D-Wave Quantum falls nearly 3% as earnings miss overshadows revenue beat
Strauss Group (market cap: $142.57 million) reported its Q1 2025 earnings, highlighting a robust 15.5% year-over-year growth in net sales, reaching approximately $830 million. The company’s earnings per share (EPS) declined to $0.62, reflecting an 11% drop in EBIT due to a one-time derivatives loss and raw material cost inflation. The company’s stock reacted negatively, with a pre-market decline of 2.38%, closing at $8,774, down from the previous close. According to InvestingPro analysis, the stock appears to be trading near its Fair Value, with several positive indicators including a low P/E ratio relative to near-term earnings growth.
Key Takeaways
- Net sales grew by 15.5% YoY, driven by strong performance in core markets.
- EPS fell by 11% due to one-time financial impacts and cost pressures.
- The company plans to launch a new plant-based product line by Q4 2025.
- Market leadership maintained in key segments, including coffee in Brazil.
- Stock price fell by 2.38% post-earnings announcement.
Company Performance
Strauss Group demonstrated significant growth in net sales, increasing by 15.5% year-over-year. Excluding divested businesses, the pro forma growth was even higher at 23%. Despite the strong sales figures, the company faced challenges with its EBIT, which declined by 11% due to a one-time derivatives loss. Excluding this loss, EBIT would have increased by 10%. The company remains a market leader in the Brazilian coffee market and has increased its market share across various categories in Israel.
Financial Highlights
- Revenue: $830 million, up 15.5% YoY
- Earnings per share: $0.62, reflecting an 11% decline in EBIT
- Gross margin: 27.7%, impacted by raw material cost inflation
Outlook & Guidance
Strauss Group is maintaining its long-term strategic targets, expecting continued strong performance in Brazil if coffee prices stabilize. The company is targeting to achieve 85% core business activities and is exploring potential M&A opportunities in Brazil by the end of the year. The launch of a new plant-based factory is scheduled for Q4 2025, which will include alternative milk, yogurt, and dessert products.
Executive Commentary
CEO Shay Babad noted, "If we neutralize all the one-time effects and the divestments, we can actually see that we’ve managed to improve our profits." CFO Toby Fishbein added, "Pricing and volume mix, supported by the value our customers see in our products, have allowed us to deal with green coffee and cocoa input cost inflation."
Risks and Challenges
- Raw material cost inflation, particularly in coffee and cocoa, remains a concern.
- Potential volatility in coffee prices could impact future profitability.
- Execution risks associated with the launch of new product lines and strategic initiatives.
- Competitive pressures in the plant-based segment as the market grows.
Q&A
During the earnings call, analysts inquired about the company’s expansion into the plant-based market, which is seen as a growing segment with significant potential. Questions also focused on the company’s divestment strategy, which aims to concentrate on core activities, and the ongoing portfolio optimization efforts.
Strauss Group’s earnings call highlighted both the challenges and opportunities facing the company. While the decline in EPS and EBIT raised concerns, the company’s strong sales growth and strategic initiatives provide a positive outlook for the future.
Full transcript - Strauss Group (STRS) Q1 2025:
Rifka Neufeld, Head of Investor Relations, Strauss Group: Welcome to Strauss Group’s First Quarter twenty twenty five Results Earnings Call. On our call today, management will provide a review of the results, followed by a question and answer session. You are encouraged to post your questions to the Q and A function in the Zoom.
As a reminder, this online Zoom earnings call is being recorded Wednesday, 05/28/2025. A recording of this call will be available on the company’s website a few hours after the call. I would like to remind everyone that this online webinar may contain projections or other forward looking statements regarding future events or the future performance of the company. These statements are only predictions and may change as time passes. Strauss Group does not assume any obligation to update this information.
Actual events or results may differ materially from those projected, including as a result of changing industry and market trends, reduced demand for our products, the timely development of our new products and their adoption by the market, increased competition in the industry and price reductions, as well as due to risks identified in the documents filed by the company with the Israeli Securities Authority. Online with me today are Mr. Shay Babad, Strauss Group’s President and CEO and Mr. Toby Fishbein, Group CFO and myself, Rifka Neufeld, Head of Investor Relations. We will begin with a review of the quarterly results by CEO, Shay Babad, and then move on to financial highlights of the quarter presented by CFO, Toby Fishbein.
We will then move on to a q and a session. Shay, the floor is yours.
Shay Babad, President and CEO, Strauss Group: Thank you very much, Rivka. With us today joining, Toby Fishbein. Toby, we are very, very happy and delighted to have you with us. He’s the new CFO of the company. So thank you, and thank you, everybody, for joining us altogether.
I’ll be giving a short review of the quarter in the next ten, fifteen minutes, and then Toby will go deeply into the financial results, a little bit of analysis there, and then we’ll take some questions. So let’s start. Looking at Q1, some major highlights of the quarter is that we see that in this quarter, which was, we believe, a strong quarter for us, a very strong growth on the top line, mainly due to price increases, mainly done in Brazil. We see that there is still pressure on EBIT due to raw materials, so EBIT margins are falling. But on the other hand, if we took if we look at Platforma twenty twenty five Q1 compared to Q1 twenty twenty four and we take out Sabra and Nobela and we take out Serbia, which we have divested, and we take out the onetime derivatives loss of NIS 49,000,000, which we lost on the COCO derivatives, a loss which was done already last year when we did the derivatives.
And in the GAAP reports, it’s already been accounted for 2024. And now since the position was closed on first quarter of twenty twenty five, it affected the EBIT of 2025 by $50,000,000 So if I take that out, if I exclude those, then actually, this quarter EBIT is higher, more than 10% in a double digit than last the previous quarter in 2024. We we’re looking when we’re looking at the strategy, our long term strategy goals, we think that we are on the on the road, on the right path of executing our strategy. Maralot, one of our raters rating companies affirmed our rating at a double a and and made it stable from a forecast a negative forecast. And and it and when we look at the dividends that we have distributed to our shareholders, then 200 were paid in the first quarter in account of the Sabra divest, and another hundred and 60,000,000 were announced and and paid due to the results of 2024.
So looking at the overall resorts, we see a substantial growth in revenues, as we discussed before, of 15.5 when if we look to previous year. But looking pro form a to pro form a and excluding Sabra, Nobela and Serbia, which were divested, we are looking at more than 20%, around 23% growth. EBIT wise, you see a low decline of 11. But again, if we take out the one derivatives, there’s actually an increase of more than 10%. In the net profit, the major gap comes from those derivatives, the onetime derivatives, and also from Tex Schumacher, the word in English.
The what we thought we would pay in taxes compared to what actually was announced by the tax authority that we need to pay. According to what was announced by the tax authority, we have we have made we thought that some will be much higher. Hence, there is a 60000000% difference between what we put in the books and what was actually done last year compared to this year, which we didn’t have those tax discounts. In when we look at the cash flow, there’s a 500,000,000.0 shekels loss in cash flow. Toby will talk about that more and go into that about more.
But the major thing that I’ll say is if we look at compared to last year, which was also negative, the major accounts for higher negative cash flow is due to operations in Brazil, mainly due to the cost of raw materials, and Toby will elaborate more on that further. When we look at the activity into the three different sectors, Strauss Israel, Strauss Coffee International and Strauss Water, so we see growth more than what we said in the targets of 5% in all activities. In Strauss Israel, there’s a 6% growth. Again, here, we see all the derivatives impact, which took down the profit to €113,000,000 If we take out those 49,000,000 we actually reached to a hundred and and 60 hundred and 61,000,000 and a hundred and 61, hundred and 60 2, which is an increase compared to last year. So overall, and we’ll see that later, we grew in all our categories in Strauss Israel with a very nice growth.
When it comes to profit, if I take out Fun and Indulgence in our confectionery business, all our businesses in Israel are in growth and also in nice profits growth as well. When we look at Strauss Coffee International, so the major story here is Brazil. I think we talked about it many times in the quarters the previous quarters in which we said that once we’ll reach once coffee prices, green coffee prices will stabilize, we’ll reach a point where we, with the pricing that we have done in Brazil, will catch up the gap that we had with green coffee prices, and Brazil will start getting and Brazil results on the profit side will start improving substantially. And I think that we see that already here now in the first quarter with better results than last year’s first quarter. And also looking ahead through the year, if coffee prices if green coffee prices will continue to be stabilized, we forecast that this year will be good for Brazil.
Of course, we see here a 45% increase also in sales, mainly due to price increases that we have done. And another strong point about Brazil is that although we increased prices and net prices of green coffee, of roasted and ground by almost 100% of the overall portfolio, it affected by 45.4%. We still maintained our market share. We’re still the market leader. We’re actually a little bit even increased our market share in the first quarter, and we managed to get higher profit.
Of course, because everything is due to price increase, profitability levels are not improving as we would have projected. When we look at Strauss Water, again, here, nice growth of 7% and also EBIT growth and with of almost 10% and double digit margins. Our EBIT here comes from our operations in China and our operations in Israel. And in both of them, we see that we are improving. I think we’re still, it’s worth mentioning, although you’ve seen this also in the previous quarters, what’s going on in Robusta, Arabica and coca, which constitute about 60%, sixty five % of our of our raw materials.
You can see Robusta increasing by 300% since 2020, Arabica increasing by 212% since 2020 with 100% increase actually from last year. You can see the dip curve. Cocoa prices increasing by 300, two 70 percent since 2020 with a 50 and and on the bottom line, you can see what it is quarter to quarter. But this has, of course, a substantial impact on our results. And I think the good thing about this quarter is that we managed in most of the categories, in most of the geographies to actually roll out to the customers all the price increase that we encountered so that the total profit, the absolute profit will remain and actually increase in some of the cases as we talked about in Brazil and as I’ll show a second in Israel.
Next. So when we look at Stars Israel, just a few words about health and wellness and finding indulgement. You can see that in health and wellness, there’s a moderate growth in revenues and a very nice improvement in EBIT. The moderate growth in revenues comes from the fact that we have capacity constraints, and I’ll talk about it later how we’re to open until the end of the year, those capacity constraints, which will allow us a higher growth. In the EBIT, a lot of the improvement is done through productivity.
As we said in our strategy, we set up on ourself a road to improve by 300,000,000 to 400,000,000 platform platformatic improvement from 2023. Minus 16 loss, of course. A lot of that loss is due to the 49,000,000 shekels in the derivatives, the cocoa derivatives, but not only. Last year first quarter, cocoa prices were very low. The rally in the prices of cocoa beans started only in March, April when it really booned, was like a three weeks rally where it increased by 150% to 100%.
And last year, first quarter, still twenty twenty four first quarter was not affected by high cocoa prices. In this quarter, we have high cocoa prices, which are much, much higher than first quarter last year, and also the impact of the derivatives, which affected the results. When we look at our coffee activity, even in Israel, although coffee prices have increased, you see here that through innovation and very, very hard work on the top line, we have managed to and growth, we have managed and price increase, in some cases, we have managed to improve the EBIT in Funding Endougment Coffee segment. And the total results you already seen. Coffee International, I talked about Brazil.
I think there’s no further thing that I can say here beside the fact that if we look ahead, then we see as long as coffee prices will maintain the same, we believe that we can continue to improve the results and that Brazil right now is forecasted to have a good year. When we look at Strauss water, our second plant there is in in in, you know, in very, very progressed stages. You can see how it was in December 2024. This is the second plant for building our filters and our under the sink machines. And you can see March 2025, and, actually, there’s a recent picture which we haven’t yet been able to put, but it’s all by the end of this year, the factory will be ready.
And we are increasing our sales up to targets and also with a double digit margins in China following our strategy. I would like a little bit to talk about moving forward and our focus ahead, what will be our growth engines and to talk a little bit about how this is implemented by our strategy. Next. So when we look in Israel, part of our growth plan is to really to be consumer centric, to really understand the the trends, the different trends in the food segment, where the trends are going, where are consumer going. So I’m I’m not gonna go deep into that.
I’m just gonna show you an example of how we analyze this. So we take the x axis and the y axis, and we say when a consumer goes for escapism or he wants full control of what he eats or whether he likes to eat alone or he likes to eat together with people. And then the different trends that we have. So some consumer wants unique experience, a lot of snack snacking and snackification, which is a trend, heritage and nostalgia, special moments and what that food means to me, shared experience of things we eat together, etcetera, etcetera. So we analyze what are the biggest trends in the food industry.
And, therefore, if you look next slide, if you look at our innovation, what helped us grow a lot in Israel this quarter and will also help us ahead. So you can see that we follow So we look at the trend of added value, and we went out with innovation with our multi yogurt, which is a very healthy yogurt mainly for the third age and with vitamins and minerals added to it. You can see on the right hand side also on the added value to you, we have expanded our portfolio in the pro proteins products from yogurts to snacks to milk drinks, protein milk drinks, and we have have given different taste and and different products in that category with innovation. When we look at lifestyle, it’s the same gluten free.
We had a huge in the segment of confectionery, had a huge launch and innovation of different of of different of variety of our products in gluten free, and there was a big campaign around that. And when it talks about portion control, again, reducing the amount of sugar, reducing the amount of of substances which are or materials, raw materials which are not healthy for those who do portion control. And when we look about heritage and nostalgia, you can see here a little bit, you know, our products from the confectionery who are brands that have been followed for many, many, many years, and and people share them and eat them because it reminds them of very, very special moments. And and this is just the kind of innovation that we’re bringing. A lot of the new sales that comes comes from our innovation and help us grow.
And in all those categories, we actually improved market share in Israel. Next. One big news that we are all waiting and very excited for is by the end of this year, our plant based factory, which was which started a few years ago, is going to be ready, and we’re going to launch our new products September, October towards the fourth quarter this year. That means that we will give variety of our products, our very loved products, which today we do in the milk version, also in the plant based. Some of it we already have in Israel because we import them or we do outsource.
It’s the Alpro drinks, Alpro milk alternative drinks. But we’re now we’re not going to have a much larger variety of alternative milk drinks. We’re also going to have alternative yogurts, alternative milk yogurts and alternative milk desserts, plant based desserts and plant based yogurts, which is part of our portfolio, which is part of our love brands. And we believe that through this innovation and through actually serving different communities and and giving added value with those new variety of products in plant based, it will be a major agent of growth here in Israel. Also, I’ve shown you before that in Health and Wellness, growth in revenues was moderate.
Part of the thing that it was moderate is because in Ayod Vetam, milled drinks factory down in the South, there’s capacity constraints. By the end of this year, a new line will already be in place and implemented. And and once that will be, it will extend our capacity substantially. And therefore, a very large demand that today is not answered by our factor because it’s full, will be able to be answered, and we believe this will give us also a big jump and a big growth engines in our milk drinks once the new line will be in place. And Brazil, we are continuing our journey with the non RNG, enlarging the non RNG segments.
All our categories in the non RNG are double digit margins when it comes to EBIT and are growing very nicely, much more than 5%. And we are looking at our various M and As. We think we will conclude one deal at least by the end of this year. And we also think that extending our non RNG will help us better hedge green coffee prices in Brazil and also have a healthy growth of the business in Brazil. And last thing that I want to say about growth engines, is not in the slides regarding our water business, we talked in previous quarters about taking our water company and make it from a single product company to a multiproduct company.
In the next few months, in Q2 and in Q3, there are going to be several launches of new products that we’re going to launch in the Israeli market, which will have different functionality on the one side and on the other hand, different price tag. We believe that this will help us grow our and enlarge our exposure here in the Israeli market and will give better answer to some of the consumers and the consumer needs and also will help us later on build and service also in our international activity in the water business. And one last thing that I would say about the water as well is that in The UK, which is relatively small business, we managed to do a turnaround with the partnership with Culligan. The business is now is profitable with a new brand launch that we’ve done that was very, very successful in The UK. And some of the new products that we are going to launch already this year are going to go also to The UK to help us grow there as well.
When we look at the productivity road map and the goal that we set ourselves to be between NIS300 million and NIS400 million, so we are working very, very hard in the different streams. When it comes to strategic procurement, we have changed the way we do the procurements. We’ve changed the way we negotiate and what we know about our suppliers. A lot of work and capabilities and tools we’ve brought in, which help us become much more productive. Also, when we talk about operational excellence, we have adopted the IWS method of Porter and Gamble, implementing it in several of our factories already.
And by the end of twenty twenty six, in all of our factories, it will be implemented. It help us raise our OEE, our utilization of the plant. It help us get much higher productivity and, as we say, produce more on the machines with less time and help us also deal with capacity constraints. Also on the side of revenue growth and management, what we call RGM and marketing, new tools were brought in, new methods were adapted, designed to value methods were adapted, and all of those things help us to build new capabilities, to change the mindset, and to help us face the changing world and the dynamics of our industry. And as we’ve seen in this first quarter, if we neutralize all the one effects and the divestments, we can actually see that we’ve managed to improve our profits, and part of it is our EBIT, and part of it is, of course, because of the productivity work that we’ve done.
And last and with that, I’ll finish. When we look at the long term goals, so we think we are in line in all of them. Also, when we look about when we look at EBIT and EBIT margins, here, we still stick to the same targets that we’ve put because there’s a big question mark and big uncertainty about what’s going to go with cocoa prices and coffee prices. Of course, we will look into that and and and if and the closer we come to 2026 and the end of twenty twenty six and the strategy, if we think and then we’ll know more about coffee prices and and cocoa prices. If we think we need to update it, we’ll look at it.
Right now, we’re still thinking that we’re keeping the same targets. One thing I would wanna say, taking out the margins, if we look at the absolute profit that we projected in the beginning of the plan, taking into account that we’ll only grow 5% a year and not 10 or 20 or 15 or seven or eight, we believe we can reach the absolute value of profit of the strategy plan. Regarding the margins, that’s still a question as to what will happen with coffee prices and cocoa prices in the midterm, and that will be smarter in the next few quarters. But for now, we are sticking to the same the same margins and to the same targets. Regarding the rest of long term targets that we’ve set, we believe that we are on track to achieve all of them.
And with that, I will transfer to Toby. Toby, good luck.
Toby Fishbein, Group CFO, Strauss Group: Thank you very much. I I’m very happy to be here with you today presenting the first quarter of the year to our investors. And on Slide 20 of the presentation, we see net sales that presented strong growth, supported by pricing, improved sales mix and higher volumes in key markets. While the company faced ongoing input cost inflation, mainly from green coffee and cocoa, the sales and gross profit during the quarter was also impacted by the sale of Sabra and Nobela during Q4 of twenty twenty four. Productivity initiatives continued during the quarter, but the lower EBIT and higher tax paid led to a decline in net income.
Moving to Slide 21. Looking at the group sales in the quarter, we see decent growth in all segments. The most significant contribution came from Coffee International, especially Brazil, while we also see the impact of the divestment of Sabra and Nobela, which were consolidated in the non GAAP results of Q1 twenty twenty four. On the right, we see that Strauss Israel continues to be the largest business for the group, with Coffee International not far behind after achieving significant growth during the quarter. Moving to the next slide.
Gross profit declined due to raw material cost inflation, mainly green coffee and cocoa as well as the realization of a nonrecurring loss on cocoa derivatives as announced with the 2024 full year results. Excluding these non recurring loss, gross profit would have reached $830,000,000, reflecting a 27.7% margin. Productivity initiatives across the group continue to support operational efficiencies. On Slide ’23, EBIT in Q1 totaled ILS 181,000,000, an 11.2% decline year over year. Excluding the nonrecurring loss on cocoa derivatives, the EBIT would have increased to $230,000,000 or 12.7%, and the EBIT margin would have been 7.7%, not very different from the 7.8% achieved in the corresponding quarter.
Productivity initiatives across the group continue to support operational efficiencies. On Slide 24, we can see EBIT and EBIT margins achieved by segments. Excluding the one off cocoa derivative impact, also Strauss Israel improved EBIT versus the same quarter last year despite a much higher coffee green coffee and cocoa input cost. Jumping to Slide 26. We can see an increase in net debt and net debt to EBITDA ratio in comparison to the end of twenty twenty four, mainly due to working capital increase and dividend payments during the first quarter of twenty twenty five.
We were happy to recently receive Mahalot S and P AA plus with stable outlook rating affirmed. Moving on to Strauss Israel on Slide ’28. Strauss Israel posted a 6.6% top line growth, supported by product launches and innovation that we bring to our customers, as Shay described earlier. As already mentioned, the profit of the business was impacted by the shekels nonrecurring loss on cocoa derivatives. Looking a little closer at the sales on Slide 29, we can see the sales growth that was achieved across the board.
In Health and Wellness, we divested during 2024 from our fresh cut vegetables, and if we take that into account, the segment would have shown even higher sales growth. While sales primarily grew due to pricing adjustments, I’m happy to say that we also achieved volume growth in many of our categories. Moving to the EBIT on Slide 31. We can see the contribution of each segment here, with the Health and Wellness segment, which is the most significant in Israel, posting a healthy quarter with improved EBIT and EBIT margins. Even excluding the one off cocoa derivative impact, we still see an impact on our EBIT and its margin in the Snacks and Confectionery segment.
Green coffee cost inflation continued to impact our Coffee Israel segment margins. Moving to Coffee International on Slide 33. Looking at the performance of this segment, we see extraordinary growth in sales that was driven primarily by pricing but also by volume growth in most geographies. This sales growth mostly offset green coffee input cost inflation, while operational efficiencies supported margins. On Slide 34, Strauss Coffee International Q1 20 20 five sales.
On this slide, we can see sales growth across all geographies, with exchange rates mostly working against us this period. Moving to Water on Slide 37. Sales were mainly impacted by an increase in the installed base and an increase in appliances sold. Looking at the EBIT, productivity initiatives are increasingly being implemented in the business, and we see the benefits of this in addition to an increase in the company’s equity share in our Chinese higher Charles Water JV profit. Slide 39 to summarize the first quarter of twenty twenty five.
Pricing and volume mix, supported by the value our customers see in our products, along with the implementation of productivity initiatives, have allowed us to deal with green coffee and cocoa input cost inflation. Much higher sales and raw material costs in coffee and cocoa result in higher working capital needs, but we are well positioned to benefit from leading market share in key categories and underlying growth potential in strategic segments both in Israel and internationally. I will now open the call for questions. Rivka?
Rifka Neufeld, Head of Investor Relations, Strauss Group: Thank you, Toby. We will now move on to questions you have sent. The first question, can you give us any indication as to the market and demand for plant based milk alternatives?
Shay Babad, President and CEO, Strauss Group: Again, can you repeat the question again?
Rifka Neufeld, Head of Investor Relations, Strauss Group: Can you give us any indication regarding the market and demand for plant based milk alternatives?
Shay Babad, President and CEO, Strauss Group: Yeah. Of course. In Israel, this market is growing. It has been growing rapidly over the past few years. There was a slow slight slow in in the last year, but it’s still it’s a very, very big and important segment in Israel.
And we also believe that through bringing into the segments yogurts and desserts, which today are not so not so in the segment and not so in the market through our loved brands and through our our products, we will be able actually to grow the segments and to provide alternatives that today are not in the market. And we foresee this as a substantial growth engines here for us in Israel.
Rifka Neufeld, Head of Investor Relations, Strauss Group: Thank you, Shay. The next question, what is remaining in terms of disposal or divestment in order to reach the 85% core activities target?
Shay Babad, President and CEO, Strauss Group: So we are not in place that we can disclose if there will be any more future divestments. As you know, this is this is information we’ve not revealed. What we can say is that that we are on track, and we we are working on track to be to be on 85% core of our activity. We are working according to plan. Some of it through was through divestments that you’ve seen.
I will not talk about further divestment, but I will talk about the fact that and we’ve this. What we’ve done so far that we’ll continue to do is optimizing our portfolio by closing SKUs and by closing some of our activities and focusing more on our core activities. And this is something we’re doing ongoing, and we believe we’ll be able to reach the 85.
Rifka Neufeld, Head of Investor Relations, Strauss Group: Thank you. We’ll wait one more moment to see if we get any additional questions. And with that, I will return the call to you, Shay, for closing remarks.
Shay Babad, President and CEO, Strauss Group: Well, thank you, Ivanka. Thank you, Toby. We are very happy that you’ve joined us. I think that, you know, as I said in the beginning, I think it was a strong quarter for us, although we had a lot of headwinds that came with the raw material price increases and substantial changes here in the market with everything that is going on. We still manage to keep the same level of profits.
And actually, if we take we take out the onetime derivatives, actually improved our profits, our operating profit. We had substantial growth in top line, not just because of price increase, a lot of innovation that is done. We have grown in market share in most of our categories, and we also had some volume growth growth in our categories. So overall, we think it was a good quarter, a solid quarter. Looking ahead, as long as coffee prices will remain the same, we think that the very good results that were examined by Brazil and the operations there will continue through the year.
And, I will take, this, this time or this this place to hope that all 58 hostage today, six hundred days for our hostages that are still there, that all 58 hostages will will return home safely as soon as possible, that the war will be over as soon as possible, that we’ll have some peace and quiet, and that everybody will return home safely to their families. Thank you very, very much for joining us here today, and we’ll see you again next quarter.
Rifka Neufeld, Head of Investor Relations, Strauss Group: Thank you for joining Strauss Group’s first quarter twenty twenty five results earnings call. This concludes our call for today. Thank you. Thank you.
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