Good morning, welcome to our earnings call for the first quarter 2026. My name is Claudia Nickolaus, and I'm Head of Investor Relations at Medios. As a reminder, this conference will be recorded and all participants will be in a listen only mode. After the presentation, there will be an opportunity to ask questions. If you are logged in via the webcast tool, you can also submit questions at any time using the Q&A icon below the presentation slide at the bottom of the screen. If you have any technical difficulties during the session, please use this Q&A button as well. As always, all relevant documents can be downloaded from our Investor Relations website. Additionally, this presentation can be followed in parallel via the internet link provided for you in the invitation. Today is with me our CEO, Thomas Meier, and our new CFO, Stefan Bauerreis. Thomas will start with an executive summary, followed by Stefan, who will then provide details on the financials of the first quarter 2026 and on the guidance for 2026. Finally, Thomas will comment on Medios focus activities in 2026. After the presentation, we will begin with a Q&A session. I would now like to hand over to Thomas. Thank you, Claudia, and welcome everyone to the first quarter conference call of Medios. Let's start with the first things first, financials. You have seen it, top line growth, albeit at a reduced margin. Margin was impacted by price pressure and increased cost base. In detail, revenue grew by 8.9% to EUR 527.6 million. EBITDA pre decreased to EUR 21.2 million. That's a -7.9%. This is resulting in an EBITDA pre-margin of 4%. We had significant improvements with the operating cash flow to EUR 12.5 million due to successful working capital management and a strong cash conversion. A few details to those results. I mentioned we had price pressures, and the price pressure was especially pronounced in Germany, and that was true for the Wholesale business and personal treatment business of Medios. We will look into those numbers in detail and, overall, we have to say that the legal and long-term compensation discussions and the overall environment for pharmacies in Germany is challenging right now. Of course, we have seen that in our first quarter result. The entry into the medical cannabis market was successful. We had first sales, and we are happy with the uptake in the market of our products, so that's a good one. Overall, we have seen that the market is there. We had healthy growth on the top line. It's my great pleasure, and I know you will enjoy it, Stefan Bauerreis, our new CFO, will be part of this call. He signed on in the first quarter, and he actually started mid-April and had a really good start here, and he fits into the team and we all like to work with him. The next good news is, of course, that we are convinced that we can confirm our guidance, the revenue in the range of EUR 2 billion-EUR 2.12 billion and EBITDA pre-margin of EUR 94 million-EUR 102 million. That's our target, and we believe and our forecast shows that's in the numbers for us to do. With that, on the next slide, we see the comparison of the quarters. Here again, on the left side, you see the healthy growth from EUR 485 million to EUR 528 million in the first quarter, year-over-year, 8.9% more revenue. At the same time, the margin pressure, you compare EUR 23.1 million for Q1 with the EUR 21.2 million for Q1 2026, and you see this as a result of the pricing pressure and the cost base. We will mention here that we had a first term one time EUR 1.4 million EBITDA in 2025 due to the sale of the pharmacies and more details on the EBITDA with a nice bridge will be presented by Stefan just in a minute. As a result, we continue to remain with our guidance, and that means that for the upcoming quarters, we need to significantly improve our profitability, and we have plans there how we're gonna manage this, and we believe it's possible. That's the bottom line. We think it's gonna get better. With that, I pass it on to Stefan. Stefan, have a good start into our presentation here. Please go. Much, Thomas, very well welcome to this call to all the participants. Thomas, thank you for the very well welcome lately to Medios Group. During next couple of minutes, I would like to guide you through in giving an overview about the financial situation. As Thomas already gave us an overview. We made a revenue of EUR 527.6 million, which is a total increase of 8.9% compared to the first quarter of prior year 2025. In that perspective, we can see that revenue increase, it was covered and supported by all operational segments. With those segments, we will go through them individually in the next slides. We also have to say that this goes hand in hand also not with the same development on the gross profit margin. There is due to some price reduction of various products that we see mainly in the two segments, PS and Patient-Specific Therapies. There are some impacts on that, on the material consumption, what we then can see. Also having a look on material consumption, we will come on that later in that presentation. EBITDA pre-margin at 4%. This is below prior year, obviously nothing that we really like. Also that is for a certain part of that increase or influenced by some one-timers that we saw as well in 2026, as well as positive one-timers in 2025. Thomas already mentioned the sale of one pharmacy in Netherlands, which contributed to the last year numbers already with EUR 1.4 million. The earnings per share is adjusted. It's more or less on the level of prior year. I prefer showing more the adjusted one because this is then showed adjusted by all of this specific one-timers. Last year it was 0.46, now we are at 0.44 and hoping and convinced that this will improve also over the couple of the next months. Strong operating cash flow, I think that is the very, very positive message that we were able in both sides, the operating cash flow as well as the free cash flow before any move to improve that significantly. Therefore, we made in the operating activities the cash flow last year first quarter EUR +3.6 million. This year EUR 12.5 million, which is obviously very much always also supported by an effective working capital management. That is also to be focused also in the month and the years to come to remain with the company as a strong cash flow generating entity. When we talk about investing cash flow, it's with EUR -2.1 million. We are more or less consists of the CapEx of EUR 2.6 million, followed by some other small divestment and also interest received, which is then offsetted by that. This shows, let's say, our low CapEx need that we have in our business as a good portion of that is trading goods. Financing cash flow, I think that is almost on the same level than end of 2025, due to the fact that all loan repayments on the one side, then higher RCF taken on the other side, interest payment. This is more or less equaling to zero. You might have then the question what we are doing with the good operating cash flow. I can tell you that is what then add currently our cash position compared to prior year where we added around exactly this EUR 10 million what we now have in addition based on the good operational cash flow generation. Finally, on that slide, the net debt leverage is on a very healthy level with 1.2. Even in those challenging times, we were able to reduce it once again to that level. Now going more in those details by segments, this is just an overview slide showing here the three operational segment, the Pharmaceutical Supply, the Patient-Specific Therapies, and the Business International. All of them, as I already said, are contributing to good sales development. On the EBITDA pre-margin, we were able to increase the total number on the Pharmaceutical Supply on the other side, and then we will come on that in the next couple of minutes. We saw some reduction in the segment of Patient-Specific Therapies as well as on the International Business. That's why I would say we jump directly in the next slides, going exactly through the three of these operational segment and starting with Pharmaceutical Supply, our traded area. Here we had some price effects on various products, which led to slightly lower gross margin. We have to say that. The medical cannabis on the other side started obviously a little bit later than planned, we already see now with this postponement a little bit in the starting point, a quite good starting and a good market penetration, which is on track. This also makes us positive for the future. The same is for the sales of established originator products with an exclusive distribution rights. For example, we have some products here with Novartis, also that is helping us. Going on the PST, so the Patient-Specific Therapies. We see here an increase in the sales from EUR 56 to EUR 60 million, which is at the end also the result of a good volume impact by at least around 4,000, let's say, specific therapies that we made in addition to the first more than compared to the prior year through the first quarter. On the other side, we see a reduction on the EBITDA from, coming from EUR 6.3 million last year now to EUR 5.4 million and a margin of 8.9%, which is obviously not satisfying and activities to be done. To bring you here more transparency on that slide is on this area, because that is obviously something we have to work, and we already started with some cost optimization programs and bringing back this area to the higher profitability that we saw last year. Starting from the EBITDA pre on Q1 2025 with 6.3%, I just want to guide you a little bit through the walk to the 5.4% what we see now in this first quarter. There is a positive volume impact, which is great, of about EUR 0.5 million. This is completely covered or let's say eaten up by this drug price regulation, which has had a negative impact on the margin, where we have to say we're not able yet to compensate that completely with our suppliers and with our own operations. That is a step where we have to go in there. In addition, we see an increase in our personal costs due to higher employees. Part of that can be explained by higher volume. Here efficiency gains to come, and that is what we will work on. The increase of the personal cost is, in brackets, just EUR 0.2 million. This is a salaries adjustment in Germany of around 2% more or less if we take the increase of last year and what is coming this year because that is mainly German-focused business. On the other side, we have to say also some increase in other costs, mainly logistics, but also some maintenance of our laboratory activities were on that level responsible for additional costs, followed by some one-time effects that we had to accept for the first quarter of another EUR 0.2 million. Finally, the growth effect, the growth is in line. That is great. We have and we will focus on cost structure, cost optimization to recover and get back to the profitability that we had historically in that segment of Medios Group. Continuing with the international business, so the revenue is going up, but the EBITDA pre-margin here is if we take the adjustment of the sale of the pharmacy, which is not in, not made in these numbers. These numbers are always including these specifics topics. If we take that out, we would be more or less on the level of prior year profitability. What are said meaning numbers? The Q1 last year was about EUR 40 million, and we were able to increase that to around EUR 43 million in total revenue. I think also here very good year-over-year growth of 8.5%, which is for sure, and you might have the question why it is on the one side is growing compared to Q1, but on the other side, it's lower than Q4. There, obviously there is also seasonality and also some other, one-time issues on, on pricing in there, which has a specific impact on the Q4, which is obviously always for the international business a very strong one. Therefore, we cannot compare here this, like an apple for apple, comparison, but Q1 last year and Q1 this year, a good increase of 8.5%. Don't, when you're just calculating the numbers, increase by 3 from the 40, the year-over-year growth, the 8.5% is the real number, and not a lower number because we are calculating that on the real, total numbers of sales. If you come to other, growth rates, this is then rounding. Going to the EBITDA pre numbers, EBITDA pre goes down by 13.5%. On that perspective, that's also not a good sign that we show here. That is for sure. On the other side, if you deduct the, from the EUR 7.3 million what we saw here, the one-time positive impact of EUR 1.6 million of other operational earnings, which is at the end of the day nothing else than sale of assets. In this case, it was a sale of a pharmacy, which was of an amount of EUR 1.4 million out of that EUR 1.6 million total earnings. The EUR 1.4 million was the specific pharmacy. As this is a one-timer, obviously, and you take that out, then the logic is then we are quite close to what we also can see here in the Q1 of 2026. Also here you will see on the next slide the bridge, explaining where we are and what are the different impacts. Starting once again here with the EUR 7.3 million of last year, Q1, we also saw here or see here a very good volume growth. This story is absolutely valid and in good shape. The organic growth is running with EUR +2.7 million impact. The other side is the EUR 1.6 million. These are this investment, and mainly out of this EUR 1.6 million, the sale of one pharmacy is part of that with EUR 1.4 million. This is obviously an extraordinary effect that is not repetitive and therefore it's, I think, not so critical that this is a one-timer in that way. We have temporarily higher material costs, mainly related to eye syringes. That is on the one side negative. On the other side, also a good story is that we were able to optimize already here our supplies and for the next quarters to come, we'll also see here some improvements. We saw wage increases. In Netherlands, you have to know that there is, let's say, by law or by authorities, we have to accept a certain increase of the wages, which is higher in last year than in, on this year in, than in Germany. It's around the 7%. This is obviously the wage increase. As I already explained, with the Patient-Specific Therapies also here we have some other cost increase, mainly transportation, but also some legal costs. Finally, also here some other expenses which are mainly related to a timing issue within a year for IT maintenance issue and all this kind of stuff. Overall, there is work to do. There is a lot of optimization potential that we in the board already decided to get to make that happen and to optimize our structures in the quarters to come. Finally, just giving you an overview of our financing structure as it is on end of Q1 2026. The syndicated loan, you know that is EUR 225 million, which consists of a term loan of EUR 125 million for five years with an annual redemption of EUR 25 million. The current value as of 31st March was about EUR 94 million. In addition to that, we have a revolving credit facility, a so-called RCF of EUR 100 million, which is currently drawn or was drawn end of March by EUR 65 million on that perspective. The attractive covenant based margin grid continues. We have a net debt as of 31st March this year of EUR 110 million. Also knowing that we have a quite significant positive portion of the cash, and therefore have a reduced level of the net debt ratio. With that, I hand over to Thomas back again and to go continue with the guidance. Thank you very much. Took me a little while. Thank you for your patience. I'm sure you perceived Stefan like I do. He's a detail-oriented. I think it's okay. Many people helped me here to turn on my mic. He's a very detail-oriented, powerful man, and it's great to have him on board. Let's look at the guidance. As you see, we keep the guidance, and we were not surprised by the first quarter. I think that's the reality. Some people said we are sandbagging on the guidance. I think that was not the case. We knew that we have a challenging first quarter in front of us. That's what happened. We can stick with the guidance knowing that for the remainder of the year, we expect EUR 73 million EBITDA pre. That makes, if you do the math, something like EUR 24.1 million every quarter, and that is quite a substantial target for our group. We are confident that we can do it. We have the operational expenses. We look how we're going to reduce those expenses going forward so that we can deliver the profitability that we think the business needs and that is possible in the market. We have a strong market. We can grow the top line. We now need to show that we can also bring in a decent profitability, and that's the target the team has, and we take measures to achieve them. On the next slide, I would like to show you a few of the initiatives that are happening at the same time as we make our numbers. This one is a very dear one where we again want to see how we can create value for the ecosystem we are working in for doctors, pharmacies, Medios, for the entire ecosystem. How can we get the flow of information quick and efficient from the different players and get better planning into our interaction? We do that together with Connected Consumables. That's a GmbH here in Germany, we are see a substantial market opportunity there. We believe around 500 oncology practice in Germany are eligible for this software, we could work better together with them. We're expecting to get some software licensing revenue in. Most important, we believe that we can smoothen out the manufacturing and preparation of around 6,000 preparations per year and make life easier for everyone so that information flows, planning happens early enough. We get a better system from end to end. We will certify this product, this software with the regulatory bodies. We have prototypes already out there. People love the product. We hope that we can have the commercial version released this year. The second piece of example is speaking to a secure supply in times of medical shortages. That's something where we think that we can deliver additional value for the pharmacies and the ecosystem and the patients. This, the paracetamol is one example. Our international business colleagues in the Netherlands took it up. They got it registered, and we are crunching out around 50,000 tablets a month right now and help patients who otherwise would not get the medicine they were on to stay on the same medicine without any interruption and conveniently covering this shortage in the market. That's something where we believe we are strong, and this example is another one of those. Thank you to the international team, and we are looking forward to continue this work to make sure that everybody gets the medicine they would like to get. Another aspect is legislation. What is happening out there in terms of regulations and on the next two slides, I would like to give you our interpretation of how we see that developing. Those are developments. They are not in our control. We try to influence them as good and as ever possible, but ultimately, those are assumptions. The first one is, this famous Hilfstaxe in Germany, that was what gave us the hit, since November. We have it this year, this quarter for the first time in full. Here we're looking what could be coming next. It's important to mention that the German Association of Pharmacists terminated their contractual agreement with the German Health Insurance Association. That happened end of March, and now the negotiations are ongoing. We believe that this formal process will ultimately result in an agreement again. Until the agreement, it was agreed that all the pricing for the work that's done in the laboratory remains the same. We expect an outcome, and we believe that this outcome in 2026 will be about neutral for us. It might be that some of the medications get reimbursed a little less, but maybe you get some more for the work that is done in the laboratory because of this contractual termination. Let's see what's coming out there, but that's how we budget it. That's how we interpret what's happening. The second aspect is the German Pharmacy Reform Plan. There we don't see anything that has a significant impact on our business. That's good news, I would say. There's the stabilization of mandatory health insurance costs. I think everybody, at least in Germany, knows about those 66 individual proposals to cut costs. There's one we believe has an impact on Medios potentially, and that's the cannabis one. There's the reimbursement for extracts is in this proposal, that would help all seriously ill patients to get their medication. At the same time, the flowers are not in there. That is a certain impact we see. We don't know how it will pan out, we are actively looking at the situation as it develops. Number four is the Health Security Act, that's a initiative to make sure that the health system is also working in times of crisis. I think supply chain resilience is something people take much more serious than a couple of years back. We at Medios, we are seeing this early stage of development in the legislative process as an opportunity for us because we are certain that also in times of crisis with our volumes, with our infrastructure, we can help the system to be more resilient. We will watch that, and we will also prepare ourselves to see how can we play there. It's a little too early to say what the specific impact on the business, but it's certainly something to watch. The same category, I would say, is number five, the EU directive that was debated in the European Parliament on the 18th of March. It is expected to be concluded after the summer break, sometime in October, and then we expect those legislation to be integrated in national law in the second half of 2028. You see that's kind of a long-term project. If we go into the specifics, what we see in the proposal that's on the table, that there is the necessary flexibility for Patient-Specific Treatments. That means there are ways that compounding is allowed, and at the same time, the legislative body also tries to counter medical shortages with those initiatives for compounding, but also wants to avoid the creation of loopholes into how medicines get approved. I think that's the area where we are strong, and we believe that overall this is a net positive. We should get more harmonized legislation in Europe. That's our read of the situation. I think that's almost the last slide. It's exactly the same slide like I presented for the full year. I think we want to keep this push for recognizing potentials within the group and then lift them to make ourselves more profitable. We want to also do that in our manufacturing sites on a very structured base with operational excellence initiatives. I visited those sites. I spoke with the people. I think there's a hunger for improvements that come with operational excellence programs. Those programs, they take time. They need education. It is not a one-time overnight success. Give us a little time to see that in making work and have a positive impact. We have seen the acceleration of organic growth. I think we have good organic growth in the business. We have the growth where we would like to have it. The question now is how can we make it profitable? That's in the works. That's very important to all of us. We want to remain diligent and cautious with M&A activities. They need to be value accretive, bold on acquisitions, and that is unchanged. That's my most preferred slide. I hope I can welcome all of you at our second Capital Markets Day for Medios. It will start with a dinner on the 28th of September in Breda, then there's the visit of the Breda site on the 29th. Of course, we have presentations by the entire executive board and let you know how we see the company developing in person. I think it will be a highlight for all of us, and we would highly appreciate if you find the time in your busy agenda to join that. We are 31 minutes, and I think it's time for question and answers, the most interesting part of this presentation. Thank you for your attention. Thank you. Ladies and gentlemen, if you would like to ask a question, please press star nine and the pound key on your telephone keypad. If you would like to cancel your question, please press star three and the pound key. You can also use the dial-in function in the webcast if you would like to ask a question by phone and raise your hand to ask a question. If you would like to ask a question by phone, please press star nine and the pound key. I'll repeat it again. If you would like to ask a question, please press star nine and the pound key on your telephone keypad. We have first question from Sophie Mattfeld from Berenberg. The floor is yours. Hi, everyone. Thank you for taking my questions. On the pricing pressure in the PST segment, because of regulatory action in effect since November, could you give us a little bit more detail on where exactly that is coming from? Is it primarily oncology, or is it other parts of the segment as well? Secondly, you mentioned cost savings partially offsetting those price control headwinds since November. Could you give us more detail on where these savings are coming from? Is it something structural? Should we be looking at more one-time savings in nature? When do you expect them to be fully reflected in margins? Lastly, on the Hilfstaxe negotiations. You cite cytostatics as an example, but could other ingredients in your portfolio be caught by this as well? What share of your German reimbursement volume is actually subject to these negotiations? Thank you. Thank you very much for the question. It's an important question. I understand what's happening with pricing regulation because we, of course, we are impacted in a substantial way. The one that started in November was exactly a Hilfstaxe reduction, as you rightly mentioned, and it's in the similar mechanics like the one I explained on page 18. It's the German Association of Pharmacists and Gesetzliche Krankenversicherung, the GKV, that negotiate pricing on a very regular base. In this case, what happens in November, what's hitting us is indeed a cytostatic, and there we get less reimbursement for the pharmaceutical product we are using. We have to deduct more and pay more for it and earn less money on it. That happened in November. For us, it's always a little bit difficult to see where those are falling. We are not directly part of those negotiations, but we get informed a little later. This is a substantial one. The next one that we believe and see on the horizon is this negotiation about the hourly rates, the reimbursement of the work in the sterile room. We expect that this is the one that we are seeing on the horizon this year. We don't see anything else, otherwise I would have mentioned to you that that's of course the case. The third one is, which part of our business is covered by those price mechanism. It's the PST segment in Germany that's part of those negotiations. Different price mechanisms are at play in the international business that's mainly in the Netherlands and some API business in Belgium and Spain. I mean, those two slides is really what we know. Anything else, I don't know of, otherwise we would have let you know. I hope this answers your question. Perhaps I can add regarding the cost improvements, this is the other part of your question that you had. At the end, it's not that we say, "Oh, we wanna go now for short-term, one-time cost reduction to just improve one quarter, and then we remain on the same level." It's a continuous optimization based on operational excellence in all different levels, which includes explicitly everything in all areas from admin to the laboratories to everything what we have there to continuously optimize our structure. That is what we already have some good ideas how to handle that. On the other side, there is, as Thomas said, nothing that you can solve within one day. That needs some time. There will be gradually some lower-hanging fruits that we will see there in a shorter period of time. Others will take a little bit longer. At the end, we will see quarter by quarter a certain improvement out of those topics, but obviously also will be back and loaded for the year 2026. Okay. I think we can go to the next question. Thank you. The next question comes from Tim Kruse. The floor is yours. Yes, thanks for taking my question. Most of the questions have already been answered, but maybe one follow-up on the current regulatory environment. The slide you showed, if I take away correctly, you currently see no net negative effect from further ongoing discussions at the moment, is what you're seeing. The second question would be on the divestment of the pharmacies in the Netherlands, if you maybe could get an update on that. Thanks. Thank you very much for your question, that's pretty much how we see it on the regulation front. We don't see substantial negative influence coming in addition to what we have to absorb since November 2025. At the same time, we are always aware that the tendency is that the compensation is getting a little less, that's why it's so important that we are very prudent with our cost management and really find ways to improve how we interact, how we bring value to the ecosystem, like with the connected consumption initiative for a good software tool for oncologists. That's how we deal with this situation. The second question was, what's about the pharmacies in the Netherlands? The pharmacies in the Netherlands, as we mentioned previously, are subscale in our opinion. We are looking at how we are going to position that in the market and how we want to act there. It's nothing we can communicate today, but it's certainly an area where we are active and where we spend some time on. As soon as something is happening, we of course will inform you. Thank you. At the moment, there are no further question by telephone, but I see something in the chat. Ms. Nickolaus, over to you. Yes. Thank you. Thank you. The question is coming from Yannick Ziering. I mean, there are several question. I would start with the first one. The first quarter EBITDA pre-margin came in at 4.0%, while the full year 2026 guidance midpoint implies approximately 4.8%. To deliver this, the remaining nine months need to average roughly 5.1%. Could you walk us through the phasing? Specifically, when do you expect the operational excellence measures to translate into the EBITDA line, and how much improvement do you anticipate in the second quarter versus second half? I would propose to start with the first question, then I come to the next one, because otherwise it will be difficult. I think this is a question for you, Stefan. I can start with no question. First of all, numbers are correct. It's we starting with 4.0%, wanna go to the 4.8%, how we are doing that. On the one side, I mentioned there are some one-timers in the first quarter 2026, unfortunately, always negative one, which is reducing our margin in the first quarter. On the other side, the good thing on a one-timer is that this is solved. We have there very good options already with those one-timers not coming up again. This is obviously one of those, let's call it low-hanging fruits, which will then should improve also Q2 in that year. All the rest, to be honest, when we're talking about these real operational excellence topics, and also some price negotiations, the biggest portion of that will be back-end loaded in, will come second half or even in the fourth quarter. We strongly believe that with all the measures and with a good disciplining cost, we will be able to make the 4.8% EBITDA pre-margin. Once again, it will be back-end loaded for the second half of the year, major operational excellence improvements. Thank you, Stefan. I will come now to the second question of Yannick. The PST EBITDA pre-bridge shows a positive volume contribution of around EUR 0.5 million, offset by a roughly EUR 0.5 million price impact plus several smaller cost items. When do you expect the cost cut measures to fully offset the price adjustments? What level of PST margin do you target for full year 2026, given the full year 2025 10% baseline? Stefan. Here we are. First of all, I know that this is a very interesting question for all of you, wanting to know exactly what are the targets for the individual segments. On the other side, the guidance that we are providing to the public is always related to the full group. Therefore, for sure, we are orienting also us on the earnings we already were able to achieve in the last year. Therefore, that is, that is, I would say more than orientation we wanna get there. On the other side, I please also understand us that we are not showing here and giving here clear guidance for the different segments. As we said, yes, if you have a look at the bridge, and I'm very happy that you checked that, is the price reduction came in late in the year in 2025, so it was in November, if I remember correctly. For sure, it always takes a little bit time to compensate all those price reduction. That is not doable within a month or within a quarter, sorry. Within a year, it should be doable, but not within a month or within a quarter. All the other topics that we, that we saw, they're also in that segment, some one-timers. There are also some maintenance topics which, the maintenance hopefully are only, also a little bit, seasonality that we can switch, and the one-timers, they will not come again. For the year, we wanna have it compensated. Thank you. I don't see any more questions. Ms. Schmecker, you? No? In that case, we would end the call. Thank you very much for joining us for this conference call, and we look forward to speaking to you at upcoming investor conferences, or we'll hear each other on the first half year results on August 12th. Thank you very much, and goodbye. Goodbye.