Good morning and good afternoon, everybody. This is Giorgio Iannella from the IR team. Thank you for joining EssilorLuxottica Q3 Revenue Management call. The group's CFO, Stefano Grassi, will walk you through our revenue performance. After his presentation, there will be a 30-minute Q&A session. If you want to make a question, please press star followed by five. We kindly ask you to limit your questions to a maximum of two. Hello, everyone, and, good evening. Welcome to our third quarter sales update. EssilorLuxottica revenue grew 5.2%, during the course of the third quarter at constant currency. For the first nine months of the year, you're looking at a top line up 7.2%, still at constant currency. Both our two division, Professional Solution and Direct to Consumer, posted solid growth in the quarter with a top line in a mid-single digit territory. When we look at our revenue at current exchange result, we're reporting a decline of 1.6% for the third quarter. The gap between, constant and current effects is very much driven by two currencies, the US dollar and the Turkish lira, and those two currencies devalued respectively 7.5% and 38% during Q3 against euro. Our third quarter has been a quarter full of exciting news. I hardly remember another one with such a variety of exciting news to share. The launch of Ray-Ban Meta that now feature a live streaming, and it's powered by artificial intelligence. The drop-in store of the new Swarovski collection. The rollout of Varilux XR in key countries like North America, like France, like Latin America and India. The launch of a breakthrough hearing solution that has been developed by the Super Audio team, and it will be commercialized during the second half of 2024. And last but not least, the announcement of a new division called Helix, that will develop digital solution for the ECP market. So as you might appreciate, there is a lot of focus from the organization in delivering this new project, and we very much look forward to updating you in the following quarter on the progress made on each one of those. But now, as usual, let me start our journey across the different geography and as usual, beginning with North America. In North America, our top line was up 2.1% at constant currency. Very consistent pace, as you remember, between the second quarter and the third quarter. Our professional solution division delivered top line at approximately 3%, with the independent channel that represented a key driver, especially the one that embraced the EssilorLuxottica 360 program, which is really a program that deliver a higher productivity compared to the remainder part of ECP network. When we look at our product category, our lens business was solid positive, with a strong delivery in the independent channel and with Varilux XR, that it's already fueling our pipeline of branded progressive lens portfolio. The other category is frames. When we look at the frames, our growth is still driven by our luxury portfolio with Prada, with Burberry, with Ralph Lauren, very much leading the pace on the frame business. If we now switch gear and look at our Direct to Consumer division, we observe here, I would say, two different trend. On one side, our optical retail banner that deliver positive comp sales in July, positive comp sales in the month of August, and positive comp sales in September. LensCrafters comps were in the low single-digit territory, while Pearle and Target Optical deliver a pretty compelling story and mid-single digit comps. The other side of, of our retail network in North America is represented by our sun banner. In Sunglass Hut, we have a pretty consistent pace in the negative territory for comp sales in Sunglass Hut, so we still see that softness in the sun demand in North America, and that is true for both the international location of Sunglass Hut, as well as the non-international location of Sunglass Hut. Moving now to EMEA. EMEA was up 7% during the course of the third quarter, which leads to the first nine months of the year to a top line up 9%. And I remind you that last year in EMEA, our top line grew 11% at constant currency. So we're growing at a high pace over a double-digit delivery that we had last year. When we look at our professional solution, our frame category posted double-digit growth, driven by Ray-Ban. That was strong in both prescription and sun. On top of that, we also had a strong delivery by our luxury portfolio. This is something that we have seen already for quite a few quarters. When we look at our lens side of the business, our top line was in the low single-digit territory. Price mix was the primary driver of the growth. We do see Varilux XR, that was recently launched in our main country in France, delivering great interest and appreciation from our clients. This interest and appreciation is very much confirmed at the Silmo exhibition in Paris, where Varilux XR was actually awarded with a Silmo d'Or in the vision category. If we now move to direct to consumer, another outstanding quarter of optical retail in Europe with our comp sales that were close to double digit, with a strong growth in all key countries like United Kingdom, like France, Germany, Italy, Nordics, and our Spanish operation. Clearly, the effect of the integration of GrandVision banner into the EssilorLuxottica platform is continuing to deliver positive results. We are seeing the lens are already over the 50% target that you remember I shared with you at the beginning of the year. So more than 50% of our lens of supply in GrandVision comes from EssilorLuxottica. Transitions, another important asset that we are leveraging into GrandVision, is already available in 15 countries with higher and improved penetration week after week, month after month. And last but not least, we continue to push for a higher discipline in the scale management on both sun and prescription. Now, let's look at the other side of our retail banners in Europe, and that is sun. In sun, we experienced a deceleration during the course of the third quarter. Our comp sales were in low single-digit territory, and I have a couple of readings for that performance. On one side, a very high base in 2022. I think comp sales in 2022 for sun were in excess of 50% during Q3. The other aspect, and I don't like to call it very often, but this case I think I should, is the weather condition. Especially in UK, we had a fairly rainy month of July and month of August, and that dragged and decelerated the performance overall of Sunglass Hut in the region. In the month of September, weather got better, and we've seen good traction in the overall performance. We were actually at double-digit pace in the month of September, and I must say that as we enter into the month of October, we already see that performance at double-digit pace continuing throughout the fourth quarter, 2023. Now let's move east, and let's touch on Asia Pacific. Top line up approximately 12%, 11.7 at constant currency. This is a third consecutive quarter, at double-digit pace in the region. We were double-digit pace again in China, despite a much tougher comparison base. You remember the third quarter of last year in China was a very good quarter, and despite the high base, we were still able to grow at a double-digit pace in China. We were also double-digit pace in India, in Japan, and we were double digit in Korea. In China now, just, let me explain a few seconds. We had a strong back-to-school season, which obviously pleased us very well. We had a new initiative of eye screening in school that we are undertaking, in the Shanghai, metropolitan area, and we will extend in other part of China. We're also pleased to share with you, that we have already exceeded the 1 million, pair of Stellest lenses dispensed in China throughout 2023. This was a target that we assigned on a full year basis, and after 9 months, we have already exceeded that target. Last but not least, we are developing a whole new chapter related to presbyopia, a new category that we will further develop in China. So stay tuned, I would say, for more news on this topic. A last touch in Asia Pacific, it's related to brick-and-mortar business, that posted double-digit growth in the sun part and posted a mid-single digit comp on the optical part of the business. OPSM, despite a very tough pace of last year, where comp were in excess of 30%, still was able to deliver a solid growth during the course of the third quarter. And now, the last but not least, is Latin America. In Latin America, we had a performance at mid-single digit, with top line up 6.2%. We had a good quarter in the region, with Mexico and the other Hispanic Latam countries that deliver a solid growth in the third quarter. I would say that probably the only country where we experience a softer trend is Brazil. And in Brazil, in particular, the lens part of the business was the softer one due to some timing effect of stock lenses reordering between the different quarter. On the other side, the frame business continues to be solid. We deliver a double-digit pace. In Ótica Carol, we were actually marching at a double-digit pace, and I would say this is thanks to the reorganization, the launch of a new franchising program, which is now engaging more than two-thirds of the franchisees in Ótica Carol, and it's proving to be very effective with the very good results in Ótica Carol. Moving now to direct to consumer. In our optical retail banner, we posted another strong quarter with comp sales in a high single-digit territory, very much driven by the former GrandVision banner in Mexico and in Hispanic Latam. I would say that here, similar to what we've seen in Europe, we continue to see the benefit of the integration of GrandVision into EssilorLuxottica. We see tangible results in lens and assortment. The integration effort was extremely focused on the supply chain and also in improving and enhancing the customer experience. So overall, a very exciting journey in the region that I'm sure will continue to carry forward in the following quarters. But now it's time to pass it back to the operator for the Q&A session, please. Ladies and gentlemen, we will now start the Q&A session. If you want to ask a question, press star followed by five. Please limit yourself to a maximum of two questions. Our first question comes from Oriana Cardani in Intesa Sanpaolo. Oriana, please. The next question come from Chiara Battistini, JP Morgan. Good evening. Thank you very much for taking my questions. The first question, I was wondering if by any chance you could elaborate a little bit further on current trading and the comments you made on sun going in Europe, going into October? Maybe if you could expand those comments also for other regions, including also optical, please. Specifically on that in the U.S., can you remind us on sun how the comps are evolving into Q4, and also whether sun has a lower weight in Q4 versus Q2 and Q3? The second question on Europe. In Europe, you continue to show very strong improvement and very strong progress, and I was wondering if you could maybe split how to think about the contribution that is coming from GrandVision versus generally a consumer that seems to still be very resilient for optical both in prescription for eye eyewear both in prescription and in sun. To what extent maybe also growth has been supported by pricing actions versus mix, please. Thank you. Good evening, Chiara. So let's, let's start from the current trading. I think you particularly skewed your question regarding EMEA. When we look at sun EMEA in particular, we had really two months that were more challenging due to the weather conditions. I think the overall performance and trend that we see in EMEA sun is overall good for this year. The month of October, it's continuing on a strong pace, for example, on the sun banner in Europe. We still see on the B2B part of our business the strong demand on sun, luxury, and overall, I would say we are very pleased with what we're seeing. So it's a bit of a different situation compared to what we've seen in the U.S., where we have a, you know, a softness in sun in Q2. We've seen that softness coming through in the third quarter as well. So that I think it's something that we're gonna have to live with, and so far I think we've been capable to be much more resilient on the optical part of the business. But again, it's more skewed toward the U.S., while in Europe, I think it's been contingent to two months only. The other part of your question is the... Well, the other part of your question is related to the weight that sun has compared to, let's say, optical or vision care during the course of a fourth quarter. And you're right, there is a lower weight of the sun business during the course of the fourth quarter. The other part of your question was regarding GrandVision. I would say in GrandVision, we have really the results of a strong execution that has been done by the GrandVision team in making sure that every single aspect of the retail experience was elevated. Whether is the assortment is the consumer journey, whether is the service level, whether is the overall look and feel of our retail network in GrandVision. Everything step by step, week by week, has got an improvement, and I believe that will be a mantra also throughout the remainder part of this year, and I believe in the following quarter. The work that has been done there, it's pretty, pretty impactful, and I would say didn't really create any disruption on the, on the day-to-day basis. In terms of pricing, I think the, the, the work that we've done on the, on the GrandVision has been more around the discount management, higher discipline in discount management. We started with sun, which in a way was more obvious, and now we are progressively taking that exercise also on the optical part. And again, the good thing of that is that we didn't see any disruption, any deceleration with respect to volume for GrandVision. The next question comes from Veronika Dubajova, Citi. Hi, good afternoon, and thank you for taking my questions. I have two, please. I would like to go back to current trading, actually, and ask a little bit about the health of the consumer when you look at the prescription business, and in particular, if you could comment on the U.S. and Europe. We're seeing data points in some of the other healthcare industries that are pointing to somewhat of a slowdown. And I'm just curious, if you can comment on October and the prescription business, and how you're feeling about the consumer on that front. And then just looking forward, and I appreciate I'm not asking you for 2024 guidance, but obviously inflation has been a very big headwind for your business this year. I'm just curious, as you sit here and think about your budget for 2024, can you comment on the trends that you're seeing on wages, on freight and logistics, and on sort of raw materials, and to what extent you'd expect those to moderate as we head into next year, that would be super helpful with the obviously visibility that you have at this point in time. Thank you. Good evening, Veronika. Current trading, in particular in North America. North American market continues to be a highly competitive market. Promotion are out there in shopping mall, in many streets locations, street mall, and we see that competitive environment, and we live it every day. The work we are doing there, it's pretty, pretty good, I would say, especially because we worked a lot with the independent. In particular, you know, we put independent at the center of our execution. We've seen the result of that, looking at some of the lens performance in North America. Varilux and Shamir lenses, progressive lenses, have been extremely strong. On the frame business, we experienced some, I would say, softness, temporary softness in Canada, but the overall business in North America, in U.S. was strong. Luxury continues to be very strong for us, and that's not new. We've seen it already in the previous quarters. The 4,500 independents that are part of the EssilorLuxottica 360 program continuously get a better performer than the remainder part of our independent ECP. So we have a higher productivity, which means every time that we invest, we do something for a certain category, we do see the results of our action, even in a very challenging market environment. Now we're ready to develop a new important assets that we make available for our ECP, and that is Helix. Helix will, we believe, evolve the overall practice management for the ECP, putting technology, putting the ECP at the center of what we're gonna do going forward. The first important delivery, Vision(X), will be, I believe will be very important for the market. It will hold all new features with respect to patient scheduling, ordering and billing, a patient recall. The overall practice management is gonna be materially easy to really manage for each ECP, and I think this is something that is gonna create an even tighter partnership between EssilorLuxottica and the ECP. So yes, we do see a marketing that is challenging, but at the same time, I believe the work and the investment that we've done in recent months and that we will continue to do throughout 2024 is gonna pay back. Last but not least, we do see price mix on the positive territory, and that is very much an indication that we don't see a consumer trading down in North America. The second part of your question, Veronika, pertains to 2024. I think it's a bit premature to talk about 2024. First of all, 'cause our budgeting process is still in progress. Secondly, 'cause this is really a sales trading update. The next question come from Graham Renwick, Berenberg. Hello, good evening. Thanks for taking my questions. Just firstly, sorry to come back on the current trading point again, but just from a group perspective, can we essentially attribute all the quarter-on-quarter slowdown to sunglasses, and therefore, optical was growth, was broadly in line with H1? And then you've talked about European sun reaccelerating from low single digits to double digits. US sun is still a drag, but you know, it's a smaller drag given seasonality into Q4. So can we assume that group sales growth has reaccelerated again into Q4, so we've seen a better exit rate? And then secondly, just on myopia management, you've mentioned Stellest doubled sales again in Q3. You know, what is the sales now on an absolute basis or as a percentage of China? It sounds like you're running well ahead of the targets that you set at the start of the year. What do you think is achievable now for the full year? Thank you. So, Graham, let me, let me be very clear with respect to the trend. What we see in Q3 versus, for example, second quarter, it's really three things. Number one, sunny EMEA, as you rightly pointed out, but it's been contingent very much to, July and August. Secondly, the comparison base in China. Last year, third quarter was actually a very strong quarter in China. I think we are top line, if I'm not mistaken, grew double digit at constant currency. Thirdly, there is a lower contribution from, M&A during the course of the third quarter. Those are the three reason why you see, a different pace at constant currency between, second quarter and third quarter. On myopia, what I can say is that we're now working on what 2024 could look like, and, it's, we have a variety of myopia solutions, that are in progress to be developed and launched. Just recently, during the Beijing Fair, we launched, you know, a new product, that is coming to the market, in, in China, and that's the new, myopia lenses that leverage the DOT Technology underneath the brand, of Kodak. That has been presented in, in the month of September. So our focus right now, it's not necessarily updating the target, for 2023, but very much getting ready for next year, where I believe, obviously, we have a, a challenge to continue to grow our myopia solution throughout the China market and even abroad, outside China. The next question come from Susy Tibaldi, UBS. Good evening. Thanks for taking my question. First one, can you comment on the what has been the evolution of price mix versus the pure price increase I believe you took, at the start of Q3, and also volumes, and how do you expect these to trend going forward? If we look at the U.S. market, considering the positive mix contribution, it's probably fair to assume that volumes have been at best flattish for the past two quarters. So I was wondering if this is a concern, and if you have any expectations of when this could inflect. And then secondly, when we think about the second half, can you comment on the magnitude of inflationary pressures that you're continuing to see in the business? In H1, you commented it was around 250 basis points, of which 70% is due to labor costs. So given the labor is not going away, is it fair to assume that H2 could still have 150 basis points or so, or maybe it's less? And how confident are you that you can offset this through pricing or operational efficiencies or synergies? Thank you. Good evening, Susy. Price mix. On frames, I would say more balance between volume and price mix. On lenses, our primary driver is price mix. And within price mix, mix, it's definitely more important also in light of the part of your question related to price adjustment. So this is a call on revenue, so I won't go into the inflationary trend. I think we talked about them in the month of July, and we're gonna again discuss together in February when we're gonna release the full year results. Our next question comes from Luca Solca, Bernstein. Good evening, Stefano and Giorgio. Thank you for taking my questions. You show comparable sales growth in retail of 4%, which seems to be very close to the direct-to-consumer growth you're producing, and which seems encouraging in terms of the potential operating leverage it provides. Could you give us a bit more granularity in terms of the comparable sales growth for the most important retail chains? And would there be a difference, I would imagine, given what you say about sunglasses between optical and sunglasses? And do you read this potentially softer performance in sunglasses as an effect from the consumer discretionary spend cycle, which we've seen in other parts of the industry? We saw quite a significant negative inflection during the summer in Europe with consumer confidence reducing. Is this something we need to take into account, or is there more of a weather-related or competitive-related pressure in sunglasses that you think is more important? Good evening, Luca. So when we look at the performance of our direct-to-consumer, I think I mentioned before when we walked through the different geographies, we had a low single-digit trajectory for LensCrafters comp sales, which has been pretty consistent this year. We had a good performance on Pearle Vision and Target Optical, and therefore, as you pointed out, we have a higher degree of resiliency of the optical business in the U.S., while the sun part, it's definitely on a softer spot. I'm less concerned about Europe in a way, 'cause we've seen a performance that has been good, for example, in the month of September in sun retail. Has been good in the month of October. And overall, when we look at our B2B, the sun part of the business is still doing well. So I wouldn't call it a structural slowdown of the sun business, which in a way can link to you know a softer reduction in consumer spending. I don't think that is the case because the strengths of our luxury portfolio, in a way, it's actually proving that when you do the right product, when you do have the right collection, when you have the brand that are strong, actually the performance is there. And I would say that has been pretty consistent for us. So I would say really, it's been a couple of months that have been challenging in the U.K., but then the performance and the trend and the trajectory has been strong. We've seen double-digit in September, and so far in our some retail banner in Europe, we are trending on a double-digit pace. The following question comes from Cédric Lecasble, Stefano. Good evening, Stefano, Giorgio, and team. I have two questions also. So the first one on the US Prescription Business. Given the trends and the facts that prescription outperforms, could you maybe update us on the weight, on the overall weight of prescription in the U.S.? And maybe, well, not maybe, certainly, you have an idea of the kind of trend of growth of this business in 2023 year to date. And if you compare your performance, you seem to be gaining share. Could you maybe comment on these gains or evaluate, estimate the kind of gains you have on this business where you are doing pretty well? So second one is, I know it's a sales call, but the market is expecting an acceleration of the margin expansion in H2. The mix seems to be very good. Is there any reason on the cost side or things that we might have missed to believe that you cannot achieve such acceleration, even if 2023 will be likely below the midterm trajectory? Thank you very much. Good evening, Cedric. The first question is in the optical part of the business in the U.S. Let me see. If I look at, for example, the first nine months in the U.S., the weight of the optical part is slightly higher than the 74% vision care that we share normally every year with all of you. Our performance in North America has been good, all considering the market challenge. I think the work that we're doing on a B2B side is proven to be very resilient, especially on the independent side of the business. LensCrafters performance is very consistent. Hard to tell whether we are gaining share or not, but I can tell you we've been extremely consistent, and the partnership and the relationship and the appreciation that we have today with the independent channel, it's definitely higher than what we used to have in the past. I believe, again, the Helix launch is gonna be another important reasoning to further strengthen that relationship. Unfortunately, the second answer to your question is not for today's call, so we're very much focusing on the top line and really not giving any comments with respect to margin. The following question comes from Ben Rada Martin, Goldman Sachs. Hi, all. Thanks very much for the questions today. I've just got one on your travel retail stores. Interested maybe if you can share how their performance tracked during the quarter, and I guess what kind of sales cadence you're seeing as you exited the period. Thanks. So I think travel retail was. It's still a good performance for us. I still see local demand being stronger in a way, meaning that traveler, probably with the exception of US Traveler, which definitely have been during the course of the third quarter, much more in Europe than before. For the rest, we've seen a lot of local traveling. So the performance overall was pretty good in Europe, was pretty good in Asia, all considering the situation. So that's nothing to report besides that. Our next question come from Domenico Ghilotti, Equita. Good afternoon. A couple of questions. The first is a follow-up on EMEA, so on, your previous comment and also reading from the press release. So it sounds like, the sunglass sales was, much stronger than in retail. So I wonder if it is just a weather impact. I would have expected some more similar contributions, so if we can elaborate on that. And the second question is on the, let's call it, on the FX contribution. So it was quite large in Q3, and so if you can give us any sense on how it is playing out also in terms of profitability, because there are very many moving parts. You were mentioning Turkish lira and so on, so it's difficult to extrapolate the potential impact on the profitability on the Forex side. Good evening, Domenico. Yeah, I mean, the sun performance was stronger than what we've seen in the direct-to-consumer in a way. Again, obviously, there is a bit of a difference in the business model, but overall, that's why I don't call out for a challenge in our sun business. I think the luxury part of the sun business in professional solution was very much an important driver on our growth trajectory. But even Ray-Ban was actually stronger. So all in all, I think it's... There are a lot of reasoning to be happy about what we've seen in the course of the third quarter. On currencies, clearly, the main drag from constant to currency exchange result is the U.S. dollar. But then, I wanted to mention also the Turkish lira, because we've seen a pretty material devaluation into our numbers, and that is the result very much that we've seen on the top line. As usual, I won't comment on the impact on the margin, but again, in terms of top line, U.S. dollar, biggest one, and but also Turkish lira, that experienced a quite material devaluation during the course of third quarter. The next question comes from Piral Dadhania, RBC Capital Markets. Okay. Thank you, Stefano. Giorgio, good evening. My first question is on, it's on the like-for-like trajectory for your two main optical retail banners. If we think about GrandVision, obviously, since you've integrated it, well, even before, it runs a fairly strong like-for-like profile. I think it's been high single digit for the last couple of quarters, sequentially. LensCrafters, as we've known for quite a few years, is a low single digit type, low to mid single digit, comp type optical banner. Obviously, the regions are very different. But once the integration benefits start to roll off at GrandVision and the synergies come and I think normalize, what type of comp do you think GrandVision should run at midterm, and how does that compare in relation to your, you know, your midterm targets of mid single digit organic growth for the business? And then when you compare and contrast the two businesses, what have you learned, and what do you see in the last couple of years now, owning and managing GrandVision, that you could potentially integrate or take lessons from and put into the LensCrafters business, which is structurally lower growth? That's my first question. And then my second question relates to the new Thailand facility in Rayong, I think, which hit the headlines a couple of days ago. I think it's a EUR 400 million facility and, you know, is, is gonna be, you know, cutting-edge, one of, one of your main ones. As we think about sort of, consolidation and optimization of costs and efficiencies, will you close down the other Thailand facilities, and will that drive synergy benefits, cost benefits? And what other large, new, facilities do you have in the pipeline, over the next few years that, that we should be aware of? Thank you. Good evening. Good evening, Piral. Let me give you the answer to both of your question. Trends in GrandVision, it's clearly pleasing what we're seeing. Not sure we're probably gonna see that high pace in every single quarter in the following three years, for sure. But I can tell you that the fundamentals of optical retail relationship with the consumer, it's continuously improving in GrandVision. I think we are progressively elevating the consumer experience for optical retail in Europe. That has been our mission. That has been something that we clearly wanted to lay out during the Capital Market Day. If you remember what Massimiliano shared at that event was very much our ambition: to make consumer experience every day a bit better as they step into one of our GrandVision banners across Europe. Clearly, it's hard to compare GrandVision with LensCrafters. I mean, you're looking at a single banner, 1,000 stores, with a multi-banner, a different positioning across different countries in Europe, and not only Europe, anyway. So comparability are very different. The market is extremely different. But I believe that there are certain things that you know could be exchanged or could be a lesson learned. For example, I think what we learned is that the subscription model is something that we could further leverage across Europe. It's something that we mutated from the Nordics country. It's something that we took in another part of Europe, Germany, Austria, and in U.K., and now we're gonna progressively roll it out, I believe, in the next 12-24 months throughout the remainder part of our GrandVision network. Is there something out of that experience that we can take and put into the LensCrafters commercial offer? Why not? It's something that we're looking into it, and if it makes sense, we'll do it. I think there would be a lot of learning the other way around with respect to teleoptometry. Whenever is that gonna be possible, and compliance with local regulation is something that we could do. So yes, there is definitely high opportunity to learn from each other experience, understanding, though, that the business model are quite different between you know, LensCrafters and the variety of GrandVision banner across Europe, and even outside Europe. The other question, Pierre, was related to Thailand. In Thailand, we're making today an important milestone, important step with the aim and the goal to diversify furthermore our supply chain. With the aim and the goal to make sure that we have center of excellence across the world, that allow us to deliver lenses, to deliver frames, to deliver complete pair to our consumer, the best in terms of service level, and the best in terms of quality. I think the Thailand plant is a perfect example of what we're doing. It's not necessary for optimization of cost structure. I think it's more to give the proper footprint to a global company like we are. I think it's obviously important to also fulfill the demand that we also have in the GrandVision. So it serves different purposes, but the overall strategy is to clearly create a network that is diversified and can ensure quality and service level, no matter where we are in the world. Do we expect any other on our plan? Well, we have another important investment that we're making in Mexico. It's an important one. We're working also on our footprint in Europe, in France, to further invest in that part of the business as well. So again, it's part of our journey, and it's fully planned for it in terms of capital expenditures. So I think with this one, we completed our trading update today. I wanna thank you all and wish you all a good evening. Thank you.