Good day, and thank you for standing by. Welcome to the Planisware Q3 2026 revenue conference call. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Loïc Sautour, CEO. Please go ahead. Good morning, and thank you for attending our call on Planisware's Q3 2026 revenue. Stéphanie Pardo, our CFO, joins me today. I will begin with the quarter that I led and our commercial and product development. Then Stephanie will review revenue in detail before I return to our outlook and we take your questions. Let me start with the five key messages of our publication. First, Q3 revenue reached EUR 57.4 million, up 15.6% as reported and 14.9% in constant currencies, continuing our double-digit growth. Over the first nine months, revenue reached EUR 163.5 million, also up 14.9% in constant currency. Second, recurring revenue growth accelerated to 16.6% in constant currencies compared with 12.6% in the first half, driven by the continued success of our SaaS platform and a re-acceleration of our support activities. Recurring revenue represented 90% of our quarterly revenue. Third, commercial momentum remains strong with new wins and expansion across geographies and a broad range of vertical. I will discuss our commercial momentum in a moment. These recent wins support implementation activity today and future recurring revenue growth. Fourth, on the innovation front, our 26Q4 release broadens the capabilities of our unified platform, and at the end of the quarter, we successfully launched the beta version of Prisma, our AI agent, a very important milestone in our AI strategy. Finally, we confirm all the 2026 objectives raised in July, while remaining cautious about macroeconomic condition and the timing of certain non-recurring transactions in the fourth quarter. Let me now turn to our commercial momentum. It remains strong in Q3, with more than 25 wins across regions and industries, spanning both new customers and expansion within existing accounts. An important milestone this quarter was the first significant wins for Nova and Horizon, identified here by the purple and blue logos respectively. These wins illustrate how our specialized offerings address different customer needs and broaden our reach across industries. Alongside new customer acquisition, we continue to expand within our existing customer base with opportunities for broader adoption over time. Because this win, the underlying needs are consistent. Customers want better visibility across portfolios and resources, replacing fragmented tools to support their transformation program. This momentum supports implementation activity today and provide a foundation for future recurring revenue as customers deploy and expand their use of the platform. Now, let me turn to the product development supporting this momentum. Planisware released version 26Q4 of its unified platform, further enhancing the breadth of its capabilities across Enterprise, Orchestra, and our new specialized products. The release broadens the capabilities available to customers. New Agile-at-Scale functionality support complex project environment, while additional portfolio and resource management capabilities extend the range of needs the platform can address. It also expands our AI-powered capabilities, including natural language formula generation through Oscar, our Planisware AI assistant, enhanced integration with widely used enterprise applications, which further connects the platform with customers' existing environment. Taken together, these enhancements transcend the value proposition of our unified platform and its ability to support customers across the full spectrum of project and portfolio management use cases. Our latest AI-powered capabilities continue to generate significant interest from both existing customer and prospects, reinforcing our competitive differentiation. This brings me to an important topic for us and our community, which is Prisma. At the end of Q3, we successfully launched the beta version of Prisma. Clearly an important milestone in Planisware AI strategy. Prisma is our hybrid reasoning AI agent. It is designed to help organizations manage their project portfolios and resources more effectively through task automation, decision support, and enhanced operational efficiency. The beta program currently includes Prisma and Prisma Pro. Prisma Expert, formerly known as Config Pro, which focuses on configuration and customization use cases, is expected to follow at a later stage. With the current beta program, we are validating the solution in real-world environment, which allows us to gather feedback directly from real users. Such feedbacks are helping us refine the offer ahead of the commercial release. These beta testers are also expected to advocate widely on the relevance and power of the solution at the time of product commercialization. The launch has generated strong interest from both existing customers and prospects, and we consider this level of customer engagement validates both the relevance of the use cases and our commercialization approach. We confirm an official commercial release by the end of Q1 2027. Prisma is expected to begin contributing progressively to our revenue from that point onward, with adoption ramping across our installed base and new logos. Beyond our product, our partner ecosystem is another key lever to support our growth. Earlier this week, October 19, we announced a major expansion of our global partner strategy to support our next phase of growth. As our customers expand their strategic portfolio management capabilities across geographies, business functions, and industries, the role of our partner ecosystem becomes incredibly important. We have therefore established a dedicated global partner organization and launched a new generation of partner programs. More than 25 implementation partners have already been onboarded, and leading consulting firms are working with us to support our customers regionally. This ecosystem serves three objectives. First, this partnership strategy helps us expand our delivery capacity to support increasingly complex customer transformation programs. In practice, our partners work side by side with our own consultants in hybrid teams, combining Planisware expertise with partner resources on the same customer project. This allows us to scale efficiently while ensuring that Planisware product knowledge and domain expertise remain at the heart of every implementation. Second, it extends our geographic reach by combining the strengths of global consulting firms with those of local specialists. Commercial partners are particularly important in helping us enter new markets where we do not yet have our own sales presence. Australia is a very good example. We initially entered the market for commercial partnership, which proved very successful and helped us win several new customers over the past few years. That success ultimately justified opening our own commercial office there almost a year ago. Third, these partnerships allow us to broaden and deepen our technical, functional, and industry expertise from implementation and all the way through to change management. To support this growth while maintaining a consistently high standard of delivery, we are strengthening our training, accreditation, and certification program for those partners. Importantly, this approach complements our direct relationship with our customers. It does not replace it. It makes our delivery model more scalable while preserving what has always differentiated Planisware: close customer relationship, deep domain expertise, and continuous innovation. With that, I will now hand over to Stéphanie, who will walk you through our Q3 revenue performance in more detail. Thank you, Loïc, and good morning, everyone. Revenue reached EUR 57.4 million in Q3 2026, up 15.6% in current currencies and 14.9% in constant currencies. Unlike in the first half, the foreign exchange impact was slightly positive in Q3 at EUR 0.3 million or approximately 70 basis points of growth, reflecting the recent strengthening of the USD against the euro. The following analysis refers to constant currencies using Q3 2025 year-to-date average exchange rate. Recurring revenue, which is EUR 51.7 million, up 16.6%, accelerating from 12.6% in H1. It represented 90% of total revenue, compared with 88.8% in Q3 2025, an increase of approximately 130 basis points. About 70% of recurring revenue growth came from new customers, meaning customers contributed to the revenue for less than 12 months, with the remaining coming from expansion with the historical customer base. Our SaaS model grew 18.6%, led by SaaS & Hosting up 19.1%. Support activities were accelerated toward historical levels. Evolutive support grew 19.6% compared with 7.2% in H1, and subscription support grew 10.3% compared with 2.2% in H1. This reflects support activities related to new customers implemented earlier in the year, as well as the reallocation of evolutive support team that had focused in the first half of delivering in the particularly high volume of new logo implementation. Maintenance remains stable at minus 0.2% in the context of our shift from perpetual licenses to SaaS. Non-recurring revenue, which is EUR 5.7 million up 1.7%, reflecting contrasting trends. Implementation and other non-recurring revenue increased 45.1%, driven by the high implementation activity for the onboarding of recently signed new logos. Perpetual licenses declined 50.3%, consistent with our continued shift to SaaS and against a high comparison base in Q3 2025. Let me turn to the building blocks of our growth over the first nine months. Revenue reached EUR 163.5 million, up 12.4% as reported and 14.9% in constant currencies, representing EUR 21.7 million of growth at constant exchange rate. The cumulative currency effect was negative by EUR 3.5 million. In detail, it represented a headwind of EUR 3 million in Q1, EUR 0.9 million in Q2, partially offset by a slightly positive effect of EUR 0.3 million in Q3 as the USD strengthened against the euro. Quarter after quarter, growth remains solidly in the mid-teens at 30.6% in Q1, 16% in Q2, 14.9% in Q3 in constant currencies. The Q3 performance being achieved despite the demanding perpetual license comparison base. Recurring revenue grew 13.9% year to date, led by SaaS & Hosting up 20.2%. Evolutive support grew 11.2% and subscription support 4.8%, with a clear improvement in Q3 after our first half impacted by the implementation workload. Maintenance was down 2.1% in line with our shift to SaaS. On the non-recurring side, the implementation and other revenue grew 60.3%, reflecting the exceptional onboarding of new customers signed since the end of 2025. Implementation support, future recurring revenue as recently signed customer ramp-up and generate SaaS and support revenue. Most of this quarter's implementation revenue comes from projects starting in the first half of 2026. As these deployments go live over the coming quarters, they should progressively convert into recurring SaaS and Evolutive support revenue. Finally, perpetual licenses were down 42.1% as the shift of the SaaS continued. The next slide illustrates how our revenue mix continued to evolve. In Q3 2026, recurring revenue represented 90% of the total revenue, up approximately 130 basis points year on year after a 60 basis point increase in the year before. Over the first nine months, recurring revenue represented 90.5% of total revenue, including our SaaS model, accounting for 82% of the total revenue, with SaaS & Hosting representing half of the total. Non-recurring revenue represented 9.5% of the total revenue, including 8% from implementation and less than 2% from perpetual licenses. I now hand back to Loïc to conclude this presentation. Thank you, Stéphanie. Well, before we open the floor to question, let me develop on some looking forward perspective. Considering the strong performance achieved over the first nine months, our continued commercial momentum, the healthy growth of our recurring revenue, and our current business visibility, we confirm all the 2026 objectives that we had raised on July 30th. Revenue goals of at least 13% in constant currencies and adjusted EBITDA margin of at least the level reached in 2025, approximately 37.4% of revenue, and a cash conversion rate of circa 80%. At the same time, we remain mindful of macroeconomic and geopolitical environment that remains particularly volatile and difficult to anticipate, and of the inherent variability in the timing of certain non-recurring transition in the fourth quarter. We therefore maintain our usual discipline as we approach year-end. Looking further ahead, our 2027 budgeting process is still underway, so we are not providing guidance for the next year today. We acknowledge our strong 2026 performance creates a more demanding comparison basis for next year. Nevertheless, the strength of our recurring revenue model, the quality of our commercial pipeline, and the significant number of new customers signed since the beginning of the year, currently being implemented and ramped up, provides us a solid foundation for next year growth, while expanding our future growth opportunities within our install base. We remain focused on combining sustainable growth with strong profitability and cash conversion. This concludes our presentation. Together with Stéphanie and Benoît, we are now happy to take your questions. Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. We will now take our first question from the line of Jarrod Chisholm from UBS. Please go ahead. Good morning, Loïc and Stéphanie. Thanks for taking our questions. First one, just on the assumptions that you are making into the fourth quarter Applied guidance. Just any impacts from, I guess, recent macro dynamics and what sort of role they're playing on sales cycles would be of interest. The second one is just on the SaaS & Hosting growth rate. It didn't accelerate too much in the third quarter. Can it accelerate, I guess a bit more than it did this quarter in the fourth quarter, and how should we think about the go lives from the strong signatures in the first half of this year eventually flowing through to that SaaS & Hosting revenue growth rate? Yeah. To your first question, the assumption that we make. When we communicate the guidance of at least 13% then we look into the fourth quarter. Our model is highly recurring, so that part is pretty much known. It's mostly the non-recurring transaction, the one within the licenses that are uncertain. Everything is going very well. But given the geopolitical environment, until they are in, they are not in. That's why we have adopted a disciplined approach, especially on those non-recurring lines, in case they may be impacted. We are very confident on those lines, but we do not control the geopolitical environment, and that has caused some cautious on that front, particularly on those lines. In term of the second question, well, our SaaS & Hosting actually continued to accelerate quite well, especially given the new logos that we had implemented. We continue to actually have a very solid level of signature of new logos in Q3. That's why we have continued to work on implementation in Q3 as well. And gradually, those implementation now are generating some Evolutive support. That gradual transition is currently underway. Yeah. If I may complement, this is Benoît speaking. Hi, Gerard. If I may complement, you know how much Evolutive support is important for us to upsell the SaaS & Hosting subscriptions. You notice that in H1, the Evolutive support, for all the reasons that you know, were not that dynamic, and this dynamism came back in Q3. This will lead to further upsell and cross-sell within the install base. This will help, going forward, to see this SaaS & Hosting revenue line accelerating. Thanks. Thank you. We will now take the next question from the line of Nicolas Torres from Oddo BHF. Please go ahead. Yes, good morning, Loïc, Stéphanie, Benoît. Two quick questions on my side. First, coming back to the 70/30 mix between new business and upsell/cross-sell in Q3. Just wondering if you expect this to rebalance going forward, let's say to normalize over the next few quarters. Could you give us some indication of the trend in net revenue retention rate? I know you don't disclose the number quarterly, but just whether it's improving or deteriorating. Second question about the expansion of the partnership program that you announced. It looks like, let's say, a potentially meaningful shift in your go-to-market strategies. Just to understand what has been driving this change, and if maybe you can share with us a few examples of partners. I am not quite sure, but is this mainly about sales reselling and some integration work, or do you also plan to rely on system integrators for the big customization work? On the first question, you are right that our growth has been particularly fueled by new logos. When we serve our customers, obviously new logos are, in a way, taking some priority because we have to bring the new logos live implemented, and they need to see the value of our solution early on. That is why we have actually quite a bit of implementation because we have an increasing level of new logos signature, which is bringing the new logos up. We have a bit more control on the Evolutive support and the expansion within our install base, and that is the 30%. But once the logo is in, then we will see some expansion later on. Mechanically, the net revenue retention rate then actually gets slightly impacted because of the new logos implementation. That takes priority. Then mechanically, we expect the expansion and the NRR to actually go up afterwards. On the partner program, this is also something that we have activated in order to actually serve both the new logos and help on the acceleration. We have had a bit of a constraint, that is why we had to rebalance a bit of our resources. Last year, our hiring pattern followed the current revenue cycle that we had. This year, we wish that we would have hired a bit more back then, because of this wave, and this growing wave of new logos that we continue to see. That is why activating or further activating our partner program helps us to absorb some of the peaks that we have. The partner program that we have solidified is actually across the board. It sells and reseller primarily in geographies where we do not have a direct presence. Sometime in some key vertical where we do have a direct presence, but we leverage the local partner in order to bring our solution to where they have some very deep domain expertise. But it also helps our customers in sometimes the change management or the adoption. That is where we facilitate it through this partner program, the work that is done with our customers. Okay. Thank you. Thank you. We will now take the next question from the line of Gustav Froberg from Berenberg. Please go ahead. Morning, everyone. Thank you for taking my questions as well. Two from me. Firstly, again, on the partner model, just asking for a bit more clarity here on the sort of onboarding timelines. You've onboarded 25 already, but when do you expect them to start contributing properly to growth? Where do you see the partner model in terms of number of partners perhaps or some other measure of growth? Where do you see it growing, and how big do you want to take this? That's my first question. Second is on competition. I'm just wondering what the competitive landscape looks like. You've had a number of very nice competitive wins in Q3. Is there anything happening on that front that might help accelerate growth also into next year? Thank you. First on the partner model. It's really where we have structured how we animate, how we facilitate, how we communicate with the different partners that we have across the world. Historically, we have had some partners on an occasional basis, if I may say. What we've done with this partner program here is that we've really solidified it. We are accelerating the information flow to the partners so that our partners can become very efficient in providing their services around our solution. It grew actually very strongly to begin with, because there was a demand. There was demand both from our customers, there was demand from the partners. Also it may link to the second question about the competition, but there is also out there, some partners of us now that were partners on some competitive solution in the past. As they are transitioning away from their former solution, then we are very happy to partner with them because they really expand our reach. To the competition front, we are very well-positioned. We are massively winning against competition. We have diverse competition out there, and what we are doing with our product specialty where we can really showcase and demonstrate our very deep understanding of the problem and provide the solution to the vertical that we address with our product. This is really making a very strong difference. Also, as we commented, our AI strategy is being validated by the commercial win that we currently have. We are the defining leader in what's happening in strategic portfolio management and project portfolio management with AI and doing competitive cycles. Prospect sees that, so it really helps us to win deals, and that is why we have more and more new logos signing with Planisware. Gustav, if I can come back on the first question on the partners, because we already had a first question on it earlier, so it seems unclear. Just to clarify, this new partnership program is not really a breakthrough for the company. This is first and foremost the formalization of what we used to do for years, here and there. As the company scales up on this topic, but on plenty of other topics, we are industrializing, putting process on different topics, and this is the case for this partnership. If you ask about the contribution of these partners, it already contributed to the growth, to the efficiency of the group over the last few years. The example of the way we landed in Australia, explained by Loïc during the presentation, is a good example of that. What we are doing now is getting through this formalized program, the means to really accelerate on it, to industrialize these processes, both for the implementation and for sales. Great. Thank you. Thank you. We will now take the next question from the line of Julien Onillon from Marex. Please go ahead. Yes, good morning. I have two questions. First, I would just like to come back on your new win you have done in Q3. We see effectively some signatures with using the new product you launched, your Horizon and Nova in particular. My question is, what I do not see is, or if you do not communicate on it, but do we have an idea about the order intakes you have done in Q3 compared to Q3 last year? Is it an increase of 20%? If it is 10%, if it is 30%? What sort of magnitude those new contract represent potentially compared to what you signed a year ago? Second question. I would just like also to come back on the new products you are planning to launch normally in Q4 this year, about Elevate for engineering, and Valoris with a new product for asset investment planning. You did not talk about it in your press release. So where you are in those two products, are you launching those products still on Q4 or is it a bit delayed? What is your prospect you have today in the new signature potentially you will have maybe in Q4, maybe in Q1, to get a little idea on this product. You mentioned, of course, Prisma, and you mentioned you launched a beta version. When, again, for Prisma, you expect some revenue to come or some signature at least to begin with before the revenue to come. Thank you for that. Okay. So first on the new win, you are right. The new products are really extremely well aligned with the deep domain expertise that they showcase, and they contribute to the new win. The new logos signature started to happen in term of acceleration and re-acceleration at Q3 last year. Clearly, that acceleration continued, and although we do not communicate on the level of signature or your rights, we continue to see an acceleration of new logos in Q3 this year compared to last year. In term of launching a new product, so we are on course. We will be launching the other new product that we expect to launch later in the year. We have released the underlying platform, and they are totally on course. We actually already see some traction to some of them because some of the products that we launch, especially Valoris on asset investment planning, is actually complemental to what we used to do. This product is really to manage assets. We used to manage very well the projects on those assets. Now with Valoris, we are managing the assets and the projects that are transforming or putting in place those assets. So in our customers, the ones where they have a lot of assets, then we already actually see some very strong demand. We are working in partnership with them in making this product available to ensure that it is really addressing their specific needs. As for Prisma brings a lot of capabilities on top of what our customers already have. It's an AI reasoning agent, which has hybrid capabilities, where it bridges the natural language queries with, when necessary, some of the graphical interaction that people can have in the application. So Prisma is currently in beta because we are validating the use cases, and it's actually incredible what people can do with Prisma, what the user that are operating Prisma at the moment, what they can do with this agent. This we are validating. So we'll do the commercial release at the end of Q1 2027. We expect it will have actually a big impact because there is a lot of interest, a lot of demand on that, and we expect it will have a strong impact because will definitely want to leverage and benefit from Prisma. Thank you. As a reminder, to ask a question, please press star 1 and 1 on your telephone. We will now take the next question from the line of Frederic Boulan from Bank of America. Please go ahead. Hey, good morning. First question to Loïc, if you can maybe spend a bit of time on the kind of demand environment trends of the pipeline. And maybe from a competitive standpoint, you seem very positive around your relative position, but it would be great to understand a bit how your product proposition stacks up from an AI standpoint. Then maybe a couple of questions to Stéphanie. Firstly around the guidance. I get it's open-ended, and I hear you on the macro uncertainty, but we are obviously way ahead of the 13% level year to date. What kind of scenarios should we have in mind for Q4? Second point, it would be great to have an update on your thinking around kind of balance sheet and capital allocation policy considering the kind of cash position on the balance sheet. Thank you. Yeah. The demand environment remains really strong. You're right that this is fueled by the competitive landscape, which is really favorable to us and to what we do. AI is clearly On one hand, AI is almost forcing into early retirement some of the legacy solutions that are out there. We see a lot of demand, especially on those legacy tools that are actually good tools, but they will not embark any AI. That is really pushing a lot of the customers out there to look for a new solution. When they look for a new solution, they want a modern breakthrough solution that have AI baked into them. That's exactly where we are. That's why where we compete with our unified platform that has AI embedded into it with what we do with Oscar, our agent, what we are showcasing with Prisma, they really see a bright future working with us. So the demand environment is strong, and when we compete within that demand environment, we are showing extremely well. About the guidance. Company compiled consensus from October 22nd expects Q3 12.6%, Q4 12.8% constant currencies, and fiscal year 2026 at 13.7% in constant currencies. Applying Q3 actuals without changing Q4 forecast would drive to a 2026 consensus at 14.3% constant currencies. Applying Q3 actuals and replicating similar growth in Q4 forecast would drive 2026 consensus at 14.9% in constant currencies. About capital allocation, we have no change today in our cash allocation policy. That's 50% payout dividend. The board would like to have greater visibility on French taxation before considering any special dividend. The buyback doesn't make sense right now at the current valuation. If we decide to give a specific and exceptional dividend, it will communicate it in 2027 when we will communicate the results. Thank you. Thank you. There are no further questions at this time. I would like to hand back over to the speakers for closing remarks. You are well. Thank you. Thank you for attending. Thank you for your question. Excuse me, Loïc. I think there is one more question in the queue. Yes, we will take the next question from the line of Clément Bassat from Portzamparc. Please go ahead. Hi, everyone, and thank you for taking my question a little bit late. A few questions. The first one was mostly answered, but I would like to ask you again. I was expecting a slowdown in the implementation, but it remained on the same level as the previous quarter. With the strong commercial activity on Q3, I think we could expect the same growth for all business side on Q4. What could slow down one of them, since we already have the fuel for growth, at least on Q4, with Q3 and Q4 last year, very similar. I see you ready to proceed on your guidance. A second question on Prisma. This is a new business line. I think it will be probably sell through a subscription. I understand you are just on the beta version, and the final version will be sell in Q1, however. Did you estimate how many clients or prospects could be interested? I think a lot, but they have some breaks. There are big challenge in token consumption. Company are very close to you, so why allowing using token consumption for Planisware? Finally, one last question about your partnership. How much part of revenue will you share with your partners? That would be a one-off, like an acquisition cost or a portion of the subscription each quarter as long as the contract live. Thank you. Maybe I take the first question, which you may implement, of course. But Clement, you may remember the last two years that we saw significant change in the global environment, impacting the sales of our non-recurring activities in the last quarter of the year. This is clearly what we factored in our guidance, in the fact that we just confirmed the revenue growth guidance today. To give a bit more color on this, clearly, just with what is already booked on the recurring part of the revenue, we are comfortable to confirm the guidance as it is of at least 13%. Then, thanks to what will come on the non-recurring part, we may do better than the bottom end of the guidance. This guidance must be seen just as a floor, and it's fully de-risked. The implementation you ask, you are right, it comes above the consensus, above the expectations in Q3. It slowed down in Q3 compared to H1. The reality is that we have continued to sign nicely new contracts, new logos in Q3, and we already started, in particular, in September, to implement these new wins. That is what explains the dynamism of implementation in Q3. The slowdown that was expected for Q3 is more expected now for Q4. All right. Okay, regarding Prisma. Prisma is sold through a subscription as part of our SaaS. How many clients do we expect to have interest? All of them. They all have an interest. When you see the value that Prisma brings to them, it is mind-blowing. They have efficiency gain. They have a much better, faster visibility, a much better control on their portfolio and their projects. They can take better decision. It is incredible what they can do with Prisma. There is interest from all of our customers. Then there will be their timing in order to embark and leverage Prisma. You are right that a lot of people ask about token consumption and control over token consumption, and that is also something that Prisma brings to them. It minimizes some of the token consumption on their end. There is some efficiency in token consumption as well that Prisma is bringing to them, and there is really a very good control around arbitrating in which models does what, and control on the token consumption. As for the partners, the partners will help us to accelerate our growth. There are different fronts where they will help us. Some of them, as I commented before, are resellers, so they will help us accelerate on that front. The implementation line is very important. We also want to accelerate our implementation. Our partners are also helping us there to do implementation with a Prisma Expert. The ability to implement is not only accelerated, but it is also something that our partners can leverage to accelerate there. Acceleration on our implementation actually brings more revenue forward, and that will have a contribution as well. All right. Thank you very much. Thank you. There are no further questions at this time. I would like to hand back over to the speakers for closing remarks. Yeah. Well, thank you again for attending the call and for your question, and do not hesitate to reach out to Benoît if you have any further questions. Thank you. Have a good day. This concludes today's conference call. Thank you for participating. You may now disconnect.