Ladies and gentlemen, welcome to the Temenos Q4 2025 Results Conference Call and live webcast. I am Moira, the Chorus Call operator. I would like to remind you that all participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Adam Snyder, Director of Corporate Affairs. Please go ahead, sir. Thank you very much. Thanks for joining us for our Q4 and full year 2025 results call. Before I hand over to Takis, I'd just like to flag that we're hosting our Capital Markets Day tomorrow in London and virtually. You can still register on our website to attend if you've not done so already. I will be taking questions as usual at the end of this call related to the fourth quarter and fiscal year 2025, as well as our outlook for 2026. I'd ask if you could please kindly keep your questions related to strategy for the CMD tomorrow, where we'll also be talking much more extensively about our approach to AI. With that, I'll hand over to Takis. Thank you, Adam. Good afternoon, good evening. I will talk you through our key performance and operational highlights for the quarter before updating you on our operational and financial performance. As Adam mentioned, we will go into more depth on our strategic execution and roadmap tomorrow at our Capital Markets Day, also covering AI, where we feel very well-positioned with a strong road for Temenos, giving us a structural competitive advantage. Starting on slide six, we achieved all our 2025 guidance metrics and delivered product revenue, constant currency growth of 11% in the first year of our strategic plan, which is above the market growth of 7%. The sales environment remained stable throughout the quarter. We saw strong demand across regions and client tiers, including several wins with Tier 1 banks globally. We also continued to see strong signings for premium maintenance, this drove very strong maintenance growth in the quarter and full year. We invested across the business in both sales and product, in line with our strategic roadmap, in particular, growing our sales quota carrier headcount by 60% to over 140 by year-end. We executed well on our AI strategy across product, process, and people that we will be talking more about tomorrow. We announced our 2026 guidance, which is based on the stable sales environment, our strong pipeline, and our confidence in maintaining business momentum through our focus on execution. Given the strong first year of execution on our strategic roadmap, we have raised our 2028 targets, reflecting the confidence in our strategic positioning and our good levels of visibility. Moving to slide seven, we signed a number of deals with Tier 1 clients in the quarter. This is a client segment we are particularly focused on, given their size and scale, the diversity of business lines, and their global reach. We have invested in dedicated global strategic sales focused on Tier 1 and two banks, and it was encouraging to see us expanding our footprint in the fourth quarter. I would highlight two deals in particular. We signed a Tier 1 US bank for composable core banking across multiple international markets and a Japanese Tier 1 bank, expanding their Temenos platform for core banking and payments to three new countries. These successes demonstrate the strength and scalability of our platform and the value and trust our clients place in Temenos and our deep domain expertise. Turning to slide eight, it is important for us to demonstrate the value we bring to our customers. I highlight this quarter is VPBank in Vietnam, serving over 30 million customers. They completed one of the largest and most complex core banking upgrades in the region, moving to a hybrid architecture with Temenos Core and AWS for scalability. VPBank has been a Temenos Core customer since 2006. Our platform scalability, functionality, and local knowledge are key differentiators. The core banking platform now handles double the daily volume with zero incidents. Business processing speeds are 30% faster and payment transaction volumes are up 40%. This shows the value of our platform and trust our customers place in us and our extensive domain expertise. On slide nine, our product and technology roadmap continues to be validated as market leading by industry analysts. We were particularly pleased to be named a leader by IDC MarketScape for North America Retail Digital Banking Solutions, given our focus on delivering our U.S. roadmap, which is a key part of our U.S. growth ambition. We also won Best Core Banking System at the 2025 Banking Tech Awards, and we were recognized for customer experience in asset and wealth management. Moving to slide 10, we executed well against our strategic roadmap, which translated into tangible results across the business and a strong financial performance in 2025. We reorganized our product and tech function into agile teams and hired senior talent, which strengthened our ability to deliver our roadmap. We launched multiple new products on our platform in the year, including a number of AI solutions. Our sales organization grew significantly, with individual quota carriers headcount increasing around 60% to over 140 individuals across our region. We invested in sales operations and enablement, which resulted in strong pipeline growth and strong signings, especially with new logos. Looking at the U.S. specifically, we also made good progress on our U.S. expansion strategy, increasing sales headcount to over 20 individuals and opening our U.S. innovation hub, hiring 70 developers to roll out our U.S. product roadmap. Our U.S. pipeline has grown nicely, and we expect to close more deals in 2026. Turning to the next slide, we will be talking about our approach to AI, our competitive positioning, and our AI strategy extensively tomorrow at our CMD. To summarize, we have a clearly defined AI strategy across product, process, and people. This is focused on lowering total cost of ownership for our customers, speeding up delivery, and empowering our people to leverage AI and enable greater productivity. As an example, we are also rolling out Anthropic tools across our entire software development life cycle. The adoption threshold for AI in the banking sector is very high due to high product complexity and significant risk aversion. This, combined with our deep customer trust and domain knowledge, creates a strong competitive mode for Temenos and gives us the right to win in the AI era. I will now run through our Q4 and 2025 financial highlights, focusing on constant currency, non-IFRS financials, which are pro forma, excluding any contribution from Multifonds. On slide 13, we delivered strong ARR growth of 12%, with ARR now representing over 90% of product revenue. The growth in ARR was driven by growth in all our recurring revenue lines, both subscription and SaaS, as well as maintenance. Our ARR growth gives excellent visibility on recurring revenue and future cash flows, supporting our long-term growth targets. Our product revenue, which is subscription and SaaS and maintenance, grew 11%, well above the market growth rate of 7% in the first year of our strategic plan. On the next slide, we exceeded our 2025 subscription and SaaS revenue growth target with 9% growth year-on-year. We also delivered strong total revenue growth of 9% in the quarter and 10% for the full year. Growth was broad-based, reflecting robust demand across geographies and client tiers for our platform and products. On the next slide, non-IFRS EBIT grew 21% for the year, and non-IFRS EPS grew 25%. While we made significant investments in our business product, DTM and operations, this was largely self-funded through our cost efficiency program. We have good operational leverage in our business, and so the strong revenue growth, in particular, premium maintenance, drove our profitability. Let me highlight a few items on slide 16. We delivered strong ARR growth of 12% year-on-year in Q4 2025, with ARR now at $860 million. Cloud ARR was 39% of total ARR, excluding any contribution from Multifonds or the BNPL client, which terminated their contract in 2025. We expect cloud ARR to increase in the mix going forward as more clients move workloads to cloud environments. Maintenance revenue grew 15% in Q4 2025 and 12% for the full year, driven by premium maintenance signings. On profitability, EBIT margin improved by 3 percentage points to 34.7% for the year, reflecting strong operating leverage and savings from cost efficiencies. These results demonstrate the strengths of our business model and our ability to simultaneously drive growth while investing in the future. Turning to non-operating items on slide 17, net profit was up 9% in Q4 2025 and 21% for the year. EPS grew 14% in Q4 and 25% for the full year, benefiting from both profit growth and a lower share count. We had an increase across net finance charges, tax, and FX losses in Q4, offset by our strong operating performance. The tax rate for the year was 17% in line with our guide. On slide 18, free cash flow grew 15% year-on-year ahead of our guidance, reaching $256 million. This was supported by strong ARR growth, disciplined capital allocation, and a continued focus on operating efficiency. On slide 19, we have our changes in group liquidity in the quarter. We generated $179 million of operating cash in the quarter and bought back $13 million worth of shares in the buyback launch in December. We also repaid a bond, which matured in November 2025. We ended the year with leverage at 1.3 x, comfortably within our target range of 1.0x-1.5 x. Turning to slide 20, a few comments on our debt leverage and capital allocation. We launched our second share buyback program in 2025 for a total of CHF 100 million in December 2025. This will run until December 2026 at the latest. Reported net debt stood at $605 million at year-end. Finally, the board is proposing a dividend of 140 Swissie for 2025, which will be voted on at the AGM in May. Our approach remains disciplined and balanced, returning capital to shareholders while maintaining flexibility for future investment. Next, we have our 2026 guidance, which is non-IFRS and in constant currencies, except EPS and free cash flow, which are reported. For 2026, we are guiding to circa 12% ARR growth, about 9% growth in subscription and SaaS, about 9% EBIT growth, about 7% EPS growth, and about 16% free cash flow growth. This guidance reflects the strong foundation we built in 2025, our execution focus and confidence in our competitive positioning, and also our pipeline visibility. The guidance includes the headwind from the termination of a BNPL client in 2025, which we have given on the slide. There will be no further headwind from this beyond the current year, 2026. Lastly, we have raised our 2028 targets based on our strong first year of execution, confidence in our strategic positioning, and good visibility. The new targets are for ARR above $1.23 billion, EBIT of about $480 million, and free cash flow around $410 million. I am very pleased with our first year's execution, and I'm very confident about our strategic positioning and momentum. I look forward to sharing more at our Capital Markets Day tomorrow. Operator, please, can we open for questions? We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their telephone. You will hear a tone to confirm that you entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Questioners on the phone are requested to disable the loudspeaker mode and eventually turn off the volume from the webcast while asking a question. Please limit yourself to one question per person. Anyone who has a question may press star and one at this time. The first question comes from the line of Frederic Boulan from Bank of America. Please go ahead. Hi, good evening, Takis. If I can ask a question around the whole kind of demand slash competitive environment, are you seeing any kind of new behavior from some customers trying to leverage some of the new tools you actually described yourself to meet their needs around core banking software? You know, it's still very much kind of business as usual in terms of competition with, you know, Incumbents and some of the new vendors? Thank you. Hi, Fred. Let me take this one. On the demand environment first, as we said, it was pretty stable throughout the year and also in Q4. Also, if I look at the first two months in Q1, there has been no change so far, and it is pretty consistent across, you know, across all regions and across the tiers. Really, so far, no change seen. In terms of, I'll take the external competition first. I still see, you know, the same trends as last year, less of, you know, I would say, the so-called neo-vendors, given some of the problems they're facing in terms of funding. Still pretty much the same competitors, both in the U.S. and outside Europe. If there is, you know, the one thing we could call out is, you know, emerging markets clearly showing a consistent positive trend, you know, with a slight improvement every quarter. When talking to our bank customers, clearly we haven't seen any trends in that direction you're mentioning. If at anything, you know, the discussions are how you, Temenos, can help us with basically two things. One is, you know, with AI, you know, to have faster installation, faster deployment, and easier upgrades. If we can help clients, you know, do that, they would, you know, substantially save on implementation timeframes. In terms of, you know, anything regarding, you know, the core banking space, we don't see any trends in that direction. Always keep in mind, you know, there is, you know, there's two elements or two dimensions which you need to be aware of. You know, the customer risk aversion, which is very high with banks, is a mission-critical system. There is zero tolerance for hallucinations. You know, you need to have, as a bank, always deterministic decision making and not probabilistic. Which, you know, if you get it wrong, you know, there is a very high cost to errors. On the other side you know, we are seen as a trusted domain expert. We're facing very highly complex workflows which are very difficult to replicate. As from that perspective, we're gonna talk more about tomorrow. So far, I'm not seeing an impact. Thank you very much. The next question comes from the line of Charles Brennan from Jefferies. Please go ahead. Yeah, hi, good evening. Thanks for taking my question. Two, if I could. Firstly, on the guidance, I'm pleasantly surprised by how confident you are for 2026. If I add back the BNPL contract, it looks like you're targeting an acceleration in ARR growth in 2026. We're not seeing many software companies more broadly taking these market conditions as an opportunity to point to accelerating growth. Can you just give us some visibility into pipeline coverage, maybe versus last year, or level of confidence from the known renewal of 10-year licensing deals from prior years versus new logo requirements that just shape your confidence in 2026? Separately, just on the maintenance, obviously very, very strong growth there. Can you just remind us what customers actually get for the premium maintenance option? Is this a one-time uplift to your maintenance revenues, or is it more of a sustainable source of growth going forward? Thank you. Hi, Charlie. Okay, so on guidance, so first, if you look at, you know, the performance in 2025, where we absorbed, you know, already some of the headwind from this BNPL client downsell. We had mentioned, you know, throughout the year, on one hand, you know, the stable sales environment, but on the other hand, we've also been investing a lot in, you know, additional quota carriers, which we have hired throughout the year, and clearly that has helped, you know, the pipeline evolution. That's one thing, and you would also expect this, you know, to be, you know, get visible in plannings in 2025, but this should happen in 2026, yeah, given the usual 12 months to 18 months lead time. That's one thing. Clearly, we're feeling pretty good about the pipeline given the investments we have done. Specifically also in the U.S., where clearly we started with a relatively low number of, you know, salespeople and, you know, we're now at 20 plus, and they have substantially built a good pipeline, which we are now about to execute into sign deals throughout 2026. The next one to highlight our confidence is we've done a lot of investments also in how we qualify, you know, the pipeline, how we track it. And as part of that, you've also seen, you know, now a number of quarters delivered, you know, as planned or as predicted. We have not only better visibility, but also the quality of the pipeline is much better understood. Yeah. The third element I would put, and we always, you know, made it clear that there is also a number of large deals included in our guidance. Our approach, taking a weighted, you know, approach in terms of the risk, proved the correct one. Clearly also for 2026, we have, you know, quite a number of larger deals included in the pipeline. Overall, it's a mix of, you know, let's say, internal process improvement and a good market environment, which is giving us that confidence. That's, you're right, we would expect, you know, excluding this impact to, you know, to have 15% on ARR growth. The renewals pool... Let's put it like this, you know, we have talked about the special situation of what we see and what we have in terms of situation on 2027, where we get basically the two things coming together, the 10-year renewals from 2017 and, you know, the first time renewals from 2022. Clearly, that's helping in terms of our confidence. However, I think this is an important element, we do not today, you know, think there is a specific revenue benefit included in 2026 guidance. You know, the majority of the revenue we would still expect to happen in 2027 from the respective pool, clearly provides, you know, some sort of safety net. What we can say is, you know, the combined renewal pool for 2027 is definitely, you know, something attractive. This is, you know, the same case also for 2028 and the years beyond. This is quite sizable, but, you know, let's leave it there. Finally, on the maintenance part, what do clients get? I mean, there's premium maintenance. These are basically, this is referring to two main areas. The one is you get enhanced support offerings designed for banks using Transact or other Temenos platforms who want a higher service level than the standard maintenance package. Faster response times and so on. That's one thing. The other one is, you know, extended support, which is basically for customers who are staying on older version, you know, for a bit longer and are not yet ready to upgrade, but we want to continue maintenance for this. Clearly, we put a lot of effort into, you know, selling this to our existing customers. We have seen some good, you know, very good traction the last two years. We would expect, you know, eventually this to slow down, given, you know, we have a, you know, not an unlimited pool. Let's say 7%-8% is probably the appropriate growth for 2026, and then we expect this in over the next two years to tail down to maybe 6%. I think this is a fair assumption, putting, you know, the potential of this pool together. Perfect. Great, thank you. The next question comes from the line of Sven Merkt from Barclays. Please go ahead. Great. Good evening. Thank you for taking my question. It would be great if you could comment a bit further on the U.S. progress. In the release, it reads a lot like coming from improved sales capacity and better execution. Is there anything else you would call out, especially maybe from a competitive perspective? How much of this progress is already reflected in the guidance? Thank you. Hi, Sven. Yeah, let me comment on, you know, the U.S. situation. Clearly, we have seen, you know, a nice build-up in our pipeline in the U.S. Clearly, as we mentioned, you know, the majority of signed deals, we expect to see, you know, the impact in 2026. This is unchanged, and hopefully we'll have good news to report. There is an element of U.S. growth obviously embedded in 2026 guidance and, you know, in our entire midterm plan to 2028. This is, you know, we've taken clearly a prudent approach to how much we reflect. In terms of competition, we are clearly getting now into more RFPs, and our win rate is improving. I think we're really tackling a huge market with a real need and a long runway for banks to modernize. I think we also have a much better value proposition in terms of our strategic roadmap versus where we were a year ago, both on the product side, we have the Orlando innovation hub. We're developing U.S. product for U.S. customers. They can come in, co-innovate. This is really helping also from a, from a perception point of view. I think we're very well on track for, you know, the U.S. market in terms of specific products. That's, you know, we've already been launching some and more will happen, you know, throughout, you know, throughout the year. Clearly we have been able already to, you know, start selling this. We can also see and, you know, maybe there is some anecdotal evidence, we can also see competitors, you know, becoming more aware of Temenos, maybe as a difference to one or two years ago. You'll hear more on this from Will and Barb, tomorrow at our CMD. They're gonna share updates on, you know, multiple fronts of our U.S. strategy, product, pipeline, go-to-market initiatives. Perfect. Thank you. The next question comes from the line of Toby Ogg from JP Morgan. Please go ahead. Hi, good evening. Good evening, Takis. A couple from me. Just on, just firstly, on the BNPL headwind, which you've mentioned in 2026, is 5 points of headwind on the subscription and SaaS, and 4 points on the EBIT and EPS. Is there any reason to think that revenue growth and EBIT growth wouldn't mechanically accelerate in 2027, given there is no further headwind from the BNPL headwind after FY 26? Just secondly, just on the FY 28 upgrade, so it looks like low single digit upgrade on ARR, 7% on EBIT, and low single digit on free cash flow. What was the main driver of the EBIT upgrade? Also, why is the upgrade a bit bigger than the free cash flow upgrade? Thank you. Yes. Hi, Toby. Okay, on BNPL, I think let's get through 2026, where we are confident about before we already talk on 2027. Clearly, yes, there should be, you know, no more headwind. We're still taking a prudent approach to, you know, both 2026 and also our midterm targets, and we're one year down into our, you know, journey, and we feel confident, and I think, you know, you can do the math, what this means for 2027 and 2028. On the upgrade for 2028, we have delivered, you know, a good 2025, with a good exit in Q4. Clearly, the upside given also the accounting, the upside, you know, was higher on EBIT than it was on ARR and free cash flow. Now, the maintenance or the premium maintenance growth, you know, clearly that will slowly tail down, but we thought this is something we feel confident that we can still deliver. We're not gonna lose this. This is why the EBIT upgrade. The ARR upgrade, I think, is a function of the visibility we see on our pipeline, and ultimately we wanted, and we said we would maintain, you know, EBIT to free cash flow conversion, as we said, you know, one and a half years ago, around 85%+. This is, you know, to maintain it, you know, this year's basically the free cash flow of $410. We've always been talking about, you know, ARR growth, that's why free cash flow growth. The upgrade on ARR is about 2%, and on free cash flow, also 2%, but it's really the EBIT to free cash flow conversion, where we say 85% is the right number on change from what we said last time. Great. Thank you. The next question comes from the line of Justin Forsythe from UBS. Please go ahead. Thank you very much. Good evening, Takis and Adam. Thank you for letting me on. Just a couple questions here from me as well. On Regions Bank, that was one of your big podium wins or a key reference client, if you will, in the U.S. It was, I think, your second large Tier 1, 2 bank in the U.S. that you signed in 2023. It seems like they're talking about publicly, a pilot in the latter part of 2026 and beginning customer conversion in 2027, which is, by my math, about, what? A four- year or five-year full rollout. I wanted to ask if that was what your expectation was going into the project, or if there had been any delays or anything that went faster, and if that would also mean a direct uplift to revenues as a result? Just wanted to get a little bit more detail on the BNPL impact that you're mentioning, and maybe just correct me if I've got this wrong, but I think it was first mentioned back in 1Q of 2024, and then we talked about maybe accelerated impact in 2025. Just curious if maybe you could talk a little about the phasing of that and why we're continuing to see the impact here in FY 2026. Thank you. Hi, Justin. Clearly we can't really comment on behalf of clients, also not Regions Bank. We're clearly feel, you know, quite happy with the progress the project is taking. If the bank is talking positively, in that respect, you know, we appreciate this, but this is as much as we, as we can say. You know, all large projects, you know, have a, you know, a long evolution in stages, and, you know, we feel very happy with our relationship with Regions Bank. On the BNPL customer, this is correct. We initially talked about, you know, in April, on the Q1 2024 results, there was, you know, the first phase of, you know, if you want, downsell. Last year we mentioned this, you know, that there is an impact this year, which was reflected in our regional guidance, which was proven. We ultimately, you know, over-delivered despite this headwind. Clearly we see that as a good success. The reason why, you know, we bring this up now is really because, you know, ultimately it's about transparency, and because it's impacting, you know, 26, we thought it's important to understand the underlying growth. Yeah, I think it's the last year that was important. We say, "Okay, we wanna show the impact and also show the underlying growth." There is nothing more to that. Got it. Maybe just because the first question was one that you wouldn't answer. Just to a broader question on the core versus the other services business. I think I recall in the past that you were saying revenues, roughly with the old TSL line, were roughly 2/3 core versus maybe one-fifth-ish Infinity, which is now the, I think, the what you call it, digital banking, and then other solutions, wealth, payments, et cetera. Maybe you could just talk a little bit about if that mix has stayed similar and/or how you expect it to evolve over time, i.e, is there a certain composition of the backlog that's skewed to, say, core versus digital banking or otherwise? Okay. I think what we, what you're referring, and we're gonna show this tomorrow. If we look at product revenue, which, you know, includes sales and maintenance, and, you know, there's almost no term license left. If you look at this, then it's more than 80% is our, you know, core banking product. Digital is about 10%, and the remaining, you know, 10% is spread across basically payments and wealth. We would expect, given, you know, the growth trajectory, and we're gonna launch some very exciting tools this year on the digital side with AI. You would expect this, you know, to maybe stay stable. Given the strong, you know, traction we see on core around the world, and especially also in the US, maybe, you know, core would probably increase even to, let's say, 85% or something. Thank you so much. Appreciate it, Takis. The next question comes from the line of Christian Bader from Zürcher Kantonalbank. Please go ahead. Yes. Good evening, gentlemen. In autumn 2024, you laid out your roadmap, including, let's say, over investment of between $110 million and $150 million. I was wondering if that number is still, or let's say this range is still valid, and how much of the investments did you spend in 2025, and how much is embedded in terms of investments in your guidance for 2026? Hi, Christian. As you're gonna see tomorrow, and, you know, don't wanna spoil the party, you know, our investment algorithm, and we're gonna give more detail for 2026-2028, is still gonna be, you know, somewhere in the same ballpark. You know, it was, you know, a broader range, but we have invested quite a bit in 2025. If you're gonna see, you know, it's the same $110 million to, let's say, $130 million, $140 million number we plan for the next three years. What have we invested in 2025? We ended up, as you can see from our cost base, pretty much where we had said we would end up, so around $30 million-$35 million we have invested. Clearly, there was a lot of self-funding or basically offset by efficiencies. For 2026, we have earmarked basically a very similar, you know, investment pool, somewhere between, you know, let's say $80 million, $28 million and $35 million, and again, offset by some efficiency gains, but that's about it. There is a bit of a mix shift. You know, we were earlier with the go-to-market investment in 2025, and product came only in the second half. Clearly, the focus for 2026, it's mainly going into product. Because we see a lot of opportunity to invest when competitors are struggling and when we have, you know, the market demand and really want to extend our competitive advantage. The investment is to be done now, including AI, but we saw this as an opportunity to accelerate in some of the investments. The overall pool, remains broadly unchanged for the next 3 years. Very clear. Thank you. Any further questions, please press star and one. The next question comes from the line of Laurent Daudre from Kepler Cheuvreux. Please go ahead. Yes, thank you. Good evening, Takis. I just have two questions. The first is, if you go back to your digital and wealth operation, which are close to 20% of the sales, referring the first comment you made, you told us that clients' decision-making was not really changing. I was wondering, in this particular businesses, wealth and digital, given maybe the risk of AI disruption in the long run, do you see some clients delaying processes, delaying contract, or is it the same pattern for your three businesses? My second question is: at the end of 2025, on the maintenance, would it be possible to have a rough split between the customers that have taken the premium version and the one that are still on the old version? Thank you. Hello. Okay. The first one on specifically digital and wealth. As you have seen from our numbers, we have so far not seen, you know, any delayed decision-making regarding, you know, any topics. I think the banks, and this is also what we see reflected in our pipeline, you know, the discussions, at least so far with the banks are not about, okay, we're gonna, you know, write our own code to replace your, you know, your wealth system or your digital system. Clearly there is, you know, the potential for, you know, banks also experimenting, you know, at the edges around the core. They, you know, clearly want to do this, and we do a lot, and Bob is gonna talk tomorrow about this about co-innovation. You know, a lot of the also AI-specific use cases we're co-developing with banks. I think it's, you know, banks wanting to develop everything in-house and then maintain everything in-house and, you know, constantly upgrade and, you know, carry the burden of all the regulatory and compliance pressure. I think this is, this is not something we see today, yeah. Whether it will come in 10 years or so, but clearly we don't have indications for that. In terms of the mixed question for premium maintenance, clearly, we can't give that kind of of disclosure. There has been, let's say, a good take-up over the last two years, we would expect this, you know, eventually you'll get, you know, to, you know, a very good percentage, of clients who want to take that and have taken that. This is why we would expect, you know, the growth to trend, a bit down. As always, at the start of the year, we are prudent in terms of our financial guidance, this applies to our revenue lines. Okay, great. Thank you. Ladies and gentlemen, that was the last question. I would now like to turn the conference back over to the company for any closing remarks. Thanks very much. Thanks, everyone, for joining the call and webcast. We look forward to seeing many of you at the Capital Markets Day tomorrow and continuing the dialogue. Thank you. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.