Ladies and gentlemen, welcome to the Aareal Bank AG nine months 2026 investor and analyst conference call. I am Moritz, the Chorus Call operator. I would like to remind you that all participants will be in a listen-only mode and the conference is being recorded. The presentation will be followed by a question and answer session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it is my pleasure to hand over to Ralf Löwe, Head of Treasury and Investor Relations. Please go ahead, sir. Thank you. Good morning, ladies and gentlemen, and a warm welcome on behalf of the Aareal team to our conference call on Aareal Bank's Q3 results. Our agenda today covers the highlights of the first nine months, the group financials, our business segments, and the outlook. I am joined today by our CEO, Dr. Christian Ricken, and our CFO, Andy Halford. They will take you through the presentation, followed by a Q&A session. With that, I am pleased to hand over to Christian. Christian, please go ahead. Thank you, Ralf. Let me start. I am pleased to report that Aareal Bank performed strongly again in the third quarter 2026. As a result, we achieved an underlying operating profit of EUR 303 million for the first nine months of the year, which is fully in line with our target of approaching EUR 400 million for the full year. This performance enabled us to consider the steps we might take to increase our future flexibility and enhance the strategic opportunities open to us. We consciously decided to leverage our operational strength and therefore are taking an additional impairment charge of EUR 160 million in the third quarter. We believe this places the group in a strong position when looking at future strategic options, which might, for example, include inorganic growth, a sale, or an IPO. The action we have taken means that while we achieved underlying adjusted operating profit of EUR 303 million, we are now reporting an adjusted operating profit of EUR 143 million for the first nine months of 2026 after including the additional charge. We expect that the additional charge, which we have taken to accelerate de-risking, will move risk costs to normalized levels from the current quarter onwards, already in 4Q 2026. Turning to the Structured Property Financing portfolio, I confirm that repositioning is on track, which includes the planned reduction of the U.S. portfolio. We are also reconfirming our commitment to reduce NPLs below EUR 1 billion by the end of the year. This will bring the NPL ratio to 3% or below. In the Banking & Digital Solutions business segment, housing industry deposits continued to increase, with the monthly average reaching another record in September. In addition, we have continued to strengthen our integrated transaction banking and platform offering. Our funding, liquidity, and capital positions remain solid, providing us with financial resilience. Overall, we are adjusting our outlook only for the additional charge of EUR 160 million. Therefore, our target for underlying adjusted operating profit for the year remains at approaching EUR 400 million, with the updated target of around EUR 240 million. accordingly, the underlying adjusted return on equity targeted for the full year remains at around 8%. After the additional charge, it is expected to be around 4%. I also confirm our adjusted return on equity target for 2027, i.e., already next year, remains completely unchanged at 13.5. Before moving on, let me take a moment to reiterate our positioning in the context of the ongoing unsettled geopolitical and macroeconomic environment. Uncertainty continues and remains a factor in all investment and financing decisions globally. We are mindful of this background, and we will continue to monitor the wider effects on the global markets very carefully. Turning now to slide four, which shows some of our main KPIs. You will see here the nine-month adjusted operating profit before and after additional charge that I have just described. I would also like to confirm that all of our core KPIs are on track to meet our 2027 targets. Both the loan and deposit balances are at targeted levels. The fully phased CET1 ratio stands at 15.4%, and the cost-income ratio is slightly improved compared to the first nine months of 2025 at 31%. Now let us turn to slide five, which focuses on Banking & Digital Solutions and shows the development of deposits since 2023. Together, average housing industry and retail deposits totaled EUR 17.4 billion for the first nine months of the year. This strong deposit franchise reinforces the group's solid funding position. Housing industry deposits are constantly trending upwards and reached an average of EUR 14.7 billion for the first nine months. The monthly average for September was EUR 15.1 billion, which, as I mentioned a few minutes ago, is another record high. We have also extended the duration of our retail deposits. BDS moving forward and creating additional growth opportunities. We have extended our activities beyond our German core market and have strengthened our integrated banking and platform offering for the housing industry. Turning to slide six and to our real estate financing portfolio. Our portfolio has been fairly stable over the last three years, and we plan to end 2026 at similar levels to the end of last year of around EUR 34 billion. This year, we have been cautious in our approach to new business, placing quality before quantity. We are focused on our areas of real strength. For example, we continued portfolio financings, some of which were cross-border and multi-currency. We focused most attention on Europe, excluding Germany, and we focused particularly on hospitality-related loans. Also, as planned, we have further reduced the U.S. portfolio. Compared with the end of 2023, it is down by 32% and now represents 17% of the total portfolio. The U.S. office portfolio was down 44% over the same period. We will continue to reduce the total U.S. portfolio as planned, but we expect there to be good opportunities in the market in the future and for the U.S. to continue to be an important part of the group. Now I will hand over to Andy, who will take you through the results for the first nine months of 2026 in more detail. Andy, over to you. Thank you, Christian. Turning to slide eight, as Christian has highlighted, Aareal is reporting strong underlying adjusted operating profits for the first nine months of 2026. Net interest income at EUR 722 million was up 4% compared to the first nine months of last year. This was mainly driven by loan and deposit growth, partially offset by the absence of the one-off contribution last year from interest on the proceeds from the sale of Aareon. A large part of the swing in net commission income is attributable to SRT costs. The underlying loan impairment charge of EUR 205 million for the first nine months of the year was in line with expectations. Strict cost discipline and efficiency measures led to almost unchanged adjusted admin expenses. Overall, the cost-income ratio remained at 31%. Christian has explained the additional charge arising this quarter, one effect of which is to increase management overlays significantly. I will come back to this when I cover the Structured Property Financing segment in more detail. Underlying the adjusted operating profit before the additional charge was EUR 303 million for the first nine months and EUR 143 million after the charge. For now, we have taken a prudent view on the potential tax credits arising from the additional charge, and as a result, we are showing a higher-than-normal tax rate. AT1 costs have normalized in 2026. In 2025, they reflected an overlap in the new and previous AT1s. The adjusted return on equity for the nine-month period before the additional charge was 8.0% or 2.0% after it. Our fully phased CET1 ratio was 15.4% at the end of September. Turning to slide nine, let us look further at net interest income. As I just said, the net interest income was up 4%. The top chart on this slide steps through the main drivers of this result. The contribution from the net loan margin was driven by the growth in the loan portfolio and added EUR 5 million, whilst BDS's increased deposit business contributed an additional EUR 21 million. Changes in interest rates over the last three quarters have added EUR 13 million in aggregate. As I just mentioned, last year's nine-month figure included the interest on the Aareon proceeds. Turning to admin expenses, as planned, admin expenses have been tightly controlled and are up by only 2% to EUR 233 million. As Christian mentioned, the cost-income ratio was 31%. Turning now to funding, liquidity, and capital, and first to capital on slide 10. We are managing our capital conservatively by running the bank on fully phased ratios. Our CET1 ratio is very similar to the end of last year at 15.4%. We are applying disciplined management to risk-weighted assets and have a significant CET1 buffer of around 6 percentage points. The Tier 1 ratio stood at 17.7%, and the total capital ratio stood at 21.2% at the end of September. At the third quarter end, our leverage ratio stood at 6.8%, well above regulatory requirements. Slide 11 shows our funding and liquidity positions. The top chart on the slide shows our broadly diversified funding mix. Deposits represent around 47% of our total funding position. The largest part comes from the housing industry, with an additional EUR 2.5 billion from retail deposits. Overall, we have a balanced maturity profile across all funding instruments. We continue to have solid liquidity ratios. The net stable funding ratio stood at 116% at the end of September, and the average liquidity coverage ratio was 185% for the third quarter. Turning to our capital markets activity, we have been very active during the first nine months of the year and have completed the 2026 funding plan already. We issued three benchmark mortgage Pfandbriefe, of which one was our inaugural green Pfandbriefe. Including private placements, the nine-month Pfandbriefe total amounted to EUR 1.9 billion. We also prefunded by adding a green senior non-preferred issue of EUR 300 million, and any further prefunding will be subject to market conditions. I also want to update you on SRT. Our second transaction is being planned, and we expect it to take effect in the fourth quarter. Let us turn now to Aareal's two business segments, as shown on slide 13. We introduced this overview slide in March to illustrate the importance of both our business segments to the group results. We expect both business segments to continue to make very strong contributions. Turning to slide 14, let's look further at the BDS business segment. Overall adjusted operating profit for the nine months was up by 20% to EUR 115 million. This is driven by the 12% increase in net interest income. Increased housing industry deposits and interest rates both contributed. The result was also driven by the benefits of scale, demonstrated by significantly improved operating leverage. Housing industry deposits continued to grow, and the monthly average reached another record high of EUR 15.1 billion in September. As already mentioned, growth opportunities have also been expanded. BDS is now active beyond the German core market. In addition, we continue to cooperate successfully with Aareon. Together, we have initiated further projects to integrate our banking transaction solutions into additional ERP environments. BDS is also actively expanding its partnerships with ERP providers that serve the housing industry. These initiatives have further strengthened our integrated transaction banking and platform offering for the housing industry. Moving to slide 15, this slide looks further at our strong deposit franchise, which continues to reduce our dependence on capital markets. In the top chart, we take a closer look at the categories within housing industry deposits and look over a longer period. Housing deposits have consistently grown. Maintenance reserves and rental deposits are particularly sticky and have continued to increase and reached 41% of all housing industry deposits during the first nine months of the year, compared with 35% back in 2022. The second chart on the slide shows retail deposits. The strong increase in our housing industry deposits has reduced the need for retail deposits. However, these deposits do provide an important alternative funding source and enable us to optimize the overall deposit base. We've been focusing on increasing the weighted average lifetime of the retail deposits. Maturity was extended to an average of around 4.6 years during the third quarter, which compares to an average of less than two years back in 2022. We plan to continue with a total of between EUR 2 billion and EUR 3 billion of retail deposits. Now, let's turn to Structured Property Financing on slide 16. Overall, underlying adjusted SPF profit for the first nine months of 2026 was down 10% at EUR 188 million, which was in line with expectations. After the additional charge taken in the quarter, the adjusted operating profit was EUR 28 million. The total group portfolio was down slightly at the end of the third quarter at EUR 33.3 billion. However, we are maintaining our outlook target of around EUR 34 billion for the end of the year. We continue to apply strict risk management, proactively controlling risk, and managing non-performing loans. Over 50% and a growing part of our financing volume is portfolio deals, and the associated cross-collateralization significantly reduces single asset risks. Green loans totaled EUR 12.5 billion at the end of September, compared to EUR 11.3 billion at the end of last year. We continue to support commercial properties' green transition. We are now at slide 17. New business in the SPF segment totaled EUR 6.8 billion in the first nine months of 2026, which compares with EUR 8.5 billion in the same period last year. We have been particularly selective this year, placing quality over quantity, and as a result, we have stable margins and lower LTVs on new business compared to last year. The LTV for newly acquired business was 55%. As Christian mentioned, Europe has been our main regional focus. Western Europe, excluding Germany, accounted for more than half of our new business in the first nine months of the year. We continued to place less emphasis on Germany. In the U.S., new business came only from renewals. Hospitality-related properties were the primary new business focus amongst the diversified asset types that we finance. We again supported the green transformation of commercial properties with EUR 2.6 billion of green loans included in our new business numbers. Turning to slide 18, this slide focuses on non-performing loans and loan impairment charges. Total non-performing loans amounted to EUR 1.2 billion at the end of September, equivalent to an NPL ratio of 3.5%. However, as we have said, we are reconfirming our target of reducing these NPLs to below EUR 1 billion by the end of the year, which will bring us to a 3% ratio. Importantly, only 1% of our non-U.S. portfolio, which is roughly 85% of our total book, is non-performing, and the further reduction of non-performing U.S. office loans both show evidence of our very active management of non-performing loans. The Stage 2 coverage ratio stood at 4.3%, with the Stage 3 ratio at 26.5% at the end of September. The Stage 2 ratio is noticeably up as EUR 120 million of the additional loan impairment charge relates to Stages 1 and 2. EUR 100 million of this part of the charge was in the form of management overlays. As shown in the second chart on the slide, the loan impairment charge for the first nine months totaled EUR 365 million. The underlying charge was EUR 205 million and mainly related to U.S. office properties. The additional charge of EUR 160 million is, of course, the other component of that total. As we said earlier, accelerated de-risking means that we can expect risk costs to be normalized for the fourth quarter of 2026 and onwards. Now I will hand back to Christian, who will cover our outlook for 2026 and beyond. Thank you, Andy. I am turning now to the outlook on slide 20. Let me emphasize here that the only modification to our outlook is to recognize the additional charge applied in the third quarter. The outlook for the underlying adjusted operating profit remains unchanged at approaching EUR 400 million. After deducting the additional charge of EUR 160 million, the outlook for adjusted operating profit moves to around EUR 240 million, as shown on this slide. We will continue to manage the group with a clear focus on sustainable long-term value creation. The additional charge, which enhances our strategic flexibility, contributes to this objective. The updated adjusted operating profit outlook corresponds to an adjusted post-tax return on equity of around 4%. In Banking & Digital Solutions for 2026, we continue to target an average deposit volume of around EUR 17.5 billion, and in Structured Property Financing, we continue to target a loan portfolio of around EUR 34 billion at the end of the year. Moving to slide 21, I confirm that our 2027 targets remain completely unchanged. These are an adjusted post-tax return on equity of around 13%, a CET1 fully phased ratio of at least 13.5%, a cost income ratio of around 30%, an NPL ratio of 3% or below. Now moving to our closing slide, I would like to round up with a few key takeaways. Both of our business segments are performing strongly. We took a conscious decision to de-risk our portfolio and create a solid foundation for the years ahead. Risk costs are expected to move to normalized levels from the fourth quarter of this year onwards. Our action gives us greater flexibility, greater strategic flexibility, and a strong position to pursue future opportunities. Andy and I will now be pleased to take your questions. Ladies and gentlemen, 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 while asking a question. Anyone who has a question may press star and one at this time. One moment for the first question, please. The first question comes from Domenico Maggio from Jefferies. Please go ahead. Good morning. Three questions on my side. You mentioned that future opportunities might include inorganic growth, sales, and IPO. I wonder, are there any preference for any of the three? If you were to pursue inorganic growth, would that be within CRE or outside? Second question would be on the capital, on the CET1 target. You are mentioning that you want to be at equal to 13.5 or above. If you were to pursue, again, inorganic opportunities, is that effectively a floor, or could you operate below that for the right transaction? The last question, on these additional EUR 160 million charges, can you please I mean, I understand that they are mostly precautionary, but can you clarify how much is specifically related to the U.S. rundown of the portfolio? Thank you. Yeah, thank you for your questions. Any preference with regards to the strategic options? I think the bank is now extremely well-equipped to pursue all of these options, and actually, you cannot actively steer it into the one or the other direction. So, we feel that we are acting out of a position of strength. We feel that this is a very attractive value proposition, Aareal Bank, and we will see what the future brings. Do you think that the Sorry to jump in. Do you think that the I mean, you are well-equipped, yes, but do you think that maybe the backdrop for an IPO/sales is favorable? I would not think so, but open to other opinions. Yeah. I think the bank is extremely strongly positioned for all three alternatives, including IPO and sale to an investor, a strategic or a financial investor. So, in the given structure and with the given portfolio. Nevertheless, I think diversification is always a positive thing, and we know that the perception of the real estate market currently is not an extremely positive one, and so we are getting lots of questions about further diversification. My first and foremost answer is always, we are already diversified, first within the commercial real estate portfolio, and secondly, we have BDS. So, if you are asking, for example, about the major risk for the bank, it is, of course, to some extent, rates. Yeah, rates going up, that is always bad for financing business, but on the other hand, it is very good for our BDS business. We have a kind of inherent hedge here, so we are already diversified. That's the story I always reiterate to rating agencies, to our supervisors, who are now perfectly aware of it. But diversification is always a benefit. 13.5% being a floor even in an acquisition situation, that's a tricky question. Typically, once you acquire something and you acquire RWA, your CET1 ratio gets under pressure, and you have to deal with it. But it very much depends on the mechanics of the acquisition, on the related accounting topics, and the respective solutions. I wouldn't want to speculate whether this kind of ratio would be a floor in an acquisition situation. What you also have to keep in mind is that this bank is extremely profitable, so we can easily generate additional capital if needed. We have a strong capital formation potential with our strong profitability, which we can always bring into play. On the EUR 160 million, before I hand it over to Andy, again, I would very much like to reiterate one important topic. This additional charge has nothing to do with a deterioration of asset quality in our portfolio. Nothing. Our portfolio is as good today as it was three months ago or six months ago. PDs are stable, LGDs are stable, LTVs are stable or even downward trending, debt yield is stable, and we have now a lot of processes to further bring down NPLs by the end of this year. So, it's an extremely good portfolio already. Just to give you another fun fact, so to say, if you only take the non-U.S. portion of the portfolio, EUR 28 billion of non-U.S. business, the NPL ratio for the non-U.S. business is 1%. If we manage to successfully do one specific exit in the fourth quarter, where we're currently working on, this ratio would even drop below 0.5%. This is, looking to the left and to the right of our competitors, it's extremely low. So, no issue about our portfolio quality, but a management action out of a position of strength, but Andy can give you more detail. I mean, just briefly, I think the easy way to look at this is, of the 160, about a quarter has been tagged to specific exposures, and within that, there's probably weighting more to the U.S. The other three quarters has been kept broadly as an overlay, which is relatively agnostic of geography. As Christian has said, we have, and I think you're aware of this, had the majority of the NPLs in the U.S. recently, albeit that is now diminishing pretty quickly. The NPLs in the rest of the portfolio are incredibly low, and to the data points that Christian has given. On the other hand, over the cycle, one would expect clearly there to be some degree of normalization, and that's why we've kept the majority of this to be relatively flexible and can be applied if there are problems as and when they occur. The intent is that we will get the loan impairment charges in Q4 down to around the long-run average, and that that should hopefully then be the case going forwards through 2027 and beyond. Okay. A quarter relating to the U.S. and the remaining quite agnostic and somewhat of a picture of strength, because excluding U.S., your NPL ratio is 1%. That would be a summary, I guess. Thank you. The next question comes from Sharada Patel from Citi. Please go ahead. Hi. I have four questions. The first one is on, you said that you are planning an SRT for the fourth quarter. Can I get a sense of the thinking around there and the scale of that, potentially sort of in relation to the inaugural SRT you did last year. My second question would be just looking at the movement of NPLs this quarter, it seems like there has been a significant inflow in them of French NPLs, French office specifically. Can I get a sense of what is driving that? Is there any sort of read-across we can get from the current kind of fiscal turmoil there? Just some more detail on kind of how you expect NPLs to get below that EUR 1 billion mark. I know you just flagged potentially one specific exit that you are working on in Q4. Just any guidance on your approach in terms of inorganic moves to kind of whittle that down. My last question is more on the housing industry deposits and the pricing dynamics there. You said on the last couple of questions that actually higher rates could be good there for that business. Can you just explain how that's so, and sort of how much competition on deposit pricing there you have? Thank you. Yeah. I'll start with the last one and then hand it over to Andy for the three other questions. Yeah, higher rates are good for our BDS deposit business because we are the, let's say, house bank of the German housing industry. So we have these rental deposits, we have maintenance deposits, which have a relatively low beta, yeah, so i.e., they are not sensitive to rate movements. Therefore, once rates go up, our margin typically is also improving, yeah. That's helping us. We have also put a lot of emphasis on our sales processes, and we are further deepening the client relationships by offering other products next to deposits and payments, which also already has a positive effect. Therefore, if rates go up, of course, we have a very close look in the financing business on repayment risks and refinancing risk in particular. But on the deposit side, we feel very comfortable. We don't see other banks, competitors to move into our, let's say, specific niche. This is a strategic USP, a strength which we can play out very well in this market situation. Then the three other questions to Andy. The first one on SRT, maybe one initial comment from my side. We are not using SRTs to manage CET1 ratio or to offload undue risk. The first transaction was with a performing portfolio. The second transaction will be with a performing portfolio. SRTs for us are a strategic instrument to increase the velocity of our management, of our balance sheet, and to even improve ROE. Because if the cost of an SRT, the equity release cost of an SRT are lower than your targeted return on equity, then you can ultimately reinvest the freed-up capital into a higher return business. That's actually what we want to do. Yeah. SRT is an important strategic instrument for us. But to the concrete one, Andy, maybe you take it. What is left to plan SRTs? The previous SRT was about EUR 2 billion nominal. I expect the next one to be somewhere around that level, possibly a fraction higher, but in that ballpark. As Christian Ricken said, the first one we did was very favorably received, focused on performing loans, and we see capacity to be doing those over a period of time going forward. I think you should expect those to be something that becomes business as usual over a period of time. I think your middle two questions were on non-performing loan trends, France, et cetera. What is the best way to look at this? I mean, at any point in time with the portfolio size we have got, we will have circa 20 or so exposures that are problematic for us, and each of those is going through its own process, and each of those will take its own time to resolve. We have got a number that are pretty advanced in the pipeline, a couple that maybe we would have hoped would have come through in Q3, but will be Q4. As we look at that pipeline as an individual component level, that is what gives us the comfort that getting down to the billion level over the remaining three months of the year should be feasible. You are right that we had a bit of an increase on the French NPLs and PURIs. We are hopeful that some of that actually may reverse in Q4. Nothing to do with recent unrest, I can assure you. But over a period of time, by geography, we will clearly have things that move around. Generally speaking, again, repeating the earlier point, the issues in recent years have been more in the U.S. The behavior actually outside the U.S. has been incredibly strong. But EUR 1 billion is where we should be at the end of December, and that is a view formed on an asset-by-asset review. Thank you. Then the next question comes from Corinne Cunningham from Autonomous. Please go ahead. Good morning, everyone. Can I just ask a bit more specifically about the timing of taking this additional charge? I think the market will be somewhat skeptical that it's not linked to asset quality, maybe more to ensuring that your targets are perhaps safe for next year in terms of your target ROE, giving you some flexibility to get there. I just wonder, was there a specific, perhaps strategic possibility that didn't take place and that you think this charge might now help to get something like that off the ground. So, anything on the timing there would be helpful. Second question is just on the U.S. reduction in assets seen in the quarter. Were they actual redemptions? Were they write-offs? Were they partly write-offs? So, some color on what was driving the reduction there. Just a follow-up on the SRT, in terms of what you expect the RWA effect to be there, or the impact on the CET1 ratio. Thank you very much. Thank you. Maybe on the first one, the timing, I think we were discussing this for quite a while, because we thought, okay, we have the operational leverage to do such a thing in order to already be on normalized risk cost levels in Q4, and to have, let's say, all dimensions of the P&L in very good shape. So we have a cost income ratio of 31%, NPLs are going below EUR 1 billion, net interest income is even on the rise for the bank overall, and in BDS in particular. So there are so many good news, but there was, let's say, one thing which I still did not like, which was our elevated risk cost level. Therefore, we took the opportunity to now also address this topic in a decisive way. We have a bank which is strong in all dimensions and in all major P&L lines. You will see it already in Q4 with a much lower risk cost and with a double-digit ROE, most likely. That was the decision. Then some things happened. The war in the Middle East, increasing energy costs, bringing up inflation in the Eurozone 4%, imposing further risk. We saw also some competitors reporting some mixed bag of results in their commercial real estate businesses. The sentiment overall was a little bit deteriorating, but we said, "We don't care." This is not another contribution to this discussion, but this is something which is completely uncorrelated. It is our conscious decision out of this position of strength, and we do it now because we want to be as clean as possible, as early as possible. That is the reason for the timing and nothing else. Maybe Andy, you add, and then we take the U.S. and the SRT point. No, I wouldn't say anything else on the timing. I mean, on the U.S. asset reductions, it is mainly exits. Obviously, you get a couple of new entrants and then you get more exits, but overall, the non-performing loan element in the U.S. has come down from above EUR 600 million to around EUR 500 million since the start of the year, which is pleasing. It is very much on track with what we had been expecting and targeting. On the SRT, we have got the first tranche that we did gave us about a 0.5% benefit on the CET1. If we do something at similar volume levels, then it will be a similar effect on the next SRT, albeit obviously if the first one slowly unwinds, that first 0.5% comes down over a period of time. But order of magnitude about 0.5% CET1 benefit. Thank you very much. Ladies and gentlemen, this was the last question. I would now like to turn the conference back over to Ralf Löwe for any closing remarks. Thank you very much. Ladies and gentlemen, this concludes our today's call. Thank you very much for your participation and for your questions. If you do have any follow-up questions, the IR team of Aareal will be happy to assist you. We look forward to speaking to you again when we present our full year results. Good day and all the best. 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.