Thermador Groupe SA (THEP) Earnings Call Transcript & Summary

Good evening, everybody. Good evening. So welcome to this annual appointment, because annually -- because we're going to present the results for 2025 during this webinar, and it's going to last 1 hour. So it's primarily for institutional investors, which is disseminated in French and in English because we have [ Neil ] who is here to translate simultaneously into English. And there also English language PowerPoint slides. We've also got [ Batiste ] on the chat to help you. So don't hesitate to ask questions either in English or in French and we'll try to answer those questions in the second part. You certainly received both the letter to shareholders, #122, in digital format and maybe even on paper and the universal registration document, which went online yesterday and is therefore available to you already. And we're one of those companies that publishes the results in the same time as the AGM to give us the chance to talk to them with you about it. So 903 people in our workforce reflects stability to constant scope, even though it is an increase in numbers, but we've received two new companies, Quilinox and C2AI that represents a difference of 72 people who've joined us. So thanks to all our employees who've worked hard in what continues to be a difficult context. And we thank you for their commitment and their efficiency and professionalism in their work for the group. So milestones for the year in building, this is -- represents about 41% of our turnover overall. We suffered from the funding of energy renovation in the market that is funded partly by the public authorities with the MaPrimeRénov' scheme, which has been going down and down over recent years, particularly in 2025. And for a period in '25, the actual funding was blocked for a time. So it makes things very difficult for energy renovation to -- and those companies involved in innovation to progress. So in terms of new housing, which is maybe 10% of our total turnover, we have not observed any real recovery in the new housing market. We'll see what happens in 2026 which looks a little more positive. In terms of the water cycle and our businesses involved there, we've had companies declined in turnover. Others are the opposite. Jetly which is involved in water harvesting and watering systems and treatment of wastewater, a slight decline in turnover. DPI also saw its turnover down. Pipe for water, both in terms of reductions in volumes and reduction in prices. However, our company who works in the swimming pool market did very well, Aello with an increase in turnover. Some substantial gain to market share. And for Sferaco too, which had a good year in the water cycle market, supplying Suez and Veolia, the big specialists involved in water in France. In terms of industry, all the companies that you see in the letter to our shareholders #1 to 2 on the first page. This is a complete table of all the companies of the group. And all the companies which are from Sferaco down, they have a level of resilience in terms of turnover growth or slight growth or stability. You see that all our companies working in this sector have done it well again this year in 2025 where market shares are still available, of course, to our companies. Internationally, variety again with a good achievement for companies like Syveco and Sferaco and more difficult times for the subsidiary of Odrea in Spain, which lost quite a bit of turnover, in particular, for bathroom taps, [indiscernible], also decline for FGinox. Globally, internationally, growth continues, because the share of international sales -- as a share of the group has increased from 16.3% to 17.3% this year. The retail that's where the retail segment, that's where we had the most trouble, with the decline in turnover for our two subsidiaries involved in those markets, but particularly Odrea has also faced delisting for outlets, retail outlets in Spain. Okay. The price impact is negative, slightly negative at minus 1.4%. We'll talk about that in outlook, and we talk about the outlook later on. We've got the acquisition of two companies, C2AI and Quilinox. This is on the commercial side in terms of our business. So regulation of fluids and instruments for the regulation of fluids. Specialized in temperature probes and this company in 2025, did around EUR 10 million, that's C2AI. And the other company that we acquired, Quilinox based in Spain, well, who deliver stainless steel equipment to a Pharmacy industry and Agrifoods and Chemical industry and Cosmetics. And they do approximately EUR 50 million turnover per year. So they join us on the 1st of October. For information, more detail about those acquisitions that you'll be able to find that in URD. In terms of governance, we decided to, at the end of the year, and we communicated about this at the beginning of 2026. We'd like to separate the roles of Chairman and CEO. And the last two sections on social and environment, we'll be talking about that in more detail a little later on Social and Economic Governance. So overall, when we look at turnover in terms of distribution channels, so Retail and Pro, it's clearly in the retail channel that we've lost substantially minus 10.9%, whereas in the Pro channel. We've showed better resilience with a drop in 1.1% to constant scope, and that gives an overall decline to constant scope of 2.9%, 1.4%, which is DPS. So I look at turnover and profit over the next 10 years. If we look at the post COVID period, we see that we've got good resistance in those -- this transitional year of 2025, both for turnover and profit, you see compared to 2024. In terms of organic growth by quarter, we are still waiting to switch to the other side of 0, the breakeven point. We were disappointed by the last quarter with minus 1.7%. And we're hoping that for the first quarter of 2026, we'll see that go above the line, the 0 line. So for this volume from 2021 to 2025, I draw attention particularly to the orange bars. And if you look at '21, '22, '23, we had strong inflation, 4.3%, 10.8% and 5.9%. And then 2 years of price drops. And over that whole period, however, there's an increase in 17.5%. So there again, we'll be taking -- we'll be having a word later about the price effect for 2026. So over to Patricia to talk about profitability.

So looking at profitability between '24 and '25 -- and we know we've got stability in terms of turnover and stability in terms of profit. So at the end of the first semester of 2025. We were slightly behind, but we worked substantially in the second semester, and we're able to catch up the commercial margin, we're able to defend that pretty well over the year, and we benefited from a dollar impact, which helped us, which represent 32% of our sales are in dollars. So that had an impact on our profit and loss account. And of course, our commercial margin. So with the work of the salespeople and the purchasing teams, we were able to work very efficiently to defend our margins. So between the Pro channel and the Retail channel -- so stabilization in the pro channel, but in the retail channel, more exposed to purchase from Asia and a great effect -- a greater benefit from the dollar effect. So expenses as a percentage of net turnover is over now 25%, so 25.2%. The biggest expense is personnel, of course. And as Guillaume said, we've maintained our headcount in 2025 by 2024. So we increased -- also increased salaries by 20.4%. So that led to an increase in personnel expenses, which now represents over 13% of our turnover in terms of operating profit of the impact of Quilinox and C2AI, who had a slightly higher level of charge personnel expenses as a percentage of turnover. So if we look first at the five subsidiaries represent more than 83% of our total turnover. Three historic subsidiaries, Sodeco, Sferaco and Thermador. And now there's also Sectoriel and Syveco who are now have got to a critical size and levels of profitability, which have really contributing to operating profit of the group. DPI, Mecafer and Thermacome, which are companies that are losing money. Thermacome drop in new builds, exposed to new housing market. So a 9.2% decrease in turnover and charges, which been -- were kept at the same level, so that didn't help. So I didn't compensate for the drop in turnover. So this is -- there's also an effect of the of an attribution to the customer receivables, which has also affected the result. DPI turnover down also in terms of the consolidation, they were down in terms of turnover. And then C2AI and Quilinox. So 6 months of results for C2AI, which is approximately the level we expected. But Quilinox in terms of operating profit, we had to make a provision -- a 100% provision for fraud, which was affected against the CEO of the company to a total of EUR 398,000. So we decided to provision that to a level of 100%. And that took away all the profit of the company. So we're not sure whether we'd be able to recover those amounts. So as a measure of prudence, we decided to make a 100% provision for it, which took away their -- all of their profitability. So [indiscernible] we're looking now at the operating profit from ordinary business, which is the impact -- can be explained the financial result, which dropped slightly compared to last year, that's mostly due to a drop in the interest rates. We've got high levels of cash in 2025, but we weren't able to compensate for the financial charges and the repayments through this level of -- we also had new -- two new loans. Also the tax effect because we benefited from a tax credit linked to what we call the [Foreign Language], which is for the families and there's an increase in products, which allowed us to benefit from this credit tax, which explains the bigger drop than the operating result. And then going on to the key indicators, which are return on production and return on capital used -- employed, sorry. So the ROP over turnover is maintained at 11.8%. And if you look at the ROCE, 16.4% compared to 16.7% last year, with the impact of [ CATA ] and the new companies, C2AI and Quilinox in terms of assets. We recognize in the books their assets. And because we had part of the profits from the year, that explains this drop from 16.7% to 16.4%. Financial structure. Next, in terms of the -- our stock is the highest value we have in our assets, EUR 175 million, which is down both in terms of value and number of days of consumption, which are now at 203 days, which is the work of our stock valuation teams and adaptation to changes to the quantities actually sold. So better management. So about the impact of C2AI and Quilinox, the drop would have been more without that. So the picture at the end of December, taking into account the supplies that we've got on the boats. And so this year, we've got EUR 18 million worth of stock on boats compared to EUR 24 million worth of stocks on boats coming from China. The Chinese New Year was later than the previous year. So that helped us a little bit. In terms of cash, so a record year in terms of cash at 96.9% -- EUR 96.9 million. And we have subsidiaries who are able to invest, of course, with this cash and that generates financial earnings. So borrowings in terms of borrowings and financial debt, we've got two new loans for a value of EUR 20 million for C2AI and Quilinox. So we've got fixed interest rate loans with no guarantees over a period of 7 years. So with a positive net debt position. Equity. So that's thanks to our allocation to dividends and our profits, which allowed us to increase slightly there, as you see. So the generation of cash flow for the cash flow statement, we've generated EUR 36.7 million of net cash flow. That's made up of results, which, of course, is converted into cash, cash excess with investments are EUR 5.1 million. The most important impact there is the stock levels. So we used stack our cash to fund investments to a value of EUR 5.1 million had announced EUR 9.1 million in investments. But because of delays to certain projects, those -- that expenditure has been delayed to a later date. So we've got the EUR 17.3 million is the net cash flow from changes in the scope from the two new subsidiaries. So that gives us EUR 46.9 million in free cash flow. We paid out EUR 19.1 million in dividends. We talked about the loan subscriptions, the EUR 20 million that we talked about and then repayment of our existing loans for EUR 7.8 million the DPI investment is for the first time, accounted over a whole of the year, first time we've paid back the DPI loan over a whole year. And the other element concerns IFRS 16 financing flows, those IFRS financing accounting rules, which represent a cash burn for us of EUR 3.3 million. That concerns subsidiaries like Thermador because of rental activities. So moving on to investments. So over 2026 will be at an maximum of EUR 2.3 million, and we estimate -- so it will be somewhere between EUR 9.6 million and EUR 12.3 million. So got major real estate products for about EUR 6 million, we already talked about Sferaco and there's also an automation for the logistics for an extension to an existing building for those logistics needs. Sferaco will have the most advanced warehouse of the group. So we've started to pay some of those investments in 19 -- in 2025. And the construction will start for good in Tréal in September. So it's a factor. This was a building we built for Sferaco in Alès and the work was started in the last quarter. And then the difference between the investments and the real estate investments, the difference concerns investments which are paid for by our subsidiary directly. And there are many investments in the digitalization, and that's mostly for our warehouses and that concerns invoicing -- electronic invoicing and investments that we'll need to make to be able to gain -- achieve productivity gains in 2026 and 2027. And so I'm going to hand back over to Guillaume for sustainability.

So we had an achievement rate of 102% achievement rate of our 19 objectives. So you'll find all those indicators on Page 21 of our URD. And if any of those indicators require any more explanations do not hesitate to ask us. So for the second year ending, we put together a sustainability result for CSRD, which was read by the AMF, the financial authorities, and they made a few remarks about it, but we managed to complete this -- respect this requirement with great results, thanks to our teams who worked on that. And we hope they will continue to publish in order to conform with these regulations. And they are required for companies over 1,000 employees, and we will benefit from the new simplifications brought in by the Omnibus Directive. And of course, moving on to reporting in terms of progression in this area and particularly in terms of environment, the expenditure on salaries of people, the time dedicated to work on the sustainability questions was EUR 686,000, slightly down on the previous year, but because we've done so much work in the first year. So one of our -- 19 objectives and a big one for us is the decrease in absenteeism. Because it's a coloration between -- there is a correlation between absenteeism and productivity. So we've come down from a peak from 2024, but we're still a long way off our objective, which is to get below 4%. We believe that is quite possible because many of our subsidiaries are under 4%. So we're going to work with the subsidiaries, which are reporting higher levels in order to meet this objectives. And we -- today, we have -- believe we have all the elements we need to do that. Next on the agenda, 32% of women on the management committee in terms of conformity, in terms of sustainability. 32% on the extended management committee, which is represented by -- which is comprised of 34 people. So all the Corporate Officers of the group and the Head of Sustainable Development. 96.4% of our emissions are due to our products. So they are not products we manufacture, but the products that we distribute. So you see that we has to do have to do will be done over the long term with our suppliers. This year, we followed a very strict process to establish and materialize a carbon trajectory. And this call -- this process is called ACT step by step. It is one that's validated by the ADEME, which is the French Environment Agency, which allow gives us a reference on this carbon trajectory, which we've modelized in a fairly precise way, and that allows us to act upon it and control it and react to any drops or increases. Finally, a drop in our carbon emissions in absolute values, 328 kilotonnes of equivalent CO2. This is partly due to our drop in turnover and a slight drop in volumes. But in terms of the indicator on Page 21, you see an increase because this indicator refers to emissions, carbon emissions per tonne of products sold. So because of our product mix, we have two different results on that part. We talk about active products, which use energy once they've been installed, for example, heat pumps or ventilators with VMCs, mechanical ventilators. So a few words about outlook. So in terms of new homes, we'll see the situation should be improving. The French authorities have understood the challenge of new homes with an objective, which is going to be clearly difficult to achieve. But their idea is to build 2 million new homes by 2030. And even though that only represents 10% of the group's activities, that will help our subsidiaries like Thermacome in the last part of 2027, but more likely in 2026, but more likely in 2027. So energy renovation, MaPrimeRénov' which is reduced with approximately EUR 1.9 billion allocated to energy renovation for 2026. And in terms of the energy savings certificates, the CEEs, this could help us too, there'll be EUR 5.2 billion. That's a 5-year plan. And that starts in 2026. So these are -- this is Phase 6 of the CEE. These certificates are funded by the private sector. So all of those involved in selling and producing energy, of course. So it's more stable than the government mechanism, a prime. And as you know, the French government is seeking to achieve budget reductions. Industry. There's a new tax which will impact us substantially. The prices that we will be able to sell at. It's called the NATF, which in English is the CBAM and the Carbon Border Adjustment Mechanism, which will impact a certain number of our products. And it will total several hundreds of thousands of euros, and these will be passed on, of course, in prices in 2026. So I don't think there should be any directive on our margins, but there will be an impact on our prices. So in terms of the industry segment, we remain positive in the medium term. Market shares are low enough for us to hope to get growth in terms of market share in the future. Retail, no great positivity for 2026. On the water cycle, modestly optimistic for '26. We talked about Aello and Sferaco. We think that we'll be able to find -- recover growth in those areas. Internationally. The companies we talked about earlier, present internationally, we'll continue to work in national industry markets, 2026, 2027. And in 2026, '27, we'll be looking to maybe add a new subsidiary in the area of water cycle, the water cycle industry internationally. The price impact, we believe it's going to be between 1% and 2% in 2026, but we will report on that quarter-by-quarter.

There's a question that's been asked on the chat concerning. People -- our feelings about the beginning of 2026. I'd say that we are reasonably optimistic, which corresponds to the budget that's been put together by the subsidiary CEOs except the retail sector, which we assume is going to continue to be difficult. And the second question comes to recruitment. I don't think we're going to be recruiting massively in 2026. I don't think that our subsidiaries will be in this state of mind, but we'll certainly be reinforcing our IT teams. Simply because we believe that if we keep our staff levels as they were in the past. That means that we will be able to ramp more quickly when the recovery of the market comes. Some market elements for new housing in France. We see that the blue curve on this chart shows building permits granted but we see a slight increase, a slight improvement in housing starts, which is the orange line. So it looks as if we come out of the worst of that -- the bottom that obviously, situation has bottomed out and the curve is looking more positive now. Coédis next gives us information from the distributors of sanitation heating and equipment. So professional activity, good month of December at plus 5.1%, but then bad news again in January. So it's around about 0 but it seems to fluctuate between positive and negative results. INOA represents the retail market, the DIY market. And there, you see that we're slightly negative in 0.4% and rather negative outlook for the year ahead. In terms of industry, we look at this PMI index in France and in Europe. It's all pretty close to 50, which means that the market is 50. We're we are not in markets like aviation or arms. But we do have opportunities in data centers, for example, which -- but there won't be major beneficial impacts for Thermador Groupe, but the market shares we have do suggest that we can grow in the future. I look into our growth targets. So this concerns just turnover. I would ask you to read Pages 10 and 11 of the URD, which give the 10-year objective and our strategy to achieve those objectives. And you slightly see in terms of our current turnover we're behind, but we can still make acquisitions in the future, which will help us to get closer to the top of that blue line. And we'll also -- we're expecting an increase in slight increase in prices, which a slight inflationary effect, which will, of course, increase the turnover as well. Looking at our capital now. The overall number of shareholders increases. That's great for us to see that the number of shareholders increase. It's also great to see that private shareholders are still present with a distribution between private and institutional investors, which is more or less the same. 9,817 private shareholders and institutional investors, which are private investors. The highest -- the biggest shareholder of the group with 9% is a German guy who has moved out of the institutional side into the private investor side. Amongst the institutional investors, you see Fidelity, which was present last year has increased its share to 7.6%. Credit equity, which is stable at 6.9% of capital. And the pleasure to see Amundi going above the 2% holding level. You see that the number of direct shareholders, all those holding shares through the SEP Thermador Groupe Trust Fund represents 6.9%, which is a record. It's just increase an increase. And that it's a long-term objective to increase employee shareholding. So share liquidity has increased, as satisfactory. As you see, 1.91 to 2.12. For you, it's probably doesn't look enough. But over the long term, it's a progression, and that's a good thing. In terms of resolution is now the dividend, which is going up a little, we never decreased dividend, and we want to keep up that promise. It's reasonable distribution. 43% of dividend of the profit distributed to our shareholders. We have decided in the Board, to separate the roles of Chief Executive Officer and Chairman, primarily because of best practices, which the proxy advisers are backing. So you know them very well. We're expecting greater -- a high level of acceptance of our resolutions. That was the first reason that we decided on that. And the second was to free up our executives for more operational work in the 4 years ahead. There's a question that's come on the chat. Why would we choose Olivier de la Clergerie as the new Chairman of the group? So we put a number of scenarios on the table to know whether we kept the same person with two different mandates or two separate roles, two separate people for the two roles. So we decided to separate those roles. So that meant we needed to find somebody. And we have that person within the Board and that person was a candidate and a member of -- among the Independent Board members, and he was perfect for the job we thought because he knows Thermador Groupe so well because he's been a Board member so long. As you know, he works for a distribution company. And that's a listed company. So a lot of advantages in terms of this profile. And more importantly, we get on very well with him. And I think that will be a great pairing between him and me because we do get on so well and that will help Thermador Groupe for the next 4 years. But that's a few explanations, but you kind of ask him the question. Two new candidates -- so two renewals -- so it's Bertrand Chevalier as Employee Director and the shareholder of the group. And he's already been with us for 4 years on the Board, and he wants to continue for another 4 years. Myself. I'm setting forward for a new mandate of 4 years. That's 16 years that I've been a Board member in Thermador Groupe. And if you decide to entrust with your confidence, I will be a candidate for the role of CEO of the group. And that will be decided on the Board at the meeting, which will be held the day after the AGM. Two candidates for new mandates, Claire Sido, who would be an employee director, representing as a shareholder, replacing Marion Granger, who is stepping down. And Jean-Philippe Paul, CEO of FGinox, who will be there to bring us some knowledge from the field. We want to keep people -- CEOs from the subsidiaries so that we have a good unnesting what's going on in the field. So Jean-Philippe will be accompanied by Laure Ombrouck, she will take his place next year. So they will alternate. So the assembly in the AGM will be on the 7th of April at 5 p.m. on Emlyon Campus. I look at the share price -- so it's just one more resolution, was an amendment to the company's bylaws. You talked about the notion of representatives of shareholder employees. So we have to modify our bylaws to be able to appoint these candidates. And then from the SEP Fund. We have completed that with an election process for our shareholder employees who are direct owners of shares in the company. So a second resolution concerning the change of the company's bylaws, where we have to ask for this -- we need to -- we're asking for this resolution to be rejected, because we're expecting to go over the 1,000 employee level in the next 2 years. And that will mean we will have to have a second employee shareholder on the Board. So those are the changes to the bylaws. So a quick look at the share price and dividends. And then look at the return on our share over a long period of -- from 2016 to 2025. This was before the dip last year, day before yesterday. But structurally, over the period, we've got the same level, slightly higher level than the CAC 40 on the return on our share. So I'm going to now look at the questions that are coming in. I'll answer the first three, Edward asked us if we can still improve our working capital requirement in 2026. Possibly, yes, we might be able to stock is mostly where we can act. We still have some improvements that we can make but you have to be careful because when you have low rotation stocks, it takes a lot of time to work on those. And I think we've done most of the work on managing our stocks. And in our letter to shareholders, we talk about a percentage of working capital as a proportion of turnover.

We've gone down below 40%. So the normative Working Capital Requirement, WCR, will be 35%. So we're at 40%. And those -- that will be applied to slightly different activities. But we haven't got that major change any made -- there's no major change to our sources of suppliers. So there's -- it's about 1/3 from Europe, 2/3 from China, the suppliers. So it's only really the managing of our stock level, as Guillaume was saying, that could affect the working capital requirement. So we've been working with some of the subsidiaries on customer payables and we've found improvements, but we don't expect any major change to that figure.

So that 35% mark remains -- is achievable. But the second question what is the impact of your Ukrainian and Iranian problems on the group's deliveries? Maybe we'll have impact in terms of delivery times because there are -- there's traffic jams in the circuit in the system. So containers, we're going all the way around Africa to get to Europe to the problems or the first with the Ukraine war, but in general terms, there will be -- you could imagine there'll be some unsettlement in the logistics -- in the supply chain.

In terms of cost, I think we've done some good work in terms of costs. That's what we mentioned when made the call fines last year. We decided to co contract with three transporters. And we've renewed this covert tenders for 2026, and we're going to choose two from those three. So we're going to maintain our costs, control our costs basically. But we have to be fair -- we have to have good foresight in order to be able to manage our fixed costs. I think they've given that they've done that I think we're going to pilot that question very, very clearly. But we've got well negotiated costs for containers. And that's 30% of our purchases.

Thierry asked if there is a company which is similar in Europe with which Thermador might be able to merge. I don't think so. Certainly, there are companies which may be similar to our subsidiaries, which might be able to come and join us, but certainly no group like ours. Okay. So this question is have you, in 2026, are you noting any gains in purchasing prices from your Chinese or Indian suppliers who may be having difficulty in saying their products to the U.S. because of the tariffs, but the answer is no, not really. The price of oil is increasing. Plastic of course, that we purchased a lot of polyethylene, so the price of oil is going to affect that. So that's going to lead to increase in prices. But certainly what you mentioned there was more true in 2025 than in 2026. A question from Jean-Francois. A word about the weather conditions in January and February in France. How does this weather impacted Thermador's business? So we had a few coal days, which helped us. When it's cold, of course, we use heating units, maybe heat pumps, for example. That helps us a little bit. But we didn't have sufficient a period of freezing temperatures which meant it would have a substantial impact on equipment in the home, which might need to be replaced. So not a great impact. There is one exception is with all the floods that happened, the -- we were able to sell a larger number of generators for pumping water and for providing electricity to the -- house that were flooded. And so also in those flooded areas, we have seen an increase in sales of pumps, for example, to pump water out of flooded areas. And that can help Megafair, for example, with the generators. And Jean-Francois says he was thinking about the flooding. And yes, I will give -- we'll give you more detailed information at the end of the first quarter.

So the [indiscernible] sorry, I should apologize for those to our friends in [ Besançon ]. We had a 2- or 3-day period where it was difficult to delivering product because of the floods but we managed to control that. So are there anybody else in French or in English, who wants to ask us a question? So the ERD is online, as we mentioned, in French, it takes a bit longer in English. It's true that with automatic translation that everybody uses today, you can have access to the Document in French and translate it quickly by artificial intelligence, so you can keep up to date, but we will be also putting this presentation online, and you can, of course, consult us for that. And just to say that we did a letter to shareholders in Spanish. And so we have employees from Quilinox, we started to translate things into Spanish for our Spanish people. Any questions? Any other questions for tonight? Or are we finished for today. Okay. Well, we'll close there. Just one, says Arlette. So she's the CEO of Opaline. So Opaline is our communications agency and they accompany for this webinar and for the creation of the URD. So it's a collective work that we do with them keeps us busy in January for -- so last year, it was available on the 14th of March 2025, and we should do better this year. That's just the message from Arlette. So we haven't got any questions? Okay.

Okay. Well, just like to wish you a nice evening and see you at the AGM. You could log in and follow it online if you're not in Lyon. And of course, you can follow the AGM online. And of course, we can speak before Patricia and I are present on many investor forums. And we're very happy to set up meetings with you, if you would like. So thank you to all of you, and good evening. [Statements in English on this transcript were spoken by an interpreter present on the live call.]