Good morning everyone, and welcome to the financial year 2025 results. I'm Íñigo Díaz, part of the Investor Relations team, and together with us is Alex Arteche, Chairman and Chief Executive Officer, Luis María Pérez, General Manager, and Ixone Vicente, Chief Financial Officer. You can access this presentation through our website www.arteche.com. During the presentation, all participants will be muted. At the end, we will open a Q&A session. If you want to ask a question, you can do it by pressing the asterisk followed by keypad five. I give the floor to Alex Arteche.
Good morning. Thank you, Íñigo, and thank you for joining us on this call to present our results for the 2025 financial year. I'm Alex Arteche, Chairman and Chief Executive Officer of Arteche Group, and I'm joined today by Luis María Pérez, General Manager, and Ixone Vicente, the Chief Financial Officer of the group. It's a pleasure to share with you the close of a particularly positive year for Arteche, not only from a financial point of view, but also because the important strategic milestones achieved during this year. As many of you already know, the thirtieth of January, the CNMV authorized the transfer of Arteche from BME Growth to the main market. Since the second of February, our shares have been listed on this market. This step represents a key milestone in the group's history and reflects the degree of maturity and consolidation it has achieved.
For Arteche, this achievement confirms its solid and sustained growth, both in financial terms and in key areas such as corporate governance, ESG criteria, and alignment with the highest market standards. Today, we can say that Arteche is a robust industrial company, well-positioned and with a clear value proposition within its sector. In today's presentation, we're going to give you an overall overview of the year, the main figures, and we will conclude with what we expect for 2026, and we will do it among us three. Before going into detail about the figures, I would like to remind you that as a result of this market change, we have converted our financial statements from the Spanish General Accounting Plan to international standards, IFRS.
All information relating to this conversion is available on our investors website in the Investors Corner section, and in the appendix, you will find a specific slide showing the main impacts of this conversion. Now let's move on to review the main financial figures as well as the milestones for 2025 financial year. The key messages are very clear: growth, improved profitability, and solid value creation, all while maintaining a very healthy financial structure. Firstly, in terms of order intake, we achieved EUR 590 million, representing growth of double digits, 16% compared to 2024. This order intake provides visibility of future revenues. In terms of revenue, for the first time in the group's history, we exceeded the EUR 500 million mark with solid growth of 15%.
This milestone reflects not only a higher volume of activity, but also a consistent operational execution throughout the year. From a profit, profitability perspective, we have good news. The progress has been particularly significant. The direct margin improved by 170 basis points compared to the previous year, standing at 37.3%. This is directly reflected in the EBITDA, which reached EUR 80.5 million with a year-on-year growth of 43.6%, vis-à-vis the previous year. This EBITDA margin expanded by 310 basis points to 15.8%, clearly exceeding the strategic benchmarks, and it confirms our ability to convert growth into profitability. All this has been achieved while maintaining a very solid financial structure.
Net financial debt to EBITDA, even including inorganic operations, stood at 0.3x ratio at the end of 2025, compared to 0.5x at the end of 2024, levels that we consider very comfortable, and it gives us the ability to approach growth. In addition, free cash flow for the year amounted to EUR 25.8 million, reporting our financial flexibility. Finally, consolidated earnings almost doubled, reaching EUR 45.3 million, representing a year-on-year growth of 93.4%. Overall, 2025 has been a very good year, where we've created tangible value, where we not only have grown, but we have done it in a profitable, disciplined, and sustainable manner, laying a very solid foundation for the next cycle of growth.
Let's have a look at the year from a qualitative perspective and the progress of corporate development. Recalling the pillars of the 2024-2026 strategic plan, Energizing Future Together, we continue growing and strengthening our leadership in high voltage and relays, and improving our market share in key markets such as United States, Australia, and the United Kingdom, which are very important markets for us. All this is thanks to an excellent execution of the roadmaps defined in each of the business pillars, which combine product development, organic growth, and reinforcement through alliances and acquisitions, such as the addition of Amets RTR in the power quality business or Arin Technologies in the grid automation and digitalization business this year.
We continue building this future with a long-term vision that characterize us based on the three pillars of our strategy, innovation, sustainability, and talents. Luis will go into more detail later, but I would like to highlight that this year we have made significant progress in our ESG objectives. We have transformed our range in new products with a new automation, a new protection and control range, which is already in market. We continue to move forward, turning innovation into business opportunities and accelerating and strengthening our capabilities in line with our inorganic growth plan. Let's move on to the next slide, where we will see our roadmap and the group's ESG performance. As I have mentioned in many occasions, sustainability is an intrinsic part of Arteche.
It's not something new for us, but rather a strategic focus that has evolved and gained importance as the company has grown. We are moving firmly in the strategic plan and our commitments to sustainability. This is shown in the improvement of our ratings. At EcoVadis, we have improved our score to 73 out of 100, placing the four areas assessed: environment, labor practices, and human rights, ethics, and sustainable procurement. We retain our silver medal, which places us in the top 15% of all companies assessed. If we compare ourselves only with our companies in our sector, we rise to top 6%.
At CDP, we raised our rating from B to A minus, which places us as leaders and recognizes the implementation of best practices in decarbonization, climate risk management, and transparency. All these advances reflect a cross-organizational effort and reinforce the credibility of our ESG approach. Moving on to the environmental objectives that you can see on this slide. In the reused or recycled waste, we reached 89% compared to 69% after the previous financial year, bringing us very close to the 100% target set for 2030. In terms of reducing our carbon footprint, we have achieved a cumulative reduction of 22%, moving towards our target of 2030. It should be noted that we have changed the base year to 2023 as we are registered with the SBTi, which is the Science Based Targets initiative.
This is an initiative that helps companies to set clear and measurable goals to reduce their greenhouse gas emissions based on scientific criteria. In terms of renewable electricity consumption, we have reached 72%, exceeding our internal target for 2025, and getting close to the 100% goal. We have plants that are operating at 100% renewable electricity. In the ESG, and the social sphere, with people at the heart of our strategy, we're also moving forward. In terms of equal opportunities, we have reached 33% of women in management positions, exceeding our internal target and making solid progress towards 40% set to 2030, and this is for 2030. In health and safety, and the fact that people who work in Arteche go back home safely, we are moving forward in our commitment.
Our commitment is very clear, is to move decisively towards the goal of zero accidents by 2030. Finally, in governance, we have strengthened transparency and internal control. We have adapted in 2025 our procedures, regulations, and corporate policies to the requirements of the main market. We have continued to make progress in the implementation in the risk management and financial in SCIIF, which is mostly implemented in all geographical in most geographical areas, and with the aim of achieving a system fully audited by a third party by 20, thirty. We have also made progress toward the goal of having an equal board of directors by 2030. In short, this is a long-term journey, but the progress we are showing today demonstrates that we are achieving significant milestones with ambitious and measurable goals.
Our aspiration is clear: to continue building an Arteche Group with a positive and lasting impact, integrating ESG principles in all business decisions. Just to summarize the first part of this presentation, if we move on to the guidance that we share with all of you in the results presentation the first semester last year, we can confirm today that we have exceeded our plans in terms of EBITDA as a EBITDA margin. Both are above the expectations communicated and demonstrating the group's operational strength and the quality of the plan's execution. I would like to mention that the data that we're seeing here is the comparison vis-a-vis the general accounting plan, which was the guidance that we gave and which refers to the strategic plan.
As I said at the beginning, the comparison, you can see it on this presentation at the end of the slides. This performance reaffirms Arteche's ability to generate sustained, profitable growth, while reinforcing the company's credibility in delivering on its strategic commitments and our position to continue creating long-term value for shareholder, shareholders. This is an overview for the year, and I would like to give the floor to Luis so that we can look at the businesses.
Thank you, Alex, and good morning. Next, we will give a brief overview of the three product pillars that make up the Arteche Group's portfolio. The first pillar, which is the largest in terms of percentage volume, is measurement and monitoring. Instrument transformers, we tend to call it. Arteche has a very wide range, probably the widest on the market, both in terms of voltage levels and the technology used. In 2025, we have focused on two areas. Firstly, the development of new and more sustainable equipment, and secondly, increasing our production capacity to meet market demand. With regards to sustainability, what we've done on this product range, we have introduced new optical technology equipment for HVDC projects, and we have replaced SF6 isolations with clean air in both auxiliary service equipment and in medium voltage equipment. The second focus is related with the capacity.
We have made investments in Mexico with the opening of a new high voltage lab in November 2025. In this way, we can access clients in the U.S., and we have increased our production capacities in China and Spain. The second pillar is grid automation. The two focus have been, on the one hand, the industrial efficiency and on the other, the business development activities. With regards to industrial efficiency, we see a consolidation of industrial activities with a plant in Mexico so that we can be more efficient. Secondly, we see the creation of a joint company with Redeia through Elewit, which is the mechanism joining companies that generate solutions on automation for grids.
Finally, the third pillar, which is the grid efficiency, has undergone the greatest transformation in the past year with inorganic activities. As Alex has said, in June, we acquired a company in Madrid, RTR, located in Pinto, Madrid, and specializing in capacitors and power quality solutions. Then, we have formalized another joint venture called Amets, in Mondragon, and it's about developing power electronics, and we will see products in the following months. Before we begin to review the order intake and turnover figures in detail, I would like to recall the main milestones for 2025. Alex has mentioned them, but I think it's a good idea to reinforce them. As we said, we reached nearly EUR 600 million of order intake and EUR 500 million in sales. We are growing above the market.
On top of that, our direct margin has increased significantly. Both the EBITDA as well as the final result has reached very positive figures. Indebtedness. Our debt level is very low, even after the inorganic operations carried out, despite that we have carried out inorganic operations. On the next slide, I'm going to talk about order intakes and contracts. Well, we usually show this slide, and we give two views. On the left-hand side, geographical information, while on the right-hand side, we look at the three business pillars. I would like to recall that Arteche is organized into four regions, EMEA, NAM, North America, Asia, Pacific, and Latin America, and all of which experienced in order intake double-digit growth. Furthermore, the region with the highest percentage growth, it's APAC.
It's precisely the one we have declared as our main growth objective in our 2024-2026 strategic plan.
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We were talking about order intake before it was cut off.
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Apologies for the technical glitches.
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I'm going to continue talking about the order intake. On this slide, I was saying that on the left we had the geographical information. On the right, we look at the product lines. In terms of the geographies, all of them have double-digit growth. I'm going to go a little bit quicker to catch up. The region that grows more is the APAC, where we had a smaller market share. We are very diversified geographically. Business group 10 markets all belong to the EMEA and two to NAM and APAC and LATAM respectively. If we shift our focus to the three business, we see that the pillar that is growing the most is network reliability, which in turn is the one with the most inorganic activity. Although this has not been fully reflected in the figures.
The RTR acquisition was done in June. To conclude, I would like to point out that we have increased our portfolio to more than EUR 355 million, which is equivalent to around seven months of turnover in 2026. The book-to-bill ratio is stable around 1.16. On the next slide, on page 12, we can see the revenue by geography and by segment. We have two views by geography and by pillars. On the geography side, we see strong growth, except for Latin America, where the sales of 2025 refer to the order intake of 2024. In 2024 we had fragile markets, especially in Argentina. We will hope that it will recover in 2026.
In terms of business lines, percentages are kept for all our lines and we will increase 15%, which is above the market. I'm sorry for the interruption. I give the floor to Ixone.
Thank you, Luis. Thank you to all for being connected. Well, moving on to the next page, we begin our analysis of profitability. As usual, we begin with the direct margin, which for us remains the main indicator to measure profitability and to measure the quality of business growth. Remember that direct margin includes all costs directly related to the product, material costs, direct personnel costs, and other direct costs such as logistics and commissions.
This slide clearly shows a sustained improvement trend over recent years, culminating in 2025 in a direct margin of 37.3%, which represents an increase of 170 basis points compared to 2024. Beyond the percentage, growth in absolute terms is 18.6% above sales growth, which translates into a direct margin of EUR 191.3 million. This is thanks to the ongoing efforts of the Arteche team and initiatives that we have been implementing for several years, which continue to yield results. In summary, I would highlight four main levers. First, a pricing and product mix strategy focused on protecting and improving the commercial margin. Secondly, improvements in operational efficiency, both in labor productivity and in the optimization of industrial processes.
Thirdly, efficient supply chain management with control of material and logistic cost and optimization of the mix of external and internal suppliers. Finally, last but not least, the launch of our new products and in the redesign of existing products. The work of our R&D department, which translates into more competitive and profitable solutions. This has contributed to improving the margin. I would like to highlight that the margin has improved in our three business segments with particular strength in the measurement business. The following slide shows the evolution of EBITDA, where we again see a sustained growth in profitability over recent years.
In 2025, EBITDA reached EUR 80.5 million, representing 15.8% margin on sales, an improvement of 310 basis points compared to 2024, far exceeding the targets set in our strategic plan for 2026. EBITDA growth is mainly driven by higher sales volumes, supported by a very good position in the sector and by initiatives to continuously improve operational productivity that we referred to talking about the direct margin. Apart from that, the structural expenses stood at 22.2% of sales, down 60 basis points compared to 2024, reflecting a better absorption of fixed costs. Higher volume, higher operational efficiency and greater fixed costs leading to EBITDA growth of 43.6%, well above the 15% growth in sales.
Like in direct margin, I would like to highlight that the ratio to EBITDA is improving in all three businesses. All three businesses are contributing positively to this increase of EBITDA, and this is thanks to our good position in the market that allows us to grow in a more profitable and sustained manner. If you look at the indicator in 2023, we are around 11.3% of margin over to EBITDA, and in 2025, we are at 15.8%. We have improved 450 basis points during these two years of the strategic plan. Moving to the next slide, let's talk about the consolidated year result for this year, and which clearly reflects our commitment to long-term value creation. Here you see the evolution over recent years.
2025 marks, however, a very significant turning point with a profit growth of 93.4%, reaching EUR 45.3 million. We see that this is not a one-off progress. This is the result of a very consistent trajectory in recent years. In 2023, we had EUR 15.2 million, EUR 23.4 million in 2024, and finally EUR 45.3 million in 2025, practically doubling profits in a single financial year. This is driven by the good performance of the business. Apart from that, over these past two years, we have reduced both the financial burden as well as the tax rates, and reinforcing thereby the impact of the operational improvement on the financial results. The profit grows at a higher pace than the activity.
We see this in the earnings per share, which rise from 0.41 EUR in 2024 to 0.79 EUR in 2025. In conclusion, we've grown strongly and we have consolidated. We have created value. In line with our commitment to distribute dividends. We distributed EUR 9.4 million in 2025, which is a dividend of 50%. The board of directors will propose to the general shareholders meeting the distribution of the 50% dividend in 2026, which will amount to EUR 22.6 million. This will be more than double. To conclude the more quantitative part, we will need to talk about debt and cash generation. Can't see the slide right now.
We will show this slide, how we go from net debt 2024 to 2025. We start with cash generation from EBITDA. First of all, with a CapEx that amounts to EUR 25 million, 5% of sales. This CapEx is organic, and we distribute it in four blocks. We have maintenance CapEx for process digitalization to improve operational efficiency and accelerate the group's technological modernization, CapEx for capacity expansion to meet growing demand, and finally, R&D CapEx aimed at expanding our product portfolio and developing more sustainable and more digital and more profitable equipment. Among the most significant investments of the year are the expansion of facilities in Mexico, the opening in November of the new ultra-high voltage lab, and progress in the expansion of plants in China and in the Basque Country.
These investments we are accelerating in response to growing demand in EMEA and Asia Pacific. After CapEx, the cash flow includes financial expenses and taxes, which account for approximately 2% and 3% of sales, respectively, as well as working capital requirements. With regards to the working capital in 2024, we saw significant improvements. We reduced working capital despite the growth in activity. In 2025, we have made progress, and we have reduced inventory days, and we have improved collection periods. Free cash flow amounted to EUR 25.8 million, representing a cash conversion rate of 32% of EBITDA. If we exclude expansion CapEx, this conversion rate rises to 25.8%, well above the strategic plan guidelines. Then we have cash outflows associated with the dividend and inorganic operations.
All in all, net debt stands at EUR 22.7 million, implying a ratio of 0.3x the EBITDA compared to the 0.5x in the previous year, 2024. Moving on to the graph on the right, which is our usual graph on this results presentation. There you can see the structure of the gross debt. We maintain a diversified structure with 41% bank debt, 50% institutional debt, and 10% from our promissory note program.
In line with our financial risk management policy, 79% of loans are fixed rate or hedged, bringing the average cost of debt to around 3.4%, slightly below 2024, with an average maturity of three point five years, considering that we have EUR 58 million in loans and the still undrawn, the maturity extends to five point one years. In summary, we continue to strengthen our financial position with a clear focus on cash generation and a diversified, efficient, and well-sized financing structure. I would like to hand over to Alex for conclusions and to get the outlook for 2026.
Thank you, Ixone. We've seen 2025. Let's have a look at 2026, a year that has already started.
Before looking at 2026, I'm going to summarize what we've seen and the main conclusions of this year. This is the basis of what we're going to have ahead of us. 2025 has been a year of very good performance and a clear value creation for shareholders. I would like to highlight the main topics. We have grown at double digit, at 16% and in a sustained manner, and which is backed by a strong demand and by our market position. This provides us a very solid basis for future growth, and as Luis has said, a high visibility for this year. Secondly, we have improved profitability, one of our key pillars in our strategic plan. EBITDA has increased by 310 points, and consolidated earnings grew by 93.4%.
It's reflecting disciplined operational execution, effective cost management, and the positive impact of all our actions on efficiency, innovation, and pricing strategy, as Ixone explained. These improvements are not one-off. They come from structural levers that strengthen our competitive position and turn sustainable progress into profitability. Continuing with key points, we are advancing our network reliability strategy, strengthening our technological capabilities, and incorporating more innovative solutions. At the same time, we continue to expand our digital portfolio, in line with the objectives set out in our strategic plan. This will allow us to leverage opportunities in the sector and grow in the future.
All of this has been achieved while maintaining a clear and consistent focus on our ESG 2030 objectives, integrating sustainability and long-term value creation, which is key to have a profitable growth and a sustainable industrial project. Finally, the market is recognizing this performance. The share price has risen by 201% during 2025, reinforcing our confidence in the path that we are taking. A path on which, on February 2nd this year, we took a major step forward by joining the main market of the stock exchange. This milestone marks the beginning of a new stage that we are approaching with responsibility, ambition, and the same spirit that has brought us this far.
In short, we close 2025 that we consider as an excellent financial year, with Arteche being stronger, more profitable, and better positioned to continue growing and creating value in the coming years. Let's look at 2026. Let's see how we. What's the outlook. The year has already started, and first, we see that the market is strong with growth opportunities in all the geographical areas. Secondly, we are investing in capacity, as Ixone and Luis have referred to this, to respond to market demands and to anticipate the market demands. We will see the results already this year. We see growth opportunities in the network reliability pillar in businesses such as power quality and storage, thanks to the investments made in 2025 in RTR, in Amets and Teraloop in storage.
We continue to improve efficiency, as Ixone mentioned, by incorporating technology in automation, digitalization and AI to improve our processes to be more efficient, more agile and more flexible. Finally, 2026, this is the year which we will present our new strategic plan for the period 2027-2029. In short, 2026, it will be full of opportunities that we want to continue to grow. With this vision for the year and moving on to the next slide, number 21, you can see that we wanted to share with you an outlook for the end of 2026.
We are starting the year with sufficient visibility in our order book and are forecasting an ambitious range that places our sales at the end of the financial year between EUR 555 million and EUR 585 million. EBITDA, a double-digit growth, that will be between EUR 88 million and EUR 95 million, and the EBITDA margin between 15.8% and 16.3%. Although the figures in the strategic plan expressed in the accounting plan, our outlook for 2026 is very positive, comfortably exceeding the guidance in the strategic plan. With that, we conclude the presentation and open the floor for questions. Thank you very much. We are ready to take questions.
Thank you, Alex. We will start the Q&A session now. As a reminder, if you want to ask a question, please type asterisk and five on your keyboard. There are some questions. A question from Nikola at Kutxabank Investment. Thank you. The first question. She congratulates.
And you talk about the mix of sales. Can you break down how much is volume and how much is price? The second question, the performance. What is projected for 2026 capacity? Can you give us an update given the capacity extensions in Mexico and China, how they're performing? What's the percentage that you have extended? If you can talk about the CapEx increment that you see for 2026. Do you have any other extensions planned? The fourth question, guidance. Considering the figures in the second semester and considering the pricing sector that is favorable, why do you expect the reduction of the margin for next year?
Well, many things, Nicola. Should I take the first one?
Venga, Alex.
With regards to if I can come back to the question, please. Ixone, correct me if I'm wrong. The sales mix, a third is price and two-thirds is volume. Within the volume, we need to distinguish between market organic growth and the market share growth. Although differences depending on product line and geographies are very complex, and we need to know this or analyze this case by case. Just as a overview, I would say one-third price, one-third the market, another third, the fact that we are able to increase our market share being more competitive. Next question.
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As you know, we explained this in previous result presentation, we started to expand capacity in 2025. We focused on extending capacity in Mexico and China. When we're talking about capacity, we are referring to the measurement pillar, high and medium voltage, and these extensions meant 35% or 40%.
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The ones that we have ongoing are China and the plant in Munguía, which wasn't expected at the beginning in the strategic plan, but given the great growth in EMEA, we decided to invest here in capacity. Combined the capacity increment by 2026, China will be in two phases. One will finish in 2027. It will be a capacity increment of around 25%. This is all high voltage. Marien Fernández referred to medium voltage for 2020, 2025. The acquisition of the plant in Turkey and in Indonesia, the capacity increments will be around 40%. This year in Indonesia, we are changing plant in order to extend capacity too. Another question related to the margin. If you allow me.
We are reassured with regards to the performance of the company. We have a good visibility, but the macroeconomic environment is quite volatile in a way. There are still some threats with tariffs, and every week we have a different story, so we prefer to be conservative. One of the main markets is the U.S. We're being conservative, but we believe is that the market trends are very good. The markets, we believe is going to be growing, for the electrification process is unstoppable and all these metrics help us. Nicola, just to remember what Luis said. Well, you get to know us. We like to honor our word, and we have internal efficiency levers and costs, but we are also looking at the evolution of different variables or personnel variables.
We are suggesting a guidance in the margin, which is good and which is above the expectations, and we think that we can achieve.
There's a question from Lucas. Considering this growth and the evolution of the share, do you have more capital? Do you have more investments? Would you be thinking of buying new companies?
Thank you, Lucas, for the question. Our plan, as you know, is a growth plan, both organic and inorganic. Organically, we are gaining capacity so that we can respond to the demands and that's what we're doing. With regards to inorganic, we want to reinforce our capacities geographically in some countries, mainly looking at Asia and the U.S.
We are reinforcing our technological capacities and in those businesses that are growing faster at a geographical level. This is part of the strategic plan. We are active in those opportunity access, and we will see, depending if or interesting opportunities emerge that we believe create value in the future. Considering that having a financial discipline that doesn't exceed the specific ratio, we will go to the market if needed.
Thank you, Alex.
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We will move on to the questions via phone. If you want to ask a question, press asterisk and five on your keypad. It's from Iñaki Echeveste at Santander. Thank you. You have the floor. We can't hear.
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Iñaki, if not, I don't know whether you can write it because we can't hear.
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Now we can hear.
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I didn't ask for a question. I think it was a mistake.
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We have another question.
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From the U.S.
Hans Alingen.
We will answer the question in Spanish, and the translator will translate the question from Spanish into English. Go ahead.
Please go ahead with your question. Please. Hello? Any question from AlphaSense?
Then we move on to the questions on the chat. There's another question by Nicola from Kutxabank Investment, and she asked about the optical transformers, about the HVDC. What are the sales figures, and what do you expect for 2026? And again, congratulations for your results. With regards to optical transformers, is one of the lines where we've grown more in recent years, and it allows us to have a visibility in the long term, because these kind of projects have an multi-annual execution deadlines. We have contracts with the main players up until 2032. I don't know, Ixone, if you have growth figures.
In this business we've been growing a double-digit rate above 20%. We have grown a little bit more. The outlook for 2026 in this regard is to be similar. We are closing projects with the main players, with General Electric, with Siemens on long-term projects. The extension that Ixone Vicente referred to of the new plant that we are installing refers to the need to be able to manufacture more optical equipment. That part will be dedicated to optical transformers. On this plant, a lot will be dedicated to optical transformers. Complementing what Ixone and Luis said, in the optical technology, we consider it will provide a lot of value to network digitalization.
We are not only working on improving and extending the business line in DC, but also extending our growth in other opportunities that open up in grids and extending the technology that we already have. We do see a growth opportunity for the future.
If there are no further questions on the chat, we close the Q&A session. I'll give the floor to Alex to close this session.
Thank you very much for joining us and giving us your time this morning to hear our results, a year that we consider very good. Over the next few days, we will be on a roadshow tour, and our investor relations team will be available as always to answer any additional questions or queries you may have. We hope to see you soon, and thank you for supporting our exciting project. Thank you very much, and see you soon.