PROSY (PROSY) Q4 2026 Earnings Report, Transcript and Summary

Hello, partners. Welcome to our results day. I am Fabrício, I'm CEO of Prosus. Today morning, we released our results. I'm very excited about what we are delivering. Today is a special call — I'm not going only to show you the numbers, but we have two special guests. We have the CEO of iFood and the CEO of Just Eat here with me to tell you much more details about what's happening at Prosus. We are now much more focused — focused in delivery, finance, and experience. All our businesses are growing and doing well. We are also focused in Latin America, in Europe, and in India. We have around a billion customers, around 5 million partners, and around EUR 100 billion that we sell. We got to almost EUR 10 billion in revenue, going to keep growing to more than EUR 13 billion next year. We got to EUR 1.3 billion in EBITDA — that's 84% more than last year. If you think about how much cash you are generating, we increased our free cash flow by EUR 2 billion in the last two years, from EUR -0.5 billion to EUR +1.5 billion. The center of our vision is how we make our ecosystem work. I know one year ago it was a plan. My plan was we are going to build an ecosystem as a competitive advantage. We are not here just to show you plans — we are here to show you real results. We are going to open a lot of how our Latin American ecosystem works today and how this is going to connect to what we are going to do in India and in Europe. Some people think Prosus in Latin America is iFood. It's not. iFood is the foundation — a very important foundation. Our competitive advantage is how to run a full ecosystem. iFood is growing a lot. We are close to 200 million orders today. It was 20,000 orders when I started. iFood, besides doing food delivery, is the right foundation because we have many customers with a very high frequency, and on top of that, we can keep growing. The Total Addressable Markets of businesses on top of that — travel, grocery, ads, events, classifieds — are 10 times bigger than pure food delivery. This is not a plan anymore. This is a reality. We have Despegar. We are very strong in grocery and have invested in two important grocery companies, Shopper and Daki. In dine-in, we acquired five companies including kiosks for restaurants, loyalty programs for restaurants, and ERP for restaurants, and now have tens of millions of orders in dine-in. In fintech and credit, Zoop and Conduz are already big businesses. In pharmacy, we are growing very fast and also invested in Mevo to enable even faster growth. The ecosystem besides food delivery today has revenues of $1.5 billion growing more than 40%. Today, the ecosystem is more than 50% of our revenue — pure food is 45%, fintech is 17%, travel is 29%, other marketplace categories 7%. We are much more than food delivery, growing 40%, with a lot of runway ahead. Our grocery business is growing 50% over the last three years year-over-year — we are two times bigger than the number two player. On pharmacy, we are growing 70% year-over-year. On fintech, many of our fintech businesses are growing 100% year-over-year — credit for restaurants growing 115%, infrastructure for fintech 100%, new voucher 60%. The ecosystem besides food generates more than $150 million in profit. That's what we built in the last one year. Ads is growing 100% year-over-year. We acquired Advolve and our ads business is accelerating. Despegar is growing 30% overall and 40% in Brazil alone. Before we acquired Despegar it was growing around 10%. The reason is that 21% of Brazil revenues of Despegar are related to cross-sell together with the Prosus ecosystem. That was our vision — because of our frequency and technology, we can sell better services to our customers. On technology and AI — we developed our own Large Commerce Model, trained using our own data. 100 million customers in Latin America are modeled in our AI model. We operate 10 to 50 times cheaper than if we bought a model from a global AI leader. We developed ToqanClaw — we have 70,000 agents and 12,000 apps inside Prosus, and we launched it less than a month ago. All our 4,000 employees are using it. We just expanded ToqanClaw to all 5 million of our restaurant partners. Through Zapia, partners have access to a best-in-class AI assistant to negotiate, buy, or handle whatever they need. AI for us is generating results — reducing costs, accelerating growth, and delivering better services. I will now ask Diego to come here and share more about Prosus in Latin America.

Thank you, Fabrício. Big pleasure. The whole idea here is to show exactly how the synergies work and how we are organizing each pillar of it to generate the results that we believe in our strategy. Everything starts from the foundation. iFood is the foundation because it gives us a business with high frequency, high retention, and high growth. The other categories — the adjacencies — are already becoming meaningful, already representing more than 30% of the revenues generated inside the ecosystem. All these revenues are based on the loyalty program, our Club, which was developed four years ago and already presents retention and frequency much higher than the average iFood customer. Club is now moving from the food delivery ecosystem to the entire Prosus Latin ecosystem. Grocery already has around 50% of orders originated by Club clients. Grocery is growing more than 50%, pharmacy more than 70%. Now it's time to invest in beverages, pets, flowers, small electronics, and gifts. Because we generate so much quality traffic, we gained the optionality to explore the ads business. Ads is growing more than 100% per year, spread across all categories. On fintech — what we are doing is not what traditional banks do. We understand the operational and financial data we grab from merchants, build intelligence on top of that using our AI models, and offer products that are not available for them in the Brazilian marketplace. Credit is growing strongly with great ROI. Zoop, our banking-as-a-service, is growing more than 100% with very long-term contracts and very low churn. The meal voucher business has the largest LTV to the food delivery business. On Hits — Brazil has an immense market in the low-income side of society. We've been working with Hits since 2018, testing and learning, and one year ago understood how to make very low AOV work economically for everybody in the equation. We decreased the AOV by more than 30%, increased the TAM by more than 25%, and scaled the operating margin toward breakeven. We are losing almost 1.5 reais per order now, going toward zero — in a market where historically it's not possible to invest. On competition in Brazil over the last 12 months — commission is exactly the same as one year ago. Ads revenue keeps growing as expected because traffic is very strong. Orders, clients, frequency, and retention grew during these last 12 months. Logistics margin is in the same place, payment costs and platform costs are at the same level. One year after very intense competition in Brazil, our structural economics remain in the same place. What changed is CPO — the cost per order went up because competition brings irrationality, and we have to fight for the consumer. As soon as irrationality comes back to the rational field, CPO comes down naturally and we go back to where we were before, because the structure of the economics is still the same. What I expect is to have more sources of revenue in the ecosystem going forward. Half of the revenues in the next 12 to 24 months should be coming from other adjacencies versus the original food delivery. This gives us confidence that what we are building will be much stronger in the future. Thanks very much. Now I pass to my colleague, Roberto.

Thank you, Diego. Hello, everyone. I'm Roberto Gandolfo, the CEO of Just Eat Takeaway.com. I spent my last 12 years at iFood helping to build the food delivery business there. I want to talk about JET on this new chapter, where we are very much focused on growth and repositioning the company as an AI-first company. JET has been struggling over the past few years to grow, and we are now on a new trajectory bringing the company back to growth. This new chapter started less than six months ago. The first approach was to test and learn extremely fast in a small cohort of cities where we could prove we can grow much faster. We did it — more than 25% growth in those cities. Now the challenge is bringing that to the entire portfolio of JET. You can see month-over-month the trajectory changing. We are not there yet, but we are on the right path. How we are repositioning JET as an AI-first company comes down to three main layers. First, a unified platform where you have one back end everywhere and can operate multiple countries in a much more scaled and efficient way. On top of that, we are building our Large Commerce Model. This helps us understand much better who the customer is, what they want, and then leverage that to bring the right offer. On top of that sits our growth flywheel — bringing high-quality traffic to the platform, converting it into orders, delivering an amazing experience, and leading to higher retention and frequency. The same foundation Diego just explained about iFood.

culture and management model, our right to win as part of the Prosus ecosystem, capital allocation discipline, the tech platform, logistics, and supply. On culture — we are raising the bar inside the company. We need to move extremely fast. We have a tech profile to test and learn, use data to drive decisions, and operate as one cohesive JET team. The company now understands the strategy, they have clarity, they believe in it, and we have clear ownership. Being part of an ecosystem like Prosus, where you can exchange knowledge and leverage learnings — that is what really helps in the whole flywheel. On capital allocation, the principle is we invest where we have the density and scale to really deliver the best experience to our customers. We expect better returns and paybacks in those cities. We also exit markets when they are no longer part of our core strategy — we just exited Australia and Denmark in the past few months. We are doing cost management that is very important — I will show one example in logistics where we made very important efficiency improvements. This efficiency allows us to reinvest in the business to grow. On technology — we are unifying the whole back end. This will give us speed to deliver new capabilities and be live everywhere immediately. The cost to identify user profiles and understand customers using the Large Commerce Model is now 90% cheaper than before. All the components in the app will be driven by the LCM behind — the AI engine will say what's relevant to this customer, what kind of subsidy, what restaurants they should see. On logistics as one example of operational discipline — you can see on a weekly basis the progress we made in adjusting demand shaping and network optimization in our Scoober employed model. When we are talking about EUR 5 million a month savings, we are talking EUR 60 million a year in impact on our EBITDA. We did that in just a few weeks. This is technology behind — it's impossible to do a number like that without becoming more efficient through technology. On supply — we want to make sure that when customers open the app, they have the right and best content. We are using our model to identify where we should bring more offer — groceries, restaurants — and also automating and using agentic operations to speed up the process of onboarding new restaurants. Over the last five months, we've been setting the new strategy, making a cultural shift, and started the path to grow through testing and learning in a few cities. Now we will accelerate this flywheel — a unified platform everywhere, improved product and technology, better logistics and supply. I hope you now have a better view of what's going on at Just Eat Takeaway.com. Back to you, Fabricio.

Thank you very much, Gandolfo. Hope you enjoyed learning more about food delivery with iFood and JET. The ecosystem was a dream one year ago, now it's a reality — $1.5 billion growing more than 40%, and that's the first step. We are going to move that to the world. Prosus does delivery, finance, and experience. You see that in detail in Latin America. We are doing the same in India. The foundation there is Rapido, Swiggy, Meesho, and PayU. PayU is the bigger foundation because it provides the infrastructure of payments. Rapido is growing more than 100% year-over-year. In Europe, we have some amazing businesses — OLX is amazing in Europe. But to be direct, we don't have the full ecosystem in Europe yet. I need Just Eat to go from -4% year-over-year growth to +10%, and we will get there. We will build the ecosystem around this food delivery, including OLX and our other businesses like ixigo and eMAG. It is not our priority for now to do more big acquisitions. Our biggest priority is to deliver real results in Just Eat because this is the foundation for our next steps. I ask Eoin to organize our Q&A session.

Great. Thanks very much, Fabricio. Thanks, Diego, Gandolfo. Let's go to the first question. That comes from Cesar at Bank of America.

Congratulations on the FY 2026 numbers. I think they were very good. A year ago at your Capital Markets Day, you mentioned you were very confident Prosus is on track to deliver billions in EBITDA in the next couple of years. We've seen that in the next 12 months you're going to have to invest more in iFood and JET, mainly due to competition that was more intense than anticipated. Does it seem about right that EBITDA for the group will not grow much in FY 2027? Are you still bullish on the opportunity to grow and deliver billions in EBITDA? And when will we see the impact of AI into the EBITDA numbers?

I reaffirm — I expect, and we will deliver, billions in profits, and we will get there for sure. This is not a year I expected to increase profitability, as I said in my letter last month. On JET, I could just say I'm going to invest more or increase profitability in JET — but that's not the objective. The objective is to have a global food delivery leader. I need to fix technology, growth rate, how we treat the customer, many internal areas so we can have a company that can not only grow 10-20% but can be profitable for many years. On iFood, the competition is not having better offer, better product, or better logistics. iFood is an amazing ecosystem. I could keep increasing profitability, but I prefer to invest in what is growing — fintech, Hits. My objective is not to maximize profitability next quarter. My objective is to have not only $2 billion, but many billions. There are cycles of investing more and delivering more results. Last year many people questioned whether we could deliver. We delivered all the results. We are going to invest more this year, and we are going to deliver much more results the year after.

At iFood, could I grow less and deliver much more profitability on the adjacencies? Yes, I could. Is this the right option? The answer is no. The market is still growing. The habit is still being formed by the new options we're bringing to market. The right option right now on grocery and pharmacy is that those markets are still underdeveloped — I prefer to develop and be the leader of the market than wait to deliver more profits this year.

For some businesses, the expectations outlined at the CMD, we are actually tracking on or ahead. OLX has had a stellar performance — $480 million of EBITDA, 16% top line growth, and we expect that trajectory to continue. PayU India is growing and profitable. The iFood adjacencies are growing fast and starting to contribute. Despegar and La Centrale are tracking on or ahead of our investment cases. From a revenue perspective, our revenue should grow healthily to $12 billion to $12.3 billion at least next year. You can see some businesses continuing on their growth and profitability path, offset by some investments, which gets you to the conclusion that overall profitability will be roughly flat this year. Our $0.10 dividend for FY 2027 has already been received. As our e-commerce business remains profitable, it will continue to generate additional cash flow on top of that.

The second question was on LCM and when it should show up in revenue and EBITDA.

If we are challenging JET to deliver growth this year while remaining profitable, this is only possible if we use LCM properly with efficiency in CPO. That's where you can see the impact of this technology. Despegar has 20% of its revenue coming from the iFood ecosystem, and Despegar is growing 30 to 40% overall — a lot of that related to LCM, data, and AI. Our profits went from zero two years ago to EUR 1.3 billion this year. We are using AI heavily to reduce costs, serve customers better, increase sales. The results are already there, and they are going to keep compounding. When I expand LCM to the whole world, all the companies you saw in Latin America will use the same model and improve their numbers.

You will not see LCM as a specific line of revenue because it is not a SaaS business at least until now. You are going to see this inside each of the lines of the P&L of the companies. Because the LCM provides quality of information, I can provide to Despegar from iFood the exact moment where someone has a certain frequency of travel — that's where the synergy comes from and why Despegar is more profitable and growing much more than when it was publicly traded.

Let's go to Andrew from Barclays.

Two questions. First on JET — what type of changes did you make in the early cities, and how easy is it to embed that across the broader geographical footprint? How long will it take to get onto a unified back end with LCM fully running? Second, on Delivery Hero — you have until mid-October to further sell down. What are your considerations around the various moving parts — extending the deadline, buying more shares, Uber's interest, and any assets in Delivery Hero you might be interested in?

On the selected cities, the focus was on the growth flywheel — bringing the right high-quality traffic to the platform and doing customer segmentation using LCM behind to understand behavior. Supply is a very important piece, as is logistics. The secret is executing it with operational excellence — moving extremely fast, focused on customers, understanding pain points and solving them. When we start to apply the Prosus technology, the level of change is significant. Please do not extrapolate the 25% growth very short because we are building that to the entire platform. The complexity goes up considerably when you go from a few cities to the entire portfolio. On the unified platform — we expect to have one new country launching on the new unified logistics platform in a few months. We expect in less than six months to operate one entire country with the new platform, then roll out to all countries after that.

On Delivery Hero — obviously I'm frustrated that I think we could do better when Prosus was the biggest shareholder. But it is what it is. We had some commitments. We executed our commitments. We are not the biggest shareholder anymore. There are other bigger shareholders. I think you should call them and ask what their plans are. There is nothing I can talk about now regarding plans or next steps. It would be inappropriate. You have to wait more. I'm sorry.

We'll go to Will Packer at BNP.

Three questions. First, the iFood addressable market slide across OTAs, food, grocery — is that the vision for Europe and India, and to what extent can it be done organically versus via M&A? Second, on the competition in Brazil from the Chinese new entrants — you've cut 2027 EBITDA expectations quite sharply, but KPIs like traffic are actually very resilient. What is the state of the nation on Chinese competition and the prospects for EBITDA to rebound in 2028? Third, on the rise of alternative consumer agents — Tencent, Meta, Google, OpenAI, Anthropic all working hard on consumer agentic AI. Could this imperil your own ambitions? Do you plan to coexist or will you be the consumer agent in your regions?

Yes, that is the vision for India and Europe, and we are already executing a lot of the same in India. In terms of acquisitions — no, my biggest goal now is to deliver real results in Just Eat because this is the foundation for the next steps. In India, Rapido is growing 110 to 120% year-over-year. ixigo also has a lot of synergies with Prosus — hopefully we should make a presentation just like today on India in a few months. Food delivery may be a $10 billion potential revenue thing in Brazil — the whole market we are in is $100 billion. For India and Europe, maybe it's $300 billion.

On competition in Brazil — we haven't seen anything different from what we knew in how logistics is operated or how algorithms work. The competition has been heavily focused on subsidies, especially in the outskirts where the low-income segment sits, and in very small restaurants. They are losing more or less $8 per order — we estimated they are spending like $150 million per month combined. We are losing 1.5 reais per order on average. Our focus is on product — one example being Hits. Can we go back to the same levels of returns in the next year? Of course we can. It will depend a lot on the behavior of competition on the irrational side. As soon as things come back to rationality, and they will, we will go back to profitability. As an ecosystem, we have a push that will make us much more profitable than we expected in the past. After one year of this irrationality, we grew orders, customers, frequency, and retention — that is very meaningful.

On agents and the threat — we are leading on agentic AI in our regions. This week we showed Zapia, where you can tell Zapia exactly what you want by voice, it calls parties, negotiates, schedules, closes the deal, puts it in your agenda — an agent that commits and does things, working for one to two hours until finishing everything. We are integrating that in all our ecosystems. Zapia now does Just Eat orders and iFood orders. Our agents can make a purchase much faster and easier than most other agents. I don't think the American companies are leading in this space. I think we are doing a better job. Go download Zapia, test it, and you will say this is better than what you're seeing from the American players. We are here to lead in AI, and I think we're starting to deliver real results.

The point is not to say everything will change and I have to be prepared — the point is to have the options at your hand, try to shape the future, and if you are not capable to shape the future, be ready to understand how the future was shaped. We're integrating Zapia with Despegar and iFood — so Zapia wasn't born only as an agent, it was born as an agent that can also complete an entire transaction in a marketplace such as ourselves.

The next question will go to Monique at Citi.

Three questions. First, the core food delivery revenues at iFood look pretty flat year-on-year in the second half and actually down a bit from the first half — presumably that is the vouchering you've been giving. Can you explain how the core food delivery business is growing if we x out the vouchering you've needed to do because of the irrational competition? Second, on the profitability of iFood Pago and new initiatives, there was quite a dramatic swing from 1H down BRL 112 million to 2H up to BRL 427 million — what drove that dramatic improvement? Third, you showed dividends flowing into Prosus from Tencent, OLX, and iFood — with OLX profitability continuing to grow and iFood dividends stable, does the buyback target of $5 billion expand as these improve?

There is an impact on the revenue side and profitability as a consequence of the irrational competition. The customer base is bigger, retention is better, frequency is higher, the Club loyalty program is strong, and all the clients that generate more economic profits are still there with the same level of frequency. As soon as irrationality goes down, profitability comes up as a natural consequence.

On iFood Pago — included in that swing was an element of a one-off relating to certain indirect taxes we were able to recoup, which we also used to invest in the food delivery side of the business, where you would have seen order growth of about 8% year-over-year. On cash flow and dividends — the Tencent dividend for FY 2027 has already been received and has increased a bit. OLX is on a further growth and profitability path. That element of cash flow generation and dividends we can extract should remain and grow going forward. iFood, given the investment cycle, will be more depressed. From a buyback perspective, we continue with the open-ended $5 billion program. We fund it with both the sale of Tencent shares as well as other capital from non-core asset sales. Last year, we sold about $2 billion from non-core assets. In the first quarter of this year, we've sold almost a billion. We have additional assets like Meituan that we can use to supplement. By doing the capital allocation this way, we've enhanced the per share exposure to Tencent. Core headline earnings grew 13% but on a per share basis it was 24% because of the effectiveness of the share buyback.

Let's go to Joe at UBS.

Two questions. First, last week you announced investing $460 million in Alan, a French AI-powered health tech business — the biggest investment beyond JET, Despegar, and La Centrale. What got you excited about it and how does it fold into the wider Prosus strategy? Second, on Zapia — agentic integration versus the services in Europe feels like the differential versus the U.S. majors. What's the impediment to moving even faster on agentic integration? Do you expect to deploy ad dollars behind Zapia? Can you monetize it?

On Alan — I really believe the opportunity of AI in health is going to be very big. Alan is especially amazing as a life assistant for healthcare. More than 1 million users every week talk to it, checking on their healthcare, scheduling doctors, doing video calls. Alan's founders include some of the founders of Mistral, and they are getting a lot of intelligence to take care of health. We are not a pure investor — we are buying part of the company because we think we can help. We can help on the life assistance integration, the B2C approach — we have hundreds of millions of customers we can help through that — and the international expansion strategy. I think Alan is going to be a $10 billion, $20 billion, $30 billion company. We are very connected on AI together. On Zapia — we made so much progress in the last six months. Over the next few weeks, we will have many announcements on Zapia, how it can do things no one else can do. Can we invest ad dollars in that? Probably yes. Zapia is going to keep increasing investment. It was only in Brazil and one more South American country, and now it's in Europe, integrated with Just Eat. There will be more important integrations in the next few days to be announced. You can ask Zapia to call or write to five places that give car maintenance, negotiate the date and price, close the deal. We are going to do similar things in food delivery. I think in ToqanClaw, LCM, and Zapia, we are ahead of the market globally.

Let's go to Giles from Jefferies.

Three questions. First, your strategy has come under some public criticism with an open letter to the Prosus board using the fable of the Emperor's New Clothes to frame the argument. Your thoughts? Second for Diego — why did Keeta indefinitely postpone its Rio de Janeiro launch? Third for Roberto — what conditions would cause you to exit further JET markets?

I'm a founder of a tech company for 25 years. Someone always disagrees about what we are doing — it's part of life. I can survive with that. I read this letter. My first reaction — I think he used AI to write the letter and publish the site. Some people can say, "Prove me." Have you seen our numbers? The numbers happen because we are a tech-first company, not because we are lucky. Europe is not growing 20% by accident — it's because we are executing technology very well. Those people are wrong. Come back next year's result, I'm going to have more nice slides.

On Keeta postponing their Rio launch — I really don't know why they made that decision. There are so many moving parts — whether it's competition from iFood or other aspects. What I care about is what they are doing and how I redefine my tactics without necessarily changing my strategy.

The most challenging thing in building a food delivery business is the foundation in terms of scale and density — that is exactly what JET has. If we now apply the whole technology, the management model, and the culture, it's much easier to turn this high-scale business with the right density back to growth. The conditions to exit a country are based on the principles of capital allocation — if we don't see the right density to have the right return on capital and it's impossible to win or be a relevant player, it doesn't make sense to remain. We will always be assessing our portfolio and making sure that where we are, we are a relevant player. That's why we left Australia and Denmark.

Let's go to Marcus at J.P. Morgan.

Three questions. First on the Latin American flywheel — you're not going to do larger acquisitions. Is it mostly organic from here? What does the flywheel in LATAM look like going from big to bigger? Second, on Just Eat — the -4% is on a comp that was down -8% the year before. How do you get to revenue growth? Is it about market share gains or consumers just ordering more? Third, on Tencent — is there a debate about how much you actually want to sell at these levels versus funding the buyback from the balance sheet?

On Latin America — the ecosystem is not a thesis anymore, it's real. We did 10 acquisitions and are going to keep doing that. We are doing smaller acquisitions and investments, and all companies are accelerating their growth. Also, the ecosystem outside food delivery generates $160 million in profits growing a lot. Last year we had a dream. Ecosystem was a competitive advantage. Now it is.

Regarding JET revenues — over the past few years JET tried to compensate for declining orders by increasing delivery fees and service fees. That's not our strategy going forward. The strategy is to grow order volume, which requires growing our customer base. We are investing in cohorts of customers in lifetime value. Retail media is also important — JET's scale gives us a path to retail media similar to what Diego showed for iFood. The intention is not to become more expensive for the customer, but to become more efficient and charge the right price in the right places.

We started Roberto's presentation with -9% in January. Now it's -4%. Our expectation is very few months more before we start growing again. From someone doing -9% in January, I think that is a very good result.

On the share buyback — last year we sold about $2 billion from non-core assets, and in the first quarter of this year almost a billion. We have additional assets like Meituan to supplement. We are obviously long-term large shareholders in Tencent. By doing the capital allocation and share buyback this way, we've actually enhanced the effectiveness — core headline earnings grew 13% but on a per share basis it was 24%. We will continue on that path and $5 billion is what we will do. We have significant financial flexibility to fund that.

Adam Hellman, take us home.

Two quick ones. First, any idea of Keeta and the Brazilian competition's monthly order volume so we can calculate how much money they're losing a month? Second, in the cash flow statement there's a huge swing from a $10 million inflow to a $570 million outflow in working capital. Can you explain the moving parts?

On competition spending — when we take everything into account, what we see is that they are spending like $150 million per month combined.

On cash flow — the statutory cash flow includes a lot of merchant receivables and payables. When we measure our free cash flow element, we exclude that. Most of the actual working capital element goes into growing our fintech businesses because there's a capital requirement. We contribute about 20% capital to fund and grow our fintech businesses, the credit components of that.

We have a number of other questions that we will get to from the IR team. Fabricio, any closing comments?

Hope you enjoyed our results. The ecosystem is working. We are going to keep expanding our innovation. I think we are going to come here every time much well-dressed because our innovation is going to connect us to an amazing future. Thank you for coming here, and hope to see you next time.