Temenos AG (SWX:TEMN) will look for M&A. Panagiotis Spiliopoulos said that, ?So capital allocation, I think nothing unchanged. We have made bolt-on acquisitions historically, and this has been value creative for us, still a preferred use of cash. We don't pay a lot on our debt.

The leverage has come further down, and we are in the 1.5 to 2x leverage ratio. So starting with a strong balance sheet. If we don't do M&A, you can expect this to go down even further.

So we have ample ammunition if required for M&A. Now M&A, again, not changing much. We want to do M&A to increase our scale. Strategic priorities is accelerate the R&D road map, which Prema has presented in key markets and segments.

We still -- we don't plan to go into new segments like capital markets. So this is what we still plan to do. No change there?.