Aluminium Bahrain B.S.C. ($ALBH)

Good day, and thank you for standing by. Welcome to the Aluminium Bahrain Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Eline Hilal. Please go ahead.

Thank you very much, Nadia. Good afternoon, everyone, and thank you for joining Alba's Q1 2026 Earnings Call. Before we begin, I would like to express our appreciation to the SICO's team for hosting today's session. The call will be co-chaired by Alba's Chief Executive Officer, Chief Financial Officer and myself. And before we start, allow me to walk you through today's agenda. Our CEO will begin with the executive summary, the first couple of slides. I will then cover the macro environment, market fundamentals and Alba's [indiscernible] operational highlights for the period. Our Chief Financial Officer will then follow with a detailed review of Alba's Q1 2026 financial performance. Finally, our CEO will conclude with an outlook on industry trends for the remainder of 2026 and outline Alba's chief priorities going forward. A quick note on language. Our remarks today are primarily backward-looking and factual. When we discuss the aluminum market fundamentals and outlook, we will be referencing the [indiscernible] market intelligence, which underpins the market views in this presentation. With that, our CEO will now start with the headline performance and how we navigated the first quarter of 2026.

Thank you, Eline. Starting with the executive summary on Slide 4. Quarter 1, 2026 Was a quarter where we delivered actually strong performance despite regional tensions. Our profit was $200 million versus $46 million in quarter 1 2025, reflecting this [indiscernible] premium price environment [indiscernible] but from operations side, we remain committed to our value over volume strategy with value added products 71% of all shipments delivered to our customers. At the same time, we are not [indiscernible] with operating environment, however production was down 13% and sales volume down by 17%, preliminarily driven by regional shipping constraints. As you know that since the Strait of Hormuz was closed, we managed to ship our goods via different ports in the region, Jeddah port, Sohar port and [indiscernible] port. Our key message is that even under disruptions, we protected performance through operational resilience, disciplined cost control and efficiency while continuing to advance strategic growth, including our progress on aluminum Dunkerque. Let me give you now a quick update on how we maintain operational stability and protected continuity during the period through Slides 5 and 6. On operations, our priority has been to maintain a stable and safe system while navigating raw material availability conditions. We implemented disciplined production [indiscernible] designed to protect smelter stability and system integrity. Our approach is not about short-term reaction. However, it is about maintaining operational optionality, preserving our ability to respond as conditions evolve. We have been continually monitoring inventory level at site and operating parameters, including ensuring our site continues to run safely and reliably with the flexibility preserved. A major part of our resilience this quarter was logistics and supply chain flexibility and challenges. Let me touch on what we did there on Slide 6. You can see import and export from the right and left-hand side. The supply chain resilience was critical for us in quarter 1. On the import side, we executed diversified sourcing strategies and used flexible routing through multiple regional ports, including Sohar, Duqm, and Saudi West Coast supported by combination of shipping and land transportation solution across the region. On the export side, we maintained delivery continuity through flexible logistics solutions, and we are leveraging multiple routing options and close coordination with the freight forwarder partners to strengthen reliability and redundancy. Deliveries were actively managed on a case-by-case basis in a close partnership with customers, allowing us to respond quickly to changing conditions. The key takeaway is that disruption tested our system resilience, and we are responding with diversification, flexibility and discipline and cost management. I will now hand over to Eline Hilal, our Director, Investor Relations, to walk you through the aluminum market backdrop and our key highlights. The floor is yours, Eline.

Thanks, [indiscernible]. As you will note on Page 7, the macro and market fundamental section reflects the CRU market intelligence. Starting with Slide 8, first, to understand the aluminum market dynamics on the demand and supply side. In the first quarter of 2026, the global economy showed positive momentum, supported by improving U.S. manufacturing and strong Chinese industrial production and exports. At the same time, the Middle East conflict increased uncertainty and reduced visibility, especially through supply chain disruptions. The demand was broadly stable at around plus 0.5% year-over-year, supported by the packaging, automotive and electrical sector, though regional performance differ North America down, while others saw modest growth. Supply grew around 2% year-over-year, but remains constrained by structural capacity limits in China. Middle East production dropped approximately by 3% year-over-year due to conflict-related curtailments. So the takeaway in this slide is a market where supply tightness meet resilient demand with geopolitics increasingly central. Continuing on Slide 9. This slide shows the regional dynamics and the overall market balance. We see regional differences in both demand and supply. And most importantly, the balance looks different with China versus without China. The market shows a surplus with China, but a deficit when China is excluded. That is one reason premiums and regional tightness can persist even when headline global balance appears [indiscernible] because availability, trade flows and regional supply constraints matter. Moving now to Slide 10 within this section. The market tightness translated into stronger pricing signals. The LME averaged almost $3,200 per tonne, up by about 22% year-over-year, supported by the supply disruption. Inventories were around 420,000 metric tons, down by 9% year-over-year, driven by precautionary withdrawals and high cancel warrants limiting availability. We also saw regional premiums materially higher, if you can take a look at the bottom chart on Slide 10, including U.S. Midwest and DDP Rotterdam with major Japanese ports supported by diversion of metal. In summary, price and premium expansion reflected constrained supply and disrupted flows. Moving now into Slide 11. This chart highlights the relationship between the LME price and the alumina with LME strengthening relative to alumina price, the aluminum-alumina spread expanded, supporting smelter margins during the first quarter of this year. And by that, I will move now to Alba's highlights during the first quarter, starting with Slide #13. On safety, it sits as Alba's top priority. As you will note from the chart, we've reached 46 million safe working hours without LTI on the 22nd of April of this year, and the overall trend reflects strong improvement in our safety performance. Continuing now on Slide 14. This slide summarizes Q1 highlights based on events disclosed by Alba previously throughout the quarter. We continued strengthening Alba through targeted investment in its people, recognizing national employees and reinforcing succession planning and key leadership appointments, including strengthening Asia Pacific sales leadership. We also sustained operational reliability supported by safety performance and continuous community engagement aligned with Alba CSR commitments. Moving now to an update on Aluminum Dunkerque on Slide 15. As many of you are aware, Alba entered into an exclusive agreement with American Industrial Partners on 2nd of March for the potential acquisition of Aluminium Dunkerque. Following relevant works Council approval, the share purchase agreement was signed on 6th of May 2026. The transaction closing remains subject to regulatory approval. This is in line with Alba's #2 in the financial statements. Going into Slide 17 for the operational highlights. Quarter 1 reflected the impact of regional disruptions as explained by our CEO in his executive summary. The sales volume was 312,000 metric tons, down by 17% year-over-year, reflecting constraints on shipping routes, including constraints through the Strait of Hormuz. Our net finished production was about 340,000 metric tons, down by 14% year-over-year, driven primarily by the controlled and safe shutdown of production lines 1 to 3 in response to regional tensions. Despite this, our conversion strategy remained intact. Our value-added products accounted for 71% of total shipments, reinforcing our value over volume positioning, as mentioned by the CEO earlier. On energy, the natural gas price is now $4.5 per MBtu effective from the beginning of the year throughout 31st December of 2026. And on e-Al Hassalah, it remains value accretive overall, delivering about $126.37 million in cumulative benefits since its inception with Q1 showing a marginal net loss of $0.52 million. Overall, Q1 was about disciplined response, protecting Alba's assets while sustaining our commercial strategy. And with that, I will hand over to our Chief Financial Officer, to walk you through the financial performance, starting from Slide #19.

Thank you, Eline. Turning to our Q1 financial performance. We delivered a strong quarter. EBITDA was $336 million, up 90% year-on-year, driven primarily by lower cost of production. Profit was $200 million, which is approximately 4x higher than previous year. It's also important to note that Alba generated a strong cash flow in this quarter as a consequence of robust profits and discipline in cash allocation. Moving to Slide 20. This bridge explains the movement in our metal sales. LME pricing increased by 22% year-on-year, providing a significant uplift to revenues and premiums increased 30% year-on-year, further supporting realized pricing. These tailwinds added over $160 million combined uplift at the revenue level, partially offsetting volume impact of lower shipments and minor product mix effects. So while volumes were down, pricing strength was the dominant driver of revenue resilience. Therefore, the takeaway is that our Q1 results reflect the strong market pricing captured effectively while disruptions constrained volumes. On Slide 21, from a commercial perspective, total sales volumes declined from around 375,000 metric tons in Q1 2025 to around 313,000 metric tons in Q1 2026. This reduction reflects disruption-driven constraints rather than demand weakness. Importantly, value-added products remained at 71% of shipments, reinforcing our premium strategy, while premiums increased by around 30% year-on-year, directly supporting realized margins. Despite lower volumes, we maintained pricing discipline and mix quality. Turning now to Slide 22 for the direct cost bridge. Total direct costs reduced from approximately $875 million to $749 million, implying a reduction of approximately $126 million. The main contributors were lower raw material prices, particularly aluminum, lower consumption levels aligned with reduced production, additional savings from energy and other cost lines. This cost reduction played a critical role in driving EBITDA expansion. Moving to the next slide, Slide 23, for the EBITDA bridge. Bringing all this together, EBITDA increased from $177 million in Q1 2025 to $336 million in Q1 2026, an increase of approximately $159 million. The bridge shows a strong positive contribution from metal sales around $125 million (sic) [ $19 million ], additional uplift from other sales around $19 million (sic) [ $47 million ] and offset slightly by selling expenses, approximately $6 million. Overall, EBITDA growth was driven by pricing strength combined with cost discipline, which more than offset the impact of lower volumes. Going to the next slide, Slide 24, cash generation. We ended the quarter with $918 million in cash, up from roughly $409 million at the end of Q4 2025. This reflects a strong operating cash generation of roughly $360 million, positive working capital movements of around $80 million and higher drawdown of working capital facilities at the end of the quarter. These inflows were partially offset by CapEx of $33 million and price impact of $73 million. Importantly, free cash flow improved to $333 million compared to negative free cash flow in Q1 2025. Lastly, we are closing the financial section with this scorecard. The table summarizes key metrics: revenue of $1.1 billion, profit of $200 million, EBITDA of $336 million with 30% EBITDA margin and average realized market indicators, including LME of $3,195 per metric ton and alumina of $340 per metric ton. This forecast reflects a quarter where strong market pricing and disciplined cost control supported profitability and cash generation despite the disruption-related volume headwinds. I'll now hand back to our CEO for sharing the market outlook and his closing remarks on Alba's priorities.

Thank you, Ricardo. And as stated by Eline in the beginning, the section of the industry perspectives or market outlook is based on the CRU Market Intelligence reports. The CRU view is that aluminum prices should remain supported by tightening supply conditions with upward pressure reflecting constrained supply and relatively resilient demand. And if anybody attended the CRU conference this week, everything what I will mention is already reflected in their view on this CRU conferences. In terms of demand, the growth is expected to be supported by ex-China market, though performance will remain sensitive to macro conditions and downside risks such as energy costs, inflation pressures and geopolitic uncertainty. On supply side, the market remains constrained following the Middle East disruption. Recovery depends on the timing and speed of smelters to restart. The premium in North America and Europe remain structurally tight and the value-added product premium indicates persistent deficit, which is increasing. The key takeaway, the market condition remains supportive, but with elevated uncertainty during because of the war in the Middle East, and that's exactly why operational resilience and commercial agility matter. Turning now to Slide 28. inputs, again, based on the CRU market intelligence. The picture is mixed. CRU alumina market remained relatively weak, reflecting Asian oversupply and softening near-term demand with disruption risks linked to the Middle East conflict. At the same time, other critical inputs showed upward pressure. Carbon prices gained momentum due to reduced refinery utilization in China and sustained downstream demand. Liquid pitch is pressurized by coal tar feedstock, tightening and competition and aluminum fluoride, AlF3, reflects rising upstream costs and constrained supply compounded by logistics disruption. This divergence reinforces the need for tighter procurement discipline and active cost management. In closing, I will move into Slide 30 for Alba's priorities for the remainder of 2026. Against the backdrop, our 2026 priorities are clear and action oriented. As always, Alba always keeps safety as a top priority. Our first operational resilience, safe and reliable operations, flexible to adapt as disruptions evolve. Second, strategic execution and growth. As stated earlier by Eline, progressing the aluminum Dunkerque’s transaction subject to regulatory approval and advancing key initiatives, including the construction of Alba Daiki Sustainable Solutions, which is the dross treatment plant. The third is sustainability leaders, advancing sustainability objectives aligned with Bahrain net zero ambition, embedding sustainability practices across our operations and value chain. And fourth, strategic initiatives, commercial positioning, continuing to strengthen our product mix towards value-added products and differentiated products supported by certification frameworks to increase exposure to more resilient end markets. With that, let's move to the Q&A, and I will hand over to Eline to manage the section. Thank you very much.

Thank you [indiscernible]. That's wraps up. Over to you, please.

[Operator Instructions] Now we're going to take the first question and it comes from the line of Shashi Shekhar from Citi.

I have 3 questions. The first one is on operations. Could you please tell me what are the current operating rates at the smelter? And how much of your capacity is down due to constraints on export and import? And how much of it is down due to any kind of damages? My second question is, are you claiming any insurance for the damages? And if yes, how much? And my last question is on natural gas prices that you pay. Why did it increase from $4 to $4.5 per MMBtu? I thought it was fixed till 2029. And this new price, will it come down post 2026?

Maybe I will take one about the gas price first, then we'll go for the other 2 questions. The gas price, actually, the gas price is not a shock for us. The government increased the gas price on all the industries from $4 per MBtu to $4.5 per MBtu. This is across all the industries in Bahrain. However, since we have a contract with the government, okay, we are negotiating with them. That's why we are announcing at this stage because just recently, we concluded our discussion with BAPCO Energies and they issued a force majeure clause on that because they have to import some LNG that's why we agree with them. For 2026, the price will be $4.5 per MBtu not like the other industries [indiscernible]. Regarding the capacity, we are -- as we announced earlier, we do a total shutdown for Line 1 through 3 earlier and due to logistic issues because of the Strait of Hormuz exposure. We reduced the capacity first on reducing some current as well all [indiscernible], but overall we are maintaining the same [indiscernible] overall with the same production as you see from the quarter 1 results. There is a gap of few things. Also now in quarter 2, you will notice there is some gap, but we are operating as best on [indiscernible], third question, Eline.

Insurance claim.

The insurance claim for the [indiscernible] claim, actually, we have an insurance. I will not mention the limit, but we already have an insurance in place, and we are going to already we notified the insurance and claim recovery in process.

Okay. So just to follow up maybe. So Line 4, 5 and 6, they are running and there are no damages, right?

There is no damage in 4, 5 and 6, okay? They are maintained, but we reduced the capacity of them just to maintain the...

Now we are going to take our next question, and the question comes from the line of [indiscernible] from Millennium Capital.

If I could just ask 2 questions. So that last point about Lines 4, 5 and 6 still running, but at reduced capacity, are you able to give any indication of how much flexibility there is, how much you've reduced them by? And the second question is, in the results, I noticed that a small impairment was taken as a result of the security incident. Are you able to give any comment on what the damage related to that was and whether it has any impact on future expected production?

Regarding the capacity, I cannot mention exactly how much we are planning, okay, because this is on a daily basis, it depends on the stock percentage of the volume, it depends on up and down. But overall, as you saw in the financial results and you will see also in quarter 2, we are operating smoothly and without any damage. And during the attack when we announced, it was almost all the damages have been fixed and the plant is ready for restart once we get feedstock on a regular basis. What was the second question, Eline?

Asset impairment.

Asset impairment are related to the, Ricardo, do you want to comment?

Yes, I can definitely comment on that. So in terms of the -- I would call the write-offs, right? So we have booked some accruals in terms of the write-offs of the damage as indicated in one of the notes of our balance sheet, and that is in different areas of the plant. The total of this is around $20 million. That's what we consider in our results. And in terms of forward-looking in terms of the impact on the production, Ali has already addressed the point.

Now we're going to take our next question. And the question comes from the line of Nour Eldin Sherif from Arqaam Capital.

Just one question for me on the transportation costs, given that most of alumina requirements is secured by land and I would expect so for aluminum exports. So how should we expect the rise in transportation cost per ton for Q2, please?

This is a very good question actually. As you stated rightly, there is an increase in the logistics cost, especially because we are transporting the alumina from Oman and from Saudi Arabia to Bahrain, especially the trucking is very expensive. It will be reflecting in the cost per metric ton. However, due to high LME price and premium, this is offsetting already there. For the short term, I don't see any impact on this one. But hopefully, the situation has normalized and we resume our importing alumina by diesel again.

Amazing. And just one follow-up question on the cash cost, the remaining cash costs. So you mentioned the liquid pitch in the presentation is slightly higher. So overall, how much of cash cost should we expect in terms of an increase in Q2 compared to Q1?

We are not disclosing the cash cost actually. This is -- we are not disclosing to the market. However, there will be definitely an increase in the cash cost. But as I said earlier, this will be offset by high LME price and the premium.

And the next question comes from the line of Abdulrahman Alobaikan from Jadwa Investment.

I just want to get a better idea on what can be expected in terms of consistent sales run rate? And do you have the necessary alumina or supply of alumina and natural gas to essentially meet your sales ambitions?

See in terms of sales, we have some inventory also we are selling from the inventory as well as what we produce on daily basis. In quarter 2, I don't see any major impact on sales since we already October -- sorry, April month is already gone, and we did a good sales volume. Definitely, it will be impacted in long term, but I didn't see the big impact on quarter 2.

I see. So can we just -- I'm throwing a number out here. Can we assume, let's say, 70% or 80% utilization would be a reasonable run rate for you guys going forward with Lines 1 through 3 shutdown with minimal damage to Line 4?

I don't have the percentage at this stage. But from what I see from the operations side and from the financial side, I think quarter 2 will not be that worse than expected.

Okay. And just regarding the impairment you booked in the first quarter regarding the damages. We booked an $8.5 million impairment. Is that accounting for all the damages? Or do you expect any further impairments from the damages you received during March?

Ricardo, can you handle this question?

Yes, of course, Ali. We obviously continue to assess all the damage, right? But we did a good exercise in terms of what was damaged. And in our view, these are basically the assets, the net book value remaining of the assets to be impaired. So we do not expect further write-offs related to damage, okay?

That's clear. And just one final question from my end. Could you just share any details that you can for the Aluminium Dunkerque acquisition? Preferably, if you can share some profitability metrics, per tonne metrics, et cetera, valuation, anything that you can share?

At this stage, we cannot because the transaction is not concluded. But as I mentioned earlier, we already signed SPA. And once we're done with the closure, definitely all this information will be disclosed.

[Operator Instructions] and I'm going to take our next question, and the question comes from line of [indiscernible] from [ CRF ].

I wanted to follow up on the question on Dunkerque. I wonder if you could maybe just explain -- if you can explain -- if you can give any rough guidance on the size in terms of what you're paying that would be appreciated. What the mix of debt to equity is and maybe rough timing, like how long do you expect it to take to close the transaction? And then the second question I have on Dunkerque is, is the price already agreed? And what happens, Dunkerque obviously is currently benefiting from a very attractive aluminum environment. So the cash that is generated currently at Aluminum Dunkerque, does that belong to Alba? Or does that belong to the seller?

See, I will not -- because some information, I cannot disclose it because we are still not closed the transaction because still there is a regulatory approval required from the [ FBI ], from European Commission. So that's why I have to be very careful in this thing. But I think we already disclosed the value earlier. I think it's around $2 billion. And the other information, like what I said maybe the full information, you will receive it once we sign the closure of this transaction, definitely, the market will be exposed. But there are a lot of conditions to be with the sellers, with the buyers, but we cannot disclose it at this stage.

Okay. And do you have a rough idea on how long it might take? Is it months or years?

SPA already signed on 6th of May, okay? Now it will take the FBI process and the European Commission. It will take a couple of months, maybe -- but before end of the year, I think, or we are targeting this year 2026, which will be maybe the end of the transaction.

And the next question comes from the line of Ali [indiscernible] from Yusuf Bin Ahmed Kanoo.

I do have a couple of questions, one regarding the operations and the other one regarding Dunkerque [indiscernible]. From operational-wise, when do you expect 1, 2 and 3 Lines will be operating again? And is there any target date for that full capacity restoration? And for Dunkerque, how the acquisition will affect the existing dividend policy?

See regarding line 1 to 3, actually, as we mentioned earlier, it was closed on control shutdown, which means that once we have feed stock, the alumina, we can operate them within 2 to 3 months, the lead time. This is on Line, 1, 2,3. For Dunkerque, actually, what was -- was it about the dividend policy?

[indiscernible]

We are not reached to that stage at the moment. But to me, I don't think it will affect the dividend. It will -- maybe it will force or to encourage to pay more dividends once we have the closure of this transaction. I didn't see a constraint on the dividend side rather than it's an opportunity to give more dividends for the shareholders.

And the next question comes from the line of Felix [indiscernible] Technology Switzer AG.

Maybe just following up on Lines 1, 2, 3, just now by what I understand, the original potential project of replacing the fairly old technology there and building a high-tech new production line is not going to be implemented immediately prior to restart. Could you please confirm that? And then maybe just on the raw material supply constraint more broadly, could you give us some color on whether the constraint is primarily on the alumina side or whether there are any other feed materials that are need to be restocked prior to the restart of Lines 1, 2, 3?

Actually, the question about Line 1, 2, 3. As you said that once the situation normalized and we receive the feed stocks, then definitely, we have to evaluate 2 things, either to start Line 1, 2, 3 or to go as per our plan to replace them with a new replacement line. But since the Board not decided yet or management still not give the recommendation because we are on the process to give the Board recommendation to see once we conclude the deal or close the transaction with tanker, then definitely, we have to think either to have a growth inside Bahrain by replacing Line 1, 2, 3 or to do our growth in Dunkerque facility. This is part of our strategic initiative, we have to think about it. But as I mentioned earlier, the Line 1, 2, 3 was shut down on controlled manner. What was the second question about...

Supply chain constraint.

Yes, the supply chain constraint actually, it is challenging, but we don't have any issue with other feedstock like aluminum chloride, we can have [indiscernible] inventory or the material like CPC because we have our own calciner plant which is we don't have an issue. The critical item, which is alumina, and we did a lot of mitigation plan or contingency plan to bring this alumina to different means by barge and -- by barge from [indiscernible] port or by tracks from Sohar port and from Jeddah port and from the Duqm port. Overall, what I can see is only -- we are having a challenge only with one feed stock, which is the alumina, but it is manageable at this stage, and we can run the plant even if the closures of [indiscernible] continue till the end of the year. We have the same plan to run the plant at the same capacity at the moment.

We are going to take our next question, and the question comes from the line of Shashi Shekhar from Citi.

Could you please guide us on 2026 CapEx number, please?

The CapEx for 2026?

Yes.

Yes. Actually, we don't have any change in the CapEx and we always give a priority, but I think it's around $150 million per year. This is the stable. But we didn't spend for quarter 1 because you know that everything is [indiscernible] because we give a priority for operation. But once the situation normalized, definitely we are going to proceed with the project and the CapEx.

Now we are going to take our next question, and the question comes from the line of Abu Al-Hassan from QRT.

I wanted to ask, can you give us a sense of where inventory levels are versus normal, both for raw material and finished metal, please?

In terms of the feed stock inventory, you mean?

Yes, feedstock inventory as well as produced metal inventory.

okay. In terms of feedstock, as I mentioned, that all the feedstock, either black material or white material, we are fine, except the alumina, and we are importing the alumina almost on a daily basis, all Bahrain Causeway track, you will see us carrying alumina. And if you see Jebel Ali on almost on 2 or 3 barge on a week basis come to Bahrain from Jebel Ali carrying alumina, which means this is okay. In terms of export, actually, we don't have an issue with the export because you know that we have a well-diversified downstream in Bahrain, and they are taking the metal. However, we cannot also stop the metal from our customers. That's why we are exporting via different ports in the region, mainly Jeddah for U.S. and for Europe market, and we are using Sohar port for Asia market. And we are running at lower inventory, which is acceptable in terms of the finished goods.

Now we're going to take our next question, and the question comes from the line of from [indiscernible] Laurentian Fund Management.

I just wanted to confirm the comment regarding 2Q production. I understand that it will be similar to 1Q. Is that correct? Or were you thinking about revenues?

Definitely, the production in quarter 2 will be lower than production in quarter 1, okay? But in terms of the revenue, I am not sure about -- the LME price also is high, but maybe it will be lower. I'm not the CFO, but CFO maybe you can answer this. But technically, definitely the revenue in quarter 2 will be lower than quarter 1.

Thank you. Speakers there are no further questions for today. I would now like to hand the conference over to Eline Hilal for any closing remarks.

Thank you very much, Nadia, and everyone, for spending with us about 45 minutes for today's earnings release call. If you have additional questions, which you have missed from us, please feel free and write us an e-mail on the [email protected], and we will do our best to address it promptly. Thank you once again for joining. I want to also extend our thanks again to SICO for hosting the call. And definitely, we will be able to catch up soon following the Q2 2026 financial results. Thank you, and thank you, Nadia.

This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.

Thank you.