Hello. Good afternoon, everyone. A warm welcome to everyone to the First Quarter 2026 Earnings Call of Mega Lifesciences. We'll start with the introduction. We have our CEO, Mr. Vivek Dhawan, with us.
Hello. Afternoon. Vivek Dhawan here.
Our CFO, Mr. Thomas Abraham.
Hello.
Senior Vice President, Finance, my colleague, Francis Rego.
Hello. Good afternoon.
Sujintana Boonworapat, Finance and Company Secretary. Myself, Manoj Gurbuxani. The agenda for today, the way we will progress on this call is we will start with the synopsis of financial performance for the first quarter 2026. This will be followed by remarks by our CEO on the first quarter financial performance and the future outlook of the company. Thereafter, we'll open the forum for Q&A. We would request everyone, as they raise their questions, they let know their name and the company they represent. Going by the agenda, first on the synopsis of the financial performance for first quarter 2026.
Before I get into explaining the first quarter 2026 financial performance, we would like to highlight that we have adopted the revision to the International Financial Reporting Standards, which allows companies to apply market rate of exchange rates against foreign currencies for markets where there's a gap between the official rate of exchange and the market rate of exchange. Myanmar was a market where we had this gap, and if you would have followed us in the past, you would have observed we had to normalize the profit and loss line items for dual currency, which is no longer required from this financial year. The impact of this adoption on the net profits is immaterial, and rather this adoption has resulted in a line-by-line representation of business, the way it is conducted in the market.
It's a welcome change. Accordingly, as this is adopted in first quarter 2026, what we have done is the first quarter 2025 financial statements, including statement of profit and loss account, balance sheet, and the other comparable financial information, has been restated in the MD&A across relevant line items based on best estimates. This restatement has no impact on the overall profitability of the company and is intended to enable a meaningful comparison with first quarter 2026. We thought that we'll start with this note to explain you that the market rate of exchanges have been adopted in our financial statements with a comparable restatement of first quarter 2025. Explaining you in detail the financial performance of first quarter 2026.
Driven by the strong double-digit growth in Mega We Care business and the distribution business also growing at high single digits, supported by continued improvement in the situation in Myanmar, our overall revenue for first quarter 2026 has been at THB 3.4 billion, which has grown by 14.4%. Going by segmentation, the Branded business revenue for first quarter 2026 has been at THB 2.3 billion, reflecting a growth of 16.5% YoY, underpinned by continued strength in the portfolio of products and sustained demand across key markets. The distribution business, which has seen a positive momentum from third quarter of last year, particularly because of the improvement in situation in Myanmar, has, in first quarter 2026, had a revenue of close to THB 1 billion, which has grown at 7.8% YoY basis.
This growth is reflected due to continuous improvement of the operating conditions in Myanmar. The overall gross profits for first quarter 2026 improved to 52.3% of the operating revenue, as compared to 51.4% of the operating revenue in the last year, mainly due to favorable change because of the segmental mix. Branded business is growing at a much faster rate than distribution business, and Branded business earns a gross margin of close to 65%-66%, which has a favorable impact on the gross margins when we look in a blended form. The Branded business gross margins have remained healthy and strong at 66.1% in first quarter 2026, as against 65% last year.
The gross margins of Branded business are influenced by revenue growth, product mix, country mix, currency mix, and level of output, among other factors. In first quarter 2026, the Branded business gross margins have remained strong and comparable to other Branded business gross margins, what we have done in the past as well. The distribution business gross margins are at close to 22% of the operating revenue for first quarter 2026, similar to 23% of the operating revenue in first quarter 2025. The gross margins of distribution business are influenced by principal mix, but they continue to remain strong. SG&A expenses were close to THB 1,050 million, increased by 6.2% YoY, in line with the planned spending and aligned to the business growth.
Notably, if you see that the SG&A expenses as a percentage to operating revenue has decreased from 33% in first quarter 2025 to 31% in first quarter 2026, reflecting a improved operating leverage from higher revenue growth. EBITDA for first quarter 2026 came in at THB 869 million, as against THB 613 million last year, which reflected a growth of close to 42%, which is due to the strong double-digit growth of Mega We Care business and high single-digit growth rate of Maxxcare business, which has resulted in gross margin expansion from favorable business mix and operating leverage from SG&A.
Reported net profits came in at THB 605 million, adjusted net profits came in at THB 565 million, both growing at 34% and 16% growth due to similar reasons as I explained for EBITDA. Operating cash flows for first quarter 2026 were healthy and strong at THB 686 million, representing 113% of net profits. We continue to remain a net cash company with a strong balance sheet. In first quarter 2026, we invested THB 124 million in tangible assets, mainly driven by spending towards manufacturing plants in Thailand, Indonesia, Australia and Vietnam, and also towards 100% stake acquisition in the joint venture company with the objective of acquiring land in Myanmar to build manufacturing facilities. This has been synopsis, first quarter 2026 financial performance. Thank you very much for your participation.
I would request our CEO to share his insights on the performance as well as future outlook. Thank you.
Thanks, Manoj. Thank you, everybody, for coming on the call. As you have learned from Manoj, I think we've had a reasonably good quarter. Our brand business has grown 16.5%, distribution 7.8%. Distribution largely driven by Myanmar. Things are a bit better. I think going forward, if the stock situation import continues, we should be seeing something similar over the year. I think in that higher single-digit kind of growth in distribution, in spite of some of those trouble we have in Cambodia and all. We still believe a lot of our products come from outside, not only from Thailand. With all that put together, distribution business in all the three markets should deliver that 8%-10% in that range growth in the year 2026.
The brand business, though we have been re-claiming or we've been delivering a guidance of between high single digits, and that's our plan. The first quarter has been good. I think looking at it, we should be able to deliver that 8%-12% growth for the year 2026. Should be very likely that will happen. Momentum is good. The new products that we are launching, many of them are coming in. Some are very interesting new areas. We are hoping to start very early in the categories we are in. Even existing product where we are investing money and time over the years are starting to show some results. With all that put together, consumer health, over-the-counter drugs and pure pharmaceuticals are all seeing growth. Africa is also doing well.
A lot of the area that you had seen few years ago we had trouble. Nigeria has taken a good turn. I think many of our African markets, Ghana is another one that's also doing well. All the rest, our Branded business in all these markets are performing well. We have good hope. Even Latin America with Colombia and Peru have both shown good results, and we are also hoping to see them progress towards this, our plan to become a THB 500 million company in the next five years by 2030. Our Branded business. I think we are on track what we have set.
The strategy we had explained to you in the early period that building our Branded business from where we were at THB 320 million to THB 500 plus THB 500 million, and to grow our bottom line from that. We ended at THB 1,900, we are looking at THB 3.5 billion approximately plus if things go well. That's the estimate we had given you. I think we are still on track, and we are tracking our business in all these countries and investing in the brand building that we are doing. In terms of product launches, we are focusing on launches that matter, especially in the categories we are in, so we are getting more focused. We are in neurology, ortho, derma, respiratory is a new area we are getting into in the drug area.
I think very focused on certain categories with more products in pipeline aligned with the teams that we have in the country and bringing in new product pipeline. That's in the pharma side. On the consumer health side, we have pain area, we have cold cough area with Eugica, GOFEN. We have a pipeline coming in that area. A lot of areas related to GOFEN syrup, Goflam, a lot of other product that we are getting into allergy, gut health. We have a lot of products in the gut area with Avarin, GoGas. That whole category management and developing those categories is where we are building our strengths in most markets. Whereas the consumer health, the other part of our supplement, herbal medicine, vitamin business focused on NAT B range, liver health.
There are certain areas we are very focused building future growth areas coming out of the countries we are present in. Largely, we are present in Southeast Asia, Sub-Saharan Africa, Latin America. We have our two outliers, which we call again Ukraine and Uzbekistan. Uzbekistan also we are working our pipeline is just getting ready, and all our supplement and what we call consumer health areas, we are getting registration. We should see growth coming there. Ukraine continues to perform. We don't expect to grow at a very fast rate, but we are still doing well in Ukraine, I think. Going forward, we are still looking at growing our business in the next five years. There's nothing, no real concern in that area as well.
All together, the direction for brand building in the markets where we are remains number one. Distribution in three countries, we continue to build, develop the partners we have and add on partners that actually fit into our growth plan. That is also in progress. To support all this, as you know, we have a CapEx plan of about, I think, THB 2.6 billion to be spent over the next three years, 2026, 2027, and 2028. That includes, the Vietnam site is already started. The work is going on. It's progressing well on time. The Indonesian site, the warehouse should be operational in August. We are hoping to complete the new section that we had built, the extension of the plant.
We call this plant one, but the new section should be ready by the fourth quarter with all the licensing audits, et cetera, which should be easier because the same plant ready to operate by third quarter early next year. That is also going on. Work is progressing well. A lot of new products already development, filing has started from the existing plant that we are doing local development and registration of new product that we can import. All this pipeline is being worked out. We are on track. We have to deliver that THB 50 million that we have planned. It's a tough ask, we are already reaching somewhere to our, you know, not midway, one-third mark. I think that's where our plan is this year.
With products coming in, we should accelerate that growth over the next two, three years as we will see. Indonesia is work in progress, but a lot of things are moving in the right direction. Vietnam, already I mentioned to you, plant is being built, other things are going on. Myanmar, we are in the final stages of, I think, getting all the licenses. The remaining work, design, civil contractors, all this is being finalized. Looking at the regulatory requirements, approval will take about three to four months, three months approximately to begin construction. We already have piling and all that done. That's one early start, but it's going to take three months before we start. All that work is in progress.
We are on track, I would say, both on the new development product, new product pipeline, both in pharma and consumer countries. Every country we are quite on target on hitting both our consumer health and pharmaceutical healthcare to both the categories and building our brand. With that, I think there's nothing more than this that I can offer at the moment. I would be happy to answer questions. I think that'll be easier because there's nothing new, nothing more to add. Most of it has been already been shared, and you have the MD&A, all the data with you. Shall we answer questions now?
Yes.
It will be easier, I think. Growth target, yeah, nothing changes. We are still confident. I'm sure all of you are worried about the war. You're worried about gas prices, fuel prices impact on cost. Yeah, there will be an impact on cost. If we are growing at 10%, 15%, and if our Branded business grows at that rate, even if we absorb that 1.5% of, you know, cost pressure, or we can some cases you also pass on some of the increases in consumer health. If everybody passes on, you also pass on it. I think the final impact may not be significant, and with growth rate it will not be significant at all.
If we can continue that 8%, 10%, 12% growth, you should see a serious improvement in the bottom line over the next nine months. While we continue, I mean, we have orders, we have booked stocks, all this is there. Material, a lot of it is in hand. There are certain areas where cost goes up, but some of it is also passed on the COGS and added to the cost of goods. Doesn't have a final impact on our bottom line. With that, I would I guess we'll open up the floor to questions and try and answer most of them. What we cannot, we will get back to you. Let's start from now. Any questions are there? Yeah, like every time, please let us know who you are and which institution you're from and ask your question. We'll start answering them now. Thank you.
Yeah. Wasu, you can ask your question, please.
Yes. Thank you for the call, and congratulations on the strong first quarter results. I am Wasu from Maybank Securities, Thailand. I have three questions. Maybe we can go one by one. The first one is regarding gross margin. I heard that earlier in the year you gave a margin guidance of 63%-65% for the Branded business and 23%-24% for the distribution business. My questions are, why did the branded gross margin come in above guidance, and why did the distribution margin come in, slightly below guidance?
Yeah. You want to answer that or you want me to? I think maybe the mix, right? I think the distribution business probably some of the mix of the partners that quarter, what products we are carrying. Some are full agency, some are purely CDS. If this quarter, largely Myanmar grew, and some is CDS, then the margin mix probably went down a little bit lower. Generally, we also have agency businesses where we have a higher margin. That could be one of the reasons that can happen. Consumer health, and if you talk about our Branded business, plus 1% is significant, but not as significant. Sometimes if our high margin products have done better, have shown higher growth versus our little bit lower. We all don't have the same margins. Some have 50, some have 70.
Sales went up much higher than we were talking about 8%-12%. Our guidance was based on 8%, right? 8%. This time it become 60. The much higher growth rate in Branded business is also adding that extra point. This could be one. A little bit of the mix again here also, some have higher margin, some product a little bit higher. If the higher margin product grow, then you have it can actually impact. A. Higher margin product grow three . You grow brand more than your actual numbers. Okay, if all grows together, if the all growth happen, it still remain within 65. I think the mix also in the Branded business has had a little bit of a impact. Maybe some of our high margin products have done a lot better.
The other lower margin products have remained flatter, probably, in terms of if you look at the quarter, those have remained maybe flat. They have not grown at the same rate. That's why probably you see this. Yeah. Sorry, Manoj, carry on.
Overall, the blended margins have in fact gone up, Khun Wasu. That's primarily happening because of the segmental mix. The Branded business is growing at a double-digit growth rate, which has resulted- in a better blended margin overall.
Right.
I think 63%-65% is a broad range, and for distribution, 20%-23% is a broad range. On a quarter-to-quarter basis, there will always be variations. On a full year basis, we'll mostly be in that range. We have been for many years.
If it grow, great. Yeah, are we doing anything to make that happen? Yeah, cost control. We are doing everything to control. I mean, solar energy, everything. Our solar panels, this has really multiplied. We added more recently. Just come on board just now. They probably now, I don't remember, 22% at a normal part of it from 18%. All this we are doing to keep costs low, improving our efficiencies, outputs. This is also at one end we are doing, but that's not the only reason probably the mix.
Okay. Thank you. My second question is regarding the distribution revenue trend. The distribution revenue has been declining Q on Q for the past two quarters. When do you expect the distribution revenue to start rising Q on Q?
Please, Manoj.
The distribution business is, if you look at the fourth quarter, fourth quarter is generally a bigger quarter. Last year we did on a normalized basis close to THB 1.1 billion. We did THB 1 billion this year. When you look at distribution business or any growth in revenue, you have to look more from a YoY basis. YoY basis, distribution business has grown at 7.8% this year. Thank you.
I think you're comparing with the third quarter of 2025, right? Which came on the back of two very low quarters. First quarter 2025 and second quarter 2025 were very slow due to import license issues that were there and which eased in the third quarter. Third quarter definitely had much higher revenue. Fourth quarter was more stabilization. I think now we are probably back to more, you know, stable levels of revenue. Q o Q may not be the right comparison.
Okay.
Annualized basis will be better. Licenses are not time. If annualized basis we grow at 7%, 8% compared to last year, the business is growing like that. Distribution today, because Myanmar used to have a very significant part of the overall distribution business. Vietnam and Cambodia were growing. They're all growing, but the base is smaller, right? The overall impact was lower. Now Myanmar, if it starts to grow from a lower rate, then you will see the change.
Okay. Thank you. My final question is about Indonesia. When will the new production facility start producing? Also can you share with us the revenue target for the country for this year and next year when the new facility should be up and running?
We don't share countrywide data, but the facility will be ready. It's not doing anything new, but it's adding capacity and also building in a new production ability to produce soft gels as well, right? We are producing products in the country, and we want to launch a few new products which have to be made locally, cannot be imported in the country. We are getting ready with some new dosage form. Expanding the ability to manufacture higher quantity because the old plant was a small plant. Building it to get EU standard so that we can also use it to export to other markets some of the products. Leveraging Indonesia for a local production, increasing capacity as we grow our business.
This is built, we thinking about the next five year, that we can deliver from this facility for the next five years our requirements for made in Indonesia product. That's the plan. I think it's on, it's online, you know, we are growing this year also. We compare to last year, our production, we grow nearly 30%. Even our growth in the country also with the product B, tender and all the other stuff, it is also grown significantly. We are on line with growth. THB 50 million is the number, we are looking at every year grow this business. At the moment with the pipeline, we should see more improvement over the next two years. 2027, 2028 should be better years to look at. The products just are coming in, getting approval, new launches are being made.
We have to register many new products in the country. For registration, you have to develop locally, get through local bio study, then get approval. Import registration have to be filed. Both are coming in. We'll see more products in the market in 2027 and 2028, both locally made and imported.
So, so can- Can I say that the new facility will start producing in the fist quarter of next year?
Yes. Yes. It will start producing. Sure. Producing will start, I think that's not the major impact. We are building it for the reason, you have to have old plant, you have to build new, get GMP, all approvals, EU, all these things. That's one free category. Second, it's a new dosage form which is not in that facility. Number three, we need more storage. Where are our things were needed? You have to build warehouse. Warehouse is a very important part of space as we are producing more. There's a lot of other parts to it. We have all the new sections. Look at capacity. Same product, tablet, hard gel, capsules, filling in blisters and filling in the strip packers are all growing up. We are ready to look after growth.
We don't have to build a new, any more facility to do the same types of products. It doesn't have injectable, other thing, that's new. Only to do this can handle our growth plan of that $50 million from this facility. That is, that is what it is.
Right. Right.
We are ready.
I think you mentioned earlier in the call that the warehouse in Indonesia should be completed in August.
Yes. Yes. August. September, we are planning to start using the warehouse. We have warehouse, but it's not sufficient because now we produce more. Capacity is going up 20%, 30%. We are producing 20%, 30% more every year now. It requires storage, more material, finished product, and then we use a distributor. We have to supply to them in Jakarta. We are in Bogor. With all that put together, this facility will be, warehouse will be available in, by, I think, until August, September, it should be ready to use.
Okay. Thank you, Khun.
It's part of the same facility. Yeah.
Thank you, Khun Wasu. Khun Setapong, you may please raise your questions.
Sorry. Hi, I'm Setapong from Kasikorn, [Foreign language]. Just one quick question I would like to ask about distribution business. As the last time we met, I understand that you set target for the distribution business goals in this year for low to mid-single digit. This target was based on the target before we adopting the new currency exchange rate for the market rate. I'm not sure that do you still maintain the guidance then for the distribution business, khun ?
Yes. I think the question that you're asking is whether, on a same currency basis, are we going to still achieve the mid-single digit growth rate? That's correct.
Yes
We are not looking at the currency, we are looking at the volumes and the revenue in the market. On a stable currency basis, to answer your question, yes, our guidance is that we'll achieve the low to mid-single digit growth rate that we have guided. I think the change that we have made in the financial statements will only help us to reflect the numbers correctly in the financial statements. Because till last year, there was no method to do it. Now we have an accounting standard, and that is why it is more easier now to reflect the correct numbers in financial statements.
Okay.
If you would have noticed in the MD&A, when we have given a comparison, we have actually given a comparison on a restated number. You can see for distribution business, the revenue of Q1 2025 restated using the same approach which we have used for Q1 2026. That's how you're seeing the mid-single digit growth.
Yeah. Okay. Thank you khun .
Thank you.
Khun Thanapol, you may please ask your question.
Hi, this is Thanapol from CGSI. I just one question on the impact of the war. Maybe Khun Vivek, if you can tell us what is the implications that you're seeing on the supply chain side as well on the cost side. As I understand, there have been some shortages on the packaging as well as some I'm not sure whether on the ingredient side you're seeing some shortages.
We have not seen many packaging shortages, to be honest, Khun Thanapol. What do we use? We use bottles and we use PVDC. PVDC basically for blister pack. Honestly, pharma business, we, the quantity we use is not phenomenal. We are not very big platter, right? The prices have gone up, will go up, but the cost of packaging in the total product, say 30% is our 55%, 60% is our gross margin on that. Material, other thing put together is very small. If that goes up by 10%, 15%, 20% also, it's only half a percent or is increase in the overall cost there. The packaging is one expected cost increase, number one. Number two, anything getting transported in and out, both way, there's going to be increase in cost of transportation that we also know.
The second, third part is gas and fuel and energy cost in the factory, which is all going to go up. As a consumer, if you look at our total energy cost in running the plant versus all other cost, manpower, this and that, it must be a very small, what? How much? 4%, 3% even.
Only 1% or 2%.
1%, 2%. Energy cost in a manufacturing pharma plant is only 2% of the total cost in the running a plant. Even if it goes up 50%, 30%, it is still 0.5, 0.3. These are all as I said, we add up all these things. With some material, not all petrochemical-based material, the prices have gone up, have definitely gone up.
There we are seeing some changes which are happening in many product that are related to petrochemical. There's not a major change except transportation, other things. As we think of it that overall, if the cost structure goes up by 3%, 4%, the impact on the final selling price is maybe at, you know, 66.35%, you know. It may be 1%- 1.5%, 2% in that range. We have many choices. We can pass that increase wherever we can. We are doing it already, increase, correct it. The other area that if we are growing 16%, 12%, 15% and we have a significant percentage margin increase. Existing increase goes up higher than our growth rate, so it's all absorbed. It is also growth rates are much higher in the Branded business.
The final impact on the bottom line should not be very significant in our case. That is how we see it at the moment. As I said, if it becomes so huge that tomorrow there's no stocks in our company, everything is done. Today shipping also by freight. Sea freight is going up. There are some plus-minus delays on air freight because of the Middle East hub. Now nobody's using the Middle East hub. We are probably going via Turkey, going via Ethiopia if we are using air freight. Our air freights are not very much. In our business anyway, it was a very limited area to support delayed or sometimes some product, a small quantity. Most of it we were sending in reefer container. Full container loads to Nigeria, to Tanzania, and regionally here.
70%, 80% of our business is in Southeast Asia region, which is not affected by shipping problem except freight going up. That also is not a very major concern. Large containers go to Peru or go here. They're not. It doesn't. If you look at these facts, it doesn't look like it has a very serious impact on our bottom line.
Right. If I look at your gross margin for the Branded business in the first quarter, if it was 66%, is that a range or level that we can expect you to keep going into second, third quarter?
We still are gonna stick with 63%, 65% over the year, right? With higher growth. We don't want to take one quarter and say we bump it up, but it's looking very, it's looking good. I think I'm more interested to see if our businesses grow correctly in both pharma and consumer health. That's our guidance. If our investments there in our Branded business continue to grow, it's a very good sign going forward. That happens, bottom line definitely should get better. It's not a, it's not a one quarter story, but if it continues at 8%, 12% remaining in the plus above the 10% growth rate, then we are doing good. Looks like it is good. Looks like it is moving in that direction. Yes. That's all I can say for the moment.
That's where our focus is. Our investments, our time, our energy, everything is being put on building and growing the Branded business.
Okay. Lastly, can you remind us the full year guidance for the Branded business again?
Okay.
Is that the mid to high single digit growth in volume or revenue?
Yeah, it is still there at that 8%-12%. We are still sticking with it. Maybe it will not be 8%, it will be 12%. That's the only difference that you can see. On an annualized basis, instead of being 8%, it will probably, if it comes out at 12%, you should see better results, right?
Next quarter.
Next quarter, maybe give us a little bit of more time. Maybe next quarter we can tell you a little bit better story.
Got it. Thank you.
Thank you. Thank you.
Anybody has any further questions? Yeah, Khun Nandika, you can please ask your questions.
Hi. Thank you for presentation. Hi, I'm Nandika from DBS Vickers. My question is on the Branded business. In the first quarter, we show very strong growth of the Branded business of like 16.5% YoY. Would you mind discuss a bit more? Is that driven by the price adjustment or mostly on the volume size? Do we see actually some benefit of stockpiling, regards of the Middle East conflict that had boost the 1st quarter sales for the Branded business? Or this is like only normal demand? Thank you.
Very good question. I think there is some, but not significant. Most of our markets we have not seen stocking. Generally, stocking only happened with the government, with hospital buying. In Thailand and Malaysia, we have some, but I think all the other markets we have none at all. The way we see, we have not seen additional buying. Here some part is there, but it's not very, maybe 1%, 2%. That's why I said if this is not 16%, 12%, we should grow. There's some impact of that stocking. Other than that, it's only in one or two countries, there is some product, very selective, which are going on government tender. The rest are not because there's no such stocking. Pharmacies have went overboard. We don't have excess schemes, et cetera, et cetera. Some are normal.
Sometimes in the end of the quarter also. Generally, December, we are seeing people buy more. The first quarter should be slower. Then if you look at history, December is a very big quarter for groups.
Same.
Same growth. It's not significant. Only one or two products we have seen some area like in We have seen very, but it's a very small percentage of the total growth in sales. That's why we think it's a, it's a, looks like a very steady part of actual business growth. That's not very significant. That's why we are still confident that the 8%-12% and closer to 10%, 12% is achievable over across the year.
The growth is coming from volumes, Khun Nandika. We have not changed the prices in the market.
Thank you.
No price in the market also.
Yeah.
Okay. Thank you. You mentioned that, the stocking impact would be quite limited. Does this imply that actually Q2 date you still see very strong momentum of the Branded business for now?
Yes. At the moment, yes, there is a small impact, as I said, small. Some of it is hard. Sometimes every quarter we also have a scheme where they stock more. If the price increase, they believe is going up, the retailer will stock more. This is not only because of this price. This is very common. It's not a very major, I think, not a very major impact. It's a strong growth. Having said that, we have to see the next quarters, and if they are also behaving that way, then guidance, we can relook at it, but we want to see how the next quarter does. Still 8%-12% , and we keep saying that 12% looks like 12% will be more achievable looking at how things are going. That's what we can say at the moment.
Our guidance remains at 8%-12% . Next quarter, maybe the team here will guide you best on how Q in the quarter and give you a better flavor of how the whole year will look like.
Thank you, ha.
Thank you.