Hello, everyone. I'm sitting in Mortsel right now with Fiona Lam, our CFO, Viviane Dictus, our Investor Relations Manager, and the rest of the Executive Committee.

I'm going to walk you through the Q4 and full year results for the group. My first message is, indeed, we had quite a strong Q4.

I would like to remind everyone that we do have strong seasonality in our business and that every year Q4 is by far the strongest quarter. I realize that in '25 actually we almost beat all records because Q4 EBITDA is 2/3 of the EBITDA of the year, huh?

It's even more pronounced, I would say, than the years before. Also, second very positive point, positive cash flow performance in the quarter and in the year, huh?

I'm going to move the slide a bit, indeed. Positive performance of cash flow due to three elements.

I would say one is, of course, the management of the operations, huh, because the reduction of working capital was a strong contributor. The second was also, I would say, our management of liquidity because we are actually winding down our vendor loans in Agfa, huh, loans that we have extended to customers.

Number three, we have resolved the AgfaPhoto case and received actually the reward of strong cash flow. These results are also coming, and I need to be very clear about it, they're coming from a very stringent cash and cost management that we have amplified and accelerated actually in Q4, and that's also the reason why we are coming to you today with probably results that were slightly better than expected, I would say.

So €39 million for the quarter. I'm going to come back to a bit in details about the contribution of different businesses, but overall, as you've seen, this is pretty much across the board that we are improving the results.

Now, if I turn briefly to the headlines of each businesses, I think HealthCare IT, as we are in a cloud transition, and being in a cloud transition is having a short-term impact, when I say short-term, actually it's a 2- to 3-year impact on your top line and bottom line. I will come back to that.

In this context, what we are looking at is really the leading indicators, of course, and order intake has increased over the year by 14%, €187 million. This is the highest order intake ever for the business, and we are breaking records after records.

More importantly, the cloud order intake has increased by 38%, which shows really the dynamics of the cloud transition. Today, cloud technology is about 1/3 of our global order intake for '25, but when you look sequentially, actually this trend is accelerating because in Q4, for example, it was up to 58%, okay?

Now, as quarters are lumpy in terms of order intake. We shouldn't be looking at quarters too much in terms of order intake, but the trend behind is really clear.

It's 33% of cloud order intake, up from 27% in 2024, but we are seeing an acceleration. Also, I want to stress that we are winning the market.

We are winning net-new customers, 43% of order intake. Today, we are taking share in this market in the order intake, and that will translate into sales, especially when it's cloud, approximately a year after taking an order.

Overall, pretty good performance in HealthCare IT, I would say, in spite, by the way, of the adverse currency impact. We are operating mostly in dollar, and therefore, our translation impact is significant on the top line, also on the bottom line.

That's where we are for HealthCare IT. DPC, clearly a very strong year, Q4, representing, by the way, 50% of the full EBITDA for this business.

Across the board, I would say, we had a strong Q4. All businesses have contributed to the growth actually.

We'll give you a bit more details. Radiology, I think the message here is, as it's been particularly impacted by the strong decrease of film, medical film, that we've discussed over the past quarters.

I think message I want to pass, for the first time this year, we have a positive EBITDA. This is an effect of the ramp-up of the savings, but also of the acceleration of our productivity plan in our mainly product supply operations, but also go-to-market actually.

That's what we are seeing along with generally what is a stronger Q4 anyway, is a relief for the film. Unfortunately, this year as well, our DR business was impacted by the fact that the end market for DR, for the first time in many, many years, has been strongly negative, and even if we are slightly outperforming the market, has a negative impact, of course, on our activity.

In this backdrop, two two things I would like to share further with you. First, as you've seen, and you've seen examples of this in Q4, but it will continue in '26, of course, we are accelerating the plan to optimize our costs.

First, we have accelerated the implementation of the current plan, and we have just actually concluded about 10 days ago or a week ago an agreement with our social partner on the plan part two, if you want, to work on additional measures that we'll put into effect as soon as April in this year to continue to adjust the cost base of the film activities, and not only in manufacturing, but also in other areas. I would like also to remind you that we have a new structure in place from the beginning of this year and that we will operate and report in three business segments.

No change for HealthCare IT, and we'll continue to provide full in results as we do today. However, the change is more on the industrial part of the company.

Industrial Solutions regroups two growth engines, actually GHS, our Green Hydrogen Solutions, and DPS, Digital Printing Solutions. It's going to be, I would say, a more direct read also on the growth engines' performance for the company.

Imaging & Chemicals, we have regrouped all film activities. We did it also for operational reasons, huh, to make sure we can manage this business a lot more asset-driven than market-driven, given the challenges that we're facing.

Of course, DR, that remains a specific entity. We have a bit of a dual casting indeed for DR that was announced a few years ago.

A few months ago. Years, it's a bit too much.

Okay. Now let me walk you through the numbers before I turn to Fiona for more details.

Top line in Q4 still challenged. You see that Radiology's market decline continues, I would say, unabated really.

The trend is really there. We also have reduction of top line for HealthCare IT.

We had a slightly smaller quarter than last year. This is also the impact of two things: transition to cloud, huh, which translates into less revenue short-term, more on a recurring basis, and also the impact of currencies.

That was also significant in Q4. Now, if you look at the EBITDA, you see a strong improvement over last year, mainly stemming from performance of DPC.

HealthCare IT being, I would say, give or take, same level of magnitude than last year, and clearly also a good management, as you can see, of our cost, corporate costs, while Radiology, we are closing the gap as compared to last year. Now, if we look at the full year, top line, same comment as for Q4, huh?

The top line comes from mainly the decrease in Radiology and the currency impact, huh, for us, huh? I would like to remind you that we are an export-oriented group.

Most of our businesses, actually 2/3 of our businesses, done outside of Europe, in different currencies. You can see that this is impacted, same comment for HealthCare IT, nothing to repeat.

Now, if you look at the full year EBITDA, this is a clear story, huh? We have a strongly negative impact of film, while all the other businesses are contributing positively to the bottom line, I would say in a difficult background and context, huh?

Overall, there was not a lot of tailwinds for us in '25. I'm going to turn to you, Fiona, to comment the bridges and the cash and other financial reports.

Thank you, Pascal. A bit more insight on the adjusted EBITDA bridge.

Indeed, we ended the full year with €11 million lower adjusted EBITDA, but that is mainly coming from what earlier said, the €25 million Radiology due to the volume decline and also the savings program only started to kick in in the second part of the year a little bit, and a bit more in Q4. If you see HealthCare IT and DPC, they have been contributing positively.

There is also a €5 million negative exchange rate impact, and large part of that is due to HealthCare IT, because as HealthCare IT has a lot of US business, while the other business have global spread in their currencies, you can see a large part of that actually is related to HealthCare IT as well. Otherwise, they would have been performing much better in the bottom line.

A part of this negative impact on Radiology has been offset by very strong, stringent cost controls. As you see, in SG&A we have delivered, and R&D also we have delivered.

That's at the end how we narrowed the gap of the €25 million to €11 million, and then we delivered €59 million of EBITDA. On the cash flow, next slide.

Here. On the cash flow, as we said, we actually have a very good year of free cash flow.

We ended at €35 million positive, despite we lose actually €11 million adjusted EBITDA. In this, of course, is actually helping on three elements.

Very, very good working capital that contributed €36 million. Also, like Pascal already mentioned in the beginning, our customer lease financing portfolio, that's contributed also another €28 million.

We have the one-off of AgfaPhoto, €38 million. These three big improvements are able to help us to continue to invest in the CapEx of €34 million and also pay our legacy liability of the pension, which is high.

At the same time, it also helped us to continue to transform and support the restructuring amounts, if the nonrecurring, which you actually also have a cash outflow of €48 million for last year. All in all, I think the improvement on working capital and our financing strategy is the one that helps and continue to support the company's transformation and provided us a much better headroom with free cash flow.

Slide, please. Associated with the free cash flow, you also see a nice, good development of our net financial debt.

You could also see here from 2024 end of the year, and we have actually stretchedly down, we ended at the end of €21 million net financial debt. Of course, we still have quite a large total debt, if we include the pension, but also there, you see the trend are all the way down as well.

We also have ended our pension debt from in the past, and now coming down to €430- €43 million. This is also a good development trend.

If we look at the revolving credit facility, we did at the end of the year draw €100 million, out of the €180 million, we still have €80 million headroom. We actually have a lot of cash in the bank because a lot of cash came in at the end of the year.

That's also why you see our net financial debt is only €21 million. Following this, we confirm that we have a good, sufficient headroom at the end of the year for all our covenant compliance, which we agreed with the bank.

The headroom is €158 million. You can also see the leverage is much lower.

Also, the interest cover have sufficient headroom as well, and adjusted EBITDA covenant is €41.8 million, which is 30. That's all in all, quite a good headroom.

Also, you see earlier slide already, the pension fund has been improved a lot on the status. Here is the four material countries, and you also see from €30- €388 million now we are at €327 million.

This mainly comes from benefits payments on part of the pendings, also we have a favorable year-end liability remeasurement. In terms of 2026, we expect actually the cash out will be lower on the pension.

We also expect the service cost will decrease, mainly because of Belgium, Germany. We also see we would expect €8 million actually less contributions for 2026 versus 2025.

Here are some concrete numbers for which I won't go through them one by one, but you have seen them already. Sales deteriorated by 4.5% nominally.

A part of that is due to exchange rate. If you look at the gross profit, that's have reduced percentage-wise because of larger turnover, less fixed cost coverage, therefore, you see actually due to Radiology, we have less gross profit.

Operating expenses has been contributing with good, stringent cost control, and we are able to maintain, bring the total operating costs down accordingly, more than what the top line decreases. You see the percentage have improved by half point.

That ends our adjusted EBIT 2025 versus 2024 with a difference of €24 million if you look at the adjusted EBIT. After the adjusted EBIT, we have quite a significant amount of adjustment and restructuring expenses.

Under these adjustments and restructuring expenses of €58 million for 2025, there is also €38 million AgfaPhoto that is positive impact, you can see they contributed this positive impact as well. Other net finance costs as well, there is also a AgfaPhoto €7 million interest benefit, otherwise we would have had higher versus 2024.

All in all, this brings our results for the period from continuing operations minus €54 million for 2025. If you look at the restructuring adjustments, just coming back besides AgfaPhoto, we also have a impairment of our Radiology, especially on film part, €26 million because of the decline as well.

Free cash flow, I think I already have went through all of them, you can see the numbers, right? I don't think we should repeat this, because it's all stay in the part as well.

Thank you very much.

Thank you, Fiona. Very clear.

Thanks very much. A bit of highlights on each of the business, huh?

For HealthCare IT, repeat really the key messages, huh, very quickly. Cloud adoption is accelerating in North America and we're winning it, huh?

We're part of the winners in this moment. It's a significant event, huh, it's a trigger for our clients when they go to cloud to reopen their market, and we are successful in getting our share of this reopening, I'm very pleased about it.

In numbers, I'm not going to repeat the numbers I already said, but I think really what you should take away is we are one of the few companies that are able to manage this cloud transition with excellent customer satisfaction. I'm really proud, because in this market, everybody is looking at the KLAS market reports, and this year, for the first time, actually in the three main components of the enterprise imaging system and software, we are best in class in the three categories: PACS, the image generation itself, but also the viewer, meaning when you send an image to a radiologist, and the archiving part, to store and make it part of the medical report of the patient.

I want to insist on that, because the PACS best in class actually was held by one company for 12 years, 12 years in a row, and now we are the top-ranked company in the US market for PACS, for the first time ever for Agfa, and after 12 years of leadership by another company. It's a good illustration of the progress that we have made in the market.

If you ask me what is different with Agfa from the rest of the pack, I would say our ability to scale and to demonstrate effectively that we can provide our customers with a good execution and a good migration to the cloud. It's the reason why we're winning in this market.

It's a people's business, it's word of mouth, and it's customer satisfaction that does wonder for us, and our commercial pipeline therefore is increasing almost every day, I would say, with this kind of external recognition that are based on real customer satisfaction data. I'd like also to remind you, okay, that we're in the middle of a business revenue model change, that we used to sell exclusively until 2024 almost, project business, meaning where we invoice a lot of upfront, and then we have a smaller SMA.

The cloud business and revenue model is different. The upfront fee is much less, but the revenues are recurring, and they are higher than your typical SMA model.

You could say two two things would be good to understand is when we have an order in cloud, it will take between 9 and 12 months to implement, there is, of course, a delay between the time we take an order and the time we have a revenue recognized. First and second, compared to an on-prem project, it's going to take 5 years to kind of be on balance in terms of revenue and margin recognition, but at the end of the day, the contract cloud, richer, is more stable and recurring, is embedding growth, because we have a system by which, of course, people pay directly on the consumption and not a fixed license.

Therefore, this is short-term impacting negatively our revenue and our earnings, but long-term, totally transforming the business of much more recurring. That's good news for us, and again, we're happy to say that we are taking our share in this market.

In numbers, this is the reason why also you've seen this top line decline, but I already went through it, I'm not coming back to it. Just on the adjusted EBITDA, same comment, huh?

If at constant currency, the increase would be actually much higher than what we see, about 12% higher, huh? It has an impact, also, currency.

Now, I'm going to go quickly. I'm going to switch to DPS.

DPS was, well, let's face it, for us, it was a bit of a disappointing year, because DPS is a business that normally grows double-digit, have been able to grow 12% for two years in a row, and this year, it was a bit of a setback, because we had a softer equipment market in North America, especially during the first half of the year, where there was a lot of confusion created by the trade barriers and the tariffs that probably delayed investments. On top of that, we lost a bit of market share, as I said, in the mid-side in North America, which now I believe we will regain.

We didn't have therefore a good year. On the ink sales, typically are also double-digit.

They were double-digit actually in volume, but less in sales. It's a question of mix.

We did a little bit more growth in OEM inks, meaning inks that we are also selling to third parties, captive inks model, and it's also the development, I would say, of inks with larger volume and therefore lower selling prices for larger volumes. Nothing is broken here.

I think we will regain the momentum. We have sold our first SpeedSet Orca to our beta customer.

We have some in the pipeline, but it's fair to say today that given the state of the packaging market, where actually a lot of customers are busy restructuring today, where it takes a bit more time to penetrate, I would say, the packaging paper and board market, but we believe a solid pipeline that you will see some success in '26. The BHS partnership is going on, huh?

We have now a number of machines that are installed in the beta phase at customers, again, it's more a mid- to long-term play, this one, but it's very promising. Now GHS, well, a very contrasted market.

Europe is really stalling, as everybody knows, we have for the time being the activity of the European pipeline has been quite low, although we are seeing on the horizon now some improvement due to the adoption notably of the RED III directive. The US market has shut down, huh?

It's fair to say that for the time being, we don't have any activity more. However, Asia, Middle East are showing very strong dynamism, especially India and China, and also some Middle East countries, and here, I would say, we are present in India, we are taking our share of the market.

China, we are working on it, huh? I cannot tell you that it's already done, but we do have opportunities over there as well.

We're not losing market share, huh? Zirfon is really still the product of choice for alkaline electrolyzers.

As we have a new plant, that we're already using, huh, by the way, not fully, of course, but that we're already using and providing already some benefits. I think it's fair to say in '26, we are going to probably reach a time where it's going to be a trough in this market before getting back in '27.

So '25 was still a moderate growth over '24, but going forward, we are expecting '26 to be very much of a dry year, to speak. If you look at the total DPC for the year, and I already commented on it, I would just like to say that it was relatively good for both engines.

On top line, as you see, 4%, and for the first time in many years, I would say, negative growth in DPS. Overall, the division grew also thanks to the good performance of industrial film.

As we look at the EBITDA performance, we're pretty much where we wanted to be for the division for the year, with a significant improvement. I'm going to go quickly.

Radiology, I think I'm not going to repeat everything, but the medical film, the story is about managing the sunset and taking costs out according to the market decline, which we are still seeing, according to expectations. DR, what I want to comment is indeed, this is the first time I'm not sure ever, but that the market has contracted, and significantly in the year.

We were a bit surprised by such a strong contraction, 7% globally, with some differences between regions. We are outperforming the market, but we are still in negative growth as well, okay?

It was also not a very good year. What we are doing is we are really with the new leader, François Verdier, we are doing really a new strategic roadmap, a geographic roadmap, while also taking care of our product portfolio to I would say, be ready for when the market will turn around and grow again.

This is the message. In X-ray, and in DR, the innovation doesn't come anymore so much from the hardware, but it's all AI and software-based innovation these days, and this is an area where we have a lot of assets actually.

Overall, a very difficult year, huh, for film activities, but you heard me say that it was difficult for us in Western European context to remove the cost as fast as we should in backdrop of market decrease. However, we are getting there, and we've got there, I would say, in Q4, and we'll continue on the higher pace.

Overall, you see, a €25 million drop of EBITDA for Radiology, €11 million for the group, it still outweighs today the growth engines' performance during this year, but we expect this to be slightly different in '26, actually. Which is why I think now it's probably the time for me also to discuss a bit of the outlook for '26.

What do we see for HealthCare IT? Clearly expecting more of the same, meaning progress and momentum on the order intake, accelerating transition to the cloud, we're expecting to grow profitability in this context, huh, even the mechanism of the cloud transition, but we are expecting to be successful in the market, keep market share, and to continue our move forward in terms of order intake.

In Industrial Solutions, I think DPS will get back to growth in '26, even if we remain in a market environment which is probably not really super buoyant. We will make progress.

We have renewed most of our range in '25, and we expect to reap the benefits of this also in '26. As I told you, the difficult point for us for '26 will be Green Hydrogen Solutions.

It's a business for which we have quite visibility in the pipeline, and we are getting through what I would call a trough in '26 before a pickup in '27. Regarding Imaging & Chemicals, we are expecting a profitability improvement for '26, meaning firmly back in the black in terms of EBITDA performance, but of course, we are also watching the situation of the market and also what happens in silver.

I'm coming back because we have a specific slide on it, and I would like to explain to you how we are managing the impact and what's going to be the impact. Overall, for Imaging & Chemicals, our plan is to have a significant improvement overall in profitability for '26 and being in a situation where we can catch back with our cost measures what we lost during '25.

'26, we are not going to repeat the performance of a positive free cash flow. Why?

Because we still have a lot of restructuring and transformation costs that we need to do to adapt the film to a film situation, and we expect therefore to have pressure on the free cash flow due to this. Now let me walk you through the silver price increase, huh?

I would like to remind everyone that silver price increase have started actually in '25, even a bit before. Just for your reference, 5 years ago, 6 years ago, silver was $20, $25 per ounce.

It was $45 average last year, but it shot up in December, January to peaks over $100, and now it's about $85. It's a significant increase, and as we are still today a significant consumer of silver.

The first message I would like to give you is most of the silver exposure is from industrial film business, for which we are covered. We have silver clauses and automatic pass-through to customers.

Here, there is no specific risk of not recovering silver. The only part of the market where we're not covered is medical film, where we are not indexed.

That's also the part that consumes the less silver, and here we go for a classical move, which is increasing prices to our customers. For the time being, we are seeing these price increase being accepted in the market.

The only question mark in my eyes is the mid- to long-term impact of very high silver price on the demand, that could somehow further accelerate the shift away from film. That's a possibility that we are monitoring, but in terms of pass-through, the message I want to give is we are able to pass it through.

Now, it will have an impact also on us. Actually, the way it works is we buy silver more or less in January to make our films, but It's a long process, another four steps actually in film production.

It will be sold probably in April or May, the film made in January, or slightly before. It will take a few months until we get back the cash, okay?

To make a long story short, we buy silver, the cash-out is in January, and the first significant cashing we are going to get from the customers with a new price is in June, July, okay? It will create a negative cash impact, working capital cash impact at the beginning of the year, and then we will get it back throughout the year, but not fully during the year, okay?

However, so that's for cash, and Radiology and that, I would say, very closely, of course, and we know exactly, we have modeled what's the cash and EBITDA impact strictly. EBITDA, it's the reverse.

Actually, we expect a positive EBITDA impact. The mechanism is the fact we will have stock revaluation that will come a bit earlier before we sell the product.

To make a long story short for the year, positive EBITDA impact from this situation and negative cash flow impact. Now, the situation will be like this if silver is stable.

If silver would be extremely volatile, that could make a variation of what I just said, but not significant. The overall direction of travel will remain the same, but of course, if we have very strong and volatile moves of silver, it will have an impact as well.

We are monitoring that, ready for all scenarios, and we are managing that strictly, closely. I would like to end up as well in this context by taking a step back, looking at the transformation journey between 2020 and 2025.

You can see very clearly here the transformation of the group between the mature businesses and the growth engines. You can see the growth that we have over 6 years, and especially you can see the step-up in profitability.

Agfa actually is a very different company, even of having a strong position. When you take a step back and look at it over the years today, you can see that we have switched from a company that was a film company a few years back, 6 years ago, where most of the earnings were coming from film.

Today, we are a different company, still in transition, but you can see that the profile of film has decreased very much. It's a good illustration of the journey we are going through.

Now just a word also on sustainability, which I'm not forgetting, huh? We have taken action to reduce, of course, CO2 emissions.

I insist that these actions are, of course, sustainable actions, but they're also economically viable actions, because in doing so, we are also optimizing our energy-producing resources. It's not in the adversary of profits.

On the contrary, it does also contribute to profitability. We are also engaging our workforce and stakeholders and improving our representation of gender.

We are also engaged in a significant safety program, by which we have reduced our number of accidents over the past years we have divided by two, in fact, by more than two over the past years. It's a reason also very proud about.

I think we can say we are becoming more and more CSRD compliant. I would say here, and we also are ranking in the top 20% of the EcoVadis rated companies, it's a way to check if our practice are in line.

I don't have the ambition to be in the top 1%, but I think we should definitely be part of the top quartile in this area. Overall, and before I will take questions from the press, actually I would like just to say in conclusion, well, as we had very difficult '25 due to the accelerated decline of film, and we took the corresponding measures, but of course, there was a time lag between the two.

We are continuing to implement and execute the strategic roadmap for our growth engines, and during this phase of transition, we have a very stringent cash and cost management of performance. As we have demonstrated in Q4, we could react quite strongly and significantly in this backdrop.

Transformation of the group will continue for the next years. The only thing that will be different, as I told you, is we're going to go through a quite difficult year for Zirfon, but all other trends regarding other businesses will remain pretty much the same as explained.

Now it's time to take your questions. Thanks very much for your attention.

All right. Yes.

Thank you. Thank you, Pascal, for the presentation, and just a few additional questions.

First, can you quantify how large the early 2026 working capital outflow from silver price inflation could be, and clarify whether this cash drag risk tightening covenants headroom during the restructuring peak? Okay.

I don't think we are ready to guide on a precise number for the silver cash flow, but the order of magnitude is, the uptick, huh, is tens of millions. At the same time, Guy, we are working on draw liquidity measure in the first half, huh?

First, continuing what we've been doing in '25, meaning the wind-down of the loan portfolio. We have also a few other initiatives that will be part of the compensation for this.

Fiona, you want to give a more precision, maybe, or?

Maybe I can complement some of that. Yes, I think you are right, in Q1 we would have quite large cash-out for silver to fill the pipeline, but since it's a seasonality issue, because the timing of the charge-out that will come in also later on in Q2, Q3, and Q4, we have, I would say, sufficient other levers, which would take care that this silver purchase, which already take place in January, will be sufficiently covered, because we also ended the year much better, of course, and we also have other, let's say, cash-in that we were expecting in Q1.

I'm pretty much sure that we will be able to handle the silver purchases, liquidity point of view. Of course, it means tight, but that would be okay.

We would increase our Q1 net financial debt, but it will be okay.

Guy? Does it answer

your question? Yeah?

Yes, partly. Yes, thank you.

It gives already first good guidance. Second question is on Radiology Solutions.

Can you elaborate on how the new geographic roadmap and product supply redesign in Radiology are expected to mitigate the volume shock that we saw last year, and whether you foresee stabilization or further decline in key markets, such as China, for instance, in next year or this year?

We are still forecasting the similar rate of decline in China or other markets, huh? That will still go on for film, okay?

Today, we have also stepped up very much the level of savings, and as I think I indicated, I think we're going to improve the results of Radiology next year, although sorry, this year, in '26, not next year, [laughter] this year, we're going to improve the results of Imaging & Chemicals, huh? I think we have enough actions, okay?

Okay. Then my third question is on the HealthCare IT cloud transition.

Can you provide more transparency on how many large cloud contracts that were signed in 2025 will actually go live in 2026? What proportion of today's order book is already, let's say, implementation-ready?

This could help us the modeling the timing of revenue conversion, yeah, during the trough period. Thank you.

I think right now, we are entering '26, we have eight customers in the cloud. We expect this number to more than double at the end of '26, huh?

The number of contracts, I cannot give you that on top of my head, but I would say we have a double-digit number of contracts in the cloud that we made in '25. Typically, as I told you, it's between 9 months to a year implementation delay.

The way what we're looking also as an indicator that probably we will start sharing at some time, huh, which is the annual cloud revenue, recurring, huh? Guy, it's a small snowball effect, huh?

For the time being, it's still very small, but it's going to increase very rapidly over the next years. We will try to come up with the right metrics in the next quarters, but for the time being, we don't do that because it's still a very small part of our business, but as it will grow in implementation, we will continue to report on more metrics on the cloud transformation.

Then my last question,

but I might queue again. Sorry?

Sorry.

No, go ahead, Guy.

No, a fourth question, and then I will queue and I'll leave the floor to other analysts. A call without the word Aurelius is strange over the last few quarters, can you give me an update on where we stand

and, yeah? I'm going to be very clear.

I think the situation will be resolved by the end of Q1.

Can you be a little bit more precise?

I cannot be more precise than that. I think, but I tell you, it will be resolved by the end of Q1.

Okay. Thank you.

[laughter]

Sorry at this stage be more precise.

Thank you. [laughter]

I'm pretty clear, [laughter] I think. [laughter] Thank you, Guy.

Thank you. Any other?

Yeah.

Okay. No, no.

Thank you, and again, a strong Q4 that demonstrates also the ability of the company to actually react and do whatever is necessary to make sure we can address the challenges we have. Again in '26, positive on HealthCare IT, positive on DPS, where we're going to grow again, positive also even Radiology because we are going to improve our results, but the only difficult spot today for us is Zirfon membrane, but that's temporary, and we know it, huh?

We have the visibility, we fairly confident that we know that '27 will see a step-up, but it is the only negative part for '26. Again in '26, as you could see for silver, we have all our plans are in place, we are modeled a bit where we need to be.

I'm not saying it's a walk in the park, but we know how to do these things, and the transformation of the group will continue to take place in '26, of course. Thanks a lot.

Thank you for your attention, and speak to you soon. Bye-bye.