Ipsos SA ($IPS)

Hello, good afternoon or good morning. Thanks for joining. Welcome to our first quarter results announcement session for 2026 at Ipsos. I'm Jean-Laurent Poitou, the CEO of Ipsos, and I'm here with Olivier Champourlier, our Chief Financial officer. What I'm going to be covering today are our results for the first quarter of 2026, an update on our strategy execution, Horizons is the name. You heard about it if you attended our January Capital Markets Day, and we talked about it a bit as we announce our full year results of 2025. I'll provide an update of where we are on the execution path. And then we will take a look at how we are considering the rest of 2026 with an outlook. But let me start with our first quarter 2026 results and our revenue, which stands at EUR 555 million. If we compare this with the same number a year ago, it's 2.4% less, which in fact, if we didn't have a significant 5.4% negative currency impact would be a total growth of 3%. That total growth is broken down into 4.3% of impact of the acquisitions we made, particularly the BVA family, minus the negative impact of having disposed of our Russian business or 80% of it as it happens. So it's not consolidated anymore. And then the organic growth is minus 1.4%, and the combination of all this is what drives the minus 2.4% total growth, but this is in the context of encouraging commercial momentum in Q1. I have had the opportunity to look at the order book for Q1 in many different dimensions, and I'll cover them in a second. Overall, our organic growth of our order book is 1% against the same quarter last year with an acceleration towards the latter part of the quarter in March, which means that the revenues for many of those orders, which happened late in the quarter, will generate revenue further into 2026. Now as I look at the order book expansion, first, by sector. One notable encouraging signal is the fact that our public affairs business, which we have had lackluster performance with in the years past and which dragged on our growth in '25 in particular, is back, rising demand, rising order intake. And I'll talk about it some more because it's so important, solid traction with our consumer and packaged good clients. They represent about 1/4 of our business. So it is very important for us that our computer -- our consumer and packaged goods clients, which are also the clients among which the AI solutions that we increasingly deploy in the market are resonating with most. If I look at this now by geography, our 4 largest market, North America, France, U.K. and China are driving our growth. And in particular, we have a very robust performance in China which as you may remember, has had some quarters of stability or a bit less. Now looking at it from the standpoint of our largest clients, the top 30 clients of Ipsos, the ones where we have dedicated client account leadership and campaigns. Those 30 drive our growth very significantly from a sales standpoint in Q1. So good performance across several dimensions of our business from a sales standpoint late in the quarter, this will translate gradually into revenue as also our strategy implementation accelerates and drives expanding order book through the quarter. So that's what I wanted to cover generally speaking. Let me focus a little bit on public affairs because as you heard, we made among our strategic choices. One of them was to continue as a multi-specialist in particular, continue to believe strongly in the power of having public affairs being the global player present in 66 markets serving public decision makers doing political polling and helping with policy assessment. That global footprint is one of our very, very differentiating assets as is the fact that we have our own proprietary panels, which serve us extremely well in the public sector. We also have the ability in many of our large markets and countries to do face-to-face interviews to knock on doors and ask real respondents about what their views are or what their voting intents are and then finally, we have the ability to leverage some of the methodologies and some of the services that primarily have been born out of our private sector business into public affairs, such as, for example, when we know how to interview and assess the engagement of employees in the private sector, we apply that in the public sector as well. So public affairs is back. We have 1 prominent government contracts across multiple geographies, which had struggled in quarters past, particularly in the U.S., but also in France and the U.K. So I have confidence that public affair will be one of the drivers of our growth in 2026. Let me now hand it over to Olivier, who will comment on the numbers on a more detailed basis.

Thank you, Jean-Laurent. Good afternoon, good morning, everyone. Let me go into the details of our Q1 revenue. As said by Jean-Laurent, the revenue was EUR 555 million in Q1, down 1.4% on an organic basis. There was a negative impact of currency of 540 basis points due to the appreciation of the euro against several currencies, in particular, the U.S. dollar, the pound sterling and APEC currencies. Acquisitions net of disposals contributed positively to the growth in Q1 by 430 basis points reflecting the impact of the 2025 acquisition, mostly the BVA family that was acquired in June 2025, net of the disposal of our Russian operation in Q1 2026. As a reminder, Russia was accounting for around 2% of our total revenue, factoring in those items, the total revenue was down 2.4% excluding foreign exchange currency effect, it was up 3%. Moving on to the revenue by region. EMEA, our largest present, representing 52% of group revenue, delivered total growth of 5.3% and on a reported basis, including 0.1% organic growth. The positive performance was mainly driven by the acquisition of BVA family because this business was mostly in France, U.K. and Italy, offset by the disposal of the Russian activities in Q1. In contrast, the Middle East, which represents around 3% of the total revenue of the group was impacted by the geopolitical situation in the region and posted an organic decline of its revenue of 4.4% in the first quarter 2026. In GM Americas, which represents 1/3 of the total revenue, in Q1, revenue declined by 4.1% on an organic basis. This is mainly driven by the U.S. However, commercial momentum has improved with a strong increase in the order intake at the end of the quarter in March, particularly several contract wins in Public Affair sustained recovery in the segment. As a result, the order book in the Americas was slightly positive at the end of March. In Asia Pacific now. The revenue was up 2% -- 0.2% on an organic basis, but declined by 6.3% on a reported basis due to the negative impact of many currencies in the region against the euro. The first quarter was encouraging with China returning to strong growth. We have indeed a strong momentum in China with large international local clients, especially in technology and automotive. China is one of the markets where we have seen rapid adoption of our AI-driven offers. Let me now turn to the performance by audience segment. Our Consumer segment revenue, which accounts for half of the revenue in the quarter posted a positive growth organically of 0.5%. We continue to see sustained demand from CPG clients for deeper understanding of consumer behavior in a volatile and rapidly changing environment. Our services in market positioning, innovation testing and [ brand health ] tracking are benefiting from this demand. This is also an area where our AI solutions and platform such as Ipsos [indiscernible] and Ipsos.Digital play a growing role in helping clients reacting faster and making better informed decision. The client and employee audience revenue was down 3.3%. This decline is mostly explained by timing effect in our audience measurement activities, which will translate into positive growth over the coming quarters thanks to a positive order book at the end of March. The Citizens segment now, the revenue, which include public affair and corporate reputation, declined by 2.3% on an organic basis. As mentioned by Jean-Laurent previously, the first quarter marks an important turning point. As we have seen the return of public sector orders in market that had impacted our growth in the last few years, like the U.S. and France where we see a rebound. During the quarter, we booked several significant multiyear contracts, which reinforce our confidence in the rebound of this activity later during the year. Finally, the doctor and patient audience revenue was down 4.4% on an organic basis. This activity had a strong start of the year in 2025, where Q1 was plus 5.4%. So this, therefore, creates a tough comparison basis. In addition, we have experienced a slowdown at the start of this year in qualitative studies from the pharma industry clients, but we see an improvement trend based on our order book. Beyond those 4 audiences, I would like also to underline the performance of our do-it-yourself platform, Ipsos.Digital, which recorded a double-digit growth in the first quarter of 2026. At the end of the first quarter, I would like to underline that our order book is growing by 1% and is in line with the historical pattern. More specifically, the order book at the end of March 2026 represent 55.6% of expected full year 2026 revenue at the end of the first quarter. Overall, this is consistent to the average of the last 4 years, where the total of the order book at the end of the first quarter was 55.5% of the full year revenue. Overall, this analysis supports our outlook for the remainder of the year. Turning now on profitability and cash generation, it's important to notice that our gross margin and our cash generation at the end of the first quarter are in line with our expectations. I will now hand over to Jean-Laurent who will tell you more about how we have been able to execute our horizon strategic plan.

Thanks, Olivier. And before I provide some color on the outlook for the remainder of the year, let me say something about what's going to drive our growth for the remainder of the year. And namely, the switching to execution mode on the Horizon strategy, which we talked about back in January and which we highlighted the main components of -- during our Capital Markets Day. Those 6 items here are the 6 key strategic choices we made and the ones that we are starting to see bear fruits in our positive growth of the order intake in Q1 starting with the fact that we have confirmed our intent strategically to leverage our multi-specialist business offerings. I talked about what this means with the return and rebound of public affairs, but it is also very important to note that we are equipping our teams with a first set of 6 and more to come as those are successful globally managed services powered by our Ipsos.Digital platform, systematically and consistently applied to services for each of them wherever the client we serve is based. Those GMSs led by Shaun Dix, are already structured with representatives in the key markets where we have decided to grow them with specific accountabilities, budgets, the platforms are there. We are leveraging some of the past investments and adding more through the course of 2026. And then Ipsos.Digital, the platform, which is showing continued momentum in the market, led by Andrei Postoaca, the teams there have also been de-multiplied by having specific leaders in our key markets to drive further growth of our digital platform, reinforced by the fact that it is the foundation on which many of our service line-specific, activity-specific AI solutions are based. Our global company with a local footprint, strategic choice starts to show us the first fruits of growth, particularly in the market. You saw in China where you saw Lifeng, our CEO there, in the Capital Markets Day explained how we had already started to launch some of the initiatives, and that's what we're seeing translate into significant growth in that particular market. But also in the U.S., which is the other big market where we decided that we would have in addition to the core horizons initiatives, some market specifics, particularly tech industry and technification specific initiatives in the U.S. Marianne Paco, our CEO; and Lindsay Franke, who saw on the Capital Markets Day present that strategy are driving it aggressively, and I'm pretty confident that this will materialize in the quarters ahead into accelerated growth. Speed is an initiative where it will take time because it's the most profound from an operating and tooling standpoint from a training and capability and skills evolution standpoint. So this will take a bit longer to materialize at scale. We have started on this. AI as a catalyst for market leadership is now being led from a technology standpoint by Nathan Bumby, our recently appointed Chief Technology and Platform Officer. Nathan joined us closed just over 2 months ago and is in full swing. And we have a road map, and I'll show you some examples of Ipsos AI solutions in a minute for Q2, Q3 and Q4 launches of AI-powered products. Also, access to real people as a critically relevant competitive advantage is one of our key choices. I'm happy to report that we are seeing increasing level of in-sourcing. What we mean by this is using our own panels, our own respondents rather than outsourcing to third-party providers as such. And this is a key component of our operational transformation, which is led by Alexandre Obuasi, a newly appointed Deputy CEO joining us from Air France where he had very important responsibilities. And we are happy to say that our operations transformation agenda is also starting to show signs of increased ownership of our own panels. And then if I think about our evolution to higher value-added services and in particular, our ability to expand our footprint at the clients we serve, our commercial excellence. I mentioned the fact that we are starting to see very superior growth at our top clients. And this is being led by Helen Nicolas, who's driving an initiative across those large clients. So with Olivier now being formally our Chief Financial Officer, he was named at interim, and we are happy to confirm it, and I'm very happy Olivier that we'll be able to continue and work together in that capacity. And more importantly than those leaders, the whole of 20,000 or close there to people at Ipsos, and many of our leaders across the globe are being mobilized to make the strategy execution happen at scale and at pace. So let me give you examples of some of the AI technologies and global services, new services that we are launching or that we haven't already [indiscernible] that we are accelerating through the GMS model. First of all, an example of what we call behavioral measurement, looking at how people behave when they either buy or consume or use the products of our clients. Two examples of very large consumer and packaged good players, one in the beverage industry, the other one in the home care industry products for detergents and washing machines and the like. We are using AI technologies to help observe with clips and videos that people themselves provide us rather than checking diaries on paper, saying how much coffee did I drink today or how many washing machines and how much powder did I use for each of them. So we're using videos to not just translate what was written into what's visible on the video, but also understand better the gestures, the expression, the satisfaction, many subtle consumer signals that wouldn't be otherwise available to our clients. A second example is in social media. We are using AI technologies to examine at scale what videos are successful and why detecting patents on social media, for example, in China, that will be Red node, which is a very prominent video channel on social. And then we are using the insights generated by this video analysis of those clips to identify which influences which patterns are the most likely to drive interest and ultimately the brand awareness or decisions to buy. This is helping our clients decide faster where to target, which influences to pick and what formats to use at scale. A third example is in China, which is, of course, one of the innovation hubs of the world, where we have now a very large consumer and packaged goods clients who's relying on Ipsos synthetic consumer digital twins to replicate the personality traits and the behavioral logic of the clients of that CPG company. Now we are doing this because it helps answer sometimes simple, sometimes slightly more complex questions faster than a full-fledged survey. Bearing in mind that we do that with a lot of care to the reliability and continuous update by recalibrating with real respondents and continuously validating the results of those digital twins. So those are 3 examples I wanted to give of how we're embedding technology and AI to create more value at our clients. Let me now turn to the numbers for 2026. First of all, it's very obvious that everything I'm about to project is based on factoring in what we know and acknowledging what we don't know about what's happening in the Middle East. What we know, in the Middle East itself, which, as Olivier highlighted, is about 3% of our total revenue. We are seeing, obviously, an erosion of our revenues to the tune of several millions. And that's no surprise. But we believe that the outlook will turn as governments in particular and large spenders will return to growth as and if the crisis and the war slows down and ends, which we all hope for. We don't see significant consequences outside of the Middle East region, very few, if any, client cancellations, delays in decisions or postponements of contracts. So there's marginal examples here and there, but essentially limited observe consequences outside of the Middle East, which, therefore, means that barring escalation or prolonged conflict in the Middle East. We don't see at this stage -- at this stage, significant impact on our group's full year outlook. Now the situation, as we all know, remains highly volatile and therefore, both the monitoring but also the contingency planning in case things deteriorate or escalate or continue in the long run are being prepared. We've done that in 2008. We've done that in 2020, so we know how to adjust and react in case we need to do so. On a more positive note, let me reiterate why we believe that the positive order book momentum of the first quarter is a good signal of accelerating order intake and therefore, gradual expansion of our revenues throughout the remainder of 2026. First of all, we launched the strategy. We're in full execution mode. But obviously, we're going to bear fruits increasingly as quarters after quarter things happen, particularly with globally managed services, Ipsos.Digital, the impact of our commercial actions and so on and so forth. It's also reassuring to see that we are about at the same percentage of our full year outlook from an order book already in our books at this point of the year as we have historically over the last few years. But also, I have spent time with our leaders in the various markets. We are looking at it both from a pipeline analysis standpoint and from an outlook based on their knowledge on the front line, closest to our clients, and this also reinforces the predictions that we have already highlighted for the year of a 2% to 3% estimated organic growth and an operating profit, which would be equivalent to 2025, which it was at 12.3%. And I have to highlight something here. Russia was a profitable business compared with the average of Ipsos, and it's now no longer in our numbers. BVA is a company that we acquired, and we're extremely happy with this acquisition, but it was in 2025, and it will continue for a good part of 2026 to be a drag on our profitability with the fact that it was 6 months only in '25 and it's going to be the full year end in '26. So in fact, reaching an equivalent profitability in '26 to the 1 we observed in '25 is actually increasing the core profitability outside of those perimeter effects. So with that, I would like to thank you for your attention so far. We're about to open to questions and answers, obviously. Invite you to our May 20th General Meeting of Shareholders and also to our first half results announcement, which will take place on July 23. Thank you very much, and let's open it up to questions and answers.

[Operator Instructions] The first question today comes from Davide Amorim with Berenberg.

Thanks for the presentation. Two questions from me, please. Could you please give us a bit more detail on the organic growth decline in Q1? What exactly happened compared to your initial expectation at the start of the year? And what makes you confident that you can still achieve the full year guidance growth despite the more challenging environment? Secondly, Middle East is -- I mean, approximately 3% of your group revenue and decline by almost 4.5% in Q1, even though the conflict only in March. How should we think about the trend for the rest of the year? And how could be the impact on your profitability if the conflict continues, Merci?

Thank you. I'll start on the 1.4% negative organic growth first. Of course, the 2.4% is heavily impacted by currency effects to the tune of minus 5.4%. But the minus 1.4% in organic growth is, I guess, what your question is focused on. So on that point, it is in line with our expectations that we would have a negative Q1. That is not a surprise based on what we had calendarized for the year when we looked at the full year. We knew that Horizons would kick in gradually throughout the year. So that was part of our expectations for the year. In terms of what makes us confident, I highlighted the fact that having an order book that is growing, having a percentage of the full year outlook at this point of the year, which is similar to what it has been relative to the previous full year's actuals, the fact that we see when we look at it country by country, service line by service line, we see confirmation that we will be in the bracket we have given guidance around are some of the parameters that I wanted to reinforce as positive signals towards meeting our initial growth expectations. I don't know, Olivier, if you want to provide additional color on this. Well, I would like to say that the order intake at the end of Q1 actually is slightly better than what we thought when we have built up our budget in 2026, which makes us confident or slightly confident that we are in line with the way we can underlie the phasing of the order intake this year. So as you have seen, actually, there is a lag between the revenue and the order intake. But this is really important to look at the way we recognize revenue over the full year because in our company, actually, depending on whether you recognize short-term contract or long-term contract, it can create some phasing effects when you look at the quarterly revenue. So one of the KPIs that we are looking at is more the order intake and how it's going to translate into the full year revenue, more than focusing on the single quarter itself. Lastly, on Middle East. So as we have disclosed, so the Media region represents 3% of the revenue. For the moment, there have been a couple of million of impact. It's pretty small actually. We have reacted pretty quickly to mitigate the impact on the profitability of the region. There are a couple of actions that we can take place, are in freeze and so on, there are a couple of measures. But it's pretty limited to me now for the moment. We have spent a couple of days with all the management discussing the impact. And for the moment, it's -- we don't see any impact or any cancellation anywhere else. This being said, the macroeconomic environment is pretty volatile, it's true that if the conflict is continuing, we know that the consequence will be that the bar will be high. There would be some further inflation and it may have an impact, and it will have an impact on the global -- the global economy. But we are watching that very carefully. And we are used to this kind of macroeconomic condition like in 2008, 2020, and we are able to adapt our cost basis to mitigate any shortfall in the revenue that will come if the conflict will continue.

But we are not -- to the latter part of your question on the what if it lasts for months and not weeks and what if it escalates and drives, for example, the global economy into recession in some of the major geographies we serve. We are not providing a guidance that assumes any of that at this point. it was to happen, of course, we will adjust the cost base to mitigate the impact on profitability, but that's not something we're guiding to at this juncture. Other questions?

The next question comes from Conor O'Shea with Kepler Chevreaux.

Three questions from me. Firstly, on the health care business, was down in Q1. I think in the press release, you mentioned tough comps. But I think the comps were similar for the first 3 quarters of last year. So would you expect that activity to remain under pressure for at least another couple of quarters. That's the first question. Second question, in the clients and employees activity in the press release, you mentioned some effects of timing phasing lags that should unravel and improve in the subsequent quarters. Can you give a little bit more detail about that? I think it's in audience measurement. And then -- and third question, just more generally, given the the expected time horizon of some of the new initiatives to take hold and make a contribution to growth and so on. Would you expect the second quarter to potentially to be also negative in terms of organic growth, as I say, a constant macro outlook? Or would you be expecting to see at this stage an improvement already in Q2?

Yes. I will answer the first question regarding the health care business, which is actually the way we disclose it is not exactly the health care business, but it's more the business with the pharma companies. So what happened this year? So that's true that we disclosed a negative growth, but we have seen the order intake improving gradually. There have been some clients in the pharma sector that are under restructuring and are taking longer to take a decision. We have also some programs that have been confirmed last year at the beginning of the year for the full year, but the client they confirm it more on the quarterly basis, so which a drop in the revenue in H1, but overall, the order intake is improving month after month. So it should turn but into more positive territory in the coming months. It's a similar pattern when it comes to client and employee because we mentioned that the audience measurement activities, the revenue is declining in Q1. But when you look at the order intake, it's positive at the end of March because the way contract has been confirmed by clients is different from last year and this will translate into positive growth in the coming months. And last question, it's more about the phasing of the revenue so as you can see, the first Q1 is minus 1.4%. And obviously, to finish the year in line with the guidance, which was between 2% to 3%, you will see an acceleration of the growth, moving gradually in positive territory to finish in line with the guidance.

And I think that's the key point. It's gradual recovery. What will exactly happen in Q2, we're not guiding by quarter. But yes, it is an acceleration throughout the year. And it is based on the speed at which we execute our Horizon strategy. It is based on the fact that we have mobilized the leadership of this company around the key initiatives I've referred to when reiterating what the main strategic pillars where and how we stand relative to each of them. the globally managed services, the Ipsos.Digital, the commercial acceleration, the technology and AI investments will gradually add more solutions to our bag of tricks and this will gradually allow us to expand our revenue and strengthen our growth.

Okay. Very clear. But I mean just just to drill on the numbers, I mean, if the second quarter is better than in the first quarter, but it's, as you say, a gradual process, but the first half is, let's say, flattish overall on organic, then the second half needs to be around 4% or so, the order book has improved, but we're talking about plus 1%, not talking about plus 4%. So is the pickup, let's say, month-over-month so significant that, that kind of second half trajectory is looking doable at this stage?

The short answer is it is looking doable. As I said, we spent a lot of time also with the teams in every 1 of our markets and services looking at this, looking at obviously, the pipeline at a more granular level. Historically, as you will have witnessed there are quarterly changes, which is why we're not -- it's not a perfectly constant one month after the next progression, there's always swings because some of the orders can be quite sizable. And then they generate revenue later. Some of the orders we took in Q1 were actually in March, so they will generate revenue starting already now. So that's why we're not looking at it at a month by month or certainly announcing it at a month-by-month basis. But yes, the short answer is it is doable.

The next question comes from Hai Huynh with UBS.

It's Hai from UBS. Just again a little bit on the order book and revenue conversion. Can you help me a little bit on how the stronger March order intake translate into revenue? Is it going to be kind of Q2? Or is it more weighted towards half 2 that in terms of the timing? And within that also, in April, have you seen an improvement sequentially in April so far versus March as well? That's the first question. And then the second one is, I know it's only the quarterly top line update, but you still guiding for flat margins despite some dilutive effects from BVA family, and you're investing a lot this year into in-sourcing, for example. So what are the offsets that makes you confident that you're actually going to be flat margins this year?

Okay. On the -- on your second question first, maybe we are taking, obviously, a number of measures. We are looking at our cost structure. We are looking at our pricing and everything. So yes, we are offsetting the impact of both losing the Russia accretive business and absorbing some of the remaining dilutive impact over 12 months again sixth of BVA through very disciplined execution on our cost base. But on the conversion and on the ability to say something about April was still very early to have any numbers with disclosing here, but on the conversion pattern.

Yes. I would say about the order book, it was positive in March, and it will generate and translate into revenue from April to the remainder of the year. It's difficult to say at this stage of the year, if it will be more in Q2 or in the second half of the year, but it's going to be in the coming months for sure. This is true that you should have in mind that we have a growth trajectory that is going to accelerate as far as all the investment that we are making in this horizon plan will deliver some fruit. We mentioned the GMS, the local country specific plan. There are some regions that are more advanced than some other. In China, the plant started already at the end of last year, and we have seen that it's delivering already some fruit with very good Q1 and good sales momentum in China, which is really encouraging us to continue in that direction in some other markets outside China.

The last question today comes from Anna Patrice with Berenberg.

Thank you for the presentation and information provided. A couple of questions from my side. First of all, when you talk about the organic growth in the order book of 1%, what kind of organic growth is it until when this organic growth, does it mean that it implies that you already have in your pocket 1% organic growth for the full year 2026? Or where does it stop? That's the first question. Second question, you mentioned the sell times in China and that there was a significant improvement. Can you maybe elaborate what was there organic growth in China last year, for example? And what is it already in Q1? And what was the comparison basis maybe? And then the last question is on the American performance, minus 4%. If you can elaborate which sectors are declining and which factors are growing. Thank you.

Can you reiterate the first question, please.

Yes. First question is on order book, 1% organic growth at the end of March. This 1% organic growth, what is it exactly? Is it 1% organic growth that you have in your books for the full year 2026? Or what exactly does it mean?

So just to clarify, when we talk about the order book and the order book growth, it is the part of the orders we took that is delivering revenue in 2026, right? So there's 1% more in our order book for the year, right? Then some of them are shorter term than others, which can last all the way until December.

Yes. So that means that at the end of March, the order book is plus 1% compared to the end of March last year and the order book in the Ipsos definition is the sales that have been converted that will generate revenue on the full year. And as we mentioned it, at this stage of the year, we have in our order book 55.6% of the annual revenue. And it's in line with what we have seen in average over the last 4 years. Now answering your last question about what was the growth in Greater China in Q1 [ 2029 ]. So it was around minus 3%. So we have seen definitely a turning point in our activity in Russia, which started in China -- in China, which started already at the end of last year, but has accelerated. And now it's quite strong in Q1 2026.

This concludes our question and session. I would like to turn the conference back over for any closing remarks.

Okay. Thank you very much. So in closing, our commercial momentum is strong in spite of a minus 1.4% organic growth in Q1. And to use the words of 1 of the questions, the signals we see on the commercial front, not just that 1% increase, but also the pipeline, the comparison with prior years says that the growth we have suggested for the year is absolutely doable. So I want to thank you for your attention today, and we will be talking again in May. Thank you.

Thank you very much.