Good morning, welcome to today's conference call on Chr. Hansen's Q3 2021 results. Together with our CFO, Lise Mortensen, we will do a short presentation today before opening up for questions and answers. Before we start, please take notice of the safe harbor statement on the next slide 2. Let's turn to slide 3 to begin the presentation. Chr. Hansen delivered Q3 2021 results in line with expectations, but at a slower pace than in the first half of the year. Organic growth in the third quarter was 4%, with equal contribution from volume mix and price, leading to 8% organic growth year-to-date. The slowdown was as expected, driven by a lower positive contribution from euro pricing, as well as a high baseline as customers built up safety inventories during COVID-19 last year in Q3. In Food Cultures and Enzymes, we saw acceptable volume growth of 2%, driven by continued solid momentum in cheese and reduced negative impact from China, leading to 5% organic growth in Q3. The performance in Health & Nutrition, on the other hand, was not fully satisfactory, with 0% organic growth in the quarter, as large human health customers adjusted their order volume in the third quarter to reduce elevated stock levels as a response to slower demand in the traditional sales channels. Contrary to that, our newly acquired probiotic businesses, whose customers have a strong online presence, deliver a strong third quarter, which reconfirms the strategic decision we have taken with the acquisitions to broaden our customer base and the markets we serve with our strain-to-solution offering. Animal and Plant Health delivered solid growth as expected. Now looking at profitability, our EBIT margin before special items in Q3 was 29.3% compared to 34.5% last year. The underlying EBIT margin before special items, meaning our margin excluding the recent acquisitions, was 33.1%. The key drivers for the margin decline of 1.4 percentage points in the underlying business were FX and a return to more normal spending patterns that offset production efficiencies. Year-to-date, the EBIT margin before special items stood at 27.3%, well on track to deliver on outlook for the year. Free cash flow before acquisitions, divestments, and special items was EUR 120 million compared to EUR 144 million last year, and largely driven by the investment in our HMO lighthouse at the beginning of the year. Let's turn now to slide 4 for a strategic overview. In terms of strategic progress, we are well on track to deliver on our priorities for the financial year, reinvestment in the core, leveraging our lighthouse, and executing the portfolio changes. Reinvesting in our core platforms of dairy, animal, and human health remain our largest priority, as the majority of the growth during the 2025 strategy period will come from these businesses. To defend and expand our market position, we will accelerate commercialization of new innovations and further expand our global reach and proximity to customers. Despite travel restrictions and limited ways to engage with customers in person during the pandemic, we have seen an all-time high new launch activity in dairy, with more than 10 new products that we have launched year-to-date, and we have also expanded our digital offering to work even closer with our customers. In Animal Health, we successfully completed the global rollout of our poultry probiotic, GalliPro Fit, and we recently launched a new cattle probiotic, Bovacillus, in the Americas. We are further expanding our route to market in close collaboration with local sales partners, for example, in Asia-Pacific and Latin America. Human Health, next to integrating the recent acquisitions, and despite the current headwinds, remain focused on building science and strengthening our scientific marketing around our industry-leading strain portfolio. In April, we released a new clinical study on the immune-balancing benefits of probiotics on stress and sleep of shift workers. We received two new health claims, one for our DDS-1 strain in Canada and another for our women's health strain combination UREX in Japan, and we rolled out our education program, The Probiotics Institute, in China and globally. Our dialogues with dietary supplement customers show that there is more and more demand for full solution offering all the way from scientifically documented strains to finished products. With our acquired consumer packaging capabilities from UAS Labs, we are well positioned to cater to this trend while taking more control over our full supply chain. Next to reinvesting in the core, we also continue to invest and leverage our microbial expertise to build new markets with our lighthouses. In spring, we launched the third generation of our bioprotection range for dairy products, we also expanded our product offering for fermented plant-based under the new VEGA brand. In Plant Health, we continue to work closely with our partner, FMC, to bring biological crop protection solutions to farmers in Latin America, the U.S., and now also in Canada. Lastly, our joint venture, Bacthera, reached a major milestone in May with the receipt of its manufacturing licenses for clinical trial production in Denmark and Switzerland. Looking at our acquisitions, the extend pillar of our strategy, we are well on track to deliver around EUR 100 million revenue, and we now expect our EBITDA contribution of around EUR 15 million, up EUR 5 million, driven by a slightly improved sales outlook and efficiencies. At Jennewein, we are on plan to expand our downstream facilities in Germany, and we continue to advance dialogues with customers. As we have already discussed last time, the pace at which the market is developing is slower than initially expected. On a positive note, during the period, we were able to prove the strength of our acquired HMO intellectual property by favorably resolving an outstanding litigation case. Finally, with the closing of the Natural Colors divestment at the end of March, we paid out an extraordinary dividend to shareholders in May, equal to the amount of a normalized ordinary dividend for the financial year 19/20. With these comments, let me now turn to page 5 for the regional review. Regionally, the picture remains largely unchanged compared to last quarter. Our largest region, Europe, Middle East, Africa, grew 3% organically in Q3, with good growth in Food Cultures and Enzymes, and decline in Health & Nutrition, leading to 5% year-to-date. Both businesses faced a high baseline as customers built up safety inventories during COVID-19 last year. North America reported 5% organic growth in Q3 on a relatively easier comparable. Food Cultures and Enzymes grew solidly in Q3, supported by the reopening of the food service channel, while Health & Nutrition was negatively impacted by human health, as we just discussed. Year-to-date growth was 7%. Moving on to Latin America, the region delivered 19% organic growth in Q3 with a lower contribution from euro pricing compared to the 1st half of the year and driven by both a strong performance in Food Cultures and Enzymes and Health & Nutrition. Year-to-date growth was 30%. Lastly, Asia Pacific delivered negative growth of 6% in Q3 to flat sales year-to-date, as Health & Nutrition was impacted by a very high and tough baseline comparable, and Food Cultures and Enzymes reported another quarter of declining sales driven by China, though to a lesser extent than in the 1st half of the year. Market sources indicate that the Chinese yogurt market continued to decline at a double-digit rate during the third quarter. We're cautiously optimistic that momentum will improve over the coming quarters as we see good levels of engagement with customers in a solid pipeline. With this, I would like to hand over now to Lise for the segment and group financials. Thank you, Mauricio, and good morning also from my side. Please move to slide 6 for the segment review. Food Cultures and Enzymes grew 5% organically in Q3 and 7% year-to-date, with a 2% contribution from volume mix. euro pricing contributed 3% in Q3 compared to 6% during the first half of the year. Overall, the global market for fermented milk continued to decline slightly, while cheese production grew approximately 1 percentage point, which means that in FC&E, we continue to outperform the underlying market. If we look at the product segments, we saw a very strong growth in meat and fermented plant-based in Q3, while cheese grew solidly. Fermented milk and enzymes delivered good growth, while our probiotic business continued to decline. While volume growth in fermented milk improved slightly compared to the first half of the year, and despite the high comparable, momentum in enzymes normalized following a very strong first half of the year. Lastly, our bioprotection lighthouse delivered strong growth in Q3, mainly driven by meat, while growth in dairy was moderate. That said, we are seeing the pipeline in fermented milk filling up nicely with the launch of the third generation FreshQ, but it generally takes 6-12 months for projects to materialize. Turning to profitability, the Q3 EBIT margin for Food Cultures and Enzymes decreased to 33.0%. Compared to 34.4% last year, our production efficiencies were offset by FX and a return to more normal spending patterns as we ramp up activities post-COVID-19 and as we invest in strategic initiatives to drive growth in the core. Year-to-date, the EBIT margin was 31.6% compared to 32.9% last year. In Health & Nutrition, please move to slide 7. Organic growth was heavily impacted by the high baseline from last year and destocking in human health, leading to flat volume and organic growth for Q3 and 9% organic growth year-to-date. In our human health legacy business, sales declined both in dietary supplements and infant formula as customers with large exposure to traditional sales channels adjusted their orders to bring down inventory levels. Our recent acquisitions, however, which have a larger exposure to e-commerce market, posted very strong growth. Turning to our agricultural businesses. In Q3, animal health delivered solid growth, driven by strong momentum in cattle and good growth in poultry and swine, while plant health grew very strongly. With regards to profitability, the underlying EBIT margin was 1.5 percentage points below last year's Q3 as we ramped up activities following the COVID-19 lockdowns. We also faced a 1 percentage point headwind from FX. The reported margin was 22.7% remained impacted by the recent acquisitions. Year-to-date, the reported EBIT margin was 19% compared to 29.7% last year. The underlying EBIT margin was 29.2%. In total, the three acquisitions, HSO Health Care, UAS Labs, and Jennewein, contributed EUR 73 million of revenue year-to-date and EUR 12 million of EBITDA. Please turn to the next slide 8, for group financials. The microbial platform, our continuing operations, delivered 4% organic growth in Q3. Pricing was driven by our euro price list mechanism, to a much lesser extent than during the first six months. Acquisitions contributed 11% to absolute revenues in Q3. Adjusting for a negative currency effect, this led to EUR growth of 10% for the quarter. Year-to-date organic growth was 8%. Reported sales grew 9%, with a 10% contribution from acquisitions and an 8% FX headwind. Moving on to profitability on the next page 9, it was very much in line with expectations. The development in our EBIT margin in the underlying business turned negative in Q3 as the pandemic effect reversed. We returned to more normal spending patterns. Acquisitions had a negative impact of approximately 4 percentage points. FX was -0.2 percentage points. Year-to-date, the EBIT margin came in at 27.3%, well on track to deliver within our guidance. With regards to the divestment of Natural Colors, we booked a gain of EUR 636 million in the third quarter. This is slightly below the EUR 650 million that we guided for, due to final purchase price adjustments. If we look at the cash flow on the next slide 10. Year-to-date, our free cash flow before acquisitions, special items, and divestments decreased compared to last year, driven by higher CapEx and lower operating cash flow. The latter was driven by higher working capital that was partly offset by acquisition-related tax benefits and higher non-cash adjustments due to depreciation and amortization charges. The increase in working capital is partly related to outstanding receivables from the carve-out of Natural Colors that has been paid at the beginning of Q4. Working capital is expected to come down to a normalized level by the end of the year. Following the receipt of the proceeds from the Natural Colors divestment, leverage came down to 2.3 times EBITDA and should end around 2 times at the end of the year. With this, let's turn to page 11 for the outlook. In light of the performance of the first nine months, we keep our guidance for the financial year 2020/21. Organic revenue is expected to be 6%-8%, driven by Food Cultures and Enzymes, and supported by a positive contribution from euro pricing in the range of 3%. Organic growth in Health & Nutrition will be driven by Animal and Plant Health, while we expect Human Health to post a soft fourth quarter as customers continue to work through their inventories and adapt to slower demand. We are also facing some COVID-related supply constraints for certain raw materials, which limit our ability to drive new business in Q4. On the positive side, the outlook for our acquisition looks slightly better than before, thanks to strong momentum in the online sales channel, but still within the guided range of around EUR 100 million. Our EBIT margin before special items is expected to be 27%-28%. The EBIT margin of the underlying business is expected to be below last year as FY 2019/20 contained some positive one-offs. Remember, the VAT income in Brazil and the one-line consolidation of UAS Labs in Q4, and we will continue to return to more normal cost levels. Currency is expected to dilute the EBIT margin negatively by up to one percentage points, and the acquisitions by 4%-4.5% percentage points. Free cash flow before special items, acquisitions, and divestments is expected to be EUR 140 million-EUR 160 million, with CapEx of EUR 150 million-EUR 160 million. With this, I'm handing back to Mauricio to wrap up the presentation. Thank you, Lise. To wrap up, Q3 was a softer quarter, in line with expectations. With 8% organic growth and EBIT margin before special items of 27.3% after the first nine months, we are well on track to deliver on our ambition for the year. The financial year 2021 is a transition year for Chr. Hansen, as we are executing the recent portfolio changes, but we are on the right track. The integration of UAS Labs and HSO is largely completed. The divestment of Natural Colors closed, and our HMO team is addressing the initial challenges we faced heads-on. As the world gradually reopens, advancing our commercial pipeline and bringing new launches to customers is our number one priority. We must also acknowledge that uncertainty remains high, and that the pandemic will continue to pose challenges short term, whether it's related to weaker end markets, increased cost focus, or potentially supply bottlenecks. What's important for the coming months is that we stay focused day to day while executing on our 2025 strategic priorities. Thank you for attending on this, and let's open up for questions and answers now. Thank you. Ladies and gentlemen, if you have a question for the speakers, please press 0 now. First question comes from Lars from Carnegie. Please go ahead. Your line is now open. Yes, thank you. A couple of questions from me. One is about your guidance. The 6%-8% organic growth is, of course, unchanged, but your wording has changed quite a bit. After Q2, you said the highest contribution would come from Health & Nutrition. Now you say it will be driven by Food Cultures and Enzymes. I just wonder what that change in wording implies for Q4. If the total growth 6%-8% and is driven by Food Cultures and Enzymes, does that imply that for the full year you see Health & Nutrition growing less than the 6%-8%? To the same paragraph in Q2, you mentioned you saw a contribution from euro pricing in line with last year, which was 2%. Now you just say a positive impact. Is that still expected to be 2%? On your raw material challenges in Human Health, I understand it's related to some of the add-on services you sell on top of the, what we call it, I wouldn't call it the basic probiotic, of course, that is advanced, but you understand what I mean. I wonder what duration you see of this challenge. What can you do to mitigate it? How big do you think the impact is? Thanks. Good morning, Lars. Let me take the first part on your comments about the sentiment on Q4. I will pass it on to Lise and Anders to talk about Europe-based pricing, but I will take on the raw materials as well. On Q4, in what you read from our comments today, I think what has transpired is that Human Health had a soft quarter due to very high comparables to last year. It's the part of the Health & Nutrition business that we also see customers in the traditional channel having larger inventories versus the high demand on the pandemic. Versus, we see in Food Cultures and Enzymes, signs of better trading conditions and momentum going into Q4. I think you read that correctly, that we see some upside going into Q4 in Food Cultures and Enzymes, strength in Animal and Plant, and a bit more cautious on Human Health into Q4 due to the factors that I mentioned. Also because there are a lot of supply chain disruptions in overall, let's say, the ingredient sector. I think we have a narrow and focused portfolio. We're less affected by that. Indeed, in our bulk probiotic sales, we don't face any challenges. Our fully packaged solutions, we do face some challenges that I think largely limit our ability to go and acquire more businesses in Q4. We have plans to see that normalized into fiscal year 2022. With that, Lise, I pass it to you for the euro pricing question. The euro pricing impact is expected to be 3% for the full year, which would mean 1%-2% in Q4. Is it correct that that would be a euro pricing effect that is 1 percentage point bigger than you implied after Q2? I think we said 2%-3%, as far as I recall. Now we say 3%. Oh, okay. That's good. Just to get back to your answer, Mauricio, was I correct in assuming that for the full year, you now see Health & Nutrition growing below the 6%-8%? Lars, we're not sort of guiding on that specifically. What I think we imply is that we see a stronger growth coming now from Food Cultures and Enzymes. I think we guide overall for the group. We're not giving specific guidance for the two business areas. That's fair. I have a question on Bacthera, actually relating back to your May 31st announcement of the license to begin to produce. I wonder if you can put some words on how you see revenue ramping up in that business, and also disclosure-wise going forward. I know as a joint venture, it's shown on one line, but will you give additional information that allows us to see the revenue and the EBIT contribution? Lars, the setup that we have with Bacthera in our announcement was we have a drug substance set up here in Hørsholm and a drug product set up in Basel, where we're able to now produce on the right conditions for pharma-grade probiotics for biotherapeutics and supply those to customers for clinical trials. I think really good questions on Bacthera that will probably defer as we talk about Q4, the full year, and looking into 2022. The market has, on some areas, been affected by COVID-19 and ability to do trials. On the other hand, there's products that are advancing faster to phase III and potential commercializations. We will be giving an update on that in the quarters ahead. Perfect. Thank you, Mauricio and Lise. Thank you. Thank you, Lars. Thank you. The next question comes from Heidi Vesterinen from Exane BNP Paribas. Please go ahead. Morning. I'll go one by one. First on APAC, please, which was down 6%. Culture sounds less bad, China's improving, but Health & Nutrition is weakening. Could you separate what you're seeing in supplements and infant nutrition, please? That's the first question. Thanks. Good morning, Heidi. Indeed, Asia-Pacific, talking about human health, we saw very challenging comparables to last year Q3. It was probably their businesses that had some of the 1 of the highest comparables, both in dietary supplements and in infant formula. Excluding that, I would say our projection for growth in Health & Nutrition going forward in Asia-Pacific is quite strong. Where in markets like China and Korea, we have historically done very, very well. Let's say other than the current comparables, I see a strong momentum for that as part of our strategic plan. Could you comment on infant nutrition, please? Infant nutrition in Asia-Pacific. We saw a high comparable, as I mentioned, Heidi. There's been a lot of moving parts in infant formula in China. Short term, there was a large customer that sold their brands in the Chinese market. There's been concerns about the rate of growth of children in China. On the other side, you have read the same reports that I have read on the government releasing further the policy of number of children you can have in China. A longer term better prospect for growth of infant formula in China. What I always like to remind is the following: Our largest opportunity in China with probiotics is about penetration of probiotics in infant formula, and we continue to see very good engagement and a very strong partnership, both with international infant formula owners, as well as with the leading Chinese brands, that, by the way, under government regulation, continue to consolidate. We are well-positioned to win with the Chinese formula largest players. Speaking about infant nutrition, given the topic of birth rates declining, it's a global issue, right? We hear about it in Europe and other regions. What have you seen in other regions in that segment? You know what we continue to see, Heidi, is honestly that the premiumization infant formula is the largest trend. For us, the success and the growth in infant formula will be about our best-documented probiotic strains playing a role in premiumization, and obviously, the adoption of HMO into the infant formula formulations in the largest markets. First, in the North American market, and second, in the Chinese market once it's approved, will play a fundamental role for our growth in infant formula. Thanks. Then a few on the raw material shortage. What exactly is the raw material that is in short supply, and how long do you expect an impact? I'm also wondering if this is mainly a volume effect, or do you also expect a gross margin effect? I'm just wondering if you can pass on extra procurement costs that you might incur because of the situation. Heidi, because of, let's say, competitive reasons, we're not going to narrow this to a single raw material. I think I've commented that it's related to our full package solutions in human health probiotics. We have mitigated the challenges with great work of our sales and operation planning team to be able to supply all of our orders in hand, but we will not be able to pursue incremental businesses in Q4. As mentioned earlier, we expect the situation to normalize for fiscal year 2022. First of all, we are not as impacted as many other players that have broader portfolios with the overall inflationary trends. We have strong customer relationships and good pricing power to be able to pass through any inflationary impacts. It sounds like it's mainly a volume effect. Last question on this topic. You said the fully packaged solutions business is impacted. If there's a global shortage of this raw material, why wouldn't your customers who are packaging on their own also get affected, impacting the rest of your business? No, I think everybody is affected by some challenges in the raw material supply chain, Heidi. Is it possible that the non fully packaged solution part of your business has an impact due to that? I don't think so because we have good visibility into the orders and the engagement with customers. As you have seen, as we have talked about the slowdown, that may very well play a role into what we have seen. Okay. Thank you. Thank you. Our next question comes from Søren Samsøe from SEB. Please go ahead, your line is open. Yes, thank you. Hello. The first question is on Food Cultures and Enzymes. I was just wondering if you could give some more color on your slightly high expectations for that for the rest of the year. Is it more due to that there's less back from China, or is it more that you see high growth in meat and bioprotection, for example? The second question is regarding China and yogurt. Market data seems to indicate a slight change of dynamics where ambient yogurt is not gaining so much market share from chilled. Is that also a trend that you are seeing? Yeah, let's start with those two questions. Hi, Søren. Good morning. Actually, indeed, you highlight some of the key points that we see positive momentum. I would say there is positive momentum in cheese. We see a good momentum in cheese where you see continued in-home consumption and a stronger demand for some of the cheese varietals related to food service, whether it's mozzarella or cheddar, strong global demand in those areas. Good momentum in cheese. We have mentioned that we have a very strong pipeline in Bio-P, but as Lise mentioned, it will take 12 months or so to see that reflected, monetized into revenue. We also see the same dynamic that you see in China, comparables with IFF, and we see the balance between ambient and chilled, although at a much reset baseline where it is today, both hopefully poised for a return to more normalized consumption levels. Okay, the question on ambient yogurt in China? Yeah, I think that's basically what you mentioned is that ambient doesn't seem to be gaining share from chilled. That's consistent to what we see, although I mentioned at a much lower levels of consumption given the high growth of drinking milk that is currently taking place in China. As I seem to have seen that IFF, your main competitor in yogurt cultures has launched quite strong products for ambient yogurt in China, which basically allows for live cultures in the finished yogurt product. Do you have a similar product? If not, is this a risk to your market share in ambient yogurt in China? No. Our collaboration with customers in China, both in ambient and in chilled, and the products that we have to service those segments, we consider those to continue to be industry leading. We don't see any major challenges. We have strong competitors, and I think the innovation of competitors pushes us also to continue to be one step ahead in innovation. Okay, thank you. Thank you. Next question comes from Charles Eden from UBS. Please go ahead. Your line is now open. Hi. Good morning, Mauricio. Good morning, Lise. Just two questions for you, please. Firstly, I just wanted to dig into the retention of the low end of the full-year organic sales growth guidance of 6%, because when I look at the 8% year-to-date performance, the low end would require around flat-ish in Q4. I guess, I'm asking, do you fear there's still some inventory destocking to come or inventory normalization, particularly in H&N? That's question number one. A quick second question was just picking up on your comments around FC&E in response to an earlier question, and momentum recent trading. Is that comment largely related to trends in China or was it more broader statement, Mauricio? Thank you. I'll comment on the FC&E and then pass it on to Lise for guidance. No, the comment on FC&E was broader. It's a business where we have, as I mentioned in the call, launched a lot of innovation specifically for dairy, and we see very strong engagement with customers across all the innovation platforms. Our VEGA for plant-based, although from a very small base, is growing very strongly. Our launch of FreshQ third generation has had a very high engagement with customers. We continue to see our enzyme business perform very well, and the new generation of cultures that we launch is also continuing to drive good growth and momentum. It's broad and global, the comment on FC&E. Yeah, Lise, to you for the questions on guidance. Yes, keeping the guidance at 6%-8% while we are at 8% year-to-date should certainly be seen in a light of that we still operate in uncertain times. What we've talked through here is that we do see positive tendencies in FC&E, we have also just experienced a quarter where with the human health and below satisfactory results. As I've also said, human health is expected to post another soft quarter. You can see in the light of that, yes, at the low end of the range is not our ambition, we are living in uncertain times, which is why we keep the 6%-8%. We feel like, of course, that we are well on track to land it. Super. Thank you. Thank you. As another reminder, if you do wish to ask a question, please press 01 on your telephone keypad now. The next question comes from Christian Ryom from Nordea Markets. Please go ahead. Your line is now open. Hi. Good morning. First a question on the Food Cultures and Enzymes division. As I understand you're seeing improving momentum in demand from the food services, particularly in North America. Can you give us all some clarity on where you are and how far progressed you see the recovery in food services globally and whether you expect a similar dynamic across the EMEIA region, so that increased demand from food service doesn't crowd out demand from in-home? I'll start with that question. Yes, thank you. I would remind just that at Chr. Hansen, we are largely a retail company from a channel point of view. Our largest exposure to food service is really in North America in the cheese market. That's why we mentioned that I do not expect any impact or shift patterns from the reopening of society or the growth in food service that would negatively affect our European business. We have limited exposure to food service and mainly in the North American cheese market. Okay. Thank you. That's very clear. Then just a couple of quick questions on the Health & Nutrition business. First on your outlook for the HMO franchise. Can you elaborate a bit on the extent to which new registrations are required to sort of significantly lift sales from the current level? When do you expect those registrations to arrive? First of all, I can say with a lot of conviction that all the work that we are doing in HMO validates our strategic move into the space. We think that HMO will be highly synergistic with our probiotic franchise. We believe that HMO will play a substantial role in the premiumization of infant formula. The key growth in the HMO business will come from the launches in the U.S. market, and where registration has been completed, FDA approval has been granted. The next big thing after that will be the registrations approvals of the Chinese market. That, we expect is going to take long. We don't expect that to happen before 2023, 2024, that will open up important access to the Chinese market. Indeed, these are products that will require registration of every single HMO. We are now in the process of commercializing the first 5, 6 HMOs that are the most representative by volume in mother's milk. Okay, thank you. Just a question for clarification on your guidance for the revenue contribution of your acquired businesses. Going by the year-to-date revenue, the EUR 100 million that you're guiding for the full year would suggest sort of a moderate slowdown in revenues for the acquired businesses relative to Q3. Is that a fair interpretation? To the extent that it is, what does that reflect? Is that related to raw materials or order phasing, or what is the explanation there? No, we're not seeing any of that. You should just see it as a cautious guidance around a range of around EUR 100 million. We are, as you have noted, very well on track to make that number. Great. Thank you. Thank you. As there appear to be no further operator questions, I return the conference to the speakers for any closing remarks. Thank you very much. This concludes today's conference call and Q&A session. Thank you for joining, and we look forward to continuing our dialogue during the upcoming virtual road shows. For those of you that are taking a summer holiday, have a nice one, and we look forward to talking to you. Thank you.