You are welcome to the bpost Group First Quarter 2025 Analyst Conference call. On today's call, we have Mr. Philippe Dartienne, CFO, and Mr. Chris Peeters, CEO. Please note this call is being recorded, and for the duration of the call, your line will be on listen only. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star one on your telephone keypad to register your question. If you require assistance at any point, please press star zero, and you will be connected to an operator. I will now hand over to your host, Mr. Chris Peeters, CEO, to begin today's conference. Please go ahead, sir. Good morning, ladies and gentlemen. Welcome to all of you, and thank you for joining us. We do not only have Philippe and myself, but also Antoine Lebecq, Head of Investor Relations, in the room, and Philippe and myself will walk you through our first quarter 2025 results. We posted the materials on our website this morning. We will walk you through the presentation and will then take your questions. As always, two questions each would ensure everyone gets the chance to be addressed in the upcoming hour. Philippe, over to you for the financials. I will then come back with an update on some of our key strategic priorities for 2025. Thank you, Chris, and good morning to all. As you can see on the highlights on page three, our group operating income for Q1 stood at EUR 1,190 million and increased year- over- year by close to 13%. At constant perimeter, meaning excluding the EUR 199 million consolidation impact of SASE, our operating income decreased by 7% or EUR 73 million, mainly driven by the following factors: number one, consistent headwinds in North America following contract termination announced in 2024, and the loss of enterprise customers earlier this year as flagged in our 2025 outlook. Second, lower press revenue driven by the new press contract that came into effect in July last year in 2024, combined with continued structural volume decline in domestic mail. Third, unlike in the previous quarters, this was not mitigated by growth in domestic parcel revenue, which were adversely impacted by volume loss during the strike in February. Our group adjusted EBIT came in at EUR 41.6 million with a margin of 3.7%, or EUR 28.4 million when excluding the EUR 13.1 million contribution of SASE. On a line-for-line basis, this reflects on a year-on-year decline of minus EUR 41.3 million. Beyond the EUR 6 million impact from the strike, this decline is primarily driven by press, with lower revenue having a significant impact on EBIT, and North America, where ongoing productivity gains are not sufficient to fully offset top-line pressures. We will come back in the section of 3:00 P.M., but I already want to emphasize that SASE performance is fully in line at the end of this quarter with our expectation and our guidance 2025 that we shared in February with you. In the first quarter, SASE's EBIT contribution was negatively affected by EUR 5.1 million front-loaded IFRIC 21 booking, whereas on the local accounting standard, this annual impact is spread evenly over the 12 months of the year. Since the impact is fully booked in the first quarter, the margin over the next three quarters will compensate for it, and on a full-year basis, this effect will be fully neutralized. More broadly, at bpost level, the results we are presenting today are in line with our expectations, and Chris will come back on that one. Before diving into the financial performance of our business unit, you will note on slide four that our financial result decreased by EUR 28 million, mainly due to four factors: higher interest expense resulting from the EUR 1 billion increase in debt following the acquisition of SASE in 2024, lower interest income driven by lower money market rates, and lower cash balance following the acquisition of SASE, higher lease-related interest expense, and some non-cash ethics impact. Let's move now to the details of the three segments. I'm on page five with last-mile segment. We see that revenue declined by EUR 34 million- EUR 545 million. In line with Q3 and Q4 last year, domestic mail recorded around EUR 28 million decline in revenue, of which 19 comes from the press alone, mainly due to the new contract with editors following the end of the press concession in June 2024. Excluding press, mail recorded an underlying volume decline of 8% for the quarter. This decline in mail volume led to a revenue impact of EUR 19.1 million, though was partially offset by a positive press and mixed impact of plus 3.9% or EUR 9.7 million. As a result, the domestic mail revenue decline was limited to minus 4% or EUR 10 million year-over-year. Our parcel shredding remained stable year-over-year, reflecting a volume decline of 2.1% and a positive price mix effect of 2.2%. Let's dig into the different subcomponents. On the volume side, the decline was driven by loss and shifted to the compensation volume loss and shifted to the compensation during the two-week strike of the month of February that affected our national sorting and delivery operations. This resulted in a volume drop of -12% in the month of February alone, which contrasts with an average volume growth of +2.5% in the months of January and March. As for the price mix, it stood at 2.2%. This was also negatively impacted by the strike, as we faced customer claims and contractor penalties related to the non-quality and service disruptions. Excluding the strike, the average price mix was closer to 3.9%, like we saw it in January and in March. Revenue from other activities, including retail, value-added services, and personal logistics, declined by EUR 5 million year-over-year, mainly due to lower banking revenue and repricing of state services, while Dynagroup remained nearly stable. Let's move to the P&L on page six. Our total operating income decreased by more than EUR 33 million, or 5.5%. On the cost side, our OPEX, including depreciation and amortization, only slightly declined by 0.5%, or EUR 2.5 million. This reflects higher salary cost per FTE, with a 2.7% year-over-year increase driven by salary indexation in June 2024 and in March 2025. However, this was offset by unpaid absence as well as lower FTE and increase during the strike period and lower cost of sales. Beyond the drop in press revenue, the EUR 31 million year on year decline in adjusted EBIT also includes approximately EUR 6 million of direct strike impact. This mainly reflects commercial losses in parcel volume, but also in mail, the contractual penalties, and to a lesser extent, payroll costs, as just mentioned. Let's move to the segment 3PL on page seven. 3PL revenue increased by EUR 165 million overall, but declined by EUR 32 million, or -12%, while excluding the EUR 197 million contribution from SASE consolidation in the quarter. SASE revenues reached EUR 197 million, up 2.4% year- on- year, fully in line with the seasonality anticipated in our full-year outlook. In 3PL Europe, at constant perimeter, Radial and accident sales were up 12% year-over-year, continuing the trend of previous quarters. This growth was fueled by customer onboarding as part of our international expansion efforts and upselling activities targeting existing customers. In 3PL North America, revenue decreased by EUR 37 million. At constant exchange rate, this corresponds to a decrease of 19%, resulting from revenue churn from contract termination announced in 2024 and early 2025, lower sales from existing customers, which offset the contribution from new customer launches in 2025. Let's move to the P&L of 3PL on slide eight. Excluding SASE, while the total operating income decreased by 12%, our operating expense and DME decreased by 9%, primarily driven by lower variable OPEX in line with Radial revenue trends and a sustained improvement in Radial US variable contribution margin. Our VCM has increased by around 3% year-over-year and is currently at its highest level ever. At constant perimeter, our adjusted EBIT is down EUR 7 million year-over-year, from EUR 1 million last year to minus 6 this year, mainly reflecting Radial US slightly negative EBIT due to its current limited ability to absorb fixed costs, mainly relating to real estate footprint. Regarding SASE, the EBIT contribution came at EUR 13.1 million, with a margin of 6.6%. This is in line with the quarterly seasonality, leading to a full-year guidance of 10-12%. Operationally and in local GAAP, the performance is according to plan. In IFRS, though, this softer EBIT and EBIT margin in Q1 reflect the annual front-loaded IFRIC 21 impact of EUR 5.1 million. When adjusting the EUR 3.8 million of this impact, attributable to the period April to December, the EBIT margin is slightly below 9%. Moving on to Cross Border on page nine. Cross Border revenue decreased by EUR 4 million, or -4.4%. During the quarter, we observed a more modest growth in volume from China to Belgium due to mixed buying trends. Combined with our ongoing expansion in Europe, this was not sufficient to offset the adverse market conditions in the U.K. market. As in the previous quarters, our top line in North America remains under pressure. Cross Border North America revenue declined by EUR 4 million, or 6%, as Landmark Global continues to face volume headwinds, while the broader tariff environment is delaying new business opportunities. Overall, our global cross-border operating income decreased by EUR 8 million, or 5% year-over-year. As shown on page ten, our OPEX and DME decreased at the same time by 4.7%, driven by lower volume transportation costs, reflecting lower North American and U.K. volume, alongside improved transport rates. Overall, despite top-line decline, our margin remains broadly intact. From an EBIT perspective, the EUR 2 million decrease reflects ongoing pressure at Landmark Global in the U.S. Moving on to corporate segment on page 11. Adjusted EBIT declined by EUR 2 million, or minus EUR 12 million, mainly driven by higher net OPEX after return on invoicing and DME. These were largely the result of higher FTEs and inflationary pressure following the two salary indexations, as mentioned earlier. Let's move to the cash flow statement on slide 12. The main items to flag here are the following. Cash flow from operating activities before change in working capital stood at EUR 131 million and decreased by EUR 25 million versus last year, mainly reflecting high corporate tax repayment last year. Change in working cap and provision amounted to plus EUR 45 million. The minus EUR 71 million variance is primarily due to the termination of the press concession in June last year. As a reminder, the compensation on the previous press concession was typically prepaid in advance, while press revenues are now invoiced according to normal billing cycles under the new press contract with the editors. The net cash outflow from investing activities totaled EUR 26 million, driven by our CapEx for international e-commerce logistics, parcel circuits, and capacity expansion, and our domestic fleet. This item constitutes the main variation in our free cash flow. The net cash outflow from financing activities amounted to minus EUR 59 million, mainly reflecting higher lease-related payments, resulting from the scope effect of the acquisition of SASE in August last year. Chris is bringing us now to the outlook for 2025 and the strategic priorities. Thank you, Philippe. As you know, we presented our guidance at the end of February, just two months ago. The results we just shared are broadly in line with our expectation at group level and continue to track towards the full-year EBIT guidance. This is despite the direct strike impacts incurred in Q1, which, at the time of our initial guidance, could not yet be quantified and were therefore excluded at that moment. While several market developments have occurred since then, the current trajectory supports maintaining our EBIT guidance of EUR 150 million-EUR 180 million, with recent trends indicating reduced risk of landing at a lower end of this range. That said, we remain cautious, and continued vigilance is required. This guidance does not factor in any potential future commercial impacts stemming from the February strike, neither the potential impacts of evolving trade tariffs and policies driving macroeconomic uncertainty and limiting visibility. This being said, we, of course, have already a visibility of the risks coming from the trade wars and also the opportunities that we see. First of all, at the risk side, we see a reduced consumption, especially in Canada, where you see the lower consumer confidence and also a growing national sentiment or an anti-U.S. sentiment. Better said, you see also the disruption of certain trade lanes, where you see that due to the introduction of tariffs and duties, and the end of the de minimis exemptions, trade flows are diminishing. You see that there is a delay in supply chain strategies as a consequence of the uncertainty, so decisions are delayed. On the other hand, for a company like bpost, there are a number of opportunities also following out of this situation. First of all, we have, of course, a portfolio with multiple strengths, and we can capitalize on that to provide alternative trade lanes and also have robust customs clearance capabilities. We see already that certain trade lanes in Canada have been redirected and that we can benefit from that. We are also working on a diversified service offering. Certain clients are, of course, revisiting their potential supply chain strategies, and we could be also a partner for them in those new strategies. If we then zoom in on the strategic initiatives, in the previous discussion, we went through the 22 initiatives that we have. I'm not going to go through them each one by one. However, that being said, I think there is a lot of things moving and good news on most of those ones. If we first zoom in on the 3PL business, the new organization structure in Europe is in place. That means that SASE, Active Antics, and then Radial Europe are managed as one, and so there's a lot of synergies coming out of that, both at the commercial upside and revenue upside at the side of the cost synergy that we have. We also have, this morning, announced a leadership change. Thomas Mortier has announced that he will end his full-time commitment by the end of this year and then continue as a consultant towards the company. He will remain invested in the company, but that transition helps us to prepare for the future, and we will stepwise make sure that we prepare for that future. At U.S. side, good news on Fast Track. Fast Track is accelerating faster than Fast Track would even announce, meaning that we already onboarded five new clients on that with really very good metrics. We have a number of cases where there are only a few weeks between signing of the contract and delivering to the first consumer with our fulfillment service. You see that this is accelerating the portfolio diversification strategy that we have developed for the U.S. If we then zoom in on Belgium or being last mile, as of 1st of May, I took the helm of the Belgian organization to help accelerate the transformation. We have a large number of new products that we launched quite successfully, talking about obituaries, secure delivery, label-free, and bag-free delivery pilot in the C2C segment. Our locker strategy is in full acceleration. These days, we install six lockers a day in Belgium. Also, at the level of the social dialogue, you see that the intensity of conversations is increasing, but the level of action, except for the ones against the government, is strongly reducing, which helps us, of course, to drive the hardly needed transformation of the organization in Belgium. Next to that, I still have to mention to you that we announced at the end of February that we will have a capital markets day on June 3 to present in more detail our strategy and financial strategy for the coming years. The event will take place in Brussels and will also be accessible online. The save the date and pre-registration link have already been shared. You can find all relevant information in the dedicated section of our investor website. Further details and final agenda will be communicated shortly. We are now ready to take your questions. Again, two questions each, please, so that everyone gets a chance to be addressed during the session. Operator, please open the lines. Thank you very much. Ladies and gentlemen, as a reminder, if you'd like to ask a question or contribute on today's call, please press star one now on your telephone keypad, and to withdraw your question, hit star two. Please also ensure your line remains unmuted locally. You will be advised when to ask your question. The first question comes from the line of Frank Grayson, calling from Degroof Petercam. Please go ahead. Yes, good morning. My two questions. First of all, on Radial, that's minus 19% in Q1, quite a steep decline. Can you elaborate what you are doing on the cost side there to, let's say, mitigate the negative revenue impacts? And then secondly, on the parcel volumes in Belgium, in, let's say, without the strike months of February, it was 2.5% growth in January and March. If I'm not mistaken, your full-year guidance is mid to high single-digit volume growth. Yeah, is that still applicable, and what could drive the assumed growth acceleration in the rest of the year in parcels? Thank you. Okay. I can take the first question, and maybe you can take the second question. On the Radial side, indeed, we have announced at the February meeting the impairment as a consequence of the loss of an enterprise-sized client. We have immediately afterwards reduced our staff with 144 FTEs. That was an immediate cost reduction reaction that we had both on the operational side but also in the overhead side to adjust our cost structure to that reality. The only element that was remaining was the leasing cost that we had into it, which, of course, is something that we cannot reduce in that very short term. If you look at all the other costs, more or less, we can follow the revenues of our clients quite quickly in the US context. On the parcel side, you are absolutely right, Frank. We guided mid to high single-digit for the full year. In Q1, we have been affected by the strike, which is a direct impact of the strike. There is also an indirect impact of the strike. It's now getting to the customers to tell them that they have to join bpost as a reliable operator, what we are. There are some concerns raised, rightly so, by the way, by customers saying, "Okay, but what guarantees me that in the future it will not happen again?" All the questions that we are addressing right now with all our customers is to develop a robust contingency plan in case of strike. I think this will come, in the coming months, will help restoring the confidence of the customers that if we would be facing strikes in the coming quarters. By the way, it is also important to notice, as Chris mentioned, that there are some people's strikes, and there are some anti-government strikes that affect us both. We would be able to better react. This slows down a bit the commercial development. Also, in the context where the market is not growing as what we expected, and we see it in Belgium, but it is also observed by some of our colleagues on different European markets. The market growth is sluggish. The customer confidence is, again, in bad territories. That is the reason why we do not believe that we will be able to catch up on what we had announced. I think we'll be at the low end of the range rather than the high end of the range. Okay. That's clear. Thank you. Ladies and gentlemen, we currently have no questions coming through. As a final reminder, if you'd like to ask a question, please press star one now on your telephone keypad. The next question comes from the line of Stefano, Stefano calling from ABN AMRO ODDO. Please go ahead. Yes. Good morning. Happy that my hand was raised. I forgot to do that. Two questions actually related to the strikes. One is the volumes that you lost. How much of that is structural, and how much of that can you, let's say, gain back going forward? Then there's a follow-up question, again, on the strike, with respect to being prepared or better prepared, like you mentioned, in the case of future strikes. What does that exactly mean? I know it will be difficult to quantify, but I cannot imagine a strike not having a negative effect on your volumes. Thank you. Okay. Thank you for both questions. Philippe, you take the first one. I will take the second one this time. Yes. On strikes, there is really the short-term impact and the potentially mid to long-term impact. What we can see is that, especially for the big customers, they have come back. They just after the strike. Of course, there was intense discussion with them, but they came back. They are there. As long as we could demonstrate resilience and quality in the coming months and quarters, we have no reason to believe that they will not be sticky. With the comment, and Chris will address it right after, about the resilience in case of future strikes. When it comes to the rest of the portfolio, which is a mix of small to mid-sized customers, it has been rather resilient, and most of them stayed with us. We have to admit that some of them have left us for the competition. The small one, you know, they do not have a really dual-carrier strategy because when you are sending 10 or 20 parcels per day, it is very difficult to have a dual-carrier strategy like the big customers because they could spread their volume over multiple carriers. Those ones that have left, we will try to regain them, but it might take a bit of time to regain their trust, but it is only a fraction of the portfolio. Yeah. Okay. On the business continuity plans, in our discussion with several of the clients, we had that question: how would we react, and how can we make our plans more resilient in case of a strike? There have been plans developed on multiple levels. First of all, of course, we have had with our social partners an ongoing dialogue on the way how we can react on the way how we avoid that local social conflicts lead to a full blockage of the company so that we limit the impact of that and also that we keep, for everything that has to do with strikes against the government, that we keep a client-first approach into that discussion, which I think that we made very good progress over the last couple of months with our social partners in the understanding that we, of course, respect the right for strike that they have, which is a legal right that they have, but it's a way how they strike that can harm or less harm the company. I think that we made good progress. Not yet there, but I think that we made big steps together with them, and I think that that relationship is evolving towards a constructive dialogue that we need to have to work on that. Of course, next to that, for operational measures that you can take, I'm not going to give all the details of what we have in those plans, but each of those clients have a specific approach of what would happen in case that we would have a sorting center or a transport blockage, which are the two most important, let's say, blockages that could, let's say, have impact on a broader client range or a broader end client range. For all of these, dependent on the scenario, we are now developing alternative backups that we can have to ensure that we can deliver on those clients, which is key for them, of course, in the way how they will distribute the volumes, as Philippe said before. There we made important progress. We are still also in discussion with those clients, and most of them are, of course, the large volume clients in the first place where we are working on. I think that what they see that we are doing now is giving them the confidence that we have increased our resilience and our reliability going forward. Thank you. If I may sneak in one last question, which is related to your APM proposition. If I remember correctly, in the Q4 results, you mentioned that you had about 1,300 lockers with the intention to double the amount of lockers and triple the capacity. Is that still in place for this year? Yes. By the way, how big are they? I do not know if you can tell me, let's say, the average locker quantity or size of the APMs. Yes. We continue to put those lockers in place. I think that we have a very successful program focused on the areas of most clients' attraction towards those lockers. You can do the math yourself. We need to be at six lockers installed a day, which is the speed at which we are as we speak. We had a start in the year at four or five per day, and we ramped it up now to six per day that we install, six per working day that we are installing. We have a pipeline of permits and approvals or agreements with partners that we can install them so that we do not see any major hiccup coming in the coming months to install them all. We still have to work a little bit on technology for the ones that have no direct power connection. That is one that we have delayed a little bit, but we have so many, let's say, permits already that we can actually advance a couple of those ones that have a power connection. That is a little bit a change that you see in that. We keep the pace of six per working day that we install. I think that the good news there is that compared to the figures that we had initially on the speed that the utilization of those lockers would be, it is much higher than what we expected. In less than two months, we see that we reached the utilization rates that we actually expected to have over the course of eight to nine months. We see that speeding up and the use of those capabilities is much faster than we anticipated. To your question on the size, I think that we are on average size today. It depends a little bit because we know that we also focus on B2B going forward with larger doors. On average, we are around 100 doors per installation. Perfect. Thank you. The next question comes from the line of Mark Swanson-Berg, calling from ING. Please go ahead. Good morning. Thank you for taking my questions. The first one is on Radial US. Q1, obviously, already well flagged that it will be a double-digit down. Now, with the pipeline of onboarding of new clients and still a bit of the aftermath of the client churn and the large enterprise clients, what would you expect in the next quarters in terms of trend? Would we see something like a low double-digit decline in Q2 and then moving to mid-single-digit and a plus in Q4? Is that a bit the pattern? Can you give a bit more color maybe there? My—yeah, sorry. Yeah, let's take the other one. It's easier. Maybe on your question, I will ask Antoine to come back on the exact figures that we have in that quarter because I do not have them with me. What I can say is that on the Fast Track introduction, you know that at a trade fair in Las Vegas, what was it? Early April, we introduced the new product and the launch of the product. What we see today is actually that we, in conversion, are already at three-quarters of our year target today. The new approach is really a good success. We also see in the pipeline of clients asking for, depending on the states, a clear proposal or detailed information on how they could work. That pipeline is well filled today. That would mean that compared to the initial forecast that we have, we will be, to some extent, overbalanced in new onboarding or Fast Track clients more than we will see on enterprise clients in our initial budget. We were before at a relationship of, what was it? 50/50, more or less, that we expected. I think that it will be an overbalance to Fast Track clients going forward. When we will be fully compensated for the loss of the enterprise client earlier this year, I think it is more to the Q3 level that we will have—even later? Or Q4 that we will have that. We onboarded, and we are delivering on sizable clients also in Fast Track as we speak. We have a couple of—I think we onboarded five. Four of them are more in the 5-7 million ACP range. One is substantially above that. This is one which is clearly a couple of tens of millions that we see in ACP that is coming from that client. If you look at that, of course, an enterprise client, you need to have onboarded and delivered three times the volume that we have onboarded by now. It gives us the time to make it happen. Overall, the trend is better than expected on the Fast Track side. Enterprise level will remain more or less with the uncertainties everybody knows in the U.S. market where consumer confidence has gone down a little bit. To be seen a little bit what happens at the enterprise side. As you showed on it, it was one element even if it is included in the word Fast Track, meaning that we could onboard fast. Typically, with the enterprise customers, we were not onboarding them or starting the operation after the summer. We were really stopping because there was a preparation for the peak. Now, with the Fast Track, we're really ready to onboard them very close to the peak season. Operation was telling us that it's so easy to onboard that even two or three weeks prior to the peak season, we could onboard them. If you compare the track or the speed at which we used to onboard customers in the previous years, providing we had the contract, of course, it adds some, I would say, easily a quarter, an additional quarter in terms of time frame to onboard these customers to already contribute to the current 2025 pipeline. Okay. That's very elaborate. Thank you. Maybe on tariff impact, you had on the slide a few risks, a few opportunities. Is there any direct impact you're already seeing or potentially might be seeing from potentially some of your apparel clients that have all of a sudden less inflow from Asia lines or because they make their stuff maybe in Asia, shipping it to the U.S., maybe they're now stuck in containers somewhere? Do you see any impact, whether it's front-loading ahead of tariffs or on hold because the tariffs are coming? Do you see anything there? No, at this point of time, we don't see it within the Radial operation. We have many discussions with clients. Many clients are considering a number of alternative options, but also everybody is waiting before they make the decision. We see the same for additional fulfillment activities that people seem to avoid cross-border activities. You see a number of these things that are evaluated by clients, but most of our clients are in holding mode and are operating as they operated before, with, of course, the, let's say, the consumer confidence effect that we have seen over the last few weeks. The fact for some of our— Sorry? No, no, go ahead. Go ahead. I will come back afterwards. Yeah. Are they building down, say, their inventory levels that you see that's in fulfillment or? No, no. We do not see anything of that today. I think that today, most people are in preparation mode, but also in waiting mode until we get full clarity on what is going to happen because, as we all have seen, there are lots of announcements, less, let's say, implementation these days. A lot of people are having discussions with us how we can help them in case such an implementation will happen, but are not yet in execution mode. What I wanted to add is that on part of our customer portfolio, there is indeed a lot of stuff coming from China, but from others, the impact of the tariffs on their cost of sale is rather limited. Some of the customers, typically when it is high-end type of product, the impact would be minimal. Our customers could decide to partially or totally absorb that impact on their portfolio while redirecting their supply chain. That will definitely take time. It is not as black or white. It is really depending on industry to industry. Also, in our portfolio, we are exposed to multiple types of customers and industries. Okay. Okay. A very small one to finish off. I saw, I think, especially that you also had some lower pay for absence. I guess that is then that you do not pay when they are on strike or so? Is that how should I read that? Exactly. When they are covered by their unions, they are paid by the unions and not paid by us. Okay. That is what it is. Okay. Clear. Thanks very much. That is it from my side. Thank you. Thank you. We currently have no question in the queue. A final reminder, the very final reminder. If you would like to ask a question, please press star one now. There are no further questions, so I will hand it back to Chris to conclude today's conference. Yes. We would like to thank, then, everybody in the call for having taken the time to be with us and for your interesting questions. As a reminder, bpost will hold its annual shareholder meeting next Wednesday, and our second quarter results will be released on August 8. In the meantime, we look forward to staying in touch and welcoming you at our Capital Markets Day on June 3. Thank you very much, and have a nice day. Thank you. Thank you. Thank you for joining today's call. You may now disconnect.