Aeroports de Paris (Euronext:ADP) Q3 2026 Earnings Call

0:00 Good morning, everyone. Thank you for joining us for our 2026 9-month Revenue Presentation. I'm here with Christelle de Robillard, our CFO, who will go through some prepared remarks before the Q&A session. Before we start, and as usual, I remind you that certain information to be discussed on today's call is forward-looking and is subject to risks and uncertainties that could cause actual performance to differ materially.

0:49 For these, please refer to the disclaimer statement included in our press release and on slide 26 of our presentation. I will now leave the floor to our CFO Christelle de Robillard.

1:02 Thank you Cécile and good morning ladies and gentlemen. Thank you for joining us this morning. Let me first start with the key highlights on slide 3. The first nine months of 2026 demonstrated the resilience of our business model. Despite the challenging operating environment with geopolitical tensions, software demand and operational disruption, Group traffic remained broadly stable at 287 million passengers. In this context, consolidated revenue increased by 1.4% to 5.1 billion euros. This growth was mainly driven by the strong performance of TAV airports and it shows the benefits of our international portfolio which more than offset a softer traffic environment in Paris.

1:54 Retail performance showed signs of improvement. Ex-time sales per passenger reached 31.1 euros, despite a less favorable traffic mix and a weak luxury environment, but with momentum improving during the year. We also achieved an important milestone in the ERA process. Airline consultation in September resulted in a majority positive vote. Following this important step, The draft agreement was submitted to the regulator, whose binding opinion is now expected by November 18th. Moving on to slide 4 on traffic. We saw varied trends across our platform since the start of the year.

2:41 Starting with the bottom part of the slide, you can see that TAV airport traffic increased by 2.6% year on year. This growth is notably supported by a rebound during the summer, in spite of persistent inflationary pressures in Turkey. Conversely, in our other platforms, traffic is down. In Paris, the 0.4% decrease reflects operational disruption and softer demand environment observed since spring. Also, the impact on infrastructure works at Paris early, leading to capacity reductions. These works are expected to end in December. In Amman, traffic declined by 9.6%, but trends have recently improved compared with earlier in the year. Finally, traffic at GMR airport was down 0.4% year-on-year, reflecting airline capacity reductions due to local operational constraints and broader global pressures.

3:46 Overall, TABE Airport's traffic growth helped mitigate the impact of the challenging operating environment. Turning now to slide 5. Ex-time sales per passenger reached €31.1 over the first 9 months. This remains slightly below last year's level, but performance improved progressively throughout the year despite several headwinds. As commented in previous quarters, we faced a weaker luxury environment, works at terminal 2EK for an exchange effect and a less favorable traffic mix. Importantly, we saw a gradual improvement in SPP during the year, with the third quarter returning to growth compared with last year.

4:33 This reflects both the resilience of our exchange model and the gradual normalization of some of the headwinds that affected performance earlier in the year. In all, This gives us confidence in our ability to achieve our full year SPP objective of around 32 euros. Turning now to revenue on slide 6. Looking first at aviation in Paris, revenue increased by 26 million euros. As mentioned previously, this reflects traffic trends commented earlier on, mainly offset by revenue from higher fees in the first quarter and in PRM fees all along the year. Retail and services revenue was broadly stable, up 3 million euros.

5:20 Headwinds in the hospitality subsidiaries and retail were largely offset by continued growth of regulated services. International revenue increased by 44 million euros. TAVE Airport's growth is supported by its traffic, fee increases in Almaty and Ankara, and services companies. AIG revenue remains impacted by the weaker traffic in Amman. Overall, our balanced business model enables the group to keep delivering revenue growth despite a challenging global operating environment. Now, let's go through the outlook on Site 8. As you know, given the persistent traffic headwinds and based on traffic recorded over the first 9 months, Group ADP revised last week its 2026 traffic assumption for Paris and now expects a slight decrease compared with 2025. As a result, the Group expects recurring EBITDA for 2026 to come in at the lower end of the 2.3 to 2.35 billion euro range announced in July.

6:35 This incorporates the benefits of the cost saving and efficiency plan which are expected in the range of 40 to 60 million euros. All other 2026 assumptions and guidance remain unchanged and are therefore confirmed. The outlook we are providing today does not reflect any potential impact from the French finance bill currently under debate as its final provision has yet to be determined. Beyond 2026, let me turn to slide 9 and the economic regulation agreement project. Following the positive outcome of consultation with airlines in September, the proposed ERA was submitted by the French state to the regulator on September 18th.

7:25 The regulator is expected to issue its binding opinion by November 18th. Subject to a favorable opinion and board approval, The agreement would be signed thereafter and entering into force on January 1st, 2027. As you know, the first tariff increase under the new framework would take effect on April 1st, 2027. The ERA is a key milestone for GDP. It will provide the visibility needed to deliver the investment program and to support the competitiveness of the Parisian platform. When the regulatory framework is finalized, we intend to present in early 2027 our new strategic plan and final roadmap setting out how we plan to create sustainable value for our shareholders and stakeholders over the coming years.

8:26 That's all for our prepared remarks. Let's now open the light for your questions. Thank you. Ladies and gentlemen, if you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. Two questions at a time should allow all of you to dialogue with the management. The next question comes from Dario Maglioni from BNP Paribas. Please go ahead.

8:55 Hi, morning everyone. Two questions for me. One on traffic. So this year has been quite weak in Paris. For your ERA proposal, you have proposed a classic growth of 1.9% giga over the next eight years. Yet we see it now and we see no growth in Paris. So is this traffic assumption maybe too optimistic, given all that's going on with jet fuel, geopolitics, and so on? My second question is on retail. You mentioned there was some headwind in Q3 2026, like the works on Timeline 2EK.

9:47 Are the works more intense now than last year? Thanks.

9:59 Thank you Dario for your question. So regarding the traffic, indeed we are suffering from some operational disruption and a difficult macroeconomic context in 2026. For the rest of the year we are expecting that the pressure we saw until now will continue and so that's why we have reassessed our assumption for Paris with a slight decrease compared to 2027. Looking in the mid and long term, indeed our ERA proposal relies on a 1.9% traffic CAGR for the ERA until 2034.

10:51 This is mainly based on the main factor that underpins this assumption is the commitment we have in terms of sustainable hydrogen fuel incorporation and the hypothesis around the overcost it will have compared to traditional fuel. That's why we had a technical debate with the regulator on this overcost. At the end of the day, the assumption we took is a 3.5 times higher cost for SAF compared to a traditional fuel. So that's why we revised upward compared to the initial proposal in December, the Trafic Agar.

11:43 It's difficult to know what will be exactly this precise assumption but that's why we have built our ERA proposal with factor adjustment that will enable to to share finally a possible over performance or under performance regarding the traffic compared with the initial trajectory with airlines. So there is a bandwidth around the central scenario in which we share 75% first of the gap in revenue terms before moving to 50% thereafter.

12:32 And in case of really substantial deviation with the traffic, so ranging from plus or minus 4% to plus or minus 8%, depending on the year, and if three years in a row we are below or above this corridor, then it can lead to a revision of the contract. So that's why we think there are all the protections needed. to have a robust trajectory and framework. Regarding your second question in terms of SPP, so clearly we mentioned some headwinds through 2026.

13:20 Part of those headwinds are the works in Terminal 2E all K, so this is not something new, we have already commented on that over the past months. So the works will continue through 2026 in two dimensions. The continued reshuffling and upgrading of the retail areas leading to temporary closure and displacement of certain shops and areas which hinder at the end of the day the performance slightly. There are still milestones with the beauty and cosmetic areas which is an important Part of the performance. At the same time, there are also works on the airside areas that reduce the number of available boarding gates, so rerouting traffic to all L and all M.

14:14 It's difficult to quantify precisely the magnitude of this work on the level of SPP as a whole, but clearly it remains a headwind. We are targeting a full normalization beginning of 2028. Thank you.

14:31 Thank you. The next question comes from Eric Lemarié from CICCIB. Please go ahead.

14:42 Yes, thanks. Good morning. I got two questions. First on the political risk in France. In 2027, I was wondering Could a new government review amend or maybe cancel the economic regulation agreement that is supposed to start in January next year? And a second question on TAV. The Financial Times report in mid-October, if I'm not wrong, that Ural Airlines flights have been landing at Antalya Airport. I understand sanctions prevent European companies from services to RAL and I was wondering what was your take on this and if you see a risk here or not. Thank you.

15:36 Thank you for those two questions. So first with regarding the political risk in 2027. So as you know, first of all, we are fully on track on our timeline. So that means that we intend to sign The era before year end, so before the presidential election in France. The economic regulation agreement is a contract, so binding both ADP and the French state. So in our view, a change of government next year would not in itself allow the state to unilaterally amend its terms. So clearly, we are fully confident in the fact that it will have no impact on the era once it is signed. There are mechanisms foreseen to revise or to review. The main mechanism for that, for potential changes, is a four-year review, which is conducted by the independent regulator. and may involve at the same time user consultation, so not the state. So all in all, once again, we are confident that there will be no impact. Regarding your second question about TAV and what the Financial Times reported, so you know that TAV Airport is committed to sanctions compliance and maintain rigorous oversight across its entire portfolio of operation in

17:10 more than 30 countries worldwide. In Turkey TAV airports operate passenger terminal under concession agreement and does not have the authority to determine which airline may operate at the airport. So the relevant government and civil aviation authorities alone designed airspace access, traffic rights and slot allocation. So that's why in this context TAV airport and its affiliates provide only the minimum level of services as required by local regulation and governmental contractual obligations imposed by civil aviation authorities without violating any US or EU sanction requirements. That's why we are fully compliant and we don't expect any impacts.

18:01 Thank you. Understood. The next question comes from Andrew Lobenberg from Barclays. Please go ahead.

18:12 Oh, hi there. Can I come back to the retail, please, and the reiteration of the target of the 32 STP? That looks, from our math, to suggest that you expect a continuation and slight strengthening of the year-on-year increase that you saw in Q3 going into Q4. Is that a fair understanding and what's driving that improvement as you just described how two EK challenges continue? So what gives you the confidence that we will see this continuing momentum in 3Q and can you just explain why we did get that momentum in 3Q? And then can I just ask a question coming back to the traffic, I guess.

18:58 I think when you previously discussed the closure of Orly, you expected that quite a lot of that traffic would be recaptured by services that were being diverted to Roissy. Has that not played out in the way you expected? Or looked at another way, how confident are you of the strength of Orly traffic once you've got full access to the runways? Thanks.

19:25 Yes, thanks. So beginning with the SPP guidance. You're totally right. There has been a sequential and progressive easing of several headwinds and we have clearly seen since the beginning of the year this gradual improvement. You remember that we first posted a declining of 5.7% in Q1 in terms of SPP. then it was broadly stable in Q2 and before returning to growth in Q3 with an increase of 3% so this is an encouraging sign for the performance despite of course the challenging environment that we know since we've known that since several months so this gradual improvement makes us confident in achieving at the end of the day our Spend-per-packs objective of around 32 euros in 2026.

20:27 Clearly, part of the several headwinds we mentioned include adverse effects. This was mainly the one who weighed the most on the performance when we compared Q1 to Q1 2026 and 2025. Waker long-haul traffic, those ongoing ones at Terminal 2EK that I mentioned. and a softer luxury environment. Of course in the geopolitical context with higher fuel prices also weight on the performance. All in all we are confident and indeed to reach our annual objective the hypothesis is that this growth will continue in Q4 but the usual seasonality of Q4 and the Q3 momentum that we saw clearly support this confidence in achieving our full year objective.

21:28 Once again the works in Terminal 2 Even if it's a headwind, it's not the major one among all the effects I mentioned. Regarding the traffic and specifically the impact of early work, so indeed we had embedded in our Hypotheses from the beginning of the year of the fact that there would be works in Paris early both on early one airside area since April as well as on runway 4 since August which led to significant reduction of flight schedule in 2026. The works regarding runway 4 will come to an end in mid December.

22:17 Aircraft movements are broadly in line with our expectations. Indeed, load factors were slightly lower than anticipated, and there was also less transfer to CDG compared to what we initially expected, but overall the impacts of the work remained broadly consistent. with what we have observed during similar infrastructure projects in the past and the latest airline schedule and traffic trends at Paris-Orly are fully reflected in our revised traffic outlook which now assumes as you know and as I mentioned a slight decrease in Paris traffic in 2026 compared with 2025.

23:02 Thank you. The next question comes from Christian Ndelsu from UBS. Please go ahead.

23:16 Hi, thank you very much. Could I ask you, in today's environment with French Hills more than 5%, what are the arguments for locking in a 5.8% or around that allowed return for the next eight years? And secondly, if you allow me, the early next year, the 2731 strategic plan, Could you tell us what the agenda is? What are you going to talk about at that time?

23:49 Thank you. Thank you for those two questions. The first one in terms of WACC level and the fact that indeed this WACC level will be fixed for the entire period whereas we are in the context of increasing tax rates. First of all, let me remind you that the range used by the regulator for its binding opinion will be the one updated at the time of the submission. So we made the exercise to update this range and compared to what we said at the end of July, it's now a range expected between 5.2 to 6.2%.

24:37 So indeed with our proposal at 5.8% it gives a buffer to comfort our economic proposal. We believe that it would be misleading to assess the relevance and interest of an era solely through the length of the level of work. When we consider the interest of signing an economic regulation agreement, we really believe that we have to consider all the overall frameworks, including a front-loaded tariff trajectory, as you may recall, several protection mechanisms, and I can come back and comment on them deeper if needed, and lastly, reduce regulatory uncertainty resulting from this framework.

25:30 This framework and the question you are raising should be also assessed against the alternative scenario. What would be the alternative realistic scenario if we don't sign an ERA? And from that perspective, it would lead to greater regulatory uncertainty, reduced protection against adverse development, less visibility, and could lead to suboptimal investment decisions. So, all in all, we are totally confident on the fact that the proposed agreement provides a robust framework despite the evolution in financing conditions. Regarding the agenda for 2027, so indeed, we have announced our intention to disclose the strategic plan, which will be, of course, which will realize, of course, on the ERA project and all the regulated activities but it will be a broader We have not disclosed at this stage a precise agenda, so we just intend to present it in early 2027. The plan will clearly focus on reinforcing operational and financial performance to reassess that we want to invest with discipline and create sustainable

27:02 value across all the groups. It will be early to tell more in terms of agenda and content of this plan. Thank you. Thank you.

27:14 Thank you very much. The next question comes from Max Dolby from Green Street. Please go ahead.

27:22 Good morning. My question is regarding luxury. So the presentation mentioned seeing some encouraging trends, although we've seen French luxury stocks fall again this week. So looking beyond the conclusion of the two EK works, how do you see the luxury business developing? And could you give us an indication of how much luxury contributes to SPP?

27:53 Thank you. So clearly part of the two main elements that In the gradual improvement of our SPP in Q3, there is the fact that there was a normalization of FX rate, but also indeed, as you mentioned, a gradual recovery of the French luxury brands, which are an important component of our SPP performance. Clearly you know that in our part of our exchange strategy we want to rely on those luxury brands and to reinforce premiumization of our retail area but clearly we do not disclose the precise impact of those luxury Thank you.

28:57 The next question comes from Marcin Wojdel from Bank of America. Please go ahead.

29:04 Yes, thank you and good morning. So two questions. You mentioned that your revised guidance for 2026 does not reflect any measures from the French Can you perhaps quantify what could be the impact or at least be the order of magnitude? And question number two, going forward to 2027 and beyond, based on the current draft, can you just remind us, do you expect the infrastructure tax rate at 4.6% or a higher bond could apply to ADP? As we understand, the tax goes up to 12.2. So a comment would be helpful. Thank you.

29:51 Thank you. So coming back indeed to the current news regarding the finance bill. You're totally right. Our guidance regarding EBDA clearly excludes explicitly any impact in 2026. of measures from the 2027 finance bill. You have totally noticed that this finance bill for 2027 sets out a new mechanism increasing the tax rate regarding long distance transportation infrastructure with the proposed progressive mechanism as you mentioned, which would be based on the profitability of operators.

30:38 Based on our understanding of the bill, we anticipate that we would bear an additional charge of approximately 40 million euros for full year 2026. To be very precise, a more literal reading of the bill can lead to a higher estimate of up to 120 million euros. We believe that this results from a technical oversight in the wording of the finance bill that will be corrected in the legislative process. Beyond 2026, to answer directly to your second question, structurally and based here also on our current interpretation of the text and when we exclude exceptional items, we do not expect to fall within the higher tax range from 2027 onwards and to remain below the threshold of 20% Profitability.

31:38 Clearly the process is ongoing, you must really keep it in mind and we can only be definitive and precise in our answer once the finance bill elaboration will come at an end but at this stage for 2026 our understanding and anticipation is a 40 million euro additional tax if The French bill is promulgated before the end of the year and beyond 2026 no expected impact above the 4.6 current tax rate. Thank you. The next question comes from Christian Ndelsu from UBS.

32:24 Please go ahead. Christian Ndelsu, your line is now unmuted. Please go ahead.

32:44 Thank you very much. Could I follow up, please, on the OCRPS? I believe you converted 100 million of shares and you still have 2.5 to convert. What dictates the pace at which you're converting more of these shares? And in relation to that, what's the minimum economic interest? You intend to hold in GMR as per the agreement with the other shareholders. Is there a threshold there that you cannot go below? And the second one, just a technical one, if I may, in retail, in other income, you have this Societe Paris Works revenues. Could you help us ballpark understand is the EBITDA margin on these revenues, is this both similar with the divisional Is the EBITDA margin dramatically lower or dramatically higher than the retail EBITDA margin? Thank you.

33:48 Okay, thank you. Regarding the GMR and the OCRPS, indeed we have converted some OCRPS into normal and ordinary shares. Clearly in line with what we had announced at the time of the operation and the first change, so it will be gradual conversion. It's gradual because there are some specific legislation in India that prevent from converting more than in a year 5% of the capital, so that's why it's Gradual process, but we have already begin with that.

34:37 And to answer the second part of your question, yes, the minimal threshold here also for Indian regulation and legislation is 25%, which would trigger otherwise some impact in terms of MTO. Can you repeat the second question? It was SPP and the margin expected to dilute, but on which activity?

35:15 Within other income, the other income line in retail, you mentioned about these contracts with Societe Paris Works, and I believe this is the reason why it has We've gone up meaningfully year to date, I think from 23 million to 52 million, if I remember well. But I was just curious if you could help us a bit understand the EBITDA margin in this Société Paris works. Is it similar to retail or much dramatically different? Thank you, Christian. Yes, indeed, it's related to Société du Grand Paris, so it's works linked to the greater Paris transportation. And so it's re-invoicing that are made. So, I mean, it's zero margin, actually. So it's really a pass-through.

36:09 Okay, that's very important. Apologies, could I come back? Could I come back? You mentioned the 25 in India, the Indian regulation legislation. You talked about a 25% threshold. Did I understand well that that refers to your economic interest, which now is 40%, so it cannot go below 25? Or were you referring to the actual ordinary share count, which I think you're closer to 25 or something like that?

36:36 The regulation is for ordinary shares. It's linked to the MTO regulations.

36:46 And on the economic side, you're 40%. Is there a threshold there according to your agreement with the other shareholders that you cannot go below? Is it 35% or 40% itself?

37:00 No, not specific. Just keep in mind that what we made in this operation with tranche 1 and tranche 2 is to rebalance the capital structure between our partners and us to make our partners stronger because from an economic exposure perspective it was weaker than us before the operation so it was an important Elements for us to have a strong partner in India to be better position in the discussion with local authority to capture future development, but there is no specific rules regarding this economic balance between them and us.

37:53 Could I please add one more or should I just go at the back of the queue?

37:59 Yes, go ahead.

38:00 Apologies. Apologies. But the 40 million on the infra tax you mentioned, your initial assessment, just for me to understand. So normally the way this incremental 40 million, the way it would work is 75% of it, you would be able to pass it through the tariff in two years' time. And the reminder, 25% of the 40 million... that will not be a form of a pass-through. Is my understanding correct?

38:33 So your understanding is totally correct for 2027 onwards once the ERA is seen because you may remember that we incorporated in our ERA project a specific tax adjustment mechanism and designed to compensate for the economic impact of new legislative or fiscal measures implemented after the signature of the of the era but for 2026 to be very clear should the finance bill be enacted in 2026 and should there be a charge on this The next question comes from Dario Maglioni from BNP Paribas. Please go ahead.

39:43 Dario Moglioni, your line is now unmuted. Please go ahead. The next question comes from Eric Lemarie from CICCIB. Please go ahead.

40:02 Oh, yeah, thanks. I've got two follow-ups, please. Just the first one on the risk in France. Would you consider speeding up your international expansion in order to rebalance the exposure of ADP and to lower the exposure to France in the future? And a second question on GMR, do you think GMR could be affected by the ongoing protests in India? Thank you.

40:38 So you know our long-term strategy in terms of international activity is not linked to the current specific situation in France. We have always tried to build a balanced business model and to have a level of value creation in the international side. an important phase of investment in international between 2017 to 2021 and now time has come also to secure the dividend from those activities to contribute to the financing of our important CAPEX program in Paris so we are in this In this line, regardless of what's happening in France.

41:40 Regarding your question on GMR, maybe just to remind that GMR also is facing headwinds in terms of operational disruption, a challenging operating environment. with flight supplants that remain constrained in India, with geopolitical disruptions that have added pressure. So all those elements have weight on the performance. I mentioned in the presentation that the traffic was down in GMR, especially in Hyderabad. We have not noticed at this stage and so far a specific Thank you very much.

42:59 The next question comes from Andrew Lobenberg from Barclays. Please go ahead.

43:03 Andrew Lobenberg Oh, hi, since we're all coming around again. Can you just, I think you did explain it for half year, but do you want to give us any more color on the cost-saving program on a short-term basis? You know, how easily it has come, how challenging it has been to execute through Q3 and looking to the balance of the year and, you know, how sustainable any of those savings can be going forward. And then is there any sign yet of an impact on traffic from social unrest at home? Thanks.

43:40 Thank you for your question. So indeed the cost saving program that we have implemented since the beginning of the config is an important element in the underpinning of our EBITDA guidance. So we implemented, as you know, we mentioned it already in July, a 40 to 60 million service program in 2026. We expect to be rather in the upper part of this range, so this explains why we at the same time expect, given the level of traffic forecast, we expect to be in the lower end of the EBITDA Broadly speaking about this cost saving program, as mentioned also in July, now we view it as roughly a 50-50 mix between short-term action such as the deferred recruitment, discretionary spending reduction, more structural and sorry at the same time 50-50 with more structural initiative focused on productivity and efficiency so all in all a number of actions that we implemented this year are just an acceleration of what we intended to do for the era to generate lasting benefits beyond 2026. This includes

45:12 tighter spending discipline, optimization of outdoor services, support function efficiency, maintenance optimization, and process simplification. So as a result, what was initially planned out of our 140 million savings measure expected The next question comes from Harishankar Ramamurthy from Deutsche Bank. Please go ahead.

45:57 Good morning and thanks for taking my questions. Most of them already addressed, but I just wanted a quick clarification on the infrastructure tax. So a distinction between what you're allowed to pass on under the ERA framework versus what is regulated versus unregulated. So if I remember right, the last time we had the infrastructure tax increase, are able to pass on the regulatory impact onto the tariffs. So for the 40 million euros that you're currently estimating for 2026, if it comes to friction, then irrespective of the error, would you be able to pass on the regulatory bits within this or am I completely missing something? Thanks.

46:54 Indeed, so when the tax was first implemented a few years ago, we managed to pass the impact on the regulated scope in the tariff. Globally speaking, the allocation of the tax between regulated and non-regulated scope is 75% on the regulated and 25% on the non-regulated. We allocate depending on the amount of revenue at AGP SA mother company as the tax relies, is based on the revenue at the mother company.

47:40 So this explains the 75-25%. So indeed we cannot clearly pass through the impact on the regulated scope. We expect this key allocation to remain the same. So, once again, only once the ERA is implemented should there be an impact. But once again, at this stage, given the current wording of the text and the French bill, we do not expect impact beyond 2027, but should there be In impact, 75% of this impact would be allocated on the regulated scope and could be passed through the tariff thanks to the adjustment factor mechanism we have incorporated in our ERA project. But once again, it would be only from 2027 onwards because for 2026, should there be an impact if the deal is promulgated before the 31st of December, then for 2026 we couldn't be in a position to pass it through as tariffs for 2026 have already been secured and we cannot come back on this.

49:13 Thank you. Okay. Thanks. Ladies and gentlemen, thank you for your questions. Let me now hand the conference back to the speakers for closing comments. So it's now time to close this call. Thank you all for joining us this morning and for your continued interest in Group ADP. So our next scheduled publication will be on February 10th for our full year results. And then we look forward obviously to reconnect with many of you during the upcoming conferences and roadshows. And as always, Eliott and I remain available for any follow-up questions you may have.

49:59 Thank you. Enjoy the rest of the day. The live presentation is over now. Thank you for your participation. You may now disconnect.