Good day, and thank you for standing by. Welcome to the Second Quarter 2025 Materialise NV Financial Results Conference Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Harriet Fried of Alliance Advisors. Please go ahead.

Thank you for joining us today for Materialise's quarterly conference call. With us on the call are Brigitte de Vet, Chief Executive Officer; and Koen Berges, Chief Financial Officer. Today's call and webcast are being accompanied by a slide presentation that reviews Materialise's strategic, financial and operational performance for the second quarter of 2025. To access the slides, if you've not already done so, please go to the Investor Relations section of the company's website at www.materialise.com. The earnings press release that was issued earlier today can also be found on that page. Before we get started, I'd like to remind you that management may make forward-looking statements regarding the company's plans, expectations and growth prospects, among other things. These forward-looking statements are subject to known and unknown uncertainties and risks, that could cause actual results to differ materially from the expectations expressed, including competitive dynamics and industry change. Any forward-looking statements, including those related to the company's future results and activities, represent management's estimates as of today and should not be relied upon as representing their estimates as of any subsequent date. Management disclaims any duty to update or revise any forward-looking statements to reflect future events or changes in expectations. A more detailed description of the risks and uncertainties and other factors that may impact the company's future business or financial results can be found in the company's most recent annual report on Form 20-F filed with the SEC. Finally, management will discuss certain non-IFRS measures on today's conference call. A reconciliation table is contained in the earnings release and at the end of the slide presentation. With that, I'd like to turn the call over to Brigitte de Vet. Brigitte, go ahead, please.

Good morning, and good afternoon to all of you. Thank you for joining us today. You can find the agenda for our call on Slide 3. First, I will summarize the business highlights for the second quarter of 2025. Then I will pass the floor to Koen, who will take you through the second quarter financials. Finally, I will come back and explain what we expect the remaining months of 2025 to bring. When we've completed our prepared remarks, we will be happy to respond to questions. Moving to Slide 4 for the highlights of the second quarter 2025. We celebrated our 35th anniversary in the second quarter of this year. 35 years ago, our founders, Wilfried Vancraen and Hilde Ingelaere started their journey to build a better and healthier world, thanks to the power of additive manufacturing. I'd like to take this opportunity to thank all of our employees for the incredible energy and hardship they put into growing the adoption of additive manufacturing every single day. In the 35 years, we have grown into a leading profitable cash flow positive company in this sector, and we keep pushing the boundaries. Our strategic position remains excellent as we benefit from the ongoing R&D investments in strategic areas, driving long-term value creation in our growth segments. I am very proud that this quarter again, we made significant progress in our medical business. As you know, in our medical business, our strategy is to grow in existing markets and in new markets in order to reach more patients with our personalized solutions. This is what we call our mass personalization strategy. Now one of the new markets that we are developing is the respiratory market. Two years ago, we launched a dedicated 3D surgical planning solution with a focus on addressing the challenges in thoracic surgery to treat lung cancer patients. The Mimics thoracic planner, now advances in screening and surgical techniques in that area have created an opportunity for earlier diagnosis and less invasive lung-sparing procedures. But these approaches in the respiratory field are technically demanding. To remove a tumor from the patient's lungs, surgeons want to remove as much as needed for the tumor to be gone, but as little as possible in order to leave as much lung capacity for the patient after surgery. All of this while minimizing the incision to enable speedy recovery of the patient. To plan these complex interventions properly, the surgeon uses our three-dimensional view on the lung lobes and segments and the airways and blood vessels that he or she cannot only view but also engineer on. That means that he or she can simulate what happens when she takes a three-centimeter margin around the tumor rather than a four-centimeter margin and what lobes or segments are impacted. Now surgeons using our Mimic thoracic planner have reported that the Software has actively helped them better understand each patient's unique anatomy and plan surgeries with precision, supporting the shift toward minimally invasive care and lung-sparing procedures. Now building on these encouraging results, we are proud to announce a pilot collaboration with Johnson & Johnson's Surgical business in EMEA to advance the adoption of this solution in the region. As a leader in surgical technologies that help clinicians and patients in the lung cancer community, J&J will offer surgeons our planning solution alongside their full portfolio of surgical technologies. And we also keep making progress in our existing markets. One of our oldest and most mature markets is the orthopedic market and in particular, our knee guides. Knee guides are amongst the most well-known and mature applications of 3D printing in the medical market. Knee guides are used to provide surgeons with surgical instrumentation that is customized to the patient's anatomy using pre-op CTs or MRIs and help surgeons to make accurate bone resections and ensure a better knee implant position. Traditionally, knee implants were positioned using standardized angles, aligning them to the straight mechanical axis of the leg. Now today, there is a growing trend in the market to restore the natural alignment of a patient's knee by positioning the implants based on the unique anatomy and cartilage wear, mimicking how the knee was before it was damaged. In the second quarter, we received 510(k) U.S. market clearance for this personalized alignment feature in our knee planner that is used by surgeons that choose to perform surgery with our personalized knee guides in the U.S. And this feature allows surgeons to tailor the knee implant positioning to each patient's unique anatomy rather than getting the leg straight, so to speak. And with this clearance, surgeons can now choose between traditional mechanical straight alignment and the new personal alignment mode. We believe that this innovation will not only provide surgeons with greater flexibility, but also advance the field of knee surgery, creating a positive impact for more patients. We will bring this feature to the U.S. market in the third quarter. In Software and Manufacturing, we continue to face headwinds due to geopolitical volatility, and the macroeconomic uncertainty affecting many of the market segments we are operating in. Customers worldwide are delaying investment decisions to gain greater clarity around tariffs and interest rates. Now that being said, we continue to see confirmation of our strategy to focus on specific customer and market segments, both in Software and Manufacturing. And this is particularly true in the current market reality where the growth in the additives as far as industrial markets are concerned, comes primarily from specific sectors and from users that are already familiar with additive rather than from new adopters. As a result of the specific focus on our strategic market segments within Software and Manufacturing, we delivered growth again on the basis of an already strong quarter 2 last year in those market segments. As another strategic milestone in the second quarter, we have formally announced our decision to broadly engage and support the defense sector in light of the current geopolitical landscape and the breakdown of traditional global alliances. Given the close connection between the defense and aerospace sectors, we believe our expertise will be particularly relevant in enhancing the regional defense capabilities across land, sea, and space. Additionally, we anticipate that this broader engagement will strengthen our position in the aerospace segment and open up new opportunities in the future for both our Manufacturing as well as our Software segment. Last but not least, we continue to make progress on our strategic road map in our Software segment to build partnerships to complement our end-to-end workflows and enable customers to scale their additive operations more efficiently. In this context, we announced the collaboration with Synera to establish direct connectivity between Magics SDKs and Synera's genetic AI platform for engineers. Additive manufacturing organizations often lose significant production time to manual build preparation workflows, with human intervention driving up operational costs. The collaboration between Synera and us allows users to deploy additive manufacturing agents that handle design to print autonomously helping scale throughput while reducing manual effort and cost. The new Magics SDK launched in 2024 allows for platform integration with Magics' powerful build preparation algorithms to prepare even the most complex models for successful printing, reducing field builds and improving part quality. The collaboration with Synera will enable users to create end-to-end automation workflows for additive manufacturing, significantly reducing build failures, ensuring models are properly prepared for printing, and reducing manual efforts throughout the process. Combined with other additive manufacturing solutions in the Synera marketplace, users can manage the complete AM workflow from design to production with an integration between design and build preparation workflows, providing the designers with immediate feedback on manufacturability and build optimization directly within one environment. Now while our top line remains under pressure in the current market environment for the Industrial division, we continue to control our costs. In the second quarter, we announced and successfully implemented a restructuring in our Manufacturing division. As part of this process, we reassessed what activities are core to our future portfolio and reclassified some of our assets as assets held for sale on our balance sheet as a result of this evaluation. These assets and activities are non-material to our activities. As the pressure on our top line persists, we will continue to manage our costs. By taking steps to reduce costs while continuing focused investments in our strategic areas, we are well positioned to capitalize on opportunities as market conditions improve. I will now turn over to Koen, who will present the financial results.

Thank you, Brigitte. Good morning or good afternoon to all of you on this call. I'll begin with a brief overview of our key financial results, as shown on Slide 5. While our Medical segment once again achieved high double-digit growth this quarter, total consolidated revenue decreased year-over-year by 5.8% to EUR 64.8 million. Our gross profit margin remained strong and increased to 58.3% in the second quarter of this year, reflecting changes in our revenue mix, but also as a result of our ability to optimize direct production costs despite inflationary pressure. Adjusted EBIT for the second quarter of 2025 amounted to EUR 3.1 million, showing a strong increase compared to prior quarters despite the lower revenue generated, reflecting once more the positive impact of targeted cost control. The net result for the quarter amounted to a profit of EUR 0.2 million despite being impacted by large unfavorable effects from exchange rate fluctuations. During the first half of 2025, we generated a positive free cash flow, which led to a net cash position of EUR 63 million at the end of Q2, an increase of EUR 2 million versus the beginning of the year. In the following slides, I will elaborate further on these results. As a reminder, please note that unless stated otherwise, all comparisons are against our results for the second quarter of 2024. I would also like to draw your attention to a modification we have made in the adjustments definition that we apply to our adjusted EBIT and adjusted EBITDA. As of this quarter, we will also be adjusting these non-IFRS metrics for costs related to non-recurring corporate initiatives, restructurings and reorganizations. We believe this modification will allow for a more correct comparison across periods, while it brings us in line with general market practices. We do not anticipate that this modification will require restatements of prior period results. Also in the current period, the adjustment made is immaterial to our overall results. Now turning to Slide 6. You will see an overview of our consolidated revenue. As already mentioned, Materialise Medical continued its strong performance, delivering consistent high double-digit growth with revenue increasing by almost 17% this quarter and once again posting a quarterly revenue record. On the other hand, revenues from Software and Manufacturing segments were further impacted by intensified geopolitical and macroeconomic turbulence. As a result, revenue in both segments declined by 12% and 25%, respectively, leading also to a decrease of 5.8% of our consolidated revenue compared to the same period of last year. Now this revenue decrease also reflects the unfavorable effect from a weaker U.S. dollar in the second quarter of 2025. As you can see in the graph on the right side of the page, Materialise Medical accounted for 51%, Materialise Software for 15% and Materialise Manufacturing for 34% of our total revenue for the second quarter of 2025. In the first half of this year, we generated over EUR 131 million of revenue, which is stable versus last year's same period. At the same time, our deferred revenue balance related to Software maintenance and license fees coming both from our Medical and Software segments decreased in the second quarter of this year, in line with the annual seasonality pattern. Over the last 12 months, however, the balance increased by EUR 3 million, bringing the total amount carried on our balance sheet at the end of the second quarter of 2025 to EUR 46.7 million. On Slide 7, you will see our consolidated adjusted EBIT and EBITDA numbers for the second quarter of 2025. Consolidated adjusted EBIT totaled EUR 3.1 million compared to EUR 3.9 million for the same period of '24, representing an adjusted EBIT margin of 4.7%. Consolidated adjusted EBITDA for the second quarter amounted to EUR 8.3 million, decreasing from the EUR 9.2 million last year, representing an adjusted EBITDA margin of 12.8%. Given current market volatility, we believe it's also important to compare our operational performance on a quarter-over-quarter basis. In this context, we saw significant improvement in both adjusted EBIT and EBITDA compared to the first quarter of this year. Our adjusted EBIT increased from EUR 0.6 million to EUR 3.1 million, while adjusted EBITDA also increased by EUR 2.1 million. These improvements reflect the positive impact of disciplined cost control and targeted cost reduction measures that we have taken to safeguard operational profitability. Over the first half of 2025, we generated EUR 3.7 million of adjusted EBIT and EUR 14.4 million of adjusted EBITDA. Moving now to Slide 8. You will notice that the revenue in our Materialise Medical segment increased by almost 17% compared to the second quarter of '24. This solid growth was generated by both Medical Software and by revenue for Medical Devices sales, which grew respectively by 14% and 18%. Within our Medical Devices and Services activity, we saw continued growth, both in our direct and our partner sales. In line with top line growth, adjusted EBITDA grew further to over EUR 10.7 million, resulting in an increased adjusted EBITDA margin of 32.7%. We continued our planned R&D investments in Medical to drive future growth while we achieved strategically important milestones during the second quarter of this year, as mentioned earlier by Brigitte. Over the first half of this year, our Materialise Medical segment realized EUR 64 million of revenue, up by 18% from last year, with an adjusted EBITDA of EUR 19.8 million, representing a 31% adjusted EBITDA margin. Slide 9 summarizes the results of our Materialise Software segment. In the second quarter, Software revenue decreased by 12% to EUR 9.9 million. This was partly due to the further conversion to our recurring revenue model, but macroeconomic uncertainty and Forex evolutions put also pressure on our sales volumes, especially in the U.S. market. During the second quarter, we continued our transition to a cloud subscription-based business model. Over the quarter, around 84% of our Software revenue was of a recurring nature versus 80% in the previous quarter, demonstrating the progress we keep making. Despite the lower top line compared to the same period of last year, effective cost management allowed us to maintain a stable adjusted EBITDA of EUR 1.4 million, representing an adjusted EBITDA margin of 14%. Over the first half of this year, our Software segment realized EUR 19.6 million of revenue and adjusted EBITDA of EUR 2 million, representing a 10% adjusted EBITDA margin. Now let's turn to Slide 10 for an overview of the performance of our Materialise Manufacturing segment. In the second quarter of 2025, geopolitical uncertainty added to the macroeconomic headwinds that we have been facing for some time and drove our Manufacturing revenue down by almost 25% compared to last year's same period, realizing quarterly revenue of EUR 22.1 million. Also in the second quarter of this year, we realized further growth in our strategic focus areas, while the Automotive segment specifically continued to be under severe pressure. As a response to revenue pressure, we took further steps to bring the cost of our Manufacturing segment structurally down. In addition to strict cost control, we reviewed in-depth the performance and potential of our Manufacturing portfolio. And as an outcome of this review, we decided to stop our metal prototyping operations and to focus exclusively on metal series production, which resulted in a nonrecurring severance cost that we adjusted in our quarterly numbers. Furthermore, we reclassified some of our Manufacturing business assets on our balance sheet as assets held for sale. The operating results and net assets of this reclassification are immaterial to our consolidated results of operation and our financial position. Mainly as a result of the lower top line, the adjusted EBITDA of our Manufacturing segment still ended negatively at minus EUR 0.8 million in the second quarter, slightly below the result of the first quarter of this year, which was at minus EUR 0.4 million but significantly up from the minus EUR 3 million adjusted EBITDA realized in the last quarter of 2024. Over the first half of this year, our Manufacturing segment realized revenue of EUR 47.6 million with an adjusted EBITDA of minus EUR 1.2 million. Slide 11 provides the highlights of our consolidated income statement for the second quarter of 2025. Over the period, our gross profit amounted to EUR 37.8 million, representing a gross profit margin of 58.3%, significantly up from the 57% realized in the second quarter of 2024. As mentioned earlier, this increase can be linked to mix effects, but it's also the outcome of the efforts we made to generate further production efficiencies. Our operating expenses in the quarter decreased by EUR 0.3 million or close to 1% in aggregate compared to the same period of last year, with R&D expenses remaining flat year-over-year. During the quarter, we invested again over EUR 11 million in R&D, the majority of which in our Medical segment. Sales and marketing and G&A expenses decreased by 1.1% and 1.6%, respectively, reflecting the impact from further indirect cost optimizations, compensating inflationary pressure. Net operating income in the quarter was EUR 1.3 million compared to EUR 1.2 million last year. As a result of these elements, the group's operating result in the quarter was positive at EUR 2.7 million. In Q2 2025, the net financial result amounted to a loss of EUR 3.1 million, which includes interest income of EUR 0.7 million from our cash reserves and interest expense on our financial debt of EUR 0.4 million and a significant negative impact from foreign exchange fluctuations of minus EUR 3.3 million. In last year's corresponding period, the net financial result was positive by EUR 1 million as we benefited from higher interest rates on our cash deposits and from favorable exchange rate effects at that time. Income tax in the quarter amounted to a positive EUR 0.5 million, resulting from the recognition of deferred tax assets compared to a tax expense of EUR 1 million in the corresponding period of last year. Despite the large negative effect from exchange rate fluctuations, we were still able to report a net profit for the second quarter of EUR 0.2 million. Now please turn to Slide 12 for a recap of balance sheet and cash flow highlights. Also for the second quarter of 2025, we can report a strong balance sheet. As already mentioned during the review of our Manufacturing segment, we reclassified a limited amount of business assets as held for sale, representing a net asset value of EUR 3.6 million, which can be considered immaterial compared to the total consolidated balance sheet. Our cash reserve increased to EUR 117 million by the end of the quarter. At the same time, also our gross debt increased to EUR 54 million. Both changes were largely impacted by a EUR 20 million drawing we made on an existing bank credit facility in line with earlier contractually agreed drawing periods. In the next 12 months, we will be drawing the remaining EUR 30 million of this facility. The net cash position at the end of the quarter amounted to EUR 63 million, up by EUR 2 million compared to the beginning of this year, and was as such not impacted by the previously mentioned drawing. Trade receivables, inventory and payables positions on our balance sheet all decreased. But when corrected for the asset held for sale reclassification, the net working capital slightly increased by EUR 0.7 million compared to the beginning of this year. Total deferred income position increased to EUR 60 million, out of which EUR 47 million was related to deferred revenues from Software license and maintenance contracts, as mentioned before. As you can see on the graph on the right side of the page, the operating cash flow in the second quarter of this year was just negative as the cash flow generated from P&L was entirely offset by a negative evolution of working capital components. Over the first 6 months of this year, however, the operating cash flow is positive at EUR 9.7 million. Capital expenditures for the second quarter amounted to EUR 4.7 million, including EUR 3.1 million of non-recurring CapEx, mainly spent on remaining machinery for the new ACTech plants. Over the first half of this year, total CapEx amounted to EUR 6.6 million, out of which 60% can be considered to be of a non-recurring nature. Taking into account also cash inflows from limited asset sales and from government grants received for the ACTech investments, the free cash flow over the first half of this year is positive and amounts to EUR 6 million. And with that, I'd like to hand the call back to Brigitte.

Thank you, Koen. Let's turn to Page 13. I'll conclude my remarks with a discussion of our full year 2025 guidance. As we move through 2025, we see a risk that geopolitical volatility and macroeconomic uncertainty intensified and also further impact the business climate for the remainder of this year. Unfavorable foreign exchange fluctuations might also add to the pressure on our revenue line and reported net results. We, therefore, believe it is prudent to slightly reduce our revenue guidance for the full year from the earlier communicated range of EUR 270 million to EUR 285 million to a range of EUR 265 million to EUR 280 million. We remain convinced, though, that the fundamentals of our business are solid and resilient and believe that further structural cost efficiencies will allow us to safeguard operational profitability. So despite the slightly lower revenue outlook, we, therefore, are confirming, reconfirming our adjusted EBIT guidance range of EUR 6 million to EUR 10 million for fiscal year 2025, in line with our earlier communications in February and April of this year. This concludes our prepared remarks. Operator, we're now ready to open the call to questions.

Our first question comes from Troy Jensen from Cantor Fitzgerald.

Congratulations on the opportunity with J&J in the respiratory sector. Could you quantify that opportunity? Is it comparable in size to the maxillofacial opportunity you've had with them? Any insights on its potential size would be appreciated.

Yes, that's a great question. I want to make a few points about this. First, it's important to recognize that this is a relatively new market. While the craniomaxillofacial and orthopedic markets are well-established, the respiratory market is still developing. When we refer to new markets, we mean that we are in the early stages of building them. It will take years to reach the scale of our existing markets, which provides some insight into when we might see significant impact. Additionally, we do not expect any revenue impact this year; at the earliest, it would be next year. Lastly, this is a pilot collaboration and serves as an initial step into the respiratory market. While this is an important milestone that will help us enter the respiratory market, I genuinely believe it has the potential to be transformative. Expanding into new and developing markets is a lengthy process.

I have a couple of questions for Koen. First, regarding the EUR 20 million in debt you took on during the quarter, did you mention that you are taking on more? I apologize for missing some details towards the end of the call; is that correct?

No, that is correct, Troy. It is part of an earlier agreement we made a couple of years ago, where we signed into a new additional facility of EUR 50 million, and which foresaw a delayed drawing in 3 tranches, 2 tranches in the course of 2025 and the last tranche in the middle of 2026. So we are honoring those commitments on engagements, and we have made the first drawing of EUR 20 million in the second quarter.

Interesting. So I guess my first thought was that maybe you guys had a change of thoughts on acquisitions, but what would you do with all of this additional cash on the balance sheet because, obviously, you are cash flow positive and EBITDA positive and you kind of don't need it. However, there are a lot of assets out there in the market right now. So I don't know.

Yes, that cash was indeed part of the plan when the agreement with the bank was established, and we still intend to utilize it rather than simply keeping it in our bank account. It is a bullet loan, specifically intended for future capital expenditures or mergers and acquisitions.

Okay. All right. Good luck. And then how about just quickly on the gross margins. They were obviously great this quarter despite the lower revenues. I'm assuming it's mainly mix or just given less Manufacturing sales, but was there other stuff behind that driving it better?

No, it's a combination of mix effects, indeed, like you said, more Medical, less Manufacturing. But it's also coming from the fact that we are able to reduce the production costs or the direct costs, both in our Medical segment and in our Manufacturing segment where they play a role. That's correct.

One moment for our next question. Our next question comes from the line of Alexander Craeymeersch from Kepler Cheuvreux.

Alexander Craeymeersch from Kepler Cheuvreux here. To follow up on Troy's first question, you have new features and pilots launching. I’m curious about your existing markets, which are already experiencing significant growth. Can we anticipate continued double-digit growth in this segment over the next few years? My second question is regarding the revised top-line guidance, which shows a 2% decrease. Can you explain what factors contributed to this? Is it primarily due to the declining U.S. dollar exchange rate, or were other factors involved that led to this 2% decline? Additionally, could you discuss the volume and price dynamics in the Manufacturing segment?

Yes, let me start with your first question about the Medical segment. I don't anticipate any changes in the growth we are currently experiencing in the medical market. We are seeing growth in our existing lines while also developing new markets. Over the next few years, the balance between our existing and new markets may shift, but overall, the medical market shows a lot of promise and growth today, with continued potential in the future. I expect this growth to persist over the coming years, even with a different mix in the markets we serve. That’s why we are investing in new markets to sustain this growth. So that answers your first question. I didn't quite catch the second and third questions; I should have noted them down.

So the question on the guidance is just 2%, what was like exactly the reason why you said, okay, 2% cut instead of like, let's say, a 5% cut? Like what was the parameter you used for?

We approach our guidance and reforecast process each quarter through a collaborative effort. Koen and I consider various factors and assess different business units and lines to forecast their performance for the remainder of the quarter. Each business line has its own forecast, and we analyze sectors like medical and industrial separately. Within the industrial segment, we see strong growth in certain areas, while others, such as automotive, are expected to face challenges for the rest of the year. The U.S. market is also likely to experience more difficulties compared to other regions. This complexity informs our updated revenue projections. Furthermore, having an order book provides us with a solid foundation for our judgments, although not all business lines offer this advantage. Therefore, the overall analysis led us to our current guidance.

And maybe if I then just can ask a small follow-up. Like which segment was then, let's say, underperforming versus the initial guidance or expectation?

I think our current results reflect trends for the second half of the year, and I expect those trends to continue. In our forecast for the next six months, we don't anticipate any significant changes across the different business lines.

Yes. And then the last one was a bit on the volume price dynamics in Manufacturing.

The foreign price dynamics. Can you...

To reply to your question, Alexander, from a more financial point of view, I think as in any manufacturing environment, the challenge we also have in our Manufacturing segment is that part of the costs are, I would say, semi-fixed. So if the top line becomes under pressure and the semi-fixed cost is then typically related to the labor costs that the direct labor costs in order to complete the manufacturing processes. And that's, of course, always the challenge if the volume is under pressure to protect the margin, and that is difficult to a certain extent. And that is what we have been working hard on, I think, also in the second quarter to make that balance or to reduce the cost base in line with the top line that continues to be under pressure.

Yes, that's clear. I would like to ask a small follow-up regarding the decline we observed in the second half. How much of that is primarily related to volumes? Have you also experienced a decline in your cost base considering that impact?

In Manufacturing, you mean? Yes, you see a significant top line drop. And so that is a pure volume effect, certainly if you compare to last year. But I think if you also make the comparison to last quarter, you see that there is a top line, which is volume pressure. We try to offset that, and you see that certainly if you compare the gross margin to the prior quarters that we try to compensate that to a certain extent in making our costs as variable as possible the direct costs, but that is only possible to a certain extent. So top line pressure adds to the gross margin result.

Thank you. At this time, I would now like to turn the conference back over to Brigitte de Vet for closing remarks.

Thanks again for joining us today. We, of course, look forward to continuing our dialogue with you through investor conferences or one-on-ones or virtual meetings or calls. And please reach out if you have any questions. Thank you for now, and goodbye to you all.

This concludes today's conference call. Thank you for participating. You may now disconnect.