Vista Energy S.A.B. de C.V. American Depositary Shares, each representing one series A share, with no par value

Good day and thank you for standing by. Welcome to VISTA First Quarter 2025 Earnings Webcast. At this time, all participants are in a 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. I would now like to hand the conference over to your speaker today, Alejandro Cernakoff, VISTA Strategic Planning and Investor Relations Officer. Please go ahead.

Thanks, good morning everyone. We are happy to welcome you to VISTA's First Quarter of 2025 Results Conference call. I am here with Miguel Galucho, VISTA's Chairman and CEO, Pablo Vera Pinto, VISTA CFO, Juan Garobi, VISTA CTO, and Matias Weissel, VISTA COO. Before we begin, I would like to draw your attention to our cautionary statement on slide 2. Please be advised that our remarks today, including the answers to your questions, may include forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from expectations contemplated by these remarks. Our financial figures are stated in US dollars and in accordance with international financial reporting standards, IFRS. However, during this conference call, we may discuss certain non-IFRS financial measures such as adjusted EVTA. Reconciliation of these measures to the closest IFRS measure can be found in the earnings release that we issued yesterday, so please check our website for further information. Our company is a Sociedad Anónima Bursátil de Capital Variable, organized under the laws of Mexico, registered in the Bolsa Mexicana de Valores and the New York Stock Exchange. Our tickers are VISTA in the Bolsa Mexicana de Valores and BISD in the New York Stock Exchange. I will now turn the call over to Miguel.

Thanks Ale, good morning everyone, and welcome to the turning call. As you know, last week we announced the acquisition of Petronas Argentina. I am personally thrilled by the consolidation of 50% of La Marga Chica, a low-cost, high-retain asset, which is transformational for VISTA, providing us with a significant large scale. The acquisition brings material flow in production and substantial EVTA generation, which will strengthen our cash flow profile going forward. Today, I will first go through the quarterly results, then into the details of the acquisition and its merit, and the last, I will do a Q&A session. During the first quarter of 2025, we continue to deliver robust growth year over year. We also recorded a major match told with the inauguration of Old El Val Dupil Carpailan, reducing significantly our selling expenses as we scale down the use of track to zero by the end of the third quarter. In Q1 2025, production was 80.9 billion a day, an increase of 47% year over year. Oil production was 69.6 thousand barrels per day, also 47% year over year. Total revenues during the quarter were $438 million, 38% above the same quarter of last year. Lifting cost was $4.7 per VOE, 8% above year over year. Capital expenditure was $268 million, driven by 16-week drill and 10-week completed during the quarter, plus $49 million in development facilities. As of the EVTA was $275 million, an inter-annual increase of 25%. Net income was $83 million, implying a quarterly EPS of $0.9 per share. Free cash flow was minus $243 million during the quarter as we initiated a year of a very strong growth. And finally, net leverage ratio at quarter end remained strong at 0.84 times as of the EVTA. During Q1, we recorded another quarter of double digit inter-annual production growth. This reflects a strong performance from our development hub, with 49 wells connected in the last 12 months. We tied in 10 wells in the quarter, backloading activity to make better use of all the VALPHA line expansion and minimize tracking expenses. Total production at 80.9 thousand VOEs per day was 47% above the same quarter of last year and as expected, 5% below Q4 2024. Oil production was 69.6 thousand barrels of oil per day, 47% above a year over a year. And gas production increased 42% on inter-annual basis. In Q1 2025, total revenue were $438 million, 38% higher year over year, driven by the strong increase in oil production. On sequential basis, the relatively lower increase in total revenues compared to the 47% increase in oil production reflect an inventory buildup of 350,000 barrels of oil, which will be reflected in the sales of Q2. Realized oil price was $68.6 per barrel on average, down 2% on inter-annual basis, mainly driven by the lower international prices. Export realization prices were $68 per barrel. We exported 3.2 million barrels of oil during the quarter, twice as much as during the same quarter of 2024. Domestic realization prices were $69.4 per barrel, including volume sold at export parity. We continue to increase the domestic volume sold at export parity pricing. During Q1, 78% of our domestic volume and 90% of our total volumes were sold at export parity. Lifting cost during Q1 was $4.7 per VOE, flat on sequential basis, reflecting successful cost control despite the lower volumes and the underlying USD cost inflation. Selling expenses per VOE came down 19% on sequential basis, driven by saving in track costs with total $27.7 million, $13.7 million below Q4 2024. The connection of all the VAL duplicate pipeline during the quarter enabled us to gradually reduce tracking volumes. Importantly, expansion capacity is now fully available. We have incorporated 31.5 thousand barrels of oil per day of pipeline capacity, and we forecast no tracking in future. As of the DVDA, during the quarter, it was $275 million, 25% higher on an inter-annual basis and flat compared with Q4 2024. As of the DVDA margin, it expanded 5% point on a sequential basis, driven by higher oil prices and lower selling expenses. Driven by the same factors, our net back expanded 9% during the quarter to $37.8 per VOE. During Q1 2025, cash flow from operating activities was $66 million, reflecting an increase in working capital of $59 million and an unbacked payment for metering expansion of $36 million. Cash flow used in investing activities was $310 million, reflecting a crude caudate of $268 million, an increase of $18 million in working capital and an investment in back and mortise of $29 million. Free cash flow during the quarter was therefore minus $243 million. Cash flow from financing activities was $219 million, reflecting proceeds from borrowing of $341 million and partially offset by the repayment of borrowing of $99 million. Finally, cash at period end was $740 million and our net leverage ratio stood at 0.84 times as a CDBDA. We will now deep dive into the acquisition of Petronas Argentina, which we announced last week. The purchase price was composed of $900 million in cash, a deferred cash payment of $300 million at zero interest and 7.3 million Vista shares. This payment equates to an MPD of approximately $1.3 billion, leading to a highly creative acquisition multiples. With this transaction we closed last week, we started the consolidation of 50% of La Marga Chica as April 15, a material addition to our portfolio. La Marga Chica span 46,000 acres in the core of Vaca Muerta and is right next to Bajada del Palo Este and Aguada Federal. At our share, we estimate it has an inventory of 200 wealth to be drilled, increasing and enhancing Vista's inventory. At our 50% P1 reserve were 140 million DOE as filed at ERM 2023, a significant addition to the 375 million DOE of P1 reserve booked by Vista. With the 247 wealth on production at ERM 2024, La Marga Chica has a solid history of robust wealth productivity and low listing costs, very comparable to our development hub. It is also the second largest producing block in Vaca Muerta, production was .5,000 DOE per day in Q4 2024, implying that our 50%, we have consolidated .8,000 DOE per day. This leads to a pro forma production of 125,000 DOE per day for such a period of which 109,000 are owed. Petronas Argentina has secured a material amount of transportation and dispatch capacity in the mainstream sector. Combining the Vaca Muerta Norte and the Old El Val pipeline, we are adding 57,000 barrels of oil per day of film transportation, 90,000 in Old El Val open access, 70,000 in Duplicar and 21,000 in Vaca Muerta Norte. Based on Q4 2024 production data, more than 20,000 barrels per day or around 40% of this capacity was either providing ample room for growth and synergy with our development hub. With this strategic transaction, we are doubling down on Vaca Muerta, increasing our exposure to short cycle low rate given shell assets. This deal improve our short and medium term cash flow profile, as well as our long-term value proposition for shareholders. This constitutes a highly effective transaction for our shareholders. A day each way without two times, EB per flowing barrel of $33,000 and price to earning of 3.8 times. The transaction multiples comparable very positively to Vista's own trading metrics. We have consolidated in low cost, high margin cash generating assets. The Marga Chica lifting cost was $4.1 per VOE in 2024, reflecting a robust operating model and solid well productivity. On pro forma basis for 2024, the acquired company improve our adjusted EBDA by 61%, strengthening our cash flow profile. On the same basis adjusted EBDA margin improves by 3% at point from 65% to 68%. The transaction also increases our scale and enhance our portfolio. On a pro forma basis, our total production for Q4 2024 will be 125,000 VOE per day, an increase of 47%. As discussed earlier, P1 reserve and acreage are also significantly enlarged. As per our estimation, La Marga Chica has an inventory of 200 wells to be drilled at our 50% working interest. We are therefore increasing our inventory by 20%, adding wells located in a premium area of Vaca Muerta, around Bajada del Palo Este, a region we know extremely well and which has consistently delivered extraordinary value to our company. Based on La Marga Chica proximity to our development hub, our analysis show there are very clear synergies we can capture related to sharing facilities, optimizing well placement close to the limit between the blocks, streamlining new well designs and potentially sharing general services. Importantly, the acquired company holds material only stream capacity. By adding 57,000 barrels of oil per day of contracted pipeline capacity, we have reached almost 200,000 barrels of oil per day capacity on a pro forma basis, excluding trucks. We are thrilled to be consolidating a high margin, low rate given asset with very clear synergies with our ongoing operation. Based on the scale and importance of this consolidation, we are currently working on a revised version of our 2025 plan. We are therefore removing our 2025 market guidance and we will present an update guidance in our Q2 earning code. I will make some closing remarks before we move on to Q&A. On the operational front, we have made solid progress during the quarter. Production increased 47% year over year, driven by 49 new wells drilled and connected in the last 12 months. We reached a major milestone as the duplicate pipeline came online, adding 31,500 barrels of oil per day of oil transportation capacity, materially reducing our selling expenses quarter on quarter and fully eliminating tracking volumes of a quarter end. Yet the most important achievement was on the M&A front with the execution of a transformational deal for our company. Our track record shows that we are a company that cannot value through its operating operation, as well through business development. With acquired assets, we incorporate growing production, material evidence and cash flow generation, bringing new well inventory, field monitoring capacity and potential synergies at a creative acquisition multiples. Following this M&A transaction, VISTA emerged with an improved cash flow profile and higher margin, which is very relevant in the backdrop of a high market volatility. And I think more importantly, reflects our constructive long-term vision on Vaca Muerta and long-term global oil price fundamental. Before we move to Q&A, I would like to thank the entire VISTA team for their hard work in this quarter. And specifically, I would like to thank the M&A team for their understanding transaction is just complete. Operator, we can now move to Q&A.

Thank you. As a reminder, to ask a question, please press star 1-1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1-1 again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Alejandro de Michele from the United States. From Jeff Reins.

Yes, good morning, guys. First, congratulations on the deal to the whole team. Miguel, maybe you can deep dive a little bit more on those synergies that you're talking about in terms of how long do you think it's going to take you to achieve those? How are the discussions with the operator to get access to that kind of extra capacity, the sharing of some services, as you mentioned, and how you see that kind of, say, more of a portfolio development going forward?

Hi, Ale, and thank you for the question. Well, synergies are super important, as you know, in any acquisition. We run a very solid division process, and we have a very good engagement with YPF in the last days. I think both teams, we are super concentrated and excited in working together. I would say the first synergy that we perceive and we see is total transportation capacity. That clearly will bring more flexibility to our operating hub. The total capacity is 57,000 barrels per day. That is compared with the core in all production, that is around 20,000, leave us with 20,000 barrels per day of spare capacity. We also see potential upside in sharing all treatment facilities. Like Marga Chica have two all treatment plants. Each one of them have 80,000 barrels per day capacity. That if you compare with the total production of the block, clearly there is spare capacity that is available to us and really will save costs. The other thing that we believe that we can optimize is the drilling of the longer lateral close to the border of the two blocks. Now that we somehow we have ownership in both blocks, clearly we can optimize the work placement and doing probably longer laterals before we sometime we come short on the borders. So that from the subsurface point of view is also an upside. And last but not least, and probably more important than everything else, we know that we share and I share with Horacio the important, I would say target of reducing well contraction costs, both on drilling side and on the completion side. That's a lot of things that we can do together in terms of reducing cost of goods, cost of services and also sharing best practice of how we drill and complete those wells. So the last one I think is super important and particularly in the new environment that we have in the more price volatility.

That's very useful, thank you.

Thank you, one moment for our next question. Our next question comes from the line of Bruno Montanari from Morgan Stanley.

Hi, Miguel, Ali, thanks for taking my question and very good to see this great acquisition. I understand it's too soon to provide guidance for 2025 in the long term, which we eagerly wait for. But if you can talk about what we expect in the very short term, what are you seeing now for the second quarter? In other words, what is VISTA's initial reaction to activity and capex and how to manage the workflow right after the acquisition? That'd be great, thank you very much.

Thank you, Bruno, for your question. I think in Q2, you will see a sharp growing production as we consolidate La Marga Chica. We finished Q1 almost at 81,000 barrels per day. And I think we should see north of, I would have said 110,000 barrels per day in Q2. Since the importance of the takeoff of our part of Bajada del Palo Oeste, it will come in, the important production will come in in Q3. So I would have said you should consider north of 110 for Q2. And then in Q2, we are not planning and changing any drilling or completion activity plan or capex at the moment. So yeah, 100 and 10, Q2. And of course, we will continue growing in Q3. Most of our activity when you see where the load of production and completion come in, it will be in Q3. And Q2, you have to consider that Q2 is going to be just 75 days of the transaction. So that is what I'm accounting in the current day.

Super, thank you very much.

You're welcome. Thank you. One moment for our next question. Our next question comes from the line of Daniel Guardiola from BTG Pactual.

Hi, good morning and thank you for the presentation. Miguel Alev, congrats for the transaction. I guess my question is on two fronts. One, can you share with us what is the expected leverage deterioration following this acquisition? And regarding the free cash flow generation, can you please elaborate on what happened during the queue and what are your expectations for 2025 and 2026, please?

I'm sorry, can I take the question? Thank you, Daniel. So first

of all, probably to say that PEPASA has no data at the time of the acquisition and a very small amount of cash for wonky capital purpose. With acquisition, we have incorporated in $300 million of financial debt and we pay $900 million as from. So after the acquisition on performance-based LPM, our net leverage ratio is around one time adjusted to VDA. You should see or you should assume or you should expect that the net leverage ratio to be below 1.5 and this, I would say assuming a brand of $65 during the year. If we have a different brand, we should adjust at 1.5. This means we will require some additional financing during the year, that is obvious. In terms of cash flow, the negative cash flow that you see is related to capex acceleration and this was basically designed in our guidance. Before the paternal acquisition, we have between minus 400 and minus 500 free cash flow based on the growth capex and our equity in Baca Muerta sur pi line. I would say that additionally in Q1, usually we have a negative working capital related to the payment activities that we execute last year. So going forward, you should know that paternal acquisition will strain our cash flow profile because we consolidate material, the generation that's coming from that block and we are re-assessing our plan following the consolidation of this block and we will issue new guidance as we mentioned before in Q2 and then also we will show you a new long-term plan sometime in the second half of this year. Hope I have answered your question.

Thank you, Miguel.

Thank you. One moment for our next question. Our next question comes from a line of Bruno Amurri from Goldman Sachs. Bruno Amurri, your line is now open. Please proceed with your question. One moment for our next question. Our next question comes from the line of Andres Cardona from Citi.

Hi, good morning everyone.

Miguel, Pablo, and Miguel. Ale, congratulations on this. I expect to be very interesting. To be honest, I'm looking at the first quarter for adoption numbers, it seems to be a decline versus the fourth quarter. So versus the fourth quarter, Andres, can you give us some color on that? What do you expect in particular for La Marga Chica in the second quarter? And for the reminder of the year, do you have any color there?

Thank you, Andres.

Yes, you're right. I mean, at our 50% share, Q4 was around 39,000 barreles per day. There was a lower new well activity in Q1, leading to an average of 34,000 barreles per day. Today, I look at the production, yesterday was 35,000 barreles per day. So we expect a big cap in production year in Q2. Our fourth well, we are tying in March 14 in April, and they're planning 10 new well tie-ins in May and June. So when you look at Q1, we'll be completed with 10 tie-ins, and Q2, I would say, you should assume between 20 and 24 tie-in, and for the full year, around 50 tie-ins. So yeah, you should see a pick up coming up, a good pick up coming up that you will see

in our production in Q2.

Thank you. One moment for our next question. Our next question comes in the line of Rodolfo Angel from JP Morgan.

Hi, good morning.

First of all, congrats for the acquisition. My question is on, you know, have you won peak production looking forward? Before the acquisition, the plans were of reaching 150,000 barrels a day by 2030, and I understand there's no guidance yet, but could you comment on what do you see potential volumes for VISTA in the long term? That's my question, thank you very much.

Thank you, Rodolfo, for your question. As I mentioned, we are planning to hold an investor day second half of the year. Clearly, our new plan will accelerate our ambition to reach 150,000 barrels per day in 2030. So our new strategic objective, you should assume that we'll be aiming to new highs, will be about 150,000 barrels per day. And really part of this acquisition was to accelerate this 150, but now it's around the corner. Thank you, Rodolfo, for the question.

Thank you.

Thank you. One moment for our next question. Our next question comes from the line of Leonardo Marcondes from Bank of America.

Hi, everyone. Good morning for picking my question. I would like to know if you guys continue to explore other M&A opportunities plus the LA Market Chica acquisition. So we know that there are other opportunities in the market. It would be good to know if you continue to assessing these opportunities. Thank you very much. Thank you, Leo, for the question.

Yeah, as you know, I mean, we have a good track record of creating value through M&A. So we are not only a good operator, we have a top notch BD team at VISTA. It is part of our strategic approach. We will continue doing that. And we are, as we increase our scale and our cash flow profile, we will continue assessing opportunities as they come or as we see them. But of course, we will continue setting very high bar in terms of value acquisition and strategic fit. So the short answer is yes, we are, and we will continue assessing new opportunities and we will not change our strategy. So you will expect something that come out of what we do. And yes, the key will be that we maintain our discipline of data acquisition to be a creative power shareholders and to our story.

That's very clear, thank you.

Thank you, one moment for our next question. Our next question comes from the line of Vicente Falanga Neto from Bradesco BBI.

Good morning, thank you, Miguel Alejandro Juan. I wanted to understand a little bit more what are the key operational advantages and disadvantages that La Marga Chica has over Baja del Palo Oeste. Miguel, you also commented that you could potentially drill new well designs. Could you provide more details on that to some extent? How much longer laterals could La Marga Chica wells have, more frag stages, and can you get the La Marga Chica type curves closer to Baja del Palo Oeste, thank you.

Vicente, for the question, look at, first of all, these two assets are great assets, okay. They are in the core primary of Baca Morta. The raw quality in both cases, we know then, is they are very good, I think best in class within Baca Morta. The raw, as you know, they are actually next to each other. We have a study then, very well, and definitely, our geologists see geological continuity. If you look at the productivity per well, they are also very comparable. Maybe BPO in average is slightly better today, okay. But La Marga Chica start before, so I believe they are very close. BPO is in early stage of development. We have less well drill, less landing zone tested, therefore, there's more upside in terms of inventory and production growth. You mentioned well design, I mean, well design, I think, whatever we do next, and we are always looking to what we can do differently in order to be more efficient in the placement and the development of the reserve. But also we are looking always, and we are looking now on how we can reduce our capex in terms of well cost, achieving similar productivity. And I will say, whatever we do, or whatever recipe we find, it will be applicable to La Marga Chica. And as I mentioned before, in one of the previous questions, part of the key is working also with YPF and sharing the learning from both sides, okay. YPF people are technical people that we know very well, as you know, we consider them coworkers. So what we can do in using the strength of BIST and the strength of YPF to make the best of both block is part of the key to continue progressing. And we will have that level of cooperation between the two companies. At the end, we have both the same objective that is try to create value from the development of the well. And as I mentioned before as well, as we come in a market with more uncertainty in terms of prices, whatever we do to reduce cost of service, goods, capital, and applying this practice, it will be key. So I cannot comment in anything specific today. Probably when we show our Q2 plan, we will go through some specific on what we are doing on that front.

Thank you for your question. Thank you very much.

Thank you. One moment for our next question. Our next question comes from the line of Kevin McCurdy from Pickery Energy Partners.

Hey, good morning. And I appreciate you taking my question. My question is on your outlook for Brent oil prices and the impact on your long-term plan. Oil prices have been changing over the past several weeks. Do you have an internal view on mid-cycle Brent prices and have you considered how your long-term plans might be impacted by lower prices? Thank you.

Hi, Kevin. Happy to have you on board covering VISTA. Thank you for that. So looking to oil prices, today we are below Q1 levels. That is a fact. Q1 was 75 on average. In April, demand to date average is 67. And today is 65. So we are obviously going through a period of increasing volatility. Especially since the start of April, we have seen that. However, when you look at the last days, we have seen, I would say positive correction to the negative announcement that led to the increase in volatility. In the long term, I have no doubt about the strength of the fundamental oil and gas sector. We continue to see a strong long-term oil demand. And also we still see some uncertainties where in terms of long-term supply and where that supply will come from. So I have no doubt that the fundamental for the long term are there. We have to manage to drive through the times of volatility. And with that, I think for that, I think we have the right team, the right company and the right asset. Because our assets are short cycle assets. We have proved that during the COVID-19 years. And also Vista have the agility and the contractual arrangement to accelerate and also to stop or reuse when we have to do that. So I cannot probably put more color to your question. I think in Q2, we will give you a new guidance and then with that new guidance, we will adjust activity and oil prices view. So if you hold and wait for us for Q2, I will give you more precision on your question. And thank you again, good to have you on board.

Thank you. One moment for our next question. Our next question comes from the line of George Gasto from Latin Securities.

Hi, good morning and thank you for taking my question. Prior to the incorporation of the new assets, trucking was expected to pick up slightly in 2026 before Vaca Muerta Sur comes online. With the addition of its new midstream capacity, should we now expect trucking to be fully phased out?

I sure, thanks for the question. So first of all, since April 1st, we are not tracking oil. Okay, we are happy for that and it is saving us a lot of cost. The new acquisition, as we mentioned brings 57,000 barrels of new midstream capacity. With that, the full capacity of Vista is taken to a total 144 barrels, if I'm calculating well. Now we are working on a new plan. I mentioned that we accelerated 150 and we will have a new ambition. And for that, we will require new capacity. Again, in the new guidance, we will show you what we are planning to do. And depending on that, we may need a bit of tracking capacity. We have that infrastructure in place or we will not. But clearly, if we need it, it's going to be very little.

Thank you, that's very good.

Thank you. One moment for our next question. Our next question comes from the line of Victor Modenese from UBS.

Good morning, Miguel Alejandro Juan. Most of my questions have already been answered. So I'll just like to confirm one final point regarding the acquisition of La Marga Chica. Can you confirm if the transaction is now complete and the acquired stake is fully incorporated into Vista or are there any regulatory approvals and precedent conditions pending? Thank you.

Thank you, Victor. And it's a good question. We look into that. So the short answer is the transaction is completed. And we are basically currently consolidating PEPASA as sector 15, which includes 50% of La Marga Chica. We are formally filing the transaction with the anti-transaction agency. And we do not foresee any competition issues based on the precedent cases that we have in Argentina. Within the oil and gas industry. So there are no other regulation approval pending and there are no condition precedent. So the short answer is this deal is completely closed.

Okay, that's very clear. Thank you.

Thank you. One moment for our next question. Our next question comes from the line of Bruno Amorim from Goldman Sachs.

Yes, hi, good morning. Can you hear me? Hello, can you hear me? Yeah, we can hear you.

Okay, thank you. So I just have a follow-up question on the recent acquisition that you have made. So the acquisition of Petronas, does it change to some extent your plans for the current assets or should we think about the existing operation and the new asset as independent operations?

Thank you. Yeah, Bruno. So given the consolidation

of La Marga Chica, we have removed the guidance of 2025 from the market and we already working on the revised plans as we speak. But we are incorporating the activity of the acquire housing and we are focused on protecting basically balance sheet, maintaining a healthy liberal ratio, as I mentioned in a variable at the environment. And we are reassessing the CAPEX plan and making a new plan that consider both the operating and non-operating CAPEX. We believe the new plan will be much more solid to the one that we have today due to the new production that is coming in and the adjusted EBDA that we are consolidated. And of course, more importantly, probably for this year, it will be that we will have a stronger free cash flow and with that free cash flow, we will have more flexibility. So again, as I said before, if you bear with us, we will issue that new guidance in Q2 during the learning course. And thanks for the question.

Thank you.

Thank you. At this time, I would now like to turn the conference back over to Miguel Galucho for closing remarks.

So thank you very much everybody for participating. Neither

you said that we at VISTA, we are super happy with this acquisition. It take the company to a different level of scale, different level of strength, and of course, different level of flexibility because now we have a bigger playground to play. Again, thank you for the report and thank you for the support. Have a good day.

This concludes today's conference call. Thank you for participating. You may now disconnect.