Hi, my name is Daniel Amir, Head of Investor Relations. This webcast is being recorded and will be available for replay in the Investors section of eToro's website. Our earnings press release, investor presentation, and October monthly spreadsheet is now available on our website at investors.eToro.com. Today, I'm joined by Yoni Assia, our CEO, and by Meron Shani, our CFO. Following the prepared remarks, we will conduct a Q&A session and answer questions from both institutional research analysts and a selection of the most upvoted questions previously submitted by eToro's retail shareholders. Before we begin, I want to note that today's discussion contains forward-looking statements, including statements about goals, business outlook, industry trends, market opportunities, expectations for future financial performance, and similar items, all of which are subject to risks, uncertainties, and assumptions. and you can find more information about these risks and uncertainties in the press release that we issued today and in the risk factors section of our filings at scc.gov. Actual results may differ and we take no obligation to revise or update any forward-looking statements. Finally, during today's meeting we will discuss non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. Definitions and reconciliation of GAAP to non-GAAP measures is available in our press release, investor presentation, and on the sec.gov website as applicable. With that, I will pass the call to Yoni.

Thank you, Daniel. and thank you to everyone joining us today. Welcome to eToro's third quarter 2026 earnings call. After Meron and I conclude our prepared remarks, we'll open the call for your questions. Elad Lavi, Tal Ben-Simon, Lina Reshef, Funded accounts rose 18% year-over-year to $4.39 million, and equity assets under administrations reached a record of $11.5 billion, up 24% year-over-year and more than double the $5 billion reported two years ago, in the third quarter of 2024. Total assets under administrations, which $20.8 billion. Following a strong first half, lower volatility across equities, commodities, and crypto created headwinds and softened trading activity in the third quarter. Periods of elevated activity and volatility are typically followed by cooling off as we saw in 2018 and 2022. This reinforces the importance of our diversified business model across regions, product lines, and asset classes. Thank you very much. Let me walk you through some of the highlights of the quarter. Let's start with trading. This quarter, we continue to expand access to 24-7 trading, giving users greater flexibility to respond to market events and manage their portfolios whenever opportunities arise. Always-on is an important part of our vision. Toro Group Ltd. As 24-5 trading demonstrated, with nearly a quarter of daily volumes occurring outside traditional hours, we believe 24-7 trading can drive meaningful incremental activity as it is fully deployed next year. Furthermore, prediction markets are now live for international users in selected markets, giving them another way to engage with markets through Itoro and Zengo. Thank you very much. We also launched Toro Edge, our desktop trading experience, designed for more active users with professional-grade charting analytics and dedicated working space for trading across multiple asset classes. Since the launch, we have seen significant growth with week-over-week record volumes on the new platform. Combined with buying power and the planned acquisition of TradeZero, our new app and edge strengthens our ability to serve more sophisticated, higher-frequency traders who want deeper capabilities, greater flexibility, and faster execution. Together, these capabilities significantly expand our opportunity to serve the broader active trader market. We believe agentic trading is the next evolution of trading, and eToro is the forefront of this shift. We're building an intelligence and connectivity layer that brings together Tori, external AI connectors, and dedicated agentic accounts to enable more of our users to use AI to trade actively in their accounts. Tori, our AI agent, now delivers our customers proactive insights, helping users better understand their portfolios, identify opportunities, and stay informed wherever they are. Rather than waiting for users to search for information, the experience increasingly anticipates what matters to them and delivers relevant insights when they need them. Tori can also help users take action, including managing their portfolios. We've recently added official connectors for Claude, ChatGPT and Grok. Customers can find us in the official stores and connect the Retoro accounts. Through connectors and dedicated agenting accounts, users can access intelligent portfolio management with clear rules and control, bringing sophisticated investing capabilities to a much broader audience. Usage of APIs and agentic trading users increased 250% quarter over quarter. The Toro App Store, which launched last quarter, now offers more than 250 apps, further expanding the tools and capabilities available to our users. Looking ahead, we believe agentic trading and investing can transform how people discover opportunities, make decisions, and manage their portfolios. Thank you very much. We continue to expand the offering of our Alpha portfolios that use quantitative strategies, AI, and proprietary data to generate Alpha for our users. We've recently launched 26 smart portfolios in the US following the receipt of our RIA license. Smart portfolios provide managed, diversified portfolios that automatically allocate and rebalance investments based on defined strategies and risk profiles. Their U.S. launch marks an important milestone as we prepare to bring more of Litoro's product offering to U.S. users following the completion of the TradeZero acquisition. Last week, we announced an agreement to acquire LB Finanza, a leading digital investment and neobanking platform in Argentina, with crypto broker-dealer and neobanking licenses. This acquisition gives us a strong foundation for expanding Toro's platform in Argentina and over time across Latin America. Latin America is seeing rapid growth in retail participation driven by macro shifts and increased digital penetration. An update on our pending acquisition of TradeZero. We announced the transaction in August for approximately $225 million and continue to expect it to close in the first half of 2027, subject to the required regulatory approvals and other customary closing conditions. TradeZero is highly complementary to Etoro. It strengthens our US active trading capabilities, gives us entry into Canada, and adds proprietary technology and infrastructure. It also creates clear product opportunities. Etoro users will gain access to TradeZero's futures, prediction markets, and option capabilities, while TradeZero users will gain access to Etoro's crypto offering and international reach. Thank you very much. We believe our shares are undervalued and our profitable business model and strong cash generation provide the flexibility to repurchase shares while preserving the ability to pursue strategic opportunities. Our 4M&A transactions this year demonstrate that we remain focused on both disciplined growth and shareholders' returns. The timing and amount of any repurchase will depend on market conditions and other factors. With supportive macro trends, financial discipline, and continued focus on innovation and execution, we're well positioned to drive long-term value. With that, I will now pass along the call to Meron to discuss our financial results.

Thank you, Yoni. Third quarter net contribution was $186 million, down 13% year-over-year, and adjusted EBITDA was $34 million, down 56%. Lower net contribution and higher investment in marketing than a year ago reduced profitability. Lower crypto contribution was the main driver for the decline in total net contribution, partly offset by higher capital markets contribution. Total assets under administration was $20.8 billion, unchanged year over year, and funded accounts increased 18% to $4.39 million, including the impact of acquisitions. Let's take a closer look at our third quarter financials by business line, compared to a year ago. Our net trading contribution from capital markets, equities, commodities and currencies increased 21% year-over-year to $88 million due mainly to a more favorable asset mix, leading to better take rates. The quarter-over-quarter decline was largely associated with softer seasonal trends that led to a lower trading activity in both equities and commodities. Our net trading contribution from crypto increased 141% quarter over quarter to $26 million, reflecting a recovery in crypto trading activity and pricing during August and September, a trend that continued into October. However, contribution declined by 53% year over year, primarily due to lower trading activity in crypto. as we have experienced in prior crypto cycles volatility in crypto activity is to be expected and our diversified business model provides resilience across market environments Transcription by CastingWords Itoro Money's contribution declined 5% year-over-year to $20 million, largely due to lower customer activity. In the third quarter, adjusted OPEX was $152 million, up 1% quarter-over-quarter, and within our guidance, adjusted selling and marketing expense was $68 million. Thank you very much. Brand Building, Measurement, and Channel Mix, enabling us to operate more effectively in this new environment. Adjusted R&D and G&A and operating expenses were $37 million and $48 million respectively. Our adjusted diluted EPS for the quarter was $0.26 compared to $0.60 in the third quarter of 2025. Our net income for the first nine months of 2026 was $150 million compared to $147 million in the same period of 2025. Moving to our balance sheet, we ended the quarter with $1.2 billion in cash, cash equivalents, and short-term investments, and generated $21 million in free cash flow from operations. We have a strong balance sheet, and our robust cash position and generation allow us to pursue various strategic uses of capital as appropriate. Now let me share a few comments on fourth quarter trends. As part of our quarterly results today, we also released our October monthly KPIs. The month of October has seen similar trends to Q3. Our capital markets and crypto businesses saw year-over-year decline in both total number of trades and invested amount per trade. Assets under administration was $19.2 billion, down 6% year-over-year, and funded accounts were $4.42 million, up 18% year-over-year. We expect our adjusted OPEX for the fourth quarter to be lower than in Q3. In addition, as Yoni mentioned, we also announced a $250 million share repurchase program that reflects our commitment to create shareholder value. To summarize, we are confident in our ability to capture new opportunities, create value through TradeZero and LB Finances acquisitions, and further strengthen Itoro's leadership in global trading and investing. With that, Daniel, let's move to Q&A.

Once the acquisition is completed and approved by regulators, we plan to embed all of TradeZero's capabilities, which include margin trading, short futures, prediction markets, coming soon perpetuals, into the main core eToro app. Thank you, Yoni. Operator?

Certainly. And our next question from the phone lines comes from the line of Bill Katz from TD Cowen. Your question, please.

Great. Thank you very much. So maybe a two-part question. I was wondering if you could talk about your plans to accelerate ARPU, Average Revenue Per User, and then could you expand on your comments of using AI to potentially decelerate or how you can use AI to enhance the sales and marketing process? I think last quarter you had mentioned that your marketing and sales would be down sequentially and that doesn't seem to be the case. And yet the account growth is relatively tepid. Just trying to sort of figure out the ROIC and a way to sort of increase the revenue per user. Thank you.

Sure. So we've always created new products and then we're looking at the attachment of products sold to those new users and to existing users as the way to expand ARPU. Some of those new products right now include the Edge platform. which is more targeted towards the active trader as well as API trading and AI connectors etc. We believe that through both the more advanced users automated trading and AI we're going to see an increase in trading activity which will increase again within the active trader segment ARPU over time and we continuously attach more products to the existing audience to increase ARPU. Regarding sales and marketing, we're seeing an amazing shift right now with the ability of AI to create ads and to actually personalize a lot of the marketing activity towards specific audiences. If you look at the different target audiences in Itoro, everything from The crypto to now the crypto native together with Zyngo to the active trader with Edge and the AI trader were able with AI to target those customers with specific ads both internally and externally. We believe that the use of AI and personalizing the messaging towards those target audience over time will reduce CAC.

Thank you. And our next question comes from the line of Devin Ryan from Citizens Bank. Your question, please.

Thanks so much. Good morning. A question on agentic trading and just love to get a sense of how you think adoption will play out. Do you have any views around kind of the timeline of when we'll see much more material adoption? And then also love to hear about what you think will differentiate the winners in agentic. We all or many of us think it will be pretty materially, but pretty material. But what do you think will Thank you very much.

raised their hands. I then asked how many people are actually using AI to trade actively in their account and it was about 5%. I believe that gap will eventually close within the next 6 to 12 months. As I mentioned in the past, I believe by the end of next year we're going to see more agentic trades happening on eToro than actual clicks in the platform. What differentiates the different players is the ability to create Thank you very much. Thank you very much. Transcription by CastingWords We've lost audio. Do we have any other questions? I think we might have lost audio. Apologies, there might be a technical issue. Apologies, we have a technical issue with the audio, it seems. Can they hear us? Yes. One second, technical issue. I hope you can hear us.

Question about smart portfolios and the rollout and adoption of smart portfolios.

Yes, apologies, our audio has broken, so we're hearing it from the other room. I understand there's questions about smart portfolios. We have recently launched the smart portfolios in the U.S. under our RIA license. We have brought in 26 new smart portfolios to the U.S., With the completion of the acquisition of TradeZero, we also plan to bring the more active and leveraged smart portfolios into the US, which include our quantitative trading strategies and our alpha portfolios. A lot of the focus globally has been on the quantitative portfolios and how we use AI to create actively managed portfolios that are also market neutral and long-short portfolios. Apologies again. It seems like we need to hear the questions with someone going into the other room to bring the questions. We're very excited also and looking forward towards the anthropic IPO this quarter that we're happy to see that is starting with the roadshow. We've had a very successful SpaceX IPO as we all remember from when we launched the SpaceX IPO and we're a retail distributor and I'm very proud that it was announced that we'll be a retail distributor for the Anthropic IPO as well.

Go ahead.

While waiting, we can speak a bit about what we've also seen last week at the Pro Investor Conference. We've had reps from SpaceX introducing Grokbot to our pro investors. And as part of the process, we've actually have been teaching our clients how to use external AI to trade in their accounts. Go.

How do you make smart portfolios? How do you make user...

We've just recently launched Smart Portfolios in the US. The way we introduce Smart Portfolios is through the product. A lot of the automation in the product and product marketing is about how do you attach the right products to the right customers at the right time. People who came to Itoro to trade crypto would be more interested in Smart Portfolios related more to the CryptoWorld, people who came more to equities will be interested more in equities and we basically adapt the right smart portfolios through our discovery to the right audience based on their trading preferences. Yeah, we can hear them now. Daniel? Yes. Any additional questions? Sorry for that. We were interrupted by a technical issue.

Sorry, we had some technical issues. Dan Dolev, can you ask your question, please?

Dan Dolev from Mizzou. Dan Dolev from Mizzou.

Yes, okay, you can hear me, right? Okay, guys, thank you for, yeah, no problem. Thank you for the opportunity. Really nice growth on the user front. Very impressive. I do have a question about IPO access. And the question is, you know, following the success of SpaceX earlier this year, you know, there's a new big AI IPO coming. How do you It looks like you guys are doing a lot of work on distributing it in Europe and the UK. And, you know, can you maybe only discuss how big this trend is of giving retail access, European retail access to these mega IPOs? Thank you and congrats again.

Thank you very much. So this actually has been a shift in the IPO market where we see the large IPOs actually looking for retail distribution. So it's a significant shift that happened over the last 12 months with, I think, SpaceX representing a significant shift there. There's also been a change in regulation that enables that, and we're seeing basically companies throughout their IPO process filing Thank you very much. Two opportunities. One is the acquisition of new customers through IPOs. We've seen that as a significant channel in the SpaceX IPO, and we believe that that will continue. The second part is those IPOs, we expect them to start trading 24-7 on derivatives on the Toro platform as well as they start trading.

Great. Thank you, Yoni.

Thank you, Dan.

Thank you. Our next question comes from the line of Craig Siegenthaler from Bank of America. Your question, please.

Thanks for taking my question. Hope everyone's doing well. My question is on agentic AI and its ability to reduce the need for copy trading. Do you see agentic AI replacing copy trading over time or potentially cannibalizing some of that business?

I think that our experience with AI is that you always need a talent to actually steer AI and to drive AI. I think AI enables our pro investors, now almost 6,000, to actually become a one-person hedge fund. So we've been actually training a lot of the pro investors to build in their chief risk officer, their chief investment officer, as agents that work for them 24-7. I believe over time that actually accelerates both alpha generation of our pro investors and trading activity as they learn to use AI to actually create more sophisticated strategies so I think it actually Thank you very much. that with AI are able to generate consistent results on eToro means we're going to have more people that are qualified to copy and generate sustainable consistent results over time.

Thank you. And our next question comes from the line of Chris Allen from KBW. Your question please.

Yeah, thanks for taking the question. I wanted to, I think it was Yanni, you mentioned that November you've seen a pickup and activity on higher volatility. Just wondering your thoughts on whether that's good for your customer base, whether you're just seeing that in the equity piece, and is that concentrated in some of the stocks which have been under the most pressure?

First of all, I think generally volatility is good for trading and for traders. It's where they find a lot of the opportunities and over I'd say the last five years we've seen in many cases retail investors that are able to capture the deep to buy the deep. of course post volatility sometimes if customers lose money that sort of creates a cooling off period so that's why we always see heightened volatility and then lower volatility continued with heightened volatility I think that last week's significant shift in the markets means more trading activity and also more opportunities for customers to find stocks that were at significantly higher valuations before and enter it into the market. So again, generally I think volatility creates opportunity in the trading markets and of course it means some customers need to manage their risk and manage their portfolios more actively.

Thank you. Thank you. And our next question comes from the line of Dan Fannin from Jefferies. Your question, please.

Thanks. I wanted to ask about expenses. You mentioned AI helping potentially marketing spend being more efficient. So if you could talk a bit more specifically about 4Q expense trends. And then as we think about next year, what is a reasonable kind of level of growth for overall expenses as you think about investments and priorities into next year?

Sure, I'll touch a bit about marketing and then Meron can continue on OPEX. I think what we're seeing within the marketing landscape within channels is a shift in channels. We are seeing cost per clicks, for example, in Google search specifically actually becoming higher and a shift towards actually Other channels in parallel to Google. So a lot more influencer social media helping our pro investors actually get tools to promote themselves. I believe that using AI enables both us to create significantly more content and more tailored content both regionally and on the different product lines of Itoro and to provide tools to our pro investors to also promote Tell their stories externally and actually promote their stories externally on social media. So I think we are seeing both shift in channels and AI enabling us to focus on channels that require more content and more tailored content over time. With that to the expensive side, I'll move tomorrow.

Sure. So thanks for the question with regards to the OPEC side. So first on Q4, as we noted, Q4 is going to be lower compared to Q3 by 5% and plus. and in general about AI and how it's becoming effective on the cost base. So a few layers on this. One, AI will certainly enable us to scale the business without growth in any cost base. So that's on that front. It helps us really automate a lot of processes. It helps us really reduce a lot of manual work. So that's very healthy also for the organization. Second, it helps us really automate and really build on Vive coding or any of the new tools. It really helps us build a lot of systems that we had to buy from externally. So that really is getting us a very good position in the overall cost base.

I'll add an additional point on Tori, our AI agent and its roadmap. We're in the process of now launching a new version which we call Tori Reloaded, which actually goes through the entire database of all of the dialogues with customer service and is able to actually capture significantly A wider range of questions, again with the new models of Grok plus training it on all of the questions and the dialogues both with account managers as well with customer service. We're seeing the agent actually advancing its capabilities to basically answer all of the customers' questions and on the roadmap also to help them on their portfolio management as well.

Thank you, and our next question comes from the line of James Yarrow from Goldman Sachs. Your question, please.

Good morning, and thanks for taking the question. I was hoping you might be able to speak to the TAM for prediction markets outside of the USA, in other words, which geographies permit that, and where you're operating in that business, and then where you think you could expand your prediction markets offering over time.

We've launched prediction markets on Zengo, the non-custodial wallet on DeFi, together with PolyMarket earlier this year. I'd say I break down prediction markets into four categories. There's DeFi US, there's DeFi globally, and then there's TradFi or the regulated activity in the US. That is the CFTC, DCM, DCO. Outside the US, I'd say it's still very much an evolving regulatory landscape. We are talking to the European regulators. Thank you very much. Financial regulation, I think in countries where you have more specific regulation around sports betting, I think that probably is going to be more challenging in regions like UK, Europe and others. So again, our view is sort of splitting prediction markets both to DeFi, TradFi and then sports versus financials, which have a different regulatory analysis.

Thank you. And our next question comes from the line of Ed Engel from Compass Point. Your question, please.

Hi. Thanks for taking my question. Are you able to provide any details regarding the size and structure of the recent LB acquisition? And then, I guess, how do you think about M&A moving forward? Are you still looking for new deals today, or could the M&A focus maybe slow down a little bit as you digest some of the recent activity? Thanks.

Sure. So first of all, I do believe we have right now after announcing four acquisitions this year, we are going to slow down a bit to adjust and integrate all of the different companies we've acquired. We've always looked at integrating teams. Again, we're looking at the deal in Argentina as becoming our base for Latin America. We believe we can grow the Latin America to $100 million revenues within the next two to three years together with The core that we've bought is actually the licenses, the team, a certain amount of customers and revenues, but that's a relatively small amount versus the size of Itoro. Do you want to add anything regarding the size of the LB?

It's not something that's going to be material on the balance sheet. It's going to be less than $20 million. Okay.

Thank you. And our next question comes from the line of Craig Mara from FT Partners. Your question, please.

Yes. Hi. Thanks for taking the questions. What direction did crypto invested amount per trade go in September? And if you could also discuss the drivers of the higher crypto take rate. Thanks.

Sure. I'll let Maron answer that.

Sure. So in terms of the take rate, when we see lower, I call it activities of customer, it really depends on the direction. When the direction is positive and crypto pricing is higher, we see better take rates. That's in general. Specifically, we also had the crypto nostril that provided us another almost half a percent of an increase to the overall yield.

Okay, and the question on amount per trade in September on crypto?

I think September, as we saw between different months, it might be impacted by the amount of copy trading that goes into each of those trades. So that will probably differentiate between different periods. If there is any increased activity in copy, we will see a reduced invested amount per trade. The way that we are looking at it is obviously we look at the entire invested amount. This is really what drives the business.

Thank you. Thank you. And our next question comes from the line of Brian Bedell from Deutsche Bank. Your question, please.

All right, Brad. Thanks. Good morning, folks. Maybe just back to the – I think you mentioned earlier the receipt of the RAA license and obviously the smart portfolio rollout. But can you talk about how you're using that RAA license in the U.S. for copy trading? To what extent are the pro-investors in the U.S. getting or able to get compensated? and then if you can update us on the number of pro investors out of that 6,000 or now U.S. based.

Sure. So the RA license was used right now to launch the smart portfolios first. So the smart portfolios are managed by us and by our partners. CopyTrader is still limited in the U.S. to club members. We are in dialogues with regulators to see how potentially we can either manage Thank you very much. More products for managed investments using Tori, our AI agent.

Interesting. Great. And then maybe just on sales and marketing spending plans, I guess as you think about the expansion in the U.S. next year with TradeZero, is there a ratio of sales and marketing to net contribution that we should be thinking out? I know it's spiked at the last – A couple quarters on the lower net contribution, but you're still trying to manage this down to like 25% or is that run rate? Should we be expecting a higher run rate in 2027 as you try to expand in the U.S.?

Sure. So strategically, we've looked at the band of 20 to 25%. As we said earlier this year, we've actually accelerated with a very successful first half. Right now, we're adjusting it back towards the range of 25%. And strategically, next year, we'll look at roughly the same area of 25% out of net contribution.

Thank you. Thank you. And our next question comes from the line of Alex Markgraf from KBCM. Your question, please.

Hey, guys. Thanks for taking the question. I wanted to ask about one of the four pillars as you've laid them out, neobanking. Just sort of curious, when you look across the globe and across operating markets, we'd love to hear more on just sort of why eToro wins and neobanking. I mean, I think it's a competitive product. A lot of relevant competitors across certain geos. So just maybe expand on the product set and maybe what you need to build there to remain competitive. And then would be curious just to hear a bit more on the acquisition strategy with respect to neobank products. Thank you.

Sure. So first and foremost, neobanking for us started both through an acquisition but also to cater to the local needs of our customers in different regions. We have now over 2.5 million local currency accounts, which is basically a virtual bank account, a virtual IBAN, which enables our customers to deposit and withdraw basically with no fees involved. In real time, right now in Europe, UK, in Euro, in Pounds, in Australia right now, in Denmark, and we're adding more and more currencies. So first and foremost, this significantly improves the economics of customers in the deposit and withdraw process versus, for example, a credit card, debit card, Thank you very much. Thank you for joining us. I'll give an example of, again, the synergies between the card and the neobanking to the trading platform. Right now, we've launched buying power on both crypto and stocks in selected markets, which means you can actually move your portfolio, let's say $20,000 of Facebook and $20,000 of Bitcoin, and many more. Thank you very much.

Thank you. And our final question for today comes from the line of Charles Bennett from Rothschild and Company. Your question, please.

Thanks. Hi, Yoli and Meron, and thanks for taking my questions. I just wanted to ask about the U.S. roadmap post the trade zero acquisition. First, could you remind us whether your double-digit U.S. share ambition refers to customers' assets or volumes and whether your thinking there has changed in any way? And second, just curious whether you plan to Can you reiterate just the first question on the double-digit percent? Sure. So could you remind us whether your double-digit US share ambition refers to customers, assets, or volumes, and whether your thinking there has changed in any way?

Sure. So again, we're looking at always all three parameters when we're looking at all of the different regions. Right now with a trade zero acquisition, as we complete the acquisition and integrate, we're looking at how to basically look at the combined KPIs and how to split from the U.S. So that is not something that we've yet published, and we'll probably talk to the Analyst as we're looking forward regarding the 25% net contribution. As we've said in the past, we're always looking at how some of the more profitable regions are financing less profitable regions or how growth markets or more mature markets are actually financing new markets in Itoro. And we'll continue to do that, including looking at the US. With, of course, the trade zero acquisition, that means that we already are Starting from a position of having a significant U.S. business focused more on the active trader segment right now, but post-integration we plan to have both the product suits for the retail mass consumer as well as the active trader, and we believe that means basically we have a significant stepping stone on which we can continue in scaling up the U.S. business. Anything to add there, Meron?

No, I think the question was also about the ambition. So I think you noted in the past that we want to be a double digit on U.S., a number of customers as a starting point, and that's going to be the driver also for the future KPIs to follow.

Thank you. This does conclude the question and answer session. I'd like to hand the program back to Daniel for any further remarks.

Thank you very much everyone from Miami.