Welcome to CTT's nine months 2026 results conference call. This event is hosted by Mr. Guy Pacheco, CEO of CTT, Mrs. Joana Freitas, CFO of CTT, and by Mr. João Sousa, CCO of CTT. Please note that this conference is being recorded. For the duration of the call, your microphones will be disabled. We will have a Q&A session at the end of the presentation, and analysts will have the opportunity to ask questions. To do so, simply click on the button to raise your hand, and we will give you access to the microphone. If you are dialing from a phone line, press star nine to raise your hand and star six to unmute yourself. I will now turn the call over to Mr. Guy Pacheco, our CEO. Good morning to you all, and thank you for joining the third quarter results earnings call. I will invite you to start on page five, where we can see the end of the customs de minimis exemption had a heavy impact on the third quarter e-commerce Solutions, while we saw Mail & Services and Banco CTT with solid performance, providing a partial offset of the revenues that declined 1.2% organically in the quarter, with a big impact on e-commerce Solutions of EUR 14.1 million, and that were partially offset with good performance on mail and strong progress also in the bank. On EBITDA, a decline of 34.5%. It was this one regulatory event affecting one segment, especially on profitability, and we are acting to fix it, as we will detail on the next slides. On page six, we can see what was the impact of de minimis. On the left side of the slide, you see the evolution of the European market, where we saw progressive decline of volumes stabilizing around 55%, 56% decline. The shock was market-wide. As we can see, we did not lose share. CTT performed well, but the volume decline increased throughout the quarter, and this is increasingly challenged as we manage capacity. On the right-hand side, you see the big slowdown on the growth path that we had. We were growing above 20% on the second quarter, and this impacts the sequentially degradation of the volumes to 2.9% on the third quarter. On page seven, we see that our volumes were quite resilient despite this event, and that is because Iberian e-commerce continues to show robust signs of progress. We grew 43% year-on-year on these kind of customers, and in EU sourcing marketplaces, 37%. Strong performance on the Iberian flows that were offsetting this 43% decline on cross-border. Our weight of non-EU marketplaces is also decreasing. It decreased almost 20 percentage points. That is good news for the further growth, as we are building a more healthier and diversified mix going forward. On page eight, we show the big impacts of the mix change, that decrease of 20% of the Chinese apps in the volumes that we transport, with a very sudden and marked change on the type of flows, with 24 hours increasing 39.5%, almost 27 quarter-on-quarter. The weight that we transport also increased by 1.3x, and we have more scattered pickups with 90% increase throughout Spain. This is because of the change of Chinese e-marketplaces to Iberian flows. These are the impacts on the cost profile that we can see on page nine. Our OPEX grew 4.8%, and this is a function of two things. The cost per item increased because of inflation. We continue to see fuel cost inflation, and the change of mix that is driven by the drivers that we saw in the previous slides. Capacity, because we continue to invest in capacity with decisions made one year, two years ago, as we envision a profile of growth that was different from what we are witnessing today. On page 10, we see also the good impacts of the new mix as these kind of volumes command a higher revenue per item, and that is showing through the P&L as we were able to almost offset the volume declines of 2.9% with the 2.4% revenue per item increase. This is also good news going forward as we work to fix the economics behind the new volume reality. On page 11, we see the impact of these sudden changes on our EBIT that declined 71% on the sub-sites, so volumes decrease, new mix, and the capacity investments that we made for a different volume reality are indeed impacting our EBIT on this quarter. We act immediately. We are adjusting costs to align the pressure in volumes and new mix, so we are right-sizing our structure. We reduced more than 300 FTEs in our Spain facilities, and we are reassessing all the new network expansions. We are also acting on the price lever as inflation continues to impair or to affect our business. We need to be more efficient passing through those inflation costs to our customers, and we need more price discipline on the areas of growth. We are accelerating volumes outside of the Asian, something that we already see, but we want to accelerate further, assuming the same attacker posture in Spanish and Portuguese domestic volumes, and increase the productivity in international outbound volumes, using the new partnership and the new offering that we are getting from our new partners in DHL. On page 12, we see our customs clearance activity that had a deterioration of the revenue in the third quarter of 2026. Same trends that we saw in the last mile, but with less diversification alternatives. The customs clearance in Europe is outside of Europe, flows are 95% with origins in Asia, and as such, here is pretty much no alternatives of diversification, and that's why we are acting heavily on resize the cost base. We are accelerating FTE reductions in June. We are closing a number of geographies that on this new B2B reality doesn't make sense, and as such, we are aligning also the operating structure to these new volumes. We are refocusing our network on the new B2B flows. Since the de minimis of 1st July and this new handling fee introduced this past weekend, we see a massive diversion of the flows to B2B, and as such, we are adjusting our footprint for where we see scalable customs clearance hubs in B2B and concentrating our resources on those corridors that we see migrating for Eastern Europe and Central Europe. With that, we expect to rebuild the profitable growth where we will see scale resume throughout the year of 2027, with Poland already seeing those early signs. Poland remains profitable and is growing, and we see that growth accelerating in the near future. With that, I will hand you over to João to give you color on other business units. Thank you, Guy. Good morning, everyone. As you can see on slide 13, on Mail & Services, we deliver a strong performance, supported by robust demand of public debt savings products that benefit from higher investment limits that was changing this year and also attractive interest rates. Also, the launch of new treasury savings certificates in July further boost on demand of this product that was very good for our network. You can see that the volumes increase 105.7% year-on-year, and 45% against the last quarter. I would like also to highlight that our digital channel also continued to perform pretty well, attracting new savers and broadening our customer base of savers. We continue to diversify our offering across our retail network, complementing the logistics and the saving products with insurance and healthcare plans, as you know. As you can see on the right side of the slide, healthcare plans grew by 19% year-on-year. With this, together with insurance, we are creating and building a customer portfolio that generate recurring revenue that we think is very important for our retail network and for CTT. Finally, I would like to highlight that already this quarter, we launch in all the retail network, the international offer of DHL, and the early signs are very positive. So it is also good for the coming quarters, this product in the retail network. On slide 14, you can see that Mail & Services revenue increased 5.2% year-on-year to EUR 124.3 million in Q3 of this year, supported by a strong growth of saving placements, like I told before, and also the stable of mail revenues despite the 8.7% decline of address mail volume. The pricing of mail is helping us to put flat the revenues on mail and saving placements revenues, helping to put this business unit growing. The quarter also demonstrate that the value of diversification is good for this business unit. So recurring EBIT increased 87% to EUR 7.8 million, driven by 89% growth in savings placements. This translates in recurring EBIT margin to 6.1%, up to 3.4% year earlier. With that, I pass to Joana to talk about the bank. Thank you, João. On page 15, we can see that Banco CTT had a very strong quarter in terms of growth. Current accounts continued to grow year-on-year with a growth of 4.1%. If you look at the business volumes, they grew nearly 13%. What's interesting to note is that they also grew significantly above market. The loan book grew nearly 16%, which is above 11% on the market. Deposits grew 12% compared to 3% on the market. So, continuing to be one of the fastest growing banks in Portugal. This was translated into growth in banking revenues, both in the net interest income and commissions, a small decrease on other elements linked to non-recurrent credit recovery in 2025. In terms of the recurrent EBIT of the bank, the quarter saw a continuation of growth to EUR 8.1 million in the third quarter of 2026. This is consistent with the nine months relatively stable recurrent EBIT as the bank continues to invest in technology, commercial capacity, and ability to grow and to start increasing EBIT as of next year. So overall, a strong momentum for the bank, marked by volume growth, net interest income expansion, and good margins. If we move now to the financial review on page 17, here we have our key financial indicators, including full consolidation of the bank. We can see for the first nine months that we continue to have resilience in the revenue line that grew 9.2%. Recurring EBIT, as also seen before, was hit by the regulatory change and dropped by 20%. This takes us for the nine-month net profits attributable to equity holders to EUR 19.8 million and a free cash flow of EUR 19.6 million. If we look now on the revenues, costs, and EBIT by the different business units, here we see again that the Mail & Services and the bank had a very positive contribution to the evolution of revenues in the quarter, nearly offsetting the effect of the regulatory event. We continue to have about 50% of our revenues attributable to e-commerce. So, the largest portion of our revenues continues to stay in that category. Looking at costs, this was a segment where the evolution of costs was mainly driven by the change in mix in the CEP, the growth in activity in several elements of services and the bank, and also fuel inflation. We're operating in an inflation environment. In the e-commerce Solutions, the increase in cost is essentially linked to this change of mix, which also was reflected in the change of revenues per item. Fuel costs also had a significant impact, EUR 2.2 million. In the non-CEP, where we have Cacesa, we can see the effect of reducing costs is minus EUR 6.9 million, while the company is aligning its cost structure with activity levels. In Mail & Services, mail actually continued its cost reduction, so it reduced by EUR 0.6, and the rest of the growth is linked to increased activity in financial services and retail. The bank is continuing its investment in branch network, commercial capabilities, and IT infrastructure, so leading to this increase in EUR 3.5 million quarter-on-quarter. Moving now to page 20, we see the overall results in EBIT that we've seen before. Again, the positive contributions of Mail & Services, a relatively stable contribution of the bank, and in this quarter, a penalization of the e-commerce Solutions, with initiatives under hand already in the quarter to recover both on costs and on revenue. On page 21, we can see the cash and debt numbers. The nine-month cash flow, as you can see, was impacted by the decrease in activity. However, the fourth quarter is where we usually see a significant recovery of this category. Seasonally, the third quarter is a weaker quarter in terms of cash flow generation, but it was improved versus last year. In terms of our net debt, it continues under control. It is reducing, and that leaves us with a net debt to EBIT leverage ratio of 2.0, so clearly below our threshold of 2.5, and so leaving us with flexibility to make decisions on our portfolio. I would hand it back to Guy for outlook and final remarks. Thank you, Joana. On page 23, we can see our guidance update, but post the de minimis trading environment. We have a regulatory event that changed our earnings trajectory. Our cross-border volumes fell sharply and above our expectations. We were working with a more benign scenario following our customer expectations in the beginning of the month of July, that were worsening throughout the quarter, and we remain with some lack of visibility after the new November regulation. As such, we are revising our guidance for EUR 80 million-EUR 85 million for the full year of 2026, and that has an implied EUR 21 million-EUR 26 million on the fourth quarter. We continue to have a diversified portfolio that continues to provide support to the business, with Mail & Services delivering strong recurring EBIT, and the Banco CTT remained on this planned trajectory where it is reinvesting the growth on commercial capabilities in order to accelerate further this growth trajectory. Execution now is centered on margin recovery. As we saw, we have a number of initiatives that prioritize volume diversification, pricing, and also right-sizing of our growth capacity and operations. The recovery will extend beyond the fourth quarter, as a number of initiatives will impact not only the end of 2026, but will flow throughout 2027. As such, we believe 2026 is a reset year, where we are building a diversified growth engine. On page 24, we chose to give you a little bit more color how we see the near term, as we are using this regulatory disruption to accelerate towards a more diversified and integrated play on Iberian e-commerce. We see 2026 as a reset year, where we are rebasing the earnings base following a big impact of the de minimis, and we are stabilizing not only the economics of the CEP business unit, but also stabilizing the operating base of CTT. We are choosing to streamline our portfolio with this strategic review to increase focus on e-commerce. E-commerce in Iberia remains an opportunity, and that opportunity remains intact, and that's why we see 2027 as a year of recovery and scale, as we see the growth diversification from Asia to Iberian to continue to increase. We are seeing already strong growth there, but we think we can double down on that and increase it further as we reposition CTT as a custom clearance, more lean to the B2B flows, and also opening a new opportunity of fulfillment, and all of that while we continue to cross-sell and scale our international flows offering on the back of the partnership with DHL. 2028 will be a year of further acceleration as we return to sustainable earnings growth, as we see some rebuild of the Asian flows that will come on that horizon, with a capture selective, where we see ourselves capturing selectively some recovery marketplaces, where we combine a full integrated offering from parcels, customs, and fulfillment, and also out of home, in order to provide service to these platforms. On the next slide, we'll start to detail this. In 2026, we launched a number of initiatives that are already underway. We have EUR 15 million-EUR 20 million of initiatives on the e-commerce Solutions business unit. This is from CEP and custom clearance, and these are basically initiatives linked to reposition our cost base to the new volume reality, not only in terms of volumes and scale, but also in terms of profile and mix, especially on the CEP, where we can progress faster than as we wait to scale to resume. On page 26, we see a detail of how we envision the future. We are seeing two ways of growing. One, and that is the most important right now, that is focusing on the Iberian growth. We are already seeing, as we showed you, a strong growth of around 40% on Iberia, but we think we can increase it further as we aim to grow share in both domestic flows, Portugal to Portugal and Spain, where we want to continue to combining acquisition of SMEs, and as we develop new distribution channels, and we also capture more of the C2C segment, that is a segment that is already sizable and growing on Iberia. We want to also to scale with the Iberian flows and grow on the international outbound. We now have a more deeper offering with a strong brand, and that is DHL, and we see good traction of this new offering. We have implemented across all our channels in Iberia, on corporate SMEs, and also on the retail network on C2C basis, the international product of DHL, and that has strong early signs of traction. We are very confident that this will also help us accelerate the growth of the non-Asian markets. Of course, our strategy until 2028 continues to have some recovery of Asian, especially throughout the second half of 2027 and throughout 2028. It will be a different kind of flows. We see the direct from Asia B2C parcels alter structurally to what we call end-to-end flow as clearance moves to B2B. We will see bulk clearance in more concentrated markets because of the capital requirements that is entailed for the marketplaces as they need to build fulfillment capabilities. We see opportunities in our Iberia market to capture some of that fulfillment logistics as we provide an integrated offer from customs, fulfillment, and last mile. Also, we continue to develop offering to cater to more out-of-home delivery and also to more efficient on-pricing solutions, especially on the high-density city centers as we see some competition of insourcing of these marketplaces where we need to have price-efficient options that will be from our out-of-home offering. The end of the de minimis exemption disrupts the direct B2C flows, but moves the value upstream into bulk customs as European stockholding and then domestic distribution evolves. That is also linked with the reposition of Cacesa, where Cacesa was on a strategy operating almost all European airports and growing to the expansion of its footprint. We see now a reposition of that footprint around the main hubs, B2B hubs, but we see that initial concentration also then dispersing again. We will see a first move of concentration on B2B hubs in Poland and Benelux. In a second wave, we see growth resuming in Spain linked with that fulfillment opportunity. Good news is that we already see these early signs in Poland. Poland is growing 47% year-on-year on the support and profitable. We see that further accelerating throughout 2027 in the first half as we see then recovery on the secondary markets where we have Spain. Cacesa is pivoting from a dispersed B2C footprint to two focused platforms in Poland and Central Europe and selective satellite hubs on that second wave of growth. On page 29, on a different note, we see the decision we took. We have a strategic review to support Banco CTT in the next phase of sustainable growth, and the board decided to initiate the sale of a controlling stake of Banco CTT. The strategic rationale is to reassess CTT strategic options regarding Banco CTT while we continue to support the bank growth path. This portfolio review is targeting a simplification of CTT structure. We have a preferred partnership model where CTT would remain as a long partner of Banco CTT, and potentially continuing both with the equity interest and the use of CTT retail network. But we will continue to assess all the alternatives to protect the CTT interests and its shareholders while safeguarding the interests of other stakeholders and including the bank on those stakeholders. CTT is opening a process for control of the Banco CTT while seeking to remain invested in and commercially linked. The bank, our preference is to continue to have the bank using our retail stores as a main channel of distribution and the bank remaining one of its biggest customers. The macro environment remains supportive for Iberian banks as GDP growth continues to outperform most of the European Union. The interest rates environment continues to be benign, and the Iberian banks' valuation are peaking, as we see on the slide, on the chart on the right-hand side of the slide, with the valuations approaching 2.2 price to tangible book and P/E multiples on 10.7%. To conclude, we are at this de minimis on the third quarter. We are restoring growth and margins throughout 2028. The end of de minimis exemption cut our cross-border e-commerce volumes in the third quarter of 2026 with a higher-than-expected impact. We were working with softer declines than in the end realized. We saw eating a hit on the e-commerce Solutions earnings. This led us to revise the 2026 recurring EBIT guidance that is now on EUR 80 million-EUR 85 million, where we saw Mail & Services and Banco CTT with solid performance. For the future, we are rebuilding the e-commerce Solutions margin through price discipline, lower unit costs, and leaner overheads as we adapt to this new mix. We have EUR 15 million-EUR 20 million of initiatives that will have recurring impact on our EBIT throughout the end of 2026 and 2027. We are also diversifying our growth sources towards intra-European flows and Iberian domestic flows while we rightsize our capacity to this new custom cross-border reality, and we rebuild the customs clearance model around the B2B hubs and the fulfillment model. 2026 is a year of reset, 2027 a year of rebuild, and 2028 will see the delivery of our strategy. CTT has initiated at the same time a sale of the controlling stake in the Banco CTT with the aim to increase its flexibility to sharpen its investments on e-commerce franchise while remaining a long-term partner of the bank. With that, we will open to Q&A. Thank you. We are now available to take questions. As a reminder, analysts that wish to place a question should click on the button to raise your hand, and we will give you access to the microphone. Analysts dialing from a phone line should press star nine to raise your hand and star six to unmute yourself. Our first question comes from Joaquín García-Quirós. Joaquín, you have been allowed to talk. Please unmute yourself and ask your question. Yes, thank you very much for taking my questions. The first one is, if you could help us think a bit on the potential drivers of the EBIT recovery for next year and 2028. Beyond the EUR 15 million-EUR 20 million contribution from the efficiency measures, would it be reasonable to expect some additional benefit from the recovery of Asian flows during the second half of 2027, or is that more or less included in that EUR 15 million-EUR 20 million that you are already expecting? The second one, you have talked on the recovery to 2028, but given the weaker earnings base this year, do you still see the 2028 EBIT targets as achievable? If so, what gives you confidence in the recovery required to get there? Thank you. Thank you, Joaquín. On the first question, we are seeing growth on our e-commerce Solutions coming from, in 2027, from the diversification to non-Asian. The good news that is our revenues remained resilient despite this big decline on cross-border, non-Asian, non-EU volumes. We had a very profound change of mix that impaired or impacted our unit costs, and that is what we are seeing as the rebase and the fixed measures that we are doing that, as we shared, it is between EUR 15 million and EUR 20 million on EBIT. The growth of non-Asian and some Asian recovery should add to that EUR 15 million-EUR 20 million, and that will fuel the recovery throughout 2027, that we see a progressive recovery. We will see more marked growth on the second half of 2027 as we reshape the sources of growth during the first half, because the first half was still benefiting from the growth of the Asian marketplaces, and that unfortunately won't be there on the beginning of 2027. Our 2028 targets are a basis of a strong B2C market growth that we don't see possible without some recovery or some significant recovery of the Asian, that we continue to believe that will happen, and the sets with more risk because we have more uncertainty and less visibility. We continue to believe that this will resume growth during 2027 and will enter 2028 with a stronger profile of growth that will be in the vicinity of those targets. But let me be clear, that assumes some recovery of the Asian flows that we are not seeing on the same basis. It is not pure last mile, it is a combination of, as we showed in a slide, it is a combination of revenues coming from customs, fulfillment, and last mile, and more out of home as we see competition on dense areas increasing, and we need to use that competitiveness to continue to compete with these new entrants on dense areas. Thank you. Thank you, Joaquín. Our next question comes from Filipe Leite. Filipe, you have been allowed to talk. Please unmute yourself and ask your question. Yes, hi. Good morning, everyone. I have three questions, if I may. The first one on Banco CTT, and if you can give us any indication of the expected timeline for the sale process. Second, also on the bank, is actually a clarification, because you mentioned, and I'm seeing in the report or in the presentation, you mentioned that the deal is subject to existing contractual obligations between the current shareholders. Can you clarify what are these contractual obligations and whether Generali has any kind of preemptive right or any rights to acquire or to sell a stake as part of this deal? Last one, on e-commerce. You mentioned in the presentation an increase in the cost per item, explaining this with a mix of clients and products. This should be seen as an adaptation under this quarter, or should we see and expect a delay in the recovery of non-EU volumes in the future? Should we see this as a new normal in terms of cost per item? Thank you. Thank you, Filipe. On Banco CTT, I cannot detail too much, but our partners have standard rights on these kinds of minority stakes. Nothing that can jeopardize the process, but we need to comply with them. In terms of timeline, we are on the initial stages, so this is something that will take a while. It is something for both the beginning of the second half of next year, and then still subject to regulatory approval. That will take a while longer. We are working with a closing in 2028 and assigning before. In terms of the unit costs that you mentioned, that is twofold. We are witnessing a change of mix, and because the network was working under a different environment, we will need to adapt, and part of the cost measures that we announced is that adaptation to the new reality. There is some loss of scale as well that is putting a pressure, but we see scale resuming, and that will impact positively unit costs. These items are also more costly to transport, but they also command more revenue per unit, and so that should be margin neutral, margin accretive on that regard. There is a portion that will stay, there is a portion that will disappear in the near future, and there is another portion that will disappear as scale resumes. I hope I was clear. Thank you, Filipe. Our next question comes from Mathias Paladino. Mathias, you have been allowed to talk. Please unmute yourself and ask your question. Yes. Good morning, everyone. Sorry, I was briefly disconnected, so I am not sure whether you have already addressed this point, but I have two questions. If non-European cross-border volumes remain around the current level, how much of the EUR 15 million-EUR 20 million EBIT improvement could still be delivered through the measure already announced? If we look beyond the recovery plan, with the shift toward Iberian and intra-European volumes, do you believe e-commerce Solutions can eventually return to the previous margin level, or should we expect a lower structural margin? Thank you. Thank you for your question. On the first question, the EUR 15 million-EUR 20 million could flow mostly regardless having a recovery or not of non-Asian flows. There is something related to scale, but we think we can achieve it with non-Asian flows. We should see most of that without a significant recovery on non-Asian. Regarding the margins, there are two things. We need to remain competitive on the marketplace. This transition that we already envisioned will need to happen faster, and we need to gain share, and we need to remain competitive on the marketplace. The Asian flows were, in some segments, very profitable, and they are more profitable than other sub-segments of the market. We should see a progressively convergence to the previous margins. I am not seeing that happening throughout 2027, as that year will be a year of strong market share gains in the Iberian market, and we need to remain competitive in order to achieve so. But we see in a longer timeframe, that margins to resume. Thank you. Our next question comes from Henk Slotboom. Henk, you have been allowed to talk. Please unmute yourself and ask your question. Yeah. [Non-English content] from the Netherlands. Good morning, and thanks for taking my questions. I've got a few. First of all, when I look at slide, now I have to take a look, at slide 27, it all sounds pretty, yeah, logical and pretty rational, what you want to do. However, a couple of things. First of all, we see a lot of Chinese moving their warehousing and fulfillment to Europe. You quite rightly say that you want to play a role in fulfillment there as well. But up to now, and maybe I missed a few, but I've only seen a few deals, one or two deals with former incumbents on warehousing and fulfillment. Temu last year signed MOUs with virtually every former incumbent in Europe, and the only deal I've seen from their side was a deal with the Romanian former incumbent on fulfillment and warehousing. What are you seeing there in Portugal and Spain? Have you been successful on that front already. Connected to that, you already said earlier on that the Chinese flows were fairly, yeah, well, profitable. With volumes gradually moving to Europe warehousing and fulfillment gradually moving to Europe out of Asia, how do these margins compare to, call it, the pre-de minimis model? You now have to compete with parties like Spring, with Landmark Global, and that sort of things, and everybody is trying to do the same. Is it fair to expect that margins can at least remain on the same level there? My final question is, you're planning some reductions, also headcount reductions. Does that involve any restructuring costs? Those are my questions. Thank you. Thank you, Henk. I'm afraid I cannot greet you in Dutch, but thank you for the [Non-English content]. What we are seeing is, I can understand your point of view, but we are seeing actually pipeline in Iberia. We have conversations and we are engaged in some tests with some of these big players. As we have been mentioning, we are seeing this in what we call secondary hubs, because we don't see that many opportunities on their main hubs, as they view this as a core to their operations. We see some outsourcing happening, namely in Spain and Portugal, as we see also movements in the market of them looking for that capacity. As I said, we are engaging and we have pipeline on that. On the margins, you are right. We see pressure on the current model of last mile. What we are envisioning is, we think the only way we have to differentiate ourselves from these more opportunistic operators is by having an integrated offer. That integrated offer also entails synergies that come from that integration. We are also seeking to have alternatives that are more price efficient for these players, but also they command more margin for us as the locker offering and even more deferred SLAs offerings that we can use even the postal network to do that. As such, on the combination of all the links of the value chain, we see the ability to recover that profitability. But as I said, it will be a more integrated value chain and less only last mile. For the restructuring costs, I was forgetting that. Yeah. This is mainly redundancies on Spain, and the legislation is more flexible. We are seeing some restructuring costs, but the paybacks are very fast, are below one year, more around half a year of- If I may add, we started with the temporary staff, where we have more flexibility, and that has allowed us to act more quickly with very limited restructuring costs, both in CTT and in the e-commerce. Okay, that's clear. Thank you. Thank you, Henk. I would like also to remind again, analysts that wish to place a question should click on the button to raise your hand, and we'll give you access to the microphone. Analysts dialing from a phone line should press star nine to raise your hand and star six to unmute yourself. Our next question comes from António Seladas. António, you have been allowed to talk. Please unmute yourself and ask your question. Hi. Good morning. Thank you for the presentation, and thank you for taking my question. There are two questions. First one is still related with your cost side on the parcel business. You mentioned that António, sorry. We are having difficulties in listening to you. Can you speak louder maybe? Yes. Or get closer to the microphone. Okay. I have two questions. The first one is related with your cost side on the parcel business. You mentioned that the change on mix increased your costs. But from my understanding, you are already performing this kind of business. Your business was not all from Asia. You are already aware of the costs, and for me, it is puzzled how you performed so badly. Is that related with DHL joint venture, where you have to be more competitive on prices to continue to increase your revenues or not? That is the first question. Second question is related with Banco CTT. Since you are going to sell the controlling stake, are you allowed to reconsolidate the bank, to change the methodology of consolidation? Thank you very much. Thank you, António, for your questions. I will start from the last one. For these accounts, as you saw, we are allowed to still consolidate. That will mostly depend on the maturity of the process, that we do not envision still impacting the end-of-year accounts, but that needs to be revised as maturity of the process evolves. On the cost side, there is no impact of DHL here. This, as we tried to explain, this is basically function of two things. We still had EUR 2.2 million of inflation of fuel. On the Spanish side, where we have more specialization of networks and we are more dependent on the Asian flows than obviously Portugal, because Portugal, we have 40% of the domestic market, and as such, we have a more diversified portfolio, and where we, as you rightly say, we move those kind of volumes in Spain, it is different. We tried to show that or depict that on slide eight, where we see a sudden change on the profile of what we transport, and mainly on the change on 24 hours. Reminding you that the Asian flows normally work with a 48 hours SLA. What that implies that normally the cargo arrives during the weekend, and we always have a stress on our capacity during Monday and Tuesday. The Asian flows allow us to level the capacity, so having a higher capacity than we need for the average of the week on Monday and Tuesday, and then using the 48 hours to fill that capacity through the week. Also, when you think about trucks that connect our facilities, in some cases, you are not allowed to comply with 24 hours to use a big truck that comes from Barcelona to Lisbon, for instance, to comply with 48 hours - 24 hours. Even the cost of moving objects increases. Is this the kind of mix changes that we are referring to? This is twofold. First, these objects will be increasingly having higher cost per unit, but also higher revenue per unit. But especially the change that was so dramatic in a so short period entails a rapid adaptation, and that induces some loss of productivity in the beginning, and those is the ones that we are working on. Just a follow-up question. Do you need to have more facilities to increase your CapEx on facilities to overcome this problem, or is more about the current infrastructure that you have on parcel? We don't need more facilities. What we actually have, and that's you see the fixed cost impact, as we were working with a different scale and a bigger scale for this peak, as you know, there is a lead time to build infrastructure, and we took decisions one year and a half, two years ago, to build for a different capacity. That shows on the fixed costs that we gave the detail, and that's why we are having a higher percentage of overheads right now as we lost scale. To change to this new mix, the changes are more in the way the network is organized and the way the facilities operate and what kind of machinery they use than investing in more nodes. Just a final question. Sorry about this. The management team that is in place in Spain that led the recovery is still the same, or there were any change on the people? The team is the same, with the exception that we changed the leadership in the end of May, as the person was reaching retirement age. So we have a new CEO of the business unit that was previously with us on the executive committee of that business unit, but the operational team and all the others remain. Okay. Well, thank you very much. Thank you very much to you all. As there are no further questions at this time, I would like to hand the call back over to Mr. Pacheco, our CEO, for any additional or closing remarks. Thank you, Nuno. As we saw this quarter, other regulatory change that removed a large part of our cross-border volume, with a higher impact than we expected, that led to our revision of the guidance. I would like to remind that this shock hit the whole market, not CTT. Our cross-border volumes behaved in line with the market, while our Iberian business grew more than 40%. Margin protection measures are underway, and we have a EUR 15 million-EUR 20 million EBIT actions that are under implementation. At the same time, we are simplifying CTT. We are focusing our capital management attention in Iberian e-commerce, on top of Mail & Services business that keeps generating cash. We see 2026 as the year that resets the base, and we have a clear path going forward as 2027 rebuilds earnings, and 2028 will be the year that delivers our model. Thank you. Thank you very much. On behalf of CTT, thank you for your participation. This earnings call is now concluded.