to 23% year-over-year, adjusted for perimeter effects, even though external headwinds weighed on growth in our higher-value categories. Performance was resilient across our markets, reflecting the continued strengthening of our marketplace fundamentals and efficient execution. Profitability metrics continued to move in the right direction. Adjusted EBITDA loss narrowed meaningfully year-over-year to $8.7 million from $13.6 million in Q2 25, confirming our path to our Q4 26 breakeven targets. The business continued to absorb higher volumes with improving efficiency while maintaining a disciplined approach to costs. Based on the progress we made in 25 and the momentum continuing into Q2 26, we remain confident in achieving our target of adjusted EBITDA and positive cash flow in the fourth quarter of 26 and delivering full year profitability on an adjusted EBITDA basis and positive cash flow in 2027. We are also announcing today a $50 million capital raise anchored by a $25 million investment from the International Finance Corporation, a member of the World Bank Group, also including investments by Axion, one of our largest shareholders, as well as selected new investors. I will come back to the capital raise later in my remarks. The headwinds we anticipated coming into 2026, supply disruptions in memory chips and phones, the disruption of air freight through the Middle East and rising fuel costs, had a tangible impact on our Q2 results. The impact was felt primarily on GMV, in the phones and electronics categories, and on our fulfillment costs through fuel surcharges. While supply and fuel prices volatility persists into the early third quarter of 2016, these dynamics do not change our path to profitability. On the contrary, they proved the resilience of our model. Our model can withstand this environment well. It is locally embedded and sourced predominantly via sea freight that makes us less exposed than cross-border platforms that depend on air freight. Q2 is proof that this foundation holds even under pressure, notwithstanding its impact on top-line growth. We maintain our confidence in Q426 breakeven, and we reiterate our adjusted BDA guidance for 26. GMV growth reflected a category mix shift. Fashion, beauty, and home and living performed strongly, driven primarily by our international sellers, as well as local marketplaces. These are categories with lower average item value, but significantly higher take rates for Jumia than in the phones or electronics categories. The phones and electronics categories were impacted by supply disruptions, caused mostly by memory chips and CPU shortages, especially impacting the supply of entry-level smartphones around $100 in high demand in our markets. Air freight disruptions through the Gulf also temporarily disrupted smartphone supply chains. Supply volatility persisted into the early third quarter of 26, and prices remained elevated versus January and February, with some brands more heavily impacted than others. We also saw a specific slowdown in certain electronic subcategories, driven by shortages from particular suppliers of high-value products. On the Daemon side, growth was also tempered by Ivory Coast, where the Daemon