Cegedim SA ($ALCGM)

Thanks a lot for attending this presentation about the 2025 earnings that we just released. Thank you for attending the presentation. So as you know, we have published our full year sales on January. It was a negative growth of 0.8% reported 1% a 1.1% like-for-like. And you remember, the gap was deconsolidation of In Practice System by the end of 2024. That explains this difference between both. So the interesting thing today is the adjusted operating income which resulted in a EUR 49.4 million, a growth of 25%, up to EUR 9.9 million. So it means that it's also an operating -- adjusted operating margin of 7.6% compared to 6% last year. We will get more during the presentation, especially on the P&L. But the main reason for that the good cost control, especially on the payroll costs during this year. Maybe just a word to remind you what is the adjusted operating income. As we had mentioned for the first half results, there's a new general accounting plan that started on January 1, 2025. Setting new accounting standards with a limited number of specific transactions in the nonrecurring operating income and expenses line. So we have created these adjusted ad indicators to be able to compare with the 2024 recurring indicators. So it means that the specific items affecting operating income that you see on the right of the screen is actually the former nonrecurring expenses. And you can see there are about EUR 19.2 million this year compared to EUR 23.7 million last year. We also did more later on this, but in this, you have EUR 7.4 million, which are related to the restructuring plan at the French pharmacists operation that happened during the year. And on the rest, you have some R&D impairments in the also pharmacist operation in France and U.K. And for the rest, we have some various fees. The number of employees is slightly decreasing this year by 2.6%. The operating cash flow, as you can see, is surging EUR 50 million, means also almost 50% growth this year which results in the decrease of the net financial debt by 25% to a level of EUR 138.4 million. As you know, for our company, R&D is critical and very important indicator. So this year, we have capitalized a bit less of R&D. You can see that it's going down about EUR 7 million. One of the main reason is the deconsolidation of In Practice System in the U.K. On the other hand, we have the G&A of R&D, which is growing slightly this year by almost 5%, EUR 2.2 million. This is due also to a change in duration amortization policy, which is a bit in shortened to be more in line with the market reality. As such, it's an adverse effect on the adjusted operating income of EUR 9.7 million. So which means how good the performance was to be able to generate EUR 49.4 million on the whole year. Regarding the payroll costs. So as I mentioned, we have a bit less head count this year, about 2.6%. The payroll also is going down 1.1%. This is partly due to the decrease in costs due to the deconsolidation of In Practice System by the end of 2024 the share of offshore and onshore employees is quite stable. So let's go to the P&L and get down to the P&L. So I mentioned the revenue this year, down 0.8% reported. This is due to the deconsolidation of In Practice System. You can see that all the costs, all the various costs, you can see at the top of the P&L are improving, are going down and especially so you can see that the purchase used are going down by 5.5% meaning that it's a sort of equipment going slightly down this year, especially at the pharma operation in France. What's important, you can see that the external expenses are going down 5.6% or EUR 8 million this year. So it's the policy we had already talked about on the internalization of contractors, especially on the Allianz contract for which we had contractors in Mauritius, which are now internalized in our employees in Morocco. However, this does not result in an increase in payroll costs as we just saw earlier. We've been able to manage those costs throughout the companies -- throughout the company, and they are down 1.1%. These results all in, in an increase of the adjusted EBITDA by 9% or EUR 11 million to be set up by EUR 134.6 million this year with an adjusted EBITDA margin of 20.7%. On the D&A side, so we saw that we had an increase in D&A. But we have a slight decrease in tangible asset amortization this year. So it results in a quite stable D&A line this year. All in, this means it's adjusted operating income, resulting in EUR 49.4 million this year, a growth of 25% or EUR 9.9 million over the year. So as I mentioned earlier, the EBIT -- the adjusted EBIT margin is 7.6% this year compared to 6% last year. On the specific items affecting operating income, which is comparable to the nonrecurring expenses we had last year. So as I mentioned, a part of it is the restructuring plan at the French pharmacists operation software that we had this summer for about EUR 7.4 million. And also, we had some R&D depreciation in pharma operation in pharmacists to the software, software for pharmacists in France and U.K. and for the other -- for the rest. We have some various fees and one was feel I will elaborate later on, one for setting up the IP box tax regime that I will develop -- when talking about the total tax. Just before, you can see that the operating income has come to EUR 30.2 million compared with EUR 15.8 million last year, a growth of 92% almost doubling this year. You can see that just below the financial results, is decreasing of this year by 16%. What happens here is that we have -- even though we have the full year impact of the new debt platform in 2025. Remember that last year, we had EUR 8 million current account provision for In Practice System in 2024. So it means that the interest paid are a bit higher this year, but are offset with this comparison in 2024 with this account provision for In Practice System. So the line just below the total tax line, you can see that we are decreasing on this total tax. Out of which, you have EUR 3.7 million of tax income reimbursement resulting from the IP box tax rule. As we had mentioned, the group opted to implement this new IP box tax rules starting in 2024 and under those rules, as you may remember, income from selling licenses for software developed in-house, [ attacks ] at a reduced tax rate of 10%. But Cegedim also asked for the claim, the reduced rate on the revenue from the period in 2021 to 2023. And we got the approval of that request, which will result in the reimbursement of EUR 11.1 million this year, and it is split in EUR 3.7 million of tax income recorded here in the net income. And the other part is EUR 7.4 million reduction in tax assets receivable on the balance sheet. So it has improved this total tax this year. On results in net consolidated net income of EUR 8.3 million this year, EUR 9.4 million group share compared to a loss last year of EUR 15.1 million and EUR 14.7 million group share. So a very good improvement on this net income. So let's dive into the free cash flow statement. So as we have really improve this net income. We can see that our operating cash flow from operating activity has increased a lot from EUR 101.8 million to EUR 152.2 million. You can see on the line at the top on the -- you have the capital loss I was mentioning before for EUR 8 million In Practice System. Also on the tax paid, you can see a very dramatic increase. So on the 2025 side, you have this EUR 11.1 million reimbursement resulting from the setup of the IP box tax regime the reimbursement from the previous years. And remember also that in 2024, we had on our tax litigation, a payment of EUR 11 million to the French tax authorities, which means like if you retreat both, we basically have something quite comparable. On the acquisition of intangible assets, we had mentioned earlier, I had mentioned earlier, that we had less capitalized R&D, as you can see here. On the acquisition of tangible assets, we had last year in 2024 lots of screen for marketing in pharmacies operation, C-Media, and we have less [ greenwood ] this year. So you can see a decrease in intangible assets. On the scope change, of course, last year, we had the integration of Visiodent, which we don't have this year. And so all this explains this cash flow. You can see down there the loan last year we set up the new platform and the others in the net cash flow generated by investment operation, especially on the others, I think you have the financial cost and also in the EUR 23.2 million that you can see here, we have the financial cost, which are reintegrated at this part of the cash flow. And also, EUR 6 million in debt reimbursement that is maintained in the platform. All in the change in cash is EUR 43 million. And this explains the decrease in net debt which is today -- which is at December 31, sorry, at EUR 138 million. So you can see in the balance sheet, the improvement in cash from EUR 49 million to EUR 92 million. slightly less debt and also the equity improving, thanks to the positive net profit that we have this year compared to the negative one last year. On the financing, so you can see our loans here. The fact that we had reimbursed EUR 6 million, and now we have EUR 134 million on the bank loan. Also, it's worth noting that we are compliant with our covenants. Our net debt to EBITDA is -- covenant is 2.5x, and we are less than 1.5. Now, I suggest we deep dive into the split between our business units. So we used to present the group through various divisions and it proved that it's more common sense and more related to the way we manage things to present it through the business units, the 5 business units, the health and providence Insurance, the business services unit, the Healthcare professionals business unit, the Data & Marketing and Cloud and support that you already had through the division. You can see here a quick description of each. And then I'm going to turn to the first one, the health and provident insurance, which is almost 26% of the sales of the group with an adjusted operating income this year of EUR 14.6 million and a margin of 8.7%. You can see that here, they have 3 main activities, software, third-party payer, BPO that you know about. You can see the growth of 3% during this year stem from the software and the third-party payer activity. On the software side, it was mainly due to the project management implementation project that we had last year before. And on the third-party payer, it's the further long-term illness detection services that help out for growth. On the BPO side, it was a more moderate growth, even though the overflow service was well oriented. The adjusted operating income for the health and provident insurance just decreased slightly by EUR 0.9 million this year. This is mainly due to the BPO operation which we saw that the number of people covered by our clients are the insurance, health insurance clients, while a bit down this year and weighted on the profitability. Overall, it's still positive adjusted operating income of EUR 14.6 million and a margin of 8.7% this year. The next business unit is our business services unit, which is 28% of total sale of the group with an adjusted operating income of EUR 26 million this year, resulting in adjusting -- adjusted operating margin of 14.3% this year. In which in this business unit, you have 3 main things. You have the software, which are HR software. We have e-business in which you have the materialization, especially on invoicing and procurement, but also on the health care flow and the BPO. The growth of almost 7% this year came from software with the successful strategy in customer diversification that we had already talked about during our previous meetings. And on the e-business side, especially the invoicing and the procurement segment, as you may -- as we have talked before, the reform for electronic invoicing is coming up in France in September 2026, and it's a very powerful catalyst for this segment. The BPO was -- had a moderate growth this year due to -- still due to this compliance offering, which was still well oriented. On the adjusted operating income, you can see that it's a growth this year, almost a 12% growth in adjusted operating income with EUR 26 million this year compared to EUR 23.2 million last year and adjusted EBITDA margin of 14.3%. This is mainly due to our very good cost control, especially on the HR segment, which were able to more than offset the rising costs at the invoicing and procurement segment. As we need to prepare for the reform, we had a bit more cost this year. But all in, it's a very impressive performance from Business Services this year. The next business unit is the Healthcare professionals, which is about 20% of the sales this year. It has a negative operating income of EUR 9.3 million. So you can see on the left-hand side, a gap between the reported growth and the like-for-like growth. So these were In Practice System used to be, which explains why this growth was a bit less powerful. So in here, you have the Cegedim Sante Group which posted a [ 2.6% ] decrease like-for-like in growth. as we had seen during the year, it was mainly due to this renegotiation of our service contract that we had that weigh in on the growth. If we had not this renegotiation, we would have seen a growth here at the Cegedim Sante Group. You can see that its adjusted operating income came from a positive 0.3 to a negative 0.3. Actually, the EBITDA -- the adjusted EBITDA at the Cegedim Sante Group is growing. The difference with the adjusted operating income is resulting from a change in policy in R&D amortization at Visiodent, which weighed on its adjusted operating income but still the performance is doing good. On the doctors outside France that you can see at the center. You can see a big difference between the reported growth and the like-for-like growth. Actually it's were really In Practice System was lying. And it's worth noting also that the momentum in the European countries is good, especially in Spain, where we had all the projects for the National Council of Sports and also the start of the project in the [ Balearic Islands ] by the end of the year. And you can see on the right-hand side that it resulted in a positive adjusted operating income compared to a loss of EUR 6.3 million last year. So you can see here the impact of consolidating In Practice System, but also, and I want to insist on this. The operations in the countries in Spain and also Romania is doing pretty good. Last segment of this business unit, i.e., the pharmacies in France and the U.K., especially with a decrease in sales by 22% this year. So it is mainly due from the restructuring of the French pharmacy sector, which is revenue -- which is weighing on revenue and profitability. It's of course, noting, however, that sales momentum in the pharmacies in the U.K. is doing better, but they are completely offset by this reorganization the French operation for the pharmacy software. So all in, I don't know if -- I don't remember if I mentioned. So it's a loss in operating income of EUR 9.3 million with still an improvement, especially due to the deconsolidation of In Practice System for this business unit. The next one is the Data & Marketing business units. So it's almost 20% of the total sales of the group. It generated an adjusted operating income of EUR 17.2 million, a margin of 13.5%. You have 2 competitors that you know here. You have the data, which had -- overall, the revenue was a modern growth. Data was stable on gross marketing had experienced almost 3% growth. Leading its forecast of a stable growth this year for stable revenue because in 2024, we had the olympic games, which was very -- which had a boost in sales for this. But marketing was able to generate some more sales this year, so a very strong performance. The adjusted operating income of the business unit is growing by 4% this year, 4.3%. Profitability is solid in data. And in marketing, you can see that the cost control and the efficient production system was able to also contribute to this growth in adjusted operating income, which arrived at EUR 17.2 million and a margin of 13.5% this year. Last but not least, our cloud and support business unit, which is 6% of total sales of the group. It's worth noting that it's -- here, you only have the revenues made out of the group. A large chunk of its activity is directed towards the group. Still, this year, it's been able to generate a positive adjusted operating income of EUR 0.9 million compared to a loss of EUR 1.8 million last year. This is due to a very good cost structure optimization that we have through time. And also on the revenue, it's worth noting that it was able to achieve a growth of 2.6%, even though it had lost a major outsourcing contract that we had mentioned in our previous meetings. You have our next meeting in April 23, we'll release our first quarter revenue. We have our shareholder general meeting on June 12 and you have the other things in the H1 revenue in July and earnings in September. So this was the presentation we wanted to have with you, and I suggest that we switch to Q&A. [Operator Instructions].

So [ Amado ], I can see you here.

Thank you, Damien, and congrats to the final numbers and to tax settlements -- the successful tax settlement. So I'd like to have 3 if you'd be so kind. One on operations, one on finance and one on capital allocation. Let me start with the capital allocation one. Now that you've got a little bit more cash to work with. I'd like to know your focus on where your priorities and cash are. I think in one of our last calls, you stated that deleveraging would be one of those focuses. Then on operations, my second one, I'd like to go a high level here. What are the current challenges you see and which demand management focus. Let me give you some examples, like we do see a lot of movement in AI and new ways of working like with [ Cloud ] or with copilots or what else impact does that have on your operating businesses and on the way you are working. So and my last one, considering -- is considering the specific items, resulting in the adjusted EBIT. Can you go a little bit deeper into those and explain a little bit more what the -- what constitutes those? So what are they exactly? And maybe a little bit more color. So that would be all.

Okay. I may do. So maybe I can start with the last one on the specific items in the -- what we have here, what we have there. So we have this restructuring plan on the pharmacies operation this year, to which we have a provision of EUR 6 million and some related cost for EUR 1.4 million. So it's EUR 7.4 million. Also on our operation in pharmacies, software for pharmacies in France and in U.K., we had some R&D depreciation for about EUR 6.4 million to speed up EUR 4.6 million for France. And the rest for U.K. is to be in line with the market and what the products can deliver. So we had this impairment. And on the rest of the specific items. You have especially some fees. So when we set up the IP box regime, so the new tax rule we have to be [ complied ] with that. So we have some fees and some -- these are the main items. I don't know if it's clear for you.

Very helpful.

Okay. Maybe next question was -- the first question was on cash. And as we have mentioned before, yes, we are focusing on deleveraging the company. You can see that its net debt has decreased, thanks to that by 25% that we respect our covenants and financial discipline is very important to us. I don't know if you want to add something Pierre or it's I think is thorough.

Today, this season has been taken about fast repayment of the bank debt. It is possible to do that. If we do that, it will be on July -- in July because July is...

The anniversary where we set up the platform.

So we are able to repay the A tranche, but nothing has been decided because we may keep some cash to have if there is some opportunities, some acquisitions of companies. So nothing has been decided about the cash of what we probably will use this extra cash.

Maybe a follow-up, if you would allow that one. Pierre, you talked about the acquisition of companies. So I'd like to know your framework considering that, right? Because I'm thinking of external acquisitions, I do think that you weigh that against repurchases of your own shares, which currently trade on a reasonably interest level.

So for the next shareholder meeting, we will ask for authorization from -- to be able to make some reduction of capital by using shares the company has acquired. So it's a possibility, but nothing has been decided until now. So what has been decided is no dividend. And then the extra cash can be used for some acquisitions. We are not having big opportunities today, but it may happen or the repayment of certain debts or reduction -- capital reductions to have less shares on the market. Nothing has been decided until now.

Your last question, [indiscernible] was regarding the current challenges, and you mentioned AI, which, of course, is a major topic for us. A major issue, and we have various ways to address it, especially for the development of AI to help us -- help out for our developers and improve our productivity internally and integrate AI into our offering for our clients. So we are working with that. Our developers are getting equipped with AI. We developed some products, especially in Maiia [indiscernible]. We have mentioned that for which you have AI assistance also. Also in our BPO operation, we are developing AI to support our teams because it's a very HR intensive. So it's where we can see improvements coming from AI. It's also a centralized capacity to be able to develop through the group and various solutions. We had mentioned that we have also have AI committee, which [indiscernible] the presentation here, a member of which we have a very important number of projects coming up. The idea is to help us improve our efficiency, help our clients improve the productivity also and be able to propose some solutions and integrated solution in our products. Amira, I think you want to ask some questions.

I have actually 3 questions. The first one, I saw that you have restructures or modified a little bit your business units. Could you explain the strategic motivations behind this new segmentation. Second one is if you can provide some details on the data breach and its impact on the figures. And for 2026, you expect an organic growth exceeding 2%. Would you specify just the breakdown of this growth by division and the underlying drivers?

Okay. Maybe I'll start with the business units. So we had some point in time before we used to present the group through its typology of clients and then it was -- we had some discussion with some investors thinking that it was not precise enough for them. So after that, we decided to introduce the group through divisions, so the software and services flow, things like this, which data marketing, BPO, which was very interesting in time -- in topology of activities. However, there were split from various business units. And actually, we thought it was more in line with the way we operate day to day, which is through these business units, of which we have 1 head each time, 1 or 2 heads depending on them. But it means that it's more compliant, I would say, with the way we really operate and how we do things. So it's more consistent. And it's also easier to -- for us to make you understand and explain the company showing this global strategy through -- for its health and provident insurance services or for its business services, as we have usually a global view for instance, the health and provident insurance. So we have the software, but we also have the solution through BPO for our clients. In the BPO, we have the overflow segment, also, which is another solution. So when we come up to a client, we can offer them to clients, we can offer them a broad range of services. So sometimes it means that part of the sales of the revenue from one subactivity can go up to the other ones. So it's easier to understand the global dynamic. It's also the same for business services. In HR, we have the software, but we can also propose the BPO services. So it means that sometimes we have a difference in there, but the global thing is managed already on a global scale. Also for the health care professionals, it's more consistent to have a presentation with the doctors in France, outside France, other pharmacies because they have the same typology of clients. Their trends are closer and have a global head in France, Head in International. So it's easier to have this view on that matter. That's why we decided talking with some investors also that it was more consistent to have this presentation through business units. You can see I put a slide on the appendix with the split before that we have 2 division for you, and it will be also on the URD, you have the 2 splits so that you can find the previous figures. On the data breach, maybe Laurent, you want to talk about [ MMM ].

Yes, sure. Good evening. I managed personally this major incidents. So I can give you some additional elements. First of all, we've taken all the regulatory steps, so including notification to the [ clinic ], assisting also the doctors to notify the [indiscernible] because there are data -- as they are the data controller, and they are only the doctor is able to link with the patient to inform them about this data leak. First of all, it was an application with our ability, which was immediately fixed last October. From an impact perspective, we have not seen any specific churn of our customer base up as of today. Of course, during that first week, with some commercial and so easy with some meeting postpone. But now we are just back to now more commercial operations. So we don't know in the long term, of course, what will be the impact. We have no idea of what it will cost us in terms of reputation. What I can say is that since we assisted the doctors to go through all the regulatory steps during the notification to the clinic on their behalf with their authorization they were mostly grateful of this assistance, of course, and somehow, I would say, filling in the same boat with us. But of course, we don't know about the ones that decided not to go through our support and assistance. So this is what I can say. I've seen some questions as well on the -- questions regarding the potential liabilities. We have no idea as of today if we would be under some specific functional fines. We have done what we were supposed to do from a regulatory perspective informing with [ Neil ] going through the complaint to the public prosecutors. We informed our customer on time, giving them all the elements to understand what happened and which data were leaked especially the administrative data. I have to clarify probably most of the data that we leaked our administrative data. So name, first name, date of birth, some addresses, very few e-mails and I would say, for half some phone numbers. And the specific administrative comment, which really made the best. We can say that 165,000 common fields, we are containing some sensitive information which is -- so this specific field is built 2 years between the doctor and his administrative team to give some specific comments on how to manage the administrative aspect of the patient specific comments on please make sure you give an appointment as soon as you have a request or those kind of things. Unfortunately, some of those doctors have used this field to fill in some sensitive information. So that's we can say, of course, if you have further questions, happy to deliberate.

And I think your last question, and maybe I will hand the floor to Pierre is regarding the -- our target of exceeding the [ percent ] organic growth during the year? Maybe, Pierre, I will let you elaborate with this one.

We have had during the year '25, 2 specific events in the Healthcare professional business unit. One was the renegotiation from one of our competitors about the contracts of where we are sending to them [indiscernible] coming from our doctors so that they can make surveys out of big [ spectrum ]. Due to the fact that the anonymization of those data is now more complex. It makes some data not so efficient, not so precise than before. And the clients are thinking that those data are less efficient is, I hope you say efficient. So there has been a renegotiation on this contract. Then the other specific events is the fact that the software for pharmacies has decreased strongly due to our reorganization plan. When we had the loss of revenue on those 2 events. This is more than 2% of our revenue. And of course, those 2 events, they are not going to be repeated in 2026 because the renovation of the data contracts out of furniture or data contract is down. And we see from the beginning of the year that on the pharmacists in France, we are on that position. And we think that we are going to gain market share again until the end of the year. So as long as the other business units have no reason to have bad performance compared to 2026. We feel that the minimum of 2% growth is really achievable. That's the reason why we give this target. And of course, we need to be careful because what's happening now into the Middle East, we have no activities there. We have no problem in the fact that we are using a lot of electricity for our data centers because we have renegotiated our prices before fortunately. And so we have fixed rates until 2030. So there is no direct impact on our business due to this war, but there might be indirect affecting the sense that some of our clients may be reluctant to start new big projects very quickly. But we are not able to take some computation on this, and that is the reason why we have fixed this 2% minimum growth for the year 2026.

I saw a question regarding the share price performance which went over 35%. It's worth noting that this data breach has weighed on our share price. I think, as Laurent mentioned, have no downturn, not a specific impact for the moment. I think some investors maybe may have been worried at the time, especially as the French media had made some bit confusion in the way they spoke about the incident. I think it weighted on our share price. Also, it's worth remembering that share price from a software sector had some downturns in the U.S. and also in Europe in February. Regarding AI expectations, some reports explaining that AI will lead to some unemployment and stuff like this. So I think the sector also has a bad performance at the time. And last but not least, as Pierre mentioned this war in Iran, which weighs on the -- also a bit on the market. So yes, the price went down a bit up since yesterday. I think we hope that the good results we released tonight will have the share coming back. There was a question also on AI on whether we saw some reduction on the back of AI [ efficiency ] in OpEx and CapEx, not yet. I think we've seen a lot of companies saying that thanks to AI, they were able to reduce the headcount. It's not my job to comment on them, but I think some had already too much headcount, and there's a bit of AI greenwashing regarding this. So for the moment, there's no -- we don't see a reduction regarding OpEx and CapEx, thanks to AI. It's too early. But to answer another question. Yes, we integrate AI in our products already especially in Maiia that I mentioned before. And for which we have compensation assistant. Also, we are able to link it with a new solution called [indiscernible], which is our called database, which has the data. So now it's embedded in Maiia. So yes, AI is real for us. In our products, we still have some more to do. But yes, it's a reality, it's not just talking about it. And the last question that I can see here was whether the adjusted EBIT margin of 7.6% could improve in 2026. Yes, from what Pierre just mentioned before, we -- and what we had mentioned earlier on, on our outlook. We see a growth of sales, but also a growth in adjusted EBIT. And also on EBIT, you can see that this year, we had a growth of 25% in adjusted operating income and 92% growth in operating income. Of course, the difference between both is the nonrecurring or what we used to call nonrecurring items. We can hope that the operating income will still grow also on the years to come and especially in 2026. [Operator Instructions] How do you assess there is from AI native entrants across your core markets. This is a question that I can see here. Well, I think this sparked the debate across the sector in February with a lot of thesis things that, yes, AI native competitors, that's right. However, we are in a very regulated market. We have the experience also of what we need to propose to our clients, I would say, especially on the health care professional. So of course, we are I would say, we have an eye with that -- on that. But we also believe that regarding our sector of activity, we are well positioned to benefit from AI. We understand that there may be some competition, but our experience and knowledge of our core markets are key differentiating with this potential entrants on our core markets. If there's some more questions that I may not have seen. Well, I believe that we don't have any more questions from my understanding. I don't see any hand raise or any questions on the chat. The last one was whether we could expect a share buyback proposal. I think Pierre answered about on the capital allocation. So I don't have more to say regarding this. So thank you for attending the presentation. Thank you very much for your questions. I hope we've been clear in our answers. We'll see some of you tomorrow at our meeting in [indiscernible] tomorrow morning. Thank you, everyone, and we'll talk to you the next time. It's -- it will be in April for the Q1 revenue 2026. Thank you very much.

Thank you.

Thank you. Bye bye.