Thank you. Good evening, everyone.

On behalf of Systematix Institutional Equities, I welcome you all to Q1 FY27 earnings conference call of EPL Limited. Representing the management today, we have Mr.

Hemant Bakshi, MD and Global CEO; Mr. M.

R. Ramasamy, COO; Mr.

Deepak Goyal, CFO; and Mr. Onkar Ghangurde, Head Legal, CS and Compliance Officer.

We sincerely thank the EPL management team for giving us the opportunity to host this call. Without further ado, I will hand the floor over to Mr.

Hemant Bakshi sir to commence the proceedings. Over to you, sir.

Thank you, Pratik. Good evening, everyone, and thank you for joining us for EPL Limited Q1 FY27 earnings call.

I'm delighted to share that EPL has delivered an outstanding quarter in the midst of unparalleled external challenges and a very volatile environment. This amply demonstrates the clarity of our strategy, resilience of our business model, strength of our customer partnerships, and our continued focus on disciplined execution.

Revenue for the quarter grew by 25.3%, while EBITDA increased by 15.2% with EBITDA margins at 18.8%. On an underlying basis, excluding the pass-through impact of higher raw material prices, we delivered 20% underlying revenue growth while delivering EBITDA margins of 19.6%.

This is a record performance. We have grown our top line faster than any time in the past and held margins despite unprecedented cost inflation.

This is the fifth consecutive quarter of double-digit growth. Our growth continued to be broad-based across both categories and geographies.

Beauty and cosmetics maintains its strong growth trajectory with growth exceeding 20%, while oral care also crossed the 20% growth mark. Personal care and beyond continues to expand and now accounts for 54% of our portfolio, further strengthening our presence in high-growth categories.

Regionally, EAP led the quarter with growth of 34.3%, followed by Americas at 29.4%, while Europe and AMESA grew by 20.2% and 17% respectively, marking another quarter where every region delivered double-digit growth. EBITDA continued its strong momentum, growing by 15.2% and marking our 15th consecutive quarter of double-digit EBITDA growth.

We were able to pass on the entire cost increase through judicious pricing across all our regions and customers. Further, our frugal mindset and relentless cost discipline enabled us to continue making growth investments while staying in the target margin range.

PAT delivery was in line with our estimates and is on track to deliver double-digit growth in the full year. While Q1 PAT declined by 1.4%, our PBT increased by 10%.

The difference is because we are lapping a very low base year ETR, and this will get corrected on full-year basis. We have made significant proactive growth investment ahead of the curve in the key strategic areas.

This is translating in higher growth. While doing so, we have maintained strong capital efficiency and a disciplined capital allocation approach returning in return on capital employed at 18.5%.

Sustainability and innovation: innovation remains central to our long-term strategy as we continue to invest in new technologies and differentiated packaging solutions. This commitment was recognized through multiple innovation awards across India and Europe during the quarter, including the ETMA Tube of the Year award and the FIPSA awards for responsible packaging.

We continued to make meaningful progress on our sustainability agenda with sustainable tubes now accounting for 44% of our overall product mix. Our focus on operational excellence and our people was also recognized through the prestigious IMC Ramkrishna Bajaj National Quality Award for performance excellence and our recognition as one of India's best company to work for 2026.

Looking ahead: let me first provide an update on our proposed merger with Indevida. During the quarter, we received approval from the Competition Commission of India, and the transaction continues to progress well.

We remain on track to complete it within our planned timeline and are excited about the opportunities this partnership will create for our customers, employees, and shareholders. As we look ahead, while the geopolitical environment and trade dynamics continue to evolve, our priorities remain clear: first, to further strengthen our leadership in beauty and cosmetics.

We continue to see immense long-term opportunity in the category supported by a strong pipeline across customers and markets. Our continued investment in innovation, differentiated packaging solutions, front-end specialization, and new technologies provides us with a strong platform to capture this opportunity and sustain our growth momentum.

Second, to accelerate our presence in high-growth markets. Thailand continues to make excellent progress supported by a strong customer pipeline and recent wins with multinational customers.

We will continue investment behind these opportunities while actively expanding our presence across other attractive growth markets to strengthen our global footprint. Third, to remain relentless on margins and capital efficiency.

In an increasingly dynamic global environment, maintaining financial discipline is more important than ever. We remain focused on driving productivity, operational excellence, and disciplined capital allocation to support sustainable margin expansion and profitable growth.

Fourth, our long-term vision is to go beyond our current format of tubes to expand into newer, higher-growth packaging formats to become a leader in consumer packaging in emerging markets. Our merger with Indevida is the first step in this very exciting journey.

Based on our recent performance and the current environment, we are raising our growth guidance to high teens for next few quarters while holding on to our margin range of underlying 20% EBITDA. We continue to remain focused on managing the extremely volatile environment and feel confident that we will retain and grow our market share while we also cover the entire cost impact through our pricing actions, as we've demonstrated in quarter one.

Our confidence stems from our actions in this quarter where we've demonstrated agility, focus, and resilience while continuing to invest behind our strategic big bets. We believe EPL is entering an exciting new phase in its journey with a strong foundation, clear strategic priorities, and a relentless focus on execution.

We are confident in our ability to deliver sustainable profitable growth and create enduring value for our customers, employees, shareholders, and all our stakeholders. This will be further enhanced as and when the merger with Indevida gets approval and the synergies are fully realized.

Thank you for your continued support, and we will now open the floor for questions.

Hi. Good evening, everyone.

Congratulations on a fantastic set of numbers and thanks for taking my question. Now, firstly, I'm just looking at the net debt number, and if I back-calculate, because CapEx is already given, a net working capital would have roughly increased by ₹180 crore in a quarter.

If I look at this number for full year, that increase for the full year in FY26 was around ₹170 crore. Just trying to understand what has driven this increase, and in particular, have receivables seen a material increase this quarter?

[Hindi?] Join kar liya?

[Hindi?] Indevida join kar liya EPL?

Oh, chal raha hai.

Sure. I'll repeat it.

Sir, good evening and congrats on a fantastic set of numbers. First question: I am just looking at the net debt number that you have disclosed in the PPT, and if I just back-calculate, net working capital would have roughly increased by around ₹180 crore versus March in a particular quarter.

If I look at the full-year increase in FY26 in working capital, that number was around ₹170 crore. Just trying to understand what has driven this sharp increase.

Is receivables, in particular, has it seen a material increase this quarter? That would be the first question, sir.

Hi, Sameer. Deepak here.

Thank you for the question. You're right that our working capital has gone up during this crisis period.

However, this is largely driven by inventory. There are two reasons: one is the pricing of the inventory itself.

With the raw material prices going up, our inventory cost has gone up, it's not as much an increase in quantity as in the price itself. Second is the safety stock.

Supply security was paramount for us, and we ensured that we build the right level of inventory to avoid any supply disruptions. One of the reasons for the net debt growing also is some of the ahead-of-the-curve investments that we have made in our CapEx as well.

With these three reasons, the numbers add up to what you mentioned.

Got it. Just to clarify, receivables has grown in a normal range is what I'm assuming.

That is right. While the value would grow because we have taken pricing, the number of days and the aging is well under control.

Got it. The pricing would also affect the receivables as well as the sales side.

That's right. That's exactly what I'm saying.

That

the AR value will show an increase because we have taken pricing. However, the underlying aging of the AR and the quality of receivables remain very solid.

Sir, great. That's wonderful.

Second question is on the Europe margin contraction. Firstly, can you explain the transitional costs here?

What is the adjustment amount, and is it a one-off for this quarter or we expect this to continue in near future? A part question to this, which is more strategic, we've had multiple instances of moving manufacturing bases in Europe.

What is the status currently? You think that all of this is now done, and large part of manufacturing now is based out of Poland, or do you think there are any other transitions in the pipeline that you foresee in near future?

Yeah.

Sameer, firstly, on Europe, I just want to call out that Europe delivered a 20.2% revenue growth, which is a really exceptional performance. The growth trajectory in Europe has continued for the last couple of quarters, we are really pleased with our performance on the top line in Europe.

Having said that, as we had called out a couple of quarters back also, there have been operational challenges in Europe. The good thing is that these have been identified fully and are now getting disproportionate focus from the team.

We are confident that these will be resolved in the coming quarters. Also, I would like to call out that Europe is the biggest and a widespread B&C market.

We have invested in Europe being the future of growth. We have invested in capacity expansion, new production capabilities, and front-end people.

The pipeline of sales remains very promising, which helps us in deleveraging our dependency on few customers. These investments are for the long-term growth and are bound to give scale benefits in the coming years.

As the operational efficiency improve, we expect margins to progressively recover. I think on the manufacturing footprint, we have a manufacturing footprint in Poland and in Germany.

That's our current position, and that's what we will stay with in the near future. As we might have said in the past also, we have centralized some of our capabilities in Poland both in terms of customer service as well as printing, and this is bringing both efficiencies as well as superior service to our customers in Europe.

Got it. Just to quickly summarize, this is new investments that have been made in basically eyeing the great growth opportunity in the medium term.

That would be a correct interpretation?

Yeah. The investments are in line with the B&C opportunity we see in Europe.

The investments have been made both in terms of front-end capabilities of sales people as well as CapEx in certain new technologies.

Fair. I'll come back in I still have some questions.

I'll come back in the queue for follow-ups. Thanks.

Thanks, Sameer.

Good evening, sir. Thanks for the opportunity.

First question on the guidance which you have upgraded to high teens from the double digit. If I look at, there is two benefit to it, right, because we are looking at in a rupee term.

One is currency depreciation, the other one is the inflation. If we come down to the PBT level, a lot of it gets offset because we also have a currency negative impact on the depreciation and on the cost line item.

Does your view change on the PBT growth as well or it is largely to the revenue growth?

I think, firstly, I want to call out that we've increased our guidance on top line. We've raised our guidance from early double digits to high teens.

This is because we've seen continued momentum in B&C over the last few quarters. With demand remaining healthy and our investments continuing to contribute, we expect this momentum to sustain.

Equally, oral has started to recover strongly, adding further momentum to our growth outlook. We've also, as we've mentioned, set up operations in Thailand.

Our Thailand operations are beginning to ramp up, and Thailand is a really significant B&C market, and this ramp-up will be another growth driver as we go forward. At this stage, we expect to operate in a high inflationary environment for some time.

Against this backdrop, we've raised our guidance to high teens for the next few quarters reflecting our confidence in the underlying momentum of the business. Having said this, on margin, we are holding on to our guidance of 20% underlying margin in terms of EBITDA, and this is something which we will sustain as we go forward.

I would also like to call out

It is fair to assume that— Yeah. Go ahead.

I would also like to point out that you mentioned our EBIT and PAT. I want to firstly call out that our PAT delivery is fully in line with our plans to deliver a double-digit growth for the year.

This quarter, numbers are seeming low because of the effective tax rate and phasing issues. Our PBT, if you focus on our profit before tax, is a 10% growth.

Therefore, I want to clarify the bottom line. EBIT has is there has been a significant increase in CapEx because, as we've mentioned already, we are investing ahead of the curve, and that is what is reflecting in these numbers.

We are looking at a high teens growth in revenue as well as EBITDA and a lot of it will get translated to PBT for the year as a whole, correct?

Yeah.

Second question on the other point you touched upon, moving beyond that tube revenue. One, obviously, is the Indevida acquisition which will get us footprint into the rigid plastic.

What other opportunities are we looking because we said that is just one of the opportunity we are evaluating? If we can talk about the other opportunities that are today on the drawing board.

Yeah. Firstly, I want to just reiterate our vision.

Our vision is to become a leader from emerging markets in consumer packaging. That's our vision going forward.

As we've said in the past, there are three drivers to this vision: one is to expand our portfolio going beyond tubes; the second is to go into high-growth markets in the emerging world; and the third is to move from just being a supplier to becoming an innovation partner. I think our merger which has been proposed with Indevida ticks all three boxes.

Firstly, we go into another category which is in terms of TAM much bigger than tubes, therefore that is a positive. Also, Indevida is present in a number of emerging markets in Southeast Asia and Africa where we don't have presence.

Therefore, the merger, once the approval comes through, will allow us to go into new markets. Having said that, this is a really big first step in our journey.

We are interested in moving into new formats and we actively are scouting for opportunities for acquisition. As far as acquisitions are concerned, our strategy is very clear: we will seek targets which allow us to move into new capabilities, which means new formats, or indeed into new markets.

Of course, they must meet the criteria of helping us build growth and margin as we go forward. We are very actively also looking at opportunities for acquisition.

Then how about the synergies from the Indevida? Because India, which is much larger market and a secular market, do we want to bring that or you think India is an over-serviced as far as the rigid plastic goes?

On Indevida, I must firstly say that we are still awaiting the merger, and till we get approval for the merger, we are not in a position to share any information between the two companies. Therefore, anything I can speak is more from what's available in the public domain.

I think from that point of view, I just want to also share with all of you that Indevida declared its results a little while back, and they've come out with a really impressive set of results for this quarter. Their volume grew by 11%, their revenue grew by 25%, their EBITDA grew by 62%, the margin expanded by 614 basis points to 27%.

In some ways, if I really reflect it, the EBITDA in this quarter of Indevida is almost ₹383 crore. As you can see, they are doing exceedingly well, and the strategy which they have in place, a growth strategy, is delivering both top line and bottom line.

In terms of your specific question on India and so on, I think it's best addressed to the Indevida management right now because we remain two independent companies. Post the merger, of course, we'll look at all opportunities to see how this really handsome growth can be further accelerated.

Got it. One last question on my side: was there any element of inventory gain because the prices moved quite sharply and we do carry a decent amount of inventory?

Was there any element of inventory gain or there was no benefit of inventory gain?

The consumption cost does have an impact of old inventory, but the pricing also comes with some lag with a few customers. I think net-net, what's important is that in quarter one, we have recovered the entire cost impact, and we are absolutely confident that we will continue to do so in the future quarters as well.

When you say entire cost, you mean both raw material and the higher freight cost and currency depreciation, all put together, right?

That is right.

That's correct.

All our customer contracts, Sanjesh, are on landed cost basis, currency depreciation also gets recovered. Freight also saw sharp increase, and we have been able to recover that from the customers.

Very clear. This time around, we are not struggling with the same problem what we faced post-COVID era, right?

I think it's important to just reflect on what's happened in the past, and you're absolutely right. We did have a challenge when in the past we were hit by this crisis.

I think over a period of time, we've learned our lessons and we've built a muscle whereby we can recover, thrive as we go forward. We built strong tracking and review mechanisms around cost inflation and recovery.

Our sales teams proactively have engaged with customers to ensure consistent supplies even during a volatile period and have remained engaged with customers throughout. Our approach is anchored in a few clear principles, which is executing with agility, maintaining financial discipline, safeguarding customer relationships, and continuing to drive long-term value.

We are confident that our business model has the strength to overcome volatile and uncertain commodity cycles, and in some ways is cyclicality proof. Yeah.

We should be able to overcome business cycles as we go forward.

I would just kind of add Hemant, Sanjesh, if you recall, in the past we have always mentioned that one of our key focus area is to make this business cyclicality-proof, because the commodity cycles will come and go, and that's exactly what you see demonstrated in our numbers in the quarter.

No, that's clear. That's clear, and I think it's good to see those errors being or those issues being fixed.

Just one last question, Do we see anything

Sanjesh,

Thanks.

Thank you so much for the opportunity, sir. My first question is on if you look at the investment you are making in new technologies and the customer execution infrastructure, how should we think about the split between the growth-enabling OpEx, which is going to be temporary in nature, versus the structural addition into the cost base?

Sorry, wasn't clear. Can you repeat, Jaymin?

I couldn't hear your question.

When we just look at your step-up investment you are making on a new technology as well as your manpower cost, how should we think about the split between your growth enabling CapEx, which is temporary in nature, which is in your control to cut down in future, versus any structural additions which are adding to the cost base?

Yeah. I think, Jaymin, a really good question, and let me address both the OpEx as well as the CapEx question you've asked.

Our OpEx growth is in line with our plans, firstly. I want to be very clear on that.

We've articulated a strategy of growing B&C discontinuously. We have also put in place investments to deliver on this strategy.

While the quarter has other challenges, we've remained completely focused on our long-term strategy. This includes setting up of a full-service Center of Excellence for B&C, which we've set up in India.

We've fully divisionalized our front-end sales team, which means that in the past, we had one sales team which would sell both all our categories. Now we have a separate team which sells B&C and a separate team which focuses on oral and large key accounts.

We've also made significant investments in embellishments and decorations, and some of these products are still being outsourced. You will see increases not only in OpEx, but also in CapEx where we've made investments ahead of the growth curve to ensure we are fully ready to service the additional demand that our business will generate.

Having said that, our underlying costs, both in OpEx and CapEx, remain extremely efficient. While we are driving new capabilities, we are also making sure that our underlying margins remain at the target range of 20%, and whatever costs we incur are also managed.

On a steady-state basis, our EBITDA will grow faster than our revenue growth.

Understood, sir. Sir, on the innovation and the sustainability portfolio side, could you give us any color on which platform are scaling fastest commercially, and how the customer response you are seeing on those platforms?

Yeah. I think one of the things we've said always is that our core business is oral care, which under normal circumstances should get high single-digit growth because it's a mature category.

In this quarter, we've seen a very significant increase in oral care, and this is coming from across all regions. There are multiple reasons behind it, but one significant reason is that during a difficult time when everyone is facing a crisis, our service and quality of engagement with customers has remained intact, and that has allowed us to win wallet share and gain share across many markets.

Oral went very strong at 24% growth. This will not be something which we'll be able to deliver every quarter, but this quarter has been exceptional on oral.

However, on the other hand, B&C is a category where our shares are relatively low, and we believe we have the opportunity of doubling our market share in the next few years. Currently, our market share is 8%.

This we believe can go up to 16%. All our large B&C markets have performed exceedingly well, and that is resulting in the growth which you are seeing.

If I can share, summarize, our core category of oral has bounced back very strongly, and B&C, which is our growth category, is continuing to show momentum.

Understood, sir. Let me come back in the queue for the follow-up.

Thank you so much, sir.

Hi. For Europe, the profitability impact because of transitional cost, apart from that, any other is issue with the Europe?

Or profitability momentum and profitability likely to recover in the coming quarter?

Yeah. As I've mentioned earlier also, firstly, I want to again state that our revenue growth in Europe has been very good, and that's been something which has continued for the last couple of quarters.

As we said earlier, we have mentioned in the last two quarters that there have been some operational challenges in Europe. These have been identified and are getting disproportionate focus from the team.

We are confident that these will get fully resolved in the coming quarters. As operational efficiencies improve, we expect margins to progressively recover.

Can you talk on the volume growth for the quarter?

As Sumant, we generally talk about revenue growth because that is the best indicator of our business performance. However, this quarter's revenue growth also includes the Middle East pricing impact, and that is why we are also talking about the underlying growth.

While the reported growth is 25.3%, excluding the Middle East pricing impact, the underlying revenue has grown 20%, which is very strong. The volume growth, I can tell you that this growth is driven by a very strong underlying business performance.

However, volume growth still will not make too much of sense because there is a significant mix impact given that the product prices differ strongly between categories and countries.

Thank you.

Hi, sir, and thanks again for taking the question. Sir, from a cost perspective, would you say that worst is yet to hit the P&L in full terms given that we ended FY26 with a slightly higher inventory, and also, the EBITDA margin from that perspective may still have some downside left, or would you say that this was the worst quarter in any case and going forward, Middle East is still going on, but going forward, things should be better from here on, from this base which is already fantastic?

Sameer. Firstly, I won't say this is the worst quarter.

It's actually quite a positive quarter for us. We feel very happy and confident is what we've done.

As you remember, Sameer, before the quarter started and when we faced the crisis, we said we have two key principles during this crisis: one is that our customers must get uninterrupted service from us, and they should see no dislocation on account of this crisis; and the second thing we said is the entire cost which we incur, we'll recover through pricing. I'm very happy to report to all of you that we've met both these principles fully in this quarter.

Therefore, we feel this quarter is a very satisfying quarter. Having said that, as you've rightly pointed out, there was some old inventory in our overall repertoire, and as the quarter has gone through, some of it has passed on.

Equally, some of our customer pricing was also had some lag. Therefore, if you keep both of these things in account, net-net, the entire cost has been recovered, and we feel very confident that as we go forward, the same principles will continue to apply.

Great. That is very clear.

Another, if I may just squeeze in: so Europe, this is a follow-up from the earlier question only. Europe, if you're investing for growth here, it would also mean that we already have reached a good utilization level till FY26, but the margin of the ROCE profile of the segment in Europe still was subpar.

How should we read this?

Sameer, first of all, Europe remains a very exciting market for us, and we want to make sure that while the margin profile is being corrected, we capitalize on all the growth opportunities which are available in Europe. We are expanding our capacities in extruded.

We are expanding our capabilities on printing side and on multiple beauty and cosmetics capability like dia and tooling, etc. We are investing in all of that.

We want to make sure that our market share keeps growing. On the margin profile, we have identified there are two reasons: one is the investments that we are making in growth.

As the growth continues, I think those costs will become normalized, and the scale leverage would come in. Second is that we have identified certain cost inefficiencies which are there in Europe today, and those we are working through very specific cost programs.

I think in the coming quarters, we will see Europe margins improving to our target range of mid-teens.

Thanks, Deepak. Just on this cost inefficiency, could you

rejoin

Sure. No worries.

I'll come back. Yeah.

Hello, team. Just one clarification on Indevida.

The just basic number what you mentioned, did you mention ₹383 crore of EBITDA?

That is correct. This is publicly available information.

That's just a clarification. There's no one-off here, right?

We are not able to comment on the underlying reasons for the results, Giriraj, because we are in a period where we are still seeking approval on the merger. What we can share with you is information which is in the public domain, and that's what we've done.

Okay. Thank you from my side.

Thanks. Thanks for taking my questions again.

I just have one question. What happened with Americas?

Because sequentially, though revenue has been stable, I think largely because of inflation, the EBITDA and EBIT has fallen quite sharply. It's just seasonality or there is more to it?

There are two reasons for it. One is that the revenue growth still includes the pricing impact, and hence when we look at the EBITDA number, the underlying EBITDA margin is higher.

It is, in a way, March and June EBITDA margins are sequentially not comparable, right, and neither is revenue growth. Second is that the investment that we are making also then are rubbing off in Americas because we are seeing exciting opportunities both in Brazil as well as in the US markets, and we are investing in our capability there.

When we say capability, it is more operating, because I thought when we say capability, it's more CapEx.

Both, actually. We are investing in CapEx, but at the same time, as Hemant mentioned during his comments earlier, we are splitting our sales team making them specific to oral and beauty and cosmetics, being served by separate teams.

We are equally investing in things like beauty and cosmetics capability where we outsource certain high-capability items which we cannot still produce ourselves. Those kind of things have been done.

These margins are supposed to improve with the revenue or do you think this will remain subdued until the revenue completely offset this?

Some of these are ahead-of-the-curve investments, Sanjesh, and as the revenue keeps growing, we will see the markets margins normalize. Let me still again make that Americas margin remain very strong even in these times.

The underlying margin is better than the reported margin because the revenue growth still includes the pass-through pricing impact.

Got it. Thanks, Deepak, for all those answers, and best of luck for the coming quarter.

I have only one question on your taxation. If we see at last two years, it is 14% and 18%.

In this quarter, I think we have more than 20%. Can you guide on the entire year's taxation percentage?

Sir, I have only one question on the taxation. If you see last two years, our taxation rate has been closer to 14% and 18%.

This quarter, we are more than 20%. Can you guide on the entire year's taxation rate that we may have to pay?

Yeah.

Our ETR, as we have always maintained, is a combination of tax rate across multiple countries. On a steady-state basis, it will remain in the range between 18% to 22%.

While the range is little wide, it is also a function of the profitability delivery by various countries, and hence we have to live with that variability. Last year was at the lower end of this range at 18% for the full year, and this quarter is at the higher range at the 22% of this quarter.

I think this year on a full-year basis, we should land anywhere between 20% to 22%. That's how we are looking at that.

Sir,

post Indevida's merger, you think it will be similar or it can go up to more than 25% or something like that?

I think at this point in time, it may not be the right thing to comment on the consolidated financials given we are still in the approval process. However, I can tell you that Indevida, and these are publicly available number or the due diligence that we did, that Indevida also generates very, very strong PAT.

Their PAT is actually in line with EPL's PAT, and hence it's a very, very EPS-accretive merger.

Understood, sir. Thank you very much and good luck for future.

I don't think we have many lengthy comments. We just want to reiterate that we are very happy with our performance in this quarter.

While our overall growth is 25%, the underlying growth if you take away the pricing impact on account of the crisis is 20%, which is a record growth in terms of revenue. We've never had a quarter like this, and we've maintained underlying margins in line with our guidance.

That's why we feel confident of raising our guidance on revenue from low double digits to high teens and while retaining our margin guidance. We feel very, very confident on where we are, and we are looking forward to getting approvals on the merger which will allow us to move to the next step in our very exciting journey.

Thank you very much for your time and your engagement.