Good day, and thank you for standing by. Welcome to the Imerys 2026 first nine months and third quarter results conference call and webcast. At this time, all participants are in listen only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you need to press star one one on your telephone. You will then hear an automatic message advising your hand is raised. To withdraw a question, please press star one and one again. Today with us, Alessandro Dazza, CEO, and Pierre Lebreuil, CFO. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Alessandro Dazza. Please go ahead.
Thank you, and good evening to all of you. Thank you for joining us today to review Imerys' first nine months 2026 results. With me here, Pierre Lebreuil, our CFO. Let me start by giving you some highlights on the first nine months of the year. Imerys posted another strong quarter in Q3 2026, the third consecutive quarter of growth for all key indicators. This led to a solid first nine months performance, with higher sales, higher volumes, firm pricing, costs under control, and the first benefits of the newly acquired businesses. The result is another material expansion of EBITDA and margin. In detail, revenue was above EUR 2.6 billion, up 2% versus last year at constant FX and perimeter, with a positive volume and pricing effect.
In detail, sales volume rose 0.4% thanks to a strong performance of our sales teams and the ramp-up of our new industrial capacities, fully offsetting soft overall demand, particularly in construction. Pricing was firm, +1.6% year on year. The integration of Great Lakes Minerals and S&B Mineração added about 1% to total revenue, whereas exchange rates had a negative impact of 1.4% year to date, mainly attributable to Q1 2026, but even positive in Q3 finally. Adjusted EBITDA for the period amounted to EUR 450 million, up 10% at constant FX and perimeter. As a consequence of this overall good performance, solid performance, Imerys is raising its EBITDA guidance for the year 2026 to EUR 570 million-EUR 590 million. I will come back on this at the end of my presentation. Let's take a look at our main underlying markets as usual and the trends during the third quarter.
Construction activity remains, I would say, flattish overall, with a positive trend in infrastructure and AI-related data center construction. On the contrary, demand for residential construction remains weak, and that's our main exposure as Imerys. Even declining in the U.S., impacted by high interest rates. Recovery in Europe, which we saw at the beginning of the year, is honestly losing a bit of momentum on the back of high inflation and potentially interest rate increases coming. Consumer goods remain very solid across all geographies. Automotive production is still down, decreasing fundamentally in all geographies, including China, for the first time after many positive quarters. The only exception, the good news is around electric vehicles, which continues to grow on a strong path in Europe as well as China.
Finally, general industrial activity, which typically follows the overall economy, soft in Europe, very strong in the U.S., as recently published, and solid for us also in China. On these slides, Imerys sales performance by geography for the first 9 months of 2026. I would start with the top right. Sales in Asia were strong and confirmed the trend of H1. Growth in all businesses, but of course, especially for conductive additives for polymers. China is performing particularly well, I think thanks to a very solid local team, and in the meantime, China has become Imerys' second-largest market, surpassing Germany for the first time, of course, after the U.S. Finally, we can also report a significant growth in India, although in absolute terms, it remains still small for the group.
Europe, as in H1, still negative, impacted by low activity in several end markets, partly really driven by high energy costs. Performance remains solid in consumer goods, and prices are holding well. Sales in North America were strong in Q3 at +9.3% after an already very solid Q2, reinforcing the ongoing positive trend. The housing market is the main issue, remains soft, but we had very strong sales in consumer goods and industrial applications. Prices holding well. South America, okay, in line with H1. Solid sales in consumers, a bit weaker construction market, and I believe this quarter, a bit of slowdown due to the recent election.
If we deep dive with more detail on our three business segments, starting with Performance Minerals, the most important, representing more than 60% of Imerys Group sales. Revenue of EUR 1.556 billion in the first nine months of 2026, with positive organic growth, strong activity in the U.S. from Q2 onwards. Focusing on Performance Minerals America, volumes year to date are up 1.6% versus last year. Most of application doing well, except for construction. Q3 volume growth accelerated to 4.6%, driven also by market share gains. Pricing remains solid. EMEA APAC region revenue is largely in line with last year. Volumes dropped slightly year-on-year, especially because or due to sales to the ceramics industry, which were severely impacted by high energy costs and an overall soft construction demand. This effect was partially offset by very good activity in polymers and in consumer goods.
Prices rose more than 2% in the period. It was necessary because of high energy costs. Let's look at our Solutions for Refractory, Abrasives & Construction business. Revenue reached EUR 865 million for the first nine months of the year, in line with last year at constant FX and perimeter. Sales volume were flat over the period. You see a decline in Q3 in revenue, basically attributable to our refractory business. We were expecting that tighter EU imports on Chinese steel implemented from July 1st would have brought some benefits, but for the time being, it proved insufficient to offset an overall soft demand for steel in Europe. There might be supply chain effects. We will see as we move along. We know that steel mills are slowly ramping up capacity, so I believe we should see a positive development going forward.
On a good note, sales to the construction sector improved from their H1 level, and Refractory, Abrasives & Construction segments continued on the solid positive momentum. Here in this business, the integration of Great Lakes Minerals in the U.S. is progressing well. If we now complete the segment review with Solutions for Energy Transition business, the very good news come from our Graphite & Carbon activity. Another quarter of strong growth, posting a 16% increase year on year at constant exchange rates. If I look at Q3 alone, organic growth even accelerated to 21%, exceeding the pace recorded in the first part of the year. Top line performance is supported also by favorable market conditions, of course, electric vehicles, but also a booming energy storage system business. Good development also for conductive polymers in general.
I have to also to underline that we have gained market share, and we have launched new products that are already contributing. For The Quartz Corporation, our high purity quartz business, a joint venture. I think the business overall is stabilizing with good growth in semiconductor, normalization in solar, which is welcome. I hand over now to Pierre for a detailed analysis of our financial results.
Thank you, Alessandro. Good evening, everyone, and thank you for joining us tonight. Let me recap some of the key aspects of our financial performance, starting as usual with revenue. Group sales amounted to EUR 2.62 billion for the first nine months of 2026. This represents a 2% organic growth year over year, driven by a 0.4% growth in volume. Prices rose by 1.6%, accelerating in Q2 and in Q3, driven by the pass-through of higher energy and logistic cost to customers. Organic growth accelerated throughout the year, rising from 0.7% in Q1 to 2.3% in Q2, and then reaching 2.9% in Q3. Currencies had a negative effect of EUR 37 million, mainly in Q1. As a reminder, the U.S. dollar stood at a strong 1.05 USD per euro in the first quarter of 2025 before weakening later in that year.
The EUR 28 million perimeter effect, mostly in Q3, is related to Great Lakes Minerals and S&B Mineração acquisitions. In Q3, sales are up by 7% year on year, driven by volume and price increases, scope changes, and favorable USD euro exchange rate in the quarter. Organic growth accelerated to 2.9% in the quarter, driven by higher prices. Now, let's have a look at the group profitability. For the first nine months of 2026, adjusted EBITDA reached EUR 450 million, corresponding to a 7.1% margin. Looking at Imerys' direct operational performance, highlighted as usual in the box in white color, you can see that adjusted EBITDA has significantly improved with a 10% year on year growth, driven by positive sales volumes, disciplined pricing, strict cost management, and higher contribution from joint ventures. On a reported basis, EBITDA increased by 7% in comparison to the first nine months of 2025.
7% are below the 10% organic growth as a consequence of unfavorable exchange rate effect of EUR 15 million. Just one comment about the strong Q3 2026 performance. Adjusted EBITDA amounted EUR 116 million, showing a solid 10.8% year-on-year increase at constant exchange rate and perimeter on the same trend than H1 2026 results. Now, let's deep dive a little bit on the way we manage our cost in an inflationary environment for the first nine months of 2026. Keep in mind that energy and transportation costs surged on March 1, impacting costs at September end, around EUR 30 million net of hedges. How was this offset? First, by maintaining a firm pricing, notably starting April 1, 2026, as we passed energy and freight cost increases to our customer, mainly European ones. Second, by tightly managing our cost base.
Multiple initiatives within Project Horizon are now underway to optimize fixed costs and overheads, notably through production capacity adjustments in Europe. This plan has already delivered EUR 30 million in savings as of end of September and is ahead of schedule. In parallel, we have pursued our I-Cube excellence program, delivering additional savings at September end. As a consequence of all those actions, the net effect of our price increases and of increases in variable fixed costs and overheads is positive by EUR 23 million, contributing to EBITDA growth. Let's now move to the bottom of the P&L. The current financial result was negative at EUR 66 million in the first nine months of 2026. This include an EUR 11 million increase due to interest rates and a EUR 6 million non-cash mark-to-market revaluation of our two virtual power purchase agreements. Other operating expenses are negative by EUR 24 million.
Those EUR 24 million include a EUR 34 million charge for restructuring costs related to Project Horizon. This is partly offset by a non-cash revaluation gain on the EMILI lithium project. As a consequence, net income group share is positive at EUR 92 million. I would like to highlight as well, the fact that Imerys investment grade ratings have been confirmed by Moody's and by S&P in the last weeks, respectively Baa3 and BBB-, both with a stable outlook. On this positive note, I am now handing over to Alessandro for the outlook. Thank you.
Thank you, Pierre. Let me conclude with a few words on what to expect until the end of this year. Our performance for the first nine months of 2026 gives us confidence in delivering a solid full year result, showing a significant progress compared to last year. Accordingly, as I said at the very beginning, Imerys is raising its full year 2026 adjusted EBITDA guidance to a range of EUR 570 million-EUR 590 million. Of course, assuming the world doesn't collapse and no material deterioration in the current operating environment. We remain focused on protecting margins through disciplined pricing and ongoing cost optimization. As we do expect inflationary pressures and challenging market conditions to prevail in the nearby future, as we read every day in the news. Strong cash generation, rigorous financial discipline, and the continued execution of our strategic growth initiatives will continue to remain our key priorities.
Thank you very much for your attention, and I hand over to you for the Q&A session.
Thank you so much. Dear participants, as a reminder, if you wish to ask a question, please press star 11 on your telephone keypad and wait for a name to be announced. To withdraw a question, please press star one and one again. Please stand by. We will compile the Q&A roster. This will take a few moments. Now we are going to take our first question. It comes to line of Sven Edelfelt from ODDO BHF. Your line is open, please ask your question.
Thank you. Good morning, gentlemen, and congratulations for the results. I would have three questions if I may. The first one is on the guidance. If I calculated correctly, the guidance midpoint implied a 4% increase in EBITDA for the group, in Q4. You delivered 14.5% in Q3, so why not being a little bit more pushy? That would be the first question. Second one would be on the asbestos. Can we have an update on that? I believe the judge was willing to go ahead and nothing is moving, so maybe if you could give us an update. The last one would be on TQC. The EUR 29 million, is it just TQC, or is it including all the JVs?
If I remember correctly, last year it was like EUR 3 million EBITDA. Can you remember, is there a seasonality in the quartz business, and is there hopes for a better Q4 in the quartz? That would be my question. Thank you.
Thank you, Sven. Thank you for the compliments. Let me start on guidance. I do not think we are particularly prudent. I think the prudency is mostly related to the current situation with energy. This morning, gas reached EUR 100 per megawatt hour. At the beginning of this year, it was around EUR 25, EUR 27. I am talking about Europe. in Q3, it was high, but reasonable, in the 50s. We do see certain industries, especially in Europe, reducing production or even stopping. Typically ceramics, where gas firing for tableware, for tiles. Gas is the main input cost. They prefer to stop and wait, use inventories, push production outside of Europe, where maybe Imerys is less represented. Similarly, paper, very subject to energy prices. I think prudence is a must in these difficult times. We are confident to deliver, of course, on the guidance.
We see the dollar plays a role. At the moment, as you have seen in Q3, the trend has turned. It turns positive rather than negative. It might help if it stays around this level. We have an election coming in the U.S., which consequences will it have? Difficult to guess. I think we still live in a geopolitical, macroeconomic environment that dictates prudence, and that is how we have built our landing until the end of the year. I will be happy to be positively surprised, but I want to deliver on our promises as we have been doing quarter on quarter this year. On the TALC, also on the Chapter 11 process, you are right.
We are still, since February, waiting for the judge to issue the ruling. There are fundamentally no news. There was a status conference in September, on a motion proposed by the insurers. The motion was rejected by the court. The motion was to delay issuing the verdicts. The judge rejected the motion, so she is working on finalizing the verdict, and she honestly excused herself for the very high delay, and she said she will publish as soon as she can.
Every day, when the court opens at 9:00 A.M. in the U.S. or 2:00 P.M. in Europe, we wait. We hope that the judgment is issued. I want to be optimistic, and I hope it is a matter of days. But I was optimistic also last month and the month before. It will come. We remain very confident on a very positive outcome, but we can only read the judgments when it is published, and we do not know more than this today. On TQC, I would say fundamentally, there is no seasonality. The two big businesses, which is solar and semicon or chips, have no seasonality, so production is market driven.
Semicon today is very strong on the back of AI, on the back of EVs. Semicon is really driving good momentum. It is still, I would say, to make it simpler, about a third or a bit less, so it is still the smaller part. Solar, we see production and consumptions realigning. Installation of solar or photovoltaic might not be the best year this year because China, which is over 50% of demand, has canceled subsidies. There has been a bit of reduction in installations in China. On the contrary, the rest of the world is still growing. Every indicators is that from next year onwards, solid growth for the following years. But what for us is important is it seems that inventories are starting to realign to production. That is why I think we are doing better than last year.
If you compare quarter-on-quarter, we are constantly above last year. To complete in the share of net income of joint ventures, we have all joint ventures. A couple of them are very small, so not relevant. TQC remains the largest, more than half of this or two-thirds, of course. We do have another joint venture, 50/50, producing drilling products based on bentonite, which is doing very well and is growing in size and is growing in profitability, which is largely driven by installation of optical fibers around the world, tunneling. That's starting to be a significant contribution, maybe at the end of the year, when we will have full year TQC final numbers, we can give you more details on this other business, which is a joint venture with Halliburton of the U.S., which is really developing very nicely.
It's a European business developing very nicely.
Thank you.
Thank you, Sven.
Thank you. Now we are going to take our next question. Just give us a moment. The question comes line of Ebrahim Homani from CIC CIB. Your line is open. Please ask your question.
Hello, Alessandro, Pierre, and Cyril. Thank you for taking my question, and congrats for the strong results. I have two, if I may. The first one is about Graphite & Carbon, at a 21% organic growth. If we look at the Q4 2025, if I am not wrong, the organic growth was at 1%, so the comparison basis is easy. What to expect in Q4? My second question is about your Horizon savings plan. What should we expect at the end of 2026? Could the EUR 50 million-EUR 60 million target be raised at this moment?
I will let Pierre comment on our Horizon program. On G&C, I would say last year, a 1% growth year-on-year, the reference is 2024 to 2025. As today, we compare 2026 to 2025. The business had a significant drop in 2023. When, let's say, the initial boom of electric vehicles deflated, and we realized we are now going to drive electric vehicles, everybody is going to drive electric vehicles immediately. The business started really recovering, I would say from the middle of 2024, and continued just on a growth path since then. Therefore, I would say this Q4 2024 was already a good quarter, and therefore the comparison Q4 2025, 2024 maybe is a bit less than the pace we are seeing today.
On top, I would say the growth this year is also supported by energy storage, which was not relevant a year or two years ago, and is starting to become a significant business. The installation of batteries for grids, for data centers, for around photovoltaic parks or wind turbines is becoming a significant business. So I think there is clearly an acceleration going forward for this business. On Horizon?
With regard to Horizon, as you rightly said, our target remains around EUR 50 million-EUR 60 million. What we have communicated so far was at least half of it to be booked, to be recognized this year. Indeed, half of it means EUR 30 million. We are already at EUR 30 million year to date end of Q3. This means if you just do a proportional calculation, this means at least EUR 40 million for the full year, probably slightly more than this. What we are sharing tonight is that we are indeed ahead of the plan, but we are reconfirming the full year target in the EUR 50 million-EUR 60 million range.
Correct.
Thank you very much.
We've been, I think, more proactive in implementation. We have done it fast, properly, meaning with all the necessary compliance, social interactions. The fact that it was distributed over several countries it has helped because a lot of actions could have been done in parallel. So we are effectively, probably ahead and over-delivering on the plan.
That's right.
Definitely.
Thank you very much. Maybe a last question, more technical. What is the inventories and other which contributed at EUR 8 million to a Q3 EBITDA, please?
Well, inventory and other, so this means mostly inventory. So you know this is the comparator. It is a variance of variance, so that is indeed a bit technical. But basically, this means that we have increased our inventory in Q3 as we usually do in summer months. So you know we are a mining business, tough to operate in certain mines at wintertime. So we are always building inventory, basically in Q3. Here in the EBITDA waterfall, this is a variance of variance. So what this indicates is that we have increased inventory a bit more than what we did in the same period one year ago.
This effect should normally reduce.
Normally.
And disappear going to year-end.
Okay.
When we have the more normal inventory levels, when the winter comes.
Thank you very much.
Thank you.
Thank you.
Now we are going to take our next question. The question comes line of Sebastian Bray from Berenberg. Your line is open. Please ask your question.
Hello. Good afternoon, and thank you for taking my questions. Congratulations on the results. I would have two, please. Can we talk about the annualized interest cost step up, because the business is doing much better than last year on an EBITDA basis. There is a reference in the report to EUR 9 million of step up. Is the interest cost step up on an underlying basis done in 2027, or is there any underlying sensitivity to higher domestic rates? My second one is just on moving parts for 2027 and energy costs. The business seems to have come off bottom of cycle to what I would think of as closer to mid-cycle. From memory, there is a good few hundred million EUR of energy costs.
I am not sure how much of that is hedged, but is flat EBITDA year on year a reasonable assumption for 2027? How are you thinking about this?
I will let Pierre tell you, we are financing with bonds, so once that is signed, it is signed and it is known. We will let Pierre give you a detail of 2025, 2026, and 2027 on interest rates because it is quite easy to determine. Comment on energy represents around, on a full year basis to give you a number, around EUR 400 million of cost. Depending on the increase, you can calculate yourself. We are hedged. We have a so-called systematic hedge, so you hedge on the next quarter up to 80%, and then it decreases over the following six quarters, down to 20%. That would be the normal way for Imerys to act. Of course, depending on the specific market situation in any given moment, we might increase the hedge if we believe it is a good level of electricity.
I can tell you we have hedged some positions even in 2028, fortunately before the crisis because gas prices were at beginning of this year low. We can reduce, like we would not hedge today with gas at EUR 100 per megawatt hour or electricity even in France, which is typically a cheap country for electricity, spot price is today in the range of 250 when normally they are below 100, so you will not hedge today. It can move, it can vary. Typically or trend wise, declining over time if we do not apply the systematic hedge. What I think is very important, as you can see in the numbers, energy is transparent. Very often we have price formulas with our customers, so if energy goes up, prices go up. If energy goes down, prices go down and we give it back to our customers.
I would tend to say we manage to neutralize the energy impact quite well, maybe slightly delayed because you apply last month, last quarter energy price and you do a surcharge. When it goes up, we lose a bit. When it goes down, we gain a bit because it is delayed. This being said, we are here to increase our guidance 2026. We are not here yet to give you a guidance 2027, so I prefer not to comment on the future. I would say energy prices will be taken care of at Imerys. They do not represent, I would say, major threat to the business. What I used to say always is they are a threat to our customers.
If you produce tiles in Italy or in Spain and you pay EUR 100 for gas, you are not competitive, your tiles are too expensive and either you are under competition from Turkey that can still have access to Russian gas or to North African countries that have very cheap gas. Maybe not India because they also suffer from the same energy increases. You are under threat of China that has a strict energy policy control centralized. That is what I see more of a risk. Paper, big gas user, even steel. That is what I see more of a risk. The localization of productions to other regions, and if you are lucky, you are more exposed. If you are less lucky, you are less exposed. That is what we are more worried about, frankly. Thank you, Sebastian, for the question. Pierre, do you want to take the interest?
Yes. On the interest rate point, first, one word on the increase. Indeed, our financial expenses over nine months are increasing by EUR 20 million versus one year ago. Two main reasons. The first one clearly is the last bond we refinance. As you know, we issued a bond in November last year to refinance a bond mature in January 2027. Cost of the new bond is 4%, whereas cost of the old bond was 1.5%. If you do the math on a full year basis, this represent a EUR 15 million per year increase. Three-fourths of this being already in our nine-month result. This means roughly EUR 12 million.
In addition, we have this one-time effect corresponding to the mark-to-market revaluation of our two VPPA agreements that cost us EUR 7 million at end of June, and those EUR 7 million are just for now at end of September. This explains the increase. As regard what is to come, difficult to say. What I can tell you is that we have EUR 300 million to refinance in-
2028, but that's far away.
That's far away.
To your question, it was done in November. With November of this year, you have a stable picture. From now on, it's stable. It's this around EUR 15 million, one five per year. If that was your question. Now it's stable.
It's over. Thank you.
Thank you.
Dear participants, as a reminder, if you wish to ask a question, please press star one one on your telephone keypad. Now we are going to take our next question. The question comes to line of Jason Sadlo from Bank of America. Your line is open, please ask your question.
Good evening, gentlemen. Thank you for this call. I appreciate it. Just a couple of quick ones from me. The growth in the materials for the energy transition is quite exciting, quite strong. I think +20%. I guess you mentioned both EV and grid scale batteries, so the grid scale energy storage. I am just wondering if you could give us any color on the relative importance of each of these to the growth. I will tell you my reason for asking is that, sort of hearing through the grapevine that there is a bit of overstocking in the whole energy storage value chain, so I guess wondering if you have any thoughts on the risk of a destock there.
Only one?
Yep.
Okay.
I can ask another one, but maybe that one first.
Okay. Today, first of all, customers making batteries are the same. Largely the same. When we supply a customer, we do not know exactly if the battery that we produce will be going into an EV or into a battery for energy storage, static energy storage systems. We do not know really. Today, probably, and I am referring to market studies that we of course we purchase, so it is not our direct knowledge, but it is really a market study you can purchase from different sources, renowned, credible sources. I would say probably today the market is still 90% EVs and 10% energy storage. In terms of growth, I would say today EVs, especially 2026, is probably a double digits, low double digits growth because the basis is so large.
Energy storage, there are assumptions that this year might have grown by 100%, with expectation to slow down, but again, from a much lower basis, it is easy to increase 50% or even double. It is really booming. The new market is booming. Data centers are a source of it, but it is all around, all these renewables that have been installed, and we realize that if we get energy only four hours when the sun is shining, we create more problems than solve them, and therefore everybody goes for the big battery. So you not only you do not create problems, but you help the remaining 10 hours without the sunshine. So I think it is a market that will continue to grow very strongly, maybe not doubling every year because as the bases grow. Overstocking, there are discussions about a bit of euphoria, especially in energy storage.
Frankly, I think EVs is going relatively is nothing new, is more predictable, is more on a normal growth path. Energy storage, yes, some say there is euphoria like there was in 2022 for EVs. Well, if they destock a bit, it will not move the needle considering the absolute size of the market. So I am not worried of if we have a couple of months or less energy storage business, should not really move the healthy growth of this business.
Okay. Second question, and a bit more of a general one. I am fascinated that you say China is now your second biggest market. I was just wondering if you had any reflections on what the competitive environment is like. Is it easier to do business there? Is it harder to do business, or is the competition ugly? Do you have the same pricing power?
I think China is one of the most dynamic markets. It has a reaction time which we can only dream of in Europe. U.S. is probably in between. It reacts very rapidly to energy changes, raw material changes. So yes, not ugly competition, but is an aggressive competition, so you have to have good products and proper costs to compete. Our Chinese business, we produce locally, we do export a bit, and we do import a bit, but I would say probably 75%-80% of our business is local for local. Our team is entirely Chinese, and we play the game against Chinese competitors. You have to be good, Jason, you have to be good. I can tell you that our profitability in China is absolutely in line with the profitability, I am talking EBITDA to make it simple.
The profitability in China is absolutely in line with the average profitability of the group. So we are very happy to be in China, and we are very happy that it is growing. I think we are growing more than the market because in China, if you exclude, let us say, the new industries, which is photovoltaic, electric vehicles, electronics and so on, the base industry is probably not that growing. The 4% or 5% growth promoted by the government is really driven a lot by chips, AI, vehicles, battery storage. So the normal industry's consumption is maybe not that strong. So posting a solid growth in China means we are probably gaining market shares because we are better than our Chinese local competitors, and we make money.
Okay, perfect. Thanks for the color, Grazie mille. Good evening.
Thank you. Good evening.
Thank you. Dear participants, just a quick reminder, if you would like to ask a question, please press star one one on your telephone keypad. Dear speakers, we will just give a moment to our participants.
Okay, I think it's time to go, it seems. If there are last call, if you have a question, please go ahead. Otherwise, we thank you very much for dedicating us at this late time, an hour. I am very glad of the results we have published, and I am convinced we will deliver on our commitments and promises, until the end of the year. Thank you very much and have a good evening.
Thank you.
Bye-bye.
This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.