Ladies and gentlemen, welcome to the Temenos Q2 2026 Results Conference Call and Live Webcast. I am Moira, the Conference 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 Takis Spiliopoulos, CEO and interim CFO. Please go ahead. Good afternoon, good evening. Thank you for joining our Q2 2026 results call. As usual, I will talk you through our key performance and operational highlights for the quarter before updating you on our financial performance. Starting on slide six, we had a strong start to the quarter and a stable sales environment throughout. However, we saw a small number of mainly large and new logo deals timed out at the end of the quarter. Most of these deals were in Europe. Importantly, none of these deals have been lost. We have also been able to sign the majority of the slipped subscription and SaaS revenue in the first three weeks of Q3 2026, which confirms the confidence we have in our pipeline conversion. These deals include one of the largest banks in Central and Eastern Europe, as well as a Tier 1 European bank. With a robust start to the third quarter and very good visibility driven by a strong pipeline of large and new logo deals, we have given explicit guidance for Q3 2026, with subscription and SaaS expected to grow at least 30% year-on-year. We have also reconfirmed our 2026 guidance and 2028 targets. APAC performed particularly well this quarter, signing a large new logo in the ASEAN region as well as multiple deals with existing customers. We also saw good momentum in the U.S. signing a deal with a regional bank to migrate to Temenos core banking on SaaS. We had another strong quarter of premium maintenance signings, which helped drive our profitability along with strong operational leverage in the business. We continue to execute on our strategic roadmap, making investments across the business, particularly in core banking expertise in our IGA and U.S. development teams. We also closed the acquisition of additiv, strengthening our wealth proposition and accelerating AI-driven orchestration in line with the product roadmap we presented at the Capital Markets Day. Temenos clients across all tiers, especially Tier 1s and 2s, have shown strong interest for the additiv wealth offering. Lastly, our free cash flow continues to perform very well with strong double-digit growth this quarter. Moving to slide seven. We signed a number of key deals in Q2 2026 and I'd like to highlight a couple of these. As I mentioned, in APAC, we signed a large deal with a new logo for core and digital in both the bank and its digital subsidiary to help them enhance the digital experience for their customers and to accelerate product innovation. We also extended our partnership with a number of existing clients, including a Tier 1 bank in Japan, who are using our platform to accelerate their speed to market. In Europe, we extended our SaaS partnership with a digital subsidiary of a major European bank. In North America, we signed a deal to migrate a client to our SaaS core banking for retail lending. These are just a handful of the deals we signed in the quarter demonstrate the breadth and depth of our global client base and the increasing demand for our market-leading products. Turning to slide eight. We continue to focus on maximizing the value we deliver to our clients. Al Rajhi is the world's largest Islamic bank, with over 20 million customers and more than $260 billion in assets. Based in Saudi, with a growing young and digital-first population seeking innovative and personalized banking services. Al Rajhi is a long-standing client of Temenos who values our deep Islamic banking expertise, proven capabilities, and established presence in the region. We migrated them across more than 500 branches to the latest Temenos core banking platform, enabling them to significantly reduce product launch cycles from weeks and months to days. They now have a strong foundation for continuous innovation and to provide next-generation digital banking experiences. Turning to slide nine. At TCF, we also announced that QuestBank in Canada had gone live on Temenos SaaS. This was another encouraging milestone for our North America business. QuestBank, part of Questrade Financial Group, is launching Canada's newest digital bank to challenge the incumbents in the market and needed a highly scalable core banking platform that enables them to launch products fast with real-time data and strong regulatory compliance to support their growth. The core platform was implemented in nine months with new deposit and lending products. The existing mortgages business moved across to the Temenos core. It is another example of the depth and breadth of our business, where we are partnering across all tiers of banks, from fintechs getting new banking licenses to building composable core modules with the world's largest banks. Moving to slide 10. We have made good progress on our product roadmap with a number of announcements at TCF, our client forum, in May. We launched Composable Retail Deposits and Composable Retail Lending as part of progressing lever B of our corporate strategy, which focuses on building out composable core solutions for the world's largest banks. These two new cloud-native core banking solutions allow banks to modernize their deposits and lending operations incrementally rather than undertaking a full core replacement. These enable banks to modernize critical revenue-generating businesses in a phased and cost-effective manner. The solutions can be deployed independently, integrate with existing technology environments through APIs, and help banks accelerate innovation while reducing the risk and disruption typically associated with large-scale transformation programs. Turning to the next slide. We also announced the launch of Intelligent Core and Intelligent Digital. This is the next step in our AI product roadmap, extending AI across both core and digital banking. We are working with our clients to address some of the largest pain points in banking technology, applying AI to the installed, run, and upgrade lifecycle, enabling faster deployments, greater automation, and simplified upgrades. We announced several agentic AI capabilities at TCF, including copilots for Workbench, Payments, FCM, and Wealth, as well as Conversational Studio for digital. Together, these demonstrate how we are converting decades of banking expertise into practical AI capabilities. The launches are a key part of a broader strategy to embed AI across our entire product portfolio. Further differentiating our offering and directly supporting our clients' growth. Moving to slide 12. Temenos continues to be recognized as the market leader in the core banking space. This is now our 21st year as the global leader in core banking in the IBS Sales League Table, and we ranked first in 15 categories overall. I was pleased to see us ranked first in nearly every region and second in North America, where we continue to focus on expanding our footprint in the U.S. We also won the World's Best Core Banking Solution Award from Euromoney, another demonstration of the strength of our core banking product. On slide 13, we announced the acquisition of additiv in June and closed the transaction on 17th July. This acquisition accelerates our product roadmap, in particular for mass affluent, as well as giving us strong AI orchestration capabilities for complex journeys. Overall, there are three key drivers for this acquisition. Firstly, it extends our reach into the mass affluent segment where we already had ambitions to expand. additiv's market-leading mass affluent offering enables wealth managers to provide personalized advice at scale and significantly shortens delivery cycles. It gives us an immediate footprint and offering in this fast-growing market. Secondly, additiv gives a strong foundation to build out complex retail and corporate journeys in the future, in particular for credit origination, and accelerates our ability to offer a state-of-the-art digital onboarding and origination solution to our client base. Lastly, it complements our AI strategy with purpose-built AI-enabled experience and orchestration. We are working with the additiv team to build out more AI use cases across their orchestration platform over time. The founder-led team will continue to run additiv on a standalone basis for the foreseeable future. On slide 14, we continue to make good progress on our strategic execution priorities. Our product roadmap is progressing well, as we have already shown, and we are investing across the business. I was pleased to welcome Brian DuVal, our new President, North America, who joins from SS&C and previously FIS. He brings a wealth of experience and deep knowledge of the U.S. core banking market. Rodrigo Silva is moving to President LATAM to focus on growing our business in key markets in that region, in particular Brazil, where we see a very significant opportunity. On the product side, we closed another round of key role hires in our India and U.S. teams, and we have continued to roll out AI tools across the business as part of our AI strategy. I will now run through our Q2 2026 financial highlights, focusing on constant currency non-IFRS financials. On slide 16, we delivered another quarter of double-digit ARR growth despite the slipped deals in the quarter, helped by our premium maintenance signings and a good level of SaaS ACV signings. Product revenue declined marginally year-on-year, but grew a healthy 6% in H1 2026, also helped by the strength of our premium maintenance signings and our strong performance in Q1. Turning to slide 17, subscription and SaaS declined 13% in Q2 2026 and 4% in H1 2026 due to the slipped deals. As I mentioned before, importantly, none of these deals were lost and the majority of the slipped subscription and SaaS revenue was already signed in the first three weeks of Q3 2026. Total revenue grew 1% in the quarter and 6% in H1 2026, with maintenance and services revenue growth offsetting the impact from subscription and SaaS. On slide 18, non-IFRS EBIT grew 4% in Q2 2026 and 10% in H1 2026, and non-IFRS EPS grew 7% in the quarter and 12% in H1 2026. Our cost base was broadly flat in the quarter and up 4% in H1 2026, with an increase in fixed costs offset by lower variable cost accruals. We continue to hire and invest in the business. However, strong premium maintenance signings and operational leverage mean we are still able to deliver strong growth and profitability. Let me highlight a few items on slide 19. ARR grew 11% to reach CHF 881 million by quarter end, despite the ongoing headwind from the BNPL customer and the lower subscription and SaaS revenue, giving us strong visibility on future recurring revenue and cash flow. Maintenance again grew double-digit, up 12% in the quarter, largely due to the strength of premium maintenance signings. We guide for maintenance growth of 8% for the full year, slightly up from 7%-8% previously, as we are continued to take a prudent view on the continued demand for premium maintenance across our customer base. On profitability, our EBIT margin improved by one percentage point to 41.3% year-on-year. Reflecting strong operating leverage. Our margin will normalize in H2 2026 with ongoing investment in the business and greater variable cost accruals that we typically see in the second half of the year. Moving to non-operating items on slide 20. Net profit was up 2% in the quarter and EPS grew 7%. This was achieved despite an increase in net finance charges and taxes, partially offset by FX, with our tax rate this quarter marginally higher than the expected full year tax rate of 19%-21%. We canceled additional shares after the AGM in May from the 2025 buybacks, which also benefited EPS. On slide 21, we generated free cash flow of CHF 74 million in the quarter, up 14% year-on-year, driven by strong ARR growth, solid EBITDA cash conversion, and our disciplined approach to capital allocation. This remains a key metric for us, given our move to a subscription license model in 2022. On slide 22, we have the changes in group liquidity in the quarter. We generated CHF 127 million of operating cash in the quarter, paid CHF 118 million in dividends, and bought back CHF 10 million of shares in our latest buyback, which ended in April. We ended the quarter with a leverage at 1.4 x within our target range of 1-1.5 x. Turning to slide 23, a few comments on our debt leverage and capital allocation. We completed our share buyback program for a total of CHF 100 million in April 2026, with shares representing 1.9% of registered capital purchase. We also canceled approximately four million shares purchased in the 2025 share buyback after our AGM in May, and our reported net debt stood at CHF 691 million at quarter end. I would also flag that we expect our leverage to be within our target range of 1x-1.5 x by year-end, including the acquisition of additiv. Next, we have reconfirmed our 2026 guidance, which is non-IFRS and in constant currency, except EPS and free cash flow, which are reported. The acquisition of additiv is expected to be marginally accretive to ARR and subscription and SaaS, and neutral on EBIT, EPS, and free cash flow. The 2026 guidance includes the headwind from the termination of the BNPL client in 2025, which we have given on the slide. There will be no further headwind from this beyond 2026. We have also given guidance for Q3 2026. Given we already signed the majority of the slipped subscription and SaaS revenue from Q2 2026. We expect subscription and SaaS revenue growth of at least 30% in the quarter. Lastly, we have reconfirmed our 2028 targets based on a strong first year of execution, confidence in our strategic positioning, good visibility, and continued conversion of our pipeline. Operator, can we please open up 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 have 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 web 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. Thank you. Good evening, Takis. Fred Boulan, Bank of America. If I can start maybe with the pretty vast differences we've seen in momentum between the different regions, and if you can spend a bit of time on what's driving that, in particular when we look at the strong performance in Asia versus the U.S. or Europe. Is it different competitive dynamics, difference in product portfolio, or simply macro sales cycle considerations? Thank you. Hi, Fred. Yeah, let me address this. We had a strong start to the quarter and overall a stable sales environment across all regions throughout the quarter. It was really a number of larger deals and new logos which were enclosed in the final weeks of June, and this is mainly in Europe. As you are aware, sales cycles are 12-18 months for core solutions, which can make precise timing of closing the deal quite difficult, especially for larger and new logo deals. The majority of the slipped subscription and SaaS revenue already signed in the first three weeks, including one of the largest banks in Central Eastern Europe and a Tier 1 European bank. Again, I need to highlight that no deals have been lost. I think we have been awarded everywhere selected vendor status, we expect to sign the remainder of the slipped deals in the next few weeks. This is what's giving us the very good visibility into a strong Q3 and why we have guided for at least 30% subscription and SaaS growth and have reiterated the 2026 guidance. From a regional perspective, yes, APAC had a good quarter also thanks to our larger deals. I think the Americas, which includes both North and LATAM, I think there it was more a difficult comparison base, which we didn't manage to lap. Remember we had a large Brazilian deal in Q2 2026. The U.S. performed, or North America performed largely as expected. Middle East can always be volatile, no issues there. Europe, clearly we had an accumulation of especially larger deals and new logos, which we timed out. I wouldn't read anything specific into the regional performances. Thank you very much. The next question comes from the line of Josh Levin from Autonomous Research. Please go ahead. Hi, good evening. Two questions from me. You said that you've already signed the majority of the slipped deals in 3Q 2026. Does the at least 30% subscription and SaaS revenue guidance for 3Q 2026 assume that you sign the remainder of the slipped deals? What happens if you don't sign the remainder of the slipped deals? Also, you've mentioned it's mostly Europe, the slippage. The deals that were timed out, in Europe, is there a lengthening of the European bank decision cycle? Some macro regulatory factors, competitive dynamics? What's driving the slippage and why is it mostly in Europe? Thank you. Let me take this. I think the slipped deals, yes, we expect everything to be signed in Q3. We've already seen good traction, else you wouldn't qualify them at slipped deals. Yes. On your second question, I think with larger and especially also new logos, it's about understanding the procurement process. If you deal with a bank for the first time, this can bring up surprises, especially towards the end of the quarter. We didn't see anything specific lengthening. It was really about understanding in full the approval processes, the procurement processes. As we had, this is always the tricky part to get from how long does it take to get from being awarded the selected vendor, i.e. winning the deals, to get through terms and conditions, procurement, with a new logo, it's always difficult to time. Nothing what we have seen in terms of lengthening sales cycles, anything specific. Thank you. The next question comes Mark Hyatt from Morgan Stanley. Please go ahead. Hi, Takis. Thanks for taking my question. Quick one on maintenance, please. Growth was very strong again in Q2. I know you've called out premium maintenance in your prepared remarks, if you could give us a bit of a breakdown of the drivers, of what's driving that result, that'd be really helpful. Previously you've said that maintenance growth, I think, should moderate going forwards from the high levels that we saw last year. Is the strength that you see in the first half year consistent with that expectation or has that been stronger than expected? If you could give any color in terms of how we should think about that in the second half, that'd be really helpful. Thanks. Yes. Hi, Mark. Happy to take that one. Maintenance growth of 12% clearly was strong and we expected high single digit, low double digit, so it came out a bit better, and clearly shows the continued strong momentum. However, this is important to highlight, this is customers also getting real value for this. It's an attractive value proposition for clients. That's something we have seen getting a lot of traction with the premium offerings. The second element, which is always also working into maintenance is it also reflects the CPI-linked uplifts, the value uplift we get from subscription deals. It's not just the premium part. We're having now 13% in H1 2026. We think we should be at 8% for the full year. Now for Q3, you're probably going to be around the 5% mark, and then Q4 will be the remaining. We clearly have now tough comparison bases ahead for Q3 and Q4 also because the overall pool in terms of the opportunity doesn't grow that much. We get the new clients in, but there is always a delay. Clearly, that's what we see as the right number for the year. Beyond 2027, 2028, as we had commented, it's probably around the 5%-6% mark, it should then normalize. Super helpful. Thanks, Takis. The next question comes from the line of Toby Ogg from JP Morgan. Please go ahead. Mr. Ogg, your line is open. Yeah. Hi, good evening, and thanks for the question. Just on the Q- Hey, can you hear me? Can you hear me? Yes, sir. We can hear you. Yes, we can hear you. You can proceed. Hey, can you hear me? Yes. Sorry about that. Good evening, and thanks for the question. Just on the Q3 subscription and SaaS guide for at least 30%, how much of that would you say is underpinned by those slip deals that you've already signed, and then the remaining that you expect to sign? How much is sort of left to do kind of beyond that deal slippage tailwind, just as we think about building confidence around that 30% plus guide for Q3? Just more broadly around the full year subscription and SaaS guide, how confident are you around that and what's kind of driving that confidence at this point? Thank you. Hi, Toby. If you ballpark numbers, what we have done, given approximately, if you take consensus as reference, a CHF 20 million miss on subscription and SaaS, that has been entirely moved into the Q3 guidance. We didn't really see a lot of other changes. That was the thinking, and given the traction we have seen in the first three weeks, and the rest is expected over the next days and weeks, this is what we put behind. Where does our confidence, not just for Q3 but also the full year, come from? Clearly, we have invested a lot in our sales force in the last 18 months, mostly last year. Clearly, you see now a lot happening in the pipeline already at the start of the year, especially across new logo deals and especially larger deals. When I look at the second half pipeline, it's a significant increase, versus last year, H2, H1, but also H1 this year. That gives a lot of visibility and underpins our confidence that this isn't really a major issue in terms of the deals. It's really timing what we see. The early traction in Q3 confirms that. Yes, we are confident, and this is why we have reconfirmed our guidance. Mr. Brennan, your line is open. You can proceed with your question. Great. Hopefully you can hear me. Just a couple from me, actually, if I can. Firstly, just a technical one. Did the additiv deal actually close in the quarter? I couldn't see it in the cash flow statement. Has it closed in Q3, and should we expect you to update your guidance in Q3 for the acquisition? Secondly, and, unrelated, can you just talk us through the moving parts in the OpEx line? We don't often see OpEx lower than Q1, at the Q2 stage. I understand that some sales commissions will have been impacted, but it looks like it's in the R&D line as well. I always struggle to forecast the OpEx at Temenos. Can you give us a range for the second half OpEx that you're expecting? Thank you. Hi, Charlie. The additiv transaction closed Friday last week on the 17th. We have maintained the guidance we've given at the time of the acquisition. Basically neutral on EBIT, EPS, and free cash flow, and slightly accretive on subscription and SaaS and ARR. Yeah. I think we'll probably have a more precise view after Q3. But if you want, you remove the marginally accretive, the rest is purely organic. The organic growth guidance has remained unchanged. Now on the cost. We have variable costs, which is sales commission, but it's also bonus accruals, which obviously make a big difference whether you hit your budget or not. This is basically the underlying, if you want, trend we see. Now on R&D costs, if you probably look at the IFRS numbers, that can be a bit misleading. When we look at the pro forma costs on this one for R&D you see a slight increase, 2% up in the quarter and 8% in the first half. We're definitely investing into R&D, especially across our strategic initiatives. This is actually tracking well. Now on costs for the second half, happy to provide a bit of color. Given the expectation of a 30% + growth for SaaS and subscription, you would see also variable costs going up even a bit more than last year. On a sequential basis, you would probably think about CHF 30+ million Q3 over Q2. Then for Q4, you probably would have another CHF 35 million over Q3. Just a small follow-up. Given that your profit expectation for the year is unchanged, why aren't you making bonus accruals this quarter? I would have thought you would have accrued evenly through the course of the year. No, the variable accruals usually go with revenue growth, and revenue growth of 1%, obviously compared to 13% in Q1. This is how we do it. Okay. Thank you. The next question comes from the line of Laurent Daure from Kepler Cheuvreux. Please go ahead. Yes, thank you. Good evening, Takis. I have two questions. The first is on the slippage. You explained pretty well the main reasons, but I was wondering more generally in your discussion with clients, the geopolitical context, the macro, has it been a topic of discussion could have caused some delays? Or do you believe that in the second quarter, everything that took place had basically no impact? Same for the bank IT budget. Do you think some of the banks have devoted more of their budget to memory or hardware or same thing, no impact? My second question is on the services performance, very high margin and sales. Do we have to consider this to be a one-off or a swing for the coming quarters? Thank you. Hi, Laurent. Let's take the macro question first. So far, we have seen the sales environment really remaining stable throughout 2026, and it hasn't really changed also in the first few weeks in July. I'm not seeing a negative impact on pipeline generation or conversion rates. This is what we have seen on those deals. It's really a timing issue. Keep in mind we would not have been selected if there was a lengthening of the sales cycles. The selection process, if you want, or the entire pipeline process is still the same, 12-18 months. Where I believe we have seen some question marks in the entire space. We didn't feel it so far is really some potential spend being diverted towards AI. We have not seen that. It's really going as planned so far. Where we could see a potential impact is if there was a massive global recession this or next year, you would probably expect some impact on demand. For now, it's actually almost the opposite. We see the core banking is really seen as non-discretionary and strategic. If we look at especially data and AI, these are, for many banks, two additional reasons actually for banks contemplating and embarking on a core modernization journey, if you want. This is what we have seen in the pipeline acceleration. So far, macro uncertainty not visible. Of course, if you talk about MEA specifically, again, there could be always an individual deal being impacted depending on what's happening on a daily basis. No broad-based change in the environment. On services, it's good to get a question on services. I think we haven't had that for a while. The strong services revenue growth in Q2 reflects primarily ongoing implementation activity across our client base and the timing of project milestones rather than any structural change As you know, services demand continues to benefit from basically the strong sales execution in prior quarters last year and also Q1. There is always a delayed positive impact on basically customer adoption. Our partner strategy has remained consistent. We continue to execute the partner hybrid delivery model outlined at our capital markets day, where partners are increasingly used to extend implementation capacity and support ultimately us being more scalable in growth markets. I think as we expand partner capacity over time, the individual quarters may see different mixes between partner-delivered and Temenos-delivered work, but there has been no fundamental shift in our partner model. That's as an explanation. Clearly for this year, we're now given the strong first half, would expect services to grow mid-to-high single-digit overall. Okay. Very clear. Thanks, Takis. The next question comes from the line of Justin Forsythe from UBS. Please go ahead. Good evening, Takis. Thank you for the questions. I wanted to ask one on, and apologies for piling on the deal slippage-related point. I just wanted to confirm, you're talking, I think, about number of deals signed when you say the majority of deals have been signed into the first few weeks here of 3Q. Are you also referring to that on a revenue basis, meaning the majority of that $20 million worth of revenue slipped, pulled into the 3Q guide? Is that also on a revenue basis? On the ARR, it decelerated versus 1Q, about 2 points. Should we expect that to re-accelerate to that 13% growth-ish in 3Q, tied to, again, the signing of these deals plus the SaaS deal for the North American bank that you signed? Just a minor one on additiv. Wanted to talk a little bit about the business mix there, because going through the slides, it looked quite concentrated around a certain customer base. Maybe you could just talk a little bit through what the expansion case is for additiv and how you plan to diversify the revenue over time and sell that into your existing customers. Thank you. Hi, Justin. Many questions. On the slippage, we always highlight that the majority of the slipped revenue. We're not talking about the individual number of contracts, it's really the revenue. We missed, say, 20%. The majority of that has been recovered and signed. Talking about revenue numbers only. On ARR, if you look at the contributing factors to ARR growth, we had I would say two positive ones. SaaS ACB and maintenance, and one negative, which was the subscription growth. This basically drove the 11%, which was still in line with consensus. I believe, and given what we have seen so far in Q3, this should clearly accelerate again, and we feel confident that we do the 12% for Q3, but also the full year. On additiv. We have closed additiv, the acquisition just last Friday. What we have said from the beginning, additiv has a very strong, if you want, standalone business. Their wealth offering serves not just banks, but also insurance companies. They have some retail clients and so on. Everybody who wants to get into the mass affluent space and have a consolidated offering has a good opportunity with additiv. This will stay because they will continue to serve those customers, and they will have a strong pipeline on their own. What we have now started doing is for the mass affluent piece on the wealth side, which we did not have available, we have started now the cross-selling this into our very strong client base. This is where we have seen a lot of traction, including tier one customers. If you've seen their slides and their documentation, they have a lot of Tier 1 customers already. Clearly that's continuing on the same trend. Got it. Thank you so much, Takis. Appreciate it. Have a good night. The next question comes from the line of Thomas Teule from BNP Paribas. Please go ahead. Good evening, Takis. Thank you very much for taking the question. A couple of questions from me as well. Maybe starting with the competitive landscape. We heard a few months ago now, Pismo, which is part of Visa, making noise about the fact that they won Wells Fargo for Core Ledger. Can you maybe help us understand how you differentiate to them from a technology perspective in core banking? More broadly, whether you've seen any shifts in the competitive landscape recently? That's the first. Secondly, can you maybe give us an indication of the size of the U.S. bank that you signed on SaaS recently, perhaps relative to Regions Bank that you signed a few years ago, for instance, would be helpful. Thank you. Yeah. Hi, Thomas. On the competitive landscape for us, we are not coming across Pismo so far. Can't really comment on their offering. What we have seen in the U.S. specifically, it's really the incumbents as always, as you would have expected, both FIS and Fiserv being the ones we usually meet in the last round. Outside of the U.S., it's still the same competitive positioning. We have Infosys and Oracle being the two main competitors more on a global basis. We see less local competition or regional competition. I think this is where we see opportunities coming to the market that some banks running on software where the provider is going end of life or is not able to modernize and invest, and these opportunities are coming to the market. There has been a shift in ownership of the Finastra core banking, as you probably have seen. This is also providing some additional opportunities, but overall, I would say, no change to that extent. The U.S. bank we signed early July is exactly in our target market, lower Tier 2, Tier 3, sizable double-digit billion asset size. This is as much as we can say. From a contract perspective, it's an attractive contract for us. It's a SaaS contract, as we have mentioned, as most of the pipeline in the U.S. is SaaS. This is as much as we can say. Hopefully, we'll eventually be able to also name the bank, so far we come to it. Got it. Thank you very much. Ladies and gentlemen, that was the last question. I would now like to turn the conference back over to Takis Spiliopoulos for any closing remarks. Yeah. Thanks everyone for your question. Clearly, we want to do better, and we'll do better in Q3. We see this as really a timing issue. No change to the business. None of the deals lost. Looking forward to talk to you in October again. Thank you