Let's say for the year ended March 2026 we sat at a cyclical bottom, of course – revenue fell 34% to 592 million euros, gross margin compressed to 16.3% from 32.1% a year earlier on low fab loading, and we posted a net loss of 220 million euros, including roughly 105 million of non‑recurring impairments. Step by step, the balance sheet held: free cash flow was positive at 63 million euros and net debt to EBITDA stood at 0.4x. We don't know exactly when the RF‑SOI inventory correction clears, an assumption we share with you.