Savaria Corporation

Thanks, Rory, and good morning, everyone. So today, I will start with a small recap of our Q1 results, then Steve will update us on financials, and JP will provide us an update on Savaria One and Europe, followed by Q&A.

So once again, I'm very proud, and it seems that I repeat always that I'm proud, but in the last 10 years or 40 quarters, 39 out of the 40 we have beat the previous year. So I think for me, it's very good proof that we were very consistent in our results.

And with all the learning we have done in the Savaria One, I think we have created a good path for the future. With sales of $225 million, up versus last year and right away in EBITDA in the first quarter of 20.4% of EBITDA, all KPI improving.

So Steve will go more in detail later. So quite happy with that.

A few things that I would like to highlight today. First, thank you again for all team members at Savaria to continue to be diligent in your approach towards Savaria One to act as a one company and continue to have a bottom-up approach to bring good idea and how can we be better.

This mentality of continuous improvement is part of our DNA now and it will continue to help us to make us better. Second, growth.

So we talked about that during the Investor Day a few weeks ago, but continue the effort to develop the market in North America for home laboratories is a priority, and we see some traction. The increased effort into stairlift in North America, continue to expand the Matot dumbwaiters material lift lineup.

The business development activity are going to continue to put us as a market leader. Expand the one-stop shop in Europe, example, with Luma, the VPL and the incline lift, I think we start to see some traction to be the partner of choice in stairlift, I think JP will talk later, but we have a good traction in Europe in the last 6 months.

So quite happy with the turnaround we have done there. Patient Care to own the room and continue to develop the long-term care, I think we have some good traction there also.

And also a Greenville building expansion to be more diversified in our manufacturing in North America is progressing well, and the expansion should be completed in the fourth quarter this year. Third, acquisition.

As we said during the Investor Day, we have the ambition to do some acquisition in the next 5 years for approximately $200 million on small, midsized. As we said earlier, we like some of our dealer distribution network, very natural -- buy some small product lineup, small manufacturer to bring some better products and to improve our one-stop shop.

So I think it's always a priority. I would say with our net debt-to-EBITDA ratio of now 0.92x and liquidity available of $325 million -- $324 million, excuse me, for capital allocation and M&A, I think we're in a very good position.

So to conclude, I'm quite happy with the start of 2026. And as we unveiled during the Investor Day, we have the ambition to grow the business at 12% per year, a mix of organic growth and acquisition and to maintain our margins over 20%.

And if we do our job, that will ultimately lead us to some sales of $1.6 billion and an EBITDA of $320 million and EBITDA per share of $4.25 by 2030. So thanks again to all the employees for the effort in this new chapter of growth.

Steve, financial, please. Thank you, Sebastien, and good morning to everyone on the call.

I'm now going to provide some further detail and commentary regarding our first quarter results. The key highlights for the quarter include: firstly, revenue growth of 7% over last year, driven by growth in both segments and all regions.

Adjusted EBITDA margin reached 20.4% in Q1, which is especially great since Q1 is typically our seasonally weakest quarter. And lastly, our leverage ratio is now under 1 at 0.92x.

Now looking at consolidated revenues for the quarter. We generated revenue of $235.5 million, an increase of $15.3 million versus last year.

This is driven by organic growth of 5.7%, revenue contribution from the acquisitions of Baxter and Western Direct stores of 0.7% and a positive foreign exchange impact of 0.6%. Our Accessibility segment saw growth of 7.9%, driven by strong growth in stairlifts in Europe as well as increased sales in Canada.

Patient Care achieved revenue growth of 3.8%, driven by strong organic growth of 6.5%, partially offset by a negative foreign exchange impact of 2.7% on the U.S. dollar currency.

Our consolidated gross margin for the quarter was 38.9% compared to 37.8% in 2025, and our operating income increased by $11.7 million versus last year. This is especially important to note since this demonstrates that we are continuing to improve the performance of the business post Savaria One.

The gross margin improvement is mainly driven by operating leverage, improved pricing and procurement benefits. And furthermore, operating income further benefited from the termination of strategic initiative expenses.

Q1 adjusted EBITDA reached $48.1 million for the quarter, representing a margin of 20.4% compared to 18.5% in 2025. That's an improvement of 190 basis points.

Accessibility adjusted EBITDA margin was 22.4% versus 20.1%, so up 2.3% year-over-year, 230 basis points, and we saw improvements in both of our key regions. Patient Care adjusted EBITDA margin stood at 19.5% compared to 18.8% last year.

Moving on to finance costs. They were $3.1 million for the quarter compared to $3.5 million last year.

Interest on long -- excuse me, interest on long-term debt decreased by $1.2 million due to an overall lower debt balance and decreased interest rates. We also had impact from a unrealized foreign currency loss of $0.4 million this year versus a gain of $0.4 million last year, causing an $800,000 year-over-year swing.

Net earnings were $22.7 million for the quarter compared to $12.5 million last year, representing an increase of 82%. And correspondingly, EPS reached $0.31 for the quarter versus $0.17 last year.

I'm now going to provide some comments on our cash flow and balance sheet. Cash flow from operating activities in Q1 was $35.8 million, driven by the strong net earnings, partially offset by higher working capital and higher income taxes paid.

Our working capital remains healthy. And while it has increased in terms of dollars, we have reduced our working capital days from last year.

CapEx was $6 million for the quarter, which represents $2.5 million -- excuse me, which represents 2.5% of sales. This is in line with our guidance, and this includes approximately $1 million, excuse me, for the building expansion in Greenville.

We also disbursed $2.1 million for business acquisitions, largely attributable to Baxter Elevator, our new direct store just outside Dallas, Texas. And we have now $324 million of funds available under our current credit facility as of March 31.

And as previously stated, our leverage ratio has reduced to under 1 to 0.92x. On April 14, 2026, at our Investor Day, we unveiled our plan for the next 5 years.

Savaria targets a top line increase of approximately 12% per year for the next 5 years derived from organic and acquisition growth. This will bring Savaria to approximately $1.6 billion in revenue at the end of 2030, while maintaining adjusted EBITDA margins of at least 20% -- and with that, this completes my prepared remarks, and I'll now turn the call over to JP to provide updates and details on Savaria One in Europe.

JP?

Yes. Thank you, Steve.

Good morning, everyone. On April 14, we provided a lot of information on what happened in the last 2 years with Savaria One.

So today, I'll focus on what happened in Q1 and what to expect next, given what's cooking. So let me start with what happened in Q1 regarding Savaria One.

If you recall, since we started the program, we had about 400 initiatives completed, while today, we still have about 200 initiatives that are in flight. So we're still very active with Savaria One, and there's more to come.

In Q1 itself, we implemented about 40 new initiatives, all internally generated and internally driven. So those generated millions of dollars of new savings that will accrue to our results in the coming months.

In addition, we continue momentum. We continue to have the rigorous cadence of implementation across all functions and all parts of the business.

And we still have millions of dollars of initiatives being implemented and being worked on. In Q1 itself, when we measure our results internally and we sum up all the initiatives, we find approximately $7 million of EBITDA improvement, which is also what we see in our P&L EBITDA improvement, right?

So we have a pretty good still accuracy of the measure we do internally and what we see in our results, which gives us great confidence that the program is still well in alive. In terms of Q1, I have five specific highlights I thought I would share this morning in terms of what are some of the successes that fueled our results.

Let me start first in Europe. As you saw, we had good growth in Europe and the biggest contributor to that was some wins we had with our dealer sales.

We have some dealers returning to Savaria after not working with us for a few years. We had some new wins.

But most importantly, we had some large dealers that shifted a large share of their wallet towards us. And the main reason we did that is the overall value proposition is very strong.

What I mean by this is the quality of our products keeps improving. We have competitive prices because we have a competitive supply chain in the first place.

We have -- we are a reliable supplier with short lead times, and we deliver on our promise. We have good freight partners, for example.

And finally, we have what is known to be the best measurement tool in the industry for everything about stairlifts and platform lifts. So I think our overall value proposition is very strong, and our dealers are recognizing this and doing more and more business with us.

The second highlight for me was the bed business. So we make our long-term care beds in Beamsville.

And what happened is in the last 2 years, we made a lot of efforts to improve our operations, to deploy lean practices, to do Kaizens in the factory, but also to make versus buy decisions. So we used to make a lot of things in-house in Beamsville, and now we started to leverage our global supply chain to manufacture some parts, so we can have more freed up capacity in Beamsville.

Well, that was very timely and useful in Q1 because in Canada, there were a lot of public tenders in the last couple of months, and we won a number of them. So the fact that our factory was now more efficient and had more capacity allowed us to increase sales materially, and our Beamsville facility is now performing extremely well.

Another highlight for us was the direct stores in North America and Europe. Our direct stores are doing really well, and there are pockets of excellence.

For example, Australia is really growing fast as an office, and we expanded recently to a new location. Also, the U.K.

has always been a large direct store for us in Europe. And now the U.K., thanks to our efforts in the last years, is really performing well in terms of both of profitability, but also growth.

We're innovating with our marketing strategies. Our sales force is more effective than ever, and our field engineers are more efficient than they've ever been in the past.

So we're doing really well in our direct stores. And on top of that, we had some acquisitions like Western that happened last year that is adding to our results.

Another one for us is Matot. So about 2 years ago, we acquired Matot, and that was really a great example of well executed, but it took time, integration.

So the first thing that happened is we had to integrate the operations and actually close the Matot factory and really internalize it in Brampton. So that took a lot of time and effort from our engineering team and our operations team in Brampton.

But now we're able to produce Matot dumbwaiters at a good rate, and we actually reduced the lead times to make those units versus what Matot used to have in the past. So we have a better value proposition to the market.

And in parallel, last year, we made a lot of efforts in our commercial team to advertise and to explain what the Matot value prop is to our dealers, but also to specifiers and architects. And what we see now is the order intake for Matot is very strong, and we're able to grow that business.

So that's, for us, a great success, and we intend to keep building on it. Finally, the last one that we wanted to share this morning is Ultron.

So as you probably know, we have our own in-house electronics, let's say, business unit that has the expertise to design our circuit boards, but also -- so what this does for us is we can both reduce our costs because we're able to redesign some of our power boards across a different product range, but also when there are emergencies or crisis, and you may read in the news that there are shortages of chips and stuff like this. Well, we have the expertise in-house to, first of all, make sure we buy in advance and stock in advance, but also when there are shortages, we can substitute parts.

So we've been pretty much protected from all these different difficulties that some of our competitors have because we have this -- our own electronics department. So these are some of the highlights from Q1.

Now what's still being worked on for Q2 that's material for us. First, we just launched our website in North America, and we're very proud of it.

We think it's a great website because it's also designed to optimize for search engines, but also for AI search. Now we're working on replicating that in Europe.

So that's very important for us in Q2. Also, we continue to make efforts in Europe to cross-sell our different products.

So we are largely stairlift business in Europe, and now we're making real efforts to develop our platform business outside of Italy, which is the core. In North America, our focus is -- one of our focuses is the construction in Greenville, which is very strategic for us, not just because of the space, but also the different capabilities we'll have in-house once that is built.

Another one in Patient Care is the innovation. So you may have heard during the Investor Day that we have a lot of new product innovations that are important to grow the business.

So in the past, we developed a new ceiling lift lineup with the M-Series. Now we just launched a new [ APMI ] surface bed essentially -- mattress, sorry.

And now we're about to finalize the new bed lineup. So Beamsville is not only doing great today, but we will have new beds to sell, which are more modern, more interesting for the patients and for the caregivers.

Finally, in Europe, we have a number of product launches at the moment. So we are launching a new straight stairlift in the coming weeks or days.

And we also have field trials for a number of different products, including platform lift and stairlift. So there's a lot happening still in Q2, and we're optimistic that this is going to help us continue to fuel growth.

In conclusion, so as you probably saw, Europe had a very strong Q1 because of some of these reasons I just mentioned. We also had a good jump in profitability.

That is both due to the efficiency initiatives we drove in the past, but also the fact that we have some operating leverage with the growth. And I think one of the reasons we're so successful is that our factories are able to follow.

So we had very good order intake in Q1. But what's great is that our factories were able to increase the throughput because they are more efficient and more effective than before.

So we're very -- yes, good momentum in Europe in conclusion. All this to say, I think we have good tailwinds overall as a business.

We have a lot of initiatives in the hopper. Some were recently implemented, some are still to be implemented, but we see good momentum, and we're looking forward to see the results in the coming months.

Thank you. A closing words for you, Sebastien.

Thank you, JP. Very exciting.

So I guess, Rory, we are ready for some questions.

So my first question is on the Accessibility segment. I'm curious that in the MD&A, you mentioned that increased bookings in Canada.

What's driving that? Is there any notable changes in demand from consumers or from dealers?

Good question. So again, I think it's always difficult when we look at this from one quarter to the other.

We are there for the mid and long term. For sure in Canada, we have a new baby, which is Western -- that's part of the results.

So you see a bit of the results in Canada. But also now we have been doing quite good in terms of housing, home elevators.

So I think that's continued to go well.

Okay. And then on Patient Care, U.K.

business is still small, but could you highlight what's driving the increased sales there?

Yes. So Patient Care in U.K.

and I think we have been a very long time historically that we are Silvalea with manufacturing some sling, but that's something we have expanded on the one-stop shop to be able to offer some ceiling lift, some [ carry stock ]. And I think the team of Gary in Silvalea is doing quite well and expanding their territory.

So I think we continue to see some good growth over there. And also, we have been able to list our sales offering on some different organization like NHS contracts.

So I think that has helped us with the group.

Okay. Then maybe just a follow-up on the NHS contract.

I wonder if you can share a little bit about like what's the length of the contract and what the scope is looking like?

Sorry, I'll take on that again, it's multiple years listing, but we are listed in many different contracts across the world in North America, Europe. So I think we don't disclose on each contract one by one.

But no, that's a very positive thing that we have been listed. That's opening the eyes for more sales in Europe U.K.

One of the areas that was highlighted in Patient Care for the quarter was home care. I was wondering if you could maybe remind us of the strategy to gain market share in that specific sector?

I think, again, home care, I think we talked a bit during the Investor Day, yes, and we're there in the long-term care, that's our preferred, not preferred that's our biggest segment, also in acute care. But home care is definitely an area where we want to be better.

I think as the best of my knowledge, I don't think there's any numbers in the financial, but no, it's part of our strategy to be better in home care to have the right offering.

Okay. And then just moving forward, can you talk about some of the early trends that you're seeing in Q2 in Accessibility?

Have you seen some continuation of the positive Q1 trends into April in both Europe and North America?

I think without making big forward-looking statement. But I think the good news, Fred, again, our backlog is good.

So I think things are continuing to go well. the traction we had in Europe, I think, is continuing.

So that's very positive. In North America, again, Q1 is always historically a bit lower in North America.

But in Q2, the construction is good and the winter is over. So I'm expecting to see a good second quarter, a good year, I would say.

To start from my standpoint, when I take a look at what are your incremental margins on EBITDA in Accessibility, they are tracking very high, like your incremental EBITDA on each dollar of sales is quite high. Is there any reason why -- and you're highlighting all these initiatives with Savaria One still coming into play.

Is there any reason why you believe or we should think that, that rate of incremental change will change in coming quarters?

Maybe I will start and Steve will complete. So I think, Michael, what is going to see is everything we have done in the last 2 years is usually sustainable, okay?

So I think that's a positive. And now that the team is always driven initiative, we do R&D, we launch some new products.

So I think the incremental business is continue to be quite good. And I hope that the margin in the legacy business will continue to expand.

But for sure at one point, it will expand a bit slower. And I think -- and fortunately, the next question is why we have kept this 20-plus EBITDA guidance and sort of raising this up.

But not to forget is when we do acquisition and we want to do acquisitions, typically, they are a bit lower in terms of EBITDA, and it takes 2 years, 3 years to bring back to the right level. So I think the mix of all that will make us successful in the future.

But yes, I'm hopeful that we can still continue to improve the legacy business. But again, it will be at a slower pace maybe over the last 2 years.

And after that, maybe there's a bit of noise at different place with inflation, freight this, that. But all those good initiatives make us be successful to offset the little negative that sometime is happening.

Maybe, Steve, anything you want to complement?

I think that was comprehensive.

Okay. Perfect.

And then just regarding the recent Section 232 revisions. I know that you were largely able to avoid any impact that came from these changes.

But has this revision created any discussion regarding a further shift of production or assembly down to the U.S?

Again, as of right now, again, things are -- can change every day. But as of right now, we have done a lot of work in the last few weeks to make sure we're good.

So all our finished goods remain all compliant. We don't pay tariff.

Is there some small noise on some small spare parts? The answer is yes, but that we're able to offset the noise, and we have action for those also.

But no, we have decided to invest in Greenville a year ago because we were tired to discuss about that. And no, we are very committed.

Right now, we do approximately 50% of our home elevator Eclipse in the U.S., and we're adding some new capability with the expansion to increase our offering. So I think, we will be able to flex with this U.S.

manufacturing to make us less dependent on the border. I think that's the objective.

Okay. And then can you remind us, Stephen, maybe you said it, sorry, I missed it, but the full year CapEx you're expecting?

And on top of that, would you be expecting a working capital ramp in the back half as well as you ramp up Greenville?

On the working capital piece, no. I mean, as we ramp up Greenville, so we already have product there because there already is operations there on the Accessibility side.

But as we ramp up Greenville, we're probably going to be taking working capital out of other areas, so there shouldn't be a net overall impact to the business. On the CapEx front, typically, we've been 2% to 2.5% of sales.

This year, it's going to be slightly higher because of Greenville. The expansion, we had $1 million come through in Q1, and we were at 2.5% of sales.

So we're going to be slightly higher than 2.5% this year, but that's all going to be due just to the Greenville expansion. So we're going to be lower than 3%, but likely above 2.5%.

And Michael, just to add on that, I think it's a very good news because we are very committed to continue to be better. So every year, we have projects to invest in machinery to have the best machine to be more efficient and have to have the best factory that we can have capacity for the next few years.

We'll continue to do research and development. We have over 60 people in research and development to improve the existing product, to develop some new ones to organic growth.

So I think this commitment of CapEx is very important for me to be able to continue to grow the business.

Yes. I just -- given the dynamics surrounding the border, I'm just thinking if you're wondering if you should be doing more of this rather pulling it forward just to mitigate risk, any future risk, but I know it's uncertain.

Okay.

Maybe for Steve, can you just remind us on the impact of seasonality on EBITDA margin?

Yes. Q1 is always our weakest quarter.

I mean, looking back years, it is our weakest quarter out of all four. We did come in at 20.4% this quarter, which is where we finished last year.

So we're really pleased with that. And I think the fact that Q1 is typically weak, we're expecting higher margins through the remaining quarters.

Just one thing I would like to add, since Europe has been better in the last few years has been a bit more difficult. There's a bit less seasonality in the stairlift business than there is in home elevator because you don't need construction to make stairlift.

So it's hard a bit to compare the season with all the previous year. Yes, it has been good.

We hope the next quarter will be better, but we just need to take it with a grain of salt with a better performance in Europe, and that really helps for the group.

Okay. No, that's helpful.

And then maybe could you talk a little bit about the levers for operating leverage through the remainder of the year, Steve?

Levers for operating leverage. I mean, so we started to see some operating leverage come through in Q1.

We're expecting more operating leverage, especially as we came out with our guidance for 2030. Our SG&A is growing at a slower rate than sales.

Our cost of material is decreasing and our cost of the remaining COGS is growing at a slower rate than sales. So I mean, we're starting to see that with the revenue growth.

We're expecting that to continue, Razi.

Okay. That's very helpful.

And then maybe just one for JP. Obviously, strong results in Europe.

Could you maybe just qualify that in regards to -- is the region progressing ahead or in line with your expectations?

I'd say in line. First of all, we have a budget, but I'm a very ambitious leader.

No, it's in line. Like we have great results.

We're very proud of them. Like Sebastien said, at this moment, we see that as a sustainable result.

And I think new products also a one-stop shop, we repeat it often, but I don't think it's been affecting the results yet, but all the effort on the Luma, the VPL, the incline lift, I think that will also help us in the future to continue to fuel this growth in Europe.

Yes. And with the new straight stairlift.

It's very good news.

Nice to see the Europe organic growth rebound. Also see that Canada was up nicely, but the U.S.

was relatively flat. Just wondering if there was anything to account for that in the quarter?

Yes. So I mean, U.S., we did have headwinds on FX, right?

We saw that in both businesses. I mean, unfortunately, Patient Care, they had a really strong organic growth, but that was -- a lot of it or almost half of it was offset by FX.

And clearly, we see that in the Accessibility business. But -- overall for Accessibility, there is positive FX impact because of the strength of the euro and the pound versus the Canadian dollar.

So U.S. is a huge opportunity for us.

It's a massive market. Our backlog remains really strong.

So we're looking positively for the next few quarters.

Are you able to parse out the volume growth without the FX in the U.S. market?

I mean we -- yes, we don't give that level of detail, Justin. I mean we disclosed the total growth by market and we disclose total by segment, but we're not -- we don't disclose that level of detail.

We do -- I mean, I can give you some further commentary. The price increases this year in the North American market have been relatively modest in the sort of 2% to 3% range, and they were slightly lower than that in Patient Care.

Should we expect rebounding organic growth quarters in the U.S. for the rest of the year?

Or is Europe and Canada going to be the main drivers?

U.S. is our main market.

So I think no need to be worried about that. And there's enough initiative, as I disclosed in my statement and during the Investor Day.

So I don't think U.S. is a concern.

It's still very good for us. Again, it's just some FX noise.

But sometimes, what's good about Savaria is we have multiple currencies. Sometimes you win on one and you lose on the other.

So at the end, that makes us a bit of natural hedging.

Okay. Good.

Great to hear. And my next question is just on Savaria Link, the software.

And if we could just describe how the overall services or aftermarket services is progressing and if there's any other details around that?

I would take this one. So I think Savaria Link for us, again, JP mentioned it a bit earlier, the fact that we manufacture our own electronics, and that's an acquisition within a few years ago, but it's important because we're able to have similar electronics across all our products.

And now we have Savaria Link for many, many years, but we did recently a major update on it. And right now, that really help us to monitor the products that you can see from the back office.

If Mrs. Smith, okay, stairlift is not working in the morning, you will be able to call her before she calls you.

And after that to make it easier for installer and technician. If you go on a job site and you can find the issue a bit faster to troubleshoot the units, but that's key because you save some time, you're more productive.

So I think definitely, that's something that will really help us in the future, and we want to change a bit the way we -- our technician are able to troubleshoot the units. So I think it's very interesting.

And for sure, the -- for us, yes, we have service spare parts as a small portion of our business. It's more important we are direct.

But if we can bring these tools to a dealer and make their life easier, at the end, we will win.

And I assume the services revenue has a greater margin contribution?

Typically, service and parts is very interesting, yes.

Accessibility in Europe showed some impressive year-over-year growth and stairlift was mostly called out in the commentary. When do you expect to see contributions from Luma and Multilift sales and actually the straight stairlift as well?

Yes. So I mean, we are selling those already, just so you understand, but we're -- it's small numbers now.

So if your question is when is that going to be material, it will take probably several months still because for these products, we -- it takes time to build we have great interest, for example, for Luma, our dealers started to install it in their showrooms, right? So we had -- we now have it in our showrooms and their showrooms.

So I think by the end of the year, we'll start to see some more material orders for that, for example. And Multilift is also still relatively small.

So we've got work to do to grow that business. So to me, if you think about the next 2 years, that will be adding to our results, but the real bulk like what will really move the needle is still the traditional products just because the size of the installed base, the size of the market we can tackle there is much bigger for us at the moment.

All right. And can you walk us through at a high level the impact of rising energy costs across your cost base and your strategy to manage this, especially given your international supply chain?

Yes. For sure, again, our margin has been up in the first quarter.

So I think we have been able to absorb them somehow. And I think JP mentioned a bit earlier, we still have a lot of initiatives in procurement efficiency.

I think somehow, we are able to offset most of them. And some of them is the freight and the freight is usually when it is ex works effective the dealer pay, the customer pay for that.

So that will be not affecting so much of business. And the fact that we remain very vertical integrated.

We make parts our sales, that's our factory, that's a machine that's our employees. I think that's really helping us to control our costs.

So, so far, we are looking good.

Good color. And do you have any view on the potential impact of Section 301 tariffs?

I think as I mentioned a bit earlier to a previous question, I think we have done our work in the last few weeks. Right now, all our finished goods, there are tariff exempt.

So we do not pay tariff. Is there sort of small noise on spare parts.

The answer is yes, but we have countermeasure to improve that. And I think so far, our results are embedded with what's happening.

Okay. Great to hear.

And one last one for me. You spoke about wanting to own the room in Patient Care.

Can you walk us through any gaps you see in your current portfolio? And maybe take us through your decision on whether you want to build or acquire your way to that?

Well, to some extent, I can speak to it. I won't go into too much details because this can be strategic, right?

But if you think about owning the room today, so we have -- in the long-term care, we have a lot of products already. So one place where we did some expansion through Savaria One is to work on the case goods, for example, because if you think about the room, we had the bed, we had the surface, we can do ceiling lifts even in long-term care.

We didn't have necessarily all the accessories around this, like the case goods, for example, and we currently distribute some other products like floor lift. So this is where our attention is to make sure we have a better offering for all these adjacent products.

In the acute care business, we're still thinking about it. It's more complicated.

We have ceiling lifts, which are very important, but the rest of the equipment are highly specialized. So this is something we're discussing internally.

We're looking at, but we don't have necessarily something to disclose at this time.

Historically, we like to manufacture what we sell, okay? And Patient Care is a bit more special because to own the room.

But at the end, long-term strategy, we want to manufacture our own products.

Just one for me. I noticed you didn't break out Accessibility organic growth between Europe and North America this quarter.

I just want to get some background on the rationale for that. And maybe you can help us give a little more color on the trends in those respective businesses.

Over the past, I guess, few years, North America has been doing great, growing above your targeted range. Europe has been a bit slow, but part of that was a concerted effort to possibly focus on higher-margin business.

But maybe you can give us how those trends have developed in Q1 or any way you want to talk about it?

Jonathan, I want to start and Steve will complete. So yes, again, we have two segments, which is Patient Care and Accessibility.

Now within the last 2 years, yes, we have break down Europe and North America. And now that Europe is back to contribute a similar amount as North America.

We decided to -- we don't break our sales for Asia, for Europe that and it started to be a bit too complex. This is the organic growth.

This is the FX. This is the acquisition growth.

So we have decided to simplify the information for the reader, and this is a permanent change that we're going to continue like that. And at the end, that's an important one to achieve 1.6 billion by 2030.

So that's why we have decided to make this change. Steve?

Just to add some commentary. I mean, yes, you're right.

North America has been relatively strong for the last couple of years. And while we had that weakness in Europe, Europe has since rebounded.

So we have both regions that are doing quite well right now. And we had extra focus on Europe over the last couple of years, and that's why maybe there was some additional commentary there.

But now that both divisions are performing quite well, we're -- that's also one of the reasons why we're not disclosing it separately.

Thank you to all the analysts. We have some very interesting questions as usual, and I think you understand well the story of Savaria.

So again, thanks for all the reports that you put on the company. So again, very proud of Q1 results.

I think it's fantastic with the Investor Day of a few weeks ago. I think we have put a lot of information available that you can know why we think we'll win in the next few years.

So thanks for the confidence. And thanks for the call, Rory.

So I guess we will go back to work, guys. Thank you.