Please note this call is being recorded. Today, I'm pleased to present Mathieu Floreani, CEO of SYNLAB Group. Please begin your meeting. Thank you. Good morning, good afternoon, ladies and gentlemen, and welcome to our Q1 2024 presentation call. So as usual, I will begin with the highlights of this quarter, then Sami will provide you with a deeper dive into the financials, and then I will conclude with the key aspects of our business segments and the outlook for the year. And after our presentation, we will open the floor for your questions. Now, just in summary, we had a very strong first quarter in direct continuation of the steady progress we observed in the past few quarters. This is a translation into performance metrics of the execution of our right strategic priorities. A strong underlying organic growth, together with continuous productivity, delivery, and cash flow generation, accelerated by our portfolio management focus and identification of our operations. Now, let's start with our highlights of the quarter on Slide 5. Q1 reflects strong financial performance of the group. This is in line with our 2024 guidance, and still in a moving and changing context for our industry. Our first quarter performance was supported by a solid organic growth at 5.2% adjusted from working day effect, which together with our efforts on productivity management, led the EBITDA margin to improve to 18% in the high range of our guidance. Unlevered free cash flow at EUR 45 million is very strong for a quarter, which is historically not a key one for SYNLAB in terms of cash generation. Our main cash maximization work streams have already started to pay off, and we are pleased with this good progress. Our portfolio management strategy, launched and executed already last year, is actively ongoing this quarter with a clear goal to improve performance overall. As a reminder, but I'm sure you all have it in mind now, the portfolio management consists in reviewing our portfolio of activity, also within each country, terminating, for example, unfavorable customer relationships. Now let's go to Slide 6, which is the key highlights implementation of our strategy. So with the four usual quadrants, I've mentioned strong organic growth this quarter, again, driven by overachieving our For You initiatives and good supportive volume development. Our focus on the customer experience in retail keeps on paying off with an NPS at 88%. SALIX, our efficiency program, well started the year with EUR 8 million savings delivery, supported by deep improvements in many operational fields, whether in logistics, lean methodology, procurement, or high-tech or IT harmonization. Also, to highlight that our new London-based Synnovis hub is operating since early April. We have completed one bolt-on acquisition in Czech Republic this quarter, as the current main focus for the SYNLAB strategic team is on the elaboration of our strategy 2.0 roadmap, which will be completed and presented in Q4 2024. And on the medical side, we can report the launch of our new myEDIT-B test in France, a promising test which aims at detecting people with bipolar disorders. So let me now hand over to Sami to cover the financials of the presentation today. Thank you, Mathieu. Good afternoon, everyone. I'm very pleased to walk you through the Q1 2024 financial performance of the SYNLAB Group. Let's start with the revenue. On page eight, Q1 2024 reported revenue stands at EUR 682 million, down 3% compared to Q1 2023. The Q1 2024 pro forma revenue stands also at EUR 682 million, up 1% compared to Q1 2023 pro forma. The reduced activity in Q1 2023 pro forma is explained by the 2023 disposals. The group is growing again, and the negative impact of COVID-19 rundown is fully compensated by the organic growth. Four usual drivers to explain the 1% year-over-year growth. As mentioned, the EUR 22 million of revenue reduction from COVID-19 testing and the Q1 2024 COVID-19 organic revenue stands at EUR 3 million. Rounded, we have EUR 1 million per, per month. EUR 26 million of underlying or, or organic growth, 3.9% organic growth, excluding COVID. Prices, price is up 0.7%, reflecting the positive effect of price increases in many countries of North and East and South segments, but also in Germany, and excluding France, prices are up 2.4%. The volume, volume is up 3.2% only, impacted by the unfavorable working day effect, Easter break in March 2024 versus April 2023. The volume is up 4.4%, and the underlying organic growth is up 5.2%, excluding working days effect. Overall, FX effects impacting Q1, EUR 1 million revenue, primarily from the GBP and the Colombian peso currencies. We have, rounded to zero contribution from 2024 M&A. We had one small bolt-on acquisition in the Czech Republic. Let's move to next page, the EBITDA performance. The Q1 2024 reported adjusted EBITDA stands at EUR 123 million, versus EUR 119 million in Q1 2023. It's up EUR 4 million for the first time since 2 years. The EBITDA growth is primarily driven organically. EUR 5 million organic EBITDA growth, EUR 5 million price increase, rounded EUR 9 million inflation, 1.7% inflation overall. We have a 1% deflation on OpEx, lower energy prices, and we have inflation on OpEx at 3.6%. We have, again, limited inflation on MatEx, 1.5%. Our reagent costs are, for the most part, fixed with multi-year contracts. An overall reduction of inflation in total, as expected, it was 3.8% in Q1 2023. It's nearly half, there is a drop of half, 50%. SALIX performance is strong at EUR 8 million. SALIX, again, is our initiative-driven program to improve our productivity. The Q1 EBITDA margin of the group stands at 18%, at the high point of the 17%-18% full year guidance. We had a strong start of the year. Next page, the P&L overall, with the bridge from EBITDA to net profit and from reported to adjusted financials. EBITDA first, we have a nominal adjustment of EUR 0.2 million, acquisition-related costs only. The adjusted operating profit is at EUR 64.8 million. The adjusted operating profit exclude EUR 10.7 million of customer lease amortization. The net finance cost reduction reflects higher interest costs, offset by gains from financial instrument revaluation. Income tax is lower than last year. Normalized adjusted effective tax rate is down at 27%, in line with the normalized tax rate regularly communicated. The Q1 2024 adjusted net profit stands at EUR 33 million, adjusted EPS is EUR 0.15 a share. Moving to cash flow, the Q1 2024, as mentioned by Mathieu, the unlevered free cash flow stands at EUR 45 million. A strong performance with a 37% cash conversion, despite a high DSO on receivables, impacting the working capital performance. DSO is at 64 days, up 1 day compared to Q1 2023. The normalization of the working capital is progressing post-COVID-19, even though it's not yet fully completed. The net CapEx, including leases, is reducing by EUR 4 million, year-over-year, despite EUR 7 million leases increases, mainly due to inflation on rent. The net CapEx, including leases, represent 9.4% of revenue. We have launched an initiative across the group to increase the focus on cash in 2024, including lean project to streamline processes, but also to mobilize the team on the cash maximization. Benefits are already visible. We also have a strong month of April. Net interest is lower in Q1 2024 compared to Q1 2023, despite mostly lower debt and despite increase of interest. The average cost of borrowing is at 4% at the end of Q1. Balance sheet. The balance sheet of the group on page 12. At the end of March, we have limited changes compared to December. The group has a strong balance sheet with rounded EUR 260 million cash on hand and EUR 500 million of undrawn RCF. The net debt of the group has reduced by EUR 55 million. The Term Loan A debt was canceled in April 2024 and fully reimbursed following the implementation of a new loan of EUR 435 million with a related party, Ephios Subco 3 S.à r.l. Next page, the debt, the net debt view. The adjusted net debt is at EUR 1,249 million. At the end of March, it reduces by EUR 54 million from strong unlevered free cash flow, lease reduction and limited M&A. The covenant EBITDA stands at EUR 454 million, and the covenant leverage ratio, debt to EBITDA, per our banking documentation, stands at 2.75x, down 15 basis points compared to year-end 2023. This concludes the financial section of the presentation, and I will now hand it back to Mathieu for the business review. Thank you, Sami. So indeed, let's now dive into our main geographies, and we start with the overview of our business in France, which is 20% of the group revenue. So we reach in France EUR 135.2 million for the first quarter, and an AOP of EUR 14.2 million. AOP margin came in at 10.5%. Despite a strong volume increase of close to 4%, we have not offset the price decrease, which became effective mid-January this year. We are conducting an important operational efficiency plan in France, which will result in the use of a unique laboratory information system, enhancing gains of time across the country. We go to slide 16, Germany, 21% of the group revenue. So strong quarter for our operations in Germany, with significant improvements of all metrics, supported by solid volume growth and gain of market share. Revenues stand at EUR 141.7 million, and AOP and AOP margin both turned positive versus last year, first quarter, respectively, at EUR 4.2 million and 3%. Our portfolio review to improve performance throughout the business is actively ongoing, and some actions are in progress, and some are already paying off. The regulatory environment will remain stable in 2024, and an EBM reform has been announced for 2025. There will be more to come on this in the future. On slide 17, South, which is 29% of the group revenue. So in our South segment, quarterly revenues were at EUR 198.5 million. AOP at EUR 21.4 million, resulting in an AOP margin of 10.8%. So the AOP margin improved, supported by solid price increases across countries, even though the revenue is penalized with one-off in Italy. Also, in Italy, we have been under a cyberattack in April, and as we speak, we can confirm operations are very close to being back to normal. We're in a post-mortem analysis to deploy all necessary additional security measures to counter such attacks in the future. On slide 18, North and East, which is 30% of our revenue. Again, a solid quarter for our activities in North and East, with quarterly revenues at EUR 207 million, supported by strong volume and price increases across the whole region. The AOP came in at EUR 25 million with a margin of 12.1%. Profitability keeps on increasing, driven by positive price above the inflation and operating efficiency measures. As mentioned earlier, our new state-of-the-art hub in the UK is now operational, and we will continue the ramp up this year until end of the year. Slide 19, the outlook. So I will conclude the presentation of today with this 2024 outlook. Sorry, we should slide 9 and 20. So we have had a vigorous first quarter, confirming the strategic and operational orientations we have prioritized. And based on this, we are affirming the previously given 2024 guidance. Revenues are approximately at EUR 2.7 billion, and EBITDA margin ranging from 17%-18%. Before we start the Q&A, one word on our recent shareholding structure change, to let you know that our longtime partner, shareholder, Cinven, has completed its shares purchase on April eighteenth, 2024, and now holds approximately 85% of the SYNLAB capital. The rest of the capital remains on the stock exchange. We are very pleased to keep on partnering with our reference shareholder, Cinven, to keep on growing SYNLAB in the coming years. And with this, I would like to hand back to the operator to open the line for Q&A. Thank you. If you do wish to ask an audio question, please press star one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing star two to cancel. Once again, please press star one to register for a question. There will be a pause while questions are being registered. The first question comes from the line of Prabhjot Palmer from Anchorage Capital. Please go ahead. Hi, thank you very much for your presentation. Just a quick question on the French business. It looks like in 2022 and 2023, and so far in 2024, you've almost grown below market and certainly below some of the results that some of your peers are posting. Would it be fair to say that you're losing share in France, or is there another explanation behind this? Thank you. Yes, Prabhjot, thank you for your question. You know, you have to be very careful with overall country numbers, because the dynamics for each region in France are very different. It's, we're tracking this by region, and we can confidently say that we are not losing market share. I would say, to the contrary, in some regions, gaining market share. So that's the situation for the different regions in the country. Thank you. The next question comes from the line of Laura Homsy from MFS. Please go ahead. Hi, thanks for taking my question. In your press release, you mentioned that you received a loan from sort of Ephios Subco, the new holdco company from Cinven that owns the 85% of the share capital, I believe, for EUR 535, and that you repaid the term loan A facility. Is that the TLB4 that was previously mentioned? I believe the outstanding amount was EUR 385. So what were the remaining proceeds used for? Yeah, the Term Loan B for EUR 385 million at BondCo level is still in place and remain in place. Okay. So, this was always so there's no plan to repay that for now? Because I believe, originally you mentioned, or it was mentioned at the time of the bond roadshow, that if only 85% share capital will be owned, that you would repay the EUR 385 TLB4. Yeah, we're still, I mean, this is at the end of the process, I would say. I mean, there is the final view of the endpoint of this transaction is still not completed, I would say. The timing of its implementation is unclear, and it's intended to respond. But today, if we will remain in this situation, at one point, we'll have to refinance the EUR 385, because it has until 2027, and we may refinance it earlier. But for the time being, we still have the EUR 385 on our balance sheet. Oh, okay. So this was a different term on A facility. Understood. Thank you. Yeah. The next question comes from the line of Keval Dattani from Permira Credit. Please, go ahead. Hey, Matthias and Sami, thanks for hosting the call. Few from me, just quickly on the kind of French CMA investigation. Is there anything that you can share in terms of current developments or updates or, you know, specifically what that investigation is about? No, I think we are very early in the process, and at this point, we don't comment. Can you confirm if it's kind of related to activities that were pre-pandemic? I guess I've seen numerous rumors, but not heard anything confirmed. Yes, I can confirm. Okay, understood. And then just kind of switching to the cyberattack in Italy. So you guys kind of said the operations are largely back to normal now. Is there any kind of estimate for the revenue impact that the cyberattack had? And I guess, was there, you know, any cash out to get systems back online? Today, it's very difficult because this is a very recent activity here since 18 April. There has been stoppage of the activity for a number of days, so there is certainly during those days a loss of revenue, no doubt. But at the end of the day, when we look at it, there have still been some medical centers operating manually, some X-rays being performed that doesn't require any system, IT system. And so all this has been done, and the billing is restarting now. On the other side, there is also a number of centers in Italy that are regulated with a yearly budget. That means that if there is lack of activity during 15 days, it doesn't mean that they will miss their full year targets in terms of full year budget. Not internal, the budget vis-a-vis the regulator, the NHS. And usually, we see variation of activity between sites, but at the end, the most important thing is to hit the full year number. So all in all, there will probably be a small impact on the financials in Italy, but it will not be material. That's our current assessment. Got you. And just to check on the cash out, no kind of cash out? The cash out, I mean, the good news is that at the end of March-April, we have been able to, from the center here, even connect to all the banks in Italy, and they are running on their budget. So that means that there has been no impact in April from this attack. Understood. And, and the last one is kind of just on the shareholding structure, maybe to follow on from the question before. When, when I guess the, the kind of term loan and Cinven take private transaction happened, it was suggested that, you know, the TLB would be repaid, I guess, if, if we were in this kind of high 80s% ownership structure. So what are the kind of next steps in terms of ownership from Cinven to, to either maybe squeeze out the remaining 14%, if that's at all possible, or, or to deal with the, the kind of term loan? Today, it's similarly to the prior question, the exact timing is not known by the management, so we cannot comment on this. It's Cinven to comment. That's the current view. So in the meantime, the EUR 385 million will remain in place. Got it. Thank you. But in the scenario where it will, it will remain definitely at 85%, at one point, we should probably refinance the 3.85. And if we squeeze out completely, we will maintain this 3.85 until its end date. Okay, thank you. Once again, please press star one to register for a question. The next question comes from the line of Jean-Yves Guibert from BlueBay Asset Management. Please go ahead. Yeah, hi, good afternoon. A couple of questions. First, following up on the default. So you raised- EUR 1.4 billion, EUR 1.45 billion from the market, so you have excess cash currently on the balance sheet. When you, Sami, when you mention at some point we will have to refi the before should there be no squeeze out of minorities. I don't understand the concept of refinancing, should be re-repaid, but refinance from the excess cash on balance sheet, if the excess cash is not used to buy out minorities. If you can confirm, and if you can't confirm, would it be possible to have Sylvain on the call? This is a SYNLAB AG call. We are still a listed company, and when you say we have drawn more than EUR 1.45 billion debt, it's not at SYNLAB AG. It's at Ephios Subco 3 S.à r.l., which is outside the SYNLAB AG group. So this is where the confusion come from. Today, we have a call for the listed company, SYNLAB AG, and Sylvain cannot join this call. Now, the Term Loan B has a maturity, and my understanding, but I don't have confirmation, is that the cash that has been drawn is still on the balance sheet of Ephios Subco 3 S.à r.l. for the time being. The purpose of this is either to complete the 15% or purchase of the shares, or at one point in the future, to reimburse the EUR 385 once. But this is still in progress. There is no finite date again. Okay, fair enough. And then, focused on France, two questions, if I may. I understand the concept that, per region, the DMX might be different. You reported close to 4% volume growth in France, maybe taking into account working days, you might be slightly higher. But still, when you compare that with the third player in France, which year to date, at least, as of February, has reported more than 7% volume growth, on your current perimeter, you're not growing as fast as player, which is larger than you. So, yeah, coming back to the initial question about your overall, I would say, market share on your current footprint, whether you are slightly declining or not, in that respect. And, on the price decrease, obviously, Q1, you have the double effect of the EBM index decrease from the fifteenth of January this year. I think it's 3.8%, plus last year's cut, which happened from the first of January. From Q2 onwards, so obviously, the price decrease should ease. Could you confirm whether the EBM index, the decrease is only for the first six months, or do you have any visibility what will happen for the second half in that respect? Okay. So just on the first point, Yeah I'm not aware of any competitor that would have published any number for Q1. And I stand by what I was mentioning earlier. If you look at it by region, we're not losing market share. We are growing at or above market, which is what we have been doing for the last many years. Usually, we're about 1%-2% above market in our growth. And now, on the price cut, you want to answer, Sami? No, no, no, no information on this. The price cut was set yearly, January, on the fifteenth of January, with one cent lower on the B value. And this was planned for the year. We don't have any information that says that there will be price changes, more price changing this year. Okay. I thought it was only for the first six months. Okay. No. Beautiful. Okay. On the topic of price changes during the year, it's not a specific question on France, but we didn't mention it for Italy. There was, in our prior call, a lot of discussion on the price changes in Italy that was disclosed by our competitors. And at the end of the day, there is no price change for the full year, as we mentioned in prior calls in 2024. So we have to be careful on that. And actually, a quick follow-up on France. On the reported stability measurements, your margin dropped 2.5% year-on-year in France. Is that entirely due to the price decrease, or are there been any delayed in terms of potential cost efficiency measure in France? No, I think the price last year at 13% was strengthened by the still strong COVID in Q1 2023, and this was helping last year margin. While here this year, you don't have the margin, but you have the price reduction that has a key impact. Okay, fair enough. Okay, thank you. Thank you. Once again, if you wish to ask an audio question, please press star one on your telephone keypad. The next question comes from the line of Bruno Raguet from Montpensier Finance. Please go ahead. Yes, yes, hello. I've got a couple of questions, notably with regard to the free float. Do you have any information as to the largest investors on the free float currently? Today, we have the around 5% from Elliott Management, which has been disclosed to the market, because it's above 5%. Yes. But below that, there is no information publicly available. And does that mean that you have not run any investigation to collect more information on- It's not public, not public information. We'll not disclose non-public information. Okay. I've got a second question with regard to the next dividend. Do you have any information as to what dividend will be proposed at the forthcoming AGM? This has been already published, I think, and there will be no dividend proposed for the upcoming AGM on the seventeenth of May. Okay. My last question regards the shares owned by the management team. Is this correct, or am I wrong to, Is it, is it correct that you and your colleagues in management team have sold the entirety of your shares lately? Yes. This was part of the investment agreement that was signed in October as part of the Cinven offer, and which has been unwound on the eighteenth of April. So meaning that currently, you do not own a one single share anymore, is that correct? In the free float, yes. We don't have, today, any shares in the free float. Okay. Thank you very much. That's all for me. The next question comes from the line of John- Henrik Stiebel from Oddo BHF. Please, go ahead. Hey, thank you for taking my question. I've got one regarding the Term Loan A, which was canceled and entered into again with the Ephios Subco 3. What are the terms of the loan, and where is this loan on your balance sheet? The loan is at SYNLAB AG level, and, the term of the loan are, market practice, which is, I'm not sure whether I have the-- I need to check whether I have the right to communicate this information, how it has been made as confidential, so I cannot. I'm looking for confirmation. Okay. I think it's confidential, so I will not be able to give it to you. But it's in market, Okay. Thank you. Once again, it's star one on your telephone keypad if you wish to ask a question. The next question comes from line of Olha Svyatun from Bain Capital. Please, go ahead. Thank you. Just to confirm that I didn't miss it, what is the revenue and EBITDA contribution of Italy in 2023? We don't usually communicate numbers at country level, because these are competitive, sensitive information. So Okay. Is it fair to assume that it's above 10%, or? Is that, Italy is our number three country in terms of revenue. That's probably one information that we can communicate, so. Oh, okay. Thank you. And then can you give us an update on the French competition investigation? As I mentioned earlier, I think that was the first question or the second. We are in a process, so where we don't communicate at this point, and this is a long process. Okay, thank you. That's it on my side. Thank you. We have a follow-up question from the line of Bruno Raguet from Montpensier Finance. Please, go ahead. Yes, please. You mentioned during the call that you've set up a sort of task force internally in order to optimize your CapEx for this year. Can you elaborate a little more on that? Is that likely to start generating a material decrease this year, or is that more an effort to start paying off in 2024? No, no, no, you're, you're right, but it's not limited to CapEx, it's a whole initiative on cash maximization for the year. So we are mobilizing the team. Usually, people focus on revenue and EBITDA, and here we really are mobilizing the team on the cash to maximize the cash for this year, and get the whole tailwind on the working capital resolved. So we expect to see benefit this year, yes. I mean. Okay. With regard to the working capital level, the DSO that you just announced, that 64 days, is that likely to improve during the rest of the year, or? Yes. Yes, yes, yes, it will improve. And this, George, I can only reconfirm, I mean, the cash generation models that we have and 64, it's still impacted by a lot of COVID-related receivable in some of the Latin countries, but it's public debt usually, and so there is limited risk, but it takes time to get it paid. And our objective is to reduce the DSO of the group in the future below 50 days, and this is an ambition that is not achievable because in many of our country today, we are already below 30 days. Okay, so with regard to the DSO per se, is that likely to reduce, should say, to around 60 days this year, or? No, not this year. I didn't communicate the target for this year, but it will definitely reduce from the 60, the level at the end of Q1. Okay. Thank you very much. The next question comes from the line of Mehmet Dere from Deutsche Bank. Please go ahead. Hello, Mehmet, your line is open. The question seems to have been withdrawn. Once again, ladies and gentlemen, if you wish to ask a question, please press star one on your telephone keypad. There's a question from the line of Mehmet Dere from Deutsche Bank. Please go ahead. Hey, guys. Sorry, my line was on mute. Just two very simple questions. First of all, on the M&A, in terms of EUR 50 million-EUR 100 million, can you give us a color about what kind of multiples you are looking for? And also about the geographies where you're trying to expand to. Yeah. So, so basically, we, we have said that, our priority, is around densification, of our operations, which has the different, ways to, to get there. And of course, a bolt-on M&A, is one. So, that, that is, the answer on, on the, the geographies. And, the, the multiples, of course, there, there is no, one, general rule, but, we, we would probably, on, on average, we can say it's at least 2 turns, below, prior, prior metrics. So that's, probably in the range of, 6-7x ish EBITDA. It will be lower- Okay. than what it used to be in the past. And this is probably the items, because we need to ensure that the seller understands the new norm in terms of leverage multiples. So that's probably the one item that could make a variation on the amount of acquisition we do this year. Because we will not- Got it. Achieve the acquisition we're targeting if they are not at the right price. We will be very selective on the level of price we pay. The market is there to be consolidated, so that situation doesn't change. So patience and selectivity are the key words here. Got it. I don't know if you have mentioned that before. Can you give us a sense about the CapEx guidance you have? And maybe more generally, since you're giving a margin guidance, but not a levered free cash flow guidance, can you give us maybe some color there as well? Yeah. I mean, on the CapEx, we know we are a high level CapEx, but it's explained by the number of key projects that are ongoing, whether the France LIS, IT implementation in France, the UK, SEL. These are key projects here for the long term, so and they have a short-term impact on our CapEx. Now, on the unlevered free cash flow, we have never communicated a target, but we, for specific year, 'cause there is always timing on cash, but overall, the cash conversions to EBITDA of the unlevered free cash flow on the long term should be around 40%-45%. And here we are at 37%, and we were much lower last year because we had a relatively low and level free cash flow last year. So, but 2024 will be a strong year again, that's the key message. So are you guys going to hit the 40-45% this year, or is that more a long-term, i.e., next year or the year after? It's – I would hold the answer. I mean, we will focus the effort not on guessing what we'll achieve, but maximizing the cash for 2024. I have a lot of projects ongoing with this initiatives that we have across the countries. I have more than, I think, 60 projects, so a lot of work, and we will hopefully surprise, but for the time being, we don't communicate. Okay, thank you very much. The next question comes from the line of Kiara Razno. Please go ahead. Hi. Good afternoon. Thanks a lot for the presentation. Just one question on the cyberattack in Italy. I just wanted to understand, how was that possible, and have you taken any mitigants to make sure that it's not happening again in Italy or in any other country? Thanks. Yes. Sure. I mean, we are still at this point. Our focus is really to restore fully operations. And so we are in parallel launching the forensics to understand all the details. So I will hold my answer on your first question at this point. But we constantly improve our security measures, and these measures and processes also to respond are absolutely key to mitigate the first attacks, but then also their impact. So our processes to mitigate the attack in Italy have reduced the impact on patient and healthcare systems, so they have operated after the happening of the attack properly. And then we are investigating, as I mentioned, also with the relevant authorities, to understand in details the incident. And we'll continue to learn the lessons and to make it ever better, as we have embarked many years ago on this journey. But as you know, it's a very complex undertaking to be, I say, very safe. It's very complicated. If they manage to crack the Pentagon, you can imagine that private companies or public companies have a big task to do to resist any of these attacks, right? Okay, thank you. There are currently no further questions. At this point, I hand the conference back to you speakers. All right. Well, thank you very much for your attention and your questions. The calendar on our side, as a reminder, we have our AGM the seventeenth of May, next Friday, or Friday next week, rather. And then we will publish Q2 and H1 results the ninth of August, and Q3 the seventh of November. So with that, I wish you a good rest of the day, and talk to you next time. Thank you. This now concludes our presentation. Thank you all for attending. You may now disconnect.