Thank you very much. Good evening, everybody.

I'm joined tonight by our CFO, Mr. Murad Moledina, and Ms.

Payal Dave from our investor relations team. Let me begin with highlighting the numbers for FY26 that really define the year.

It was an outstanding year, a breakout year for us. The revenues grew 23% year-on-year to 8,333 crores.

Normalized EBITDA rose 36% to 1,599 crores. Profit after tax grew 41% to 1,107 crores, crossing the symbolic 1,000 crore profit after tax milestone for the first time.

Cash and investments on the balance sheet reached approximately 6,000 crores. Just to put things in perspective, over the last 5 years, we have delivered an earnings per share cumulative average growth rate of 32% with a consistent dividend track record.

Our fourth quarter was particularly strong with revenue up 52%, EBITDA up by 54%, and profit after tax up 43% year-on-year. These results reflect the compounding power of our diversified operations and the discipline with which we are executing.

In line with our commitment to shareholder returns, the board has recommended a final dividend of ₹6.70 per share for FY26, bringing the aggregate dividend for the year to 8.7 rupees per share. I'm going to just run through the port-by-port operational update.

Mumbai continues to operate at a very high utilization rate. Our facility comprises 334,000 kiloliters of liquid storage and 21,000 metric tons of static LPG capacity.

We are developing an additional 64,000 kiloliters of liquid storage at a project cost of 125 crores, which is progressing on schedule with a commissioning targeted for the first half of FY27 this year. At JNPT, the current liquid storage stands at 106,900 cubic meters, and we are executing a major expansion, approximately 318,100 cubic meters of additional liquid storage, 77,236 metric tons of LPG capacity, and an LPG bottling plant with 35,000 metric tons of annual capacity with a total capital outlay of approximately 1,675 crores.

The first phase of the liquid capacity is expected to be commissioned in the first half of this year, FY27, and we are evaluating a further cryogenic gas tank of between 36 to 50,000 metric tons static capacity to further strengthen our west coast gas handling capabilities. At the Haldia port, switching to the other coast, we completed the acquisition of a 75% stake in Hindustan Aegis LPG Limited during the year, adding approximately 25,000 metric tons of LPG storage and marking our entry into the east coast market.

Of course, this was basically acquired by our subsidiary, Aegis Vopak Terminals Limited. The asset is anchored by an exclusive terminaling agreement with Hindustan Petroleum through 2038, providing strong long-term revenue visibility.

We operate 226,890 cubic meters of liquid storage here, and we have acquired an additional 3 acres of land to support future expansion. Moving on to Kandla, this remains one of our largest and strategically most important hubs, approximately 952,000 cubic meters of liquid storage and 48,000 metric tons of LPG capacity.

Several milestones were achieved this year in this port. In December, the group successfully handled a VLGC vessel, making Kandla a VLGC-compliant terminal, and the Jamnagar-Loni LPG pipeline is complete, and the Kandla-Gorakhpur LPG pipeline is expected to be connected in H1 FY27, further improving evacuation efficiency.

The construction of the CRL4 liquid terminal, which will add an additional 94,148 cubic meters, is progressing well with commissioning targeted for next year. We have signed a nonbinding memorandum of understanding with Larsen & Toubro for potential joint development of ammonia terminals, which position us well in the energy transition opportunity at Kandla.

Moving on to Pipavav, this has been one of our most active locations this year. We commissioned a 48,000 metric ton cryogenic LPG terminal in June of 2025, taking the total LPG capacity to 70,800 metric tons at this site, and the ramp-up is progressing well.

A new VLGC-compliant jetty is expected to be completed within this calendar year with the KGPL pipeline connection following in Q2 of FY27. When complete, Pipavav will offer a fully integrated LPG logistics ecosystem: VLGC handling, cryogenic storage, bottling plant, an LPG rail gantry, 16 truckloading bays, and pipeline connectivity to central India.

On the liquid side, we are building an additional rail gantry and have secured a 15-year take-or-pay agreement with a leading conglomerate for petroleum products. Committed volumes exceed 0.5 million metric tons per year annually with operations expected to commence by year-end.

Now we are also advancing India's first independent ammonia terminal at Pipavav, which is a 36,000 metric ton static capacity terminal backed by a 15-year take-or-pay agreement with Hindustan Zinc for their upcoming DAP, diammonium phosphate, plant with commissioning targeted for H1 of this fiscal year. ITOCHU Corporation has acquired a 10% stake in Aegis Terminal (Pipavav) Limited, coming in as a strategic partner with an intention to raise that to 25% stake, a 25% stake over the next 3 years.

As far as Kochi is concerned, we operate 82,545 cubic meters cubic meters of liquid storage at this site. We continue to evaluate the addition of an additional 60,000 cubic meters on this newly allotted land, and we'll provide further updates once this is finalized.

At Mangalore port, we commissioned an 82,000 metric ton cryogenic LPG terminal in June and are June of 2025 and are progressing on the construction of an LPG rail gantry there, very important step. The 75,000 cubic meters of liquid capacity that was added last year is now fully operational, bringing the total liquid storage to 193 cubic meters of capacity.

We have secured additional land and are evaluating a further 60,000 cubic meters of liquid storage at this site. Just to update on the Vadhavan port, we have signed a nonbinding memorandum of understanding to participate in the development of this port with a potential investment of approximately 20,000 crores, subject to approvals and land allocation, of course, and this will enable us to develop further world-class liquid and gas handling infrastructure and significantly expanding the scale and geographic reach of our network.

With that sort of overall view, I'll hand over to Murad Moledina to take us through the financial details. Murad, over to you.

Thank you. Thank you very much.

Now let me take you through the financials and then our capital allocation framework. For the full year, FY26 was a year of significant financial progress across both segments.

At the group level, revenue from operations grew 23% year-on-year to 8,333 crores. Normalized EBITDA rose 36% to 1,599 crores, and profit after tax increased 41% to 1,107 crores from 78 788 crores in FY25.

By segment, LPG business recorded its highest-ever revenue of 7,689 crores, up 26% year-on-year, with EBITDA growing 68% to 1,131 crores, driven by record logistics and distribution volumes. LPG terminal throughput volumes reached 5.15 million tons, up 14%.

Distribution volumes surged 45% to 7.54 lakh metric tons, and sourcing sales grew 2% to 6.07 lakh metric tons. Liquid business delivered revenue of 644 crores, broadly stable year-on-year, with EBITDA of 472 crores, down 5%, reflecting phasing of capacity additions.

Also during the year, unlike last year, it was all normalized operations with no major take-or-pay. Now let's run through Q4 FY26.

The fourth quarter was our strongest ever. Revenue from operations reached 2,594 crores, up 52% year-on-year.

Normalized EBITDA grew 54% to 670 crores. Profit after tax rose 43% to 455 crores.

By segment in Q4, LPG segment generated a revenue of 2,410 crores, up 65% year-on-year, with EBITDA more than doubling to 549 crores, a 136% increase. This is the highest-ever revenue and EBITDA for the gas division, not just for Q4, but across any quarter.

Distribution volumes reached a record 2.34 lakh metric ton, up 71%, even as throughput of 1.23 million tons held steady despite disruptions from the West Asia situation. Liquid segment reported revenue of 184 crores and EBITDA of 126 crore in the quarter.

Our balance sheet is a key strategic asset. Cash and investments have grown from 150 crores in FY22, just 4 years back, to 5,939 crores in FY26, a transformation that positions us to fund growth at pace without compromising financial discipline.

Cumulative capex is expected to reach approximately $1.2 billion by next year reflecting the pace of expansion across our port network. Looking further ahead, we have identified a capex pipeline of approximately $5 billion through 2030 investments aligned with both traditional energy infrastructure and in emerging energy transitions value chains.

We'll pursue this growth with discipline, funding through balanced mix of equity, internal accruals, and debt, targeting a gearing ratio of approximately 0.6x. Low leverage, strong cash generation, and a resilient balance sheet gives us the financial flexibility to move quickly on opportunities.

With that, I hand the line to the moderator to open for Q&A.

Yes, thanks for the opportunity, and congratulations on the strong results. First question is on the gas segment profitability, which has seen a very sharp increase Q-on-Q on per ton basis.

Can you just provide some color how much was driven by the distribution segment? Is there any one-off?

Going forward, what could be the normalized level?

Yes, please. If you will look at our numbers, the volumes have surged in distribution business.

That has also contributed on the surge of revenue as well as EBITDA. Second is, of course, the margin that we have earned during the year has been around ₹7,000 against 4,000-odd in the previous year.

Going forward, the next year also, we expect the same as the energy prices have risen and so also the margins because of the uncertainty involved. Going forward, we feel this 7,000-odd margin should be sustainable as beyond '26, '27, we would see our distribution volumes really of a scale that brings procurement efficiencies, which will, when the prices of energy stabilize or come down, will compensate in terms of margins.

Yes, going ahead, we feel confident that these are sustainable margins, and, of course, there is a huge upside as far as volume is concerned. Throughput, of course, also will be good in the current year as you will see a lot of multimodal evacuation kicking in, especially the Jamnagar-Loni pipeline in Kandla, Kandla-Gorakhpur pipeline in Kandla as well as Pipavav.

Then the rail gantries that we are building. Please keep in mind some of our terminals like Pipavav cryogenic as well as Mangalore cryogenic were operational for part of the year in '25, '26.

You will see a full-year effect of that. As such, overall, gas EBITDA, of course, will continue to grow really well going forward.

Got it. Thanks, sir, for the comprehensive answer.

Just a follow-up here on the LPG situation. It looks like for you, the volumes kind of have completely normalized in June.

Is this understanding correct? For the country overall, when do you expect full normalization?

Because I think they are still down 30% to 50% year-over-year. Things are improving, but yeah, just your thoughts over here.

We cannot do any prophecy, but yes, I can tell you for sure that things are improving month on month. Like in May, the shortfall is down to 30% when it was 50% in April.

In May, it has been better, and we expect this improvement to continue. Probably in Q2, sometime in Q2, we should see normalcy return back.

Mind you, LPG supply source Middle East is not the only source. It's the source of convenience.

There are multiple supply source, and, of course, the journey time would be a little more. I think going forward, this situation has a few lessons for everyone to have alternative supply sources, which is always there.

I think this will stabilize soon, maybe beginning sometime in Q2 onwards. You will see many alternative supply sources going forward because the dependency on Middle East will, of course, reduce as alternative supply source will kick in.

Got it. Got it.

The second question is on capex. Can you just provide the guidance for FY27 and FY28 if possible?

I think this year was somewhere around 800 crores. It looks like we'll see a very big jump now.

If you can just quantify what's going to be...

We will see a $1.2 billion aggregate capex by March '27 that we have already said. March '28, we would again see a capex up to 5,000 crores coming in.

This is both organic, inorganic as such.

Got it. Thank you and all the best.

Thank you.

Hello again. Part of my question has already been answered.

Just wanted to check, for further clarity, what was the exact capex in fiscal '26 and what is the exact capex planned for fiscal '27? Furthermore, this 1.2, which I suppose it will add up to $1.2 billion, does that mean that the residual, that is fiscal '29 and fiscal '30, would have $3.8 billion of capex?

We have said that capex is 2030, not FY30. Please keep in mind, this is till 2030 December.

We will have FY31 to reach $5 billion. Please keep that in mind.

You will see a lot of capex on the later half of this 5-year period. You will see heavy capex in '29, '30, and '31.

Up to '28, we have already said we will be $1.2 billion, and then again 5,000 crores. You add up that to the $1.2 billion, and thereafter you can spread it out in the next 3 years to reach $5 billion.

One clarification: Is Vadhavan port that MOU included in this capex?

To the extent we are able to execute out there because it all depends on how quickly the port comes up and the allotment of land and the permits happen. Yes, I suspect that part of it will definitely be included in that $5 billion, but not all of it, I'm sure.

Okay. Great.

Just one follow-on. This distribution margin, if I sort of separate out the 9-month and the first three quarters and focus only on the fourth quarter, there was an unusually sharp jump.

You have already answered that this has taken the average up to 7,000 and that 7,000 would sustain. I had a related question that now the Southern operations of Mangalore and Kochi are also expanding, are sort of coming into play and with those railway gantries and hopefully the Cherlapally pipeline also coming into operation, South is structurally starved of gas.

What does that both Mangalore and Kochi and their respective expansions do to the distribution volume in South India as well as for the full part of India taking the total distribution to what level in fiscal '27? If you can hazard a guess, what level in tonnage terms for fiscal '28?

Yeah. You have said it right.

Earlier, we were doing distribution from Mumbai and Kandla. Now we are doing it from all over the place.

It includes Mangalore, the newly commissioned cryo, Haldia, Pipavav, Kandla, Mumbai. That's been what is leading to the volume increase.

We always had a target of 2 million tons. We expect that to reach by '28.

Mind you, we are also commissioning ammonia. Then that means that ammonia distribution would form part of this 2 million gas distribution that we intend to do.

Yes, I think that is what it is. South also, east also, and west also, we will be distributing gas all over the place because we have now terminals spread out and cryogenic in nature, which enables us to have more of ullage, and we can do more of distribution, stock and then sell.

Great. One one clarification: Isn't the ammonia capacity already spoken for?

It's already assigned to Hindustan Zinc. Where from does this scope come for distribution of ammonia?

1/3 of the capacity is take-or-pay. 2/3 is available with us as open source.

Okay. Great, great.

Thank you very much.

Yep, thank you.

Good evening, sir. Just wanted to get a sense, sir.

Even if we take the realization at around 7 7,000 rupee per ton for distribution segment, yet the profitability in gas segment is way off the mark, sir.

Sorry, can you repeat the question? I did not get it.

In the distribution segment, you said that the margins have gone up, correct?

Yeah.

Sir, even if we take that, the number that you have posted are very strong. What explains that, sir?

No, the margins are from the results that have been posted, right?

Yeah. Volumes...

Volumes, of course.

Correct.

Volumes and margins have gone up. Okay.

Okay. Sir, is this sustainable or so long as the energy crisis are there, this will be at 7,000 and then it will revert back to 3,500-odd, sir?

This is what I just explained in my previous answer that this is expected to sustain on account of volume increase that is going to happen, which will bring procurement efficiency. Yeah?

We were already doing 4,000. We are at 7,000.

This year also 7,000 because Q1 has also done well. Therefore, it is a question of 2028.

That will be supported by procurement efficiencies because the volumes would have grown substantially by FY28. We expect 7,000 to sustain from here on.

Okay. What about this MOU that you're talking with L&T for ammonia terminal?

What capex are we looking here, sir?

Depends. We have just commissioned one terminal at a cost of 525 crore.

If it's one terminal, then the same. If there are multiple terminals, they will be in the multiple of 525 crore.

This is the similar capacity or this will be a higher capacity?

One terminal would be of a similar capacity, but it then depends on what the customer wants.

Okay. Sir.

Thank you.

Hi, sir. Good evening.

Thank you for the opportunity, and congratulations for a very good set of numbers. You have mentioned about ammonia logistics commencing and ammonia distribution as well.

Can you throw some light on the economics of both of these streams in terms of expected utilization levels and margins?

Yes. In the current year, as we do in LPG, we expect around 25% utilization in the first year and thereafter growing at the rate of 30%, 40% year-on-year.

Distribution, similarly, we expect somewhere around 200,000 tons to begin with, and then growing 20%, 30% year-on-year. For throughput, it ranges from around 2,500 to 3,000.

In distribution, it could go up to ₹5,000 depending on how the market behaves. We will see what it delivers, and then from thereon, we can do our projections.

This is what we expect.

Ammonia distribution margins would also be on a per-ton basis, 5,000?

Yes, that's what I said. ₹5,000 a ton is up to ₹5,000 a ton is what we expect.

Got it, sir. Thank you.

That was my question.

Thank you.

Hi, sir. A very good evening, and congrats on the good set of numbers.

My first question is, sir, how much of the improvement in the gas distribution is from operating leverage, that is, optimization of our infra, versus the price increase in the market? If you can give some flavor on the revenue versus EBITDA on gas.

Yes. It's energy prices rising and uncertainty element being built into, the margins have improved during Q4.

Expected the same in Q1 of the current year. However, as the volumes also have jumped from around 520,000 to 750,000, that has also brought procurement efficiencies.

What was 4,000 and what has become 7,000 currently comprises probably you can say part of it on account of volumes and part of it on account of margin improvement. Going forward, as said, that when the crisis is gone, war is no more, and the prices stabilize and come down, by that time, our volumes would have grown enough to get more procurement efficiencies.

Therefore, we expect these ₹7,000 a year average margin to continue going forward also. You don't have to see it quarter-to-quarter.

You have to see on an annual basis. Q1 is already good.

I think somewhat for '26, '27, you are already assured of a 7,000 average margin realization. '27, '28, it will ride more on volumes.

Do you think this will show an elevated top line as well, just because of increase in the price? Any idea on how much revenue do we do from the gas distribution?

Can you give some...

Volume and price, it's a product of volume and price. Again, repeating the same thing, our volumes are expected to grow really significantly over this year and the next.

Prices, even though they stabilize going forward, volumes will take care. We expect the revenue also to grow year-on-year.

Okay. Sir, and my second question is on the capex.

We will be doing capex at the Aegis level, Aegis Logistics, and then after creating the asset, will we then transfer it to Aegis Vopak? Am I right?

Yes. Sir,

you mentioned in your opening comments that we have about 5,900 crores of cash on the consol balance sheet. I think on the Aegis standalone level, there is I think almost half of that.

How much would ALL be able to utilize for building the asset?

Will the...

Yeah.

Yeah. When you look at cash, don't look at ALL standalone alone.

You also have to look at cash holding in its 100% subsidiaries. All put together will come to 5,930 crores.

100% subsidiary

also you will have to consider the cash held under those subsidiaries.

Okay. This doesn't include the cash in AVTL.

Consolidation includes all the cash. AVTL cash is not significant.

Okay. Sir, the EPC is done by ALL standalone or one subsidiary of ALL?

It will be done either by Aegis standalone or any of its 100% subsidiary.

In the consol, do we capitalize at the value at which ALL builds or the value at which we sell to Aegis Vopak?

At which ALL builds.

Sir. Thank you so much.

I'll fall back in the queue.

Thank you.

Thank you so much for the opportunity. Can you hear me?

Just one question. Could you sort of quantify any sort of inventory gains that you had in this particular quarter?

No. What do you mean by that?

You know... There's nothing like inventory gain which we book in P&L,

yeah. Fine.

I'm saying that, see, mostly as a storage solutions company, you are basically continually working for your clients. As far as your distribution is concerned, you would have some inventory, right?

Post the war or during the quarter itself, we have seen crude oil prices, LPG, LNG prices basically go up. The value of that inventory during the quarter because of the pricing...

No, no, it is at cost only.

No, I I understand that, inventory is at cost. Basically, what I'm saying is that because of the spike in selling prices versus, relatively lower cost inventory I don't know how many months of, how many months of inventory do you keep, in...

No,

no, we keep very low inventory. We are not here to keep more than a month's inventory.

Inventories are not long. You're right.

There is no such inventory gain. In the month of

In the month of March, the inventory that you would have sold, you would have bought it in, February, right? At a lower cost, and then obviously in March, because of the Iran war because of Middle East war, the prices basically spiked up.

Not necessarily February. It could be February as well as March in March cargo coming in.

Okay. There is no that inventory gain, like you have some of these OMCs basically, which are also, kind of refining and distribution...

No, this is distribution business. How we do it is that we book orders and then we procure.

The margins are higher when there are times of uncertainty because energy prices are higher. As a percentage, obviously, you will realize more margin because there is an uncertainty element involved.

You have to get the product in times of uncertainty that is even more It is difficult. Therefore, in rupee terms, your margin improves because your energy prices are also very high.

No, I understand that point. Let me sort of ask this differently.

Prewar versus postwar, what is the kind of price differential that you saw basically? What is the kind of price jump that you saw as the Middle East basically war started in late February basically?

Oh,

prices have gone up of all the energy products from 54,000 to all the way to 150,000, back to 80,000, 90,000.

Sorry?

Energy prices are very fluid. They have gone up from ₹54,000 or ₹60,000 per metric ton all the way to ₹150,000 per metric ton down to ₹80,000, ₹90,000 per metric ton.

It varies.

Okay. Understood.

Thank you. That's it from my end.

Yeah.

My basic question, now government has said today the subsidized LPG cylinders will be reduced from 9 to 4. Then government is taking a step for increasing PNG and all.

Will it affect our logistical business, a? What gives you confidence of volumes of distribution business increasing?

What can be the particular reason? The two questions, sir.

Energy in India per capita is amongst the lowest in the world. We are comparable to Philippines.

Okay?

Second is it is a developing country, there is a lot of dependency on dirty fuel: coal, furnace oil, diesel, wood and briquettes, so many products, which, as we develop, we have to transit out. The volumes in such dirty fuel is very large, around 2,000 million tons in coal alone.

What are we talking about gas? 50, 60 million tons of natural gas, 30, 35 million tons of LPG.

There is enough for growth, whatever one may say. You need to have multiple energy sources.

Yes, PNG, natural gas, ammonia, LPG, coal, everything will be needed in such a large country as ours. We are a very large country with large population with energy needs that are going to grow.

We need a lot of products as far as energy basket is concerned. Depending on what is the kind of outlook going forward as far as environment is concerned, the tilt should definitely be towards the cleaner fuels, which are in nature of gas, namely, like I've just said, natural gas, LPG, ammonia.

What are the numbers that we are talking of? Still, clean fuel is very, very small numbers compared to dirty fuel, which are liquid and solid in nature.

My last question, hypothetical question. Suppose Hormuz doesn't open for next 3 months, still we'll able to recover all our old volumes and grow?

We can source from other... As I said, supply source has to change.

LPG is not only available from Middle East. It's a supply source of convenience.

LPG is available from all over the world. Now it is coming from Canada, America, Argentina, Nigeria, all over the world.

You'll keep getting LPG from...

In this crisis, we have seen a change, substantial changes for us for sourcing?

There has to be. Yes, there has to be.

Going forward, we will have multiple supply source.

Understood. Now just because of...

Can I just add one comment here, Murad?

That

one of the advantages of having a high-quality joint venture partners

that

we have with Itochu, ITOCHU, and with Vopak, and so on, it really has given us a tremendous edge in terms of sourcing alternative sources of gas.

Understood, sir. Thank you.

Thanks a lot, sir.

Hello, sir. Am I audible?

Sir, first of all, congratulations on a very, very strong set. I think I can see from last three quarters, company is delivering around 50% growth on year-on-year basis.

My question is, sir, since we have a $5 billion capex plan by 2030 December or 20 FY31, and assume that majority of the infrastructure will be built by Aegis Logistics or its 100% subsidiaries, plus we have a distribution segment that is growing well with the margins and the ammonia growth, and there will be growth in the subsidiary, Vopak as well. My question is, sir, I think the given guidance, I think we are giving 25% guidance.

I feel it is very, very conservative. In FY26 also, we have grown 41% at a PAT level.

Why don't we increase the guidance, sir?

No, we are beating our guidance.

No,

we are a very conservative company, and I think 25% CAGR growth is not small. We have achieved 32% last 5 years.

We definitely again reiterate. Now remember, the base is getting bigger and bigger, larger and larger.

When we had first given our guidance, we were at an EPS of 6. Now we are at an EPS of 26.

In spite of that, the CAGR growth has not changed, the guidance to the CAGR growth is not changed. That itself is big in that sense.

That's correct. Sir, and my second question is, what's our goal for the ammonia distribution, say, by 2030?

FY28 by FY28, you already said that the gas distribution should be at 2 million volumes, including the LPG and ammonia. Probably LPG will be much higher as ammonia is is at a new stage.

By FY30, what is our target for If you can provide LPG as well, that will be very helpful as well. No.

If you look at the DRHP, CRISIL as an independent agency in the case of Aegis Vopak had already said, by 2029, India will have a supply-demand gap in ammonia of around 3 million tons. We will try our best to see what best volume achievement we can do by 2029, '30.

This will depend on how many terminals we are able to construct and commission, how many locations we get ourselves positioned. We are very bullish.

We have our partner, ITOCHU, along with us. They are already now participated in the hard assets also, taking a 10% stake in the Pipavav terminal.

We are working very hard, but difficult to today project. This is a new product that we have stepped into.

Looking at the macros and looking at what lies ahead, we are very bullish.

Thank you very much for the answer, sir. All the very best.

Thank you.

Thank you very much. It's been a very exciting year, good year for us in terms of the FY '26.

As Mr. Moledina has indicated, we are confident to maintain for FY27 the same momentum.

In answer just the last comment about our guidance and so on, I think our sort of philosophy here at Aegis is really to not to overpromise, always to underpromise and hopefully overdeliver. That's our conservative management philosophy.

I'm confident that, FY27 will continue the strong momentum that we have, and the longer-term perspective in terms of '28 onwards, again, with the strong foundations that we have laid and are continuing to lay, and the opportunities that the uncertainty has of the war and so on that actually that has given rise to many more opportunities. We look forward to informing you as those come to fruition.

The record profitability, strong transformed balance sheet, and a clear roadmap for the next phase of growth. That's it.

Thank you very much. Have a good evening, and we will speak again next quarter.

Thank you.

Thank you.

Bye-bye.