Welcome to TP third quarter 2026 revenue conference call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answer session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now, I will hand the conference over to Jorge Amar, CEO. Please go ahead. Excellent. Good morning, good afternoon, good evening from wherever you are joining us, and welcome to TP's Q3 revenue update. We're trying something new this time. You're seeing us broadcasting live from our office in Miami, so bear with us if there's any technical issues, but I don't think there will be. We've tested it many times, and it's going to be great. As in the last few calls, I am joined by Benoit, now our confirmed CFO. Benoit, congratulations, and as I've told you many times, excited to continue this transformation together. Thank you, Jorge, and excited as well. Thanks. Excellent. With that, let's get right into the update for all of you. We will provide just a quick highlight from a revenue perspective. Of course, Benoit will walk us through all the specifics of Q3 and the nine months that we have already under our belt in the year. I will finalize with just a few very strategic updates that I want to continue providing quarter after quarter on how our transformation is progressing. As usual, we will open it up for questions and answers towards the end. I go straight into this, and we are reporting for Q3 a -1.2% revenue in like-for-like measure. This is a steady and resilient performance. It is at the same level of what we reported in Q2. I also want to put and point out the second box here, which is without the impact of Trust & Safety, our growth would have been at 2% for the group, at roughly 2.9% for the Core Services. I will deep dive a little bit more in a few minutes as we explain where the growth is coming from in our Core Services, most notably, and also where some of the headwinds that we are seeing are coming, mostly on the Trust & Safety side, and that have been accelerating over the past few months. You see there also some of the specific numbers from a core perspective at minus 1%, steady against our performance in Q2, and minus 2.9 for Specialized Services. I also want to remind everyone once again, our update on Specialized Services, it is excluding the synergies and the synergy plan that we have put in place over the past few quarters, where a lot of the work is performed by the core. Without that impact, Specialized Services would have performed at a growth, at a positive level in this quarter. If I go one level deeper, we're very proud of the work that the team has been doing to grow our key lines of business. I've been giving you an update on these when it comes to outcome-based sales and collections, AI data services, AI-powered back office, automation solutions. All that continues to fuel our growth based on our client relationships, our expertise, our domain knowledge. That is also fueling the acceleration that we continue to see in the deployment of our TP.ai solutions. We have also a huge increase in the number of projects that we have included as part of our new business, and I will give an update on that. We also continue delivering on our efficiencies program. I will do a little bit of focus on how we've been able to transform our recruiting process, but that is just the beginning, and there are more and more processes and activities being transformed. As a result of all these, we will provide you with updated 2026 guidelines when it comes to revenue, but we are reaffirming our profitability target and our cash flow generation target. I will reiterate that we are updating our revenue, but committing and recommitting to our profitability and cash generation for 2026. This is just a revenue update, and we're not providing 2027 guidance yet. We will do that in the first half of next year, but I will start to share with you some of the strategic guidelines and the framework that we're thinking when it comes to next year. With that, let me go one level deeper. When it comes to Core Services, without the impact of Trust & Safety, we would have reported a 2.9% growth, faster probably than what we are seeing in the market right now. This is combined, this is the result of a combination of a few things. A continued very, very strong growth when it comes to our key strategic lines of business, AI-powered solutions, revenue as a service, collections, back office solutions that are growing at high single digit and represent already over more than 15% of our revenues. We continue to see growth in our traditional business in Care, the business that many are forecasting that is going to disappear or get fully automated. We continue to see strong growth on the back of our client relationships, our expertise, our strong operations. We continue to see, and I've spoken about this in some of my previous communications, we continue to see the trend towards vendor consolidation that is very strong, and many of our clients are coming to us on the back of our strong balance sheet, our strong operational footprint, our strong delivery to consolidate further their operations. All of that is contributing to the growth in the Core Services, excluding Trust & Safety. When it comes to verticals, I am very proud to share that we're reporting a double-digit growth in our BFSI clients, where we have added a number of wins during this quarter, including some of the largest banks in the U.S., some of the largest payment platforms. We continue to make progress, not only because of our delivery, also because of our AI solutions tailored to the banking and financial services ecosystem. Some of those great technology and AI solutions have led to a few recognitions that we've got over the last quarter when it comes to our banking expertise. The second vertical that is driving part of the growth is our consumer goods and retail vertical, where we also continue to see the trend when it comes to vendor consolidation on the back of the very strong operational delivery we have. This is very, very important for us. It is aligned with the transformation that Benoit, myself, and the team have started a few months ago, and we continue to see the evidence that the offering is resonating, that the clients are trusting us with their operations, and we continue to make progress in that regard. Having said that, I just want to also spend a minute on some of the headwinds we are seeing when it comes to Trust & Safety. In this regard, I have to report that in Q3, some of the revenue has declined faster than expected as a combination of a few things. The first one is we have seen increased automation in this space, most notably on the back of a few selected hyperscalers that continue to automate the basic content moderation work. We have continued to see increased offshoring, leveraging real-time translation tools, and that continues its way through, and we have seen it also, again, happening faster during this quarter. With that in mind, we continue on our trajectory to evolve Trust & Safety as a line of business, as a vertical, and in a way, we started calling it AI safety. Why? Because the work is transforming from that basic content moderation review, again, on a few selected hyperscalers, and most importantly, it's becoming how do we control the AI models that are doing a part of that work? How do we make sure that we're inputting the right information into those models, that we're doing the right red teaming, the right checks for drift, bias, hallucination, and any of the other risks that are coming? We're getting that work, and it's accelerating as well. At the same time, what we keep hearing from clients is Trust & Safety or AI safety was probably very concentrated on a few companies, but that universe is expanding more and more into new companies where they need to put in place the right guardrails, the right operating model, the right solutions to control what the AI models are doing. I was talking to one of the clients of one of the online platforms that depends heavily on human content and reviews, and he was telling me just a few days ago, "Jorge, I need to make sure that my platform doesn't get flooded with AI bots polluting my content or polluting my reviews." As part of that, we are coming in and helping them shape what the right solution for that could be. By this, I just want to take the emphasis that it is faster, this is happening faster than expected. We have seen that decline over this quarter, but we're quickly evolving our Trust & Safety offering when it comes to both the work that we're doing for these hyperscalers and also for the new clients that are getting into this space. Before I hand it over to Benoit to give us a more detailed update on the revenue side, I'll make a few remarks on the Specialized Services. We are posting a -2.9%, of course, including the synergy plan. Excluding it would have been another positive quarter for Specialized Services. What are we seeing here? From the LanguageLine Solutions, our interpretation business, we had a few one-off incidents during this quarter, most specifically some impacts on our staffing given some of the natural disasters happening in Colombia. That is an impact that we had this quarter, but we continue to see, and I know this has always been a question some of you asked me, we continue to see growth when it comes to minutes of both video and audio in LanguageLine Solutions, and we expect that to continue tied with the profitability improvements that we've seen in the first half of the year. We're also very proud of the work that the team at TLScontact, our visa processing business, continues to do, posting also strong double-digit growth now that the contract effect is no longer in our comparison base, and we continue to make progress in our penetration of value-added services when it comes to visa processing. Last but not least, we congratulate the team at ZP Connect that executed and launched a very successful rebranding, a revamped executive team, and they have also posted a very strong quarter when it comes to growth, particularly on the back of some technology innovations that they are putting for the deaf and hearing-impaired community. I will share more, probably in one of the upcoming calls with you, of the great work that the team is doing there. With that, Benoit, I will pass it on to you so you can give us the more specific revenue details for the quarter. Thank you, Jorge. We will start with the revenues over nine months. An important point to mention is, over nine months, we have seen in Q3 a significant reduction of the impact of the currency effect, and we will see it when we will move to Q3. In terms of revenue generation, this is effectively allowing us to report a -2.7% reported growth, which is a significant improvement compared to the trend we had in the first two quarters. Now focusing more on the like-for-like, -1.5%. You have explained that this is mostly linked with the reduction of our Trust & Safety. Again, another improvement compared to where we were at the end of H1, because we moved from -1.7% to -1.5%. I will not comment the change of scope. The same variations as in prior months are still relevant over nine months. We have not performed any new acquisitions or new disposal at this point in time. Now focusing onto Q3 numbers specifically, we see a very different pattern, notably in terms of currency effect, with a gain of +EUR 62 million that is linked primarily with the evolution of the USD and of the Colombian peso over the quarter. On the other side, we see a flat improvement of -1.2% like-for-like growth. Just to be noted, the impact of hyperinflation in Q3 is less significant than it was before, so the underlying numbers are in fact more of an improvement compared to what we had observed in Q2. Now, if we go into the details of the various lines of business. Jorge, you said it. Core Services is reporting on a reported basis +1.2%, and like-for-like -1%, but excluding Trust & Safety, it is a +2.9%. We see a different pattern between Americas and EMEA. Americas reported is a very strong +5% growth, again, supported notably by the evolution of the USD, specifically in the quarter compared to the evolution in 2025. We see the same impact of Trust & Safety in both regions, but Americas has been growing very fast with double-digit growth, like you said, on BFSI notably, on utilities and energy as well. This helped offset or cancel parts of the headwinds we had on Trust & Safety. In Europe, another improvement compared to the prior quarters, -1.5% like-for-like. Here, the same dynamic for the other outcome-based and AI-powered solution is helping offset parts of the shortfall that we see in Trust & Safety. But the impact of the offshoring, specifically in Europe, and Trust & Safety is still higher than the gains we have in the other lines of business. Looking at Specialized Services now, I think you mentioned the key elements. So some one-time effects in Q3 that have slowed down the recovery, but still it's a significant improvement. I mean, when you look at the Q3 numbers, -2.9% like-for-like, versus a -3.6% that was achieved over nine months. To mention, LLS, volume increase, the one-time effect that we mentioned, TLS, ADS, that are clearly fueling the growth that we have seen. And we have also won some new contracts that are not generating yet a lot of additional revenues, but that give good prospects for 2027 onward, and that we are investing on. TP.ai Connect, you said it, mid-single digit growth. Very happy with the rebranding and the performance of this acquisition. Very good integration within the broader group and Specialized Services in particular. And this is delivering as expected, not to say a bit better. Now, what are the implications on the breakdown of our revenues? Compared to the allocation of revenues we had seen at the end of H1, there is no major changes. One aspect that I want to highlight is the fact that back office and BPO now represents 5% of the total portfolio, so +1% over to where we were in H1, which is the result of the growth that we mentioned, the double-digit growth that we had in back office solutions. AI data services as well is growing, but again, it's just 2% of the revenue, so we don't see in the numbers here. Trust & Safety, 6% still, and we are expecting it to reduce, probably down to 5% by the end of the year. Now, focusing more on the breakdown by vertical, a reduction of the media, entertainment, and gaming, again, where we see the big hyperscalers with the Trust & Safety reduction impacting. We've seen an increase in technology to 8%, notably sparked by back office increases, and financial services and insurance, which is still at 19%, but in fact, on the high end of the 19%. So, still a very well-balanced portfolio of industries that is effectively helping us to rebalance some of the headwinds we are facing with some of the hyperscalers, mostly in Trust & Safety. With that, Jorge, I'll let you explain a bit more about 2026 outlook and what are our expectations. Let's do it. So, just as I go through these slides, a few things that I want to make sure you have in mind. The first one is, we are very proud of the work that we continue doing as part of our TP.ai set of solutions. And you see there another very strong quarter when it comes to the number of projects that we are deploying with our clients when it comes to AI. We have roughly over 35% of our clients that has some version of an AI solution that is a TP solution. I just want to stop there for a second. It's over 35% of our clients have a version of AI, a TP.ai solution. Over 70% of our new deals won in the year have an attachment of an AI solution, either TP.ai Assist, TP.ai Connect, TP.ai Growth, where we are seeing great traction in the market paired up with our revenue as a service vertical, operate mostly in the back office space for banking. This gives us great confidence that we continue to see the traction and the momentum in the market when it comes to our combined and hybrid approach. I want to also make a point there, is the hybrid approach. It is not just an AI solution, it is not only the humans. Where we bring both to our clients, that is where we see the difference, and that is where we see not only increased share of wallet, because typically when that happens, there is a vendor consolidation discussion in the back of that. Also, more lower churn, or better partnerships, as I call it, with our clients, where we are really there supporting them on the outcomes they want to drive. With this, let me just bring it to life with a few examples of some of the things that we are doing. The first one is an example of one of the largest neobanks or digital banking platforms in Europe. We are very proud to be the partner with many, if pretty much not all, the neobanks right now globally, where we understand their pain points, we understand their situation, and we help them embed the hybrid model into their day-to-day operations. In this case, they had pretty much an AI-only model that they wanted to pilot. They were having some pressures from a customer experience, and with our set of solutions, we were able to partner with them and bring the best of both worlds. Bring AI where AI needs to happen, where it needs to be for automation of certain type of contacts, for certain type of processes, but at the same time, bring the humans. And the humans doing, of course, the assistant where AI cannot meet the demands of the customer, where there has to be some support because it is a really high-stakes case, and it also helps provide the oversight. We have some colleagues doing AI oversight and AI risk management for this operation, where we help them comply with the local regulations. And of course, this led to massive improvements for our clients and clients that you see there. It has completely changed the economics for our relationship, because it is more and more tied to the outcomes we drive. It also drove a significant consolidation, going from roughly seven vendors to just two vendors. And these are the relationships that we cherish the most, and that we nurture, and that we invest behind, because this is where we bring the best of TP to life. Another example that we have in that regard is with one of the largest telecommunications players in Latin America. We had a very traditional collections operation with them. Think of these as you are late in your phone bill. We are calling you to let you know that you are late. We were able to establish a hybrid collections model with them that led to roughly three times the volume of interactions that we are managing on their behalf, a big portion with AI, a big portion with humans, and that has led to a number of benefits. For the client, roughly a 30% cost of collections reduction. Most importantly, an improvement in the recovery rate, an improvement and accelerations of the times in which they are collecting the cash, a reduction in their delinquency days out, and of course, it led to a better relationship with them, and a vendor consolidation discussion, or an increased share of wallet with us. Hopefully, these two give you some examples of the models and the type of relationships we're really, really investing behind, because we believe that this is the future of TP, where we're bringing the hybrid workforce to life for our clients. We take our own medicine. Why do we take our own medicine? Because we are very proud to share now more details about HaireX, our own version of a hybrid workforce for our operations. HaireX is our AI recruiter that is doing a number of tasks that today our human recruiters are doing. We're complementing them, we're augmenting them with this solution. This solution is now live in over 60 countries. Again, live in over 60 countries. We have already conducted over 200,000 interviews. I know there are many startups that are out there doing this type of work. I just want to put this into dimension. With the roughly 300,000 employees we recruit every year, we've already conducted 200,000 interviews, and we will continue accelerating these, because this gives us a lot of data, and it gives us a lot of ways in which we can not only capture the data, but most importantly, put that to the benefit of our clients. Leveraging that data, leveraging the data from our best performers, we can do a better allocation of our resources. We can put them in the right client, in the right line of business for them to perform faster. It provides a much, of course, productivity enhancements for our recruiters, an improvement in our conversion rates when it comes to hiring. Most importantly, provides a better candidate and recruit experience. This is a solution that, again, we already have live. It's just one of the many examples of tasks and processes and domains that we're tackling as part of our efficiencies plan. But most importantly, it opens a set of solutions that we can put in the market for our clients, and that's what's next for HaireX, because we will have probably more data than anyone else when it comes to the recruitment of agents and the frontline employees that a lot of people are still doing day in and day out. Again, with this is just to bring you to life that we're not only partnering with clients on developing the hybrid workforce, we have it in-house as well, and soon to put more in front of our clients. With all this, and before we open it to questions, just a few updates on our 2026 guidance. Of course, we are very proud of all the work that teams are doing and the growth that we are seeing in our priority lines of business, in our Core Services, in our different companies within Specialized Services. We are also acknowledging the headwinds that we are seeing mostly from a Trust & Safety perspective, both from an automation perspective and an increased offshoring. With that, we are updating our revenue guidance to a -1.5% to -2.5%. It is a guidance that we want to be cautious, given the pressures that we are seeing in the market right now, and the trends that we are seeing, and the evolution that we expect. As we also committed in our last set of interactions, we are committing on our margin and profitability for this year at a flat margin of 14.6%, and we are committing to a strong cash flow generation as well in the range of EUR 800 million-EUR 850 million. This is in the back also of a strong execution of our efficiencies plan, because we are making the investments now that will help us transform and continue in this journey of implementing the hybrid workforce internally and for our clients. We still maintain the guidance on the EUR 150 million-EUR 170 million of savings from our efficiencies program, with the corresponding restructuring cost, where we are trending towards the higher end of it. In terms of 2027, it is very early, and I will provide a more holistic update when I provide guidance in the beginning of 2027. What we start to see in the framework, as we call it, for 2027, is that we continue to see momentum in our key strategic lines of business. We continue to see momentum in our care business line, mostly on the back of the vendor consolidation and some rebadging deals that have been made public, and we are very proud that these companies have chosen us to become their partners as they rebadge and outsource more of their support. We continue with strong discipline in our efficiencies program, and that will continue towards next year. Last but not least, a very disciplined cash management and capital allocation, which I also share with many of you when it comes to the continuous commitment to delever TP more and more also into next year. With that, I know you probably have a lot of questions. Again, we are very proud of the work that we are doing in terms of our key priority business lines, in our AI transformation, both with our clients and internally of our care business line. We continue to see great momentum there, and we are adapting quickly to the new reality of the Trust & Safety vertical evolving into AI safety. With that, let me open it up to questions. Anything else? No, you said it all. Covered it all. Ladies and gentlemen, if you wish to ask a question, please dial pound key five on your telephone keypad. If you wish to withdraw your question, please dial pound key six. The next question comes from Virginia Montorsi from Bank of America. Please go ahead. Virginia Montorsi, your line is now unmuted. Please go ahead. Sorry. Hi, good afternoon. Thank you for my question. I was on mute. The first question I have is on the guidance. Obviously, we have now seen the guidance revised. I am conscious we have 1.5 months essentially to go until the end of the year, and the new guidance range, correct me if I am wrong, but if I am on my sensitivity analysis, the upper hand means minus 1.5 like-for-like, but the lower end is minus five. So, the first question I would have is, how do we bridge the gap of the wide range and the visibility you have until the end of the year? The second question I would have is, in the context of what you guys advised, both divisions have easier comps into Q4. I'm conscious there's some of the internal mathematical changes of moving AllianceOne and the synergy plan, but can you help me understand what is the division that you expect is going significantly worse than initially? Because I know you've talked about Trust & Safety, but by memory, I think your lap is at Q4. Can you just help me understand the moving pieces? Thank you. Yeah. Great. Let me start, and I'm sure Benoit will complement. Here are the key elements that we are expecting or that have led us to this degradation on the revenue side in our guidance. Roughly 50% comes from the Trust & Safety space, most notably on reduction of volumes and automation. 25% comes from increased offshoring that some of these companies have made, decisions that they have made over the past few months, where they are moving volumes from mostly EMEA or high cost in the U.S. to either India, Philippines, or some of our Southeast Asia markets. That explains roughly another 25%. The last 25%, it is coming mostly from LLS. In LLS, we've had, again, some of the one-offs on staffing challenges during this quarter. What we are seeing also coming into Q4 is some increased pressure in our healthcare clients when it comes to revised activity that they are expecting when it comes to enrollment on Medicare and Medicaid and some of the other plans from a healthcare perspective in the U.S. That explains roughly the delta. Again, we wanted to put a guidance that is very cautious and that we want to make sure that we guide the market correctly in that sense. But that roughly explains the breakdown of what we're seeing, and that has impacted our revenue number for this year. I think on your question about which division is most impacted and so on, I think it's about the same downward trend. Like you said, Americas is probably the one most impacted by what we see coming on the enrollment of Medicare and Medicaid. Trust & Safety increase will continue to put pressure on EMEA and the offshoring probably more in EMEA than in Americas. Finally, on Specialized Services, you said it. LLS. We will not see any big change linked with the synergy plan for the evolution of the trend on LLS. I mean, the transfer of revenues from external providers to our Core Services will continue at the same pace as what we have experienced in the past quarters. So that itself should not impact much on the trend for Specialized Services. Thank you. This is very helpful. Obviously for the- Can I just maybe follow up on No, no, go ahead. No, no, go ahead. Can I just follow up on the very beginning of my question on the visibility, why such a wide range with essentially one and a half months to go? If there is anything maybe that on the visibility is a little more challenging than the others. I would say it is broadly in line with the trends that we are expecting. Again, what we had over the past three months is some decisions from, namely, a few hyperscalers that have made decisions to move or to significantly reduce their content moderation volumes. So it is across both Americas and EMEA in the same trend that we are seeing for the first nine months. Thank you very much. That is very helpful. And sorry for the so many questions. You are welcome. Thank you again. No worries. The next question comes from Suhasini Varanasi from Goldman Sachs. Please go ahead. Hi. Thank you for taking my questions. Just a follow-up, please, again on the guidance, on the previous question. Just want to understand if things deteriorated through the course of the quarter and if your growth by September, October was actually worse than what you had printed in the third quarter. The second question is on Trust & Safety. Appreciate you talked about the impact that you saw in the quarter. When I look at the percentage of sales, it is at 6% of sales in the first nine months. That is roughly the same level that you had in the first half as well. Just wanted to sense check, what were the expectations? Did you expect an improvement in Trust & Safety in the third quarter which did not materialize? Or is there some rounding error here that we are not missing maybe in the third quarter in terms of the mix? Thank you. Do you want to take it? For sure. On your first question about the evolution and the growth we see notably in October, obviously, the information we got after the publication of our H1 numbers about some of the clients stopping the activity in Trust & Safety notably or accelerating some of the offshoring has been fully factored into our reforecast. Now we are giving a guidance that is updated and aligned with the latest reforecast that takes into account this information. We were expecting, because you may remember that Q4 last year was already a soft quarter, especially on Trust & Safety. We were expecting the trend to stabilize. In fact, this proves to not be the case. This is why we are updating our guidance to take into consideration those last adjustments. That being said, we don't expect to have any other significant bad news, I would say, on that front between now and year-end, because we always have a time, sometimes 30 days, to ramp down some programs. Even though we would receive some new bad news now in November, that shouldn't impact more on our top line for year-end. I don't remember the other part of your question. Or maybe I replied to that. It is on Trust & Safety. Trust & Safety, it is still 6% of the mix, the same as Q3. Yeah. I was just wondering if the change Rounding the change in guidance. It is the rounding because, in fact, at H1, we were probably closer to 6.5-ish, so it was reported at 6%, and now we are closer to 5.5-ish plus, which still reports 6%. That is why I was saying we are expecting it to go down to 5% by year-end because of the further reduction we see in this space. Thank you. Just one follow-up, please. Where do you think as a percentage of sales this can get to? I know it's very hard to answer that, but given the acceleration in AI deployment, et cetera, and the deflation that you're seeing, the next one year, 1% of sales, is it possible to give some color there, please? Yeah, I would say, Suhasini, as you know, we're not providing 2027 guidance or any guidance in that regard in this update. What I can tell you is we expect to continue seeing automation. We expect to continue to see offshoring. Some of the largest players in this space have decided that they want their operations mostly either in India, Southeast Asia, including, of course, the Philippines. So we expect that to continue. What has started as well is discussions on vendor consolidation. These were activities that probably a few years ago, required a lot of humans and had a lot of people embedding into the content moderation activities. In the event that they will continue in this trend, I don't think they need as many partners as they have right now. So, again, we are expecting the trend to continue. We expect that, again, some of the vendor consolidation discussions happen in this space as well, paired up with increased work from a hyperscaler's perspective on AI safety, an increased number of clients that will require work in this space. So, that's what we're working through. And again, probably beginning of next year, I will give you a more definitive answer on the puts and takes that we are seeing right now when it comes to Trust & Safety. Thank you. Welcome. The next question comes from Karl Green from RBC Capital Markets. Please go ahead. Yes, thank you. Good evening, or good afternoon, I should say. Just following up on the I know you are not giving 2027 guidance at this stage, but you talk about continued momentum of 2026 trends. Are we talking there about the 2026 exit rate that you would expect to be mirrored in 2027, or the broad shape of 2026, I.E., kind of similar low single-digit like-for-like declines? Just to understand that. You made the point earlier that the low end in 554 is clearly a worse scenario than that. That is the first question. Then second question, just in terms of the free cash flow guidance being held. I mean, given that we are obviously talking about potentially a lower EBITDA base based on that downgrade to the revenue guidance, unless there is something going on with the depreciation line. Working on the basis that EBITDA is coming down, what is going on there? Is that just that you are likely to come in the lower end of that range, or is there some other compensating factor that is going to make up for that EBITDA shortfall? I could not hear very well what you said, but Let me start and then you complement. I think on the first question on the exit rate that we are expecting for 2027. Again, I am not providing 2027 guidance. What I can tell you is we are very, very proud of the work that we are doing in our key priority business lines, and we expect that momentum to continue. We expect in 2027 to continue some of the trends that we are seeing from a care perspective when it comes to vendor consolidation. Again, we have some very exciting deals that we have closed, and they are public already when it comes to rebadging operations. So, we are taking over the in-house operations of a few European companies. So, we have that we are factoring into our 2027 trend. We expect our set of AI solutions to continue fueling the momentum, so that we expect as well. I have already covered what we are expecting from a Trust & Safety. So, that is what we are seeing right now and how we are starting to build our plan for 2027. Again, I will provide a more detailed update on the guidance and everything underneath in the next update in early 2027. Then in your point on the cash flow guidance, yes, it has an impact, of course, on the revenue and the EBITDA that revenue brings. At the same time, as given that we were already forecasting some of these, we have accelerated our AI program to drive the efficiencies, to give us the flexibility to get to the cash flow guidance, even in an environment that has the lower revenue and the lower EBITDA coming from that, because we are accelerating on all the other areas. If you remember, in the first half, we also reported a very strong improvement on the profitability of Specialized Services, so that is helping us offset some of the impact of that. So, we continue to make those investments and take those decisions that allow us to get to the guidance on the cash flow perspective. We have continued to reinforce our financial discipline. We have launched some specific programs, notably on cash tax, to continue to reduce and accelerate the reduction that we have seen in the past years as well. Obviously, we have a better DSO management, so the outstanding days for recovery from our clients. So, we are working towards achieving that. One thing that is also helping, and that you can see already in Q3, is the evolution of the USD euro is also helping a bit, because this is where we are generating I mean, USD-denominated operations are the one where we are generating the highest flows. So obviously, when the USD has a higher rate, when translated into EUR, that helps us achieve a better outcome. So, that is also a component that is helping. We cannot just have bad news. Very helpful. To be transparent. That is very helpful. Thank you very much. I would just like to apologize to Virginia at BAML for misnaming her. No worries. Karl, you're very low on our speaker. Yeah, our speaker. I don't care if it is you or us. All good. Thanks very much, guys. Okay. Thank you. Thank you, Karl. The next question comes from David Cerdan from Kepler Cheuvreux. Please go ahead. Yeah. Good evening, gentlemen. I have a very basic question regarding your organic growth for this year, excluding Trust & Safety. Do you think that you will continue to navigate at a positive number for Q4? And what could be the number for 2026 compared with +2% in Q3? Yeah. David, we are not providing the specific quarterly guidance, but again, we are very confident on some of the work that the teams are doing in this regard on, again, some of the priority lines of business, the vendor consolidation. I know I am a broken record sometimes with this on the week. We continue to have a number of discussions in this regard with our clients that are more and more working towards reducing the number of partners they have, but they want to trust a partner that has the financial stability, the balance sheet, the operational delivery, the footprint to support their plans. All that gives us confidence on the work, again, excluding Trust & Safety. Of course, there has been an increase of offshoring that is happening that we continue to see. It is slightly faster or higher than what we expected. At least we are trending to roughly 1.5%, 1.8% more of offshoring this year. Of course, that has the pressure on the top line and typically an improvement on the bottom line from a margin perspective. Those are all the things that we are factoring. But again, we are very confident on some of the work that we are doing that will continue into Q4. I think you said on Q4, one component is the lowest, I mean, excluding Trust & Safety. One component is the expectation to have a lower seasonal ramp-up on healthcare, and some aspects as well on Specialized Services, but this is much more limited than the impact of Trust & Safety. I am not giving you the exact number, but directionally, that gives you the answer. If I may, I have another question. When a client decides to switch from Americas or Europe to low expensive countries, do you think that the number of employees dedicated to the client is up, down, or roughly the same? Yeah. Look, it varies by client. At least in the ones that we have successfully executed, it is typically flat or slightly up. That is at least in the deals that we have completed where they have taken part of the volume and putting it somewhere else. That is at least the trend that we are seeing. Again, it is also coming on the back of vendor consolidation, just to be very, very fair. Typically, when our clients decide to do that, they also come with that, but that is at least the trend that we are seeing. Okay. The last question is regarding your strategic review. Do you think that we could have some breaking news before the end of the year, or we have to be more patient? Breaking news. The world has enough breaking news, so no breaking news, but I will provide a more detailed strategic update in the first half of 2027, that for sure, David. Okay. Thank you very much. You're welcome. Thank you. The next question comes from Ben Wild from Deutsche Bank. Please go ahead. Yeah. Good evening, everyone. I've got two questions. The first question is in relation to your changed top line guidance and analyzing your comments versus your main competitor. It's quite interesting that there's a large gap, or at least a gap between how you talk about your lowered guidance and how your main competitor talks about lowering their guidance. They are talking explicitly about volume headwinds in the Core Services business. This is not something that you seem to be talking about this evening. Why is there a gap? Are you seeing volume headwinds in Core Services? Can you just maybe explain why there might be a difference between how you both communicate on this point? Great. Ben, good to hear from you. So, look, at least what we are seeing, it is not that in the Core Services world. Okay? This is, I think, in the back of our strong operational delivery, our footprint, the vendor consolidation discussions that we are driving. We are not seeing that. Our numbers show that, we had low single digit, but good growth on the traditional care perspective. In terms of just the volume, we see actually more volume going offshore with some of the solutions, mostly, let's say, on everything that is not voice, on chat. But at least what we are seeing is that that volume continues to come, and it's relatively higher because the cost to serve for the client is lower. So we are not seeing it. I think we've discussed a few times, we continue to make a lot of progress on our vendor consolidation strategy and commercial actions, and I think that that probably explains. I don't know what our friends from Concentrix are seeing right now in that regard, but we are not seeing it. In fact, we're seeing growth in that space. Very clear. The second question is, on your comments for 2027, and I'm conscious that you're not going to provide guidance at this stage, but just trying to interpret the comments that you have made in the press release. You talk about scaling the group's efficiency plan and continuing to improve the group's operating model next year. Just to help us frame what you mean by those comments, are you signaling that next year you will have additional restructuring programs and potentially further restructuring cost? Yeah. Great question, and thank you for asking it so I can clarify. No, it means that we will continue with everything that we have started this year. We have made the decision to increase the restructuring cost this year so we can get all the benefits next year. So that is what I mean when it will continue over the next 12 months. Some of the things that I've shared with you on recruiting, the same is coming for training, the same is coming for some of our support functions in finance, in AI. So we've made some of those decisions this year so we can see the full-scale benefits next year. It does not mean that these non-recurring costs will become recurring. Sorry. It does not mean that. I will provide more detailed guidance on also the non-recurring restructuring costs for next year in the March timeframe. It does not mean that. Cool. Thank you very much. Welcome. This ends the Q&A session. I hand the conference back to Mr. Aymar for any closing remarks. Great. Thank you, as always, for the questions, and I know with some of you, we will be talking a little bit more in depth over the next coming days. We are very committed to continuing the transformation of TP. Of course, while some of the pressures that we have from a top-line perspective are slowing a little bit the pace, we are very, very confident in the investments that we are making in the evolution of our hybrid workforce offering for our clients and internally, and we will continue to work very hard to be a better partner for our clients. With that, more to come. We will probably see each other in the new year with more updates on our performance and also the more strategic updates that some of you are eager to hear. With that is it. See you soon.