Welcome to this H+H International A/S Q4 and Full Year 2024 Financial Resource Presentation. Today's call is being recorded. If you have any objections, please disconnect your line. All participants will be in a listen-only mode throughout the presentation, and afterwards there will be a question-and-answer session. I will now turn the call over to your speakers. Please begin. Thank you, and good morning, and welcome to our conference call for the presentation of the annual report of 2024. My name is Niclas Bo Kristensen. I'm the Head of Investor Relations and Treasury. Joining me this morning is our CEO, Jörg Brinkmann, and our CFO, Bjarne Pedersen. Yesterday evening, the annual report and supporting documents were published and uploaded to our investor relations website, including the presentation for this call. During today's call, management will present the annual financial report, after which there will be a Q&A session. Please note that this conference call is being recorded and will be made available on our investor relations website after the call. Before handing the call over to Jörg, I would like to direct your attention to the disclaimer on page two. During this call, the executive board will share future plans and expectations for our business that go beyond historical facts. These forward-looking statements rely on current assumptions and therefore come with some risk and uncertainties as many factors could change the outcomes. For more information about these risks, please see the 2024 annual report. With that, over to you, Jörg. Yeah, thank you, Niclas, and good morning, everyone who's participating in this earnings call this morning. Please turn to page 3 for a couple of highlights from our Q4 financials. Let me do the Q4 first. When you look at the financials here, I think what you really can see from the numbers is, first of all, it's really strong improvement to where we were a year ago. In the quarter, we were showing a 6% organic growth, mainly coming from the Polish and the U.K. market, where we could see some positive signals. We'll come back to the markets a little bit later, but that's certainly encouraging after last year's where we were seeing a - 26% number. We really have seen a flip around of the situation here, and that's really good. Second observation certainly is the gross margin. We are really happy to see the trend continuing from the Q3 into the Q4 with a 25% gross margin, which at the end leads to a double-digit EBITDA number, and finally a 6% EBIT margin. That is significantly improving over where we were a year ago. That is certainly encouraging. Talking a little bit operationally, what's going on? That is certainly a good moment when we were reopening the mothballed plant in the U.K. in Pollington. We have had mothballed there for one and a half years, roughly. In the quarter, we ramped that up again, hiring new people in. What I can report is, from a mechanical point of view and technical point of view, this reopening works very well. Of course, it's all new people. 28 people out of thirty-three are new. There was a lot of training and we ramped up phase. It is really good to see that the equipment is doing what it should do, and that is good. Now it is about a ramp- up to really get this up to full speed. Certainly, after having mothballed and closed plants for a lot of quarters, it is definitely the right signal that we can also reopen a couple of these plants that we have closed. Finally, on the cash, I mean, that was a priority for us certainly over the last two years. In Q4, we were successful in closing the land sale in Warsaw, which definitely generated strong cash flow in Q4 and really helped that change improvement of our financial gearing, which is now down to a 2.7x number. We are making the right steps towards the long-term targets of 1x to 2x EBITDA. In total, I think a positive quarter. Let's have a little look on the year performance on page four. What you see here is, first of all, let me start with the earnings. EBITDA of 9% is, from my point of view, not too bad, actually, considering that still volumes are 30% lower where they were in 2022. I think we are managing through and really have streamlined the company over the last two years. For me, more important is what we have done over the last two years and also especially in 2024. The first thing, and I come to that a little bit later in more detail, but we have definitely streamlined the company completely over the last two years. We've closed plants, taken out costs, and really have achieved a completely new setup for the company. Also, you can really see in that, I think that's important, cash flow improved. I talked about the Warsaw, but then also we were restocking significantly in 2024, and that also helps to really improve the cash situation and thus financial gearing after we've built a lot of stock in 2023. We've reverted that effect and are back on normal levels. Next to financials, I think it's also encouraging. We are not giving up on strategy. Part of our strategy is to really drive ESG forward. What you can also see here from the numbers is that we've improved our emissions on the CO2 Scope 1 and 2 by 30%. Compared to the basis year of 2019, when we started our journey, we've more or less already taken 30% of our emissions out per cubic meter. That is certainly also encouraging to see. Part of that is energy consumption, but you can imagine closing plants, concentrating volumes into fewer plants, is certainly also helping on delivering on CO2 targets here. From that angle, very nice to see. Finally, a new record in safety. Last year, we ended up with a lost time incidents frequency number of 0.9. That is certainly a leading number in the industry. Two accidents we had to report, still too many, but throughout the year, we were launching a new safety initiative, Zero Harm. It's nice to see how this is actually really contributing. What I can report, it's really a cultural element of the H+H DNA, and it's good to see that it's delivering results. These two, so it's the CO2 and the safety, that is certainly our commitment as a company. I think overall, we've built a strong foundation. To give you a little bit more detail of how that foundation looks like, let's turn to page 5 to give you a little bit of an update of our streamlining initiatives over the last two years. What you see here is really the comparison from 2022 to 2024. First observation is still we are operating on a 30% lower volume level than in the record year 2022. Significantly lower sales volume we are faced with. In that environment, and I think that's the first observation I really want to share with you, is that we were able to increase our prices by 8% over these two years' period. There were many questions certainly around how is the pricing power looking like in a market that is declining that sharp. I think it's a remarkable outcome, actually, that we were able to pass on cost and increase prices by 8% over these two years, showing that we are successfully operating in our markets. Second message is also there were questions, have we reacted early enough? From my point, we did, actually. I mean, in the middle of the year 2023, we started to close plants. We decided from our originally 32 plants to close five. We have mothballed another four. We opened the Pollington one, so it's another three that are most probably going into 2025. Certainly, we've adjusted the network, concentrated volumes into more efficient plants. What the outcome of all that is that all the work we've done, we've actually at the end built into a new operating model for the company, which we call HOME, is the H+H Operating Model for Excellence. That will be the guiding principle of how we run our plants going forward. What we want to make sure here is that all the efforts we've put into the network, that this is sustainable and that we run our network at higher efficiency also long term. This is not a short-term reaction to what we've done here over the last two years. Third leads me to Germany. Here, we've used the situation to finally integrate Germany into one company. You know that we were acquiring a lot of companies over the last years. We really put the pause bracket here and then integrated everything into one company. Today, customers in Germany are only dealing with one H+H. Way more customer focus and way better customer experience. Also, the internal processes, we've streamlined, we made them easier. We are working on one ERP platform now since January 1. Significant changes. What also goes alongside with that is significant SG&A cost savings. Literally, we've cut the SG&A cost in Germany in half if you compare 2022 to 2024. For the group, this led to DKK 60 million savings within these two years, mainly really coming from the German market. In total, 25% headcount reduction. This is 400 people we had to say goodbye to. What is important is, and I repeat myself here, everything we've done, we've done in a way that this is building a stronger foundation for the future. That way we really drive efficiencies in the company. When these volumes will come back, and we are fairly certain they will come back, we're going to see this translating into higher efficiency and thus better results. From here, please go to page six and let me provide a little update on our three key markets. Yeah, starting off with Germany, and you know I'm German, and for me, it's really hard to observe that actually, that really Germany is certainly the worst market where we're operating. For all of you who are not Germans, I think you can also read it in a lot of newspapers. It's not only the building activity that is the problem, but the country is in recession. It's the entire mood in the country. I mean, that ultimately led to a new election. The government, the old government, gave up earlier. We had new elections just two weeks ago. Brand new is that the new coalition that is forming wants to come with a big investment program. There's a lot of stuff going on. We need to see and observe what that means, actually. Certainly, the building situation was part of the election campaigns of all parties because there is a target of 400,000 units we need to build in Germany. No one is questioning that. At the end, the former government managed to build 150,000 flats and houses. You see there is a huge gap, actually, to really cope with that demand. Now we need to observe how this new government will address it, actually. I mean, there are a lot of challenges, but we need to really see and observe what is happening here in Germany. What you really can see is that even in 2024, building permits were further declining by 19%. I mean, these are really crazy numbers. That also impacted our revenue growth in the area. You see the revenue dropped by another 18% in Germany. Not a good situation. More encouraging when we leave Germany and we fly over to the U.K. What we see here is the building registrations in the U.K. were fairly flat, actually, but we were able to deliver a revenue growth of 14%. That means we were outperforming the market, winning back customers, working together with new customers, and also increasing the share of volatile houses, which is part of our strategy. I think it's nice to see that. Also, when I look a little bit into the mood in the market at the moment, and you know we are working with the big house building companies in the U.K., certainly there's positive sentiment about the new government. What they are working on is that they are simplifying the planning system, which is very important in the U.K., so that house builders have better access to land, that they can develop it quicker and faster. We hear from literally all customers that there is positive feedback about it, which is driving a positive sentiment into 2025. I think it's going in the right direction. It certainly could be more, but it's going in the right direction. We are expecting higher demand into 2025. Poland, yeah, last year, 30% revenue growth, certainly the rockstar across our countries. The Polish government did, from my point of view, really a nice step with that 2% program. Coming out of a really low building activity situation, this 2% was like a booster. It really kicked off, built new build again. What is nice to see, even though the program was exhausted early 2024, we see there's a long-term effect from it. When you see building permits, they are sustainably higher than where they were in 2022. That is giving us good comfort also into 2025. We will not see same growth rates because certainly the program was a booster. We think it will have a fairly stable level into 2025, which is actually, from our point of view, also a positive and encouraging sign. Yeah, this concludes my remarks, and I will now turn over the call to Bjarne for an update on financial performance. Thank you, Jörg, and hello to everyone on the call. We'll take a short look at the financials. On slide seven, you see the organic growth. On the left-hand side, we have the volume growth in the quarter. Year on year, there was a 7% volume growth, and that is despite the decline Jörg mentioned about in Germany. The positive volume development is also what is driving the top line, where we report an 8% revenue growth, of which 6% was organic. On a total, it takes us to around zero for the full year, just in line with our guidance. On the next slide, there is a slide on the gross margin. For the fourth quarter, we came in at DKK 164 million on gross profit, leading to a gross margin of 25%. This is more or less on par with the previous quarter. In the fourth quarter, we did see some stock build as we let the factories run flat out during the quarter. Comparing to the earlier quarters, it does not make a lot of meaning that we were impacted by oil gas contracts, and we had some significant stock movements, which we have done in order to improve the networking capital situation. On the next slide, Niclas, there is a little bit about Treasury. Thank you, Bjarne. Please turn to page 9. In 2024, our total operating cash flow was DKK 279 million. This improvement was mainly due to land sale in Warsaw and Poland and to destocking. In 2024, we destocked for DKK 225 million. On the investment side, we spent DKK 131 million. This primarily went into the Borough Green and tax relief upgrades. Overall, these factors have improved our debt situation, and by the end of the year, net interest bearing debt was DKK 682 million, with a financial gearing of 2.7x net interest bearing debt to EBITDA. Over to you again, Bjarne. Thank you. On the next slide, we have a summary of the restructuring costs and other special items. In the fourth quarter, we posted the sale of the land in Warsaw. We classify that as a special item, as there was a significant profit on that. Also, we had restructuring costs, as earlier announced. In the quarter, we spent DKK 27 million that relates to the restructuring done in Germany. The amount was somewhat lower than originally anticipated, but posted as a special item. When you look at the previous numbers, there were the previous gas contracts that were also classified as a special item. For the quarter, a positive of DKK 129 million, and for the full year, a negative of DKK 22 million yearly. With that, we come to the financial outlook on the next slide, the financial outlook for 2025, where we are looking into an organic growth of 5%-10%. We are looking into an EBIT before special items of DKK 120 million-DKK 180 million yearly. To highlight a few of the key assumptions, and in line with what Jörg previously expressed, we see a modest volume growth, predominantly coming from the U.K. We do not assume that we see a marked recovery in Germany. It has had two years with declining building activity, and we do not see that turn in the short term. In general, we have the uncertainty around the whole macro outlook, and we try to express that because it is fairly blurry at the moment. Underlying, the markets are in a shape where we know that for the long term, they will deliver significant contribution to us, but we are uncertain around the timing and hence the guidance of the DKK 120 million-DKK 180 million. With that, I think we will hand over to Jörg again, who will summarize. Yeah, thank you, Bjarne. Let's go to page 12. A couple of key takeaways. The last two years, we've really used to streamline the company. We've talked about that in many of the calls here. I think the company we have today is operating on a significantly lower cost level. Still, volumes are low, but we've built a new foundation for the company. I think also throughout the last two years, we've managed the cash position well, especially with the sale of Warsaw, which really has improved significantly. We have improved gearing. I think after these two years of streamlining, I think we are in a way better position than where we were a year ago, actually. I think also that is something we can give it a tick. With that, actually, what's important for us now going to 2025, and you heard Bjarne also talking about the guidance. We are not expecting a lot from the market, actually. That is where we have a cautious view on where volumes will go. It is not that we are sitting here in a position where we expect these markets to turn completely, but we have a stronger foundation. For us, it's important that the shift goes back from streamlining towards our long-term strategy, which is moving towards customers, working on growth opportunities again, making sure we're improving our plant performance, and at the end, going back on a profitable growth plan. I think that is an important mindset move also for the entire organization. With that, we are now ready to take your questions. Thank you. If you do wish to ask a question, please press five star on your telephone keypad. To withdraw your question again, you may do so by pressing five star again. The first question is from the line of Sebastian Grave from Nordea. Please go ahead. Your line will now be unmuted. Good morning, guys, and thank you for taking my question. I have a few. I'll just go through them one by one here. First, on your guidance, I really struggle to get my head around it, to be honest. It seems that your guidance implies a margin squeeze from Q4, which is a seasonal small quarter. To me, at least, it does not square with the working assumptions of modest volume growth, pricing discipline, and restructuring effects from last year. Could you maybe sort of expand a bit here? What am I missing? Could we sort of bridge the current EBIT margin of around 6% to the implied EBIT margin of around 5% for the full year, 2024-2025? Thank you. Hi, Sebastian. Thanks for the question. Let me start a little bit and talk about challenges, actually, that are reflected in that. First is in the U.K. I was talking about the ramp-up of this plant in Pollington, actually. The situation in the U.K. is still that we are sitting on very low stock level, leading to a situation where the supply chain is not super efficient, actually. There are still distribution costs we're having because we need to transport products from one to the other. The ramp-up takes some time, actually. As I said, 33 people we fired, 28 of that, 28 are new out of 33 crew, actually. That is something that is impacting the earnings. We're going to see that improving throughout the first half of the year, but it's certainly a situation that we're having. I was talking about Germany. For Germany, we do not have any expectations for 2025. There are also some areas where we will see even lower volumes than in 2024. We are very cautious here. That leads to a situation where the plants are not running efficient, actually. There are a couple of plants where we are only running one shift, which is certainly not an efficient state, actually, right? That is basically impacting it. Bjarne, I do not know if you want to add a little bit more color to what that means in numbers specifically, but that is literally describing still the challenge we have, actually. I think in a nutshell, you can say when you compare the nominal EBIT from 2024 to 2025, we are moving forwards. When you take the one-off effect from last year, you see we are bridging that. It also reflects that we are seeing more risks than opportunities based particularly on the situation in Germany and the set known effects from the continuous ramp-up on the Pollington one. It sits, let's say, on the gross profit level. I would say on the fixed cost, things are, let's say, fairly under control. We have done the restructuring, and that part we have, let's say, the needed visibility on. It is on, let's say, the gross profit level that we are lacking the visibility. Okay, but just to understand, so I mean, comparing to last year, I think if we have to compare last year's numbers with 2025, we have to look at H2, right? Because we have a normalized cost base. And then, I mean, looking at H2 earnings, which was around DKK 90 million EBIT, now you've got DKK 120 million and DKK 280 million for the full year 2025. So you're actually moving backwards, so to say, on profitability. Isn't that the right way to look at it? I would say that's where we say we extrapolate that, but then we put in a number of risks we see, both based on what we hear, but also what we see the customers do. Now we have a two-month sample. Let's say in the marketplace, you see, let's say, the positive mood and the positive spirit is good, but we also need to see it materialize. That's where we have the uncertainties, in particular around Germany, and that's the basis for our guidance. Okay, no, that's fair. Thank you, Bjarne. I have one more question. I'll go back in the queue after. In terms of ceasefire in Ukraine, I know that you guys have been associated with the anticipated rebuilding efforts in the country. Maybe you can help sort of expand on this optionality. What are the kind of scenarios that you potentially envisage, and how do you prepare for such a scenario of a ceasefire and rapid demand? Yeah, first of all, I think following the world press, I think it's fairly early questions. We're sitting here in an observation mode, yeah. Certainly, when you look at opportunities that might come up, actually, certainly there's rebuild activity, and that will happen. The question is distance from plants to those areas, actually. To give you an idea here, the closest plant we have in Poland to Kyiv is 500 km. It's a fairly long distance, actually. We are sitting in an observation situation. If there's opportunities, we would love to support that, but it will not be a game-changing situation for us. Okay, no, that's fair. Okay, thank you for taking my questions. Go back to the queue. The next question is from the line of Kristian Tornøe from SEB. Please go ahead. Your line will now be unmuted. Yes, thank you. A couple of questions. First of all, special items, what do you expect for 2025? We are not planning with any special items for 2025. As mentioned, we did not use all of the special items compared to what we had indicated. We did that in order to safeguard the Project ONE go live here in January. Smaller restructuring we take as a part of what is included in our guidance. If there are larger significant items, one-off events, and so on, we still have the liberty to post that as special items, but nothing planned for this year. Understood. My second question goes to pricing and sort of along the same discussion as we just had on assumptions for gross margin. It is clear that your guidance assumes more cautious gross margin than what you saw in the second half of the year. Yet you got these 5%-10% organic growth, saying it should be driven by price increases. Can you elaborate what have you done so far on prices and what do you expect to do later in the year? Price increases are really based on input cost development. That is the core principle, right? Then market by market. We have implemented price increases in the U.K., 1st of January. Here we are on annual contracts, so we are passing on the inflation that we are seeing to the customers as always, actually. That is executed and in place. In Poland, it is more on a monthly adjustment curve, but with the right trend, actually. We are in line with passing on inflation. The last bit is Germany. Certainly, it is a little bit more challenging in that environment, actually. Also here, we are faced with inflation. We have announced price increases, and we are increasing and implementing that. There is for sure project sales, and it is a regional thing, but we need to pass on inflation that we are also having in Germany. What we have done over the last two years, despite volumes declining, is 8% price increases. We are going to continue that also in 2024. Just to follow up on Germany, because you also highlight the challenges in this market, how are you seeing the competitive discipline, especially on prices? Is there any deterioration in the discipline, or does discipline continue to be good? I think overall, and this is exactly why I brought this number over the last two years, yeah, and that is a picture we could see in all our markets, actually. There is discipline, and I think there's a need, especially in that low volume situation. I mean, it's changed enough, yeah, that these plants are not fully utilized, actually, right? I mean, that's our big challenge. No one in the industry can afford a challenge that we are paying for the inflation we get from the raw material or the energy side, right? I think that is a principle we were observing over the last two years, and it's also what we're seeing into 2025. The big challenge really comes from the low utilization of plants. You can imagine running a plant with one shift is certainly not a sustainable setup. That makes sense. Maybe just to follow up on the discussion on potential if and when Ukraine is going to be rebuilt. You mentioned the challenge of distance from your plants, but it's also my impression that you're running your Polish plants at fairly high utilization currently. I mean, would you really have any material volume available should a market in Ukraine open up? I mean, also Poland is significantly below the volumes we were historically selling. It recovered, but it's still significantly below. There is spare capacity, for sure. The key question is really where to sell it and where to ship it, because distribution cost is an important element of our business, right? If we find markets around the plant for our products, that is certainly what we always give the support, actually, right? It is really about making sure we serve local markets, actually, right? If there are, on top of that, opportunities in Ukraine, then we are going to find that, and there would also be spare capacity, actually. We are also driving with the operating model. We are driving further efficiency in the plants, actually, right? We will see higher volumes, actually, coming from that as well. Understood. Just my last question, because you mentioned that the new German government has indicated they want to increase investments, and surely the stock market is taking that rather well today. I know it is a slightly unfair question, but if these investments materialize and it stimulates the German economy, when do you think you could, at the earliest, see an improvement for your market? It's a really tricky question, actually, but let me—so the good thing is, actually, I mean, the whole discussion was about how do we finance all the challenges, right? There's challenges on infrastructure. There's certainly challenges for all Europeans on military and all that. How do we face these challenges with a given household, actually, without making additional debt? That was the key question. Now with the announcement and all that discussion is, okay, if the government goes into more debt, actually, and financing a big part of these challenges through that, it might lead up to a situation where there's also then more money for all the other stuff, actually. That is, for me, the encouraging part, actually. Now it needs to formalize. I mean, this government, first of all, needs to get together, actually. Mr. Merz needs to be elected. There are steps to go. They need to get going. Honestly, for 2025, I do not expect a lot, actually. What, from my point, also the whole move can do is that also the mood is changing, actually, in the population, right? I am German. I mean, I am in this environment, literally, literally all the time. I think that it really can change the mood and the confidence in the country, actually. It is an underlying mood topic as well. I think it is positive, actually. It is going in the right direction now. Very well. That That was the note of life. That is all for me. Thank you so much. The next question is from Peter Sehested from ABG. Please go ahead. Your line will now be unmuted. Thank you. Thanks for taking my questions. I have three. The first one is on the top line of the organic growth guidance. Could you just elaborate a little bit what it takes to get to the lower and the high end? That's the first question. The second question is on the SG&A that you commented on earlier. I just wanted to understand, irrespectively of whether you do 5% or 10% organic growth, we should expect the SG&A to be more or less the same. The third question I have is, what's your sort of top of the agenda items for 2025? Yes, I think it's the first one. You have my technical strategy part on that. If we look at the—by the way, hi, Peter. On the top line, a 5%-10% will, with what we see now, be a mix of price and volume. If we look at the volume increase, that will predominantly be driven by the U.K., where we have positive communication from the house builders. Let's see if they can walk the talk. We hope they'll do that. As mentioned, we need also to get the ramp-up curve done in a proper way, both in order to supply the actual demand, but also in order to strengthen our stock position in order to be able to service the customers better and with lower distribution costs. On the price side, you're going through the market. There are different dynamics. The very spotlight part, like Poland and to some extent Germany, that is something where prices are adjusted on a much more short term. This is our best indications based on what we see coming through on the cost side as well. I'd say moderate growth on the prices, but we definitely need something to cover the inflationary costs that we see. Your midpoint of 7%, that's roughly 4% on price. If we're seeing price inflation of 4%, and then 3% of volume, of which most comes from the U.K.? That's going to say a well-profound model you're looking into at some point. Okay, thanks. On the SG&A side, remember we spent quite an amount on SG&A, sorry, on restructuring last year. Part of that was related to SG&A, and then we see a novel, let's say, inflationary pressure on that. We do not foresee that the growth rate itself has a direct link to the SG&A. On the fixed cost side, we have the needed disability. It's a matter of, let's say, how much we can squeeze out of it. You should not expect big fluctuation related to the top line. On the more strategic approach to this, yeah, I think the question was about what's on the agenda, right? The first thing is the U.K. supply chain, because it's positive that we see demand increasing. We want to make sure that we can service that demand in a really proper way. Really managing this ramp-up in Pollington in a good way, building up stock again in the U.K., which is important for service. That is certainly on our priority list. That's the first thing. In Germany, we need to be a little bit, stay a little bit reactive here on seeing where these volumes are going, what the situation is. That is something where we are still managing very short term to react to the German market. Overall, and that is what I said, it is for us the mindset shift for the entire company of saying, because when you do streamlining for two years, it's a very internally focused thing, which you need to do, actually. We believe it's the right time to go out there, find new growth opportunities, get closer to the customers, and then improve plant performance. That is more of a long-term thing, but we need to go back to our strategic growth path here, actually. That is certainly the shift we're going to make starting into the year 2025, even knowing that the markets will not just boom, but we believe it's the right time after two years of streamlining to change that. Okay, so when and then these particular steps in Germany to let's say be more on the forefront of growth pockets, et cetera, is this also sort of political maneuvering here, or is it mainly good old school sales guy visiting customers and drinking coffee, that kind of stuff? It is actually on all levels, if you want, right? For sure, I mean, on the political level, it is important. I mean, we are part of all these associations, right? Sitting in round tables, I mean, and we have answers, actually, to improve the situation, right? Also with our products and then the systems. There is a lot of discussion about standardization of housing, right, and making it more simple, faster. We have the right products and solutions for that, actually. That is certainly part of that, especially now when the new government starts working, actually, right? It is also on the sales level. You can imagine restructuring an organization like that is doing something with the organization, with people in the organization, right? That is important that people get this change, actually, right, from an internal perspective and do what we all should do, actually, right? That is being there for our customers and, yeah, producing and selling fantastic products to build houses with, right? That is our purpose. Perfect. Thank you very much. Very much. Very good stuff. Thank you. Let me just remind you, if you do wish to ask a question, please press five star on your telephone keypad. As no one else has lined up for questions in this call, I will now hand it back to the speakers for any closing remarks. Yeah, thank you for everyone for participating in this earnings call this morning. Wish you a nice week. Let's see how the geopolitical situation in the world and in Europe is developing. Yeah, special times, definitely. I am looking forward to seeing some of you throughout the afternoon. Be safe. Bye. Bye.