Good day, and thank you for standing by. Welcome to the Savaria Corporation's Q3 2026 Investor and Analyst Call Conference today. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I will now hand the call over to our first speaker today, Sebastien Bourassa, I'm sorry, Bourassa, CEO and President of Savaria Corporation. Please go ahead. Thank you, Angela, and good morning, everyone. Today, I'm happy to present our Q3 results, which show that we have a good momentum across the business, and a new process and culture that we have developed during Savaria One is well established, and this is why we have realized our best EBITDA dollars so far at $52.1 million, at 21.2% EBITDA margins. First, accessibility, with a growth of 9.1% and an EBITDA of 24.2%, it showed that in our main division, we still have a lot of initiatives that are getting implemented and that we can offset some of the inflation we received this year. Our vertical strategy is paying off. As you know, we design, manufacture our own electronic PCB in the U.K. We have good contribution from our China and Mexico factory, and we have made significant investment in machinery in the last few years in our local factory so that we can be more productive and we can make some custom product with good lead time. The core product line of Home Elevator and Stairlift remain the main driver of this growth, and we continue to build our product roadmap with our 62 people in R&D across all the business segment. Here's a few examples that what excite me about the future growth. The new Luma L. We have received an enthusiast dealer response at the NEC exhibition in September with the launch of our new larger model of Luma. We also introduced it at the Grand Designs Live in U.K. that we have really good interest from the designer and Home Elevator. The larger cabin can accommodate many style of mobility device. The Luma L is now available in North America from October, and it will be available in Europe in January 2027. The through-the-floor lift category should be a strong area for coming years for growth, and it's really an elegant product that is easy to install and can be a retrofit application. Vipal. We talked a lot about Vipal in the last few months, but again, the strong product offering and CE-compliant product in Europe that will really help us to develop the sales of Home Elevator in Europe in the coming years. Another exciting thing, the new Precision Cab for Home Elevator that was introduced at the NEC also was very well received. The style and color are very trendy, which will be a big one for the contractor, designer, and customers. The quality of those wood cab can be produced at our factory in Greenville are outstanding. They can be sold in multi-units project, custom Home Elevator, and really differentiate our sale on our Home Elevator from our competitor and fully earn a higher share of project. Regarding Greenville, we continue to manufacture approximately 50% of our Home Elevator, and our building expansion is on plan and should be ready by the end of Q4 of this year. Second, patient care. Happy with a growth of 9%, but for sure, the EBITDA percentage is not where we want. The team of patient care is very aware and are working on it, and as we discussed during the last conference call, we did a mid-year price adjustment, which we hope to have a better results in Q4, starting from Q4. Still, I would like to highlight the performance in Europe and the rest of the world, so good job, Gary and the team in U.K. Third, acquisition. As we said during the Investor Day, we have the ambition to do some acquisition for in the next five years for around CAD 200 million. Those are small, mid-size acquisition in some area that we underperform or can bring some new products or new dealer network to expand our product portfolio and also the one-stop shop. So far this year, we did Baxter Elevator in Texas, where it's a booming market, and in July, we closed the Vipal with a small home lift lineup and a low-rise commercial elevator in Italy to help develop Europe in the coming years. With our net debt ratio of 0.85 at the end of Q3 and our liquidity that continue to grow at CAD 338 million, we are in very good position for capital allocation to continue to make investment in this business. To conclude, I'm very happy with the first nine months of the year, and as we unveiled during the Investor Day, we have the ambition to grow the business at 12% per year in the next five years and maintain our EBITDA margins at 20%+, which ultimately will lead us to CAD 1.6 billion of sales with over CAD 220 million of EBITDA. Thanks to all the people at Savaria for their efforts in the next chapter of growth. Steve, financial, please. Thank you, Seb. Good morning, everyone. I'll now provide some additional details on our third quarter results. Starting with the key financial highlights for the quarter. Firstly, revenue grew by 9% in Q3, including 6.8% organic, which is in line with our guidance. Year-to-date revenue is up 8.1%, reaching CAD 726.4 million at the end of Q3. Secondly, operating income increased by 28.6% in Q3 and has increased by 38% on a year-to-date basis, reaching CAD 104.4 million, which is driven by improved gross margins as well as the elimination of strategic initiative expenses. Lastly, as it relates to capital allocation, we acquired Vipal, an elevator manufacturer in Italy, in July, and invested in the expansion of our Greenville facility while decreasing our debt leverage ratio and ending the quarter with available funds of CAD 337.7 million to support our future growth plans. Now turning to consolidated revenue. We generated CAD 245 million in the quarter, an increase of CAD 20.3 million, or 9% over last year. This includes organic growth of 6.8%, a 1.4% contribution from the acquisitions of Baxter and Vipal, as well as a positive foreign exchange impact of 0.8%, mainly driven by the strengthening of the U.S. dollar versus Canadian dollar. Looking at the segments, accessibility revenue increased by 9.1% to CAD 196.5 million, mainly driven by organic growth of 6.6%. Sales increased in all regions, with Europe delivering another strong quarter. Patient care revenue increased by 8.6% to CAD 48.6 million, including organic growth of 7.5%. This reflects higher project sales in North America and continued growth from our U.K. location, which was partially offset by a softer bed market. Now looking at gross margin and operating income. Consolidated gross margin was 39.3% compared with 39.2% in Q3 2025, representing an increase of 10 basis points. Gross profit increased by CAD 8.2 million year-over-year. This demonstrates our ability to continue to increase gross margins under the current tariff environment. Operating income increased by CAD 7.9 million, or 28.6%, to CAD 35.6 million, representing a margin of 14.5% compared with 12.3% last year. The drivers of the increased operating income are increased revenues, gross margin expansion, lower other expenses, and the termination of strategic initiative expenses. Adjusted EBITDA reached a record CAD 52.1 million, representing a margin of 21.2% compared with CAD 47.6 million and 21.2% last year. Accessibility adjusted EBITDA margin reached 24.2% compared with 23.5% last year, an increase of 70 basis points. That is driven by improvements in both of our key geographical regions. Patient care adjusted EBITDA margin was 16.2% compared with 18.3% in Q3 2025, reflecting higher selling and admin costs, an unfavorable product and project mix, and higher material costs. We are working towards improving the patient care margins in Q4 of this year. Net finance costs were CAD 4.4 million compared with CAD 2.2 million last year. Interest on long-term debt continues to decrease and decreased by CAD 0.9 million, mainly due to a lower debt balance. However, this was more than offset by a foreign currency loss of CAD 1.9 million compared with a gain of CAD 1.1 million last year, the majority of which is unrealized. Net earnings increased by 18.4% to CAD 23.1 million, or CAD 0.32 per diluted share, compared with CAD 19.5 million, or CAD 0.27 per diluted share last year. Now looking at cash flow and liquidity. Cash flow from operating activities was CAD 36.8 million compared with CAD 41.5 million last year. Cash flow before changes in non-cash operating items increased by CAD 4 million to CAD 41.9 million, but working capital used CAD 5.1 million compared to an inflow of CAD 3.6 million last year. The largest driver of increased working capital in the quarter was inventory, which we expect to decrease substantially in the fourth quarter ahead of year-end. Cash used in investing activities was CAD 18.8 million compared with CAD 5.4 million last year. We invested CAD 9.7 million in fixed and intangible assets, including CAD 3.1 million for Greenville on a cash basis for the Greenville building expansion and related equipment, and CAD 9.1 million for the acquisition of Vipal. As at September 30th, the available funds were CAD 337.7 million compared with CAD 311.7 million at year-end, and our net debt decreased to CAD 173.2 million from CAD 191.5 million. In closing, our Q3 results demonstrate good progress on achieving our long-term guidance. The underlying business is seeing strong growth, which is being helped along by strategic acquisitions. Our EBITDA margin remains strong, and our balance sheet continues to improve. This concludes my prepared remarks. I'll now turn the call over to J.P. for additional comments on our ongoing transformation efforts across the group. J.P.? Yeah. Thank you, Steve, and good morning, everyone. As Steve mentioned, this is the third quarter since we communicated our new strategy, and we continue to make steady progress on both top line and EBITDA, which are in line with expectations. Let me speak a bit more about how Q3 sales growth across segments and geographies links to our strategic actions. I'll start with North America. Growth in North America was fueled mostly by Home Elevator sales. If you recall, our strategy is to expand Home Elevator sales in low-penetration regions by bringing best practices to our dealers and by engaging with national builders. We are making great progress on all fronts. We're also continuing to grow our direct stores and professionalize them with great results. Also, Matot, our dumbwaiter and material lift brand, continues to grow well thanks to our combined operational and sales efforts. In patient care, growth in Q3 is coming mostly from ceiling lifts, sales, and installation. We are reaping the benefits today of our product innovation with the M-Series and the associated sales efforts. Furthermore, we see strong ceiling lifts and bed order intake in Q3. Even if Steve was mentioning we had lower bed sales in Q3, we finished the quarter with a strong order book. Finally, Savaria continues to be successful in growing sales and reducing costs in the U.K. In Europe, organic growth is partly driven by the success of our commercial actions in B2B, so with our dealer business, as well as in our largest direct store in the U.K. We are accelerating cross-selling of platform lifts, especially in the U.K. and NL, two markets in which we traditionally focused on Stairlifts. In Q3, we also launched the Outdoor 4000 Rail, a new version of that outdoor rail, sorry, which has been a big commercial success. Finally, we are accelerating growth in rest of world, and like Steve and Seb mentioned, we now have Vipal with us, which is adding to our sales in Q3. Beyond sales growth, we're continuing to improve our value proposition, our operations, and our costs. Let me share some examples from Q3. In Greenville, as Seb mentioned, we commissioned a new paint line so we can build Precision Home Elevator Cabs in-house. This has the dual objective on one side to reduce our costs by bringing this activity in-house, but also to master our quality, and we had great reception from the first dealers that saw it today. In Huizhou, our China facility, we commissioned a new metal fabrication shop with some laser cutters, press brake, and bending capabilities. This allows us to sustain the growth of our business with some in-house fabrication in a low-cost country. In the Stairlift business, we commonized the drawing platforms in Europe for our Stairlifts, which allows us to share workload across teams, reducing our lead times and our costs in the long run. In Beamsville, we redesigned the QD1000 bed frame. The QD1000 is our mainstream entry-level bed, so it is now simpler to manufacture, the quality is better, and also we reduced our costs. We did our first batch production in Q3, and now we are ramping up production in Q4. In St. Louis, we set up a new assembly line for the clinical M-Series lifts to be assembled in the U.S. for us to manufacture locally a product for the U.S. customers. Finally, in the U.K. direct business, we improved the service level of our call center while reducing the reliance and the cost for external third-party support. All these are just examples of things we are continuing to do to improve our costs and our competitiveness in each market. Now, there are also things that are still in motion and that we expect to materialize and come to fruition in Q4 and early 2027. Let me just mention a few. Seb talked about the Luma L. This has been well received at NAEC, at Grand Designs in the U.K., and REHACARE in Germany, and we are planning to launch this product shortly. We are also planning to launch a new Akira model, which is currently on track and going through field trials in Europe. In patient care, we are continuing to expand the accessories and lineup for ceiling lifts and beds. You heard about Vipal. Vipal has been acquired in July, and we are planning to start selling now to our European dealers in the next few months. We also have a lot of procurement initiatives that are still in flight, either to mitigate the risks of price increases or to reduce our costs. Finally, we continue to have number of supply chain and operational improvement initiatives across all of our factories. All this to say, in spite of the challenging external environment, we continue to show resilience and to execute our strategy successfully. Now back over to you, Seb. Thank you, J.P. and Steve, for those colors. First, before we pass it back to Angela, I just want to say thank you to all the analysts that cover Savaria. You do a very good job, and you are well aware of the story. Angela, I think we are ready for questions. Thank you. At this time, we will conduct the question and answer session. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. First question comes from Frederic Tremblay of Desjardins Capital Markets. Your line is now open. Hello, Fred. Thank you. Good morning. Good morning, all. Just maybe starting with patient care, you mentioned that you are working towards improving the margin there in Q4. Can you maybe break that down a little bit more across the key factors? What are your thoughts on how cost of materials, product mix, and pricing should evolve from Q3 to Q4? Oh, good question, Fred. For sure, patient care, again, we had a good growth this year, and we know, again, we said in April, the next few years, the growth is our main objective. But yes, and we are a bit tough with patient care today. Still, when I look at the last three years, okay, with the 19.1% of EBITDA in 2024, 19.4% in 2025, and year to date, we are at 18.1%. But yes, there has been a bit more inflation at that division with the foam and the aluminum. I think we are working to offset that with the mid-year price increase, which is typically not something we do. I am confident the margins will come back better in the coming quarter. That would be a bit my answer, Fred, hopefully. Okay. Thanks for that color. Maybe sticking with margins, but accessibility very strong at over 24% in the quarter. I think historically margins in North America were higher than Europe. Without getting into specific numbers, can you just provide maybe a general update on how margins are trending in each geography? I think, again, without getting too specific, I think the success a bit, as I said a bit here in my remark, is we are vertical integrated. We do a lot of things by ourselves, some parts. We are always very active with procurement, try to improve when we do R&D, and we try to launch it at the right price, obviously. On all the legacy, old business, these things continue to still happen. For sure, when we make some acquisition, that division has a bit lower than the average, but over time, we have enough projects to be able to bring this up. So, no, it is very positive against our best margins so far. I think we go one quarter at a time. Great. I will get back in the queue. Thanks. Thank you, Fred. Thank you. Our next question comes from the line of Zachary Evershed of National Bank. Your line is now open. Morning, Zach. Good morning. Organic growth, I think, has been accelerating for at least the last four quarters, if we look at it year-over-year. If we think about all the work you are doing with your initiatives, European dealers, timing of product launches, what are your hopes for 2027 for consolidated organic growth? Good question. I think I will need to refer to the Investor Day of April. I think we said that we had the ambition of doing 7%-8% per year, and I think, again, we did not even finish one year since the Investor Day. No, I think that will be a nice target to continue in that. For sure, new product is super important. I think we did a lot of work the last two years to be more efficient with our R&D, to launch product at the right time, to have a good sequence of events, and I think we are starting to see some positives of that. Again, we have some good action plan with the sales team on which area of the world where we can be better. No, I am quite confident about the organic growth for the next few years. Got you. Thanks. Flipping to the other side of the growth equation, how is the pipeline looking for M&A? Oh, pipeline, okay. Yes, so far we did two this year, okay, and we know historically we did three or four, so I think we need to see over time. No, I think we still have some good opportunity. Again, we are very selective and very diligent in our approach. Again, we want also to see what is happening with the economy, with the tariff and so on. Definitely, we want to do 4%-5% of acquisition per year. So if we look at the five-year strategy, I am quite confident we will achieve it. Again, it might be lumpy, from one year a bit less, the other one a bit more. But if we look on a five years period, we will achieve it. Got you. Thanks. Just one last quick one. With the Greenville expansion wrapping up in Q4, where do you think your CapEx is going to fall for the quarter? Steve? Yes, so it is, Greenville is going to be, the new addition is going to be open and ready early December, so it is really within the next few weeks. CapEx for this year, as you know, is trending up. We are kind of in the high 3.8, I think, range right now year to date. We are probably going to be ending the year at around that range, and next year, next year, Zach, it is going to be back more in the 2.5% range of revenue. But what you are seeing year to date, that is going to continue for Q4. Understood. Thanks. I will turn it over. Thanks, Zach. Thank you. Our next question comes from Jonathan Goldman of Scotiabank. Your line is now open. Hi, Jonathan. Hey, good morning, team. Good morning, guys. Thanks for taking my questions. I was wondering if you could just talk about the strength you are seeing in Home Elevator sales. I mean, it seems to be different than what we are reading about in new home starts in the U.S., and kind of sluggishness in Canada as well. But it seems like you guys are growing and selling a lot of units. Is that a function of something you are doing internally, whether share gains, new products, or is it maybe a market dynamic that I am missing? Again, I think if we go back, there is not enough Home Elevator in term of percentage that are sold into a new house. I think all the efforts that we have been doing the last 10, 15 years to train people, I think people are more thinking about that. I think even if there was less construction, it does not mean we cannot sell more Home Elevator. I think also the fact that, again, we work hard on our options with new cab, touchscreen COP, and so on. Again, we are trying to gain also some market share. Again, Texas is a place where we bought Baxter because we saw a good opportunity to be better over there. I think we are making some right effort with our sales, the distribution channel, and also with our product lineup that we can continue to grow this segment. Also, again, the Luma, you could argue it fits a bit in the through-the-floor and the Home Elevator market against the through-the-floor. It is a retrofit, most of the time application, but maybe more cost-attractive for customer. Definitely, I think all this segment of Home Elevator should continue to be good in the next few years for Savaria. Okay, that is interesting color. Then maybe, I think you guys alluded to this in the prepared remarks on the cross-selling in patient care in Europe. Is that mainly related to NHS, or is there other sort of product lines that you are expanding beyond that and selling to different sort of channels? For sure, to have success is always a few different category. Yes, NHS has been super positive to want to help, but also we look at ceiling lift oyster. This is something that we introduced a few years ago. Now we start to have more and more traction with that. Again, we moved into a new factory two years ago in U.K. that has really helped us to be more efficient, to be better. I think definitely, I think we will see some growth in the future in U.K. and across Europe, right? Okay, that is good color. Maybe if I can just squeeze one more in. You guys kind of gave some color on this, and you kind of see it in the inventory bump in the quarter and kind of the CapEx comments you provided, Steve. How are backlog trends exiting the quarter? I mean, pretty good growth organically this quarter. It looks like comps are still pretty decent coming up in Q4. How is the backlog trending as you exited Q3? Well, I would say our backlog is quite stable. Again, if we look, people, they know our lead time. They place the order right on time when they will get it when they need it. I think we have taught a lot our dealer in the last few years to order on time and to get delivery when they need. Because again, our production factory are very stable and our lead time is very rare if we are late. I think it is more a question of discussion. Yes, the backlog is remain healthy, so we are quite happy with that. Okay, that is good color. Good results. I will get back. Thank you. Thank you. Thank you. Next question comes from the line of Justin Keywood of Stifel. Your line is now open. Good morning. Hi. Great to see the results. I wanted to ask on the services or recurring revenue of the business and how Savaria Link is progressing. If we are able to have an update just on the percentage of overall revenue that is recurring, and if there is a target in either the near or medium term. Thank you. Oh, good question. For sure, service and maintenance is super important. Right now, we are at 10%-15% of our top line in service and maintenance. For sure, when we have a direct store, we have a chance to have also the service with the end user, so that is good. When it is with our dealer, the dealer has the maintenance contract, and us, we can have maybe some spare parts after the warranty. I think the more units we put on the market, the better chance we have to increase this percentage. Again, Savaria Link is just, again, we are at the beginning, and I think we talk about the initiative the next five years. Yes, we see a good benefit of that to have the best tools for a dealer to troubleshoot their products, to see what is happening with different units. Again, installation time, service time is super important. How can we become more efficient? I think definitely the Savaria Link will continue to help us on that aspect in the future. Thank you. I assume there's higher implied margins within the services revenue. Are you able to detail what that is on a gross or EBITDA basis? Unfortunately, we don't go per product or margins, but definitely the service maintenance usually is a good one. That's really helping for the total contribution, for sure. Understood. That could be accretive to margins as that services proportion increases overall going forward. Is that a fair characterization? I think that's a good assumption, yes. Okay, great. Thank you for taking my questions. Thank you. Thank you. Next question comes from the line of Cheryl Zhang of TD Cowen. Your line is now open. Hi, Cheryl. Hi. Good morning, everyone. Thanks for taking our questions on the color so far. Maybe I will start with a question for J.P. I think last quarter you pointed to over 50 new initiatives implemented that help reduce costs, and sounds like there is a lot more in Q3. Wondering if you can help us get a sense of how much the cost savings these initiatives are generating. Yeah. So maybe just to answer your question. So first, we continue to have more or less the same amount of initiatives that are implemented each quarter. In terms of how much costs are going to be saved, I prefer not to give you exact numbers on this call, if that is okay. But it is always a similar proportion, right? So it is at least a third of our impacts or our cost reductions. We continue to drive that. But I cannot give you an exact number. Okay, understood. That is helpful, and thank you. Sounds like you are putting through pricing in patient care and maybe a bit in accessibility as well, as you pointed to improved pricing. Curious what you are seeing in terms of competitive activity in each market as you put through pricing. Oh, I'm sure some competitor are on the call. I would not answer for them. But again, us, yes, it's a discipline to do some price increase every year because again, there's inflation, we add some feature on our product, we give increase to our employees. So I think it's normal to have some price increase every year. And again, we have a job to do. We have to remain competitive, but it's up to them to do what they want to do, right? Okay, understood. Maybe just lastly, is the inflation pressure still focused just on foam and aluminum? Are you seeing inflation in other areas as well? And do you lock in the prices for your key materials, or do you always purchase a market price? Oh, that's a good question. So I would say for sure that the fuel costs had an impact on many different type of material this year. But again, why we have been able to continue to improve the margins is because we had enough positive project to offset some of the negative that we might have. And maybe this is where in accessibility, what a bit more, and in the patient care, again, yes, foam is a very big part of our purchasing. Yes, we have been impact. And regarding annual contract or market, but I would say that, again, we'd make a different strategy in our global procurement, maybe different vendor or different product, might be different strategy. It's always depend also what the vendor are allowing to do, right? Okay, got it. Thanks very much. You. Thank you. Next person for question comes from the line of Razi Hasan of Paradigm Capital. Your line is now open. Thanks. Good morning. Thanks for taking my questions. Maybe just first one for Steve. Just following up on the patient care margin. Is there more operating leverage to capture with future price increases in the segment? I mean, yes, there is. To be honest about what we saw in Q3, we were hoping for more operating leverage. They were able to maintain the gross margins relatively flat. We were hoping that they were going to increase. The reason why we didn't see that increase was because of the cost pressures that Seb alluded to on foam and aluminum. We are seeing operating leverage across all of our business, not just in patient care. Okay, fair enough. Thanks. Then maybe a question for J.P. Just in regards to Europe, are there certain countries where you're seeing stronger growth in the region at all, or is it just across the board? Do you mean for our business or from the market standpoint? For your business specifically. Yeah, for sure. We have different levels of growth by country. I cannot get into the details of which one. I won't say it because that's competitive information. But yeah, we are more successful in some countries than others, and that suggests to me that there's more potential for the future to catch up on the other places where we're maybe less growing, not as fast as in some other countries. Okay, that's helpful. Then maybe just on M&A in the region. Is your focus on dealers and manufacturers, or either/or? Any thoughts there? Then maybe just valuations you're seeing there. Oh, I think the mix of both has been a bit of success so far. Again, a new product is always superb because we can improve our one-stop shop, and then I have a thousand dealers that are excited about it. So definitely when there is opportunity on product or a small manufacturer, we look at it. And a dealer for us, again, we have some dealers sometimes that want to retire. We are a very natural buyer, so that is always interesting. In terms of multiple, I would say again, we always pay the right price for business. I do not think people call us because they are in distress and they need to sell a discount. I think usually we pay the fair price. Okay, great. And maybe just lastly, when you talk about Europe and rest of world, what percentage of that does Europe make? I am assuming it is the bulk of it, but do you guys break down what percentage Europe is in that segment? It is combined together, no. Okay. Yeah, Europe and rest of world is combined. Sorry, was that your question, Razi? How much Yeah, exactly. We don't get into that level of disclosure. Okay, fair enough. Thanks for taking my questions. I'll leave it there. Thank you. The next question comes from the line of Michael Glen of Raymond James. Your line is now open. Hi, Michael. Hey. Hello. Seb, maybe just curious if you could provide any insight into organic within your direct network versus the dealer network in accessibility in North America. Okay, good question. For sure, it is always a balance. What is interesting when we have direct store, we can always test our marketing idea. We can test our few products to make sure things work. Then we are able to teach our dealer how to improve also. So definitely for us, the success is a mixed combination between direct store and dealer. Unfortunately, we do not disclose the growth in one or the other. That would start to be a bit too much details, but that was just a combination of the two that has made the success. Okay. I just want to come back to the inflation question. I just want to focus on accessibility and steel and aluminum input prices in that segment, how you are managing those costs. Again, to go back over the answer earlier. Yes, there has been some inflation across the globe. I think we have done enough effort to have positive project to be able to offset some of the inflation. I think yes, container price are up, transport is up. Yes, some of the input is up, but I think at the end, we had enough positive project this year to offset the things. Also, don't forget, also in China, again, things are relatively stable. There's less inflation than maybe we had in North America. Last one for me. In the past couple years, patient care has had a bit of a Q4 bump on its top line. I'm just wondering if that would be expected this year, or we might see a different trend. Again, for certain patient care, there's some end of the quarter that some government fiscal year and so on. Yes, I would be disappointed if they don't have a good Q4. Okay. Thank you. Thank you. I am not showing any further questions at this time. I would now like to turn the call back over to Seb for closing remarks. Well, thank you, Angela, and thank you for all the analysts for your good question, okay? That it is always interesting to talk about Savaria, that again, we have a growing story with the aging population. People want to stay at home. So I think definitely we are in a good segment, a good business that really can continue for the next few years. So thank you, Angela. We will see you next quarter in March. Thank you. Thank you for your participation in today's conference. This concludes the program. You may now disconnect.