ADNOC Gas PLC (ADNOCGAS) Q4 FY2025 Earnings Call Transcript & Summary

Welcome to the ADNOC Gas Q4 and FY 2025 Earnings Call. [Operator Instructions] I will now hand over to Richard for the formal presentation.

Good afternoon, and welcome to the ADNOC Gas full year and Q4 2025 earnings call. My name is Richard Griffith, and I am the Acting Vice President of Investor Relations at ADNOC Gas. Next slide, please. As a publicly listed company, I need to remind you of our disclaimer on this slide, which we encourage you to read. It contains important information, and we advise caution on the interpretation and limits of historical data and forward-looking statements. For reference, the presentation slides are available on our Investor Relations website. Next slide, please. Presenting today will be our CEO, Fatema Al Nuaimi; CFO, Peter Van Driel; and Senior Vice President of Marketing, Rashid Al Mazrouei. I will now pass over to Fatema Al Nuaimi to talk through the highlights for 2025.

Thank you, Richard, and thank you, everyone, for joining our call today. 2025 was an exceptional year for ADNOC Gas, marked by several important milestones and progress on significant projects, continued growth across our business and steps to further diverse -- drive shareholders value creation. As we continue to execute on our strategy, we are firmly on track to deliver on our strategic objectives in 2026 and in the years beyond. We started the year with our secondary offering, the first marketed offering in the UAE, raising USD 2.84 billion. The transaction was 4.4x oversubscribed, reflecting the continued confidence in our investment proposition. The offering increased our total free float to 9%, paving the path for our successful inclusion in the MSI and FTSE indices, which resulted in around USD 750 million of inflow from passive funds, helping further broaden our global shareholders' base. Looking at our business, we are committed to investing around 20 billion in projects through 2029, which was -- which we expect will increase our gas liquids processing capacity by around 30% over the period. We are already making progress, having reached final investment decision on Rich Gas Development Phase 1, committing $5 billion to debottlenecking projects that support long-term earnings growth. Additionally, we also successfully commissioned IGD-E2, enabling 350 million scf of gas supply from offshore to onshore. Finally and on dividends. In line with our commitment to shareholders return, we have also announced a total dividend of $24.4 billion for the period '25 to '30 period with quarterly dividend payments having commenced in Q3 2025, providing greater visibility and flexibility to investors. Next, please. Now I will take you through the key highlights for the period along with more details on our overall performance. Performance for the full year, we delivered a record high net income of USD 5.17 billion, which is 3% up compared to 2024 and a flat EBITDA stands at $8.64 billion despite operating in a 14% lower oil price environment, which clearly demonstrates the resilience of our business model. These results were largely supported by our domestic gas business, which continued to perform strongly with domestic gas EBITDA reaching USD 3.4 billion in 2025, up by 28% compared to the financial year 2024. This was driven by 4% year-on-year growth in domestic gas sales, backed by strong UAE demand alongside continued improvement in underlying margins, which increased to $1.16 per MMBtu, up 7% year-on-year. Coming to our growth projects. As mentioned, we have committed $20 billion in capital expenditures. This includes the Rich Gas Development Phases 2 and 3 related spending as we continue to invest through the cycle to deliver our long-term growth ambitions. We are making good progress across our major projects, with FIDs for the remaining phases of Rich Gas Development too, which are 2 and 3, this is expected to take place in weeks from today. Our current guidance is for achieving 40% EBITDA growth by 2029. However, we see significant upside to the long-term EBITDA target driven by the upcoming projects I just talked about, which are Rich Gas Development Phases 2 and 3. On dividends, in line with our dividend policy, dividends for Q4 2025 pending AGM approval will be $896 million, representing the 5% increase and contributing towards our dividend distribution target of $24.4 billion, '24 to '30. Next, please. I'm also proud that we delivered record results in 2025 against a backdrop of low oil prices environment compared to the IPO year of 2023, which strongly underlines the stability of our earnings profile and our confidence in delivering sustainable value through the cycle. Net income grew by 17% to the number I mentioned earlier, $5.17 billion in 2025 from the $4.4 billion in 2023. Compared to 2024, net income was up 3% year-on-year, demonstrating our resilience to market volatility. Within this, we saw $640 million improvements in domestic gas contribution versus 2023, while lower oil prices impacted ELT (sic) [ ETL ] and LNG contribution. Finally, a few thoughts on AI. In 2025, we made early progress in deploying AI and robotics across our operations. We delivered $50 million in value last year through initiatives such as the AI-operated control room at Taweelah gas compression plant and in Bu Hasa. Closed-loop real-time optimization in Ruwais and advanced drone and robotics deployment across key assets. Looking forward, these foundations position us to unlock up to $900 million in value by 2030, driven by autonomous operation, AI-led production optimization and intelligent asset performance. This is a major enabler of both efficiency and long-term sustainable value creation for ADNOC Gas. With that, I now hand over to Rashid, our SVP Marketing, to tell us more about the dynamics of the market.

Thank you very much. And I think the main headline is 16% lower in terms of the oil environment compared to when we were IPO-ed, but with resilient results. And what drove these resilient results was, in 2025, we secured $74 billion worth in sales agreements, and this reflects our strong execution across both domestic and international LNG. On the domestic side, we secured two long-term supply agreements with key customers, strengthening our long-term visibility in our core market. And this was one of the key promises that we made as ADNOC Gas at the time of launch, and now we are delivering on that promise. But not only are we delivering on that promise, we're going beyond that in terms of LNG. We have secured over $60 billion worth of long-term agreements. And this increases our customer footprint across Asia and Europe. And just for the record, on Ruwais Energy, these are contracts that will be existing for the next 20 years. They are -- most of them 15-year contracts that start with the launch of Ruwais LNG that are contracts that will continue to deliver value for ADNOC and ADNOC Gas for 20 years ahead. And these are top tier customers in the industry. And many of them are customers that had bought from the Middle East for the very first time. And in the history of LNG, there are not -- I would say, in the recent history of LNG, there is no project that is marketed on a joint venture basis to all these customers around the world. When you look at most projects internationally, the offtake has been taken by the partners themselves and has not been sold on to third-party -- to end users. With our project, it is all to mostly to third-party buyers and in these premium markets from Japan in the Far East all the way to Germany in the North of Europe. Next slide. And this is -- just to elaborate on that, this is where we actually believe that LNG is the future. We took -- ADNOC took FID on the project at the time with 50% done only in heads of agreement. And within a year, we have sold all of those as part of sales and purchase agreement. And on Ruwais itself, Ruwais is running at the moment ahead of schedule. And this also shows the operational resilience that we have in ADNOC Gas and the track record of the way that we plan and run our projects. The first train we expect to come in the second half of 2028, I'd say at the end of 2028, and the second train coming in the middle of 2029. And this takes our total LNG that will be produced to 15 million tonnes from the 6 million tonnes that we produce today. Well, enough of me boasting, and I will move you on now to Peter, our CFO, to talk about the financial results in more detail.

Yes. Thank you, Rashid, and good afternoon. Let's have a look at the macro first. You can see we have operated in '25, in changing environment, right? Average year-on-year, right, 14% down, Q-on-Q 15% down. And CEO already mentioned the resilience of the company, where the net income was $5.2 billion compared to $5 billion last year. So there's a 3% uptick in this lower oil price environment. I also want to show you the LPG marker. You see that LPG had a tough fourth quarter. But when we look forward, January, you see it recovered above the $500 levels. And as a reminder, LPG is important for us. It's 25% of our revenues. Next slide. We have shown you just before progress on our sales volumes. And again, I've said this many times, if you're looking for a proxy for the growth in sales, the GDP growth of the UAE is a good indicator. I think in that sense, '25 is, on the graph you compare to graph of Q-on-Q, you saw the increase of 5% in sales volumes. But you also see on the graph, by the way, is the seasonality. Our peak is normally more in the summer, when weather gets very warm in this part of the world. And overall, we are able to demonstrate again the strength of the domestic market. If you look at the fourth quarter '24, in terms of TBTUs, it's entity we use to denominate our volumes, 567 versus 595. These volumes are really driving performance. Let's go to the next slide. Now if we zoom in on the domestic market first, and then I'll talk about the export market hereafter. Again, if you look at the top line, you see the volumes that I was talking about before, right? That's a 5% increase in volumes Q-on-Q. The EBITDA, however, increases by 6%. That means that again, Q-on-Q, we were able to enhance our margins, unit margins on the back of our commercial activities in the UAE. If you look at the years on the right-hand side, that impact of our commercial effort becomes even clearer where you see a volume growth of 4%, '24 versus '25, but the EBITDA going up by 10%, right? And you can only do this when you exercise your commercial activities in country. And it's a combination of contract renegotiations. It is about customers paying for flexibility. And we also have done a number of booked-out transactions, where we supply together with one of our customers electricity in the GCC. So stretching the commercial imagination is what drives this success. Next slide. Here we see the export, let me see -- let's go to the right-hand side. You see that the volumes were flat for the export. That is mainly explained by maintenance activities in the LNG facilities. And then you see the price impact of 10% that we spoke about before. So this impact is more than offset by the strong performance in the domestic market. Next slide. Total EBITDA, so [indiscernible], right, so now we merge the domestic growth with the performance in the export market. And if you look at the right-hand side, you see clearly that volumes go up 2% and despite the 14% on average of Brent, we're able to maintain our EBITDA. And that is what we refer to as the resilience for the company. If you are able to sustain such a performance in a year with a 14% decline in oil price, I do believe that we can claim resilience for our performance. Next slide. Now you see that our investments are stepping up. That is not a surprise given that we have announced a $20 billion committed expenditure, and that excludes Phase 2 and 3 of the Rich Gas Development. We will take FID on the Rich Gas Development Phase 2 and 3 this quarter. So it's imminent, but you can see the step-up. And that is very much driven by the spending that we do in our major growth projects, you see listed in the first bullet IGD-E2, which we commissioned. Then we got MERAM. MERAM is the ethane recovery for supplying ethane to Borouge, a chemical company. And last but not least, the Rich Gas Development. The first phase, which is mainly debottlenecking activities of our assets is also taking place, and that comes with increased expenditure. For next year, you will see that we've indicated a range between $4 billion and $4.5 billion for '26. I'll come back to the outlook for that year. I just want to give you a heads up that, that number, $4 billion to $4.5 billion for '26, excludes the impact of Rich Gas Development Phase 2 and 3. Next slide. So in that environment where the company pays a dividend that, as CEO mentioned, grows every year by 5%, you will notice that our free cash flow is quite strong. After paying dividends, we were able to add to our bank account close to $500 million, which shows the strength of the balance sheet. We have not used our financing arrangements. The only arrangements that we're using is for working capital management. But over time, we will start using the balance sheet more and more to finance our growth. But even when we use our balance sheet going forward to finance the growth, the company will not have more debt than 2x EBITDA. So that's a very comfortable position to be in. Last point I wanted to draw your attention to is you noticed in the [ bridge ] that there is a transfer of ESTIDAMA. As a reminder, ESTIDAMA is the pipeline that connects us with the northern part of the Emirates. Having that pipeline in place will allow us to deliver gas to more customers that we can't reach today. And the pipeline is an infrastructure play where we believe that it is probably better with ADNOC parent and ADNOC Gas will pay for usage. It's a clear example about capital discipline, right? If we look at our major growth projects, they have returns mid-teens, 15% IRR plus, and infrastructure doesn't give you that kind of return. So we were glad to transfer the pipeline to ADNOC and paid for this. I believe it's now time to look at the next slide 2026. We provide you with the guidance, the EBITDA margin. And remember at the IPO, we gave an EBITDA margin guidance of 33% to 35%. And last year, we were very close to 37%, 36.8% to be precise. Our guidance this year is 36%. It depends whether some of these hopeful transactions like gas-to-electrons will happen again. Now these are tenders. We have not included that yet in the guidance. The volumes, you will see the steady growth. And then last but not least, if we look at the exports, we use $60 to $65 per barrel to guide you on the export and traded liquids. Unit margins also for the LNG joint venture projects. So far, we expect it to be in the range of $250 million to $300 million net income. And last but not least, you see the CapEx guidance that I referred to before, $4 billion to $4.5 billion, and that excludes Phase 2 and 3 of the Rich Gas Development. I believe that's the end of my part. I suggest I'll go back to Richard for the Q&A.

Thank you. And if we can back to the operator to proceed with the Q&A session.

[Operator Instructions] And with that, I see we have our first dial in question.

Can you hear me? It's Alex Comer from JPMorgan. Can you hear me?

Yes, Alex, we can, yes.

Just a couple of quick questions. Just firstly, on the expectations for sulfur, it looks to me like you made about $31 million per BTU in the fourth quarter. Sulfur prices were about $420. Sulfur prices are now close to $520. It looks to me like if they stayed at that level, you'd make something like $500 million to $600 million for the year. So that's almost twice as much as you guided. So presumably you're expecting sulfur prices to come down. So maybe you could confirm that. That's the first question. The second question is, I mean, obviously, you may give some more information when you get FID on the two Rich Gas projects. But I was just wondering if you could give us an indication of roughly the amount of CapEx and roughly the amount of return you expect to make on that? And then the third question is, just with regard to this EBITDA guidance of plus 40% by 2029, I mean you indicated on the call that it would be higher than that, and most people are comfortable with that, but just what is actually in that number in terms of projects, and what isn't? Because I think at one point, we were expecting Ruwais not to be in, but now it looks like Ruwais is going to start and be pretty much fully in by '29. So just what's in that 40 plus, and what isn't and maybe give indication on that.

Right. Thanks, Alex. First point of clarification for sulfur. I think now the pricing information you gave is correct. But ADNOC Gas is not a sulfur producer in the sense that it is a priority for us. If you take Rich Gas, you would prioritize that over sulfur because the margins are more appealing. So I do not disagree with what you said. But if you look at the overall picture, we first prioritize Rich Gas for export and then sulfur as a byproduct. So it is not a function of price. It's a function of volume that drives the outlook. Second point, Rich Gas Development Phase 2 and FID is imminent. I cannot tell you what the total awards will be. In the past, we said if you want to have some proxy, it's probably not a bad idea to use, let's say, $4 billion for each train. Phase 3 is a new fractionation plant in Ruwais, where today, we have four fractionation plants, and we add a fifth one to it. And then we also need to build a new processing plant, that's a greenfield expansion. And now as yardstick, something like $4 billion is probably not a bad estimate. This will all be subject, of course, what the final tenders will [indiscernible], that will drive the true cost. Last but not least, thank you for the question. Just to clarify one more time, we have shared with you roughly expecting EBITDA '23 through '29, EBITDA to grow by more than 40%, and that gives us 30% more capacity, and that is achieved with $20 billion of committed CapEx. Now what's included in that guidance? First, the IGD-E2 project. Two, MERAM is part of it. Three, Ruwais LNG, which comes at cost to us in second half of '28. And then last but not least, the Rich Gas Development Phase 1. So the moment we would take FID on Phase 2 and 3, you will see the EBITDA guidance going up from the previous 40% plus guidance and CapEx will go up by a certain amount. As I said, the guidance we may want to use is $4 billion each for the trains. So thank you for that. I hope that's clear. Then there is another question on the screen. And the question is why is the domestic gas net unit profit margin in '26 lower in the guidance than '25? Now as I said before, we have a number of activities, and under Rashid's leadership, we pursue every opportunity to create more value. And our SVP marketing has been very successful in that last year by concluding not just only the gas-to-electrons sales, also a number of sulfur undertaken, but not all of them are either long lasting tenders. So what we have excluded from the '26 guidance are events that are not reoccurring necessarily. Do you want to say more to that, Rashid?

I think you said it all. I think also we need to put in mind that we also have some shutdowns planned for this year. So that also impacts the absolute sum of the domestic gas sales. The most important thing is that we carry on rolling our business forward, looking for these short-term opportunities that are emerging in the UAE and throughout the GCC. On sulfur, if we go back just to -- on the sulfur part, I think it's very important that we remember that sulfur historically has been $95 per tonne, and it being up to $500 is unprecedented. This was mainly driven by lack of exports from Russia and Kazakhstan. So also, we've been cautious in the outlook because it is evident that the prices are on a historic high there.

Maybe I use the opportunity also to explain a little bit how some of our contracts in the domestic market work. If you look at the power sector, the power sector is going through an energy transition. The power sector is and will use more and more silver. I think that's very good for us. That's very good for the environment, it's very good for the UAE. What it means is that from our perspective, we free up gas that we can sell elsewhere. And as a reminder, the pipeline going to the north, ESTIDAMA will unlock new opportunities for us. Secondly, if you have more silver in the mix, it means that you get more swings in gas demand typically during the day. That will only increase if you have more and more solar plants active in the UAE. Ultimately, you get to a situation which is getting close to during the day, no gas, only at night. So those are called intraday swings. On top of that, you have seasonality because you know that in summer, we demand more energy. Those intraday swings are either by the solar plants catered for by means of batteries. That's one way during the day, you generate energy, and you store it, and then you balance it. But also ADNOC Gas is in terms of production, really, really big. We got 10 Bcf of production, and that's going to grow to 13. And because of the size, we can also help with managing these intraday swings. Now if you then look at the contractual arrangement with the power company, you basically have a system where the power company pays for the baseload. And then you've got several layers tiers on top of that. So the bigger the swing, the more the power company will use the higher tiers. We do not know in advance what will be used on top of the baseload. So I'm coming back one more time to the outlook for '26. When we plan, we can only plan to a certain extent for the baseload and some of the lower tiers, but not for the higher price tiers. We simply don't know how big the expeditions are going to be. So that makes our forecasting a little bit more challenging. And so in short, do mind that there are uncertainties with respect to demand from power sector, including intraday swings and all the commercial activities that Rashid was referring to, which do not have reoccurring nature by definition, but are actively pursued, and we've done that quite successfully in the year 2025.

We have a dial-in question.

It's Oliver Connor from Citi. Just to come back to the gas business and obviously, you have a target around improving utilization, which I see you've done at certain in 2025. Obviously, that's important in the interim for new gas volumes come through. So can you just maybe talk a little bit about progress on your utilization target, and how we should think about the -- I guess, the sort of profile of that up until 2029 to reach the target?

So in '25, our utilization was 85%. So that is a really good way to deliver value after the infrastructure is in place, and you maximize utilization. 85%, we've got a little bit more room to enhance that further. But as we have said before, the increase in production of raw gas simply is such that we cannot utilize only our existing infrastructure. So what is the growth? Step one, you debottleneck your existing infrastructure. So you do more with the same. It's like fine-tuning your engine, which is Rich Gas Development Phase 1. Then you go into building new infrastructure, which is Phase 2 and 3. And of course, we also have our other growth projects, MERAM, that one extract more ethane than what we can do today to ensure that Borouge, our sister company, gets all the ethane that they need for their expansion with Cracker #4. And we have already commissioned IGD-E2, which is enabling us to process more gas coming from the offshore fields. So IGD-E2 is very much enabling us to compress gas and then pipe it to the onshore production facilities. And that I think is about how it will play out in the coming years. But '25 and, to a certain extent, '26, are perfect ways of growing the business because you make the most of what you've got. It's a very capital-light way of growing the business. And 85% is the number for 2025.

We have another dial-in question.

This is from [indiscernible] from HSBC. I have two questions, please. First, on the ETL margins. I think your guidance implies that the margins will be flat versus Q4 2025 or be like almost 10% higher. Is this just a macro view, or there are some maybe mix factors in your guidance for the liquid margins? And secondly, I wanted to ask your guidance for the MERAM project completion. When do you expect this? Do you factor in any impact from MERAM in 2026 guidance?

Well, on the first point of the question, it's all -- really, it's volume versus market price, and that's what has been leading our guidance there. Ultimately, we try throughout the year to optimize our shutdowns, make more volumes available and also tag into markets that might have some prompt demand that would push that margin up. But as of now, it's just volume versus commodity price. On the second point on the MERAM margin.

Yes. So MERAM is not factored into our guidance for the year 2026. You know that we are commissioning a plant, making sure everything works in accordance with the specifications before we generate revenues. And we have set MERAM as a commissioning for 2026, which will likely go in several phases as well. So it's a gradual startup. I do not see revenues coming from MERAM in '26.

We have another dail-in question.

This is Faisal Azmeh from Goldman Sachs. A couple of my questions have been actually answered. Maybe I just want to ask a question about the LNG facility. And as we think about some of the news that came out in terms of the acceleration of the buildup there, do you see any opportunity to bring that facility online before 2028, or is that something that is likely set in stone at this stage? That's my first question.

Once Ruwais LNG, no, we don't see it coming before 2028, and the guidance that we have is that it will come late in 2028. So we'd be assuming that it would come late in the latter half of that year. We are ahead of schedule as we speak now. So any -- when we talk about being ahead of schedule and making any difference, it will be in a matter of weeks and months, but not in a matter of a year. And that's when our contracts anyway start. They start in 2028 and 2029 and bringing the project too far forward would mean that we would have to sell a big bulk of these volumes maybe in the spot market, and we haven't measured for that.

We have an audio question from Jean-Pierre.

Jean-Pierre Dmirdjian from Kepler Cheuvreux. Two questions. First, on the CapEx. Your guidance of $4 billion to $4.5 billion reflects a marked increase compared to the $3 billion guidance initially expected for 2025. Could you give us some color of the main components of your CapEx guidance, in particular, what's the maintenance level inside this number and the main projects where you will inject that will contribute to this CapEx? And also clarify why the CapEx for 2025 slipped a bit compared to the initial guidance? And the second question is about the execution of the RGD Phase 1 project. In the press release of this project, in June, I think you mentioned the name of some contractors, including Petrofac. But in late October, as you know, the company applied for the appointment of an administrator due to financial difficulties. And there have been reports of workforce reduction at their office in the UAE. So I guess the question is what can you say to reassure your stakeholders on the smooth execution of this project on time and on budget despite this situation with this contract?

Okay. Let me start with the last question because I think that's a great question. So Petrofac Emirates is one of our contractors involved in the projects the one you referred to is correct. It is the debottlenecking of our activities on Das Island offshore. So that's part of the first phase. And I can say that today, there has been no impact from the financial troubles that the holding company is going. And that really is something we monitor very, very actively. You can imagine when we got the news about all of this, we also had some concerns here that this might lead to a delay. Now there has been -- because it's offshore, there's no impact on manpower to date. And that -- and like I say, I can say no impact whatsoever on Petrofac. So that's really good news, Dmirdjian. We've been watching this closely. We are fully aware of the risk. And yes -- and we're constantly engaged also with Petrofac management on progress. Then back to the CapEx question. So let's start with '25, that's probably easier. Guidance was $3 billion. We did $3.6 billion. You see that -- and this is expected. I think when you ramp up your activities, we have growth in '25, we saw a positive impact from MERAM. So when you progress your projects, the payments are based on milestones, when a contractor reaches a certain milestone, then you will pay the contractor. It was very much IGD-E2, MERAM. We also have certain expenditure for Ruwais LNG. That Ruwais LNG is on the balance sheet of outlook, that will be very clear. And it will be transferred to ADNOC Gas in 2028. So Ruwais LNG itself is not in our CapEx. But we have to make certain investments to be ready to precondition the gas in particular. And Ruwais LNG is starting to go through commissioning. And that is another element of the expenditure. Last but not least, the debottlenecking as part of Phase 1 of the Rich Gas Development. Then you also rightly said what else is there? We have a lot of maintenance that we also capitalize. That, of course, varies by year. In '25, it's about $400 million, but it ranges between $400 million and $600 million. So the more shutdowns you have, the higher your maintenance as part of CapEx will be. If we then look forward for next year, we will continue a large element of our investment to focus on MERAM. And the first phase of the Rich Gas Development will also continue to take a lot of capital. And then we will have '26 completed the 4 to 4.5. And of course, as I said before, this may all change if we take the final investment decision on the second and the third phase. And we will make if we take an FID decision on the second and third phase, we will make an announcement, and we will need to update our CapEx guidance for the full 5-year period and also for the year '26. I hope that clarifies.

I think we have some questions here that -- so there is one question from Thomas Mathew about -- that was answered. There's a question here about -- more on what the gas-to-electron sales are, this is by Ahmed Kamal. And this is where we sell gas to a utility provider, but then that utility provider generates power and sells it then across the GCC network to end users in the region. And these sales happen on a continuous basis when and how demand -- whenever demand rises. And of course, in the GCC, the connectivity between the countries is being increased as we speak, which allows for more liquidity in that market.

We then have a question from Yash who's asking, how much money in CapEx in US billion dollars is going to be spent on RGD Phase 2 and 3 in 2026, '27 and '28?

Yes. I think I mentioned in answer to the previous question already that for now we will make an additional disclosure if and when we take FID on Phase 2 and 3. The disclosure will show the total CapEx for the period '23 to '29 -- 2030, when you include those two phases on top of your committed $20 billion. And when we make the announcement, if and when, we will also give you more details on the phasing and the contribution of these two phases.

Then any update on the negotiations to extend the domestic gas tax holiday beyond 2027?

No is the answer. I've got nothing more to add to that, Sabrina.

Perfect. I think that is it for questions. I will hand back to you guys to close. Thank you very much.

Well, thank you for your questions this afternoon. Do feel free to reach out to the Investor Relations team, Faisal, Zoltan and myself, if you have any further questions or queries on the documents we circulated today. So thank you very much again for your attendance today. And hopefully, we will see you all very soon. Goodbye.