Hello everyone to the Basler Annual Report 2025. We will wait for another 30 to 60 seconds, and then we start the call. It looks like that we are complete. Very warm welcome to the annual report 2025 of Basler. I'm very happy to present today our numbers of last year together with the new management team, and we are also proud to present you good numbers, also a sound outlook. Before we start the call, I have the obligation to hint you to our disclaimer here that all statements that we are doing today are views and assumptions made by the management board using information available at this point in time. The forward-looking statements we are doing, by nature, are subject to significant known and unknowns, risks and uncertainties. Having this said, we start with the presentation. The agenda is like always, we start with an executive summary. We go then through the financials and the share price or the share development and also the dividend payout. At the end of the presentation, we come to the outlook before we have enough time for a good Q&A session. Let's start with the executive summary. Start with the summary with the environment that we had in 2025 looking back. The best indicator we have at hand is the German vision components industry, all the German manufacturers selling vision components worldwide. Their bookings all in all were zero. Flattish bookings and billings have been at around 6%+. In a nutshell, what we have seen worldwide last year is a relatively weak demand. The PMIs, the industrial manufacturing PMIs were flattish around 50. The overall market was relatively weak, but we have seen some vertical market niches where the market picked up. It was namely semicon. Everything around AI-related and advanced nodes-related production machinery, logistics and warehousing, especially in the U.S. Consumer electronics, battery production for mobile devices. Last but not least, in the second half of the year, we saw a lot of pickup in the area of AI-related hardware production for data centers. Compared to previous years, we have also seen last year a relatively normal inventory situation at our clients. We have not seen any muting effects. We have also seen that the delivery times have come down to normal, relatively short even in the second half of the year. We talk about two to three weeks delivery times that we had last year. The ongoing high competition intensity is nothing new. We see it especially in the Asian region. The news, the Trump news kicking in last year in April with regard to U.S. tariffs, this situation has caused some on top of the geopolitical stress, some uncertainties, additional uncertainties. Last but not least, we had relatively strong headwinds due to the currencies: U.S. dollar, Chinese renminbi, Japanese yen, and Korean Won. They all devaluated against the euro. This gave us quite a strong headwind last year. Our performance in this environment clearly outperforming. Bookings, 22%+. Billings, 23%+. We have seen over the course of the year, we had a strong start, but then also the momentum in the second half of the year, especially with the booking, it's increased again. That the strong regions, U.S. and China, over the full year. In addition, Europe kicked in in the second half of the year and gave us a good auto momentum also in the fourth quarter. We also made not only on top line, but also on the gross profit margin, further progress, 47.4% against or compared to 45.1% the year before. This was negatively affected by FX. Without FX effect, this would have been much stronger hike, actually. The earnings before tax, EUR 16.2 million, compared to last year, actually, where we made quite significant losses, a big improvement. Sound profitability with 7.2%. It's not where we want to go, but we are proud that we, after two very stressful years and red numbers, are back in black with those sound profitabilities. Not only profitability, we also made progress on the cash flow side. Even though the billings rose significantly and therefore also our receivables rose, we were able to realize a free cash flow of EUR 18.5 million, which is definitely quite a strong number. The reason behind is also lying in the inventory reduction. This is our executive summary for the financial statement, but we also made good progress on our non-financial numbers. You can read carefully also our sustainability report 2025. You can download it on the website. We have made good progress on our net zero emission ambition for 2030. We have reduced our carbon footprint by 15% compared to the base year 2022, location base. If we look at the market base, the energy that we have bought, we even reduced it by 63%. On top of it, we installed a solar panel system on the rooftop of our car park here at headquarters. We finished this project beginning of the year, the anticipated reduction for this year is by and large 240 tons. Quite significant move, and investment we did in that direction as well. Also, the rating agencies have increased our ratings. All in all, also here, very pleased about the progress. Having this said, I will hand over, as you know Ines, you know myself, to give also Kai, our new member in the management team, the opportunity to introduce himself. He will also continue the executive summary presentation then. Okay. Well, welcome also from my side. Short introduction, my name is Kai Ströder. I have some 15 years experience in deep tech businesses, especially optics-driven businesses. The focus was always to establish new innovative business models, and that is basically what I do here today at Basler. I focus on the team, I focus on the processes to enable and establish new business models and new technologies, to broaden our portfolio, to deepen our tech expertise, and to scale the business. What we have done in the last year was not under my responsibility. However, this was also not under my responsibility. However, also very important. The measures of the former board are visible now. We reduced the headcount, the FTE. We are on the target set up. Maybe to highlight, we have reduced a little bit the R&D quotes in the FTE. This is not due to the fact that we lower our investment in the R&D, but we have to refocus on different capabilities. That is still an ongoing process since technologies change and we still have to focus also on the new technologies, new paths, more software driven maybe. We have got ongoing processes to adjust also this. Administration, sometimes a pain point has just risen a little bit. However, that's also due to the fact that we do, and we will centralize some functions which have been localized, and we could bring them back into the corporate center, and that may be also an indicator why it has risen. Overall, we are on good track and in good shape, and it shows that it is also possible due to the improved EBIT margin to have potential on the FTE side, and we will still leverage these potentials also in the near future. To the interesting part of our product portfolio. Overall, the message is that we have got a very broad and still very robust product portfolio. We had invented the 3D stereo cameras, which was a logical, let's say, extension to the existing product portfolio. We have very good numbers on this 3D business already in the first year. It shows that we are able to fill the gaps in the portfolio. We are working hard on this that we are also ready for the next evolution of this product portfolio. We cannot disclose anything right now, but the numbers clearly show that we have got a very, very strong basis where we can leverage potential and get the required, let's say, cash to invest in a very, very strong and innovative product portfolio in the near future. On the market access side, there was the acquisition of the Alpha TechSys entity in India, which was a very smooth process. We are very happy to have the team on board. The post-merger integration process was very successful. We have integrated it into our go-to-market unit, EMEA, and they are working very closely already. Team is highly motivated, very young, very experienced also on the other hand. We think that was a really good strategic move, and the first discussions, numbers, and impulses from this market are very promising, and I think we will still have an open eye on other opportunities, so we will keep you posted. As of today, that is the story. Okay. This one. Okay. Wow. It's jumping a little bit. Yeah, it's a bit sensitive. Sorry for the group here. Yeah. Now we add. The new board has picked up the transition to this target where we want to be this full range system or solution provider. We are focusing not only on our core camera systems, but also on the accessories, on the adjacent parts. We are working still to find some really good scalable business cases in our pillar markets, which are on this X scale. However, we cannot disclose too much, but there are dedicated resources working on this that we not only have broader portfolio, but also a deeper portfolio in some focus areas. The latest numbers show that we are right in this approach, that we have identified the real sweet spots of technology where we can leverage our potential and we will really focus on this and continue this effort during the whole year with some initiatives which we will disclose later. Okay. This brings us to the financial part. Ines, I hand you over the mouse here. Thank you, Hardy. It is sensitive. Be careful. Let's see and let me pick up the financials here. Okay, last one. This is the last. Yeah. Good. Working out. Good. Waiting for this good picture. Sorry for that. Here you have the total sales and distribution of the region. We ended up in the end at EUR 224.5 million, so really upper right side of our guidance. That was a good one for us. For the first time, you're also seeing a region split up, also displaying China now. You might recognize beforehand we always had Asia, including China. Now for us, China is growing bigger, so you see the increase to 26% of our revenue from the 23% of last year, yeah. Pretty good improvement we see in Americas in the split of our revenues, because when you're losing a bit of course margin in China because of the regional mix, we are gaining a bit through the Americas, so that's a good level for us. All right. Here you can see from 2024 and now also 2025, the whole year by quarter, our bookings and our billings. Let's focus on the Q4 and also in comparison what we've seen in 2024. We ended the year with bookings of EUR 65 million. That was a pretty good outcome for us because it was not only with the expected regions, but also EMEA picking up in the end. We had a pretty good mix and pretty good increase from China, Americas and EMEA. Revenue being more or less equal to Q3 with EUR 56.5 million, and a very good increase to the Q4 of the year before. No? With this one, we are picking up more or less EUR 10 million to carry over in addition to Q1 to give you a little bit of an expectation what you will hear from the outlook in the later slides. Here we go with the gross margin. Overall, I would say we had a good result. Could have been better, of course, but a good result was 47.4% overall. Last quarter is above our target of the 48%. Yeah. As you've seen, the currencies definitely gave us a headwind there. That cost us some basis points there in the margin. Overall, we ended at a good one. You will see also in the outlook that we are expecting pressure on the gross margin as we still have the currency ongoing. Currency is not so bad as they were at the end of Q4 last year, but also not coming back enough to help us currently. Being a good move, depending on the regions where we are in to have a positive contribution, of course, also in the leverage of our resources. EBIT and EBT margin. You're still seeing the EBT. I'm just talking to that in a sec. Here we ended up at the 7.2%, also on the right-hand side of our guidance, but in the guidance, a mix, as you can see throughout the year, right? We started with a very good one, the currency being strong in the beginning and then weakening overall and revenue helping in the end. Q4 was influenced also by increase in OpEx due to very variable salaries, but still above the 5% line, yeah, so that we had the 7.2%. To give you a little bit of an idea, this means an EBIT margin, with interest of 7.9%, 0.7% in between. From next year onwards, you will see us presenting the EBIT as our KPI in order to be able to better drive the operational results in a more meaningful way, I would call it. Here we have an overview. I think we talked about that already. Let me point out the gross margin again. A pretty good walk even despite the weak currencies with the 47.4%. That was also due to a lot of negotiations with suppliers and material savings we had in there. We are keeping the pressure on the OpEx, right? Really, you have seen the FTE coming in in relation to 2024, so not increasing the workforce too much and really leveraging who we have in order to scale. The EBT again, with the 7.2%, being targeted to hopefully up next year. In earnings per share, by the way, we will see that for the dividend of EUR 0.38 in comparison to what we had last year. Here the cash flow lacks a bit of a comparison with the ICF because we had our acquisition of the subsidiaries in Q3, so that's a bit skewed and Q2 and Q3. We had in 2024 around 4.2-ish million of one-offs, let's call that. Pretty stable one here. You see in Q1 2025, to recap here, we had an increase in receivables so that we did have to pursue collections throughout the year. To have a nice OCF ongoing and also around EUR 18.5 million in free cash flow, that was impacted still by the increase in receivables, but good outcome and above the target. Yeah. Here again, same picture more or less. I think this is also important to see the coverage that we have here, cash flow from operations. As you've seen in the graph, cash flow from investing. You see here the exchange rate effects on the cash holdings. That's a hit to us with EUR 1.5 million. Otherwise, in comparison to last year, we would even been at nearly EUR 20 million. Cash flow for financing being down. Also here you see in the liabilities to banks, we are paying off our debt currently, and have therefore a lower basis to our banks. Next one, let me pick some of the numbers. The first number that I want to highlight is goodwill. You see that the goodwill is down, but this is no impairment. This is really also an exchange rate effect as we have some of our goodwill positions not in euros. Then maybe let me pick out the inventory balance here. This is really down from the EUR 38.8, which was 140 days in inventories in 2024. We really worked through that, right, to reduce the risk and be faster with the customers. We ended up at around 100 days, 101. This is more or less also our target as we don't want to drive that too much down in order to be able to deliver in time. A downside here a little bit is the receivables. Always good to have receivables, but the days and receivables went up from about 54 days to 64 days. That's mainly due to China, and that will also influence our business in 2025-2026 to give a little bit of expectation here as with China being increasing and also delivering good performance in orders and revenue. We are unfortunately also seeing higher days in China here. That's the major impact that we are seeing here. Yeah. Going to the liability side, again, you have long-term liabilities to banks which are decreasing as we are paying off. You also see a change in leasing liabilities, and you might have also recognized in our report that we have 2024 adjusted. Our adjustment has no cash flow impact, but it's related to our leasing assets and our leasing liabilities, which have had to be stated differently. You see here changed balance for the leasing liabilities short- term and long- term. Maybe here again to the trade payables, they were up a bit, yeah, so helping with our cash flow, but probably being managed a little bit down in terms of days, throughout this year again. With that, I would be jumping to the share session. Shareholder structure, no major changes, right? You will recognize this picture with the Norbert Basler Holding at 53% and also no real changes in the different positions we are having. This was the good picture for us despite being down currently a bit. We started the year with EUR 6.09, and we ended up at EUR 15.30. Not exactly where we want to be, but good direction. Also, of course, in relation to the TecDAX performance, yeah. Share dividend, we are now back to our dividend policy. Dividend policy, the normal one would be 30% of the net results, which we now also did. This is from the EUR 0.38. This is a EUR 0.11 that we are going to pay out as a dividend, yeah, as adjusted for our 31.5 million shares. With that. Okay. Handing over to you. Maybe before we come to the outlook, also quick summary. I mean, we are pretty proud to have achieved this comeback, being back again in black and sound profitability. Also growing top line far above market, having a strong free cash flow, reduced our debts and also our net debt position. Everything goes in the right direction. We have rightsized the company. We now concentrate on growing top line, hopefully also being able to improve further margin points, gross margin points with the same organization, step by step growing also profitability. In the outlook, let's come to that. What we see for 2026. We see an environment, and the first bullet points are about the environment, where we believe the computer vision market can grow mid- to high-single-digit in the first half year. To be honest, with this current environment around us, we are having problems to predict the second half of the year, and I guess you know why. With all the geopolitical conflicts and now also combined since recent weeks with the Middle East conflict. Yeah, the second half at this point in time is pretty unpredictable, but we are positive for the first half. The currency volatility, I mean, we estimate that the volatility will be high. There will be ups and downs. At this point in time, the main currencies that are important for us against the euro appreciated a bit against or compared to last year, at least most of them, Korean Won not, but the rest. However, the volatility we think will stay high. What we believe is that the industrial manufacturing PMIs will improve a bit, will be slightly above 50 for at least the first half of the year. To our own position, I mean, in our assumptions, we will be able to defend and win larger project opportunities also at 2026. You might remember that we have one of the growth drivers last year was winning larger projects with key accounts that we have, and especially in the field of electronics, battery, logistics and data center hardware production. Also, yeah, we assume the intensity of competition will stay high. I mean, as we have a high exposure to Asia, we are working in this environment. We show that we can be successful in this environment, but it's by far not easy. There is some noise in the line here, but I continue with the forecast. The guidance that we do or give under these assumptions, and also under the assumption that we had to increase salary in around the world because of cost of living adjustments from 2025 to 2026. As we are highly personnel intense, this lowered a bit or increased, let's say, our break-even point or lowered a bit our EBIT margin. Taking this all into account, market environment, own position and this cost of living, we believe we can be in the corridor between EUR 220 million- EUR 232 million, up to EUR 257 million in terms of revenue. This would give us an EBIT margin of 6.5%-10%. For those of you who follow us for a longer time, they will recognize we switched from EBT to EBIT margin in our guidance. We have made this change because we believe it's giving a better indication of our operational business. There is nothing behind in terms of that we want to increase debts by far or something. It's just that we believe it's a better parameter to measure the operational business of the company. Looking into Q1 and setting expectations here, we believe we will have a strong start into Q1. Obviously, as we have already seen certain weeks, we have, as Ines mentioned, had a good momentum at the end of 2025. We give here the indication that the numbers for Q1 will be at or above what you see here on the right side of the guidance. This also brings us to the midterm outlook, which remains unchanged. In 2028, we are thriving to achieve EUR 275 million. An EBIT margin we just changed here also from EBT 12% to EBIT 13% margin. By the way that I mentioned already, we want to focus now with the right size optimization to on top line growth, on gross margin improvement in order to get there and also continue to have strong cash conversion rates. Obviously, this depends on certain market conditions and the main assumptions, the two main assumptions here are that we have or that the access to the Chinese market will remain and that we will see a 2026 with market recovery, which at least in the first quarter it looks good. But as I have mentioned, there are still uncertainties in the world that we all know of. Yeah. We are committed to get there. We are passionate about it and closing our presentation slot, opening the Q&A session for you or for us. Jan, our colleague in the background here, will moderate the session, so you can either jump in by audio, or you can also use the chat function, and Jan will moderate. Right. Hi, everyone. Again, you can raise your hand digitally. In the app, you have the function. I will unmute you in that case. You still need to unmute yourself. But if you don't wanna speak out loud, you can also write your question into the chat. I'm just going through the participants to check the questions. I have a question in the chat. The question is: What is the portion of revenue with new products? This is coming from Frank Hill. Thanks, Frank. The question is always when you talk about new, what is new? It's always a definition. What we measure is an indicator where we take products that have been launched or have been to the market four or five years or younger. This might sound long to you, but you need to anticipate that we work in a design-in mechanism where our customers design in the product into their machines, then they need to finalize the design and then ramp off. This portion is by and large 20%. It depends also a lot on the seasons, but this should give you a good indication. Normally, our product life cycles are 10, 12, 13 years. All right. Thanks a lot. We have additional questions. One is coming from Lasse Stueben. I will try to unmute you, Lasse. Maybe you should do it on your own. Right. Seems to work. Perfect. Hello, good afternoon. Hi, Lasse. Oh, hi. I have a question on China. I think if I saw the numbers correctly, you almost did EUR 60 million in China in 2025. I think from memory, that number sort of in sort of past peak cycle times was somewhere around EUR 80 million-EUR 90 million. It seems like you've made really good progress there with good growth year-over-year. I'm just thinking for 2026, I mean, how has Q1 kind of started and in particular, how has activity been since Chinese New Year in China? 'Cause that's typically a stronger period for order intake. Then also generally, more broadly across the regions in Q1, what is driving. Seems like order intake has been very strong in the first quarter as well. What's kind of driving that strength? Is that the same markets you saw drive strength last year? The final question is on the EBIT guidance. It seems that just given the revenue outlook, that there's probably room for that, you know, guidance to have been a bit higher, but I guess you're factoring in a bit of conservatism. I guess my question is how much conservatism is in that EBIT margin guidance? Thanks. Okay. Should we share, Ines, to China and growth driver and you do EBIT? Yes. Let's start with China, Lasse. You are correct. In high times, we were at around EUR 80 million, almost EUR 80 million a couple of years back. We were then business was declining and then successfully coming back last year. The main drivers that we saw last year and also that we see right now are mainly around AI production, hardware production for data centers, consumer electronics, especially on batteries for consumer electronics. These are the main drivers actually. What we are seeing in the first quarter actually is that the momentum keeps strong, even a bit stronger than last year. From a market perspective, we recently had also our Shanghai show last week, one of the main trade shows. There's a lot of attraction at the moment. There seems to be also more consumer electronics kicking in after Chinese New Year. What does it mean for the long run? To be honest, I mean, it's very, very volatile. We are, let's say, positive for this year, but going beyond this, I think it's foggy. This is also why we are so strict in keeping the organization as it is, because we know that China is a very volatile market. For now, we are running a good business. We have also found success recipes to grow further the business, and it looks good for the short term. The growth driver in general, there is still some noise in the room here. Yeah, I hear it too. Maybe someone in the background. Okay, good. Okay, that sounds better. Yeah. Growth drivers in general, from a vertical market perspective, we see still logistics through 2026. We see consumer electronics, also smartphone assembly coming in. We see also definitely data for hardware production for data centers. On top of this, we see in Europe maybe also some traffic projects kicking in. I mean, it's not a worldwide phenomena. These are still also the main verticals kicking in. All right. I would be picking the EBIT guidance question. I would like to give you a hint on four topics that we have figured in there. The first one is currency, right? This is figured in with our forecasted rate, and currently, currency helps a bit, so that could influence, but we still didn't increase the guidance, especially in H2. It's really tough for us to foresee, and we didn't want it to change that. The second one is tariffs. Yeah, that might also give. That last year it was in our numbers for about seven months, right? But this time we have the full year in. We are passing it through, but it's also giving a hit to our margin in the end, not to the euros, but to the margin. I would also like to call out that we are seeing a price pressure from China and of course currently an increasing or a good market in China and good numbers from China, so the regional mix also having impacts on us. Is that conservative? Might be the case. If we have a change in especially these three parameters, it could look better in the end. Currently we have the assumptions in for these three parameters that lead us to the guidance. Very good. Thank you. Thank you, Lasse. Thanks a lot. We have a second question from Malte Schaumann. Malte, I will unmute you. Maybe you can try to unmute yourself. Yes, I think you should hear me. Good afternoon. Yes. Also on profitability, the factors you just mentioned affect most or only affect the gross margin. Maybe you can share your expectation for the gross margin, which stood slightly below 49% last year. What's then the expectation for the current year given the factors you just alluded to? Yeah. We basically want to hold the gross margin. Yeah, there are the effects that I named that have a pressure on it. But of course, we have economies of scale effect, yeah, we are not planning to increase our workforce larger than would be reasonable here. We have a good leverage there. This is going against it, but with these negative effects that we are seeing, plus minus what we had last year. Maybe one additional aspect besides beyond the gross margin topic, as mentioned earlier, we also increased cost of living by and large 4.8%. As we have a relatively high cost position on personnel cost, this also needs to be digested and needs to be also considered when doing the math. Yeah. Yeah, exactly. That would have been my next question. Below the gross margin at OpEx level, what is that around 5%? Correct. Maybe slightly more increase something you baked into your forecast, into your budget? Yes. This is reflected in the guidance. Yeah. Roughly 5% also. Let me ask with respect to the 2028 guidance. I mean, at the high end of this year's guidance, you expect maybe EUR 30 million more in sales, but only 2 percentage points more in profitability. Looking at your 2028 targets, you would need an additional EUR 20 million in sales, but which should then lead to a 3 percentage point hike towards 13%. Maybe you can elaborate a bit on that, what then needs to happen to really make that jump from assuming maybe 10% this year at the high end to then 13% with less sales on top. Yeah. You want to, of course. You want me to pick up? Okay. Yeah. A pretty good question that you're raising here. I think what doesn't help us is again the currency change. Currency needs to stay as is. Also price pressure in China, in the regional mix staying basically the same. We are currently also having a share of cost in our OpEx and for some portion also in the gross margin to have structural projects ongoing that are making scaling possible. That is not going to people, but really into processes to be as effective in scaling. Yeah. From our expectation, after costing a bit, yeah, and having a bit of cost, that will really enable us with a more or less the same workforce to grow into that revenue. Yeah. Also, with regard to the gross margin, as Ines mentioned at the moment from plan-wise, we are planning by and large to keep the gross margin. Our ambition is a different one, but our ambition is to grow the gross margin step by step further towards 50%. However, one need to be careful obviously, in our guidance, what we promise to the markets. Over a longer period of time until 2028, we also, I mean we work hard, and we also believe we can grow the gross margin also step by step. Not in the same hikes and steps we did in the last two years. This is by far too much, but step by step to go to, in the area to 49%-50%. We believe it's possible, but it's a continuous work to get there. Okay. Understood. In terms of data center hardware revenues, can you maybe share a number? What's the actual revenue share of that application? Yeah. We want to not 100% disclose it, but it's in the area, let's say, of higher single digit percentage points. Okay. That is mostly linked to China? Is that right? Highly linked to China. That is mostly linked to China? Yeah. Yeah, definitely. Yeah. Okay. Many thanks. Yeah. Thank you, Malte. Okay. I'm scanning for additional questions, but no one raised their hand so far, and I don't see any additional questions in the chat. Maybe we just wait some additional seconds. This is the right moment. Claudio- Any questions? I see one question. Maybe I will try to unmute you, Claudio. You just also wrote it into the chat, but maybe you can speak out. Hi. Hi, can you hear me? Yes, I can hear you. Yeah. Okay. Hi, hello. I have a couple of question for you. The first one is the following. Does the current 2026 guidance factor into somehow the current situation and the war in Iran, or it is based on the original budget done before the war started? Linking to this, have you seen a change in the bookings pattern in March compared to January and February? The second question is related, let's say, to the memory shortage issue. I mean, is this something that could affect Basler and to what extent? Thank you. Yeah, maybe coming to these points. The Iran conflict, at least for now, is in our guidance. This is why the range is relatively high, and maybe for some of the people, they might see the lower end of the guidance being low. This is exactly the reason, the unknowns of the Iran war at this point in time, and especially what this means for the second half of the year. It's included. From the bookings January, February, we haven't seen, or also in February, March, we haven't seen negative impacts due to the war situation so far. Last but not least, the memory questions. Yes, everyone is talking about it. For sure the memory question can have a potential direct impact and a potential indirect. If our clients, for example, do not have enough memories independent of what industry they are in, they might slow down the production and they need lower amount of production capacity. This can have lower demand impact, which we don't see today, but we are watching out if things are happening. The other one is how are we affected by this memory shortage and as our products use also memories. The situation is that in the range of the guidance, we see a high likelihood that we are able to achieve this even knowing the shortage of the memories. Which means we are in constant contact for months already with our suppliers maneuvering through this situation. For us, it's not a new thing. We already work on this topic for a couple of months. This means we are relatively sure that we can deliver in the range of the guidance that we have given out. Does it answer your question, Claudio? Yes. Thank you. Okay. Welcome. Good. Okay. Checking again for additional questions. None so far, but giving a last shout-out. Okay. It doesn't seem so, but in any case, you can always reach out to us through the website and the traditional contact forms. I see no additional questions right now. Okay. Good. Perfect. In case there are no further questions, we thank you very much for your attention today. We are definitely looking forward to see you again in six weeks from now for the Q1 results, and wish you a nice afternoon. Thank you. Bye-bye. Thank you.