Hello everybody. This is Giorgio Iannella from the IR team. Thank you for joining EssilorLuxottica Q3 2026 Revenue Management call. The group CFO, Stefano Grassi, will walk you through the business and financial highlights of the period. After his presentation, there will be a 30-minute Q&A session. If you want to make a question, please press star followed by five. We kindly ask you to limit your questions to a maximum of two. With that, I hand it over to Stefano.
Hello everyone, and welcome to our Q3 trading results. This quarter was another strong one for EssilorLuxottica, with revenue growth that was 7.2% up at constant currency and 9% at current exchange rate. When we look at our results, those are even more remarkable when you consider that we had a tough comparison base last year.
In the third quarter of 2025, we actually grew our top line 11.7% at constant currency. When we look at our four different geographies, Asia Pacific posted a second consecutive quarter of double-digit pace. Both Latin America and EMEA delivered a high single digit quarter, while in North America, we were up mid-single digit. That was very much due to a strong base in 2025, in particular on professional solutions.
If we dissect our growth profile, our traditional business, that includes M&A, grew 6.5% at constant currency, and that is an acceleration versus the first half trend. Our wearable business was up double digit, 20%, not including yet a material support from the new products that were recently presented at the Meta Connect 2026. The last chapter is very much related to exchange rate.
As we anticipated during our last conversation, we are finally experiencing some currency tailwinds in our numbers. Those currency tailwinds account for about 1.8 percentage points in our growth profile with all our main currencies, the U.S. dollar, the British pound, the Chinese renminbi, and the Australian dollar. They all experienced a revaluation against the EUR during the course of the third quarter.
As usual, let's start our journey across the four different geographies, and as usual, let's start with the biggest one, North America. In North America, we are up 4.7% at constant currency, and as I mentioned before, there is a base effect in our results here. Last year, our third quarter was up 12.1% at constant currency. You remember last year we observed the buildup of the AI glasses category.
So we are clearly delivering another strong quarter over an outstanding third quarter last year. When we look a bit closer at our two distribution channels, let's start with the B2B, the professional solution one. In professional solution, we had a low single digit quarter with the optical channel that was in acceleration versus the second quarter, and both independent and key accounts that were positive.
All our national accounts in the U.S. were strong, and we coupled that with a strong sell-out that we saw and observed from our national accounts. The Vision Source Alliance continues to outperform the rest of our ECP, and that is true for both lenses and frames. Pretty compelling picture when we look at our distribution channel. Let's touch on department stores.
Our department stores were up double digit. We have a continuous focus on the sun category, while on the other side, sport channel and e-commerce were both negative. I would say that for the sport channel, the main reason is the tough comparison base that we had in 2025, while for e-commerce, that is very much due to the continuous commitment that we have in cleaning up the marketplace.
When we look at our brands, Ray-Ban delivered a strong double digit in Q3 with both AI glasses and analog frames that are contributing to our growth profile. Our luxury portfolio is actually up mid-single digit. I would say thanks to Prada, Chanel, Miu Miu, while on the lens side, I would put on the spotlight, Dailies, while Dailies Toric, the one and only myopia management lens that is FDA approved, available in the U.S. right now, got a good traction during the back-to-school period.
So we're continuing to build up this category, and I think we have a pretty good traction so far. Let me move to direct to consumer. LensCrafters delivered a mid-single digit comp sales in Q3, while Sunglass Hut delivered high single digit comp sales.
For LensCrafters, we are looking at 15 consecutive quarters of positive comp sales, and we're also up against the best quarter for LensCrafters in 2025. So I would say that the main growth driver for LensCrafters was an improved conversion versus last year, positive volume, positive price mix, in particular on lenses.
In addition, I would also mention that we see an early contribution that is coming from the new subscription program that is called LensCrafters Plus that is now available in over 900 locations across the country. When we look at our Sunglass Hut in North America, 8% comp sales on top of 8% comp sales that we delivered last year. So very pleased with the delivery in Sunglass Hut, North America. The traffic in stores continued to be positive.
We had conversion flattish year- over- year, and the growth was very much supported by both AI glasses and analog frame. With international and non-international Sunglass Hut location to deliver high single digit comp sales during Q3. Let's now move to Europe. Europe delivered a 7.5% growth at constant currency during the course of the third quarter. The 7.5% comes on top of a 12.7% that we delivered in the third quarter of last year.
With our direct-to-consumer segment, that delivered the eight consecutive quarter of double-digit growth in the EMEA region, while professional solution was slightly positive in Q3. Let me share a few highlights for this region. From a country standpoint, Turkey, Netherlands, Eastern Europe were all up double digit. Italy, Spain, and Switzerland were up high single digit, while France delivered low single digit quarter, and U.K. was slightly negative in Q3.
When we look at our professional solution, B2B, price mix was the primary driver on both frames and lenses. The negative performance that is coming from the turmoil that we've seen in the Middle East is very much diluting our professional solution growth in the region by less than a percentage point. Our analog frame category was extremely resilient during the course of the third quarter.
Oakley was up double digit, Ray-Ban was up double digit, and the luxury segment delivered a mid-single-digit pace. Our AI glasses turned negative in Q3, and the reason for that was very much a strong demand in the third quarter of last year, I would say in particular on the consumer electronic channel. Let's switch to direct to consumer. On the direct to consumer side, we had high single-digit comp sales in optical retail and another double-digit quarter on sun.
When we look at our optical side, I would say that the two largest chain that we have in Europe, Apollo and Vision Express on the optical side, deliver a double-digit comp sales, while Salmoiraghi & Viganò in Italy was up high single digit in terms of comp sales. Last touch on sun. The growth in sun was very much driven by both price mix and volume, and that's obviously extremely reassuring, with conversion that improved and our discount rate profile that was reduced year- over- year.
Both analog frames and AI glasses were positive. When we look at our different countries, I would say Turkey and U.K., they were on the spotlight. They posted double-digit comp sales, where Italy, France, and Spain posted a high single-digit comp sales in Q3. But now we concluded this journey with the EMEA region. Let's move east to Asia Pacific. 15.7% growth at constant currency.
This is really the shining star in Q3, I would say. That growth comes on top of a 10.5% growth that we delivered in the third quarter of last year. So we're clearly delivering double-digit growth on top of a double-digit quarter last year. In those figures, there is an impact from bolt-on M&A. That is Top Charoen, as you know. But even excluding that, you will be still looking at a double-digit pace for the third quarter in the Asia region.
Both our professional solution and direct to consumer deliver a double-digit quarter in Q3. From a country standpoint, India, Japan, Korea, they were all up double digit. China had a touch below double digit, while Australia delivered high single digit third quarter.
On the professional solutions side, I would say that in China, our full set of myopia solution delivered a third quarter at double-digit pace, while on the frame side, Ray-Ban was up double digit. The luxury portfolio delivered mid-single digit in Q3, while Bolon was really the main brand to land on the negative territory for this quarter. Moving quickly to direct to consumer.
I mentioned before the integration of Top Charoen into the EssilorLuxottica operating platform started well, and I'm sure we are up for a successful journey here, like we have seen in the past for many other retail banners that EssilorLuxottica acquired. On the other side, OPSM deliver a low single-digit comp sales, while on the sun side, our Southeast Asia stores deliver a good double-digit comp sales, while in Sunglass Hut Australia, we were negative. But remember, it's a low season period here.
The last region in the pipe is Latin America. 7.1% at constant currency. That is the best quarter for Latin America, with professional solution that deliver a mid-single-digit speed and the direct to consumer side that deliver a double-digit growth. I have really three highlights for you in this region. First of all, from a country standpoint, Mexico deliver a high single digit. Colombia deliver a remarkable high single-digit growth.
Why do I say remarkable? Because you all remember the terrible earthquake that hit the country during the month of August. In Brazil, we had a mid-single digit third quarter, while in Argentina, we were a bit softer there. I would say low single digit, and that was especially true on the B2B side. But remember, we come after several quarter of fast speed in delivery our growth. The second highlight relates to Brazil.
In Brazil, our professional solution delivered a strong third quarter. In particular, on the frame business, they were up double digit, and that growth was very much driven by AI glasses and also analog frames. Ray-Ban grew in excess of 30%, very much supported by the successful campaign for the local testimonial, and I think it is the first time that we have a local testimonial for Ray-Ban, Bruna Marquezine, while on the lens side, we have a pretty good traction in Varilux.
The third highlight pertains to Óticas Carol. Óticas Carol had a good quarter in Q3 that was very much driven by our directly operated stores, while on optical retail, we posted a high single-digit comp sales in the region that was driven by the GrandVision banner in Mexico and in Andes. Last touch on sun banners.
Those banners post an outstanding double-digit growth in third quarter, I would say thanks to a successful rollout of the AI glasses in Ray-Ban stores and in the Sunglass Hut stores for the region. But now we have completed our journey across the four different regions. Let us hand it over to the operator for the usual Q&A session. Thank you.
Ladies and gentlemen, we will now start the Q&A session. Our first question comes from Oriana Cardani, Intesa Sanpaolo. Please go ahead.
Yes, good evening. Thank you for taking my two questions. The first one is on the performance of smart glasses, KPIs in the third quarter. Could you provide an update on the trend in the average selling price, as well as an update on the penetration of prescription lenses and Transitions lenses?
My second question is on the revenue growth of the traditional business. Could you provide the breakdown of the 6.5% growth recorded in the quarter, distinguishing between volume and price mix? Could you tell us if during the quarter or more recently you have observed deterioration in the volume trend? Thank you.
Good evening, Oriana. Let me take both of your questions. First question regarding wearables. We do see a positive price mix on our wearable trend during the course of third quarter. I think that is the result of the continuous innovation that we launched through the wearables. I also want to add that with respect to the lens KPIs, we've seen a pretty strong improvement.
Just to give an example, the penetration of Transitions is around 60% from what we can see on our own retail network. That number last year was, I think, 40%-50%. So it's quite material lift that we're seeing in the Transition penetration. With respect to the RX, that KPI has also improved, but roughly speaking, we are about a third of penetration of the wearable through RX lenses.
Now, the second question you had is on the traditional business, the growth of the traditional business. The growth of traditional business, it's primarily driven by price mix, but we have volume that are positive on analog frames. We have volume that is positive also on lenses, and that's obviously very encouraging.
Our next question comes from Hugo Solvet, BNP Paribas Exane . Please go ahead.
Hi. Hello. Thank you very much for taking my questions. I have a quick follow-up on the base business. Given the 6% growth in the quarter, curious, Stefano, if you see this continuing at the same pace into Q4 or possibly even accelerating. That would be good to have some color on that. Second, obviously there has been a lot of talks and debates on governance in the past few weeks and months, so it would be great to hear from you what is your perception of governance, given the recent headlines. Thank you very much.
Good evening, Hugo. Let me answer the two questions on the traditional business entering in Q4. We are three weeks into the month of October, which is traditionally the lowest one in terms of materiality of the three months in the fourth quarter. What we can see right now in those three weeks is that we have a pretty consistent pace on our traditional business as we enter in the fourth quarter.
Governance, I would say, I think two things that give you a clear reading of where we are. First of all, there is a statement from the board of directors of EssilorLuxottica, which I think very much witnessed the support and the fact that we are a unified organization, and we have a full support of our board of directors.
At the same time, I would say we have a team, internal team that is very much focused on the execution. We have ahead of us, obviously, a quite demanding base in the fourth quarter, and I think the team is very much focused on delivering a fourth quarter and a full year results. That is really, let us say, the perception and the morale that you see inside EssilorLuxottica.
The next question comes from Veronika Dubajova, Citi. Please go ahead.
Thank you, Stefano and Giorgio, for taking my questions. I am going to keep it to two as well. The first one is a follow-up on the traditional business. Stefano, I am just curious if you could discuss a little bit what you are seeing in the consumer landscape. Obviously, we have had lots of mixed data points.
I think there is a growing concern that consumers are delaying purchases, including in healthcare. We have seen some data in dental. If you could maybe comment on North America, U.S. specifically, and then the European regions, including Germany and France and Italy, given inflation and some of the recent social unrest, that would be super helpful. Just give us a little bit of flavor for what you are seeing there.
My second question, I appreciate this is a revenue update, but just curious, given the strength in the base business that you are seeing, especially when it comes to price and mix, do you have any updated thoughts on the margin progression in the business this year? Thank you so much.
Good evening, Veronika. First question on consumer trends. I do not have concern, honestly, with respect to what I see around the world, whether I am in North America, in EMEA or in Asia or in Latin America. I think you can clearly have a good understanding of the traction and the performance that our direct-to-consumer business is delivering across the four region.
I think that price mix going up across pretty much all the geographies is a clear indication that we do not have consumer trading down, neither on our more discretionary part of the business, which is sunglasses, or on the lens prescription side. I think it is, for us, obviously, a matter of continue to deliver on those results. I think it is a matter of continue to leverage the innovation that is made available for the markets also in our retail network.
You know that, for example, for wearables, we have a pretty strong pipeline of products that are now available in the market and will help the holiday season as we approach the fourth quarter, and that is obviously it is helping us out in our progression. With respect to the margin progression,
I think we said during the last call that we have a long-term outlook that has a yearly deployment, and that yearly outlook, obviously, to describe a revenue growth at solid revenue growth at constant currency and a profitability that is broadly aligned at constant currency with our top line, and we confirm that.
The next question comes from Julien Dormois, Jefferies. Please go ahead.
Ciao, Stefano. Ciao, Giorgio. Thanks for taking my two questions. The first one is a follow-up from some of the previous questions and more particularly relates to what happened in France over the weekend. We also saw some unrest in Italy. Just want to make sure that, first of all, most of your employees are safe and also that it would not have a meaningful impact on your fourth quarter.
That would be the first question. The second question relate to Stellest, obviously another very strong quarter. If you would be kind enough to just remind us where that strength is coming from between the U.S., China, Europe, where do you see this as really being in great shape?
Also remind us maybe an update on what is the contribution of Stellest to the sales in China as a percentage of total sales would be super helpful. Thank you.
Okay. Julien, good evening. Questions on impact of the protest in Italy and France. We are obviously very close to what's happening in Milan and in Paris, as you can imagine. We don't see any material impact. Clearly, we had some stores that were closed due to the situations. We had some damages, but everything is absolutely managing within our footprint.
I should say a big thank to the professionalism that our associates in the store have kept during times that were honestly quite tough. Quite tough because of the turmoil and the situation they had to face. Overall, I don't see any change in the trajectory that we've seen either in Italy or in France in that respect. Clearly, we acknowledge that the macro in those countries, especially now in Europe, it's quite turbulent.
But with that said, we think we still have consumers that are loyal to our brands, consumers that are loyal to our product proposition, and we're continuing good traction in our direct to consumer. The second question is regarding Stellest. On Stellest, I think overall the results are good.
I would probably draw your attention for a second in North America, in the U.S., because now if you think about it, we are, I would say, a year that we have Stellest in the United States. I think we can have and share a few thoughts on how the last 12 months have been for Stellest in the U.S. First of all, we opened up 12,000 doors on a B2B side as a distribution. I would say that is not a given.
That is not a given because the lens in itself has a high degree of complexity. It's more probably of a treatment than a lens dispensing, so there is a need to define the protocol, and we've done it. There is a need to engage doctor and train properly doctors, and we've done it.
There is a need to continue to invest on consumer awareness, and I think the team over there has done a great job in creating a lot of awareness in North America during the back to school period. So overall, I would say we're pretty happy. If I step back, U.S. today is second only to China in terms of ramp-up of the curve, penetration over the myopic populations over there. So there is a lot of good indication. Clearly, we have an ambition.
We know that we have 15 million kids, myopic kids, that today are wearing single vision lenses. Clearly, we cannot go after all of them, but our ambition is obviously to equip them with a better asset, with an asset that will improve their day-to-day life, and ultimately will allow them to live a better life for the future.
That asset is represented by Stellest, and that is the ambition that we have to equip those kids with our lenses and obviously create that awareness with their parents, because we truly see and believe that the benefits of those lenses are obviously invaluable.
The next question comes from Luca Solca, Bernstein. Please go ahead.
Yes, good evening. Thank you for taking my questions. I have two. One is on whether you could potentially update us on your partnership with Applied Materials and how you see the evolution of lenses when it comes to the ability to produce augmented reality functionalities, what you see as potential patents, how you see the competition shaping up, and whether your technology advances could potentially represent a moat in this area. The other question is more simply on the Nuance product and how it is going. Thank you very much.
All right. Good evening, Luca. Applied Materials, it's a start, right? I think there is an opportunity to develop a strong partnership on lenses for the future generation of lenses. Clearly, the display of images information on the lenses is one area that is very important, and that is an area where we believe we have a lot of opportunity converging the knowhow of Applied Materials, converging the knowhow of EssilorLuxottica, to create something that could represent the future in the lens business.
But clearly, it's a future that implies technology, but at the same time, also vision care. That's obviously very important for us because we want to make sure that all the evolution of our lenses are not just plano lenses, but are lenses on which you can attach a prescription. That's really what we're working on. With Nuance, I would say a couple of things.
We are now starting the new generation, really the second generation of Nuance Audio Plus, which has, in a way, a lot of learnings from the first generation. I think the first generation was truly a breakthrough. I think there are a lot of things that we're learning out of that, and the second generation, in a way, has embedded a lot of those additional learnings from the first gen. Just to give you an example, the better sound amplification is one of that.
The higher battery duration, 25% more than the first generation. The fact that now you can take phone calls, the fact that you have an app that it's even easier to use. All those things are coming together in the second generation.
I look at that with a pretty optimistic look, and obviously it takes time to build up, but I believe that the feedback will be positive. Obviously, we just launched that, and we know that all those features will play into have a better product for our consumer. Remember, we have a 90%+ penetration of prescription lenses in Nuance, which means this is a product that is also very important because address vision impairment needs and hearing impairment needs. That's coming together in five nice colors. That's the other thing.
The next question comes from Domenico Ghilotti, Equita. Please go ahead.
Good afternoon. Couple of questions. The first is on the AI glasses. You were mentioning the tough comps in Q3. Q4 will be even tougher. Can you share with us your thoughts on the full year 2026 contribution of the category? Second, on myopia. I wonder if the comments that you were doing on the U.S. opportunity are translating your view into an acceleration of the category in the next few quarters, or if the growth in North America will maybe replace some deceleration in other areas.
Buonasera, Domenico. AI glasses, I think we will wrap up 2026 in February. At that point in time, we will see where we are. Clearly, I hope you all appreciated the table that was provided for the first time with the revenue by the two main categories. I think that gives you a clear idea of where our vision care MedTech business is going and also the base that we are facing with respect to the wearable.
Even though I would probably make a slight distinction when you look at the different channel of distribution. We continue to see good traction on the direct-to-consumer for wearable AI glasses in particular. We continue to see good traction also on our optical channel, B2B, and that is obviously very pleasing because it has all the prescription proposition attached to it. It is there.
While on the consumer electronics is where we are facing the more demanding base that we had in the latter part of the third quarter of 2025, as well as in the fourth quarter of last year. Myopia, I think just going by fact, we are in a market as the only one that is capable, as I mentioned before, to offer a myopia management solution lens in the market. Obviously that is creating an advantage because we are really the pioneer in this market.
It is a buildup of a category from scratch because nobody has ever managed myopia with lenses. We correct myopia through single vision lenses, but there has never been a true management of myopia through those lenses. The opportunity, it is clearly there. How fast is that going to be?
I think how effective it's going to be, the awareness in consumer, and I think we have a good indication that that is improving. At the same time, obviously, how effective are doctors in prescribing Stellest as a myopia solution? Because clearly the benefits of that lens have been reiterated in a variety of different studies.
I think there was a last one very recently that confirmed the effectiveness of Stellest and even Stellest second generation, which obviously is not a topic for the U.S. because we have a gen one commercialized in the United States. So the opportunity is there. It's a business that is clearly not only a great promise from a size point of view, but also a very profitable business.
The next question comes from Thierry Cota, Bank of America. Please go ahead.
Yes, good evening. Thank you very much for taking my questions. Thank you very much for the revenue granularity that you provide on a quarterly basis now on wearables. I was wondering whether you could comment on volume and ASP on your trends that you have seen in wearables, and if there could be any indication of regional breakdown of the wearable sales, please. Thank you.
Well, I mentioned before, Thierry, that the price mix is going in the proper direction, is improving. I think we now have a widespread product offering. I think we're probably around 100 SKUs, if not more. Now we can clearly see the benefit of having a wide range of product offering. We do see price mix going up. We do see consumer attracted by the premium products, but we also see a good traction from, let's say, the entry price point that we have in our product offering.
Meta glasses have started in the U.S. a bit more than three months ago, and now they're entering, as we speak, in some key markets in Europe. So we will have a better reading of that as we approach the year end, and obviously, we will comment together in February. But overall, the product is getting good traction.
I think the new Meta glasses that are an entry price point helped to further segment consumer. The products, the Ray-Ban Meta glasses, that have no camera, so they are camera-free, will further help to get an option to consumer that do not want to have a camera. I also believe that the latest and greatest version of Muse, the AI from Meta, when will become available in the wearables, it will become another important asset to help consumer in their decision-making process of purchasing those glasses. All positive things to come.
The next question comes from Natasha Bonnet, Morgan Stanley. Please go ahead.
Hi. Good evening. Thank you for taking my question. I just have one on the medium-term outlook. You have delivered another strong quarter in your traditional core business with growth of 6.5%. Could you talk about your confidence in maintaining mid-single digit plus core growth over the next few years, and how we should think about the operating leverage of that business separately from the investments required of wearables and your other new initiatives? Thank you.
I think we have a guidance that it is pretty clear. That guidance, Natasha, is solid revenue growth at constant currency each year- over the next five years. That guidance obviously encompass the full perimeter of EssilorLuxottica. Now, we wanted to provide you that table of category for really two things.
First of all, to help you to understand that there is a base, core business of EssilorLuxottica, vision care, MedTech, and that part of the business is consistently tracking a mid-single digit or more every single quarter, I would say, in the last two years. So we gave you full year 2024, broken down 2025 by quarter, broken down 2026 by quarter, and you can clearly see that that trajectory, it is always there. I also commented before that entering into the fourth quarter, we continue to see that trajectory also during the course of Q4.
Then the overall guidance of solid revenue growth, it is very much confirmed for the period of the long-term outlook and also specifically for 2026.
The next question comes from Richard Felton, Goldman Sachs. Please go ahead.
Thank you very much. Good evening, and thanks for taking my questions. My first one is a follow-up on product mix in AI glasses. In specific, I would be very interested to know roughly how much of that business is now the Meta branded frames.
Second part of that question, my understanding is there is a bit of a difference in the supply chain for the Meta branded frames versus Ray-Ban Meta and the rest of the AI glasses portfolio. How should we think about the implications of that slightly different business model in terms of revenue growth and margins for the overall AI glasses business? Thank you.
I think, good evening, Richard. Let me give you the answer on both questions. I think the first one on the mix of AI glasses, I believe, is a bit premature to kind of draw a proper conclusion on AI glasses, the Meta AI glasses, and the reason is very simple. They have been in the market for a lower period of time than the other AI glasses, the Ray-Ban Meta, the Oakley Meta.
I think we need to observe, but the early indication are pretty good from what we can see. It is very much limited to a single country during the course of the third quarter. We, I think, started in really the last few days to commercialize the Meta glasses in Europe.
I think we will draw a bit of early conclusions as we discuss and get together in February, where we really have probably six months of records in the U.S. and then a bit more track record in Europe.
That is the first thing. With respect to the supply chain, let me say, here is never a matter of capacity, because I think we can manage very effectively, I would say, the mix between what is made in-house and what is made through third-party partners. We have that flexibility. I think we said it more than once that we have the flexibility to switch production and to ensure a proper fulfillment of the demand.
We also said during the last conference call, when we discussed our first half results, that our margins were actually improving, and that was clear at the gross margin level as a result also of an improved profitability of AI glasses. Therefore, that obviously should reassure you that regardless of where products are manufactured, we are still seeing margins that for AI glasses are improving year- over- year.
The last question comes from Alessandro Cuglietta, Kepler Cheuvreux. Please go ahead.
Yes. Hi, thanks for taking my question. I have two remaining. You rapidly touched on the FX becoming a tailwind in Q3 on the top line. I was wondering if you think that could become as well a tailwind on the EBIT levels for this year, and if you could comment as well for full-year 2027. Similar question on your input costs, if you could provide some color of what you are seeing now in terms of input costs, freight costs, et cetera, and how has it evolved from H1.
We'll have time to discuss, Alessandro, the EBIT results on a full year of 2026 in February, and I think it will defer our conversation at that point. But clearly, we do see tailwinds in our numbers in the third quarters. I can anticipate that we see tailwinds also in our profitability for what we can see in the third quarter.
Presumably, knocking on the wood here, if dollar stays at those level, those tailwinds will continue during the course of a fourth quarter. But again, let's sit together in February, we'll discuss that. Inflation trends, we clearly see what's happening every day on inflationary comments and situations in a lot of part of the world. I would say the headwinds from inflation are largely manageable in our profit and loss.
Those are referred a lot today on the logistics side, but they are absolutely manageable within our profit and loss. So no deviation by any mean in our trajectory as a result of inflationary headwinds. Not at all. That was the last question. I thank everyone for listening today's call, and I thank you for all the questions you had. Thank you very much, and we'll speak again all together for the full year 2026 result. Thanks a lot.