Good afternoon. This is the conference call operator. Welcome, and thank you for joining the Banca IFIS First Quarter 2024 results. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Frederik Geertman, CEO of Banca IFIS. Please go ahead. Good afternoon, everybody, and thank you for joining our call of the First Quarter 2024. I will briefly go through the presentation, and then we'll have some time for Q&A as soon as we're done. And we'll try therefore to keep the presentation part fairly brief so that you have time for questions. We present a net income of EUR 47 million, +33% Q- on- Q and +3% year-on-year, based on quite resilient revenues in commercial banking, NPLs, and proprietary finance. We are happy to be able to say that we are delivering, as you will see later when we get into the results, on offsetting the cost of funding increase. We have some positive impacts of what we call non-commercial items. First of all, EUR 4.7 million trading income benefiting from the trade scenario. This is partially recurring, I would say, meaning that, you know, also in the coming quarters we expect to have benefit from that. But that depends, obviously, on market conditions. And we had a one-off that was EUR 3 million due to disposal of an equity stake from the restructuring of a legacy NPL position. When I said quality, we maintain our positive risk-return performance of the loan book, and it extends into this year. Happy to say we obtained a double A rating from MSCI, up from A, reflecting the commitment of our controlling shareholder on the ESG agenda. We are quite committed to that, and it's really encouraging to see that we received the confirmation. We report a very solid financial position. We have EUR 2.5 billion of available cash, after having repaid EUR 1.25 billion TLTRO, which we did in two instances, in December 2023 and in March 2024. CET1 ratio, very close to 15%, 14.98%. That's excluding the first quarter 2024 net income, that's not computed in there. Dividends, EUR 47.90 million per share will be paid on May 22nd, and that's obviously in addition to what was paid in advance on November. Going to page five, revenues. Net revenues at EUR 185 million. The First Quarter breakdown, commercial banking, EUR 89 million. That was, EUR 86 million in the fourth quarter. It was EUR 88 million in the first quarter of 2023. Strong commercial performance, and as you will see later, some significant continued pricing discipline that's helping us to more than offset the cost of funding increase. NPL revenues, resilience, EUR 74 million. It was EUR 69 million last year. Despite inflation and the rate scenario, the first quarter includes EUR 5.7 million from Revalea. Non-core and G&S, EUR 22 million, confirming a recurrent and stable contribution to revenues. We had EUR 14 million in the fourth quarter of 2023, EUR 19 million in the first quarter of 2023. These revenues include some trading gains, as we said, of about EUR 7 million, mostly disposal of government bonds, also some other trading activity. We believe that we are quite successful in offsetting the cost of funding increase, which was an item that emerged in our previous calls. Page six, commercial activity. Factoring turnover is stable. We maintain very healthy pricing discipline, 14 basis points up year- on- year, on the spread. Turnover, turnover, as we said, more or less stable, but the loans are up 4.3% year on year versus 0.2% of the market, reflecting our focus on slightly more persistent positions. So slightly longer duration, no delays, just slightly longer durations, helping our stocks to remain up a bit and contributing to the margin. Leasing and equipment. The market for leasing went down quite significantly. We see some delay on CapEx decisions of SMEs, right? Also, as you know, there's always a little bit of effect of tax benefits, which led to the spike that you see in the fourth quarter of 2023, right, that, obviously, gave us a significant boost. That being long-term lending, those volumes are now in the bank. So we have -11% year-on-year on new loans. The market did -34.9%. Then we have the automotive part, new leasing, +6% year-on-year, while maintaining a focus on prices, on premium luxury segments. This is very important to note with significant preference of loans where we have remarketing agreements in place. So when the leasing expires, we resell the cars at a given price. And this is true for the vast majority of the portfolio. So very low-risk business in terms of the residual value of the assets. First quarter automotive leasing, 3.92%, another 13 basis points up year-on-year. Page 7, NPLs. So excluding Revalea, we keep our roughly EUR 100 million quarterly cash collection. You've, you've grown used to that. We, this quarter's no exception. The advantages of having a very fragmented, very well-modeled and very industrial NPL business, which gives a lot of predictability to how the portfolios behave. I always remind the participants to take a look at the annex, where you will see on the pages dedicated to NPLs that the actual performance continues to exceed the model performance. The models, obviously, are the ones we use when we purchase portfolios. Split for extra-judicial and judicial recovery, the revenues, you see that we have, in the first quarter, EUR 21 million extra-judicial and EUR 52 million judicial. These data exclude Revalea. Page eight, costs. Other operating costs versus fourth quarter of 2023. So, EUR 3 million less due to savings on lawyers, information providers, and traveling expenses. EUR 3 million less due to the seasonality of marketing investments and expenses. This includes roughly EUR 8 million of IT expenses, which remain substantially stable. You will recall maybe from our business plan that we have, quite a healthy, and quite a significant IT spend and investment plan throughout our business plan. We're happy to report, in this case, I consider it a success, that we are spending in line with the business plan. So the projects are being executed as planned. First quarter 2024, remember, includes EUR 3.8 million operating costs from Revalea that we didn't have, obviously, last year. Taking you to page nine, asset quality. Loan loss provisions at EUR 9 million. fourth quarter of 2023, that was EUR 22 million. And coverage ratios further increasing. You can see that on NPLs, we have 79%, on UTPs, 46%, and on past dues, 7%. Total up 2 percentage points to 45% coverage. If we go to the NPE ratios, you can see that the ratios are slightly up. The actual stock is stable, substantially stable. The reasons the ratios go slightly up is that the denominator, where the loans are due to seasonality, has a slight contraction. So that leads the ratio to go slightly up. We expect to carry out the disposal of certain NPL positions in the next quarter, so we expect these to further improve these ratios. And just a few words on the loans versus the Italian public health system. You can see that we have 1 percentage point in gross NPEs and 1.1 percentage points in net NPEs. A little bit of history there. Two years ago, IFIS classified most of the loans towards the Italian health system consistently with the new definition of default and consistently with the written instructions received by Bank of Italy to the banks, and that led to a substantial increase in past due in our numbers. On page nine, you see the breakdown, right? It's 1 percentage points, both growth and net, and that's down from the initial number from two years ago, which was a bit higher. We have collected these credits, and we are gradually reducing and eliminating this past due stock. So this is a runoff portfolio that's currently being collected, and we don't have any issues in with respect to collection or payment times. And we certainly do not believe that we have any classification issue or that we could have any further impact on the new definition of default or the instructions that we received from Bank of Italy because Ifis, two years ago, classified everything. Down to page 10. You always ask us for a bit of outlook. How's the risk environment looking in the country? We still don't see macro-credit risk materializing in the portfolio. I think this is in line with what you hear from other banks. Payment days in factoring substantially flat, lower than they were two years ago. Stage 1 and Stage 2 loans, stable. We cover Stage 2 loans at 8.1%. Rating migration in the book roughly balanced. You can see we have 2 percentage points differences, but I would argue that that is, you know, a little bit of statistical variability. I don't think that that is a meaningful difference. We have 12% upgrade and 14% downgrades. Probability of default slightly decreasing in the book, consistent with our underwriting policies where we try, obviously, to serve those customers with the highest rating, the best rating, I should say. Page 11, ESG. On April 19th, we received the MSCI upgrade. Our overall industry-adjusted score increased from 7.1 to 8.2 points. Very solid result, I would argue, especially on the factors that weigh a bit more, right? So human capital, corporate governance, and corporate behavior, where we have a nice result. And especially human capital development looks compared to the industry very solid. And from experience, I can say that this reflects actually how we deal with the Ifis people. Page 12, funding. So little bit of update on what's going on, even though I think you already saw that it's hardly an issue. So we have roughly EUR 0.79 billion TLTRO, which expires in September. We will probably pay it back before in the windows that we have earlier. And we have EUR 400 million senior bond expiring in June. What have we done? I would add your attention to the fact that we are now at EUR 1.25 billion prepayment of the TLTRO that's already behind us. We've worked on the securitization. We've issued the senior bond in February. And we had a very nice increase in retail deposits, both through rate policy and through very significant brand and marketing effectiveness, strategy, and digital marketing strategy that leads us to have the confirmation that when we want to increase the retail deposits, we can do that in a fairly short time frame. We also have some EUR 200 million of proprietary portfolio maturing before September. So overall, all funding actions completed well in advance. We're extremely liquid now. And we have to do roughly EUR 800 million of potential repos with institutional counterparties that we are slowly starting to work on. After the full TLTRO repayment, we expect available cash that's including the counterbalancing capacity to be north of EUR 1.5 billion. Page 13, capital. 14.98%. No very relevant items there. Little bit of impact, positive impact from risk-weighted assets decrease given the usual seasonality and a little bit of decrease due to the regulatory partial removal of transitional filters of IFRS 9 provisions. I would stop the presentation here. You can see that on page 14, we have a little bit more detail on the P&L, but I won't go through it given that I gave you the actual points. And I would hand over to you for any questions you might have. Thank you. Excuse me. This is the Chorus Call conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. To remove your question, please press star and two. Please pick up the receiver when asking questions. Once again, that's star and one for your questions. The first question is from Fabrizio Bernardi from Intermonte. Please go ahead. Hi. Good afternoon to everybody. I have a few questions on, let's say, the macro trends. I would like to see if you see, to understand if you see, a bit of slowdown in terms of the economic scenario, in terms of loans evolution. That said, if you can provide some, let's say, granularity on the loan loss provision that you made in the first quarter. I have a question in general terms about the NPL market. We have seen some peers getting out of the business. It seems that Mediobanca is out, sorry, that Illimity is going to exit. There are a few other peers that are willing to merge in order to probably get some scale and cut cost. I would like to understand what is your strategy in this business, in order to face especially new regulation about provisioning on NPLs? Thank you. Thank you, Patrizio. Patrizio, I'll take them in the order in which you, you gave them to me. So loan demand and macro output. So the economy, as you know from the statistics, from the budget office, etc., in Italy is growing, right? Slightly growing. And Italy keeps comparing favorably to the other markets in Europe. So we have an environment which is not in strong growth, but it's quite, holding up quite nicely. In this environment, we have corporate loan stock down something like, 4.6% year-on-year, right? I think what you're seeing is, is the digestion, if you will, right, of all the long-term lending that was given under the COVID policies with public guarantees, right? And then, you know, various segments do differently, but, you know, you see the overall loan stock contracting, but that's not connected to a contraction of the economy. We don't see very significant slowdown in the economy. So if you take a look at our businesses, first of all, factoring, right? Turnover is roughly flat, but some growth in volumes given our focus, as I mentioned in the presentation, on slightly more persistent loans. Leasing, yes, contraction. And in that area, although it's really a bit hard to see what is the consequence of timing given the bumper we had in the fourth quarter of 2022, right, that was boosted by tax incentives, and what is actual slowdown in CapEx investments by the economy, we would see, however, slightly less equipment sales and therefore slightly less leasing loan demand for us, right? In automotive leasing, we grew nicely, +6%. The market did 3%. That's really commercial effectiveness and some good commercial performance. And finally, on pharmacy lending, we see continued demand, but we also see a little bit of optimization on the client side of their costs. So they will, in some cases, refinance their operations at different rates, lower rates, if they can get a better offer from the competition. And if we can, we follow. If we think it's unwise, we don't. But we are underwriting a bit more than maybe what's apparent from the growth in the stock because we are having some substitution there. LLPs. So it's a fairly small number in the quarter, looking at EUR 9 million. And in terms of where it's going, it's granularity, right? So the largest single one is about EUR 1.4 million of provisions. The second one is EUR 1.2 million. The third one is EUR 0.9 million. So and then they become really small, right? It becomes very fragmented. So no real, major issues encountered. No, not even sectoral issues, I could say. I think it is more idiosyncratic to single companies. If they're a little bit more highly leveraged and they have slightly lower margins, right, then you may get to maybe a restructuring. But nothing that I could say is connected to the economy clearly. NPL strategy, yeah. So, you mentioned Mediobanca exiting. That was good news for us because we bought the business, and it's performing, as we hoped. I think that, you know, different players follow different strategies. First of all, you have to make a distinction because there are mergers going on in the market right now or are being discussed. They're in the press. But please separate servicing businesses from proprietary NPL businesses. We have always focused on small tickets, unsecured, fragmented NPLs. We keep active in that specific segment. Revalea gave us the chance to be quite laid back about additional purchases. It doesn't mean we're not doing them. It means we will do them if we find the conditions particularly attractive. Otherwise, we know that, you know, our targets for the plan have already been met in terms of NPL purchases. We're taking quite a laid-back approach. The secondary market is also still present. I saw a few transactions there. So, if we find attractive risk-return opportunities, we will continue buying. In terms of what you mentioned, the regulatory effect, we will address this in the new business plan. We're looking at some structures that will allow us to remain in the business and remain as an investor and remain as a servicer, probably with structures that will see the presence of co-investors. So if that materializes, then what you should expect is the contribution of new portfolios having slightly lower revenues, also slightly lower costs because of some profit sharing, obviously, with co-investors, but a very great capital efficiency. So, you know, depending on how you look at it, it could be, it could be, you know, slightly favorable, even though in terms of the volumes, right, that you need to if you if you if you have co-investors, the volumes that you need, obviously, to intermediate need to increase a little bit. So we'll see how that develops. In any case, it is a market which is a specific niche. It's not the overall NPL market. It's connected to consumer credit. It's connected to mass market. It has its own dynamic. As you see from the very stable and resilient cash collection, I won't even go to revenues, right?, the business is quite solid. But in answer to, you know, what we will do in the next years, I would say that we will address this in 2025, 2026, 2027 when we present a new business plan. I hope I answered your questions. Yes, you did. Sorry. Maybe another question. There is a bank today that is in trouble, and it's a little bit confusing to understand why, in the sense that it seems that the RWA methodology is under investigation by the Bank of Italy. What I'm asking is, how much are you comfortable with your regulatory approach in terms of RWA weightings? Then the second questions. You mentioned small tickets in factoring. But if I look at slide 19, more than one-half of, let's say, our loans revenues are coming from medium to large clients. So maybe you can give us some color about this. Okay. So normally, we don't comment on competitors, and we won't deviate from this time. I will, I thought I'd addressed it, when I presented the slides on the APE ratios. But I will for clarity, I will address it again. We are 100% comfortable that we are in line and fully compliant with the new definition of default and the, indeed the written indications that Bank of Italy gave to the market. Two years ago, we classified most of these loans into past due. And subsequently, we digested this portfolio, collecting the cash and placing it basically in runoff. So you saw two years ago already the spike in past due. And you saw it developing over time to where it is now. And it will further reduce before the end of the year. We don't believe we could therefore have any classification issue or further impact from the new definition of default. With respect to factoring, we are a small tickets factoring business, meaning that we have, basically an SME clientele, okay? And the breakdown that you see on page 19 is entirely consistent with this because if you took the client business of the factoring operations of the large Italian banks, you would see that they are almost exclusively on large. So having 41% of revenues coming from small companies, meaning less than EUR 10 million turnovers, and another 23% from medium companies, which have less than EUR 50 million turnover, is, in our opinion, totally consistent with being a small ticket factoring player. It doesn't get much smaller than this, okay? Okay. Thank you very much. The next question is from Luigi Tramontana of Banca Akros. Please go ahead. Yes. Thank you for the presentation. Two questions on your funding plan that is already completed. You are really very, very liquid at the moment since that you have some excess liquidity. Can we assume that your current funding cost at almost 3.9% can be considered as a peak? We are going to see a progressive reduction in the coming quarters, given also the expectations regarding the official interest rates. Related to that, can you please remind us your sensitivity to a reduction of, let's say, 50 bps of the short-term interest rates? Thank you. Yeah. Thank you, Luigi. So average cost of funding we're experiencing a gradual stabilization, okay? So, we were at 3.86% average total aggregate cost of funding in the first quarter. And that already includes the larger part of the substitution of, you know, the older, nice retail deposits that were so cheap, right? And also includes, obviously, the issuance of senior bonds, right, that we did in September and we did again in February that were quite expensive, right? So I mentioned stabilization because I think that we're nearing the peak. We believe the average cost of funding in 2024 will remain slightly below 4%, right? And I'm not sure we can already speak about a reduction, right? I would not expect that because we still have some substitution effect going on, right, of the old stuff that was cheap. I would also, in the light of this, urge you to take a look at page 32, right, where you see the bank has, it's in the annex, where I think much of the more interesting little issues are hidden. You can see that the margin has been quite nicely defended throughout this cycle, right? So it is true that we see this gradual increase of funding cost. It is also true that the bank appears to be able commercially, whilst having healthy volumes, right, to maintain its spreads. With respect to your question on sensitivity, yeah. So, give me the quantitative answer, which is probably what you're looking for. But I should qualify that a little bit. So roughly, you asked for a 50 basis points impact, right? So if we assume a step change of 50 basis points present for a whole year, yeah, then the impact would be around EUR 10 million of lower revenues, roughly. A step change that is valued for a whole year obviously doesn't happen, right? So it's a highly theoretical answer. What I will say is that, you know, the guidance that we gave you for the full-year net profit embeds three rate cuts of one quarter point each. I don't know if that is right. None of us do, right? But we do think it is a reasonable assumption. I hope this clarifies it a bit. Yes, sure. Many thanks. The next question is of Manuela Meroni from Intesa Sanpaolo. Please go ahead. Yes. Good afternoon. Thank you for taking my questions. The first one is on your guidance. You reiterated your guidance of, see, EUR 160 million net profit in 2024. I'm wondering if you feel confident in providing also guidance for 2025. What could prevent you from reporting an AT income in 2025 in line with 2024, so close to EUR 160 million? And the second question is on your dividend policy. Can we assume that you are going to pay EUR 110 million of dividends also this year? Third question is on the cost of funding. You have just said that you expect the cost of funding below 4% at the end of the year. Just to understand, you are mentioning the exit point, or this is an average? Because if I look at the first quarter, you are at 386. So it would imply a one, approximately 100% higher cost of funding. So I'm just wondering to understand if this is an average of 2024 or just the end of 2024. And then the final question is on the retail deposits. In the first quarter, you increased your retail deposit by EUR 350 million. What were the growth drivers? And is there any form of concentration in the new funding that you have done? And do you expect to further increase your customer deposits going forward? Thank you. Yes, Manuela. Thank you. Thank you very much. So in terms of guidance, yeah, we have a guidance out of EUR 160 million for this year. We don't have actually targets for 2025, right? So this is the third year of the plan. And we want to execute it, finish it before communicating targets for the next year. So we're not giving guidance for the years after. Let's see a little bit what could impact. We can talk about that more maybe in qualitative terms. Well, interest rates, obviously. We mentioned the sensitivity. So, the speed and the impact and the size, right, of the reduction of rates, if you believe that, that's going to happen. Economic activity. We keep seeing this very low cost of risk. Obviously, we have some form of insurance in the overlays, right, in case things would go badly. But it depends, right, how the risks go. We always have a little bit of regulatory uncertainty, right? So, you know, pluses and minuses. I think we are in good shape to deliver, you know, a good return. But I would rather not, you know, extend into giving specific targets for 2025. Overall, I think you should regard this bank as a bank that has, you know, a short book, fragmented risk, a lot of protection on its assets, both on the leasing side and on the long-term lending side and on the factoring side, which, as you know, usually has the double evaluation of credit risk of both the debtor and the client. A bank that has a diversified business, a bank where usually, when the environment changes, you know, one business might, you know, do a bit better. But that would, that might be compensated by another one doing a bit worse and the other way around. So diversification, right, helps a lot. So, you know, we, we've worked a lot on improving operating performance. And I have no assumptions or reasons to believe that this would in any way, shape, or form, you know, completely collapse. So, that's why I think we're in good shape to remain a bank that delivers, you know, a good return to its shareholders, which leads me to dividends, your second question. So if we make the guidance, right, so in the scenario of EUR 160 million net income and, without changes to the dividend policy, we would distribute EUR 110 million. There's absolutely no change envisaged in the dividend policy. So you can assume, right, that if the guidance is met, and the first quarter would, you know, bring us quite a long way in that direction, if the guidance is met, then we will distribute EUR 110 million. Your question on cost of funding, yes, you're right. I'm sorry. I should have clarified that maybe. The figure around 4%, right, slightly below 4% that I mentioned was meant as annual average cost of funding, right? And finally, deposits concentration. So that was a very nice and encouraging experience that we had in Q4 and Q1 is that when we want, right, we can have a fairly fast and sizable increase in terms of deposits. We didn't do anything on concentration, on changing the small tickets focus. So what is in there is no significant increase in corporate deposits or anything that is different from what you know. So it's small tickets, retail deposits, average ticket size between EUR 20,000 and EUR 30,000. It's all commercial. And it's all small ticket, retail. We don't plan to increase retail funding further if you've, I don't know if you're one of those that track, you know, the offers of the banks. But you've seen that the last weeks, many banks have started decreasing the retail offers, right? And we are no exception. We did the same. So we are reducing the offered rates. And we don't expect to increase our retail funding base further. We have no reason for it. We're very, very liquid, as you saw. But we like it that way because we didn't want any surprises given the size of the TLTRO repayment and the bond expiring. We didn't want any surprises during this year. So see it as a cost of insurance, right, against unforeseen events. The bank is managed in this way, in line with the indications of the controlling shareholder who wishes a long-term, sustainable, healthy business and will definitely prioritize liquidity and solidity above short-term results, right? So we are aware we are quite liquid. But it was the thing to do given the size of the repayments we had to make. I hope I answered your questions, Manuela. Yes. Thank you very much. The next question is from Davide Giuliano from Equita. Please go ahead. Well, good afternoon. Thank you for taking my question. I have just three of them. The first one is, can you give us an update on loan demand from your customer? Is it reasonable to expect an increase in loans in 2024 in the low single-digit area? And the second one on factoring and also on leasing, the spread increased by 14 and 16 bps year-on-year. Can you give us an update on the sustainability of this spread increase and the repricing strategies, also in terms of fees? And the third one on costs. The performance seems to me to be consistent with the guidance of approximately EUR 100 million per quarter. I also saw that you expense around EUR 8 million for IT costs. I was wondering how much of these costs are expected in the coming quarters. Is it correct to still expect approximately EUR 400 million per year? How much do you expect finally in terms of personal costs? Thank you. Okay. So, loan volumes, I answered it earlier, and I went into the business breakdown. So I won't go into it again. I think it will become a bit too analytical. I think what you're looking for is a sense of how, you know, loan demand and our book will develop in the coming months. I will say this. We're not seeing an impact of significant contraction in the economy. We're not expecting a significant decrease of loan demand. What we would like, right, is a couple percentage points growth of our book. So that's our scenario. Well, it depends on our commercial effectiveness. It depends on the market, right? And we need to execute that if we can. So that's a little bit of, you know, entrepreneurial risk, if you will. So, no wild swings in demand expected, and some growth, as our ambition. In terms of spread increase, well, that's one element, right? So if we were to really chase volumes, right, we wouldn't worry about price. But we do worry about price because we are a bank. We're a specialty finance player that wants to do business where there's margin. So you saw that both on leasing and on factoring, we increased 14 basis points, on the spreads. Is this sustainable? Yes. That is my strong opinion. It's connected to distribution capacity. It's connected to specialization. It's connected to service levels. It's connected to digitalization. It's connected to time to yes, right? So how much time before you reply to a loan demand? All these things in the last years have moved for us in the right direction. Quality of the digital interfaces. I'm looking at the COO now that has worked very diligently with his team on those things. So if you add those things up, I think this bank, in the businesses where it is, is delivering a superior service and improving service levels. Clients are with us not because we inherited them, because the bank is not 200 years old, but because they were, you know, they were acquired through quality. And therefore, an increase in price, in my opinion, is not a short-term, cannibalizing move. It is the expression of what we've done over time. And we've been able to do it even in the face of increasing rates. I actually want to complement both the network and the people who do the platforms because this is an expression, in our opinion, of the value of what we do. You had a question on costs, I believe. You asked if we were looking at roughly EUR 100 million per quarter, right, which is, I think, what I mentioned in the last call. You remembered correctly. Yeah, that I confirm that. Maybe slightly higher, right, but not very material. Cost of personnel of that would be, you know, once again, you're asking for very specific numbers. But, you know, it should be around EUR 170 million, right? And that includes the gradual impact of the new labor contract. So I'll give you the details, which I'm sure you can appreciate. So the overall aggregate impact, once it's all in the numbers, which will be 2026, right, of the new labor contract, is EUR 7 million. We had the first two in 2023, 2022 sorry, 2023. In 2024, it will reach 4.7. In 2025, it will reach 6.2. And in 2026, it will reach 7, right? So that's the gradual increase. It's not cumulative, of course. It's or it is cumulative, right? So that's the final impact in 2026 of the new labor contract. So, slightly more maybe than EUR 100 million per quarter. And of that, 170, personnel, including the impact of the new labor contract, which for this year would be close to EUR 5 million, 4.7 million. Were those your questions? No, it was, already answered. Thank you. Great. Thank you. For any further questions, please press 2 and 1 on your telephone. Mr. Frederik Geertman, there are no more questions registered at this time. So thank you very much. We hope to have you all again on the next call for Q2. And thanks for your time and attention. And of course, our team is available, especially Martino Da Rio, the Investor Relations, for any questions that you might have. And so they can also be posted through regular channels. In the meantime, I would wish you all a good afternoon. I'm sure you might have additional calls. So I'll stop this one and leave you to your remaining activities. Thank you very much for your time and attention.