Dear ladies and gentlemen, welcome to the webcast results Q1 2022 of Hypoport SE. At our customer's request, this conference will be recorded. As a reminder, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask questions. If any participant has difficulties hearing the conference, please press the star key followed by zero on your telephone for operator assistance. May I now hand you over to Ronald Slabke, who will lead you through this conference. Please go ahead. Yeah. Welcome from my side to our first quarter results. As you may know already, we started pretty well with record numbers and the record quarter in the year 2022. We achieved high double digits growth on top and bottom line, +26% on the revenue side and +40% EBIT to now EUR 70 million. This all in a pretty positive market environment. A lot of headwind, especially in the mortgage business, but all in all, subsidiaries were taking market shares in this environment and delivered a strong qualitative and quantitative performance in these first three months. When you hear this from me and you look on the chart of the share price, you could be a little bit irritated what's going on. I think there is some kind of misunderstanding how sensitive the German mortgage market is to interest rates and the sharp changes in the interest environments which we saw in the last actually four months, including December. Let's say leaves the market here with some misleading expectations how the world looks like going forward here in Germany and especially in the mortgage business. That's why. Let's start with the market environment. I will try to explain how it looks like right now and what we expect looking forward. First of all, we have a huge demand for housing here in Germany. The need for housing is increasing. We have a net migration to Germany, not just because of the Ukrainian war, as well, because of a very active labor market, which is a need for talent and workers from all over Europe. We have a positive birth rate in Germany, first time for a long period last year. We have an increasing life expectancy. People live longer and they need longer housing, so altogether is driving demand for housing up. Germans have two ways to solve this. They can rent or they can buy. Typically it was a 50/50 market between these two. The renting market, it got heavily regulated over the last years because of sharp rises in rents expected. This regulation should keep rent increase down, but it is well it closes this market, makes it less attractive for investors and for new constructions. Everyone who wants to have an attractive living environment and now needs to buy, he can't rent anymore. This was completely different previously. This is actually another understanding of the German market property market is that you change your home or you buy your home just once in your life. You need a trigger event for this. You do this when you move together or you do this when you get children. It's not relevant what the interest rate says in this moment. Germans are not looking on interest rates. Germans are not optimizing their living situation because of interest rates. They buy because of a trigger event, and then they stay until their death in this home, in this apartment. This is trigger events still popping up in a natural way. The chance to solve it in the renting market is extremely low now. You have to acquire home. What may change in the future because of rising interest rates is what you are able to afford. You may buy an apartment or house, which is just farther away from the city center or your workplace, which is smaller than it would have been two years ago or which is of less quality. It's older than it would have been when you would have bought before the interest rates were up, but you will buy. What it will do to the house prices in Germany? Right now they are still rising. First quarter, we saw again a rise of more than 10% in house prices compared to the last first quarter. For the near-term future, we expect that this will slow down the increase. We don't expect a drop in the house prices because there is just a too high demand and a too low supply side for a drop in house prices. What we will see what changes is that not so many people are competing anymore for a specific apartment in a city center, so less competition there. Still there's more than one family left who wants to buy it. Yes, yeah. We expect actually an increase in transaction numbers, while the prices would hopefully slow down in their speed of increasing. This would give Germans as well a confidence in doing this step, because as well, for the last years, you can say we saw a steady increase in search time until the family decided which property to acquire because they had to get used to this constantly rising prices. Thanks to declining interest rates, it was okay to wait. Now in the first quarter, we see for the first time that it's pretty expensive if you wait, so you need to decide fast. For the future, we expect as well short sales cycles in the market and in combination with increasing sales speed as well as increased number of transactions. This all said, the German mortgage market is not as sensitive to interest rate changes as the American, the U.K., or the Netherlands market is. This is from our perspective, one of the biggest misunderstandings which we see right now when people look on our business. This said, we expect a pretty solid market environment for the rest of the year in the mortgage market. Going forward, how did the different segments perform in this market environment? We start with the core, the credit platform, and here in the center, the Europace, which is its market business, but as well as other product areas like saving products and personal loan business, plus in this segment, the funding platform and REM Capital in their corporate finance business. First mortgage business, EUR 32 billion in transaction volume in the first quarter, up 25% compared to last year, so 10% market share gain again. Our double-digit market share gain continues, if the market grows or declines, we are going up. This is supported by all four segments in the sales side, and it's supported from all product areas. We split this for you here. New constructions, which are a pretty stable supply to the market, just with this 300 plus 300K-plus units, too few to fulfill the 2 million missing ones. Fifty percent of the total volume. Actually, in the future, this will from amount perspective increase, thanks to rising construction costs. Purchase side is 41%, the largest stack. As I said already, Germans buy because of a trigger event. We don't expect here any significant changes in the volume. We have a financing side. Germans have to refinance their mortgages every 10 years. This is a pretty stable number. We refinance right now the 2012, 2013 mortgages. You are able to secure interest rates up to four years in the future. For the last years, the so-called forward mortgages were pretty seldom used because Germans, they're getting used to falling interest rate and expected a low interest rate in the future as well, so didn't secure the interest rates a couple of years in the future. Now, with the change in the direction of the interest rate development and the expectation of increasing interest rates, this went up. In this 23% of follow-up financing is an increasing number. As long as Germans expect increasing interest rate, they will refinance earlier to secure the current level of interest rate. This is not a one-time issue for the first quarter. This will happen in the next quarters as well, as long as we expect rising interest rates. This all said, strong numbers for the first quarter and a pretty solid outlook as well for this product area for the next couple of quarters. When we look on the sales channels, an important development of the first quarter were the market share gains of the brokers. They have the more agile sales force. They adapt faster to this growth which we saw than traditional employed branch network advisors in the banks. Brokers took more market share during the first quarter. You will see this in a moment when we look on the slide figures. As well, the branch-based banking system supplied strong growth to our transaction volume. The largest growth, corporate banking sector, +48%, more than EUR 4 billion in the first quarter, something we reached in 2019 a whole year, for comparison. Our success in the corporate banking sector continues, and we are getting more and more to this point where a substantial amount of the total business is advised. They're using our platform, and the discussions about migrating completely to our platform will heat up. On the savings bank side, +31%, an increase compared to last year's growth figures. When you take into consideration that they were not, let's say they lost some market share, and they're growing, but this is a pretty high speed, where we as a gain attraction here in this segment. Slightly less or significantly less digitalized now or migrated to Europace, and that's why digitalized than the cooperative banks. Especially in tough market conditions, this will come back to us and will help us because the local savings bank and the local cooperative banks are close competitors. Then the one sees how the others perform pretty well using our technology. This creates some high incentive to speed up the migration process as well. Here commercial banks are steadily increasing their volume on Europace, and we are in constant talk with all of them to finally migrate their full sales force and branch networks to us. No big events for the first quarter, but then a nice development on the volume side which runs through Europace. Next product area, personal loans. Even a stronger growth in the first quarter, with our focus on advised personal loans by independent financial advisors, like in the mortgage business or in branch networks. We are not so much linked to the point of sale market. We talk about clients which let's say bought a lot of things on the POS using a loan and need a restructuring and healthy solution for their household debt and income. In this market, this let's say increasing volatility on the income side and as well the willingness on the sales side, we are in the growth market for the next couple of years here. We deliver a pretty solid growth here with a 40%+ for the first quarter. Corporate finance platform with REM Capital as a debt advisor for German Mittelstand. We saw a great second half of the year 2021 after we had to prepare a lot of our clients and projects of them for the new subsidy rule set of KfW starting on first of July last year. In the first quarter, we still profit from this, especially when you compare this with the weak first quarter 2021. This, yes. There are still, let's say a lot of work to be done providing German Mittelstand with the subsidies still decided by the old government last summer. The new government right now did a lot of promises about new programs coming. Still there's nothing relevant out there, with the two major topics, and one of them being climate change and the necessary change of our energy mix as well related to the Russian war in Ukraine. There is a huge need for our government to act and bring the necessary programs on track so that the German Mittelstand is able to the German industry is able to adjust and adapt to the changing environment and fulfill the promises that Germany did as well to the world regarding the energy side and their climate efforts, climate change efforts. Saying this, for the next couple of quarters, we expect less revenue and support from this until these programs are there and can be applied for by our clients. We expect again very strong figures from our corporate finance unit. The funding part platform is in the beta now. We are using this together with our partner, IKB Bank already. We expect the first close transactions in the second quarter of 2022. Next product area is coming and one area of investments that we are doing here right now is slowly getting up to provide as well, let's say, in the first moment revenues. But besides this, and even considering that we do some heavy investments in this area in sales and developing our platforms. We see record numbers on top and bottom line with a nice effect on scalability as well, especially supported by the corporate finance business. Plus 31% in revenue to EUR 60 million for the first quarter, and plus 47% to EUR 50 million in EBIT. This was a very perfect start in the year 2022 with all the uncertainty around us. Next segment and operating in the same market like the Europace system with the mortgage world. The Dr. Klein franchise system is using Europace for the transaction, adding some layers of technology to attract clients and handle advice processes remotely. The 200 franchises of Dr. Klein delivered strong growth in the first quarter of this year. Plus, 34%, taking a lot of market share again. After a strong growth in 2020, where we took a lot of market share, thanks to our technology, the advantage. 2021 was a consolidation to handle all this newly achieved growth. Now we can use this, let's say, new size of operation and the new professionality of operation that we achieved in 2021 to perform again an outstanding growth track and gaining market share heavily here. The +8% advisors for the first quarter shows that we are on track, even scaling farther our sales force. They are right now trained. They didn't participate the additional advisor in the growth track of first quarter. They will support the growth in the third quarter of this year. As long as our franchises keep hiring additional advisors, we expand our advice resources this way and are able to support a stronger growth in the near time future. This is always a promise that the growth on the broker client business will continue in the next quarters. Okay. First quarter was plus 22% on the revenue side. Small outperformance even on the profitability side. We still profit from the regulated pandemic environment where not everything is possible. We save on traveling and on conferences for the franchisees, makes the franchise system more profitable business than it usually long-term was. Let's see what we will see when the whole situation in our society is normalizing, how much will be online, how much will be offline, and how the margins will adjust to this. Let's say this 55% EBIT margin level is pretty high for this kind of a business model. We would expect this on the long run to come down slightly again. Okay, now to our younger segments. First starting with real estate. Some words here to the German market one more time. Real estate and the European system operates in the owner-occupied housing market, which is roughly 50% of the market, something around 21 million units, and which is in our expectation growing. Because especially the smaller landlords here in Germany are under huge pressure from a regulatory side. Rents are more and more regulated. The government is trying to, let's say, arrange the energy changes in a way that rent stays stable and landlords have to pay for the necessary investments. They heavily limit the chance to increase rents here in Germany, even when the demand is extremely high and even when house prices go more and more up. So it would be pretty attractive to sell the apartment. Politicians keep regulating the rental market. From our expectation, this will drive a lot of smaller landlords out of the business. They will not continue to rent their apartment. As soon as a tenant is leaving an apartment, they will going to sell it to families who want to occupy them by themselves because the implied return rate is in the metropolitan areas now somewhere around 1% only. You see that on the capital market, you can get for government bonds higher returns. It gets a pretty let's say a pretty difficult decision to stay in this renting market with all the regulation on one side and the alternative the returns and alternative asset classes. We expect this to shrink. Sector we are in is the institutional housing sector, which providing the social housing here in Germany, roughly 6 million units. They are highly regulated, as well. A little bit more even than the normal landlords because of the fact that they provide to the lower third of the market housing. They are typically municipal-owned or cooperatives. In this case, they operate in a different, let's say, regulatory environment. Let's say with them, under regulatory pressure, rising interest rate, rising costs on maintenance and the new constructions, we expect that they will slow down their supply to the market. They will not sell off. This is not possible. This is not realistic. They will reduce their effort to build new homes as long as the government is not compensating the cost changes that we see right now. It is the second declared main topic for the current government to solve this housing crisis. Ten-digit numbers are needed, double-digit billion EUR amounts necessary, to bring this industry to significantly provide additional social housing. If this comes, then this is a growth market for us. If this doesn't come, it will stay a stable market environment for our mortgage platform for this industry. Okay. Looking first on the different market, on the home ownership market, what we are doing here is using our strong position from the Europace side with roughly 1/3 German home financed via our platform to expand to the property sales side and to the valuation side. Property sales side typically linked as well to real estate agent of banks using our platform. They lost market share in the first quarter. Actually, they may have even lost last year some market share. They are under pressure because consumers tend to look for ways to avoid paying a commission, and which was as well regulated at beginning of last year. Other brokers are more agile in using online marketing and tooling to optimize their sales process to acquire homeowners which are willing to sell. The credit industry is underperforming here, which is no surprise to us. We offer the solution. That's why even when they are declining and when the number of properties sold via our platform is going down, our revenue is increasing because the amount of services and platform segments which are used by the brokers of the banks is increasing. Where we gain market shares, the property valuation side, we are getting closer to 10% market share there. The strong link between the mortgage business and this appraisal business helps us to drive the growth of Value AG here forward. Detailed numbers on the sales side, on the property sales side first. We are growing in number of clients, even when the merging savings banks and cooperative banks are driving the numbers of clients down. We have a net gain of 20 partners in these industries. Still a couple of hundred to go to be fair, but they are tough. The acquisition of especially cooperative banks is slowly increasing in pace here. Volume of transactions supported, we are down to EUR 3.4 billion. I explained this already. Our revenue is up 90% to EUR 5.5 million in this area, thanks to more and more services that we provide and more and more technology and tools that we offer to them, and only partially we are linked already to their success. We would like to be linked more to their success. Let's say there are challenges in this market. Here, not just increasing the way how they use us, but as well increasing their willingness to change to a transaction-based pricing model, because then their costs would go down if they are not performing well. With our tools, they would grow and they would perform well, and then we are together in the same boat with them. As I said already, Value AG is performing well. Number of clients, still a strong double-digit growth. More than 500 partners now in the credit industry is using our valuation services, partially often for the beginning, but the first contact is needed to then step by step take over all the necessary services linked to valuation. The volume that we handled is up in the first quarter by 60%. Our revenue is up 20% to EUR 7 billion, new record. You can see here that the strong link to the mortgage business is helpful to conquer this market here and step by step standardize the processes and bring this all together in a digital flow and make sure that, let's say, a transaction is not leaving our ecosystem anymore. Now we are at this point of the social housing industry. What I said already, German market environment is under pressure, too much regulation, rising costs, rising interest rate. Let's say, we could use the first quarter for a nice growth on actually already high levels from the first quarter of 2021. More than EUR 600 million for social housing we financed, and made out of this a revenue of close to EUR 6 million. The sharp rise in interest rate led to a pretty number of attractive offerings from insurers and pension funds for this industry, which we could match them with the needs of the industry and got a pretty good performance here for the first quarter. All in all, the segment is growing double digits and new record numbers. Actually, it was even positive in the first quarter. This is not something which we expect for this year, to be honest. We see that we still need heavy investments in all platforms that we provide here, and are willing to do this to speed up the growth track for all of them, so that the total numbers gets more important. Let's say for the group, our impact on the whole market gets more important, and especially on the homeowner side, the integration of the whole process of acquiring a new home with all our three platforms is standardized and offers a unique proposition to all participants of this market here in Germany. Last insurance platform, an industry where for a longer time we already invest heavily in platforms to support the different areas of the insurance business. Here we adjusted our focus in the last quarter. Smart InsurTech is now clearly focused on the private insurances. The industrial insurances that we handled as well in the past in this unit are spun off in a separate unit. The pension schemes, which are linked to employers, are run as well in a separate unit, so that each of the three units can very efficiently focus on just their target market. Smart InsurTech in the private insurance area could speed up the migration process compared to the last quarters. We are now at EUR 3.5 billion in migrated volume in the platform from the sales side. Still just a third roughly of the total volume, which is in our in on-premises solutions, or let's say two-thirds are still in on-premises solution. Only one-third is finally migrated. It still takes a pretty long time to do the system because they have to adjust to this new environment. They have to invest in in their IT infrastructure, which they keep on premises or in some individualized solutions on their side. This slows down this migration path, but let's say step by step, we are going forward. Yeah, on the insurer side, we could increase the validation rate from 16% last year to 24% this year. A quarter of this EUR 3.5 billion is now validated, means all data that we have in our platform are linked to the core system of the insurer. These are not, let's say you can trust these data now and based on these trusted data automate processes. While all on-premises solution and all other software solutions out there are using typically outdated data, wrong data, and every automation based on this kind of data is pretty risky for the advisor side and in the end for the consumer. With this, with these validated data, we are unique in this market, and our processes based on validated data adds a lot of value to the sales side of an insurance broker. With an increasing volume here, we as well enable a higher attractiveness of the system in general. Industrial insurance, something we accidentally acquired with the programmatic acquisition strategy that we did. Often the software solutions had some impact there as well. Maybe we are pretty surprised when we analyzed this last year and found out that we have a market share somewhere between 6%-7% in this special insurance world. That these partners are very interested in keeping us as a provider of their software solutions and that they are willing to even go farther with us and find solutions for a joint platform to integrate this market better than it is right now, in this process. We are with the specialized insurance brokers on one side and the industry partners here from the insurance industry side. We are looking for a joint effort in the platform which will change how industrial insurance is done here in Germany based on this technical infrastructure that we provide here already. More about this in the next quarters. We hope to announce here at the start of a new platform within this year. Okay. Last, the area of pension schemes which are linked to the employer and a very special market of insurance here in Germany for a long time already. Where the employer and the HR department as another party is added in a pretty complex, highly regulated, insurance product range. Our acquisition of ePension and integration in our sales activities, we enable here a digital solution, which is the market leader in Germany on this side. Slowly, we are digitizing a pretty stable insurance market. There's not a growth coming from new pension schemes sold a lot, but there's a lot to be digitalized and put on the ePension platform to have efficient processes between the insurer and the HR department and keep the employee, which is the insured person, up to date and informed what's going on, and not do this anymore with offline processes, but in one single digital platform, unite all this information and workflows that are necessary. For the total, the segment was going double digit and new record numbers as well here. The growth was supported partially by an acquisition that we did in the first quarter, but as well the organic of it is double digit finally here. Slowly our heavy investments are living up and we are getting on the right track with this segment. Still we will invest half a million EUR in loss for the first quarter. This will keep on this level. We see that we need to invest to digitalize this whole industry. We are the only one who's in the process of offering a solution for all these different insurance products to the industry, as an independent provider, as an independent infrastructure. We don't see anyone else trying to do this. We invested here a couple of years already and we don't expect anyone to show up in our rearview mirror to try to copy us, yeah. Still a couple of quarters, or maybe even some years to go, but this will be a successful business as it is in our mortgage business with Europace right now. It just took us longer than we would have expected after all the acquisitions we did already. Okay. In total, you know the numbers already. Strong growth. New record high. Especially interesting when you look on the long term. This EUR 136 million for the first quarter was the total revenue of 2015. It's not long ago that we needed a whole year for this amount of revenue. EBITDA of EUR 35 million. This is as well, actually the first time we achieved this in 2015, 2016. This, it's not long ago. We go double digits. We do this now for a very long period and do this heavy investments in our near-term future. Last year, EUR 45 million. This year, maybe EUR 2 million more. We heavily invest in all segments in sales of our platform to support the future transactions, not the current one. We invest heavily in software development in all areas to enable our platforms for additional clients, additional product range, additional processes to increase the revenues out of each transaction that is going through our systems. In general, we are pretty confident with our 2022 forecast after this great first quarter. More than half a billion EUR in revenue and an EBIT margin above 10%. When you see what we delivered in the first quarter, you may ask why we are not increasing our forecast. Let's say this, we have an unstable environment still. There is a war ongoing here in Europe. There's terrible consequences for the people there, but as well there's a lot of uncertainty. Politics has to deliver here something to stabilize this. We will use all opportunities given to us during this time. This may cost some money to use these opportunities. For now, we stick to our guidance here and, let's see what is coming. For now, I would say, opening up the Q&A session and, hope you have some question, about the first quarter or our perspectives on the near-term future. Thank you. We will now begin our question-and-answer session. If you have a question for our speaker, please dial zero-one on your telephone keypad now to enter the queue. Once your name has been announced, you can ask the question. If you find your question is answered before it's your turn to speak, you can dial zero-two to cancel your question. If you're using speaker equipment today, please lift the handset before making your selection. One moment please for the first question. We have received one first question. Please introduce yourself. Your line is now open. Hello, this is Gerhard Orgonas from Berenberg Bank. Can you hear me? Sorry I missed the first 10 minutes. I was wondering, have you talked about April? There's been a sharp increase in interest rates. Is the guidance increase also a reason because of what you see in April? You know, are we falling off a cliff in terms of mortgage transactions or not? Secondly, related to that, what is an interest rate level that would worry you about the market? Is it 3%, 4%, 5% that would kill the mortgage market? Yeah. I didn't talk about April by now, but let's say we are not issuing monthly numbers. What I can tell you, there is no cliff. We don't see any cliff. We didn't see it in April, and we don't expect it for the next month. What we see is that a lot of people are looking for homes, looking for apartments. Especially the apartment market is pretty stable, when you look on the search perspective, because of the decline and efficiency at availability in the renting market. People may need to choose smaller apartments, smaller homes, in the near-term future, but they will have to to buy something because the renting market is closed. This is not linked to any interest rate, whatever it gets. Is there a level that we get worried? Let's say the current level of long-term interest rate for a typical mortgage here in Germany is now around 2%. This is, we are up a full 1% coming from 1%, you can say. The negative interest rate which we saw in Bund were not transferred to the mortgage market. It's the sharp increase in Bund didn't fully come to the mortgage market here. Let's say, okay, let's put it like this. People will have to refinance their mortgages which were closed 10 years ago. This will stay. They will not vanish out of the market. People will need to buy homes. If they have a trigger event, means they want to move together, they want to separate, or they want to have children, or they got children, this will not change. Whatever the interest rate will be. Even when we see 6% interest rate, people will have to buy homes. It's, I don't see any cliff with any interest rate, looking forward. I would say the question is even more on economic side, on the macroeconomic side, which interest rate would affect the European economy so much that we would see a strong recession because of an too high interest rate. From the German mortgage market, the interest rate is not relevant for the demand side. Okay. In your press release, you talk about the particular opportunities that you have from volatility. Is there anything in particular you can point to where the volatility helps you? Now let's say this kind of uncertainty and changes in the market brings a lot of players to adjusting to the situation. So when you look on this changes in the interest rates the sources of funding may change in the near-term future. This creates needs for sales organizations to be able to access these different funding models. Europace is a perfect solution to be flexible on this side. This is a huge chance for us just to support our organic growth. If, let's say, short moments of high and low volume in the market, our structure is more adaptable to this than the typical competitors when you look on Dr. Klein. Dr. Klein could use this first quarter much better than a typical branch network. We talk about this kind of trends which we see in the market, this kind of events. Yeah, even on the M&A side, you could say, turbulent markets may bring certain kind of startups with good teams, but a stretched out funding to the moment to say that they are looking for a new haven. For the right team, we are always a good haven to ramp up our talent pool. There's lots of options coming. Okay. I've got two more short questions, if I may. One of them is on Europace. You're saying that you now have 45% market share with private banks. This was about 30%, I remember, a couple of years ago. Have your banks grown because of Europace, or have you added more banks, any particular? Yeah. I didn't get the segment we talk about. The Europace. The pie chart where you've grown within- Yes. The private banks segment. Yes. What? Yeah. I get. Was the private bank? Okay. No, this is no significant change in general partnerships, let's say. A relative better performance of especially the Deutsche Bank Group and the part of Deutsche Bank Group which uses Europace compared to the ones which not use Europace and the other private banks which have less and less mortgage business. It's not a big event of a migration of a big bank, this we would announce. It's just a different performance of the different channels. Great. Thanks. My last question is on FIO. Can you describe a little bit, what services and what new services you provide so that you can add revenues even though the volume is going down? Yeah. What type of services is that? It all starts with the acquisition of leads of potential sellers of properties. Acquire them online, acquire them in your branch network, acquire them based on information of your current account or the current account of your clients. Yeah. Technology in this area has a huge demand right now. Second is automation of the sales process and increase of the conversion rate of the sales process. Yes, and this means services to provide additional information automatically generate. Let's say, optimize pictures, generate floor plans and things like this. This kind of service world and the conversion rate is things like monitoring how well a certain advertisements of properties perform, automate this process of trying different advertisers for the same property, and see what generates more interest from the buyer side and so on. Perfect. Thank you. As a reminder, if you would like to ask the question, please press zero-one on your telephone keypad. It looks like we haven't received further questions at this point. I will hand back to you, Mr. Slabke. Yeah, thank you. We finish exactly after one hour. Thanks for all your attention and see you here again in three months when we talk about the record first half year of 2022 of Hypoport. We look forward in, let's say sunny second quarter, when I look outside and lots of opportunities out there and an organization which is keen to keep growing. You will see the results in three months. Thank you. Ladies and gentlemen, thank you for your attendance. This call has been concluded. 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