PensionBee Group (LSE:PBEE) — Q2 2026 Results for the quarter ending 30 June 2026

0:01 Good afternoon, ladies and gentlemen, and welcome to the PENSIONBEE Q2 Trading Update. Throughout today's recorded meeting, attendees will be in listen only mode. Questions are encouraged at any time. You can simply either type your questions in the Q and A tab or simply type the question mark, and I will unmute your camera and microphone at the appropriate time. Before we begin, I'd like to submit the following poll, and I'm sure the company will be most grateful for your participation. I'd now like to hand over to the team from PENSIONBEE. Romy, Christophe, good afternoon. Good afternoon. I'm Romy Savova, the CEO of PENSIONBEE. Welcome to our q two twenty twenty six results presentation. Today, we are pleased to share our progress over the quarter as we continue executing on our vision to build a global leader in the consumer retirement market.

0:51 For those of you new to the PensionBee story, we exist to help our customers prepare for and enjoy a happy retirement. We operate in the enormous defined contribution pension market, representing over $30,000,000,000,000 in assets and more than 100,000,000 consumers across The UK and US. Our customer centric offering helps consumers to feel retirement confident. We enable our customers to combine their old retirement accounts into a new online account. We enable them to make contributions to invest in line with their objectives, with money managed by the world's largest asset managers, and ultimately to withdraw and spend their retirement savings. Our long term ambition is to build lifelong relationships with our customers.

1:41 This approach delivers value to them throughout their retirement journey while driving predictable, scalable revenue for our business and strong returns for our investors. At the end of the quarter, we reached £8,600,000,000, approximately $11,000,000,000 of AUA on behalf of 327,000 invested customers, reflecting 37% year on year growth in assets. Annual run rate revenue reached £56,000,000,000 up 40% year on year, and quarterly net flows grew 30% year on year, keeping pace with increased marketing investment and demonstrating efficiency. In The UK, prompted brand awareness reached a record 62% with partnerships and sports sponsorships reaching broad audiences.

2:31 AI tools enhanced our productivity with BeeBot now resolving over 50% of its live chat volume contributing to productivity improvements while maintaining the quality of our customer service. In The US, we advanced our dual channel strategy with business to business distribution growing through intermediaries and our direct to consumer business growing through optimized marketing activities. The UK was profitable for the quarter with a 15% UK LTM adjusted EBITDA margin, while the group was profitable on the last twelve months basis, reflecting strong operating leverage. Turning now to The UK, we continue to invest in marketing over the quarter, increasing spend by 34% year on year to £4,600,000 in order to capitalize on our UK growth opportunity.

3:26 The investment drove gross inflows up 34% to £463,000,000, supporting brand awareness that made PENSIONBEE one of the most recognized pension providers in the country. Brand investment is a long term endeavor, and we were pleased to see it converting into customer growth with 327,000 invested customers at the period end, representing 14% year on year growth. Our industry leading technology platform continues to scale effectively, driving operating leverage and the consistent delivery of excellent customer service. We delivered a 17% productivity improvement over the quarter with over 1,700 invested customers per staff member in The UK, representing a compound annual growth rate of 20% since 2020.

4:17 Two AI engines built on our over decade long knowledge base are enhancing our productivity. Bitrix, our internal AI copilot, continues to boost productivity across our support function. Bbot, our external AI bot, enhances customer self-service and is now able to independently resolve over 50% of its live chats, freeing our team to handle more complex queries. As we continue to become even more efficient, we maintain our standards of customer service reflected in our excellent Trustpilot rating of 4.6 stars and an invested customer retention rate of above 95%. Looking ahead, we are focused on delivering our key UK growth and scalability initiatives for 2026.

5:06 On customer growth, we continue to deploy increasing marketing investment through engaging multichannel activities, growing our brand awareness. We continue to broaden our reach through partnerships and new channels, including our channel four weather sponsorship, now live, and the launch of a new brand campaign expected in August. We continue to invest in product innovations, including through our new hybrid app aimed at delivering a seamless user experience and stronger customer engagement across devices live on Android with the iOS version launching imminently. We are expanding our AI and automation capabilities with plans for further AI expansion on emails and operational processing. Turning now to The US, our focus on building brand awareness remains a top priority. We are growing national brand channels at scale through a multichannel approach that combines digital and out of home advertising.

6:03 Our social media following has continued to grow exponentially since we launched our app representing broad national reach. Over the quarter, we deployed a customer testimonial campaign featuring our US customers alongside an out of home billboard campaign across New York and Chicago, building our presence in key US cities. We're pleased to see prompted brand awareness in The US registering at approximately 5% as we continue to build recognition in the market. Over the quarter, we continued to build our automatic rollover IRA, which we offer to employers, usually through adviser intermediaries and third party administrators. It is competitively priced with a high quality investment portfolio and personalized service for participants.

6:50 Every year, an estimated 60,000,000,000 in four zero one k balances leave employer plans for automatic rollover IRAs, and our offering is built to capture this flow. Small balance rollovers, where employers force out former employees with balances below $7,000 are recurring and represent a potential of $4,600,000,000 of inflows annually. Voluntary rollovers, where employers ask us to serve former employees with balances above $7,000 form part of a $1,000,000,000,000 annual market. And plan terminations where an entire four zero one k plan winds up and its participants transfer to us are large at approximately $55,000,000,000 of potential inflows annually with individual transactions reaching $250,000,000.

7:39 We are building our distribution across this ecosystem, having reached record keepers representing approximately 75% of the market, building towards 100 intermediary relationships that each deliver approximately $10,000,000 in recurring annual inflows and with over 1,500 employers already in reach. Our progress is compounding as relationships established in 2025 generate further client referrals and recurring inflows. At scale, this supports our path to a billion dollars of AUA. Turning to our priorities for The US in 2026. We are scaling our automatic rollover IRA, building distribution across the ecosystem as we work towards our medium term goal of a billion dollars of US AUA and continuing to onboard employer clients from our actively referring intermediaries.

8:34 We are growing our direct to consumer presence. The US today resembles The UK in its early years at the start of a similar growth trajectory. We continue to grow brand awareness and build a predictable conversion funnel supported by our 1% match, which encourages consolidation and contributions while enhancing our retirement planning tools to grow average account sizes over time. We are building efficient foundations, strengthening our transfer protocols, including straight through processing from certain record keepers and continuing to optimize our marketing and operational efficiency to build attractive customer unit economics over time. I would now like to hand over to Christoph Martin, our Chief Financial Officer, who will cover the financial update for the quarter.

9:21 Thank you very much, Romy. Hello, and welcome to everyone to the financial section of our Q2 twenty twenty six results. Turning to the financial overview, I would like to start with a summary of our performance for the quarter before diving into the details of PENSIONBEE's core value driver. For the second quarter of twenty twenty six, The UK delivered strong financial performance with 37% year on year growth in our area to GBP 8,600,000,000 and forty percent year on year growth in ARR to approximately GBP 56,000,000. The UK revenue increased 42% to GBP 14,300,000 and UK adjusted EBITDA expanded profitability to GBP 800,000 for the quarter.

10:13 On the last twelve months basis, we delivered a two year CAGR on the revenue side of 34% while maintaining cost discipline with our cost base growing at a lower compounded annual growth rate of 20%. This resulted in UK adjusted EBITDA of close to GBP 8,000,000 on a last twelve months basis, expanding The UK adjusted EBITDA margin to 15%, up from 8% last year. At the group level, top line growth coupled with continuous cost discipline led to group profitability on the last twelve months basis with last twelve months adjusted EBITDA of £2,700,000 at a 5% group margin in comparison to around negative 1% a year ago.

11:05 These continuous achievements are derived from the core value driver of our business, which are first, predictable and recurring revenue and second, business scalability. Furthermore, they are testaments to our ability to consistently and reliably execute against our public market guidance. I would next cover the two value drivers in turn. The first the first value driver is is pension based predictable and recurring revenue, which is generated from a durable base of assets under administration, the function of the assets of existing and new customers. In the second quarter, we achieved a 37% year on year ROA growth to approximately GBP 8,600,000,000.

11:52 The vast majority of our AOA base is derived from existing customers, customers who remain with PENSIONBEE for a long period of time and continue to build up their pension saving with us, resulting in value generation for decades to come. Our average customer is around 42 years of age, and they build up their pension savings with PENSIONBEE, which means that cohorts on an underlying value basis before an impact on capital markets appreciation are resilient over time. This is reflected in our invested customer retention rate of above 95% and our value retention rate of approximately 100%. The AOA is also derived from new customers acquired through our proven cost discipline approach to customer acquisition.

12:40 Over the quarter, we onboarded 12,000 new invested customers onto our technology platform. New customers joining were slightly older than in the second quarter of twenty twenty five, aged approximately 40, which with a higher average transfer in value. As a result, the compounding AOA base is subsequently converted into our revenue growth owing owing to our resilient gross revenue margin in the mid to high sixties. In the second quarter of twenty twenty six, we saw a revenue margin of 68 basis points, which enabled us to convert the 37% year on year ARA growth into revenue growth of 43% for the quarter and annual run rate revenue of around 40%.

13:29 In conclusion, thanks to the compounding AOA base and resilient revenue margin, we have generated predictable and recurring revenue, which represents PENSIONBEEE's first value driver. The second value driver is PENSIONBEE's business scalability due to the controllable nature of our cost base. The cost base has has continued to decline as a proportion of revenue. This capability dynamics of predictable and recurring top line growth coupled with cost discipline led to an improvement in operating margin. On the last twelve months basis, The UK adjusted EBITA margin improved to 15%, up from 8% a year ago. Furthermore, the operating margin pre marketing, a measure of scalability, for The UK reached 42%, reflecting the inherent strong scalability and margin potential of the business.

14:23 Reflecting on our long term track record, PENSIONBEE has delivered revenue growth since our IPO at a compounded annual growth rate of 44% and strong margin expansion in The UK with an adjusted EBITA margin improvement to positive 15% on the last twelve months basis and operating margin pre marketing improved to positive 42%. This underscores strong delivery against our growth and profitability margin objectives. PENSIONBEE operates a proven and scalable growth model designed to consistently expand our fee generated asset base. Asset growth is driven by the following mechanisms. From a marketing investment perspective, which you can see on the left hand side chart, we have accelerated our marketing expenditure while delivering profitable growth, a trajectory we intend to maintain.

15:21 Conversion predictability, which you can see on the middle chart, demonstrates the reliable rate at which we converting marketing spend into gross inflows per pound of marketing budget deployed. Thanks to the strong correlation between customer's age and gross inflows. This makes our growth engine predictable. Subsequently, through increased deployment of marketing and converting it predictably into gross inflows, we continue to drive gross inflows over time. In short, PENSIONBEE operates a proven and predictable growth model where increased marketing investments yields growing inflow gross inflows. With respect to our guidance, the framework for PENSIONBEE as a group, we have outlined our medium and long term targets. In the medium term, by year end 2029, we expect the group to generate revenue of above GBP 100,000,000 and an adjusted EBITDA margin of circa 20 with The UK considerably contributing to those targets.

16:24 In the long term, by year end 2034, we expect the group to generate above GBP $0.02 5,000,000,000 in revenue and an adjusted EBITDA margin of circa 50%. Our circa £31,000,000 cash balance or approximately $41,000,000 of cash balance puts PENSIONBEE in a very strong position to scale The UK business as well as invest in a tremendous U. S. Market opportunity, continuing to execute on our long term strategy and delivering on our public market guidance. I would now like to hand back to Romy for concluding remarks. Thank you very much, Christophe. We are very pleased with the quarter. We are looking forward to a successful remaining 2026, and we are delighted to engage with the investor community on your questions over the last three months.

17:20 That's great. Thank you, Romy, Christophe. Thank you for updating attendees. Ladies and gentlemen, please do continue to submit your questions just using the Q and A tab situated on the right hand corner of the screen. You can type your questions or type Q and I will under your camera and microphone. There will be a recording available and that should be about fifteen to twenty minutes after the meeting has ended. Romeo and Christophe, you've had a number of questions from investors and attendees today. Thank you everybody for your engagement. Perhaps I could start off with the first one. At what point do you expect the group to become consistently profitable on a quarterly basis? Yeah. Happy to take this one. So as we have outlined in our profitability guidance on an annual basis, we have a 2029 guidance that says 20% adjusted EBITA margin on a on a at least a £100,000,000 of revenue. So that means about £20,000,000 in that particular year. And then the the second target thereafter, we have in 2034.

18:21 So with regards to specifically around the quarterly results, we, as a management team, focus very much on an annual basis because when you look at our marketing deployment, we actually see that there's a higher marketing deployment usually at the first half of the year because this is usually when we see a very strong return, but also it positions the business very well for the second half of the year given that we build up the top end of the funnel and then converting customers through. That basically also means that some of the costs might occasionally be front loaded to the first half. So it's a little bit difficult to say at what point it will be precisely on a quarterly basis because of that nuance in terms of doing the best for the business. But on an annual basis, again, we target more than £100,000,000 in revenue by '20 by 2029 with around a 20% adjusted EBITDA margin, which will be around the GBP 20,000,000 mark.

19:25 That's great. Thank you. I'm going to jump a couple of questions to Gautam. Thank you. Gautam has got three questions. So let's start with the first one. You reached 75% record keeper coverage. USA AUA is at 4,800,000 on around 400 customers. What's the actual lag time you're seeing between signing a record keeper intermediate relationship and it converting into meaningful rollover inflows? And can you provide a rough timeline to get into that 1,000,000,000 US AUM? Thank you for those excellent questions on The US. As you know, in The US, we have a dual channel model. We maintain our direct to consumer marketing approach. And here, we are really focused on optimizing the conversion funnel.

20:14 The conversion funnel is different to The UK conversion funnel. There is a lower cost of marketing at the upper end of the funnel, which we've kind of stated numerous times. And conversely, because the prevalence of accounts in The US is lower than in The UK, there is also a lower funding rate. We are now at the point where we feel well optimized on the upper end of the conversion funnel in terms of the marketing spend, and we are progressively working our way through the conversion of the accounts from a funding request to a funding actually occurring. And I state that because you you note the total AUA volume and the number of customer accounts, and most of those are coming through our d to c kind of channel.

21:05 The question then turns towards the intermediary market where we are using our automatic rollover IRA, and we are really distributing through intermediaries, which includes advisers, third party administrators. We we note record keepers because they are important gatekeepers for making that flow as smooth as possible. So the the record keeper relationships here are really about how easy is it for an employer to use the PensionBee automatic rollover IRA. And the 75 percent figure there that is referenced points to the fact that we now have really broad relationships established across the across the record keeper market. So if you wanted to use the PENSIONBEE automatic rollover IRA as a Fidelity client or as an Empower client or an Alight client, we either have a direct integration with you or we have worked with you or we are in the process of working with you. And so that broad coverage around the record keeper market as gatekeepers is is really important, and we continue to add new record keepers, and we'll be sharing more news on that in the coming in the coming quarters and and in the coming year to increase the the ease of throughput through that b to b channel.

22:21 The the intermediaries themselves are typically advisers or third party administrators who have strong working relationships with the with the employers. As we have stated in the release, we are targeting 100 intermediary relationships over the medium term, and that $1,000,000,000 US AUM goal is a as is a medium term goal as we have previously stated. What we've given you here is really the inputs into the $1,000,000,000 US US AUM. The inputs are, of course, the b two b line. We've spelled out that we we believe 100 intermediaries with $10,000,000 of annual recurring inflow from those intermediaries, and I'm happy to go into more detail in terms of how that's generated.

23:10 We we see that getting us to 1,000,000,001 billion dollars of a way, but it we also see it being substantially recurring. And then similarly on the d two c side, we've given you some of the ingredients around the funnel, and we continue to establish the funnel. It's it's it's getting really well optimized on the marketing side, and we are continuing to push through on the conversion side through more automations and more kind of pushing of the transfers to get them to get them through the system. Thanks thanks, Remi. Just just turning around to UK marketing spend. The question reads as follows that UK marketing spend rose 34% whilst gross inflows, sorry, whilst gross inflows rose 34% and new customers were 12,000 versus 11,000 with grossing growth increasing coming from higher transfer in values from older cohorts averaged 40 versus 39.

24:04 Should we read this as a shift in strategy towards wallet share over customer acquisition? And is that sustainable given the two fifty CPIC target? Great question. This time on on UK marketing and and the approach there. We remain very committed to our 1,000,000 invested customer goal for for The UK. We see ourselves well on track for that. We are onboarding more new invested customers every year. And as you noted, we are increasing our marketing spend to be able to increase the rate at which the new invested customers are being onboarded. As you also know, we make money on AUA, and so there is, of course, a priority to continue driving higher account sizes. We've been very transparent around that, and you can see that reflected in the average balances that are coming through on the on the PensionBee platform.

25:02 So yes is the short answer. Very much committed to growing towards the 1,000,000 invested UK customers with a focus on optimizing flows per pound of of marketing spend. And the two fifty CPIC is, of course, very important. It's a it's a key driver of our LTV, so, you know, kind of long term returns from from customer acquisition activities. However, we will always expect to see an increase in CPIC, especially because we are increasing marketing spend, and there's always a lag between marketing spend and the customer's transfer actually completing. So very much on track for our long term goals there, and, hopefully, everyone will be very pleased with the growth in those gross inflows. Indeed. And maybe just one other point to comment on the growth engine because it is really important for us as a business is that our growth engine is really predictable, and let me tease out a few additional points on this one. But but before, maybe also quickly on the on the CPIC target.

26:10 So, yes, very committed to it. You did see that we have indeed accelerated marketing investment this year, and CPIC has come up a bit. But, also, we have already we have seen this in the past as well. So when you go back actually to 2022, you see actually a similar CPEEE at the time where we also increased that marketing spend and on the back of that had really accelerated customer acquisition. So so we usually look at CPEE target by year end, and the main reason is the acceleration in marketing. But I think the second point that we don't tease out is which is also new that we in our presentation on page 18, which is the strong metric around gross inflows per pound of marketing spend.

26:57 And that's quite important because as Rumi just said, ultimately, we are making we're generating revenue based on the assets, on the fee based assets. So we see marketing as just a growth vector, a growth driver. And, therefore, it's very important if we invest marketing that that translates into gross inflows and therefore drives revenue. And so, therefore, we monitor gross inflows per marketing deployed. And you can see on page 18 that there's a strong correlation with age in particular, and I think we are really happy about delivering gross info per marketing spend that is in line with last year. Yes. Customers were a little bit older, but also we spent a little bit more towards the back end of this first half. And so that means given that there's always a little bit of lag effect that when we deploy marketing until customers come into the door and customers are the the the ports are transferred in, there's always a little bit of a lag effect.

27:57 So that means the closer to you to deploy towards the end of the quarter, if you will, the the more it's actually pushed the value is pushed into the next quarter. So I think despite that really strong gross inflows per marketing spend, and it basically highlights page 18 in particular, that the growth engine is really, really predictable and reliable because we have provided data back from 2022 to 2026, and it shows a strong correlation. We spend marketing. We have a certain marketing strategy that translates into cross inflows. That's great. Thank you. Thank you, Christophe. Just changing the subject, the final point of the question here around margins. UK LTM EBITDA margin hit 15%, already closing in on the group's 2029 target of circa 20% for the whole business.

28:46 Does that imply that margins alone need to run well ahead of 20% to offset ongoing U. S. Losses? Yes. It's a very good question. And the short answer is yes. So I think The UK will given that The UK is much further down, its growth trajectory will contribute much, much more strongly to the medium term guidance by 2029. So that means that on a group level, we target around 20%. We probably expect The UK to be at or above 20% at the at around that time and The US to be around breakeven levels. So I think I think your suggestion is is correct, and I think that's a reasonable that's very reasonable understanding.

29:33 That's great. Thank you. Question from Jude at RBC. Jude, thank you very much. Again, a number of questions here. On the Channel four weather sponsorship, it's great to to see PensionBee on the TV in the evenings. What's the rationale for this booking, this particular slot? And is it replacing something else that PensionBee used to sponsor? Great question. Focused on The UK marketing strategy and particularly around build building brand awareness. And, Jude, I am so pleased to hear you commenting on the visibility of the brand. We are really focused on becoming a even better known household brand in in The UK, and we think the channel four weather sponsorship will will contribute significantly to that. It's a very repetitive format, and so we expect consumers to see us multiple times a day.

30:25 And it greatly enhances, we believe, the visibility of the brand and also the the long term trust that we are seeking to establish. We have some exciting pending product related activities that will feed in nice deal with this brand sponsorship. So please do keep watching. And in terms of what it is replacing, we have concluded our sponsorship of Brentford. It's been a wonderful relationship, and we really feel proud of everything that has been achieved over that five years working with Brentford. Over that period of time, we saw brand awareness growing significantly. We have previously stated that brand awareness grew significantly among male audiences, and therefore, we believe that the football sponsorship was really effective in in driving that given the audience representation around around that sport.

31:17 And so with a lot of that having delivered significant value, we are turning our attention to slightly different and perhaps broader audiences, including around the channel four sponsorship. We have more sponsorships that will be announced very soon, some of which have been in the live environment already, and we believe that the combination of the repetitive channel four sponsorship and a slightly deeper brand related sponsorship, again, on the sporting front, will enable us to continue to reach broad section of the audience while maintaining the diversity of the sponsorship mix. Thanks, Remi.

32:02 Moving on, I think in the past, this is from Jude, you've said around 30% of existing customers contribute new assets. Can you remind where that stands now? And is there any color you can add on how different cohorts behave in this respect? For example, do customers starting contributing more the longer they have been with the group? Nothing particularly new to report here. The the numbers remain broadly in line with with what we've previously discussed. We we believe that consumers contribute, you know, as as and when they can. And, of course, pension tax relief remains one of the important ways that personal finances can be can be optimized in in The UK. In terms of cohorts, we we believe that contributions are more prevalent where affordability is greater.

32:52 And so the, of course, the the mix of customers that we have, we have customers with, you know, £1 or a £100 in in their pensions with PENSIONBEE, and we have customers with a million and beyond. And so we do we do tend to see contributions at the at the higher end of the affordability curve, and that's probably kind of quite quite expected as well. That's great. Just only a question from from Matt. Are you seeing any change in customer contribution behavior beyond pension transfers? So I believe we just answered that one. Apologies. However, what I would add and what is really interesting for for us to see is that we are seeing a very similar contributing behavior emerging in our US customer base. Obviously, The US customer base is still significantly smaller than The UK customer base. But nevertheless, we see that around 20% of The US customers are contributing.

33:49 And so that very much validates our hypothesis that consumers around the world are looking for good, usable, easy retirement solutions that are also high quality. And it's great to see that contributing behavior making itself known across the pond too. Thank you. We've got a number of questions from William. William, thank you very much for your questions. The first is you've added 22,000 UK customers in H1. Should H2 be higher as marketing momentum builds? Or is there still likely a seasonal dip h two versus h one as the tax year impact fades? We think that the marketing buildup has been particularly strong. You can you can see that in the in the gross inflows, and we can certainly see that in the transfer request too. So we think that the pipeline remains remain strong, and we expect to continue optimizing that in in the second half.

34:47 Thank you. Second part of his question, you seem to enjoy much higher inflows per new customer this quarter. If I'm right, what was the driver? And does it influence out view about the outlook? It seems to be the 42 year old higher average age. Well, we're certainly looking to grow inflows per pound of marketing spend, and we we we have been for a while. We are also looking to grow the invested customer base, and we have our 1,000,000 invested customer target for the long term for The UK. So, yes, we are enjoying higher inflows per per new customer, and we intend to continue on that route. We see the opportunity for engaging customers with slightly bigger accounts as being a marketing and a product initiative, so you can definitely expect to see more from us on that point certainly in the second half, but also next year.

35:43 And generally speaking, UK account sizes are increasing across the board because automatic enrollment is becoming so embedded. And, you know, the the typical 35 year old has more in their account in The UK than the typical 35 year old did ten years ago. So there is also a kind of broader market effect that you would expect to see in our numbers. Thank you. And the final question, turning back to the channel for weather sponsorship. Is this a relationship that you hinted in the q one call? Or is there something else also in the pipeline? This was definitely hinted at in the q one call, and we have more in the pipeline too.

36:30 So please, please do stay tuned. That's great. Thank you. And then there was one final question. I think you might have touched on it, but just in case there was any further color, but marketing investment increased quite significantly. And, really, where were you seeing the highest returns? As you know, we're we're big believers in the diversified approach to marketing. That includes paid channels. That includes, of course, search, organic, and paid across various devices, but also in brand and making sure that we are top of mind when customers think about their their pension. So very much continue to deploy that diversified marketing mix. It's it's been critical to our growth and will continue to be so. Thank you very much indeed. And, Remi Christophe, that takes care of all the questions from attendees today. Thank you to everybody for your engagement. As usual, Remi, I'll I'll shortly redirect those on the call to give you their feedback. But before doing so, if I may, just ask you for a couple of closing comments. Thank you very much for for joining us today, and we look forward to continuing the conversation.

37:34 That's great, Romeo and Christophe. Thanks once again. That concludes today's presentation, ladies and gentlemen. We will now redirect you for your feedback. Thank you for your time.