Welcome to ITAB Shop Concept Q4 Report 2025 presentation. During the Q&A session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now, I will hand the conference over to Interim CEO and President, Glauco Frascaroli, and CFO, Andreas Helmersson. Please go ahead. Hi. Good morning. Good morning to everyone. I just want to give you some information about myself. I stepped in as Interim CEO on January 7 to replace Andreas Helmersson, and I will be interim CEO until end of April, when Björn Borgman will step in. Just a few words about myself. I start in this industry in 1979, so I have a 47-year experience until I was CEO at La Fortezza, when in 2016, we sold to ITAB. Then I stay in ITAB. I start as a CBO, Chief Business Officer for South Europe. Then I, from 2019, I was Senior Vice President, South Europe, and then from 2023, I was Senior Advisor, and then from January, as I say, I am now Interim CEO and President. I just want to give some information about ITAB Group, because I don't know if everybody knows about us. After the acquisition of HMY, now we have around we have 24 production facility in 17 countries. We have around 40 operation plus in different countries, and we have around 5,300 employees. Our net sale, our revenue is SEK 13 billion with SEK 847 million adjusted EBIT. That is around 6.4 adjusted EBIT margin on our revenue. Our main customer groups are grocery, where is the major one, where we have around 51% of our sales. Then we have DIY and home improvement, where we have around 10%. Then we have fashion apparel, 12%. Health and beauty, it is around 6%. Then we have other customer groups that makes around 21%. Our solution are in Retail Interior, that is our major brand. We have Retail Technology, Retail Lighting, Retail Services. In ITAB, for sure, what we say is we try to rethink retail together with our customers, so we try to work with them, we try to understand them, to deliver what they want, what is their expectation. And I think today, with our portfolio is so intensive, so wide, that we really can help them in many, many different solutions. So now I hand to Andreas Helmersson. Thank you, Glauco. Good morning, everybody. Looking at the highlights from the Q4 report, I would like to put some focus on stable sales, some growth in Q4, and also a stable earnings trend in relation to last year. We see an extraordinary strong cash flow in Q4, which is also something we've been indicating, especially driven by accounts receivables with this in Q4. We have a continued focus on synergy execution, with year-on-year operating expenses being reduced, as well as procurement synergies becoming more visible to us. We also have a clear plan for the future, and next steps of the synergy plan are being planned and will be launched starting this year, with full impact of the synergies in 2027. As always, to give a representative view of the development of the group, we have mainly focused on the pro forma development in this presentation. In the interim report, of course, published now, you will also see all the details, including reported figures with HMY consolidated from first of February. If we zoom out and look at the historical pro forma performance, we can see that 2025 has been a stable year with regards to sales growth. Despite significant currency headwind, we have 5% growth, excluding currency, and focus has been on business continuity for us due to this very significant acquisition. And we've also executed on the low-hanging fruit with regards to synergies, and we've laid the foundation for future synergies as a new group together. Profitability in 2025 has been stable, slightly behind 2024, when we had some extraordinary projects, especially in Spain, but also Middle East. In Q4, EBIT adjusted for non-recurring costs and amortization of acquisition-related intangible assets, amounted to SEK 199 million, in line with last year pro forma. Looking at the financial highlights for Q4, we can see that net sales is down 6%, but significant currency effect from the euro to SEK, and if excluding that, it's actually up 3%. At the same time, adjusted EBIT is stable, impacted positively by product mix or loss prevention rollouts in both Europe and Australia, has helped us, as well as early synergies on productivity and procurement scale. It's worth mentioning also that Q4 is normally, somewhat weaker than Q3 with regards to volume. We have the December month with the Christmas, where it's difficult for us to be in the stores. So given the so slightly lower volume, that's always sort of part to our seasonality effect on gross margin. Focus onwards is to continue to execute on synergies. Majority of the synergy realization is expected for 2026 and 2027, improving our cost efficiency, where we have several initiatives planned for the first half of 2026, and to continue with the turnaround activities in France and Turkey, which is a real driver for, but also to become more tax efficient across the group. In 2025, we have set the foundation for synergies, as well as executed on some with within a special organizational efficiency in procurement. For 2026, the execution will continue, of course, to both those initiatives, but at the same time, we will increase focus on cross-selling. 2025, the cross-selling initiative built the foundation where we train each other on our portfolios and also built joint showrooms across the group. We will also plan for the next steps of the synergy execution, which is soon launched. We focus on select markets such as France and Turkey, where potential is high. If we look at our net sales by customer groups, we can see that our largest sector, grocery, shows slight growth, excluding currency effect, and that home improvement do-it-yourself continues to grow double digits if excluding currency effect. This is especially driven by our clients in Southern Europe. Fashion was stable in Q4 if excluding currency effects, but we had a decline in the health segment, where we had exceptionally strong Q4 last year with some one-off projects. The other segment showed a larger decline as we had exclusivity on a few larger international rollouts last year due to design and development work H1. Looking at our geographies, we see that Q4 we have strong development in both Central Europe, Southern Europe, and also U.K. and Ireland. So it's good to see the U.K. and Ireland really being back on track and showing growth again. Eastern Europe and Northern Europe declined, partially due to strong comparisons, but also lower activity in specific key accounts and especially Eastern Europe. Rest of the world declined due to large one-off projects in Q4, especially in the Middle East. Our operating cash flow for Q4 came in at SEK 821 million, and rolling twelve at SEK 785 million. Obviously, we're not showing pro forma numbers here for cash flow, but just showing it as a group. It was impacted positively by net working capital development, as we also indicated in the last earnings calls. We saw a release of accounts receivables, driven by, of course, the strong increase we saw in Q1 and Q3, and then normal seasonality, where we do see a peak in September, October, and those payments normally come in around Christmas, and then December is a weaker month, since we're not really allowed in the stores due to the Christmas shopping. That's the normal seasonality, and we've also had select initiatives focusing on both factoring and improving payment terms. Now we're twice the size, and we're becoming larger and improving our purchasing power and also our power with our customers. During 2026, we will continue to leverage pockets of best practice across the organization with regards to capital efficiency, where we see that the strength of our new group will help us through procurement power, financial market attractiveness, and consolidation of both inventory and supply chains. Zooming out a bit from the Q4 result and returning to what we have previously said about our plans and merger with HMY. During 2023, legacy ITAB had adjusted EBIT margin of around 7% and legacy HMY around 5%, and this was then leading us to a combined margin of around 6%, and we are now at 6.4%. This is around EUR 11 million up versus the 2023 baseline. As we have said and guided for the synergies, we expect a full effect starting from 2027. There is a strong strategic rationale for this acquisition, as well as it being financially attractive. With synergies identified at EUR 30 million, increasing our net income with 90%, with only 16% share dilution, all other equal, it indicates significant earnings per share growth. And with that, I hand the word back to Glauco Frascaroli. Yes, thank you. Priority, I want to talk a little about priority for the future, but I want also to underline that, as Andreas mentioned before, that, for us, the acquisition of HMY has been very strategic, and, I think that we have a lot of opportunities in the future together because they, they can bring to us a lot of competence, and we can bring to them the same, so we can be really very strong together, and I think we have a very strong team to take care about this integration. So what we want to do for sure is to sustain the existing business with customers, as I say, but also improving our, portfolio, our possibility to be more attractive for our customer, and also establishing common, common financial reporting and security, securing the legal compliance. We want also to establish a common organization, so we want to establish an organizing structure, exploring we want a leadership and cultural behaviors. Also, I want to underline here that, for us, people are the most important things, because we give a lot of attention to them, and I think only thanks to the people you can grow in the business. Deliver, we want to start to deliver, continue to deliver the synergies, starting to realize procurement, commercial, and SG&A synergies, developing also common strategic priorities. Our main priorities also is, anyways, to, as we say, better together. Better together means to be together, to work together, and also have a common way of working, and try to as be performant as much as possible. So this is our strategy for the future. As I say, also, we want to continue to be focused on the integration, because we have to realize, as Andreas Helmersson said before, SEK 30 million expected in 2027 to finalize these synergies. We want to measure, improve, to improve our profitability continually, assessing the implementation if needed in all parts of the group. Efforts also to reduce our tied-up capital and debts, and also launch of shared values and cultures, way of working and strategic teams, and priorities for ITAB Group in 2026. Presentation of the group joint expertise and solution to the retail market on EuroShop on 2026, from 22nd of 2026 to February 26th. That, for us, will be very important because it's a very important exhibition and the first time that we'll be together with HMY. So we end our presentation. If there are any questions? If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Erik Sandstedt from Kepler Cheuvreux. Please go ahead. Hi there, yeah, Erik Sandstedt here with Kepler. A few questions. Firstly, I'm trying to better understand your comments in the report about France and Turkey. What is the problem, more specifically? Is it the same in France that you have been alluding to in the last couple of quarters, or is there something new here? Thanks for your questions. No, I think it's the same situation as we have, as we've seen. We've had a situation with some change of management and a lack of focus in the last sort of one point five years, and we can see that, you know, we have taken a lot of actions in the first 6 months, and we've seen some early results from those actions just to improve the whole performance management around customer contracts and costs. So I think it's been a lack of focus for a while. So we see the benefits from that, but now we're sort of looking at the overall market position, and we can see that we have a significant market position. I mean, we are sure the number one in that market, which is always a strong base to start off. So, we will come back with more details around sort of the final activities that we need to happen to make that sort of in line with the financial targets that we have as a group, more 7%-9% yields. But has the problems have they worsened during this quarter, or is it the same as in Q3 and Q2, or how are you seeing it develop? It's not worse, no. No. Okay. That's pretty much the situation, I would say, but we still, we still need to more actions in order to create profitability in line with the rest of the group. Yeah, thanks. But you also mentioned Turkey specifically. Is that the same problems that you see in France? Yeah, maybe I can answer about Turkey. Turkey, I think, we are restarting to develop also the internal market. That is very important for us, because before Turkey was more export, it was more intercompany. When we acquired HMY, now we are trying to transform. We are transforming the company to become more, direct, direct sales to the right customers, especially to develop also the Turkish market, that there is a, there is a big potential. So this is what we are doing in Turkey to increase it, to improve the results. And we have a lot of expectation because the market is really interesting. Yeah, thanks. Then, on a separate topic, can you share some more details about your progress in retail tech and Smart Gates, and so forth? And, more specifically, whether you already now are seeing any cross-selling synergies and opportunities, with regards to HMY, and if you are selling to their customers, where you were not present before? Yeah. We have a lot of opportunities with HMY because they haven't sold that up to before the acquisition many of our retail tech products because they don't have the retail tech products in their portfolio. So the expectation is really high. We start already to market our products in different country, like France, like Spain, where there are the biggest customers for the group. So really, the expectation on cross-selling is quite high. ... and I'm sure that this year the result will start to come, for sure. So we are really confident and positive on this. In terms of synergies that you may already have realized, not specifically looking at Smart Gates, but the synergies so far, are they on cross-selling, or is it purchasing, lower purchasing cost or on the OpEx side? Just maybe share some details on that. I can shed some more light on that. I think obviously the easiest thing to do early on is where we have organizational overlap. So we've taken the sort of low-hanging fruit from that, and we have next steps sort of ongoing from that perspective. Procurement, we've done a lot during this year. We have set an organization that is sort of working across the new business units, combined with HMY. And we've done sort of the biggest contract with the biggest impact, but some of these contracts are realized, you know, late in the year, and full annualization will happen for those contracts now in 2026. Then that's the first wave of the procurement program. Then we have two more waves that we'll execute on during this year. Then obviously, there's more, you mentioned cross-selling. Cross-selling, some of the products are pretty easy because they've been selling some lighting products and some gates, and it's easy to just replace with the data products, and that will grow a margin. But then to train another organization into selling solutions, such as loss prevention solutions, that takes more time, and you need to build a foundation for that competence in an organization. And I think we've done that, and we've invested in time together. We've also invested in showrooms because customers needs to touch and feel and see the products and the solutions. So it's not something we-- that is easily done in a year, but we have laid the foundation, I would say. What's also sort of waiting as a next step for this year, that's the more tricky parts where we sort of had our operational footprint, and HMY had their operational footprint, and then obviously, we in some places need to optimize that network of supply and, to some extent, consolidate operational footprint and make sure our cost base is optimized for the new group. Yeah, thanks. And then just finally from me, in terms of the non-recurring costs in the quarter, what cost lines are they impacting? And specifically, I'm talking about the provision for the customer reclaim. Is that impacting costs, COGS? And if so, is that partly explaining the lower gross, gross margin in the quarter? Yes, you're right. It's impacting costs. It's impacting material. So yeah. And the other non-recurring costs relating more specifically to HMY. There's obviously, if it's, it's related to... I mean, some of the non-recurring costs are relating to organizational co-consolidation. That's more sales cost, personnel, and salary costs. Procurement initiative, and sort of that's impacting COGS more, and, as you say, the customer recall, it's more of a COGS as well. So I think again- Yeah, okay. In on Gross Margin, I think we still see Gross Margin as strong if we adjust for this, and normally we see an impact of December result, because December is, for us, a very weak month, and it happens every year, so it's more or less, you know, zero or loss-making because it's very difficult to sort of keep the business up and running as normal because the customers don't want to see the store. So Q4 is a bit weak at the moment. Yeah, perfect. Thanks. Thanks. The next question comes from Karl-Johan Bonnevier, from DNB Carnegie. Please go ahead. Yes, good morning, Glauco and Andreas. Morning. Thank you for all the color already. Looking at Q4, I need to come back to your comments and hear about the gross margin. I like to compare you obviously with the pro forma numbers, which makes the things more difficult as it wasn't real numbers, if you put it like that. But when you look at the gross margin down SEK 100 million, and then you regain that with a SEK 100 million improvement on the OpEx line, could you just tell us about the dynamics here and what that tells us with the numbers going into 2026? What will follow you in there, and what will be gone, so to say? I think I can, I mean, let's see if I understand your question correct. But if I look at Pro Forma numbers and the discussions we have internally, when we look at our business now, we see that we are still, you know, significantly, we have positive impacts from Loss Prevention. We've been on a high level for a while. We have some success in Europe, but also in Australia, and it's, you know, it's not one or two projects, but it's, it's been on a quite strong level for a while, and that's positively impacting on all of this. Then we see Q4 with a weak December, it's quite normal for us. That's impacting, so the lower volume leads to lower utilization of fixed cost in our factory, so it impacts our, our COGS. So, so we do see, you know, this year also, to some extent, November. Sometimes November can be really strong. But, but December for sure, is always a bit on the downside with regards to gross margin. And then we've had some, you know, one-off, cost effects from, from, write-downs, which, which also are sort of part of, of December. So it's now when we go through inventories and go through projects and so on. I think there are a few, but, apart from that, we, we, we do see that, as you say, the OpEx is year-on-year down, pro forma numbers. So we can see that the synergies are having effect on sort of organizational, costs, fixed costs, and, yeah. Did that answer your question, or did you have any more? Yeah, it sounds like what you're discussing on the OpEx line is more sustainable, and then what's happening on the costs line in Q4 is safe. Yeah. Intra-quarter kind of variations that we have to live with, basically, so is that the way to, a good way to interpret it? Right. Excellent. And then looking at the exceptional strong cash flow, obviously a good working capital release. You mentioned that you now are using factoring. Is that a big number in this for in a year-on-year comparison? No, it's just that I mean, one of the things we've seen when we started to really collaborate in details across the new organization is that we do have some potential with, you know, really strong customers with very little credit risk, and that we can achieve very favorable and attractive, you know, factoring deals with financial partners. So I think that's been some, you know, success from the collaboration during the fall. So I would say around EUR 10 million can be tracked back to that. Excellent. And just looking at the, back to the pro forma numbers and top line, it still suggests to me that the underlying H- the HMY part of the, of the operation seems to be down 5-6% organically, whereas the ITAB is, the old ITAB legacy operation seems to be up a couple of percent. Is that the, the kind of right interpretation? And then is there anything in that more than now we have finally, say, real numbers for HMY on the quarterly numbers, so, so for looking at the full year? I think when the way we see, I mean, obviously, it's getting more and more difficult to separate the two legacies. But the way we see both the legacy HMY, looking back three years and looking at legacy ITAB, from a growth and sales perspective, we've been very much correlated. We can definitely see that we're both market leaders in with a focus on Europe, and that we're very much sort of correlating to the underlying markets. So we can see when they're going up, we're going up in the same way. So then obviously, legacy HMY has been really strong on sort of gaining market share. So this is something we're trying to sort of really learn from and pull best practice out of. But, zooming in also on 2025, we see that from a sales perspective, we've been quite equal. Hasn't been much. We continue to develop in the same. So it's more from a profitability perspective, where we really see the largest sort of potential also, to learn from each other and to really create a performance culture around profitability, but takes a while. Excellent. On the highlighted non-recurring charges in this whole process of getting the organizations together, the SEK 21 million, how much of that has been, with this quarter now, been charged, and how do you see the profile of the remaining? Yeah, we, we included a note in the interim report. This time, we didn't split it on, on OpEx or COGS. We'll think about doing that, onwards. But, the integration costs have been around EUR 9 million, and as you say, we've indicated around EUR 21 million. So some of these initiatives have, you know, been a bit below what was expected, but, it's also... I mean, we, we haven't concluded on all the activities that will take place during 2026 yet, so we'll need to get back to that. But so far, there's no signals that we will not use the full, or that it will be, it will be above. So, so I think we're quite on track with what has been guided for. Excellent. And I heard you commenting about the review of the operational footprint being, say, the next phase of the integration. When do you think you can have that, say, strategies for that be in detail? We are, you know, internally planning for completing these reviews and assessments during the first half of 2026. I think that's what I can say. Excellent. And just one final from me. Obviously, you highlighted going into the EuroShop, which is a big moment for you. Going into that, Flaco, do you feel that clients are out there looking for RFPs for new projects? And how does your pipeline of good project discussions look today, maybe compared to a year ago? For sure, I mean, EuroShop is the best time for our customers to come to see new things, new products that we are going to present. But also, what is very important for us this time is that we are together with HMY, so we can really show our strength, our capability, our competence that are really important because we have different competence, but we have also we are strong in different countries. But for sure, the customer look like at Düsseldorf, like the occasion to spend time together and also to understand what can be the future solution. So we will present for sure new products, and I think we'll be, our stand will be quite attractive. I'm really, I'm really excited, and I'm really positive on what will be the results on our stand in Düsseldorf in EuroShop. Sounds promising. All the best, and good luck down at EuroShop. We cross our fingers. Thank you. The next question comes from Anton Lund from SB 1 Markets. Please go ahead. Hi, gents. Can you hear me? Yes. Very good. Many good questions have already been asked, but I notice that the tax rate accelerates this quarter again. Just wondering, what's your view ahead? What do you consider a normalized level, and when do you think you will get there? Thanks. Thank you. Now, this is obviously one of the key projects, and it has been for a couple of quarters. And I think the main reason this is obviously the accounting tax, and it's not what we actually pay, but still, I understand where the questions are coming from. I think there's three large reasons for tax being quite high in the county. It's partially because we have a debt situation where we're taking on debt in Sweden, and we have debt in France, which is where the sort of headquarters and other companies are originating from. And then we're now in a position where we're now in a project where we push this debt out to sort of be shared across the group. So I think that's one of the reasons to make really the interest payments deductible across the group, improving our tax position. We also have a year in 2025 where we have significant acquisition costs, which are also non-deductible. And one of the top reasons also is that, we do have some sort of low profit or even loss-making units that, we, we need to turn around to, to improve our tax position. Then we're also... we're operating in, in Latin America and some countries where you pay the tax on a quarterly basis. So if you have one quarter with profit, you pay tax, and then if another quarter is loss-making, you don't pay any tax. So it, it can also create a bit of a disturbances. But I think we are definitely aiming to become closer to where we've been historically at the group, which is of course around 30% or even below. So I think but it will take us a few more quarters to achieve that. The turnaround of some of these units that we've indicated is also key initiatives in order to reach that. Very good. Thank you. And then, actually, two more questions, if I may. You talked about EuroShop, that's coming up. Do you have any idea of how much cost you will incur, related to that? I think EuroShop is normally costs. Some of those costs are from an account perspective, of course. It's cash out now, but it's cost that we can take over the coming three years as it's every third year. So but there will be some, you know, costs, let's say, EUR 1.5 million that will belong to Q1, which is something we take in Q1 and not something we capitalize on. Got it. And then one final, for me. Thanks. You mentioned, competition, I believe, in your report. Can you shed some insights on how you view the market overall? How's, price pressure and, so on? Thanks. For sure, I mean, the competition is still always very tough, so it's not new that we have competition all over. But what we are trying to do, we are not trying to compete with the, let's say, commodity products where we can find products coming from China or from other countries. We are trying to offer solutions. So if we work as solution provider, I think we can also avoid to entering in competition with products, but we enter in competition with company like us that are really solution provider. I don't think there are many. So in this case, we can really increase our margins and be more attractive for sure, for the customer, but also for our result looks much better. So we have to skip anyway to stay in competition with the only commodity products. This is my advice. Understood. Thank you. That's all for me. Thank you very much. There are no more questions at this time, so I hand the conference back to the speakers for any written questions and closing comments. Okay. Thank you for that. We have a few written questions. The first one is: Would you say that the integration costs are in line with what you have assumed of at the acquisition of HMY, or are you running a bit over? I think maybe, Andreas, you've answered that one already. Do you have any more- Yeah... comments on that, or? No, I think, again. ... And then, the second question is: could you give us an estimate of effective tax rate for 2026? Again, this is something you've already talked about, Andreas. Any more comments on that? No, I don't, I don't think we're in a position to guide for that explicitly on a quarterly basis, but it's a top priority, but it will take a while to come all the way down to where we expect to be long term. Yeah. And then we have another question on the transaction and integration cost. We've already touched upon that, and also the illustrative calculation on 2027 with full synergy realization. We showed that slide this presentation as well, so I'll jump to the next question. Will you adjust the financial targets, or are they still in effect? They are still in effect, and we, of course, will come back if we come to a conclusion that we will. I think what we have guided for, you know, everything else equal, is to go to the sort of far end of the interval of 7%-9%, from a sort of profitability perspective, at least, that will take us with the synergies to more like 8.5, I think. So that's what that's the type of target we put ourselves at this for coming two years. Mm-hmm. A question concerning the Q4 gross margins, they are weak versus earlier quarters, and I think we've touched upon that as well, earlier today. Any more comments on the gross margin, Andreas? No, I don't think so, not. No. One of the questions is: how much factoring have you used? And you said, up EUR 10 million in- Yeah, and that's to clarify, that's the increase in factoring that we've seen, and sort of being part of the release of cash flow now in Q4. Yeah. So we obviously have used factoring before as well. And this is, since the long-term financing we have that is, of this sort of, sort of deal financing, it can be quite attractive to, to use factoring as a way to lower the, the long-term financing. Yeah. Yeah. And the follow-up on that is, why have you decided to use factoring during quarter? But I interpreted that it's nothing new for us, and we've used factoring before, so. Yeah, we always... We have some really stable, strong customers, which financial partners deem to be very creditworthy, and so it's quite attractive for us. Yeah. And, it's difficult for us to almost finance ourselves to the same terms, so. Yeah. And then, follow up on the integration and the acquisition costs, or primarily the integration cost of SEK 21 million, if there are any changes to that estimate, and, you, you said earlier that it's, no changes, to that estimate. Yes, that's correct. We are assessing the final phases of the sort of synergies, and we will get back to when those plans are set, so if we need to update anything. Can you share the run rate savings reached for fiscal year 2025? Can you share what your target in terms of run rate savings for fiscal year 2026? I think what we said is that we expect the EUR 30 million to be fully in the P&L for 2027, and we're on track to deliver on that, and I can reiterate that target. Yeah. Can you say something about financial costs in 2026? Yeah. Financial costs are, I mean, with the operations we have in both Argentina and Turkey, which are hyperinflation territory, there's always a bit of a, sort of it can go up and down, and so. But we do see always some hyperinflation impact and some currency impact. Then, of course, it's not just interest cost that goes into here. It's also costs for taking on this debt and the long-term loan that we have to acquire HMY. Those costs are being accounted for during the full period of the loan, so for the coming years. And now we also extended the loan another year, and that's also a cost that landed in Q4 now, too, in order to do it, so. Yeah. The question on France, being almost a year in, what integration challenges have appeared that you didn't expect? I mean, it's difficult to fully assess a company in an acquisition process. We've done some very detailed due diligence, but now we're getting into the Excel sheets, and we're getting to know each other, and we're trying to collaborate. So, I wouldn't say it's any large surprise as to some extent we have reiterated the real strength of this acquisition and that's some significant capabilities that we didn't have at Tex system that we think we can leverage. It's especially conceptualized in the business in Spain, and it's something that we can build on and extend across France, but also look at it. Mm-hmm. A follow-up on that then, do you expect improvements in France and Turkey to start coming through year on year in Q2 2026, as you, if you can, as you meet tougher comps and drive efficiencies? Or will it take longer for these initiatives to translate into results? I think I started to explain sort of what's in wave one and wave two, and where we see more complex activities taking place. And I think France and Turkey are more on the complex side, and will come late in this guidance that we've said. Okay, that was the last of the written questions. So I'll hand the word over to Glauco and Andreas for any final remarks. And please, a reminder to everybody, if you have any further questions, please do not hesitate to reach out to me at ir@itab.com, or, yeah. Okay. No, I just want to thank everybody for this presentation and for the questions. I want just to remark, I want to underline that we are really on top of the integration with HMY. We feel very positive on that, so thanks to everybody, but thanks also to our people, because every day they help us in this integration. So thanks to all. Thank you.