Ladies and gentlemen, welcome to the Agfa Full Year 2025 Results Conference Call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answer session, participants are able to ask questions by dialing pound key five on their telephone keypad. I will now hand the conference over to Pascal Juéry, CEO. Please go ahead. Hello, everyone. I'm sitting in Mortsel right now with Fiona Lam, our CFO, Viviane Dictus, our Investor Relations Manager, and the rest of the executive committee. I'm gonna walk you through the Q4 and full year results for the group. My first message is indeed we had a quite strong Q4. I would like to remind everyone that we do have a seasonality in our business, and that every year, Q4 is by far the strongest quarter. I realized that in 2025, actually, we almost beat all records because the Q4 EBITDA is 2/3 of the EBITDA of the year. It's even more pronounced, I would say, than the years before. Also, second very positive point, positive cash flow performance in the quarter and in the year. I'm gonna move the slide a bit, indeed. Positive performance of cash flow due to three elements. I would say one is, of course, the management of the operations, because the reduction of working capital was a strong contributor. The second was also, I would say, our management of liquidity because we are actually winding down our vendor loans in XR, so loans that we have extended to customers. Number three, we have resolved the AgfaPhoto case and received actually the award of strong cash flow. These results are also coming and I need to be very clear about it, they are coming from a very stringent cash and cost management that we have implemented and accelerated actually in Q4. That's also the reason why we are coming to you today with probably results that were slightly better than expected, I would say. EUR 39 million for the quarter. I'm gonna come back to a bit in detail about the contribution of different businesses. Overall, as you've seen, this is pretty much across the board that we are improving the results. Now, if I turn to briefly the headlines of each businesses, I think HealthCare IT, as you know, we are in a cloud transition, and being in a cloud transition is having a short-term impact. When I say short term, it's really two to three years impact on your top line and bottom line, and we'll come back to that. In this context, what we are looking at is really the leading indicator, of course, and order intake has increased over the year by 14%. EUR 187 million, this is the highest order intake ever for the business, and we are looking forward to our third quarter. More importantly, the cloud order intake has increased by 38%, which shows really the dynamics of the cloud transition. Today, cloud technology is about a third of our global order intake for 2025. When you look sequentially, actually this trend is accelerating because in Q4, for instance, it was up to 58%, okay. Now, as you know, quarters are lumpy in terms of order intake. We shouldn't be looking at quarters too much in terms of order intake. The trend behind is really, you know 33% of cloud order intake up from 27% in quarter four. We are seeing an acceleration. Also, I want to stress that we are winning the market. We are winning net new customers, 43% of order intake. Today, we are taking share in this market in the order intake, and that will translate to sales, especially when it's cloud, approximately a year after taking an order. Overall, a pretty good performance in HealthCare IT, I would say. In spite, by the way, of the adverse currency impact. We are operating mostly dollar, and therefore, our translation impact is significant on the top line, so on bottom line. That's where we are for HealthCare IT. DPC clearly a very strong year, Q4 representing, by the way, 50% of the total EBITDA for this business. Across the board, I would say we have a strong Q4. All businesses are contributing to the growth. Actually, give you a bit more details. On Radiology, I think the message here is, as you know, it's been particularly impacted by the strong decrease of film or medical film that we discussed over the past quarter. I think message I want to pass, for the first time this year, we have a positive EBITDA. This is a reflection of the ramp-up of the savings, but also of the acceleration of our productivity plan, in our main product supply operations, but also go to market. Actually. That's what we are seeing along with, generally what is a stronger than before headwind is mainly for the film. Unfortunately, this year as well, our DR business was impacted by the fact that, the end market for DR for the first time in many, many years has been totally negative. And even if we are slightly outperforming the market has a negative impact of course, on our activity. In this backdrop, what two things I would like to share further with you. First, as you've seen, and you've seen examples of this in Q4, but it will continue in 2026. Of course, we are accelerating the plan to optimize our cost. First, we have accelerated the implementation of the current plan, and we have just actually concluded, about 10 days ago or a week ago, an agreement with our social partner on the plan part two, if you want, to work on additional measures that we put into effect as soon as April in this year to continue to adjust the cost base of the film activities, not only in manufacturing but also in other areas. I would like also to remind you that we have a new structure in place from the beginning of this year, and that we will operate on three business segments. No change for IT. We continue to provide full results as we do today. However, the change is more on the industrial part of the company. Industrial Solutions, it groups two engines, both the GHS, Green Hydrogen Solutions, and DPS, which is our Digital Printing Solutions. It's gonna be, I would say, a more direct read also of the both engines performance for the company. Imaging and Chemicals, we have grouped all film activities. We did it also for operational reasons. I'm sure we can manage a business a lot more asset-driven than market-driven, given the challenges that we are facing. Of course, DR that remains a specific entity. We have a bit of a divesting indeed for DR that was announced a few months ago. Years, it's a bit too much. Okay, that's. Now let me walk you through the numbers before I turn to Fiona for more details. Top line in Q4 are still challenged. You see the Radiology market decline continuing, I will say, unabated, really. The trend is really there. We also have a reduction of top line for HCIT. We had slightly smaller quarter than last year, but this is also the impact of two things. Transition to cloud, which translates into less orders in the short term, more on a recurring basis, and also the impact of currency. That was also significant in Q4. Now, if you look at the EBITDA, you see a strong improvement over last year, mainly stemming from the good performance of DPC. HealthCare IT being, I would say, give or take, same level of magnitude than last year. Clearly also a good management, as you can see of our cost and operating cost, while Radiology we are closing the gap, of course, compared to last year. Now, if we look at the full year top line, same comment as for Q4. The top line comes from mainly the decrease in Radiology and the currency impact for us. I would like to remind you that we are a software-oriented group, and most of our businesses, actually 2/3 of our business is done outside of Europe in different currencies. You can see this impact, same comment for HCIT from 2020. Now, if you look at the full year EBITDA, this is clear story. We have a strongly negative impact of the film, while all the other businesses are contributing positively to the bottom line. I will say in a difficult background and context, for all, there was not a lot of tailwinds for us in 2025. I'm gonna turn to you, Fiona, to comment the bridges and the cash and other financial reports. Thank you, Pascal. A bit more insight on the adjusted EBITDA bridge. Indeed, we ended the full year with EUR 11 million lower in adjusted EBITDA, but that is mainly coming from. I already said, the EUR 25 million radiology due to the volume decline and also the savings program only started to kick in in the second half of the year a little bit and a bit more in Q4. If you see HealthCare IT and DPC, they have been contributing positively. HealthCare, there is also a EUR 5 million negative treasury impact, and large part of that is due to HealthCare IT, because as you know, HealthCare IT has a lot of U.S. business while the other business have global spread with their currency. You can see a large part that actually is related to HealthCare IT as well, otherwise they would have been performing much better in fourth quarter. A part of this negative impact on Radiology has been offset by a very stringent and cost controls. You see the SG&A, we have delivered, and R&D also we have delivered. That's, and it's at the end, we narrowed the gap of EUR 25 million to EUR 11 million. Again, we continue for EUR 59 million of EBITDA. On the cash flow. Next slide. Here. Go ahead. On the cash flow, as we said, we actually have a very good year of free cash flow. We ended at EUR 35 million positive, despite we lose actually EUR 11 million adjusted EBITDA. In this, of course, is actually helping on three elements. Very, very good working capital that contributed EUR 36 million. Also, like Pascal already mentioned in the beginning, our customer leases the financing portfolio. That's contributed also another EUR 28 million, and we have the one-off of our total EUR 38 million. So these three big improvements are able to help us to continue to invest in the CapEx of EUR 34 million and also pay our legacy liability of the pension, which is high. At the same time, it also helps us to continue to transform and support restructuring amounts in the non-recurrent issue that you also have a cash out of EUR 48 million for last year. All in all, I think the improvements on working capital and our financing strategy is the one that helps and continues to support the company's transformation and provides us a much better headroom with the free cash flow. Slide, please. Associated with the free cash flow, you also see a nice, good development of our net financial debt. You could also see here from 2024 end of the year, and you can actually move structurally down. Also, we ended at the end of EUR 21 million net financial debt. Of course, we still have quite a large total debt in the bank, but also there you see the trend are all going down as well. We also have ended our pension debt from in the past and now coming down to EUR 434.3 million. This is also a good development trend. If we look at the revolving credit facility, we did at the end of the year draw EUR 100 million, so out of the EUR 180 million, we still have EUR 80 million to move. We actually have a lot of cash in the bank because a lot of cash you need at the end of the year. That's also why you see net financial debt is only EUR 21 million. Following this, we confirm that we have a good sufficient headroom at the end of the year for all our company governance compliance, which we have agreed with the bank. The liquidity headroom is EUR 158 million. You can also see the leverage is much lower. Also the interest coverage has sufficient headroom as well. Adjusted EBITDA governance is EUR 41.8 million versus EUR 30 million. That's all in all quite a good headroom. Also, you see earlier slide already, the pension funds has been improved a lot on the status. Here is the four material countries, and you also see that from EUR 380 million now we are at EUR 27 million. This mainly comes from benefits payments on the pension cost. We have a favorable year-end liability remeasurement. In terms of 2026, we expect actually the cash out would be lower for the pension. We also expect the service cost will decrease mainly because of Belgium, Germany. We would expect EUR 1 million actually less contribution in 2026 versus 2025. Here are some concrete numbers, which I will not go through one by one, but you have seen them already. Sales deteriorated by 4.5% nominally. A part of that is due to exchange rate. If you look at the gross profits, that has reduced percentage-wise because of larger turnover and less fixed cost coverage. Therefore you see actually due to Radiology, we have less gross profit. Operating expenses has been contributing, like, a good strength on cost control, and we are able to maintain rein on the total operating costs now, according to more than what the top line increase is. You see the percentage has increased, improved, by 0.5 point. That ends our adjusted EBIT 2025 versus 2024 with a difference of EUR 84 million if you look at adjusted EBIT. After the adjusted EBIT, we have quite a significant amount of adjustments and restructuring expenses. Under this adjustments and restructuring basis of EUR 58 million for 2025, there is also EUR 13 million AgfaPhoto that is positive impact. You can see they contributed this positive impact as well. Other net finance costs as well, there is also other finance for the EUR 7 million interest benefits otherwise we would have had versus 2024. All in all, this brings our results for the period of EUR 71 million versus comparing to EUR 2 million of 2024. If you look at the restructuring adjustments, just coming back besides other for the, we also have an impairment of our Radiology-- s elling part of the business because of this high margin. Free cash flow, I think I already have went through all of them, so you can see the numbers. I don't think we should repeat this because it's all in the presentation as well. Thank you very much. No, thank you, Fiona. Very clear. Thanks very much. A bit of highlights on each of the business. For HealthCare IT, repeat really the key messages very quickly. Cloud adoption is accelerating in North America, and we are winning it. We are part of the winner in this moment. It's a significant event, it's a trigger for customers for our clients when they go to cloud to reopen their market, and we are successful in getting our share of this reopening. I'm very pleased about it. In numbers, I'm not gonna repeat the numbers I already said, but I think really what you should take away is we are one of the few companies that are able to manage this cloud transition with excellent customer satisfaction. I'm really proud because, you know, in this market, everybody is looking at the KLAS Markets report. This year, for the first time, we have actually in the three main components of the enterprise imaging system and software, we are best in class in the three categories, PACS, the image generation in itself, but also the viewer, meaning when you send an image to a radiologist, and the archiving part of it to store and make it part of the medical report to the person. I want to insist on that because the PACS best in class actually was held by one company for 12 years. For 12 years now, and now we are the top-ranked company in the U.S. market for PACS. For the first time ever for Agfa and after a few years of leadership by another company, and it's a good illustration of the progress that we have made in the market. You know, if you ask me what is different with Agfa from the rest of the pack, I would say our ability to scale and to demonstrate effectively that we can provide our customers with a good execution and a good migration to the cloud. Okay. This is the reason why we are winning in this market. You know, it's a people's business, it's word of mouth, and it's customer satisfaction that does wonders for us. Our commercial pipeline, therefore, is increasing almost every day, I would say, with this kind of external recognition that are based on real customer satisfaction. I'd like also to remind you, okay, that we are in the middle of a business revenue model change that we used to sell exclusively until 2024 almost project business, meaning where we invoice a lot of CapEx, and then we have a smaller SMA. The cloud business and revenue model is different. The upfront fee is much less, but the revenues are recurring, and they are higher than your typical SMA model. You could say two things you need to take into to understand is when we have an order in cloud, which will take between 9 and 12 months to implement. There is of course a delay because between the time we take an order and the time we have the revenue recognized. First and second, compared to an on-prem project, it's gonna take us five years to kind of be on balance in terms of revenue and margin recognition. At the end of the day, the contract is cloud, which is more stable and recurring, is embedding growth because we have a system by which of course people pay directly on the consumption and not a fixed license. Therefore, this short-term impacting negatively our revenue and our earnings, but long-term, totally transforming the business to a much more recurring model. That's good news for us. We're happy to say that we are taking our share in this market. In numbers, this is the reason why also you've seen this top line decline, but I already went through it, so I'm coming back to it. Just on the adjusted EBITDA, same comment. If we had constant currency, the increase would be actually much higher than about 12% higher. It has an impact also on currency. Now, I'm gonna go quickly. I'm gonna switch to DPS. DPS was-- Well, let's face it, for us, it was a bit of a disappointing year because, you know, DPS is a business that normally grows double digits. We have been able to grow 12% for two years in a row. This year it was a bit of a setback because we had a softer equipment market in North America, especially during the first half of the year where there was a lot of confusion created by the trade barriers and the tariffs that probably delayed investment. On top of that, we lost a bit of market share on the solar side in North America, which now I believe we will regain. But we didn't have therefore a good year. And the ink sales are typically also double digits. They were double digits actually in volume, but less in sales. It's a question of mix. We did a little bit more with some OEM things, meaning things that we are also selling to third parties. They are captive things, model, and it's also the development I would say of things with larger volume and therefore, lower selling prices for larger volumes. Nothing important here. I think we will receive the development. We have sold our first heatset offset plant to our beta customer. We have some in the pipeline, but it's fair to say today that given the state of the packaging market, where actually a lot of customers are busy restructuring, it takes a bit more time to penetrate, I would say, the packaging corrugated board market. But we have, we believe a solid pipeline that we will, I will see, some success in 2026. DPS partnership is going on, no. We have now a number of machines that are installed in the beta phase at customers. So again, it's more of a long-term play, this one, but it's very promising. Now, GHS, well, a very contrasted market. Europe is really stalling as everybody knows. For the time being, the activity of the European pipeline is quite, I think, quite low. Although we are seeing on the horizon, you know, some improvement due to the adoption of, notably, of the RED III directive. The U.S. market has shut down. I think it's fair to say that for the time being, we don't have any activity anymore. However, Asia and Middle East are showing a very strong dynamism, especially India and China, and also some Middle East countries. Here I would say we are present in India. We are taking our share of the market. China, we are working on it. We cannot yet tell you that it's already done. We do have opportunities over there too. We are not losing market share. No. Therefore, it's really still the product of choice for alkaline electrolyzers. As you know, we have a new plant that we are already using, by the way, not fully of course, but providing some benefit. But I think it's fair to say in 2026, we are gonna probably reach a time where it's gonna be a trough for this market before getting back in 2027. 2025 was still a moderate growth over 2024, but going forward, we are expecting 2026 to be a very much of a dry year so to speak. If you look at the total DPC for the year, and I already commented on it, I would just like to say that it was a great substitute for both engines from top line, as you see, 10% and for the first time in many years we saw negative growth in the DPS. Overall the division did well also, thanks to the good performance on industrial film. As we look at the DPC performance, we are pretty much where we wanted to be for the division for the year with a significant improvement. Okay, I'm gonna go quickly. Radiology, I think, I'm not gonna repeat everything, but the medical film, the story is about managing the sunset and taking costs out as according to the market decline, which we are still seeing, you know, according to our expectations. DR, what I want to comment is, indeed we are a bit off, this is the first time, I'm not sure ever, but that the market has contracted and significantly in the year we were a bit surprised by such a strong contraction, 7%, globally with some differences between regions. We are overperforming the market, but we are still in negative growth as well. Okay. It was also not a very good year. What we are doing is, we are really, with the new leader, François Verdeaux, we are doing, really, a new strategic roadmap, a geographic roadmap, while also taking care of our product portfolio to, I would say, be ready for, when the market will, you know, turn around and grow again. This is the message. In X-ray, I believe the innovation doesn't come anymore so much from the hardware. It's all AI and software-based innovation in this area. This is an area where we have a lot of assets. Overall a very difficult year for radiology people, but you heard me say that it was difficult for us in the Western European context to remove the cost as fast as we should in the backdrop of market decrease. However, we are getting there. We got there, I would say, in Q4, and we will continue to amplify our response. Overall, you see a EUR 25 million drop of EBITDA for Radiology. Even for the group, so it still outweighs today the savings performance during this year. We expect this to be slightly different in 2026 actually. Which is why I think now it's probably time for me also to discuss about the outlook for 2026. What do we see for HCIT? Clearly, we are expecting more of the same. We need progress and momentum on the order intake, accelerated transition to the cloud. We are expecting to grow profitability in this context, given the mechanism of the cloud transition. We are expecting to be successful in the market share, and to continue our move forward in terms of order intake. Industrial Solutions, I think DPS will get back to growth in 2026, even if we remain in market environment that is probably not really super buoyant. We will make progress. We have reduced most of our range in 2025, and we expect to reap the benefits this also in 2026. As I told you, the difficult point for us for 2026 will be Digital Printing Solutions. It's a business where we have quite a visibility in the pipeline, and we are getting through what I would call a trough in 2026 before a pickup in 2027. Regarding Imaging and Printing, we are expecting a profitability improvement for 2026. We need to be firmly back in the black in terms of EBITDA performance. Of course, we are also watching the situation of the market and also what happens in silver. I'm coming back because we have a specific slide on it, and I would like to explain to you how we are managing the impact, what's going to be the impact. Overall, for Imaging and Printing, our plan is to have a significant improvement overall of the EBITDA for 2026 and being a situation where we can cut back with our cost measures what we did during 2025. 2026, we are not gonna repeat the performance of a positive free cash flow. Why? Because we still have lots of restructuring and transformation costs that we need to do to adapt the film situation. We expect, therefore, to have pressure on the free cash flow due to this. Now, let me walk you through the silver price increase. I would like to remind everyone that, silver price increase that started actually in 2025. It's been a bit before. Just for your reference, you know, five years ago, six years ago, silver was $20-$25 per ounce. It was $45 average last year. It shot up in December or January to peaks over $100. Now it's about $85. It's a significant increase. As you know, we are still today a significant consumer of silver. The first message I would like to give you is most of the silver exposure is from industrial film business. For which we are covered, we have silver leases and automatic pass-through to customers. Here there is no specific risk of not recovering silver. The only part of the market where we are not covered is medical film, where we are not indexed. That's also the part that consumes the less silver. Here we go for a classic, I would say classical move, which is, increasing prices to our customers. For the time being, we are seeing this, price increase being accepted in the market. The only question mark in my side is the mid to long-term impact, very high silver price on the demand. That could somehow further accelerate the shifting away from the film. That's a possibility that we are monitoring. In terms of pass-through, the message I want to give is we are able to pass it through. Now, it will have an impact also on us. Actually, the way it works is, we buy silver more or less in January to make our films. The film, it's a long process. There's four steps, actually, in film production. It will be sold probably in April or May. The film we make in January or in Q4. It will take a few months until we get back the cash. Okay? To make a long story short, we buy silver and cash out in January. The first significant cash in we are gonna get from our customers with a new price is in June, July. Okay? It will create a negative cash impact, working capital cash impact at the beginning of the year. Then we will get it back throughout the year, but not fully during the year. However, that's for cash. Rather than doing that, as you said, very closely, of course, and we know exactly, we have modeled what the cash and the impact would be. EBITDA is the reverse. Actually, we expect a positive EBITDA impact. The mechanism is the fact we will have stock redemption that will come a bit earlier before we sell the product. To make a long story short for the year, positive EBITDA impact in this situation and negative cash flow impact. Now, the situation will be like this, silver is stable. If silver would be extremely volatile, that could make a variation of what I just said, but not significant. The whole direction overall will remain the same. Of course, if we have very strong and volatile moves of silver, it will have an impact. We are monitoring that, ready for all scenarios. We are managing that extremely closely. I would like to end up as well in this context. I'm you know taking a step back and looking at the transformation journey between 2020 and 2025. You can see very clearly here the transformation of the group between the mature businesses and growth engines. You can see the growth that we have over six years, and especially you can see the step-up in profitability. Agfa actually is a very different company without even thinking of earnings or competition. When you take a step back and you look at it over the years, you can see that we have switched from a company that was a film company a few years back, I think six years ago, where most of the earnings were coming from film. Today, we are different company still in some mission, but you can see that, the profit of film is very much. It's a good illustration of the journey we're having to. Now, just a word also on sustainability, which is not forgetting. We have taken action to reduce, of course, CO2 emissions. I insist that these actions are, of course, sustainable actions, but they're also economically viable actions because in doing so, we are also optimizing our energy producing resources. It's not the adversary of profit. On the contrary, it does also contribute to profit. We're also engaging our workforce and stakeholders and improving our representation of gender. We are also engaged in a significant safety program by which we have reduced our number of accidents over the past years. We have divided by two, in fact, by more than two over the past years. It's a result I'm so very proud about. I think we can say we are becoming more and more CSRD compliant, I would say, this year. We also are ranking on the top 20% of the EcoVadis rated companies. Also, it's a way to check a bit of if our practices are in line. I don't have the ambition to be in the top 1%, but I think we should definitely be part of the top five in this area. Overall, before I will take questions from Nathalie and from the press, actually, I would like just to say in conclusion, well, as you know, we had very difficult 2025 due to the accelerated decline of the film, and we took the corresponding measures. Of course, there was a time lag between the two. We are continuing to implement and execute the strategic roadmap for our growth engines. During this phase of transition, we have a very stringent cash and cost management of performance. As we have demonstrated it before, we could react quite strongly and successfully with this backdrop. Transformation of the group will continue for the next years. The only thing that will be different, as I told you, is that we are gonna go through a quite difficult year up front, but all other trends regarding our businesses will remain pretty much the same as I explained. Now it's time to take your questions. Thanks very much for your attention. Ladies and gentlemen, if you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. Once again, if you wish to enter the queue, you can dial pound key five on your telephone keypad. We have the first question coming from Guy Sips from KBC Securities. Your line is now open. Please go ahead. All right. Yes. Thank you. Thank you, Pascal, for the presentation. Just a few additional questions. First, can you quantify how large the early 2026 working capital outflow from silver price inflation could be? Clarify whether this cash drag risk, t ightening governance headroom during the restructuring peak. I don't think we are ready to guide on a precise number for the severance cash flow, but the order of magnitude is, I mean, the uptick is tens of millions. At the same time, Guy, we are working on our liquidity measures in the first half. First, continuing what we've been doing in 2025, meaning the wind down of the loan portfolio. We have also a few other initiatives that will be part of the compensation for this. Fiona, you want to give more precision maybe or? Yeah. Maybe I can complement some of that. Yes, I think you are right. In Q1, we would have quite large cash out for silver to fuel the pipeline. It seems it's a seasonality issue because the timing of the cash out will come in also later on in Q2, Q3 and Q4. We have sufficient, I would say, other levers which would take care that this silver purchase, which already took place. In January would be sufficiently covered because we also ended the year much better, of course. We also have other, let's say, cash in that we were expecting in Q1. I'm pretty much sure that we will be able to handle the silver purchases, liquidity point of view. Yeah. Of course, it means tight, but that will be okay. We would increase our Q1 net financial debt, but we will be okay. Guy? Okay, thank you. Does it answer? Yes. Yes, partly, yes. Thank you. It's already first good guidance. Second question is on Radiology Solutions. Can you elaborate on how the new geographic roadmap and product supply redesign in Radiology are expected to mitigate the volume shock that we saw last year? Whether you foresee stabilization or further decline in key markets such as China, for instance, in next year or this year? We are still forecasting the similar rate of decline in China or other markets. That will still go on for film. Okay? Today we have also stepped up very much the level of savings. As I think I indicated, I think we're gonna improve the results of Radiology next year. Sorry, this year. In 2026, not next year. This year, we're gonna improve the results of Imaging and Chemicals. I think we have enough action. Okay? The third question is on the HealthCare IT cloud transition. Can you provide more transparency on how many large cloud contracts that were signed in 2025 will actually go live in 2026? What proportion of today's order book is already, let's say, implementation ready? This could help us with the modeling, the timing of revenue conversion during the trough period. Thank you. I think right now we are entering 2026. We have eight customers in the cloud. We expect this number to more than double at the end of 2026. The number of contracts, I cannot give you that on top of my head, but I would say we have a double-digit number of contracts in the cloud that we made in 2025. Typically, as I told you, it's between nine months to a year implementation delay. The way what we are looking also as an indicator that probably we will start sharing at some time, which is the annual cloud revenue recurring. This is like, you know, Guy, it's a small snowball effect for the time being. It's still very small, but it's gonna increase very rapidly over the next years. We will try to come up with the right metrics in the next quarters, but for the timing, we don't do that because it's still a very small part of our business. As it will grow in implementation, we will continue to report on more metrics on the cloud transformation. The last question-- For the time being. Sorry? Sorry. No, go ahead, Guy. No. The fourth question, and then I will queue, and I'll leave the floor to other analysts. A call without the word Aurelius is strange over the last few quarters. Can you give me an update on where we stand? Well, I'm gonna be very clear. I think the situation will be resolved by the end of Q1. Can you be a little bit more precise? I cannot be more precise than that. I think, you know, but I tell you it will be resolved by the end of Q1. Okay. Thank you. Sorry. At this stage, be more precise. I'm pretty-- Okay. Thank you. I'm pretty clear, I think. Thank you, Guy. Thank you. Yeah. There are no further questions at this time, so I hand the conference back to Pascal Juéry, CEO, for any closing remarks. Okay. No, no. Thank you. A strong Q4 that demonstrates also the ability of the company to actually react and do whatever is necessary to make sure we can address the challenges we have. In 2026, positive on HealthCare IT, positive on DPS, where we're gonna grow again, positive also even Radiology, because we are going to improve our results. The only difficult spot today for us is just from the membrane, but that's temporary, and we know it, and we have the visibility. We're fairly confident that we know that 2027 will see a step up, but this is the only negative part for 2026. Again, in 2026, as you could see for Silver, we have all our plans are in place. We are modeled a bit where we need to be. I'm not saying it's a walk in the park, but we know how to do the things and the transformation of the group will continue to take place in 2026, of course. Thanks a lot. Thank you for your attention, and I'll speak to you soon. Bye-bye. This concludes today's call. Thank you for your participation. You may now disconnect.