Welcome to third quarter 2025 earnings call of Sport Clubs Company. Today we have with us the senior management of the company led by the CEO, Mr. Wael, the Finance Director, Mr. Abdullah, the IR Manager, Mr. Abrar, and the Marketing Director, Mr. Jamil. The meeting will consist of 60 minutes, starting with management comments and presentation, followed by the Q&A session. For the Q&A, the participants can either raise their hands or type in their question in the Q&A chat. Without any further delay, I would hand over the mic to the CEO, Mr. Wael, for his comments and for sharing the presentation. Over to you, sir. Thanks. Thank you, Mohammed. Ladies and gentlemen, good afternoon. My name is Wael El Merhabi. I'm the CEO of Sport Clubs Company. I'd like to welcome you to our first earnings call since our listing on July 22nd of this year. I will start with a quick presentation highlighting the positive results achieved in Q3, which marked, thank God, many new historical records across all levels and aspects of the business. Let's start with our operational highlights for the period. This section will cover key initiatives, execution milestones, and operational improvements that supported our positive performance during this quarter. We'll walk through the progress we've made across our core business functions and the operational strategies positioning us for continued growth. Let's start with a quick performance snapshot. For the third quarter, we delivered 7.4% revenue growth, supported by continued membership expansion coming from both new clubs and like-for-like. Our gross profit margin increased to 36.8%, reflecting improvements in efficiency and optimization across our club network. Our net income margin reached 15.5%, and the EBITDA margin remained at 41.2%. For the nine-month period, revenue growth stands at 14.1%, with a gross profit margin of 28.7% and a net income margin of 9.8%. Our EBITDA margin for the period is, as you can see, 38.6%. Operationally, we continue to scale our footprint and deepen member engagement across our network. We closed the period with 59 clubs, with five new clubs opened year to date, out of which three during the third quarter. Membership grew strongly to a historical record of 167,000 members. That's an increase of 28.8% year-on-year, supported by both organic and new clubs memberships. Member activity also improved with 3.93 million visits in the quarter. That's up 25.6% year-on-year. Most importantly, our retention rate improved to 66%. That's an increase of 4.2 percentage points, reflecting better member engagement and higher satisfaction. In terms of our footprint expansion, we ended the period with 59 clubs across the Kingdom, strengthening our presence in the fitness market. As I already mentioned, we opened five new clubs, three Body Masters Premium and two Body Motions. As well, we reopened another existing club following a full refurbishment reflecting the new identity of our new clubs. Looking ahead, we remain committed to an aggressive, geographically balanced network growth with a strong concentration in the main cities, including Riyadh, Jeddah, Ta'if, Dammam and Al Khobar. For the first time in the history of the company, our pipeline has reached 16 new clubs currently in progress, out of which 7 are under construction and 9 in design stage or awaiting the necessary licenses to start construction. Most of these clubs are expected to open within 2026, Inshallah. Of course, if there is no further delay in obtaining the necessary licenses, which is today the biggest challenge for the new locations. Our new brand identity and operational and marketing initiatives continue to deliver strong results across our network. Starting with membership, our average Q3 member base increased significantly to almost 155,000 members, up from almost 123,000 during Q3 2024. Growth across both Body Masters Premium and Body Motions. Importantly, we are not only adding more members, we are also seeing higher average members per club. You can see it's rising from 2,000 to 2,400 year-on-year. Again, this is coming from both an organic like-for-like growth, in addition to the successful opening of high-performing clubs with the new identity that has a much higher average members per club. Engagement metrics improved as well. The total visits increased to 3.9 million, up from 3.1 million, reflecting continued loyalty and increased frequency among members. In parallel, personal training sessions saw a strong uplift, rising to 132,000 compared to almost 100,000 last year. Again, demonstrating strong demand for PT programs. Finally, it's important to mention here that this strong growth that we can see among all these metrics in both Body Masters Premium and Body Motions, on which our strategy focuses, is not the case for Body Masters Express, as we decided a few years back to completely discontinue this category. Today, we have seven clubs of Body Masters Express, and this number is supposed to get reduced gradually until it reaches zero in the coming few years, Inshallah. Some of these express clubs will be fully refurbished and upgraded to premium, and some others will be simply shut down as soon as their lease contracts expire. Similarly, we can see that all those metrics witnessed a significant growth as well, even when looking at the nine-month period year-on-year. This highlights the positive impact of our new identity and improved operational and marketing initiatives. We can see in the slide that the membership base growth is not coming only from Q3, but started the growth since Q1 with 3.5% growth year-on-year. If we compare Q1 to Q1, despite the closure of two Express clubs in Q1 2025, and before even opening the five new clubs this year. We can see a growth of 16.4% in Q2, reaching 26.1% growth in Q3 and marking a new record of 167,000 members by end of Q3 2025. It is important to mention here that this jump in Q2 and Q3 is mainly due to the opening of five new clubs with the new identity. This new identity which is proving to us club after club being opened that we are on the right track and that we are indeed growing with the right successful formula. Our subscription mix remains well-balanced and aligned with our strategy, with a continued preference by the members towards short memberships which yield higher margins. For quarter three, actually, the three-month subscriptions accounted for approximately 60% of total subscriptions sold, compared to 53% in the same period last year. The six-month packages represented 17.3%, broadly stable year-on-year, while the annual memberships accounted for 20%. Looking at the nine-month period, the mix remains similarly balanced, with the three-month packages representing almost the same growth compared to last year. The six-month package is at 14.5% and the annual subscriptions at 17.4%. [Foreign language] Thank you, Wael. This is Abdullah Al Tahan, the Director of Finance in Sport Clubs Company. I will present today the financial performance for the third quarter of 2025 and the nine months. Let me start with the quarter. We can see in this slide a solid top-line growth in Q3 2025. As you can see, revenue increased by 10.4%. Gross profit grew by 22.6%. Operating profit rose by 10.4%, and net income increased by 14.6%. Double digit growth in EBITDA, up by 10.7% to reach SAR 43.3 million, and free cash flow jumped to SAR 22.9 million versus only SAR 2.7 million last year, showing over 700% increase year-on-year. If you want to see the first nine months of 2025, we can see the revenue reached SAR 272 million, up by 14.1%. Gross profit increased by 17.5%. Operating profit was 15.5% up. Net income grew 12.6%, and EBITDA is up by 14%. As we can see, the free cash flow reaching SAR 50.7 million, up by more than 300% year-on-year. Next. If we want to see the balance sheet, we can see the total assets increased from around SAR 800 million at December 2024 to SAR 933 million in quarter three 2025. We can see in the right, the equity represents a large share of the capital structure, thanks to the retained earnings that had increased by 34.2% from December 2024, and the IPO proceed as well. Total equity and liability grew in line with assets, while the liability mix shifted lower and moved from 78.5% to 71.6% of the total. At the bottom, return to equity remains healthy at 23.5%. We can see the debt to equity improved from almost 100% in 2022 to around 50% at September 2025, giving us more balance sheet capacity to fund growth. Here we can see the Q3 revenue grow by 7.4% year-on-year. This was driven primarily by subscriptions that grew by 28.6%. Health club services grew by 7.5%. Sports solution segment went down due to the nature of the business. As we can see in the next chart, on the top right, Body Masters Premium remains the base with growth of 36.4%, Body Motions up by 30%. Body Masters Express continues to decline, which is expected as we are no longer focusing on growing this brand, as mentioned by Wael. In the third chart, we can see the health club services revenue overall increased by 7.5%, supported by higher activity from Body Masters and Body Motions. This mix translated into a gross profit improvement, where gross profit increased to SAR 38.6 million, up at 22.6, with the growth continuing from premium, which shows 74%, and Motions, which went up 42%. The decrease in sports solution segment is due to the nature of the business, along with extra costs charged from previous projects. On the 9-month basis, we are delivering stronger mix. The revenue overall increased by 14.1% year-on-year. The engine was subscriptions up by 17.7%. We can see the health club services were lower by 10.7%, mainly due to the actual launch of a new PT commission scheme system during the Q1 this year. The transition period is now behind us actually, and we expect this trend to normalize in the coming quarters. Sports solution increased by 17.7% due to execution of AlUla project during Q1 and Q2 2025. The second chart shows the breakdown of subscription mix. Premium remains the core segment, growing by 22.5%, reached SAR 145 million. We can see the Body Motions accelerated by 21.6% to reach SAR 60 million. We can see Body Masters Express declined by 22%. If we want to see the health club services, we can see the health club services were SAR 27 million, decreased by 10.7%, mainly due to the launch of a new PT commission scheme system during Q1 2025, as we have mentioned before. Gross profit overall increased by 17.5%, led by premium increase by 25.4%. Body Motions up by 17.3%, while Xpress decreased 17.8% and Body Experts was slightly lower, 19.6%, due to the same factors we have mentioned before. We can see in this slide, actually, the most important factor of the short-term vision for our business. We can see the record deferred revenue to date and the expectation recognition for the next period. At September 2025, deferred revenue stands at SAR 126.2 million as a record number for us, up 31.7% year-on-year from SAR 95.8 million. Actually, this reflects the growth in membership across all periods. We can see on the right of the slide a chart showing an expected recognition. Around 60% in this deferred revenue will be recognized in Q4 2025, and the remaining 40% will be recognized in the next year, 2026, [Foreign language]. Turning to cash flow. On the top left actually operating cash flow from 9 months 2025 was SAR 126.8 million, up from SAR 71.5 million last year. For the investing cash outflows increased to SAR 76 million versus SAR 59 million in 9 months 2024. Actually, this reflects driven by the expansion CapEx and refurbishment plan. The financing cash flow shows the net inflow of SAR 18.3 million. This line includes the IPO proceeds of SAR 78 million. Overall, net cash generated increased to SAR 69 million, up from four point million SAR in the same period last year. Thank you, Abdullah. In this section, I'll walk you through the most important slides of this presentation, showing how the new Identity clubs are performing across key financial and operational metrics. You will see how the expansion with the new Identity clubs will be the real game changer that will take the company, in my opinion, to completely new dimensions of success and new heights in market leadership during the coming few years, Inshallah, and which you must have already started seeing from now. Here we are comparing at a TTM level, the performance of the old clubs with the classic Identity opened before 2021 with the new Identity clubs, which were opened in 2021 and after. Starting with revenues, our new Identity Body Masters clubs are delivering SAR 11.3 million per club, compared to only SAR 4.3 million for the classic Identity clubs. You can see that's an increase of 160%. Body Motions is also performing strongly, with new Identity clubs generating SAR 7.1 million, up 30% versus the previous format. This uplift is translating directly into a significantly enhanced profitability. EBITDA per club, for example, for the new Body Masters clubs, has reached SAR 7.6 million, compared to only SAR 1.9 million for the previous format clubs. Body Motions also show strong performance, delivering 52% higher EBITDA than the classic Identity clubs. The same pattern holds for net income. New Body Masters locations are generating SAR 6 million per club, compared to only SAR 800,000. That's an increase of more than six times. In Body Motions net income per club nearly doubled compared to previous format clubs. In terms of membership, the new Identity Body Masters clubs are averaging 5,500 members per club versus only 1,700 in the older format. The new Identity Body Motions clubs also outperformed with 2,400 members per club versus 2,000. The new Identity clubs in our portfolio represent 21 clubs out of 59 clubs in total. Just imagine how the picture will be when we open the 16 new clubs in our pipeline, followed by another at least 10 clubs per year in 2027 onwards. In addition to the aggressive expansion with the new identity clubs, we are moving forward as well in the full refurbishment of a number of old clubs to upgrade them to the new identity. This slide shows the like-for-like performance of two fully refurbished clubs. For club 1, which was an old Body Masters Premium club, you can see how the active members more than doubled year-on-year, increasing from 2,100 to 4,400 members by end of Q3, just following the full refurbishment. Club 2 was a Body Masters Express club that went through full refurbishment as well. Then it was upgraded to Body Masters Premium. It also experienced, as you can see, strong growth, rising from 1,200 members to 1,900, and at even a higher subscription price. A higher number of members with a higher margin. These results clearly illustrate the power of our new identity strategy. Not only we're introducing the new identity through opening new clubs, but also through fully refurbishing a number of our old clubs. This concludes our presentation, and we are now open for questions. Thank you, management. Attendees, the Q&A session is currently live. You can either raise your hand or type in your questions in the Q&A chat. We will wait for a few seconds, allowing the attendees to raise their hand or type in their questions. Just as a reminder, attendees can either raise their hand or type in their question in the Q&A chat. I will take this opportunity to ask a few of my questions, while the attendees can type in their questions in the meanwhile. Just a broad level question from the management. If you can give us some idea about the level of competition that you or the industry is currently experiencing, and do you see any increase in intensity of competition? Since you have been in this industry for some time, is the current level of intensity of competition much higher than it was a few years back? Where do you see the competition intensity going forward? That's the first part of the question. The second part is, how do you see your pricing power right now and in the medium term? Apologies, I believe the management is having some technical difficulties. Just give me a minute. Hello? Hello? Yes. Now you're audible. Yes. Sorry for this technical issue. We're talking about the competition. I was saying for the competition intensity, of course, it is growing with the growth of the awareness in this industry. Actually, during the last 10 years, we saw that there was a big and significant growth in awareness in the industry. There was also a growth in the competition. Lots of international names came to the market, as well lots of new brands appeared internally, locally. However, as I said, the competition is growing but the market as well is growing with a bigger fitness awareness. However, we have a strong heritage. We have a very good presence in the market. We are present in about 19 cities or 20 cities of the kingdom. Regarding the pricing, let me say that this is our actually value proposition. Today for Body Masters and Body Motions, we are different in the market in a way that we are offering very high quality of services at a very affordable price for subscription and paid services. This is what is giving us the competitive advantage. Very clear. There are a few questions in the Q&A chat. Let me read them out. The first question is, how many clubs are you planning to refurbish, upgrade out of the 21 old ones? Okay. Not all the clubs will go through this refurbishment process because some of the clubs may have, let's say, a structural issue that cannot be refurbished. Some others will not be considered for refurbishment unless we renew their lease contract if their lease contract is near to expiry. The plan is to go between two to four clubs to refurbish every year, starting from 2026. This is given the very successful results that we've seen after we have refurbished the two clubs that we presented in the presentation. There's a follow-up question. How much CapEx is needed to upgrade or refurbish an old club? How long are they closed for? Does the CapEx differ between an old premium versus express club? A number of questions. Yes. It depends. It's case by case. It depends on the level of refurbishment that we are going to go through. Some of the clubs just need some very light refurbishments. In general, when we talk about full refurbishment, we're talking about a CapEx of something like SAR 4 million plus, in addition to the cost of equipment in case the equipment is not being refurbished in that club. Regarding the period needed, it depends as well whether it's light refurbishment or full refurbishment. If we're talking about the full refurbishment, that's the maximum period that the club will be closed. We're talking about something like 2.5 months to three months maximum. Okay. Thank you. There's a question. Can you elaborate on what is exactly the structural issue regarding refurbishment? Actually, for example, we used to have some clubs where, let's say that they were in a basement, or the size of the club is very, very small. Even if you refurbish, you cannot increase the size. We have some clubs where the ceiling is very low, we cannot have the comfort that we are trying to offer in our new identity clubs. In some clubs, we have lots of pillars. Those are very old clubs. In such clubs, we prefer to just shut down the club and try to find a location nearby in the same district if the district has the potential in terms of purchasing power, in terms of density, et cetera. Very clear. There are a couple of hands raised. I will be taking them on. We have Mr. Abdullah. I'm unmuting you. Can you please unmute yourself locally so that you can ask your question? Yes, Abdullah, can you please ask your question? Yeah. Thank you, Al Rajhi Capital, for hosting the call. Congrats for Sport Clubs Company on the strong set of results. My question would be around how many centers now under the new identity or the new gyms? Okay. Thank you, Abdullah. The number of new identity clubs, as I said, the definition of new identity are the clubs that we opened in 2021 when we started introducing the new identity and onwards. In terms of Body Masters, we have nine new identity clubs out of 42 clubs. In terms of Body Motions, we have 12 new identity clubs out of 17 total clubs for Body Motions. Okay. How many clubs you- Yeah, in total, we're talking about something like 30, 35% of our portfolio is new identity. The idea is that down the road, three, four years from now, we should have something like 80, 85% of our portfolio all is new identity clubs. Okay. The nine is including the refurbished clubs? No. No? No. The nine- So- The refurbished clubs, as I said, we have two refurbished clubs. We're not counting them of the new identity. We're counting them as the core portfolio. I'm talking here about only the new clubs that opened with the new identity. Okay. A follow-up question, mashallah, the slide for the new identity clubs, it shows very strong numbers, way higher than the industry average. How sustainable are these numbers, taking into consideration the undergoing expansion you're taking? Actually, I can say that they are sustainable, inshallah, because here we're not talking about clubs that just opened few months ago and that which recorded very good results. We're talking about clubs that opened since 2021, we kept opening the same identity of clubs since 2021. Since then, we're still witnessing these numbers. These numbers, when I say that the average revenue per club is SAR 11 million, this is taking into consideration clubs opening in 2021, 2022, 2023, 2024, and so on until today. Okay? We're talking about those numbers, which are Q3 TTM. Great. Okay, that's where all my question. Thank you, management. Welcome. Thank you. There is a hand raised from Usman Siddiqui. Usman, I'm unmuting you. Can you please unmute yourself locally and ask your question? Okay. Can you hear me? Yes. Yes. Thank you, management, for the opportunity, and congratulations on the great set of results. I have two questions. One is on the deferred revenue. Mashallah, you have recorded a very strong deferred revenue this year. I just wanted to know, has there been a change in the mix of membership this quarter versus historically? Is the deferred revenue somewhat the duration of high or the contribution of higher duration memberships higher or different than what it is for the previous quarter to the last year? That is my first question. For the first question, as you have seen, yes, deferred revenues was a record this quarter. Actually, the increase, this surge in the balance of deferred revenues by end of Q3, is mainly coming from two factors. Number one is the like-for-like growth. Actually, we did 3.4% like-for-like growth in terms of cash sales in Q3. In addition to the opening of five new clubs. Those five new clubs, they opened in Q2 and in Q3. They fueled up the deferred revenues big time by end of Q3. In addition to, in September, we have our most or the strongest season. This year, we did very well. All these factors helped us in having this record deferred revenues. In addition to that as well, the health club services, which are the PT and other paid services, which goes through the same deferral process, also outperformed last year. All those factors made us reach this very high number of our amount in deferred revenues. To sum it up, there's no meaningful difference in the- No. We're talking up until- All right. The second question is on the cost side. Are you witnessing increase in cost of doing business today versus that of last year or year before in terms of higher Saudization requirements for trainers, higher rental costs, or some regulations pertaining to parking that would make your cost% higher than last year or moving forward? Definitely. Now in terms of Saudization, not really, because the Saudization rate did not really change between last year and this year. We've been operating in middle green since long time and since maybe seven, eight years. Saudization was not an impact. Now, in terms of parking, on the contrary, the law that passed about a year ago was in our favor. Before, the regulations was to have three parking for every 100 Sorry, six parking for every 100 sq m of built up area. It went down to two. This is for our favor. However, as you know, the inflation which hit lots of other cost components of the P&L, like utilities, like rent, like all those other things, definitely they impacted us negatively. As I said, we're trying to always offset this by increasing gradually our subscription prices. By upgrading some of our clubs after refurbishments, which is improving our margin. All right. Just to reconfirm, can you share your center opening guidance for the next two years? Yes. This can be shared by the IR. You can download the presentation from our IR. All right. Thank you so much. You are welcome. Income management, there are a few questions in the chat. I will be reading them out. The first question is, are there any loss-making clubs within your network today? Definitely, there are some, but we're just talking about handful clubs. Even the loss that we're talking about is very low. We're not talking about any club bleeding. Mainly those clubs that are making losses are either from the Express clubs that we are discontinuing or clubs that are going through some issues, let's say temporary issues, related to road closures, et cetera. Thank you. If you allow me. If I'm not mistaken, I would like to ask my colleague, Abdullah, to confirm what I will going to say, that even those clubs that are making losses, at the level of EBITDA, all of them are positive. Yes, that's right. Hello? Okay. Yes. There are a few other questions. I will be reading them out. It says, is it fair to say that 23 out of 59 clubs are under the new identity? Yes. This is what I said. Actually, we said 12 plus 9. We're talking about 21 clubs, not 23. Okay. There's a question, do you expect this level of members per center to be sustained? Is it fair to say that the strong growth in member count mainly came from opening new centers? Can you say it again? Sorry. The question has two parts. The first part is, can the current member per center be sustained? The second part is it fair to say that the strong growth in member count mainly came from opening new centers in high dense areas? Regarding the first question, yes, of course. It's not only sustainable, we believe that it will go higher because as I said, the new identity clubs is contributing with a higher number of members per club. The new identity clubs, as you've seen for Body Masters, it's 5.5 thousand members per club. As long as we are opening, we keep on opening new clubs, we will always be having a higher average of active members per club. This is for the first question. For the second question, actually, no. It's not only coming from the new clubs because as I said, in Q3 we had 3.4% growth in the top line like-for-like. This is coming organically from the existing club. In addition to that, we are having as well the growth in the number of members per club coming from the fully refurbished clubs. We have here three factors that are contributing to the growth of number of members per club. Number one is organically like-for-like. Number two is the new clubs opening with the new identity. Third factor is the fully refurbished clubs upgraded to the new identities. Okay. There's a question: can you share some color on sport solutions segment? Sorry, again. Can you share some color on sport solutions segment? Okay. Body Experts, which is the third brand in our portfolio, is a 360-degree fitness solution provider. What we do in Body Experts is that we offer turnkey solutions in fitness to both the private and the public sector. For example, the last project that we did with the RCU, the Royal Commission for AlUla, was a clear example of a successful PPP, public private partnership, where we offered a turnkey solution in fitness. Actually, we offered our consultancy, we did the design, the construction, the finishing, the equipping, and it ended up with operating the clubs that we built for the Royal Commission for the next 10 years. We delivered the project, okay? We are operating this for the next 10 years. This is what exactly Body Experts is doing. As well, we had lots of other projects with KAF, making their gym in their HQ, with companies like SIDF, where we renewed as well the contract with them after four years, in addition to many other similar projects at a smaller scale. Now what we are aiming for is to obtain and secure more and more similar projects in 2026, [Foreign language], with Body Experts. Thank you. There's a question. How much time does it take for a club to mature? Will there be initial decline in margins until the new club ramps up? In normal circumstances, yes. Usually the club opens with minor, let's say, losses until it reaches breakeven, then after the breakeven, it reaches the full ramp-up. However, what we are trying to do is, following our pre-opening sales strategy, we are trying to maximize the number of members in our clubs at the opening in a way to open with profits, without losses. It worked with us with many, many clubs. For those clubs where it's not really working, still it's helping us a lot to reduce the period of losses, which usually does not exceed a month or two. Talking about the maturity, this is what we define it as the ramp-up period. Usually, it takes about 8 to 10 months for a Body Masters club to reach maturity in terms of number of members. For Body Motions, it takes between 10 to 12 months to reach full ramp-up. Very clear. There's a question: is there a difference in the area of normal clubs and identity clubs? Performance, yeah. You mean location? Like prime location, not prime location? No, it says, is there a difference in the area, in sq m between normal clubs and identity clubs? Between the old identity and new identity? Yes. The old identity was not, let's say, well-studied. We had different areas. We used to have some clubs with very big size, some others with very small size. Now what we did with the new identity, we tried to go in a more unique manner, okay? A unified identity with a size which we believe is the right size for a club that is offering services to the mid-tier. We are targeting something between 3,000-3,500 sq m for Body Masters for the new identity, and we are targeting between 2,500-3,000 sq m for the Body Motions clubs, the ladies clubs. This is due to the nature of having more members in Body Masters compared to Body Motions. However, as I said, it's not only about the area. Actually, you can find an old identity club with 4,000 members, but it does not absorb the same or as many members as a new identity club of 3,000 sq m absorbed. This is because of another factor, which is the space optimization inside the club. This is why the new identity is very successful. It is designed in a way to absorb more members. Al-Rajhi, can you mute? Yes, I can hear you right now. Hello. Apologies, there seems to be some technical issue. Can you hear us well now? Yes. Now you're audible. Sorry once again for this technical issue. Did you hear my answer fully or it was disconnected? No, we got your answer completely. It was disconnected at the end. Can we take the question from Abdulrahman Al-Bakhan? Apologies, you are not audible right now. Can you please- Can we take the question from Abdulrahman Al-Bakhan? Can we take the question from Abdulrahman Al-Bakhan? Yes, sure. Abdulrahman, I'm unmuting you. Please unmute yourself locally and go ahead with your question. Hello? Yes. Hello. Yes, hi. Firstly, congratulations on the great set of results, and thank you for hosting this call. I just have a few questions. I just want to get an idea about the ramp-up of the newly opened clubs during this year and what's your ideal target for number of members per club? Okay, for Body Masters, we usually target something like 4,000. Regarding the new clubs opened this year, we were able, Alhamdulillah, to reach a way higher number in a less or in a shorter period than the ramp-up period that we set, which is between eight to 10 months. Before eight months, we were able to exceed the 4,000 members for most of the Body Masters clubs opened this year. In terms of Body Motions, we are setting a target of 2,500 members per club. As well, we were able, in one of the two clubs for Body Motions opened this year, to reach a much higher number in a shorter period before the ramp-up set period. The other club did not reach yet this number because we are talking about a very small city where we opened. We expect that it will take some time and Inshallah, we will reach there. Inshallah. Just one more question. I have noticed in your subscription mix year-over-year, there has been a shift towards more shorter tenure, specifically the three months subscription. I just want to get your view on it. Was the shift more natural or client driven, or were you subtly pushing customers more towards the shorter tenure subscriptions? Let me tell you that it is a combination of both. Actually, we can easily shift it ourself. If we go more aggressive on the 12 months subscription, for example, you can see that the mix is shifting towards a longer period. If we are targeting a shorter period, same thing applies. Actually, what we do is we try to put the right offer in place, and the right offer depends on many factors like what the competition is doing, what is the seasonality that we are talking about, are we at the beginning of summer vacation? What about the schools and universities exams, etc.? All these factors, we study them very well and based on that, we decide whether to go more aggressive on shorter period or longer period offers. In general, if I look at it now, if I compare what is the mix in Q3 compared to Q3 2024, I would say that we did not really do a big change in the offers. The market sometimes goes more with shorter durations, sometimes it goes more with longer durations. However, as you can see that the difference is not huge, it's not big. We're talking about going from 53% to 60% only in the six months. We're not talking about a big shift. In addition, there is another factor which is very important. When we open new clubs and when we open also a new Body Motions club specifically, ladies, they go towards shorter duration more than longer duration. Always when we open new clubs, we will have a bigger number of new members. New members, usually, they always try first to go for shorter duration, and then if they like the club, they renew with a longer duration. This may explain the shift from 53% to 60% in the three-month subscription. That's very clear. Just one very quick follow-up. With the current mix, or is the current mix your ideal target going forward, or do you have another target in mind? Actually, let me tell you one thing. How to say it? The shorter duration has its own pros and cons. The same thing applies on the longer duration. For example, on the short duration, we have a higher margin, but a lower probability of renewal. While on the longer duration, you have the renewal is guaranteed, okay? Because it's already committed for a longer duration, while you'll be sacrificing the margin that you would have been able to take if we went for the shorter duration. Let me say that it has always been the case that the three-month subscription has always been between 50% to 60%, and the remaining 40% to 50% is always distributed between the six months and the 12 months period. That's very clear. Thank you so much, and we wish you good luck. Thank you very much. I believe we are now towards the end of our meeting. If the management would like to make any concluding remarks. I would like to thank everyone and hope to see you all in the next earnings call, Inshallah. Inshallah. Thank you. Thank you, management. Thank you, attendees. Have a great day. Thanks a lot.