Mowi Asa

Good morning everyone, and welcome to the presentation of MoE's second quarter results of 2026. Both to those of you who are in the room here with me this morning at the SAMEN, our combined exhibition center and fish restaurant at Aker Brygge, and of course to those of you who are following us online across the world, which is the majority. And to those of you who are in the room with me this morning, I hope you have settled in well, had something to drink and grabbed a bite to eat, a bite of some of our delicious Mowi products. And to those of you who are following the presentation online, I hope you have made yourselves comfortable so you can follow along in quiet and peace. Otherwise, my name is Ivan Vindheim, and I'm the CEO of Moe, and together with our CFO Kristian Ellingsen, I will take you through the numbers and the fundamentals this morning, and to the best of my and our ability, add a few appropriate comments to them. And after the presentation, our IRO, Kim Dosvig, will routinely host a Q&A session. For those of you who are following the presentation online, you can submit your questions or comments in advance as we go along by email. Please refer to the website at movi.com for the necessary details. This Glamour is both long and extensive, so I think we leave it for self-study. So without further ado, I think we are ready for the highlights of the quarter. And if we kick things off with a big picture first this morning, As long expected and also guided, industry supply growth dropped finally back to a more normal level in the second quarter, down to a relatively low single-digit rate of 2.6%, unadjusted for inventory, and 6.1% adjusted for inventory after a year of unprecedented double-digit industry supply growth. But on top of comparables, so... It will probably take some time before all of these new volumes are fully absorbed in the markets and prices recover. Because I think it's fair to say that prices in the second quarter were rather soft. Especially to be a second quarter when we normally see very strong prices due to seasonality. I also think it's fair to say the prices have been rather soft through the summer as well. But having said that, prices were still up by 6% year over year in the second quarter, and 21% so far in the third quarter. From a low baseline, but still, these are two important steps forward after a period of very low prices. And this is also attesting to the historical supply-to-demand ratio, which is an important element in the market and price recovery story. And for Moe's part, coupled with good realized weighted production costs in the quarter, 5.20 euro per kilo, and seasonally record high harvest volumes of 150,000 tons, this translated into an operation profit of 231 million euro in the quarter. Which is a good result, I would say, given the soft prices, which is up by 23% year-over-year from €189 million in the second quarter last year. And the numbers align well, I would say, because costs were down by 3.5% year-over-year in the quarter, with €26 million in absolute terms. Whilst volumes were up by 13% year over year and prices, at least spot prices, were up by 6%, which with quick head math adds up to pretty much 23%, which was the percentage number that our operation profit grew year over year. Furthermore, turnover came to 1.60 billion euro in the second quarter, and that's quarterly record high, so not only record high for our second quarter, but also record high for any quarter on record, which says a lot about the volumes that went through our value chain in the second quarter. And on the cost side, we are now expecting relatively stable, realized, rated production costs for seven production countries in the third quarter, when compared with the second quarter, as previously. Guided dropping costs came already in the first and second quarter this year. And now we're also generally seeing a more inflationary environment around us, especially on the feed side, following weak pelagic fisheries this year. But nothing dramatic so far. And some of this we can offset by changing the feed basket. And part of the story is also that we have hedged some of our raw materials for feed for this growth season. And as for next year, that's too early to have a clear opinion on today. But I guess the short-term trend is up and upwards. But having said that, bear in mind that the driver behind this feed price increase is weak fisheries. And fisheries, they come and go. So this will turn sooner or later. So this inflation is not necessarily permanent or very sticky. So let's see what the future has in store for us. Carrying on, when it comes to our two other divisions, Movi Feed and Movi Consumer Products, things are going well, I would say. But it can be noted that the second quarter is low season for our feed business, but all that entails, so our numbers in the quarter for feed are a reflection of that. But just for seasonality, it was another record-breaking quarter for our feed division. And in consumer products, weaker contracts year over year continue to weigh on our earnings there. But other than that, I would say things are going well in our downstream business too. Then the second to last bullet point, Canada East. As recently announced, we have entered into an agreement to divest our farming operations in Canada East for 225 million Canadian dollars on a debt-free basis. And this is a 9,000 tons farming operation. In Atlantic Canada, an area where we have never truly succeeded, I think it's fair to say. This should be seen as a measure to further sharpen our farming portfolio and become even more focused on our remaining farming geographies. And for those of you who are following our numbers, please note that this entity will be booked as Assa's help for sale until closing, pending competition approval. And closing, we expect to take place sometime in the second half of this year, and probably closer to year end. And closing is subject to customary closing conditions. So now that's been said. And finally, as the last bullet point here reads, our board of directors has decided to distribute a quarterly dividend of 2.30 NOK per share after the second quarter. I think that covers the highlights of the quarter, so we can move on to our farming volume guidance. And we begin with adjusting it slightly down for this year, from 605,000 tons to 600,000 tons due to The agreement to divest of farming operations in Canada East. But 600,000 tons are still equivalent to a growth of as high as 7.4% year-over-year, driven by the acquisition of Nova Sea in Norway last year. And furthermore, we uphold our 2029 organic farming volume target of at least 650,000 tons. and the latter we will achieve through increased smolt stockings and with post smolt among other things. Because we have still unutilized license capacity in MoE, in several other countries where we operate, and with post smolt we can increase the productivity of licenses already in operation, which are to be set into operation. So, Moe's farming volume growth continues unabated after a rather flatlining 2010s, I think it's fair to say, and is now surpassing that of the wider industry, and our list appears by a large margin, cementing our number one position in the market for the Atlantic salmon. Then from the overall volume picture to key financial figures for the quarter, There are a lot of numbers on this slide, so I think we will have to focus on the most important ones now and leave the rest for later and Kristian's session. And then we also avoid getting ahead of things and becoming too repetitive. And turn of profit, we have just been through, so I think we can skip them here. So let's go straight to cash and net interest bearing debt. We stood at 2.81 billion euro at the end of the quarter, which is slightly higher than a long-term debt target of 2.70 billion euro. But having said that, equity ratio was at a healthy 43% at the end of the quarter, so I would still argue we have a strong balance sheet in Mowi. Furthermore, underlying earnings per share were 28 eurocent in the quarter, whilst the annualized return on capital employed was 13.6%. And finally, in terms of regional margins through the value chain, there was quite a wide spread in the field also this time around, but narrower than last time around. And we will get back to the explanations shortly when we go through the different business entities. But first, further on prices in the quarter. And as I said earlier this morning, as long expected and also guided, industry supply growth dropped finally back to a more normal level in the second quarter, down to a relatively low level. Single digit rate of 2.6% unadjusted for inventory and 6.1% adjusted for inventory after a year of unprecedented double digit industry supply growth. But on tough comparables, it will probably take some time before all of these new volumes are fully absorbed and market and prices recover. Because, as you said, I think it's fair to say that prices in the second quarter were rather soft, especially to be a second quarter when we normally see very strong prices due to seasonality. I also think it's fair to say that prices have been rather soft through the summer. But on a positive note, prices were up by 6% year-over-year in the second quarter, and as much as 21% so far in the third quarter. From a low baseline, but still, these are two important steps forward after a period of very low prices. And now we also are getting a helping hand from very limited industry supply growth for the remainder of this year and also in the coming years due to regulatory and resultant technological constraints. And a tighter supply side should lead to a tighter market balance and better prices going forward than what we have seen lately. Once we have left this growth season in the sea behind us. So this will be interesting to follow. Then our own price performance in the quarter, which I would characterize as good, as it was 5% above the reference price, which is the standard we like to hold ourselves to in Mowi, and against which we like to measure ourselves, as you can hear. Positively impacted this time around by a counter share of 19% and a small positive contribution to our earnings from them, in addition to good harvest weights in the quarter and good quality of our fish, which alongside good sales execution, also laid the foundation for a good spot price performance in the second quarter. So I think we are ready to start to drill down into the different business entities. And we begin as usual with Moe Norway, our largest and most important entity by far, and the locomotive of our business model. And if you take the numbers first, operation profit was 159 million euro for Moe Norway in the quarter, whilst margin was 1.86 euro per kilo, and harvest volumes seasonally record high 85,000 tonnes. In another strong quarter for Norway, both operationally and biologically, I would say, with good cost performance, as you can see from the chart here. And especially in region south and region north, we did well on margins in the quarter, with 2.15 and 2.10 euro per kilo, respectively, thanks to good cost performance. And for region south's part, also good timing of the harvest. For Region West, however, it was the other way around, as we harvested the lion's share of volumes in that region in June in this quarter, and prices were at their lowest. So Region West took the brunt of the June price hit for MoE in Norway. And to illustrate that further, Region West's cost in the quarter was on par with Region North, which says a lot. And finally, Regiomid's margin was impacted by two incidents of Asa, but nothing material, as the last bullet point here states. Then, our volume guidance for Norway. We maintain our volume guidance for this year, as we can see from the chart here, of 380,000 tons, which translates to a growth of as high as 14.5% year-over-year, driven by, as I said, the acquisition of Nova Sea last year. And the short-term goal on the Norwegian assets is, as we also can see from the chart there, 400,000 tons, which would be our next volume milestone in this region. Then the last slide on Norway, our sales contract portfolio. ContraShare was 19% for moving over in the quarter, and most of that spot on our guidance. And these contracts delivered a small positive contribution to our earnings in the quarter. And as for the third quarter, we expect our ContraShare to be relatively stable, with relatively stable contract prices quarter over quarter. So with that, I think we can conclude MoE Norway and move on to six other farming countries. And we begin as usual with MoE Scotland. MoE Scotland also delivered another strong quarter operationally and biologically, I would say, aided by very favorable environmental conditions in Scotland this year, alongside good husbandry by the organization. And this materialized into a strong operation profit for Mowi Scotland of 48 million euro in the quarter, representing a strong margin of 1.80 euro per kilo on our quarterly record high harvest volumes of 27,000 tons in Scotland. Then I think we can move across the Atlantic to the Pacific and to a Chilean farming operation. Mowi Chile Delivered a reasonably good quarter biologically, I think I can say, despite some issues with Rickettsia or SRS in the quarter. But soft prices and tariffs on our salmon, on our Chilean salmon into the US continue to weigh on our earnings in Chile. and by extension, operation profit came in at a modest 6 million euro in the quarter, reflecting a modest margin of 34 euro cent per kilo on a seasonally record high harvest volumes of 17,000 tons. So consequently, there is nothing to fault with our volumes in Chile either, nor cost, I would say, only price. Then our second farming entity in the Americas, Maui Canada, our Canadian salmon, far better than our Chilean salmon this time around, thanks to Better price achievement, no tariffs on a Canadian salmon into the US alongside good cost and good biology and also the fact that we harvested almost all our volumes in Canada West in the quarter. And finally, we also got a helping hand from a 4 million euro insurance payout related to costs previously expensed. And all this translated into a very strong operating profit of 20 million euro from Ovi Canada in the quarter, reflecting a very strong margin of 2.05 euro per kilo on our 10,000 tons of harvest volume. Otherwise, a heads up on the third quarter and costs related to some seasonal issues with algae in July and August. This amounts to 6 million euro and will be recognized in the third quarter. And finally, as we said earlier this morning, we have entered into an agreement to divest our farming operations in Canada East for 225 million Canadian dollars. This is a 9,000 tons farming operation accounting for an insignificant 1.5% share of our total harvest volumes in Mowi and should be seen as a measure to further improve the quality of farming portfolio and become even more focused on our remaining farming job reviews. And this, for what it's sake, does not impact our operations in Canada West. They are operated completely separately. So with that, I think we can move back from the Americas and to Europe and to Ireland and our Irish farming operation. Mogi Island also suffered from soft prices in the second quarter, which resulted in a break-even result on our 3,000 tons of harvest volume there. In otherwise good quarter for Mogi Island operationally and biologically. In the Faroes, however, we turn a profit of €4 million on our 2,500 tons of harvest volume, reflecting a margin of €1.58 per kilo, in another good quarter for Mowi Faroes, operationally and biologically. Then I think we can move further out into the Atlantic, to Iceland, and our Atlantic farming operation, Arctic Fish. Arctic fish made a small loss of 2 million euro in the quarter on our quarterly record high harvest volumes of almost 6,000 tons due to low price achievement also in Iceland. Compounded as you can see from the first bullet point here by periodically harsh weather conditions and resultant downgrades. Things were good in Iceland in the quarter and things have also developed well through the summer. So with that I think we can conclude more with farming and move on to consumer products or downstream business. Consume Products is still feeling the effects of last year's rather sluggish contract market and saw its earnings almost half year over year from 52 million euro in the second quarter last year in operation profit to 29 million euro in operation profit in this quarter. But underlying operating performance was once again good in the quarter, I would say. And we are still seeing good demand for products, demonstrated by a 14% increase in sales volumes year over year, reaching quarterly record high 74,000 tons. The proof of the pudding is in the eating, they say. Then last one out this morning, Moe Feed. Moe Feed can look back on a decent quarter, I would say, given the low season and everything. And following on from this, Operation EBITDA came in at a seasonal record high of €16 million in the quarter, and sales volumes reached a seasonal record high of 147,000 tonnes, the latter up by 9% year over year. But the key takeaway from MoviFeed this time around, I guess, is the completion of our expansion of the feed factory we have in Bjørn by 100,000 tons, made possible by a capex of 17 million euro and with a payback time of a little under three years. So good investment in other words. This investment also makes us once again self-sufficient for feed in Norway after having to buy some feed externally for a while following the acquisition of Nova Sea last year. And finally, Our targeted sales volumes for 2026 are still 650,000 tons, which is equivalent to growth of as high as 11% year over year, and aligns well with our farming volume growth in Europe. So with that, Kristian, the floor is all yours. You can take us through the fundamentals and the financial figures. Thank you so far.

Thank you very much, Ivan, for a good walkthrough. Good morning, everyone. Hope you are doing well. As usual, we start this session with the overview of profit and loss, which shows all time high revenue of 1.6 billion euro on record high due to harvest volumes. Cost performance in the quarter was strong. and the combination of better prices, better costs and higher volumes led to higher operational earnings compared with Q2 2025. Net financial expenses increased somewhat driven by unrealized loss on derivatives and earnings translated into return on capital employed of 13.6% and 15.1% return on equity. Underlying earnings per share was 28 eurocent, while cash flow per share was affected by tax payments and investments. We then move on to the balance sheet, which shows relatively stable total assets per Q2 versus year-end 2025. And Moe's financial position is solid, with an equity share of 43.2%. When it comes to the cash flow, net interest-bearing debt moved from 2.74 billion euro to 2.8 billion euro during the quarter, so slightly up. Other investments are mainly related to the purchase of Torghatten Aqua's salmon farming business. In May, we successfully issued green bonds of 250 million euro with tenor of five years and floating interest rate of three months Euribor plus 118.8 bibs. And apart from that, there are no changes to our financing. So we leave the rest here for self-study. Then let's move on to some comments on costs. There was a cost reduction of 26 million euro in the quarter and 70 million euro year to date compared with last year. And the decrease was driven by lower feed prices, but also other cost items are improved. As also shown in the graph here, we expect stable realized cost in Q3 versus Q2. But, of course, the underlying development is that the feed prices are increasing. And that means it is of high importance to continue with our cost-cutting measures and our cost focus. And these measures, they follow two main angles. First, you have the operational measures related to post-malt, Movi 4.0, automation, efficiency, yield improvements, and so on. And secondly, we have the more generic cost measures, the cost saving program and the productivity program. And these cost measures have helped us reach the number one position on EBIT, as shown on the graph here below. But this is very important, especially now in the inflationary environment that we have, that we maintain our strong cost focus in MOWIC. Year to date we have realized 16 million euro in annualized cost savings through the cost saving program. And this is excluding the effects of realization of lower feed prices. This is, for example, structural changes related to facilities, yield improvements, logistics improvements. So we are on track to deliver on our target in 2026, which is 30 million euro. And since we started with these cost saving programs back in 2018, we have reached a total of 408 million euro. and we are talking about over 2,100 initiatives across the company and across also different categories as shown here on the slide. The major categories are both treatments, procurement and personnel cost. This is of course a constant battle, but as long as salmon is a commodity, then cost competitiveness is what it's all about. And operational productivity is something we can influence through automation, through working smarter. And this way, we are addressing our second largest cost item, which is personnel cost. And since the start of the productivity program in 2020, we have seen a very strong development on productivity in all segments, around 30%, as reflected here on the graphs. measure then as tons per FTE in farming and in consumer products. And our plans ahead, they include further targets on productivity improvement in the company. When it comes to feed prices, we are now seeing an increase after a positive trend in 2023 to 2025. The current increase is driven by marine ingredients and a poor pelagic fishery season. There is a new pelagic fishery season in Peru coming up in November. It's too early to say how that will go. And for Norway, the raw material inflation is partly offset by positive effects from discrepting partnerships. When it comes to the cash flow guidance, working capital tie-up is then also increased to 150 million euro from 100 million euro related to feed inflation. And tax payments have been increased somewhat to 220 million euro. And speaking of tax, there are sometimes articles, comments suggesting that we don't really contribute enough. The truth is that Norway is a major taxpayer, a major contributor to Norway. A recent study by Minan Economics shows that Norway contributes with 10 billion NOK in direct and indirect taxes, which is actually 0.7% of Norway's total taxes, so quite high. We also contribute with value creation of 29 billion Norwegian kroner, including ripple effects. That's 0.5% of the entire GDP. And we contribute with over 16,000 jobs, which is 0.6% of the workforce. We have operations in over 70 municipalities along the coast, and we are a very important key employer in many of these local communities. Then we move on to markets, starting with industry supply. The market supply from the salmon producing countries increased by 2.6% from Q2 2025 and 6.1% adjusted for inventory movements. And that means that growth is returning to more normal levels after a period of unusual strong growth. Demand was good in the quarter with 9% demand growth as more volumes were consumed at higher prices. Europe and Asia are the drivers behind the consumption increase. In Europe, consumption increased by 8% from Q2 2025, driven by retail, where underlying development in retail is solid. We see good demand. Development was particularly strong in the UK, Germany, and parts of Central Europe and Eastern Europe. Food service saw demand also generally improving, but still more price sensitive than retail. In the US, consumption increased by 3%. Fresh pre-packed in retail, e-commerce continued to be positive, while somewhat softer in food service. In Asia, consumption increased by 10%. Growth continued to be particularly strong in China, supported by a structural shift in consumption and improved availability. And the market fundamentals have yielded a positive price response in Q2, and even more so in Q3 Q2 dates. When it comes to industry supply growth and indications ahead, For the rest of the year, Contali estimates zero growth. For 2027, our growth estimate is 0-2% based on the current biomass composition. And for the following years, i.e. 2028 and onwards, we believe in 1-2% growth based on the regulatory framework we see in the salmon farming producing countries. Our own volume guidance is 600,000 tons down from 605,000 tons due to Canada East. Then I will pass it back to Ivan to conclude and to comment on the outlook.

Thank you Kristian, much appreciated. I have some technical issues here, so you have to bear with me. Right, now I think it's okay. Okay, then it's time to sum up and give some closing remarks before we wrap up with a Q&A session hosted by our IRO Kim Dosvig. And to begin with, and on a more general note, I think it's fair to say that the second quarter turned out to be another very strong quarter for Mowi operationally. And also I think it's fair to say that it turned out to be a reasonably good quarter financially as well, given the soft prices. So I feel quite confident that when this quarter is closed and fully reported, Mowi will once again stand out for its KPIs. So credit to the organization for that. It's of course much, much appreciated. And further on this note, I also think I can say that things have gone well through the summer, both in the sea and on land. But having said that, it's now, over the coming weeks and months, the true test comes. Thank you for watching! Otherwise, as we said earlier this morning, industry supply growth finally dropped back to a more normal level in the second quarter after five quarters of unprecedented industry supply growth driven by previously untapped production capacity released by very favorable environmental conditions both in the northern and southern hemisphere last year and so far this year. But now the industry is producing at full capacity, so we are expecting limited industry supply growth for the remainder of this year, but also in the coming years due to regulatory and resultant technological constraints. And a tighter supply, we believe, will lead to a tighter market balance and better prices going forward than what we have seen lately, once we have left this growth season in the sea behind us. So this will be interesting to follow. On the cost side, we are now expecting relatively stable, realised, weighted production costs for seven production countries in the third quarter, when compared with the second quarter, as previously guided dropping costs came already in the first and second quarter this year. And now we are also generally seeing more inflationary environments around us, especially on the feed side, following very weak pelagic fisheries this year. Thank you for watching! But having said that, bear in mind that the driver behind this feed price increase is weak pelagic fisheries, and fisheries, they come and go. So this is not necessarily permanent nor sticky. So let's see what the future has in store for us. And then last but not least, our volume guidance, farming volume guidance. As we said earlier this morning too, we have adjusted it slightly down for this year from 605,000 tons to 600,000 tons. But 600,000 tons are still equivalent to a growth of as high as 7.4% year over year, which is a lot in our industry. I think that covers pretty much what we wanted to say this morning. So then I think we're ready to start on the Q&A session. So if you, Kristian, can please join me on the stage and help me out with some of the questions. And then you, Kim, can administer the mic and orchestrate the questions from the audience on the web.

Kristian Nordby, Arctic Securities. We have seen over the last couple of months, and particularly the last month, very strong export value or demand growth. What do you think is driving this demand growth? Is it some countries? Is it retail versus food service? Is it inventory buildup?

We see definitely very good retail demand in Europe. We see some regions very strong like UK. We see Germany, see Southern Europe, Eastern Europe. Retail is generally doing well. We know that we have been through a period of Thank you very much. And of course, there's also been some mentioning of freezing, you know, frozen inventories. I think the fact is that the frozen inventories have really been built down in Chile. We see that, of course, there's always some freezing in Europe at this time of year, but as far as we can determine based on the price dynamics and what we are seeing is that there shouldn't be any out of the ordinary. So, and of course, you can also mention Asia, which has been very solid on demand, the structural shifting in China, and really a big support in this period.

And one other question. We've seen that sea temperatures in Norway have been quite a bit colder recently. How does that impact you?

I think it's fair to say that, as you said earlier this morning, that the environmental conditions, they have been great last year and also so far this year. So extremely strong KPIs, which you see in our numbers, and I guess you see in the numbers for the rest of the industry. But let's see, now sea temperatures are rising, so that could be a different ballgame. But so far, so good.

Thank you.

Henrik Hudson, Pareto Securities. You mentioned brewing El Nino. Could you elaborate a bit on if you have done any measures in Chile, for instance?

Yeah, absolutely. So we have upwelling systems, we have also oxygen systems, etc. So we learned a lesson in 2016 when we ran into problems last time. And algaes in general are a seasonal problem in Chile. The same goes for Canada. So I would say we are prepared, but how this plays out, no one knows really. It depends on how bad it becomes.

Do you think that, or is your impression that the industry as a whole is better prepared this time around?

Yeah, absolutely, absolutely. So we use every day to develop ourselves, so does the rest, so absolutely. But again, it depends on how this evolves, so no one really knows.

Last question for me. How do you see your consumer products division in the second half of this year compared to the second half of last year?

Thank you. You're welcome.

Thank you for the comments on the feed side. Is it possible to quantify slightly more the feed formulation flexibility you speak about? How low can it go?

You know, we are in the feed business and we also collaborate with one of the big ones. So we cannot talk about this in public. So I just have to ask for your understanding. That's okay.

Another question to you, Kristian. So some of your Chilean competitors have claimed US tax refunds in Q2. Have you had any positive effects from tariff refunds?

There's nothing significant in our numbers in Q2 related to this.

Perfect. Thanks.

Welcome.

Okay, then a question from the web on supply from Setu Sharda Barclays. He's got a question on your outlook for industry supply growth, having exceeded expectations over the past 12, 18 months. Can you help us understand what specifically gives you confidence in the low outlook? Is the conviction primarily driven by biomass data, harvest plants, inventory levels, or biological indicators in Norway and Chile?

I would say that if you look at the biomass composition globally, it's relatively stable now, year on year. A stable number of individuals. In Chile, the biomass is down. If you look at the temperatures in Norway in August, Lower than last year. I think that's the main driver behind our assumptions here. And of course, we already see that we are in the direction of normalization of supply. And I guess we also have to remember that during this period, the last years, 25-26, the industry has been running at a very high utilization level biologically, with limited room to exceed from there.

But the driver here is regulation, right? So the industry is producing at full capacity. So what we saw last year and the first quarter this year was just that we utilized previously untapped production capacity. So this is as good as it gets unless technology changes materially and it doesn't. It would also take a lot of time. So just to look at the numbers, the number of individuals globally is Even Steven, year over year, so 0% growth. And if you don't have more fish in the sea, well done, it really ends up as more volumes in the end of the day. So I think you should look at what we saw last year and the first quarter this year as industry just filling the gap between regulatory limitations and and operational capacity. So I feel quite confident that before we change the regulation in Norway and Chile, which are the two big countries here, you won't see any material growth going forward. And you saw the supply-demand slide we had earlier this morning. So this is structural and driven by, again, regulation.

Okay, thank you.

No more questions from the web. Thank you, and it only remains for me to say thank you to you all. I hope to see you back already in November at the third quarter release, if not before, at the summit perhaps. In the meantime, please take care and have a great day ahead. Thank you.