Hello, and welcome to the Fastned Quarter Three Trading Update. My name is Caroline, and I'll be your coordinator for today's event. Please note this call is being recorded, and for the duration of the call, your lines will be on listen-only mode. However, you'll have an opportunity to ask questions at the end of the call. This can be done by pressing star one on your telephone keypad to register your questions. If you require assistance at any point, please press star zero and you'll be connected to an operator. I will now hand over the call to your host, Michiel Langezaal, the CEO, to begin today's conference. Thank you. Thank you, Caroline. And I'd like to extend a warm welcome to everyone on this call, as well as to those joining via our webcast. The presentation used during this call is available on our investor relations website. You can find that at ir.fastnedcharging.com. Slide two, please. With reference to the information provided in these slides and discussed during this call, please take note of the disclaimer. Which brings me to slide three. My name is Michiel Langezaal. I'm the CEO and one of the founders of Fastned. Victor van Dijk, our CFO, is also present on this call. Together, we will present this webcast. Today, I will elaborate on the highlights of the third quarter of 2024. We will discuss the current market situation and sentiments, and we will look ahead to how we foresee this developing in the coming period. As always, we will talk about the progress made in acquiring new locations and the construction of stations. After that, Victor will take over and talk you through the top-line results for the third quarter, and as always, he will update you on our station metrics. After our presentation, we will be happy to answer your questions. If possible, please limit them to two questions per analyst, so we can give everybody the opportunity. We've scheduled this call to last for an hour. That brings me to slide four, presenting the highlights of the quarter. Fastned's revenues continues to grow strongly. Last quarter, revenues amounted to EUR 21.9 million, which is an increase of 44% compared to the third quarter of 2023. Total revenue for the first nine months of twenty twenty-four now stands at EUR 59.7 million, compared to the EUR 60.5 million for the full year twenty twenty-three, with the best quarter still to come. This is driven by the continued strong growth of electric vehicle fleets in Europe. The electric vehicle fleet in Europe's markets grew by 34% compared to the same quarter last year. Also, note that we again outgrew the market, as sales grew by 44% in the same period. So Fastned is doing great. About profitability, we continue to outgrow the market while delivering margins that are at or above target levels. This underpins the strong market position we have with our award-winning concept and our focus on A-plus locations. Expanding the network. Last quarter, we continued to work on the pace at which we secure new locations, and we won several high-profile tenders, which I'll talk about more later in the presentation. In total, we secured 13 additional locations this quarter, bringing the total number of secured locations to 523. On the construction side, we opened 8 new stations in Q3, and we have in total 326 stations operational today. This means that we're well on track to reach our goal of 335 to 350 stations for this year's end. Energy delivered per station was 438 megawatt-hours, annualized in Q3, 2024. This is up 19% from the previous year and a little lower than BEV fleet penetration growth of 27%. Regarding cash flow and cash position, we've just commenced our third bond round for the year, and our cash position at the end of Q3 amounted to EUR 126.7 million. Let's now look at the electric vehicle market, moving on to slide five. In summary, many European countries are showing a growing share of electric vehicles as part of new car sales. The Netherlands, Belgium, and the UK are especially strong. That said, some market analysts had even higher expectations. At the opposite end of the spectrum is Germany, which has seen declining sales shares all year, dragging down the overall figures. Let's zoom in and move on to slide six. For the last month, we've seen a positive change in practically all markets. So you might very well ask, what is happening? I will provide you with a high-level overview of how we see the various market drivers interact. First of all, legacy car makers are optimizing their sales to comply with the EU's CO2 emission targets, which have become stricter year after year. In the first half of the year, OEMs seemed to have focused on selling classic cars with internal combustion engines or hybrids that deliver good margins. At the end of the year, they turned their focus to selling just enough EVs... cars that are not yet delivering the level of profitability they would like to see. So they do this just to scrape past the EU's CO2 threshold. This year, the introduction of a new generation of EVs has skewed this even more. I'm talking about cars with more range, faster charging, at more attractive prices, and models opening up new segments such as the Renault 4 and Renault 5. And this brings me to the Osborne effect, which we know from consumer electronics. The phenomenon where the announcement of a new and more advanced products can significantly reduce the sales of the current offerings, as consumers wait for the newer and better versions to become available. Applying this to our market situation, with so many new, better, and more attractively priced models coming onto the market in the coming months, the Osborne effect would suggest customers to prefer to wait, and thereby significantly reducing EV sales. Finally, many governments across the EU have been reducing subsidies over the past year, which is logical given that EVs are approaching price parity. In some markets, governments have been too abrupt in closing the tap, with Germany being a prime example. But it is also good to see that Minister Habeck is once again keen on introducing EV incentives for Germany. Closing the tap in the Netherlands seems to have had a lot less impact. As we will see on the next slide, it is norms that are starting to take over here. On a global scale, it is important to mention that well-priced Chinese EVs are requiring the EU to take action in supporting its domestic car industry. This is touched upon in the report regarding the competitiveness of Europe that was recently published by Mario Draghi. Chinese companies and the government there have heavily invested in building a well-to-wheel electric vehicle value chain and ecosystem, including solar panels. They started with this almost two decades ago. If Europe wants to have a competitive car industry a decade from now, it will need to take unprecedented measures to support this industry in achieving scale faster. And this outcry from the car industry drives current sentiment in the media. But it is the race for cheaper and better EVs that will accelerate our markets in the coming years, regardless of whether these cars will end up coming from China or Germany. And that brings me to slide seven. Some weeks ago, I saw this article in the Dutch automotive magazine, Autoweek, reporting on the results of the National Business Mobility Survey. The number of company fleets that require drivers to choose electric had increased from 14% in 2023 to 30% this year, whereby the number of fleets of large corporates with more than 1,000 FTEs is even a whopping 60%. This development is largely driven by Europe's Corporate Sustainability Reporting Directive, or CSRD for short. This EU legislation requires large companies, as well as listed SMEs, to report on their sustainability activities. The directive entered into force on the fifth of January 2023, and the first set of companies subject to the new rules must start reporting in twenty twenty-five for the financial year twenty twenty-four. Emissions from company fleets are also part of the scope companies have to report on as part of the CSRD. And with EVs now more or less having reached price parity, electrifying company fleets becomes an easy win to comply. Moving on to tender successes in slide eight. If there were three tenders to win in the last six months, it is definitely these three. On the right, Storebælt, a tender for one big charging station on the west side of the huge bridge across the Great Belt in Denmark. Where most tenders in Denmark do not allow charging companies to brand their locations, Storebælt does. On one of Denmark's prime locations, with 38,000 cars passing by each day on a key long-distance route. Even more so, we are talking about building one of Denmark's biggest charging stations, with more than 20 charging bays. In the middle, it's ASTRA. This is the Federal Roads Office of Switzerland. Last spring, it put out to tender five lots, each with 11 locations spread across Switzerland. Party selection and lot preference will be based on the quality of the applications. Once again, our concept showed its value, and we walked away with the most preferred lot. These sites are prime locations at motorway exits that cater to 35,000 cars passing by each day and include the ability to realize the regular amenities, such as coffee and toilets. Important to mention, the contracts have tenures of 30 years. We often get the question about increasing competition with the scaling of our market. This tender is a nice benchmark, as in 2019, Fastned won a prime lot of 20 sites in the first motorway tender from ASTRA. This year, Fastned comes out on top again in its second tender. To the left, the tender organized by Places for London. Many of us will be more familiar with the name of its parent company, Transport for London, the company that also operates London's Underground. Moving on to slide 9 for more details. Places for London, the property company of Transport for London, has selected Fastned as its preferred partner for its new joint venture. The plan: to build up to 65 new large charging stations all across London, using its vast real estate portfolio in the city. The joint venture will support the Mayor of London's commitment to achieving net zero carbon by 2030, by building the charging infrastructure to allow people to switch to electric cars. The plan foresees the build of five sites in 2026, and an additional 20 sites that have already been identified, are planned to follow in the period 2027-2030, with the potential to scale to 65 sites in the longer term. To give an indication of the potential of the locations, the first five site locations have more than 100,000 cars passing by each day on average, which are traffic levels that only the busiest highways of Europe have. London, as one of Europe's biggest cities, has a very high traffic density and is one of Europe's front runners in the electrification of it. Plans to build basically anything, space is scarce, and the very few charging stations realized to date are therefore already showing very high utilization. Fastned already operates one of London's busiest charging stations in Greenwich. Here, we welcome more than 100 customers each day, while our capacity is limited to six charging bays. From our station economics, we know that at such utilization levels, returns become very significant and payback occurs within several years. On the right side of the slide, you can see our performance in relation to competitors in London. Fastned sells roughly double the volume of any of its competitors. Performance that in the construct of a JV, drives returns for Fastned and Places for London. I'm very proud that Places for London decided on Fastned as its preferred bidder for this tender. Together, the companies plan to invest many millions in the development of its charging network. Note that in the case of Places for London, this is public money that will generate returns in the form of dividends via the JV. To put the importance of this tender into perspective, Places for London is probably one of the very few parties, if not the only party, that has such a vast real estate portfolio across London. Gaining exclusive access to this portfolio to build charging infrastructure with 20- to 30-year tenures in London is special. Put it simply, Fastned will build and operate London's charging network, full stop. To the question of who competed for this tender, I think we can be certain that all the major players took part. This was one of these once in a decade opportunities I have often mentioned. An opportunity we could seize upon because we developed the best charging concept in the market. Moving on to slide 10. The third quarter continued the trend of growing acquisition base of high traffic locations, securing 13 new locations. This leads to 523 locations signed at the end of this quarter. In the last 12 months, the acquisition speed of new locations has been above 100, and that means we're fully on track to reach our goal of 1,000 stations by 2030. And this brings me to slide 11 and handing over to Victor van Dijk, our CFO. Go ahead, Victor. Thanks, Michiel, and welcome all. In summary, Q3 sales and revenue developments have been in line with our expectations. And let me put the quarterly sales growth in perspective on this slide. As discussed last time, fast charging is a seasonal market, but with a strong base growth. Fast charging demand in the winter is structurally 20%-30% higher than in the summer due to cold weather and rain... At the same time, the base demand is growing due to electric vehicle fleet growth. The combination of this leads to the annual growth concentrating in the fourth quarter, and the other quarters to be relatively, relatively flat or have slightly negative growth in Q2. This year, we see the same effect, as you can see in the graph. Overall, we see 38% year-on-year volume growth, supported by BEV fleet growth of 34%. Continued European fleet growth will continue to support our sales growth. Going to the next slide, station economics. Station economics continue to track in line with our expectations, with annualized revenues of EUR 270,000, just the half of the Q4 growth quarter. Good to note here, there was a small impact related to France adopting an e-credit scheme, like we have seen in the Netherlands and Germany already. They adopted the system only this year, and we were able to sell several quarters in Q3. The net positive one-off effect of that was some EUR 400,000 on revenues and absolute gross margin level. On a gross margin per kilowatt-hour level, this had a one-off impact of 1 cent per kilowatt-hour. Year-on-year sales growth was 19% at the average stations, and 24.5% at existing stations. So stations we had operational already a year ago, which is tracking close to BEV fleet penetration growth. We underperformed that BEV fleet growth a bit because the public slow charging normalization effect in the Netherlands is still in these year-on-year numbers. As a reminder on that, what we saw there is that in Q3 last year, the public slow charging market in the Netherlands had negative sales growth, so significantly underperformed the fast charging markets. This was caused by the energy crisis in the winter before, leading to relatively high slow charging prices still then, and people shifting demands partially to fast charging. After that, the slow charging prices, pricing normalized, and in Q4, Q1, and Q2 of this year, slow charging outgrew fast charging, which was the normalization effect I mentioned. That normalization led to us having slightly lower growth than the fleet growth in these year-on-year numbers. Now, from Q2 to Q3 this year, we see fast charging outgrowing slow charging again. So likely the normalization is behind us, and we can expect outgrowing fleet growth again. Then, as said last time, it is important to realize that these are our station economics. The average fast charging competitor makes fewer sales per station, so they are less profitable. To provide you with a picture of this, in the Netherlands, the average fast charging competitor does only 12% of our sales per station. That means their revenue per station starts at around EUR 30,000, versus our EUR 270,000, assuming similar pricing. Again, this provides us with financial flexibility by being in the driver's seat when it comes to any price changes and tender and rent bidding, and maintaining our 40% operational EBITDA margin targets, where others still have to deal with negative to low station profitability. With EV penetration expected to double by 2026 and fivefold by 2030, we continue to track our target of 1 million revenues per station in 2030 and our more than 40% operational EBITDA margins. Thanks for talking us through the financials, Victor. Moving on to slide 13, and providing us with all of your insights on this, Victor. This concludes our presentation for today, and on this slide, we have summarized our guidance for 2024 and 2025, as we presented last quarter as well. We haven't spent much time on the pace of construction today, but just to recap, we opened eight new stations this quarter and have now 326 stations operational, putting us well on track for our guided 335-350 stations, year-end 2024. And on that note, I would like to thank you all for listening and handing the word back to the operator for questions. Sure. Thank you. As a reminder, if you would like to ask a question, please signal by pressing star one on your telephone keypad. Please remember that you are limited to two questions. We will take the first question from line, James Carmichael from Berenberg. The line is open now. Please go ahead. Hi. Morning, guys. Thanks for taking the questions. Just a couple, just thinking about 2025 guidance, really. So, I guess two points there. Just on the station rollout, just wondering how confident you still are in sort of 420-450 stations operational by the end of next year? How much of that is underpinned by sort of contracts in place, and how much you still need to permit, et cetera, et cetera. And then similarly, just on sort of revenue per station there, I guess if we look at the Q3 numbers, it's up 24% year-on-year, which is really strong. You're gonna need nearly 50% growth by the end of next year to get to that sort of EUR 400,000 per station. Appreciate that still leaves Q4, which is obviously a strong period, but just interested in sort of where you see that growth per station coming from over the next twelve months or so. Thanks. Yeah, James, thanks a lot. Yeah, maybe on the rollout guidance for next year, I think when we look at the acquisition phase of new locations, then I think we see that we're building a very serious buffer of sites that we can build, which is really good. Those sites are all being worked on in terms of permits, grid connections. And the pace at which these sites are coming in basically gives us a lot of confidence that next year the construction pace can go up significantly. And building at significantly higher paces is something that we already tested last year, where one of the quarters we delivered a build pace of far over 100. So we know that supply chains can do it. Yeah, the team is well on its way, basically, to make sure everything is in the works to start construction on that pipeline next year. Yeah, and then on the revenues per station, that is something we monitor, of course, and we will update if we need to. And what we are doing there is that we're running our budgeting process for 2025. And also what we will do is take into account the Q4 growth. And once we have that picture, then we can see whether we need to do any update on that revenue per station target. But that is something that is probably too early to say now, but it's something we will assess over the coming quarters. Does that give you a bit of color on that topic, James? 'Cause I think, in the end, it's difficult to say basically what the coming quarter will give, huh? We know that all the growth is basically in those last quarters. Understood. Thanks a lot. Thank you. We will take the next question from the line of Nikita Lal from Deutsche Bank. The line is open now. Please go ahead. Yeah, good morning. Thank you for taking my questions. I have actually also two questions. I'm sorry if I did not get it, but my line was not clear at this. So the first question is on your gross margin in Q3 this year. Could you explain what's the key driver, why this is much higher than last year, Q3? And the second question is on your pilot shops. Could you give us any update on this? Thank you. Yeah, I can. Yeah, do you wanna start, Victor, with- Yeah, on the gross margin, there's a couple of effects, and some of them structural, some of them one-off. One thing we see overall is that France and Belgium are adopting e-credit schemes this year, which is positive. And that gives a structural increase in e-credit sales, and that is to the tune of around EUR 0.01. So overall, it's yeah, it is limited, but it's a structural effect. What we also see there is with the French scheme, because it was starting up, we were only able to sell the first quarters of this year in Q3. So that created a one-off effect that I mentioned, and that one-off effect was basically EUR 400,000. And that is also EUR 0.01. So you can say that one cent out of the current gross margin is not structural, but is one-off. And then thirdly, there is the energy prices, where what we generally see that in the summer our input prices are lower because there's more solar production, and that creates lower prices. And that effect is also about one cent. And then on pilot shops, Nikki, I think, yeah, the way we look at it is basically like we want to provide our customers a really, really great charging experience. And that is why we want to make sure that on all the sites, there are the proper amenities in terms of, like, coffee, sandwiches, the toilets. And that is why we're building these shops where we basically have charging stations, but we don't see the right amenities being present, or we see an opportunity to add amenities. The pilot in Brecht, let's say the first shop that we built in Brecht, is running really, really well. It's running far above expectations. That is something we worked on with a partner. We also will roll out unmanned shops, and we're still basically in the phase of seeing, like, what the mix will be, how many of the larger shops and how many of the more unmanned versions we will use. But I think the core for this goal is to see it really as making sure that our charging experience is the best experience. So it's not in any sense of, like, something that would become a core revenue driver for us or so. Does that give you some color on that topic, Nikki? Yeah, sure. Thank you very much. Cool. Thank you. We will take the next question from line, Jeremy Kincaid, from Van Lanschot Kempen. The line is open now, please go ahead. Good morning, gentlemen. My first question is just on this e-credit scheme. Are you aware of any other countries that are potentially looking to implement this scheme or something similar? Second question is just on the third retail bond of the year, this year. Provide comments on how demand is looking for that so far. And then finally, can you just provide a little update on whether or not there are other large tenders which you're looking at for the remainder of this year that we should keep an eye out for? Thanks. Yeah. How are you? Yeah, Jeremy, I think you were very difficult to hear. If I got it correct, I think the questions that you're asking are about the E-credit scheme. So which countries is it already applicable, and which countries would we expect it to come into force? Then about the retail bonds, any color on that topic? And large tenders, whether there is any large tenders upcoming that we know of? I think that was the three questions. Maybe, Victor, do you want to start with the e-credits? Yeah, sure, sure. So e-credits was already in place for a couple of years in the Netherlands and Germany, so that's continuing. And now we see that Belgium and France have adopted that scheme. It's all under the umbrella of European biofuel regulation, and this is a derivative of that biofuel regulation. And of course, that also means that countries like Switzerland and the U.K. won't adopt it because they're not part of the EU. And we haven't seen it in other countries yet, but that could come. But these are the core countries where it has a meaningful impact for Fastned. Then on the retail bonds, it's still, it's going as expected. We're closing the retail bonds in more than two weeks from now, and what we see is that... Generally, what we see is that in the last one or two weeks, we see most demands coming in. So that is, as it seems now, we're tracking nicely. But in the end, so we will know the final results in two and a half weeks. I think then on large tenders, well, I think we've just seen sort of the message on what we currently, yeah, we're very happy with. So I think for this year, I think basically, early of the year was the Deutschlandnetz tenders. And today, the tenders in Denmark and the Transport for London tender, ASTRA. That basically, I think that would say, I think the U.K., I wouldn't expect anything big upcoming. ASTRA, I think that really is it probably for the foreseeable future in Switzerland. I think when you look at, like, where we would expect significant rollouts to happen and need to be in place, then we're talking about countries like Spain, Boom area of Belgium, the public road network of France. And I think, yeah, basically Germany, Switzerland, that is, yeah, more or less covered for the moment for the tenders that we see. With, of course, the potential being related to the German Raststätte, but that's still. Great. Very clear. Yeah. Thanks. Thanks. Very high level, but there's little bit less to say. Great. Thank you. Thank you. Cool. Thank you. We'll take the next call from line, Paul de Froment from Bryan, Garnier & Co. The line is open now. Please go ahead. Yes, thank you. Good morning, and thank you for taking my question. You mentioned the new location in the U.K., and notably in London. From what I understand, these locations will be in a city site, which is not usual for Fastned. And on top of that, the U.K. market is well known for its high electricity cost. So my question is, do we have to expect a dilutive effect on gross margins following an increasing footprint in the U.K.? Thank you. Yeah, I can take that question. What you see is that prices were high in the U.K. indeed. In terms of electricity prices, what we see now is, and actually we're closing new contracts for the U.K., that after the energy crisis they have come down substantially, and actually, with the new contracts, they're not too far off from our European contracts if you look solely at the electricity price, so I don't expect a big impact or a dilution from that. I think moreover, what is more important is that, with the utilization we're expecting there, and that we see in Roermond, and we see utilization of 50%-60%, based on 24 hours, it's that operational leverage that you gain with that, has a huge positive impact on the operational EBITDA margin. So that is the far more important effect of building a station in Dublin. Thank you. Thank you. We will take the next question from line, Thijs Berkelder from ABN AMRO. The line is open now, please go ahead. Yeah, good morning, all. Congrats with the strong quarter. The initial questions were on guidance, potential threat of lowering guidance. My question is vice versa. You're still guiding for an operational EBITDA margin target of more than 40% in two thousand and twenty-five, which you now already are delivering 46%. And normally, utilization in your stations will only go up further. So when can we expect a lift in your guidance from operational EBITDA margin? And maybe related to that, you guide for this year in-line EBITDA, which is positive. Well, in-line EBITDA is already positive for, I think, one and a half year. Why not state something like at least 40% higher than last year or something like that? That's the first question. Second question is, coming back on Belgium, clearly your strongest growth market and now your second largest market. When can we expect opening of the Gentbrugge station, and on the shop in Brecht, what kind of revenues have been booked in this third quarter? And what kind of gross margin are related to the shop revenues, as yeah, and bypassing this station, it's always loaded with truck drivers. So revenues there from the shop should be much higher than the EV charging revenues. Yeah. Okay, thanks for your question. Let me start. So operational EBITDA margin indeed is higher than our targets. And there as well, we will look at our guidance for next year. Yeah, and we will release that in Q1 next year, like we always do, and if there's a reason to change that. I think what we look at that is, it's yeah, very much in also long-term perspective, huh? So what's... If you have high traffic locations, if you have a great concept, what kind of operational EBITDA margin can you make in 2030? So that's where we base our guidance on. But that could also mean that in the short term, in the next one or two years, or even longer, that we outperform that guidance strongly. But we'll provide further guidance on that, likely in Q1. Underlying EBITDA positive, you're right, we've been EBITDA positive for more than a year now. And that's, we of course aim to stay this year, and that's tracking very nicely. I think it's also fair to say that what we see is that there's quite some moving parts in, of course, our revenue growth is very strong. Our cost base is also growing strongly. We've provided guidance on our cost base and we want to keep it more at that level because small changes or delays or increases there can have a relatively large impact on EBITDA. So we didn't wanna pinpoint that guidance on EBITDA level yet, but that can change. I think the answer is as well, in the more long term, I think that's what you're saying. Like, the 40% is very much aimed at what do we expect in a over that longer period of time, towards 2030. And let's say, today, shouting out something just before year-end, it doesn't really feel that, let's say, is the key thing to do. Then going to the revenues for the Ghent shop. It's important to realize that we rent out this shop, so we get partially a fixed rent and partially a Revenue share. Revenue share, above a certain revenue level for the operator. So that is makes it that it's relatively stable and yeah, I won't mention the numbers here for competitive reasons, but it's if you compare it to our overall revenues, it's relatively yeah a small number. What we can share say about the shop revenues is that it's that we see from the operator is that it's far above expectations. And you see indeed that some things to notice, for instance, that 95% of the people visiting the shops are non-charging customers. So those are people indeed either truck drivers or people driving on the road that are looking for a coffee and a snack and a toilet stop, a break. So that's positive to see, also for our other shop pilots. And the other thing is that we see a significant uplift in our station, our charging station sales. And that's in the order of 20% more growth than the average in Belgium. So it's really synergetic that shop plus the charging station. Okay, and the Gentbrugge station? No date yet, upcoming, but it will be in the coming months. Yeah. Okay. So, normally, somewhere, let's say around year-end, so it will normally contribute to 2025? Yeah, I think it's important to mention that I think the shop will also open a little bit later, so especially that we expect not to do this year. So I think that's, yeah, it's... These sites, it's a very big charging station, so the timing of that is, yeah, is not. It's not very close in that sense. Yeah. Okay. T hanks. Thanks, guys. Thanks, guys. Thank you. We will take the next question from line, David Kerstens from Jefferies. The line is open now, please go ahead. Hi, good morning, gentlemen. I have two questions. First of all, on the joint venture with Transport for London or Places for London, can you give an indication on how that will be structured and what you bring to the table, and what Places for London would send off? I understand it's mainly the location. And what are the returns that we can expect? Because these are high traffic locations, much higher than the average of your network. Will they be consolidated, or will they be accounted for as an associate with dividend income? And do these... That's my second question: Do these type of agreements, also in Germany, impact your guidance for revenue per station of at least EUR 400,000 and at least EUR 1 million in 2030, if these are not fully consolidated? Thanks very much. Yeah, so let me explain on the Places for London structure, and then what the intention is. Is that we will hold a 51% equity stake and Places for London 49%. Overall, it's our joint control. So that means that the accounting for that is via the equity method, and that means that yeah, we will see a line in our P&L with our share of the net results. And then yeah, any dividend will come in via the cash flow. So it's not a full consolidation of that JV. I hope that answers your question on that one. I think in terms of returns, that goes back to what I mentioned earlier. That is, the traffic levels that we see there, the scarcity of charging in London makes it that we expect very high utilization rates, and that provides for returns that are very substantially above our average station. Yeah. I understand they're already in line with your top five stations, right? The station in London. Yeah. Yeah. Also in Germany, the different structure of the Deutschlandnetz stations you're building there, does it impact the EUR 400,000 in 2025 for revenue per station and also the target for 2030, if you get more of these type of transactions? Yeah, that is. We're still assessing the accounting of that, but it looks like that partially will be completely in line with what we normally do. And then the contribution from the state is a looks to be an interest-free loan that will repay from a revenue share. So in that sense, it's in the P&L wise, it's gonna be completely the same. And then if you look at if we're watching 2025 month, numbers will be limited because we'll be building the first stations in 2025. And then overall is if we look at the traffic levels there, on average above the 20,000 we target. So on average, these stations should contribute to the one million revenue per station target by 2030 as well. But I think the construct of that tender, most importantly, doesn't have much impact on our P&L. Understood. That's clear. Thank you very much. Yeah. Thank you. Thank you. There appears no further question at this time. I'll hand it back over to your host for closing remarks. Okay. Thank you very much, everyone. A very efficient call, and, looking forward to see you, next quarter, so, early January. Thanks all. Bye-bye. Thank you for joining today's call. You may now disconnect.