Good morning and good afternoon, everybody. This is Giorgio Iannella from the IR team. Thank you for joining EssilorLuxottica's third quarter revenue management call. The Group CFO, Stefano Grassi, will walk you through the revenue performance of the last quarter. 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. With that, I hand it over to Stefano. Good morning and welcome to our third quarter revenue results. We couldn't imagine today a better start of the second half of this year for EssilorLuxottica, where our revenue posted a record high growth of 11.7% at constant currency. The best result ever for EssilorLuxottica. The three largest geographies delivered all the double-digit growth, with North America up 12.1%, with EMEA up 12.7%, and Asia-Pacific up 10.5%. Latin America delivered a mid-single-digit quarter, with the top line up 5.2%. Both our segments, Professional Solutions and Direct to Consumer, delivered a double-digit quarter. As an additional info for today's call, the two acquisitions, Heidelberg and Supreme, account for about 2 percentage points in our sales growth. The wearables products play a major role in our third quarter growth profile. We really now are building a brand new category with unprecedented opportunities to develop products and services that are associated with our glasses that now, I would say more than ever, should be imagined as a platform device. Just to give you an idea, our wearable category accounts for more than 4 percentage points in our growth profile at constant currency. The exciting product pipelines that have been recently presented at the Meta Connect and that are about to hit the market, like the Oakley Vanguard, the Ray-Ban Meta second generation, the Meta Ray-Ban with an integrated display, I'm sure they will all further strengthen our leadership position in this key product category. Now, let me switch gears and talk about e-commerce. Our e-commerce business posted an outstanding quarter at a double-digit pace, with all the main platforms like RayBan.com, Oakley.com, and SunglassHut.com, they all delivered a double-digit sales growth. Our revenue growth profile's current effects are affected by the devaluation of few currencies like the U.S. Dollar, the Chinese Renminbi, the Turkish Lira, and the Brazilian Reais, which diluted our constant currency growth by about 5 percentage points, leading to a total growth, a current change, at 6.7% for Q3. Now, as usual, let's begin our journey across the four different regions. As per our tradition, let's begin with the largest one, North America. In North America, we had a third quarter at a double-digit pace, 12.1%, with more than double the pace of growth that we delivered compared to what we had in the second quarter, where I remind you, we posted a top line up 5.5% at constant currency. In the Professional Solutions, our B2B division, our top line was up double-digit, and Ray-Ban Meta clearly played a major growth driver in the B2B segment. Both our independents and key accounts posted a solid growth, and in those two distribution channels in North America, we were overall positive in lenses and positive in frames. I would say a great momentum for our two optical channels in North America. Now, if we look at our two product categories, lenses and frames, on the lens side, our revenues were up low single digits, and the volume was really the main driver. I would say we were positive in the single vision business. We were positive on the progressive business. More than the performance on the lens, we are all very excited to really be the pioneers in myopia management in the U.S., with our revolutionary lens Stellest that will be finally sold in the U.S. after we got the FDA approval. EssilorLuxottica will be the first to offer this lens that will materially help kids to slow down myopia progression. Let's touch on our frame business. Frame business was up on the double-digit pace, with volume and price mix both positive, with Ray-Ban that was double-digit. Even when you exclude the impact of wearables, you would be looking at Ray-Ban that was up high single digit on sun and was double-digit up on the prescription business. I would say that probably in Ray-Ban, we do have a sort of a halo effect coming from the excitement around the wearable products that is also creating some benefit on the other part of the Ray-Ban business. If we now move to the direct to consumer, I would say that we are extremely pleased with the third quarter outcome, as our comp sales were up 7% on a comp basis, with LensCrafters that had the best quarter of the year with a comp sales in excess of 8%, and Sunglass Hut that likewise posted the best quarter of 2023 with comp sales up around 8.5%. I would say that for both of them, we had strong fundamentals in terms of traffic, conversion, volume, and price mix. Just to add a further perspective to this performance, I can say that the first few weeks of October show a further acceleration trend in both LensCrafters and Sunglass Hut. Very excited about the third quarter result, even more excited by the trajectory as we enter in the fourth quarter. Now, let's move to Europe. Europe was up 12.7%. Material acceleration compared to the second quarter delivery of 9.1%. This represents the 18th consecutive quarter of revenue growth in the EMEA region and the best results since the first quarter of 2022. Let me share with you a few highlights here. From a country standpoint, Italy, Germany, U.K., Turkey, Eastern Europe, and the Middle East, they all posted double-digit growth. When we look at our two distribution channels, both Professional Solutions B2B and Direct to Consumer, they were all up double digits. Our Professional Solutions key channels, the independents, the large key accounts, our e-commerce partners were all positive. When we look at our two product categories, lenses and frames, both positive. On the lens side, I would say the price mix was the main driver, while when we look at our frame business, both volume and price mix, they were strong. When we look at our branded lens portfolio on the B2B side, we are very happy with the key brands: Varilux, Essilor, and Transitions. They all delivered high single-digit growth. Our myopia management lens, Stellest, delivered a double-digit quarter. Now, let's move to the other distribution channel, the Direct to Consumer one for a minute, and let's talk about our 6,000 EMEA stores that in the third quarter delivered the best quarter for 2023 with comp sales up 9.4%. Both optical and sun banners delivered an even pace of growth during Q3. In optical EMEA, we had double-digit comps in Italy, double-digit comps in Germany, in the U.K., in Portugal, in Turkey, in Ukraine, and a high single-digit comp sales in the Nordics. The subscription model is continuing to deliver outstanding growth. It's now representing 22% of our revenue in the optical business for EMEA, and it's about 3 percentage points higher than what it was in the third quarter of last year. Let's now shift to sun. We had a very tough comparison base on the sun business in EMEA, but we are pleased with a strong delivery in the third quarter. We had a strong demand for sunglasses during the summer season, with two out of the three months of Q3 delivered a double-digit pace. So far, the fourth quarter is a double-digit quarter. I can't really wish anything better for our sun business in the EMEA region. Now, let's move east and let's touch Asia-Pacific. A double-digit quarter, material acceleration compared to the 7.8% that we had in the second quarter for the Asia-Pacific region. It's the best quarter so far in Asia-Pacific. We had, from a country standpoint, China up on the high single digit, Southeast Asia that was double digit, Korea that was double digit, and Japan that delivered a double-digit quarter. Just to share with you a bit of a highlight of what happened in the Asia-Pacific region, in China, Stellest 2.0, the new generation of our myopia lens, progressively rolled out during the course of the third quarter. You remember we launched at the beginning of July, and we're now prioritizing clinics, hospitals, and selected key accounts. So far, I must say that the early readings are very reassuring because we are getting a clear indication of strong productivity in the doors where Stellest 2.0 is actually sold. The overall myopia solution category continues to gain traction in China and now represents a third of our revenue in the country, with the overall portfolio that is growing approximately 20% at constant currency during the course of the third quarter. The frame business, the frame product category, were actually strong in the quarter for China. We delivered a double-digit quarter. I would say the main driver for that was the luxury portfolio and the Oakley brand. Now, let me just give you a quick touch on the direct to consumer side. The optical stores in the region delivered low single-digit comp sales, and I would say we had a soft Hong Kong business, while on the other side, mainland China was up double digits, and Optegra Eye Clinics delivered a low single-digit quarter. Now, let me move to the last region in our journey, and that is Latin America. Latin America, as I mentioned at the beginning, was a mid-single-digit quarter, with both channels delivering a mid-single-digit growth. In Brazil, we had a low single-digit Q3. Ochecarol was a bit soft in Q3, I would say primarily due to a timing difference that we had between last year and this year in the presentation of the frame collection. I believe we should get most of it back in the fourth quarter. Outside Ochecarol, the frame and the lens business were solid positive. The EssilorLuxottica days, they were held in Brazil at the beginning of Q3, saw a large engagement. I would say probably an unprecedented engagement of our key clients and independents, and the payback was very evident, in my view, when we look at our order intake on the key accounts. If we look at now our other two countries, Argentina was up double digits. Volume was the main driver on the frame business, and price mix was really the main driver on the lens part of the business. Mexico, another key country in the region, delivered a mid-single-digit growth. Kudos here to our direct to consumer partner, and in particular to Sunglass Hut and GramVision Mexico, that were very much instrumental to our growth in Mexico. Now, let me hand it over to the operator for the Q&A session. Ladies and gentlemen, we will now start the Q&A session. Our first question comes from Oriana Cardani, Intesa Sanpaolo. Please go ahead. Yes, good evening. Thank you for taking my questions. The first one is on the significant acceleration seen in North America in Q3 compared to Q2. Was there a greater contribution from the price mix effect in Q3 compared to Q2, considering the repricing implemented in response to tariffs? Can you give us an idea of how much of the growth seen in North America is due to the growth of Meta glasses? My second question is on M&A policy. Is it possible to quantify the contribution to revenue growth expected for next year, resulting from the consolidation of the acquisition already announced? Thank you. Good evening, Oriana. Let me answer your two questions here. North America, the impact of the price increase is not the primary driver of the overall growth in North America. Clearly, we do have a lift coming from that, but I think it's really a combination of different factors coming into play altogether. Clearly, there is a lift coming from Ray-Ban Meta wearables as a product category, I would say. There is an improvement on some fundamentals on the optical channels, meaning key accounts and independents. That improvement is not only price, it's mix, and it's also volume. That I think is important to be said, especially on the lens part of the business, especially on the key accounts. It is really a combination of different things. The contribution from Ray-Ban Meta and wearables, as I mentioned before, is in excess of the 4% overall for the group. Again, the pleasing thing is that when we look at the underlying part of our business, even our core business shows material improvement on the B2B and shows a material improvement also on the Direct to Consumer side. I think you heard me saying before that both Sunglass Hut and LensCrafters, the two leading banners in North America, delivered the best quarter of the year during the course of the third quarter. Obviously, it's not part of your question, but I want to reemphasize that we are entering into the fourth quarter with a further acceleration trajectory on our Direct to Consumer banner, which is obviously very encouraging. The other question you had, Oriana, is regarding the acquisition of Retina AI. It's a bolt-on acquisition. In that respect, you should see that acquisition that's been announced just yesterday. The next question comes from Chiara Battistini at J.P. Morgan. Please go ahead. Good evening, everyone. Thank you for taking my question. The first question I have is on wholesale and the very strong acceleration that there was in Q3. I was wondering to what extent there is any timing of shipment selling that is impacting that acceleration, and to what extent it's actually just a step up in the growth profile as all of the innovation starts gaining weight also within that channel. The second question I have is on Stellest in the U.S. after the approval, and you mentioned that you're going to start making it available in Q4. I was wondering if you can share some more color on how we should be thinking about the rollout and the ramp-up and maybe the opportunity in the U.S. as well, please. Thank you. Chiara, good evening. First question regarding Professional Solutions acceleration. I don't think there is any particular selling push here. It's a natural performance that we've seen, I would say, pretty consistently throughout the third quarter on the B2B side. What I like to see is obviously that performance, especially on key accounts, on the large accounts that we have in North America, being quite strong and being quite strong on frames, being quite strong on lenses. I also see and observed a sequential improvement on our independents, our ICP. That's obviously, I would say, extremely encouraging. Meta, the innovation, Ray-Ban Meta played obviously an important role during the course of the third quarter. You know that when we look at wearables, we should also think about the add-on that we have from a lens perspective. Just to give you an idea, when we sell Ray-Ban Meta in the direct to consumer channel, typically, we have a pretty high attachment rate of prescription. You know prescription glasses are obviously a big percentage, 20% in penetration of our Ray-Ban Meta. When we sell wearables, we have typically a third of anti-reflective lenses that are associated with that. All of this helps our trajectory in top line, helps our mix, helps our price mix overall. The question on Stellest, we are clearly very happy. You might appreciate we received just a matter of a few days ago the clearance from the FDA to commercialize Stellest in the U.S. We are ready for that. It's going to be really a matter of days, as you're going to see, and we are ready for that on the B2B side. We are ready for that also in our stores, where you will see visibility, where you will see people trained, where you will see very much an enthusiasm because it's been a long journey for us. We now are all very excited to properly roll out these lenses. Again, I want to reemphasize the fact that we are the first and so far the only one that can commercialize in the U.S. a myopia management solution like Stellest. The next question comes from Grace Smalley, Morgan Stanley. Please go ahead. Hi, good evening. Thank you. My first question would just be on wearables, given the very strong growth you are seeing in that category. Could you just give us an update on the scaling of your production capacity and how you're thinking about wearable units evolving as we move into 2026? Just to come back on some of your comments there, given the very strong performance in Q3 and clearly the positive comments on the exit rate and the current trading, and given wearables typically lend themselves very strongly to gifting in Q4, I guess at the same time, you're also starting to analyze some of the contribution from Supreme and face a tougher underlying comparison base in Q4. Putting the pieces together, how are you thinking about the level of growth we should expect going forward relative to kind of the very strong double-digit growth you've just achieved in Q3? Thank you very much. Thank you, Grace. Let me answer both of your questions here. First one is capacity. I mean, it's a question that in a way I was expecting, right, considering the performance that we've seen. We are ready for that. I think we have, in a way, the flexibility from two different angles, the geographical flexibility to fulfill the demand that is going to come in the coming months. We also have the capability to do it in-house or outsource. Obviously, that is very important because we want to keep and retain that flexibility as we see this curve that will progressively ramp up. When we look at the exit from the third quarter entering into the fourth quarter, I mentioned before, you've seen that in many different parts of the organization, in many different business units, we do experience an acceleration in our trend. Obviously, it's the first month. Actually, it's not even finished the first month. We are actually a couple of weeks into the first month of the quarter. Obviously, if I have to judge by what I see so far, I would say we look at this fourth quarter with a good degree of optimism, confident with the assets that we have in our pocket, confident with the fact that innovation will also play a major role into our fourth quarter trajectory. What I mean by that, it's obviously the progressive rollout of Stellest 2.0 in the fourth quarter in China and in 2026 in other countries. What I mean by that is the rollout of all the new products that have been recently presented at the Meta Connect, Vanguard, Ray-Ban Meta 2.0, and Meta Ray-Ban that I believe will play a role also in our fourth quarter profile. I also mean the impact and the contribution that we have as October 1 of Optegra. We're adding a set of new clinics, 70 clinics across Europe that obviously represent a major, important strategic pillar for our revenue growth profile and our development in the medtech space. Our next question comes from Hassan Al-Wakeel, Barclays. Please go ahead. Hi, good evening. Thank you for taking my questions. Firstly, maybe a follow-up on capacity. Are you able to talk roughly where you are in terms of volumes versus the 10 million and how you're thinking about the need to ramp beyond the 10 million given some of the recent launches? How should we think about the cadence of some of your future launches? Secondly, if I can ask on margins and how you view current consensus for the second half, given A, the stronger growth that is coming through, but also the mix of this growth and dilution from Meta as well as tariffs, do you think that you could plausibly increase margins in 2026 if Meta grows in line with your expectations? Thank you. Good evening, Hassan. And very nice to meet you. Let me answer both of your questions. The first one is the capacity on wearables. You rightly pointed out the 10 million capacity that we originally were planning to build by the end of 2026. Seeing this further acceleration and with the flexibility that I described to you before, we are in a position to anticipate that build-up capacity before what we shared at the beginning. It will come earlier than the end of 2026. We will couple that additional capacity also with our ability to deliver product innovation, not just at the end of this year, but also in the following years. You can further expect newness associated with our products in terms of wearables. As you might have heard and read on the news, obviously, there are speculations that other brands might come into the pipeline of wearables for EssilorLuxottica. Your second question is regarding margins. As much as you might appreciate that this is not a margin call, but it's a revenue call. We shared, right, the fact that the wearable division, in absolute terms, it is a profitable business. Clearly, we benefited from that. It is a business where we do have, as I mentioned before, lenses, prescription lenses on 20% penetration, which I believe is a very strong penetration in our own retail network, considering that a certain part of our network only sells sunglasses like Sunglass Hut. It's a business where we do have a high penetration of transition, where we do have a high penetration of polarized lenses. The overall ecosystem of wearables is going to progressively bring not only revenue associated with the hardware, but also the revenue associated with lenses. I believe over the longer run, the services, the most obvious and evident one, it's the premium AI, will help to contribute and lift the margin furthermore for this product category. The next question comes from Veronika Dubajova, Citigroup. Please go ahead. Hi, Stefano. Hi, Giorgio. Thank you so much for taking my questions and congratulations on a really impressive quarter. Two questions for me, please. One, I appreciate you want to steer away from commenting on the size of the smart glass revenues, but if I just do some quick back of the envelope math, I guess we're looking at sort of a third quarter revenue number that on my math would be north of EUR 300 million. Just curious if you can confirm whether I'm at least in the right ballpark and whether there is any sort of stocking in this number given the high number of launches in the quarter, or you think this is a good run rate as a baseline, obviously, before we get to some of the more exciting contributions into the fourth quarter and into next year. That's my first question, please. The second question, just on the improved momentum in North America B2B business, Stefano, I know you've taken a number of actions there to improve your competitiveness, to improve the service. It's really good to start seeing those coming through. Do you think there is scope for that B2B business to accelerate also in the fourth quarter, or is that acceleration you're seeing in Q4 really just a function of or just present in the retail business? Thank you guys so much. Good evening, Veronika. First question on the Meta. I think I mentioned at the beginning that the contribution to our revenue growth profile is in excess of 4%. The math over there is pretty easy. Whether it is or it is not a good run rate for the fourth quarter, we'll see it. Clearly, we are seeing a quite material step change in our growth trajectory. Entering into the fourth quarter with the confidence that I described to you before should give you a good idea of where we're heading to. Professional Solutions North America, I think we've seen some good indications in Professional Solutions in North America. The positive thing is that it's coming across channels, two critical ones in particular, the key accounts and independents. It's coming across lenses and frames. It's coming because we are also seeing good traction on volume, in particular on lenses. We see a good balance between volume and price mix. All those things are still there from what we can observe in the first few weeks of the month of October. You probably don't see us here, but you look at smiling faces around the table here, which gives you a good pulse, a good sense on how we are entering in the last quarter of this year. The next question comes from Hugo Solvet, BNP Paribas Exane. Please go ahead. Hi, hello. Thanks for taking my question and congratulations on the print. I have two. First, on smart glasses, I understand the 20% share of prescription, 30% of transition, but overall, the penetration of proprietary lenses, if you could give us a number and how it has evolved since you first launched the Ray-Ban Meta, that would be super helpful. Second, could you give us a sense whether you believe that a meaningful step up in marketing investment will be required to fill further the growth of the smart glasses business? Thank you. Hugo, good evening. I want to make sure that I understand your questions. When we sell Ray-Ban Meta or Oakley Meta products, the lenses obviously are manufactured for sunglasses within EssilorLuxottica. When we produce our lenses, a part of our manufacturing capacity on RX. That's part of our business, pretty much like any other pair of frames where we associate our lenses into that. Just to expand a bit on the commentary that you made at the beginning, the 30%, one third is polarized. Actually, the penetration of transition, it's about 50%, 40% - 50% depending on the quarter. That's really to give you a ballpark idea. 20% prescription penetration on our own retail network, a third penetration of polarized, and 40% - 50% penetration of transition. Those are the key data that I would probably stick in my mind with respect to the lens dynamic. I think the marketing expenses, I think it's a continuous interaction between EssilorLuxottica and Meta to make sure that we get the best ROI. This year, if you just step back and look at the amount of work that has been done on the brand and on this product category, I think we should all feel very, very pleased, very proud for the work that has been done. I can tell you that looking at the marketing communication plan for 2026, we're definitely going to have a lot of excitement for next year with a lot of visibility on wearables. We are in the process of crystallizing the plans for next year, but there are some quite interesting, I would say, news on our marketing testimonials and visibility that we're going to give for our wearable products. Obviously, this will not only be Ray-Ban, but will be also Oakley, that has just joined the family of wearable products that are offered to our consumer. The next question comes from Adrien Duverger, Goldman Sachs. Please go ahead. Good evening. Thank you very much for taking my question and congratulations on a great set of results. I have two questions, please. The first one is, could you please comment on your expectation for the timing of the next generation in terms of launches? Could you also comment on the trends with regards to average selling prices? The second question would be on the consumer feedback from Nuance. I remember last quarter you commented that they had over 80% penetration of prescription lenses. Could you please update us on that figure, as I suppose Nuance continues to be available across more doors? Thank you very much. Adrien, good evening. Question on the next generation of EssilorLuxottica Meta wearable products. I think you've seen already that from a pricing standpoint, some of our products have a higher pricing because they encompass different and additional features that we didn't see before. You've seen it very clearly, whether you're looking at a second generation of Ray-Ban Meta, whether you're looking at Vanguard, the latest Oakley Meta that has been launched, or you're looking at Meta Ray-Ban, which is obviously a much higher price point with revolutionary features, which I believe you haven't seen before. Pricing will be very much driven by innovation and features that will be added. Obviously, on top of the hardware, there will be the services component that will progressively be added to the hardware platform. Nuance, just to give you a couple of data points here, we have over 12,000 doors open and available for selling Nuance worldwide. It's doing well. We are pleased with the build-up work that the team is doing to create this new category, in a way, of hearing-aid devices that look and feel like a normal frame. We are very pleased by the fact that the prescription penetration is pretty high. We are already commercializing Nuance in six countries. I believe between now and the end of this year, we're probably going to be opening up another five to six countries. That's obviously very encouraging because we keep hearing and people asking, "When can I get it? When is it going to be available in my country?" A few other countries will come on board in the near future. There is another interesting thing. In the country where we have this information available, we do see typically that between one third to two thirds of the Nuance customers are new customers to hearing aids, so are people that never worn hearing aids before. That's obviously very encouraging because it means that we are expanding the scope of our hearing aids. We are reaching out to people that normally wouldn't wear hearing aid devices because probably of the stigma. With that, obviously, Nuance doesn't carry a stigma. It's a highly effective product. It's obviously very encouraging to see that statistics in some of the countries where we have this information. Clearly, Nuance, similar to the other wearables, the ones that we developed in partnership with Meta, will see a product evolution, which I believe will come in 2026. The next question comes from Domenico Ghilotti, Equita. Please go ahead. Good afternoon. Two questions. The first is a quick follow-up on the wearable, just to have the contribution in the first half so we can appreciate the ramp-up coming from wearables in the third quarter. The second is on myopia management. It is a more, let's say, broad indication. If you can share your view on when you expect this category in the U.S. to be, let's say, the size of China or whatever you want, but in terms of potential contribution over the medium term. Domenico, [Foreign language], good evening. First question on Meta. The contribution on wearable was still in the first half of the year. In the third quarter, that contribution is higher than what we had in the first half. We've seen an acceleration in terms of Ray-Ban Meta contribution. The second question is around myopia. I don't know. I'm not good in sizing market here, right? What I can tell you is that we are the pioneers for this product category in the U.S. I think this is probably the most important thing. We are the only one that today in the most important optical market in the world are commercializing myopia solutions that help kids to materially slow down myopia progression. That is something unique, something that no one else has it today in the market. You know our power fire in visibility. You know our capability to invest in the strategic initiatives that EssilorLuxottica believes are critical. I think we've been very deliberate in the past to say that myopia, Stellest in particular in North America, was one important strategic initiative. I believe this could be quite big. Now we'll see, as the revenue will come through, and we can see already a contribution as we close 2025. Again, stay tuned, and obviously, we'll give you more updates as soon as we close the year. The last question comes from Julien Dormois. Jefferies, please go ahead. Ciao Stefano, ciao Giorgio. Thanks for taking my questions. The first one is actually a follow-up, and sorry for coming back again on AI glasses. You kindly indicated that you generated 4% contribution in the third quarter. That makes roughly EUR 250 million. I'm just wondering whether you could confirm that it would probably represent approximately 700,000 - 800,000 pairs, just to give a sense of what's the unit base that we're talking about for AI glasses. The second question relates to the opportunities on the services side of things. You commented on that a few times already tonight. I'm just wondering what exactly the levers are behind those services and what is the revenue split between you and Meta on services. I think you fully consolidate the hardware part of things, but on the services side, how are things going to work going forward? That would be super helpful. Thank you. Good evening, Julien. Let me answer the first question. The contribution is in excess of 4% points. The math is not directly the one I think you did because you need to take into account that there is a mix between the two different channels, B2B and Direct to Consumer. Therefore, the pricing is obviously different depending on whether you're selling B2B or you're selling on the Direct to Consumer side. The services that would be associated with the wearable platform, I think some of the most obvious ones are related to the leverage of AI. You're looking at over the longer run. I think our CEO and Chairman has been very explicit more than once in saying that glasses will become a platform that will enable different functionalities on a day-to-day basis, will enable not only the support of artificial intelligence, but also medical checks progressively. We are just the first few steps into a journey that can materialize in a quite fascinating way. We believe that glasses will be the future. Glasses will materially replace most of the functionalities that today we have embedded into our phones. I think the Ray-Ban Meta really represents a further proof of concept of what we are able to do when you couple two companies that have a high degree of expertise in their respective area. That is just the first step. Over the longer run, you should think about services, you should think about the hardware associated with the frames, and you should think about the lenses because that's the other thing. The pleasing thing to me is that even Ray-Ban Meta is a product that also encompasses prescription. It's a proof of concept that we can showcase information on the lens. It's a proof of concept that we can do that, associating prescription to that. A lot of exciting things coming all together in our platform device. All right, this was the last question for tonight. Thank you very much for joining us today, and look forward to connecting with you for the full year 2025 result. Thanks a lot.