Hello, everyone, and welcome to the Watches of Switzerland Group acquisition of Roberto Coin Inc. My name is Nadia, and I'll be coordinating the call today. If you would like to ask a question, please press star followed by one on your telephone keypad. If you have joined online, please use the Q&A chatbot provided. I will now hand over to your host, Brian Duffy, CEO of Watches of Switzerland Group to begin. Brian, please go ahead. Thank you, Nadia, and good morning, everyone. Thanks for joining our call. We've made a very exciting announcement this morning of the acquisition of Roberto Coin Inc. We now have a presentation for you to give you more color and background on this acquisition. This is something that we've been working on for more than a year. It was in our LRP that we presented to you as a strong growth possibility, and I'm delighted now. We're all delighted now to close on this deal and add Roberto Coin Inc. to our group in the US. So I'm joined for this presentation by David Hurley, President of Watches of Switzerland Group, North America, and Anders Romberg, our CFO. And at the end of the presentation, we three will be happy to take your questions. So today, we announced the acquisition of Roberto Coin Inc., for a consideration of $130 million. This gives our group the distribution rights for the brand in perpetuity in North America, covering obviously U.S., Canada, Central America, mainland Mexico, and, and the Caribbean. This accelerates the Watches of Switzerland Group strategy of growing presence, in the luxury branded jewelry sector. The U.S. is the number one luxury, jewelry, market globally, with an addressable, market we, calculate was $66 billion. Roberto Coin is the sixth brand in the U.S., as, as measured in retail sales equivalent. we plan, growth for the brand, both with our existing partners, and within our group. Growth in our group and DTC will come at the combined retail and wholesale margins, which will obviously be very attractive. The deal is immediately attractive, as being margin-enhancing, EPS accretive, and with very good prospects of return on capital. As we presented to you last November with our LRP, the luxury jewelry market in the U.S. is the clear number one globally, measured per capita. The global market for precious jewelry is moving inexorably towards a branded product from non-branded. The attractions of branded jewelry to us and others in the category are, you know, higher average selling prices, higher frequency of purchase, and what is a, you know, collectible sector with brand loyalty, higher and increasing consumer self-purchasing. In terms of distribution, more exclusivity, more selectivity on distribution, therefore, less promotional, and with the collectibility of the product, the category is less cyclical. We are and have been for many years, underrepresented in this attractive category, and that's what we are planning to correct. We have a strong heritage and in-house expertise in jewelry, and we see great potential to grow through a multiple of initiatives. The first and most significant, this acquisition of Roberto Coin Inc. that we're announcing today. We also have a new concept, flagship multi-brand jewelry store that we're opening in St. Ann's, Manchester in the next year. We're expanding space in all of our store developments, providing the opportunity to properly present jewelry brands, supported with great hospitality facilities and a fantastic client service. We have added or expanded distribution for great new brands in our stores, De Beers, David Yurman, FOPE, Messika, Fred, Repossi, Pomellato, and others, and also expanded the presentation of some of these brands online. Roberto Coin is an amazing individual, honestly, and it's been a really great pleasure to get to know him over these months. He's a creator of a tour de force, combining imagination, artistry, vision, and a really fantastic energy. The brand, Roberto Coin, was founded in Vicenza, which is close to both Venice and Verona, and part of the Veneto region in Italy. It's one of the global centers for jewelry production, and in fact, in the city, more than 10% of the population work in the jewelry sector. There's a school there for jewelry. There's a renowned museum for jewelry, and importantly, this is also the home of the largest Italian jewelry fair, VicenzaOro, which this year is celebrating 70th anniversary. The success of the Roberto Coin brand is due fundamentally to the exquisite product that they design and produce, and a wonderful combination of fabulous design, but also quality and value. A piece of magic from Roberto himself is the signature ruby inside every product, discreetly worn next to the skin. Roberto's inspiration for the ruby was based on the Egyptian pharaohs that believed that rubies, when worn, promoted long life, health, and happiness. The brand has strong awareness and a great image in America, thoughtfully and consistently developed through advertising, celebrity endorsement, great events, and high-quality distribution. The brand is a major player in the US market, and as this chart shows, our estimate of the market share at retail value for the major players, Roberto Coin would be the sixth largest brand in the US on this basis. The brand positioning from a pricing standpoint would be more expensive than a Tiffany, for example, comparable more to a Cartier, Panerai, and Messika with a strong characteristic of contemporary product design. In addition to the main product range, Roberto Coin designs and produces beautiful, high-end, exclusive pieces. Sales for the Roberto Coin brand in North American markets have grown strongly at 12.7% CAGR, 2019 through 2023. This year, both sell-in and sell-out year- to- date, 2024, are very good, at growth of high single digit, outperforming the overall market. Calendar 2022 sales did benefit from some store restocking following COVID lockdown-impacted production backlogs in 2021. The Roberto Coin business in America is very, very well managed under the leadership of Peter Webster, who's been the president of the business for 38 years. We're delighted that Peter will remain in his role, as will the strong, long-tenure management team in operations, finance, and commercial. The business will be operated independently out of our center in New York, and Peter and his team will work with the Watches of Switzerland teams to accelerate growth plans through accessing our resources and retail expertise, CRM, digital marketing, and the other areas. I now pass over to Anders. Thanks, Brian. So we closed this transaction on May the eighth, after having worked on it over the past 12 months. It's a great step forward in executing on our ambitions in the luxury jewelry category, which we told you about when we had our capital market day back in November. The total purchase price was $130 million, of which $10 million is a deferred consideration, continuing on future profitability. The consideration is also subject to working capital adjustments. The transaction is financed by a new $150 million term loan, and this will take our leverage to about 0.8% on adjusted EBITDA, or 0.6% on a pro forma basis. A very comfortable level of leverage, providing flexibility for additional growth investments. The business has operated at an EBIT margin of around 20% over the past few years. Total sales in the year ended January, sorry, December 31st, 2022, was $146 million, and profit of $30 million before tax. In unaudited numbers for 2023 was $138.7 million, and profit before tax was $30.2 million. As you heard from Brian, sell-out data in this year shows high single digits, which is very positive. The gross assets at December 2022 was $87.9 million, and assets are predominantly made up of working capital. This transaction will be margin and EPS accretive for the group from the acquisition date. With that, I will now hand over to David Hurley. Thanks, Anders. So, we're really excited in this opportunity to, to build upon the fantastic work done by Peter, Roberto, and their teams, and now, partner with them ongoing. You'll see on, slide 21, the key pillars of growth, and I'll bring you through these over the next few slides. So, Roberto Coin is under-penetrated in the US in its own retail and, as franchisor partner retail. We're already working with the same consultants that have supported our US growth to date, and we'll leverage the great landlord relationships we already have. We know the locations we want to be in, and we'll be signing our first retail location soon. Our focus will start with the best malls where we already have presence and, long-term experience. The monobrand format is already a success in multiple territories, in particular in the Middle East. We believe the Roberto Coin store design, coupled with our experience in building and retailing in the U.S., will be a winning formula for both us and for our wholesale partners. In terms of e-commerce, we'd look to bring our expertise in online retail, both for robertocoin.com and for the wholesale partners, some of whom already have a great online business. If you don't know this, this forthcoming Sunday is Mother's Day here in the U.S., and yesterday was robertocoin.com's record day of shipments direct to customers. But there's a huge amount of potential to grow this over the next few years. We'll look to elevate Roberto Coin's presence also with our wholesale partners, as well as within the Watches of Switzerland Group store portfolio through impactful shop-in-shop designs. Lenox in Atlanta, obviously, is the perfect example of elevating within our own footprint. We're converting the current Mayors store to a Rolex boutique to open up later on this year. Opposite that, we're building a brand-new Mayors showroom with Roberto Coin as one of the key brands. The paybacks for both the monobrand to 2 years and shop-in-shops at 1.5 years are compelling and are based on all of the analysis of both opportunities and obviously the experience that we've had to date in the US. In terms of high-end business, Roberto Coin already has a growing high-end collection business. We believe there's further opportunities to grow that, obviously, with the monobrand itself, which will allow us to show the whole breadth of the Roberto Coin collection.... and VIP events, both for the Watches of Switzerland Group and partner clients here in North America, Mexico, and the Caribbean, as well as special events in Vicenza and Venice for our VVIP clients. This will all be supported by increased marketing behind the brand itself, and we're looking forward to launching a new campaign for the holiday season and increasing co-op with our key brand partners. All of this will, we'll look to replicate for the markets outside of the United States, with significant opportunity also in Canada, Mexico, and the Caribbean. All three markets have a lot of room to grow. And with that, I'll pass it back to Brian. Thanks, David, and thanks, Anders. You know, so in summary, this does accelerate our strategy of being greater penetrated in the growing luxury branded jewelry sector. This is like exclusive distribution rights for the best market in the world, the US, Canada, Central America, and the Caribbean. There are significant expansion opportunity in this sector for us. The growth that we do within our group will be combined retail and wholesale margin, and the deal is clearly financially attractive from an accretion standpoint and return on capital. And the last thing that I would say is, this is the most, you know, kind of complementary combination of resources we're looking at here. It's fabulous product. It's a fabulous brand, and with Peter and the team, there's a great organization running a great business in the US, and that we want to maintain and support the great momentum that they have. We then will be bringing additive resources in terms of retail, CRM, and all the things that we've mentioned. We have a great infrastructure building in the US now over $800 million in the US, which is pretty amazing in a five-year period. And with that growth, we have built a great infrastructure, and obviously we can really use this structure to complement this deal. We've executed deals very well and acquisitions and integrations very well, and that's a great credit to David and his team in the US. They continue to do that, and I've no doubt that this is gonna be a great cultural combination and a great business partnership. And finally, just to say that, you know, David and the team and, you know, getting this deal done, a lot of hard work, but something is really worth it. So with that, we'll pass over to your questions. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If you have joined online, please use the Q&A chat box provided. If you would like to remove your question, please press star followed by two. When preparing to ask your question, please ensure your phone is muted locally. Our first question goes to Akshay Gupta of HSBC. Akshay, please go ahead. Your line is open. Hi there. Thanks for taking my question. My first question would be on the growth prospects that we can expect for this brand. As you said, the US market can grow 20%-25% year over the long term, so how can you think about this brand? And secondly, on the margin front, how do you feel about the current level of margins? Do you think there are some synergies to come? On the flip side, do you think we need to invest more in the retail network? And the final question would be on the finance cost. Like, what are the finance costs incurred to the deal? Like, what is the interest cost? Thank you. Yeah. So if I, if I understood everything correctly there, then, you know, we, we think there's great growth prospects, and we obviously, we outlined in our Long Range Plan, where we expected the growth to come from, both here in the U.K. market, but the biggest growth contributors that we're looking at obviously are are coming from the U.S., or certainly a higher level of growth coming from the U.S. We've had a fantastic track record of growing in the U.S., both from acquisition and in and developing our business. 40% of our sales in the U.S. came from acquisition. The balance is what we've done with those acquisitions, or, or, you know, new businesses that we've developed there. We had said, when we made our market announcements back in February, that we still are committed to our long range plan goals, and we still are. This is an important part of this. It's a deal that we thought a really good possibility of happening. It was included in our long range plan, and delighted about executing it now. So we feel good about our growth prospects in the U.S. Margin, U.S. Margin, this is, as we've shown, it's margin retail. The jewelry category is attractive from a margin standpoint generally, but obviously in this case, getting, you know, the combined margins of retail and wholesale make it particularly, you know, attractive offering from a margin standpoint. Finance, Randy? In terms of interest cost on this, it's in line with our existing RCF. It's a term loan on the basis of a 12 plus six plus six, so it's a two-year deal that we made. Average interest rates on our existing facility is about 7%. Okay. Thank you. Thank you. The next question goes to Kate Calvert of Investec. Kate, please, your headline is open. Good morning, everyone. A couple from me. The first question is, what does this mean for your acquisition strategy in the U.S. going forward? Should we expect more jewelry brands, sort of distributor acquisitions, or would you still prefer to focus on growing the Watches of Switzerland brand? And my second question, very much is a technical one. Do you envisage the acquisition having a material impact on working capital? And the third question, is how many, sort of standalone mono stores do you envisage over the five-year plan for the brand, the Roberto Coin brand? Thank you. Yeah. Yep, yep. Thanks, thanks, Kate. Good morning. I'll take one and three, and Anders can comment on working capital. I mean, this was included in our strategy for growth, and when we talked about the LRP, you'll recall that we did have ambitions within growth ambitions within the jewelry sector, and this pretty much was what those ambitions were about, in addition to the other initiatives that we mentioned earlier of what we're doing in Manchester and so on. So our acquisition strategy hasn't changed. I mean, our focus has been on watch and jewelry retailers, taking us further into both the watch market and jewelry market in the US. This opportunity came along from having got to know this brand through successful retailing the brand, getting to know the organization, and just seeing how, you know, successful and well-positioned it was in the market. And, you know, from that came the discussions that eventually led to this deal that we're announcing today. If something else of that nature were to happen out there, then obviously we'd look at it seriously. We think it's a great deal. It's in our wheelhouse. We know these products very well. We know the category very well. We know the US market very well. So we think it's a great complement to what we're doing, and we really do want to be bigger in jewelry, as we've expressed, and this is a perfect way to do it. But our other plans and focus on, you know, developing our representation in watch and jewelry retail, you know, remains the same focus as it was before. In terms of number of stores, we're not ready to say that yet. Whatever we're doing, we started our homework. Obviously, there's only so much that we could do until the deal was finalized, which is what we're announcing today. We've done some homework in advance of it. Whilst being discreet with our property consultants, so we've done a bit of work at the market. As David mentioned, the obvious areas that we would look at are where we're already present with some kind of infrastructure and store presence. But we'll update you on that as time goes on. But it will be a mixture of stores that we'll choose to open and own, and then we'll also then look to work with the great partners that are out there or some fantastic independent dealers out there doing a great business that really know our territories very, very well, and we'll look to work with them. We obviously know about the dynamics and financials and everything about monobrand since you know it's been a very successful development for us in the US. Working capital, Anders? In terms of working capital, obviously the category itself turns a little bit slower than the watch category, where we have the super high demand pieces that obviously helps that turn level. So turn is expected to be about 1-1.5 turns on this business. So in terms of working capital, obviously it's adding to it, and as I've mentioned, the asset base that we acquired is predominantly working capital, which was about $88 million. Great. Thanks so much. Thank you. The next question goes to Louise Singlehurst of Goldman Sachs. Louise, please go ahead. Your line is open. Hi, morning, everyone. Thank you for taking my questions. A couple of follow-ups. I think I wonder whether David can share with us just a little bit more about the brand. So obviously, you've got a quite a wide range of like price points in the brand, but is there a particular sweet spot in terms of you know the bestsellers like the core kind of offer? There's obviously a broad range within there, so that would be very helpful. And then if you could talk to us about the customer data that you have to say on the U.S. So usually, that's quite light, given it's it's mainly wholesale. And then my last question was just with regards to I think this is a follow-up really to Kate's point on the strategic growth and the M&A ambitions. Is this a sign that it's taking probably a little bit longer? I know in the past we've spoken about the watch consolidation across distributors. I just wonder if that's still very much front and center, or if that's just a little bit further, further down the line, if that's an opportunity. Thank you. Okay. Well, good morning. So I guess the core price range for Roberto Coin is in the kind of $3,000-$4,000 range. And they have got a significant amount of core product and core collections, Venetian Princess, Love in Verona, these really fantastic collections, and they add to it every year, with either add-ons to those core collections or new collections itself. And I think one of the real strengths of the brand is just the endless creativity of Roberto and his family and their team in terms of just the amount of designs that they're able to create. And I think it really gives them a differentiation to a lot of other brands. So, that's the kind of core price point, but they go up to whatever level you want to go up to in terms of of price point and really successful in terms of their high-end collection. So as I said in the presentation, we know there's significantly more that they can do in that area, particularly when we open up stores and expand spaces with our wholesale partners. In terms of customer data, limited customer data at the moment. They obviously have the customer data for the stores that they have currently, but that's a very small part of the business. Really great sell-through data, and obviously we have that, and Brian was able to speak to what that performance has been and obviously the positive performance this year. In terms of M&A and further growth in the US or in the North American market, genuinely, we're really confident in our ability to acquire further businesses. Still believe that the consolidation is going to happen. Some of these deals take time. As we said, we've been working on this one, or I've certainly been working on it for the last 18 months, but it's not the only thing that we're working on. And we're confident in the numbers that we've provided for the long range plan in terms of the acquisitions we're gonna be able to execute here. Okay, thank you. Thank you. The next question goes to Alison Lander of Deutsche Numis. Allison, please go ahead. Your line is open. Thank you, good morning, guys, and thanks for taking my questions. The first one is just on the wholesale channel. I'm just interested in your perspective in terms of the way the brand is being merchandised across the market at the moment, and perhaps, off the back of that, how you will look to sort of manage the wholesale distribution as you kind of grow your own stores and look to enhance the positioning as you were talking about. And then the second one is just on the, on kind of the jewelry and the brand more widely over there. So obviously, jewelry's been hit a bit harder from the overall slowdown in demand that we've seen across market. The numbers you provided looked like revenue, the brands have, have held up decently. Just, just wondering if you can give some color in terms of how that's performing versus the other brands you have in US stores, and maybe linked to that, how you think about what's underpinning the health or kind of the appeal of the brands as we look forward? Thank you. Thanks, Allison. I mean, I think the interesting thing about this business is it's really developed such a major presence in the US through wholesale distribution, 400 points of sale. Really high quality distribution, the best of the independents, the best of the department stores. So the brand's very well positioned in terms of adjacencies and, you know, kind of store quality and client appeal, and so on. But obviously, there is the opportunity of complementing that with monobrand and by elevating in-store presentation. And we plan to be helpful and complementary in both of them. Our priority is to support people in the team maintaining the momentum that they have now and managing that business and really helping develop it with their wholesale partners. Then we complement that with what we can add to in retail, both owned and franchised. We are outperforming the market and have done for the last few years, and as David said, it's just because they make absolutely beautiful, wearable product. Some of the trends that suit them, the self-purchasing trend, definitely suits the trend towards, you know, jewelry more as daywear, rather than, you know, special evening wear, which again, is a trend that's going on in fashion and I feel like are all positive ones in terms of the direction for the brand overall. But they just, they make just beautiful, contemporary precious product that clearly appeals to the market and allows them to outperform. Overall, I think it's it just seems. So therefore, we see the big opportunity, as well of just enhancing the brand presentation, enhancing marketing, so investing in marketing, marketing, enhancing their digital representation, both in terms of communication, social media and online. So see it all being very much complementary to what is already a great business built with great partners in wholesale. Great. That's helpful. Thank you. It's performing very well within our existing network. So I think that was the last question you had. So in our own stores, obviously, we have Roberto Coin as one of our brands, and it's performing really well. So it's outperforming the balance of what we sell. Great. Thank you very much. You're welcome. Thank you. The next question goes to Rogerio Fujimori of Stifel. Rogério, please go ahead. Your line is open. Hi, Brian, Anders, and David. Thanks for taking my question. My question is for Anders. I was hoping you could elaborate on the shape of Roberto Coin PNL with regards to gross margin and OpEx as a percentage of sales versus the group. Actually, because we know different years, you have a gross margin in the low sixties, and OpEx of sales in the low forties, but that's even as a B2C business, and Roberto Coin is a wholesale business. So it's fair to say, assume Coin gross margin more in the fifties, and OpEx sales at around 30% of sales. Any color would help. Thank you. So Roberto Coin mainly from the wholesale, and the overhead structure has been fantastically well managed in this business. So essentially, the margin that you get at wholesale is predominantly what you announced. And then you have some marketing cost, and you have a bit of co-op marketing together with partners where you contribute. So fundamentally, you know, overhead as a percentage is in the low, in sort of the mid-teens sort of thing. So that's where you would get it, so it's about 10%, including the marketing component. Got it. Yeah. And marketing... Got it, yeah. And marketing more or less in line with what we hear from the other brand jewelry players? Yeah, honestly, Jerry, we're not gonna get into the detail of the P&L. You know, the numbers that we have presented here, the sales numbers and the EBIT or pretax profit are, you know, what we're disclosing at this point. As a wholesale business, so as a bit of a different model, the dynamics will change with the introduction of retail over time. But it's just a wonderfully run business, consistently good profitability, really good terms of investment, and you know, at this point, we really don't have any more detail to disclose. Got it. Thank you. Congratulations. Okay, thanks. Thank you, and as a reminder, if you would like to ask a question, please press star followed by one on your telephone keypad. If you have joined online, please use Q&A chat box provided. The next question goes to James Grzinic of Jefferies. James, please go ahead. Your line is open. Thank you, thank you, and good morning, all. Brian, I just had a quick question for you in terms of how you envisage your ability to perhaps feed back to Roberto Coin thoughts on design assortment. Do you think you'll be able to influence perhaps how assortment develops specifically for the US given your expertise in the US market and how the distribution will change through time of the brand? Curious to hear your thoughts on that. Well, I wouldn't be here for a second to think that I could add anything to the creativity of Roberto and his team, which is, you know, what has driven this business instinctively. But there'll be some areas where we will contribute. We have. We obviously do a great deal of analytics on merchandising. We track attributes, we track trends, and we find it's always a really nice complement to instincts and so on, to actually, you know, see trends that are happening out there and analyze them. So we do have great systems there that we'll look to see if we can provide any, you know, follow information that might be looked upon. As David mentioned earlier to you, the beautiful high-end products that Roberto does is just gorgeous. It's exquisite product. And we really think there's great potential, our database, our marketing. They did great events already, but of course, we have, you know, our distribution, our concentrations of strengths with the great VIP clients, and we'll really look to involve these clients and access these clients and really help, you know, help develop a very deserved public connotation of the high-end business. The great thing about this business is it really doesn't need any help whatsoever. Not that we could give it in any event for product design, which is the ultimate strength of this brand. Understood. Thank you. And just as a follow-up, I guess, how much of the sales mix currently of the business specifically would be high end, really hitting those higher price points? Honestly, relatively small. Great events that are done, but it's very much, you know, personalized VIP scaling, but it's exactly what, you know, a monobrand space really helps you do, is really present the whole collection. And to be a bit more, you know, speculative on the product that you can present. So it's an area that we really hope to have a, you know, a really positive impact, which, in addition to good incremental business at high price points, is clearly very good for the brand, for it to be known. Many kind of products that you see worn by celebrities at the Oscars or the Golden Globes or whatever are the kind of products that we hope to certainly develop more VIP following and brand loyalty on. Thank you. No problem. Thank you. The next question goes to Piral Dadhania of RBC. Piral, please go ahead. Your line is open. Okay, thank you. Good morning, everybody. So, my first question is just on the overall M&A market dynamics at the moment. Could you just give us some flavor as to how competitive this process was and whether you had whether there were other players interested in making this acquisition? And as it relates to the other discussions we're having more broadly across the market, any color you could give on what the sort of the dynamics might look like from the perspective of prospective buyers or sellers? That's my first question, and then my second question just relates to your broader strategy as it relates to acquisitions. Is there a scenario in which you could potentially move into acquiring small to medium-sized brands, perhaps in the jewelry space or even in the watch space? You know, this is sort of like a feels like a halfway stepping stone towards exclusive distribution rights in certain markets. Could you just help us understand whether that's further upstream acquisitions may be on the cards or on a medium- to longer-term basis? Thank you. Yeah, well, the dynamics on this acquisition, we wouldn't comment on the competitive situation on it. I'd simply say that as discussions went on, we could really sense and feel a real mutual compatibility, which I think is very, very important to Roberto and his family. They're hugely interested clearly in the brand, and developing the brand, and growing it in a very important market for them, the US, and I think it became clear that that's something that we could very convincingly bring to the party, and that became, you know, a real priority and something very important on their side. But it did take time, and it did take you know, building relationships and confidence, and again, David did a fantastic job of doing that. And we got ourselves to where we are now. So, delighted about the deal and delighted about that compatibility. Yeah, we're not changing strategy per se in the US. We are more interested in luxury jewelry, as we've made very clear. Might that lead, might the announcement here today lead to something come along that we don't know? Who knows? We'll look at, obviously, we need to see that there are situations in which we can really enhance value and get good returns for our business and our shareholders. We're very confident that we can in this case, and if anything else come along of that nature, that obviously we'll look at it. We are leading players in the world of luxury watches and an increasingly important player in the world of luxury jewelry. You know, these categories are very interesting to us. The US market's been a revelation to us. We've learned a lot, we've developed a lot, we've done a lot. We can really see huge potential there. So yeah, I mean, who knows? It's not nothing we're working on right now in that category. This deal has taken a lot of time and attention. There's other things that David alluded to earlier that are, you know, more in line with what we've done in the past that that we continue to work on, and we'll look forward to updating the market, you know, as and when things happen. Okay, thank you. Sure. Thank you. It appears we have no further questions. I'll now hand back to Brian for any closing comments. Thanks, Nadia, and thanks, David, and Anders, for the presentation. Thank you all for joining the call, and you know, thanks finally to Roberto and Peter and the team that we've been dealing with in Burt. We really look forward to working with them. We think this is gonna be great for both organizations. Again, thanks for joining the call. Thank you. This now concludes today's call. Thank you all for joining. You may now disconnect your lines.