Cadeler A/S American Depositary Share (each representing four (4) Ordinary Shares)

Good morning and welcome to Cadillac's Q1 2025 earnings presentation. Presenting today are Mikel Glirop, Chief Executive Officer and Peter Brogard, Chief Financial Officer. Please be reminded that the presenters' remarks today will include forward-looking statements. Actual results may differ materially from those contemplated. The risks and uncertainties that could cause Cadillac's results to differ materially from today's forward-looking statements include those detailed in Cadillac's annual report on Form 20F on file with the United States Securities and Exchange Commission. Any forward-looking statements made this morning are based on assumptions as of today, and Cattler undertakes no obligation to update these statements as a result of new information or future events. This morning's presentation includes both IFRS and certain non-IFRS financial measures. A reconciliation of non-IFRS financial measures to the nearest IFRS equivalent is provided in Cadillac's annual report. The annual report and today's earnings presentation are available on Cadillac's website at cadillac.com forward slash investor. We ask that you please hold all questions until the completion of the formal remarks, at which time you'll be given instructions for the question and answer session. As a reminder, this call is being recorded today. If you have any objections, please disconnect at this time. Mikael, clear up, you may begin.

Thank you. Welcome to this Q1 2025 presentation. Thank you for joining us for the presentation of what has gone on in Q1 2025 in Catalan. Firstly, a few highlights. What we want to say is that our financial performance in this quarter is in line with our expectations. No negative or positive surprises. We are following a plan and hence the results that we came out with today is exactly as we expected it. We took delivery of two new bills, the wind maker and the wind pace in Q1. And that is 50% of the new bills that we are supposed to deliver in our program this year. And we have delivered them in the first quarter on our head of schedule and on budget. And the remaining four new builds we have on the program, they are on track for delivery and also on our ahead of schedule. We now have seven vessels that are active either in Europe, APAC or US, and that is demonstrating Catalyst's global footprint. We continue to see a growing demand for O&M services, and that is strongly contributing to the utilization of Catalyst fleet. And we do believe that this is very important on a continuous basis. Catalyst contract backlog continues to strengthening, increasing to over two and a half billion Euro in the quarter. On the vessels, we have seen activity in different parts of the world, in different regions, and the fleet has been busy just after coming out from the yard. I think that we are, as I said before, we are following the plan. We see that Wind Orca is very busy, first with the O&M campaign, and then hence after that on the Hidrite project for Vestas. On Osprey, we are doing an O&M campaign for Vestas, and after that, we are going to do the Baltic Power project, our first project in Poland. On Scylla, we continue to work for Ørsted in the US. On Saratan, we continue to work in the Asian region with an O&M campaign in Taiwan. On PEAK, after we took delivery of PEAK, she came back to Europe, started an O&M campaign and have now started the SOFIA project where we work for Siemens on an RWE project. The wind maker, we managed to deliver the wind maker on the schedule where we needed to have her so she could mobilize and be ready for the project in Taiwan together with Ørsted, also something that we are really pleased with. And on wind pace, last but not least, she is currently steaming towards her first project, which will be in the US. In terms of the backlog, we see that we are continuing to build a backlog and we are now standing at Euro 2.5 billion. And that is a backlog that is diversified across types of work, types of clients, different clients, and also regions. And we have further reservation agreements that is not included in the backlog and lots of projects that we are working on. If we look at what the contract backlog is standing at currently, we've said it before, 2.5 billion. It continues to grow also from when we did our full year 24. But what is also changing here is that 100% of our backlog today has reached FID. And I do believe that that is a very, very important number that we currently are sitting with 100% of our backlog that has made a final investment decision. We have also secured a significant project at an offshore wind farm in the US that is supposed to start here in the second quarter of 2025. And the wind pace, as I said, is already steaming towards that project. It is continuing until Q1 26, after which she's coming back to Europe to start the first installation project that she is designated for. We have also signed two contracts with undisclosed clients for the utilization of WindMover in 26, and the scope of work may include both O&M and installation work. And the total estimated contract value is up to 75 million euro. We have also entered into a contract with Rensaritan and has commenced work, and that is on an O&M campaign in the Asia-Pacific region. On vessel reservation agreement, we don't include that in the backlog. And that is a decision we have made a long time ago, so that's not new. But we are continuing to see a lot of activity on the tendering phase and also leading to vessel reservation agreements that eventually will lead to contracts and to further backlog. And we have signed one vessel restoration agreement also in the Polish waters for BC Wind for installation of circa 30 turbines in the Polish Baltic Sea. And that has a value between 48 and 56 million euro. In terms of the new builds, we are coming very, very close with WindAlly. And WindAlly is currently expected to deliver around seven to nine weeks ahead of schedule. So that's also very, very strong performance there. WindMover is also still on track to be built and completed by Q4 25, and WindAce for Q3-26, and Rendepex also, as expected, for Q2-2027. And they have different completion stages at the moment, but I think that what is important to say here on the new build and the CapEx program is that we are following the plan, and we are where we want to be and where we project to be. In terms of financial highlights, I will here hand over to Peter.

Thank you very much, Michael. As Michael said in the beginning, the quarter was, from a financial point of view, exactly as planned and expected. Revenue was at 65.5 million, significantly up from last year. where the two O-class vessels were out for crane upgrades. Equity ratio is 49.7%. It's going down a little bit as we take on more debt with the deliveries of the vessels, but still very strong balance sheet. Utilization was 79.4%, and it was really a quarter of a transition. So you can see that the unadjusted utilization was 55%, whereas when we adjust for dry log and transition from the delivery, it's 79%. We got delivery of the two vessels, Baker and Pace in Q1. EBITDA, 23.7 million, also significantly up from last year. Nearly all EBITDA was flowing through to the cash, so 20 million euro from operating activities. Backlog, as mentioned, 2.5 million. and three months daily average turnover was 5.6 million euro. If we look at the P&L, all line items were as expected, already touched upon the revenue, which is significantly up and the cost of sales, the OPEX is also exactly as planned, of course increasing when we get more vessels on the water, SDNA is up as compared to last year, but also according to the plan, it's the organizational ramp up that we have been doing for some quarters now. And that is also exactly to plan. The vessel opening per day was 36.9 thousand euro per day. Up from last year, and that is really also as we communicated around annual report, we have some extra OPEXs here because we are putting extra trainee positions on some of the vessels on water to prepare for the new builds coming in. We had the seven visits operational at the end of Q1 as compared to fall last year. CAAT counts significantly up. In average, we were 272 in the first quarter, onshore. Controlled balance sheet. You can see non-current assets are going up with deliveries and non-current liabilities interest-bearing debt is going up also with the deliveries but still a solid and sound energy which is important in the capital intensive industry as our service really the best protection in such an industry working capital more or less unchanged The CAPEX program, we have shown this slide a couple of times, but still we see that the CAPEX program is fully financed. We have signed a committed facilities board of 841 million euros. We have not started. The only vessel without a financing in place is the third A-class, the Apex, but that is delivered in 27. Since we have not started that yet, it will simply be a too long period of patient commitment. Cash was 94 at the end of the quarter, and then you have the outstanding installments. on the last N-class vessel remover and then the three A-class vessel, but as a solid surplus of funding. Still, we are following strictly this hedging policy we have, which is 50% of US dollar exposure is hedged. That is primarily the, the installments to the yards in US dollars, and then we have hit 50% of the interest exposure on a forward five-year starting basis. This is the financing overview, total community is 1.9, and the total is 2.2 million USD. The A-class has been syndicated on the two first vessels. We are waiting for a planned signage or issuing the LOI here in May month, as we also communicated at the annual report. And then we will start the wind apex financing in 26. Full year outlook, we maintain the outlook as presented in the annual report. Revenue 485 to 525 million. EBITDA 278 to 318 million euro. Significantly up, of course, as compared to 24. The full year is impacted, of course, with the deliveries of maker and pace. going on contracts now and the two upcoming vessels with Ally and Mover. And then we spoke a little bit also about the foundation projects. They start to be, the revenue and costs start to be recognized here in 25. to a lesser extent than it will be when it kicks in when we start installing in 26 but still there are some revenue and costs there and it's with a lower margin on some of the T&I scope that starts in 25 than we will see for the full project over project time. Then there has been this termination of reservation agreement that will have a positive impact on 2025, but that is still to be analyzed and we will communicate on that as soon as we have finalized those analysis on the impact.

Yes, in terms of the commercial outlook, we have, of course, been asked a few questions about that lately. And what we just want to say, we remain of the view that Catler is still the go-to provider of T&I and O&M solutions. We sit with a vessel fleet of 11 vessels when all new builds are delivered, and we believe that we have a very, very strong foothold in the market. Our proposition to the market and our proposition to the clients really offers flexibility and the ability to meet the demand, which also are reducing the risk of project slippage. And we do believe that this overall package that we are delivering to our clients is something that they really have as a value adder and as an enabler of taking the necessary project decisions. We also see that our complementary investment strategy is enabling the stronger fleet utilization and also the earnings visibility for our investors. We also have an ability to meet the demands for larger scopes and project sizes, and that is on a global basis. In terms of our view on the market, then you can say that we are basically an offshore wind still going from record to record. We are seeing stronger and stronger, let's say levels of projects being auctioned. We are seeing more and more projects coming online. And I think that that is still very much what is the actuals in the industry. But one cannot be in this industry without also looking at some of the noise that is going on with projects being stopped in the US and then being started again. projects being delayed and then let's see what happens but what i want to say is that we are looking at a very strong growth across all markets in some markets less of what was expected and what maybe was projected in particular by politicians rather than industry people but i think that in europe we can say that the focus is really on the security of supply of stable energy and um many governments at the moment are calibrating approaches but also different auction schemes is it a contract for different scheme like we have seen now denmark is going towards which i think most industry people would probably have have rejected as a possibility just one year back we are also coming closer to an auction round seven in the uk where most industry people believe that this will be a very very strong auction round And the Denmark government has approved a 3 gigawatt tender, which I think is really important and really significant. And it's very important to see how that will pan out also to maintain Denmark's position in the offshore wind space. The Dutch government is also working on an action plan to improve auction conditions and also talking about an implementation of subsidies, which is also, let's say, a shift from the past where the Netherlands were leading on subsidy-free wind farms. And then, as I just said, on C4, is it canceled or is it delayed? Our long-term agreement with Oersted still remain in place. In APEC, there's a strong need for more power. We are seeing a record high tender activity in the key markets there. And I think that it's fair to say the developers, they really prefer to work with experienced contractors. And I think that Catalyst's position in that market is strong. And I think that we have a very good access to the clients there with a fantastic team in the region. The US, it is a market that is a little bit hard to predict at the moment. There are executive orders that are putting hold on projects. And I think even the most advanced and sophisticated companies in the world struggle to understand what is exactly going on in the US. But it is a fact that there will still be installed wind in the US in the coming years. And we are taking part in that. We are helping our clients to complete the work in the US. And if projects are coming on the back of those projects in the US, we will also be ready with the experience we have now gained to support the US offshore wind market. And we do believe that there is a long-term offshore wind future in the US. The stop work order on Empire Wind has been lifted and we congratulate everybody who is part of that project because that was the only right decision. And there is a fundamental need for more energy. The US energy need is increasing day by day, year by year. And I think that there will be a realization at some point in time that energy also in the US will be a mix. In terms of undersupply of installation vessels, we expect that that will be particularly visible from 2028 and forward. We have tried here to map how we see the undersupply and also our book capacity. And we believe that there is a very strong correlation and we will continue to see this, that there will be stronger booking of capacity in the inner years, followed by a more, let's say, strategy of cover the basics, but also be open to the possibility. And that is the strategy that Catala is following. And we have talked about that for a significant number of the previous quarters. And we will continue to follow that. We believe we have a very good view on the market and we believe that with the fleet of the most capable vessels in the industry we are in a very very good position to take the projects that we want to work with with the clients we want to work with and we also believe that a lot of the supply that currently is is met as as supply in the industry will in the coming years be gradually phased out because it will be much much harder for them to be efficiently competing in the industry And the undersupply, it's important for me to say that that is both on the foundation and the BTG side. And we believe that with our order backlog, we have a position of, let's say, I'm careful of using the word comfort, but at least we have comfort that we have been able to build up a very strong backlog with 100% FID. And we will continue to build that and also document that to the market that we are able to add further projects with our clients. In terms of FIDs and projects that are being auctioned, we believe that there's a lot of opportunity for further FIDs and further auctions out there. The developers, they are returning from maybe auction rounds that were not capable of delivering what we wanted to deliver. And we see that the bids are increasing. more substantial, they are more well constructed, they are less speculative, and there is really a focus on bankable off-tech structures. And we are looking at around seven gigabytes of projects that have reached FID this year, and that is already higher than last year. So as I said, we are in a situation where we continue to break the record almost every year. And as I said before, 100% of Catalyst's backlog has reached FID. Then we also have a bit of news for you guys. And that is that Kettler is introducing an O&M offering to the market in the division that we are starting from now on called Nexra. Nexra refers to the next era, and that will be Kettler's answer to the O&M needs in the market. And we have a small video to show you. Yes. So what we are aiming at Kepler to do is to create an O&M powerhouse, which really can deliver what our clients are looking for. We have faced the situation many times that when we talk to our clients, we are talking to our clients in one area for the installation business and in another area for the O&M business. And it's not always that we speak the same language. And what Kattler has tried to do in the O&M market is to serve that market with our installation team and our installation experts. We believe that now the time is right for Kattler to be very, very serious about O&M and to come with solutions for the O&M market that are directly crafted for the O&M teams that are sitting with our clients. So we are looking into a very, very attractive market, especially for the bigger turbines, which will be the focus of Kattler. The business segment in itself is something that has already delivered a lot of value to Cattler. And we believe that by focusing on the resources, having a dedicated team, only focusing on our own clients, we will be able to deliver the most safe, efficient, and value-adding services. So for us, Nextra is the next era of Cattler, where we build the synergies that we believe that are with our core business, where we can help secure and maintain high utilization for overall Cattler fleet. And it is really about a platform for growth for Cattler, where we will continue to deliver as we have done on the installation side. In terms of how we are seeing the fleet in Nexra, we are seeing when Saratan will be one of the dedicated assets for 1M services. And in time, the Windzilla will also shift from the installation space over to the 1M space. And then we also have installation vessels that have gaps between projects where we will try to utilize them on O&M projects. And what the real benefit here is that by establishing close links with our clients on the O&M side, we create an internal client that know about this utilization way before we know that today, which makes us able to plan and drive utilization to new levels. So welcome to Nextra. We are happy to introduce this to you. In terms of investment highlights, as we have said before, Cadler is currently sitting on the largest, most capable and most versatile fleet in the industry. And we believe that there is very strong complementarity and the fleet enables really cross utilization efficiency and project de-risking for our clients. We have the best team in the industry. We are super proud of our team. They have a proven track record. They have the know-how and we believe that if anybody can do what we are doing, it is really the team that are delivering this every day. We believe that we have a global growth platform and the experience on projects and we have presence in all major markets. And that is really what makes us able to do what we do. We still expect that there is an under supply of capable vessels for both turbines and foundations from 28 and onwards. And this is really due to the significant increasing market demand. We have strong track record in the capital markets backed by a record high backlog, 2.5 billion euros. 100% of that is FID. And that really creates the earnings visibility that we have been asked for since we listed the business. So really a key focus on being a good custodian of capital and a solid partner to our clients. And with that said, we will hand over to the Q&A section.

Thank you. At this time, we invite those analysts wishing to ask a question to click on the raise hand button, which can be found on the black bar at the bottom of your screen. You may remove yourself from the queue at any time by lowering your hand. When it is your turn, you will hear your name called and receive a prompt to be promoted. Please accept. Wait a moment. And once you have been promoted, you may unmute yourself and ask your question. We encourage you to turn on your video as well. We will wait a moment to allow the queue to form. Our first question comes from Martin Husebu at DMV. Please go ahead and ask your question.

Hi, how are you? Quick question on the offshore wind industry in general and contract quality. As I think you flagged quite well in the presentation, there's been some projects not progressing as planned and you had this preferred supplier agreement. cancellation as well disclosed in this quarter. I understand it's hard to make comments for specific contracts, but could you help us shed some light on contract quality and protection in general for the industry and also if possible for your backlog?

Yeah, we believe that everything that is in the backlog is very well protected from a contractual standpoint. We believe that we have been able to sign contracts with the right terms in them to both secure us, but also our clients for the delivery that they want. And hence, we believe that we are in a very good situation when it comes to that. And I think we have talked about this since the listing back in 2020. that contract quality is something we have worked with alongside the whole, let's say, economical part of the contract. So for us, it has always been a hand-in-hand thing where we have focused on both. And I think that that is something that serves us well today.

Good. And touching on the Horn C4 project, since the announcement from Ursula on that project, there's been clearly some uncertainty in the capital markets related to utilization for one of your foundation vessels that I think most people expected to do this project. I know execution on this project was pretty far out in time, and it's still uncertain what will happen. But if replacement work is required from your perspective, can you... Tell us something about the comfort level and how we think about securing alternative work for that vessel.

Yeah, I think that particular vessel is still on a contract with Ørsted. As we said in the presentation, the long-term agreement that we have with Ørsted has not been terminated. That still continues. And hence, in principle, that vessel will continue to work for Ørsted for the duration of the contract until we hear anything different to that agreement. But in general, what I can say to you is that we never only work with one plan, so to speak, even on a project where in all fairness, we had high confidence as Horn C4. We always work with backup plans. And this is really some of the things that our sales team and our commercial team, they do incredibly well. They always have backup plans and different routes to go should something work out differently. This is not new to us that things can shift in time and stuff like that. It has not done that recently for us, but we have tried it before. And I think the ability to shift focus, regroup, and then reassess and then attack another opportunity, that is something that we can do and certainly a capability that is within the team. So I'm I'm pretty confident that we will show a continued strong utilization of our fleet, despite the fact that Horn C4 is currently delayed.

Good. Taking one step backwards to Horn C3, which is clearly ramping up as we speak. And with respect to the margin contribution on this project before the vessel arrived, should we think about that being flattish at around the current levels? Or would it be fair to think there is also a gradual margin increase throughout the year before the vessel arrived late this year, early next year?

There will be a gradual increase, but still the healthy margins will come in 26 when the business starts to install. But there will be both in terms of revenue and margins towards the end of the year.

So more and more kicking in towards the second half of the year? Yes. Thank you. I'll turn it back. Thank you, Martin.

Our next question comes from Jamie Franklin with Jefferies. Please go ahead and ask your question.

Hey there, guys. Thank you for taking my questions. So firstly, I just wanted a bit of help to understand 2Q in terms of contracted days relative to the first quarter. So obviously, you've got the two new builds with Windpace starting on contract in the second quarter, and you've also got Windmaker likely to contribute a lot more meaningfully. So we'd expect to see a big step up in contracted days in the second quarter. But just wondering if you give any more color there. And if you expect to see any planned maintenance or downtime on any of the seven vessels in the second quarter, please.

Yeah, I think that that is correct. It also goes for Saratan. Saratan started an O&M contract in Asia late in the quarter and hence she will also be having much more meaningful contribution in the second quarter. I think that that is completely correct. And that is really also the thing that we would like to remind people when we take delivery of vessels, they are not working the day after. in the open market because they have to, in many cases, to repatriate from the yard and then to where the project is. In the case of Windmaker, that was very fast because the project was in Asia. So we were mobilizing in Singapore and then back up to Taiwan to start the project. And hence, that was very fast. In terms of downtime, we do not expect any adverse downtime on the vessels. As we have also talked about in one-to-one conversations, when you deliver vessels like this, you are seeing teething issues, but I believe that it's under control and also that our operational team are handling it incredibly well together with our suppliers. And hence, we are still delivering to our clients and are comfortable around what we are seeing there.

That's great, thank you. And then the second question, just on your order books, you mentioned that your order book for 2025 is substantially filled, but where there are small gaps, is it fair to assume those are towards the end of the year or are they kind of evenly spread through the year and that's what you will fill with O&M work? Thanks.

I think the gaps that we currently have are either gaps that come from transiting projects or let's say the very end of the year, potentially on Saratan. And I think that that is something that has very low likelihood to fill because of the weather situation there. But of course, how long we are working into Q4 is always a question on Saratan in the Taiwanese water. But I think the remainder is really transiting to projects where, for example, Ally, where it has been decided that she will not do any other work than Horn C3. So she is steaming directly back and preparing for being 100% ready for Horn C3 because we believe that that is a de-risking of that project that is very, very important. So where we on the other projects have tried to do a bit of utilization prior to the project on Ally, we are focusing on being 100% ready when that project starts.

That's great. Thank you. And finally, just on O&M, so exciting to see your next offering. Can you just tell us where you are in terms of sort of day rates in operations and maintenance at the moment? Are you still kind of on par with turbine installation rates?

I think if we look at the spot market, it's certainly a part of the installation market. If we look at the longer term contracts that are currently in the market, then I think that we are seeing rates that are slightly lower, but let's say with more visibility. So I think the offshore O&M market has two sides to it, the spot market and the longer market. And we are, of course, say, have been building up to this. We have talked in the last few quarters as well that we believe that the O&M market needs more care from a company like us. And I think that that is something where we are now taking that step to show our clients that we are ready to embark on that journey with them to make sure we take good care of the turbines that have been installed and deliver more renewable power to the world together.

Okay, that's great. Thank you very much, guys. I'll hand it over.

Thank you.

Our next question comes from Roald with Clarksons. Please go ahead and ask your question.

Hi, Michael. Hi, Peter. Thanks for taking my question. First, I want to touch a bit upon the new generation vessels that have entered operations now. So, yeah, Windpeak, which have started installation work on Sofia, and Windmaker, which has started work on Chenghua. So, can you give some color on the performance of these new generation vessels so far? And I guess I know it's still, you have a limited time of operation, limited data so far, but are you achieving the enhanced installation rates to the tune and vision for those vessels?

Yes, I think we are. I think in all fairness, we have seen more issues on peak than on the other vessels. But it's also the first that we have taken delivery of and we are getting acquainted with the system, but also kind of like the spare parts strategy. What is it exactly that we need to have in the inventory for spare parts? We are working closely with our suppliers and I think that we are really seeing the benefits of the serial production of these vessels where we have a lot of similarities in terms of cranes, jacking systems, stuff like that across the fleet of the new builds. The Peak is performing well, but we can already see improvements to Pace and also Maker because of what we know now from Peak. So Pete maybe becomes a little bit the scapegoat, although she has a very strong technical uptime, but she becomes a little bit the scapegoat because we are learning from her and we are implementing it. So it's really about taking operation knowledge and transferring it to the new build team to ensure that we take that knowledge in while the vessel is still in yard. And it is fair to say that we are seeing an improvement already.

Thanks. And then on my next question, I want to sort of touch a bit upon Yard prices versus secondhand market. So we have generally seen yard prices just continue to rise, which I guess makes that a greater hurdle than it has been in the past. So could that make secondhand transactions a more viable option for growth going forward? And how do you assess that market currently?

That's probably a fair assumption that that could be relevant for some to look at that. I would like to say that in my view, they are very, very limited quality out there. And hence, one has to be very careful of not adding something that could be dead weight in a few years. So I think that that's something where the teams have to go through these processes very, very diligently if something is looked at. I think the benefit maybe if one has to look at that is that it's probably with the current narrative in the market for anybody to, let's say, come in speculatively is probably not realistic either. So that maybe takes a little bit of the pressure off the yards.

Thanks. That's it from my side today. Thank you.

As a reminder, if you would like to ask a question, please use the raise hand button, which can be found on the black bar at the bottom of your screen. Our next question comes from Osna Holsen with ABG. Please go ahead and ask your question.

Hi, thank you for taking my question. I see you have a really good order book growth year over year, but I noticed that there is not a lot of development from 31st of March until now. Are people sort of awaiting signing contracts with waiting for a little bit more certain market environment or how should we think about that?

I think in offshore wind, one has to be very careful not to compare to, let's say, too strictly on a few months because these contracts are in negotiation for a long time and hence it can be, you know, the contract negotiation happens at a certain point of time or an auction happens at a certain point of time. I think we more focus kind of like what is our target for the year and what we want to achieve in a year rather than what month it comes in at. And we will continue to report on the backlog in the same format so you guys can follow it. But I think what we tried to convey to you guys in the backlog slide and in general on our market slides is that we still believe that there is an undersupply of the most capable assets and also that the most capable assets will be very busy in the years to come.

Okay, thank you. I'll hand it back and go back in the queue.

Thank you.

We have no further questions at this time. Thank you for your participation. I will now hand the floor back to Mikael Glierup for any closing remarks.

Yeah, thank you. And thanks for everybody who joined. It's always a pleasure to be able to have the questions directly from you guys. Remember that we're always available if there's any follow-up questions that is better asked in a one-to-one forum. Thanks to everybody who have been part of the journey so far. We know that there is a lot of noise out in the market at the moment, but we still believe that the fundamentals in this industry are very sound. And we will continue to fight to deliver what you expect from us. Thank you.