The Medicover Q1 2025 report presentation. For the first part of the conference call, the participants will be in listen-only mode. During the questions-and-answers session, participants are able to ask questions by dialing pound five on their telephone keypad. Now I will hand the conference over to the speakers: CEO Fredrik Rågmark and CFO Anand Patel. Please go ahead. Good morning, everyone, and welcome to the first quarter 2025 results presentation. It is with great pride and joy we present this report. In fact, I think it is probably the best report we have presented, possibly with the exception of one or two COVID-doped pandemic reports. In terms of the broad business, it is definitely the best report we have published since we listed the company now eight years ago. It is a combination of factors. You know, we see continued strong top-line growth. Organic growth was more than 14%. Most importantly, the further down the profit and loss statement you see, the more operational leverage you see coming down in margins expanding. EBITDA margin up 1.6 percentage points, EBIT margin up 2.4 percentage points. You know, it goes on as you flow through down the profit and loss statement, which is exactly what we have been focused on. It is exactly what we have been reporting to you over the past four or five quarters. It is just that as the numbers get bigger, it becomes a bit more pronounced. That is really what we see here. You know, Poland continues for healthcare services to be really very strong. Now, India had a particularly weak quarter, and we will speak a little bit more about that later on. I think it is noteworthy to see that we push through these results, both growth and margin expansion, despite actually, you can argue, a disappointing quarter out of one of our core markets. More about that a bit later. Diagnostics, very strong. Again, remind you that half of diagnostics is Germany, where a good chunk of that is public reimbursement, where we get no price compensation. Despite that, with all the initiatives going on and actually really strong growth in the German private pay revenue and really good performance outside of Germany in DX, we see really good growth, double-digit organic growth out of DX, as well as margin expansion. Now, that is flowing through, as you have seen in the last quarters, in really good cash generation, cash flow. You know, we have always had good cash flow. It is just that the number starts to get bigger, so the amounts become bigger. I am really very pleased and happy to be able to report to you that on a quarterly basis, i.e., we annualize the first quarter, we have achieved the year-end 2025 financial targets that we set a little bit more than two years ago. We are, on an annualized basis, trading on around EUR 2.3 billion of organic revenue. We are just a tad above EUR 350 million organic adjusted EBITDA. We are also trading above those two additional targets we added a year ago, adjusted EBITDA L of at least EUR 235 million and EBIT of at least EUR 140 million. That is after nine quarters out of twelve, so three quarters of the period. For all of those that attended our capital markets day, I think you very well remember that they were certainly not unambitious targets. I think that is, that is super performance. If you go on to our standard graphic pages, the revenue split is pretty standard. What's worthwhile to point out there, you see Poland has now grown into 52% of revenue on the back of, it's just sort of stellar growth performance over a longer period of time. You see 22% growth out of Poland, 7% out of Germany, which is not bad, in fact, because you said you have relatively no price growth and relatively little volume growth in the public pay segment. The private pay segment is growing really well, 19% out of Romania. You see basically flattish 1% out of India. I take the opportunity to comment on that here now. India had a strange first quarter. We were trading pretty much on plan in January and first week of February. It was pretty much a cliff fall for the second half of February and March. I think most people in India experienced the same thing. Very weak consumer sentiment. We have around 10% of medical tourism in our business in India. We got no visas issued. That sort of came to a halt. We closed down one underperforming unit, et cetera. There were a number of factors explaining that fact. You know, there is no other way of expressing the first quarter in India than it was a disappointment. I think the most important of all is that it was an exceptional quarter. April is pretty much over like tomorrow. We are back and trading significantly double-digit revenue growth again in April. We expect that to continue going forward, which is important. That is India. We then flip on to the profit slide. Very pleased with how the volume growth is turning into higher margin and hence increased profitability. EBITDA up to EUR 86.5 million, 29% growth, and even 15% margin. Good growth, 150 basis points on last year. The adjusted number for the first time is above EUR 90 million. EUR 90.6 million adjusted EBITDA, 15.7%. Good, strong number. Adjusted EBITDA L up over EUR 60 million, I think also for the first time, effectively. I already mentioned EBIT is almost doubling, not fully doubling, but not far from it, from EUR 19 million up to EUR 36 million. A margin of 6.2%. Significant margin expansion. Again, very healthy, good cash flow. Of course, the biggest expansion, if you wish, comes on EPS, obviously, because it is the smallest number. EPS more than tripling, effectively, from just above EUR 4 to above EUR 13. I think super, super performance. If you go to healthcare services, good growth, running above EUR 400 million, I think for the first time, so EUR 403 million of revenue, 18% up, of which 15% was organic, and just short of 9% of that being price. I remind you that price is very important to us, that we are able to continue to push price growth onto our consumers to manage. Although, you know, cost inflation has certainly come down, and we are in a much better position than a couple of years ago. One should be also very clear on the fact that it's not gone. It's not normalized. It is really important that we are able to keep seeing that we can continue to raise pricing, although at lower levels than what you saw last year. Fee for service here is half of the division, up 14%. I made the point before that, you know, performance is pretty much stellar across everything we do in Poland. It is also good, actually, out of Romania, relatively speaking, compared to last year. We still have loss-making units in the large hospital in Bucharest, but, you know, Romania is pushing on. I have commented on India. The member growth may look a bit soft. I remind you that, as we announced end of last year, we are exiting the Hungarian business. As we do that, that happens gradually throughout the first six months of the year. We had a not insignificant negative member movement out of Hungary as part of that exit process here in the first quarter, which contributed quite significantly to that lower than normal member growth number. If we then switch to the earnings profile for healthcare services, strong margin expansion, in fact, super strong margin expansion. You see EBITDA up more than 2 percentage points. EBITDA L even more, 2.3 percentage points. EBIT significantly more than doubling in terms of absolute amounts and almost also doubling in terms of the margin. You see 3.4 to 6.7. Lots of operational leverage coming through here. I remind you, this is despite the Indian business, which is significant in this division, not firing on all cylinders in this particular quarter. There is still room to improve this situation significantly as we progress. You actually see that in this next bullet point where we have seen that we have reported a number of times now when we take the six most immature hospitals, five of them being in India and one of them being the large recent addition in Bucharest, you see that we had an EBITDA L loss for the quarter of EUR 3.9 million. Effectively, that's EUR 600,000 worse than in the prior quarter, which is purely driven by the point I made on India. In fact, Romania is improving the situation. The loss is coming out of the Indian hospitals on the back of lower revenue than we had in the prior quarter. Again, I reiterate, that's going to reverse into the second quarter. You do not need to worry about that going forward. One should recognize that in this quarter. The medical cost ratio, which is then the most important cost category in this business, which is i.e., all of the cost of delivering the medical service, you see is actually down quite significantly, 2 percentage points, which is a combination of factor mix, price growth, of course, and a lot of very good hard work of our management team to manage utilization and costs. You have the standard Indian picture. Nothing has changed in that since we showed this the last quarter. Now, we have, to remind you, we have two more units coming up in India over the coming 12 months, both of them in the main Hyderabad market. One will open in the summer. Both of them are large units. The second one will open towards the end of the year or beginning of 2026. Slipping to diagnostic services. Again, I made point before, I think good revenue growth, good momentum in this business, EUR 182 million. Just short of 12%, all of being organic growth, where price is just above 3% of this. Slightly less than half of the price component in healthcare services. Again, you have heard me say many times before that is explained by the fact that half of this business is in Germany, where there is very little price compensation. Basically, outside Germany, we have been able to adjust prices very much in line with how healthcare services have been able to. Good performance pretty much across all markets here, really. You see a relatively benign growth in lab tests. We have done fewer. If you remember, last year around, we did quite a few, almost three million lab tests in Ukraine for the public insurance house. We still do some of those tests, but we did significantly fewer this quarter around, which explains the much lower lab test growth vis-à-vis revenue growth. Fee for service here is a full 70% of the division, and that was up 16%. I remind you, we talked a lot about end of last year about the pricing reform, the additional pricing reform, I should say, that came into force in Germany in January. We have assumed a worst-case scenario for us, and that's what we account for. We will know really in early July how the different Länder KVs treat this. It may be that we get some upside. Time will tell. At least we know it's not going to get any worse than what we are assuming currently in our numbers. You can also see a little bit what I'm talking about on these two pie charts to the right, where you see the upper pie chart, you see Germany is growing 6%. Below, you see public money is growing 3%. Basically, pretty much all of that public money is in Germany. That means that the other half of the 6% in Germany is growing double the 6%, if you see what I mean. That illustrates the fact that our private pay German business is actually growing very nicely. This resulted in good flow through to increased profitability. EBITDA was up very well, a bit more than 1 percentage point, just short of 20% margin. EBITDA L likewise, just short of 16% margin. EBIT then grew a bit more, a margin of just above 12%, up 28%. Good results out of this. Again, it's not split out here, but I think I made that comment last quarter round. I can make that comment again, that actually Germany, where there's a lot of focus on, obviously, on this price reform, et cetera, our total German business in diagnostics is growing its margin. Relative to first quarter last year, despite all the pressures around us, we are up around 1 percentage point in terms of the German margin. We have two post-closing events that we just want to comment on. We made two acquisitions that we had sort of hinted to you about before in the previous quarter. These closed just early in April. They had been, both of them, in competition clearance for quite some time. We were very happy when they finally got released. In diagnostics, you may be familiar with the relatively large lab group Synlab that used to be listed in Germany. Now, again, it is a private company, and they are selling off a number of assets now. We had an opportunity to pick up this set of markets. This is really a synergy play for us. We have tremendous synergies, particularly in Romania, but also in Turkey. They have some really nice businesses in some of the other markets there in the Balkans. You can see that we stated in the release that we expect already within one year to have grown their current profitability at least 50% and within at least two years to have doubled the current profitability levels from synergies, really. We feel we have all of that under control. We believe this is a very good, very strategic, and certainly very accretive acquisition for our shareholders. In healthcare services, we build further on the tremendous growth and positioning we have in Poland by adding a very well-run fitness operator to our network. I remind you, you know, we sell these sports cards in Poland alongside our healthcare cards to the B2B corporate clients. They are buying either standalone healthcare. They may be buying standalone sports, but increasingly they are buying a mix of the two, which is really what we want. Because, of course, the more customers also go and look after themselves at the gym, the more healthy they become, so the less illness they will contract. Hence, the synergies are both in distribution and cost for us. We expect this to be a very good acquisition. We think it's priced reasonably. We will have good synergies on the overlap that I was just talking about. It also will be very accretive to our results. With that, I think I hand over to Anand for the financial review. Thank you, Fredrik. Very pleasing to talk about another strong quarter for us. I would say a kind of continuation of the story of recent quarters that we've spoken about. As per usual, I'll talk about EBITDA after lease costs, as lease costs are a key part of our cash flow. If you look at group level, group EBITDA grew to EUR 60.4 million. That's a growth of 39% with margin accretion of 1.8%. The pleasing thing is, and similar to what I said in Q4, the story is consistent across both business units. We have strong absolute growth across both business units, both in price and in volume, and margin accretion, margin rate accretion, sorry, across all businesses as well. In healthcare in particular, we had EBITDA of EUR 40 million, so a margin rate of 9.9%. That was up 2.3% year- on- year. Really strong performance there, particularly as Fredrik mentioned, given that the India performance was below slightly better expectations, but back on track. In diagnostics, again, despite the news about Germany, et cetera, Fredrik's mentioned that we grew volume, we grew price through growing our fee for service business, and also we grew our margins. Overall EBITDA of EUR 28.7 million in DS, with a margin rate up 1.2% year on year to 15.7%. If we look at page 16, a key thing for us this quarter, I guess, was a real improvement in our leverage levels. Our loans payables were broadly unchanged from Q4, and clearly our EBITDA grew year- on- year. That resulted in our leverage dropping to 3 from 3.4, which we had in Q4 last year. I will talk about future projections when we get to the target slide. For now, really strong performance from a leverage perspective. In terms of our effective tax rate, it was 28% in Q1, in line with our expectations, a bit higher than last year, but that's due to the timing of tax settlements in Poland. Again, a strong performance from a cash perspective, reiterating what Fredrik said earlier. Net operating cash was up 11.6% to EUR 87.5 million, predominantly driven by EBITDA. Free cash flow, which in essence is cash flow after maintenance CapEx, but before investment CapEx, was up year- on- year as well to EUR 44.2 million. The final line I'll talk a little bit about. ROIC was up pleasingly versus what we reported in Q4. In Q4, we were at 6.7%. In Q1 this year, we were at 8.3%. That is where you can really see the benefit of the EBIT accretion that we are seeing year- on- year. Fredrik mentioned that EBIT was up nearly doubling in Q1. That really helps our ROIC levels. We are pleased to see that. Hopefully, that is a manifestation of what will happen for the rest of the quarter, the rest of the year, sorry. Looking at CapEx, from a CapEx perspective, we spent EUR 28 million in Q1, which is broadly the same as last year. As a percentage, it was 5% of revenue. Previously, we've guided that our CapEx spend in FY2025 will be between 5%-6%. A bit of timing, we'll spend a little bit more later in the year. From a medical space perspective, a small accretion in the month, but broadly unchanged at 915,000 square meeters. You have the two charts that we normally show at the bottom of the page. On the left, you can see that actually similar, let's say, to last year's cash flow, we see a spike in Q1 from a free cash flow perspective and clear headroom between that and what we've invested in our business from an investment CapEx perspective. On the right, you can see the Q1 breakdown of growth and maintenance CapEx year- on - year. The first block is the spend in Q1 FY2025. You can see the split is 53% growth and 47% maintenance. That's kind of just a timing thing. Going forward, and we project for the full year, we'll be back to about the 60-40 levels that we've seen in prior years in terms of splits, with 60% being on growth. Finally, talking about targets, very pleased in Fredrik's final quarter as CEO to say that actually he's mentioned this already. Our run rates for Q1 extrapolated forward imply that we are going to. We are having a little technical issues, but we're solving them. Just be patient and wait a little. Hello, hello. Hopefully, you can hear us now. Apologies. I think there was a slight technical issue. Right. I'll talk about the financial targets page starting from scratch, assuming you didn't hear me the first time. Fredrik mentioned in his opening slide that our run rate is on track to beat all these targets. It's a message we've said in the last two quarters, and we're pleased to kind of reiterate that in Q1 this year. Just to confirm, we will exceed our organic revenue target of EUR 2.2 billion. We expect strong performance for the rest of the year. We expect to exceed our organic EBITDA target of EUR 350 million. You've seen positive and consistent stories over the last quarters in terms of price and volume improvement and margin accretion. We expect to see a version of that for the rest of the year. From a leverage perspective, in Q1, we were at 3x. As we realized and took in some loans to fund the acquisitions we made in April, we've mentioned before that we may be above the target of 3.5 times for a short period of time. Do not be surprised, please, if you see a slight increase above 3.5 in Q2. However, we expect levels to drop down to 3 and maybe slightly below 3 by the end of this year. We expect to achieve that target. Fredrik's already mentioned that actually, in terms of the bottom left, the additional targets we gave you to give you some comfort, EBITDA in excess of EUR 235 million and EBIT in excess of EUR 140 million. I'm confident to say that actually we can achieve those numbers as well. With that final, I guess, record quarter for us, it's my honor to hand over back to Fredrik for the final slide. Thank you. Thank you, Anand. Key takeaways. We have always grown well, and we keep growing well. I think it's an assumption that we will keep on growing well going forward as well. Anand just talked about the financial targets on a quarterly basis, annualized, having been achieved in this quarter, which of course is super good. Importantly, it comes from a solid margin expansion in both divisions. While some businesses obviously are stronger than others, it is quite uniform in terms of performance across everything we do. Very good cash flow. We've always had very good cash flow. Again, it's just that the numbers get bigger. It becomes a bit more visible. The acquisitions are not visible in these numbers. They will be visible when John and Anand report in late July for the second quarter. Both of these acquisitions will be very accretive, as I mentioned, and they add about EUR 80 million of annualized revenue together. Outlook remains strong and solid, and I am very happy. I'm very confident to hand over leadership to John and Anand and the leadership team. I think that's the takeaway. Thank you. Back to operator. 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 Matthias Vadsten from SEB. Please go ahead. Yes, good morning all. In your last quarterly conference call, I just wanted to take the opportunity to say congrats, really, on an incredible and impressive journey with Medicover, Fredrik. It's been fun to work with you from my perspective. With that, I have three questions. First one, maybe a longer one, but I'm just trying to understand a bit better what is going on in healthcare services. The six units you've been referring to are close to EUR 4 million negative on EBITDA, as you said during the presentation. Actually, higher loss. Also a softer quarter in India. And margins coming this strong. Maybe explain what positive drivers that have been kicking in in Q1, vis-à-vis last couple of quarters, where the margin improvement has been smaller. Also, do you expect or do you anticipate this positive margin trend to continue in healthcare services going forward? That's the first one, and then I will take two more. Yeah, so Matthias, you have the margin expansion is coming from the businesses that I say is sort of standing out. That's really out of Poland. The employer-paid business had a stellar quarter in terms of basically margin expansion. I made the point that actually medical loss ratio is down year on year. Given the size of that business, a percentage point or two will reduce medical loss ratio, has a big impact on that business. Now, we have super growth in our adjacent sports business, which is a good margin business. The more we grow that, the mix is slightly improving. The third element, which one sort of tends to forget, is that when we go, which Romania is a good example of, when you look at the situation this time last year and the situation now, we are still not where we want and need to be with margins out to Romania on the back of these hospital openings, but you have a very significant improvement year- on- year. That sort of swing factor when you go from an outright loss-making position to perhaps a small positive position, that makes a big difference on the margin. That is really what you see here, Matthias. A number of factors are being driven by the business that perform very well. That is not going to change. That is why I made the comment initially that it is noteworthy to see that we have this performance despite the fact that actually the losses from these six units are actually increasing relative to the prior quarter. This makes sense. Thanks for that. You are taking me into my next question a little bit here. I appreciate you not commenting on margins per business segment, but I think it looks like in your reports recently that your sports business, as you alluded to, and the ophthalmology business grow very fast. Could you give us a sense, these two areas together, how they compare to the healthcare service business area overall in terms of margin profile? Is this possible? I mean, sport and gym business is a higher margin business than the health business. I guess we can say that. The fact that it is growing so fast is that if you look at what we have bought and invested quite significantly in that area over the past, whatever, three years. It is not that strange that it is growing that way. I agree. I agree. The third one is concerning Germany. If you could talk about the split private vis-à-vis public. Also, I mean, the growth rate seems to be quite extraordinary in the private part. I mean, just some thought, is the public capacity not enough or capacity taken down due to deteriorating profitability or what is happening there? I think this is important to cover because it looks quite extraordinary. You have exactly the same thing having started going on in Germany that you had in this country, in Sweden for a long time now. When the public system is starting to run out of budgets, they're not going to tell you they run out of money. You're just going to get your appointment much further down in time. Accessibility goes down. That's what happens when funding becomes scarce in the public system. That is very much what we see in Germany. On balance, more people that are covered by the public health insurance system will tend to go and pay privately to get a quicker appointment. We did not see that a number of years ago in Germany, but you see that now. I think that's a core part of explaining the higher growth in private pay in Germany. That is the difference when you look at how come you're growing like that, where basically the public pay piece, which is significant, has very low volume growth and no price growth. You correctly observe, Matthias, that then the other half must be growing quite significantly. Thank you very much for this. The next question comes from Philip Ekengren from ABGSC. Please go ahead. Hi all, and thanks for taking my question. Again, congrats on a strong quarter here. I just want to loop back to the Polish market. You write a bit that the growth rate in Polish hospitals, similar to Indian hospitals, is experiencing difficulties in Q1. Could you elaborate a bit on that, please? Yeah, I wouldn't overdo that, Philip. Some quarters, some businesses are strong, other quarters, other businesses are strong. This particular quarter, our Polish hospital business was slightly behind plans. I think in the previous quarter, fourth quarter, it was the opposite. It is just a factor to note what has been driving performance this quarter. I would not expect it to be the same next quarter, just to give you that sort of indication. It is a factor in quarter one, but it is not something that you should expect to continue. Okay, thank you very much. That is clear. On the acquisition of Synlab's operations, can you say anything about what type of labs? Are they more of a simple character or are they more advanced labs? Also, maybe if you care to explain a bit on what type of synergies you are planning to realize and also maybe update us on what processes you are looking to implement there? Yeah, I mean, they would have very similar labs to ours. These are six standalone country operations. They would operate their lab network very similarly to how we would do. It's a very professionally well-invested business. Nothing much different. We may have different machines because we may work with different sort of key vendors, but otherwise, the labs would be very similar. The key synergies come really from closing down infrastructure. Where you operate in the same geographic market, you don't need two labs and you don't need two BDPs next to each other. There's a lot of overlapping infrastructure that you don't need. When we talk synergies, it's pure cost synergies. You can operate the combined business at much less than the current combined cost. Yeah, that makes sense. Thank you very much. That was all for me for now. The next question comes from Christopher Liljeberg from Carnegie. Please go ahead. Thank you. Three questions. First, on the diagnostic side, can you describe a little bit more about the growth outside of Germany? Is that mainly in Romania, or do you also see strong growth for more specialized tests that are sent from other countries into the German labs? My second question about the weakness in India you mentioned, how much would you say is company Medicover specific, and how much of the weakness this quarter is the overall market? And then finally, on the targets, if you just have a figure on how much sales has been acquired since the target was first announced. Thank you. Sa y that last one again, Christopher. I did not hear you correctly. Yes, I wonder how much sales has been added from acquisitions since the financial targets were first announced? Okay. Hanna will work that out while I think it is EUR 2 million only this quarter. We will come back to it. I will start with the first one. I can talk about diagnostic sales. I think not just in Germany, but actually across all targets, all areas, we saw positive double-digit growth in terms of revenue growth from a diagnostics perspective. Pleasing from an overall diagnostic set, not just a reliance on Germany, where Germany was still growing, although single-digit, but strong in all other areas as well. Can you remind us of your second question, please? Sorry. I was wondering about what seems like a temporary weakness here in India. How much of this was company-specific? You mentioned about some issues at the hospital and how much was the weaker market. If you have any view about the reason for this market weakness and the sharp uptick again in April, there is no scientific answer to that question, Christopher. If you allow me, I'll just give a personal guesstimate. I don't know if John will agree with me or not, but I sense probably about two-thirds of weakness is ourselves, and one-third of weakness was much weaker consumer sentiment than expected half of the period, something like that. In terms of what impacted us mostly in terms of the internal stuff was the lack of visa for admitting traveling patients from abroad. Why did we see this consumer weakness in India principally second half of the first quarter? I don't think there's one single answer, at least my understanding, despite having read quite a bit. I think quite a few factors sort of came together. It would be interesting to see. I mean, we're the first of the Indian publicly listed hospital peer group to report. It will be interesting to see when those reports come out, how they comment on this. I think it was probably more pronounced in the southern part of the country where we are, as opposed to the northern part of the country around Delhi. Again, that will be interesting to see when the other companies report. Could I ask you something on this? Hanna has worked out the other answer. That's something you let your answer to make sure I understand what you were saying. Could I ask? In 2023 and 2024, we had acquired revenue of EUR 108 million. Sorry, could you say that again? Did you get that, Christopher? This quarter was 3.2. Can you repeat that figure? Sorry. Did we lose them again? Can you hear us? For 2023 and 2024, we had acquired revenue of EUR 108 million. I think we're back. Next question. Christopher Liljeberg from Carnegie, your line is now unmuted. Please go ahead. Questions? My line is unmuted now. Do you hear me? It's Christopher. Mr. Moderator. Yes, we can hear you, Christopher. Did you have any more questions for the speakers today? No, I'm fine. It seems the speakers couldn't hear me. I don't know. Are you finished with all your questions? I'm finished. Thank you. Thank you so much. The next question comes from Kane Slutzkin from Deutsche Bank. Please go ahead. Morning, everyone. A couple of questions, please. Just on the medium-term targets. Do we have any other questions? Sorry, can you hear me? Yes, we can hear you. Hello? Yes, yes. I'm not sure they can hear me. Should I continue? Yes, please, Kane. Okay. Morning, everyone. Just on the medium-term targets, you've obviously surpassed those targets on an annualized basis. I'm just wondering, will you be sort of updating those given they're somewhat out of date set back two years ago? I'm just wondering, particularly given the fact you did mention ROIC, you've had a nice increase there. Might ROIC be something you add to your targets? Because 8.3% is up nicely on Q4, but it's still relatively low. I'm just wondering, obviously being impacted by some of the drags from new hospital openings, I'm just wondering if you have a sort of medium-term target for ROIC? Just on the acquisitions, the EUR 80 million you referred to annualized, could you confirm or give us a ballpark number on the EBITDA that you are assuming will be generating from that EUR 80 million? Using the seven times multiple on Synlab, it looks like EUR 19 million on that business EBITDA, which is quite a high margin. Just like to confirm how much EBITDA you will be getting from there. Finally on India, can you just confirm the occupancy levels you are at in April? Is there any update on the listing, the potential listing? Thank you. We might have some technical issues here. It seems that I'm the operator here, and I could hear your whole question, but apparently the speakers, they're not hearing. I thought so because there was no reaction. We can hear you, the speakers, but we're just fixing the issue here with the... If you can wait a little so we can get an answer. Numret du har ringt har ingen abonnemang. Eller är det tillfälligt avstängt? We need to write the questions there, then we can see them. Could you, Kane, please write your question to the chatboard so then they could see it and answer you? I'm actually not logged into the webcast, so I'll have to log in quickly somehow. All right. We're terribly sorry, but it's some technical issues. Okay. I just need to find the invite, unfortunately, so it might take some time. Should we go through this? I don't know. Darren just sent you a note. Maybe you can hear. They can hear us. Do you expect Indian hospital businesses to be break even on EBITDA or L this year? I can answer that one directly. Yes, in short, when we refer to the six hospitals, five of which are in India, we have 23 hospitals in India, which are positive. We will most definitely be positive from an India EBITDA perspective. What price growth do you expect separately for healthcare and diagnostic segments for the rest of the year? I think quite similar to what we have reported for the first quarter. I do not think you should expect that to be dramatically different. What are your CapEx as a percent of revenues for the full 2025? We have guided 5-6%, I believe. Or 5-6. 5-6%. 5-6%. Do you expect to maintain absolute adjusted EBITDA margin above 15% for FY2025? Yes, we do. Do you plan Sittlift to be available only for Medicover sports card or to other sports card providers as well? It is available to other sports card providers as well. That is likely to remain like that. Let's see. We're running some technical issues, but I'm trying to get back in touch with the speakers. Do you want to hear me now? Hello. If you look at it now, he says finish when he wants. Just finish it. It's not going to work. Okay. Unfortunately, we've lost the connection with the speakers today, but we want to thank all of you for your attending to this presentation and have an excellent day. Than k you and have a great day. Bye. Sorry, we had a technical glitch here at the end, but thank you for listening in. I hand over to Anand and John, and that will be reporting the second quarter. Thank you very much.