So it's 10 o'clock sharp. Warmly welcome everybody to the Q2 call of EQL Pharma. We have again a fairly complex quarter here to dissect together, although this time with a few more positives than in previous quarters here. So let's jump into it. So co-presenting with me today will be our CFO, Allan, that you will get to know a little bit more today. Before we start, a short disclaimer. So in today's presentation, we may make forward-looking statements both in the presentation and in answering your questions. Those forward-looking statements are based on management expectations, and actual outcome may or may not differ from expectations. With those words of caution, let's get into it. So the agenda for today is that I will give a brief quarterly overview, then Allan will lead the dissection of the quarter. So to really try to understand what is what here. Then he will also give his insights on outlooks, both short and long term. Then I would like to share with you some of the progress from our operational transformation that is ongoing, what has been achieved so far, where we stand. Challenges, opportunities, and so on. And then, as usual, a portfolio and pipeline update, and then time for questions. So if we start with the financials of the quarter, Allan will take it in more depth later on, but of course, a revenue here that we are very satisfied with. 157 million. And the comparison quarter, that was our profit warning quarter. So of course, it's a very weak comparison quarter. The revenue was also driven by a couple of positive one-timers here that Allan will explain in more detail later. Year-to-date growth is 36%. The gross margin here was 36% in the quarter compared to 38% the same quarter last year. And then bear in mind that we had negative one-offs here. of €15 million in the quarter related to claims adjustments to suppliers and provisions for scrapping that Allan will also go through later on. EBITDA margin is thus recovering a bit here to 19%. It is, of course, better than the same quarter last year and also better than Q1. Although we still have some way to go here to our target figures. CapEx also a little bit more modest here on €8.3 million compared with nearly €10 million same quarter last year. And as you know, we are trying to be cautious and careful here with allocating new CapEx until we feel that we are standing on a little bit more stable ground. The growth outlook for the full year remains around 15%, although we are more confident with it now than we were in the last quarter here. And since we also assess that we, even though things are moving in the right direction, we are not fully out of this tough period. And that means that forecastability for us is a bit lower. than it has been previously. So this is why we choose to keep the full year forecast at around 15%. Leverage significantly down from last quarter, driven by the EBITDA improvement, of course, but still significantly above our target. of 4.7. And we see a sort of— provided that our operational transformation and comeback journey here continues, we see a gradual movement towards our target here into next year. And just as a pedagogic exercise, we did also a pro forma calculation of the leverage just cleaning out all these negative one-time effects from Q4, Q1, and Q2, just to see how much they actually impact On the business development side, we have quite a lot happening. For Meloson, if we start there, Meloson has now been launched in Turkey by our partner Abdi Ibrahim, which we are very excited about. It's a new market for EQL, so that's a milestone, and it's also a completely different market dynamics. So we are learning a lot, and of course it's a significant demography in Turkey. Launch preparations are ongoing in Kazakhstan and in Italy, and in Kazakhstan we hope to launch already this fiscal year the low strength 3 milligram. And then launch the 5 milligram strength later on. Italy, as it looks now, will be launching next fiscal year. For the Medici territories, we can gladly report that Germany and Switzerland especially are the drivers that keep growing very, very nicely. Other markets are slower with different types of challenges. Procedures are still ongoing in the Gulf countries and on Ireland. For Memprix, our other key strategic asset here, this product has in the quarter been launched to France. And why, why I say launched to France and not launched in France is because we have sold the launch volumes to the partner in France, but they have not yet launched it in market because they need to make a couple of changes and applications until that is done. But that work is ongoing. Hungary has been added as a new territory here in the quarter, which we're very happy about, that we can keep adding territories. If you remember Spain from last quarter and now Hungary. Israel, there we are in final stages of launch preparation, and launch shall definitely happen in this fiscal year. We have also received the final approvals for all the Benelux territories, so there is some post-approval variations that need to be done now. And as it looks now, we can launch in the next fiscal year. And we have also a procedure ongoing in Ireland. In the quarter, we did not launch any new products, but 2 products were added to the pipeline, so that keeps the portfolio at 49 products and the pipeline grows to 46 products. Another significant happening in the quarter was that we received the first 3 MAs for the first more significant special generics products, and we're very excited about that, of course. Special generics, we really hope and believe, will be a strong growth platform for us in our home market here going forward, and we're very excited about these new assets. It's important to bear in mind that the special generics products, they grow and reach their sort of full potential after a couple of years. So their patience is, is really a virtue for those. So we expect to launch one of them, actually will be definitely launched in this fiscal year, and the other 2 we will see if it will be in next fiscal year or this. I believe next fiscal year. On the operation side of things, the operational transformation program has now entered its 3rd and most critical phase. I will talk more about that later, but diagnosis phase is ended, acute phase is ended, and we are now in the phase where we're really trying to get the whole EQL team involved in making the structural sustainable improvements that we need to do to be able to keep growing here many years into the future. AI acceleration and simplifying a lot of our tasks with AI. So it's really full speed ahead now with AI in EQL. And as you can imagine, I mean, being a pharma company and also being a virtual company, the information flow in the company is quite heavy. So it's very suited, I think. for, for AI pilots. So it's a lot going on there and big excitement in the team. Finally, I also want to inform that we have carried out a staff reduction in the, in the quarter of 5 FTE here. Which was done in, or actually in Q1 and Q2. So that is now completed. Then I will hand over to Allan for some further colors on the financials for the quarter. Thank you, Axel. And as stated, 82% growth, of course, is significant. EBITDA of €30 million, the same. But in fairness, it is also a quarter that is shaped by one-offs and weak comparables, as Axel also mentioned. So we have €157 million of net sales in the quarter. It is supported by an improved supply situation, but we also have around €37 million of what we label as one-off impacts. On the one side, we have a competitor which was out of stock on a key product, which is supporting our top-line growth for the quarter. sales milestone we see related to branded sales. Going forward, we may not report sales milestones as one-off, but we thought it was prudent this time given that it is the first significant impact we are seeing on the top line. On a gross profit 1 level, we reached €56 million, 36% GM1. It is a recovery from Q1. But we also do have some negative one-offs following the balance sheet review we flagged in Q1 that we would carry out. There are basically 2 components to this. One is that we have reassessed claims towards some of our suppliers, which has led to a write-down. And we have scrapping of inventory items, mainly in the hospital segment. And both of these components go into our cost of goods sold. And while these are unfortunate, they also conclude the balance sheet review. And we expect no further write-downs other than ongoing accruals for scrapping and potential pruning of projects should our transformation project come to such conclusions. We do see this as a temporary upside and not anything that will impact the longer term for us. And then we have a sales milestone for melusine, mainly related to Germany and Switzerland sales. This is the first major On the positive side, the milestone payment mentioned under the net sales also carry an above-average margin. So you can say that underlying, when things are going well for EQL, we have a GM1 of around 42-43%. It's not the case right now. We are still on the transformation journey. And in our current situation, GM1 is expected to be around 35% to 40%. On an EBITDA level, we reached the 29.9 million. Operating profit, EBIT, increased to 22.4, and net profit was up to 11.8 million. We have a cash position of 52.4 million, as well as an unutilized working capital facility of 33.4 million. Our leverage of 6.6 is still above our target, and we do expect it to remain above target during this fiscal year. As I say, if we take out the extraordinary write-downs we've had for the past 3 quarters, we are to the tune of 3.7. So I think that's the overall highlights for our Q2 financials. If we then move to the outlook, we maintain our outlook for the year, same as in Q1. With 15% of expected growth for the year. If we look at the underlying business, in the first half of the year, we are at around 17% growth. And for the coming 2 quarters, we are facing tougher comparables than we had in Q2. And as we also stated, we have some delayed launches that is also impacting our opportunity to grow even further. We still have our long-term goal of 30%. We are evaluating whether this difficult period we are facing right now, it affects our long-term outlook. And we will revert once a conclusion has been reached. We expect that to happen during this financial year. Our current priorities are mainly on the operational organizational upgrade through this transformation program. And of course, to stabilize our delivery situation. If the improvements we are seeing right now, if they hold, then we expect Q1 of this fiscal year to have been the low point of the tough period for EQL. We are focusing significantly on improving our launch process. This is a key part of this transformation program we are going through, as well as securing structural improvements. of all of our key processes so we can create a robust, scalable platform and be ready for our next growth journey. In terms of financial discipline, as said, the leverage ratio remains above target for this year, and we expect it to stabilize at lower levels as our EBITDA recovers over the coming quarters. We are cautionary on new signings for, for CapEx investments, and we are focusing mainly on the ones with the backloaded payment models. And as part of that, we are keeping a strong eye on our cash working capital position and all improvements we can do to optimize. this situation. Thanks a lot, Allan. Then I would like to spend a few minutes on this, this transformation program that, that we keep coming back to. So, I mean, this tough period for us started, yeah, September, basically a little bit more than a year ago. And I would say that we, what we did then was that we designed a holistic structural improvement program to really make sure that we identify what we need to correct to be able to resort the acute situation, of course. And then to be able to make sure that it does not happen again and that we can get back to speedy, profitable growth as soon as possible. So we spent quite a good amount of time in the spring here. Doing diagnosis to really understand root causes behind the events that caused our underperformance, and also trying to look forward. What challenges could reappear? Then we spent the summer months on what we call the acute phase, and that is basically addressing, basically putting out fires, addressing things that were acutely challenging. To the company. So of course, stockout situations where we, in the worst part of the tough period, we had 5, 6, even 7 stockouts of key products at our worst days. And now we are sort of at 1, 2 instead, which is the result of the acute phase here. And in August, we went into what I call the third and most important phase of this transformation program, which we call structural improvement. So this is the phase where we really engage the whole EQL Pharma team to deliver systematic, structured structural sustainable improvements such that we can have a stable and robust platform on which we can carry on the growth journey. And I will show a little bit more on how we're working in that. Obviously, it's important to prioritize, and what we did was that we selected a first wave of priorities. These 7 work streams. Everybody in EQL knows them by heart by now, but I will explain them to, to you. Obviously, the first 2 ones, master supply and demand and build our launch machine, they, they address some of the key root causes for, for the tough period we had. So master supply and demand. What that means essentially is to upgrade and robustify the whole demand planning, sourcing, procurement, inventory management machine. In terms of processes, roles and responsibilities, the way we handle our suppliers, what system support we use. What kind of KPIs and reports we are tracking, all these kind of things. So that is obviously an extremely important work stream. Secondly, build, build our launch machinery. So I mean, EQL has in the past managed to launch 10-ish products per year, and my conclusion here is that to be able to keep on this growth journey, we need to be able to launch 10-15 products per year. We cannot have years like, like, like the last one or the year before where we launch 1-2 products. That, that doesn't work. So obviously the launch process and the launch machinery is really a key focus here, and in pharma companies typically this is a difficult process and it's a cross-functional process and it has many sort of activities that are on the critical timeline. So this is a big focus for us. Third, we have a work stream called Optimize Our Pipeline and Portfolio, and this more revolves around focusing the company. So really, really assessing all of our assets, both in the pipeline and in the portfolio, to try to see if something fundamental has changed since we decided for that particular product. Or if our future expectation on that product has changed. And there we also try, as Allan said, to really take everything into consideration. So margins, working capital. We also put initiatives in competition with one another to really make sure that we can have a better focus here going forward. And for those of you who follow the company over, over the last year here, you know that we have already pruned a couple of products from the pipeline where our view has changed, and this is work that is ongoing. Then stabilize finances to fund the future. So here to clarify, stabilize our finances, that, that more relates to profitability. And liquidity planning. So obviously in this tough period, profitability has not been where we wish it to be. So that is a very high focus. So under this work stream, Work Stream 4, is our internal cost takeout program, as an example, the one that, that now generated this 5 FTE reduction. We have a lot of other initiatives there as well. And secondly, of course, when it comes to liquidity right now, we need to be cautious in signing new products. That is really, really against our DNA. We want to be very aggressive in signing new, new products. But for that to be able to happen, we of course need to have a robust and stable liquidity forecast to make sure that we are able to fund. all of our activities. One also next, clarify roles, processes, and decision-making. So I think this is fairly typical in a company that has been growing a lot. When I started in this company, the turnover was like 30 million kronor. And now we are sort of on an annual base around 500 million. That is, of course, a significant complexity that has been added on during the years. And I think that it happens in, on different stages for different companies, but we are definitely in a stage where we need to start adding a bit more of the sort of big company mindset in terms of mapping processes, having super clear interfaces. These kind of things to, to make it extremely crisp. Who does what and in what order and all these kind of things. And I think that is very typical for growth companies. Then we have the tech work stream, which mainly, of course, these days revolves around AI, but there we're also assessing potential ERP support and other sort of off-the-shelf support. When it comes to ERP, it was about a year ago, it was our firm belief that we need to introduce an ERP system. As many of you know, of course, a lot of things are happening on the AI front, so we are now more in a phase where we are assessing, yeah. An off-the-shelf ERP is one solution, but we also want to see how far we can get internally with the help of AI. And then final work stream here is maybe more important internally than externally, but it can be good to know at least that, I mean, this is historically a team. that is used to winning. I mean, the company had a very good streak here before the tough period started, but that was also very intense years for the colleagues in EQL. Delivering such a growth. And now it's been one, one tough year here for the team. So we really want to sort of improve our internal HR processes and and really create a winning culture, a winning in style culture. with the whole team. Coming back to this picture here. First, the blue line here is externally communicated targets, and the green bars is what we've actually delivered. You can see here again historically. That we've actually been able to, to track fairly well against our external ambitions. Then the new 5-year plan that started in '25-'26 got a much slower start, obviously due to the tough period here. And now with the strong, strong Q2, we are somewhat closing the gap, although as Allan mentioned already, a big part of it is due to sort of positive one-offs. And this is also connecting to, to, to long-term guidance that we really believe that right now our key focus is this operational transformation to make sure we get back to delivery. And we need to really assess here whether or not we, we can get back to this plan or whether we need to revise it. But for that conclusion to be robust, my firm belief is that it's very important to focus on the operational transformation and see what we can sort of deliver here after that is done. Snapshot on the portfolio and pipeline. So Obviously 2 products launched so far this year. Right now we are hoping to launch 4 more products in this fiscal year. So a total of 6, but that forecast is uncertain, and that is because we are having challenges in, in our launch process right now. The current launch products are technically challenging. And the launch process has not been functioning as efficiently in the last year as it has before. So that is, that is the current belief. So 4 more products, and that's what we're going for. Pipeline, of course, growing by 2 products then, and we will see how many more we manage to add here in the year given the constraint on capital. packs that we mainly select backpack-heavy products. So to wrap things up before we, before we open up for questions. So I mean, obviously Q2 was the first strong quarter in a while here for us. We are of course happy for that, and we hope and we also believe that this is the start of something different. Q3 and Q4 look fairly stable for us. Still inventory situation still looking good. A lot will depend on launches, of course, and how we can deliver on branded. I really, really want to flag super clearly though that even though Q2 was a really good quarter and Q3 and Q4 look stable, it's too early for me to sort of bring out the big danger over trumpet here and conclude the tough period is over. And what I am looking for there is really tangible outcomes from the transformation program. And more specifically, launches. That's really, really the key focus now. Get back to being an oiled launch machinery. Secondly, of course, that the supply is stable over time. Yes, the acute phase delivered a relief. Situation much better in Q2, looks better in Q3 and Q4, but this needs to be sustainable. And finally, of course, cost control. So this regards the OpEx growth in the company basically, and CapEx of course as well, but mainly this cost takeout program that I was referring to before, that we start seeing tangible results from that. Given everything we know now, it still looks like the last quarter will have sort of been the low-water mark of this tough period. I hope that that will remain the case. I mean, it is, however, well documented that, that, and also in my experience, that in transformation journeys you can have temporary setbacks and challenges that appear. But given what we know now, we still hope that Q1 will really have been the low-water mark here. And of course, as previously said, focus on the operational transformation now here is, is really key for us to, to get back to sustainable performance. That was everything from the presentation, so I will stop sharing my screen. And we will open up for questions. And as usual, you can post your questions either in the chat or by raising your hand here as Arvid does. So you want to be first today, Arvid? underlying sales of 120 million SEK, excluding the positive effects from the competitor stockouts and MELAZAN milestones. So could you elaborate on the split between these factors? And is there any potential for any of these benefits carrying over into Q3 as well? I'll start there. Absolutely, happy to go first. Good morning and thanks for taking my questions. So first up on sales, I was just wondering if you could help us decipher here. You're estimating sort of Okay. So I can take that one, and Allan, then you just chip in if you think that I missed something. But these accumulated sales milestones, as Allan said, that is now the first sort of significant one. Later on, we hope that they become a sort of integrated part of the business. They are typically in the range of 5 to 10 million kronor. These accumulated sales milestones. So that means that the majority of the sort of one-time upside in the quarter comes from this competitor stockout. We cannot say at this point how much effect that— it is really a temporary one. Might have little positive spillover effect in Q3, but it's really, really too early to say. Okay, fair enough. Thanks. And then on the gross margin, you say 35% to 40% going forward, but could you just help us clarify, excluding both the 15 million in write-downs and the milestones, what would have been sort of the underlying gross margin in Q2? Yeah, so what we're trying to signal there is that when we sort of, if we clean out for all the sort of issues that is going on, when we are really back to performance, we believe that we can deliver sort of 40 to 43%. While the tough period is still going on, we believe that gross margins will be in between 35% to 40%, and that is also then the case for this quarter. Okay, fair enough. And then the last one, if I may, if you could just elaborate a bit on the launch pipeline and the near-term launch pipeline. What's your level of confidence in these launches actually taking place when you expect after these— this revised forecast? What are the underlying technical challenges that still linger and What makes you confident that you will actually overcome this? Yeah, no, I really want to be clear that I'm not confident in the launch forecast for this year. It is an uncertain forecast. Right now, our assessment is 4. more launches. For one of them, I would say that we are certain that it's going to happen. For the remaining 3 of them, the challenge is what we call the analytical method. transfer. So that is when a product is produced outside of the EU, then it has to be reanalyzed within the EU and then released to the market. And the analytical method transfer, that is when the analysis method from the sending lab shall be transferred to the receiving labs. And for some products, this is really, really challenging, and this is the case for these 3 products. The root cause solution for that will be to do the analytical method transfer much, much earlier in the projects. That is sort of our learning here. But for these upcoming launches, that is— that ship has already sailed. So now it's more sort of just trying to solve the problems. And basically, if we manage to solve those problems, we will have these 3 launches in this year. And if not, we will not. So this is why the forecast is uncertain. Great, thank you. That's very clear. I'll jump back in the queue. Thanks. See here if any more hands are in the air, otherwise I will go to the chat. We'll open up the chat here, Allan. First question from Christer here. I will read the question just so everybody hears it. Congrats on a great quarter and great to see you cleaned out all current sour grapes. You kind of forecast $230 to $240 million in your next quarters. What EBIT margins, extraordinaries excluded, do you aim for? Next question, what is the gross margin on the nominal 120 MSEC turnover in this quarter, i.e., excluding the write-offs and milestone payment? Final question, you write that you have got market approval for 5 new products in the Nordics. And that you expect to launch another 4 products in Q3 and Q4. So do the 5 approvals relate to the 4 launches, or how should I understand? Okay. So the first question relates to the expectations on the next of the year, on the rest of the year. And of course, as we remain in the tough period, I would say that forecastability is a little bit lower than it has been historically in the company. So when it comes to sales forecast for the next couple of quarters here, I mean, it's tough comparison quarters, and we see that sort of underlying sales in this quarter was about 120 million. In terms of profitability, I mean, I would expect gross margins here of between 35% and 40% in the remaining quarters, given that it will take a bit of time for this operation operational transformation program to deliver fully. I don't want to make actually a guidance on EBIT because it is too difficult right now. But based on sales and gross margin estimates, I think you can probably make your own estimates there. And yeah, next question, I think we basically answered in Arvid's question, sort of. The underlying gross margin in Q2. Yes, 5 new approvals in Q2. Typically, they are for everybody to know. Typically we have 6 to 8 months between approval and launch, and— but that can differ a little bit based on what type of product it is. If it is a pharmacy niche generic, It— we can do it in, in 5, 6 months, best case. I would say maybe 7-8 months average. If it's a hospital product, we need to wait for the relevant tender to be published, so it can take longer. So I would say the approvals that we got in the quarter, they are not indicative for the launches the rest of this fiscal year. They are more indicative for that we are going to have products to launch in the next year. So Christer, if you have follow-up questions on that, just, just write in the chat, or if you're happy with my answers. Then we have a question from Christoffer here. Do you have enough stock of the product that drove the high sales in this quarter to keep supplying the market? That is the first question. How is the API supplier switch for Membrex progressing? Have you submitted a variation application yet, and is the timeline unchanged? So that you start selling product with lower COGS in summer '27. Okay, so if we start with the stock level of this product where competitors are short, obviously that has required a significant effort in the quarter to manage that. So it's not just something that happened automatically, and it's actually a product where we have 2 active competitors and both are out of stock or semi-out of stock. So it's a significant sort of extra volume for us. We are doing everything we can to manage this short market and benefit from it as much as possible. I would say in my assessment that whether we will be able to fulfill all of the demand or not will depend a lot on for how long it will last. So it is definitely of temporary nature. We do everything we can to benefit from it as much as we can. Regarding the API supplier switch, that variation has been submitted and the timelines are thus far intact. That doesn't mean that automatically that they will be intact. We are still needing to have more stability data on it, but provided that that stability data looks good, we should have the approval early next year. And if that time plan holds, then we will be able to start selling the product with lower COGS in the summer of '27. We will also want to do the shift of API sequential. So that we don't move all of our customers to the new API in one bang because it's too risky to do that. So we want to do that step by step. see that the new API is working as it should. So if there are follow-up questions on that, just Ping in the chat. The trend seems to remain here that the amount of questions is lower in a strong quarter than in a weak one. Allan, do you have anything to add on the sort of financial statements that I made here? Anything you would like to clarify on that from your standpoint? I think you've been very clear on that. Maybe just to say that we are also mindful on our OpEx to make sure that we we don't see future increases to the same tune as we've had so far. So we made an investment in the organization, and we are not expecting to have to make similar investments in the near future, at least. Good, good clarification. Thank you. So if there are no further questions, uh, here we have From. Simon. A couple of years ago you mentioned a typical GM for pharmacy being 50%, a little lower for hospital, and up to 70% for branded. Are that still the reality? If Why? Yeah, if not, why, I suppose. Okay, so when we— first thing there, just to explain, I mentioned it before, is that There is cost-based P&L and functional P&L, and when we report externally, we do it in a functional P&L where we take the amortizations over the gross margin. When we— when I have communicated these figures, it's been more in the mind of a cost-based P&L where it's basically just sales price minus COGS to make it a little bit more comprehensible. I would say for pharma, that is still the case when that segment is functioning. The cost-based gross margin, I would say, is around 50%. That hasn't changed materially. Then, of course, if you deduct amortizations, it becomes lower. So we don't sort of see a downward trend there. Hospital, yes. Hospital is a bit lower due to several reasons, and as you know, also we have expected or experienced the challenges in the hospital segments around scrap. which basically makes our actual reported gross margin for hospital segment significantly lower. We still believe the hospital segment is attractive if we handle it in a professional way. For branded, I would say that my— the view has changed a little bit. So for the Meloson products, And definitely we can see those types of gross margins due to high health economic value-add. Meaning good sales prices and also competitive COGS on that one. For MemPrex, typically the margins are significantly lower as of now. Which is why we are running this API change project. And we're going to try to do that in several steps to over time get the gross margins of that product upwards. I don't think it will ever reach 70%, but if it can reach between 50% and 60%, that would be a significant improvement for now, from now, and still a very good product for us long term. One more question, and Simon, just write follow-up if you need some clarification. Then a bond question. I think I will ship that one to you, Allan, but I will read it. The bond matures January 24th, 2028. When do you expect to start the refinancing process and what EBITDA run rate do you think you need to refinance on acceptable terms? In August, you mentioned buying back bonds. Is that still realistic this financial year? Do you feel comfortable to take that one, Allan? Yeah, I can give it a first go, then you can add something if you want. So we basically have 3 specific points in time where we can act on, on the bond until January '28, and we are looking into when is the the right time to do that. Generally, the bond is trading well, and we are happy with that performance. I think right now, I wouldn't assess it as the most realistic to buy back bonds. We may prefer adding more on the CapEx investment side, but to be assessed further. during the year. There's also a question on, on trade receivables. That went up to 120 million SEK. How much relates to the stockout volumes and what are the payment terms with those customers? So the stockout volumes are on our standard payment terms. So there's no change related to that. We saw significant sales in the last couple of months of the quarter, and that is entirely what is driving the the increase in receivables. And we— I would say generally in our type of business, we have very limited credit risk on those receivables. Thanks. Very good, Allan. I have nothing to add there. So if anybody has more questions or follow-up questions, now is the time. So it seems that was it. Then thank you very much for your participation in the call. Thanks for good questions and We hope to see you all again in 3 months' time. Bye. Thank you.