Ladies and gentlemen, thank you for standing by, and welcome to Novelis earnings conference call. During the presentation, all participants will be in a listen-only mode. Afterwards, we'll conduct a question- and- answer session. This conference call is being recorded on Thursday, August the third, twenty twenty-three. I would now like to turn the conference over to Molly Agnew, Director of Investor Relations for Novelis. Please go ahead. Thank you, operator. Good morning or evening, everyone. Welcome to Novelis's first quarter fiscal year 2024 earnings conference call. Hosting our call today is Steve Fisher, our President and Chief Executive Officer, and Dev Ahuja, our Chief Financial Officer. Following the presentation, the call will be open to analysts and investors for questions. This conference call is being broadcast on the Internet at novelis.com in the Investors section. A replay of this call will also be available on our website. Before I turn the call over to Steve, let me remind you that today's earnings release and presentation include forward-looking statements as defined in the Private Securities, and Litigation Reform Act of 1995. These statements are subject to risks and uncertainties. These risks and uncertainties include, but are not limited to, those factors identified in the release and in our filings with the Securities and Exchange Commission. Today's presentation also includes certain non-GAAP measurements. Reconciliation of these measurements is provided in the financial statements included with our earnings release, as well as in the appendix of our presentation. Let me turn the call over to Steve. Thanks, Molly. Good morning or evening, everyone, and thanks for joining us today. Starting with the highlights on slide three, we are extremely pleased with the continued improvement in Adjusted EBITDA since our third- quarter low point, and that we delivered EBITDA per ton above our expectations in the first quarter of our new fiscal year. We have been successfully navigating this challenging macro environment and believe the most significant headwind from inventory destocking in the beverage packaging industry is largely behind us. Our strategically diverse product portfolio and excellent execution across our global network has allowed us to capture strong demand in the premium automotive and aerospace markets, increased product pricing and diligently manage costs. As a result, we achieved record automotive shipments and another quarter of sequential Adjusted EBITDA per ton improvement. While some macroeconomic uncertainties remain, we have good momentum going into the balance of the year. The strength of our diverse business and a positive demand outlook gives us confidence that shipments and EBITDA per ton will continue to improve this fiscal year. As a leading global provider of low-carbon aluminum solutions, our strong market position is also driving expanded partnerships with our customers and suppliers, particularly as it relates to advancing sustainability. Over the last three months, we announced that we signed a long-term beverage can sheet supply agreement with The Coca-Cola Company, including an agreement for closed-loop recycling, building on a decades-long partnership and highlighting both companies' commitment to sustainability. On the automotive side, we are accelerating innovation in aluminum automotive parts with the introduction of a roll-forming development line at our U.S. Customer Solution Center. As we continue to work toward decarbonizing our products and processes, we have made several advancements with renewable energy projects at some of our plants. For example, we announced we are building our first on-site solar park at our Piombino plant in Italy, and we are beginning to trial the use of hydrogen in our recycling furnaces in the U.K. I'm also very excited that we are entering a collaboration with Alabama Power to supply the Novelis Bay Minette plant with renewable energy, supporting our goals of net carbon neutrality for Scope 2 greenhouse gas emissions at that facility. We are looking forward to sharing more details about this project in the coming weeks. Turning to slide four, our near and long-term market outlook hasn't changed. In beverage packaging, normalized supply and consumption trends post-pandemic have led to lower inventory requirements in the supply chain, which has impacted demand for aluminum sheet over the last three quarters. We believe channel inventories are now nearing normalized levels. We also have seen a return of promotional activity in North America and are optimistic that this will boost consumption in the second half of fiscal 2024. Looking further out, our view of long-term demand remains unchanged, growing in the 3% range, both globally and in North America, driven by the secular change in consumer preference for sustainable packaging. In automotive, our order book remains strong. U.S. vehicle production forecasts for this year have been revised upward, supported by high pent-up consumer demand, and EVs are gaining share of the vehicle mix. We continue to expect demand for automotive aluminum sheet will grow at an approximate 11% compounded annual growth rate, driven by vehicle growth rates and lightweighting needs for fuel efficiency, performance, and electric vehicle range. Moving to specialties, many of these product markets are more sensitive to economic cycles, and the current macroeconomic environment is challenging. While we see some optimism in the U.S. building and construction markets, full recovery and specialty demand is dependent on economic stabilization. Lastly, demand for premium aerospace plate and sheet is positive, reflecting strength from growing OEM build rates, supported by multi-year backlogs for aircraft deliveries. There are uncertainties on the macroeconomic front, we like our diverse portfolio and remain positive on the long-term fundamentals driving aluminum demand and remain committed to investing to capture the future growth. Turning to slide five, we are making great progress on all of our strategic capital investment projects that are underway, including our recycling expansions in Guthrie and Ulsan, and a number of debottlenecking projects globally. As our largest single investment, I would like to provide a brief update on the fully integrated rolling and recycling project in the Southern U.S. To recap the highlights, located in Bay Minette, Alabama, this is the first U.S. greenfield mill built in over 40 years and one like no other. This will be a highly automated and efficient, low-carbon rolling and recycling facility. The state-of-the-art plant will have an initial finished goods capacity of 600 KT, primarily focused on supplying beverage packaging and automotive sheet, but will have flexibility for specialties products as well. We have already secured long-term customer commitments to all of the beverage packaging capacity, and contracting on the automotive side continues in line with our expectations. The supply side is moving smoothly as well. We have fully contracted all of our main equipment supply and just passed a great milestone with the mill stands for both the hot and cold mill now casted. Due to environmental permitting requirements, essential building scope enhancements, and inflationary cost pressures, we now anticipate the capital outlay will be $2.7 billion-$2.8 billion, compared to our initial estimate of $2.5 billion. We broke ground in October 2022, and construction is moving along with commissioning expected in fiscal 2026. Building foundation work and piling is well underway, and we're preparing to begin receiving the building steel in a couple of months. It is really difficult to capture the enormous scope and scale of this facility in a picture. Thousands of piles will be installed this year to secure the foundation for the main building. At 2.7 million sq ft, the main building will contain a structural steel equivalent to nine Eiffel Towers and could fit 44 soccer fields inside. The site is large, but intentionally so, as it has us well-positioned to quickly and efficiently expand capacity through a future phase II brownfield investment to capture growing demand. I'd like to turn the call over to Dev for a detailed review of our first quarter financial results. Thank you, Steve. Starting with our Q1 financial highlights on slide seven, net sales decreased 20% to $4.1 billion, primarily driven by lower average aluminum prices and lower product shipments, partially offset by increased product pricing and favorable product mix. Total flat roll product shipments decreased 9% to 879 kilotons. Inventory reductions across the beverage packaging industry in reaction to improved supply chains and availability in a more normalized demand environment post-pandemic led to lower can shipments this quarter. Macroeconomic pressures led to lower specialties shipments versus the prior year. Aerospace is steady, and automotive shipments grew to a new quarter record high on strong OEM demand. Adjusted EBITDA was $421 million in the first quarter, 25% lower than the record-high EBITDA in the prior year, but 4% higher sequentially from Q4, driven by favorable product mix and some settling of costs. EBITDA per ton also continues to improve off its prior year Q3 low, climbing to a $479 in EBITDA per ton in Q1. This was even stronger than our near-term expectations due to a more favorable product mix, better pricing, and energy costs that settled a bit faster than anticipated. Net income attributable to our common shareholder was flat sequentially from Q4, but down 49% over the prior year to $156 million in Q1, driven primarily by lower Adjusted EBITDA, higher interest expense, and significantly higher gains on unrealized derivatives in the prior year that did not recur. Moving to the Q1 EBITDA bridge on slide eight, the year-over-year decline really comes down to three areas. The impact of lower shipments resulted in a $95 million headwind from volume. However, we continue to see year-over-year favorable pricing, including cost passthroughs, as well as better contribution in product mix from higher automotive shipments. The increase in cost is primarily due to lower metal benefit from recycling, as well as cost inflation. Last year's recycling benefit was extraordinarily favorable, mainly driven by very high aluminum prices that have since fallen by 20+%. These lower aluminum prices, as well as our operations consuming less scrap as we produced and shipped less can sheet in Q1, resulted in a significantly lower recycling benefit year-over-year. Other operating costs are elevated compared to the prior-year, but we are starting to see some inflationary pressures settling down, for example, in freight, coatings, and energy costs. Let's turn to slide nine and Q1 performance year-over-year by segment. The drivers across regions are fairly consistent and in line with the consolidated explanations. In North America, shipments decreased 4% year-over-year. Though we had record high automotive shipments, these were offset by lower beverage packaging and specialty shipments due to can supply chain destocking and soft economic environment. Adjusted EBITDA was down 27% versus a record prior-year comp, mainly due to the lower volume, cost inflation, and less favorable metal benefits from recycling. These factors were partially offset by higher pricing and better product mix due to higher automotive shipments. Europe shipments were down 8%, also due to lower beverage packaging and specialties shipments, and partially offset by higher automotive shipments. EBITDA was up 5%, as higher pricing offset lower metal benefits from recycling and the lower volume. Q1 energy costs were relatively flat year-over-year. Turning to slide 10. Asia shipments declined 5% versus the prior year. Lower shipments to beverage packaging customers in North America and Southeast Asia were partially offset by higher automotive shipments and higher specialties shipments to the strong EV battery market. Adjusted EBITDA decreased 7%, due mainly to the lower volume and less favorable metal benefits from recycling, partially offset by a favorable product mix. South America shipments were down 20% due to beverage packaging destocking and weak consumer demand. EBITDA was down 46% year-over-year, primarily driven by the lower volume and lower metal benefits compared to a very favorable condition in the prior year. Let's turn to cash flow on slide 11. Q1 fiscal 2024 Adjusted Free Cash Flow was an outflow of $349 million. This includes a planned threefold increase in capital expenditures as we ramp up our transformational capital investment spend in fiscal 2024. Free cash flow before CapEx was more in line with the prior year, as lower Adjusted EBITDA and higher interest payments due to higher variable rates were largely offset by lower working capital, including some relief from lower aluminum prices this year. We continue to manage a strong and prudent balance sheet. We ended the quarter with a net leverage ratio of 2.7 x and a total liquidity of $2.4 billion. I'd now like to turn the call back over to Steve. Thanks, Dev. In summary, we are extremely pleased with the continued improvement in Adjusted EBITDA since our third quarter point. We believe the beverage can destocking activity is nearly complete. We feel very confident that shipments and EBITDA per ton will continue to recover this fiscal year. Importantly, our balance sheet is strong. The fundamentals driving long-term demand for aluminum products remain intact. The business is gaining momentum. We are excited about our transformational investments underway that will enhance sustainability and growth across the value chain. With that, we're happy to take your questions. Thank you. Ladies and gentlemen, if you'd like to ask a question, please press star followed by one on your telephone keypad now. If you'd like to ask a question on the webcast, please first refresh your page, then click Q&A in the bottom right. When preparing to ask your question, please ensure your phone is unmuted locally. We have our first question comes from Amit Dixit from ICICI Securities. Amit, your line is now open. Yeah, hi, good morning or good evening, everyone, and thanks for the opportunity. I have a couple of questions. In this quarter, we saw volume declining to a multi-quarter low, I mean, possibly, I mean, lowest since we took over Aleris. Just wanted to understand if it is the absolute bottom for volume, and when we can see volume going up to 970 KP-980 KP per quarter run rate again? Good question. As we said in our prepared remarks, we do believe the worst of the can destocking globally is behind us. This quarter, we were, there was a lot of destocking that occurred in South America, and we feel very comfortable now that this is more or less in the rearview mirror, and we will start to see the volumes return and have started to see the volumes return in the order books, even in late June, July. We feel very confident that as we proceed through the remainder of this fiscal year, what brought this to the low point, was basically the beverage can destocking, and we think that's behind us, and we will recover for the remainder of the year, back into a much higher levels of volumes. Okay, the second question is essentially on the waterfall chart shown in slide number eight, where, you know, the volume, the adverse impact of volume is more or less, offset by price and mix. just wanted to understand, have all the PPI-related adjustments been reflected, or will it be so that going ahead, you know, the, while the volume will increase, and therefore, to that extent, it would be positive, and price and mix also the advantage we will, we will keep on getting. just wanted to understand that. Yeah, Amit Dixit, all the PPI impacts are reflected in that waterfall chart in the pricing bar for this year. As usual, as we get into the next calendar year, there will be another reset, and we will see what is the impact of that. Inflation levels are still going to be positive, not as elevated as we have seen in the last one year. In short, the answer is yes. All the PPI pass-throughs and more, just a stronger pricing environment generally, because of the demand-supply conditions in the market, is all reflected in that slide. Just to follow up from here, for the volume impact that we see a $95 million odd, that is the absolute worst. Going ahead, we will see it declining from 95 levels at a negative 95? So here's the thing, Amit. We see volumes improving quarter after quarter from here onwards. We don't want to get into, you know, projecting every quarter. What we want to give you confidence about is that we pretty much think that this is a low point. Volume and mix is something that, you know, sorry, volume is something that we will see progressing. As far as mix is concerned, this quarter, we had a lot of auto. You know, auto was a record, and so in proportion to the total volume, auto was overweight. In future, can will go back to higher levels. With that, we also get better recycling benefit because this quarter we suffered from lower can, resulting in lower recycling benefit. Give and take everything, what we want to tell you is that, on the bottom line, we see ourselves staying in the range of not $400-$450, but $450-$500, until we eventually get to the $525 or thereabout number, which we think will be around the fourth quarter of this fiscal. That's really, you know, the essence of everything. Great. very clear. Thank you, and all the best. Thank you. Thank you. Our next question comes from Pinakin Parekh, from JPMorgan. Your line is now open. Yeah, thank you. Thank you very much. My first question is, your high management has highlighted that most of the impact on volumes is from beverage cans. Very last year, there was a big theme about the contract pricing reset higher in beverage cans. How has that evolved in the backdrop of the severe volume impact decline that we have seen across the industry this year? Yeah, we continue to see pricing increases in our beverage packaging contracts that we're signing. That's really a global trend. Our contracts that we are entering into are multi-year contracts, it's hard to give you exact levels of what's coming in inside this year, but I can tell you that there's significant pricing associated with contracts that will be supporting our investments, particularly the Bay Minette investment. We've done very well to put ourselves in a position that we have basically fully contracted the beverage packaging portion of Bay Minette for multi-years. Understood. My second question is on the EBITDA per ton profile. Q1 we continue to see an improvement, and I assume the medium-term target by the end of the year remains on track. But as the beverage can segment volume recovers, I mean, from last year, Q3 are down around 100 KP. Will that be margin dilutive or margin accretive in terms of mix? It will be margin accretive. Pricing levels are better. Overall, recycling benefits will go up, and, you know, remember, we are at some very low metal price levels, you know, and we expect that as the overall macroeconomic situation settles across the world, across the world, we expect that recycling benefits will keep evolving. So we have some nice underlying positive drivers, Pinakin. Let me get to the point. We had told you earlier that we expect to get back to our sustainable guidance of $525 end of this year. At this point, we feel even more confident that we will get there, and in the interim, we think that we will be better than what we anticipated earlier. You know, as I already mentioned, let's just kind of take it that from here onwards, we will be the above $450 per ton mark, not below. All in all, we feel good. We feel good about the margin evolution from here onwards. We are not going to comment on every quarter for the next two quarters, but the evolution is in the right direction. Understood. Understood. My last question is, there seems to be a project escalation cost increase at Bay Minette, versus the corporate day of $2.5 billion, now we are at $2.8 billion CapEx. What has broadly driven this increase in CapEx cost? We did range it from $2.7 billion-$2.8 billion, so we're giving a range there. There's still a bit of time to go here, but based on the detailed budgeting and engineering that we've executed so far, we wanna be transparent where we think it is, and we're confident that we can be in this range now. What's caused the increase from the original $2.5 billion is more environmental permitting that was required and what we need to do at the facility to meet some of that environmental permitting. It's also around the location of the facility in the southern part of the U.S., and we needed to structurally fortify that from weather-related incidents. There's just the inflationary environment from that we've all seen over the past year that's been born into the project as well. Understood. This is very helpful. Thank you very much for this. Thank you. With our next question comes from Sumangal Nevatia from Kotak. Your line is now open. Yeah, thank you for the opportunity. My first question is, just want to understand, the 1Q performance, slightly better in terms of margin and volume mix. In the past, we've, I mean, explained that how operating leverage has impacted our margins. Despite a very negative impact of operating leverage in 1Q, our product mix appears to have more than offset, that impact. Is that understanding right? I mean, can you share, just to better understand what was the exact product mix in 1Q, and how has it changed in terms of mix between can, auto, aero, and building and construction? Yeah, let me just call out all the drivers. What happened in the first quarter, we had an overweight of can as a proportion of the, we had an overweight of auto as a proportion of the mix because can came down to a very low level driven by destocking. Auto was a record quarter. Basically, there was an overweight of auto. In proportion, in future, auto will kind of be slightly adjusted downwards as a proportion of the mix, but that will be more than overtaken by the first point you made about the leverage that we get from incremental volume. Pretty much, you, Sumangal, you got the right point, that in this quarter, we have delivered an EBITDA per ton, which is close to $480 at almost record low levels post Aleris acquisition, operating leverage will play a big part from here onwards. Every incremental ton gives us a very significant operating leverage. I leave it at that. We should feel good about the fact that we've been able to get to this level of margin, with a volume like this. Let's kind of just capture the point that operating leverage will give us a significant lift as we look forward, and that is what gives us some very, very good confidence on the path forward. That's very reassuring, Dev. Thanks. Is it possible to share the mix of volume? We generally do that every quarter. Yeah, I mean, look, auto typically forms, you know, about 18%-20%. This time it is higher. It is closer to 23%, 24%. That is really the big variable. Can typically is in the very high fifties, and this time it is in kind of in 50%, it's around 54%. That's really what it is, Sumangal. Got that. Got that. I have one more question on a U.S. plant. I mean, what percentage of volumes are already contracted? FY 2026, are we seeing one edge or second half commissioning? How should we look at the ramp-up over, say, two to years years once the plant is commissioned? Yeah, Sumangal, on the contracting, as you'll recall, we've generally said about two-thirds of the plant would be dedicated towards beverage packaging and a third would be towards auto, although the facility can also produce specialty products as well. On the beverage packaging side, we are finalizing the last contract to fully be contracted, and that should be occurring in the next month or so. We feel really good about all of the beverage packaging contracts, just in line with what we had expected. These are multi-year contracts that really set us up for a lot of success at this facility. On the auto side, we are continuing to see the visibility, and we're, we'll be contracting in line with our expectations over the next 12-18 months. As it relates to the ramp up, what we've said is the facility will come on latter part of fiscal 2026. Obviously, with our operating capabilities, with our know-how and knowledge, with our customer relationships, we believe that we can execute an accelerated ramp-up of this facility. We think that, you know, it is possible that we could be, you know, fully at full capacity of this facility within two years, which is quite aggressive. You know, there's still a ways to go here, but I think the key point to take away is we have contracted, we have long-term relationships with customers here, and those customers, we'll be able to work very well with in qualifying and ramping up the facility in an accelerated manner. Got that. If I can just squeeze in one last question, if we can get some volume guidance for FY 2024, that will be very useful. Sumangal, let's kind of not get there for now. The market is still evolving. I would just say that we have hit a low point in volume, and from here onwards, we see decent recoveries. The moment we get to volume guidance, it becomes a bit of a slippery slope, you know, to try to get too precise. There are many factors that play out, what will be the summer in South America, the later in the year, and so on and so forth. All that we should take away from this call is that we are feeling very positive about the road ahead because of the end of destocking. We see the path forward, looking a lot better. Let's just leave it at that. As we get closer towards the later part of the year, we can talk again about it. Right now, we feel good. Got that. Thank you and all the best. Thanks so much. Thank you. Ladies and gentlemen, if you'd like to ask any further question, please press star followed by one on telephone keypad now. If you'd like to ask a question on the webcast, please first refresh your page, then click Q&A in the bottom right. We have our next question comes from Indrajit Agarwal, from CLSA. Indrajit, your line is now open. Hi, thank you for the opportunity. I mean, just to take forward the margin question forward or just to understand the margin better. If I compare this quarter's performance with third quarter FY 2023, that is December of last year, what we see is profitability hit rock bottom of $375, but volumes are better, and metal prices, in fact, in this quarter are slightly lower than what it was in that quarter. Is it, like, too optimistic to believe that when the mix again improves in favor of beverage can, the benefit of mix that we have will not be enough to offset the whatever operating leverage loss that we have had? As in, is there a risk that we can hit low for $400? I know you have given a guidance, but is it just a mix or the operating leverage actually plays a part in our profitability? Indrajit, I think we should not get too fixated by the mix, because the other factors that are potentially going to play in our favor are going to be a lot more favorable. Remember I said earlier, that when can is low as a proportion of the volume, we also have to give up a recycling benefit because can has the largest proportion of recycled material. If you combine the operating leverage point with every additional kiloton that we sell, along with the recycling benefit that comes as can goes up, mix will not become a holding factor for us. I, in short, am telling you that the operating leverage and the recycling benefit as can goes up, is going to more than overtake the mix, and we should feel good about the margin evolution from here onwards. Thank you. Can you give us some more color on the current scrap market? How are the scrap spreads currently availability versus last quarter's average, and how do you see that evolving in the next few quarters? We are good with the markets right now. No supply issues at all. As we saw last year, you know, we were struggling with some supply issues off and on. Right now, I can tell you that supply and availability is very good. Scrap spreads are steady to positive, so we feel pretty good. In fact, we don't have the full impact of the positive scrap spread situation in South America in this quarter. The positive scrap spreads, in fact, will actually get even better in the forthcoming quarters, as metal price improves at some point, as the global economy recovers, there is even more leverage waiting to come out of it. All in all, we have some positive factors looking ahead. Sure. Thank you. That's all from my side. Thank you. Thank you. Thank you. With our next question, comes from Ashish Jain, from Macquarie. Ashish, your line is now open. Hi, sir. Good morning. My first question is, you know, you spoke about the mix impact this quarter with higher volumes coming from autos. If I just look at the ratios that you spoke about, the absolute volumes for autos also seem to have gone up by at least 15 KT to 20 KT quarter-on-quarter. Any color you can give to that? Earlier in the call, you also spoke about higher auto volumes in Asia. Is this like a one-off opportunity we had, or this is, you know, more sustainable in nature? The quarter, to your point, was a record shipment quarter for our auto business. Very, very strong. You've probably seen a lot of the reports coming out of North America and Europe. Continued strength, we believe in the order book over the next couple of quarters, driven by, you know, pent-up demand still increasing in some of the build rates on a year-over-year basis, and larger penetration of electric vehicles as a mix overall, which benefits lightweighting and aluminum. We see this market very, very positive. I will say that in China, it's a little bit a little bit more muted. It is increasing over comparatives of COVID periods last year, but the overall market itself is much more muted based on the China economy itself. We'll see that hopefully start to recover second half of our fiscal year and into 2024. Overall, we're very, very pleased with the performance in this sector and it is not due to one-off items. Steve, just to carry that point forward, you know, so while I take the point that the mix might shift in favor of cans going ahead, is it fair to assume that the auto volumes in absolute terms may also have some upside risk, or they could go down, you know, in the coming quarters? Yeah, I mean, I don't know if there's significant upside in the auto. I think the strength gives us a lot more confidence in what we're projecting from some of our guidance. You know, again, I wouldn't bake in a lot of upside inside of this segment itself. I think, Ashish, we have to just go a level up. Our confidence in an 11% global CAGR in the auto market continues to stay very strong. Now, if we just step away from what happens every quarter, you know, I mean, we continue to believe in the overall strength of the market, you know, that is the bigger point that we should capture here. Our contracting is doing well. Our progress is likely to be exactly on track as we have thought earlier, the market growth of 11%, we have a high confidence around it. Right. Great. My second question is, you know, slightly longer term. You know, this contracts that we are signing on the beverage can side, I totally understand that, you know, pricing and maybe margins here are much better. You know, just one clarification, like, are these cast in stone contracts in terms of the pricing on it, or there is, you know, some, you know, clause, let's say, if demand is not that strong longer term, would there be some downside risk to this pricing, or these are like cast in stone pricing at this point? No, these are contracts that we're signing with firm pricing, with PPI clauses in place, contractual volumes in place with min-maxes. These are very solid contracts that are being signed. It's on the back of what we've always been talking about. On a longer-term basis, the trends that favor aluminum packaging are there. We're going through a period of destocking, but longer term, from decarbonization, from a backlash of plastics, aluminum is winning, and we see that as a 3% compounded annual growth rate through the end of the decade. We're very comfortable in this market and investing in this market. Okay, great. Thanks a lot, Steve. Thanks, Steve. Thank you. Thank you. With our next question, comes from Vishnu Kumar, from Avendus. Vishnu, your line is now open. Thanks for the time. We've seen the, probably, the lowest volumes, at least for quite some time in the South American market. Is this a forced choice where you guys have decided to cut the volume to take the inventory down? Or is it that the end market actually is so slow? If you could just help us understand. Also, if you could help us understand where the actual beverage market end demand could be, like across key markets. We have not, you know, done anything just to bring inventories down. We are following the market. The simple answer to why the volumes are low in this quarter, record low since Aleris acquisition, is simply because we reached peak destocking in this quarter, and that's now largely behind us. It was really the peak destocking that particularly happened in South America. That is the big driver of these lower volumes. It has nothing to do with us doing anything to manage inventories. We would never do that. We would never sell less to manage inventories. Okay, how? That would never happen. What is the actual can market demand currently growth growth rates that you see across the key markets? As we always say, the long-term trend at 3% is very robust. It is being validated across by our customers, so there is a very high level of consensus about a 3% growth. You know, quarter on quarter, things may keep going up and down, but the long-term growth of 3% is what we are again validating. We see things going very well in that direction. Got it, sir. One of your comment, it, I think, specifically with Europe, you were highlighting that the energy costs were largely flat, YOY, is that right? Just wanted to check, double-check. Yeah. Energy costs are basically settling down in Europe. Remember, when we had met in the month of April during our investor week, we had signaled that the impact of energy costs could be, you know, even around $30 million, compared to the pre-war levels. We see energy costs being a lot more settled, and right now, the impact versus the pre-war levels is more like, you know, sort of $20-some million. On energy costs, in fact, you know, things are actually a lot more settled than they used to be until a couple of quarters ago, i.e., last year, the third quarter was like really a peak quarter. After that, things have settled down. We feel like the worst is behind us. Got it, sir. Thank you. You're welcome. Thank you. We have no further questions on the line. I will now pass back to Mr. Fisher for closing remarks. Great. Thank you, operator. There were a few questions that came in on the webcast that we will come back to you on. Please note that we will respond on those questions. I do wanna thank everyone for attending the call today, and being patient for the slight delay. As it relates to Novelis, we have good momentum building in the business. I hope you see that. I absolutely wanna commend our employees on their diligent execution this quarter and going forward. Thank our customers, our partners, for working together with Novelis in development of innovative and sustainable aluminum solutions. Thank you again for your time today. We really look forward again, to sharing our Q2 results in November. Thank you. Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your line.