Good morning. My name is Carmen, and I will be your conference operator today. At this time, I would like to welcome everyone to Savaria Corporation's third quarter 2025 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. To participate, you will need to press star one one on your telephone. You will then hear a message advising your hand is raised. To withdraw your question, simply press star one one again. This call may contain forward-looking statements, which are subject to the disclosure statement contained in Savaria's most recent press release issued on November 5th, 2025, with respect to its third quarter 2025 results. Thank you, and I will turn the call back to Sébastien Bourassa. You may begin your conference. Thanks, Carmen, and good morning, everyone. Today, I will start with a small recap of our Q3 results. Then Steve will update us on financial, and JP will provide an update on Savaria One, followed by a Q&A session. First, I need to thank all the employees at Savaria for their contribution over the last two years. Without you, we'll never have the success that we had in the Savaria One program. Once again, I'm very proud of our Q3 results. As for the first time ever, we reached 21.2% of EBITDA. Some of the key highlights of the third quarter: best gross margins ever at 39.2%, which is a direct result of operational improvement, procurement, and pricing initiative, which JP will go a bit later more in detail. Fantastic performance of the Accessibility segment with 23.5% of EBITDA margins, which show a good contribution from North America and also from Europe. I think there has been a big transformation in Europe in the last two years, so congratulations, team. Patient Care was lower at 18.3%, but better than the previous year. The backlog remained high, and we're getting ready for busy Q4. We won two Ellies in North America, one for Matot and one for Savaria, and also one in Europe for Handicare for the best Accessibility supplier. Congratulations to the team. Growth has been decent in the third quarter for North America Accessibility, but overall, as a company, growth is below what we target. What are we doing to address that? First, Matot product line and the Luma to the floor, we continue to see a very high interest, okay, from our dealer, and we'll definitely see some organic growth in 2026. I want those products. Many of our dealers are putting Luma into their showroom because they believe in this tech and the opportunity. The team in North America has spent a lot of time this year to do some training and introduce the Matot line products to architects. It's always an investment, but it will pay off in the future. Savaria One phase two planification is almost over, and we'll be ready, definitely ready in April 2026 to unveil this new five-year strategy, which will be very focused on the growth. In the last two years, we have been very disciplined and improved a lot of the bottom line, and we believe with the same discipline, we'll be able to improve the trajectory of the growth as we operate in a very nice industry with the aging of the population. Also, the density in the cities, it brings more tunnel development where elevator is definitely a nice investment. Also, in the last year, we have increased a lot our R&D team. We went from 50% to 62% so that we can continue to improve existing products, develop some new products that will remain the number one choice for our dealers. Also, our R&D process is better than ever. Early next year, we'll be changing our brand name in Europe to be Savaria as we start to have more products similar to North America and we become closer to the one-stop shop. We had a small management change in the third quarter in Europe. After 20 years, Claire decided to leave the company, so thank you for your last 20 years. JP has applied for the position since November and is now President of Europe, and will continue to assume the role of CTO, which is now more on the strategy for the future. We are excited about this change as JP is a fantastic team player and a leader that will continue to bring Savaria culture in Europe. With one quarter to go, we kept our guidance unchanged for the revenue as we always give annual guidance and not quarterly, and we believe that we have a chance to finish close to it. We update our EBITDA to stay slightly above 20% as for now for the first nine months of the year, we are at 20.1%. Our net debt/EBITDA ratio continues to improve. It is now sitting at 1.19 with $ 290 million available funds for investment in the future or acquisition in many. We will be ready for the future. Also, at the end of the year, it is the end of the Savaria One program. Right away in 2026, it is an improvement of $0.17 per share for the full year. Last, again, I want to thank all the employees for their efforts over the last two years on the Savaria One program. Steve? Thank you, Sebastian. Good morning to everyone on the call. I am really pleased to share with you today some remarks regarding our Q3 2025 consolidated financial metrics. Key highlights for the quarter include, first and foremost, achieving and surpassing our 20% adjusted EBITDA margin target for yet a second quarter in a row. Our Q3 margin of 21.2% is another high watermark for us, and our 2025 year-to-date margin is now at 20.1%. Secondly, gross margin increased year- over- year by 220 basis points to 39.2% in Q3, mainly through Savaria One. Lastly, strong free cash flow with operating cash flows up 16% this quarter compared to last year, contributing to our Q3 ending leverage ratio of 1.19. Now looking at consolidated revenues for the quarter, we generated revenue of $224.8 million, an increase of 5.2% versus last year. This is driven by organic growth of 1.8%, as well as a positive foreign exchange impact of 2.5%. Our Q2 acquisition of Western Elevator, a dealer in the lower mainland of British Columbia, provided revenue growth of 0.9%. Our Accessibility segment saw growth of 6.1%, including growth of 7.7% coming from North America, combined with a growth of 3.6% coming from Europe. Patient Care had revenue growth of 1.9%, driven mainly by increased sales within the United States. As previously noted, our consolidated gross margin for the quarter was 39.2%. This performance represents a marked improvement of 220 basis points over prior year, driven largely by continued operational efficiencies realized under Savaria One, as well as some operating leverage. Both segments contributed to this gross margin improvement, underscoring the effectiveness of our ongoing initiatives to streamline operations, enhance margin quality, and drive sustainable growth. Now, adjusted EBITDA was $ 47.6 million for the quarter, representing our strongest performance to date, as well as the sixth consecutive quarter above the $ 40 million threshold. Adjusted EBITDA margin finished at 21.2% for the quarter, and more specifically, 23.5% for Accessibility and 18.3% for Patient Care. Accessibility margins improved 220 basis points, and Patient Care margins improved 90 basis points. This performance enhancement is primarily driven from the improvements in gross margin, which have been powered by Savaria One. We incurred $ 4.7 million in strategic initiative expenses for the quarter, which was in line with our expectations. These fees are mainly consulting costs and will repeat in Q4, but will be finished thereafter. Removal of these costs will add a significant boost to our cash flow starting in Q1 2026. Finance costs were $ 2.2 million for the quarter, compared to $ 6.9 million last year. Interest on long-term debt decreased by $ 1.7 million when compared to last year, impacted by reduced variable interest rates on our debt, as well as a lower overall debt balance. Including finance costs, we also reported an unrealized FX gain in the quarter of $ 1.1 million. This all results in net earnings of $ 19.5 million for the quarter, compared to $ 11.2 million last year, and driving an EPS of $ 0.27 per share for the quarter and $ 0.11 improvement, or 69% improvement over last year. I'm now going to look at the balance sheet and cash flow. Cash flow from operating activities in Q3 was $ 41.5 million, which is an increase of $ 5.7 million versus last year, coming from higher net earnings generated combined with lower net income taxes paid. Working capital decreased by $ 3.6 million in the quarter, mainly coming from decreased accounts receivables and slightly offset by higher trade payables. Sorry, excuse me, lower trade payables. For the year, we're achieving our working capital targets. CapEx for the quarter finished at $ 5.7 million, which is 2.5% of sales. On a year-to-date basis, we have spent $ 15.2 million on CapEx, which represents 2.3% of sales and is within our annual range of 2%-2.5% of sales. This includes a mixture of maintenance and new expansionary CapEx, including new equipment for our Greenville site. Free cash flow after debt-related costs and dividends in Q3 was $ 20.6 million for the quarter, which is a significant improvement of $ 7 million, or 51.5%, when compared to last year. This strong free cash flow contributed to a repayment of debt of $ 11.5 million in the quarter and reduced our leverage ratio to 1.19 as at September 30th compared to 1.63 at year-end 2024. This puts us in a very healthy position as we eye future growth plans and other opportunities that lie ahead for us. With regards to guidance, as Sebastian mentioned, following current quarter results, we have left our revenue forecast unchanged at approximately $ 925 million of revenue for the year, and we have adjusted our adjusted EBITDA margin guidance to be slightly above 20% for the year. This adjusted EBITDA margin target was achieved in Q2 and Q3, and we expect it will be achieved for the last quarter of 2025 based on the continued value of Savaria One that we have in front of us. With that, this completes my prepared remarks. I'm now going to turn the call over to JP to provide further details on how we're progressing with Savaria One. JP? Yeah. Thank you, Steve. And good morning, everyone. We continue to deliver very strong business results in Q3 and not only expanded our profitability versus last year, but also grew our business. We feel great about our momentum as our improvement initiatives across Savaria are not only showing in our margins, but also now on the top line. As you saw, our EBITDA grew by $ 5.8 million, or 14% versus last year, which is almost three times faster than our sales grew in the same period. We're now at 21.2% EBITDA in Q3, which is above our 20% aspiration. Yet, we continue to implement various initiatives across the business, so expect more growth, but also possibly more profitability improvements ahead as we, for example, implemented more than 60 initiatives worth millions of dollars in savings just this past quarter. I believe we'll largely internalize the new way of operating the business now that we are several quarters into our transformation. We not only continue to deliver more improvements to the business each month, but our teams are also generating new ideas and new initiatives at a faster rate than we complete the old ones, which shows to me that we are more autonomous than ever. As a reminder, we had very little support from external consultants in Q3. What are some of the highlights from Savaria One this quarter? One is in North America and in Australia, where our direct stores are doing great. They're showing steady growth, sorry, and delivering record levels of profitability. We think that is thanks to the great efforts of our leadership team managing those stores, but also the teams in each store, including our sales team and our installation and service teams. What happened is we've put together a strong organization in place with competent managers overseeing the network, and also we've been managing each of those stores and sharing best practices across them. Also, all the acquisitions that Savaria made historically of direct stores have been a commercial success over time. Yet, we think there's still so much more to do with our direct stores, notably in developing the markets in which they operate and increasing the adoption of our products, in particular for home elevators. There is more room for growth ahead of us. Also, we continue to generate savings in our operations. In our European Accessibility business, to reduce lead times for our installations by working with our logistics providers so we can get our products to our customers faster, but also at the lower cost of the company overall. We also developed new processes that reduce the waste in our production system, in particular in regards to electronics, which reduces our overall product cost. We also continue to move some work packages between our factories to generate economies of scale and leverage best country sourcing, and finally, reduce our labor cost overall for assembly. We're also now experiencing pockets of growth in Europe. If you recall, in the past quarters, we've been focused on improving profitability in Europe, sometimes at the expense of top line, but we can now say we're building on very strong foundations with an efficient business, and we're re-engaging with growth. Sales continue to be slower in some markets, but we see good momentum overall. In Q3, we also worked on developing our next strategic plan, which we will unveil next year. It was a great opportunity for us to take stock on our performance over the past years, especially since we started Savaria One, also look at the position we occupy in each market. For what it's worth, it shows we have a very solid foundation on which to build, but we still have lots of room for growth and value creation ahead of us. Yet, I will wait until our next investor day for more details. Before wrapping up, I just wanted to say a few words on my new role. Starting November, I took responsibility for our European operations, and I will be relocating to Europe starting January 2026. I will continue to orchestrate the execution of Savaria One and the execution of our next strategic plan that we will present shortly, but we'll focus and shift the bulk of my time and attention to accelerate the transformation and the growth of our business in Europe. I want to thank Sébastien and the whole team here for this opportunity, but also thank and congratulate my new team, who I believe are already doing a great job. I hope, and I'm confident that my addition to the team will accelerate the positive trajectory that we started in Europe. Thank you. Thank you, JP. Just one thing that I wanted to add also is that we did not talk about our USMCA compliance. We continue to be USMCA compliant, and we continue with our Greenville expansion. As of right now, we manufacture 40% of our home elevator Eclipse in Greenville, South Carolina. Thanks for the team over there for your great work. We are on track for expansion in Greenville to be ready in the second half of 2026. On that, Carmen, I believe we are ready for some questions with our analysts that are doing a fantastic job to cover Savaria. Thank you so much. As a reminder, to ask a question, simply press star one one to get in the queue and wait for your name to be announced. To remove yourself, press star one one again. Our first question is from Kyle McPhee with Cormark Securities. Please proceed. Hi everyone. Great performance. I just wanted to talk a bit about the margin path. You delivered another lift for margins in Q3. You have passed your Savaria One 20% goal. It seems like you are attributing the success all to permanent types of dynamics. Correct me if I am wrong, but is it fair to say this is a new normal type of profile for Savaria? There was nothing temporary about it in Q3, no one-off benefits. You can hold on to these types of gains and likely even be building on them as you get OpEx leverage with the growth on the comp. Is that all fair? Thanks, Kyle, for your great work. Yeah, definitely, I think the 20% mark for me, I would be very disappointed to go backwards. I think that has been very steady in the last few quarters, always a marginal improvement. It is really the success is really linked to improvement, procurement, and pricing. I do not think it is a one-off. I would be very disappointed. What is next? I think right now we have committed to the 20% for this year. Hopefully, in our investor day next April, we can discuss about more color over the next five years where we could go. Just maybe as a quick preview of what you will be discussing when you do that, is the forward margin expansion still on offer largely just OpEx leverage from all the growth themes we'll be talking about, or are there still meaningful cost and efficiency stuff on offer? All right. Kyle, great question again. Definitely, in the last two years, we have developed a good mechanism that the employees never stop to contribute, to bring some new ideas to the table. I do not think it will be the end. One thing we need to not forget is when you do growth, sometimes you need to make some investment. For example, open a new showroom in one location, you add some sales force. When you do acquisitions, very often they are not at 20%. We have got to be careful on that. Definitely, the legacy business, okay, why it could not continue. I am hopeful for that. Growth, growth, growth. This is why when you call any of our employees in the last two years, I think they will have answered you. The target was $1 billion 20%. When you call any of our employees after next April, I want to make sure that they can answer you where they see the growth, what they will do to achieve the growth. We want to make sure that the message is well aligned across the organization. Okay. Thanks for the answers. I'll pass the line for now. Thank you so much. Our next question is from Michael Glen with Raymond James. Please proceed. Hey. Hey, good morning. First, can you just talk a little bit, in a bit more detail about North America, the organic growth there in the quarter? Is this primarily related to residential elevators? Can you speak about some of the other product categories, stairlifts, platform lifts as well? Yes. Definitely, North America, again, in the last two years, has been quite solid. I would say that really the one-stop shop with the mix from home elevator to vertical platform to low-rise commercial to stairlift and to the new product method, all this has really contributed. It is a mixed factor. Unfortunately, North America, we have been quite good with home elevators across the Savaria brand and the Garaventa brands. I think this is something with townhouse development, the density in the cities, all the work we do with architect, contractor, builder is definitely paying off. Stairlift, we have not been always perfect in stairlift in the last few years, but now our manufacturing lead time is state of the art. We are maybe making some effort. This is something that hopefully in the next few years, we can have also very good growth around stairlift. No, I think it's not the end of North America. It will continue. Okay. For the quarter, the bulk of the growth was in residential elevators, you would say? Unfortunately, we're borrowing. We don't disclose per product. Otherwise, it starts to be picky next quarter with the same question. Home elevator, if it can help, has been good for sure. Okay. Sebastian, just on what you see, can you frame for us what you see out there in terms of the M&A market for dealers? Maybe first provide an update just on the Western Elevator acquisition, and then some framing about what the market size for dealer M&A might look like. Okay. For sure, it's always a tricky question a bit. If we look at the past, in the past, we have often did one, two, three acquisitions during a year. I would say a mix of dealers that, again, a dealer wants to exit the business. We are one of the suppliers. It's very natural for us. We're a natural buyer for that. Definitely, this is something that could continue in the future and will continue. Also product. We have liked to buy some small manufacturers in the past, like Matot Dumbwaiter. That has been a fantastic integration, and we're pushing it to the next level. The Visilift acquisition, which is now the Vuelift, has been fantastic also to promote our home elevator. Definitely, product and dealers is very natural. Western, yes, since maybe you are in a family, I would say right now it's pretty much fully digested. We are operational. They are contributing to the equation. Now they are buying all their products with Savaria, which before was more like 80%. Definitely, it has been a great acquisition so far. Are you able to just give some thoughts onto what you've been able to achieve with revenue growth and margins at Western since you acquired it? Anything qualitative you can provide? I would say, again, we don't disclose all our different things, but I would say we're probably in the—it's very early, but in the mid-teens is probably where we are. Okay. Thank you for taking the questions. Thank you. Our next question comes from Frederic Tremblay with Desjardins Capital Markets. Please proceed. Thank you. Good morning. JP, congrats on your appointment. I know it's maybe a bit early for that, but can you give us a bit of an idea of what your priorities for 2026 will be in Europe? Yeah, but I guess it will be aligned with what we disclose next April, but the priority now is mostly to grow the business. Simple as that. And we have many ideas to do so. Yeah. If we have any further questions or that's the— No, no, that's fine. We'll get more detail on investor day, I guess. That's good. Just wanted to ask maybe on the backlog for home elevators on the direct storefront. Sébastian, can you maybe characterize that backlog a little bit and give some context as to sort of where it stands relative to past quarters? Yeah, I would say that it's very similar. Okay. The backlog is quite good. Okay. For sure, in our direct store, we tend to have a six to 12 month backlog because, again, typically, if you do a good project, you should sign a contract with your dealer before you start to build your house. Otherwise, we can do project management to make sure your renovation will be correct. I think that that's definitely happening. In the factory, again, typically, we have good lead time, which is more around one month. Definitely, the backlog is there, is good. That's why we're confident about the Q4. Perfect. Maybe the last one for me, more on the, I guess, the macro context or the impact of macro uncertainties on customer behaviors. Are you seeing any sort of trade-down at all from customers, like maybe people choosing less custom options on certain elevator products or moving down from a price perspective in terms of the Accessibility products, or is the demand and the price elasticity still pretty good overall? No, I think, again, we see some pretty good options. We are much better than we were. Today, when you see us, you do not just have a home elevator and plain miller mine. Okay. We have touchscreen COP, well, all kinds of doors, flush doors, swing doors, sliding doors, glass. Okay. So we have high-end cab also. Really, definitely, again, if you are going to put an elevator into a home, you need to look at it as an investment. You will have a home elevator for the next 15-20 years. The extra [10,000-15,000] can make a huge difference to have a wall instead of just, "Oh, we have an elevator." Definitely, there is no big change. I think all the work with architect, contractor, okay, is continuing to be high. Even 10 years ago, people were not thinking about putting home elevators. Today, even if you have a townhouse of four floors, the price of townhouses, for example, in Toronto, is very often over $ 1 million. If you can put a home elevator that might be cheaper than your kitchen, that helps you to resell your house at a better price. If you bring your parents to your house, but you can have them for a weekend, you want to bring your luggage up and down. There are so many advantages to have a home elevator in a home. Again, any penetration is still too low. That is why even if there was less construction one day, it does not mean the home elevator could not go up because, again, the penetration of home elevator, I think, is just going up every year. After that, Fred, for example, the Luma is an aftermarket product. It's a two-to-floor, very easy to install. I think this, again, will help us also for the future growth. Yeah. That's great. Thank you. Congrats on the continued strong performance. Merci. Thank you. Our next question is from Razi Hasan with Paradigm Capital. Please proceed. Good morning and thanks for taking my questions. Just on Europe, nice to see growth year- over- year. Can you just talk about how the market is receiving your improved pricing and how cross-selling is going in the region? You're a new President in Europe. You want to answer? Yes. You talked about cross-selling. What's the other question, sorry? Just the improved pricing you have in the region and how it's being received by buyers there. Yeah. Let's start with this one. We improved the pricing in two segments, in the direct business and in the dealer business. In the direct business, honestly, it's been sticking quite well, right? That's one thing we did well in Europe is we improved the profitability of our direct businesses by making price adjustments. There was no impact on sales or on conversions. We essentially captured all of this. In some of the dealer business, what happened maybe more retrospectively in the last year and a half is we did increase prices in some places where it was, let's say, less attractive for us. This had an impact on some parts of the top line, right? That's what you see in our results. From this year, for example, we had more adjustments to pricing than really big changes. Okay. This year, we do not see pricing as having an impact on our top line. It is also, I mean, that is a factor that is now contributing to the fact that our top line has stabilized for everything that is with dealers. We are seeing positive momentum now. Okay. I would say the answer to the pricing question is this year, it has been actually positive, okay, or it is a good reaction. In terms of cross-selling, we have some successes in cross-selling. Some of the, for example, initiatives we had were to cross-sell the Vuelift, which is the one home elevator we can sell in Europe, as well as sell some of our products like the Multilift. Now the Luma is also another product for cross-selling. I would say it is early days for Luma, for example. We are just starting to sell some units. For Multilift, same thing. We have a new product that has been launched this year. We are seeing some cross-selling success there. We are having success, but obviously, it is still very small in proportion to the business. We have more room for growth there. Okay. Great. Thank you. Then just thoughts on capital deployment with low leverage and good liquidity. Can you just maybe highlight what your priorities are for capital? Sure, Razi. Looking at what we're doing with the capital, we're going to continue to pay down debt. I mean, our leverage ratio is fairly low at 1.19. We're going to continue to pay that down and also basically get ready for acquisition. Our plan is to grow organically, but also through acquisition, which we're going to talk a lot about at our investor day. We're not going to be doing anything different with dividends or buybacks. We're just going to continue to lower our leverage until we use those funds for acquisitions, and then we'll be levering up for those. Not going to be a large change. Most of our acquisitions are more or less going to be tuck-ins and some other maybe sizable ones, but nothing sort of sizable like Handicare that we're looking at right now. Okay. Thanks. Maybe just the last one for me, just in terms of EBITDA margins for Q4, anything that could potentially impact the level from Q2 and Q3 that you've seen heading into Q4, or it's just more of the same? Sometimes the product mix can be slightly different. Again, I think I would be very happy to repeat what we have done in Q3. Let's see. Okay. Thanks very much for taking my questions. Thank you so much. Our next question is from Max Czmielewski with Stifel Canada. Please proceed. Good morning. This is Max on for Justin Keywood, Stifel. Thanks for taking my question. Could you guys give any further detail on the makeup of sales channels and Patient Care, and if there's any seasonality to institutional buying patterns? Just generally in Q3? I know despite Accessibility sort of being the focus, what can we expect from Savaria in Patient Care as you repivot to growth? Again, I think if we look at last year, we know that last year we have delivered a very strong Q4. That brought decent organic growth for the year. It is a bit the same expectation for this year. Basically, we have built a certain backlog, and there is a bit of season in the Patient Care business. Definitely, I think Q4, we should see a strong performance. Typically, we are stronger in the long-term care than we are in acute care. Long-term care is beds, mattresses, and sitting lifts. Definitely, that is going to be our strongest segment. It is quite balanced between the U.S., really. Okay. Thank you. Yeah, hats off to the progress on efficiencies and margin over the last few quarters. I guess, do you guys feel well-equipped with the internal team that you've assembled and the work you've done to launch on the second stage of Savaria One? Should we expect any incremental strategic costs associated with that like we saw with Savaria One? No, definitely, our strategic costs are coming to an end. That will make a big difference next year in our cash flow. I think the team is better than ever. What is important, in the last two years, there has been a lot of training done with all our employees. Right now, again, we have done several phase two planning internally, a bit challenged by a consultant. At the end, definitely, the team is very capable. I think we are in better shape than ever for the future. I think in the first two years, we have been very disciplined with date, with value. I think this is a discipline that we'll be able to continue going forward. Again, to understand that it takes time. We cannot do everything at the same time. It is important to stage things correctly. We continue to move forward, right? Thank you. That's all for me. Yep. Thank you. One moment for our next question. It comes from Zachary Evershed with National Bank Financial. Please proceed. Zach? Good morning, everyone. Congrats on the quarter. Thank you. For Accessibility in Europe, can you give us your thoughts on how the broader market is adapting to the absence of some subsidies? I guess to adapting, I guess it's more reacting would be my answer in the sense that let's take Italy, for example, right? We did measure the impact of the reduction in subsidies on the market because there are ways to measure it. We saw a very dramatic reduction of the market in line with what we're experiencing ourselves. I would say the market is adapting to it in the sense that everybody has to scale back a little bit. We did scale back our costs in Italy to adapt, in our case. That's been the reaction. I think that's all I can say. Yeah. I would say maybe to add something, JP, I think also Zach, as we add new products, example, two-to-floor, home elevator, [VPL], those products are much less subsidized. I think as we bring diversification, that will make us much less dependent on the subsidies going forward. Good color. Thanks. For my second, we were expecting a bit more CapEx this quarter. How are you thinking about the pacing of investment in the Greenville expansion? I know, Zach, unfortunately, permits take time. I mean, life. We're expecting to break the ground in January to be ready in the second half of next year. So far, we did some CapEx. It's again some small CapEx. We have been able to maintain more or less our guidance for the year. Again, slightly higher CapEx will be for next year. Still, we're trying to be diligent. We're wrapping up our budget for next year, and we try to be diligent that at the end, okay, we cut maybe somewhere to allow some CapEx because of Greenville. I'm not expecting something extraordinary next year, even though we expand in Greenville. Great. Thank you. I'll leave there. Thank you. One moment for our next question. It comes from the line of Kyle McPhee with Cormark Securities. Please proceed. Hello again. Just on that Greenville expansion, can you remind us or give us the updated total CapEx budget for that? Also, just remind us on your manufacturing capacity situation ahead of your spring investor day that sounds like it is going to be highlighting a lot of growth themes. Do you have capacity to support the next growth wave without having to incur a CapEx wave? Thank you. Basically, as our previous press release, the investment that we want to do in Greenville is approximately $ 30 million. I think as we progress, we'll be able to put more color. For sure, it's not $ 30 million for the expansion. It's for some equipment as well. I think we'll see. After that, really a footprint. Right now we have approximately 12 factories, like a 1.1 million sq ft footprint. Unfortunately, most of our factories just work on one shift. I think we have plenty of capacity for the next five years. I don't see any major change in our footprint in the next five years unless there's some M&A. That's it. Okay. Thank you very much. That's it. Thank you so much. Our last question comes from the line of Carol Adu-Bobie with Scotiabank. Please proceed. Good morning. This is [Carol Aubert-Johnson Goldman] from Scotiabank. Thanks for taking my questions. Really nice performance in Accessibility margins. I think an all-time record. I believe Q4 margins are seasonally weaker, but it seems like you still have room on Savaria One. How should we think about the sustainability of margins? I think margins have been very sustainable in the last two years, and we always see a bit of improvement each quarter. For sure, yeah, Q4, yeah, there's Christmas time, there's this, that. So it's a bit too early to comment, but we think that the over 20% for the food group of Savaria will be able to maintain in the fourth quarter. I'm not too worried about that. I think going forward, we have a good plan, as we said a bit earlier, to continue to improve margins each year, but also okay to have some growth expansion, which is our key focus for the future. Okay. Thank you. Could you also provide a teaser for the Savaria 2.0 initiatives, if possible? I think the teaser, it will be in April. I think it will be really around growth, growth, growth. Every decision that we make, does it have an impact on growth? We decide to do an R&D project. Is it going to bring growth or not? Does it mean we'll not do an R&D project if it's going to improve some quality or make it for regulation for the code? Definitely, as I would do M&A, is this going to help, okay, for the synergies and to bring some growth? Definitely, growth, we want this to be in our first line of discussion on most of the decision. Thank you. Thank you. Ladies and gentlemen, this concludes our Q&A session. I will pass the call back to Sébastien Bourassa for final comments. All right. Thank you, Carmen. A lot of very interesting questions this morning. Thanks for taking the time. Again, one more time, thanks for all the Savaria employees, and looking forward to see you again in March. Thank you. Thank you all for participating. You may now disconnect. Everyone, have a great day.