𝗖𝗵𝗮𝗻𝗴𝗲 𝗼𝗳 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆 – 𝗦𝗮𝗹𝗲 𝗼𝗳 𝗞𝗹𝗮𝘃𝗶𝘆𝗼, 𝗜𝗻𝗰. 𝗮𝗻𝗱 𝗥𝗲𝗮𝗹𝗹𝗼𝗰𝗮𝘁𝗶𝗼𝗻 𝘁𝗼 𝗜𝗼𝗻𝗼𝘀 Dear Investors, I have decided to sell our position in Klaviyo, Inc., at a loss of 11%, in order to reallocate capital to what I consider a more solid opportunity: Ionos. 𝙒𝙝𝙮 𝙩𝙝𝙞𝙨 𝙘𝙝𝙤𝙞𝙘𝙚? Ionos is posting robust results: adjusted EBITDA for the first half of the year increased by +23.3%, reaching €268.7 million. The 2025 forecast is set at approximately €530 million in adjusted EBITDA. Current valuation: market capitalization of €5.66 billion, offering an attractive ratio relative to its performance. 𝙊𝙗𝙟𝙚𝙘𝙩𝙞𝙫𝙚: To increase our exposure to companies with tangible growth and solid fundamentals, in order to improve the stability and return potential of our portfolio. ⚠️ Risk Warnings: 𝘛𝘩𝘪𝘴 𝘪𝘴 𝘢 𝘱𝘦𝘳𝘴𝘰𝘯𝘢𝘭 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘺, 𝘯𝘰𝘵 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘞𝘩𝘦𝘵𝘩𝘦𝘳 𝘺𝘰𝘶 𝘤𝘩𝘰𝘰𝘴𝘦 𝘵𝘰 𝘶𝘴𝘦 𝘪𝘵 𝘪𝘴 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯. 𝘗𝘢𝘴𝘵 𝘱𝘦𝘳𝘧𝘰𝘳𝘮𝘢𝘯𝘤𝘦 𝘪𝘴 𝘯𝘰𝘵 𝘢 𝘨𝘶𝘢𝘳𝘢𝘯𝘵𝘦𝘦 𝘰𝘧 𝘧𝘶𝘵𝘶𝘳𝘦 𝘳𝘦𝘴𝘶𝘭𝘵𝘴. $IOS.DE $KVYO