The recent months, due to the unfavourable market environment (seasonally high CPI), have resulted in a stabilisation of revenues while marketing budgets were reduced, which translated into the generation of a record first margin. With the upcoming Christmas season approaching rapidly, we anticipate further reductions in user acquisition spending in the last weeks of 2023. This, on one hand, will lead to a decline in revenues, but on the other hand, it will allow the company to achieve a record level of adjusted EBITDA in 4Q'23, approximately 9,8 million PLN (+210% y/y, +26% q/q). We expect a renewed increase in advertising expenditures at the turn of the year.
