong is obviously one of the densest places on Earth, but really dense in terms of merchants and consumers. And it's a place that historically has been steeped in convenience culture, right? And so we think it's a good market because of that. And as we've flagged over various earnings calls, it's been a challenging situation for about, you know, a year now. And I think the team's done a great job holding the fort. And our focus on the higher end of the market, I think, is the right one, right? And that's what we've historically focused on. And what we do is we focus on the CVP, and we invest on where we can. But it's also just not a situation where we're going to run endless promotions and discounts. So we invest where we think we can drive true differentiation. We invest in the segment of the market which we think actually wants that. And I think it's also worth saying that, you know, Hong Kong overall is the most discount-driven market we have by quite a margin, right? So there's some, you know, particular characteristics there. But overall, look, we, you know, we continue to push in Hong Kong. The team's doing a great job. We think from a market standpoint, it's a really good market. Thanks. Thank you. Thank you. And as a reminder, ladies and gentlemen, that is star one for your questions today. And from Bernstein, we now have Annick Maas with our next question. Please go ahead. Good morning. My first question is on the U.K. order growth, which was really, really good. I was just wondering if you could maybe split it up and tell us how much of that was maybe due to your new Plus initiative and how much was due to anything else. The second one was on the relaunch of the Plus. I know it's quite early, but can you already tell us maybe how the different tiers have helped the frequency and order growth in the U.K., particularly? Thanks. Oh, hey. Hi. I'll take the first part of that question. So I'd say this on U.K. performance, I mean, it's been really good, and it's been encouraging to see the output metrics move in the right direction for quite some time now. And I think that just comes down to execution, right? We spent a lot of time thinking about the CVP at the Capital Markets event. I guess that was, what, 14 months ago, we laid out the strategy and the areas we're focused on, right? So what are those? Plus, we launched two new tiers last year, right? We have Plus Diamond, which I'm going to refrain from trying to sell to people on this call because Scilla told me that was not appropriate. But Plus Diamond is great. And we've got the new Plus Gold credit-back offer. And those are performing really well. And Scilla can kind of go into that. We've also made really good progress on value for money, the Deliveroo's choice part of the app. As you know, you know, we are continually obsessed with reduction in defects, right? That is something that I personally spend a lot of time on. And this industry isn't perfect, right? There's a lot of things in a three-sided marketplace that are outside of our control. And we always think, can we get more in our control and drive a better user experience? And we also think those incremental changes compound to a much better user experience over time that, you know, is sort of subtle. But then you look, you're on here, and you're like, wow, it's much better. And then I'd say, you know, grocery just continues to do really, really well. So I don't know that I'd call out anything specific other than the team's executing well. We've got the right strategy. And when you look at the output metrics of retention and frequency, they're just moving in the right direction. And you can see that sort of net order growth and GTV growth. So, you know, kudos to the UKI team for executing so well. Then I think just on Plus, so I can give you a bit of a sense of what we're seeing today, as you say, still relatively early days. You know, we are seeing some improvements in terms of frequency of those people effectively on the new program, even among users who've, you know, historically been already kind of high-frequency users. You know, one of the things clearly that we were hoping to see from the investment. I think we touched on it in the half-year results. What we're also seeing, pleasingly, is some good conversion from, if you like, the free trial propositions to the paid proposition. Pleased with what we're seeing there. Clearly, you know, what will play out over time is the impact that this has on retention. And I think, you know, we're still too early, you know, in the relaunch of the program to judge that. But, you know, we're both, you know, Will and I are very pleased with what we've seen from the relaunch of the proposition there. Great. Thank you. Thank you, and as there are currently no further questions in the queue, I would now like to hand the call back over to you, Will, for any additional or closing remarks. Thanks for joining the call today. And, you know, I just want to thank our team here at Deliveroo for, you know, executing really well in 2024 and in the fourth quarter. And we're really excited about the year ahead. Look forward to chatting March, whatever the date is, mid-March. Yeah. Thanks.