Hello everyone and a warm welcome again to the Poland conference on air to those who attended further calls. I'm delighted to welcome FamiCord AG and the CEO, Jakub Baran. He will be the last presentation, but not the least. We are happy to see what FamiCord is doing. You will guide us through some insights and the presentation, Jakub. The stage is yours. Thank you. Thank you very much. Welcome everybody. This time from our Warsaw office. I share my time between Leipzig and Warsaw. I will tell you, walk you through a presentation of our company named FamiCord, which we believe is just something more than a stem cell bank. First of all, why we are here at Poland on air. A few years ago, a Polish company called Polski Bank Komórek Macierzystych did a cross-border merger with a German-listed company called Vita 34 AG. Vita, at the time, was listed at Deutsche Börse and we are listed at the Warsaw Stock Exchange. At the time, Vita simply purchased PBKM, paying in shares and partially in cash. In fact, that transaction was a reversal takeover as PBKM was a much larger company at the time and was by far the largest stem cell bank in Europe. After that merger, which is pretty rare and we think is rather even unique operations between mid-cap companies between Polish and German stock exchanges, PBKM was delisted from Warsaw Stock Exchange and now we are listed only at Deutsche Börse. This year we decided to change the name of Vita 34 AG into FamiCord AG as FamiCord is a much better established name or brand name in Europe, operating in several countries via more than 30 companies. What we are actually doing? We are a stem cell bank, but we believe we are just more than a stem cell bank. We are providing the access to the therapy by collecting various cells and tissues after the baby is delivered. We are testing those cells, processing them, and freezing for future use, either for the child from whom we collected the cells or for the family members. We simply believe it's a matter of time that kind of activity will become an integrated part of modern medicine. It fits very well to a recently very popular longevity topic. How our service looks like. We are trying to address pregnant women or pregnant couples, to parents-to-be via providing information, necessary information through social media, medical doctors, hospitals, pregnancy schools, baby fairs, printed materials, all possible channels which allow to pass the message about the possibility of banking stem cells. These families are signing the agreement with one of our companies across Europe. After the baby is delivered, so the baby is already safe, we collect cord blood, placenta, placental blood, cord tissue, and amnion, for example. We can collect various types of cells after the child is born. These collected materials are transported to our laboratories across Europe. They are processed, as I mentioned before, tested, and stored in vapors of liquid nitrogen. It could be kept forever. We release them in case there is a treatment required. We are number one in Europe at the moment, number three in the world. What it means we are number one in Europe is that we control roughly 55% of the European market. I will go to some details later on this topic. We store more than one million samples of biological materials. We operate a network of 13 processing laboratories. You can see a small red dot. The newest one opened last year, one and a half years in Dubai. We have also some laboratories which are only for storage, one in Switzerland, one in Poland. We are also operating so-called CDMO centers. We cooperate simply with commercial clients for producing for their needs cells and advanced medicinal products for their clinical trials. Those centers are located in Portugal and Poland. Usually in the country we operate, we are number one. It's rather exceptional that we are not number one. At the moment, we are number one in Portugal, Spain, Italy, Switzerland, Germany, Poland, Czech Republic, Hungary, Latvia, Lithuania. We are number two in the UK, number two in the Emirates, and number three in Romania. We have also a small office in Hong Kong, and samples from Hong Kong are transported to our laboratory in London. That office in Hong Kong is like the remaining of the acquisitions we did in the UK, and that company called Smart Cells had an office in Hong Kong. In fact, our position in Europe is even stronger because 55% means we count entire Europe, and we are not everywhere. In the countries we are present, we usually control on average 67% of the market. In Germany, we have monopoly. In Poland, we have more than 90% of market share. In several countries, more than 70%. What it means, it means that if we like to grow, the market should grow, or the prices should grow, or the market should grow and prices should go up, or we simply introduce new products, or we develop geographically. We are at the moment present in roughly 75% of Europe in terms of access to newborns. Some markets are not possible to enter, like France, where these kinds of companies cannot operate under French law. It's restricted to publicly or state-controlled entities. However, in most of the countries, as you saw on the map, we are present either directly with our daughter companies or via a network of partners, particularly in former Yugoslavia countries like Slovenia, Croatia, Serbia, Bosnia, Montenegro, Northern Macedonia. We are present with partners. These partners are also operating in some other markets. In terms of what we see as a priority, it's obviously Germany and Poland due to the sizes of the market and the number of newborns and potential we identified as the most interesting. In some markets, as I mentioned, we are not number one, and we like to be number one as well. Particularly, the focus is on the UK and Emirates at the moment, where we believe it's a matter of time we will become number one from the current number two position. If you look at Europe, it's not really united Europe. That's a map showing so-called penetration of stem cell banking service. You can see countries where more than 5% of families are banking. It's Portugal, it's Cyprus, it's Romania, it's Hungary. You have mid-penetration countries, right? Like, for example, Greece or Slovakia. You have countries with penetration between 1% to 3%, like Poland, Italy, Spain, Switzerland. You have countries with low penetration, Germany, Czech Republic, Austria, and countries with almost no penetration. As I mentioned, France, there are practically no collections. It means that you have to apply different strategies to each market because they are simply different. Either regulatory framework is different. You may have obviously European directives which are binding, but at the same time, in healthcare, you may have local laws. It is common that there are plenty of local laws, particularly in Germany, the law is very or extremely strict. It is very complex in Spain when you have autonomic regions of Spain where you have to apply separate licensing processes. There are also different behaviors of consumers. Some of them value family more, and this is south of Europe. Some of them are more precocious in taking decisions, which is more north. In some countries, societies are spending money for private healthcare, while in the others, like in the Nordic countries, spending privately money for healthcare is not so common. You expect paying high taxes that the government will provide national insurance, provides you everything. While in south of Europe or in eastern central Europe, society tends to pay for private healthcare services. All these aspects create this diversity, which is good and bad. It's good because it builds barriers to enter because you need to understand all these specifics to get to Europe. We don't have U.S. players. They failed. They tried to enter. They failed. We don't have Chinese players. Obviously, it costs more to maintain different marketing strategies, different tools because you have to adjust to the local requirements. The market is in a major phase, I would name it. Fifteen years ago, we had roughly 150 players in that field in Europe. As you can see here, over those 15 years, it got consolidated. Five years ago, we had 100 players or less than 100 players. Today, I estimate it at 60, maybe 55. I predict that sooner or later, we'll have maybe 40, maybe even less, maybe even 30 players across Europe. Nobody besides us is really pan-European. We have a few companies operating in more than five countries, very few, and some players operating in two, three countries. We did roughly 30 M&A activity. We developed via M&A activity. That was both at the original Vita 34 site and PBKM. Vita did roughly five M&A activity. PBKM did 25 M&A activity, so altogether 30 M&A activity. We are partially responsible for that consolidation process. Some other players simply ceased the activity. They stopped the activity. Some of them bankrupted, like in any other industry, you may face this kind of situation. As this is a very niche market, it is normal that you cannot operate because there is not enough money in that market for such a number of players. The industry was hit by, obviously, kind of black swans. Our former European competitor called Cryosafe bankrupted very badly in 2019 for various reasons. That scandal hit the industry because if you store stem cells of your child, you expect they are kept in the bank forever. It's safe. Nothing may happen. Unfortunately, it happened. That hit more than 300,000 families. We moved all these samples to Warsaw from several locations. We protected those samples, but the trust was gone. That was really a very, very difficult time. There are still some remains, particularly in heads of authorities, doctors. They remember someone bankrupted. Yes. It's a question mark whether that industry is trusted. We had COVID-19, which hit us, in fact, in 2020, where we had limitations in access to the hospital or hospitals. We had issues with visiting parents, obviously. Schools of pregnancy or schools of birth were closed and so on. Also, the way we had to operate was different. A lot of our effort moved from offline activity into online activity. It's good and bad because it's now more costly to be digital than to be digital 10 years ago because everybody is there. There is a competition for the attention of the families. We had, obviously, the Russian war in Ukraine, which had an indirect impact on consumer mood, particularly in Germany, uncertainty, market fragility, and this kind of negative factors. They are all gone. There are some remains. Everybody is used to war in Ukraine. It simply continues. It will stop. It's a matter of time, but when? Nobody knows. There is a war. We don't think it has a major impact in most of the European countries. The only exception is probably Germany. What we cannot change and will not change is the lowering number of newborns. We are facing that issue across developed countries everywhere. We are like in Japanese 20, 25 years ago. Is that important? Yes and no. Maybe you remember I mentioned what is the penetration ratio. 2% is the European average. 98% of people are not banking stem cells. Is it important the number of children is going down? Yes, it is. I believe that the potential of growth is enormous, even with that lowering trend. Particularly if someone has one child or a couple has one child, they tend to spend more for this child than if they would have two or three. What is also crucial from our perspective is the number of therapies. I mean, more therapies with stem cells means more confirmation it makes sense to keep stem cells for the future. There are several opportunities and several threats at the same time, obviously some strengths and weaknesses. What we can see is that there is a growing number of clinical trials with the use of stem cells worldwide. Europe is behind. It's China and the U.S. and developed economies in Asia being front runners. Europe is waiting or looking at the others. I will give some examples from the press and from media and from some authorities to be more precise about what's going on in terms of the development of therapies. We see a certain interest of a certain group of doctors, but from the other perspective, obviously, there are some doctors saying, "Okay, it was a nice topic 20 years ago, but it's not anymore. There are alternative technologies and so on and so." I think it's like in all medicine. Everything takes time to develop. In our case, everybody believed that 20, 25 years ago, stem cells would cure everything. It's not the case. They are simply good for certain treatments of certain diseases, for some not. Sometimes your own cells cannot be used because you have a genetic disorder or a genetically based disorder. You cannot use your own cells to treat yourself. Yes, but maybe you can paradoxically use the cells of the family member, which is not sick. There are obviously threats, you know, regulatory issues. Europe is becoming more and more bureaucratic, which is a problem for everyone, not only for us. There are also some other things which may positively bring us up. We have hundreds of thousands of families being our clients, right? Child, mother, father, sometimes grandparents, all of them usually pretty well educated. It's middle class. Usually, our clients are middle class, so it's a perfect client. Maybe we can sell to them more products. I mentioned about some news from the stem cell treatment area when, for example, cord blood, so collected as a main actual product for us, got a formal approval in Q2 in Australia as a tool or a medicine to treat cerebral palsy. It took 15 years to get that approval. It's not yet in Europe. What it means, I mean, cerebral palsy cannot be cured fully, but stem cells in cord blood are helping enough to convince the authorities in developed countries, yes, you should have them and use them in case you have a child with cerebral palsy. Cerebral palsy is a pretty common disease. Common means roughly 0.5% of children might develop it, and it's pretty common already. A number of clinical trials is going on in various areas with various stem cells. Safety is very, very high. In terms of efficacy, we will see. There are also some other news which are important. Stem cells, first of all, could be used even after 15, 10, 20, 25 years of storage. That was confirmed at patients. There were question marks several years ago. You know, will these cells be viable after so many years? Yes, there are. There is also another thing which is very important: expansion technology. Standard cord blood portion is not sufficient for any adult. It's usually for the teenager or child of body weight between 30 or 40 kilograms. We have cord bloods which are applicable or useful for adults, and some of them are for small children. There are recently big steps because FDA-approved expansion technology. A number of cells is not a problem anymore. You can simply expand cells and have them enough for any kind of recipient. Recently, it's really last week, and there is a positive opinion. We are now verifying whether this is a formal decision or just a positive opinion at the moment of the European Agency for Medicine for similar technology from an alternative provider in Europe available. For other cells from cord tissue, placenta, or amnion, there is no problem with multiplication. We have all these technologies, so there is no problem with the limit of number of cells. I mentioned a little bit about countries of focus, Germany and Poland, but there are also others. I mean, Spain. Spain is very special for one thing, or for many things, actually. Spain used to be the largest market in Europe in the past, before the crisis in 2008, the financial crisis, let's say. Now it's been developing, and very recently, it's one and a half years ago, the highest court of Spain confirmed that every citizen has the right to bank their own cord blood or cord blood of his or her child. That was allowed in private hospitals and in some regions of Spain. Now it's allowed in all Spain. It means a relatively large country of the European Union is now, let's say, fully accessible for our services, which was not the case one and a half years ago. Another country is Turkey. Obviously, inflation is a pain in the thing there, but it's a large country, 85, almost, yeah, 83 million of citizens with a lot of newborns, and with frequent use of cord blood because of sickle cell anemia and beta thalassemia, which are diseases very specific for that region. It's a very well-accepted treatment tool by the doctors. Gulf region, I think it's not a coincidence. We opened the lab there. The rich country, wealthy countries of the region are getting more and more open for various services. We've been there for 20 years, but we opened the lab because we see also growing interest in banking as well in several therapies. The government in UAE is very open for this kind of initiatives, let's say, and that regards as well to Bahrain, to Qatar, Kuwait. Saudi Arabia is a very special case, yes. We are very, very passive there. I think we need a local partner to get in. Portugal used to be one of the largest markets in Europe in terms of penetration. I mean, before the mentioned financial crisis 15 years ago, penetration in Portugal was 14%. It dropped, and it's now more or less stable. We believe Portugal is still a base for growth, particularly that we have a lot of historical clients there. It's not a matter of only selling products to the new clients, but also a matter of selling new products to existing clients. We have a few interesting revenue streams. Clients are choosing two options. Either they pay for collection of stem cell testing, processing, and they prepay for storage. You can see that in 2024, roughly 58.9% choose that option. Payment upfront means that they prepay for a certain period of time for storage, for 5, 10, 18, 25 years, depending on the country, while the others are paying a first fee for collection, testing, and freezing of stem cells, and then they pay annual subscription. You can see that we had last year €21 million from annual subscriptions already. It's a growing number of clients, and churn is below 1%. They usually pay even more. They pay more and more because we have the right to increase the storage price by inflation. There are no movements to the other bank practically because there is always a risk related with transporting a frozen sample. Something may happen physically, yes. The gain is too small. Say, I don't know, €20 per year or something to risk the sample makes no sense. People are simply continuing payment. On top of that, we can see this is €21 million I mentioned before. Existing clients are bringing us extra cash. It could be that they, for example, prepay for the next period of time because they have some money, and instead of paying yearly, they like to prepay. Or we had thousands of contracts of clients who prepaid in the past, and these contracts are finishing now. Last year, we simply needed more cash because we are in some M&A discussions we finalized this year. We decided to squeeze a little bit our existing clients' base and simply we generated more cash because we needed that. You can see a growing amount of purely recurrent revenue paid annually. On top of that, there is an expected extra cash we generate from existing clients in the form of prepayment. Here on the right side, you can see the number of finished contracts in prepayment. That gap here comes from the fact that, yes, 20 years ago, Vita changed the policy, and instead of offering 20 years of storage in the price, it switched to 25 years of storage in the price. That means that we have a drop, but then the number is growing up again. There are good perspectives. Storage fee, as you can imagine, we have very limited cost of keeping of these samples. We spend practically all the costs. It's only a matter of liquid nitrogen, obviously, space. Electricity is not a cost here. Some validations and obviously licensing. There are much more indirect costs than direct costs. Overall, we are using the stream from subscription or recurrent revenue to get more clients, more and more. It's a paradox. If we would stop acquisition of new clients, our results will improve immediately. We prefer to have them more and more and to have these amounts even bigger and bigger. I mentioned placenta banking. We can also collect placenta. That is practically a bit new service because we started in 2021 only in Switzerland. We rolled it out to the Gulf region, then Poland, Romania, Italy. The next countries are in a queue. Placenta is more natural. If you ask a person from the street, what is placenta? Everybody knows. If you ask cord blood, almost nobody knows. Yes. Why we did not start from placenta? There is no standard therapy with stem cells from placenta. There is enough science and enough medical data to offer that kind of service. There are other experimental applications which were not there 10 years ago. We got first license for placenta in 2014 in Poland, or 2015, and we resigned from that because we did not have enough proofs at the moment we had them. Yes. We see great interest of our clients. Between 25% to 30% of clients are choosing also placenta banking. It's also better understood by midwives. They are much more in favor of storing placenta than cord blood sometimes because, you know, some midwives say that as much cord blood as possible should flow to the newborn, which is actually not the case, but that kind of thinking sometimes exists. With placenta, there is no issue. What it gives us, obviously, is also more money because we have margin. I mean, we have some obvious building blocks. We like to have better sales and operational excellence. We are growing the number of subscriptions, so there is a snowball effect. It was mentioned that we like to have simply a higher value of each client in the long term, so increase our CLTV and obviously reduce the cost of acquisition, so CAC. We have more and more clients prolonging finished contracts, so it's additional revenue or profit. We have some first experience in CDMO, so B2B relationships, also providing cells or medicinal products from cells for B2B partners. In such a case, we are organizing donors, yes, volunteers. They are donating various types of tissue. We isolate cells, we manipulate them, and then we sell the product to B2B partners. All of this, obviously, is to increase the value of the company for our shareholders. Our ambition is to become the bank of obvious choice. Even if we are number one today, I would not say we are a bank of obvious choice, first choice. Yes, in some countries, like Poland, it is like that. In Germany, it is like that. We have monopoly there, right? In some countries, there are some competitors, as mentioned. I would not say that for all the families, we are the first choice, an obvious choice. In terms of the size, we just confirmed our outlook for this year. We expect between €85 million to €95 million revenue and EBITDA between €8.7 million to €10.3 million. We are rather optimistic for the year 2025. Our just published results brought the attention of investors, as you can see. Our share price was under certain pressure, which was interesting because we've been improving our results last eight quarters in a row, but there was no reaction of share price. Actually, it went down. Suddenly, since a few weeks, we saw a growing interest with a much bigger trade of shares, three times average or five times average per day. Someone is simply buying shares. It exceeded the current target price in one of the research which is available for our companies. Our target price was at 650, and we are over 700 at the moment. I don't probably need to go much through our financial results last year. We are mostly focused on EBITDA. Last year, we improved our EBITDA a lot, by almost 60%. Revenue grew 7%. You can see signs of controlled cost in G&A, which grew 0.7%. Marketing and sales are proportional. We simply did pretty well. What is, I think, more interesting, I will show you maybe that is H1 results. We grew revenues 15%. EBITDA grew 36% from continued activity. We turned to profit. Here is a tricky thing because we are operating under long-term contracts. IFRS 18 is applicable. Our results are not that easy to understand from a financial point of view, honestly, because we have long-term obligations. Our balance sheet is unproportionately big for the size of the company. I believe that investors simply appreciated what happened. Our cash position lowered because we finalized M&A activity in Slovakia and Czech Republic, buying up to 95% of shares in two entities there. Thank you very much for your attention. I hope that was interesting. Thank you so much for your presentation, Jakub. You were so passionate talking about FamiCord. Ladies and gentlemen, we're now open for your questions. If you would like to speak directly to Jakub, you can raise up your virtual hand, and I will unmute you so that you're able to speak in person to him. Otherwise, you have the opportunity to place your questions in our Q&A button. We will read them out for you. We have a virtual hand from Tim. Tim, you should be able to speak now. Please ask your question. Hi, guys. Can you hear me? Yes. Great, great, great. Jakub, thanks. I didn't get to ask you this question last week. Sorry, it's more technical. Can you comment on the extraordinary expenses you had in Q2 from M&A activity? The SG&A was quite a bit higher in Q2. That would be helpful. If I calculated correctly, the EBITDA relief of CAR-T now not being in the continued operations should be about $0.5 million per quarter. Is that roughly? Slightly more. Slightly more, yes, but similar. Yes. Two things. Obviously, that M&A was not an easy M&A because we had even court cases in the Czech Republic and Slovakia with our majority shareholder at the time. It took us really like one and a half years to agree. This is why I mentioned we started generating cash already last year to be ready because I was rather positive. That means if the discussions are already at the court, then you have tough discussions among the lawyers. We spent a disproportionately big amount of money for lawyers. Let's say a few hundred thousand euros, I can say that range went to lawyers. It is in our G&A. Most of the costs were incurred in actual, I don't know what the most, but at least I think 35%, 40% was spent this year. Another thing, we also spent a lot for headcounters not only because we extended our Board in Germany. We hired a new Board Member responsible for Sales, but also in other positions. We have a lot of open recruitments, and that was extraordinary. That goes to G&A. I think that's the answer to the question, right? Yes, thanks. Can you remind me what the rollout for the placenta banking product is? I remember that you said in the presentation you now have approval in Germany, or you are close to approval. Okay, not quite. I mean, we would love to have the approval in Germany. I mean, here I can tell you that we are facing a typical situation for, I may name it, German bureaucracy. We've been in the process over 18 years in Germany. Originally, we should have started a year ago with placenta banking. Now we hope for the first quarter next year. I think the reason is pretty typical. That would be the first type of this license in Germany. Authorities are extremely precocious. They are asking really unnecessary questions, in our opinion, obviously, right? It takes much more than expected. I think with the recent communication we have with actual, this is LDS, so it's Saxonian land authorities, there is a chance we will address all the issues raised by them, and then we will get it this year to start in Q1 next year. That was delayed. In Portugal, for example, the issue was that the authorities interpreted the law in the way that we have to authorize all the hospitals. That was very challenging. Recently, the authorities admitted that it's not required, and we can start immediately. In Portugal, we will launch the product in Q4 this year, so placenta banking. Yes. Okay. Perfect. Thanks a lot, Jakub. Thanks. Thank you. Thank you so much, Tim. With the view in the queue, it seems there are no further questions from there, but we received a question in our Q&A box. The question is, how is it possible that originally a Polish company becomes European number one in the healthcare-related sector? I think that's super rare. Yeah, I believe that there are not so many examples of Polish companies being successful in Europe overall, but particularly in healthcare and healthcare services. I don't know any, honestly speaking, but maybe there are some niche companies. I think the key was that we simply, at a very early stage, decided to go for external financing. We founded the company, five founders. That's also not so common. Yes, five. We invested at the time, that was 2002 in Poland, over €1 million in startup. That was also a lot of money. Already three years after, three and a half years after the establishment of the company, it was going so well. We had a business angel, and then we had three rounds of private financing in 2009. After seven years, enterprise investors, so Polish, let's say, that was a venture fund of Polish private equity entered. We simply shared power, yes, with our investors because they wanted to have a stake, obviously, and enterprise investors took over the majority at the time, mostly via capital increase. Later, we went public in Poland. Again, new investors came. Yes. Enterprise investors exited, and then several other investors went into it. That was absolutely crucial because when we look at our competitors, they simply control the company 100% from the very beginning. They were either bought by us or they developed by themselves, but without that capital, we could not have developed. That was, I think, one important topic. Second, from the very beginning, so in 2002, we started promoting subscription. That was not known at the time. The subscription services at the time were energy and cable TV and maybe mobile phones. Yes, that's it. We started with subscription, and most of our competitors, they were preferring prepayments because there is a nice cash flow. When we modeled everything, how much money we may earn, that was obvious that subscription is much better than prepayment. Actually, a combination is good. Cash flow is also good, right? Current cash flow. I think the fact that we started very early with subscription and having investors, and they also provided liquidity, helped us a lot. We went international. I did first M&A when the company had €1.2 million revenue. We bought a company in Latvia at the time, and a year later in Hungary, so very, very early. Obviously, it's a small industry. Yes, we are really in a very niche industry. Betting on one country is not enough. That was also our ambition simply to be international. Reasonable, rational reasons, I think. Thank you so much. Do you see any difference between German and Polish investors? Yes and no. It depends, let's say. I believe that Polish investors are more for risk, so the level of risk acceptance is higher. However, German investors are probably a little bit better educated because they saw more simply. That difference is today probably much smaller than it was 15 years ago. The world is really equalizing the knowledge and so on. I think that these are two factors which are pretty typical, like for nationality behavior. It's not really different. I can see, you know, plenty of investors today are really like Americans. They are much more for risk, much more open for expecting much more, but expecting bigger gains, but obviously taking more risk. There are differences. It used to be bigger. These days, they are still there, but they are minor. All right. Thank you so much. It seems by now we have no further questions. Having said this, another one pops up. What was the most surprising for you after merger Vita 34 and PBKM? There was a certain, how to say, clash of cultures. I believed before merger that there would be a perfect fit, you know, German planning with all the analysis and then Polish courage to do things. Actually, that was like water and fire. Yes, to convince people in Poland that now we have to analyze a little bit more and take into consideration maybe some more factors because it's really worth to understand better before doing was very difficult to convince my managers. From the other side, in Germany, how can we act without having full analysis and risk definitions and so on? It took us three years, and it is not done fully at the moment, but people start respecting each other. Yes, if they are starting cooperating and they see that there are results and it's a mixed approach, that works. Yes, that was really a culture issue. Interestingly, if you look at the, there are international studies, yes, and overall, there is a positive perception these days of German companies with Polish employees and vice versa. That was an issue for us. Now it's much less than it used to be three and a half years ago when we started. All right. Thank you so much, Jakub. I see no further questions, and that means we will come to the end of the presentation and of the call. Thank you for your time, for your passionate presentation, and for answering the questions. Also, a big thank you to you, ladies and gentlemen, for your shown interest. Should further questions arise, maybe at a later time, you see here the contact details. I guess Jakub and his team are happy to answer follow-ups. Thank you for joining. Jakub, last sentence belongs to you. I encourage all German investors investing in Poland because Poland is the winning country this year and encourage Polish investors to invest in Germany because the size is so enormous that really everybody can win there. There are benefits for both investing in each other, and we are neighbors. We have to be in Europe more united, actually, because only Europe working together can win against the U.S., against China, and against India, which is coming as a superpower. We have to be together, simply. Let's keep that superpower. Having said this, we say thank you and goodbye. Thank you. Bye-bye.