Good morning, and welcome to Grenergy's H2 2023 results presentation. I am Alberto Sánchez, Head of Investor Relations. I'm joined today by David Ruiz, our CEO, and Daniel Lozano, our Chief Strategy and Capital Markets Officer. They are going to take you through our business, financial, and ESG review. At the end of the presentation, there will be a Q&A session for sell-side analysts. I hand over to our CEO, David Ruiz.
Thank you, Alberto, and good morning, and thanks for attending. I'm gonna kick off with the presentation. So moving to slide three, going to the key messages, I think we've had very strong operation execution with far expansion in solar assets, both in operation and under construction, and as a total platform, and also storage, right? In the three core geographies where we are in Latin America, and the U.S., and in Europe. Talking about the PPAs, we have so far signed 1.5 gigawatts. I think this is quite remarkable, and we have 1.5 gigawatts under negotiation, with negotiations going on in the three geographies. In this H2, we have signed 825 megawatts.
I think having this amount of contracted revenues is giving us high earnings visibility and well I think predictability. We have € 2 billion of revenues signed over the next 15 years. I think as long as the sun keeps shining, as we always say, and off-takers, which are most of them investment-grade, honor their commitments, I think we are giving a lot of visibility. Talking about Valkyria, it's... I'm sure there will be some questions in the Q&A, but it's fully on track. We have rotated 100% of Belinchón, I think, plant. This is 150 MW at an excellent price. We are getting close to € 90 million of cash proceeds.
I think this deal will be reflected in the second semester. The rest of Valkyria, it's ongoing. We will give more light further on in the presentation and in the capital markets day we will have in November. We have, I think, a solid set of results in the H2, in the first semester. Strong revenues driven by development and construction. We've already more than 1 gigawatt of assets under construction. EBITDA up 8%, driven by the energy business. There were no disposals, no farm downs in the Q2, so we expect an exponential growth in Q3, both in our IPP division and build to sell, due to the rotation of Belinchón.
Going to IRRs, right? They remain stable at double digits. I think we are in a very good situation now, with PPAs being signed and being closed at good prices, and we are having all-time lows in CapEx, right? Per megawatt. I think we'll give more information in the presentation, right? There is going to be, once we consider the rotation of Belinchón, which is not yet reflected in at the end of June, but it will definitely be reflected in the second semester, there will be a substantial deleverage on a pro forma basis, and our leverage will be below three x EBITDA debt, right, in pro forma terms. At corporate level, it will be below one.
So it will be a dramatic change in the global situation of our balance sheet. We can say we are fully funded for 2023, 2024. That's the key message. Now, you know, we are not expecting any capital increase, at least in the next two years. And, well, thanks to the equity, to the asset rotations we are doing, we can say we are fully funded, at least for the next two years. Going to... Well, I leave the ESG messages. I think Daniel will give more light later in the presentation.
But the objectives of Q2 have been really accomplished, the objectives we had in the roadmap. There is a new roadmap in progress, right? It will be approved in November, and I think we'll give more information in our Capital Markets Day. And once again, we are very proud. We keep receiving extremely high, good ratings in the major ESG ratings. I think Daniel will give you more information, like ISS, CDP, MSCI, and Sustainalytics. Moving to the next slide, just very quickly, our total platform reached 15.7 GW. This is 1.7 GW higher quarter-on-quarter.... We continue feeding the pipeline in identified opportunities and early stage, which is the basis for future growth.
We will see a dramatic increase in the number of advanced development projects in the coming quarters, and also backlog. I think in the next update, some large new projects will be under construction as well, right? Once again, we like to stress that it's very important we start developing the right today, the right staff, the right projects we're gonna need for four, five years from now in the three regions where we operate. Well, in the next slide, you can see we have a very balanced portfolio between the three regions. W e have 4.5 GW under development in the U.S.
We have a little bit more than 5 GW in Europe, right? And that's mainly Spain, but also Italy and Poland are catching up. Those will be very important markets for us in the future, as early as 2025. And in Latin America, which for us is mainly Chile, we have more than 4 GW. And I think, well, the good news is, well, Mexico is back. It still is not very mature pipeline, but we have—we believe that it will be an important market for us once again, from 2026. So again, it's very important we start developing now. We work very hard in the projects we're gonna need in three, four years from now. There is...
Looking at Europe, it's also very important, Germany. For the first time, we are showing identified projects in identified opportunity. We are doing a very important effort. We have close to 20 people in our development team in Berlin. And again, we believe it's a long-term bet. It's a long-term part of a long-term strategy, but we hope it might become also a very key market for us as early as 2026. Moving to the next slide. Storage, it remains very important for Grenergy. I think we are early movers here. We expect storage to be a game changer for the industry. Our pipeline reads for the first time well 10.7 GWh, right?
This is above 10 GWh, and this is mainly driven by Chile. Chile is going to be one of the greater, greatest testing laboratories for worldwide, for co-location of solar and BESS. It's also happening in other parts of the world, like California, right? But other regions are also catching up. We are already active in six markets, and I think, one point we will be developing storage in every single market where we are, both in standalone and in co-location, hybridization with solar. And once again, we believe it's going to transform our industry, and well, we will give a lot of information in our Capital Markets Day about our strategy in storage, right?
Going to the next slide about PPAs. You know, it's so important. PPAs are critical to obtain financing. It's all about developing the right projects, matching the projects with the right PPAs in every region where we are. And we are very active in the three regions. We've been announcing more PPAs. Very recently, we announced our first PPA in Peru for solar with Enel. There will be new announcements in the three regions in the next few weeks. Even in the U.S. I think before the end of the year, we will announce our first PPAs. We have several ongoing negotiations with mainly with corporate and utility off takers, right?
Just to again give some of the figures, we have signed only in the H2 of the year 825 MW of PPAs. We have already signed more than 1.5 GW globally. This is 1.1 GW in Spain, but also 0.3 GW in Chile, 0.1 GW in Peru, and we have 1.5 GW under negotiation in the three geographies, and most of them will be signed and announced before the end of the year, right? We keep contracting on average around 75%, between 75% and 80% of the output of the projects, right?
It's a case-by-case strategy, but on average, we are contracting between 70% to 80%, and we are leaving 20% to 25% maximum merchant. Right? Again, we have already € 2 billion of contracted revenues for the next 15 years, and this figure keeps growing by the day as we sign more contracts, right? Valkyria. The Valkyria deal was announced in June. I think we are very close to finalizing the deal, the moment it is fully signed, we will let you know. It will definitely happen in the second semester. It's the first milestone of Valkyria process, right?
Escuderos, well, we decided, right, to break up the process in two buckets, as we stated in this slide. Assets in operation on one side, assets under construction on the other, right? Because we found out that there were different buyers, different investors with different interests and different risk profiles. So within the first bucket, we rotated finally, instead of rotating 49% of everything, which was our initial idea, we finally rotated 100% just of Belinchón, due to the excellent price conditions received, and it was much higher than our initial valuation, right? Well, as we already explained, we are getting close to € 90 million in cash proceeds, € 70 million in capital gains.
We're talking about 1.7x enterprise value compared to invested capital. So those were excellent figures, and we decided to keep 100% in Escuderos. Escuderos is an operational plant, as you know. We have applied for the Next Generation EU Funds for BESS, and we believe it could be our flagship of storage in Spain, as early as maybe two years, one or two years from now, right? And the second milestone remains very well on track. We expect... restricted now, but we expect to provide information very, very soon. Yeah. Well, I think about the key operating and financial data, we are providing a lot of information. We might be able to get more in detail in the Q&A.
I think we are expecting a very good, considering we are already, I think it's September 27. We already have some information about the Q3, right? We've had an excellent quarter in terms of generation, right? Considering that all plants are full speed. Belinchón is already operational from early August, and we had a very good summer, also, in some of the assets in Latin America. And I give the floor to Daniel for the financial review. Thank you.
Thank you, David. So, let's move to the financial review. If you look at slide 10, we can see that in Q2 2023, total revenue reached € 225.8 million. That is 110% increase, more than twice the previous year's figures, and EBITDA increases to € 21.7 million, that is 8% increase. The development and construction division was driven by the disposal of two PMGDs projects, you know, distribution assets in Chile, with € 11 million, with high margins. Even though during this quarter, there has not been any rotation, this division is expected to generate record cash flow contribution from rotation of assets like Belinchón, producing around € 70 million EBITDA. The energy division was driven by higher output, 44% of new capacity, mainly in Chile and Colombia, and better load factors.
Retail supply business in Chile is still negative, at € 1.7 million. However, we expect a positive second semester of the year, that will enable this division to be, EBITDA neutral in 2023, and to be EBITDA positive from 2024 onwards. Moving on to slide eleven, we can see that in the first H2, total CapEx reached € 187.6 million. That is more than 2 x the previous year's figure, reflecting the acceleration of our execution. Project CapEx was € 172.4 million, split thirty-seven percent in Spain, mainly Belinchón, and the rest, Latin. Development CapEx is expected to accelerate in the second semester of the year. CapEx per megawatt is at all- time low, with panels, as you may know, at $0.15.
Now, CapEx is around € 0.44 million, thanks to the expansion of the global industrial capacity and polysilicon production. Due to CapEx deflection and PPA levels that we are now closing, returns remain stable and attractive at double-digit levels, that is offsetting the impact from higher interest rate. So let's go to the next slide, which is number 12, which explains the cash flow for the period. Significant working capital recovery, € 24 million outflows in first semester, versus € 51 million in Q1 2023, due to the unwinding of supplier debt, an increase in CapEx that has been mainly funded with project financing for Belinchón, € 90 million, and Gran Teno and Tamango, $150 million that were signed in first H2. And we are closing the period with a cash position of € 123 million.
Net proceeds from Belinchón will have a positive effect in our treasury balance position of close to € 90 million. Now, if you can look at slide 13, our net debt has increased to € 127 million, producing a 10.4x leverage ratio. This was mainly driven by the increase in CapEx. 2023 and 2024 will be capital intensive, as we have large projects under construction in Spain and Chile, mainly. However, if you consider the pro forma ratio, after just selling one of the projects, considering Valkyria, Belinchón, we will have had a pro forma net debt of € 354 million and a total leverage ratio of 4.6x in first H2 2023.
Likewise, our corporate debt will have been at € 67 million, and our corporate leverage is just 2.6 x. Also, bear in mind that our leverage ratio is also affected by the timing of our investments and when those investments become productive and producing EBITDA. We are fully funded for 2023 and 2024, taking into consideration the contribution from our assets in operation, further recovering working capital as well, and the Valkyria transaction, and the rest of build-to-sell strategy we have in place. We will host a capital markets day in November, where we will present you with our growth plan that will be self-financed with our cash flow generation, as previously explained. As explained before, I will present the ESG part of the presentation this time. Let's move on to slide 14.
So, I'd like to begin emphasizing the importance of ESG matter at Grenergy, as they directly affect each of us. Today, I invite you to stay engaged with our ESG initiative in the Q2. I'm delighted to announce the successful completion of our three objectives for the Q2. We have developed and published our information security policy. We've presented result of the first employee performance evaluation process. We conducted ESG training focused on sustainability ten and regulation for our management, committee, and board of directors. Additionally, we are well on track to meet our goals for the Q3 and Q4 , including the development of new Grenergy sustainability strategy, 2024 to 2026, which will be crucial milestone in this year. It will be presented at the next Capital Markets Day, November.
Finally, in slide 15, regarding our ESG performance and strategy, we are committed to maintaining our leadership position in prestigious ESG rating agencies like CDP, Refinitiv, Sustainalytics, MSCI, DJSI, and ISS. Our scores have increased compared to the previous year and outperformed our peers. However, we keep working to address identified gaps and areas for improvement to secure our top-ranked position in 2023. That's all from my side.
Thank you very much, Daniel. We are now moving to the Q&A session. If you have any question, please send a message to the administrator using the chat available in the tool. Just let him know that you want to ask a question. You don't need to write it down. Please limit to one question per analyst. Let's give some time to receive questions.
I think Fernando is raising his hand.
Okay.
Maybe you might need to...
Yeah. First question-
Unmute me.
Yes.
Yeah.
Please unmute Fernando from RBC.
...From my perspective, hi, can you hear me?
Yes. Yes, well, Fernando. Hi, how are you doing?
Hi, very well, thank you. And thank you for taking my question. I am going to stick to just one with a little bit of some angles. In terms of asset rotation strategy, you know, so in this slide about Valkyria, so we can see some changes there, no? So looks like now you are looking to sell three assets in Spain in the short term. For these assets, so that they account for around 500 MW, should we expect 100% minority stake, no? I say this because, I mean, it's we are talking valuations, let's say, of around € 1 million per MW.
You do 100%, taking into account that you have already Belinchón. That means that you will be debt-free, you know? So they are probably one of the angles I would love to try to speak or try to ask about capital allocation, no? I know that that is probably something that you are going to speak in the CMD, but you can put some flavor there. I want your thoughts at the moment about that, that would be appreciated, no? And then, as well, if you can tell us a little bit about valuations, probably will be fair to say that maybe valuations at the moment are lower than when you sold Belinchón.
But taking into account the lower CapEx, maybe capital gains will be similar to that Belinchón asset sale, or that would be fair to say. Thank you.
Thank you, Fernando. And then Mayari, you will mute Fernando. It's a bit noisy. Thank you. Well, as you say, well, we with Valkyria, the whole idea is maximizing the value for the company, for our shareholders. Well, it. The initial idea at one point was finding a single partner for 49% of all the portfolio. But since the process has been advancing, I think we found that there were two very different buckets, right? On one side, the operational projects, already financed, so pure equity deals.
At one point, we reached the conclusion that it was a better option for the company, maximizing value, rotating 100% of one of the assets, which is Belinchón, and keeping the other 100% interest, right, in Escuderos, which is a fantastic opportunity to be our flagship in storage in the next wave that we expect in the Spanish market. For the rest of, you say 500, we are not expecting lower, much lower valuations. Just keep in mind that is 75% secure with a PPA, and it's a fantastic PPA. I think it's something very unique, it's something impossible to get now in the Spanish market. So I think this has helped to retain this high valuation.
And it's true that CapEx has been down compared to Belinchón. So every asset has a different price, mainly based on the deal. The deal of Belinchón was nearly $2,200, and the deal of Tabernas is $1,800. So just if you're gonna compare both assets, we just only compare to the deal, the price is 15% lower. But still, the valuation, we are expecting a very good valuation. We're still looking at the option of 49% or 100%. I think we will give light very soon, right, on Tabernas, Ayora, and José Cabrera.
As you say, it's something, considering that at this moment we are not considering any capital increase, and not even considering the price of where the stock is now. But we have the fantastic option of rotating assets. There is a huge gap of valuation of assets in the market and valuation of the stocks, right? So I think, rotating assets now is a very smart way, very intelligent way of funding our growth.
And as you say, if once we announce all Valkyria, we might become near, close to net debt zero company, and we will have our balance sheet ready for the fantastic opportunities we have ahead, from next year, mainly coming from Chile and from the U.S. in 2024 and 2025. So that's basically all about Valkyria. We also have Clara Campoamor project, which will be ready to build next year. And it's also part of Valkyria, but we will give a lot more light in the capital markets day. Yeah. Okay. Many thanks, Fernando. Our next question comes from Nash Cui, from Barclays. Nash, please go ahead.
Hey, good morning, David, and everyone. Can you hear me?
Yes. Yes.
Perfect. Sorry, I missed three minutes before Fernando asked his question. I apologize if these questions have been asked. I have three, if that's okay. So the first one is on CapEx. It's great to see the unit CapEx was down materially. I think I saw the number 0.44 per megawatt. That was great.
Does that mean you will expect a lower CapEx per unit for 2023? I remember you provide a guidance last quarter around 0.47. So does that mean that 0.47 is going to get lower? And what should we expect for the overall CapEx for this year? So that was my first question. My second question is on PPA. I think in one of the slides you mentioned 1.5 GW of PPA under negotiation. May I ask what sort of PPAs they are? Do we expect price level to be around mid, or do we expect those PPAs or part of the PPAs to be in Chile and will be combined with solar, so you can get a higher price? So that's my second question.
My third question is on capacity growth, especially in the U.S. be cause I know in your slide, U.S. will be one of the three key markets for you, but looks like the first projects will only be online by Q4 2025. I just wonder if you can provide any color on the U.S. market. Why do you think that will be a very important market for you, given there's very little visibility on that? Thank you.
Thank you. Thank you very much for the three very good questions. Going straight to the first one, which is about CapEx. It's. I think it's true we gave a guidance of € 47, and finally, we have achieved—we are achieving even lower than that. We're talking about 44, 44. This is considering panels. Panels have been going down more than $100,000 per megawatt in the last six to seven months. So it's been a dramatic decrease, and it's something we were not considering. So I think we are expecting this number to remain stable since we believe we always said, in previous slides, that there was a very high overcapacity in the supply chain, in all the major manufacturers of panels.
I think we remain with that picture. I think there is more than the demand of this year is gonna be around 300 gigawatts of solar, but the total capacity is over 500 gigawatts. So there is an excess in supply, and this is what is really causing this decrease. We expect that and considering the forward prices we are getting, we expect those prices to remain stable, at least stable for 2024. We are looking more and more at the price of storage, right? I think it's gonna be the key, the KPI in the future.
Since we are, and I think we will have the chance to speak a lot in the Capital Markets Day, about hybridization of plants, and, the most important KPI for CapEx will be definitely the cost per megawatt hour, right? And this is also going down, not as rapidly going down as PV, but it's definitely going down. And similar trend, we are looking in the electric vehicles right now, that you can see more and more EVs, coming from China, from Southeast Asia, at very competitive prices, and that prices will even go farther down. So, I think we'll have a very interesting conversation in the Capital Markets Day about CapEx, and as always, we try to be very transparent on market trends.
About PPAs, every PPA is different from each other, right? And in Spain so far, we have most of our pipeline that is currently under construction fully contracted, right? And the PPAs we close with large corporates like Amazon, where they were in the mid-forties. And I think those PPAs, it was a fantastic window of opportunity we had at one point at the end of next year, right? So and that's the reason why I think our projects are so valuable in Spain right now, because they have the best PPAs for best produced PPAs for solar, that I think have ever been signed in this market, right? Now prices of PPAs are going down in Spain, but we are fully contracted.
So, but I would say that a price in Spain is more in the mid-30s now, compared to mid-40s, right? So that's kind of changing. It's true that CapEx price, it's also been going down. But every geography, we have a different strategy. I think in Chile, we will announce new pure PPA solar for standalone solar PPAs. Those will be some of the last PPAs of this type that we will announce in Chile. And in Chile, we are in the mid-30s, but indexed to inflation. So it's kind of, you know, if you compare a PPA in Europe, mid-40s, but flat, compared to mid-30s, but linked to inflation for 50 years, you kind of get more or less the same returns, right? So it's different approach.
I think for the first time, and this will be a very important milestone for us, we will announce PPAs based on PV and storage, where we will move. We will do arbitrage for at least four to five hours and we will sell energy at peak, right? And this will be a game-changing, right? This will be a completely new transformation in the industry, and it will be based on structure. So keep an eye, I think in the next few weeks, we will give information on these PPAs, and it will be the way forward in many markets. Going to the U.S. okay, you're right. If you look at our in the annexes, we give a lot of information of our projects.
Those are the most mature projects we have, Coosaw and Creed. In both cases, we have very advanced negotiations for PPAs. I think at least Creed will be announced very soon. I think Coosaw as well, the PPA structure. But I believe in the next update in November and especially in the beginning of next year, there will be a dramatic inflow of projects that are currently early stage. They will be moved to advanced development. And I think our largest market in terms of deliveries, as early as 2026, maybe 2025, will still be maybe Chile and to some part, Spain, but definitely at the end of 2025, we deliver our first projects in the U.S.
2026 might be the big year for the U.S. and we might expect maybe some figure close to 2 GW. This is what we are targeting. We have a very intense activity of talking with off-takers in the U.S. some markets like ERCOT. There are also some M&A opportunities, so we might incorporate some projects from third parties. So I think we will provide a lot of information in the capital markets day with the U.S. and we are quite happy. We just returned last week from the RE+ in Las Vegas, and it's really amazing, the activity of the U.S. market.
You really need to focus in one particular market, and as you know, we purchased Sofos Harbert developers, now renamed—it's been renamed to Grenergy U.S. This is more targeting utilities, PPAs for 15, 20 years in the south, in the southeast. But we are also targeting projects in MISO and mainly in ERCOT, in Texas, where It's pretty similar to what we are doing in Spain. We are talking to the same corporates, and it will be very similar, PPAs.
Perfect. Thank you very much, David. Marcus?
Yeah. Cheers. Thank you.
Thank you very much, Nash. We remind everybody that if you want to ask a question, please send a message to the administration, administrator, using the chat available in the tool. Our next question comes from Tomás Reis, from CaixaBank BPI. Tomás, please, go ahead.
Hi? Yep, you can hear me, right?
Yes, we can hear you.
Okay, perfect. I have a question, if you don't mind. Could you maybe comment on your retail supply segment? I'd like to know, basically, about the generation you sold, specifically in the quarter, and the contribution you have from it in the earnings.
Okay. Well, about our retail segment is what we call GR Power, right? It only has activity in Chile, right? Well, we, I think we have already explained the rationale behind this business. It's basically reducing the exposure to merchant prices in the portion that is not contracted. By having a retail client base, we currently have close to 100 contracts with in Chile. We are delivering already around roughly 250 GWh to 300 GWh annually. We expect that to increase in the next few years. Our target is to reach 1 terawatt at one point in 2025, 2026.
And then, the way this is designed, I mean, it's not breakeven yet, because, well, it's basically, we are still buying, especially during the day, energy in the market, and in the first semester, the energy price has been higher than we expected. This situation will change in the second semester, right? So we expect to get breakeven as early as Q3. We will give an update in November. But we will definitely will be breaking even once Gran Teno plant will be operational. Because our retail unit, basically, you know, we are selling 60% of Teno, which is a large plant of 250 MW.
We are selling 60% of the energy to a large utility, investment-grade, and this has really helped us to raise finance. The remaining 40% will be sold to our retail units, and we are reselling that energy with... for 10 years. So it is a very safe business. It will be a cash cow for us from 2024, and I think it's a great opportunity to maximize the... So the strategy we're following, instead of contracting 60% and leaving 40% open merchant, right, we are contracting this extra 40% with our retail segment at a much higher price. And I think it's a way that we will keep operating in Chile in the future, and a fantastic opportunity.
I think the everything really starts in Q1 next year, when the first contracts start operating, and our retail segment will be buying from our utility scale plants in Chile. So that's basically a situation of GR Power, and we will keep updating every year. It's a unit that requires no CapEx, right? No debt. We believe that from Q1 next year will be a very safe and recurrent source of cash for the company.
Okay, many thanks, Tomas. Our next question comes from Anis Zgaya, from Oddo. Anis, good morning. Please go ahead.
Yes, sorry. Yes, good morning. Thank you, Alberto. I have one question on the 5 GW target by 2025, if I may. Given the Valkyria project, which includes project sales and the delay in some projects in Spain due to permitting, don't you think that at this stage, the target of 5 GW by 2025 seems a bit challenging? Thank you.
Thank you. We don't think it's... If you consider our target in 2025, we are talking about projects connected at the end of 2025 or under construction in 2025.
Mm-hmm.
We currently have, by looking at the appendix between projects in operation and under construction, close to 2 GW, right? So then, and I think all these will be connected at one point at mid-next year, right? Out of 10, I think we will conclude this year with a figure higher than 1 GW. Next year, with everything we have already under construction, we reach 2 GW. It's true that if we rotate some assets, like Belinchón. This will be very strategic operations that we think that will create a lot of value for the company. I mean, if at one point we're making more than € 500,000 per MW, I think it's the right decision to rotate that asset at one point, right?
But this only creates, give us more capacity to grow in other markets. If you look at our advanced development, most of those projects, particularly these in Chile and Clara Campoamor in Spain, will be very soon under construction. So that's giving you a lot of visibility for our targets for 2024 and 2025. So we're talking about two, we're talking about another two we have extra, and we have many more projects coming, mainly from the U.S. but also from the new markets. I think what you already have seen, the first project in Italy here, you see the first project in Poland, but there are many more coming that are now in early stage. If you look at this PPA, that it is, it's very important to say how exponential it is, right?
This is where we are now, between operational and under construction and backlog. We have more than 2 gigawatts, 2 gigawatts in advanced development, but most of them will be moved to backlog very soon. But look at where we have in early stage. At early stage, you're talking about projects with COD, mainly in 2026, but many of these could be under construction in 2025. So we feel that, with the strong push we have from the new markets, plus what we already have in our more core, core markets like Spain, Chile, and... We are confident that the 5 gigawatts is really achievable. Anyway, keep in mind also, that there is the other target that is gonna become more and more important, and is the target for storage.
When we're talking about 1 gigawatt hour for 2025, I believe we have been very conservative on that target, and we will give some good news, I think, in the capital markets day, to increase that target higher and earlier than expected, right?
Thank you. Thank you very much, David.
Thank you.
Thank you very much, Anis. We remind everybody that if you want to ask any question, please, send a message to the administrator. Okay, apparently there are no further questions, so this would be the end of the call. Thanks everybody for your participation.
Thank you very much. Have a great day.
Thank you.
Thank you.