Good afternoon, everyone, and thank you for joining us today. My name is Adrian Skłodowski, Head of Strategy and Investor Relations at Eurocash.

I'm joined by Paweł Surówka, CEO—

Hello. —and

Piotr Nowjalis, CFO.

Good afternoon.

Today, we will go through the first Q 2026, and we'll provide more update about our strategy. Paweł.

Thank you very much, Adrian, and hello, everybody. Let me jump right into the highlights.

We haven't seen each other for only 2 weeks since the reporting of the yearly results. During the last presentation, we have said that we are going to show a little bit more about how the strategy is performing, and we also said that you are going to see the impact of the strategy unfolding in the results.

I believe this is true. Let me start with the overall market situation as usual.

The market declined or didn't grow as much as in the last year. We see a decline in the dynamic of the total growth, obviously one of the factors being the weather, which was particularly severe in January and February, having very low temperatures for, the lowest temperatures recorded for some time here in Poland, which had an impact on the overall consumption in Poland, we believe, and particularly this is affecting the smaller stores.

As a rule of thumb, one can say that the wholesale-relevant market, the one that we're working on, is more represented by stores that consumers walk to versus, obviously, discounters and hypermarkets that consumers drive towards. Obviously, those stores are very much correlated with weather, particularly if you have forbidding weather conditions like the ones we experienced in the beginning of this year.

This very strongly affected the wholesale-relevant market, which declined by 5% compared to 3% growth in the first quarter. Then other other elements that affected the growth trends were deflation and then disinflation also in some categories—I will come to that later.

Obviously, excise tax and DRS being effects affecting consumption. However, the jury is a little bit still out about how they are going to impact consumer behavior going forward.

Discounters having, obviously, still a strong quarter, but, again, we see this very much linked also to the weather condition, and we will see how that unfolds in the coming quarters. Against this backdrop, we have to very strongly accentuate that our franchise banners have kept up well.

Overall, the most parts of our banners have recorded a positive like-for-like, and this should be stressed in relation to the deflation that we see on fresh categories. We have seen clear deflation on fresh categories, particularly on elements like animal fats, butter being, strongly depreciated over the quarter, and general fresh and ultra-fresh categories to which our franchise banners are more exposed than the rest of the market.

In chains like Delikatesy Centrum, fresh and ultra-fresh represents around half of its sales mix, which is higher than in the discounters and comparable stores. The deflation the deflationary environment on those categories has had a bigger impact on our like-for-likes.

Therefore, we believe that the only slightly positive like-for-like compares quite favorably to the like-for-like that you have seen from our competitors, for example, the 2.3% like-for-like that we have seen at Biedronka. That confirms us in our strategic alignment, saying that the franchise banners are the ones that we really want to stand on going forward.

We believe that the like-for-likes in this quarter prove that our decision to really put the franchise banners as a fundament of the growth of the company going forward is the right one, because these are the stores that can really keep their ground in the retail market and keep up the fight for the for the consumers going forward. The other element where we see that our strategy is the right one and we see ourselves confirmed is obviously the operating results.

Despite a lower sales, our EBITDA has turned positive on a pre-IFRS level into 10 million złoty from 1 million a year ago, and the EBIT loss was narrowed to 12 million compared to 28 million a year ago. Even though these were negative results on the EBIT level, which from a calendar effect is almost always the case in Eurocash that the first quarter is the weakest one of the year, we clearly see an improvement, and this despite a reduction in sales to which I will say a couple of words later on.

Operating result better, particularly thanks to very, very solid work on the cost side. As already mentioned, we have implemented cost savings that circled around particularly, layoffs in the group, closing of warehouses, closing of own stores, closing of cash and carry stores.

Not all of those initiatives have impacted this quarter. As a matter of fact, the most part of them will only be visible in the coming quarters and then fully in the next year.

What has already been implemented has an annualized equivalent of almost 100 million, 96 million, of EBIT impact coming from those savings. On adjusted net loss, we assume as a, corrected net loss is -74 because we have recorded one-offs of around 15 million linked, among others, to the write-off of some deferred tax assets that are not going to be repeated.

Therefore, what we consider sustainable net income amounted to -74 compared, to last year, and that is also an improvement on a net income level if you take aside the tax aspects. The overall cash cash conversion cycle maintained in 28 days.

Obviously, net debt to EBITDA increased, also because of the provisions. Piotr is going to talk about that later.

Then last but not least, Frisco accelerating very strongly and, still having its growth and supported by orders, basket, and also its new DRS service that I'm going to talk about later. The market, I've already said a couple of words, growth in 5% in the total market.

Obviously, wholesale-relevant market falling compared to that. That's what we can see translates into lower market share on the wholesale-relevant market level, going from 26.2% in last year, end of first quarter last year, to 24.2% this year.

A 2 percentage point loss of the wholesale-relevant market in the total market. Compared to that, our franchise banners have lost only 0.6% market share, keeping up 9.2%.

Their market share in the first quarter is also relatively lower. Again, seasonally, those stores tend to have their lowest results compared also to the market in the first quarter, and then they make up a lot of ground during the summer months.

I believe we will witness that also as we go proceed in the in the in the year. Also, what needs to be said is that, as we have quite a lot of churn in the overall wholesale-relevant market, but also in the franchise stores.

This churn is not linear. It normally has the tendency to accumulate in the beginning of the year.

When stores think about closing, particularly, they normally do that at the end of the year, beginning of the new year. Then what typically happens is that our expansion hits in, and we continue building new franchise stores over the following months, and then we kind of rebuild the basis over the year.

That's why you also see the store count going down normally on the first quarter and then being rebuilt gradually through increased expansion over the next month. Our overall sales down by -3.2%, again, better than the wholesale-relevant market.

Eurocash is gaining market share in its market. The sales supported very strongly also by the high growth of Eurocash Serwis.

On the other side, bigger decrease in cash and carry and distribution, partly also due to decisions of the management. As already mentioned before, we have taken a decision to focus stronger on franchise clients, and that is part of our cost reduction drive to be really focusing on the couple of 10,000s of clients that are our franchise clients or have the potential to get there and to pay less focus to the more incidental clients, smaller clients on the wholesale side that are less efficient for us from a cash margin versus cost attribution level.

We have seen sales decline. We also saw a decline in gross margin.

This is also linked to the fact that by closing the own stores, we have we change our mix of stores. Obviously, in the own stores, we have a the whole retail margin within our margin that brings our overall margin higher.

As we are closing the own stores and also as we transform them into franchise stores, our margin is reduced to the wholesale side. That is also partially an effect of the strategic changes that we see.

As you have seen, also the reduction on gross margin does not translate into a reduction of EBITDA margin, because as we are changing the mix and particularly as we're closing the own stores, taking out their negative contribution from the P&L has an overall net beneficial aspect. Even though it dilutes the gross margin, it increases the EBITDA margin.

Again, a little bit more detail in about the sales structure. On wholesale, as already mentioned, ECS having a very strong quarter, +7%, growing faster than the market, building market share.

On the other side, ECS and cash and carry and distribution falling. Here, again, partially because of management decisions, partially obviously also because of the structure of the market.

As already mentioned, that is also an element of of seasonality. Growth platforms, on the other hand, growing, and here in a quite unequal manner: Frisco growing very strongly by 16%; Duży Ben, on the other hand, declining by 14%.

I will come to Duży Ben in the later stage of the presentation. On the retail sales, decline of 8%, obviously driven by the closure of own stores and then also, obviously, the the overall market.

What we cannot accentuate enough, I've already mentioned that in the highlights, is the like-for-like of our stores. We consider them as being positive.

You can see that most of them had, almost all of them had a positive like-for-like despite the presence in deflationary categories. This is something that this is, one metric that we are going to focus on very strongly in the quarters going forward within our strategy.

We do not see the like-for-likes of our stores as only something that is an input for us as a wholesaler that kind of drives our sales. We see it also as a KPI that we can directly affect.

These are the stores that implement our price policy. These are the stores that work with us with promotions.

These are the stores that keep the assortment that we are providing them. Therefore, together with the new head of consumer, with the new consumer department that we have built through our strategy, we do see our role in increasing this like-for-like by taking better assortment decisions, better pricing decisions, and obviously investing more in marketing to bring those stores closer to the consumer and make them more attractive.

The first quarter and probably also the second, you're going to see us more focused on the cost side. As we progress during the year, you are going to see us more and more focus on the growth side of things, particularly also investing in the retail sales of our stores.

I believe that already here, you can see the strong differential between franchise stores and the independent market, how they behave and how they actually keep up their ground to the very fierce competition in Poland should for us be a confirmation that we have chosen the right strategy to focus ourselves on the stores that really are sustainable growth. Here, a chart that is that is quite important for us to accentuate, you can see the the whole difference.

In, even though the group as a whole has had negative sales, when in relation to our franchise stores, our store our sales has been flat despite this very, very challenging quarter and and the overall situation, for example, linked to weather. This shows you that on the one-hand side, those stores have, we our sales to those stores is sustainable.

It also shows you that client loyalty is very high. Our sales to them is pretty much in line with their retail sales, which means that they keep very strongly buying from Eurocash.

This focus on what we call loyalty, our share of wallet in the clients is going to, improve and and be even stronger in the coming quarters. Obviously, you can see that the entire decrease in sales, the entire fall in sales of the Eurocash Group is allocated to the independent client segment, one that, again, we are very strongly reviewing and and here optimizing.

One of the decisions that we've taken during this quarter was to to increase the minimum logistical level needed for being delivered from Eurocash Distribution even further, really focusing on the clients that buy broadly from us, that mix the margin, that allow us to have a better benefit on the overall margin split. Therefore, as you have already seen, the overall EBITDA on a pre-IFRS level, the one that we are most focused on, growing, going positive by 10 million.

That is an effect from our side both on discipline on the franchise, discipline on delivering and working together with the clients that really are the core margin providers for us, and then obviously very, very strong cost discipline on, execution of our strategy. On this ground, Piotr going to tell you a little bit more, starting with the more details on the EBITDA split.

Thank you, Paweł. Looking at the structure of our key profitability measure, which is EBITDA, I would take you to the deeper dive into the pre-IFRS and post-IFRS structure of this measure.

As Paweł mentioned, on the pre-IFRS level, we managed to increase our EBITDA in the first quarter from 1 to 10 with one significant negative contributor, which was wholesale segment and EBITDA posted on this segment, which, as you've seen on the previous slides, was mainly driven by significant decrease of sale and as a consequence of decrease in EBITDA on the independent part of the market, while keeping the franchise banners with both sales and profitability levels as expected. You may guess, and you may expect obviously, that the decrease in sale will be followed by the decrease in costs, and that's obviously the truth.

However, the decrease in fixed costs is delayed, and this lag takes a couple of months, we estimate it 3 to 5. Last but not least, as all the investors already mentioned in the company's both presentations and financial statement, the sales mix changed significantly in the first quarter with a bigger impact of tobacco, and tobacco being the biggest positive contributor in sales.

With its lower profitability, it obviously affected the performance. However, to continue with pre-IFRS EBITDA structure and performance, all other segments of the group performed positively: both retail, with the lack of the negative contribution or a better contribution than last year from the retail stores because of the closures of the least profitable stores; the same story applies to projects, being also a positive contributor of EBITDA Q1 '26 versus Q1 '25; with Frisco performing much better than expected with 16% revenue growth, almost in line with what we achieved in Q4 2025.

Last but not least, the effects of the cost savings programs implemented and announced previously by the company are now clearly visible in our results with a net million, sorry, 9 million Polish złoty difference in Q1 '26 versus the same quarter last year. As concerns EBITDA post-IFRS structure segment by segment, we start from 121 million last year reported post-IFRS EBITDA.

Obviously, the same contribution of -10 million from wholesale if applied, slightly lower of -3 million negative contribution of the retail, and two positive impacts both from projects and other, which is for our company head office costs. They all transferred for EBITDA for the first quarter 2026 to remain flat, 121 million versus 121 million in 2026.

This is the story we hope to keep on telling you quarter by quarter. Obviously, it's not the only one narrative we're going to follow, but this is clearly very important for the overall performance of the company and the success of the company's strategy.

Cause the cost effectiveness and cost saving strategy is the key for delivering the key measures and key KPIs. In 2026, we managed to decrease our overall cost base by 10% from 974 million to 860 76 with personal costs and material and energy being the largest contributor, largest and most important.

Because decrease of personal costs, including social security costs, was lower by 72 million, with materials and energy lower by 13 million. It was only partly offset by increase in third-party services, which increased by 8 million in first quarter of the year.

It is the key message we wish to address during this call in respect of costs and operating efficiency. What company managed to deliver and managed to beat the consensus and expectations in terms of EBIT was clearly driven by very strong discipline on a cost side, and that's clearly some advantage we will try to leverage also in the next quarters, 2026 and 2027 as well, as this cost discipline is to prevail and be continued in next year.

Let me remind you what were these initiatives and what are these key cost-cutting initiatives that management board announced in December, which were approved by supervisory board and are being implemented. There are four of them.

First is very significant reduction of FTEs across all the headquarter functions, not only back office, but also sales support, together with the cash and carry reduction with the sales channel optimization. They are to deliver 200 million cost savings in 2027.

Second initiative very important from the overall performance of the company, especially for the retail segment, is the closure of unprofitable and unpromising owned retail stores belonging to Delikatesy Centrum entity and transfer of remaining stores to our franchise business partners. We announced we wish to close down 144 stores and 188 transfer to our franchisees.

Last but not least, the fourth key strategic cost initiative is related to logistics with the significant optimization of the processes, decrease in the number of distribution centers, and reshuffling of the focus towards franchise customers versus the broad portfolio of clients we used to deal with in the past. Those four key cost-cutting initiatives are supposed to bring us 400 million savings and to be clearly transferred into 200, sorry, 2027 results.

What we did in Q1, however, is very important because 21 million savings already posted and delivered and executed in financial statement, while as soon as they are annualized, they will bring us 96 million overall cost savings for 2027. That's nearly 24% of the overall target we informed our shareholders about.

A few words about key decisions taken. The most painful decision that needed to be done, but it was done, in respect of more than 560 employees, we terminated the employment contracts with them.

It's a vast majority of the total contracts to be terminated in 2026. We also closed down three distribution centers with two more pending and in progress.

38 stores of Delikatesy Centrum were closed in first quarter 2026 out of 144 mentioned before. We also began a transfer of Delikatesy Centrum stores to the franchise partners, and we plan to have as many as 145 till the end of the year.

Last but not least, four cash and carry stores were closed in first quarter in line with the plan, and we scheduled for 2026 as many as 16 to be closed down. To sum up, very important figure: already 96 million cost savings on an annualized level were initiated and will be delivered across all four initiatives.

When looking deeper into the segments reported in the financial statement, let me start with the wholesale segment. What characterized this segment in the reported quarter was the very good performance of the tobacco and impulse sale division, Eurocash Serwis, ECS, which grew by 7% from 2 billion 297 million to 2 billion 458 million złoty, with both cash and carry and distribution subdivisions lagging behind.

It transferred into slight decrease of the overall sale of 1.9%. Last year, we posted 4 billion 982 million total sales in the wholesale segment.

This year, it was 4 billion 886 million. As mentioned before, the key drivers were our client portfolio optimization, which transferred clearly into the lower sales from independent part of this subdivision.

As concerns EBITDA margin for the wholesale segment, it was lower by 6%. Last year, we reported 174.5 million; this year, 164.

This clearly marked by the category shift and more sale realized on a tobacco and impulse products. That's reported EBITDA.

When it comes to management pre-IFRS 16 EBITDA, it declined to 115 million from 128 posted last year. As concerns retail segment, it was obviously lower sales this year driven by lower number of retail outlets, not only on the own stores side, but also in respect of our franchise partners.

The overall negative change was 8.2%, and company posted the difference in sale between 1.6 billion last year to 1 billion 469 million in 2026. As concerns profitability of this very segment, it was also lower, and we reported post-IFRS reported statutory EBITDA of 70 of 68 million compared to 71 million last year, which was clearly a decline of 4.4%.

The pre-IFRS management view EBITDA increased from 19 million this year from 14.8 million a year ago, which was a difference of 4.8 million. I will now kindly ask Paweł to walk us through the segment project EBITDA performance.

Yes, thank you very much, Piotr. Very quickly on Frisco, as already mentioned that, the overall projects segment has posted a positive sales of 3% and an EBITDA improvement from -4.3 to 0.8, slightly positive, but breakeven for the entire projects part.

We cannot accentuate enough that it is also part of the strategy to make sure that these projects as such become breakeven. However, as you see, this evolution is a little bit unequal.

When it comes to Frisco, Frisco has posted a very positive growth, growing by 16% in the first quarter. Frisco being clearly a beneficiary on all fronts, not only active customers up, but also orders up and then average basket up.

What's more, Frisco is also beneficiary of the DRS system introduction into the Polish system. Frisco is now offering the service to its consumers of returning the bottles and packages that you want to return directly to your Frisco driver.

We can clearly see that this is a mission that Frisco is taking up very strongly. Already 25,000 clients of Frisco are using this service actively, which is a big deal for Frisco.

We've already connected some 2 million packages in a city like Warsaw where people value convenience, don't really want to walk around with their empty bottles and their empty cans. We see that this is actually something that is very attractive for consumers, and we are going to communicate about this even stronger.

We believe that this is going to be one of the main attraction points of Frisco, despite the fact that it is a great online retailer already present in most of the Polish cities and really offering a great value for money. We believe this is going to be an additional mission driving clients to that retailer, driving them online, and we are going to communicate about Frisco's advantage in this market environment even more.

Duży Ben, on the other side, is going through quite of a transformation. We have a new leadership, Agnieszka Kozłowska, the new CEO, is now rebuilding the whole concept.

On the one hand side, we are reacting obviously also to what has been a very challenging year for the entire category, obviously Duży Ben being very exposed to alcohol and beer, which in that respect had had a tough year. Obviously, consumer behavior is not favoring them.

We see the overall alcohol market growing, but consumption in liters is going down, and therefore Duży Ben also has to adapt. What we are doing now is we are rebuilding the entire concept, trying to open the concept also stronger to nonalcoholic categories, particularly the no-low part, making it more attractive to younger people, to people who try to consume differently.

Here we are kind of rethinking and refreshing the entire concept. On the other side, very importantly, we're changing the operating model of Duży Ben, switching it from a purely agent model to a franchise model.

As we speak, we are now converting the stores from agents to franchise. That has two effects: on the one hand side, on the existing stores that we have, we believe this is a more efficient way to drive Duży Bens with a lot of operating benefits coming from that change; on the other side, we believe, in line with our strategy that we want to become a franchise organizer first and foremost, Duży Ben becomes one of our banners, one of our franchise propositions towards the market.

We think that Duży Ben's growth is mostly in conversion of the small stores that struggle the most. You have seen on the numbers, the decline in the wholesale-relevant market is very unequal.

It is mostly driven by store closures among the smallest stores, around 40 to 70 square meters. These are the stores who have by now really been reduced to more impulse categories, but they're not really good at playing that game.

We think Duży Ben is a much more consumer-appealing concept, and therefore we think that by converting some of the ABCs and some of the small stores that are under pressure from changing consumer behavior towards Duży Ben, this is going to make a big difference. Sales-wise, however, that is going to impact us, because as we are now converting the stores, that means we have to close some of the stores in the meantime, because when we technically change the owner of the store from us as an provider of the agency to the franchisee, we have to close the store for a couple of days, sometimes even weeks, depending on how quickly we can get the new licenses and agreements to work on the retail front for the new franchisees.

That creates some hiccups in the operations, and that is probably going to continue over the year in Duży Ben. However, we believe that once this transformation is done, Duży Ben is going to be much better positioned to really drive its convenience impulse products mission better and particularly being a good proposition for our franchise clients.

Now on the working capital front, I give it back to Piotr.

Thank you, Paweł. As concerns cash conversion cycle is concerned in Q1 this year, it's stable.

I refer to Q1 '25 given the seasonality of this very period. We managed to improve by 2 days on the inventory side.

We decreased 1 day on receivables, and we worsened 1 day on payables. As a total final effect, the cash conversion cycle in 2026 is 28 days, exactly 28 days it was in 2025, it remained stable.

As concerns net financial expense in the previous quarter, it was -60 million, slightly less than last year in first quarter. The change is obviously driven by the lower interest rate on one hand; on the other hand, it's driven by also negatively by higher indebtedness compared to first quarter 2025.

Speaking of the indebtedness and net debt, let me walk you through these charts. Since last quarter, they became a little more complicated as we provide you with the adjusted figures.

The adjustment is related to restructuring provision. Let me remind you, it's 215 million on the pre-IFRS results and 290 million on the full post-IFRS results.

As concerns 12 months last 12 months EBITDA in first quarter, it was reported, it was 140 million. We refer net debt in this very period of 640 million to 140 million of reported 12 months EBITDA.

The overall ratio is 4.57. However, we deliberately provide you with the adjusted number of 1.8 when we adjust the full value of the restructuring provision.

In management opinion, it should be compared with 1.1, which was delivered in Q1 2025. That was on the pre-IFRS side.

As concerns net debt to EBITDA post-IFRS, the reported value is also above 4. Again, we need to think about one-offs, and after adjusting the ratio for restructuring provision, it comes to the conclusion that net debt to EBITDA post-IFRS of 2.7 may be compared exactly with what happened in Q1 2025.

The overall picture is obviously different than in Q4. The indebtedness and net debt is higher than in Q4, but given the seasonality and what we've observed especially in January and February, we are of the strong opinion that it is of pure seasonal effect.

Because as you may have already seen in the financial statement, the biggest contributor of the both net working capital change and net debt overall figure was the huge value of the payables we paid in Q1, it was 440 million. However, due to lower-than-expected sale, we could not deliver exact a number as concerns the improvement of the overall inventory and receivables performance.

In the opinion of the management board, this level clearly reflects the performance of the company in Q1 on the sale side, and we expect this value and this ratio to be significantly lower already in Q2, as of the end of Q2. Let me walk you through now the key performance and profitability indicators for the reported quarter.

As concerns the revenue on the group level, Eurocash Group decreased the revenue from sale by 3.2% from 6.87 873 million to 6 billion 656 million. We also posted lower profitability of sale, 70 basis points.

As an effect, the overall gross profit on sales decreased by 8% from 939 million to 864 million. As mentioned before, company delivered flat reported post-IFRS 16 EBITDA of 121 million with almost unchanged margin, slight improvement of 6 basis points from 1.76 to 1.82.

What we tried to comment a couple of times during this call, we are clearly satisfied with the EBIT performance in first quarter. Please keep in mind that last year we posted EBIT loss of almost 29 million.

This year, in the very tough quarter with the very challenging market conditions, this loss was significantly decreased to only 11.7. Last but not least, net profit from continued operations is flat, it's 82 million of loss.

When we adjusted for discontinued operations, which is the case of Inmedio, our net loss is 87 million last year compared to 89 million this year. This table clearly marks the end of our official part of the presentation.

Before we go to Q&A session, would you like, Paweł, address some more comments?

Yes, I just wanted to reiterate. Again, in a nutshell, on the one hand side, market very tough in the first quarter weather-wise, particularly affecting our wholesale-relevant market.

In that respect, we are very happy with the like-for-like of the franchise stores, particularly being given deflation. We feel confirmed by the fact that those stores are having pretty, really robust like-for-like compared to the competitors.

When thinking about our position going forward, we have chosen the right stores to build our foundation on. Our sales to those clients is flat, the entire sales decline coming from independents.

Even though we have recorded an overall sales decline, we have delivered better operating profits and better operating results thanks particularly from the cost savings that we have posted in Q1. However, what we have done in Q1 is not reflected in the results fully.

You can obviously imagine that the layoffs, the closing of those logistical centers, the closing of the stores and of the cash and carry halls, they all have a certain lag effect. Over the next quarters, you are going to see our actions coming into the P&L even stronger, and the full effect of that is going to be only coming in 2027.

Therefore, we've improved the results on the pre-IFRS level even by quite a significant quarter. If it wasn't for the tax one-offs, the net profit will also be much higher at the level of 74 million.

As already mentioned, you can expect us in the coming quarters to go very strongly continuing the cost savings trend and delivering the full 400 million that we have committed to in the strategy. On the one hand side, in the coming quarters, obviously, it's difficult as a management to do everything all at once, but we are going to even stronger accentuate the growth measures that are also baked into our strategy, particularly linked around expansion.

We've said that we are going to allocate a lot more resources and a lot of people into the expansion team. This team has been constituting over the first quarter, and it's now ready to go.

We are going to fire up the franchise expansion. We are going to invest more into marketing to build the retail sales of our stores.

We are going also to invest much stronger into own brands and fresh categories to really be building our strength as a wholesaler and as an integrated franchise retailer on this front and making ourselves and our clients more sustainable. All of this you can expect from us in the next year, and we hope that these quarterly results have shown that the management is very committed to delivering what we have announced in the strategy.

It's time to conclude.

Thank you very much, and I hope to see you soon already for the second half result. Thank you very much for following us.

We understand that following Eurocash is a bit more complicated than usual because we are going under big change. Again, I hope that you agree with us that the change is the right one, and it's needed, and we are going to continue doing it in a very committed way.

In that sense, hope to see you in one quarter. Thank you very much.

Thank you.