Hello, and welcome to the Groupe ADP 2022 Nine-Month Revenue. I will now hand you over to your host, Madam Cécile Combeau, to begin today's conference. Thank you. Thank you, and good morning, everyone. I am Cécile Combeau, Head of Investor Relations of Groupe ADP, and it is my pleasure to welcome you to our nine-month revenue conference call. I am here with our CFO, Philippe Pascal, and our Deputy CFO, Christelle de Robillard. Philippe will walk you through our presentation of the nine-month revenue, and we will open the line to Q&A. Before we start, I would like to remind you and draw your attention to our usual disclaimer related to forward-looking statements. You will find it on page 31 of our presentation. That being said, Philippe, the floor is yours. Thank you. Thank you, Cécile, and good morning, everyone. Let's jump directly into slide three with some key figures. As you can see, Groupe ADP recorded a strong performance since the beginning of the year, with revenue standing at more than 3.3 billion EUR in the first nine months. All of our activities are growing. Aviation and international segment are driven by the continuing recovery in traffic, both in Paris and abroad. The acceleration seen in Q2 was confirmed in Q3 with a recovery rate standing at 86.8% in Paris just for the third quarter and 85.9% in TAV Airports for the same period. It was a very strong summer for us. Retailers and services have benefited from a strong rebound in the sale per pax in Paris at EUR 26.1 per passenger, at 5% against last year and clearly above our initial expectations. Real estate has also grown, notably thanks to the building takeover in full ownership last year. On this basis, we are in a position to adjust upward our financial forecast for 2022. This is the second time this year, and I will come back to that in the conclusion of this presentation. Moving on to slide four, with a focus on the annual process of tariff approval, which has started this month regarding the 2023 tariff in Paris. As you know, in the absence of an economic regulation agreement, tariffs are subject to compliance with two regulatory requirements. First one, illustrated on the left hand of the slide, concerns the airport public services activities. We can show the aeronautical deal, which the overall revenue cannot be higher than the associated cost. The second requirement is the fact that for the full regulated deal, that the regulated ROCE cannot exceed the regulated WACC. In addition, tariff evolution must be moderate. All in all, the tariffs notified to the Transport Regulation Authority for 2023 have therefore been built to respect this requirement. If we focus on the second one around the ROCE and WACC topics, we can see that the regulated ROCE evolution is driven by the change in traffic, in OpEx, in tariff, and in the regulated asset base. Considering the current recovery of traffic, considering our OpEx control, considering also our management in terms of CapEx, we can see that the regulated ROCE will mechanically go up for years to come. You can see it in the illustrative graph on the left. We have illustrated the higher ROCE and less high ROCE, but directionally, regulated ROCE is mechanically going up. Given this element, our proposal for 2023 is a tariff freeze compared to 2022 at Paris Charles de Gaulle and Paris Orly. The French regulator will examine this proposal in the next two months and make its decision public by the beginning of 2023. If you move in on slide five, just a word on some significant steps on the environmental and social fronts. Two elements. First, our commitment to reduce CO₂ emissions is firm, and we have included into our 2025 Pioneers roadmap. We try to improve our energy efficiency. We try to control our energy consumption and the development of renewable energy. We had signed a power purchase agreement in February 2020, and I am happy to share with you that the Caveirac Solar Farm started production at the end of September of this year. Two additional parks are expected to be commissioned in 2023. Groupe ADP has undertaken to purchase all of the electricity produced by this farm for 21 years, which will help control electricity purchase costs. The second point on this slide is the social front. As you know, people is key for the airport, people is key to be able to accompany the recovery of traffic. We have launched at the beginning of September a web platform to promote employment in Paris area airport platform. The project, which has recently been awarded is a successful means to improve sourcing of candidates. This type of initiative has a positive impact for our territories, and we believe it's also allow Groupe ADP to differentiate itself as our employees and the platform workers in general. It's a key asset for the quality of service in our airport. It's also key to accompany the growth. I am now on slide seven with the traffic. As I commented in the introduction, the acceleration seen in the Q2 was confirmed in Q3. For the first nine months, traffic recovery against 2019 stands at 76.6% at group level and at 77.2% at Paris level. Given the trends we see in terms of booking, we now expect the traffic recovery for 2022 to be in the upper part of the target range, which I remember were raised already last July. For Paris, we expect now a level of 78%-82% of 2019. At group level, we expect a level of 77%-83% compared to 2019. New target at the upper level for slide nine. Specific focus on Paris. We can see that traffic with Europe was very strong during the summer. We can also see that we have a good dynamic in term of low-cost traffic with a strong growth. We can see that the share of traffic in Paris for low-cost carrier reached 27.7%, so higher compared to the pre-COVID situation and 22%. For international traffic, which is a key point because it's the most contributive traffic for us, for the regulated scope, but also for the non-regulated scope. This international traffic represent 39.6% for the first nine months of this year. That is below historic reference due to the still weak traffic with Asia, but below but with a good and strong dynamic. With this in mind, you can appreciate the strong performance of our retail activities in Paris. Sales per pax clearly outperform our initial expectation to reach EUR 26.1 this nine months compared to EUR 22.7 in 2019. In particular, we are seeing luxury sales growing faster than the traffic. All in all, this number demonstrates of the relevance of Groupe ADP's retail offer and airport hospitality model, which meets the demand of passenger. The reopening of Terminal 1 at the end of this year will be an important milestone for our new retail concept, Extime, and we trust that with this new strategies, 2023 numbers will confirm this very good performance and this very good dynamic. Moving on to slide nine, specific focus on TAV Airports traffic. At the end of September, we can see that TAV Airports traffic stands at 79% of the nine months compared to the nine months 2019, with a strong Q3. The dynamic in tourist airports of TAV has been very strong since the beginning of the year, and especially this summer for all the airports, Antalya, Bodrum, Izmir. We have a strong dynamic and during the summer, higher than 90%. This performance is due to two elements. First, it's a strong growth of traffic in Turkey, where traffic with the UK, Germany, Poland stands above 2019 traffic. The second element, to a lesser degree, it's the resilience of traffic with Russia, which was very impacted in Q1 but has been progressively recovering, reaching close to half of 2019 level as of the end of September. In addition, Almaty International Airport continued to be the best airport in terms of recovery with passenger traffic 9% above 2019 with a strong performance in terms of cargo, a strong performance in terms of fuel activities in this airport, with a good trend for Almaty International Airport. The performance recorded in the first nine months in Almaty International Airport is therefore above historical records and is expected to normalize progressively for Q4 and in 2023. Slide 10. We recorded around EUR 3.4 billion of revenue in the first nine months of the year, up 80% versus 2021. Within this growth, please remember that EUR 225 million are linked of the integration of Almaty International Airport, which contribute for only five months last year. In Paris, the aviation segment performed well and also for the retailers and services, we are nearly double the performance of last year. Real estate revenue are growing by 7%, driven by the return to full ownership of building in Paris, bringing additional rentals and by some development in cargo area. International revenue have doubled and with a strong impact of Almaty. To conclude, slide 12. You can see that we have a new financial target for 2022. The passenger traffic development and the results recorded since the beginning of the year are strong. On this basis, we are improving our financial forecast for 2022. This is the second time for this year. As commented earlier, we are now expecting traffic recovery against 2019 to be in the upper part of the target range we gave in July. The EBITDA margin for 2022 is now also expected to be in the upper part of the uplifted target range. That is to say at least 34.5% of revenue. The Group financial discipline has resulted in a reduction in CapEx for this year, which is now expected between EUR 500 million and EUR 550 million for ADP parent company. As a result, we now expect an improvement, a strong improvement in the debt ratio to a level below 5x-5.5x EBITDA as early as December 2022. This does not take into account any impact linked to the unwinding of the cross-shareholdings with Royal Schiphol Group, which could happen at any time from now and before May 2023. All other objectives set within 2025 Pioneers remain unchanged. The last point, slide 13. It's one element that is important for us, and we'd like to wrap up this presentation by reminding you of some fundamentals of our 2025 Pioneers roadmap. At the roots of our roadmap is the need for our industry to transform and our commitment to participate in, and even steer, in decarbonization. That is the first commitment. The second commitment is to create value for our shareholders, including, evidently, all our stakeholders with a return to sustainable and profitable growth. We believe that airport it's a key element for the world, key element for the economic and for the culture and for the peace around the world. We believe that for the long-haul distance airport transport, it's a key element and we need this element to manage the business around the world. We anticipate that in Paris, the share of short-haul traffic will gradually decrease and shift to rails, and conversely, the share of international traffic will increase. This is positive for our earnings structure as international traffic is more accretive. Accordingly, we are focusing on the optimization of our infrastructure to drive value creation thanks to a lower capital need. As a complement, we have been developing our international footprint in promising areas where demographic and economic patterns show significant growth potential. This diversification helps mitigate risks. We now have a greater diversity in terms of nature of assets, concession, or full ownership. We also have a more diversified exposure to various legal models and economic models. We now have a very well-balanced portfolio in terms of growth patterns. Looking ahead, we focus on consolidating on existing strength, quality of service and hospitality with Extime, improving our environmental footprint, and ensuring we are well-positioned to catch profitable and sustainable growth. All in all, we are very happy to try to build a new economic model, more attractive for our shareholder and more reasonable in terms of environment issue. Thank you for this element, and we are now available to answer all your questions. Thank you. If you would like to ask a question, please press star one now on your telephone keypad. To withdraw your question, please press star two. The first question comes from the line of Cristian Nedelcu calling from UBS. Please go ahead. Hi. Hi, good morning. Thank you for taking my questions. The first one, on low-cost traffic, it increased to 28% of your total traffic. Used to be 23%. Do you expect this to further grow in the next year? What are the low cost carriers telling you about their intentions and which carriers in particular you expect to see more growth? The second one, if I calculate well, your retail sales per pack in Q3 is pretty much around your 2025 target. So are there any temporary benefits here that we should be aware of in Q3? We haven't had the Asian tourists come back. You're also talking about more self-help going forward. Could you help us a bit, think about 2023/2024 in terms of retail sales per pack? Should they grow further versus Q3 levels? The last one, if I may, very useful, your slide with the regulated WACC. Could you tell us in a scenario where the regulator comes out and says the WACC should be at the middle of their range or 4% or something like that, roughly, what would be the impact on your 2024 tariffs? How much would they need to decline if that's the way going forward? Thank you. Thank you for your question. Your first question about the low cost traffic. As you know, before the crisis, pre-COVID situation, the low cost traffic in Paris was mainly lower than our competitors with 23% of the total traffic. Now we know really after this the COVID crisis, that we have a strong recovery for the low cost carrier, especially easyJet, Transavia, Vueling in Paris. And it's strong recovery faster than the international traffic and all the legacy carriers. But all in all, it's like a normalization if you compare Paris with our competitors. Globally, with 27%, we are on average at the same level of our competitors before COVID situation. It's like a normalization with a fast recovery of low-cost carriers. The main point and the main explanation of this fast recovery is the strategy of Transavia in the Air France-KLM group that Transavia try to increase strongly its footprint with a huge base in Paris Paris Orly with a very strong and competitive platform. As you know, when you operate in Paris Orly, we have a very short taxi time. We have a very short turnaround. It's very efficient for low-cost carrier. For the next year, we expect, like, a good normalization in this low cost carrier and consolidation of the position of Transavia, Vueling. As you know, Vueling have new slot after the transformation of Air France-KLM. So a specific slot for Vueling, a strong increase of Transavia and strong position historically of easyJet. Your second question about the retail. Clearly, the performance recorded in this first nine months, it's very solid and promising. The rebound of traffic comes with more contributive type of traffic. We have also a very performant infrastructure in term of retail area with a strong brands, luxury brands. That is a main explanation. As you know, when we adapt our structure of retail in 2017, 2018, before the crisis, with more fashion and less core business, we know very well that we can have a good dynamic. The crisis, it's like an acceleration, and it's we can now have the proof that our new concept with more fashion, new concept in terms of hospitality with Extime, it's very efficient concept. We expect for the future, a good dynamic. It's a little bit early to speak about sales per pax for 2023, 2024, 2025. We are historically cautious, but clearly in Q3 and now it's not a punctual performance, but it's like a structural dynamic. An important milestone will also be the reopening of Terminal 1 in Paris Charles de Gaulle at the end of the year. Terminal 1 rebounded with our new concept, Extime, with strong luxury brands. All in all, we expect a good performance in terms of retail and we try to make the proof that the Extime concept, it's a good concept to create value for the future. Your third question. The question is, your question is to know exactly what is the level of the regulated WACC for the French regulator. Our specific valuation of the regulated WACC is 6.2%. We can see in our slide range of the WACC, regulated WACC for the French regulator. The range, it's a little bit, it's a range communicated for the French regulator one year ago. Probably now the French regulator have to adapt this range between 2.6% and 5.2%, probably higher. We expect a new chairman for the French regulator, and we expect mechanically due to the macroeconomic situation an adaptation of this regulated WACC. We try to manage with our tariff proposal a trajectory of regulated ROCE. Globally, it's not a scoop, but we are currently in the range of the ART WACC. We know that we have the room of maneuver to increase our profitability, but we know also that we have to manage this trajectory in a good way to increase the competitiveness of the airline, to guarantee a good quality of, you know, infrastructure in Paris. We know also that with a good dynamic in term of traffic, we have a mechanical recovery in term of regulated ROCE. It's the reason why we prefer now manage in a good way this tariff proposal to be able to focus our effort in the performance of our infrastructure more than a huge debate with the French regulator and the airlines. Excellent. Thank you very much. Have you another question, please? No question, so thank you. Sorry, I apologize. The next question comes from the line of ´´Stéphanie D'Ath calling from Royal Bank of Canada. Please go ahead. Hi, good morning, and well done on the strong sales results. My first question is on Schiphol, please. Could you please remind us what happens in mid-2023 if Schiphol hasn't sold the 80% stake in ADP to a third party? What would be the mechanism in terms of cash in and outflows, I guess, for you and them? Secondly, just wanted to double-check the EBITDA margin upgrade is driven by the better traffic only, or is there anything else behind this guidance improvement? Finally on your traffic for winter 2022-2023, what were your recent discussions with airlines? Where do they see the capacity against pre-pandemic? Any commentary around if you expect the sustained 80% or close to 90% recovery rates to be maintained in the coming months? Thank you so much. Thank you, Stéphanie, for your questions. In terms of traffic into the winter season, for the moment, at this stage, the booking dynamic for the rest of the year and for the beginning of next year, it's very good, strong. We see no sign of impact from inflation or reduction in purchasing power or at this stage. No impact in terms of macroeconomic situation. No impact in terms of geopolitical situation. We are, for the moment, confident and we can remain prudent historically, but we can clearly confirm our forecast and our guidance for 2023. As I said, we change guidance for 2022 to be in the upper part of our range fixed in July. For the moment, no impact. We are confident for the trajectory in terms of traffic. In terms of margin. Clearly, it's a recovery in terms of traffic. As you know, when we have a recovery in terms of traffic, we have, like a step. When we have 1 million passengers, 1 million extra passengers, we have to reopen a terminal, a global terminal for 10 million passengers. When we reopen, and when we have not 10 million, but 12 million, mechanically, we have a good performance and a good margin. First point. The second point, it's OpEx control. We implement a huge OpEx control during the crisis, and we try to manage this OpEx control during the recovery. In this element also, we have some steps, and we know that for 2022, we manage well this recovery. For 2023, just to have in mind the fact that, in terms of wages and salary, we have a natural inflation of wages, historically around 2.4% of personnel costs. We have also the full year effect of the salary measures decided in July, for full year impact for EUR 26 million on a full year basis. In terms of recruitment, that is a key element to accompany the traffic. We are in a good way to and we start a strong recruitment plan to manage the return of the traffic. We can, at the same time, confirm that we have a strong organization now and we can manage the airport in Paris without 700 people less. In terms of external services, we expect a modest impact of inflation in 2023. In 2023, yeah. For the moment, we wish to manage this element. It's one of the elements which explains the freeze in terms of tariff also. At the same time, we have to prepare the huge events in Paris, like Le Bourget Air Show, the Rugby World Cup. We have also the Olympic Games in 2024. We can have, in the next month, exceptional OpEx, but we have to implement. One element that is also key and what we have in mind when we talk about our margin, it's Almaty. Almaty in 2022 outperformed for a lot of reasons. First of all, because we have a strong recovery in traffic. Second reason, it's the ban in terms of air traffic in Russia. A strong performance in cargo in Almaty. One element that is a key element for the margin, it's the question of jet fuel. The performance of Almaty is driven by the jet fuel activities, which was particularly strong due to the ban of Russian airspace, what I said. The jet fuel activities benefited in 2022 from subsidies. That is probably not the case in 2023. For the moment, as you know, we change our guidance for 2022 in terms of EBITDA margin to at least guarantee margin higher than 34.5%. We don't change for the moment our guidance in terms of EBITDA margin for 2023. We are cautious. It's a little bit early, and we have to manage all these elements. For your first question about- Sorry, could we potentially see a margin decline next year from more than 32.5% given the lower guidance for next year? It's too early. Okay. It's globally too early. For the moment, we confirm the range between 32 and 37. We can give you some color about our outperformance for 2022. For 2023, it's a little bit early. We have a lot of elements, and it's difficult for the moment to give you clear view, so we prefer confirm our guidance in the same term. For your first question about Royal Schiphol Group. In the interest of all the parties, we have to close before May 25. We have to. We have a good discussion with Royal Schiphol Group. We mechanically know that our marvelous company is very attractive. We have investors for 8% of our shareholding structure. All in all, for the moment, just to remind the process, Schiphol have to sell 8%, and after that, ADP sell the 8% of Schiphol Group directly to Schiphol. I can give you more color, but I cannot give you more color about that. It's, we are in ongoing process. Thank you. In the case that they don't sell it to a third party, I believe that the contract was written in a way that there would be a way of basically you getting your 8% back and giving their, the 8% back and then having a cash outflow. Or is that not the case? At the end, yes, but it's for the moment we are focused to sell 8%. People are focused, and we accompany this movement with the French state. Okay. Thank you very much. I cannot give you a further element. The next question comes from the line of Akshat Kumar calling from HSBC. Please go ahead. Yeah. Hi. Good morning. Thank you for taking my question. I have three, if I may. First of all, in your retail segment, what kind of impact do you see due to rising inflation? I guess retailers must have increased the prices. How much is that feeding into the retail spend per passenger? And how do you see that going ahead? And on the same point, what kind of flexibility do you have to pass on that inflation impact to the airlines? How much flexibility do you have on the regulated business, on that side? That is my first question. Secondly, in terms of your new retail offering in Terminal 1, what kind of commercial revenue upside do you see there? Finally, in terms of inflation, of course, you have some leeway, but then how do you see your CapEx spend? What kind of flexibility do you have in your CapEx spend in case your EBITDA margin declines or you face challenges due to inflation? So these are my three questions, if you could please help. Thank you so much. Thank you for your question. First of all, in terms of inflation, just remind that for the moment, we don't have a strong impact in terms of inflation in our OpEx at the OpEx level, and also at the CapEx level. Probably we have to manage an impact in terms of inflation at the CapEx level, but more in 2023, 2024, 2025. Probably more in 2024, 2025, due to the fact that we have now a fixed price in our contract to build or to establish a part of our infrastructure. At the OpEx level, for the moment, a huge part of our agreement we have a fixed price for 2023, and we have just to renegotiate a part of our contract in 2023 for 2024. For the moment, we don't expect in 2023 also a huge impact in terms of inflation. It's a reason why the question to increase the aeronautical fees or the question of the aeronautical fees just to be able to accompany the inflation. It's not a question for 2022 and 2023, probably after, but not now. First of all. If we have to accompany, we have at the same time to manage the cap in terms of regulated revenue. We have a cap in terms of regulated revenue. The question to accompany with the tariff increase the inflation, it's also a question of the capacity to increase the regulated WACC in line with the inflation. For that, we have to wait for the position of the French regulator. Your second question about inflation and retail. For the moment, the main explanation of the performance, it's a question. It's in the retail performance, it's a question of our quality of offering, the luxury brands and the new concept in terms of retail that is very performant. We don't, for the moment, see clearly a question of inflation in the retail business, for the moment. We have to manage this question because as you know, the main competition for the airport is the downtown prices. For that, we have to adapt our pricing in terms of retail, especially the in terms of luxury products. We have to accompany the luxury demand. It's a reason why the main milestone for the next month is the reopening of Terminal 1 with a huge retail area with all the French luxury brands. In terms of inflation, sorry, I don't answer clearly to your question, but for the moment, the question of inflation and retail, it's not it's a little bit early, and it's manageable. What is the upside in terms of retail? What is your also your question. Clearly it's Extime strategy in Paris, with the reopening of Terminal 1, but also with the change of the offering and the hospitality experience in the other terminals, like Terminal 2B and 2D. It's a key element for us to accompany this improvement in Paris Airport, but also in the other airport of the group, when it is possible to do, when we have enough market, good market and good contributive passenger, for example, in Antalya Airport. For the CapEx program, clearly, in fact, we manage well with huge discipline the CapEx program in 2022. It's just to accompany the traffic step by step. If we don't need CapEx, we stop the CapEx. If we have to postpone the CapEx, we postpone the CapEx. The main part of this CapEx, it's at the end of the day, we have to spend this kind of CapEx. We postpone, but we postpone year after year. Globally, it's a good performance to manage our regulated asset base. It's also a good performance to accelerate our de-leverage. It's not savings. It's not a pure savings. As you know, we don't have an economic regulation agreement. Without regulation agreement, we don't have a specific commitment in terms of CapEx program. Is it key? I know that for a lot of investors, for a lot of analysts, economic regulation agreement is very important and gives some visibility. For us, it's positive, for the moment, it's positive to manage our CapEx program without specific commitment, without economic regulation agreement. Because it's possible, like this year, to decrease the CapEx program, perhaps to increase after, perhaps to also decrease after. We have to manage step by step the recovery. Thank you for your question. Other questions, please? As a reminder, if you'd like to ask a question, please press star one on your telephone keypad. To withdraw your question, please press star two. The next question comes from the line of Marco Limite, calling from Barclays. Please go ahead. Hi, good morning. Thanks for taking my questions. I've got a question on your Terminal 1 opening by year-end. Are you going to close other subsections of the other terminals when you reopen Terminal 1? If yes, can you just give us a rough idea of the capacity for Terminal 1 versus the other sections that will be closed? Still on this topic, when do you expect to fully reopen all the terminals at the Parisian airports? The second question, which is somehow related to my first question, is when we think about downside case scenario for next year, which are the cost levers that you can pull in order to better control costs, again, in a downside case scenario? You know, how, what's the kind of timeframe you can, for example, close part of the terminals or taking other cost actions? Thank you very much. Thank you for your question. Your first question about our infrastructure in Paris, Charles de Gaulle. Clearly we reopened the Terminal 1 in December, the full Terminal 1, with international satellite and with the new junction between all the international satellite, but also the other satellite for the Schengen traffic. When we reopened the Terminal 1 in December, we closed in January the Terminal 2E and 2C. That is good to manage our CapEx and our OpEx. Good to manage our OpEx because all the people that are necessary to operate the Terminal 2 and 2C go to Terminal 1. All the goods for the retail shops go to Terminal 1 without impact of an increase in terms of OpEx to reopen this terminal. Globally, it's neutral in terms of OpEx to manage this move between the reopening of T1 and the closing of two E and two C. Globally neutral also in terms of revenue, rentals in the terminal. Terminal 1, as you say, it's in Terminal 2, we have more capacity compared to Terminal 1 E and 2 C. More capacity with more than 10 million-12 million passengers in Terminal 1, compared to Terminal 2E and 2C, that is globally with around 10 million. Globally we can accompany the increase in terms of traffic with the reopening of Terminal 1, except during December that we have a peak and we have to manage this element. In terms of CapEx, in fact, when we reopen Terminal 1 and when we close Terminal 2 and 2C, we can refurbish all the luggage system and we can implement the new security system of luggage in Terminal 2 and 2C during without traffic operation. We can manage CapEx faster and in good way to reduce and to optimize our CapEx program. Also good question about the control of OpEx in 2023. It's a little bit early to comment 2023 in detail. We can confirm our guidance in terms of traffic. We can confirm all our guidance in terms of EBITDA margin and so on. We discuss now about the budget. We discuss about our cost cutting program. We have also to work a lot about some element that is a conjunctural element. As I say, we have specific events in 2023-2024, and we try not to have conjunctural approach, but a structural approach. If we can implement some investment to optimize globally our capacity to optimize our performance, not just for the Olympic Games, but all in all for the standard operation, it's probably good. The good example is the question of energy. As you know, in France, we have to decrease for this winter the electricity needs. We try not to just decrease the this question for the winter 2022-2023, but we try to implement the structural savings. Little bit early to comment, but as you know, we are still cautious in this, in this element. Thank you. There are no further questions, so I will hand you back to your host to conclude today's conference. Thank you very much everyone for this conference. Just one element that is key for us. Groupe ADP next results communication will be on 15th February 2023 with annual results. In the meantime, following up on the conference organized earlier this year around 2025 Pioneers roadmap. We plan to organize a presentation focused on GMR Airports around the end of the year or beginning of 2023. We also plan a visit, a site visit of Terminal 1, the marvelous Terminal 1 with a strong retail performance. And to have a specific focus on retail strategy next time live, and don't hesitate to visit this new terminal. During the we try also to plan a conference focus focusing on retail real estate activities before the summer of 2023. Lot of conference to be able to have a clear view in our strategy. Feel free as well to get in touch with our investor relations team for all your questions. Very happy to see you quickly. Thank you everybody. Bye-bye. Thank you for joining today's call on Chorus Call. Host, please stay connected on the line and await further instruction.