Ladies and gentlemen, welcome to the X-FAB third quarter 2026 results conference call. The speakers today will be Damien Macq, CEO, and Alba Morganti, CFO. 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, or through the hand-raising button on the player. I will hand the conference over to Damien Macq, CEO. The floor is yours. Please go ahead. Thank you, operator. Ladies and gentlemen, good morning, good afternoon. The third quarter provides further evidence that the recovery we started to see earlier by the end of the last quarter is gradually taking shape. Revenue amounted to $194.4 million. Excluding the impact of revenue recognized over time under IFRS 15, revenue reached $200.7 million, up 2% sequentially and within our guidance of $195 million-$205 million. More importantly, booking increased 30% quarter-over-quarter and 38% year-on-year to $224.7 million, the highest level in the last two years. This resulted in a book-to-bill ratio of 1.12 and brought our quarter-end backlog to $313.6 million. Our core automotive, industrial, and medical markets generated $187.8 million in revenue, representing 94% of our total revenue, excluding IFRS 15. Automotive revenue returned to sequential growth, increasing 3% to $119.1 million. Even more encouragingly, automotive booking increased significantly as the inventory corrections that affected our customer over the recent quarter no longer weighed on demand. This is an important indication that conditions in our largest end market are progressively normalizing. Industrial revenue increased 10% sequentially to $49.6 million, supported in particular by the strong development of silicon carbide. Key customer reported as well gains on the robotic markets. Medical revenue amounted to $19.1 million in the third quarter. While this was 9% below the previous quarter, underlying demand remained strong in ultrasound and pacemaker applications, partly offset by lower demand from a major customer lab-on-a-chip device and for temperature sensors. Looking beyond the quarter, the medical pipeline remains promising. During Q3, we secured important design wins for a silicon photomultiplier used in medical scanning, as well as for a handheld ultrasound application, further strengthening our position in these attractive markets. Together, the improving order situation in automotive, the sequential growth in industrial, and the opportunity developing in medical reinforce our confidence in a gradual recovery. Capacity utilization across our manufacturing network is also increasing, an important prerequisite for converting higher demand into improved operational performance. At the same time, we are seeing encouraging evidence that the growth opportunity we have been developing beyond our traditional markets are starting to materialize. In our smart CMOS and SOI business, strong demand for battery management system and AI data center test application supported production ramps during the quarter. We also secured an important design win for an actuator used in optical circuit switches for data center. Our CMOS sensor business is gaining momentum as well, with customers looking for alternative supply sources. All these developments illustrate how X-FAB's core competence in analog and mixed-signal semiconductor manufacturing are opening additional opportunities in medical and data center applications. Wide bandgap technology delivered another strong quarter. Revenue reached $16.2 million, increasing 68% year on year. Silicon carbide accounted for most of this business, with X-FAB recording an all-time high number of silicon carbide wafers sold during the quarter, up 45% year on year. At the same time, our gallium nitride activity continued to gain momentum, with the number of GaN customers doubling from 6 to 12 over the past year. This development demonstrates the growing contribution of wide bandgap technologies to X-FAB's diversification strategy. Microsystems and photonics represent another important growth pillar. Microsystems and photonics revenue amounted to $25.9 million in the quarter. Demand for MEMS sensors was particularly strong, especially from China. We also installed a pilot line for an industrial inkjet printing application based on piezo material, further broadening the range of applications that can be industrialized in our manufacturing platform. In photonics, we are seeing an important transition from technology development towards commercial engagement. Our heterogeneous integration technology for integrating light sources is generating strong customer interest, and photonic prototyping revenue is growing. Paid engineering activity is increasing as well, with photonic NRE expected to grow by approximately 40% year- over- year. Customer engagements are developing in areas such as light source integration and optical interconnect for data communication and AI infrastructure. This is an important development for X-FAB. The technology and capability we have built over the recent years are increasingly translating into concrete customer projects. We are supporting this opportunity with the right industrial platform. Construction of FAB4Micro in Erfurt has started, further expanding our capability in microsystems and related technologies. At the same time, the transformation of our existing manufacturing footprint in Erfurt continues according to the plan. The end of life activity for Site B in Erfurt are executed in a controlled manner, with completion currently targeted around the end of the first quarter 2027. These developments are two sides of the same transformation. While we are progressively phasing out an older manufacturing footprint, we are simultaneously creating the foundation for the future of Erfurt through FAB4Micro. This transformation will further strengthen the site's focus on differentiated technologies and applications, and reaffirms its long-term role within X-FAB's global manufacturing network. I will now pass the call to Alba, our CFO, to give you more update on the financials. Thank you, Damien. Good evening, ladies and gentlemen. Let me now take you through our financial performance for the third quarter. In the third quarter, our revenue and EBITDA margin landed within our guidance, and our profitability improved sequentially. The stronger bookings also support our expectation of a gradual recovery. However, we remain focused on our financial discipline. Our EBITDA reached $37.5 million, which shows an increase of 12% compared to the second quarter. Our EBITDA margin was 19.3% compared to 16.8% in the second quarter. If we exclude the IFRS 15 impact, the margin was 18.6%, still within our guidance of 17%-20%. Operating profit was $4.3 million compared to the $2.1 million realized in Q2. Our financial focus remains on translating higher activity into stronger profitability while maintaining controls over cost. Our CapEx totaled almost $32 million in the third quarter. We also received the first funding payment under the European Chips Act for our new microsystem fab in Erfurt. If we deduct this funding, the net CapEx is a bit less than $30 million. Our priority remains to balance investment in future capabilities with disciplined capital allocation and liquidity management. At quarter end, cash and cash equivalent stood at $196 million, representing an increase of $32.5 million compared to the previous quarter. Cash generation, working capital management, and investment discipline remain central financial priorities for us. Now let's have a look at our fourth quarter outlook. Looking ahead, we expect our fourth quarter revenue to come in between $205 million and $215 million, with an EBITDA margin of 19%-22%. As in the previous quarter, this guidance excludes the impact of IFRS 15 revenue recognition over time and assumes an average exchange rate of $1.14 per euro. The guidance point to further sequential improvement, supported by the stronger order intake and increasing capacity utilization. To conclude, I would like to highlight that our third quarter performance confirms the business recovery. Nevertheless, our financial priorities remain to convert order momentum into profitable revenue, maintain investment discipline, and strengthen our cash position. Now I will pass the word back to Damien. Thank you, Alba. Overall, we are entering in the final quarter of 2026 with increasing confidence while remaining focused on execution. Our core markets are recovering. Bookings are at their highest level in the past two years. Factory utilization is improving, and new opportunities in medical, data center, wide bandgap technologies, microsystems, and photonics are progressively moving from development towards business. Over the last several years, we deliberately invested in differentiated technologies, capabilities, and capacity also through the downturn. At the same time, we continue to adapt our manufacturing footprint to support each fab's future growth. Our priority is now clear: execute this transformation successfully, convert the recovery and our growing opportunity pipeline into production, increase utilization of our manufacturing assets, and translate this into sustainable and profitable growth. The third quarter represents another important step in that direction. With this, I wanted to thank you for listening and open the floor for questions. Thank you all. Ladies and gentlemen, if you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six. You can also ask a question by using the hand-raising option on the bottom right corner of your player. The first question is coming from Aleksander Peterc from Bernstein. Your line is now open. Please go ahead. Yes. Thank you for taking my questions. First of all, can you tell us a little bit more about the backlog that continues to increase nicely, have a good book-to-bill. Is this feeding predominantly stronger growth into next year, or is it going to be largely consumed already in the final quarter of the year? Where is this going? I also know that you have a nice inflection in prototyping in most businesses. Is this also an indication of activity into next year? Then I have a small follow-up. Thank you. All right. Regarding the backlog, yeah, we get a solid backlog ahead. Typically, the backlog that is created now lasts for three to five months typically, or cycle time remains under control, which means that most of our customers are ordering as late as they can. Our visibility in the backlog for the full year 2027 is only going for us toward Q4 and partly in Q1. All in all, if you look at the backlog combined with the forecast, we see a nice trend coming our way at this point. That is confirmed by the number that Alba just guided and how this evolves into Q1 is something that we will expose later on. It's not a one shot. We see a trend. Regarding the prototyping, I'm not sure I got completely the question. We see on the prototyping some evolution that is a bit flattish in the sense that if you compare our prototyping revenue over the past few quarters, you can observe a kind of stabilization around a lower level versus what we used to have in 2023 and 2022. Remember, the prototyping numbers that we provided back during these years included also some of the revenue related to ramp-up of products in pre-production. The NRE revenue curve that you see that is reported in our data includes this overshoot for the year 2023, 2022 to 2024, let's say. What we see, and that's not visible in the data that we provide, we are evaluating also the underneath evolution of our CMOS and SOI, and we see some trends towards an increased number of tape-outs and also an increased number of value per tape-out. So far, we do not publish that specific data because we want to consolidate it and build a solid history. But as soon as we have a bit more information about that, we will also share it with you. I hope that answered your question, Alex. Yes. Thank you very much. Just a quick follow-up on the wide bandgap. Could you tell us what is the breakdown between your data center customers and automotive customers in silicon carbide? Compared to Q2, it's not changed drastically. We still see close to 50% in what we call industrial, and within industrial, data center is 85% of that business. Automotive is in the range of 25%. We continue to see some volatility in automotive. We have a customer in China generating a bit of volatility in our numbers, but we see a very solid growth in the data center area. That's moving forward. We anticipate to see continuous growth in data center. It's really quite impressive what some customers are achieving there. And from interaction with them, we see also a solid forecast coming in our way for 2027. Automotive, we will have to see how this business continues to evolve over the next quarter. It is great. Thank you very much. Welcome. The next question is coming from Emmanuel Matot from ODDO BHF. Your line is now open. Please go ahead. Hello, Damien. Hello, Alba. Thank you for taking my questions. First, in automotive, do you now have enough visibility to call a sustainable recovery than just inventory normalization? Second, still in automotive, are there any areas where X-FAB has lost content or market shares during the previous negative cycle that lasted two years? Do you see more competition from China for some specific key products? My last question, could you please let us know the total amount LTA advance payments that you still need to refund to your customers at the end of September? Thank you very much. Thank you, Emmanuel. In automotive, the visibility right now is good. If we talk to our customers, they come with a positive view on how automotive is evolving. Remember, we mentioned this inventory correction. We believe it's behind us now. We believe we will now see the basic growth that we anticipate in automotive that is linked to electrification, that is linked to customization, and also the upgrading of electric functions through the segment in automotive. Even with a constant number of cars being sold in the world, the number of chips sold per car are expected to continue to increase. We believe this increase is what we will continue to see. The visibility in terms of numbers is low for the reason I mentioned earlier. We have now customers ordering late. We have optimized cycle time, and so I think that's good and healthy for the business overall. But unlike the times like two, three years ago, where the fab were very loaded and where our cycle time was extremely long, the visibility has reduced from that effect. But from indications that we have from customers, we get a positive view on the evolution for the technologies that we are deploying in automotive. If you look at the second question regarding the business that we might have lost, it's difficult to answer to that question. We see some customers telling us that they see renewed interest from the fact that we have capacity available, and so they see a renewed interest from tier ones. They see a renewed interest from OEM for the technologies of X-FAB. Must also say that over the past three years, a tremendous effort has been made in improving our overall quality and operational efficiency in a general sense, and that is also helping our customers and their business. Regarding competition from China, we see some customers, some Chinese customers ordering at X-FAB. I mentioned the BMS opportunity that is coming directly from China, for example, but also some of the MEMS. There we see a strong demand. We know that competition will arrive and is preparing also some products on their side. But at this point in time, we have not lost opportunity, or I cannot report any big opportunity that we might have lost from competitors in China. On the contrary, we see a fabless in China coming to X-FAB because they face a challenging situation. All the fab in China are reporting a fully loaded situation. They are very actively deploying chips for AI and around AI. I think also fabless in China are securing their supply chain by continuing to interact with us. Right now, this competition from China is not touching us. That's about your second question. For the third question on LTA, I will let Alba answer. Good evening, Emmanuel. At the end of Q3, our total balance, the residual amount due to customers under LTA prepayments was EUR 173 million. You can consider that by end of the year, we should end up with another EUR 20 million to be repaid within Q4. The rest will be repaid next year. It is roughly EUR 20 million per quarter, so it will take us up to 2028, but the vast majority will be already repaid next year. We should be halfway end of the year. Yes. That is how you should look at it, right? Yeah, that is the message. End of 2026, we should be around 50% repayment done. Yeah In total. Okay. Very clear. Thank you very much. Welcome. The next question is coming from Robert Sanders from Deutsche Bank. Your line is now open. Please go ahead. Yeah, good evening. I have a few questions. Thanks for doing this. First question would just be around your bookings. Could you estimate what percentage of your bookings are data center related? I have a follow-up. Thanks. That's a good question. I would not be able to provide you the number. I think if you look at the booking right now, the majority of the data center booking is still on silicon carbide. As I mentioned, we have also some peripheral activities in the CMOS for pre-drivers and also for the chips that are involved with the temperature monitoring and temperature management of data center. So based on motor drivers, either fan drivers or cooling drivers for liquid cooling of data center. We know about the application, but basically the same product or similar product are sold either in automotive or into data center. It's a bit difficult to get the exact value that would go directly into the data center. Got it. Can you talk a bit about the situation in the industry in terms of capacity allocation challenges, some nodes being full, IDMs shutting down 200 mm, TSMC and Samsung cutting wafers to Western companies? How is that affecting you, and where are you seeing the demand by node? Well, it is somehow helping us. I was mentioning to some extent we invested probably at a good time. Right now, there are not so many factories who are claiming to have capacity. I think it's very challenging for foundries today to create capacity because we see the price and the lead time for equipment increasing. Also, the effort that are made by a mega factory in Texas that is very well known seem to absorb a lot of the bandwidth and a lot of the orders of tooling for equipment suppliers. There is some challenge for factories right now to increase their capacity. From that perspective, we have a good position, and the consequence of that is that, yeah, we see new customers coming in our way to look at our technology to support their supply, to expand, in fact, their supply chain. Some customers who used to work exclusively with Taiwanese factories start to talk to us, and we are well engaged on some design win with some of them. I cannot be specific about that, but all in all, it's really helping us. We see also some customers starting to request a new type of LTAs with us, so that's also somehow an indication that there are some challenge on the supply side. I think from our knowledge of what's happening in Asia, I mentioned to our knowledge, most of the factories in China also involved with mature node are fully loaded. They created for some capacity in 300 millimeter, but they are loaded. The problem is aggravated, as you mentioned it, by TSMC. They closed two factories already announced last year in 8 inch, and they transformed them into factories capable to support the packaging and assembly for data center. Likewise, Samsung also closed one factory. These are the things that we know about. This is helping because some customers come to us for their new developments, but this is also helping our customers because they start to see that they are regaining some designs because some of their competitor are unable to supply or have challenge ahead to supply these customers. All in all, I think we are in a good position from that perspective. Sorry, just to be clear, the mega factory in fact tech, you are talking about Terafab? Yeah. Surely those would be buying leading edge tools, not mature tools. Because I have heard They do not buy, of course, mature tool. They buy advanced tools. But from time to time, we do not need advanced litho in our fabs. But when it comes about ordering to the same suppliers, talk about Applied Materials, Lam and others. All these guys, they see big orders coming in their way for the upcoming factory, and the mega factory is one of them. This is creating tension on the equipment supply. The impact, what we see, that we anticipate that the lead time for equipment will increase. Given you are one of the few people to have spare capacity, how quickly could you fill your fabs? That is a good question. Overall, if you look at the fab filling, well, it depends if it is about customers who have existing product and they gain market share with their existing product, this goes extremely fast. There we can see demand raising. We believe this demand raising is a combination of our customers gaining certain market share, plus the fact that the intrinsic business in automotive, for example, keeps increasing. There is this effect that plays also in our favor. That comes quick. When we talk about customers that are developing new product with us or considering to use X-FAB for the next generation, that takes much more time. There is no simple answer to your question. On our side, what we are doing, you remember maybe in the previous call, we were mentioning that we were doing active management of our capacity to adjust the capacity to the demand. We are now in the process of reopening our dynamic capacity to be able to support this upcoming business. The thing to track from here will be you can potentially get line of sight to the 1.05 goal if you get to full loading. But the thing to track here is your depreciation, right? Because there is a lot of tools that you have already bought that are not kind of switched on right now. So the depreciation will presumably go up as you activate spare capacity. That is it from me. Thanks. Yeah, I will not comment numerically, will not give numbers on this. But yeah, we have pushed out the depreciation of tools mostly in Kuching. But in the second half of this year, this will be fully done. So most of the depreciation of our factories that is linked to the $1 billion investment we did over the past three years will start to be depreciating by the end of this year. So this is the tool, in fact what we do typically is that we validate that the tool and some basic recipes are working on it, so we can quickly activate these tools. So this is not slowing down or refraining any issue there. Thanks a lot. The next question is coming from Ruben Devos from Kepler Cheuvreux. Your line is now open. Please go ahead. Yeah, good evening. Just maybe not thinking maybe mid to long term, but right, but next year, would love to have a bit more sense where you could end there. I mean, EUR 220 million of bookings. You talk about a good trend, not a one-time thing. What you've been characterizing throughout the call sounds like book-to-bill will remain above one. So EUR 220 million annualized could be EUR 880, right? Is that wrong to have that in our models? High EUR 800, something like that. And I guess, you talked about visibility three to five months, right? So typically you know more in Q4 and Q1. But what are maybe the drivers you have most visibility on today? Yeah, I think your calculation is correct. That's the only thing I can say. Where right now we would not guide for 2028. But indication, I think all your statements are sensible. You have to take into consideration also that next year, we will execute the end of life. So, the end of life of the business in Site B will be completed around March, April. So we still see orders coming in our way. So the exact date of closing this site is still around this end of Q1, early Q2. This last time buy will reduce the overall revenue in the range of $50 million for 2027. So, you can assume on a yearly basis that we run around $80 million in Site B that we are closing in March, April. So that's one nuance on your numbers. And for the rest, how the year will evolve, I think that's going to be disclosed once we get a bit more visibility during the Q4 results. Okay. That was 50 or 50, or what? 50. 50. Sorry. Oh, okay. It's 50, and on a yearly basis, it's $ 80 million. That's what's the business that is coming out of Site B Okay. Or that's coming out of 26, yeah. Okay. If I just think about your Q4 guidance. If I sort of take the midpoints, it is sort of suggesting you could have EUR 9 million more sales and EUR 6 million more EBITDA, so it is just about 60% drop-through. Is that sort of the number we could be looking for going forward? You have also had a cost program, I think, that is ramping up, right? Yes, that is correct. Not much higher depreciation to expect. So, that drop-through rate, is that something we can work with? In terms of which rate? EBITDA margin you mean? Yeah, EBITDA. Yeah. I think it's reasonable. Of course, we have different effects. A big portion of the cost optimization comes from managing the headcount, so we have some reduction on the headcount over the year. This reduction of the headcount in 2026 calls also for some severance. Okay, I was looking for the word. Severance payment that are impacting 2026. That plays on the cost saving. Regarding depreciation, keep in mind, the depreciation for the site in Kuching will be in full in Q4. We can see if it is end of Q4 or beginning of Q4, maybe that also can bring some nuance. I think the overall model is reasonable. What you report is reasonable. Okay, then just a final one on the design win for an actuator in the optical circuit switches. Could you maybe say a bit more about what you're actually making there? Is it a sole source position, or are you qualifying it as a second source next to an existing supplier? Yeah. I think it's a technology that is used in the architecture of Google now. It's a Google-alike type of switching on the backside of the GPUs, which is all optical based on MEMS mirrors. Our chip is capable to drive the high voltage that is required to drive this MEMS device. They rely on the SOI capability and opportunity to drive a relatively high voltage there. That's the opportunity. That's what I can say about this opportunity. Now we see multiple interests coming for this type of capability. Not only from one customer, we talk to multiple customers about this one. Okay. The production volumes for the one you have won, when will that come? Yeah. It is a bit too early to talk about volume. We are in a design win phase, so volume will be two, three years from now. But this type of architecture is quite attractive I think, overall. I do not want to talk about volume because if I sum up the volume that I get from the different customers there, I get quite impressive numbers. I think as soon as we see how the things are coming across, we are not the sole source for this type of technology. But as soon as we see how the volume ramp up, we will be able to disclose this. Also, what you see as an effect is that multiple customer go probably for similar opportunities, so it is difficult to sort out what exact volume we get there. But looks like all the numbers that we look at are big. Oh, okay. Thank you very much. The next question is coming from Luc De Soete from. It is a private. Your line is now open. Please go ahead. First of all, thank you for taking my question. We see after a long time indeed some encouraging improvements, so that is very pleasant to see. My question is, could you enlighten a little bit more on the cost savings which were programmed actually for the fourth quarter, which was announced in the first and second quarter? Yes. The cost savings were, as Damien mentioned, the main driver came from the headcount reduction that we started several months ago already, and we continue to go ahead with. We are in hiring freeze. We make quite some evaluations on the team. We encourage also some free pre-departures. As mentioned by Damien, we paid also some severances to some of the people. The cost savings per se are not always visible immediately because sometimes you have to pay the severance, which is an additional cost, and the savings will be seen a bit later. But on and on, we are on track with all the measures. We also, before in the first quarters, we also idled tools, so we cooled them down if not needed. We tried to optimize our park of tools. We also pushed out some CapEx that were not absolutely needed, and these kind of normal measures that are quite classical, I would say. But the conclusion is we are on track. Yeah, maybe to complement what Alba say. As you realize, the visibility on the saving will come more next year once the severance will be fully paid and the people will be off the payroll. I want to highlight also on the tools. There is the standby of tools that is helping, as long as we don't need that tool. But what we have done also, and that's a bit more difficult to quantify overall, what we are doing is also to make sure that we concentrate the activity and we qualify the most modern tool. Overall, if you look at our park of tools, we are also removing older tools from our factories. By the way, we managed to sell these tools because the market for tools is now attractive again. We now are considering selling older tools to certain factory also in Asia. This impact of running our production on more modern tool will also be positive on the cost side, because the same tool is providing much more performance and much less chemical, electricity, and more efficiency per operator for the same tool. This is also going to help. Yeah. Then actually, we need to see now coming through the new orders through the full P&L and also to see it at the bottom line. Yes, absolutely. From our side, as I mentioned, I don't want to say the challenge because that's our job, but the challenge is full execution of the park of tools that we have and making sure that we ramp up all the lead to move to secure the demand that is coming from our customers. At least the information today is very positive and very encouraging. Thank you. Thank you for that. Thank you. There are no more oral questions at this time, so I hand the conference back to the speakers. Yeah, we got offline also three questions that we might address. Yes. There was a question about booking utilization. "How much of the booking surge is real end demand versus customers rebuilding inventory or pulling in orders, and how much of the Q4 guide is already covered by backlog?" That was one question from, I guess, Sips from KBC. What I can say is that, well, how much of the booking surge is real demand end demand versus customer rebuilding inventory? To our knowledge, we do not see a clear indication of customer rebuilding inventory. I think they are just inventory to the demand. I cannot provide a quantified numbers of what is the truly end demand versus active inventory management. How much of the Q4 guide is already covered by backlog? In fact, if you look at our forecast for Q4, we have already in the backlog, I think. I'm checking exactly the numbers. Yeah, if you look at the Q4 guidance, we have the guidance almost fully covered by backlog. If you look at our rev back, we are within or even on the upper side of the guidance. At the end of the day, it's all about execution for Q4. There was a second question about automotive. Automotive is still down 19% year- over- year at $119.1 million, even though inventory correction no longer weigh on bookings. "When do you expect automotive revenue to turn positive year over year, and what is the lag between booking and revenue in this segment?" The lag between booking and revenue is typically three to five months. Let's say four months average. When do you expect automotive revenue to turn positive year over year? Indications are there for 2027 that we should see some good numbers coming in our way in automotive. Right now we see strong orders also in automotive. Maybe one nuance on this is that at this moment, we are combining in automotive products that seem also to be going directly into robotics, into humanoid robots. To give you an example, a motor driver chip that is typically used for an air conditioning management in a car, but also for temperature and thermal management of the car. Some of these embedded motor find also applications in robots. The same apply for position sensors. They might find also application in robots. At this moment, we combine in automotive the demand coming from our largest customer, Melexis, for example, and they report a good demand from robotics. So there we need to work it out also with our customer to figure out what is really automotive and what is robotics. I want to highlight also on robotics, we have other historical customers of X-FAB who are also reporting very strong demand in robotics. That's an exercise that we need to do by ourselves to sort out from automotive what could be going into robotics, because the growth there seems to be quite significant. Then there was a question about margin and CapEx. "Q4 EBITDA margin guidance of 19%-22% is only a modest step-up, while EBIT is just EUR 4.3 million and net debt is EUR 315.5. What utilization level is needed to bring EBIT margin back to mid-single digit or better? What is the CapEx outlook for 2027 at the pace of CHIPS Act funding?" These are good questions. Overall, if you look at the utilization that is required, we do believe that to be around the 25%-ish EBITDA, we would need probably a loading in the range of 75%. That's what our model shows, but we need to be extremely cautious in the sense that these model are assuming a certain mix of product. What we observe is that now our mix of product is transforming quite a bit with the rapid growth that we see in wide bandgap, for example. Also anticipated things that will come from a new market like GaN and photonic, sorry, by 2028. That's what we could say about EBITDA in the 25% range. I think EBIT to mid-single digit or better, we can come back on this later on. I don't know if we want to be too specific about this because for the reason I just mentioned about variation of the mix. What is the CapEx outlook for 2027 and the pace of the CHIPS Act funding? CapEx outlook, I think Alba mentioned, we want to stay in the 10%-15% of revenue with our CapEx, and we are considering the net CapEx, which means we will always report the CapEx minus the CHIPS Act funding. The CHIPS Act funding is a range of 30% of our investment. Absolutely. So that is what you can use in your estimates. Yes. And I think these were three offline questions. I am sorry for I hope I covered that properly, Guy. Otherwise, we can have a follow-up discussions on the topics. All right. Then, with this, I want to thank everyone for listening to our call this evening. And I want to highlight our next appointment for the Q4 and full year results. That will be on February 11, 2027. And I wish everyone a great day, or great end of the day, and thank you all. Bye-bye. Goodbye. Thank you. Thanks for participating to today's call. You may now disconnect.