EuroDry Ltd.

Thank you for standing by, ladies and gentlemen, and welcome to Eurodry Limited conference call for the fourth quarter 2025 financial results. We have with us today Mr. Erisleides Petas, Chairman and Chief Executive Officer, and Mr. Tassos Aslib, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session. At which time, if you wish to ask a question, please press star 1 on your telephone keypad and wait for your name to be announced. I must advise you that this conference is being recorded today. Please be reminded that the company announced its results with a press release that has been publicly distributed. Before passing the floor to Mr. Pitas, I would like to remind everybody that in today's presentation and conference call, EuroTribe will be making forward-looking statements. These statements are within the meaning of the federal security laws. Matters discussed in the forward-looking statements, which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. I kindly draw your attention to slide number two on the webcast presentation, which has the full forward-looking statement. And the same statement was also included in the press release. Please take a moment to go through the whole statement and read it. I would now like to turn the floor over to Mr. Pitas. Please go ahead, sir.

Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Dr. Seth Lewis, our C3 financial officer. The purpose of today's call is to discuss our financial results for the 3- and 12-month period ended December 31, 2025. Please turn to slide 3 of the presentation. Our financial highlights are shown here. For the fourth quarter of 2025, we reported total net revenues of $17.4 million and net income attributable to controlling shareholders of $3.2 million for $1.14 earnings per diluted share. Adjusted net income attributable to controlling shareholders for the quarter was $2.4 million for $0.87 per diluted share. Adjusted EBITDA for the quarter was $7.5 million. Please refer to the press release for the reconciliation will go over our financial highlights in more detail later on in the presentation. Since the initiation of our sale and purchase plan of up to $10 million, which was originally announced in August 2022 and subsequently extended in 2023, 2024, and 2025, we have repurchased 334,000 shares of our common stock in the open market for a total of $5.3 million. The timing and pace of repurchases under the program is executed in a disciplined manner at management's discretion. Please turn to slide 4 to view our recent developments, including sale and purchase, commercial and operational highlights. During the quarter, we sold the motor vessel Irini P, a Panamax dry-bulk vessel built in 2004 for $8.5 million. The vessel, one of the oldest and the longest-held assets in our current fleet, was delivered to her new owners and an affiliated third party on October 21, 2025, resulting in a gain just shy of $1 million. The transaction forms part of our ongoing fleet renewal strategy. From a chartering standpoint, our fixes during the fourth quarter were predominantly short-term. We concluded just one year's time charter for motor vessel Christos K, an Ultramax dry-bulk vessel at a rate of $15,500 per day, representing a shift from our prior strategy of maintaining full market exposure by employing our vessels either on indexing charters or on short-term contracts when market rates were lower. If rates continue to increase, we intend to also increase our longer-term cover by fixing more ships on longer charters. Currently, four of our vessels are employed on index link charters at 115% of the average Baltic Supra Max 10 time charter average index through at least November 2026, maintaining full exposure to market movements. The remaining seven vessels are employed on time charters with duration ranging from approximately one The specifics of the charters fixed during the period are outlined in the accompanying slide. We continue to use FFAs occasionally as a hedging strategy, and in November 2025 we entered into a forward freight agreement whereby we sold 180 days of the Supramax 10-TC average for the first quarter of 2026 at an average of $12,012 per day. which was equivalent to approximately two vessels. Just yesterday, we completed the trade-to-sell 90 days of the cancer max 5-dc average index for each of the second and third quarters of 2026, at an average of $19,250 for the second quarter and $17,250 for the third quarter, equivalent to one vessel. Finally, we had no idle or commercial of high periods during the quarter. Please turn to slide 5 for our current fleet profile. Eurotra's current fleet consists of 11 vessels with an average age of approximately 14 years and a total carrying capacity of about 765,000 deadweight tons. which are scheduled for delivery in the second and third quarters of 2027. Upon delivery, our fleet will expand to 30 vessels with a total carrying capacity of about 893,000 deadweight tons. Next, please turn to slide 6 for a further update on our fleet employment. As of February 2026, Our fixed rate coverage for the remainder of the year stands at approximately 22% based on existing time charter agreements. This figure excludes the four vessels employed under index-linked charters, which, while subject to market fluctuations, continue to provide secure employment. On slide 8, we will go over the market highlights for the fourth quarter ended in December 31, 2025, up until recently. Panamax spot rates declined sharply from approximately $14,600 per day in the fourth quarter of 2025 to about $9,650 per day by late December. before recovering to roughly $13,500 per day. As of February 13, one-year time shutter rates have increased further above prevailing spot levels, with Clarkson assessing the standard Panamax one-year time shutter rate at approximately $16,250 per day. During the third quarter, The Baltic Dry Index and the Baltic Panamax Index recorded year-over-year increases of approximately 47% and 52% respectively, reflecting a significant improvement compared to the same period last year. Supported by stronger-than-expected demand for minor banks, active grain trade flows and regional trade disruptions. However, despite this, the rebound rate markets remained volatile, reflecting the ongoing macroeconomic uncertainty and the uneven regional trade activity. Please now turn to slide 9. According to the IMF's January 2026 World Economic Outlook update, the global economy is projected to maintain a resilient expansion, with GDP growth now forecast at 3.3% in 2026 and 3.2% in 2027, reflecting a slight upward revision to the outlook relative to last October's projections. Despite a relatively stable medium-term outlook, there are still meaningful downside risks. These include the possibility that expectations around technology-driven growth prove too optimistic, as well as the risk of escalating geopolitical tensions. Ongoing trade frictions and broader geopolitical fragmentation continue to create uncertainty for the global economy. The recent events in Venezuela and the threat of military activity in the Middle East are reminders that external risks remain always present. That said, some trade pressures are expected to ease in 2026, which could help reduce the drag from tariffs on overall growth. In the United States, growth is projected to remain broadly steady, with GDP growth expanding by approximately 2.4%. in 2027, although business and consumer sentiment appear subdued, and inflation is expected to ease towards targets only gradually. In January 2026, the Federal Reserve left interest rates unchanged, highlighting ongoing improvements in economic conditions while signaling a cautious approach towards future policy adjustments. Among emerging markets and developing economies, India is forecast to remain one of the fastest-growing major economies, with GDP growth projected at approximately 6.4 percent in both 2026 and 2027, which is undermined by robust domestic demand and investment momentum. Recent trade agreements, including the newly agreed U.S.-India trade deal, are expected to reduce trade-related uncertainty, and together with easing financial conditions and stronger corporate balances, could help unlock a renewed private investment cycle. The ASEAN 5 region is also projected to maintain solid growth, with expansion of 4.2% in 2026 Meanwhile, China's growth trajectory is expected to moderate, with GDP growth forecast at 4.5 percent in 2026, down from 5 percent in 2025, and easing further to 4 percent in 2027, reflecting the pressures from the weaker external demand, subdued manufacturing investment, and ongoing challenges in the property sector. in 2026 and 1.4% in 2027. While this reflects a moderation compared to previous years, it still points to continued expansion in dry bulk trade volumes, albeit at a more measured and moderated pace. Please turn to slide 10. Let's review the current state of the order book in the dry bulk sector. of February 2026, the order book stands at approximately 12.4% of the existing fleet. Although higher than the 7.5% recorded in 2021, it remains among the lowest levels in history. For context, the order book accounted for 66% of the fleet in 2008 and approximately 24% in 2014. The current limited ordering activity reflects shipyard capacity constraints, high new building costs, and uncertainty surrounding future fuel technologies and environmental regulations. Turning to slide 11, let us now look at the supply fundamentals in a little more detail. As of February 2026, the total dry bulk fleet consists roughly of 4,000 representing around 1.1 billion deadweight tanks. According to Clarkson's latest estimates, new deliveries as a percentage of the existing fleet are projected at 4.2 percent for 2026, 3.9 percent for 2027, and 4.3 percent for 2028 and beyond, with actual fleet growth expected to be Looking at the fleet age profile, roughly 11 percent of the global fleet is over 20 years old, representing vessels that could be considered for scrapping if market conditions moderate or environmental regulations become more stringent. Please turn to slide 12, where we highlight our dry bulk market output. market strengthened, with average Supramax and Panamax time charter rates rising roughly 8 percent from Q3, reaching the highest levels in two years. Occasional demand for dry bulk cargo supported this momentum, but the usual holiday slowdown didn't hit as hard as expected. New trade routes, most notably the growing bauxite trade from West Africa, are receiving supply-demand pattern in the sector. The box-size trade has seen a significant lift, growing from approximately 5% to over 15% of cave-size cargo volumes. Cave-size vessels remain at the forefront of this activity, but smaller segments also saw meaningful improvements during Q4, highlighting the broad-based strength across the dry-bulk market. Outlook points to a picture broadly similar to 2025. However, markets remain unpredictable due to ongoing geopolitical disruptions, making forecasting particularly challenging with risks on both the upside and the downside. While driver demand growth may continue to lag behind fleet expansion, factors such as off-hire periods for special surveys and slower operating speeds should help maintain overall market balance. Within the dry bulk segments, cape-sized vessels are expected to outperform smaller classes, driven in large part by the expanding bauxite trade. At the same time, Guinness, Simandou, or I don't know, Cossack, to significantly increase global supply once production ramps up. Backed in part by Chinese investment and aligned with Beijing's broader resource strategy, often associated with the Belt and Road Initiative, the project is designed to diversify China's iron ore sources. This could reduce China's dependence on imports from Australia and Brazil and potentially displace lower-grade domestic production. Meanwhile, Chinese purchases of U.S. solar beams remain an important factor following the October trade truce, with agricultural flows continuing to influence formal demand. Additionally, an internalization of Red Sea routing patterns developments may continue to redirect trade flows and thus reduce overall fleet efficiency. On the supply side, new building activity remains relatively restrained. CPF capacity is largely constrained through the next several years, and continued uncertainty around future fuel technologies amid rising orders of methanol and LNG. The overall order book to fleet ratio remains low by historical standards, which could provide a supportive backdrop for charter rates recovery if demand strengthens. That said, order book varies by segment. For Panamax and Infamax vessels, order books are trending close to historical median levels, whereas the Cape size order book remains near historical lows. Although the industry is clearly shifting towards a federal due to technical and economic complexity, as well as delays in finalizing the IMO necessary for framework. Looking further ahead, 2027, visibility remains limited. Local growth and geopolitical developments will play a decisive role. may not be sufficient to materially tighten the market. At this stage, we assume a broadly balanced market. Geopolitical and economic uncertainties could long sway the market in either direction. Let's now turn to slide 13. As of February 13, 2026, the one-year timeshot array for $15,250 per day, slightly higher week over week, and comfortably above the historical median of $13,375 per day. In the asset market, 10-year-old Panamax-Balkaria values remain firm. and the 10-year average of approximately $18.7 million, underscoring the continued resilience in second-hand valuations. This sustained strength also reflects structurally higher new building prices, driven by inflationary pressures, a limited shipyard availability, and the cost of compliance with environmental regulations. At the same time, and cautious fleet growth expectations continue to underpin investor confidence in the sector. Whilst today's prices represent a moderate pullback from the mid-2024 peak of roughly 29.5 million, they still remain very elevated by historical standards. Concluding my part of the presentation, I would like to highlight a profitable fourth quarter of 2025 and a continuing continued strengthening of our liquidity position. Following the sale of the IRIN-EP, the refinancing of the Yanis-Peters loan, and the funding of the substantial portions that deliver installments of our motor vessel Aristides, which is under construction, our balance sheet has become much more robust. This enhanced liquidity positions us to pursue additional investments high valuation environment. Looking ahead, however, we remain focused on disciplined capital allocation, operational efficiency, and delivering profits for the benefit of all our shareholders. And with that, may I pass the floor over to Tassos for his part of the presentation.

Good morning from me as well, ladies and gentlemen. As usual, over the next four slides, I will give you an overview of for financial highlights for the fourth quarter and full year of 2025, and compare them to the same period of 2024. For that, let's turn to slide 15. For the fourth quarter of 2025, we reported total net revenues of $17.4 million, representing a 19.9% increase over total net revenues of $14.5 million during the fourth quarter of 2024. This was the result of the higher time shorter rates our vessels earned in the fourth quarter of last year compared to the same period of the year before, which was partly offset by the lower average number of vessels operated in the fourth quarter of 2025 as compared to the year before. Interest and other financing costs for the fourth quarter of 2025 decreased to 1.6 million as compared to 1.9 million for the previous year. Interest expense during the fourth quarter of 2025 was lower mainly due to the decreased interest rates of our loans, the short rate plus the margin on average, as well as the decreased average debt that we carried during the period as compared again to the quarter of the year before. Adjusted EBITDA for the fourth quarter of 2025 was 7.55 million compared to 1.85 million achieved during the fourth quarter of the previous year, an increase of more than 300 percent. We recorded a 0.7 million gain on the sale of our oil MV Irini-P during the fourth quarter of 2025, against no sales that we recorded during the fourth quarter of 2024. Basic and diluted earnings per share attributable to controlling shareholders for the fourth quarter of 2025 were $1.14, calculated on 2.8 million approximately basic and diluted weighted average number of shares outstanding, compared to a loss per share of $2.28, calculated on 2.7 million for the fourth quarter of 2024. Excluding the effect on the net income attributable to controlling shareholders for the quarter of the unrealized gain on derivatives and the gain on the sale of the vessel, the adjusted earnings per share, again attributable to controlling shareholders for the fourth quarter of 2025, would have been and 87 cents respectively basically diluted, compared to an adjusted loss of $1.33 per share for the quarter of the year before. Let's now look at the numbers for the full year 2025 and compare them to the full year of 2024. For the full year of 2025, the company reported total net revenues of $52.3 million, representing a 14.4% decrease of a total net revenues of $61.1 million during the 12 months of 2024, a result both of the decreased number of vessels we operated and the slightly lower time charter equivalent rates earned by our vessels on average during the full year of 2025 as compared to the year before. In the rest Another financing cost for the 12 months of 2025 amounted to $6.9 million, compared to $8 million for 2024. Again, this decrease is mainly due to the lower interest rates or allowance rate, and partly offset by the higher average that we get during the whole year of 2025, again, as compared to the previous year. Adjacent EBITDA for the 12 months of 2025 was 12.55 million, compared to 9.4 million achieved during 2024, a 33 percent increase. For the full year, we recorded a 2.8 million gain on sales of vessels, both the IRINI-P that we sold in Q4, but also that we sold earlier in the year. Again, we had no vessel sales to report for 2024. The basic and diluted loss per share attributable to controlling shareholders for the 12 months of 2025 was $1.55 compared to basic and diluted loss attributable to controlling shareholders for 2024, which was $4.62. Excluding the effect on the net income attributable to controlling shareholders for 2025 of the unrealized loss on derivatives and the net gain on sale of vessels, The adjusted loss per share would have been $2.50, basically diluted, compared to an adjusted loss per share of $4.10 for 2024. Let's now move to slide 16 and look at more numbers there. As usual, in this slide, we report our utilization rates for the fourth quarter and full year, for the two years we're comparing. Let's look first at the quarterly results, the fourth quarter of 2025. For that quarter, our commercial utilization rate was 100%, while our operational utilization rate 99.6%. Let's compare again to 100% commercial and 99.4% operational for the year before. On average, 11.2 vessels were owned and operated by us during the fourth quarter of 2025, earning an average time shorter equivalent rate of $16,262 per day, compared to 13 vessels that we operated during the same period of the previous year, which earn an average $12,201 per day, a significant improvement of the daily earnings. Our total operating expenses, including management fees, G&A expenses, but excluding driving costs, where $7,869 per vessel per day during the fourth quarter of 2025 compared to $7,087 per vessel per day during the same period of 2024. If we move further down this table, we can see also the bottom of the table, we can see the break-even, the cash flow break-even rate, which takes into account, in addition to the operating expenses I mentioned, dry garden expenses, interest expenses, and loan repayments without balloons, expressed in dollars per day basis. Thus, in total, for the fourth quarter of 2025, our daily cash flow relative and rate was $13,231, as compared to $11,259 for the fourth quarter of 2024, partly reflecting the higher dry garden expenses we incurred during that period. Let's move to the right part of the slide and look at the yearly results. Again, starting with the utilization rate, which will go very quickly. All of the utilization rates we recorded were around 99 or between 100 percent. And the time chart equivalent rates we earned were 11,642 on average for 2025, versus 13,000 and $39 on average for 2024. We see here that while the fourth quarter of 2025 was significantly higher than the fourth quarter of 2024, the whole year on average ended up producing lower time-sharter rates because the market at the beginning of the year was lower. Our total operating expense for the year, including management fees and G&E expenses, again, excluding the operating costs, averaged $7,422. in 2025, compared to $6,967 in 2024. The cash flow break even for the full year ended up being $12,345 for 2025, compared to $13,221 for 2024. Again, the reduction primarily due to lower direct open expenses on others for the full year. Let's now move to the next slide, slide 17. to review our debt profile. As of December 31, 2025, our outstanding debt stood at $103.7 million, with an average margin of about 2%. Assuming a three-month soft rate of around 3.65% as of February 18, you can see that the cost of our senior debt on average was $5.65%. The chart in the upper part of this slide shows our debt amortization schedule with debt repayments of 12.2 million during 2026, 21 million in 2027, 17 million in 2028, inclusive of balloon payments of 1.2, 10.2, and 6.7 million, respectively. Please note that although we have arranged the debt financing for two ultramax new buildings, our current debt figure that I quoted you includes only the portion of one of the two loans that we used to finance part of the pre-delivery payments. Please also note that the 2027 and 2028 repayment figures I gave you include repayments of the two said loan facilities that we... which have started drawing to finance our ultra-much new buildings, which are scheduled for delivery during the second and third quarters of 2027. Turning to the bottom of this slide, we can see our cash flow breakeven estimate for the next 12 months broken down by its major components. Our EBITDA breakeven level is $7,478 per day, and our overall breakeven level the next 12 months is expected to be around $11,663 per vessel per day. Let's move now to my last slide, slide 18, to review some highlights from our balance sheet in our usual brief style. This slide offers a snapshot of our assets and liabilities, and hopefully provides a concise picture of our financial position. As of December 31st, 2025, cash and other assets in our balance sheet stood at approximately $31.8 million, while advances for new buildings amounted to about $14.4 million. And the remaining part on the asset side of our balance sheet is our vessels, which their book value stood at about $166 million, resulting in a total book value for our assets of about $212 million. On our liability side, as I mentioned, bank debt is a big part of our liabilities, which stood at the end of last year at $103.7 million. while we had other short-term liabilities of 5.9 million, all in all representing about 66% of our overall liability side. This results in a book value for our shareholders' equity of about 93 million, which translates in a net book value per share of 31.8 dollars. However, based on our internal and external valuations of our ships, the market value for our fleet exceeds its respective book value. We estimate it's worth about 214 million versus a book value of 166, meaning that the about The difference of about $48 million should be added to the value of our shares. If we do that, we will come up with a net asset value per share in excess of $48 per share. If we compare this to the recent trading range of our shares, although it has increased the last few days of about $17, it becomes evident that there is significant potential upside for the owners of our stocks. And we hope both our shareholders and prospective investors will appreciate that, hoping that many of these discounts will provide significant returns to their investment. And with that, I will pass the floor back to Aristides to continue the call. Thank you, Pastor.

And let us now open up the floor for any questions we may have.

Thank you. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. And for participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question is from Tate Sullivan with Maxim Group. Please proceed.

Good morning. Thank you for all the comments. I was just looking first at your non-controlling interest in the income to the joint venture partners. If I recall, you started that arrangement with NRP partners a couple years ago. Are you happy with how the JV has gone? Is that still a source of financing or transactions that you'd look at going forward?

Yes, I have to say we are very happy with the cooperation that we are having with NRT and the investors that they have found who contributed in this project. Everything is moving ahead smoothly. We are happy that about Eurodrive, and we look forward to perhaps doing more such deals, yes.

And if you can't check, is that mostly Norwegian? Is that a Norwegian-based entity, or how do you share that?

Yes, it's a Norwegian-based entity, and the investors within this group are mainly Norwegians.

Thank you. And separately, in your presentation, you had a great data point on bauxite as a percent of cape-sized cargoes. I was wondering if you do have sort of a similar cargo present, not bauxite for your fleet, but a cargo breakdown for your fleet with per ship carrying capacity of about 60,000 to 82,000 deadweight tons each. Is it more soybeans, as you noted, more demand, or might you have a rough mix-up?

We can offline present you with the data of the various ships that we have and what they have carried, if I understood correctly, during the year. We can discuss it.

Okay. Your President, just can you comment on coal demand as that decreased meaningfully compared to iron ore demand? demand on soybeans. I didn't see coal mentioned in your presentation. Yes.

Coal is a commodity that for the last five or six years we are saying that it reached peak consumption, and it's never happened up to date. Actually, I think this year was pretty steady. Going forward, it is certain that coal will be a smaller percentage of the mix of energy, but as an absolute value, I think it will continue growing. Thank you very much.

Thanks. Our next question is from Hans Baldass with Noble Capital Markets. Please proceed.

Hello. Congrats on a good quarter to end the year. For the fixed rate coverage for 2026, that stands at 22% currently. And it was mentioned that you'd be open to fixing more long-term charters. And with the cash flow break-even for the next year at 11,663 and the current rates sitting well above that, How are you thinking about expanding coverage? And do you have an idea in mind of what percentage of the fleet you would fix to long-term charters this year?

It's difficult to say because it depends a lot on how the market evolves. But right now we're seeing a strengthening market day by day. We did take some cover yesterday as we... fixed an FFA contract. As I said during the presentation, we fixed 90 days for Q2 at $19,250 and another 90 days of Q3 at $17,250, which is a hedge to the open vessels that we currently have. So we will fix more at these levels, but I can't say how much more. Okay.

And you mentioned that we're modeling 2026. It looks very similar to 2025. Right now, the rates to start 2026 are much stronger than they were to start 2025. Can you talk more about the similarities that you're seeing between 2025 and 2026, and are you expecting rates to return to 2025 levels, or why is it similar to 2025?

Indeed, 2026 has started off very strongly and stronger than what we expected. So we might be surprised on the positive side during the year. But there are so many uncertainties about how trade will develop, what will happen in the geopolitical arena. Will the ship start going back through Suez or not? Will there be further embargoes, tariffs? So it's really a very difficult market to predict. What is easy to see is the supply of ships, and we expect the supply of ships to increase by about 4 percent, take away one, one and a half, two, for scrapping and delays. We see that the fleet will not increase considerably. But really to make a call about how strong demand will end up being is extremely difficult. So the average rate for 2026 could end up being similar to 2025. Of course, we hope that it will be even higher.

I think the current rate, the current FFA market indicates a higher level, but as I received it says, you know, there are many uncertainties that... And if you took into account the FFA market just two weeks ago, it indicated exactly the same.

So it's The market changes, and the opinion on the market changes very quickly.

Okay, thank you. And lastly, could you add some more color on your fleet renewal and modernization strategy? Are there, you know, the Santa Cruz and the Starlight and Blessed Luck are all, you know, on the older side. Can we expect those to be offloaded during the year, or how are you thinking about that?

We haven't taken any decision yet. Indeed, we are down just to two 2004 buildships and one 2005 buildship. So three are relatively old. We may be, if we are selling them, we might be buying more modern tonnages. This is a strategy that we discuss continuously, but there's no fixed decision yet.

Okay. Thank you. I appreciate your comments. Thank you.

Our next question is from Poe Frat with Alliance Global Partners. Please proceed.

Hi. Eric Stetes. Hello, Tassos. You know, the macro has been pretty well covered. I had a micro question. Tassos, maybe I missed it, but can you just highlight whether there was a change to your reported numbers for the fourth quarter of 2024? And then can you talk about the claim that you settled, I think, in the fourth quarter of 2025? And then can you talk about the cash impact of that insurance claim and then whether that's totally closed out or whether we might see some adjustments in 2026?

Yeah, we had to recognize that claim in our Q4 numbers after we issued the press release, but it was included in our 20F information in our audited results. So that's why you might see a difference, if you compare to the present, but compared to the 20th, the recognition of that claim was included. And then that situation was resolved, and we recover the 1.4 million that we record here as other operating income. I think that situation is now closed. We don't expect anything On either side, either positive or negative. Okay, great. Thank you so much. You're welcome, Paul.

Thank you, Paul. There are no further questions at this time. I would like to turn the conference back over to Mr. Pitas for closing remarks.

Thank you all for listening in today's presentation, and we will be back in three months' time with hopefully another quarter of good results.

Thanks, everybody. Thank you. This will conclude today's conference. You may disconnect at this time and thank you for your participation.