Enel Chile S.A. American Depositary Shares (Each representing 50 shares of Common Stock)

Good morning, ladies and gentlemen, and welcome to End of Chile Nine Months and Third Quarter 2023 Results Conference Call. My name is Victor, and I will be your operator for today. At this time, all participants are on listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. During this conference call, we may make statements that constitute forward-looking statements within the meaning of the Private Security Litigation Reform Act of 1995. Such forward-looking statements reflect only our current expectations, are not guarantees of future performance, and involve risks and uncertainties. Actual results may differ materially from those anticipated in the forward-looking statements as a result of various factors. These factors are described in NL Chile's press release reporting its nine months and third quarter 2023 results. The presentation accompanying this conference call and NL Chile's end report on Form 20F included under risk factors. You may access our nine months and third quarter 2023 results press release and presentation on our website, www.nl.cl. and are 20F on the SEC's website, www.sec.gov. Readers are cautioned not to place under-reliance on those forward-looking statements, which speak only as of their dates. NF Chile undertakes no obligation to update these forward-looking statements or to disclose any development as a result of which these forward-looking statements become inaccurate, except as required by law. I would now like to turn the presentation over to Mrs. Isabella Clemens, Head of Investor Relations of Enel Chile. Please proceed.

Buenas tardes, good afternoon, and welcome to Enel Chile's third quarter and nine-month 2023 results presentation. Thank you all for joining us today. Joining me this morning is our CFO, Giuseppe Turchiarelli. Our presentation and related financial information are available on our website, www.nl.cl, in the investor relations section, and as well in our app, Investors. In addition, a replay of the call will be soon available. At the end of the presentation, we will be an opportunity to ask questions via phone or webcast chat through the link, Ask a Question. Media participants are connected only in listening mode. In the following slides, Giuseppe will open the presentation with our key highlights of the period, then go through our portfolio management actions and market context updates. And finally, give us a view of the business economic and financial performance. Thank you for your attention, and now let me hand over to Giuseppe. Giuseppe?

Thank you, Isabella. Good afternoon and thanks for joining us. Let's start our presentation with our main highlights on slide two. I would like to start with our portfolio management highlights. During the year, we added around 400 megawatts of new renewable energy capacity, contributing to our long-term ambition of decarbonization and optimization of our portfolio. We are pleased to announce that the Arcada transaction was concluded last October 24. The proceeds total $556 million and shall be used also for the leveraging and capex needs of our business. Let me remind you that the operation involves the selling of four non-static solar power plants, amounting to 416 MW. We will give you more color in the next slide. This year we had a very positive raining season in the country, the rainiest year in the last few years. This is reflected in a 28% increase in our hydro production versus last year. For what concerns the market context on the distribution business, the final technical report of the GAD 2020-2024 has been already published. The process is not yet concluded, but I will give you more color on this later. Regarding the factoring of PEG-2, in August 2023, we received the first tranche of IDB issues related to the Enel Generacion Chile and Enel Green Power Chile of around 330 million dollars. During October, we were able to collect an additional $17 million and we expect to receive an additional $32 million by the end of this year. Again about the PEC, I would like to mention that the government signed an agreement with the Congress based on which a draft bill should be presented during November to address sector-relevant topics. specifically a solution related to a potential new price stabilization mechanism. Also, in November, the government committed itself to presenting another draft bill to discuss topics such as the transmission planning process, storage adoption and renewable support. Having said this, our EBITDA rose reaching $783 million, or 60% higher compared to last year's adjusted figures. And our FFO increased by $790 million versus last year's figures, showing an important recovery. We will have a deep dive into the economy and financial later. Now, let's move to slide three. Let's now look at how we are consolidating our renewable leadership and optimizing our generation portfolio mix. During the last year, we have focused most of our efforts on developing a diversified renewable mix matrix in line with our decarbonization strategy. And we are reaching the final stage of several projects, either in the north or in the center In this nine-month period, we connected almost 0.4 GW additional net capacity, of which 0.3 GW were added in the last quarter. Among the projects already connected in this period, I would like to call attention to Manzano, a 99 MW solar power plant located very close to the consumption load, in the center of chile and our wind farm in the south for an ipo 2 and la cabana which allows us to connect 72 and 100 and 6 megawatts of wind capacity to the national efficiency system Therefore, our renewable capacity continues increasing and in this period we have reached 6.7 gigawatts out of 8.8 gigawatts of renewable in-source capacity, representing 77% of the total. In terms of code, we have received the operational commercial certificate for 1.2 gigawatts in 2023 for projects like Renato 2, Campo del Sol, Guanchoi, Valle de los Vientos and Finisterra Ice. For more details, please see the annex. As a part of our Unlock ebay goal focused on optimizing our portfolio, Reinforcing the value of our assets, an important milestone was achieved a few days ago. We completed the test of our subsidiary Arcadia, a transaction that was announced in July and was foreseen in our 2023-2025 strategic plan. All the conditions established for this kind of transaction were finally fulfilled, including the approval from the Chilean Antitrust Authority . In line with the agreement, the buyer, Sonidi, paid a total amount of $506 million. We expect to record positive impact in both our net income of around $106 million and our of around $150 million in the last quarter of 2023. Regarding the latter, I would like to point out that the tax corresponding to the sales of Acadia, that totals around $61 million, will be paid in April 2024 and therefore it will not affect the 2023 cash flow. This fund will give us more room to execute our CAPEX plan and strengthen our financial position. Now, on the next slide, let's look at some updates on the hydrological situation and gas optimization activities. I would like to highlight that this year we have benefited from the very favorable hydrological conditions. Hydro production has been higher than in 2022, both in the Q3 and 9-month period. As of September, we record 38% of additional hydro production, reaching 8.1 TWh. Considering this scenario, we expect to close the year with around 11.9 TWh, 2.6 more than As a result of the significant increase in rainfall, the hydrological situation in all our reservoirs is positive, especially in the south of the county. Rainfall exceeded the hydrological level of the last 10 years, and in the Laca and Rapel Basins, the average level of hydrology of the last 60 years were surpassed. In addition, as you can see on the image at the center of the slide, snow cover in the mountains is better than last year in Maule and Laha area. Regarding our gas optimization activity and trading action, we continue having a comfortable gas availability thanks to the long-term LNG agreement with Sherman and the contract signed with Argentina Gas Supply. Since October 1st, new firm agreements with Argentinian gas suppliers for up to 4 million cubic meters per day started to operate until the end of April 2024, enabling us to optimize our CCTG generation cost. Thanks to the availability of Argentinian gas in the central zone, we continued carrying out LNG swaps to the northern zone where natural gas is not available. In this nine-month period, we diverted several gas shipments to the north, totaling around 12 terabits per kilo. In addition, we continued executing several trading activities with local industrial and mining customers and with foreign markets. In connection with the Leather, we have scheduled the sale of two sheets in the Q4 as we did in the Q1 this year. The total expected contribution margin for all this gas trading will be around 270 million dollars approximately for the full year 2026. Now, on page 5, let's review our performance and new initiatives in distribution and analytics building. Let me highlight some indications related to the distribution business. In our concession area, the number of customers and distributed energy continues to grow. Therefore, new opportunities and challenges continue to arise. On quality and efficiency, looking at the last months, we see a significant improvement in the SAIDI index of around 12 million, and the energy losses have remained flat versus the same period last year. Before moving to NLS, on the distribution site review, the final technical report of the VAT 2020-2024 has already been published. This record already considers several discrepancies raised by the distributor during the extra-finance stage. However, we are still waiting for the task breakdown by type of client, which should be published by the end of this year. After that, we have a new stage of the process, the rentability check. In this stage, the industry rentability will be reviewed. After all this process, we would have the final distribution target released. Considering all the steps I've mentioned, we expect to have the process concluded during 2024. For what concerns the 2024-2028 distribution target process, the VAD process has already started. and the components of the aggregated value of the distribution for the 2024-2022 year and services costs for this new regulatory period have been already defined. The process is still ongoing, so next year we shall have more updates on the matter. Regarding NLS, we have some interesting milestones focused on the electrification and decarbonization of our clients' energy consumption, which in the field. Let me go through some examples. First, we have incorporated 2.2 thousand e-buses into the Santiago fleet, or there is 6% higher than the previous year figures, mainly through 358 new e-buses of Transantiago 5 to support public transportation, and through the agreement signed with BOE to deliver another 214 e-buses. Second, regarding public lighting, The indicator rose by 18%, mainly as a consequence of new contracts signed with Mayfoo and Castro municipalities. To conclude, we continue working to increase the number of public and private charging points for the electric vehicles and to be awarded with more lightning projects throughout the count, increasing in this way the electrification of the market. Now let me drive you through the financial performance of our business on slide 6. I will begin summarizing our main results for the period. To better evaluate our company earnings performance, we present the 2022 figures as a proforma that includes two main adjustments. First, EBITDA has been adjusted by the impairment of cold stocks totaling $63 million in the 9-month period of 2022 and $1 million in the third quarter of 2022. These adjustments affected the bottom line of $43 million in the 9-month period and $0.4 million in the third quarter of 2022. The second adjustment, and the most relevant one, is related to the sales of Enel Transmissions in December 2022. We excluded from our analysis the data of Enel Transmissions, which amounted to $77 million in nine months period and $24 million in the third quarter 2022. These adjustments affected the bottom line by $46 million and $16 million in the 9-month period and the Q3, respectively. Now, on the FFO, the 2022 figures are adjusted also by the event transmission perimeter in terms of cash by $18 million in the 9-month period and $16 million in the The 2023 figures also excluded $310 million paid in tax due to the capital gains obtained from the evidence-based sales. Considering this, let's see how the earnings indicator and the FFO perform. In the nine-month period and the third quarter of 2023, we see a relevant improvement in and net income versus 2022. This is mainly explained by a more efficient degeneration mix especially during the last quarter due to the improvement in the heterological situation and better distribution performance. We will see more details in the following slides. Regarding the FFO, the 2023 figures show a relevant improvement impacted mainly by the EBITDA of this period and by the PEC 2 factoring first tranche execution for around $333 million. We will see more details later. Let's review the progress on CAPEX on slide 7. Our 9-month 2023 stockpile CAPEX reached $537 million. 74% of our total CAPEX deployment was related to renewables, and 94% of the total CAPEX was linked to the SDG goals. Customer CAPEX totaled $64 million, 18% higher than the previous year, mainly associated with the new customer connections. Other investments reached $102 million. 13% lower than previous year, mainly due to lower maintenance activity in conventional generation plants and distribution systems. These effects were partially offset by new renewable plants in operation and the maintenance program in RACO. Development capex reached 381 million dollars, representing a decrease of 34% versus last year figures, in line with the remaining renewable portfolio under construction. Let's move now to slide A, where we have the summary of the third quarter EBITDA breakdown, accounting for $391 million. First of all, let me remind you again the changes in the company consolidation perimeter, mainly due to the sales of Enel Transmision Chile in December last year. We have included the performance of our EBITDA for Q3 2022 for comparison purposes. Q3 2023 EBITDA is $162 million higher than the Q3 2022 performance, mainly explained by the poll. A positive effect in hydro and renewable contribution of $149 million to our margin, mainly associated with improved hydrology in the port, and the positive effect of $132 million of variable costs mainly by a lower weight and withdrawal spot price in the port, as a consequence of a better hydrology in the field. The above-mentioned effects were partially offset by a lower gas optimization activity, which decreased by $109 million, mainly related to the lower gas margin crisis and lower gas trading volume of 3.3 terabitu, which is equivalent to one cargo of LNG, approximately, when compared to the same quarter last year. $36 million for lower PPA sales in Q3 2023 primarily due to lower average PPA price mainly related to the valuation of Pesos versus US dollar in both free and regulated markets and also lower commodities indexation in regulated markets. The remaining variation of our EBITDA comes from Plus $16 million due to the grid remuneration related to the indexation, client-required services, lower fines and compensation, partially offset by lower demand. Better effects in OPEX and other costs, mainly by the financial aging in the quarter and higher effects in NLS, due to the recognition of transactions from Santiago, Cuba. Let's move to slide 9, where we have the summary of the 9-month EBITDA breakdown accounting for $783 million. As we did in the third quarter, we are excluding the 2022 EBITDA of an international for comparison policy and for a better understanding of the 2023 breakdown. Energy EBITDA increased by 60% or $293 million, mainly explained by the higher contribution of hydrocarbon renewables of $172 million, mainly related to the improved hydrology volume, $98 million from higher EPA sales in that month, 2023, primarily due to $37 million of higher average EPA price, mainly related to the $38 million, mainly due to the higher capacity payment revenue, primarily due to two factors. First, delay in the code of some market renewable projects, which increase the payment for all the projects in operation. And second, the new power plants connected and commissioned during the last quarter of 2022 and within 2023. A better effect of $17 million in variable cost, mainly related to $162 million related to a lower spot price in the period due to a better hydrology since June 2023, mainly during the no solar hour, and one effect of the agreement with one of our PPA supplies. partially offset by lower thermal generation margin, which amounted to $144 million, mainly related to the lower thermal generation. The remaining variation of our EBITDA comes from plus $24 million to grids remuneration related to devastation, lower fines and compensation, and higher demand. The above mentioned defects were partially offset by higher office and other, mainly in generation business, by 20 million dollars associated with the new renewable capacity and inflation across all the regions. Let's move now to slide 10 to take a look at our generation KPI. next electricity generation total 17.6 the level tower as of september september 2023 six percent higher than the level recorded in the first nine months videos of 2022 mainly due to higher hydro and solar generation this year reflecting better hydrology and the addition of new projects respectively the lower thermal dispatch mostly related to the disconnection of Boccamina 2 in September 2022. During the third quarter of 2023 net generation grew 11% to 7% mainly due to higher hydro and solar generation. It is worth mentioning that our commitments with our clients were fulfilled with a higher portion of our renewable generation, which also leads to lower energy purchases, especially in the spot market, mainly on end of solar hour. During the third quarter 2023, critical sales increased by 0.4% to 7.8% relative to the highest sales to pick up. Let me call your attention to the fund that we end up next seller in the spot market during the third quarter 2023, mainly associated with a much better than expected high drop for the period. now on slide 11 let's go to the main driver of our group listing our net income increased 87 percentage to 336 million dollars as of september 2023 when compared to september 2013 mainly resulting from a greater bid up of $293 million, as I explained previously. This nine-month period, we had a higher depreciation and amortization of $12 million, mainly as a result of our new renewable project in operation, which is compensated by lower depreciation mainly a consequence of new investments in power plants that increased the average useful life of the project, plants and equipment. A higher amortization of intangible assets in energy distribution, partially compensated by lower bed debts, mainly related to the client's debt recovery due to several conventional actions. Regarding financial results and equity investments, We had a higher result than the previous year, by $23 million. This is explained by lower financial costs associated to lower factoring executed in the period versus 2022, mainly due to the PEC 1 factoring interest income related to the PEC 2 better contribution of not controlled Higher income tax that increased by $143 million. This is mainly explained by higher and minimized tax results, monetary adjustments and provisions related to the classification of the investments in Arcadia and health postage. In 2023, net income increased 85% to $197 million, primarily explained by higher EBITDA, as detailed in the previous slide, higher depreciation amortization of $11 million, as mainly explained by the generation business due to the new renewable energy project in operation, Higher financial results and equity investments of 24 million dollars. This is explained by two positive aspects. First, we had higher financial income in the third quarter, mainly explained by the greater interest income related to the implementation of the Starry Stabilization Mechanism . Second, we had lower factoring costs in comparison to the previous quarter. This was partially offset by higher debt interest. Higher income tax that increased by $83 million. This is mainly explained by the higher earnings before tax results, monetary adjustments and provisions related to the classification of the investment in Arcadia as health or safety. Moving to the effects of analysis on the next slide. Let's review in detail our FFO for this video. As I mentioned before, in 2023 the Proforma FFO excludes $310 million paid in taxes due to the capital gains obtained from the energy transmission sales. After this adjustment, FFO amounts to $428 million, reflecting an improvement of $790 million when compared to last year's pro forma figures. The main effects that explain our FFO in this period are the following. $783 million coming from EBITDA. driven by the strong hydrology contribution and better results in the distribution business. $327 million negative impact from the cumulative stabilization mechanism affecting our receivables, reducing the cash conversion of the fields. This situation has been improved by the impact of the first tranche of the IDB factory issuance which amounted to 329 million dollars. As I have already mentioned, we have already received additional 17 million dollars at the second tranche during October and we are expecting to receive additional 35 million dollars until the end of this year. Working capital reached a negative balance of $190 million as a consequence of the EVA payments related to the stabilization mechanism account, EVATIS payments partially offset by cash management actions and cash in from the sales of Santa Rosa building. Working capital improvement once compared The last year figures mainly come from the sales of Santa Rosa Building and other managerial actions. Income tax reached $17 million, mainly related to the tax payments in generation business demand month 2023, offset by the tax recovery from the previous period for both generation and distribution business contributions. Once compared to the income tax paid in 2023 versus last year, the main difference comes from the tax recovery from previous years obtained during this year. To conclude, regarding financial expense, we reached $220 million. This is explained mainly due to the debt interest related to the average interest rate of the 4.9% that reflects also the new interest pure associated to the revolving credit facility. Once we compare the 2023 financial expense with the last year figures, we see an increase also explained by the higher average interest rate on the gross tax and the monthly payment relative to the revolving credit facility as the bridge instrument for the PEC 2 delay. Now, let's take a look at our liquidity and leverage position. Our gross debt increased around $0.3 billion to $4.9 billion as of September 2023, compared to December 2022. This increase was primarily related to the tax payments related to the Enhanced Retail Savings in April 2023 and other networking capital needs. It should be noted that the debt increase is a temporary effect as we will see the proceeds from sales of Arcadia assets on October 24. Also, our cash generation will likely improve. in line with our operational performance and lower CAPEX requirements. And we expect a net debt to be that of below 3 times by the end of 2023. The average of our debt maturity reached 5.7 years as of September 2023, maintaining the largest portion at a fixed rate with 77% of the total debt. average cost of our debt to reach 4.9% higher than December figures, mostly owing to the new profile of our debts, the financial market conditions, the prepayment of some rich shops and e-sports. Now, the close remarks on page 14. The 9-month results show a solid operating performance. The elements that we have now catalyzed by better than expected hydrology and the full natural gas availability during this year boosted our results, giving us more confidence to achieve the upper range of our 2023 EBITDA guidance as mentioned during the last call. We successfully concluded the Arcadia transaction last October 24. The proceeds of this transaction and the continuous improvement of our financial position allow us to leverage our strong positioning in the energy transition context and explore the opportunities that will materialize. Finally, we would like to invite you to our investor day. It will take place at the end of November, on which we will present our strategic plan updates for the period 2024-2026, given the most updated strategic and financial figures for our perimeter and business. Let me now hand over to Isabella.

Thank you very much, Giuseppe. Now we will open the Q&A section, so you can ask questions through the chat or through the audio. Victor, could you please open the line for the next question that we have?

Yes, and as a reminder, to ask a question, please press star 1-1 on your telephone and wait for your name to be announced. And to withdraw your question, just press star 1-1 again. One moment for our first question. Our first question comes from Javier Suarez from Mediobanca. Your line is open.

Hi, good morning and thank you for the presentation. Two or three questions. The first one is on one of the latest comments on the net debt to EBITDA by the end of the year. That should be around three times. And you are mentioning also that you will dedicate the closing of the Arcadia project Arcadia deal to reduce that. So the question is, how do you see the optimal level of net debt to EBITDA for a company like Enel Chile? Is that three times the level that you see as sustainable or optimal for a company like yours in current environment? That would be the first question. The second question is related to your statement on the proposal by the government in November on a measure for the development of transmission assets, storage facilities and new renewable energy assets. You can share with us your latest expectations based on latest conversation with the administration which may come out from that proposal. And then the third question is just a clarification again on the cash flow statement. We have seen a very good contribution from the factoring process, the first round, if you can help us to understand your net debt to EBITDA guidance three times, what you are expecting to collect from that factoring exercise. Thank you.

Thank you, Javier, for the question. Now it's over to Giuseppe.

Okay. Well, for what concerns the net debt to EBITDA level, we believe that being below three times is a comfortable It really gives us the opportunity to invest in the future. But in general, our target is to be below three times, between 2.5 and 2.9, something like that. made by the government and the commitment that the government takes versus the Congress. Well, let me say that it is clear that the fund of PEC 2 is going to be used entirely by the end of this year. Now the point is how to handle the increase of tariff according to the situation that we see today. The government postponed the submission of the draft that was supposed to be by the end of October and postpone during this month in November. We believe that the proposal could be in line with our expectation in the meaning that we hope that everything is going in a positive way so it's going to be neutral for the company. Now, we're going to see how the Congress will receive the feedback and how the Congress could change the proposal of the government. But so far, we don't have any other detailed information about this point. We are confident, but we don't have yet anything else of that. For what concerns the factoring of PEC 2, We started to factorize the effect tool and the first round was at the end of August. As I said, we already made a second part in October, about $17 million, and we believe we have another part that is around $40 million at the end of December 2023. We think if everything is going well to have another tranche in February 2024. That is going to be the last one before the new decree that's going to be issued. What I mean is that in order to go ahead with the factoring of the PEC, we need to have a new decree or we need a new law that is going to be, that is going to handle the situation in a different way. So we are waiting the, the proposal from the government, but in the meantime, we are confident about the following flow, at least till February next year.

And therefore, to be 100% clear, in your guidance for net debt to EBITDA, it is included a total collection from factoring just south of $400 million. Is that correct? In 2023? Yes. Yeah, yeah, yeah. Fantastic. Many thanks.

Thank you. And once again, that's star 11 for questions, star 11. One moment for any further questions. And I'm not showing any further questions in the queue. I'd like to turn the call back over to Isabella Clements for any additional questions via chat.

Thank you, Victor. Yes, we have some additional questions. The first one is a question that's raised into our chat. One of our investors are asking, how much is the earning per shares and when we pay the dividend related to the nine months 2023?

Well, we are going to have, as already approved in the shareholder assembly, an interim dividend in January that is going to be 15% of the September 23 results. the the board of of um director is going to be approved and proposed to the shareholder meeting the the final dividend payout in general what i can tell you is that i can confirm the 50 percent dividend payout that we propose in the capital market

Thank you, Giuseppe. We have one more question. The question is also related to PACT-3. A question from Andrew McCartney from Credit Corp. Can you provide us with some color on what you think will happen with respect to PACT-3 mechanism? Will this require finance from companies like Enel Chile? Giuseppe, now I pass to you.

yeah I mean what I can tell you is that what basically has been published in the newspaper so basically the idea is to find a way in order on one side to on one side to increase the tariff without big impact on the customer, but in the same time to guarantee the recovery of the debt that all the drain costs have been accumulated until now. There is also another point that has been mentioned in the proposal, that is the subsidies to a certain kind of customer, so basically the customer with a lower level of income. So we believe that part of this debt is going to be subsidized through this mechanism. But again, we don't have more information than what we see in the

Thank you, Giuseppe. We have one more question. The other question that we just received also related to Los Condores project that was done by Davi Parra. Davi, I will read the questions, okay? Hi, thank you for the presentation. I have two questions. The first one, have there been any problems in Los Condores projects like the ones we have seen in Alto Maipo project? What is the total expected cost of Los Congres project? This is the first question. Then the second one is, is there any specific plan from the revenue from the sale of Arcadia? Thank you.

Okay, for what concerns the total cost of a lost continent, I mean, we don't have any update with respect to what we have already declared in the past, so we are going to have around 1.2 billion dollars. We had, we performed some delay because of the raining season in July, that of course As already mentioned in the last call, we could mean some more delay in terms of COD, but no major impact on the whole. But what concerns the proceeds coming from the state of Ascania, as I said, we are going to one side. repay some loan, bank loan, and some revolving trade facility. On the other side, we're going to use the proceeds in order to finance our capital, networking capital.

Thank you, Giuseppe. And we have, I think it's the final one that we just received here. It's relating the purchases that we are doing with other generators, okay? So the question is coming from Martin. Sorry, I don't know how to pronounce your surname, Martin, but the purchase from other generations line is connected to long-term contracts with other JNCOs. Can you give us a sense of duration and size

Well, you know, a couple of years ago we started to sign some PPA in order to diversify our sourcing. So now this energy part is becoming materializing. In terms of contracts, We are talking about around three terawatt-hours per year long contracts. And for what concerns the timing, I would say that it is 10 years, in average, 10 years. Of course, there is several kinds of PPA. We have also 15 years. but in general between 10 and 15.

Thank you, Giuseppe. Victor, do we have any other questions?

We have no further questions in the queue.

Okay, so I would like to thank you all for your attention today in our call and conclude our results conference call. Also, to remind you that our investor day is going to be held on November 27th It will be a hybrid event, so we will soon receive the invitation. Okay, thank you very much. Have a great week.

Thank you. And this concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.