Ladies and gentlemen, welcome to Enerjisa Enerji third quarter 2025 earnings call. I will now pass the line to Martin Jäger, Head of Investor Relations. Please go ahead, sir.
Good afternoon, ladies and gentlemen, and welcome to Enerjisa Enerji's nine-month 2025 earnings call. Today, we are here with our CFO, Philipp, and with Cem, our IR director. Philipp will start running you through the financials as well as operational performance of the first nine months, and we will provide you today with an update on the preparations for the next regulatory period. Let's kick it off. Over to you, Philipp.
Thank you, Martin, and welcome everybody. In the first nine months of 2025, we maintained strong operational performance, which more than compensated the slower than expected macroeconomic recovery. While inflation remained elevated, interest rates declined at a slower pace than anticipated, affecting our financial expenses differently than initially expected. Across the whole organization, we reacted strongly to this challenging situation. With the delayed tendering processes and our extraordinary effort to postpone investments during the year, we have been able to significantly reduce the interest that we paid to finance the 2025 investments. Which directly brings me to one of my key messages of today. We now target to increase our underlying net income by year-end, to a level of around TRY 7.5 billion .
This is a significant uplift compared to the guidance that we have given in our last earnings call, at a level of close to TRY 6 billion . Clearly, the increase in our bottom-line earnings guidance reflects a temporary non-sustainable approach that also involves postponing some necessary investments. This trade-off affects the certainty of project timelines and stretches the flexibility of all parts of the organization. A strategy that can only be managed for a limited period, and is not applicable if we want to increase our investments further. At the same time, we remain committed to implementing the significant investments that are needed to keep the power distribution grids operating. This will only be feasible if the new regulation adequately reflects the challenging macroeconomic conditions, particularly the double-digit real interest rates we currently see.
With this in mind, I will now provide you with an overview of our nine-month financial performance before taking you into details. Group operational earnings increased to around TRY 42.6 billion , which is a 7% increase year-over-year in real terms. This increase is coming from a strong development in the underlying operational performance, especially in the distribution business. Underlying net income rose by 36% year-over-year to TRY 5.7 billion , supported by strong operational efficiency and the already mentioned timing of investments during the year. In addition, as Enerjisa's strong equity position made it particularly sensitive to inflation accounting, the lower CPI compared to last year supports the development of underlying net income. Further upside potential for the future exists, particularly if also interest rates continue to decline. Regulated Asset Base grew by 37% year-over-year, reaching approximately TRY 78 billion .
This growth reflects the continued realization of our investment program and the well-known inflation indexation. Our leverage remained at solid levels of 1.0x due to higher earnings and the disciplined debt management that I have just mentioned. This solid financial foundation gives us strategic flexibility as we approach the next regulatory period starting in January 2026. I would like to reiterate that we are fully prepared to accelerate our investments into the distribution width, and have both the financial and operational capacity to do so. It is now up to the regulator to set the right incentives for the upcoming regulatory period. Let me elaborate on this topic on the next page. As you are aware, the Turkish electricity distribution and supply business operates under a five-year regulatory period, known as implementation period, that is governed by the regulator, EMRA.
This scheme defines especially the distribution CapEx return levels, the OpEx ceilings, efficiency mechanisms, and the retail regulated net profit margin. We are now at the end of the fourth implementation period, which runs from 2021 to 2025, and preparations are underway to set the parameters for the fifth period, starting in January 2026. This regulation is key for Enerjisa, as it will determine our returns for the next five years and directly shape around 90% of Enerjisa's operational earnings, impacting both distribution and retail. There are several areas that are under discussion as part of the preparation. Let me highlight here only the key ones. Most important for our distribution business is the regulated WACC, which determines returns on the Regulated Asset Base and financial income. Currently sitting at 12.3% and thus clearly not reflecting the current interest rate environment.
Second one is the combination of the CapEx allowance and especially unit prices used for activation, which drive Regulated Asset Base growth and efficient capital allocation and distribution. Third, we look at the OpEx allowance, which sets the baseline for cost efficiency in both distribution and retail. In the retail business, the other main key parameters is the regulated net profit margin, which is currently set to 2.38% of power sourcing costs and determines the return of our regulated sales activities. As the high subsidized sourcing costs have almost not been changed across the last two years, this subsidized margin has been devalued by inflation significantly. Each of these parameters should be typically adjusted to reflect macroeconomic developments, market dynamics, and financing conditions. When it comes to the WACC, but also to the regulated net profit margin in retail, upward adjustments are overdue.
As the regulator is well aware of these issues, we expect him to make necessary changes in the IP5 framework. With that, let me continue with the financial highlights of the period on the next slide. For operational earnings and underlying net income, I will walk you through the year-over-year bridges on the following slides. In the first nine months, investments progressed in line with our strategy to delay at maximum, while still aiming to deliver our targets. Following the consequently very low investment level during the first half of the year, I talked about this in the last earnings call, we reached now TRY 11.2 billion of investments by end of September. Only in the third quarter, investments amounted to TRY 7.6 billion . That level alone accounts for one third of the full year target.
Already as of today, we stand at a level of circa TRY 19 billion of investments and remain committed to delivering our CapEx guidance of TRY 21 billion-TRY 24 billion for the full year. As indicated, we have consciously changed the CapEx distribution during the year to benefit from lower financing costs. Our initial underlying net income guidance was based on a more even distribution of the spending across the year. Seeing a delay in interest cost recovery in Turkey, we have been able to significantly reduce the interest paid to finance the additional investments, and thus are now targeting for an underlying net income to be in the magnitude of about TRY 7.5 billion , versus the level of up to TRY 6 billion that I was mentioning in our H1's earnings announcement.
The intended even deployment of CapEx throughout the year generally ensures a smoother utilization of resources. Therefore, the strategy chosen now can only be applied for a limited period and not at all when an increase in the investment level is expected. Just a significant increase of investments into distribution grids is needed to ensure grid stability while transforming the energy system in Turkey. Therefore, the regulated WACC needs to reflect the higher real interest rate environment we now find ourselves in. In the first nine months of 2025, free cash flow after interest and tax was negative at TRY -2.9 billion . The improvement by TRY 2.1 billion compared to the previous year is primarily driven by higher operational earnings and improved tariff collections.
Also driven by the timing of investments, we preserve a leverage of 1.0x net financial debt to operational earnings, demonstrating the good financial health of Enerjisa and our strong position in the debt market, especially considering the sizable investments carried out over the past years. Cem will come back to the details and also to our most recent success on the financing side with the club loan agreement that we have just signed last week. When looking into the details of operational earnings on the next page, it becomes clear that sustainable drivers are compensating the temporary headwinds, leading to an overall TRY 2.8 billion increase of operational earnings year-over-year. Operational earnings of our distribution business increased by TRY 1.7 billion compared to last year, despite a temporary decrease in financial income based on conservative inflation expectations.
This decrease is more than offset by a strong performance in efficiency and quality earnings, mainly stemming from the OpEx ceiling revision for 2024 and additional OpEx ceiling assumed for 2025. The successful implementation of an internal optimization program and the improvement of the quality bonus after the positive decision by the regulator, mainly about SAIDI and SAIFI, reflecting Enerjisa's good performance. In the retail business, operational earnings slightly decreased by TRY 129 million year-over-year. The regulated segment benefited with an increase by 9.3% from a higher retail service revenue, mainly driven by revaluation effects. While the sustainable margin that we earn on each kilowatt hour sold decreased in real terms, driven by a lower energy cost due to inflation rate in real terms.
Let me emphasize again that the gross profit disadvantage caused by artificially low subsidized pricing that is kept on the same level, even in nominal terms, need to be corrected to reflect fair market levels. This adjustment has not been made for the past two years. In the liberalized segment, Enerjisa remains the market leader. Gross margin improved by 0.9 percentage points in real terms with the contribution of slightly increasing sales volumes. Lastly, our customer solutions business made a positive contribution to the development of operational earnings in the first three quarters. Here, higher efficiency projects gross profit contribution was recorded, driven by the completion of heat pump and Organic Rankine Cycle projects in 2025. This positive impact was partially offset by timing-related effects from completed projects and higher inflation.
We continue to pursue an opportunistic approach in this segment, even as headwinds from the challenging economic environment intensify and fewer B2B customers are willing to commit to long-term investments. We are anticipating a lower earnings contribution from the entire customer solution segment for the full year compared to 2024. This was expected and is entirely recognized in our guidance for 2025. To address those headwinds, we are currently conducting a comprehensive review of our product and customer strategy to explore potential strategic directions for the customer solution segment. We will share further details on our business outlook beyond 2025 early next year. Let's continue with a view on the underlying net income on the next page. Underlying net income increased by 36% year-over-year to TRY 5.7 billion .
The year-over-year improvement is mainly attributable to higher operational earnings and the considerably lower monetary loss from inflation accounting. As a reminder, Enerjisa Enerji continues to be structurally impacted by inflation accounting due to the fact that our equity exceeds our non-monetary assets by about TRY 10.8 billion , while our Regulated Asset Base is classified as a financial asset. In periods of high inflation, this mismatch leads to a negative monetary adjustment in the P&L. However, with inflation levels coming down in the first nine months 2025 compared to the same period last year, the associated monetary loss has also declined, contributing positively to the year-over-year net income increase. Let me also address the roughly TRY 1.1 billion increase in net interest expenses.
This development primarily reflects a higher average net debt position resulting from higher net debt volumes and the prevailing high interest environment. However, be reminded that the nine months underlying net income is, compared to our plan, already benefiting strongly from the lower interest expenses driven by the CapEx rescheduling that I have alluded to. Other financial income is developing negative year-over-year, driven by a lower tariff receivable interest income, mainly due to lower average tariff burden in distribution. Last, the tax benefit that we observed year-over-year is driven by the well-known inflation accounting effect in our statutory financials.
Let me also touch on reported net income that showed a significant recovery throughout 2025, moving from a deep negative territory of TRY -4.9 billion by the end of 2024 to a positive around TRY 400 million number by the third quarter 2025. We are anticipating reported net income to sustain its improvement and to record an even higher positive level by the end of 2025, similar to the underlying net income movement. With that, over to Cem for the operational updates and the balance sheet movements.
Thank you, Philipp. Good afternoon and a warm welcome from my side as well. Let me walk you through the main operational developments in each of our business lines, starting with distribution. In the reporting period, distribution CapEx reached TRY 10.3 billion , only moderately above the prior year period in nominal terms, and is following the intentional investment strategy that we have explained earlier. Our Regulated Asset Base increased by 37% year-over-year, reaching TRY 78 billion as of end of September. Regulated Asset Base grew above year-over inflation rate, driven by the accelerating realization of strategic grid investments in the third quarter, overcompensating the CapEx reimbursements. Turning to retail. In the regulated segment, volumes slightly decreased to 23.4 TWh .
This effect is mainly resulting from the shift of regulated customers to the liberalized market, as EMRA decided to lower last resort supply tariff limits in February 2025. However, higher retail service revenue driven by an increase in the OpEx ceiling and a higher DAPP compensation increased the gross margin year-over-year to 13.5%. In the liberalized segment, sales volume reached 12.9 TWh , which is marginally higher than the prior year period. This uptick was driven by the aforementioned SMEs and households switching from regulated tariffs to market-based contracts. Despite lower volumes year-over-year in the corporate segment, our focus on a highly profitable customer portfolio continues to create solid value. It is worth noting that change in the last resort supply tariff limits will also play a role in the dynamics of the liberalized market.
As a result, our liberalized gross margin improved to 3.9%, reflecting stronger contract profitability and enhanced portfolio optimization as we downsize the low margin segment of industrial customers. Now to customer solutions, which remains our opportunistic investment business. By the end of nine months of the year, gross profits significantly increased to TRY 5.7 billion , with an uptick of TRY 1.4 billion year-over-year in real terms. as of September 30th, our installed solar PV capacity rose to 141.6 MW peak, resulting in an addition of 39.2 MW peak in the first three quarters of the year. Looking at our e-mobility activities, we see an only slightly increasing number of charging plugs year-over-year. However, our primary focus is on a portfolio optimization of existing charging stations. This leads to the fact that we have decommissioned those locations that were not value accretive.
Despite this strategy, our e-mobility brand, Eşarj, has been able to significantly increase the utilization of the existing plugs as our sales volumes rose by 85% year-over-year to 31 GWh in the first nine months. This is a remarkable increase. With that, let's move to the next page. Year to date, economic net debt increased by TRY 9.6 billion to TRY 65.3 billion by end of September, mainly driven by elevated interest payments. Interest payments totaled TRY 18 billion in the first nine months, primarily due to high leverage outstanding debt and prevailing high interest rates. As a reminder, our debt increase is structured driven by two main factors. First, we are financing an expanding investment program to support grid modernization and the energy transition.
Second, we are temporarily covering the tariff burden in distribution, a gap which we expect to be fully recovered with the recent tariff adjustments. These borrowings result in higher interest payments today, but will translate to a large extent via the asset-based regulation with June to June inflation into higher load returns in the future. Once again, you can see our Regulated Asset Base is growing faster than our net debt, demonstrating the embedded value creation through the regulatory model. Net financial debt stood at TRY 52 billion at the end of September, up from TRY 44.8 billion at the last year-end. The increase reflects continued funding for investment projects and higher working capital balance stemming from tariff-related timing effects, despite the underlying efficiency improvements mentioned above.
The next page shows our free cash flow after interest and tax, and highlights the key drivers behind its development beyond the interest payments that we have already discussed. These include cash-effective investments and the cash impact of tariff policies in both distribution and retail. In nine-month 2025, we recorded a free cash flow of TRY -2.9 billion . This indicates a substantial year-over-year improvement of more than TRY 2.1 billion , driven by this year's investment strategy, higher operational earnings, and improved tariff collections. Cash effective investments totaled TRY 14.1 billion , the majority of which stem from our distribution business. This number is including partly payments in the first months of the year for projects capitalized in 2024, and thus are deviating from the investment KPI we explained earlier. Our investment activity is significantly higher compared with last year, which causes higher investment-related payments.
In retail, the cumulative tariff surplus is around TRY 515 million at the end of September due to positive impact driven by the significant and ongoing EY subsidy. Let me continue with the financing development on the next page. Enerjisa continues to pursue a disciplined and diversified financing strategy, even under the challenging financial market conditions in Turkey. As of nine months 2025, we issued up to TRY 16 billion worth of TLREF index bonds at attractive pricing, mostly with a spread of just 100 basis points and two years maturities. In addition, Enerjisa has benefited from rediscount credits in the amount of TRY 10.8 billion by end of September. On top, local and international sources are available in order to diversify and further extend our maturities.
We have secured a Turkish lira equivalent $150 million loan from EBRD in August 2025, and we have just finalized a long-term club loan arrangement with a total of $340 million equivalent Turkish lira from international financial institutions and development financial institutions. At nine months, our average interest rate stands at 46.1%, lowered by 0.3 percentage points compared to last year. Our mostly floating rate borrowings are expected to decrease this average rate in line with the expected rate cuts.
Given the recent market developments, it is now unlikely that Turkish lira interest rates will decline as fast as initially expected. However, what matters for us is the balance between inflation and interest, since our Regulated Asset Base is indexed to inflation. This natural hedge ensures that even with temporarily higher nominal rates, our long-term return profile remains robust and predictable as long as the regulated WACC is reflecting the real interest rate sufficiently. With that, I now hand over back to Philipp for the closing remarks.
Thank you very much, Cem. Let me close our presentation by reiterating our ambitious full year 2025 targets and upward revision of our unit target. For operational earnings and underlying net income, we continue to project solid real growth above inflation. Despite recent macroeconomic volatility, we remain fully on track to deliver on our promises for operational earnings, and we now target to achieve an underlying net income level of about TYR 7.5 billion , based on our strategic CapEx distribution and interest expense management throughout 2025. One last time, I would like to state that postponing the necessary investments by accepting a trade-off affects the certainty of project timelines and fractures the flexibility of all parts of the organization. A situation that can only be managed for a limited period and not if investments have to increase, what is the case.
This decision was made to navigate the current higher real interest rate environment. At the same time, we remain fully committed to implementing the additional investments that are necessary for the success of Turkey's energy transition. This will only be feasible if the new regulation adequately reflects the challenging macroeconomic conditions, particularly the double-digit real interest rates. We are optimistic that the very professional regulator here in Turkey is fully aware of this. We expect politics, the government, and the regulator to set the right incentives for the fifth implementation period. This concludes our presentation of Enerjisa's nine-month performance. With that, let's move into the Q&A session. Over to you, Martin.
Thank you, Philipp. Thank you, Cem, for running us through the earnings results and also sharing light on the guidance increase on underlying net income. With that, let's start the Q&A session now, and I hand over to the operator for the first incoming question, please. To remind, we would also like everybody to pose verbal questions over written ones, and if you can share written ones, it's also good. We start with the verbal questions, preferably.
Thank you. Thank you very much for the presentation. We'll now be moving to the Q&A part of the call. In the meantime, we'll display on your screens a brief survey. Your feedback will be greatly appreciated. Now, if you are dialed in via the telephone and have a question, please press star two on your keypad and wait for your name to be called. If you are dialed in via the web, you may also ask a voice question or send a text question. We'll now give a minute for questions to come in. Okay. We have received text questions so far, so I'll pass the line to Martin to read out the question.
We have received the first written question from İlke, Neo Portföy. Where do you expect investment ceiling for the new term, IP5, and where does the investment amount that Enerjisa is willing to make stand also for the upcoming period? I think this question can be answered by Philipp.
Yeah, happily doing so. Let me give a bit more of a complex answer, because this is certainly also one of the key questions for us. When it comes to the investment ceiling, which is decided by the regulator, our perception is clearly that the regulator knows that there is an increase in investments needed. My understanding is that this is also a priority topic for them, understanding what the energy transformation demands due to all different factors that I will not go now into, because if not, we spend 20 minutes here on this answer. This is what is happening on the regulatory side. Then the question is certainly also what are we willing to do? This depends basically on two parameters. The one is on the macroeconomic side, so what is happening to real interest rate as a combination of nominal interest rates and inflation.
Here, certainly, we will always have an eye on our promise that we want to deliver real growth in our underlying net income, which is especially impacted by nominal interest rates. The second parameter, once again, goes back then to the regulator, which is what will be the WACC for the new regulatory period. I can here simply repeat that we are ready to increase our investments as it is needed, and this is driven by our ability, if you look at our organization, that we can deploy this. There is a sufficient need also in the regions that we are operating in.
If you look at our financials, we have a very solid balance sheet, especially if you look at gearing, so that we can easily boost this, especially if we find ourselves, hopefully then, in an environment of lower interest rates. I hope this is answering your question. Even it comes here, certainly with a, it depends on what we will find as the situation in the next year. I'm looking forward to more questions.
Thank you. Thank you very much for this answer. Let me just a quick reminder to the audience, if you're connected via the phone, please press star two on your phone keypad and wait for your name to be prompted. If you are dialed in via the web, you may also ask a voice question or send a text question.
Okay. We have the next question from Can, QNB Invest. Can, please raise your question.
Hello. Can you hear me, Martin?
Yes, we can hear you. Thank you.
Okay, great. Thanks for the call. I have three questions. The first one is about the WACC adjustment, of course. You stated that there is a need for WACC adjustment to reflect current funding costs. But over the last two years, we are in a high inflation period and the funding is the major challenge for all businesses. Even in this time frame, the authority has not made any adjustment. Now we are in a disinflation period and considering no adjustment made by the authority over the last two years, does it really make sense to expect any WACC adjustment for the next tariff period?
I just don't want to sound as challenging, but I am trying to understand your arguments about this one. Thank you. My second question, can you remind us if there are any one-off cash collection by the end of this regulatory period regarding your overspending in the previous periods? These are all from my side. Thank you.
Okay. Philipp, we'll start with the first question.
Let me take the first one, then we, I think, then jumping on the second one. Yes, we are, and even since a longer while, in a high interest environment. When you look at real interest rates, there the shift happened pretty much only following the first quarter. This is since when we perceive the market being at two-digit real interest rates, and we know that we are even doing comparatively better. Cem alluded to this. If we look at our financing coming in for the two years, mostly at 100 basis points, beyond then the floating rate. So I see this not as a situation that is prevailing since a longer time. This then also explains why the regulator is not adjusting immediately. Because anyhow, the key focus point is currently IP5.
We expect the regulator to cater for this now with the regulation for the next five years. There's always, and this is also my experience from other regulatory environments or in other countries, there's always a bit of a time gap in the positive and also in a negative direction. This is part of a regulatory business. What I can add to this is that we have the feeling, and I've been just very recently also visiting the regulator. They are listening to us, and they are also understanding the situation. Once again, I also consider Enerjisa as being in a better position as many others, due to our continuous access to capital markets, due to our very solid balance sheet.
I think if we are asking for an adjustment, I think other players in the industry will even have a higher demand for these adjustments to be made in order to be able to complete the investments that are necessary. And this is also where clearly the need comes from. Everybody understands this is, if you are asked to do new investments, you will always mirror this against the current financial environment. This is well understood, and this gives us then certainly not a certainty, but I think a good hope that the necessary adjustments will be made. I hand over to Cem for the second one.
Okay.
And hope, Can, sorry. I hope this answering your question.
Yeah. It sounds really clear. Thank you very much. Maybe just one follow-up question about it. How much of the other distribution companies allowed CapEx are actually spending? Can you give some color about it?
I know we are not in a position to now comment on the activities of other companies. And I think this is also difficult data to retrieve, as you know that we are one of the few listed ones.
Financial data can only be obtained if they are like industry studies, for example, on the level of the Industry Association, ELDER. That would be a good source for it.
Okay. Thank you very much. Appreciate it.
Then I will try to answer the second question. What we collect as cash is reflected to the invoices, and we collect them via tariff. The regulator defines the allowances that we are going to collect, and whatever we cannot collect via these allowances in the current regulatory period is reflected to the next regulatory period, generally the first and second year of the next regulatory period. There are two important items here. One is the overspent CapEx or underspent CapEx as well.
Whatever you overspent or underspent is reflected to the first year of the next regulatory period by regulation definition. But in theory, it may be reflected to the first two years as well. Whatever we spent over the CapEx allowance in this period will be collected next regulatory period in the first two years. Second important item is the tariff burden, which we have been discussing and explaining over the last quarters. This quarter, we said it is around TRY 10 billion . This will also be collected, starting with the next regulatory period, again in the first two years.
Okay. Thank you very much.
Sure.
Thank you, Can, for your questions. Waiting for more questions, please.
Just another quick reminder. If you are dialed in via the telephone and have a question, please press star two on your phone keypad and wait for your name to be prompted. If you are dialed in via the web, you may also ask a voice question or send us a text question. I will just give a moment or so for additional questions to come in.
Okay, we have a follow-up question from İlke Neo Portföy. Is there any chance to talk about the ratio between RAB and the debt level going forward? Should we expect continuation of debt on operational earnings level to decline further, which has been a trend over the years?
Philipp, do you want to answer that question?
Yes. Once again, happy to do so. Think about the relationship between the regulated asset base and the debt level as from our understanding, a first line of defense in a challenging market environment. This is how we look on this, that we feel very assured that the inflated regulated asset base, which is reflecting a large chunk of the interest that we are paying, is growing quicker than the debt level. This would not be the case if we would deploy a lot of investments in the other businesses, namely customer solutions or Eşarj, which have the capacity to also consume quite a lot of investments. Therefore, as we are talking here about the overall debt level, this could, if we would have over several years, important investments in this area come under pressure.
Regarding the second one, for a business like ours, which is investing long-term into infrastructure, that we have a declining ratio between operational earnings and net debt is certainly not what should be the case. This is also reflecting the quite difficult macroeconomic environment. I think it gives also appreciation to the fact that even in this environment in which with such a low gearing, we are able to grow our bottom line in the way that we are doing it. Because usually, you would expect from regulated infrastructure business that you are increasing your gearing.
If you look around, you see quite higher leverage in infrastructure businesses, certainly not operating in such a high interest environment. You should expect from us if interest goes down, and once again, if we find a reasonable incentive for our investments via the WACC, that we will increase our gearing. I hope it answers the question.
Okay. Thank you, Philipp. Then let's wait another minute for maybe another last question of today. As far, I don't see any more questions. Operator, over to you.
Yes. Maybe just a final reminder. If you are dialed in via the telephone and have a question, please press star two on your phone keypad and wait for your name to be prompted. If you are dialed in via the web, you may also ask us a voice question or send us a text question. We just give a minute or so for any final questions to come in.
Okay. It seems that there are no further questions for today's earnings call. Ladies and gentlemen, thank you very much for dialing in in today's nine months earnings call of Enerjisa Enerji. We want to thank you for partnering up with us over the year, and we look forward to talk to you over the next couple of weeks, of course. Latest, we will hear each other next year, most likely end of February. The date will be announced soon for our upcoming full year earnings call. Until then, stay tuned and thank you for dialing in. Have a nice day. Thank you very much.
Thank you. This concludes the call for today. We are now closing all the lines. Goodbye.