Ituran Location and Control Ltd.

Ladies and gentlemen, thank you for standing by. My name is Kenny Green. I am part of the Investor Relations team at Ituron. I would like to welcome all of you to Ituron's Results Zoom webinar, and I would like to thank Ituron's management for hosting this call. All participants other than the presenters are currently muted, and following the formal presentation, I'll provide some instructions for participating in the live Q&A session. I would like to remind everyone that this conference call is being recorded and the recording will be available from the link in the earnings press release and on Ituron's website from tomorrow. With me today on the call are Mr. Eyal Sharatsky, CEO, Mr. Udi Mizrahi, Deputy CEO and VP Finance, and Mr. Eli Kammer, CFO of Ituron. Eyal will begin with a summary of the quarter's results, followed by Eli with a summary of the financials. We will then open the call for the question and answer session. You should have all by now received the company's press release. If not, please view it on the company's website. I'd like to remind everyone that the safe harbor statement in today's press release also covers the contents of this conference call and the associated presentation. And now, Eyal, would you like to begin, please?

Thank you, Kenny. I'd like to welcome all of you to our fourth quarter and full year 2025 results call, and thank you for joining us today. Before I begin, I'd first like to acknowledge the war between Israel and the United States against Iran. We honor the brave airboats of the Israeli Defense Forces and U.S. military personnel and their air forces, and we sincerely wish for their swift and safe return home. We hope the war will draw to a quick resolution and lead to lasting peace for all countries in the Middle East. And now to the results. We are very happy with the results of the fourth quarter as well as the full year of 2025. Our best ever and record across all key parameters. For the quarter, overall revenue growth was 13% to almost $94 million. A record with subscriber revenue growth at 15%, EBITDA growth to over $25 million. a record for us and puts our yearly EBITDA run rate in excess of the $100 million milestones for the first time. In addition, we generated a significant amount of cash in the quarter at $29.4 million, our highest ever, and as I will discuss later, Given our very strong balance sheet, we have decided to share all the rewards of our success in 2025 with our shareholders through a special dividend and increased buyback in addition to the regular dividend. Our growth and success in 2025 continue to be driven by long-term efforts in bringing new value-adding telematics and connected car products and services to both existing as well as new customers globally. Throughout the year, we were particularly successful at bringing additional new OEM partners to our growing roster. Examples during 2025 were Stellantis, Renault, Yamaha, and BMW, we are in active discussions with others. Beyond our new partnership with Fiat that we announced last week, we hope to bring additional ones in future. Our results show an ongoing expansion in our large subscriber base, reaching at year-on-year over 2.6 million subscribers. In the fourth quarter, We added 42,000 net subscribers, adding 221,000 net new subscribers in 2025, a record year for subscriber growth for e2run. I remind you that in Q1, our new OEM agreement with Stellantis bordered subscribers into e2run, which gave us a bump in net new subscriber ads in that quarter. Our net ads in recent years has tended to be in the 40,000 plus per quarter range. Looking ahead, while the rate can vary between quarters, we expect to maintain this overall current net subscribers add run rate, which means for 2026, we would expect to add between 160 to 180 thousands net during the year. I want to summarize some of our new activities, which we believe will contribute to our growth and success in the mid-term, over the coming years. These all have the potential to completely transform the company. First, our e2Run Mob smart mobility platform. is a differentiated solution enabling remote vehicle access, real-time telematics, and efficient management for shared mobility, rental fleet, and specialized vehicle application. It1 Mob was first launched in Brazil and Israel, where it has gained solid traction among fleet operators and rental companies. Building on this success, we recently introduced the platform to the U.S. market and recently establish dedicated e-to-run mob operations there. We see a clear opportunity among small and mid-sized car rental companies seeking to improve operational efficiency and the end-user rental experience. This is the first time we are coming to the U.S. market, the largest rental market in the world, with over 17,000 small to mid-sized car rental companies, with a solution that is unique, with a real need in the market, and therefore has the potential to gain significant market share. In addition, It Run Mob is expanding into new verticals. In the past few weeks, we announced a partnership with leading Israel-based motorsport data analytics company, GRIP. Under this agreement, Ituran Mob becomes GRIP's official IoT technology provider, combining Ituran's real-time telemetry with GRIP's AI-powered analytics platform for racing drivers. Based on industry estimates, there are over 60,000 racing events each year, with closer to 1 million participants, representing a large addressable market for our technology. Our goal is that this partnership will already connect thousands of new vehicles in 2026. As you may have seen in the video we published together with the press release, the technology is deployed in some of the most demanding operating environments, professional racing and track day driving. demonstrating the robustness, precision, and scalability of our solution. The higher complexity of this technology allows us to generate a high ARPU for this type of services. Ituran MOB represents another new long-term growth avenue alongside our core telematics and subscriber-based businesses. Credit Carbon is a new and unique initiative being developed by Turan that enables drivers of electric and other zero-emission vehicles to participate economically in the global transition to low-carbon transportation, something that has not previously been accessible to individual drivers. Today, while companies that emit carbon dioxide can purchase carbon credits to offset their emissions, There has been no efficient, scalable mechanism for individuals who actively reduce emissions, such as electric vehicle drivers, to generate and monetize verified carbon savings. This solution will create a new incentive for EV adoption while opening an additional revenue stream for it to run by providing the platform that connects carbon emitters with carbon savers. It leverages our existing technology, subscriber base and infrastructure with minimal incremental cost. This initiative has been developed internally over years, leveraging our regulatory, technological and data expertise. The solution is highly differentiated and is currently undergoing testing and validation. We are in advanced stages and have received encouraging early feedback. We expect initial commercial deployment toward year-end 2026. The timing is favorable right now as global awareness and regulatory pressure to reduce carbon emissions around the world continue to accelerate expanding the addressable market. Another new initiative is leveraging our big data capabilities. Over many years, Ituran has built one of the largest and richest vehicle telematics data sets in our markets, encompassing decades of driving behavior, usage patterns, location data, and vehicle performance across millions of connected vehicles. Anonymize and aggregate insight derived from our extensive road use, driver behavior, and transportation data set with decades of data can support governments, transport, ministries and local authorities in optimizing traffic flow, improving road safety and informing infrastructure planning. Our data can also support leading vehicle OEMs in advancing driver assistance and autonomous driving capabilities, providing deep understanding of actual road usage and training systems to better reflect real-world driving behavior. We are actively exploring multiple avenues to monetize this significant asset. Overall, our big data capabilities threaten customer retention, support margin expansion, and provide a highly scalable platform for future growth beyond traditional subscription revenues. And finally, as I discussed earlier, 2025 was the most successful year in Ethereum's history. As such, given our strong profitability, very strong cash generation, and balance sheet with well over $100 million in cash and no debt, the board declared a total dividend of $30 million for the fourth quarter, consisting of our regular $10 million quarterly dividend and an additional $20 million special dividend. Therefore, for the full year, we will have shared a total of $60 million in dividends, representing approximately 100% of our net income, which amounts to dividend yield of around 7% based on our year-end share price. This is an excellent dividend yield, for a strong, stable, and continually growing company, demonstrating record results year in, year out. Beyond all this, and in line with the feedback we hear from many of our investors, we also declared an addition to our buyback of up to $10 million. During 2025, we bought back $3.1 million in shares, or a total of 85,000 E2RN shares. We believe all this reflects our commitment to creating value and generating capital for our shareholders, while at the same time continuing to develop new products and services and invest in long-term growth at e2run. We see our ongoing dividend and share buyback as a reward to our shareholders for the loyalty and long-term support of our company. In summary, we remain very pleased with its run performance in the fourth quarter, and more generally, it runs long-term and ongoing performance in 2025. At the same time, we look for more revenues to bring further growth to our business across all our regions, and the recent product launches I spoke about earlier are examples for this. Additionally, We will continue to partner with the new OEMs, as we have successfully done throughout 2025, as well as new financing companies and other lending companies. 2025 marked 20 years as a public company and 30 years as a company. We look forward to continued success over the next decades, and I thank our shareholders for the long-term support of our business. And with that, I hand over to Eli. Eli, please go ahead.

Thanks, Eyal. I will provide a short summary of the financial results. You can find the more detailed results that we issued in a press release earlier today. Fourth quarter revenues were $93.5 million, a 13% increase year-over-year. Subscription revenues were $71.2 million, up 15% and representing 76% of total revenues. Product revenues were $22.4 million, up 5% year-over-year. Our subscriber base reached 2,630,000 at the end of 2025, an increase of 42,000 in default water and 221,000 year-over-year. The geographic breakdown of revenues in the fourth quarter was as follows. Israel, 55%, Brazil, 23%, rest of the world, 22%. EBITDA in the fourth quarter was 25.3%. for the fourth quarter was $15.3 million or diluted earnings per share of $0.77, an increase of 10% year-over-year, and compared to $13.8 million or diluted earnings per share of $0.70 in the fourth quarter of last year. Cash flow from operations Now, taking a look at the full year 2025 results. Revenues for 2025 were a record $359 million, a 7% increase over the $336.3 million reported in 2025. 24% of revenues were from location-based services subscription fees and 26% were from product revenues. Revenues from subscription fees were $264.6 million, representing an increase of 9% over 2024. EBITDA for 2025 were $96.2 million, 26.8% of revenues, an increase of 5% compared year-over-year. Net income in 2025 diluted EPS of $2.92, an increase of 8% compared with net income of $53.7 million, 16% of revenues, or fully diluted EPS of $2.70 in 2024. Cash flow from operation for the year was $88.6 million. As of December 31, 2025, net cash and multiple securities totaled $107.6 million. This is compared with net cash including multiple securities of $77.2 million as of year-end 2024. The board declared a $30 million dividend. special dividend and a $10 million dividend in line with our dividend policy. In addition, during the quarter we purchased $1.6 million in shares under our buyback program. As of the end of the year, we had around $3.5 million remaining available under this program. However, the Board today approved a $10 million funded from a valuable cash and accessed in accordance with SEC Rule 10b-18. This means that as of today, there is $13.5 million available under the buyback program. The current dividend and buyback takes into account the company's continuing strong profitability, ongoing positive cash flow, and strong balance sheet.

Thank you. At this time, we'll begin the question and answer session. If you have a question, please raise your hand via the Zoom platform. I will introduce you and ask you to unmute, after which you may ask your question. We'll now open the call for your questions. The next question will be from Chris Raymer of Barclays. Chris, please go ahead.

Can you repeat your question? I'm just writing on the chat.

Okay. We'll move to... The next question will be from Sergey Glinyanov of Freedom Capital Market. Sergey, go ahead.

Good day, gentlemen. Great results. Could you please some colors on ARPU and NVIDIA Dynamics in 2026 and after initiatives are fully deployed, I mean, carbon credits, etc.? ?

Hi Sergey. So first of all, we are not providing any guidance as you know, but practically and in general ways, we are not, I think that the ARPU as it today should continue. More than 2.6 million subscribers. This is a big ship of customer base. So one year is not changing the total output. But looking forward, we really believe that the ARPO is not going to go down because things that I didn't mention today, I said it in the past, we're always having additional service to our current subscribers which allow us to provide kind of an upscale of services. So this is regard our traditional services, the fleet management, the store and vehicle recovery, the UBI, etc. But We got the new technologies and offers that we have, as I mentioned, as it's important to say again, those initiatives are, after a few years of putting R&D development and making all the technological and regulatory infrastructure for us, commercially it will be ready, as I said, mid to the end of 2026. So I must say that the contribution, the financial contribution in 2026 of those initiatives will be very low. The idea to put more colors on those items was to show a little bit longer future from 27, 28 and of course ahead. We will see because we know some negotiations and we know some customer attractions in the credit carbon as well as in the rental solution. But the main idea is to show it to expose it, and the majority of the contribution will be in the next years. But I believe that we will show at the second half of 2026, we will be able to talk or discuss about some deals and contribution.

Thank you. And the next question about the motorcycle.

And by the way, Sergei, we got EBITDA. I didn't answer. We are not providing guidance. But all these things should leverage our EBITDA margins, of course.

So do you believe that new initiatives could change your margin profile in the long term?

Absolutely. First of all, if you look backwards, you will see that our margins are growing. I mean, we show the operating leverage dynamics happen in the margins. I totally believe that it will continue based on the new services and the absence that we can do to the current customers. Yes.

Okay, great. And the next question about motorcycle market in Brazil. So how is it going on? And did you gain any additional market share on this market?

Can you repeat? There was some noises here, so can you repeat?

The question about motorcycle market. Did you gain any additional portion of this market in Brazil?

First of all, this market in Brazil is very, very big, and we didn't touch this segment until about a year ago, until the moment that we... understood or we develop the right device that can be very productive and we can go then to motorcycles, OEM distributors, as well as to insurance companies. As you remember, we already report about two OEM deals, one with Yamaha Brazil, the second one with BMW Brazil, and this year we will see, along the year, or we already started thousands of motorcycles, or maybe even closer to tens of thousands of subscribers from this segment in 2026. We start with the OEM, but now we expand it to the retail market after we get, you know, more confidence. And we have more to show to the retail market after Yamaha and BMW. And as always, I also believe that we will add more motorcycle producers, international producers, during this year and the next year.

Awesome. Thank you. Thank you for taking my question. That's all from me.

Our next question is from Derek Greenberg of Maxim Group. Derek, please go ahead.

Hey, guys. Thanks for taking my questions. I know it's still a little early as you expect commercialization towards the end of the year. But I was wondering if you could help just walk through maybe what you would expect the economics to look like for the new year. big data and credit carbon products are rolling out. Maybe just in terms of on big data, maybe what like deal sizing and contract terms could potentially look like. And then on credit carbon, maybe just the economics for drivers, EV drivers in terms of the additional benefits they gain from the product.

Since we are very optimistic and we see the reaction, I wouldn't come with any guidance because it can be not realistic or not serious that we will do it. It's like new startups among our business. But it's a startup that done by a very big or the largest telematics company in the world. So we will continue to use our connections, our brand, our infrastructure in every country that we work. And I must say that it's, for example, the credit carbon. Once we start to commercialize it, we are talking about situation where, for example, taxi drivers or truck drivers or truck companies can get with e2run solution additional revenues so they have a total interest to come and put our solution because just as an example if I can give a truck driver per truck on an average mileage something like 200, 250, 300 euros a month from emitters through a worldwide or European broker, why should he give up for it? Or if I'm in Brazil, giving kind of Uber type of company, the drivers, to get additional income, additional resource of revenue, that without me, they cannot get it while they drive an electric vehicle. So I think that the request is going to be tough. But there is questions. First of all, it's new to the world. This is the first time, except in some smaller market in the world where people get money for non-accurate information, not regulatory. The rest of the world required a very, very tough regulatory to approve credit for emitters. So at that case, I think that the request should be tough. No one, no one up until now, didn't show it to the world how EV drivers can get money just for driving. For example, take a taxi driver that doesn't have a client, and he just drives from place to place, he gets money. So I think that this is something that can be big. but still it's not yet on a commercialized place, so I don't want just to come and shrew numbers, but it can be something with a high contribution, but again, it will take time. It will take time to market it, to stabilize it, etc. The same is the remote rental company in the U.S. U.S. is a huge market, but we are not, as it runs, we are conservative. We are not starting with tens of millions of dollars of marketing, etc. We go step by step with strategic partners in the U.S., and I believe that we'll do it. Regarding big data, we already start to sell data. In Israel, many to governmental, like road operators, like road accident authorities, etc. Up until now, we charge few, let's say, few hundreds of thousands of dollars for pilot, only one pilot, but I believe that this will continue and will support our results. But again, I don't want anyone to wait for a major contribution in 2026. Great.

Got it. That's really helpful. And then in terms of, could you maybe just quantify the FX impact you saw this year and maybe you're expecting for next year?

Yes, I will ask Rudy to answer it. It is the pages. Rudy? Yes, can you repeat the question, please?

Just on the FX impact to the business in 25 and then maybe expectations in 26.

So I'll start with the future. I mean, it's really hard to say what will be the effects in 26, you know, due to all the parameters that can change or affect the effects. Regarding 25, I would say that about if we look at the annual basis, I mean, the effects in the EBIT, for example, was about between $1 to $1.5 billion. This is more late.

Got it. And then my last question is just with everything that's going on, I was wondering with just geopolitically and the war, if you're expecting any potential disruptions to your business or any maybe supply chain issues or just how you view the situation?

Since we unfortunately For many years we get used to this situation. So there is, I think I will divide my answer to two. First of all, there is a major part of our business revenues and profits comes out of the Middle East. So this is of course never was influenced by that. And regard our operation in Israel, which of course it's a major operation, it's not nothing. As you may be heard from today, the market in Israel also already, I mean not the stock market, I mean the commercial life in Israel also back to get authorization to work half a day. But up until now, of course, the last three or four days, the market was shut down. But those was anyway a holiday, a Jewish holiday that in any case it was in the diary a day off for car dealers, insurance, etc. So currently we don't see damage or nothing in the majority. In the past, in June, for example, of course, there was about 12 days in the last war where car dealers in Israel were shut down. So after those 12 days, we cover the gap, or those dealers cover the gap in the next months or two. So overall, with our experience in the past, with what's happening in Israel today, and with the situation that we get used to, I don't believe there will be any major influence on the 2026 results. It might move one month or two weeks from month to month kind of volatility, but no more than that, as I expect.

Got it. That's helpful. All right. Well, thanks for taking my questions.

Question is going to come from Eric Gregg of Fortree Advisory. Eric, please go ahead. I'm going to ask you a question now. Are you there?

back here oh great okay i'm sorry do you hear me okay great um first of all tremendous results and we hope we hope you all stay safe through this um uh situation um if you could tease out the big data um initiative sounds very interesting um can you tease out a little bit more there beyond um just some of the use cases in terms of of how you think um your data could be used for you know, various different initiatives? I understand the road accident, maybe the road, you know, repair maybe for civic uses, but are there other things you think you could be using the big data for? Yes. And I have another.

Okay. So I will answer first and then you ask your second question. So first of all, just to illustrate one deal that we already did in Israel, The road authorities want to know where most of the trucks arriving between specific hours along the evening to create parking lots for nights around the country. So they wanted to get one month of movement of trucks in the country and find the most trafficked places. And they asked to do it for a month, historically of course. So they paid for it, and of course in less than one second we had this raw data get into customized data for them. And for that only, we charge few hundreds of thousands of dollars, only for that. Now, we have, for example, now potential fees for entering cities from highways. And this, which is a nationwide project in Israel, and for that they need a lot of data for those movements, those traffic from highways to the gates of municipal and central of cities. Like today, if you know in London, local British, they paid money when they get with the car inside London, So for that, there is need for a lot of data. So this is something that we are almost the only one in the country that has so big and so accurate data. And of course, this will lead to, I believe, to much more larger deal with those governmental office. This is from a governmental point of view. But let's think about approach that we have from commercial malls that want to know, for example, specific hours a day, how many cars valued more than $50,000 are driving in order to customize advertisement and coupon for specific high-end shops. They're willing to pay for it. Everything should be anonymous, of course, because we are according to all the regulation of anonymous, but the data itself is something that for us exists almost for 30 years. Up until a year ago, we didn't do anything because the market and the technology and our AI capabilities was not enough to customize it, but to customize it with low cost. Today, that's what we developed, and that's what we offer, and really the potential customers are across all the segments, as I said, governmental, commercial, car dealers, they want to know in which area in the country, because people sell their car to a second hand and then they buy again. We realize for one of the car dealers in Israel that only a third of the people that sell the car come back to him. He wants to issue to all of his clients a campaign and sales on a specific time that they sell their car and he doesn't know anymore after they sold it once. So there are many, many aspects. We have a technology, we have today a software that knows how to get the raw data and bring out customized data upon any request. So this is an example for a big data product that we're going to charge for. And we talk with everybody today.

That's tremendous. Thank you. That was very helpful. Second is on capital allocation. If you take consensus estimates that, based on these very strong Q4 results, I think are going to be going higher, net of your cash position, you trade at less than 13 times forward earnings. which is less than what your growth rate of services was in Q4. And as your growth keeps on accelerating, it's kind of a peg of less than one, which is very inexpensive. So the question is, it's great how generous you've been with the shareholders in terms of dividends and the special dividend, but why aren't you emphasizing stock or purchase more versus the dividends here, given how cheap you seem to be? Thank you.

So, practically, when we do only this, so investors ask why not this. You may be right, but it runs volume, will grow in the last 15 months. The volume in the market is low. And we don't want by going with $30 or $50 million to the market a year to shrink the volume because one of the interesting things for the shareholders is the volume. So this is kind of, we find a balance between dividend and shares repurchase project. And as you see in the past and even now, Every month, or better to say every quarter when we have a discussion, board discussion about it, we check it again and we take a new decision. But I totally accept what you say, but we have to balance and this is the current decision of the board. And as we did in the past, this might grow. We look on the volume. We get advice with some brokers and bankers how it can influence, and we do as best as at the moment that we can. Thank you for that clarity. Appreciate it.

Next question will go to Evan Tindell of Byron Capital. Evan, please go ahead.

Yes, thanks for taking my question. Just a quick comment, if you don't mind, one second on the buyback issue and volume. My personal advice as a shareholder is don't listen to the shareholders or the bankers that tell you that volume is a big problem, because I think there's research that shows that actually if you have a buyback in place, it actually can increase the volume in the stock, even though you're shrinking the float. You know, if the price goes up and the valuation is more reasonable, that can actually bring volume and interest into the company. So I would just say maybe don't listen to those people and go ahead and buy back the stock if that's what you think is the right thing to do based on the valuation. So sorry for that aside. Sorry for that.

Okay. No comment. No comment. Okay, okay, okay.

Yeah, I'd say just do it based on what you think the value of the stock is in the open market versus the fair value. But okay. Can you talk about competition in both Brazil, and I know in Israel there's not much competition, but can you just talk about the state of your competitors in both markets in terms of market share and pricing and competitive positioning and things like that?

Okay, so first of all, as you said, regarding shares, I will tell you regarding competition. We have a very strong competition also in Israel. But we win it. And this is totally different than no competition. Pointer is in the market more or before it ran. This is the main competitor. And along the years, we succeed to gain more and more market share. And then what we do today. But in order to keep and gain this market share more and more, In Israel, we have to be the best every day. And this is why we develop more and more technology, why we have to have more recovery rates, a better recovery rate, etc. Because for insurance companies and for car dealers, to change is one day. Because they want better results, they want better solutions, they want their customers to be satisfied. So we have an everyday competition, but 30 years we succeed to win and gain market share. This is regard Israel. Regarding Brazil, I think that it's almost the same. The market is much bigger. The size of Brazil is much bigger. There are specific geographies in Brazil, in the north, in the Amazonas area, where there are some small companies that might have some subscribers. But when you talk about the main commercial area in Brazil, which is Sao Paulo state, Rio de Janeiro, Brasilia, and all the main urban areas, we are also, I think, controlling the telematics market. We are the main provider. And what's happened in the last two years, and I believe that we will show it this year and later, we also see in the B2B market uh customers like leasing companies like uh flip big fleets that even they try our competitor now they uh change their supplier to it to run so the situation in brazil is that we also gaining more and more market share in the telematics business i think that we are the largest And the situation is very close to Israel. The competitive landscape is bigger. I mean, there are more competitors than in Israel, but the market is also more, the geography is bigger. But I think that overall in the ongoing new subscribers in the telematics industry, we are the one that's adding the major portion of those subscribers.

Okay, thanks. And I have one more question. On the fleet business, I know you also have a fleet business where you sell to fleets. It seems like the leaders in that business, whether it's Samsara or Geotab, I'm thinking of Geotab mostly. They really have built out their kind of the software suite and the integration with other providers and things like that to go with the telematics platform for fleet owners. And I'm just wondering, like, how much thought and effort you guys put into, you know, thinking about trying to match that capability over time to make your product more competitive in the fleet segment? Because it seems like that's going to be a really big market over time.

The main difference, if you mention Samsara and Geotab, the main difference is the market that we choose to go to. I put aside Samsara with their video solution that we're adding it from a third party today or in the last two years, but Geotab is mainly focused in the European market and other markets, but in Latin America, specifically in Mexico and Brazil, when we consider market share, it runs as larger market share in fleet management. In Israel, this is totally right. So I think that the most differentiated issue is that Samsara, mainly in the U.S., it ran from beginning. We didn't start to go to lion caves to fight with companies that put billions of dollars in order to penetrate markets. And we went to the market where we are strong, when we have brand, when we have relationship. So from technological point of view, And if you will judge our technology as a fleet manager, I'm totally sure that you will see a state-of-the-art solution, not one single point under Geotab or Samsara. It's only the markets. We didn't went to Europe. We didn't went to the US. We are very focused on Israel and Latin America. And currently that's what we do. In the future, if we will decide to go to other geographies, probably we will do it based on acquisition. We will not start off from scratch.

Okay, thank you. We'll now try and go back to Chris Raymer from Barclays. Chris, are you able to talk? Great. Continue.

Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.

We can't hear you, Chris, so maybe you will approach us, you know, not in this platform. I can't hear you. Sorry.

Chris, we'll speak to you offline.

Okay, no problem.

ends our question and answer session um the call will be available on iteron's website in the next day for downloads um other than that uh ayal please make your concluding statements

Thank you, Kenny. On behalf of the management of E2Run, I would like to thank you, our shareholders, for your continued interest and long-term support for our business. We look forward to continuing our accomplishments over the next decade. If you are interested in meeting or speaking with us, feel free to reach out to our investor relations team. And with that, we end our call. Have a good and safe day. Thank you very much.