Good morning, everybody. A hearty welcome to the fourth quarter presentation for Bonheur 2025. My name is Anette Olsen. I'm the CEO of Bonheur. Today, we will do the presentation as usual, where Richard Olav Aa, our CFO, will present to you the overall figures. We will then move to presentations by each individual CEO for the underlying companies. We have today a new CEO that we will present to you. She has been with us for a bit of time now, but first time presenting, and that is Maren Sleire Lundby. She is the CEO of Fred. Olsen Seawind. Hearty welcome to you, Maren, and for everybody else. We will move to the figures. Richard. Yeah. Thank you, Anette. Also a warm welcome from me to this first fourth quarter presentation. Before moving into the numbers, I think in my view, there are a lot of events this quarter, but maybe three things that I would like to point out. One is that we continue to grow our earnings despite that significant assets like the Mid Hill Wind Farm and the installation vessel, Brave Tern, both have been idled the full quarter, and despite of that, the earnings continued to grow. Secondly, we have a major transaction this quarter with our long-term partner, MEAG, which we have been partnered in the renewables side for many years now, but also now are partnering with on Fred. Olsen Windcarrier, which I will come back to. Thirdly, it's a stellar booking performance in cruise lines. I think it's the best fourth quarter booking we ever had, and Samantha will come back to that in her presentation. A lot of other events as well, but I would like to highlight those three before we move into the numbers. Here we have the highlights for the quarter per segment. I will be quite brief on this because this will be well- covered by the CEOs. Starting from left, renewable energy and EBITDA, fourth quarter last year of NOK 444 million, down from NOK 587 million. The main explanation for the reduction is that in fourth quarter 2024, we booked NOK 160 million in insurance claim on the Mid Hill Wind Farm that we don't have in the fourth quarter of 2025. There are, of course, other pluses and minuses. Generation is somewhat down. We still have outages on several wind farms this quarter, but that was also the same in the fourth quarter in 2024. The main explanation on the result is the insurance. Sofie will cover the grid situation more in detail, but there are pluses and minuses there. It's very positive what we see in the U.K., that the U.K. government really takes renewable energy seriously and not at least with the new AR7 auction. And also they're reinforcing the grid. Unfortunately, this comes with some negative impact on us and especially on the Mid Hill Wind Farm that Sofie will come back to. On the construction side, she will also cover that in much more detail but construction rig 4 is soon to be finished, actually this quarter. We have Windy Standard III, where we now have some issues related to turbine transportation, which could potentially delay the project. Wind Service a good improvement from NOK 180 million to NOK 359 million year-over-year, and despite Brave Tern being idled in the full quarter. Good operational quarter for Blue Tern and Bold Tern, and also GWS had a strong finish to the year. Maybe most significantly in the quarter is the transaction with MEAG Munich Re, which is a long-term renewable investor, one of the leading in the world, which we have been partnering with in on wind farm side. We also made the partnership agreement with them, where they come in to FOWIC, invest NOK 150 million for approximately 24% in FOWIC. This cooperation is intended to strengthen FOWIC's long-term strategic opportunities. For those who have followed us a while, you maybe remember 4 years back, we tried to IPO FOWIC, that we had to pull away from due to the full scale invasion of Ukraine, which is actually 4 years ago as we speak. Looking in retrospect now, I think we believe this is actually a better strategic transaction for the company. But financially, it's been a total different valuation than we saw and a much better valuation than we saw in the IPO. We're quite happy with this solution for FOWIC, and also Haakon Magne will come back to seeing it from more the company perspective. Cruise lines, a quarter of continuous improvement, both on occupancy and yield. Still the occupancy is below where it should be. Again, like I started with, and Samantha will cover more into detail, the booking numbers which have grown 17% and really a massive change in this quarter, in the fourth quarter, sorry, is really pointing to an improved occupancy for the future if cruise lines can keep up that kind of booking performance. Other investments, also an improvement that's really related to the turnaround in NHST, which are now producing healthy margin for the media business. Now, Per Arvid Holth will cover more of the progress on floating solar in particular, but we continue to invest both in floating solar and floating wind in Fred. Olsen 1848. Another news this quarter is that the board proposed a dividend of NOK 7.30 per share, approximately NOK 310 million in payout. That is a healthy growth from last year's dividend of NOK 6.75. The equity in the parent company, after also allocating to the dividend of NOK 300 million, continues to grow and goes up year- over- year from approximately NOK 1.8 billion to approximately NOK 8.7 billion. The equity in the parent stands with this dividend allocation at 68%. Summing up a little bit more long-term, and maybe in particular how the year ended, and this is the rolling twelve months revenues and EBITDA for the group. The last data point is obviously the full-year since it's rolling twelve months. We see on the revenue side, we end the year on a lower- level than we had in 2024. That is basically related to, you see the bump on the wind service. That is due to the big contract we have with Shimizu for the Blue Wind vessel, where we took in the full revenue but also the full cost of that vessel. In addition, we sold off UWL and also the termination fee related to the big terminated contract in FOUVIC also is a year-over-year event on the revenue side. Maybe more importantly is the earnings that continued to grow year-over-year. You see the net position there with the black line. It's an improvement from 2024. Despite as I started with, significant assets being out during the year. Good improvements in many of the business units. We've been through this on a high- level, just briefly going through a little bit more detail on the revenue and EBITDA per segment in the fourth quarter. Revenue is down NOK 194 million. We see the main explanation is in Renewables, and that is again the insurance claim on Mid Hill. That was a part of the fourth quarter 2024 revenues and not fourth quarter 2025 revenues. Wind Service, a slight reduction in revenue. That is again related to termination fees, Blue Wind and UWL. The two remaining vessels or the two vessels that have been in operation and also GWS had a very strong finish to the year on the revenues. Good underlying revenue growth in wind service. Cruise lines, flat on revenue measured in Norwegian kroner. Here we have to remember that the krone has strengthened quite a bit to the pound year-over-year. There is a good underlying growth in pounds in cruise lines. Some growth in NHST. On the EBITDA, the reduction in revenues due to the insurance claim plays also then directly into the reduction in EBITDA in renewables. While we see on wind service, the performance of Bold Tern, Blue Tern, and also DVS in a strong finish to the year makes the EBITDA grow quite considerably year-over-year. Also, Cruise Lines improved yield and occupancy, improved EBITDA and also then the turnaround on NHST improved EBITDA there. In total, EBITDA increased by NOK 73 million year-over-year. Like I started, a continuous improvement in EBITDA despite significant assets being out of operations. The consolidated figures. We have already explained the revenues and EBITDA. Depreciation is higher than normal this quarter. That is related to Fred. Olsen Windcarrier, that we have scrapped some of the equipment on the Tern vessels coming out of upgrades that we don't see any deferred anymore after the upgrades. Net finance is higher than normal this quarter. It was lower than normal, the fourth quarter in 2024. This is mainly related to unrealized gains and losses on the interest rate swaps in Fred. Olsen Renewables on the two joint ventures which are project financed in the UK. In a way, fourth quarter 2024 was abnormally low and fourth quarter this year is abnormally high. On taxes, we have the opposite, a normal low tax quarter that is related to Blue Tern entering the tonnage tax system, where we can reverse some of earlier accrued taxes. Taxes year-over-year improved NOK 73 million. All in all, also the EBITDA improved NOK 73 million, but you also see this also flowing down an improvement in the bottom- line on the net result. That takes me to my last slide. That is the group capitalization per fourth quarter 2025. There are no big changes to this since the Q3, so I will be quite brief. It's well in line with our policy, which you see on the left-hand side. Cash sitting in 100% controlled entities close to NOK 5 billion. The external debt we have in 100% controlled entities are mainly related to the bonds issued by Bonheur close to NOK 3.1 billion. Where we control things 100%, we're net cash positive by 1.7, close to NOK 1.7 billion. Where we have significant debt is again on the two joint ventures in the U.K. with CK Hutchison, where the external debt is close to NOK 4.4 billion. Wind service, which is GWS and where we don't control 100%. GWS and Blue Tern, cash and debt, net each other out. The same with the NHST, which has a cash position slightly above the debt. I think I'll end there just saying that the balance sheet is strong, and hand it back to you, Annette. Thank you, Richard. First out is Sofie Olsen Jebsen, CEO of Fred. Olsen Renewables. Thank you. Hello, everyone. Summing up this quarter for Fred. Olsen Renewables, our production was 8% lower than the same quarter last year. I'll come back to the reasons for that. One point to highlight is that Mid Hill had an outage both in this quarter and in the same quarter last year, but last year that was compensated by insurance. For our construction projects, Crystal Rig One has estimated full production in March. On Windy Standard III, the second production construction project, the turbine component transportation is potentially delayed. You know this overview of our business model, and we are working to mature our projects towards the operation phase. No big changes here from previous quarters. Moving on, to give a bit of a backdrop of the market. We have seen this quarter that the European power prices have risen due to an increasing demand. That, combined with a weakened renewable output and then an increased need for fossil-fired generation, has led to the higher prices that we see. There has been winter, so the demand has increased as normal. Additionally, we see that the Nordic power prices are the lowest in Europe, even though they increased significantly towards year-end. We see that continental market prices are indeed supported by fossil-fired generation that has increased. It also remains to comment that the prices are sensitive to hydrology, temperature, and changing gas prices. Moving on to production. That was 8% lower, as mentioned. We have this quarter seen external grid outages and constraints that I will come more on to. In short, there is an ongoing grid upgrade program in the U.K. that is a good thing for the industry as a whole. Unfortunately, that is affecting our wind farm Mid Hill negatively, which has an outage this quarter. Unfortunately, it also had an outage the same quarter last year, but that was due to a transformer failure at the substation and hence compensated by insurance. We're also seeing grid export constraints at Rothes and Rothes II. In addition to these external grid events, we have had lower production in Sweden at Frögliden and Säbbliden due to grid export limits, which are also then slightly external, but also icing and blade issues where we estimate that the blade repairs will be completed by Q3. In Norway, at Lista, we have partially curtailed turbines because we see there has been some fatigue-related broken bolts in the foundations, which we have been investigating and are scheduling out a repair program for, which will be completed by Q4. I think it's worth mentioning that these suction foundations at Lista are quite solid. They are anchored down in the bare rocks. When the bolts have been broken there, it is due to some fatigue- related reasons. On a more positive note, our wind farm, Crystal Rig One in Scotland, has seen an increased availability on the recovery program we have there, which is the wind farm we have with very early generation design turbines. Moving on to go a bit more into the grid outages and constraints, which we thought it was interesting to give you some more flavor of this quarter. Because the Mid Hill grid outage, which is current, is scheduled by SSE, so not controlled by us, to last until April 26. That was the original schedule. We now see an expected re-energization in July 26, which reflects weather impacts, supplier delays, and also supplier quality- related issues that SSE have experienced. There is also a second outage planned by SSE from November to April, so November 26 to April 27. There are mitigating actions underway, which we are working very hard on at the moment, and we expect a more firmer schedule to be updated by this mid-year. On Rothes 1 and Rothes II, we have seen grid constraints. They have been constrained since December 2025 with the export limited at 50%, i.e. 25 MW per site, because there has been a current transformer failure at the substation. In order to complete the repair there will be a zero outage period from February to March so that the SSE can perform all the job they need to do. After this, we expect all of the three sites above actually to return to full capacity once the outages are finished. Moving on to our construction projects. Crystal Rig IV, near Edinburgh in Scotland, is estimating full production in Q1. I would also like to update on Windy Standard III, which is more in the southwest of Scotland, where we have seen new regulations since the beginning of this year that has significantly reduced the capacity for the Scottish police escort, for abnormal loads transport, which is required to transport blades, et cetera. We have now updated information on the availability of police resources which result in a potential 4-6 months delay of these turbine components, transportation. We are investigating mitigating actions and the impact that this may have on costs and schedule is still to be assessed. This is the latest information I can give you as of now, and it also marks the end of my presentation. Thank you. Thank you, Sofie. Next is Haakon Magne Ore for Fred. Olsen Windcarrier. Good morning everyone. If you turn over to the highlight for the quarter, I'm pleased to also say this quarter that fourth quarter was yet another quarter with solid operations. I think I said that for the year, but I think it's good illustrated by that we achieved more than 99% uptime on our vessels throughout the full-year. Further, as Richard mentioned, in late December MEAG announced an investment in Fred. Olsen of NOK 150 million. I'm very pleased to also say that that formally closed in February. On the market side, I think we continue to see the same trend as we have spoken about for the last 1-2 years. We see that the underlying turmoil in the value chain and the industry is impacting the volatility of demand, especially towards the end of this decade. If we then turn over to the quarter itself, what the vessel has done. Bold Tern continued with good performance on the monopile drilling campaign off France. Brave Tern, they've used the period coming out of yard to prepare and mobilize for the Thor project. This is the first project for us with the new 14-15 MW generation turbine. The vessel went on hire on Tuesday evening, and I think we are close to being fully loaded already for the first launch. Blue Tern, it was on a major O&M campaign with Vestas for the quarter. This was the third consecutive major O&M campaign for the vessel this year. I think it's very good that it proves its value in the higher- end O&M market. To illustrate the performance, for the 109 days contract we have with Vestas, we actually had 0 downtime. I think that is one of the first time in the company history that we are able to deliver such a long contract without having an hour of downtime. If we go more into the quarter, as I said, solid with performance for the quarter, we were very close to 100% uptime. As Richard mentioned, Bold Tern did not work. It was mobilizing and preparing for the Thor project. I think I just added a picture in the slide to illustrate what we have done. You see now the new blade rack, which is aft, of the vessel. I think a little bit also illustrating the size of the turbines we are now, starting to handle, in addition to it being a nice picture. For the year, we, as I said, reported above 99% uptime when we are on contract. We had a quite significant amount of yard time. More or less on average, one vessel out, every quarter due to yard, which hopefully now comes to an end, this year. I think we have touched upon it a couple of times. MEAG investing NOK 150 million in Fred. Olsen Windcarrier, they will get around 24% ownership. It builds on an established relationship. I think as we see it, I think it's a very good transaction both for Bonheur and also for Fred. Olsen Windcarrier. Fred. Olsen Windcarrier was debt-free before this transaction. With this transaction, we further strengthened our position to deliver on our target to remain a leading player long-term. We are in a position to develop the company when we find the opportunity in the market. On the accounting side and the financials, we ended the quarter with an EBITDA of NOK 28 million, which led to an annual EBITDA of NOK 137 million. That was actually the fifth year with increasing EBITDA and a new record for the company. If you go to my last slide on the backlog. At the end of the year, the backlog was at NOK 391 million. I think that the trend we have seen for the last year with major new contract activity being slightly on the lower side than what we normally have seen in general for the industry continued also this quarter. On the positive side, the early announced reservation for the Gemini project in 2028 turned into a firm charter party and is now part of the backlog. On the market side, I think 2026 will be the most busiest year on record for the industry. The number of turbines which is scheduled to be installed is significantly above what we have seen the last three years. Activity-wise, the medium term is high. As we have mentioned, we see that this, the turmoil in the value chain, that started back in 2022, 2023, it impacts the timing of demand. This is not new. This trend has been there for some time, but we see that it impacts the timing of demand, especially when we look into the end of this decade, due to the long lead time in the industry. I think that concludes my remarks. Thank you, Haakon Magne. Samantha Stimpson, Fred. Olsen Cruise Lines. Welcome. Good morning. If I go through the highlights first. Overall, a good performance in Cruise Lines for quarter four, with increases being seen in utilization, yield, as well as continuing our focus on cost controls. We also continue to see improvement in customer satisfaction, and I'm pleased to say forward bookings are looking strong. If I take you through that in a little bit more detail. We've been able to increase yield per passenger per day by 3%. Our utilization also increased by 3%, which gave us an overall, with the cost control measures, EBITDA impact of a positive NOK 14 million year-over-year. When we look at customer satisfaction, our customer Net Promoter Score continued to increase in the quarter with a positive 10-point improvement, demonstrating that we continue to listen to the guests and improve our customer proposition, supporting our retention going forward. Again, pleased to say as per Richard's update this morning, that forward bookings are looking strong. In addition to that, quarter four bookings actually performed very well for late departures in the Q4 2025 period, and sales for 2026 and 2027 are looking very promising. If we look at our final slide, it just gives you a bit of an overview of the sailings that we had as we went through Q4. Borealis, you can see here seven sailings in that period. She had fewer sailings than Bolette and Balmoral, predominantly due to her dry dock that happened during the Q4 period. Then what you can see is Balmoral had more sailings in that period, demonstrating, as I mentioned in the previous update, that we're continuing to focus on increasing the number of sailings, therefore having shorter sailings in each of the quarters, enabling us to carry more passengers in each of the quarters. That's the end of my update. Thank you. Thank you, Samantha. Maren, you will now cover the Fred. Olsen Seawind. Thank you. Good morning, everyone. My name is Maren. I stepped into the role as CEO of Fred. Olsen Seawind in December last year. A few highlights from last quarter from our side. We have two strong projects in attractive markets. We have diligent and flexible development strategies in our projects. The strong results from AR7 announced earlier this year confirms the policy support in the U.K., as well as our strategic direction set out for our U.K. projects. For an overview of our portfolio, we can see Codling Wind Park, a bottom-fixed project in Ireland together with EDF. We have secured site exclusivity, grid access, and a CFD contract for 1,300 MW for twenty years. In late 2024, we submitted the consent application, and we are actively engaging with authorities and stakeholders to progress the consent determination. The project's focus is on maturing supply chain and business case towards FID following the consent award. In Scotland, we have a 1,000 MW floating project together with Vattenfall, Muir Mhòr. There we have secured site exclusivity, onshore consent, land areas, and grid access. The remaining milestone is the offshore consent, which we expect to come in later this year. The project is focused on securing the final consent, obviously, as well as progressing towards a CFD auction. If we zoom in a bit to the project in Ireland, where the consent application process is ongoing and followed very closely by the team. We are also in the process of submitting data under the further information request that we received from the Irish government last year. As you may recall, this has postponed the expected consent determination somewhat. The Irish government, however, remains fully committed to its offshore wind ambitions, as was illustrated by the successful Tonn Nua auction in late 2025. Codling is still a key project to reach the government's offshore wind ambitions. Within the project, we are preparing for procurement processes on all the major scopes on the back of the expected consent determination. Moving to Scotland, and my final slide. We have signed land auction agreements last year for both the landfall and onshore substation area. As I mentioned, the onshore consent was awarded, and so was grid. It was secured last year and also advanced with a radial connection. We have potential to improve the connection date for further. With all this, together with the expected offshore consent to come this year, we will be in position to bid into a CFD auction when we receive the final consent. We remain focused on being the first mover or one of the first movers in Scotland for floating offshore wind. As I mentioned, the strong results from AR7 confirms the U.K. government support towards the industry, its ambitions towards clean energy, 2030 targets, as well as confirming that strategic direction that we have set out for the project. Thank you. Good. Per Arvid Holth at 1848. Thank you. Sorry. Thank you, Anette. In my previous presentation in the last quarter, I presented the numbers from the International Energy Agency showing that solar PV is the fastest growing source of renewable energy and will be the largest source of renewable energy by 2058. In Fred. Olsen 1848, we strongly believe that floating solar will be part of supporting that growth. In this presentation, I thought I'd go one step deeper and focusing on shorelines. It's basically inland, onshore, and nearshore FPV that we look at and speak about why we in eighteen forty-eight are targeting the shorelines and distributed PV applications. As you can see, it is expected to have a solid contribution to the growth for island communities and ports. Nearshore FPV is something that we have been convinced about in 1848, and it's also a very strong driver behind the design of our floating solar PV technology BRIZO. Nevertheless, we see that nearshore solar is lagging a bit behind inland, which has already reached utility scale developments. We do see movements now in the markets across Southeast Asia, in the Pacific, in the Indian Ocean and in the Caribbean. Our focus has really been on where do we enter nearshore solar with our technology. Here, island communities and ports powered by fuel oil stand out as a clear case. If you move to the next slide, that is because there are some clear pain points for these applications that a nearshore FPV plant can solve. One is a high power price several times higher usually on islands than on the global average. Being dependent on importing fuel oil brings volatility to your electricity prices. Energy security is important in most regions these days. Relying on imported energy is reducing energy security. Of course, it's not sustainable and if you want to grow renewables along the shore, scarcity of land can be an issue. For these pain points, a technology like BRIZO brings relief in solving these pain points. That is through cost savings. Floating solar is cost competitive to fuel oil. It solves land and carbon footprint challenges, that is every kWh produced by floating solar displaces a kWh produced by fuel. It also resolves the footprint challenges, which can be onshore. Every kWh produced by a local source is more secure than one that depends on imports to strengthen energy security. Another benefit for nearshore PV is that it's scalable speed. A technology like BRIZO comes in modular 3 MW parts. You can start with a 3 MW increase with 12 and so on as the demand increases. In... As a summary, entering the nearshore market, we see that the displacement of electricity generated by fuel oil is a natural starting point. Beyond that, we also see clear scaling applications for floating PV, supporting industrial scale developments or even utility. A bit of a sneak peek on how we look at nearshore, to finally finalize the CEO presentation this time. Thank you. Very good. We will now open up for questions. We are now going to proceed with our first question. The questions come from the line of Daniel Vårdal Haugland from ABG Sundal Collier. Please ask your question. Hi, everyone. Thank you for taking my question. I have 3 questions. I'll start on FOWC and the MEAG deal. It's a very interesting transaction, obviously. I was wondering, can you give any more commentary on what is kind of the strategic rationale or maybe your plans here? You kind of commented a little bit about it, but I see the deal includes some primary components. Do you have any kind of plans to what do with the proceeds, etc.? I'll just start there. No. In general, I think the financial details is disclosed in details in the presentation on what is secondary and what is primary share issues. I think you have that details in the press release itself. When it comes to the strategic, how we're going to develop the company, then I have to refer to the Bonheur guiding policy, where we do not disclose any thoughts on major investments or future before it potentially is done. It's nice, though, to see that MEAG believes in us and wants to. Ab- ab- Invest in the company. Absolutely. Yeah. as I said, it puts the company in a very good position. It was in a very good position being debt free, but now with this added flexibility, we are in a position to rapidly take advantage of opportunities should they arise. Okay. I have a question on cruise. I think you indicated a few quarters ago that Bolette was also going to dry dock in Q4. That doesn't seem like it happened. Any commentary on whether there's kind of a planned dry dock for Bolette now, let's say in the next couple quarters or? Yep. I think I heard all of your question. In quarter four, Borealis had her dry dock. Quarter one, Bolette had hers. Quarter one of this year, Bolette had her dry dock, so it was complete. You're right. The- Okay. The original plans, two years ago, were to do both vessels in Q4, but I made that change the year before last to separate the dry docks, one in each quarter. Yeah, that makes sense. But kind of the duration is kind of approximately the same, I guess. The what, sorry? The duration. For a couple of weeks, I guess. The duration of the dry docks for both vessels, for Borealis and Bolette, was around sort of 2.5 weeks for each of the dry docks. Okay, super. Thanks. Just last question. My question is basically on renewable energy. Are you seeing any kind of external interest in your onshore portfolio? The reason I'm asking is obviously that Ørsted sold its European onshore portfolio to CIP this quarter, and it seems like they are getting a good price. Are you guys kind of also open to do anything structurally in offshore? Not obviously selling the entire business, but let's say, divesting parts of the portfolio to further develop new projects or something like that if an opportunity arises. Thank you for your question. I think what I can comment on there is that we are very much focusing on progressing a solid and healthy portfolio of projects in the markets that we are in. That is our main focus at the moment. We will let you know about any other developments, if and when they occur. Okay. Thank you. I'll get back alone. We are now going to proceed with our next question. The question come from the line of Lars Christensen from Fearnley Securities. Please ask your question. Hello, thank you for a good presentation. I have a question in relation to Fred. Olsen Cruise. Is there any planning of future fleet in relation to that? You're starting to have a pretty old fleet in the cruise segment. Is it possible to get any color on that, please? Future, possibilities. Under Bonheur's guidance, I can't sort of speculate on anything. What I can say is, in 2022, we welcomed two vessels into the fleet, larger vessels, which we were very excited to receive. We continue to monitor activity in the market. Yeah. I think, you know, we're in a good position. We've still got opportunity to continue to focus on utilization and occupancy improvements with the current fleet. We'll continue to monitor the market and our performance. Okay. Thank you. I also have one question in relation to Codling. Is it possible to get any color on how much you have invested so far into the project? Thank you. The question was how much we have invested so far into Codling projects. Yes, I believe the number- Yeah. is NOK 800 million. Yeah. It's disclosed on page 18 in the report. Mm-hmm. Both for Codling and Remot. Yeah. Yeah. Okay. Thank you. That was my questions. Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Once again, it's star one one on your telephone to ask a question. Thank you. We have no further questions at this time, so I'll hand back to you for closing remarks. Well, thank you very much, everybody. It seems that the presentations this time were fairly clear and understood. Thank you for joining.