Welcome to Strauss Group Second Quarter and First Half Year of 2025 Results Earnings Call. On our call today, management will provide a review of the results followed by a questions and answers session. You are encouraged to post your questions to the Q&A function in the Zoom. As a reminder, this online Zoom earnings call is being recorded Tuesday, August 26th, 2025. A recording of this call will be available on the company's website a few hours after the call. I would like to remind everyone that this online webinar may contain projections or other forward-looking statements regarding future events or the future performance of the company. These statements are only predictions and may change as time passes. Strauss Group does not assume any obligation to update this information.
Actual events or results may differ materially from those projected, including as a result of changing industry and market trends, reduced demand for our products, the timely development of our new products and their adoption by the market, increased competition in the industry and price reductions, as well as due to risks identified in the documents filed by the company with the Israeli Security Authority online. With me today are Mr. Shai Babad, Strauss Group's President and CEO, and Mr. Tobi Fischbein, Group CFO, and myself, Rivka Neufeld, Head of Investor Relations. We will begin with a review of the quarterly results by CEO Shai Babad and then move on to the financial highlights of the quarter presented by CFO Tobi Fischbein. We will then move on to a Q&A session. Shai, the floor is yours.
Thank you very much Rivka. Thank you very much everybody for joining us today. In the following presentation I will try in the next 15 - 20 minutes to give you some overview and the primary events in our business results for quarter two, 2025 and for the first half of 2025. Let's get started. We are going through some difficulties, some technical difficulties which will be solved in a sec. In the meantime you can hold back, relax. Great. Let's get started. As you know we are a purpose-driven company and our purpose is nourishing a bit of tomorrow. Every quarter we try to find what we did to serve our purpose. There are three major events this quarter that we thought that we should highlight in serving our purpose.
One is unfortunately we had the war June with Iran and trying to maintain business continuity, taking care of our frontliners in the south and in the north of Israel and also taking care of our employees and also making sure that all our customers receive all the food that we produce, all the products that we produce on time. Without delays, I think is something which was very, very important and it's part of the food security that we provided to the state of Israel. The second thing that we've done this quarter was also gluten-free line of products in our confectionery business. We actually took the whole line of products that we have in our confectionery and made them gluten-free, which is of course very, very important to the audiences and the consumers that are gluten-free.
Third, we published our ESG report with our ESG focuses and we've got the platinum rating on our ESG report. If we look at the highlights of the quarter, we can see that there was a very strong growth this quarter. If we take out, if you look at platform activity and we take out Sabra, which we sold last year, and Serbia in the coffee business that we sold last year, we have about approximately 17% growth platform from quarter to quarter and if I remember correctly, 13% without that, which is very, very strong growth. Most of this growth was led by price increase, but not only also quantities and volumes that we increased. If we look at our EBIT operational profit here, also we view very, very strong results.
More than 60% improvement from approximately NIS 180 million, NIS 190 million - NIS 240 million, NIS 255 million, depending if you exclude or not exclude our operations in our kitchen. If we look, although in EBIT wise we did do a tremendous improvement. When we look at net income and we look at our cash flow here, there was a big gap. When we try to understand what was the gap between the EBIT and the net income, it comes right from financial expenses and from taxes. In the financial expenses this quarter, when it comes to the strengthening of the shekel and our hedging activity on the shekel, here is where we suffered and Tobi will elaborate on that later on. Here is where we suffered what we think is not part of our platform activity, but more of an exorganic one-time event that affected the net income.
The other effect was the tax issue because we were given a dividend from the Sabra deal that happened and we got the dividend in the second quarter. This had an impact on our ability to deduct taxes this quarter. Therefore, our tax percentage this quarter in our solo was much higher than we usually have. Those two effects of course led to a lower net income. On our productivity, we are on a journey. We can see that our productivity helped us receive the high EBIT that we finished in Q2. We see that what we set in the strategy to do is actually taking place. We also continue to execute our strategy on our core activities and our core categories with a big turnaround in Brazil, which I'll emphasize on later on. We also see there that we are on track.
Midroog Moody’s actually upgraded our outlook to stable, affirming our AA1 rating from negative to stable. This was also very good news for us. We did a successful expansion of our bold series and raised NIS 465 million in a very good raise with very good margins. When we look at the results here, we talked about the net sales and the growth in it. It is the first time, by the way, that we crossed the NIS 3 billion barrier for a quarter. I think that for this quarter, that 255 is a kind of a record for Strauss Group definitely in the past, I don't know, five, six years. When we look at the net income, here is where the gap, and we discussed it before, and we also see.
One thing I would like to emphasize, you can also see that there's a huge gap when we took H1 from NIS 153 million for the whole half. In this half, 2025, compared to H1 2024, NIS 60 million out of that are tax assessments that last year we got a refund for and this year we didn't have them. It's part of the gap. One other thing that we'd like to emphasize here is the cash flow. Although we did better than last year in the second quarter and we see the trend, still the cash flow is very low. We are expected on a positive cash flow towards the end of the year and to continue to improve that dramatically. What happened in the first quarter, and we discussed this, the first quarter is the working capital, the effect of the cost of material, cost of materials and material goods.
There we saw that the coffee prices, especially in Brazil, green coffee prices, affected a lot of the working capital and therefore affected our free cash flow. Here we just see the prices and what happened to the prices in the last three years. It's a huge and drastic jump in robusta, in Arabica, and also in cocoa prices. If we look quarter to quarter, the only place where we see a small reduction is in cocoa prices. Yet it's very important to emphasize here that those are the spot prices for cocoa. What we of course have is inventory prices and also prices of cost of goods, of cocoa that comes from also the inventory and also from hedging activity that we have.
Therefore, we actually experienced an increase in costs of goods for cocoa in quarter two and hence the results of funding indulgements, which I'll discuss soon when we look at the results of Israel. Here, Strauss Israel, we see a nice growth of 9%. Some of it is volume, some of it is price increase. We also see that when we look at health and wellness, the segment did really well with increase of sales, but also a very nice increase in EBIT. When we look at funding indulgements, here is where we see the problem. Although here you don't see it, you see for - 12 to 1. Last quarter, last year we had a NIS 27 million hedging activity in cocoa that we lost. Therefore, if we want to compare apples to apples, it's like + 15 to + 1.
The reasons that funding indulgement has deteriorated is because this quarter we actually faced the highest of all the last quarter's cost of goods of cocoa, which of course affected our results. Looking forward, there are two action plans that we took in place in order to make sure that we improve this. One, we raised prices in Israel from the first of July of our confectionery. Second, since you saw there is a reduction of cocoa in the past few weeks, we actually extended our hedging activity in cocoa. In the next few quarters, due to the decrease in cocoa prices and due to our hedging activity and also due to the fact that we raised prices, we are expected to substantially increase our profits and our margins in final indulgence. When you look at coffee in Israel, it was a very good quarter.
We actually also got volume increase in coffee, especially in roasted and ground, which was more stable and even decreasing in the past quarters. This quarter we actually managed to increase it and hence the nice increase in sell-in. EBIT, as you can see, there's not a huge improvement. The reason that it stayed the same is due to the fact that coffee prices have increased drastically. This of course has an effect on our business looking forward. Also here we had a price increase in coffee in our coffee segment here in Israel, which will help us also improve profits and profitability. If we look at our brands in Israel, I'm happy here to say that we manage in all our core brands as part of our strategy to focus on the core to increase our market share in all our major brands.
Whether it's the coffee, whether it's the confectionery, the snacks or confectionery chocolate tablets, whether it's the milk drinks, whether it's our yogurts or desserts or whether it's salty snacks. In most of our core categories, we increased market share. In the overall market share of all our categories in Israel, we increased by 1 point. Last year we were 34.1%. This year we are 35.1%. This is in spite of the price increase that we had in some of the segments. A little bit in the milk segment, but a lot in the confectionery and coffee business. When we look at our international coffee business, here is the major turnaround in our delivery of our strategy. We were able to close the gap between the raise of green coffee prices and our pricing in Brazil. What happened is that the profitability of our RNG business in Brazil raised dramatically.
Here you can see that there is a huge jump from last quarter from NIS 61 million -NIS 102 million shekels in profit. Soon we'll see Brazil. Most of this comes from Brazil. Of course there's a 30% increase, almost 30% increase in sales, which again most of it, if not all of it, comes from the price increase that we had. Some of it in Central Eastern Europe and most of it in Brazil. You can see we started the margin improvement in our international coffee business. Our challenge for our next few quarters is to maintain that although coffee prices have increased lately by 20% in the past two weeks, is to continue to push price forward when we can and to maintain the high prices so that the margins remain high if we go to Brazil.
Here you can actually see the very good result in the second quarter of Brazil. Brazil has reached an 8% EBIT margin with NIS 88 million profit in a quarter. This is record high ever of our Brazilian business. Most of it was able because of our ability to roll the prices to the consumers in Brazil. We increased prices in the past year by 100% on our RNG portfolio. 100% price increase in one year. Since coffee prices, green coffee prices have actually stabilized a little bit, we've managed to get profits up and margins up to 8%. You can see the difference between both quarters. This also includes our non-RNG activity which is very profitable, which is on double-digit profitability and is growing according to the strategy. If you look at the first half, you can see that the first half is also much better than last year.
The major jump was on the second half. 30 millions were produced in the first quarter and 88 million were produced in the second quarter and a lot of it and most of it is due to the pricing activity that we took place in Brazil. Another important point to say in Brazil is that we did all that. We increased prices by 100% and increased profitability and also increased market share. We actually strengthened our position as the number one player and increased our market share by approximately 1%. If we look at our water business and here we are also mainly up to track, there's a small increase in sales. We were expecting to get a high increase in sales. The reason that sales didn't increase as much as we wanted is due to the war in June in Israel.
Sales of course in our water business was lower in that period and also in China and I'll speak about China in a second. Competition is increasing. This has affected of course also the EBIT. We won in and we expected a higher increase in EBIT. Mostly the business is growing as we expect. There was a huge turnaround in the U.K. with good results in the U.K. Our business in China is continued to grow and the company is working on from becoming a single product company to a multi product company and we will launch, we already launched two new machines, one a soda machine and another one under the sink machine here in the Israeli market.
I'll talk about later on a new launch that we're going to have soon but the company is shifting and from one product we are going to be a multi product company already with two new products in the market. There will be an additional two to three new products this year from a different price range and also different variety of functionality which will help us grow the business in Israel but also bring that into our international joint ventures and grow the business further there. If we look at China, you can actually see a decrease in the net income. By the way, the net income here as you know, is consolidated into the EBIT of the total company. There's a decrease and not much increase in sales.
The reasons for that is that Xiaomi, our competitors in the past two quarters have done a very good job in the sales online. They actually became number one sales online with new platforms of water purification systems that they brought into the market. What we have done in order to retaliate is also to give a lot of discounts and discounts on the one hand and on the other hand we put some CapEx investments into new platforms that we're going to put on the online. Looking forward in the next quarter or two we think there's going to be a tight competition in order to regain our position back in the online sales in China. In our journey to become the number one player in China right now we are between number two, number two to three. We want to get to being number one.
In that journey we will continue as we invested in our second factory in China, which will help us grow further, which will help us bring new platforms of products into the market. For us here, China is a huge potential of a market. When we talk about our productivity, we are on track. We set in our strategy to bring between NIS 300 million and NIS 400 million in productivity. We can say that we are on track. The second thing we can say is that we can already see in the results of this quarter the improvement in our EBIT and improvement in our operating profit, which partially, a big part of it, is the result of our productivity activity.
It comes from the different streams that we have of changing how we do things, of bringing digitization, of bringing new methods, of bringing new tools into the company, and also training our people and changing the mindset. It goes in procurement, it goes in our revenue management, in operational excellence, in logistics, in supply chain, everywhere across the company. I could say that we are on track and even I think we will be able to exceed. Now just a few words about looking forward, moving forward to the next quarter or two things, engines of growth that we have ahead of us. I'm very, very happy to announce that our factory that we built in the north for milk alternatives, for alternative milk, has actually launched and first products will be in the market in the next few weeks and it started production.
This is very, very, very exciting for us. It's a new plant that we invested a lot of money in and it will help us bring new variety of products into the market. It will help us also live to our purpose of nourishing a better tomorrow with serving the audience and serving the consumers with different variety of alternatives. It was the very, very good and strong brand that we have with our partners with Danone of Alpro, but also to give our products, Strauss products, in the milk alternatives version. This is a huge engine of growth for us. The second growth engine which we are very proud of is that today most of our milk drinks are sold by out in the south.
Unfortunately, for the last year or even more than a year, we had capacity constraint, which means that we have 20% - 25% more demand than we can serve, which means we are leaving about 20% of sales, 20% - 25% of sales on the floor without being able to serve it. We will be able to grow with the current capacity that we had due to productivity that we have done in operations by increasing the OEE of our lines. Now in the last quarter, we're going to install the new line in Yotvata, which will increase dramatically our capacity. Hence, we are expecting to have a huge jump next year in our sales, in our milk drinks development vision, and in our water business. A huge machine, a huge new launch is expected in the next few weeks.
We call it the Shabbat machine for Orthodox Jews, and for the Orthodox community it will be a water purification machine that can also be used on Shabbat for religious people in Israel. It's a very, very, very big segment, but also in the U.S., and we think that this machine in Israel is going to boost sales for our water business here in Israel on the one hand, and later on can also be taken out of its zone for the Jewish community around the world, the religious Jewish community around the world. Just in a glance and summing up, when we look at our strategy, you can see that we have a very strong focus on our home base. We managed to grow market share, we managed to improve profitability. Putting aside funding indulgent, which as I said, cocoa prices have kind of diverted or delayed our plans.
With the price increase and with our hedging activity and with current cocoa prices that we see now going ahead, we think that this will get back on track. Definitely by the end of 2026, we'll be on track to what we promised to deliver. Overall, Israel with the focus on the core, with the focus on the major brands, is on track. When we look in Brazil, coffee and beyond, I'm happy to say that you could already start to see the results of the turnaround. A lot of it is due to the price increase. Some of it is due to the non-RNG activity that we are expanding and growing in Brazil, and also productivity that is done in Brazil. Brazil's been growing way more than 5% that we put in the strategy, but also improving its profitability and improving our profit.
If we look at our international water business, here also we see that the companies continue to grow quarter over quarter over quarter. We also see now the shift from a single product company to a multi-product company. It will start in Israel, but then we want to take it globally. We think that with the new products that we have launched and also will launch, it'll help us grow the company even further. With the turnaround also that we've done in the U.K., all of that is on the base of becoming future ready and resilient, which is our productivity and resiliency and performance, which you saw already that we improved on the one hand and also on the health and our people, the culture. There's been a lot of work. I haven't talked about it here now, but we talked about it before in the strategy.
There's a lot of work done on changing the culture of being more execution oriented, of becoming more future fit, of making sure that our people are aligned to everything that we've done and that work together with the productivity and together with the three engines of growth that you see here, home base, coffee, and water, we are managing to execute our strategy. Next slide, last slide. With that, I'll finish. From the targets that we set in the strategy, we believe that in four of them we are definitely on track. Top-line growth, I think we already exceeded the 5% growth for 2024-2026, although 2026 hasn't happened yet. I'll jump to the third one, productivity. We are on track. We believe we'll achieve this target.
CapEx, we are achieving this target and also focusing on the core, we believe that we will achieve 85% of our activity with the sale of Sabra, sale of Serbia, and the turnaround of what we found in indulgence. We believe we will be there. Last target that we still have a question mark, we are not changing it yet because we don't have anything different, but we will have a definitely very big look at it, is that 10% - 12% EBIT margins in 2026. You can see that we've started improving our margins substantially. We have started now the process of building the 2026 budget. We will look into that very deeply in the next few months and we'll see whether we can achieve this target. I just want to put a star next to it that when we set, we talked about a 5% growth each year.
We didn't look at the cost of goods inflation that we encountered in the past three years, which led to a much higher growth than 5% due to the pricing that we have done now. Of course, if you price and you only cover the cost of goods through that pricing, and pricing as in Brazil was 100%, the only thing you do is just cover the cost and therefore the EBIT margins are declining. With that substantial growth that we are going to show from 2024-2026, we'll have to see whether we can maintain the EBIT margins of 10% - 12% or whether we can maintain the EBIT number that we thought that we can get to if we would have grown only 5% onwards. This is yet to be seen. For now, we are leaving the target as it is.
Once we do the budget, we'll have more to say. With that, I'll transfer to do the deep dive into the results to Tobi. Tobi, the floor is yours.
Thank you Shai. Looking at the quarter sales more closely, we see continued growth in all segments, amounting to an 11.5% year-over-year increase in net sales for the group to NIS 3.1 billion, with the most significant contribution coming from Coffee International, especially Brazil. Excluding the impact of a stronger shekel, group net sales increased 15.5%. On the right-hand side, we see that Coffee International became our largest business segment in terms of net sales after achieving significant growth during the quarter. Moving to the sales of the first half of the year, on the next slide, we see similar trends as in the second quarter. On slide 23, it is important to note the impact of the previously announced loss on cocoa derivatives, which totaled NIS 49 million in Q1 2025 and NIS 27 million in Q2 2024.
Excluding this impact, gross profit was stable in the second quarter and declined slightly in the first half of the year. Turning to slide 24, the group delivered significant improvement in EBIT in both Q2 and H1. Higher operating profit and margin can be attributed to the higher net sales achieved and ongoing productivity measures, and despite the impact of raw material price inflation. Looking at the next slide, we can see operating profit and margins achieved by business segments excluding the one-off cocoa derivative impact. Strauss Israel also improved EBIT versus Q2 2024 with a similar margin of 10.3%, while in the first half of the year EBIT also improved with a slightly lower margin of 10.9% in comparison to 11%, despite much higher green coffee and cocoa input costs.
On slide 26, we see that higher financing and tax expenses led to lower net income both in the quarter and first half of the year. Financing expenses increased in Q2 by NIS 57 million, of which NIS 42 million were attributed to the impact of the stronger shekel on FX hedging and FX differences as of June 30th, 2025. The smaller part of the increase in financing expenses was due to higher interest paid, mainly related to financing working capital and higher interest rates in Brazil in the first half of the year. Out of the NIS 57 million increase in financing expenses, NIS 33 million were attributed to the stronger shekel. This means that we saw both in Q2 and H1 2025 financing expenses which were above the normative level we should see were it not for the shekel appreciation.
Taxes were also higher in the second quarter of 2025 and the first half of the year, reflecting tax income and a lower than normal effective tax rate recorded in 2024 following the release of provisions due to tax assessment completed, as well as profit mix in 2025, which resulted in a higher effective tax rate than we would expect going forward. Looking at the free cash flow on slide 28, in the second quarter we saw an improvement both versus Q2 of last year and Q1 of this year, with less cash consumed supported by higher EBITDA and lower tax payments, and despite higher financing expenses and CapEx. On slide 29, net debt and the gearing ratio increased slightly in comparison to Q1 of 2025 mainly due to working capital needs and dividend payments, but were lower than the second quarter of last year.
Our leverage remains at a healthy level with net debt to EBITDA ratio at 2.5, and we expect it to go down during the second half of the year. The recent upgrade to stable outlook and confirmation of our strong AA1 rating from Midroog further reflects our strong financial position. Let's now take a closer look at our segments, starting with Strauss Israel. Sales in the second quarter of 2025 reflected growth across the board, supported by improvements, improved sales mix, higher volumes, as well as some pricing. Looking quarter over quarter in 2024, we still consolidated the fresh vegetables business, which was divested in December of last year, and it should be noted that during June of this year our Elite retail coffee activity was divested as well. Moving to the sales in the first half of the year, we see a similar picture.
Moving to EBIT on slide 34, as mentioned, we saw the impact of the previously announced cocoa derivative loss on the fun and indulgence sector. When excluding this loss, the impact of high cocoa input prices continued to impact the results. Moving to Coffee International on slide 36, we see strong growth in sales that was driven primarily by pricing. These sales growth mostly offset green coffee input cost inflation, while operational efficiencies supported margins. Moving to slide 37, we can see the geographical breakdown of sales, and sales growth was achieved across the board with most regions maintaining market share and even improved market positioning. In Poland on slide 38, we see a very similar picture for the first half of the year. However, here we still see the impact of volume growth in the first quarter of 2025 in certain geographies.
Moving to the water business on slide 41, we see 4 %- 5% top-line growth in Q2 as well as in H1 of this year, driven by higher install base, higher sales both in Israel and the U.K., and better sales mix, while these were moderated by the impact of the war with Iran. In terms of the activity in Israel, it is worth noting that the gross profit was positively impacted by exchange rates and productivity measures, while higher Strauss Water contributed lower equity gains as Shai explained before. With that, we conclude management's presentation and we will open the call for questions.
Thank you very much. The first question we have is from Chris Reimer from Barclays. What are the expected benefits of the new Yotvata facility and can you give any color on the market for alternative milk?
The new benefits, as I mentioned in my presentation, are that today there's a demand for at least another 20-25% of sales which we don't give an answer to, we don't deliver on, and therefore the market is always lacking and consumers are always lacking quantities in the different retailers. With the new line, we'll be able to meet market demand and to have a substantial jump in our sales immediately in volumes and of course in value. This is a huge benefit and that will bring also extra EBIT and also improve the market margins. This is regarding that and some line on the alternative. The alternative milk market in Israel is quite huge. It's getting to be a NIS 1 billion market. Our position in that market is quite low. We are approximately 17-18% market share. The main reason is that we didn't have manufacturing abilities.
We have very, very strong brands. We have the Alpro brand, which belongs to Danone, which is worldwide known but also known in Israel. Our ability to produce it and to sell it in Israel was limited because we didn't have our own production facility. Now that we have our own production facility, we will be able not just to do Alpro and alternative milks, we will be able to take our yogurts and our desserts, which is a huge market today and we are the market leader there, and to actually give our brands also in milk alternatives, which is also big news. We think that both of those things for the next few years are very good and substantial engines of growth to our business in Israel.
Thank you. Shai. The next question, what if any relief are you seeing in commodity pricing, and are you having any success with diversification sourcing?
We see some relief. Of course, as I mentioned before, we see that in coffee prices we've managed to. It's kind of maintained and we managed to roll the prices. We are not happy with the last two, three weeks again increasing coffee of the 20% that was an increase, but we believe that will be managed to handle that. When we look at cocoa prices, we will see future relief if cocoa prices. Cocoa prices at their highest were around NIS 11,000, NIS 12,000 and now they're back to around NIS 5,300 if I remember the price today. It's a huge decrease on the one hand. On the other hand, they started up from NIS 2,000-NIS 2,500 so they're still very high.
Yet with prices of NIS 5,000-NIS 5,500, we believe that there'll be a huge relief and that we'll see funding indulgement segment, as I mentioned before, with the pricing activity that we took that took place on the 1st of July, get back on track and do the full turnaround. Yes, we do the diversification of sourcing, especially in cocoa, which we changed all our methods of sourcing in the past few months and also the ratio that we source because in cocoa, for the ones who know there's the price of cocoa is also the ratio that you pay. We managed to improve the ratio and also to improve the price. We believe that all those segments will give us some kind of relief. Looking in the next few quarters, we are expecting to see that come into place in the results.
Thank you. One additional question that we received is how do you see the impact of the acquisition of JDE Peet's by Keurig on the markets the group operates in?
I think that on the market that the group operates in, there will not be much impact because the huge competition will probably be, as was written in all the analysis that was made on this, with Nestle in the U.S., and I think that's where the biggest impact will be. In Brazil, it's mostly an RNG market. JD is already there. We don't see that the new joint venture, Dr. Pepper, is going to bring something new to Brazil that will enhance the competition there, the way we look at it. The second market is Israel and also in Central Eastern Europe. We don't see much effect in the countries that we operate because JD is already a competitor there in all the places that we operate. We don't see a big, big change for us in the geographies that we are operating.
Tobi mentioned to me one remark which is very important. We are happy to see the multiple that was given due to that and the multiple that was given to the coffee business. Although we are in Brazil and in Israel, it's not the same geography as in the U.S., we hope that you will adopt that multiple also in your models for our coffee businesses in Brazil and elsewhere.
Thank you. These are all the questions we received for today. I will now return the call to Shai for closing remarks.
Thank you very, very much for joining us here today. I think that what we see from the results is, A, there's a very, very strong growth and the ability of the company to grow in quantities, but more important, to deal with the challenges of inflation of cost of goods and to roll those prices into the consumers. B, you mentioned, see that we managed to implement our strategy and also, through our productivity activity, to do turnaround to some of our businesses and to bring their margins up and their profits up, such as. Yet we still have to interpret that into the last line of the net profit.
We think that the one-time event, as Tobi mentioned and I mentioned in my presentation, of the financial cost because of the shekel and the taxes because of the assessments and the dividend from Sabra, those are things we don't think will follow up in the next few quarters, and we hope to see and we expect to see an improvement there. We are expected to continue to push on our core activity to get back on track on executing our strategy. I think that this quarter is a good example of already the delivery and the execution of things that we talked in the strategy and coming up into life. Thank you very much, all of you, for joining us.
Thank you for joining Strauss Group's Q2 H1 2025 earnings call. With that, we conclude our call. Thank you.