Ladies and gentlemen, thank you for standing by. I am Geli, your chorus call Operator. Welcome, and thank you for joining the Athens International Airport conference call and live webcast to present and discuss the full year 2025 financial results. All participants will be in listen only mode, and the conference is being recorded. The presentation will be followed by a question and answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. At this time, I would like to turn the conference over to Mr. George Eleftheriou, Manager, Investor Relations. Mr. Eleftheriou, you may now proceed.
Thank you. Thank you, operator. Good afternoon, ladies and gentlemen, and good morning, to those of you listening to us across the globe. Welcome to our conference call of Athens International Airport financial results over the fiscal year of 2025. Please note that the digital playback of the conference will be available from about one hour after the conference call has ended until April 6. Today in the call, I'm joined by our new CEO, Mr. George Kallimasias, our CFO, Mr. Panagiotis Michalakogiannis, our Director of Financial Services, Mrs. Nadia Xerogianni. Also, let me mention that, the presentation today is available on our website on the section of quarterly results under the financial information page. With that, I would like to pass over to our new CEO.
Thank you, George. Hello, everybody. Thank you for attending this earnings call for the year 2025. Starting with the summary slide number four with the key messages for 2025, I would say these are strong traffic growth, on target financial performance with solid profitability and commencement of the airport expansion construction. Last year, traffic grew by 6.7%, reaching 34 million passengers, which is a record number with main growth driver our international traffic. Our key traffic characteristics have remained unchanged. Mainly, we are a leisure airport, leisure traffic airport with high share of O&D and a relatively small transfer segment feeding the key tourism destinations and with a growing portion of international traffic. Our revenue last year grew by 1.5%, which was in line with our expectations.
Air activities revenue growth was below traffic levels, and this was aligned with our targets, reflecting the airport charges adjustments further to the carry-forward depletion. We will talk more about this later in the presentation. Our non-air activities revenues grew more or less in line with the traffic growth. Adjusted EBITDA at EUR 394.5 million, reflecting the aforementioned planned adjustment of the air revenue segment. We spent EUR 161 million in CapEx, mainly driven by the airport expansion project and the ROUTE 2025 investments. Following solid profitability in line with our dividend commitment, we will propose distribution of a gross dividend at approximately EUR 0.66 per share. Moving on to the next slide, number five.
As mentioned, traffic grew by 6.7%. International segment grew faster with 8.6%, and we saw a modest growth in the domestic segment by 2.2%. We have a remarkable growth from the post-pandemic period of 33%, and we will discuss this also further in the context of European airports performance. Our network grew to 164 routes in 2025, up from 157 routes in the context of prior years. This reflects enhanced connectivity and market demands and of course, a successful airline marketing and route development strategy of the company. In terms of seasonality, if you look at the chart on the right-hand side, we remain a relatively seasonal airport.
However, as you can observe, the growth rates were stronger in the off-season months, aligned with our efforts for a smoother seasonality profile. Moving on to the next slide six. In 2025, we made progress in our aeronautical and commercial activities. We had a significant increase of destinations and routes. We also had progress in commercial activities, industry recognition and operational planning. Our home-based carriers expanded further, adding 10 new destinations on existing routes, while the airport added six new destinations overall. We also welcomed several new airlines contributing 17 new network developments, including 10 new destinations.
I think important developments were those related to our long-haul footprint with new services such as Charlotte with American Airlines in the U.S. and Chengdu in China by Sichuan Airlines. In the commercial developments, we continue to upgrade the passenger experience with new concepts, store enhancements, and a stronger Best of Greece proposition, while also benefiting from improved traffic mix coming especially from the high-spending markets. These achievements overall have been recognized last year with major distinctions from Routes World and ACI Europe. I think it's important also to note an operational development which relates to our change of status from non-coordinated to Schedules Facilitated, which allows for a smoother traffic growth during non-peak hours addressing also our ATC constraints.
We have also applied for becoming coordinated airport for the winter season of 2026-2027 due to the scheduled heavy maintenance works on our runways. Let us move now to slide seven, which shows the performance of our airport in the broader European context, where our 2025 results show the strength of our recovery, our competitiveness, and the growing relevance of Athens within the European airport landscape. In 2025, as we mentioned earlier, we had a 6.7% growth, and Athens outperformed most of its direct peer group and the wider European airport market.
I think it's more important when we compare our traffic development with pre-pandemic 2019 levels, where Athens demonstrated a growth of 33%, significantly ahead of all benchmark groups, which remained in the mid- to low single-digit range. This makes Athens the airport with the strongest rebound momentum in Europe within our peer segment. Very important to look at the bottom chart as well. Among the European mega airports, Athens moved in terms of connectivity from 21st place in 2019 to the 2nd place in 2025. These connectivity gains confirm that the progress that we have demonstrated over the last year is structural and not temporary. We are becoming an increasingly important aviation hub with one of the strongest connectivity profiles in Europe within our segment group.
Moving on to slide eight, with a few important developments of the company last year. First of all, our 2025 scrip dividend program, which we launched last year after the relevant approval from the general meeting. This program in the last year showed a very strong shareholder participation at 89.2% and generated almost EUR 85 million for air activities capital. As I said, this was the first year of implementation of this four-year scrip dividend program, which was announced last year. This program supports our accelerated long-term investment program and is in line with our regulatory framework.
Second development with regards to the depletion of the carry-forward amount, again, in line with our regulation and further to consultations with the airlines, we introduced a temporary 30% reduction in the passenger terminal facility charge, to incentivize growth during the off-peak period. We also introduced a sustainability support scheme that rewards higher load factors and more fuel-efficient aircraft, with a rebate on a per departing passenger, again, on the PTF. These initiatives intend to support competitiveness, off-peak growth, as I mentioned, and of course, environmental objectives. Third, on leadership, Yiannis Paraschis stepped down at the end of January 2026 after 19 years of a highly successful term as AIA CEO.
Finally, following the London Court of International Arbitration ruling on the Greek state rentals, the company recognized a EUR 16.3 million one-off impact in 2025, which was effectively neutralized through the allocation of this cost to the air activities capital. Moving on to the next slide nine with our expansion program, which is advancing in line with our long-term strategy. This is a EUR 1.3 billion investment program in terms of 2024 prices, bringing together our MAP 33 and MAP 40 plans into a unified development roadmap with full completion targeted for 2032. We have already started and are making tangible progress across the different components of this program. First of all, let me start with the projects that have been awarded and are already under construction. The VIP Terminal and apron with completion expected in 2027.
Also, the new apron area, which has also been awarded and construction has commenced. This project will add 32 Code C remote stands in the northwest part of our airport, and is also expected to be completed in 2027. Third, the multi-story car park with construction also underway. This will provide approximately 3,500 parking positions, and this like is also scheduled for completion in 2027. The largest element of the expansion is the expansion of the main and satellite terminal buildings. Once completed, this project will add approximately 150,000 sq m to our facilities and will more than double our commercial space.
The outline design has been completed in 2025 as planned, and we are currently at the tender process through an early contractor involvement approach, with the design and build award expected in the second half of 2026. This time shift to the second half is mainly driven by the requests of the bidders to ensure that their proposals are aligned with our requirements for construction phasing and gradual capacity delivery. Very importantly, for our total project, total life project, capital deployment is phased with about 50% of the CapEx expected by 2028 and the remainder by 2032. In terms of funding, we have secured EUR 800 million financing through a bank loan and we have additional support of EUR 240 million scrip through our scrip dividend program.
Moving on to slide number 10 with our proposed dividend distribution and the 2026 scrip dividend program. This, as I said, is the second year of our approved 4-year scrip dividend program to collect up to EUR 240 million. The board of directors is proposing the distribution of 100% of available for distribution net profits, equivalent to approximately EUR 0.66 per share. As in the previous year, the proposed structure combines a cash dividend with a voluntary scrip alternative using the same pricing calculation methodology that we applied successfully last year.
For 2025, the total proposed dividend amounts to EUR 204.86 million, comprising a cash component of EUR 104.86 million and a voluntary scrip component of EUR 100 million. This structure gives shareholders the flexibility to elect either shares or cash, supporting the company's capital planning and regulatory returns. I think it's important to note here that we have received favorable intentions of participation from our two major shareholders, AviAlliance and Growthfund. In terms of process, the ordinary general meeting is scheduled to take place on the 15th of April, and subject to approval, of course, the dividend distribution process will run from late April until mid-May, with payments and new shares trading commencement planned and expected for 15th of May 2026.
On the next slide number 11 on sustainability, this was an important year because we completed our Route 2025 plan. As a result, we achieved net zero carbon emissions from the beginning of 2026. This was a milestone that was supported by major investments in clean energy infrastructure, which included the completion and operation in 2025 of a solar park of 35.5 MW, together with an 82 MWh battery energy storage facility. As well as heat pumps, which substitutes the natural gas consumption with clean energy and electrification of vehicles. The Route 2025 initiative was not just a bold achievement in sustainability, but had also a positive financial impact for the company.
By the end of 2025, we have reduced our CO2 emissions by 60% compared to baseline year of 2005. I think it's important to note that we are the first European airport to cover 100% of our electricity needs through on-site clean energy production. Overall, this ROUTE 2025 milestone strengthens not just our environmental leadership, but also protects us and provides us resilience against energy costs and energy cost volatility. With that, I would like to hand over to Nadia for the financial performance of the year.
Okay, thank you, George. Turning to the company's financial performance over the last year, we recorded total operating revenues excluding the accounting treatment for the AIA's expansion according to IFRS. Total revenues at EUR 675.6 million. This is a year-on-year growth of 1.5%, demonstrating the airport charges pricing policy and the very good performance of the non-regulated segment. In more detail, the regulated segment represented 75% in terms of revenue, broadly stable compared to the previous year. As we had proceeded, as the CEO explained at the beginning, with temporary reductions, temporary incentives, in the airport charges. You will also see in the following slide, we almost depleted the carry-forward amount, the unrealized profits of the previous years.
This brought the air activity segment very close to the regulated cap. The non-air activities, the non-regulated segment, the remaining 25% of our revenues increased year-on-year in line with traffic, 6.5%. Overall, we achieved the guidance, our target of EUR 5 per passenger on the non-air activities. The successful performance mainly is mainly driven by the terminal retail performance, with main drivers, the well-balanced commercial offering portfolio we have, the increase we experience in the international segment and especially in landing in high-spending markets and, of course, inflation. At the same time, the terminal retail performance managed to more or less offset some headwinds we experienced due to the fact that we closed the short-term P1 car parking area because we started construction for the multi-story car parking.
The overall growth of this segment experienced a slowdown. If we move now to the operating cost of the company. Overall, in 2025, we recorded operating expenses, again excluding the IFRS impact of the airport expansion at EUR 265.6 million. This includes the variable portion of the Grant of Rights Fee, EUR 48.6 million. This is calculated on a formula and is increased compared to the previous year because this is based on increased profitability. Additionally, we recorded on the operating cost the one-off item, the net effect of the unfavorable outcome of the LCIA arbitration in relation to the Greek state rentals, EUR 16.3 million. I need to repeat here that this impact is effectively neutralized at profitability level.
Excluding ground overrides fee and the Greek state rentals impact, the remaining operating costs were at EUR 200.7 million, which is an increase of 7.9% year-on-year. The overall operating cost per passenger is at 5.90 EUR per passenger, and the increase is mainly driven by the fact that we need to deploy the additional resources to address higher traffic and protect our service levels. We adjusted several outsourcing contracts to reflect the increase in minimum wages increase over the last year. We increased also the provision for major restoration, the major resurfacing in the runways we will perform and the full replacement of the airfield lighting. Now in relation to our profitability, we recorded profitability on target.
In terms of Adjusted EBITDA, this is at 394.9, with Adjusted EBITDA margins 58.5%, in line with our short-term targets. In terms of net profit overall at EUR 207.3 million, we see now a structural shift in the share of air activities and non-air activities in net profitability. Air activities now account for 54% of total net revenues, and there is growing share of non-air activities profitability. Non-air increased from EUR 90.9 million net profit in 2024 to EUR 95.5 million, while in air activities, because of the depletion of the carry-forward amount, we, as expected, recorded a decrease. Overall, the dividend per share as proposed is EUR 0.66 cents per share.
Some more details on the regulated fee in the following page 16. The air activities capital following the successful implementation during the first year of the increase of the equity through the scrip dividend program at the end of 2024 was at EUR 641 million. This, as you remember, is inflated every year with EU inflation and now increased through the scrip dividend program. We managed in 2025 to deplete the carry forward amount that was at EUR 22.4 million at the end of 2024. We leave a marginal amount of EUR 2.6 million at the end of 2025. The implied return on air activities capital in 2025 was EUR 18.3 million.
Just to note here that January 1, 2026, following the inflation we apply in the air activities capital, we have EUR 655.5 million air activities capital, which hopefully will be further increased with the second year implementation of the scrip dividend program. Now in the next page, you may also find some more information on the cash flow and financial position of the company. Apart from the very healthy profitability, we also have strong operating cash flow generation. In terms of free cash flow, the metric we have, which is the Adjusted EBITDA minus the CapEx, in 2025 was at the level of EUR 233.9 million.
It represents a decrease compared to the previous year as expected because we are now entering in a CapEx intensive era. However, we need to stress again that at this point of time we have secured financing through the debt agreement arrangement we have on the scrip dividend program until 2028 and 2029. Financial stability is fully safeguarded. Also, another metric in relation to net debt. At the end of 2025, net debt is at EUR 614 million. We've leveraged the net debt to Adjusted EBITDA metric, still low, very stable with previous year 1.6 x, leaving more headroom for additional leverage.
With that, we go now to the final remarks for the outlook, which the CEO will present.
Thank you. Thank you, Nadia. Thank you very much. Looking into the outlook for 2026, but also for the medium term, I think this reflects a balanced view of what we see as growth opportunities and disciplined execution of our business plan, but within a more uncertain external environment which is protected to a significant extent by our regulation. Now, for our passenger traffic, we expect low single digit growth for 2026, which is in line with our medium to long term projections. Our demand fundamentals remain supportive. However, we continue to monitor the geopolitical development very closely.
The tension in the region have added an element of uncertainty and as a point of reference, we mentioned that traffic from the affected countries in the Middle East accounted in 2025 for about 7.5%. However, we need to stress here again that our regulatory framework offers considerable downside protection. Now, from a revenue perspective, in our activities we expect broadly a flat yield per passenger within our stable regulatory framework. Our regulated profits are expected to be aligned with our 15% return on equity target, supported also by the multi-year scrip dividend program.
In the non-air activities, we see more limited upside in the medium term, particularly in the terminal commercial revenues, reflecting the current space constraints that we are facing and the impact of the early stage construction activity. The car parking revenues will also be modestly affected during the multi-story parking construction period, although this is partly offset by the additional parking capacity that we have offered. At the EBITDA level, we expect some temporary pressure as construction activity under the airport expansion program will intensify. As a result, the Adjusted EBITDA margin is expected to be around 100 basis points below our long-term target of 60%. For the net income, we project currently a level of approximately EUR 200 million for 2026, and we maintain, of course, our commitment to dividend policy at 100% of available profits for distribution.
The execution of the airport expansion program remains a central strategic priority for the company. For the main terminal and satellite terminal building expansions, as mentioned earlier, we expect to complete the ECI tender and award the design and build contract in the second half of 2026. Our capital deployment remains phased and disciplined, with up to 50% of total IP CapEx expected by the end of 2028 and the remaining balance through the end of 2032. I think it's important also to stress here the fact that we have secured already financing for the IP through to 2028 or 2028 to 2029. Overall, we remain confident in the resilience of the business and our ability to deliver sustainable long-term growth.
Thank you very much for your attention and now we are happy to answer to any questions you may have.
Ladies and gentlemen, at this time we will begin the question and answer session. Anyone who wishes to ask a question may press star followed by one on their telephone. If you wish to remove yourself from the question queue, then you may press star and two. Please use your handset when asking your question for better quality. Anyone who has a question may press star and one at this time. One moment for the first question, please. The first question is from the line of Lazaros Stamatiadis with Eurobank Equities. Please go ahead.
Yeah. Hello. Thank you very much for taking my questions. A couple from my side, please. Firstly, on inflation,
I understand that the aviation segment is structurally protected through the indexation of the regulatory equity base. Could you elaborate more specifically on the non-air segment where the dynamics are less straightforward? I mean, how should we think about the balance between cost inflation and your ability to pass this through to concessionaires, either via minimum guarantees or revenue sharing mechanisms? I guess ultimately, do you see inflation as net margin accretive, neutral or dilutive for the non-air business? That's the first question. Secondly, I'm just wondering about the current terminal capacity constraints and the passenger flow dynamics.
I'm just wondering, could a softer traffic environment due to the, you know, Middle East situation actually support higher per passenger monetization as passenger experience improves, basically? That's my question. Thank you.
May I answer the second question, and Nadia can take the first one. Well, no, I think of course, as you correctly mentioned, there are limitations in our terminal space and we have explained that in the past also. For this purpose we have launched and we are implementing our expansion programs. We do not think that this, you know, any shortfall in traffic from these segments is going to be essentially how to say supporting considerably the ability of their other passengers to afford commercial spending. I think this is the Middle East traffic is not a materially important in terms of traffic numbers.
As we said, it's 7.5%. It's not insignificant, but it's not a dramatic amount of passengers. I would say that they're also good spenders in retail, so I would not wish to see a significant positive side from that. Nadia, maybe you want to answer the first question.
I'll regard the inflation, as you of course correctly said, this is taken into account in the air activity segment, in the inflation of the air activities capital. The return is on the inflated equity. On the non-air activities, the terminal retail sales are adjusted, of course you can imagine, according to inflation, prices are adjusted. Our minimum annual guarantees are also take into account inflation rentals. Generally the margins of the non-air segment are significant, one can expect that we recover the impact of inflation also in the non-air activities.
Okay. Just to follow up and conclude. As a total for your business, the inflation should be a net positive clearly, right?
Yes. Yes.
Okay. Thank you.
The next question is from the line of Andrew Lobbenberg with Barclays. Please go ahead.
Oh, hi there. Can I ask one simple question on the numbers, I guess, for Nadia. I know you've told us half the CapEx by 2028. Can you give us an indication of what the total CapEx will be for 2026, for 2027, for 2028? Can you phase it over that period, please? Second question, how confident are you that you will have kerosene available at Athens into the future, given the challenges in the Gulf? How long have you got confidence that you'll continue to have kerosene? How do you see the kerosene availability playing out? Then a third question, and it's pretty obvious I guess. What assumptions are you making about the loss of Mid East traffic in giving us this low single digit guide?
'Cause obviously that looks incredibly low compared to what we saw in January and February before the war. Yeah, how much loss of that 7.5% have you baked into that low single-digit estimate? Thank you.
Yeah. As regards the first one, just as a reminder, at this point of time, we have the total estimate of EUR 1.3 billion at 2024 prices for the entire expansion. What we have spent in 2025 was less than EUR 100 million. We keep the guidance of 50% until 2028, and we will have more visibility following the award of the terminal's expansion in the second half of the year. Unfortunately at this point of time, I cannot give more clarity on the year-on-year projection.
On the second and third, Andrew, thank you for your questions. On kerosene, I don't think we're any better or worse than other European countries. We can say the following: We have production of kerosene in Greek distilleries. There are strategic reserves both in the airport of aviation fuel, but also, in the distilleries there are strategic reserves of fuel.
I would say that we don't see currently any alarming signs, but as I said before, I don't think, notwithstanding the fact, as I said, that we do produce kerosene in Greece from the distilleries, I don't see that we are, you know, if there is a global or European crisis in the availability of kerosene, I think that we will more or less be in the same situation with the rest of the European countries. In terms of the traffic with the low single digits%, this is in accordance with the projection in accordance with information available. In March we expect a growth of mid- to low single digits%, which is less, however, than the average, as you mentioned, that we experienced in the first two months.
This is the impact of the crisis in March. Obviously, this can change, subject to the events developing.
Thanks. Does that imply that your traffic forecast allows for the continued loss of Mideast traffic going forward?
I would say it allows for a similar scale of effect that we are experiencing now. We see also that there is a partial reinstatement of operations from some of the countries, Israel, Jordan, Lebanon, Qatar, Saudi Arabia, and UAE. We don't have any operations in Bahrain and Iraq, but of course, the load factors are lower, and Aegean and Sky Express have suspended operations to the Middle East. This is overall the impact. Of course, we have some positive impact from repatriations. Overall, at the current level of impact, we are confident that our low single-digit growth that we project is achievable.
Yeah, that makes sense. Thank you.
The next question is from the line of Sathish Sivakumar with Deutsche Bank. Please go ahead.
Good afternoon, everyone. Thanks for taking my questions. A few from my side. Firstly, on the capital scrip dividend program, you're into 200, close to 200 million out of the 240 now. Any scope for further expansion there? And then secondly, on to your operating expenses. I believe that sometime back you'd probably guided to around EUR 6.3 in OpEx per pax for 2025. On an underlying basis, you've probably landed 5.9. Any indication on what that could be for 2026? Maybe continuing on the theme of operating expenses, in terms of the allocation between air segment and non-air, do you see similar trends continuing into the next year as we have seen in 2025? Thank you.
Mm-hmm.
As regards the first one, the scrip dividend, the program now is, as we said also last year, for a total of EUR 240 million. There is no plan at this point of time for any additional equity increase or further scrip dividend program. As regards the operating cost, yes. It's correct. We managed to be more cost efficient compared to what we had expected. We contained cost and therefore we have achieved this 5.90 EUR per passenger, excluding the one-off impact. We will continue to monitor the cost very closely and we will target of course to the best margins both in air and non-air activities.
As regards the allocation, there is no expected change in the drivers, in the main drivers of the allocation between air and non-air activities, in 2026. There are expected changes following the completion of terminal expansion. For the time being, we expect allocation to be similar to the ones we have now.
Very helpful. Thanks, Nadia.
The next question is from the line of Nick Moran with Morgan Stanley. Please go ahead.
Yes, good afternoon, everyone. Just a couple on my side. First on the tariff guidance for 2026. So you're pointing to flat tariff in aviation. Does it mean that you wanna signal the first tariff hike for airlines from summer schedule 2026? Is that, and looking even beyond 2026, is that for you the start of an uptick in tariff going forward? That's the first question. The second, just coming back on the impact to Middle East and especially on retail. So Middle East makes up 7.5% of traffic, but I suspect they make up larger amounts of the retail spend. Could you, I mean, is it 2x the traffic share? So around 15%.
Just trying to gauge also not just the impact on traffic and aviation but also on your non-air activities. Thank you.
As regards tariffs, we also continue the sustainability support scheme in 2026. The temporary reduction in the passenger charge, the 30%, continues until the end of April. Other than that, charges will not change in the remaining of the year. We will reinstate the previous level of passenger charge on all the remaining charges. Overall, what we expect as revenues per passenger from the air activity segment in 2026 is similar to the one we had achieved in 2025. We expect that we will reach this way the maximum allowable profit. Now in relation to. I don't know if this answers your question in relation to the tariffs.
Going to the Middle East, the impact of the Middle East traffic, of course, it's an impact on traffic and the aeronautical revenues. This also has proportionally higher impact on the non-aeronautical since we experience higher spending per passenger from this segment. Yes, the impact will be proportionally higher than in the aeronautical segment.
On that front, I mean, we've heard from other airports talking about potentially up to 2.5 x higher share of retail. Is this something you would confirm or is this potentially higher or lower versus your typical average spender?
Um-
No, we cannot provide exact numbers of these segments. We don't have exact data of each segment on our overall retail. No, we cannot confirm exactly these amounts.
All right. Thank you very much.
You're welcome.
Once again, to register for a question, please press star and one on your telephone. The next question is from the line of Oguzhan Memis with Ambrosia Capital. Please go ahead.
Hello. Many thanks for the presentation and your time. Just on the airport expansion program timing and the related impact on non-air. You mentioned awards in H2. Are you able to give a bit more color on when in H2, early, late? Any color there would be helpful. Related to that, when do you expect you guide for some limitation on non-air revenue growth because of this. When do you expect the construction work to start, and when do you expect to see the biggest impact on non-air from the expansion program? Thank you. The negative impact.
Thank you, Oguzhan. Well, no, we cannot say exactly when in H2 we will have the awards, as this is also a tender ongoing. It's a rather also sensitive information to disclose. Now on the construction. If we have award of the project in H2, it's reasonable to expect, because it's a design build project, to expect construction to start in 2027. The main impact on retail will be around, I think, Nadia, 2028 to 2030.
28, 23rd. We do not expect the impact from construction definitely in 2026.
That's why we said in our guidance we are talking about the midterm impact on our retail activities.
Okay. Starts in 2028, the congestion issues. Cool. Thank you.
You're welcome.
Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Mr. Kallimasias for any closing comments. Thank you.
Thank you very much. Thank you. Thank you for your interest in our company. Our team remains available with George Eleftheriou also for any further clarifications in the future. Thank you once again for your consistent interest in and support to the company. Thank you very much.
Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for calling, and have a pleasant evening.