Good afternoon and welcome to the Acomo Investor Call for the 2025 Half-Year Results. We would like to thank you all for joining the call today. In this Investor Call, we will highlight and discuss the main drivers of the results for the first half of the year, next to a number of other topics and initiatives for the Acomo Group. My name is Jean-Mari Pretorius, and I'm Acomo's Group Risk and Internal Audit Manager, and I'm pleased to be the moderator for this call today. The Q&A session will take place at the end of the presentation. The platform is already open and available, so you are invited to submit your questions during or after the presentation using the functionality available on the Acomo website. Analysts will be allowed to raise questions verbally via phone during the Q&A session.
Today, our Acomo Group CEO, Allard Goldschmeding, and CFO, Mirjam van Thiel, will guide you through our 2025 half-year results. I would like to state that this call may contain forward-looking statements. These statements, however, do not guarantee future performance, and therefore no reliance can be placed upon them. The company undertakes no obligation to publicly correct or update any forward-looking statement made during today's call, except as may be required under the applicable security laws. We will now continue with the 2025 half-year results. Firstly, we give the word over to the Acomo Group CEO, Allard Goldschmeding.
Good afternoon and thank you for joining us on today's call. The overall performance of our group in the first half-year was very strong, as you may have read in our press release that was issued this morning. We achieved a record performance in both sales and profit, and our net debt to EBITDA leverage ratio significantly decreased. In today's call, I will discuss in more detail the business environment of the first six months, our overall results, and several initiatives we took. Mirjam will cover the financial performance in more detail. At the end, I will summarize the key takeaways. The environment our business operated in continued to be influenced by several factors. Firstly, market prices for a number of key products either increased or remained at high levels. Especially nuts and some spices increased substantially.
Major nuts like cashews and almonds saw higher price levels of more than 25% versus the same period last year, and walnuts and macadamias increased even more. Pepper market prices were somewhat lower versus the end of 2024, but are still materially above the levels of one year ago. Desiccated coconut market prices almost doubled versus H1 2024 and increased by more than 50% versus the end of last year and are at all-time high levels. Cocoa market prices continue to be volatile at high price levels, although somewhat lower than at the end of last year. Due to the high price levels, there was some pressure on demand in the first six months, but not materially. The constant changing news regarding U.S. tariffs on imports created uncertainty and affected the buying horizon and purchase timings of customers.
This resulted in both postponed ordering in case of uncertainty about the actual tariffs and conditions, as well as accelerated ordering to be ahead of the date tariffs would be applicable. Our people dealt with constant changing customer inquiries and requests, which required us to be fully up to date with the latest developments. I am impressed with how our teams dealt with these challenges. Our supply chains were impacted by the continued tensions in the Red Sea, leading to longer lead times for products from Eastern Africa and Asia to Europe. Another development that started to be reflected in our financials is the weakening of the U.S. dollar. For the P&L, the translation effect on the operational results was limited in the first half-year. In case the U.S.
dollar remains at current levels, this may also affect consumer purchase power in the U.S., especially in case the announced tariffs will actually be implemented. On the other hand, market price changes of raw materials may outweigh the impact of U.S. dollar movements. Given the economic environment, the overall financial results of the group for the first six months are very strong. Sales increased by 14% to EUR 758 million, adjusted EBITDA increased by 85% to EUR 68 million, and the adjusted earnings per share increased even more with 143% to EUR 1.36 per share. This performance proves the professionalism of our people to deal effectively with a constantly changing environment and the value we provide in the supply chains. Several important highlights of the first half-year I would like to call out. Firstly, the performance of our spices and nuts businesses.
In this segment, all our companies, Catz International, King Nuts & Raaphorst, and Delin uts continued the growth trajectory, resulting in record sales and profits. This is a great achievement in a complex market with a wide variety of products and origins and underlines the attractiveness of this segment to us. Tradin Organic also reported a record half-year supported by strong cocoa results. The major positive change in performance of the organic cocoa business that started in the second half of last year continued in the first six months of this year. A lot of focus was put on getting the beans in, processing them into butter, liquor, and powder, and shipping these products to our customers. After the delayed shipments from the origins, we caught up during the last six months.
The order desks of Tradin also performed well, and the organization is well positioned to further develop the business. The edible seeds segment was impacted by a poor performance in the U.S. Where the European business developed well and reported solid results, the U.S. organization was facing margin pressure and was not able to offset the lost export business. In addition, uncertainties around tariffs for imported ingredients further impacted volumes and margins. The focus going forward will be to develop the domestic business further under local leadership. The foundation of the U.S. organization is solid and provides a platform for healthy growth. Our tea business reported disappointing sales volumes. The customer landscape is changing and becoming more scattered as major packers are losing position to smaller players in some cases.
Despite the lower volumes from risk management, under the leadership of the new Managing Director and Fenris veteran, Robin Lavoie, was able to increase margins and effectively control costs. Fenris will reorganize the commercial function into a coordination hub that further utilizes the unique global network and expands the multi-origin offerings to customers. Our food solutions business performed very well, especially as the team established a new wet blends facility while continuing the day-to-day business. The new facility became fully operational ahead of planning, which is a big compliment to the SNICK Euro Ingredients organization. The increased sales and higher market prices for a number of products resulted in higher working capital. Our balance sheet enables this increase and continues to be healthy. Based on the performance, the board has decided to set the interim dividend at EUR 0.45 per share, which is an increase of 12.5% versus prior year.
At the capital markets day on April 7, we presented our strategic direction and our financial goals. The goals are around sales growth, delivering healthy margins, maintaining a strong balance sheet, and continuing to be an attractive dividend payer. The sales growth of plus 14% reflects the actual growth opportunity we have. The presented goal of 9% EBITDA margin proves to be achievable as we realized this 9% over the first six months. The leverage ratio remains strong, and the interim dividend supports our dividend distribution objective. Besides the financial goals, we also presented the building blocks that lead to these goals. The group's strategic vision is based on our value creation capabilities reflected in the shape of a tree and the dynamics of the markets we're active in. I would like to share a few examples of how we address these market dynamics.
Last year, we acquired a nuts organization in the Nordics from Caldic. We incorporated this business into our Delinuts organization with the aim to utilize our existing expertise and create synergy opportunities. The two organizations work together in expanding the business in the Nordics, and we're jointly present at one of the major fairs for product concepts and packaging for the private label industry. Our Delinuts organization has insight in the latest food trends in relation to nuts and can provide a broader portfolio range to customers in the Nordics than the Nordics organization could previously offer. This resulted in a very successful fair. With the organic portfolio, Tradin Organic is very well positioned to further strengthen our better for people and planet profile.
Through the agroforestry project in Sierra Leone, we can expand the production of organic cocoa and at the same time improve the sustainable land use and living income for farmers. Besides supplying ingredients to the food and beverage industry, SNICK EuroIngredients also supplies own developed functional dry and wet blends. These blends are developed to meet specific requirements of customers. As we were facing maximum capacity for our wet blends production, a new dedicated facility was established in Belgium for the production of these wet blends. The facility became fully operational in the first half of this year and enables us to meet the growing demand for tailor-made functional solutions through flexible processing equipment. In the area of sustainability, we reached 3/4 target scores that are related to our sustainability-linked loan targets.
We took several initiatives to further progress, ranging from increased usage of renewable energy, an increased number of certifications, initiatives to increase living wage of farmers, and new agroforestry projects. Our aim remains to deliver long-term growth in a sustainable way. Now, I would like to hand over to Mirjam van Thiel, our Group CFO, to take us in more detail through the financial performance.
Thank you, Allard. We have a diversified portfolio across five growth segments active in over 100 countries. I want to start with a summary of the performance of each of the segments: spices and nuts, edible seeds, organic ingredients, tea, and food solutions. First, the spices and nuts segment. A very strong performance with a sales growth of 16% and an EBITDA growth of 41%, with all companies within this segment contributing to the growth. As Allard already explained, we have seen higher market prices for most spices, desiccated coconut, and nuts, which supported the segment's sales and profit performance. On the other hand, the higher prices put some pressure on demand. The Nordics business that was acquired in August of last year is included in the results and further strengthened the segment's footprint. Over to edible seeds. Good to note that our European seeds businesses had a solid performance.
However, we saw a few dynamics that impacted our North American business. First, we have the restrictions in export markets for U.S.-grown sunflower seeds, which we already saw in the second half of last year as well. The uncertainty around tariffs resulted in volatility in supply and demand. We see pressure on our margin. As a result, sales of the segment declined by 7% and EBITDA was lower by 34%. Good to note that the performance in the first half of this year showed improvement compared to the second half of last year. The focus for this segment is to grow in the domestic market with proven concepts in SunB utter, Jammies, and our Wildlife portfolio, and our strong partnerships for the co-manufacturing business. Over to organic ingredients. A very strong sales and EBITDA performance.
We see that the demand for organic products is picking up again, powered by the trend towards healthier and sustainable foods, which you see reflected in our performance with improvements across the board in the organic portfolio. A large part of the improvement over last year is coming from cocoa, which is partly due to last year's results being materially impacted by hedge losses, but more importantly, by the strong result of the cocoa business with the momentum that we saw in the second half of last year continuing into this year. Included in here is the catch-up of the late volume from the beginning of last year as well. We have strengthened our fundamentals in a structurally tight market. Our team successfully completed sourcing the Africa crop season and curing supply to fulfill our demand for the coming period.
Looking at the other products within the organic segment, the fruit business continues to demonstrate good momentum and consistent growth. The organic nuts and seed business line has delivered a solid performance with volume growth complemented by a more substantial improvement in margins, contributing to stronger profitability in categories like nuts, chia, and sunflower kernels. Also, our coffee business had record high sales. Moving on to tea, the tea business is operating in a challenging environment. Some of the larger branded players are losing share, and as a result, we see a more fragmented customer base. Through improved margins and strong cost control, the impact of lower volumes was partly mitigated. To address the changing environment, our tea business will migrate to a new commercial model.
For food solutions, we saw a record EBITDA performance in the first half of the year, driven by strong volume development for the dry and wet blends. Further commercial development was driven by a strong entrepreneurial spirit in R&D combined with new long-term partnerships with customers. We are especially proud of these results as at the same time, the new wet blends facility became operational, enabling higher production and sales. The new facility is also set to support skilled production for the coming years. Now, if we look at the overall P&L combining all of the segments, we see that sales improved by 14%, driven by strong performance for spices and nuts and organic ingredients, partly offset by a decline in edible seeds and tea. The gross profit percentage increased from 13.3% to 16.9%, an increase of 3.6% points.
Of this, 2.5% is coming from organic ingredients, mainly cocoa, and the other 1.2% from improvements within the other segments. This is driven by focusing more on value-added activities and also supported by the increase in market prices. General administrative expenses show an increase of 15%, mainly driven by higher personnel expenses. That results in an adjusted EBITDA of EUR 68 million, which is an increase of 85% year-on-year. As a percentage of sales, the EBITDA margin is 9%, which is in line with our long-term ambition. Also, important to note that in the first half of the year, the FX translation impact on the P&L was minimal. However, depending on how the U.S. dollar euro rate will develop, we are anticipating a bigger impact in the second half. Moving over to the cash flow, cash flow from operating activities, excluding working capital, more than doubled versus prior year.
Including the changes in working capital and interest and taxes, we have a negative cash flow. Let's take a look at the next slide on how the working capital has developed over time. In the graph, you see that working capital declined towards the end of 2023 and started to go up again in 2024, and that continues to increase in 2025. The increase is mainly driven by the higher purchase prices, especially driven by cocoa, which almost doubled, coconut plus 80%, and also a lot of spices and nuts plus 20%- 30%. This is where the added value of Acomo is. Our inventory levels play an important role in our commercial policy. As a group, we have a strong balance sheet and a financial strength to invest in working capital. We still have more than enough headroom in our borrowing facilities.
By the end of June, we utilized 40% of our funds or approximately 50% based on the borrowing base, which also brings me to the key ratios looking at our balance sheets. Our solvency ratios are healthy at 47%, although a decline versus prior year due to higher working capital. Driven by strong EBITDA performance, both in the second half of last year and this year, the leverage ratio improved to 2.1. Over to my last slide, we hope you appreciate we are stepping up the communication and interaction with you, our investors. In April this year, we held our first capital markets day. Based on our mission, building roots to healthier foods, we talked about our plant-based ingredients portfolio and how it links to current market trends.
We talked about the value-added capabilities of the group and the role in a responsible and resilient supply chain and the potential for scaling up organically as well as through M&A. I know many of you were able to join, but if not, the slides as well as the recordings are available on our website. Also, we are working on a new improved website telling the Acomo story based on the mission, building roots to healthier foods. We expect to go live in the coming months. With that, I would like to hand it over back to Allard for closing remarks.
Thank you, Mirjam. To summarize, our main messages of today's call are the following. The group delivered a strong overall performance in the first half of 2025. Our team coped very well with the volatile and uncertain environment. Our balance sheet remains healthy despite the higher working capital levels, and we have taken several initiatives to address existing opportunities and challenges. The environment we're in is very volatile, and the effects on our company of, for example, the U.S. tariffs in the second half of the year cannot be predicted. However, given our scale and geographical spread, as well as the flexibility, knowledge, and dedication of our people, we are in a good position to deal with these effects in the best possible way, and our business fundamentals are solid. As we have now covered all topics of the agenda, I would like to hand back to Jean-Mari.
We will now be taking questions from the platform together with calls from our analysts. We then have our Acomo CEO and CFO here to answer your questions. I think we are ready. Let's start with the first question of the day. The first question that came in is, what is the impact of the tariffs on Acomo, and what is the impact on U.S. businesses and European businesses?
What we tried to explain in the press release as well as in the call earlier is that it's a little bit difficult to predict what the impact of tariffs will be. What we have said before in previous communications is that out of our U.S. business, what we import, around 60% of what we sell in the U.S. is imported from different origins and different regions. The tariffs that are set in the U.S. or announced differ per region, and what we are very good at is that we can find alternative sourcing. If in one country the tariff is rather high, we can try to switch to other countries and origins where tariffs are lower. We feel we're in a very good spot to deal with them, like we said, in the best possible way.
What the actual effect will be is difficult to see, and if you look at the European-U.S. relationship, we all read today or yesterday even that it's expected that there will be a deal, and what the deal exactly will look like, we don't know. Hopefully next week we will know more.
Thank you, Allard. We have one caller on the line. It's Ridge Watson. Hello, Ridge.
Hello. Good afternoon, Allard and Mirjam. I have a few questions, if I may. Starting with the first one, it relates to the revenue figure, the 14% year-on-year improvement. How much of that is down to volume versus price and mix? Obviously, you've called out a lot of commodities which have significantly increased over the last year.
Shall I take the question, or do you want to ask more first?
No, I think we'll take it a piece at a time. Otherwise, we'll forget where we are.
Sure, sure. Very good, very good. No, look, thanks for asking the question. Yeah, we have a 14% sales increase, mainly driven by two segments, which are spices and nuts and organic ingredients, then somewhat mitigated by a decline in tea and edible seeds. The main increase is coming in in spices and nuts, but that is for a very big part really market price driven. We see there are high prices. What Allard quoted, a few of them in this, when we were going over the slides, you see increases in most of the nuts. You see increases in the spices, and not so much versus the end of last year, but we do, let's say, year-on-year. Within spices and nuts, it is really driven by prices. In organic ingredients, we see growth in all the segments, but a very big part is coming from cocoa.
Within cocoa, you see two dynamics. One is the pricing, but also there we do see a volume impact. As you maybe remember, last year in the first half year, we did have lower volumes coming in. There were challenges with the crops, with the weather conditions in Africa. As a result, some of that volume delayed, and we do have now very good volumes as well. In the organic segment, it's a combination of both volume and price.
Okay, great. Yeah, that's really helpful. That's quite a neat segue into the significant turnaround in EBITDA performance in the organic ingredients business. Now, you know the trials and tribulations of the hedging, et cetera, have been well flagged, but how much of that approximately EUR 30 million turnaround was due to cocoa?
Yeah, I understand the question, but you're not disclosing specific information about the product groups. As I think also in last year's numbers, a big part of the downside was coming from cocoa. Now also a big part of the upside is coming from cocoa. On average, if you look at total Acomo, the cocoa is still an important segment for us, but still, between the, let's say, 5% and 10% of our total business.
Okay. I think then, Mirjam, just to sort of elaborate on this further, I appreciate you don't want to disclose anything, but I'm sure you can understand from sort of the analyst perspective and investors' perspective, you had a very big negative last year and you're now reaping the positive this year. It's quite difficult still to understand where the sort of the truth lies in between somewhere. Should we simply take an average of the performance over, say, 24 months or 12 months? How should we think about this? Because clearly we need to be able to have an idea going forwards of what the underlying sort of steady-state profitability of this business really is.
Yeah, yeah. I think if you look at the year-on-year movement, it's coming one from the losses that we had in the first half of last year. Second, also the strong performance in this last half year is really coming from a strong volume development as well as high prices. Now, if you would look at the results specifically of the last half year, roughly, and it's very hard to predict, but because we are still selling some of the additional volume coming in from 2024 and the cocoa prices are still relatively high, on a kind of moving forward basis, you can expect roughly between EUR 5 million and EUR 7 million of that to be more still a catch-up and kind of benefiting from those very high prices at the moment. I hope that gives a bit more of a...
That's very helpful. Thank you. That's definitely useful. Mirjam, on your sort of pre-prepared remarks, you mentioned that the G&A cost was up materially due to personnel costs. Can you break that down, please, between salaries and FTE headcount?
No, we don't have those details, but I do, but it is a combination of... There is some FTE investment in some of our locations. Sierra Leone and Ethiopia, we are getting more people on the ground. Also here at the holding, we are invested in some more people. If you think about the sustainability area, the whole... We are stepping up, let's say, on the investor relations, et cetera. We are investing here in the holding, but the majority of the increase is really coming from more salary increases. Besides, also...
Should we...
There's also some investments in consultancy fees, audit fees related to ESG and those kind of areas.
Should we expect this to continue, or how long should we expect this to continue going forward?
You mean the increase in personnel expenses, Ridge?
Should we see another similar increase in the second half year-on-year, for example?
No, I think there are a few components. Like Mirjam said, we did make an investment in the organization. On top of that, part of the remuneration is performance-based, and if the performance goes up, then obviously the personnel costs go up as well. We did make additional investments in, for example, marketing for SunButter for the introduction of Jammies. I would not expect, let's say, the same percentage increase. It depends on the performance of the company.
The more the better, I guess. In that case, sorry to hog the line here, but just a final question. I think, Mirjam, you mentioned a new commercial model in tea. Can you elaborate on that, please, and how you expect that to sort of arrest the decline in that business?
Yeah, I think, Ridge, I will take that one. The way how Fenris has been organized was very much based on local origin offices and a few sales offices. What we've seen is that due to, let's say, changing the requirements of customers, we feel the need to bundle our commercial efforts more in a central way. We are better equipped to meet the changing needs of customers, meaning have a better understanding of the customer needs or an improved understanding. The other thing is being faster in offering what we call multi-origin solutions. In case, for example, from one origin, the tea quality or the price would be different compared to another one, we can offer different solutions to our customers. That is something where we see an increasing need for.
Given the global network we have, we have the capabilities to offer that to customers, not just single lines and single origins. With a changed structure, we feel we're better equipped to utilize the unique position that Fenris has.
Okay, that makes sense. How, is that already in place, or how long do you think it will be before that starts to bear fruit?
No, it's a very good question. No, it's not in place yet. We are migrating to this model in the months to come. It's not something we do overnight because we want to do it in a controlled way. The end state is very clear where we will go to this more centralized hub model for commercial activities.
Okay, do you expect that to result in increased volume or decreased cost, or possibly both?
It is not per se a cost-saving exercise. It is much more being able to serve customers more so in the attitude to go to the top line rather than it is about cost savings. We feel the opportunity in the market is there, and that is what we want to go after.
Okay, thank you. I said that was my last question. I have more, so if nobody else jumps on the line, then I'll come back.
Okay.
Great, thank you, Ridge. We have another question here from one of our analysts, Patrick, which reads, "You have been mentioning synergies from the Delinuts Nordics acquisition. Can you quantify the contribution of the Nordics acquisition on adjusted EBITDA of spices and nuts?
Yeah, Patrick, it's still very, very small, I would say, and it's early days. I have to say that the synergies we are after are, again, also not so much about cost savings, but much more about commercial opportunities and the synergies of using the knowledge and the capabilities we have in the organization elsewhere in the group to utilize that for the Nordics market. We made a business case. Again, it's not huge, but not material to the results of spices and nuts. Going forward, we have plans and we feel we can scale it up. So far, I would say it looks good and we're happy. It's not material to the bottom line of the spices and nuts segment. It doesn't really play a role in the change year-over-year.
It seems like we lost Ridge. I don't know if you want to call in again, Ridge? We also have a question coming through from one of the dialers in. The question is, "Can you elaborate on the increasing working capital also related to the volume and price inventory developments?
Let me take that. You see an increase in our working capital, which indeed is coming from the higher purchase prices. The good thing is, this is really where you see the value of Acomo. We have, what I also said already, enough room in our borrowing facilities to really fund this. It is coming from the higher purchase prices.
Thank you, Mirjam. Another question coming through is, "You presented your strategy during the capital markets day, with a focus on the U.S. With all the political developments in the U.S., do you now look differently at the U.S.?
It's a very fair question. The strategic direction we laid out in our capital markets day reflects our long-term objectives and our belief in our business and the markets we're active in. We don't want to change our approach based on short-term developments. We believe, like we said before, we actually are in a decent position to deal with them in an effective way. Based upon that, our interest in the U.S. market has not changed, and we will continue to execute the strategic direction that we communicated during the capital markets day.
Thank you, Allard. It seems we have Ridge back on the line. Ridge, you have some more questions for us?
I did, thank you. They relate to the edible seeds business, and I guess they're twofold. One is, I was under the impression, obviously mistakenly, that the pressure from the export market restrictions for U.S. sunflower seeds was effectively over in the first half. Can you confirm that we should now have anniversaried it for the second half of the year? That's sort of question number one. On top of that, you mentioned in your release this morning that the volatility in supply and demand impacted the Wildlife business. I thought last year, I think we had weather. The weather this year is better. Can you perhaps elaborate on why the tariff uncertainty created a problem there? Was there a supply issue or a consumer demand issue, or possibly both?
Finally, I think, Mirjam, you also again highlighted the fact that you're reviewing the operational structure of that business with a view to improvement. Please, can you elaborate on the steps you're taking there and the action you're taking and the timelines you expect to see some recovery in that?
Yeah, thanks, Ridge. Look, the export business, so what happened is that we had these U.S. sunflower seeds that we were selling to European markets that, due to change in regulations, we couldn't sell that anymore. Now, what we saw at the second half last year, we had the impact of that sales going away, but also we had a one-off impact because we had to, and we had still old inventory that we had to revalue that inventory. In this year, we are still missing that sales. In that sense, also this half year, the sales are still impacted by lagging, where last year we still had that sales and we didn't have that this year. That is still the impact that you see in the first half of the year. In the second half, you will have that impact, let's say, year-on-year, and not anymore.
We still need to, of course, to get back to the old levels, really offset that lost sales by more sales domestically. That is really what we are focusing on and what we are trying to accomplish. Now, if you then look at the business that we have there, we have the Wildlife portfolio, we have the SunButter, Jammies portfolio, and we do some co-manufacturing. If you add the impact of the tariffs, we start to feel that, and we start to feel that maybe in two ways. One, we already have some higher costs coming in, and we are not always able to just immediately translate that to the customers. We are often dealing with the retail markets there. With SunButter, for example, if we increase the prices, it immediately will hit the consumers.
To just pass it on, that is quite a delicate game, so to say. As a result, the tariffs, we start to feel it a bit in the margin, as well as because of the uncertainty in the markets, you see certain supply and demand being disrupted. We are sourcing from China, for example, and we have experienced some delays in goods coming into the U.S. and those kind of things. Those are our impacts that we are seeing that are impacting, let's say, the remaining business that we have there.
Now, what we're doing here, we're getting local leadership to really work on building that business in the U.S., where both with SunButter as well as Wildlife, as well as that co-manufacturing business, we really see the opportunities for growth, but it will take some time to really take on, let's say, that missed sales from the export business. I hope that's...
Okay, that affects, yeah, that covers the sort of the change of strategy that you're alluding to.
Yes, yes.
And...
Yes, thank you, Ridge. The effects of our actions taken will face in the months to come, how much in H2 and how much thereafter, we will see. We do believe, like we said, in the fundamentals of the business, and that's both SunButter and Wildlife, as well as the contract manufacturing business. It's not really a change in the markets, or a structural change, but much more short-term challenges we have due to the changing environment. Longer term, we don't have a different view on that side, that part of the business. Ridge, are you still there? No, it's a little...
Okay. Shall we just wait and see if there's any other questions?
No, he dropped off there.
Okay, I think we have one more question. It's the last question for this call. Please comment on the acquisition pipeline.
In the capital markets day, we obviously announced that besides autonomous growth, we also will strive to grow further through M&A activities. As we always did, we are looking at almost at any given point in time at potential acquisition opportunities. Some may be more attractive than others, but we are evaluating opportunities. That always is the case, there is nothing to be announced now. It is part of the future strategic direction of the company, we will pursue opportunities where we can and where it makes sense.
Great, thank you, Allard. There are no more further questions. Thank you to everyone for dialing into the Acomo Half Year 2025 Results Investor Call. Please remember that this webcast will be available shortly after the call on our Acomo website. Thank you and have a good afternoon.