Earnings Call Transcript - BMA Q3 2025

Operator, Operator

Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Banco Macro's Third Quarter 2025 Earnings Conference Call. We would like to inform you that the third Q '25 press release is available to download at the Investor Relations website of Banco Macro.

Nicolas Torres, IR

Thank you. Good morning, and welcome to Banco Macro's Third Quarter 2025 Conference Call. Any comments we may make today may include forward-looking statements, which are subject to various conditions, and these are outlined in our 20-F, which was filed to the SEC and is available at our website. The third-quarter 2025 press release was distributed last Wednesday, and it's available at our website. All figures are in Argentine pesos and have been restated in terms of the measuring unit current at the end of the reporting period. As of 2020, the bank began reporting results applying hyperinflation accounting in accordance with IFRS IAS 29 as established by the Central Bank. For ease of comparison, figures of previous quarters have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through September 30, 2025. I will now briefly comment on the bank's third quarter 2025 financial results. In the third quarter of 2025, Banco Macro's net income totaled ARS 33.1 billion loss, which was ARS 191.5 billion lower than the previous quarter. This result was mainly due to higher loan loss provisions, higher administrative expenses, lower income from government and private securities, and lower net fee income that were partially offset by higher other operating income and a lower loss related to the net monetary position. Total comprehensive income for the quarter totaled ARS 28.4 billion loss. In the first 9 months of 2025 Banco Macro's net income totaled ARS 176.7 billion, 35% below the same period of last year. Total comprehension income totaled ARS 186.9 billion in the same period. As of the third quarter of 2025, the accumulated annualized ROE and ROA were 4.5% and 1.5%, respectively. Net operating income before general and administrative and personnel expenses was ARS 779.6 billion in the third quarter of 2025, 23% or ARS 233.7 billion lower compared to the second quarter of 2025 due to lower income from government securities. On a yearly basis, net operating income before general and administrative and personnel expenses decreased 29% or ARS 312.9 billion. Provision for loan losses totaled ARS 156.8 billion, 45% or ARS 49.4 billion higher than the second quarter of 2025. On a yearly basis, provision for loan losses increased 424% or ARS 128.4 billion. In the quarter, net interest income totaled ARS 686.2 billion, 7% or ARS 52.2 billion lower than in the second quarter of 2025 and 8% or ARS 63.6 billion lower year-on-year. This result was due to a ARS 113.9 billion increase in interest expense, while interest income increased ARS 61.6 billion. In the third quarter of 2025, interest income totaled ARS 1.32 trillion, 5% or ARS 61.6 billion higher than in the second quarter of 2025 and 7% or ARS 84.7 billion higher than in the third quarter of 2024. Income from interest on loans and other financing totaled ARS 930.3 billion, 18% or ARS 139.7 billion higher compared with the previous quarter, mainly due to an 11% increase in the average volume of private sector loans and a 111 basis point increase in the average lending rate. On a yearly basis, income from interest on loans increased 74% or ARS 396.2 billion. In the third quarter of 2025, interest on loans represented 77% of total interest income. In the third quarter of 2025, income from government and private securities decreased 24% or ARS 85.4 billion quarter-on-quarter, mainly due to inflation-adjusted bonds, and decreased 52% or ARS 292.8 billion compared with the same period last year. This result is explained 97% by income from government and private securities at amortized cost, and the remaining 3% is explained by income from government securities valued at fair value through other comprehensive income. In the third quarter of 2025, income from repos totaled ARS 6.3 billion, 493% or ARS 5.3 billion higher than the previous quarter and 74% or ARS 18.1 billion lower than a year ago. It is worth noting that as of July 22, 2024, the Central Bank decided to terminate repos and replace them with LEFI's, which were issued by the treasury and then were eventually terminated on July 10, 2025. In the third quarter of 2025, FX income was ARS 13.8 billion loss, ARS 37.5 billion lower than the second quarter of 2025, mainly due to the loss from foreign currency exchange, given the bank's short dollar position. It should be noted that the bank posted a ARS 23.2 billion gain related to investment in derivative financing instruments, which is basically the long futures position that the bank has. Therefore, when considering income from foreign currency exchange plus income from investment in derivative financing instruments, the bank posted a ARS 9.4 billion gain. On a yearly basis, FX income decreased 164% or ARS 35.2 billion. In the quarter, the Argentine peso depreciated 14.4% against the U.S. dollar after the Central Bank of Argentina replaced the 1% crawling peg, allowing the Argentine peso to float. In the third quarter of 2025, interest expense totaled ARS 528.4 billion, increasing 27% or ARS 113.9 billion compared to the previous quarter and increased 39% or ARS 148.4 billion compared to the third quarter of 2024. Within interest expenses, interest on deposits represented 94% of the bank's total interest expense, increasing 24% or ARS 96.6 billion quarter-on-quarter due to a 248 basis points increase in the average rate paid on deposits, while the average volume of private sector deposits increased 10%. On a yearly basis, interest on deposits increased 36% or ARS 131.3 billion. In the third quarter of 2025, the bank's net interest margin, including FX, was 18.7%, lower than the 23.5% posted in the second quarter of 2025 and the 31.5% posted in the third quarter of 2024. In the third quarter of 2025, Banco Macro's net fee income totaled ARS 177.3 billion, 7% or ARS 13.9 billion lower than the second quarter of 2025. In the quarter, credit card fees stood out with a 22% or ARS 14.2 billion decrease, followed by credit-related fees, which decreased 27% or ARS 3.1 billion, and were partially offset by a 7% or ARS 1.8 billion increase in corporate services fees. On a yearly basis, net fee income increased 14% or ARS 22.1 billion. In the third quarter of 2025, net income from financial assets and liabilities at fair value to profit or loss totaled a gain of ARS 19.5 billion, decreasing 84% or ARS 101 billion compared to the second quarter of 2025. This result is mainly due to lower income from government securities. On a yearly basis, net income from financial assets and liabilities at fair value to profit or loss decreased 86% or ARS 117 billion. In the quarter, other operating income totaled ARS 69 billion, 42% or ARS 20.5 billion higher than the second quarter of 2025 due to higher credit and debit card income, ARS 14.7 billion. And on a yearly basis, other operating income increased 16% or ARS 9.7 billion. In the third quarter of 2025, Banco Macro's administrative expenses plus employee benefits totaled ARS 331.5 billion, 12% or ARS 35.1 billion higher than the previous quarter due to a 20% increase in employee benefits, while administrative expenses decreased 3%. On a yearly basis, administrative expenses plus employee benefits decreased ARS 431 million. In the third quarter of 2025, employee benefits increased 20% or ARS 38.7 billion, mainly due to a 139% or ARS 23.6 billion increase in compensation and bonuses as the bank builds up provisions for early retirement plans and severance payments. On a yearly basis, employee benefits increased 8% or ARS 16.9 billion. In the third quarter of 2025, the accumulated efficiency ratio reached 39.1%, deteriorating from the 35.9% posted in the second quarter of 2025 and from the 25.5% posted a year ago. In the third quarter of 2025, expenses, which include employee benefits, general and administrative expenses, depreciation, and impairment assets increased 10%, while income, primarily net interest income, net fee income, differences in quoted prices of gold and foreign currency, plus other operating income, and net income from financial assets at fair value through profit or loss decreased 19% compared to the second quarter of 2025. In the third quarter of 2025, the result from the net monetary position totaled a loss of ARS 203.1 billion, 6% or ARS 13 billion lower than the loss posted in the second quarter of 2025 and 46% or ARS 171 billion lower than the loss posted one year ago. Lower inflation was observed during the quarter, basically 4 basis points below the second quarter '25. Inflation reached 5.97% in the third quarter of 2025 versus 6.01% in the second quarter of 2025. In terms of loan growth, the bank's total financial reached ARS 10.1 trillion, increasing 3% or ARS 332.4 billion quarter-on-quarter and increasing 69% or ARS 4.1 trillion year-on-year. In the third quarter of 2025, private sector loans increased 3% or ARS 278.2 billion, and on a yearly basis, private sector loans increased 67% or ARS 3.94 trillion. Within commercial loans, documents and others stood out with a 4% or ARS 60.4 billion and a 27% or ARS 453.9 billion, respectively. Meanwhile, overdrafts decreased 21% or ARS 364.9 billion. Within consumer lending, almost all product lines increased during the third quarter of 2025, except for credit card loans, which decreased 1% or ARS 21.3 billion. Personal loans, mortgage loans, and pledged loans stood out with an 8% or ARS 156.8 billion, 12% or ARS 92.8 billion, and 6% or ARS 13.1 billion increase, respectively. In the third quarter of 2025, peso financing decreased 2% or ARS 192.1 billion, while U.S. dollar financing increased 10% or $170 million. It is important to mention that Banco Macro's market share over private sector loans as of September 2025 reached 9%. On the funding side, total deposits increased 5% or ARS 556.4 billion quarter-on-quarter, totaling ARS 11.8 trillion and increased 11% or ARS 1.2 trillion year-on-year. Private sector deposits increased 6% or ARS 604.9 billion quarter-on-quarter, while public sector deposits decreased 5% or ARS 49.6 billion quarter-on-quarter. The increase in private sector deposits was led by demand deposits, which increased 10% or ARS 475.2 billion, while time deposits increased 4% or ARS 202.2 billion quarter-on-quarter. Peso deposits decreased 1% or ARS 48 billion, while U.S. dollar deposits increased 3% or $95 million. As of September 2025, Banco Macro's transactional accounts represented approximately 49% of total deposits. Banco Macro's market share over private deposits as of September 2025 totaled 7.4%. In terms of asset quality, Banco Macro's nonperforming total finance ratio reached 30.2%. The coverage ratio, measured as total allowances under expected credit losses over nonperforming loans under Central Bank rules reached 120.87%. Consumer portfolio nonperforming loans deteriorated 149 basis points, up to 4.3% from 2.81% in the previous quarter while commercial portfolio nonperforming loans deteriorated 33 basis points in the third quarter of 2025, up to 0.85% from 0.52% in the previous quarter. In terms of capitalization, Banco Macro accounted for an excess capital of ARS 3.3 trillion, which represented a capital adequacy ratio of 29.9% and a Tier 1 ratio of 29.2%. The bank's aim is to make the best use of this excess capital. The bank's liquidity remained more than appropriate. Liquid assets to total deposit ratio reached 67%. Overall, we have accounted for another positive quarter. We continue showing a solid financial position. We keep a well-optimized deposit base. Asset quality remains under control and closely monitored, and we keep on working to improve our efficiency standards. At this time, we would like to take the questions you may have.

Operator, Operator

Our first question comes from Carlos Gomez-Lopez with HSBC.

Carlos Gomez-Lopez, Analyst

I guess 2 questions. The first one is one has a sense that your result is worse than you had anticipated. You did not, I think, expect to have a loss. Was there anything special that we could point to? Or let's say, did you take the opportunity to take any charges to expenses that we haven't discussed? Could you identify anything which was special that perhaps was not forecast a little bit before? And second, what do you expect for next year in terms of loan growth and achievable returns, understanding that there's a lot of uncertainty?

Jorge Francisco Scarinci, CFO

Thank you for your questions. Regarding your first question, it's evident from the press release that various factors contributed, some of which were more extreme than our initial expectations. Initially, we anticipated a lower delinquency rate and therefore did not expect to post as high a provision as we ultimately did. This aligns with the trends observed in other banks that released their results recently, indicating a rise in non-performing loans. Another factor was the additional unexpected expenses recorded during the quarter. Additionally, we faced margin compression due to significant volatility in interest rates during the third quarter. Lastly, the performance of bond prices had an impact on our bond portfolio. As for your second question, we are projecting loan growth of 35% in real terms and deposits to grow around 25% in real terms. We also expect the return on equity for 2026 to remain in the low teens.

Carlos Gomez-Lopez, Analyst

And could you give some more detail about your extra expenses? Is that related to adjustments to the footprint or any consultancy or any systems that you have purchased? Anything we could know more about expenses and whether they're recurring or nonrecurring?

Jorge Francisco Scarinci, CFO

No. Basically, Carlos, those that we posted there are related to the early retirement plans that were not expected to happen and they finally happened. So that we were described in the press release, basically.

Operator, Operator

Next question from Ernesto Gabilondo with Bank of America.

Ernesto María Gabilondo Márquez, Analyst

My first question will be on asset quality. So I just want to double-check when you expect the peak on non-performing loans? And if you can provide us a potential range? And where do you see the peak in cost of risk? And how should we think about it for next year? My second question is a follow-up on your ROE. As you said, you're expecting low teens in 2026. But how should we think about the ROE for 2025? And then my last question is on your capital ratio and potential M&A opportunities. You continue to have an important excess in capital. You already have passed the midterm election. So when do you expect to start to have M&A activity? Do you think this is something that could come next year? Any color on that will be very helpful.

Jorge Francisco Scarinci, CFO

On your first question in terms of asset quality, we believe that the peak on non-performing loans should happen between October and November. That is what we are seeing in terms of the delinquency ratio, also in terms of cost of risk. We posted at 6.5% in the third quarter. We expect this number to be maintained approximately in the fourth quarter, and we are forecasting to be closer to 5% in 2026. So again, the peak should be between the third and the fourth quarter in terms of delinquency. In terms of ROE for 2025, we continue to maintain the 8% area for 2025 in terms of ROE. On your question about the capital ratio, I mean, it is true that we continue to have this high level of capitalization of excess capital. Of course, we are honored and trying to find out if there is an opportunity to make the use of this excess capital in terms of M&A. Of course, you know that any player trying to leave the game is pretty sure that it's going to knock our door. And of course, we are going to analyze the target of the assets. If it is good, we are going to go for it. If not, we are going to wait for another one. So that's the idea going forward. So we expect to have some news about that in the next maybe 12 to 18 months, basically, but it's not only depending on us.

Operator, Operator

Our next question comes from Brian Flores with Citi.

Brian Flores, Analyst

I have a question on growth, right, because probably this is the first option in terms of capital allocation, given the wide base of capital. Could you elaborate a bit on where will you focus this growth if you're going to give priority to corporates? Or do you think maybe it is time to gain share, be more aggressive on the consumer side? Just if you could maybe expand this guidance that you provided for 2026 by segment. I think that would be great. And then, Jorge, I think we spoke very recently, we had an event where we participated. I think we discussed sustainable ROE. Just wanted to check if maybe 2026 is part of this transition for, let's say, 15% to 20% of levels of sustainable ROE.

Jorge Francisco Scarinci, CFO

In terms of the first question about loan growth going forward, I mean, we expect to grow across the board, both commercial and consumer. The consequence of this is that there is a very low penetration in the Argentine banking sector. It is below 10% of loan to GDP. We're expecting, according to the consensus of the economies, a real GDP growth of around 3% in 2026 with inflation also estimated by the consensus of economies in the area of 20%. So we expect demand to come from both companies and also consumers. So the idea is to grow. If you want to put in that kind of percentages of our loan book, as of today, we are approximately 65% consumer, 35% commercial. That could be at the end of 2026, maybe 60-40, but there's not going to be a big change in our loan book composition because we're expecting loan demand to come from every sector in Argentina. In terms of ROE going forward, the second question, yes, 2026 is going to continue to be another transition year towards the area of 20% ROE that we are supposed to be delivering from 2027 onwards.

Brian Flores, Analyst

No. Super clear. Jorge, maybe just if I can, a quick follow-up on these questions on capital allocation. Would you consider the current stock levels as attractive in terms to continue the buyback activity you showed during the third quarter?

Jorge Francisco Scarinci, CFO

Well, Brian, that is something the Board might consider. Currently, the previously set program is not progressing due to the significant increase in prices since then. This change is a result of the recent midterm elections in Argentina and a generally more positive outlook for the country. For any new buyback program, the Board needs to take several factors into account moving forward. At this time, it's not going to be implemented anymore.

Operator, Operator

Our next question comes from Pedro Leduc with Itaú BBA.

Pedro Leduc, Analyst

Two, please. First, on NIMs. Now of course, this quarter, we had this very adverse environment for funding costs and liquidity reserves, etc. But we also saw a lot of repricing in local portfolios. So now that funding is normalized, can we expect, for example, 4Q NIMs to be back to, let's say, at least 2Q levels? And if we look at on an aggregate basis, 2026, there's a lot of moving pieces for NIMs in 2025 as well, so this is harder. But on an aggregate basis, should we see NII grow above this 35% real loan book growth in your view and if you can go over the driving forces there. And then last, that's just a follow-up on NPLs. Of course, it's been a trend there. Yours took a little bit longer, and it seems like you're more comfortable in seeing the peak already in 4Q. Some players might be seeing slipping over to 1Q, 2Q. So if you can share with us what you have done there to control this and maybe be out of the peak also already in the fourth quarter in terms of NPLs.

Jorge Francisco Scarinci, CFO

Regarding the question about net interest margins, yes. Essentially, due to fluctuations in funding costs and interest rates during the third quarter, our net interest margins were impacted, similar to other banks. We reported an 18.7% net interest margin, down from 23.5% in the second quarter. We anticipate that our net interest margin for the fourth quarter will be closer to what we had in the second quarter. Looking ahead, we expect net interest margins to be around 20% in 2026, which is slightly below the average of 21.6% for the first nine months of 2025. We believe that net interest income will grow slightly more than the 35% growth we forecast for real loan growth. Concerning non-performing loans, I mentioned that we might see another peak in the fourth quarter, which will lead to additional provisioning. We expect these levels to be similar to those in the third quarter. Moving forward, we anticipate the cost of risk to be around 5% in 2026. We've been implementing measures since late in the first quarter and the beginning of the second quarter of 2025 to tighten credit lines for consumers. The primary reason for the increase in delinquency rates across the Argentine banking sector was the rise in real interest rates we experienced in the second and third quarters. Now that real interest rates are becoming slightly positive, we believe the behavior of the loan portfolio will normalize somewhat. However, it’s important to note that we have increased our loan book by 69% in real terms. As of the third quarter of 2025, we expect to achieve an additional 35% growth in real terms in 2026. We may need to adjust to seeing past due loans ratios at different levels, likely between 2% to 2.5% or more, compared to the ratios we were used to in the Argentine banking sector before the rapid loan book growth of the past few years. Therefore, we should start to see these ratios stabilizing in the mid-2s, given our projected real loan growth going forward.

Operator, Operator

Our next question comes from Tito Labarta with Goldman Sachs.

Tito Labarta, Analyst

I guess a couple of follow-ups. Jorge, are you able to quantify how much additional expenses were related to those early retirement plans you mentioned, just to think about how much of that should go away in 4Q? And then the second question, I guess, on the market-related income, which you mentioned was negatively impacted by the bonds and the government losses on the government bond. Do you expect that to sort of reverse in 4Q as things kind of normalize just to get a sense of the magnitude that can maybe improve in 4Q as well?

Jorge Francisco Scarinci, CFO

In terms of the expenses that we commented on, there are the ARS 23.5 million that we posted in the expenses line that we explained in the press release, approximately 18.5% were maybe nonrecurring in the third quarter. Honestly, it's a bit early to say what we are going to do in the fourth quarter but might happen that some of these could appear here. But again, it's a bit early to comment on that for the fourth quarter. In terms of the second question, yes, the bond portfolio taking into consideration that approximately we have 23% to 25% of our bond portfolio tied to market prices or market-related. So going forward, we expect this to reverse in at least for the moment, in the fourth quarter, we are going to have much better performance in the bond portfolio compared to the one that we had in the third quarter where we saw prices going down a lot.

Operator, Operator

Next question from Pedro Offenhenden with Latin Securities.

Pedro Offenhenden, Analyst

I wanted to ask what factors could catalyze the deposit growth in 2026? And how are you seeing liquidity conditions after the elections?

Jorge Francisco Scarinci, CFO

We're expecting real interest rates to be positive in 2026, similar levels to the ones that we are seeing right now. That's why we are forecasting our deposit growth to be in the area of 25% in real terms. In relative terms, this is lower than the rate that we're expecting for loans. But in the case that we do additional funding here, of course, we have a bond portfolio where we can take liquidity. We can issue domestic corporate bonds or bonds on the foreign market. This is not going to be a problem for the liquidity for Banco Macro. In addition to that, when you look at the liquidity ratios as of today, we have extremely good liquidity ratios in both dollars and pesos. So going forward, we expect to maintain this performance.

Operator, Operator

Next question comes from Alonso Aramburú with BTG.

Alonso Aramburú, Analyst

Just wanted to follow up a little bit on asset quality. You mentioned that NPLs should peak October, November. Maybe you can comment on what you're seeing in new vintages. You saw some deterioration in commercial, some a little bit more in consumer. So what are you seeing lately that gives you this confidence that the peak is now? And when you talk about margins, maybe a little bit longer-term, you mentioned 20% ROE 2027 onwards, what sort of margins, what sort of NIMs do you see then, right? You mentioned 20% next year? Is that in the mid-teens? I mean, where do you see them?

Jorge Francisco Scarinci, CFO

Yes, in terms of NPLs, what we are seeing in our vintages is that there is a halt in the deterioration trend, and we're seeing some stability, and we expect this to improve in the next month or so. So that's why we are expecting to see this kind of a peak maybe early in the fourth quarter. Honestly, at the end of the fourth quarter, we really for the moment don't know what is the level of provision that we are going to post. That's why we are supposing that should be in the area of the one that we posted in the third quarter. But we are positive on the trend in the vintages in the next couple of months, and this is going to help, and that's why we commented that the peak should be between October, November. In terms of NIMs going forward, for sure, little by little, we are going to see a decline in the NIMs. Honestly, for 2027 should be in the area of mid-teens. Of course, 2028 onwards, we should be approaching the low 10s. That is maybe the moving path that we are seeing going forward for the Argentine banking sector, and we expect the volume growth to outpace the decline in margins.

Operator, Operator

Our next question comes from Nicolas Riva with Bank of America.

Nicolas Riva, Analyst

Jorge, I have a question about next year and the maturity of your 2026 bond for $400 million. I understand it has minimal impact on capital treatment, probably only around 20%. Given its size, I wanted to know if the plan is to replace those funds with a senior bond issuance of a similar amount, or what the strategy would be for that $400 million.

Jorge Francisco Scarinci, CFO

Yes, this bond matures at the end of November 2026, giving us almost 12 months to decide our next steps. We have several options available. The market sentiment towards Argentina is relatively positive, and we need to develop our strategy for future growth in U.S. dollar loans. Based on these considerations and the developments by mid-2026, we will decide whether to cancel the bond, roll it over, or potentially issue another senior bond instead of a subordinated one. There are numerous possibilities, and we have yet to make a final decision.

Operator, Operator

Our next question comes from Brian Flores with Citi.

Brian Flores, Analyst

Thank you for the opportunity to follow up quickly. Jorge, I've been doing some quick calculations based on your comments about ROE. I wanted to confirm if my understanding is correct. You mentioned that an 8% ROE for 2025 is achievable, and you're not changing the guidance. However, it appears that the fourth quarter results need to exceed the total run rate of the first nine months of the year. I wanted to check if there is a one-time factor that could significantly improve the results or if we're expecting a substantial increase in volume. I just need to understand if I'm missing anything regarding how we can reach the expected fourth quarter results to meet the guidance.

Jorge Francisco Scarinci, CFO

First of all, the forecast is area 8%. Second, if you assume that we are going to post in the fourth quarter results similar to the one that we posted in the second quarter, we are going to be very close to the 8%. So for the moment, we are maintaining that. We expect, again, recovery in the bond portfolio, increasing in loan volumes, and improvement in the NIMs. So these are the main reasons why we're expecting a much better fourth quarter. So we should be very close to the 8%. So that's the idea why we are maintaining the forecast for 2025 ROE.

Operator, Operator

Our next question comes from George Birch Renardson with Oda.

George Birch Renardson, Analyst

What is the average age of your workforce?

Jorge Francisco Scarinci, CFO

Honestly, I have to check that. It's not an easy question. I have to check the data from Human Resources; it's the first time I received this question. But let me check it. And if you don't mind, I can get back to George later, please.

Operator, Operator

Great. Next question from Marcos Serú with Allaria. What caused the ARS 28 billion loss on foreign exchange?

Jorge Francisco Scarinci, CFO

The ARS 28 billion loss in foreign exchange can be understood by looking at the overall income, which showed a positive result of nearly ARS 9.5 billion. This outcome was driven by a combination of factors, including gains from spot foreign exchange sales and the effect of foreign exchange operations leading to a loss in that position. Additionally, the bank had long positions in futures, which also increased during the third quarter, contributing to a positive result. Overall, the quarter ended with a net positive income of ARS 9.5 billion.

Operator, Operator

There are no more further questions at this time. This concludes the question-and-answer session. I will now turn over to Mr. Nicolas Torres for final considerations.

Nicolas Torres, IR

Thank you all for your interest in Banco Macro. We appreciate your time and look forward to speaking with you again. Have a good day.

Operator, Operator

This concludes today's presentation. You may disconnect and have a nice day.