PHINMA Corporation (PHN) Earnings Call Transcript & Summary

Good morning, stockholders, directors, officers and guests. I am Peter Perfecto, Vice President for Public Affairs. I will be your moderator for this morning. Welcome to PHINMA Corporation's Annual Stock Shareholders Meeting. We would like to remind everyone that our 2025 annual report and -- that our 2025 annual report and our 2025 information statements have been made available for viewing and downloading at the website of the company. To access the report and statement, you may also scan the QR codes flashed on the screen or download on your mobile devices by typing the URLs beneath the QR codes. Please be advised that today's Annual Shareholders Meeting is being recorded as required by the Securities and Exchange Commission. Our program will commence in just a few minutes. [Presentation]

We will now begin PHINMA Corporation's Annual Shareholders Meeting. Ladies and gentlemen, please rise for the invocation followed by the Philippine National Anthem. [Presentation]

Ladies and gentlemen, our Chairman and Chief Executive Officer, Mr. Ramon R. del Rosario, Jr.

Welcome, shareholders, to this Annual Stockholders' Meeting. The annual meeting will please come to order. Your corporation has decided to proceed with the conduct of this meeting remotely or via live streaming in accordance with the rules of the Securities and Exchange Commission. Let me first introduce the members of the Board of Directors who are with us today. Our Vice Chairman, Dr. Magdaleno Albarracin; our President and Chief Operating Officer, Dr. Chito Salazar; Mr. Victor del Rosario; Mr. Eduardo Sahagun; Ambassador Jose Cuisia, Jr.; Mr. Guillermo Luchangco; Mr. Michael Hilado; Mr. Juan B. Santos; Attorney Lilia de Lima; Ms. Rizalina Mantaring; Mr. Edgar Chua; Dato Paduka Timothy Ong Teck Mong; Dr. Edilberto de Jesus; Dr. Cielito Habito. Also attending are officers of PHINMA Corporation. We also acknowledge the presence of the corporation's external auditor for 2025, Isla Lipana & Co., led by Mr. Roderick Danao. Also present are Mr. Paolo Herrera and Ms. Judelyn Obrigue, representing Stock Transfer Service, Inc., the independent third-party stock transfer agent appointed by the corporation to count and validate the attendance of stockholders and votes cast. May we know from the Corporate Secretary whether notices of the annual meeting were sent to the stockholders?

Yes, Mr. Chairman. The notice with the agenda of this meeting was posted on the website of the corporation. It was published in The Philippine Daily Inquirer and The Philippine Star for 2 consecutive days on March 26 and 27 and was disclosed to the Securities and Exchange Commission and the Philippines Stock Exchange in accordance with the rules of the SEC and PSE.

Thank you, Mr. Secretary. Could you please inform our stockholders of the procedures for attendance, voting on each item of our agenda and participation in today's meeting?

Mr. Chairman, the following are the rules for attendance and participation in this meeting. As stated in the notice of meeting, stockholders may participate and attend this meeting only by remote communication, in accordance with the procedures set forth in the information statement posted on the company's website. Stockholders who have informed the company of their attendance through a dedicated e-mail provided by the company that said notice on or before April 10, 2026, shall be considered present at this meeting. The rules of conduct and procedure for this meeting are contained in the explanation on each item of the agenda posted on the website of the corporation and earlier disclosed. Owners of shares constituting at least a majority of the issued and outstanding capital stock of the corporation present remotely or by proxy, with the proxy attending, shall constitute a quorum for the transaction of business at this meeting. All the items in the agenda for approval with the stockholders, except the election of directors and amendment of the bylaws, will need the affirmative vote of stockholders owning at least a majority [ of shares of stock ] present or represented at the meeting. Election of directors is based on the number of votes cast by each stockholder present at the meeting in favor of nominees of his/her choice, with each stockholder being entitled to such number of votes equivalent to the number of shares owned by him or her multiplied by the number of seats to be filled up. The amendment of the bylaws will require the approval of all stockholders owning at least majority of the entire capital stock. Those are the rules of attendance and participation at this meeting, Mr. Chairman.

Mr. Secretary, do we have a quorum for this meeting?

Yes, Mr. Chairman. Based on the tabulation of attendance, there are present or duly represented at this meeting, more than 82.51% of the outstanding capital stock of the corporation consisting of 336,325,265 shares. There is a quorum for purposes of this meeting, Mr. Chairman.

Legal notices having been given and a quorum being present, we are now ready to proceed with the meeting. The next item is the reading and approval of the minutes of the previous meeting of stockholders held on June 5, 2025. Copies of the minutes were furnished to the stockholders as Annex E of the information statement. May I request the secretary to discuss the resolution for approval by stockholders and the votes received thereon?

Mr. Chairman, copies of the minutes were distributed to the stockholders as Annex E of the information statement. The proposed resolution to dispense with the reading of the minutes and for the approval thereof is shown on the screen. And based on the tabulation of votes, stockholders owning a total of 277,515,894 shares or 82.51% of the total issued and outstanding capital stock voted in favor of the proposed resolution.

Having received the affirmative votes of stockholders, owning at least a majority of the shares present at this meeting, the resolution is approved. The next item is the annual report of management for the year ended December 31, 2025.

Mr. Chairman, we will have 3 reports, and we will begin with your message. Ladies and gentlemen, here is the message from our Chairman and Chief Executive Officer, Ramon del Rosario, Jr.

To our directors, officers, shareholders, media and guests, good morning. We gather today at a time of profound uncertainty. Around the world, geopolitical conflicts have grown more complex, including most recently, a reckless war in the Middle East that's causing tremendous global damage. These events reverberate here at home. Employment and remittances of our overseas workers are threatened. Fuel prices are surging, with other essential goods expected to follow, causing tremendous strain on our people and adding further pressure to our consumer-driven economy. At the same time, corruption scandals have shaken confidence, reminding us of the fragility of trust in institutions. Yet even in these times, business cannot and must not retreat. It must step forward, providing solutions, creating opportunities, and most importantly, serving those most vulnerable. This is the mission we embraced at PHINMA, intentionally serving the underserved by providing them the essentials, enabling them to live dignified lives. In 2025, your company reported consolidated revenues of PHP 22.84 billion and a consolidated net income of PHP 326.65 million. We faced headwinds and economic uncertainty, resulting in an attributable net loss of PHP 308.83 million. But these numbers tell only part of the story. They reflect our deliberate investments to strengthen our businesses by expanding capacity and scaling outcomes. We have also deepened our alliances with partners who share our vision, positioning us better for growth that will reach more families and communities in the years ahead. Let me now turn to our education business, steadfast to its commitment of enabling more youth to finish college degrees and unlock opportunities for a better life. PHINMA Education welcomed a record 178,000 students in the Philippines and Indonesia this school year. I am proud to report our students achieved 93% overall passing rate in Philippine licensure exams across 20 programs, with 35 topnotchers shining in their respective fields. To further widen access to affordable and quality education, we also welcomed our 13th school, PHINMA St. Jude College Dasmarinas, Cavite, and inaugurated new facilities in Karawang, Indonesia as well as Cabanatuan, Quezon City and Cebu. We seek to replicate the success in housing, a sector that touches the very core of human dignity. With a country facing massive housing backlog, millions of Filipino families remain deprived of decent shelter. Our newest unit, PHINMA Community Housing, broke ground on its first project in Davao and that will -- that will provide minimum wage workers and their families dignified, affordable homes. Beyond education and housing, we strengthened partnerships that build communities and support national development. Union Insulated Panel Corporation secured major contracts in cold storage and industrial segments, which will help improve national food security. Building on our partnership with the JEPP Group for the township Saludad, PHINMA Hospitality entered into a joint venture agreement with JEPP Property for the construction of TRYP by Wyndham Bacolod. The work of uplifting our countrymen and building a better Philippines continues, even more so with the corruption and political scandals that shook our country. These scandals have eroded trust, diverted resources and hindered progress. The Filipino people clamor for stronger accountability, even taking on citizen-led initiatives, using technology and fostering collaboration across sectors to seek better governance. Business must continue supporting these efforts and help sustain this hard-earned momentum to realize change that benefits all, not a select few. Ever driven by love -- by hope and love of country, we remain hopeful for the future and what it holds for our mission of making lives better. At this point, I would like to take a moment to honor the memory of our late Chairman Emeritus, Oscar J. Hilado, whose decades-long visionary leadership, unwavering integrity and deep commitment to the Filipino people, laid the foundation for PHINMA's mission. His legacy will keep inspiring us to reach and empower more communities as we mark 7 decades of making lives better. With the unwavering support of our directors, management teams, partners and shareholders, we look forward to working towards our deeper commitment to transforming society for the better and building a more inclusive country. Thank you all for your continued support. Have a good day, everyone. Thank you.

How are we as a business Force for Good in 2025? Let's watch this recap of our business operations. [Presentation]

To discuss more about our financial results, may I request our Financial Officer, Mr. EJA Qua Hiansen, to take the spotlight.

Fellow shareholders, our Board of Directors, my PHINMA colleagues and our honored guests, good morning. Following the reports on our operations and growth initiatives, I would like to share how we have managed the company from a financial perspective. At PHINMA, the way we invest is guided by a clear principle. We focus on businesses that provide the fundamental building blocks of a dignified life: education, housing, infrastructure and access. These are not just industries we participate in, they are part of the everyday life of the Filipinos we serve, and they shape how we make decisions across the group. As our Chairman mentioned, 2025 was a challenging year, a weaker domestic economy, limited public spending and continued volatility in global markets, intensified by the ongoing conflict in the Middle East, created headwinds for several of our businesses. These conditions affected demand, delayed projects and introduced uncertainty across the sectors in which we operate. For the year, PHINMA recorded consolidated revenues of PHP 22.84 billion, EBITDA of PHP 3.43 billion and consolidated net income of PHP 327 million. The net loss attributable to equity holders of the parent was PHP 309 million. These results reflect both the environment we operated in and the investments we decided to make. While earnings declined, it is important to note that our cash flow from operations improved due to stronger collections, tighter working capital management and better operational discipline across several of our businesses. These past 2 years have been a deliberate transition period for the group. We made the conscious effort and decision to invest early in growth, strengthen our balance sheet and prepare our businesses for long-term opportunities, especially in underserved markets and where we hold competitive advantages. These are investments in capacity, but more importantly, they are investments in people, students working to complete their education, families looking for affordable homes and communities in need of opportunities to grow. These front-loaded investments came at the expense of short-term earnings, and our financial performance in 2025 fell short of expectations. We take full responsibility for that while firmly believing that these investments will pay off. To that effect, we are tightening our operations, improving how we measure performance and being more thoughtful about where we invest. We're also raising our expectations. Each business must deliver both meaningful impact and sustainable returns over time. Despite these challenges, your company remains on solid financial footing. As of year-end, we maintained cash and cash equivalents of PHP 3.19 billion, total assets of PHP 59.39 billion and stockholders' equity of PHP 16.71 billion. This, along with our continued ability to attract strong strategic partners, gives us the flexibility to navigate uncertainty while continuing to invest in the future. We also took proactive steps to strengthen our financial structure. As interest rates began to ease, we refinanced portions of our short-term debt into longer-term obligations. This improved our liquidity and better aligned our funding with the long-term nature of our investments. Our capital expenditures increased to PHP 5 billion last year from PHP 3.14 billion in 2024. This reflects our continued commitment to building capacity and strengthening our businesses for the years ahead. Looking forward, we remain cautious about the external environment. Geopolitical tensions, particularly in the Middle East, continue to drive volatility in energy prices, currencies and financial markets. These conditions are likely to persist, and we're keeping a close look at them. We are confident in the direction of the group. The investments we have made are beginning to take shape. Our balance sheet is stronger, and we are becoming more disciplined in how we operate and invest. We believe that by staying true to our purpose, while exercising sound financial discipline, we are building a stronger foundation for sustainable growth. Ultimately, when we help more Filipinos move forward in their lives, we strengthen the very businesses we are building. As our President will outline, we have a clear pipeline of initiatives across our businesses. Our role is to ensure that these are supported by prudent financial management, strong governance and clear accountability. In closing, while 2025 tested our performance, it also clarified our priorities. We are moving from a period of investment to a period of delivery, and we are committed to translating these efforts into better, more consistent outcomes for our shareholders and the communities we serve. If purpose guides how we invest, then discipline will determine how we deliver. And together, they will define the value we create. Thank you.

Thank you, Mr. Qua Hiansen. Our President and Chief Operating Officer, Dr. Chito B. Salazar, will now share with us the group's business outlook.

[Foreign Language] Today, we share the work that we have done in serving more people in need by widening their access to essentials of a dignified life. Business should uplift the less fortunate and make lives better. This is our belief in the PHINMA group. Our work this year will set the stage for our recovery and enable us to serve even more Filipino households and communities. PHINMA Education empowers underserved youth in Southeast Asia by supporting them in their pursuit of college degrees. Southeastern College, our 12th school in the Philippines and 14th in Southeast Asia, will allow us to reach the kids in Pasay City and Southern Luzon in need of accessible quality education. Our continuing market expansion supports our goal of reaching even more underserved students, while strengthening our commitment to student completion and success. Our construction materials businesses support the growth of communities and nations through essential infrastructure. Philcement provides world-class, readily available products through our legacy cement brand, Union Cement. Its subsidiary, Philcement Mindanao, will operate our Davao del Norte terminal, which opens this year. We are especially happy to announce Sumitomo Osaka Cement's formal entry as partner and investor. This will help Philcement strengthen manufacturing operations in Bataan, Pampanga and Zamboanga del Norte. Building the future of PHINMA Construction Materials businesses, new younger leadership would steer our steel and insulated and solar panels businesses towards revitalized roofing, food security and sustainable energy solutions. Union Insulated Panel Corporation is on track to launch its factory in mid-2026, further enabling cold storage solutions that reduce food wastage and meet temperature-sensitive logistical needs. Driving its commitment to fostering progress outside Metro Manila, PHINMA Properties continues to develop our Maayo Homes targeted towards the mid-income markets in Batangas and Davao. The Maayo line expanded to Bacolod, supporting our development of our first township, Saludad. Saludad will also be home to PHINMA Hospitality and the first campus of Southwestern University PHINMA outside Cebu City. Saludad will gather the best of PHINMA in one location. PHINMA Hospitality recently broke ground for TRYP by Wyndham Bacolod as well. PHINMA Hospitality is also growing its network of hotels to reach more leisure and business travelers nationwide. PHINMA Hospitality is expanding Microtel by Wyndham Mall of Asia to better address demand for meetings, incentives, conferences and exhibitions with safe, secure and affordable accommodations. Furthermore, TRYP Samal, Davao with the Floirendo's Damosa Land will mark the group's entry into the condotel market. Last but not the least, our newest business unit, PHINMA Community Housing, provides homes for low-income families and fosters communities where they can live with security, dignity and hope. We're looking to launch soon in Davao and Bacolod, widening access to affordable quality shelter in cities with strong economic potential and rapidly growing workforces. CoHo will provide these families the opportunity to achieve something they only used to dream, their own address. This is our passion. Your company's passion, looking for ways to reach the underserved and underprivileged and support our nation's development through profitable businesses. We count our success not only in terms of pesos and centavos, but also in the number of lives we have transformed. Let us all continue to make someone's life better today and the tomorrows to come. Thank you.

Thank you, Dr. Chito Salazar. We are now ready to entertain questions from the stockholders regarding the management report. Please send your questions through the Q&A button to our moderator, Mr. Peter Perfecto. May I also ask our moderator to read any questions received in advance from the stockholders, which are relevant to today's meeting.

Mr. Chairman, we received 4 questions from the stockholders. The first question is, how does PHINMA Corporation ensure resilience and long-term value creation amid a challenging operating environment?

Allow me to respond to that question myself. PHINMA Corporation's resilience and long-term value creation stem primarily from our basic mission of focusing on businesses that address the basic needs of Filipinos and provide them access to the essentials of a dignified life, services that are inherently more resilient where long-term fundamentals remain strong. While investing selectively in businesses with structural resilience, we manage the group with strong financial discipline. In the current environment, we are prioritizing liquidity, stress testing our portfolio across scenarios and phasing capital commitments to maintain flexibility and avoid irreversible decisions. This balanced approach allows us to protect the downside today, while positioning the group to create sustainable value as conditions normalize.

Thank you, Mr. Chairman. Let's move on quickly to the second question on construction materials. How are the businesses strengthening long-term competitiveness?

May I call our PHINMA Director and Executive Vice President for Cement, Mr. Eduardo Sahagun, to kindly respond.

Thank you, Mr. Chairman. So let me provide a context in answering the question of long-term sustainability of the construction business that we have, and in particular, the cement industry. It is our view that this industry deserves additional investment. It has been for many years, that the capacity of this industry remains to be almost like 30 million tonnes a year. And when you look at the regional peers in this particular sector, we're probably one of the lowest, if not the lowest, in terms of per capita consumptions of around 295 kilograms per capita. And in this background that we actually continue to invest in this industry. In particular, in the last 2 years, we have invested, for example, in acquiring Petra Cement with -- from the Tan-Chi family. And then we also acquired the Tibungco terminal from DMCI. And then we're also putting up our Panabo terminal, which we will be operating later this year. All of those will double our capacity after we have completed them. So by -- in addition to capacity, we're also looking at people -- on the people side. In this industry, it's not enough that you have financial strength. You need people to be able to operate efficiently. So succession and training of people are the main areas of focus in this particular area. So those are the 2 major things that we need to do to make sure that the cement industry where we are participating will ensure our long-term sustainability. Thank you, Mr. Chair.

Thank you, Ed. The next question is on education? Sorry, Mr. Moderator.

Yes. Yes, sir. Mr. Chairman, the next question indeed is on education. What strategic levers support quality and affordability as we scale further?

May I call on PHINMA Education Chief Strategy Officer, Trissa Menardo, to kindly respond.

Thank you, Mr. Chair. For 20 years, making college education accessible has been PHINMA Education's core promise. And so as we scale, our mission goes beyond access. It's really to ensure that students earn their degree and move forward to lead better lives. And there are key levers that we pull to enable this. We do this by continuously removing barriers across the entire student journey by keeping our costs low and our fees affordable. At the same time, making our learning systems more student-friendly, student-centered and accessible. Likewise, we develop and empower our people to provide robust and consistent support to our students, guided by data and analytics so that we can truly walk alongside them towards success.

Thank you, Ms. Menardo. Let me now read this question on CoHo, our community housing. What does community housing address within the PHINMA portfolio? And how does this business support both financial returns and social impact?

May I call on PHINMA Community Housing President and CEO, Luis Oquinena, to kindly respond.

Thank you for that question. [Foreign Language] So the main target of PHINMA CoHo are really the low income working class Filipino families. So we have a project in Davao. We will start our construction very soon, and we hope to complete a little over 500 units by end of next year. I would like to highlight, though, the enthusiasm of our target home partners, we call them. [Foreign Language] So that really captured the impression of PHINMA's goal to serve the underserved, that we are really making happen the dreams of these families while maintaining our sustainability and profitability of the asset business. So really, PHINMA Community Housing is providing that sustainable, scalable solution to the underserved families of this country, while maintaining the profitability of the business. And of course, the social impact, Peter. [Foreign Language]

Thank you, Mr. Luis Oquinena. Sir, I believe we don't have any other questions on our chat box, so we may proceed with the rest of the meeting. Thank you, everyone, for your responses.

Thank you. Thank you very much. May I now ask the Corporate Secretary to present the resolution proposed for approval by the stockholders and the votes received for the approval thereof?

Yes, Mr. Chairman. The resolution for the approval of stockholders of the annual report together with the audited financial statements and the notes thereto of the corporation for the year ended December 31, 2025, is shown on the screen. And based on the tabulation of votes, stockholders owning a total of 277,515,894 shares or 82.51% of the total issued and outstanding capital stock voted in favor of the proposed resolution.

Having received the affirmative votes of stockholders owning a majority of shares present at this meeting, the resolution is approved. The next item is the amendment of the company's bylaws. May I request the Corporate Secretary to present the resolution proposed for approval by the stockholders and the votes received for the approval thereof?

Mr. Chairman, at its meeting held on March 6, 2026, the Board of Directors of the corporation resolved to amend the corporation's bylaws to: one, include in Article 4, Section 1 as a requirement for nomination or renomination as Director of the corporation, that the director must have attended at least 50% of all Board meetings held during the previous year; and two, delete from Article 6, the position of General Manager and the duty stated therein and all references to General Manager in the bylaws. Mr. Chairman, the resolution for the approval of the stockholders is shown on the screen. And based again on this tabulation of votes, stockholders owning a total of 277,515,894 shares or 82.51% of the total issued and outstanding capital stock voted in favor of the proposed resolution.

Thank you. Having received the affirmative votes of stockholders owning a majority of the total outstanding shares, the resolutions are approved. The next item is the ratification and approval of all the acts of the Board of Directors, committees and management since the last Annual Shareholders Meeting. May I request the Corporate Secretary to present the resolution proposed for approval by the stockholders and the votes received for the approval of this resolution?

Mr. Chairman, the resolution for the approval and ratification by the stockholders of all acts of the Board of Directors, Executive Committee and other committees of the Board, officers and management, is shown on the screen. And based on the tabulation of votes, stockholders owning a total of 277,515,894 shares or 82.51% of the total issued and outstanding capital stock present at this meeting voted in favor of the said proposed resolution.

Having received the affirmative votes of stockholders owning a majority of shares present at this meeting, the resolution is approved. Next item is the election of directors for the next fiscal year. May I request the Corporate Secretary to inform the stockholders of the nominees for election as the directors of corporation and the votes received by the said nominees.

Mr. Chairman, the Nominations Committee has pre-screened and shortlisted the nominees qualified to be elected as directors of the corporation for fiscal year 2025-2026. There are now 15 nominees to fill 15 seats on the Board with 7 independent directors, and I'd like to read the names for the record. One, Mr. Ramon R. del Rosario, Jr.; two, Dr. Magdaleno B. Albarracin, Jr.; three, Dr. Meliton B. Salazar, Jr.; four, Mr. Victor J. del Rosario; five, Mr. Eduardo A. Sahagun; six, Ambassador Jose L. Cuisia, Jr.; seven, Mr. Guillermo D. Luchangco; eight, Mr. Michael C. Hilado. And as Independent Directors, nine, Mr. Juan B. Santos; ten, Attorney Lilia B. de Lima; 11, Ms. Rizalina G. Mantaring; 12, Mr. Edgar O. Chua; 13, Dato Paduka Timothy Ong Teck Mong; 14, Dr. Edilberto C. de Jesus; 15, Dr. Cielito F. Habito. And considering that only 15 were nominated to fill 15 seats in the Board, and there has been no objection to casting all votes in favor of the nominees equivalent to 277,515,894 shares, the said nominees are, therefore, duly elected as members of the Board of Directors for the ensuing year and until their successors are duly elected and qualified.

May I congratulate my co-nominees, all of whom are current members of your company's Board. Allow me to thank our Board of Directors for your consistent encouragement and support. We now proceed to the next item, the appointment of the corporation's external auditor for the ensuing fiscal year. The Audit Committee and the Board have selected and recommended the appointment of Isla Lipana & Co., PwC Philippines as external auditor of the corporation. May I request the Corporate Secretary to present the resolution for approval and the votes received for the same?

Mr. Chairman, the resolution for the appointment of Isla Lipana & Co., PwC as external auditor of the company, shown on the screen, and based on the tabulation of votes, stockholders owning a total of 277,515,894 shares or again 82.51% of the total issued and outstanding capital stock voted in favor of the proposed resolution.

Having received the affirmative votes of shareholders owning a majority of shares present at this meeting, the resolution is approved, and Isla Lipana & Co., PwC Philippines, is appointed as external auditor of the company for 2026. Those are the matters for today's meeting. Before we adjourn, I would like to inform the stockholders that you may still e-mail your questions or comments within 1 week from today. The company will answer all questions relevant to today's meeting and the matters taken up. Let me also thank our directors, officers and management team, for your unwavering guidance and support in our mission of making lives better. Your leadership continues driving our company towards stronger growth, allowing us to uplift more families and communities in need. I would also like to thank our shareholders, our bankers, investors, employees, customers and our other stakeholders. You are our valued partners in our mission. May we continue working towards a better society and the country together. There being no further business to discuss, I hereby declare this meeting adjourned. Thank you all for your attendance and participation at this meeting.

Once again, thank you for joining PHINMA Corporation's Annual Shareholders Meeting. For more updates on the PHINMA Group and its business units, follow our official social media channels through the QR codes flashed on the screen now. Our directors will now be unmuted if you would like to express your thanks. For everyone else, we thank you again, and we wish you all to have a pleasant day ahead.

Congratulations, Mr. Chairman, for a very efficient meeting. Thank you.

Thank you. Thank you very much, everybody. Once again, thank you so much. As I said so many times before that our Board and our stockholders and you have all been extremely supportive. We truly appreciate your continued support and active participation in all of our deliberations. Looking forward to a challenging year, but hopefully, quite fulfilling. Thank you so much again, everybody.

Thank you. God bless us all.

Thank you.

Thank you. Congratulations.

Thank you.

Once again, have a pleasant day ahead, everyone.

Thank you.