Neinor Homes Sa Ord

Hi, good morning everyone. My name is Jose Cravo and I'm the Head of Investor Relations at Nainor Homes. Today we're going to go over results for the first semester of the year 2026 and as usual we are here with Jordi Argemí that is taking the role as the new CEO, Borja Garcia-Egotxeaga, our departing CEO, and Mario Lapiedra, our CIO. We'll start the presentation with the key highlights in Section 1, then on Section 2 we'll provide an update on the Spanish residential market, On Section 3 and 4, we will review operational and financial results. And on Section 5, we finish with the key takeaways. After the presentation, there will be a Q&A session to answer any questions you may have. Now I'll hand over the presentation to our CEO, Jordi Argemí.

Thanks, José. Before I begin, I would like to thank the Board of Directors and the shareholders for my appointment as CEO and for the trust they have placed in me. In my view, after several years in which we have consolidated our position, As the undisputed leader of the Spanish residential market, this company has never been stronger. We have the full backing of our stakeholders, a track record that speaks for itself, and a democratic capacity to raise capital in both public and private markets. In my view, these strengths will be the key to lead the company into the next phase of growth. And I couldn't be prouder of what we have done in the last few years, and more ambitious about what comes next. With that said, let's start with the presentation, in slide number four. Starting with the context, the first half of this year has been tricky. We have integrated AEDAS against a backdrop of real geopolitical uncertainty, with a war in the Middle East and volatile energy prices. Through all of it, this company has done an exceptional work, and I would like to thank every single person in Enor Homes for keeping the focus after a big acquisition such as AEDAS. Now, four big messages today. First, the market. The fundamentals held through uncertainty. Resilient growth, the healthiest household balance sheets in decades, and a market structurally short of homes. We will show you in a minute why Spain continues to be one of the best residential markets in the world. Second, execution. We have integrated AEDAS, the largest acquisition in our history and in the sector. And in just four months, We have done it with zero disruption on the deliveries, construction, commercialization, or IT systems. It is true that we had a strong track record based on qubit and IDAT transactions, but AEDAS is a different animal due to the size. Third message, the financials. We have operated a step change in a scale without disruption, and the year-on-year figures demonstrated clearly. But this was not growth for the sake of growth. Margins remain very solid and this translated into strong cash flow generation. Strong enough to accelerate our shareholder remuneration targets for the year, buy out the IEDES minorities after the second tender offer and pay back 100 million of Apolo's debt ahead of schedule. All of it in less than six months. And fourth and last one, the guidance. We already reiterated in April in our AGM and today with the first semester closed, Our visibility over those objectives keeps on growing. In my view, the best answer to uncertainty is delivery. And in this first half, we have delivered once again. If we move to the next slide, it shows the whole company on one page. And the story this slide tells is both scale and growth. With AEDAS fully integrated, every single KPI has stepped up. On the operational side, we have a land bank of nearly 37,000 units, out of which 23,000 are fully owned and 19,000 active units under production, giving us years of visibility and tangible cash flow generation. Commercialization is well advanced, with a record order book of 9,300 units worth 3.3 billion euros, half of the total active units. On the financials, we delivered close to 2,400 units, also record, and generated 680 million euros of revenues. But as you know, volume is one thing and profitability another. Our priority has always been to translate execution into profitability to have better returns for our shareholders. In that sense, the first semesters we have kept strong underlying margins, driving an EBITDA of 119 million. Overall, every metric is materially higher than a year ago. That is the accretive impact of Aedes, flowing through the business in record time, and better than our initial expectations. We will review it in detail later on. Now, let me hand over to Borja, who is going to comment the market.

Thank you, Jordi. Good morning, everyone. As always, let me start by giving the big picture. And the message is the same one I have been giving you Spain remains one of the safest and strongest residential markets, not only in Europe, but in the world. This semester, that message was tested once again. We have a war in the Middle East, energy prices moving up, and plenty of geopolitical noise. And yet, look at the chart on the top right. In January, the consensus for Spanish GDP growth this year was 2.2%. Today, after six months of geopolitical uncertainty, it stands at 2.3%. That is nearly four times the Eurozone average of 0.6% and well ahead of the UK and Germany. And one of the reasons behind this growth has been, without a doubt, the job market and the private consumption in Spain. The Spanish economy has created more than 600,000 jobs, taking social security affiliates to an all-time record of 22.4 million people. More people working and living in Spain means more households, and therefore more demand for housing. Having said this, if there is one variable where we have felt the impact of the conflict in the Middle East, it has been inflation. which accelerated to 3.2% in June. This is mainly the conflict feeding through energy prices, a supply side effect, not overheating demand. So the takeaway from this slide is simple. The Spanish macro has been extremely resilient. Please let's move to slide number eight. On the slide number seven, I showed you the demand. On this slide, I want to show the quality of that demand. Because a strong economy is one thing, but what makes a housing market truly resilient is the strength of the balance sheets behind it. And here, Spain is a class of its own. Household debt stands at just 43% of GDP, the lowest level in more than 20 years, and among the lowest in Europe. Look at the chart on the right. Spanish households were among the most indebted. Today, we are below Germany, the UK, and the US. That is 43% points deliberating since the year 2010 peak. Mortgage debt tells the same story, the dash line. It has halved since the peak to a record low of 30% of GDP. Meanwhile, families keep saving. The savings rate remains high at over 11%. And on financing, yes, Euribor has moved up by around 0.8 points, close to 2.9%. But mortgage rates in Spain remain very competitive at around 2.5 and 3%. So put it together, low leverage, high savings, cheap fixed rate financing for 30 years. This is why Spanish demand is resilient to shocks. When rates move, our buyers do not break because they were not stretched to begin with. Please follow me to slide number nine. So far I have shown you the demand and the strength of the balance sheets behind it. Now let's look at the other side, supply. This is where the Spanish opportunity becomes truly structural. The message is simple and well known. Spain does not build enough houses. And it hasn't done it for over a decade. Spain is building less than 90,000 units per year. At the 2008 peak, Spain built nearly 600,000 houses. We are 85% below that level. And look at the chart. Since 2020, house building remains almost flat. Demand is booming, but supply has not responded. So the key question is why? And there are two structural reasons. The first is land. There is not enough fully land permitted. Madrid is the clearest example. New supply has fallen 25% since 2021, simply because permitted land is scarce. The second is the structure of the market. The Spanish residential market is strictly fragmented. It is dominated by small local developers. These are not institutional players. They lack scale. And critically, many of them, they lack access to bank financing for construction. So even when demand is there, even when land exists, much of the market cannot fund the CAPEX to build at reasonable costs. This is the heart of the opportunity. A structural shortage, driven by fragmentation and limited access to capital. It is a market that needs an institutional-grade, well-capitalized platform to build at scale. That is exactly what Nenor is. And in today's market, that is our competitive advantage. Now let me put the numbers together. According to the Bank of Spain, since 2021, Spain has accumulated a deficit of 750,000 homes. And the gap keeps widening. In the first quarter alone, households grew by 56,000. Moreover, this week, the Spanish Statistics Institute released its population forecast for the upcoming years. and in the next 15 years the Spanish population is expected to grow by more than 4 million people. More households forming and not enough homes being built. This is not cyclical, it is structural and it does not correct quickly. Please follow me now to slide number 10. So let me bring this section together. Think about what I have just shown you. Demand is strong. Balance sheets are healthy and supply is structurally short. Put those three together and you would expect one thing, significant increases in home prices. But that is not what happened in Spain. And this slide is for me the most important of the section. Look at the chart. This is how prices since 2005 indexes across four countries. You see, in Germany, the UK and the US, home prices have nearly doubled. Spain isn't anywhere close to it. And here is the key figure. In real terms, adjusted for inflation, Spanish prices are still 21% below the 2007 peak. Since the throw in 2014, Prices have grown 60% in nominal terms, but just 24% in real terms. So the growth has been real, but disciplined. Coming back to the beginning, the Spanish residential market after the global financial crisis is significantly smaller, but much, much healthier. And this is where slide number eight connects. Prudent bank lending has kept demand disciplined. No Excesses Looking forward, our view is clear. Demand is resilient. Supply is constrained. Credit is disciplined. And with this context, we expect prices to keep rising in the following years, at around 5% per year. Not a spike. Sustained structural growth. Exactly the environment in which we operate best. With that, let me hand back to Jordi.

Thank you, Borja. Clearly, the market backdrop is strong. Now, let's jump to section number three, where I will comment the operational results. The event of this semester has been the integration of AEDAS. The headline is simple. We have completed it in four months with zero disruption to deliveries. Regarding the timeline, in March, we closed the second tender offer, increasing our stake to 97%. In April and May, we executed the key organizational changes, mainly in operations, the investment team, and human resources. And by June, the integration was complete. In a business of this size, in my view, that's exceptional. Why it went so well? Basically three points. First, a proven playbook. This is our third relevant integration, after Quabit and Habitat. And this one increased our land bank by more than 60% in a single step. Second, the integration is fully at risk. We took control of construction sites and commercialization without any interruption. Accounting, financing, IT and management control are onboarded. There is no pending integration risk left on the table. Third, we came out of it stronger. Abertura Delgado Formaedas has been appointed Group CEO, leading operations together with Gabriel Sánchez, our Chief Business Officer. We have kept the best people and reinforced the team. That is how we integrate for the long term. And the chart on the right is the proof. Through an integration of this scale, deliveries didn't slip. We delivered close to 2,400 units in the first half, which is around 40% of our full-year guidance, right on track. And the most important point. We retired us for the returns, and they're written at a 20% IRR and 1.8 times invested capital. and everything we have seen since closing has confirmed those assumptions. Now, follow me to slide number 13. If slide 12 was about execution, this slide is about visibility. For me, the most important operational slide in the presentation. The headline, as said before, 2,400 units already delivered and almost 19,000 units currently under production with a very significant degree of execution embedded. Three numbers frame it. An active portfolio of 18,933 units, a record order book of 9,300 units, worth 3.3 billion, close to half of that portfolio, and 13,400 units in working progress or finished, 71% of it. Now let's focus on the charts. On the left, pre-sales coverage by delivery year. In 2026, 89% already pre-solved. In 2027, 78%. And in 2028, two years out, it's 43%. These ratios are six months ahead of our standard business plan curves. And that changes the strategy for the second semester. Being this far ahead, we are shifting the focus on capturing further HPA. On the right-hand side, you have the construction coverage. Everything we plan to deliver in 2026 and 2027 is already under construction. And 2028 is already moving, more than 60% as of today, with turnkey agreements in place. So as conclusion, developments are being built and solved years in advance. We have strong visibility and this gives us confidence to reiterate our guidance. Please follow me to slide 14. Now a question we get in almost every meeting. What about construction costs? With the situation in the Middle East, cost inflation is once again a key focus for investors. Let me answer this question from two different angles. The theory, I mean margin sensitivity to higher costs, and our real track record. Regarding the theory, take our selling price as 100. Hard costs, that basically means labor and materials, are only 45% of that price. The only 55% is land, other cost and margin. Because hard costs are less than half the price, a small move in price offsets a much larger move in cost. Basically, one point of selling price offsets two points of total cost inflation and four points of material inflation. Right now, we are anticipating mid to high single-digit inflation driven by materials. and a price increase of around 5%, as Borja said before, fully offset this impact. Now, our track record. The chart on the right. The black line is construction cost inflation, up 85% since 2015. Labor costs, supply chain disruptions, the war in Ukraine, one shock after another. The red line is our gross margin. Through all shocks, it has been consistently above 24 to 25% guidance, so costs up 85% and margins held. That is the result of pricing power and healthy affordability in the Spanish market, especially in our mid-high segment. So we remain comfortable with our margin outlook for the upcoming years and rated our 24 to 25% gross margin. Now, let me hand over to Mario to review the investment activity of the first half of the year.

Thank you Jordi. After having a look to the operational area, now I'm going to explain how we keep growing as part of our equity efficient strategy. Remember what we said at the beginning, good margins are not enough. The goal is to turn good margins into better returns for shareholders. And the way we do that is through a smarter usage of capital through Nainor Asset Management. The best example this semester is Rio Real, a new luxury segment JV with Stone Shield. of around 120 million euros through the monetization of a strategic asset. We crystallize value today, accelerate cash flows, and keep managing the asset, maximizing returns with a fraction of the equity. And this is not the first time. We did exactly the same with Joaquín Lorenzo Asset together with AXA back in 2023, and with Orion, Santander IM, or Ameris Capital in 2024. That is the model, proven and repeatable. Behind the model, we have reinforced the engine. With the AEDAS acquisition team fully integrated, our investment team has tripled in size, with specialized teams across three verticals. Corporate transactions, granular bill to sell, and alternative living and affordable. More origination capacity, more diversification, more deals we can look at at the same time. And one more effect worth naming. With the acquisition of AEDAS, our largest competitor disappears. One less rival bidding for every plot of land, every portfolio, every deal. Now the numbers on the right side. Here today we have close to circa 180 million euros of investments, roughly half and half, 90 million on Neynos balance sheet, 90 million through joint ventures. Of that, around 160 million in built to sell, some 850 units, plus a new flex living project of around 50 million. And the pipeline keeps building. More than 350 million euros under analysis, 150 million in granular build to sell and 200 million in alternative living and affordable projects. So the message is simple. We are not just delivering this year's results. We are deploying capital with discipline, with partners and with less equity per year of growth. That is the engine for the years ahead. Now, I handle the presentation back to Jordi to review financials.

Thanks, Mario. Now, before we jump into the financials, one more announcement, a special one for me. I want to give a very warm welcome to our new CFO, Ayala Zubia Ur. Ayala has been with this company for more than 10 years, and I'm truly honored that she's the one taking over my role as CFO. Ayala will be with us for the full year results. Today, as part of the transition, I will cover the financial section one last time. So let's move into section number four. Now the numbers. First column, what we have delivered. Second, our guidance. As you will see, every line is on track. Deliveries, as said many times, 2,400 units. This compares to the full year guidance ranging 5,000 to 7,000. Revenues reach 680 million. 632 comes from the development business and 28 million comes from ancillary divisions, mainly our own construction unit. And I would like to highlight that there are 20 million euros coming from the asset management business, already more than what we recorded in the whole year 2025. So very strong growth in our core business line as well as in asset management business. and a fulfillment of 40% of our annual objectives. This figure excludes 100 million from the sale of Río Real, expected to be concluded during the second half of this year. Now, profitability. In the first half, we have recorded 187 million euros of gross profit. That means 27.6% gross margin. EBITDA recorded has been 119 million. and two aspects here to highlight. First, on our cost structure. Our heads are close to 40 million as we start to realize some synergies. But remember, for us, the critical element of the underrating is delivery and execution, not cutting cost. Second, a 10 million euros positive contribution from profits realized in the asset management business. This mainly relates to the sale of La Térmica project, which was not assumed in the business plan and where we had a 20% stake. Then, at the bottom line of the PML, you can see we earned 54 million euros. And three concepts here to take into consideration versus the previous years. First, a relevant increase in one-offs. This is mainly due to the purchase price allocation of AEDA's acquisition. 30 million euros recorded in the first half. But remember that this is purely accounting with no cash impact. Second, financial expenses have materially increased to 40 million and this compares to 10 million of last year. This is mainly due to the Apollo 750-million-year senior secure notes. And as said at the beginning, we have started to repay this bond sooner than the original calendar. 66 million euros already repaid and another 33 million euros to be executed soon. Actually, it will come tomorrow. We took this decision given the strong cash flow generation and the excess cash available. And third, higher tax expenses. The Apollo's Note expenses sit at the holding level while profits are generated at the development companies, so we cannot generate the tax shield. This fiscal inefficiency was already factored into the business plan and we are working on alternatives to optimize it. The key message is that we are completely on track to achieve the net income target of 120 to 140 million euros, which once again is adjusted for one-offs. Finally, net debt, broadly flat at 1,166 million euros in the first six months. There are a couple of impacts that are relevant. On one side we have distributed close to 170 million of dividends, and on the other side we have registered the second tender offer over AEDAS, which has implied an investment of around 200 million. So basically, we have funded 70% of the year's shareholder remuneration, increased our stake in AEDAS to 97%, and began repaying the Apolo's notes ahead of schedule. And net debt stayed broadly flat. It shows the strong cogeneration of this business. With that, we rated every single target for 2026. Deliveries? Revenues, EBITDA, Net Income and Net Debt. With that said, please follow me to the last slide of this presentation, the key takeaways. Let me close with four messages that summarize the investment case of this company. First, the market. Strong structural fundamentals and a persistent supply shortage. As Borja showed before, demand is healthy, balance sheets are strong, and Spain simply doesn't build enough homes. and all this in a fragmented market with limited access to capital. Our scale is our real competitive advantage. Second, guidance. We reiterate every target for 2026 and we do it with multi-year visibility. Almost 19,000 units under production, nearly half of them already sold. 2026 and 2027 are largely built and sold. This is not a forecast, it is a portfolio with significant execution embedded. Third, cash flow. Strong underlying margins maintained through the largest acquisition in our history, and that converts into cash. This semester we funded 70% of the year's shareholder remuneration, increased our IDAS stake, and we began repaying the Apollo's note in advance, with net debt broadly flat. And fourth, growth. Thank you very much for your attention and now we are happy to take your questions. Thank you.

As a reminder to ask a question you will need to press star 1 and 1 on your telephone and wait for your name to be announced. To withdraw your question please press star 1 and 1 again. If you wish to ask a question via the webcast please type it into the box and click submit. We'll now move on to our first question and our first question comes from the line of Ignacio Domínguez from JB Capital. Please go ahead your line is open.

Hello, thank you for the presentation and for taking our questions. I have a question on gross margins. Looking specifically at the pure B2C development business, what gross development margin do you expect in the second half? And given the strong mix seen in the first half, do you expect the mix to remain strong in the second half? Thank you.

Thank you. I take it. You know that our guidance for the full year is always the same, 24-25%. It's true that in the first semester we are above, that's a reality. It's also true that when you look at the past, our track record, despite our guidance that has been always the same, 24-25%, we get an extra margin of 1-2%. So let's see how we end the year. I think that there are still a lot of challenges, operationally speaking, I mean, A lot of deliveries to be done in the second semester. We prefer to be cautious and keep that 24-25% and keep that upside risk for the year end if we are able to get it.

Okay. Thank you, Jordi.

Thank you. We'll now move on to our next question. And our next question comes from the line of Fernando Abril Martorell from Alantra. Please go ahead. Your line is open.

Hello, Borja, Jordi and team. Thank you for taking my questions. I have a few, please. First on land sales. So can you give us more details around the 100 million disposal to Stone Shield? When do you expect this to be closed in H2? I mean, what is pending for this to be closed? and also linked to land disposals in the AGM you mentioned you wanted to sell around 400 million cumulative in 26 and 27. So what is the visibility on this today? And also, should we assume 100 million this year, 300 million next year? So any comment on this would also be helpful. Second, on the Apollos loan, so you've early repaid 100 million out of the 750. I don't know if you have, maybe you can comment on any internal objective you may have of new repurchases in the near future, just to try to see how can we model the financial cost going forward. Third, on guidance, H1 EVDA, you've almost reached 50% of the year target. and well the expected delivery volumes should be a bigger in the second half and and then on top you you may have to profit from the land sale to to a stone signal so my question is how I don't know if you can elaborate a little bit more on the guidance because it seems quite prudent especially if if the land sale is finally closed before the year end so also any comment on this would be very helpful. And last one, sorry. Slide 13. There is pre-sales coverage ratios, 89%, 78% on the Nainor's fully-owned portfolio. And Jordi, I think you've mentioned 28% is at 43%. My question is, based on what targeted deliveries, so what is the internal delivery target you have for the fully-owned portfolio? Thank you. I'm sorry for the many questions.

Wow, Fernando, eh? A lot of questions. I have tried to read in a paper your questions. I answered the last one, which is, to be clear, I don't know what I have said, but it should be 33. So if I have said 43, it's a typo. Ah, okay, okay. I'll take it. I say it wrong. Sorry for that. It's 33%, okay? So going to your first question, land sale, Rio Real, no? Rio Real is closed. By the way, I mean, we have signed the contract. The only thing is that pending to some urbanistic milestones. And we do believe that these urbanistic milestones should be achieved between, mainly in Q4, between October, November. So it should be recorded by year end. It is assumed. And actually in our business plan was already in our numbers. So I also answered part, no? of your guidance question, the URL is not an upside, it's embedded, it's included. What else? The second question was about the 400 million euros land sales that Mario will take it.

Regarding the disposals, for us it's more rotation of equity and a way to create more JVs. So this year with Rio Real we are covering the budget, but on top of that we have had around 50 million of sale assis, small land plots, non strategic that we sell in the market. And for the next year we are already working on potential vehicles with the land bank that would achieve the figures potentially we will anticipate, but today we are working on it.

Just a follow-up on this, Mario. I guess this 50 million is now in the market plus new more for the next year. I guess this is all coming from AEDAS?

The 50 million that we have sold are sale-assist granular land plots from AEDAS and Nainor. It's the combined. And then the other figure, we are working with both balance sheets.

Okay, thank you.

Regarding your third question that was about Apollo, Apollo's bond, I mean, you know that we have a kind of 180 million euros mandatory payment on annual basis. What we have done is to accelerate this 100 million euros mentioned in the call. That means that we have 80 million euros left for this year. But it's too soon to change our guidance. only four months after the mandatory tender offer what we are trying is to improve everything probably at the year end once we see if we are able to accomplish with all our targets even go be above we will see if we are in a position to optimize even better that debt and those repayments but still I think it's too soon to take conclusions okay Regarding the fourth, that was the guidance that I have already mentioned, part of it, I mean, Rio Real isn't in the numbers, so it's not an upside, but given that this depends on urbanistic milestones, that's why I was saying that we still have a lot of challenges to be achieved during the second semester, and we don't feel comfortable enough to say that we can go beyond the guidance we set to the market. If this is conservative, cautious, this is relative, so obviously no, I think that we have covered your questions but let me know if it's...

Only one, only one. The last one. So the percentage of the 33% coverage ratio for 28 is just based on what numbers of deliveries you are, you know, what is the ambitious for you guys to deliver in 28?

Well, you know that we never give guidance, no? In the third year, only in the very short term. But in any case, it should be the same range. I think that in the next five years we should be Thank you.

There are no further audio questions at this time so I'll hand the call back to Jose for any web questions.

Thank you, operator.

We're just going through the questions in the webcast. The first one is on the expected dividend payments throughout the rest of the year. If you can provide an additional color on the next payments.

I take it. You know that we had a commitment of 250 million euros for the full year. We have anticipated, as commented in the presentation, 170 million euros roughly. That means that we have still 80 million euros left. All the dividends in NENOR when we say the guidance and commitments are always in the first quarter of the following year. So whatever we have done is just anticipate and it should be an upside in that sense. So these 80 million euros left should be paid in January once we deliver and we generate the cash in the fourth quarter. If at some point in time we feel that we have strong visibility and we have available cash, obviously as always we will anticipate it.

Thank you Jordi. Then we have another question regarding AEDAS on what are the benefits and costs of keeping the company listed.

No, I mean, I think there is no real benefit to have AEDAS listed. I mean, there is only 3% free float, which is, as you can imagine, nothing. There is no liquidity. For us, this doesn't change. We are operating as a group. as we explained very clearly in the tender offer prospectus. So for us, there is no change. The only costs are minor, are irrelevant, just to be listed and to have two independent directors at the board level. But in any case, even not being listed, we would have those independent board members because it's good for us and for a good transition.

Thank you, Jordi. On the next one, it's about cost inflation. If we can give an estimate of what we are seeing this year and the potential impact on our guidance.

Well, I have said in the presentation, so the cost inflation that we foresee is the mid to high single-digit. So let's see how we end the year, if it's a 6 or 8%, let's see where we end. But in any case, with a 5% HPA, We should offset any cost inflation so we don't foresee any erosion of the margins. On the contrary, as we were mentioning, I think that there is more upside risk than downside risk in that sense. Remember that when we project, we don't consider HPA nor cost inflation. So as far as we have both variables and they offset each other, we are in a good position to at least keep the guidance.

Thank you Jordi. And the last question, it's about the capital location in the company and how do we prioritize further dividend acceleration, debt repayment and new investments?

It's not an easy question. I mean, I think it's a balance, no? And we have to monitor during the course of the year. I mean, in regards of your last point, investment, you know that we have six years of LabBank. In theory, we don't need to invest in land this year. There is no rush. This doesn't mean that we will not buy because if we see opportunity deals, we will jump. We are developers. Actually, in our numbers internally, we have 150 million euros of budget out of which roughly 40 million euros have been invested. So still we have 110 that we are not obliged to invest, but we have optionality. Regarding dividends, You know that we have 250 commitments, 170 distributed, only 80 million is left to accomplish with the commitment. That means that the focus probably in the second semester would be more on the leveraging of the company with the cash generation. So I think in the very very short term, once we have accomplished with the shareholder remuneration, we will be deleveraging the company. I think it's fair, it's good, and we will be stronger as company for what can come in the coming years.

Thank you Jordi. So with this question we finish the Healthier Results webcast. Thanks everyone for joining and if you have any further questions we are available to take it. And I would like to finish by wishing you a good day everyone. Thank you. Thank you.