Euroseas Ltd. ($ESEA)

Thank you for standing by, ladies and gentlemen, and welcome to the Eurosas Conference Call on the First Quarter 2026 Financial Results. We have with us today Mr. Aristides Pittas, Chairman and Chief Executive Officer; Mr. Anastasios Aslidis, Chief Financial Officer of the company [Operator Instructions]. I must advise that this conference is being recorded today. Please be reminded that the company announced the results for the press release that has been publicly distributed. Before passing the floor over to Mr. Pittas, I would like to remind everybody that in today's presentation, the conference call, Euroseas will be making forward-looking statements. These statements are within the meaning of the federal securities laws. Matters discussed may be forward-looking statements, which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. I kindly draw your attention to Slide #2 of the webcast presentation, which has the full forward-looking statement, and the same statement was also included in the press release. Please take a moment to go through the whole statement and read it. I would now like to pass the floor over to Mr. Pittas. Please go ahead, sir.

Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me started [indiscernible] who will discuss in detail and very exponential regard of later. Please turn to Slide 3 of the presentation for our financial highlights. In the part of 2026, the reported 1 revenues of $55.4 million and net income of [indiscernible] million all $4.65 per diluted sales. The lesson net income for the quarter was $32.87 million of $47 per diluted share. Adjusted EBITDA was close to $41 million. Please refer to our press release for the reconciliation of adjusted net income and adjusted EBITDA to net income, Tassell work into the results, as I said earlier in more detail. Consistent with our commitment to enhance shareholder returns, our Morgan directors approved a costly dividend of $0.80 per share for the first quarter of 2016 and presenting a 6.7% increase from the $0.75 per share that we paid for the fourth quarter of 2025. The dividend will be payable on or about June 16, the parole of record on June 9. Based on our current share price, this translates to an annualized dividend yield of close to 5%. On the buyback side, since the launch of our $20 million share defense program in May 2022, we have reported 480,000 shares in the open market, representing about 6.8% of our outstanding sales for an aggregate consideration of approximately $11.4 million. and was a move for 4 consecutive years in May 2026, and we intend to continue acting a disciplined and opportunistic manner in deploying capital prudently to support long-term shareholder value. Finally, we recently entered into a joint venture with MRP products finance and related investors for the ownership of our third intermitted containership or moves investment is scheduled to be delivered in Q1 2028, and will be financed with at least 60% debt. And the terms of the agreement, MRP Investors will acquire a 49% stake for approximately $12.2 million, including the contraction costs. Please turn to Slide 4 for an overview of our recent developments, covering key activity across the sale acquisitions, fastening operations. On the S&P front, we continue to expand our new building program with 2 strategically aligned on that for to strengthen our fleet profile and long-term growth trajectory. already announced, we signed an agreement with some high-binding company in China for the construction of 2 additional methanol 2,800 TEU container ships, scheduled deliveries in November 28 and February 29. This [indiscernible] went opened in March 2023, bringing the service to count. The aggregate consideration is approximately $93 million and will be financed to equity and debt. We have approximately 65% levels. Second, we entered into agreement with nonphone, CIMC, 1 of 7 engineering in China for the conversion of 1,800 reactants. with expected deliveries in June 2028 and September 20288. Total consideration for these questions is also $64.5 million and will be financed and a similar restructuring base is with equity and net. On the partnering side, we secured multiyear employee for 2 versus further strengthening our revenue stability. MotoMento EmCare was mixed for 36 to 48 months at the rate of $30,000 per day. And as contestants for 22 to 24 months at $21,500 per day. I am pleased to report that we had no wide or commercial offhire days this period. Now please turn to Slide 5. Our operating fleet currently consists of 21 vessels with the combined saving capacity of approximately 61,000 TEUs and a number of days of about [indiscernible]. This comprises the fixed intermediate campaigns with a carrying capacity of approximately 25,000 TEUs and another 19 units, along 515 treated containers with a combined carrying capacity of 35,000 TEUs and another base plus below 10 years. In addition, we have the 10 new build investors on molder ranging in sight from 1,780 to 4,490 TEUs with expected deliveries between the third quarter of 2027 in the first quarter of 2029. Upon full delivery of our newbuilding program, our fleet will grow to 30,000 with the total value capacity of approximately 94,000 TEUs. Please turn to Slide 6 for a further update on our fleet employment and forward coverage which continues to estrone revenue visibility across our operation. In 2026, aproximately 96% of available volume days have been secured at an average daily rate of approximately $30,100 in ahead to 2027, we have already covered or what are available for you today at the level at a rate of approximately $31,000 per day. for 2028, approximately half of our available volume [indiscernible] covered at another rate of approximately $31,500 per day. This strong forward covered is the result of our disciplined cycle aware chartering strategy, which is designed to perfectively balance market exposure with earnings stability. Importantly, it provides meaningful faster visibility and supports our ability to sustain profitability across business market conditions, including periods of market softness or other market correction. Moving on to Slide 8. let's walk through the key market developments that save the container sector over the first quarter of 2028. 1-year time charter rate has a celebrated level supported in the near term by a substantial portion of the fleet being fixed for and liner operators continued to lock in format to navigate levering supply chain disruptions and lessen in balances. On the financial side, conditions or more of volatile with a nonengineering ex rebounding by approximately 75% of intimation spend of craft which has represented the near 2-year low and have since been closing an early June peak. Those still remains about 30% below that. Turning to used values, second fantastic prices expire by about 2% growth over quarter remaining accelerated levels despite the backdrop of persistent the political uncertainties. And the underlying drivers remain intact actively constrained supplier of available vessels and resent competition upon coated continue to provide the growth loan for asset prices. On the business side, the price index was essentially flat relatively to the power cute. We come back appetite across both retail and larger vessel classes, continued pricing even at absolute cost levels remain quite elevated by historical standards. Leedlization continues to reflect the tight market. Tillet capacity, excluding vessels under repair to 240,000 TEUs or 0.7% of the global fleet as of early May. This figure remains close to historic lows, and this is a clear indicator of the supply pipes that has characterized in this market cycle. Finally, recycling activity has remained locally muted thus far in 2026. We of the totaling approximately 9,000 TEU in scrapped year-to-date. Scrap prices in Bangla have softened to approximately $470 per night return as of Mav 2026. Meanwhile, the go open container fleet has expanded by approximately 1.3% year-to-date. Please turn to Slide 9, which effects the development of 6 to 12 months' time charter ratio over the past 10 years. Another on the small lenders crew to the bigger intermediate container segment. Current catenate remain notably above both an expected some expense level this level. These more vessel classes remain essential in maintaining network reality and aboriginal and intraregional trade flows and all that has only grown in importance amid the ongoing geopolitical uncertainties and supply chain alignment with plant availability partners and underlying demand from the conditions have sustained elevated time after rates appears to remain broadly impactful. Let's go to Slide 10. This slide sets the macroeconomic backdrop going on the IMS April 2026 was economic outlook update as well as Clara's latest trade containers. The IMF affects the local growth to moderate to 3.1 2026 from 3.3% tradition and 3.2% in 2027. -- with more risks on the downside. This includes the broadening of the Middle East country, the disruptive effect of past a lingering inflationary repressors tied to commodities life. -- open inflation is projected to rise modestly before resume to gradual decline in 2027, with the impact likely to be most pronounced in the emerging market and the balcony. In the United States, the 2026 growth for our customers reduce slightly lower to 2.8%. -- rose 2027 outlook was revised PAUSE and collecting continued underlying resilience despite net coetonomic imbalances. Monetary policy remains key as the federal result is in the funding pattern while the rate cuts have been put on for spending further evidence of the ications. The effective Fed funds rate stand at approximately 3.64% within the target range of 3.5% and 3.75%. And the expectation that the federal results could begin starting rates again from May '26. Against this backdrop, a gradual depreciation of the U.S. dollar is anticipated and we lost monopoles with does. In Asia, the region is projected to grow around 4.1% in 2026 and 4.4% in 2027, exponent headwinds, including MS market volatility, the political transaction and saving extent momentum are expected to weigh ampere. Meanwhile, final growth trajectory is projected to remain relatively resilient with GDP growth of 1.4% in 2026 with GDP growth of 1.4% in 2026 and 4% in 2027, supported in part by the country's technological and industrial competitiveness. That said, traction economic imbalances persist and policy remains fully oriented toward high-quality growth with priorities and land security, domestic demand consumption and productivity gains through the [indiscernible]. On trade, Glasses estimates container trade growth measured in TEU 9 of approximately 1.1% in 2026 before contracting saline negative 6.6% in 2027. This significant reversion achieves a complete normalization of global trade flows. Therefore, ongoing geopolitical uncertainty, shifting trade policies and consensus unwinding of supply chain complexity are the main factors that will weigh on trade growth over the midterm. Turning on to Slide 11. We provide a longer view of the total fleet age profile and containment orders. Starting with the age profile in the [indiscernible] the overall containership fleet remained relatively down with the majority of vessels in the 15 years of age and all about 14% of the fleet over 20 years old. However, the cycling in view is totally different than cement feeder and intermediate segments, Mason, which will explore in greater deprive the next several slides. Turning to vessel deliveries. The top right chart illustrates scheduled new deliveries as a percentage of the existing fleet. Deliveries have transacted approximately 5.2% to 2026, 8.9% to 2027 and 20.2% for 2028, although accent fleet growth is expected to be somewhat lower due to sliceability. At the bottom side is the current ore looking historical context. [indiscernible] absolutely 37.7% of the fleet as of May 2026. The outlook cline levels not seen in a 15 years redevelopment that drove close attention as we think about the medium term supply out for the sector. Turning on to Slide 12, we zoom in the 1,000 to 3,000 TEU range. The previous segment that follows the call above fleet. The supply picture here sends a completely different part of the broader market. In the sales profile is driving, approximately 28% of the fleet is over 20 years old, with a further 25% in 15 to 19 rate prices, meaning the global half of the frequency as is approaching cabs as environmental regulations continue to tighten and compliance with cost increase, a meaningful portion of this all detour is likely to active the coming years. Against the saving fleet, new building activity in the South 3,000 TEU segment remains decidedly strain. As of May 2026, Baseload at 14% of the fleet a fraction of the 37.7% is on the previous slide. On scheduled deliveries are projected at 2.6% for 2026, 5.5% from 2027 and 5.8% for 2028 and beyond. Let's move to Slide 13 to focus on the intermediate segment the other core segment of our fleet. As of May 2026, we also look in this segment stands at approximately 21% of the fleet. While that figure is higher than what we saw in the filter segment. It remains comparatively modest relative to the larger mainline industry classes where newbuilding activity has been considerably more prolonged. What makes this segment particularly compelling from a supply perspective is the rate profile. Approximately 29% of vessels in this size range are over 20 years of age with a further 38% falling between the first 15 to 19 year profit. This means roughly 2/3 of the fleet is either at all approaching where retiring decisions become like. Especially, as environmental compliance requirement come increasing instance on cost likely manner. Taking the results are projected at 3.7% of the fleet in 2026, rising to approximately 5.6% in 2027 and around 9.7% for 2028 and beyond. However, well as against the potential for accelerated scrapping among the old segment, net fleet growth in this segment is expected to remain contained over the coming years. the interplay between the maturing fleet and the measure in building pipeline, continued strength of pen structurally supportive environment or intermediate containership of rates. Moving on to Slide 14. This translates the dynamic represented in a broader context across the entire containership sector. What becomes particularly evident is the prolonged concentration of new building activity in the larger vessel classes. -- lot anemia post-Panamax segments are a PAUSE ranging from approximately 39% to 89% of the existing needs, reflecting the significant capacity additions targetable to won major main mantras per the vessel classes were althesupply concerns amongst the tubes. By contrast, the tetratintermediate segment exhibits significantly more of orderly ranging from 1.2% to 1% of the existing fleet, depending on the inside as said before. when no closer activities is currently remain back of needs as easing rapidly. This widening gap between the ways of new building activity in larger vessel classes and comparatively limited fleet in in the feed segment thanks to subtly more saving the supply for the sizes in disease the significant portion of the leasing fleet points to play or made mostly growth in this segment is likely to mean constraints. This dynamic underpins our conviction that devices is positioned in segments where the supply outlook remains transport will hopefully limit the risk of all the supply on the horizon. Now please turn to Slide 15. This slide brings together the key things saving the containers of Near-term sentiment has been boosted by escalating Middle East tensions, which have driven time alternate the new post code highs and push freight rates higher as names companies branded secure ongoing supply chain uses container shipping sentiment was strong lifecos and even strengthen the at over for 2026, fleet growth is expected to be among the lowest in recent years, converting a more balanced supply demand in men. As now than anticipated normalization of so continues to provide additional near-term buffer. We turn to 2027 pixel is more challenging, a historically large wave of newbuild deliveries particularly during the second half of the year, we set best losses. Capacity management and accelerated scrapping will help offset some of the operation and the potential for a more difficult market environment vest. -- at political and macroeconomic variables in play, however, makes forecasting particularly difficult. And content confirms around tariffs appear to have moderated with the impact on container shipping to date to into more limited than initially anticipated. Finally, on energy transition, while there is a clear industries towards derates and nonemission technologies, the case of adoption is likely to be smaller than anticipated given the U.S. talent, technical and economic curves and delays in finalizing the IMOs Mette. Let's turn now to my last slide, Slide 16. The left side to the cycle of the 1-year time charter rate for 2,500 BU containerships over the past decade. As of May 15, the 1 year pans out rate and at $37,000 per day. Constantly about both the 10-year historic enables of around $250 and the millions of close to $15,000 per day. This home rate environment is middle in asset values as well. The right chart of noninvestors are now valued at approximately million, meaningfully above the EUR 10 trillion level of EUR 36 million. second in values are even most rig in relative terms. The codeofvessels currently valuing at about $40 million compared to 10 expert average of around $23 million and a movement of SEK 15 million. Given the current underrated second and asset as -- we believe acquiring investors, especially without the tax employment offers a less compelling risk we more profile at this stage of the cycle. You anyone represents a more aggressive of lease investments with pricing that is comparatively less volatile and that allows us to lock in costs to greater predictability. With that conviction, we have expanded our newbuilding program by adding 4 new shipbuilding contracts, bringing our total loan book to as already mentioned. This act on the line vessel newbuilding program, we successfully completed in early 2025 and reflects our continued confidence in the long-term outlook for the figure and intermodal segments. -- tonality of all transactions, ECs will operate 1 of the longest almost modern feeder and entoleted component fleets among of the group. -- a competitive advantage to expect to translate into stronger commercial position and lower operating costs and enhanced environmental compliance for years to come. In addition, we're still maintaining a very strong balance sheet and a high liquidity availability provides us with the means to jump on on any other interesting investment opportunities that may appear. With that, I'll turn the call over to Anastasios Aslidis to take you through the financial results for the first quarter of 2026. Anastasios, please go ahead.

Thank you very much, Vertis. Good morning for you all, ladies and gentlemen. Over the next few slides, I will give you reuse review of our financial highlights for the first quarter 2026 and provide also comparison with the corresponding period of 2025. So that let's turn to Slide 18. For the first quarter of 2026, we reported total net revenues of EUR 55.8 million, representing a 1% decrease of total net revenues in 56. 4 million during the first quarter of 2025, and we operated 3 pure vessels in this period compared to last year's one. The company reported a net income for the period of EUR 32.5 million as compared to a net income of EUR 36.9 million for the first quarter of 2025. Interest, another financing cost for the first quarter of 2026 amounted to EUR 3 million, while interest income and interest from financial securities amounted to EUR 1.7 million, resulting in a 1.3% net interest number that you see on the slide. For the period 2025 interest other financing costs amounted to EUR 4 million, a cost which we collected interest income and compared to contested interest of EUR 96 million. The decrease in the interest amount we face is due to a decreased amount of debt in the current period compared to the same period of 2025. so for the first 3 months of 2026, the company recognized a 13.5 million of our realized mark-to-market loss on marketable equity securities. -- an unrealized loss of EUR 48 million on investments in debt securities does not influence our net income to in this slide, but some is other comprehensive loans in our press release below net income line. As asset EBITDA for the first quarter was EUR 4.9 million compared to EUR 37.1 million that we achieved during the first quarter of 2020. Basic and diluted earnings per share for the first quarter of this year, were 465 benefit in forensics, 65 diluted cultilated approximately 7 million weighted over number of special spending compared to $6 per share of $5.31 in the first quarter and diluted terms per $5.29 for the same period, again, calculated to Novara EUR 6.7 million weighted average number of shares outstanding. The adjusted earnings per share for the first quarter of 2026, which were $4.72 basic and total diluted having been invested for the unrealized loss of investment naked securities as compared to vested earnings of $3.7 basically diluted for the first quarter of 2025, which have been adjusted for the gain on the sale of a vessel and the effects for the amortization of below market are -- we believe the adjusted emits better regen the ongoing operation profitability of our company. Let's now turn to Slide 19 to review our risk performance as usual, we start a review by expanding for our utilization base for the first quarter of this year when compared to the same period of 2025. I will focus only on the total utilization rate? -- which stood at 100% for the first quarter of 2026 as compared to 99.2% for the first quarter of 2025. During the same period, the first quarter of 2026, we operated -- we owned and operated 21 vessels earning another intake Equita rate of per day compared to 23.7 vessels for the same period of first year, timing on other $2,763 per day. Our total operating expenses, including management fees, telerad administrative expenses, but excluding units were 7,789 per vessel per day in the first quarter of this year compared to sure during the same period of 2025. If you move further down for this -- we can ship in pay cash flow to a given level, which section in addition to the operating expenses and be working expenses, interest expenses and for payments without diluted payments and we're going to express a very days. For the first quarter operating music, our a customer operating range rate was INR 1,347 crores as compared to $1,062 for the first quarter of 2025. The reduction primarily being due with no significant lower debt of expenses us in the stores, which not none some net increases in operating expense. At the bottom will be a also presents our dividend expressed in a vessel and day base. For the first quarter of 2026, this acquisition to at $2,763 per se. -- compared to $218 per day for the first quarter of PL and reflects both the increase of the dividend marketers, but also the smaller number of vessels we present we turned on. First quarter in 2012. In this slide, we aim to provide a better perspective of the of our under coverage. The painpresents the development of our fleet ownership days over the next 3 years with an estimated breakdown of forming these are available for higher a case article. It incorporates and to share your functions about delivery for retender construction capping or all the ships, estimated divert and often time in the regression of dayparts, utilization assumptions going forward an estimate for a delivery date of our vessels from the fire partners. The belapectin payable represents internal estimates and are provided for integrated purposes and to be used for mobile, future times after equivalent revenues and natural results may differ net -- we believe this provides a useful visibility into our for growth revenue and earnings profile. Our contract coverage taxation, caring is about 92% for 26 to is more 75% for next year and about 2 -- and other is contracted a probably not this year, you can see them on the slide, are over $30,000 for each of the respective years. Please I'll turn to flirt to review our sales profile. As of the end of March of this year, our total debt stood at about EUR 213.3 million with another interest rate margin of about 2%. -- you will assume a shot for a of 3.65%. The total cost of our debt would spend around $5.655. -- which is well within the prevailing rate over our peers. Turning to our debt amortization profile on the next part of this -- of the slide, we can see that total retreatments amount to approximately EUR 19.5 million, consisting of or $14.2 million of lower payments and $5.4 million of already resale loan applications. Continental debt service in cases to approximately EUR 37 million again comprising of 1 million opposite of pain loan repayments and the EUR 20 million biliary payments. The parents of loans moderate down to EUR 12 million in 2028 with goalinpayments was due in that year. Looking further said, 2021 includes total repayments of approximately $4.6 million, decanconsisting of EUR 10.6 million of peterepayments and a EUR 30 million value payment in in quite far in the future is include total repayments of EUR 33.8 million in cash between EUR 7.4 million of secure payments and $26.4 million of ordinary payments. Historically, which has been able to refinance valuing payments of favorable tariffs when appropriate when side, and we expect to be able to maintain the trend of ability in the future for the future being paid 5 assets. the -- this figure is not to do best, we will assume to finance our bill program, this repayment profit the first 1 to bet that we -- at the bottom of this slide, we show our customer vesivenetmete for the next 12 months, coed by revised components. On this basis, our total catalog revenue for the next 12 months spend approximately $1,160 per vessel per day level that is well below, if you remember, the contracted rates that we have of our fleet and also the preserving rate in the market. To conclude this presentation, let's turn to Slide 22 of our balance sheet and some highlights of the balance -- as usual, we saw a balancing in a simplified way in the form of 2 bars. On the left bar, we sold the asset side, we have of current assets, costs and other tire assets of approximately EUR 28 million, which translates to $3 per share equivalent. We also see main approximately EUR 45 million of advances against our newbuilding program. while the book value of our existing fleet stands at about EUR 460 million, bringing altogether the book value of our assets 22.7 million. On the right part of this slide, on the liability side, as I mentioned, we debt of EUR 213.3 million various other liabilities amounting to 2019 million, resulting in good sorority or above EUR 490 million. However, -- the book value of our assets is significantly lower than the market value. Based on our estimates, anagen from other parties, we estimate that our fee our current fleet is value at approximately EUR 675 million, which translates to a net asset value for the company of more than EUR 700 million to EUR 106 million or around $100 per share. We feed yesterday our fair price at $1 per share which indicated with our soft per investor days, almost 30% is down to its net asset wiring. This highlights the different regards highlights the potential appreciation of force even compare and the level of our contracted revenues. And with that, let me pass the floor back to our Pittas to contain the call.

Thank you, Aslidis. Let me now open up the floor for any questions you may have.

[Operator Instructions] Our first question is from Mark Reichman with Noble Capital Partners.

Thank you. Looking at the fleet profile and I'm looking at the TCE rate for the intermediates that have vintages in like 2008 and 2009, and then I'm looking at the vessels under construction. And the TCE rates are pretty much the same. And I was just kind of wondering -- could you talk a little bit about the economics of the new builds versus the older vessels and just the tenor of the market are charters willing to pay a premium for the newer vessels? Or what's the dynamic there and that would be helpful.

Less we are getting, as you may say very similar ways, but the reason for this is not that receive or equivalent because they are not consumption advances, I think it's about 20% better in the oil as despite the ESD is going to be a, however, these deliveries 2 lives down the line. So that is the reason why we're not getting a better price to pay into to have the ships available today, I would think there would definitely be demand significantly higher level than 2018 and 2009 in the site.

I can add, this is also the rent of the core is our new ship share charge above the last 2 years while the existing part 2 to 3 years when they started work vacates a significant [indiscernible].

Our next question is from Paul Flat with Alliance Global Partners.

I have a couple of questions if I may. The first of which is Consol you -- would you just give us in broad terms, the mid-build CapEx that with the new new orders that you're looking at for 2026, '27 and '28?

Yes. I mean I think it's -- I become the instant that then in cost from EUR 40 million to EUR 60 million. So the overall program is in excess of EUR 500 million and was as so EUR 200 million plus in the equity portion of which is Page 4 million to EUR 5 million, as I mentioned earlier. And with the exact timing, I'll have to provide [indiscernible]

Okay. And then can you just talk about the rationale of doing the JV with MLP investors as opposed to just doing straight debt financing?

Yes. We view this more as a strategic investment rather that we needed the investments or we need them to financing. But we believe that the more retail investors are quite active in the shipping markets, and we wanted to create a better in the zone with them. And from this transaction, we got about 11 nonweather investors who invest together with us. We'll get to hear about Euroseas and further what we do. So we feel that it's helping us be best well known in the Norwegian market as well.

And there states would this be considered sort of a one-off? Or is this the first of others that you might do on your newbuilding program?

We haven't decided about doing something else yet. We might do 1 or 2 more ships, but we will see as time goes by.

I remind you that the same at we have done 2 vessels in EuroDry, right? So we've got to know not quite well, and we have a very good working licensing to this way.

Okay. Great. And then good charters, time cures on the Kia and Steves. Can you just talk about the outlook for the rest of the year on the chartering plant? And is it -- are we at the point where maybe the Greek does get retired at this point in time? Or do you think that, that will continue to work?

We have been budgeting that they would retire at the end of this chart -- but I can tell you that we are on red taking the decision to pass it to spec survey because we are seeing interest for the canteen at levels that really makes sense keeping too. So nothing to report now, but I can only say that we are going to pass expenses a -- the outlook right now for speed is extremely strong for fiber vessels and intermediate vessels. There is very few opening up not all within the next 3 to 4 months. And I expect that within the next few days or a couple of months, we will have fixed everything even an end at this year and 100% targets.

And this is probably not a fair question, are but closer to the Kia or the spaces as far as the grade?

The fits that opened up, I think that 3 vessels that are opening up within this year still, and they are smaller the size of the spaces, I would say. So cluster rates should be around that level.

There are no further questions at this time. I would like to turn the floor back over to Mr. Pittas for closing remarks.

Thank you all for listening in on today's presentation. We will be back to you with you in 3 months' time. Thank you.

Thanks, everybody.

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.