Articore Group Limited

I am in our Melbourne office and joining us live from our New York office is Article Group CEO and Managing Director Vivek Kumar and Group CFO Derek Ruhl. Vivek and Derek will provide an overview of our FY26 results shortly and we will then open it up for questions. If you would like to ask a question, please submit it in the chat box which will be sent directly to me. I will relay it during the Q&A session. The key information in today's call is contained in the ASX announcement and investor presentation released to the market this morning. I would like to call your attention to the safe harbour statement in our ASX release regarding forward-looking information. That safe harbour statement also applies to this webcast. This session is being recorded and a transcript will be released to the ASX. I will now hand you over to Vivek.

Thank you, Virginia, and thank you all for joining us today. FY26 was a transformative year for Articore. We delivered EBIT of 10.3 million slightly above the top end of our guidance range and a 20.1 million turnaround year on year. Margin expansion has been meaningful and sustainable. Gross Profit and Gross Profit After Paid Acquisition both grew for the year, driven by supply chain efficiencies, pricing, paid marketing effectiveness, and the new artist account fee structure that enhance market base dynamics. Gross Profit margin reached a record 49.6%, up 400 basis points, and GPAPA margin improved to 28.6%, up 210 basis points. We also strengthened the balance sheet materially, with underlying cash flow of $10.1 million and a closing cash balance of $40.5 million, giving us the flexibility to invest in future growth. This slide highlights the structural nature of the improvement over time. We have seen a consistent increase in our margin profile since FY23, as the group prioritized improving margins and restoring profits. We have reduced operating expenses every year since FY23, with OPEX falling from a peak of $129 million to $85 million this year, a 34% reduction. This has been achieved while continuing to invest in growth, including building Dashery from Roundup and acquiring Frente Waring. Together, margin expansion and sustained cost discipline have driven the turnaround in EBIT you can see on this slide. 2026 was the first year Articor generated a positive EBIT outside of the pandemic-trived spike in FY21. The significant turnaround to profitability compared to all those years in the past. This reflects a sustainable and structural change in our business, in our margins and cost structure. We are confident that we can build on this momentum to ultimately deliver profitable revenue growth with strong cash generation. Before turning to the details behind these results, I'd like to provide an overview of the business today. Articore today owns and operates two established, high-margin, capital-like digital marketplaces, Redbubble and TeePublic, alongside two high-growth businesses, Dashree and Frankie Beric. The flywheel remains central to our investment pieces. Creators upload designs to our marketplaces, customers purchase products printed on-demand by third-party wholesalers, and we charge service fees to provide tools and support for creators. Because creators only earn when they sell, the group benefits from an asset-like, accurate business model. Greater volume drives fulfillment scale, efficiencies that lower internet costs and expands margins. And stronger margins allow us to reinvest in customer acquisition and further accelerate the flywheel. When this flywheel gains momentum, engendered compounding benefits for creators, customers, and shareholders alike. Building and sustaining that momentum towards profitable growth remains our core priority. Supporting that live-in are four structural competitive advantages. First, scale of content. Over 75 million designs with more than 10,000 added daily, creating one of the largest and most dynamic catalogs of unique user-generated content in the world. Second, fulfillment scale. A diversified global network of third-party sites allowing us to flex volume, optimize cost, and maintain efficient delivery for over 20 million units shipped in FY26. Third, Network FX. We have more than 3 million creators selling across the group. As more creators and customers participate, the platform becomes increasingly attractive to both sides. And fourth, Operational Leverage. A global team of around 200 people, generating approximately 1.8 million in revenue per employee. Together, these advantages make the model defensible, scalable, and increasingly efficient as Walden grows within a global print-on-demand market that itself is growing quickly from around US$11 billion in 2025 to a projected US$58 billion by 2033, a 23.6% compound annual growth rate. Looking across our two established marketplaces, Ford delivered structural margin gains this year. T-Public remains a strong contributor to the group with consistent growth since it was acquired in 2018. The trend continued this year. T-Public grew marketplace revenue 2.8% in constant currency with gross profit up 10.9% in constant currency. driven by pricing and promotional optimization and ongoing supply chain efficiencies. This included more favorable costs on blanks, a shift towards more cost-effective third-party wholesalers, and onboarding a new shipping carrier, which increased competition to offset driving U.S. shipping costs. Resolves improvements to unit economics largely offset software marketplace revenue. The business delivered a record 75.2% quarterly gross profit margin in the fourth quarter, reflecting the new order's economy structure and continuous supply chain efficiencies. Turning now to our high growth businesses, starting with Frankly Wearing. In April 2016, we completed the acquisition of Frankly Wearing, an Indian-based print-on-demand marketplace. This acquisition advances our technology consolidation and establishes a global capability center to drive operating efficiencies across the group. The acquisition opens access to the Indian print and demand market worth more than US $1 billion and growing around 25% annually. Since we acquired it just a few months ago, Frankly Wedding has delivered year-on-year triple-digit marketplace revenue growth. Incubation is progressing well. India-based teams are already providing engineering and other functional support across the group. And we are targeting hiring more than 30 employees by the end of FY27. Dashree is an emerging storefront platform for creators who want to monetize their existing audiences. FY26 marked Dashree's first full financial year and the early signs are encouraging. The platform generated 4 million on GPS gross profit sales, 2.4 million of NPR at a GBAPA margin of 36.5%, significantly above our established marketplaces as creators bring their own demand. What excites us most is that the number of creators have already passed $100,000 in gross sales in their first year alone, a strong signal of much higher lifetime value potential. Our current target customer profile is creators with 100,000 to 1 million followers, a segment we have cemented around 4 million creators globally. We are currently working with Shopify to launch an integrated offering to specifically broaden the target market to creators with millions of followers who have existing Shopify storefronts. AI is now embedded across the article flywheel, and we are continuing to expand into new use cases. On the creative side, our approval workflows are 100% AI-powered, which reduces manual review and improves both speed and consistency. On the customer side, our service is powered 100% by AI algorithms, combining vector search and machine learning, ranking, to improve relevance, discovery, and conversion. AI also underpins our marketing, from content creation through to campaign optimization. And across operations, AI is helping the business run more efficiently. with approximately 80% of customer contacts touched by AI-powered chat, speeding up query resolution. We have also taken a significant step into AI commerce, launching an early advertising initiative that opened AI's ChatGPT for the public. Buying behavior is shifting from searching to asking, and we were already seeing revenue growth from AI sources, including ChatGPT, Gemini, Plot, and others, even before this launch. We see this becoming a growing revenue stream for the group. Our vision is to be the leading destination for customers to discover and buy unique, design-first products driven by a global creator ecosystem built upon passion and the profits. We'll pursue this through three growth drivers, which focus on customers, creators, and high-growth businesses. For customers, we will strengthen our competitive mode through content differentiation, build high-impact customer acquisition and retention engines, and elevate the customer experience through AI-driven discovery and personalization. For creators, we are focused on generating higher-value outcomes through incremental monetization opportunities. And we will continue to invest in our new high-growth businesses, including Dash Free and CountryWearing, leveraging our strategic assets and existing capabilities. Underpinning all key growth drivers is a single, unified platform. This slide sets up the specific initiatives we are prioritizing in FI27 to unlock each of these key core drivers. For customers, we are focused on three areas. Acquiring and elevating pop culture, license, and fan content. Improving search, discovery, and merchandising across both marketplaces. And building personalization opportunities that let customers express their identity and fandom. For creators, we are looking to increase theater earnings and incentivize value-adding behavior. Simplify the peer experience, including enabling designs to be uploaded once and used across multiple platforms, and continue to refine the artist account fee structure. For our high growth businesses, we are expanding new revenue streams such as on-site advertising, adding new features and integrations to Dashly, including Shopify, and leveraging group expertise and capabilities to accelerate franchise earnings growth. We have already made good progress working towards operating on a single platform, which we will build on in FI27. We are leveraging unified marketing technology across the group, integrating order management and fulfillment systems, and consolidating our content uploader. Together, these initiatives are designed to build on the structural gains we made in FI26 and support the group's return to profitable growth. I'll now hand it over to Derek to take you through the numbers and more details.

Thanks, Vivek, and hello to everyone joining us today. FY26 was a strong year of execution, which stated that margins kept a tight rein on costs and meaningfully strengthened the balance sheet. Starting with the P&L, as Vivek had highlighted, the group delivered record margins this year. Both gross profit and gross profit after paid acquisition grew in absolute value, offsetting a decline in NPR. Fulfiller pricing was a key driver of our record margin improvement this year. We negotiated pricing based on combined volume from Redbubble and TeePublic and directed more volume to fulfillers to offer better pricing. Offering expenses declined 6.9% to $85 million, reflecting continued discipline across the cost base, including a reduction in employment, web hosting, and software costs. Depreciation and amortization declined 57.8% year-on-year following the streamlined capitalization approach we introduced towards the end of FY25, which federal lines reported EBIT with underlying cash flow. All this closed for EBIT of $10.3 million for the year, up from a loss of $9.8 million in FY25. It's worth noting that the U.S. dollar declined 4.8% against the Australian dollar year-on-year, but this had limited impact at the Ether level at 72% of the group's revenue and 75% of its costs, a denominator in USD providing an embedded operational hedge. The VAC has taken you through a substantial improvement in margins across both marketplaces. What's clear from the results is a divergence in top-line performance T-Public's marketplace revenue continued to grow up 2.8% in constant currency, while Redbubble's marketplace revenue declined 11.1% in constant currency. Those substantial margins expansion largely offset the top-to-top line. Returning Group NPR to possible growth remains a key priority. The big hotline, the key initiatives we're investing in drive that outcome, center around the three pillars. Customers, creators, and high-growth businesses. Our cash position and balance sheet improved significantly this year, providing financial flexibility. Underlying cash flow improved from $0.6 million in FY25 to $10.1 million this year, and our closing cash balance grew 42% to $40.5 million, up from $28.4 million. We achieved this while returning capital to shareholders buying back more than 2 million shares during the year and without compromising investment in Dashery or the frankly wearing acquisition. One clear sign of the financial improvement shows up in returns on shareholder capital. The return on equity turned from negative 22.8% in FY25 to positive 21.8% in FY26. The group enters FY27 in a strong position to return to profitable growth. Its core marketplace business is profitable and generating cash, has renewed focus on cost discipline, and is investing in two high-growth businesses, Ashery and Franklyware. For FY27, the group expects to build on the structural change to its performance delivered in FY26. We're guiding to a G proper margin of 27% to 30%, further step down on operating expenses to $79 million to $85 million and an operating EBITDA of $17 million to $23 million. Thank you for joining us today. We will now open up the webcast to questions. If you have a question, please add it in the checkbox and Virginia will relay it on your behalf.

Thanks, Derek, and we'll be back. We've received a number of questions from Wei-Wing Chen at RBC. I'll start with Wei-Wing's first question. Now that you have proved out the economics of your business model, how will you avoid the common growth versus any trade-off of e-commerce companies? It seems like a lot of companies can only achieve one or the other, but not both concurrently.

I can take that. Thank you, Wei-Wing, for your question. And you're absolutely right. It is... Critical balance that companies have to strike between profitability and growth. And that is why we are squarely focused on profitable revenue growth for FY27 and FY26 as well. And I would add to that that structurally our business has certain inherent advantages.

We have a flywheel that works.

we have a business model where which is asset-light and have working capital advantages so we don't need a lot of investment upfront so after that we have shown we have very strong discipline on both operating costs as well as we have already achieved record margins in FF26 we continue to remain disciplined in those two areas as well as we have a marketing engine which is very efficient So if you combine all the advantages of the business model, the discipline and the performance that we have shown in FI26, we intend to continue to build on that in FI27 and beyond and drive profitable revenue growth for the business, which we have already started to make significant progress towards. Next question, please. You're on mute for a second. Thank you.

Sorry about that. And the next question is, where will year-on-year object savings come from?

I can take that one. So four main areas, all of which are continuation from efforts that started in fiscal 26. So first would be continued leverage of AI in all areas of the company. And Rebecca shared some of the successes that we've had already, especially around customer service. The second area is our continued effort for technology platform consolidation In FY26, that effort yielded 3 million in savings year on year, and we expect that will continue to bear fruit in FY27. Third is getting cost leverage from building out our India operations with the Global Capability Center. So that started in FY26 and will scale quite significantly more, as Rebecca talked about, in the new year. And then lastly, we expect that we'll continue to have a strong culture of cost discipline and look to continue to reduce overhead costs in things like facilities and leases and so on.

Wei-Wing's third question is, can you speak to any events, cultural points in time during the year which saw sales spikes? How nimble is your ability to market and capture these demand events?

It's a great question and all our marketplaces get significant revenue from social, political or cultural events happening around us every single day. and the strides that we saw this year were centered around the World Cup, the Soccer World Cup that was happening and it was really fascinating to see how the trends changed as different players and different teams were progressing through the tournament. NBA, the basketball was another key moment for the group where New York Knicks won the championship after 53 years and we saw a lot of activity around that. Just this week, just a couple of days back, we had the unfortunate news of Raleigh partner passing and we are seeing some sales activity around that on our content as well. So just to give you a few examples of how quickly the marketplaces respond to things that are happening in the social, cultural, political space. And our marketing is quite nimble. Our marketing in real time adapts and activates the content that we see on our platforms. We have fine-tuned our marketing engines and the environments in a way that the content very quickly goes to all the platforms where we are operating, whether it's Meta or Google or others, and start to really create that slightly effect of getting more and more sales on these key trends. So definitely something that we want to continue amplifying in SI27 and beyond.

And the final question for Wei-Wing is, how should we think about the first half, second half, either to ask you?

Great question, and thank you for that. I'll take that one. So our business is seasonal, given the super majority of our sales is U.S.-centric, and we expect to be continued seasonal. So first half, has been and will continue to be a greater share of the profit in EBITDA generation. So fiscal 26 is a more extreme example of that where the first half operating EBITDA was predominantly almost entire years operating EBITDA. But our second half operating EBITDA was profitable. So that is a good milestone. As we grow again, we do expect that skewing to become less of The next question we've received from a shareholder is, do you envisage paying dividends in the future, and if so, when?

We look at it, the board looks at it from multiple different angles and capital allocation is definitely a key consideration for the board. We look at it every six months in terms of whether the right use of the group's capital is in big dividends or other uses. The board has decided that right now there are, we continue with the on-market buyback as well as investing in the growth for the group and that's a better use of the capital that we have at the moment.

The next question we've received is from a shareholder. Given the current market valuation, returning to a solid growth trajectory is top of mind for investors. What are the core pillars of Article's long-term growth plan and what specific near-term milestones should shareholders be watching for proof of execution?

Thank you for the question and as outside my prepared remarks, we have made great progress this year on returning the Group towards growth trajectory. The Group has moderated revenue declines to low single digits this year versus declines of 12% that the Group saw over the last preceding two years. We are focused on bringing the Group to profitable NPR growth and we are confident that we can build on this momentum. Our long-term growth plan is focused on the six growth pillars that was outlined in the presentation, centered around customers, creators and our high growth businesses. What I would also add is what's new in Effect 27 is our engineering capability in India, giving us the capacity to accelerate our tech roadmap and unlock these drivers more quickly. and the ones who are taking part of the questions for FY27, the milestones that you should track are the ones in our guidance. Cheap offer margin, not fixed and operating figure.

The next question we've received from a shareholder is, can you please provide the revenue and estimated cash burns for both gassery and frankly wearing?

Yeah, I can take that one. So, yeah, we're excited about are high-growth businesses, which are Dasher and Frankfurt Wern. As you can see, they are still rather small. And so while they're growing over a triple digit year-on-year, still not a significant portion of the business as of now. So we're not disclosing specifically kind of what the revenue targets are other than we continue to see the progress that we expect and we'll invest in those. For Dashree in particular, last year we invested about $3.5 million in Dashree. We expect that investment to continue into FY27 above the same level. The EBITDA loss on Dashree will decrease because the business is growing and generating good GDP and GDP margin. So it will be less from that perspective, but in terms of overall investment, it will be consistent. Frankly, Waring, at the time of acquisition, was a profitable business, and we are doing a lot, as you've heard, just in the first few months of acquisition, to get more leverage from the group to help that business, and it's working well. We are targeting a wealth of great even here for that business, even with high growth.

The next question we've received is from Olin Humphreys at Canaccord. For FY27 OPEX to further step down, what's your plan investing in the Indian Tech Hub? Will there be increased capitalized product development as H2 product development APEX seems to be higher already?

Yeah, I can take that one as well. So, great question. Thank you for the question, Olin. Absolutely, as I mentioned earlier in the preparatory remarks, GCC Global Capability Center is an important component of our operating expense plan. There are actually two sides to that, though, that's both of them which are important. One is what you're commenting and asking about relative to the cost leverage. Just as important, I would say, is our ability to actually invest in more engineering capacity for us to be able to do the enhancements and to make more progress on technology consolidations that will provide the overall leverage across the entire group that they've obtained in terms of audition and growth drivers. And then I'll second half of your question around the capitalized product development. Yes, because of the increased capacity of engineering and also because of the type of initiatives that we're investing into with technology, we do expect more of those efforts and just more in general in absolute terms of the amount to be capitalized. It's not significantly more than this past year. I'd say roughly 15% to 20% higher than what we saw in FR26, but it will be higher.

The next question we've received is from a shareholder. It looks like the share count is about 301 million shares. What is the fully diluted share count?

The next question we've received is, these are great results. The only concern we are seeing so far is the drop in NPR. You expect an increase in NPR for Dashery and Frankly Weary, but what about for Redbubble and TeePublic?

Thank you for the question and absolutely I think the key focus for the group remains profitable revenue growth and as you can see they have already made great strides. in getting the revenue growth, or revenue monitoring the revenue declined to low single digits for the full year versus negative 12% for the two years preceding. The last couple of quarters were in the negative one to two percent range, so almost flat last year. And this is for the entire group, of course. The double empty public are the established marketplaces and the key, the main revenue values for the group. So we continue to work towards getting the group back to profitable revenue growth. focusing on the strategy that they have laid out, centered around creative customers and our high-growth businesses. And just to add, the Stockholm incentive for the KNPs this year has an NPR growth component as well, which, again, is a strong signal of how much focus we as a company are on generating profitable growth.

The next question we've received is from a shareholder. What is the cash net of debt?

We don't have any debt on the balance sheet, so our cash balance net of debt would be our cash balance, 40.5 million.

The next question we've received from a shareholder is, are you expecting overall growth in sales for FY27?

We are not specifically going towards FY27. The next question we received is, could you comment a bit about the major geographies from where your revenues are derived?

Yeah, I'll take that one, because that one is the easiest one. We have a slide for that, and that's the first presentation. So if you go to the appendix, the second slide, I believe, shows a sales contribution by geography, at least by continent. And you can see that, for the most part, we're still in North America, and when we say North America, it's mostly U.S., although we do have some Canadian sales. We don't expect this to change much in FY27, other than, of course, with the additional frankly-wearing redundancy that we'll have to add to sales in India.

The next question we've received is, in projecting the FY27 guidance, do you expect NPR growth in FY27? What's the assumed contribution from frankly-wearing in FY27 on top line and earnings?

So, you know, our focus for FW21 and FW27 is NPR growth, in particular, profitable growth. So we have developer guidance that aims specifically at that with the gpopper margin, where is that in terms of, you know, compared to FW26, and also obviously operating the dot growth. In terms of frankly worrying and also just high growth businesses in general for FY27, you see that in FY26 it was less than 5% of NPR while we expect that it does grow significantly in FY27 it will still be below 5% of overall NPR.

The next question we've received is what is the board's capital management priorities?

I can take that one. So, as I mentioned earlier in the question around dividends, the board is absolutely focused on the capital allocation and capital management. At this moment, the board has decided to continue with the on-market buyback. The program remains on foot. As well as continuing to invest in the growth for the group, including high growth businesses, fashion, fancy wearings. and remain focused on bringing that to a positive, profitable growth.

The next question we have received is, as you head into the holiday season, what are you seeing in terms of demand in the U.S. market as compared to last year?

So, overall, there are definitely... As you can see, a lot of macro events happening that could impact consumer demand. We are continuing to stay focused on executing against our strategy, as well as focusing on the six core pillars that we have defined and outlined in our investor presentation. But definitely with a lot of the macro events happening around the globe, it's something that we are staying on top of.

The next question is, what part of the company is domiciled and run from Australia and what part is managed out of the US?

So, we have one group. We have integrated the group into RD4, Historici, Australia and San Francisco was a global operation and New York was the public but over the last 12 to 18 months we now have one group we have integrated teams across different domains like marketing supply chain technology teams are now integrated so it's one technology team where teams are distributed across Australia, New York, San Francisco Berlin as well as now India. So we work effectively across all these geographies and consider this to be a key strength as outlined in our four key competitive advantages that we have, a global theme of 200 to 81.8 million revenue per employee.

The next question is, well done on the turnaround. In your opinion, do these results vindicate the strategic review path, e.g. most compelling path to long-term shareholder value?

Maybe I can start with that. I think vindication is for others to opine on and not necessarily for management. I think that we believe that FY26 was a transformative year for us in terms of demonstrating that we have a profitable business model with economics that can scale. and we look forward to FY27 being the year where we do more of that and in a possible growth path.

The next question is, who are your major competitors in the legacy businesses and the new businesses?

Yeah, we definitely consider ourselves to be bringing something unique to the customer. So the catalog of 75 million designs as well as 7 million creators, as well as the velocity at which we are able to get designs on our platform gives us a unique competitive advantage. We do compete overall with the other established marketplaces. Paddle and t-shirts are sold at a lot of places across the internet or even offline media. Definitely, but also it's a big market. And same goes for FranchiWearing. FranchiWearing is one of the emerging marketplaces in India, which is an artist-creator driven marketplace. And same with Ashri, our competitive advantage in Ashri is a platform, a merged platform for creators, which makes it really easy for creators to launch their merged business. And there are very few if any, hardly any competitors that are really focused on that creator segment and giving creators the ability to create their storefronts with such ease.

The next question comes from Owen Humphries at Canaccord. Redbubble margins were abnormally high in the fourth quarter. What was the contribution from the membership fees and is margin sustainable going forward?

Yeah, I can take that one. So, optimizing the RSVs was an important component of our gross profit margin improvements year-on-year. In total, for the whole company, it was roughly about 100 basis points of the 400 basis point improvements. So, big components, but not actually the biggest component, right? The other components that we have talked about, which were bigger in impact in terms of year-on-year improvements. for the supply chain and answers, and also pricing. But on the second part of the question around the single margin going forward, for sure, we have seen stability in the artist community. About half of those changed, and in many ways actually have enhanced the market-based dynamics. As you heard off with our remarks, the focus, we feel good about the structure now, the focus is to, you know, work with the artists to invent behaviors that will grow business and grow their business and their earnings in FY27.

The next question we've received from a shareholder. When TeePublic was acquired, it was a small fraction of Redbubble. Today, it is on par. Can you comment on why TeePublic has outperformed Redbubble so much over the years and what can Redbubble learn from TeePublic?

It's a great question. Thank you for the question. It's absolutely right. The public has seen consistent growth since it was acquired and is not that far with red bubbles from an interior standpoint. Red bubble is still a significant driver of cheap APA dollars. The two marketplaces, even though they are similar in their business model and the flywheels, have some fundamental operational differences as to how ePublic and Netbubble activate and really leverage the content libraries. Also, ePublic has been a lot more focused on e-commerce fundamentals as well as performance marketing from day one, given it was did not have the same advantages in SEO that Mpubbles had. We have been applying learnings from Tpublic to Redbubble and MySQL Server. A lot of the turnaround that you see in FI26 has been an outcome of applying those learnings to both businesses. and we continue to do so. As I was saying, we have now one team. The same team can now very quickly do experiments across one marketplace and apply to the other and apply to, not just even share, they just apply across platform learnings from one platform to the other. So that is definitely a huge lever that we have been pulling over the last 12 months.

The next question we received is, Has the board received any interest from potential acquirers?

The board will continue to keep the shareholders updated for any updates as they come and when they come.

The next question we've received from a shareholder. Any further intention of bolting on acquisitions to your frankly wearing acquisitions?

Yeah, so we talked about in our recurring remarks around capital allocation and how we think about that. And certainly, one element of that is to continue to be opportunistic in terms of strategic M&A. So I think, frankly, Waring was a very good example in that regard in terms of entering in a new market that is large and growing. And then secondly, of course, building the Global Capability Center, as we have already commented around the importance of that particular example. So going forward, the strategic M&A will have a strong filter to ensure that it is not really M&A for the sake of M&A, but it would actually help us accelerate the strategies and the growth drivers that are back online.

And this is the final question that we've received today. The U.S. is by far your biggest market. How can you also build awareness among U.S. investors?

Yeah, I can start. So if this was a question for a U.S. investor, so then part of what we're doing here today I think is helping with that. Over time, we have shifted more attention to U.S. investors and some of that is investing in specific efforts with outreach. My hiring to Articore was a important signal in terms of how important the US investors can be for us going forward. So it is something that we're very much working on and appreciate someone asking that question, especially if they are a US-based investor.

That's it. We haven't received any more questions.

Great. Thank you for your time and engagement today. Any further questions, you are available to speak directly. We appreciate your continued interest and look forward to updating you on our progress in the year ahead. Thank you.