Hi, everyone, and welcome to DSV's conference call. Today's call is being recorded. If you have any objections, please disconnect at this time. The call will last maximum 45 minutes. All participants will be on listen-only mode throughout the presentation, and afterwards, there'll be a question and answer session. I would now like to introduce CEO Jens H. Lund and CFO Michael Ebbe. Speakers, you may now begin. Thank you, and welcome to all participants on this call. It's a great day today. We are both happy and proud for where we've come to in this process, and of course, also very humble in relation to the next steps that we're looking forward today. We're gonna go into the overall themes in the transaction, but before we go ahead, we will have a few housekeeping issues here. If we look at the forward-looking statements, please take a minute to review them. Please also note that when we come to the Q&A session, we would like to limit the number of questions per individual to two questions. As said, we plan for a session of 45 minutes, because at the end of the day, I think then we will have covered the topic in that time frame. If we go to page 3, we can see the agenda, and in the interest of time, I'll quickly skip that and go to slide number 4. Perhaps some of you have already seen it, but if you look at Schenker, it's a company that is quite similar in size if you compare to DSV. It has a smaller presence in the ocean, and then a little bit larger presence on the Road side, on Solutions or contract logistics. Companies are of similar size. If you look at these two companies, combining them, two very strong global players today, but at the end of the day, the combination will create the largest player in our industry, and from a service point of view, also the strongest service offering that the industry has experienced. We will add significant scale to our intercontinental business, we call that A&S. We will also have a very strong offering on the Road side, not least when it comes to the LCL volume in Europe, but also the direct door-to-door business, or some call it FTL business. That will also be a very, very strong unit. And then, if we look at the Solutions, we will also have an expanded footprint and capabilities that are very strong as well. These networks that we will run will definitely benefit our customers. The service catalog will be solid. And I think, if we look at Schenker business, it's run basically in the same way as DSV. It's an asset-light business model. We outsource as much of the production as we can. Some people will say Schenker has a little bit more asset than DSV, and that's correct, because they have a larger exposure to Road and Solutions. If you take the ocean part, that is asset a little bit more asset-light. I would also like to say a few words about Schenker. It's a very strong company. It's been in our industry for decades. They have very solid relations with their customers, vendors, and a very strong sort of commercial approach. The employees we have met in Schenker, they're very professional. They're very good. We've also met management that have handled this process in a very professional way, I must say. It's not easy with all the stakeholders that has to be managed in such a process, and we would like to thank the Schenker team for their professionalism. I can also say here on the call that we've been informed by the management of Schenker that they will do their utmost to look after the company in the time between signing and closing, and that they also want to cooperate in creating a joint company and doing the integration afterwards. We're very happy about that. That's exactly the spirit we're looking for, and that's also the spirit that the DSV team goes into this next phase with. As always, we consolidate our infrastructure when we do M&A. This is both the physical infrastructure, but also the back end. And of course, there will be overlaps when we do this, and this is also then what will drive the efficiencies at the end of the day. The transaction is expected to be accretive in year two. It's what we've seen in other transactions as well, and of course, this is a larger integration. We are also stronger for both companies, but we don't see that apart from the size that it's a different, what can you say, a different exercise that we go into than the one we have experienced before. Actually, after year three, we expect that the businesses will make at least the same margins as we do today in DSV across the board. And over time, we might even do a little bit better than that. If we go to the next slide, the transaction overview. I should perhaps start by saying something we haven't put on the slide, but this transaction is larger than the sum of all transactions we've done so far in DSV. So it tells you a little bit about the magnitude. We are also larger than we ever been before. So relatively speaking, it's actually not the largest transaction we've done. The relative largest transactions, they date more than twenty years back. The enterprise value of the transaction is EUR 14.3 billion. We pay that at closing of the transaction. We expect a combination of debt and equity finance, and the numbers are here in the presentation, but it will mean we will have to ask the support from the investors to raise capital in the region of EUR 4-5 billion. So it is a significant capital increase, and so far we've experienced that there is interest and support, and thank you very much for that. That is really appreciated. We can't do it without it. I think also, if you look at the rationale for where we have sort of decided how much equity, how much debt we want, is that we would like to keep our credit rating. We have to look after all our stakeholders, not only shareholders or not only bondholders or other stakeholders that we have, so we think this is a good balance, where everybody should find that we take out the financial risk and can focus on doing the integration, then the acquisition is still conditional. We need the approval of Deutsche Bahn, the board in Deutsche Bahn. We know them as professional, so of course there's always a risk, but we think, you know, that they have acted professionally in this process, and we wanna acknowledge that, and also, the German state will have to approve it, and we've also had positive interactions with them, so also here we expect that we should get that handled. It will take a couple of weeks, hopefully, and then that's done. Then we need the regulatory approvals. It's competition filings, and then it's what we call FDI filings, foreign direct investment. We should also be able to handle that, once we've consumed the... or at least you know that the, from a transactional point of view, it's unconditional. So, hopefully all this can be completed in Q2 next year. We've done a preliminary analysis, and we do not foresee large challenges. You have to remember that we still do not have a very significant market share combined. Then I think I would like to mention as well, Schenker has a very prominent position in the German industry, and therefore we've also decided to... or it's actually by the vendor that it's decided that there were certain undertakings we had to take into consideration, as part of the transaction, so that we look after the German employees and the structure of Germany in the Schenker Group. And that's the reason why we have these undertakings in place. The way I've experienced the Works Council and the union is that they are also eager to find a way forward so that we take out the uncertainty for the employees, because it's in nobody's interest that we don't try to get clarity as soon as it's possible. So we will definitely do our best in order to ensure that this happens. Then, the share buyback will be paused, because I think we can now need the capital for something else and then, basically, our guidance remains unchanged, both on the short but also on the long term. Now, I've used a lot of my voice, so I'll hand over to Michael. He can definitely fill you in on some further details on the transaction, so please go ahead, Michael, so you can catch your breath and be ready for Q&A when it comes to that. Yeah, if we go to page number six, we have just taken some few numbers from Schenker from 2023. Schenker is a top four global logistics players, more than EUR 19 billion in revenue, in 80 countries, similar to our size, actually. More than 72,000 dedicated employees, a little bit less than us, but more or less similar. We experience Schenker as very good to handle the customer relations, especially with large and global accounts. Strong network as well, footprint across all major markets, EMEA, APAC, and Americas, just as Jens just mentioned. Industry competence, know-how, also fantastic company, the Schenker, as we have experienced so far. Schenker also focuses on corporate social responsibility, like we do, so also they're a nice cultural match for us. They have nearly 1.2 million tons of air freight and 1.8 million TEUs as well in the sea freight. Then Jens touched a little bit about on the road freight. Leading European road freight network, so fantastic combination there as well. Also adding scale to our activities, joint activities in APAC and also in Americas, actually. And then the Solution side, 8.5 million of contract logistics. So all in all, a very nice company. If you jump to the next slide, I think many of you have seen this top 20 for years. There are some changes once in a while, especially when we do M&A as well. So this will be a combination of number three and four, creating a world-leading player combined, and yet it's only, I say only 6%-7% of the global market share. So it's still very, very fragmented industry, but of course, it's nice to see the combination in the top of this slide. Next page, number eight, if we dig a little bit into the respective divisions, then on the air freight, the combined excellent strategic match will bring us in a global leader position on the air freight and the sea freight. Road freight, the combination, fantastic combination, would create a European leader. And then our Solutions logistics and Solutions combined will be a top five player. So fantastic match for us. On the next page, there is a side-by-side comparison, so you can see, get an idea about the relative sizes, and as Jens mentioned before, it's a huge company, a great company, and the biggest that we have combined so far. Around 147,000 employees combined, 300 billion DKK in turnover, and our air freight will be 2.4 million tons of air freight, and more than 4 million, sorry, TEUs of sea freight. Our road freight will be close to 100 billion DKK in turnover, so significant sizes. And then, for the Solutions part, more or less similar size, so a great combination there as well on this line-by-line. When we combine, you can... You will have the divisional split, so we will be a little bit more diversified with this combination. Like Jens also mentioned before, the road was relatively seen a little bit bigger in Schenker, so that adds up to our portfolio of divisions, and also slightly change in the geography as well. Again, this is based on the 2023 numbers. On slide number 11, it's a little bit another way of showing the combined business pro forma. Then on page number 12, a little bit about the expected timeline. Thirteenth of September, that's today. We're very pleased to announce this transaction. Then in the coming week, like Jens mentioned, we will have to get some approvals from the Deutsche Bahn side. And then, I think actually we'll do it simultaneously, start to see if we can get the regulatory approvals in different jurisdictions. And then, hopefully, close as fast as possible, expected in Q2 2025, where we can then start the real work with the integration and with the combined entity. Last slide, Jens, will you- Yep ... sum up? So now, we can just take the key takeaways. We will now be creating the leader in our industry, at least if you measure on revenue, but I also believe that competence we will have, we will also be industry, or will be industry leading. Have very strong verticals, but also very strong network with significant volume, and thereby also high-quality products. If we look at the next phase, we're gonna do the consolidation of the operations and also at the back end and the facilities. This is a process that people that are familiar with DSV know that we are always focusing on this, and that's also the case here. And then I think it's also important, as this is also for shareholders, that you get an understanding of that the whole idea is that we continue the journey we've had on our EPS. Where if you go back in history of DSV, we've grown our EPS 15%-17% on a compounded annual growth rate if you go 20-25 years back. And this is also what we focus on here, and actually in year two, it's gonna be EPS accretive. And that's sort of the purpose of this exercise as well, that we generate value also for our shareholders. So having said that, I think we will go to the Q&A session. So if we move to the next slide, I think we are ready to go. We have approximately twenty-five minutes, I can see, and please restrain yourself to asking only two questions. That would be nice. Thank you. Thank you. If you do wish to ask a question, you will need to press five star on your telephone. To withdraw your question, press five star again. In the interest of time, we ask that you please limit yourself to two questions. There'll be a brief pause for questions are being registered. Our first question comes from Lars Heindorff, from Nordea. Please go ahead, your line is open. Yes. Hi, guys. Thank you for taking my questions. The first one is on the margin uplift that you expect in Schenker. I understand that the improvement there, if you do it on a division by division basis, but there's also around 22% of staff in Schenker, which is not allocated to the divisions. How should we view those in the process, or is this just basically how they account for things, which may be a little bit different compared to what you do normally? That's the first one, and then the second one is, now, you announced there's been a lot of noise, if I can put it that way, up until the announcement here this morning from you guys. So why is the reason that you actually announced the deal before you have an actual approval from the government and from the supervisory board of Deutsche Bahn? I think if we take the latter part first, this is the process you have to go through in Germany. This is the way that they first take the decision at the company level, then at the Deutsche Bahn level, and then at the government level, and they don't issue mandates in the way that we are accustomed to in many other transactions, so that you could actually you know have a signing that was unconditional day one, so I think that's basically how the construct is, Lars, so we can't really change it. I think it, it's professional people we deal with, so I'm quite sure that they will honor their word, when it comes to that, but it's a process that we have to respect, and, of course, we do that. If we then look at the way they allocate staff, Lars, I don't think you should get too excited that these people, they are not relevant for the divisions. But they are organized in a different way at Schenker than we are, and I think once that we will have this reallocated, you will find numbers that are not too dissimilar from ours in the respective areas. I think this is the best explanation. They don't run a divisional setup as we do, Lars, where we would then have some staff in our divisions. They would then be anchored in the headquarters for them, and you know, the regional setups, they are set up a little bit different than ours. Going forward, we will, of course, create a structure that is fairly similar to what we know, so that you can also understand the figures. Thank you. The next question comes from Ulrk Bak from SEB. Please go ahead. Your line is now unmuted. Yes, hello, Jens and Michael, also two questions from my side. So the first one is on the your comment about the EPS accretion from year two. You write that it's on a adjusted and diluted basis. So can you perhaps just quantify how much of this adjustment is related to integration costs? And also, if you can quantify what the integration costs are gonna be over the integration period. Second question is then on the phasing of the synergies. Obviously, you say that you want to, or target that your margins or DB Schenker's margins will reach those of the DSV's by 2028, but what will the you know, the phasing characteristic be like from 2025 to 2027? Thank you. Yeah. I will take the questions here. So, when we talk about the EPS accretive, of course, we have also like we also write in the... or it is also mentioned, we have an assumption that we will issue capital obviously. We don't have the exact split. It's still early days from what we have right now. In terms of the synergies, it's correct that we also talk about a phasing, and it's well, it's still again early days, and we also said that there will be marginal will be over the three years. So that is what we are aiming at. We have not dug into details in terms of the amount of synergies, but you follow us for quite some years, so you know, normally it, it's one to one. Here, it can be maybe it's slightly higher than one to one, giving you can say, the larger size, and also the business split that we have in Schenker. Yeah, and I think there was also just the part on the adjustments and the special items that you would- Yeah Normally adjust for. I think on that, you know, normally the special item days basically follow the synergies that we harvest in, in the various years. So if you would model it like this, then I think you would be on the okay side. And then, normally in the beginning, you get the first six months, not too many synergies, but then they start to kick in as you execute on the plans. So I think that's, that's it. The next question comes from the line of Cristian Nedelcu from UBS. Please go ahead. Your line is now unmuted. Hi. Thank you very much. The first question, could you talk a little bit about potential lost revenues due to customer overlap, as well as maybe some volumes that you don't want in your network? So versus this EUR 19 billion revenues for Schenker, where would that be in three years? And secondly, just maybe conceptually, if I calculate roughly, post-tax return on capital employed of around 9% for this deal, could you talk a bit about your reasoning for accepting a lower return on capital employed versus your usual target of 20%? So what was the... What are the arguments there of accepting that, or if anything changes in your return on capital employed targets midterm? Thank you. Yeah. I think if we look at the transaction here, like we also have seen in other transactions, we probably will see that some revenue will, you know, go because we have too large a share of wallet or because the sort of the business mix that we have with the particular client doesn't really suit the new company or many other things. And typically, you would see that there would be around 5% of the volume that will sort of fall into that category. Of course, if somebody just, you know, told me, or actually in some numbers we dug into that, of course, over time, we have managed, then when we have plateaued, to grow, afterwards, and that's also what we are looking for here. Then I think when you look at the return on invested capital, I guess we can all agree that it's pre-synergies we're talking about when you make your calculation. So I think you have to take that into account as well. And if you look back on our history, I think that's the best I can refer to, then you can see that we've actually always managed to get a higher return on the invested capital when we have consolidated. And we believe that that's due to the economies of scale, our scale economy, in this. Michael also has something he wants to- Yeah, I think it's also important to bear in mind that our return on invested capital requirement is on the, you can say, on the consolidated DSV and Schenker going long term, when we have that. And then here, like Jens, and we talked about before, it's also a little bit of a different business split. But our ROIC target is on long-term, consolidated, combined business. Understood. Second, I apologize, Jens. Jens, allow me a short follow-up. You, you said a few years ago that you would be surprised if the A&S conversion ratio doesn't reach 60% by the end of the decade. So this was a statement a few years ago, if I recall it well. My question is, with adding Schenker now to the mix, do you think you, you're getting close to that 60% target already in a few years from now, two, three years from now, or any, any color you could provide there? Of course, we saw, you know, that was at 55%, and now we've seen a trough, and I think believe we're just short of 50 in DSV. Of course, the larger we become, we can basically use consolidated infrastructure, and that will allow us to get productivity up. I still think if we can do it till 2030, we should be very happy about it. But I think it's also realistic that we can get there. So it's an important target for us, that we continue to drive it. Now, we have the short-term financial targets. I'm quite sure we will be able, with the combined entity and the economies of scale, to get there. And then, as you say, we will take the next step, once we've achieved them, like we've always done. Way back when we started, you know, we had, I believe, around 30% in conversion on air and ocean, then we had a target of 35, and so on. Now, it's 50, and we continue to push the company forward. Thank you very much. The next question comes from Muneeba Kayani from Bank of America. Please go ahead. Your line now be unmuted. Thanks for taking my questions. Just wanted to ask a bit more on the funding side. Can you give us any sense of how you're thinking on the timeline on the equity raise? And then on the debt side, can you talk a bit about your conversations with the rating agencies and kind of what is needed to maintain your credit rating? And just in terms of the transactions, you're saying it's just over eleven billion is the equity value. So what's the balance sheet like at Schenker, and does that need to be refinanced? Thank you. ... Yes, I think I will answer your question. From the equity part that you talked about, the ECM part, where we would like to raise capital in the level of four to five billion, like we wrote in our announcement, of course. If you remember our UTi transactions, we raised the capital four weeks after announcement. And we, of course, would like to de-risk this transaction and financing, so we would like to do it as fast as we can. But there is also other things that we need to take into consideration. But the four weeks was kind of a, at least what we did the last time. For the debt side of we are looking into different solutions on that one. Like we also write in our announcement, over a twelve months period of time, we have to, we'll see if we could raise some bonds and also some. A mix between bonds and term loans. That's our going in on that one. And then on the rating side, we have said that we are committed to stay to our current rating. We've had a good dialogue with our rating agencies. Of course, they cannot give any commitments right now. They also need to look into these transactions in further detail as we go by. But from the dialogue that we have had, it's, it seems like we are able to maintain. We have a strong capital allocation policy that we adhere to and have done that all the way, and we will continue to do that. So in their mind, it is an option that we, for a short period of time, can be outside of our gearing range. But then if we show that we'll get back to our guided, range, then we can be out of it for a short period of time and maintain our current rating. So that would be our aim. Thank you. And then just my question on the Schenker balance sheet, and is there three billion of net debt there? Yes. The three billion that we have also shown here, that's the normal net interest-bearing debt. It's leases, it's financing part as well. But there's not a big refinance risk on that. No. It's mostly leases. It's mostly leasing, yeah. Thank you. Our next question comes from the line of Alexia Dogani from J.P. Morgan. Please go ahead. You'll now be unmuted. Yeah. Good morning, gentlemen. First of all, congratulations for taking this deal to the finish line. It's very exciting for us to look at it from the outside. I have one question, firstly, on the synergies. When I look at the numbers and, you know, the minimum EBIT margin to the DSV level by division, I get to a number that broadly reflects about 7% of DB Schenker's GP currently. In the past, UTi Panalpina deal, you've delivered synergies of around 25%-30% of the acquired GP, and you've said, Jens, that you don't think there are any structural reasons why the playbook should be different this time around. Can you just kind of help us frame the upside potential here, given you've kindly framed the minimum? Then secondly, on the German concessions, can you elaborate on what you're thinking there in terms of satisfying this local content for the next two years? Thank you. Yes. I think if we look at the synergies, you have to look a little bit at the mix as well. If a company is very much sort of focused on air and ocean, then there's not so much physical infrastructure needed, and that's part of, you know, why you get a lower percentage here. I've not necessarily done the math in the way that you have done here, but I think, if you look at it, the combined company, at the end of the day, will produce higher margins when everything is have phased in than we do, today in DSV. Simply because, we will have these, scale advantages. We will... Once the transaction is approved, we can get a little bit closer, to that. Right now, we've said that after year three, we will definitely have higher margins than we have today. But there might be certain areas where we can invest in infrastructure, where we can improve it even more. Then, I think on the German situation, it is constructed in such a way that we are encouraged to find a deal with the unions. And the unions, or the works council, as you call it in Germany, Betriebsrat, they're actually focused and eager to find out how the company is gonna look after the integration. They have done that before themselves when they have acquired companies in Schenker, so they know what this is, what the process is, and they have experience in that, and so have the DSV teams. Then, of course, let's say if we can't strike a deal, then we've promised that then we can't sort of really achieve synergies in Germany before the twenty-four months have lapsed. So, but we will, of course, as always, work together with our counterparties, and given the interaction we've had, I don't foresee that we shouldn't be able to strike a deal with them. That's at least our aspiration. So it's more... What can I say? A downside protection for the employees, which I think is what can I say? Could be normal in a transaction like this when a state sells a unit. I actually think that this condition is constructed in such a way that it can be used constructively. And then I would also like to stress one thing more, given that we are 20,000 people in Germany. Many of these adjustments they will happen with natural churn. It will take some time to do the integration anyway, and we have, what can I say, staff turnover. So, it might have been reported a little bit too dramatically in the media, and also with some numbers that are clearly overstated, but we can. We've already given some details on that. So hopefully, that will calm the employees down, and then we will certainly do our best to act as swiftly as we can so that people get clarity. That's the most important thing. Thank you again. And actually, that's an interesting point. Would attrition rate be in the mid-teens in Germany, freight forwarding at an industry level as well? Yeah, I think it is in that level, depending a little bit on, let's say, you're in the blue-collar area. It's probably a little bit higher. We would also have a lot of temps, so you don't necessarily have to negotiate with them. And the blue-collar area don't need that many reductions anyway, because we need to produce the volume, and they handle it physically. Then, of course, you would go into the operational area. That could be an area as well, where you look at it, and then in the headquarters as well. There will be duplicate functions here, and of course, we will then try to consolidate that in an efficient way and also in a respectful way, so that people they know the plan as soon as possible. All right. Thank you very much. The next question comes from the line of Alex Irving from Bernstein. Please go ahead. Your line will now be unmuted. Hi, gentlemen. Congratulations on the deal. Two from me, please. First of all, just bearing in mind that you've altered the management structure in the last year, global heads and division leads of verticals, big global account teams, how does that impact your ability to drive accountability for each improvement down to the local country level, as you've done successfully in previous deals with a single reporting line? Secondly, is there anything that makes this deal harder than, let's say, Panalpina, and what would you do differently this time as a learning from previous M&A integrations? Thank you. If you look at the changes we've done in DSV, basically, we have. It's been, what can I say, classic succession in DSV, where you promote people that come from within our organization. You know, if you take our country structure, there hasn't been many changes. It's in the countries that the integration, it happens. I think what it will be different here is, it's the best athlete principle, so of course, there will also be strong Schenker areas where they will actually perform the integration. We've normally been able to also ensure that this happens when we get a lot of new faces on the team that have to do this. I can tell you from the interaction that I've had with the Schenker people. They are, or the Schenker management, actually. I've not had the chance really to go too deep into the organization. I have the impression that they are very professional, and they know exactly also how to deal with these kind of challenges or tasks. I'm quite confident that we will keep this. We will keep our hard line responsibility in the products like we have today as well. We have this transparency that is needed in order to be accountable all the way out to the desk in the various countries or areas. I think if we look back on some of the integrations, what have we done well? What have we done that could be improved? I think when you do an integration like this, there will always be criticism. I think we have to be as transparent as we can and to be as candid as we can, so that people they know where we're coming from and what the plan is. And I think if you do this, then we create the clarity, and then the noise will kind of disappear because we all know then what is going to happen. And I think that's the most important takeaway at the end of the day. I would also say that the changes we've made to our commercial structure... Now we have a commercial structure. It's actually. I don't know if it's a coincidence, but we have the same verticals exactly as Schenker has. So that's certainly something that is gonna help us. We have the customer segmentation, which we do in a similar way. We haven't seen the account plans of Schenker, but I believe that what we have is very professional. They have more experience, so they'll probably even have more professional account plans and probably also vertical strategies that are more developed than ours. But I think it's gonna be interesting if we can get the strength and the accountability that we have in combination with some of the skill sets that we have in the verticals in Schenker and the combined network. We will certainly have something that we can present to the market that is very attractive. So actually, the structural changes is actually helping us with this. Well, like you talk about what could be harder than panalpina. So I actually think it helps us when we have this clear structure now. Perhaps I could say one thing more. Thank you. Thank you, Nikolaj. I could perhaps say one thing more. We need, on all levels in the organization, to get people in, all the way from the top, so from our executive management and in all the layers. That is a must. So this is also a clear message to the Schenker people, that hopefully are listening in. The next question comes from the line of Casper Blom from Danske Bank. Please go ahead, your line now be unmuted. Thanks a lot, guys. Actually, just one question. Regarding the synergies that you expect to get out of this. I think historically, you've usually made a point out of trying to anchor these synergies among local P&L, P&L owners, and then basically building it up from the bottom. Do you expect to be able to do it the same way around here, given that you're taking over something that is, in some areas, larger than yourself? I mean, can your sort of local area managers start this work already now, or is that a plan that needs to be formulated more when sort of things are finalized and you get full access to Schenker? If you could sort of elaborate a little bit on, on the sort of anchoring of synergies, I think that's been a quite important thing in your previous transactions. Thank you. Yeah, I can answer that one. The starting point will be kind of business as usual, but then, of course, when we get the opportunity to look a little bit deeper into it, of course, there can be some places where we need to adapt a little bit. But for sure, it is something that when we set some targets, then of course, we will measure on it like we do with everything. So we plan to use the same playbook- Yes ... that we always do. But as you say, there will be fewer DSV phases. There will also be some Schenker phases- Yeah Because they will be the strongest athlete. But I see a similar culture. I see a business-driven culture in Schenker. It's a strong company. You should really consider that. They have significant competence. So sometimes when we have acquired, we've been somewhat stronger in most areas. Here, it's more they are also strong. So just bear that in mind. And they actually also have a performance culture. So I think it'll be a great combination. Looking forward to get started. Yes. I think that was the... Time's up, I've been told, because we are a little bit busy today, as you can imagine. There are many stakeholders, of course, shareholders being very important one. So, you know, thank you for your attention. We will now go into the next phase and, hopefully, be in touch, soon, because we need your support as well. It's a joint effort. It's teamwork, not only here in the DSV headquarters of the Schenker people or many other stakeholders, but certainly also with you guys. So thank you for listening in. It's a pleasure. We are very proud today and happy, but we are also very humble when we look into the task, and we will do our utmost to ensure that it will be a successful transaction. Thank you very much.