Martin Hoffmann

The CEO notes they "extended our adjusted EBITDA margin by more than two percentage points to 18.8%" and that the "Asia-Pacific region has more than doubled." The market sold off the stock based on a soft forward guidance (revenue forecast miss), ignoring the structural improvements in profitability (margin expansion) and the hyper-growth in untapped markets like APAC. The sell-off creates a dislocation between price and fundamental efficiency. LONG. The dip presents an entry point for a company that is successfully scaling margins while maintaining high double-digit growth in key geographies. If the "disappointing outlook" signals a broader slowdown in consumer discretionary spending, premium pricing power may erode.