Hi, everyone, and welcome to the interim report for Troax Group. My name is Martin Nyström, and I am the President and CEO of the Troax Group. Together here with me, I have our new CFO, Robert Burning, who joined the company on October 1. Together with me, Robert will go through the quarterly results of the third quarter. I will start by sharing my screen. Let us see if it comes here. Great. Here we have the presentation as well. We will do as always, I will try to summarize the quarter, then we will walk through the key events. We will go through the financial numbers, and then we would end up the call with the Q&A. Without further ado, let us dive into the quarter. If I summarize the third quarter, I think we had a good quarter, from a top-line point of view.
We had a continued strong growth on order intake as well as improved sales. We almost got to the EUR 100 million mark in the quarter as well. Our order intake grew by 60% in total. Of that, we also saw a sales increase of 51% in total, close to EUR 97 million. We also had a positive book-to-bill also in this quarter. Our acquisition continued to deliver very well. The recent acquisitions added 65% to the total to order intake while we were more flattish on the organic order intake side. The deliveries and the sales during the quarter grew by 5% year-on-year. Here we also have our order book consisting of more orders, which are mid-sized and large, which means that the usual order to sales conversion cycle is a little bit longer.
On the back of our second quarter, we had a growth of 5%. Very strong and even record high numbers, both on order intake as well as sales during the quarter, which is positive. If I then look to demand continued on the pattern from the second quarter and the first half of the year. We see a scattered picture both across regions as well as the different market segments. Here I think it is good to see that our warehousing portfolio continued to grow. Particularly in Europe, we continue to see good demand. Also continuation of the second quarter, which followed into the third quarter, is that we do see our data center products and the segment growing strongly, mainly so in North America, but also partly in Europe. Segments continuing to grow strongly.
At the same time, we do see the automotive sector in Europe as well as in Asia and China in particular, struggling also in the third quarter. We also see the construction segment for us remaining at a low level, even though we believe that we have seen the bottom from our end. If I then move over to the profitability side, I think it was good to see a sequential profitability improvement in this quarter. We ended up at an adjusted EBITA margin of 15.6% in the quarter, which was a mixed bag of outcomes. I think the first part is that our gross margin fell to 36.1% from 38.0% last year. Main reasons for this is that we do now have a less favorable sales mix from a gross margin point of view. We also continue to see cost pressure on raw materials and components in Europe.
We started to see that in the second quarter, which has now also become reality more in the third quarter. We continue to see high transportation costs in Europe. This puts a bit of pressure on our gross margin in the quarter. Our North American volumes grew. They started to grow already in the second quarter, but we are now also seeing additional growth in the third quarter. Here we are on a journey ramping up our new Tennessee facility from our old Chicago facility. Here we have done a good job, I think, with just delivering more volumes and satisfying our customers. But we are still having a journey to make when it comes to our margin in North America. I will come back to that during the call as well. On the SG&A side, we are having a good cost control during the quarter.
I think our organic costs are now declining off the back of what investments and initiatives that we have taken in previous quarters. The increase of our sales and admin cost in overall stems from both our acquisitions, which we have added, but also our IT investments. The quarter also includes an adjusted EBITA of 2.1 due to the relocation in North America. We had more costs than we initially anticipated, connected to our ramp up. On the net debt side, we continue to be on the high side, to be Troax, but we are seeing a sequential decrease. Of course, this is then a consequence of the recent acquisitions. During the quarter, we have also reevaluated our earn-out liabilities and earn-out setups. As a consequence, we have also added EUR 5.3 million to our net debt. Overall, a very strong quarter from a top-line point of view.
Our margin is sequentially improving, but there is more work to be done on the margin. If I then look, let us start to do a few deep dives as we usually do. I will start with North America, where we have now completed the relocation from Chicago to Portland. We did that already during the second quarter, and now we are fully operational and running out of our Tennessee facility. I think it is great to know that our facility definitely adds capacity and efficiency to our group. But at the same time, I realize before we are at the same level and in the same position as we are both in APAC as well as in Europe, there is more work to be done until we realize and utilize and leverage that full potential and our investment. It is pleasing to see that our deliveries during the quarter increased.
At the same time, we have done that at the cost of our gross margin. In the quarter, we had roughly 100 bps relating to additional cost for ramp-up and outsourcing to satisfy our customers. This effect has gradually come down now during the third quarter. We will start to see that declining even further in the coming quarters. Our focus has been through the third quarter as well as into the coming quarters to make sure we run this as a fully stable and also fully optimized facility, just like the rest inside the Troax Group. Also after the quarter, we have now launched what we call Beyond Safety, which is our commercial platform and the commercial platform that we have for long-term growth.
This is, I think, super exciting because now we start to bring in all the different ingredients and the broader portfolio under the same umbrella. Of course, this is great if we can, in a consistent and competitive way, explain what our solutions bring to our customers in terms of customer value. Bringing their safety up, bringing their productivity up, and also bringing their performance up. I think this is a great way for us and a great tool for us to continue on our sustainable growth journey. I think one of the things you see today out of this is our new logo type and new graphic profile that we are utilizing also during this call. Thirdly, I would like to show that we are also strengthening the capabilities as well as the leadership team. Robert, our new CFO, is also on the call.
He joined on the October 1 to strengthen our finance function. We have promoted Maria Pettersson to the responsibility for both sourcing as well as sustainability, fully in line with our strategy. I am also very happy to welcome Linus Karlesand as our new chief of digitalization as VP IT. I think these are all key individuals and key contributors on our journey as the Troax Group. So, warm welcome to all of you into the management team. I will then slip to the market development in the quarter. In this picture, we look at the organic order intake. We look at it year-on-year, and we look at it excluding currency effects. In total, we ended the quarter with a flattish number, so zero in total.
As usual, we would look at this through the geographical lens as well as through the segment lens. If we start with Northern Europe, which had a good quarter and also continuation of the second quarter, we had a growth of 14% all in all in Northern Europe. Here, we do see the warehousing segment being stronger. We also see actually a small uptick in the construction segment as well. The other segment is also improving in Northern Europe, and this is mainly driven by the data center sub-segment. All in all, a solid and good development in Northern Europe. If I move over to Southern Europe, where we came in at -4%, it is a bit of a mixed picture. We continue also here to see the warehousing segment being positive for us, while we see the other segments being more hesitant.
I think here in the quarter, we have also had an effect of the automotive segment, in particular, driving down the total to the -4%. If we move over to Americas, where we had a very strong first half of the year, we now see the third quarter, the market has slowed down a little bit. So, we came in at -22%. Also here, the automotive sector contributes to that decline, while we see the other segments being in the quarter fairly flat or even declining in some sub-segments. I think here we have probably been a little bit, let us say, unlucky in the quarter with the orders. If we look at the warehousing segment in particular, that is still a segment where we have a lot of activities and a strong activity outlook, even though we were flat in this quarter.
Last but not least, we have APAC, which fell with 34% during the quarter. Here, I'd say all segments are down. Particularly here, we see a decline in the automotive sector driven by China and Japan. We also have the similar picture in the process industry, where we have a pretty strong foothold in the market in APAC. All in all, we came in organically at 0%, but it's at the same time a pretty scattered picture. With that, I'll leave over to Robert to walk you through the numbers in a bit more detail. Robert, please.
Robert, you're muted.
Okay. Hear me now?
Yes.
Still can't hear me?
Loud and clear.
It's okay. Okay, good. Sorry for that.
Let's go, Robert.
Yes. As Martin said, the order intake in the quarter was at record level, amounting to EUR 99.7 million, a 60% increase. The organic order intake was flat year-over-year, and the structural part was 57%. Currency was +3%. Moving over to sales development. Our sales amounted to EUR 96.9 million, which is a 51% increase. The organic element was 5%, and the structural part was 47%, while we had a negative impact of currency of 1%. Moving over then to profit and profitability. Our EBITA profit rose to EUR 15.1 million in the quarter, which represent an adjusted EBITA margin of 15.6%. As Martin earlier mentioned as well, we saw higher material costs in Europe and higher logistic costs across the whole business. The margin improved in North America, but we're still not at the level we want to be at.
We will continue to optimize our operations and strengthen our commercial capabilities. We saw higher SG&A costs, mostly coming from acquisitions and IT investments, but our organic underlying costs actually decreased. We also still see significant potential to simplify admin processes and strengthen our sales efforts. If we then look at the operating cash flow. During the quarter, we had an operating cash flow of EUR 9.9 million, which is an improvement to the first two quarters of 2026. The improvement was driven by a solid profitability, while we on the other hand, had negative effects from changes in working capital. That mostly coming from growing our business. As we increase our invoicing, our cash flow will pick up during the fourth quarter. If we then move on and look at the net debt.
Our net debt ratio decreased to 3.1 during the quarter from 3.3 in the second quarter. The main reason for lower net debt ratio was a higher profitability. It would have been even lower if we wouldn't have done the reevaluation of the earn-out contingency of EUR 5 million, which at this stage is a non-cash. As such, the reevaluation is positive as we see a stronger performance and contribution to the group from recent acquisitions than were originally anticipated. As our order book turns into invoicing and cash, the net debt will decrease the coming quarters, and we will reach the levels below our target, which is 2.5. If we then do a short financial summary. Our order intake grew by 60% to EUR 99.7 million, which is an all-time high. Our sales grew by 51% to EUR 96.9 million, which all Sorry, now you're mute, Martin.
Technology isn't with us today. Thanks, Robert. I think in summary, we look back at the third quarter with a very strong top line as in order intake and sales, mainly driven by our recent acquisitions. I think we also look back at the quarter where we had solid, good activity and development, mainly in the warehousing and data center segments. We are also happy that our profitability is on the improvement track, although we see that there is more work also going forward here to be done, mainly on the gross margin side. We are also very focused on improving our North American operations. As we have been in the third quarter, that focus will continue in the next coming quarters as well.
We have now a broader safety and productivity portfolio, which is very exciting for us when it comes to future growth, as well as diving into more segments and sub-segments than we have done before. We have launched our Beyond Safety platform, which will be our commercial messaging as well as our commercial platform to support our continued growth going forward. With that, we will leave the presentation part of our call, and we will move into the Q&A.
I think we have Jonny first.
Okay. We will try.
Thank you. Hello.
Jonny, hi.
Hey, hope you can hear me now.
Yes.
Hello, thank you for taking my question. I just want to start a little bit with the gross margin. I know that you talked about the ramp-up in the North America plant here, which is impacting, I think you said 100 bps in the quarter, roughly.
Yeah.
But besides that, I think mix is changing as well. So, data center, fast-growing part of your business, it is exciting, but what is sort of the gross margin impact from that? As I can imagine, data center projects are larger in size. Could you comment something about that?
Yeah. No, I think you are right, Jonny, here, that our data center business runs at a somewhat lower gross margin. At the same time, we are also having a bit of lesser SG&A costs. So, bottom line-wise, it is actually quite good business for us. But from a gross margin point of view, it is true that we get a bit of a dilutive effect in the quarter and also from that business segment.
I understand.
Yeah. So, it is mainly stemming from the data center segment. I would say the core of the core actually presents pretty good historical margins.
Yes. Okay. Sounds fair. There are a lot of moving parts in your gross margin right now, and I just try to understand what the new normal gross margin for you will be. Historically, you are performing some sort of average 38% or 39%.
Yeah.
As you ramp this U.S. plant here, is it fair to assume we could have similar structural gross margin levels despite the data center having some dilutive effect, or will it likely be higher or lower, if you understand my question?
Yeah. I think our aim would be to improve our North American operations, which would be helpful for the overall gross margin. If we then look at a little bit the relative size to these different moving parts, I think it is fair to assume that we should get back in line with our informal target of 38%- 40% when that is done, even though the data center segment grows as a share.
Yes. That is clear. Thank you. Then on the price here a little bit, I suppose that you raised prices to try to compensate for the higher raw material cost. Is that right?
Yes.
What do you estimate the price impact was on average in your sales, and is it bigger impact on orders?
During the third quarter, it is true that we have done some pricing adjustments already in the third quarter. We will continue to do pricing adjustments now here in the fourth quarter. I do not think the pricing effect during the third quarter on neither order intake nor sales was material. That component will still come during the coming quarters, which is material. Obviously, we have done adjustments on the transportation part, which is, you could say, more of a pass-through to some customers. There is, of course, a bit of an effect on the transportation part, but it is not the lion share of the total.
Okay. In the organic order growth, should we assume there is some pricing, but not so much? Maybe 1% or 2% or?
Yes.
Okay.
Probably in that neighborhood.
Yes. Okay. That is good. I just have one more before I get back in line. Given your mix now, change in mix in order intake, what is sort of the new average lead time in conversion we should expect on group level? Because historically, it has been sort of three months, I guess. How should we view it now? Is it closer to six months now given the size of projects, or can you say something how we should think there?
Yeah. No, I think it varies between the different segments, and it also depends on the size of the project. It is true that the conversion rate for the larger data center parts and the larger logistics part is longer than the bread and butter part. I would say that if we have a pattern in the panel business, that would be roughly the quarter you mentioned, Jonny. The mix of orders here will likely add half a quarter to a quarter of order to conversion cycle. Of course, depending on the exact project, but give or take. If we looked at within the next quarter as the norm before, we are now moving from one quarter to one and a half to two quarters, given the current mix.
Okay, understand. Thank you. That was all for me now. I get back in line. Thank you.
Thank you, Jonny. We go with Anna Lagerlöf.
Yes. Hi, thank you for taking my questions as well. First off, could you maybe give us some comments on the development between Vichnet and the safety barriers units, just to understand the growth in order intake slightly more?
Yeah. I think if we look at the total group, I think all three acquisitions that we did, so both barriers as well as Vichnet, all of them contribute to good growth. If we then look at Vichnet specifically, they are, of course, contributing very strongly to the total number. But I'd say all three contribute to growth and the strongest contributor of this growth comes then from Vichnet.
Okay, perfect. Because if we look on acquisition contribution in Q3 versus the first quarter, it's quite substantially higher.
Yeah.
Just a question on the safety barrier acquisitions. Could you say that we are seeing a sequential step-up from that being driven by you selling those products more and more on your own sales channels? In that case, where are you on that journey?
I think we are on a very good journey also, I should say, with the barriers. I think here, if we look at the Vichnet part, that has been very strong here now in the last couple of quarters. I think that is a project business that is a little more, you could say, digital in a sense that it is more one or zero whether we are successful. I think the barriers is something we really want to push into all of the thousands and thousands of customers we have across the globe, which also means a bit more integration to our sales organizations as well as to our sales tools. I think the growth on the barrier side will be more of a gradual growth rather than a very rapid growth.
It will still be a good, solid growth, but it will not come with the same growth rate numbers sequentially quarter- on- quarter. We are making good progress on this one. I am pretty sure that we will also see more and more of our share of wallet with our larger key accounts being split between the panel business and the barrier business. I think we have started to see that now both in the second quarter as well as in the third quarter. I think it is looking promising also for the coming quarters.
Okay, perfect. Very clear. My final one is on the outlook in Americas. Just coming back to your comment on being a bit unlucky in the quarter.
Yeah.
Is that mostly related to the warehousing segments, or should we view this as a sort of lumpiness between quarters for the full region, or just mainly within the warehousing segment?
No, it is a comment for the warehousing segment, and it is just as you say, it is around the lumpiness of how the orders are placed in which quarter and so forth. I think the overall activity and the pipeline in North America continues to look very solid.
Okay, perfect. That is all for me.
Yeah. Thank you, Anna. Victor Forss from SB1.
Good morning.
Good morning.
Thank you for taking my questions. Most of them have been answered already, but following up on Anna's question on acquired units, just wondering, would you say that Q3 is sort of a fair run rate going forward for the acquired units into Q4 and maybe for next year as well? Any commentary on roughly what margin acquired units contributed with in this quarter, please?
Yeah. If we start with the demand side and the order intake, we don't have anything on the order side that sticks out in that sense. If we look at Q2 and Q3, I think we look at a similar pattern. At the same time, this business is something that's fairly new to Troax, so take that with a bit of caution. It's not like we have any known one-off effects on the order intake side there. I'd say where we do probably have done a bit of extra push in the quarter has been on the invoicing side for the data center. I think that's well reflected also in the sales number, which was maybe a bit stronger than what could have been anticipated. But nothing that sticks out of the pattern in an abnormal way, so to speak.
When it comes to the demand side on data centers, I think that pipeline and that activity around that looks very solid. For how long and so forth beyond the next coming quarters, I think it is very difficult to say for the very long run. But for now, it looks very strong and very healthy. I think it is a good and it is a good level, and I think it is also fair to anticipate that activity will continue here in the coming four quarters as well. On the margin side then, Victor, as we had an earlier question here, I think it is fair to say that the gross margin of the data center is slightly lower than group average. The gross margin of our barriers is slightly accretive to group average.
I think overall it is contributing well to the overall group average without being more specific about the outcome in this quarter.
Okay.
But I think it is also fair to say that as the acquired businesses grow, especially if we look at barriers, it is a high gross margin business, so it is all about operating leverage. Pretty much the same also on the data center side.
Yeah. That is clear. Thanks. On the Vichnet earn-out, now at its maximum, I think. How should we look at that? Does that mean that Vichnet is already ahead of the 2027 plan you bought it on? If you could just help us understand that.
Yeah. It is true that we are now at the 100% when it comes to the earn-out liability from a financial point of view. I think it is also very fair to say that Vichnet is ahead of the management plan when we made the acquisition. Into that reevaluation, we also expect the great development that we have had during 2026 to continue to a certain extent in 2027.
Okay, perfect. On Americas, if we take a step back, could you just talk a bit about your expectations for the region over the next one or two years? Maybe both on growth and where you see margins relative to the group and so on.
Yeah. I think in North America, first of all, I think it is clear that the overall demand is there. I think also that the penetration rate of more sophisticated solutions, such as the ones we sell, is slightly lower than in Europe. So, I think both the demand and as well as the market penetration in U.S. is slightly lower. From that point of view, I think there is definitely growth for us to have in North America. I think it is also fair to say that in pretty much every market in Europe, we are market leader by size, but we are not yet market leader in North America. From that point of view, there is definitely growth and market share to be had. The Achilles heel for us in the U.S. has been our operational efficiency.
If we look at time, I think our investment here now will certainly help out of bringing that top line and sales into solid bottom line numbers. If U.S. has been and still is dilutive to the group margin, I think over time, whether it is in one or two years, my expectation would be that U.S. should be accretive to group margins and not the opposite.
Perfect. Very clear. Thank you. That was all from me.
Thank you, Victor. Gustav Berneblad from Nordea, please.
Yes, good morning.
Good morning.
Good morning. You talked about it slightly regarding operating leverage, et cetera, but if we just focus on Vichnet, and given that you see this type of volume uplift, can you just compare Vichnet EBITDA performance relative to the legacy Troax of around 20% a few years back? Is Vichnet, despite these volumes that are coming through, still dilutive in that sense?
Vichnet would be fairly in line with what you refer to as the historical Troax numbers, profitability-wise.
That is very clear. Perfect. Then moving into the data center part of the business, can you just elaborate a bit more on the split you have there of what is traditional mesh panels and what is more, I guess, other stuff? If you can just elaborate a bit more on that, I guess cable hangers, et cetera.
Yeah. So. For Vichnet specifically, you mean, Gustav?
Yes, but also on the group, that would be very helpful.
I think if we then start with Vichnet, we have roughly 50%-60% connected to data centers, which is then split between data center specific products as well as cable management products, which could be used also for other things. The rest would then be, you could say, what you would call the traditional mesh products. If we then translate this to group overall, we see the data center segment being just north of 10% now order intake-wise in the quarter.
That is very clear. I guess, just looking at the setup now with the— of course, there could be timing issues, and you can see warehouse orders come through in North America, but definitely, the capacity has increased. Is it possible for you to fill up the North American facility with Vichnet products?
I think there is still a bit of work to be done on the commercial approach here. Certainly, I think when it comes to space and capability and production capacity, I think that would be an opportunity to serve the North American market also from a North American base. We still have not made any decisions on that, but that would be a possibility, yes.
Perfect. Then just a question regarding, if you take Vichnet, their success in the data center segment, is that due to them having a more complete offering and that you can just bundle in cable hangers and everything, and then mesh panels? Or how much orders are you seeing for the just traditional Troax brand?
Yeah. I think it's a combination here. I think if we look at the data center product lines, it's a combination of, you could say, product or components, which are then more built into the systems. So, from that point of view, it's also part of the system set up. But when it comes to the data center part, in the third quarter, we did not have that much of combination of Troax, you could say, machine guarding panels and data center wire management product. So, the data center part more hinges on the cable management products than it does on the, you could say, conventional core panels. Over time, I would think though that whether it origins from Vichnet or whether it origins from Troax, I do think we will see more of a blend over time.
That's perfect. Very clear. Just the final one here on the IT costs we have talked about in previous quarter. I think you said in Q2 that you expect or estimated them to be several hundred thousand euros in the quarter.
Yeah.
It will run through, I guess, until later this year. Is that still the plan, and will it be running through the whole Q4?
There are a couple of different ingredients to this one, Gustav. We have had IT cost relating to our commercial platform and to our offering management system, which we have had for quite some quarters and even years. We have now completed the development of that, which is a, you could say, broader platform development. That is one part of this. The other part of this also is related to our acquisitions that we also want to integrate them into our environment, both to support cross-selling, to support that we have the right level of cybersecurity, et cetera. We are taking the acquisitions step by step, one by one. It means that on one hand, we are reducing the platform developments that we have had the last couple of years, but we are now also adding and adjusting the IT infrastructure around the acquisition.
We have had a bit of that now in the third quarter. We will also then, acquisition by acquisition, move into the overall IT. We will have a little bit of this continuing Q4, and I think also Q1 to have gone through all the acquisitions to get to where we need to be from an IT infrastructure point of view. It is something moving out and something moving in.
But the absolute cost level, will that gradually come down in Q1?
It is roughly the same, and when we are through the integration part, they will come out.
Oh, perfect. That was all for me. Thank you very much.
Thank you, Gustav. I see Jonny's hand up again. I am not sure if it is the same hand or if it is a new hand.
It is a new hand. I have more questions, if I may. Just one on automotive. I understand it is a very tough market right now.
But can you maybe share some update? How are you with the Chinese automotive makers? Are these sort of customers that you are already built a relationship with today, or is it still an opportunity for you?
I think I've said this multiple times that I think to Troax, I think we're mostly interested in the fact that we are selling and producing cars in the different regions. To us, it does not matter that much which car or OEM wins in the marketplace. If we have a Chinese gaining share on passenger cars over one of the European ones, that's not necessarily a big concern to us. We have established and worked well with the Chinese players making an entrance in Europe as well, and we have several activities and projects around that for the time being.
I think if I'd expand a bit on that also, Jonny, I think Troax is the only truly global player in our niche, which also provides us a really good capability to actually meet, serve, support, and design projects with the Chinese players, which means that we can work with them from a Chinese end, and we can also supply them in Europe. I think from a relative point of view, we're most likely in the best position to actually do business and grow with them if they decide to come to Europe to a larger extent. It's already in the making, and I don't think that development for Troax would be negative, actually. Probably on the contrary.
Yes. Okay. That is good. On North America, we talked about it, but just a little bit of clarification. Do you feel confident that the production will now be fully running as you are exiting Q4? That's the drag, we say 100 bps in this quarter. Will it half or something like that in Q4 on average, and then be zero drag in 2027?
I think the aim here, it should definitely be that we enter 2027 with a clean page, so to speak. That would definitely be what we're targeting. Whether we reach 100% of that plan, I think we'll look at that after we've ended the Q4. I think to me, the important thing is that we do the right things, we do them in the right way, and we also improve every day, every week, and every month here between where we are and where we need to be. But certainly, we want to move into 2027 at a significantly different level than where we started the journey here in the beginning of the second half of 2026.
Understood. Then just one final from my side. One on outlook. I understand that demand is uneven now, but I think you also stated you are confident in your CFO letter for 2026, 2027. Can you maybe elaborate a little bit on this when you look at your organic project, funnel of projects?
Yeah.
What is the general feeling? Are you getting closer? Customers, are they getting less hesitant or do you see projects actually being converted to orders? Can you say something on the general gut feeling there?
Yeah. No, I would say from my point of view, I think it is two things. I think we do see good activity and continued good activity in the segments which have been strong now the past couple of quarters, and I think the pipeline there looks, excuse me, looks pretty promising. From that point of view, that gives me some confidence in the development. That is one part of it. The second part of this is that if I look at the rest, which has been relatively or quite weak, we talked about automotive, for example. I do not see development that can go that much worse. So, there is a potential upside in that as well. So, there is not that much of improvement that actually needs to happen for us to see an improvement either. So, I think it is a little bit two-edged, this discussion.
Understand. Okay. Thank you. That was all from me, and have a great day.
Thank you, Jonny. Likewise. I don't see any more hands in the air for additional questions. With that, I would like to say thank you for calling in to this call, and if not before, I'll see you in a quarter's time. Thank you and bye-bye.