Dear audience, we would like to Welcome you to The Presentation of Trifork's Third Quarter Results. My name is Kristian Dollerup from Trifork, investor relations team. I'm hosting this from Zürich together with Frederik Svanholm and Preben Thorø, our CTO. Today, our CEO, Jørn Larsen, and our CFO, Kristian Wulf-Andersen, will start by providing a circa 20-minute presentation and thereafter offer you a Q&A session. Before we start, I have a few housekeeping points that I would like to run through. First and foremost, I would like to inform you that this presentation is recorded in its full length and will be made available on our investor website later today. Second, I would like to inform you that if you want to download the presentation, it has been released on our investor website under the tab Events. After the presentation, we invite you to ask questions and engage with management after the presentation. A quick run through of how that works is you raise your hand to us, we will unmute, announce you, and you will have the option to ask your question. We will try and do our best to ensure that everyone gets a chance to ask the questions within the allocated time. Before we really get started, I have a quick disclaimer I need to present, so let's have a quick look. I think that's enough of that. Let's get going. I will hand over to our CEO, Jørn Larsen. Thank you, Kristian, and thank you all for participating this call. There's quite a number of people attending this time, which is very positive, even though I cannot see you. Welcome. This time, I promise you that we will not have a lot of excuses for not reaching our targets as we saw a little bit last time. As always, we like to see things in a perspective here since 2007, and we have inserted again our guidance and the realized numbers so far. Kristian, you can move on. Some main highlights for this quarter in particular are that, first of all, I'm very happy that our sick leave is down again to what we consider close to normal or maybe normal. It is after summer, we normally see that people they run around without too much clothes and get cold or flu or whatever. Actually our sick leave is at 1.6% for the quarter, which is good news. Zero would be better, of course. Our churn rate also has gone down and we are now at around 15%, which is a level we have been at for the last couple of years. Again, half this number would be even better, but we are not really worried about the level we are at now. At Inspire, something actually happened over summer. A conference series in Australia and other places that we actually co-founded in 2008 have now been involved in a transaction where we are the full owner of this conference series again. Why do we invest in a conference series in Australia? The answer to that is that every quarter, every day, every month, we are building on our community, on a global community, to make sure that we know where the tech world is heading. This is a giant mission. It's a mission towards creating a place where anyone involved in creating a digital product can turn to and watch interesting and learning-full videos and get access to the latest books about certain topics, et cetera. You should see this as a building block in this mission. We also keep tracking on the accumulative views on our GOTO channel, now close to 40 billion views. Also, we see a lot of physical in-person activities in our design Labs, which is very positive. I will jump the talk about growth right now. Just mentioning that in Build it's 17.1%, in Run it's 36.2%. A little update in Labs is that there has been some smaller transactions. We have now put a little toe in the water of all the Digital Health for animals. More about that later. Kristian? Okay, here's the overall numbers. Of course we are happy that we, in an environment that is highly uncertain, I would say that, you know, doing business in these times with all the challenges that the world is facing is not easy. I like to thank all our colleagues for the great and massive effort in navigating this very challenging environment. Of course it is with great joy to report that we have an organic growth of 20% compared to same quarter last year, which was not a bad quarter. Tracking the nine months growth, we are at 18.6%. We are still cash net positive, and we are now at 62 business units, + 1,000 employees, and still 25 active lab startups. Kristian, let's move on. As you all know, we do report in two segments, the Trifork Segment, where we have the classical, service business, but also our Run segment with scalable revenue, and we have our 62 business units. Then we report in Trifork Labs, which is our minorities and investments into startup companies. Kristian? What we see here is also that the distribution between Inspire, Build, Run will start to look normal again, and by normal is what I expect to see, because this is where we were some years ago. We see that Inspire is growing a little bit. Once it was up to 7%. I don't expect it to go to that level. The distribution 75, 21, 22 in Build or in Run is also start to look more normal. Then Kristian, we can move on. As always, we also like to tell a little bit about what we actually do, because all this was just numbers and our vision for the future. This time I brought a really cool app that we built together with Dagli'Brugsen, and it's Dagli'Brugsen exists in Norway and in Denmark, and this is for the Danish market. It took one year to build this app. It has a 100% adoption rate, so all stores of Dagli'Brugsen in Denmark is using this app, and it started on a very good foot. It has good traction in the stores. It basically means that it's a one-stop shop in your hand. If you want to buy a liter of milk, you go and you scan it, and you can pay it with Apple Pay, and then you just leave the store. That's it. We're very proud of also being able to do this kind of Smart Enterprise business for retail. Let's move on. As we can see here, we have the distribution of our six business areas, but we will jump into the verticals. One business area I'd like to highlight here is Digital Health. You might recall that Digital Health was slightly below 10% of our total business for the six months. In Q3, they have propelled, and actually now, we just passed the 10% mark. Also when you look at the growth numbers here, so for the quarter, it's a 46.4% adjusted growth, organic, and for the nine months, 41%. Very happy about that. We are having good progress in the assignment that we are working together with BlueSpace Health in Switzerland on implementing Digital Health. It's still the beginning of a journey, hopefully a long, successful journey, but we are doing everything we can to make this Digital Health experience work also in Switzerland. Let's move on to the horizontals. Again here, as we have seen the past few quarters, Cyber Protection is on a good ride. It's now almost 10% of our total business coming from a very low level. In Q3, we saw a growth of 45%, and for the nine months, 50%. It's also a business area that we have a lot of focus on, and I'm happy to see that we can see some of the fruit of all that effort. Kristian? A very small update in Labs. As mentioned already, we have made a minor investment into a startup called Fauna. It's actually people from one of our business units that came to us and said that they have been working in their spare time on this very exciting system that help pet owners to get more on top of the situation for the pet. It's an electronic healthcare record system in the making for pets. And to support, you know, our very loyal and hardworking people, we decided to invest. But also it could actually be a very interesting area. It is, of course, a less regulated area than healthcare for human beings. Let's move on, Kristian. A quick ESG update. We already touched on the, what we could call the normalized sick leave absence, and also a churn rate that is now look like it's more acceptable. We still find it hard to find good talent in the world. We have inflation in salaries, so it's not an easy job market for employers like Trifork to be in, but we cope with the situation. We also invested in a forest. As a lot of other companies, ESG is high on the agenda. It is also high on the agenda for us. We have a full circle vision for ESG, so we'd like to use our forest and ESG as a culture carrier at Trifork. We invite our colleagues to go and experience nature, maybe plant a tree, which many have already done. In 60 years, maybe we can build one of our new offices with that tree that was planted today. Kristian Wulf-Andersen, I'd like to hand over the word to you for more details on the financials. Thank you. Now we'll go a little more into details with the financial performance. As Jørn already mentioned, the organic growth. Only to add here was that, in the total year until now, we have a distribution between private and public of 65 vs 35, and this is also how we see things moving on. We have a slightly higher increase in the public sector to the private sector. Overall, we still believe in the balance between 1/3 in public and 2/3 in the private sector. Going into Trifork Segment performance, we guide on the adjusted EBITDA. This is also where we want to focus here. As you see here, we compared to last year, same quarter, had an increase of 24.6% and now have an EBITDA margin in the Trifork Segment of 17.9% in Q3 isolated. When you're looking at the nine-month, then of course we have also to take into account the performance from the previous quarters. Here we're now at 16.4%, adjusted EBITDA margin for the year to date. Looking to the Trifork Group, then we guide on EBIT. Here the follow-up on EBIT. As you see here in the third quarter, we had an EBIT margin of 10.3%, up from 8.5% last year in the same quarter. Looking into the year to date, have a 9.0% compared to 8.2%, so an increase of 28.2%. Deep diving a little more into the sub-segment in the Trifork Segment, we have the Inspire, Build, Run. Jørn already touched upon the ratios in between the different sub-segments. What you see on the left-hand side is the development in the third quarter and also year to date. Year to date was the numbers showing with the 21.5% in Run, 75.9% in Build, and the 2.4% in Inspire. All you have here also the margins in the different sub-segments with the Build sub-segment being the primary driver for the overall EBITDA margin. You also see here the overall for Run, 15.6%, which has increased compared to Q2, but still not at the same level as it has been historically. We will deep dive a little more into that. In Q3, we did not have any of the major conferences. The Inspire sub-segment performance here, you see that effect, that we were still at the same level as in the last year, same quarter. The adjusted EBITDA was still a little improvement year to date compared to last year. We have the primary new activities in Q4, which would be driven by the GOTO Copenhagen Conference, which was completed already now in October with a sold-out conference and having new conferences coming in in London and Australia, as Jørn talked about in November and December. The Build sub-segment performance, as noted before, the primary driver of the growth in Trifork. Here you see the effect of the deconsolidation of Dawn, EUR 3.5 million year to date, and EUR 1 million in Q3. When adjusted for those numbers, the Build sub-segment organic growth was 17.1% in the quarter and overall 15.6% for year to date. Looking into the performance on adjusted EBITDA, we saw a 22.9% margin in Q3, which was up from 20.9% in Q3 last year. Overall, an increase of 24.8%. Year to date, we're not yet at the same ratios, but it has been improved in Q3, as you see in the numbers. The Run sub-segment performance, we here have the highest organic growth, which also has been seen historically and also is what we expect in the future to have the highest organic growth rates in this sub-segment as we most often do not make any acquisitions in this sub-segment. The margins you see here isolated for Q3 being 19%, so improved compared to Q2, but not yet at the same margins as in the third quarter 2021. The reason for the margins here is to some extent from the investments that we've been doing in operation centers that has not been capitalized, and also the investment in building products in the Cyber Protection area. We now see the revenue picking up in the area, but still see a low margin on until now based on the products that we built in the Cyber Protection area. Just looking into the split a little more detail. What you see here is the division between hosting security, hardware, and license support. With hosting security being what we primarily focus on growing, and hardware to be more optimistic in relation to when we have new implementations. More or less the same about license support. What we see here is that it's still the hosting security that is the highest growing and also where we, for the full year, expect to have the highest growth and also in the future what we'll focus on growing. The Labs segment performance, as you see here in the graph to the left, we have an EBIT of EUR 2.5 million + after the first nine months. In Q3, this was driven by an additional income from our past investment in Humio and exit, where we had just about EUR 1.5 million in addition. Then we also did not deconsolidate, but depreciate some of the investments as Jørn briefly mentioned. In one company we closed down, and then we invested in a new one. But total EBIT ended at EUR 2.5 million all for the first nine months. Now you also see that part of the realized gains that we got from the past investment now is accumulated for the nine-month 2022, and this is the primary background for this increase you see here. Overall cash flow and financial position. Jørn mentioned we're still cash flow positive, so despite the investments that we've been doing, and repayment of loans, we are still net cash positive, overall looking into the group. We still believe we have a solid position for doing more acquisitions in the future and to have that as part of our growth in the future. All in all, we still keep the same guidance, so revenue guidance of EUR 180 million-EUR 185 million. The Trifork Segment adjusted EBITDA guidance also maintained to EUR 30.5 million-EUR 33 million, and the Trifork Group EBIT to be in the range of EUR 16.5 million-EUR 19 million. These were the words, and we now thank you and go to questions. Yeah. That concludes the presentation part. Now we will start answering do the Q&A. Yes. Poul Jessen. Poul, you should be unmuted and Poul, can you hear us? Can you hear me now? Yes. Now we hear you. Okay Please ask your question. Thank you. Thank you for taking the question. I have some questions about the outlook and the current market trading. Could you comment a little more about how you see macroeconomic and inflation? You said that the business days are not easy, so what are you seeing out there, especially in the private sector? And also on the cost side, what do you see on the salary increases? Yeah. Thank you, Poul. Yeah. Let's start with the salary inflation. You know, it's of course a fact that we see high sometimes double-digit inflations in some of our market when people they go and fill a shopping bag. This is of course influencing. Also energy prices are up dramatically. It does have an effect on the pressure on us to increase salaries. Also this year we have been seeing higher salary increases than normally, of course. But it's also important that we all at Trifork stand together because it's not like the customers are willing to just increase the payment to Trifork with what we read in the newspaper, that is the inflation. There is a squeeze going on between what we can bill and what we can pay our colleagues. That is of course a concern. I would say so far it seems to be fairly under control. This can of course change any time. That was a remark on that. On the trading environment, yes, for sure. You know, we know worldwide first of all that startups are struggling and basically they have been told, "Well, try not to need money the next two years." That of course has an effect of a lot of cutback and layoffs in the tech and startup world. You know, of course not a great deal of our customers are startups, but it's still affects the market and some of our customers are actually large. You can say fairly old, but still cash burning startups, and there we have seen some negative impacts, and we also reported that in the six months numbers that we had a bad experience there. Of course, we are also more cautious now not to open trading unless we have low risk with these startups. Also in the industry there is a lot of challenges. Also on well-established large companies, we can see flux and also on short notice that budgets are cut and you know, reorganized. I would say that, as you can see on the numbers, we have so far been able to navigate in that because things are shifting around very quickly now, but it's not the same as there isn't a market. You just have to be very awake to find that market because it's shifting place all the time. This is also where I think that our organization model with the Teal organization is a powerful tool because we do have very, you can say, responsible people leading all of these business units, and they are very close to the customers and to those changes. That's one thing. The other thing is, of course, that we are in more markets, and we are in six business areas. We are to some degree able to outbalance these variations in and among industries. It's a lot more work to navigate in. It's also stressful, but so far we have been able to cope with it. What happens next year, we don't know. I think nobody knows with what happened this year. We don't really have any outlook or guidance, but we have not chosen to change our midterm guidance. That is the only hint I can give on what we do expect, but nothing firm on 2023 until we publish our 2023 or our 2022 report. Just to be certain, to sum up, so what you're saying is that you can't forward the inflation or cost to clients, but you have to work smarter? Yeah. Yes. Okay. All right. Just to add here maybe, Poul, that we also have built-in indexation regulations in many countries, and also, our customers to a large extent accept also doing new regulations to the contracts. Of course, there can be a delay from cost to gain. Yeah, just to be precise, Poul, you know, of course, we need to challenge our customers because, you know, everything gets more expensive. They know that. What I'm saying is you cannot just read the inflation of whatever between 7% and 15% in some markets, newspapers, and then just say to the customer, "You need to pay 15% more now." That's not going to fly. It is a challenge to just hand that inflation over to the customer, for sure, because they have the same challenge. Is it possible to work with your pyramid on age and competencies, or would you like to stick to keep the longer or extensive competencies of the more little people, or how you're looking on the pyramid? Well, you can say pyramid or maybe that's a word some uses. I would say that that's the most important reason I tell everyone, our customers, our colleagues. It's the most important reason to continue to grow. What I really like about this quarter was the high organic growth because the high organic growth is what it takes to be in front of your cost tsunami that always comes from behind. You need to be in front of that, and that is what you call the pyramid, that you all the time hire young talent and you retain your current talent. You know, you wanna have more or less the same tenure in the company in average. I have two questions more. One on M&A. I guess that potential targets' prices are coming down and potentially also some assets might come up for sale. You haven't done much this year on M&A, but it's part of your strategy. How are the opportunities looking there? I mean, we are all the time offered opportunities to do M&A. Of course, we are carefully evaluating all options. We promise as soon as we have something firm to tell you all about it. The final one, cybersecurity, where you all the time since the IPO has had an intention to grow fast. Now it's, what is it? Eight months since the war in Ukraine started. Are you seeing any indications of people or clients having more focus to increase their investments in security? Yes, for sure. Security is on the agenda in many more places than it was two, three years ago, where it was more the opposite. Of course, yes, the growth we see is the growth I would expect a lot of other of our colleagues would see. Okay. Thank you. Are we on it? Okay, I see a question from Serge. Serge, please ask your question. Yes. Good morning. Can you hear me now? Yes. Good morning. Yes. Okay. I apologize, but I had to access with the smartphone. I hear you that you say that it becomes more difficult with startups running out of cash and large companies reducing their budgets. Still now for Q4, when I take the fiscal year guidance, this implies a revenue growth between 6%-18%. It's still quite a wide range if you ask me, as we have already November and December probably will close the door also before Christmas. What is the game changer here? Can you give us what has to happen that you reach 6% and what has to happen that you reach 18%? I know in absolute terms it's only EUR 5 million, but in relative terms it's still like still a wide range. Yes. One thing that needs to happen is that no customers on very short term cancel a contract, even though we have a contract with them. That can happen and then you can, you know, you get into a legal discussion. If it's, you know, if somebody are in distress for some reason, then there is nothing we can do. Normally our response is to, you know, see what we can do to retain more business in the future. That is something that causes disruption in revenue and of course profit. We cannot say if this will happen or not. If it's not happening then of course it looks a lot better. The other thing is that it is still very hard to hire the people where we want them to be with the competencies we want them to have. That is something we will be struggling with in Q4 to reach the higher end of the spectrum. If that was easy and nobody breaks the contracts, then it looks good. I would not like to trust that too firmly right now. I hope that gives some color into what affects us. Yes. Got it. Helpful. to Kristian, do you think you have any issues with invoicing so that you can recognize revenues or is this another topic? Kristian, you can answer that. Well, I think we don't look into having more risk on our customers is, if this is what you mean. I mean, we did have one incident, but as Jørn also has mentioned, we have been even more focused on to, you know, pre-invoice if we think there is a risk, and to investigate thoroughly if we take in new customers. Okay. Got it. That's the same thing for the EBITDA then, you know. Because it implies an EBITDA margins for the segments between 8.5%-21.7% in Q4, if my calculation is correct. In Q1 to Q3, your EBITDA margin was always below 18%, with 14% in Q2, you mentioned also in the beginning of your presentation. Also last year in Q4 it was 17.5%. Can you explain to me how you can improve your EBITDA margin by at least 100 basis points or even by 300-400 basis points? I'm struggling to understand that. Well, I see in Q3 we already improved, right? All the EBITDA margins improved for the whole group. We also went through the different scenarios in both the Run and the Build-based business. Especially in the Run-based business, as you see, we have slowed down the investments and now are picking up revenue, especially on Cyber Protection. That's an area where we do see growth and also expect to see even more growth in the EBITDA margins as the majority of the solutions now are built and now the focus is on sale and delivery. These are the same things that would also mean that overall EBITDA margin would improve. Yeah. Still the run rate has a much lower EBITDA contribution compared to build, isn't it? I'm not sure how run can compensate that or can contribute over proportionally to reach a margin. Let's take the midpoint, which would be then at 20%, you know, and you have a run rate below 18% or close to 18%. Once again, if you look into the Build-based EBITDA margins, then you also see Q3 with a higher margin, so 20%+ in margin. This is still. We don't see any expectations for that margin to decrease compared to Q3. Okay. Got it then. Fingers crossed, yeah. Thank you. This was all from my side. Okay. We have a question from Mads Quistgaard from Carnegie. Mads, you're unmuted now. Mads is still mute. You can hear me? Yeah. Now we can hear you. Yeah. Oh, perfect. One question on the M&A from my side. Looking across your business areas, where do you see the largest opportunities of today? Is it still within Smart Enterprise? I mean, thank you. That's a really exciting question. You know, the Smart Enterprise business area for us is, I would say, a hard one to grow. But it is, it holds so much potential. I recently talked to some experts in this field, and the whole mobile first in enterprise. Now, I'm just talking in the enterprise market and of course in the public sector, but this is not consumer, this is for business. The adoption of mobile first strategy is probably less than 20%, but maybe it's only 10%. When there is an adoption of mobile first, as we have done with Vestas, Royal Greenland, and Arla, et cetera, and also, you know, in the healthcare sector, it's only 10% of the features in the smartphones that are actually used. There is a vast potential, and this potential always leads to a more effective operational model for our customers. On one hand, it's of course a no-brainer for the customers to just say yes, but those, you can say, engagements are rather complex. There is a high, you can say, return rate, and there's also a short return on investment. It do take that the organization that we work with is mature and ready for change, because this is also typically involved organizational change. The potential is really huge. Of course, I talk to colleagues around the world, I talk to similar companies in the U.S. who do what we do, and they're growing well, and they are, you know, helping their customers with adopting mobile technology. you know, going forward, we could also see collaboration. It doesn't have to be M&A from our side. It could also be partnerships with other companies who do similar things than us, and where we could potentially cross-sell IP developed in Europe, in the U.S., and vice versa. It is a super exciting business area, and we are investing a lot of management time in developing this area, and also talking to a lot of people in both Europe and the U.S. about how we can step up and reach the next level, because the potential is huge. This is despite, you know, energy prices or whatever. This is something that will optimize how businesses are run. It will work in good times and in bad times. It needs a focus from the management of the customers, and this is where, you know, there are some lagging. Thank you for that answer, Jørn. Maybe coming back to Cyber Protection. You saw strong growth in the quarter. I guess both you and all your competitors are looking for additional resources, but in Cyber Protection, you mainly need, I guess, you know, the more experienced employees here. For how long can you be able to grow with the, let's say, the plus or minus same number of employees? And is it difficult to recruit new employees for Cyber Protection? Yeah. Yeah. I mean, to get good talent is always very hard in our space. But it's not harder in Cyber Protection, but it does take a little longer, because in Cyber Protection, we actually train people because there is not such a thing as the universities worldwide. They don't have special educations for cyber technology. So we need to train people in our organizations and take people in young or not young, but then on a learning curve. The good thing, however, is that there is a lot of scalable revenue in this because it's about tools and platforms and combining products from the leading companies in this world in a special way, and then deploy a platform. The good thing is it's a scalable business, but we still need good people, and we need to train good people. That's how the dynamics works. Okay. One question on now you have this flagship project in Switzerland, which is live. How close are you to do a similar breakthrough into a new market in a new country, potentially? I mean, I would not say we are close to that. You know, to export all the digitalization solutions that we have built, and not only us, but the sector has built in Scandinavia in particular, but also in other countries, to use these things in across borders can be hard. Of course, we are looking hard at a market number three for digital health. Having said that, there is still a lot to do in digital health in Denmark, Scandinavia, but also in Switzerland, of course. We're just beginning a journey, and hopefully we will stay in the journey. The focus is a lot on, you can say, consolidating our position in Switzerland rather than believing that now we found the Holy Grail, and we just jump to one country to the next. We have our hands full with what we are doing, but of course, there is a focus to find, you know, a third market. We will return with that as soon as we can publish something. Okay, I have two questions left. Maybe one of the on the Danish public market, because you were awarded a contract with Nine and also Testhuset. What do you sort of see in the dynamics in the public market in Denmark today? Is there a to say a more tough price competition? How is the competition today and what is the pipelines and so on? Yes. I mean, there's of course a lot of opportunities because the effect of having a high digitalization is also that those systems have been built maybe 20, 30 years ago and they do need to be updated technology-wise. There is a big government budget on this for good reasons because it is, it does pay off. There is a huge market and Trifork has a very small part of that overall market. This quarter, the Q3, we reported that together with Globeteam, we won the Danmarks Miljøportal. This is our subsidiary Testhuset who's going to do QA on that and help developing this solution. Yes, we also announced, but that's. I think it's a Q4 announcement, so it's not in this report, but it was publicly announced that we won a bid in the Digital Health area, which is of course all very positive. We need to win these, you know, on a steady stream because to maintain business. Okay. One last question on churn. Can you just remind me, when are you expected to open up the new office in Copenhagen? Yeah. That's going to be in Q1 next year. Maybe with an official opening just before summer. We just want to, you know, get our furniture right. But that's the expectation there, and we are looking very much forward to this and also to showcase some of the capabilities we have in Smart Building. Yeah, we're very grateful for PFA to let us install our technology in their building. Great. That was all from my side. Thank you, guys. Thank you. We have a question from André. André, you should be unmuted now. Yeah. Hello? Hello. Can you hear me? Can you hear me? Yeah, we hear you fine. Hello. Thank you for the opportunity. My question is related to potential funding opportunities. When you would welcome additional capital on leverage stock, our firm would consider to participate with a beneficial value in the form of our own non-recourse capital. As far as I understood, you previously indicated that there might not be any need for additional capital for the next two years. Not needing doesn't mean not welcoming if appropriate opportunity comes. On top of that, you are probably aware of a strong bearish momentum on your stock chart, and I'm sure you on the entity side and the larger shareholders would probably like to protect the wealth attached to the stock. My question is, when could I possibly reach out on the topic of your welcoming of the capital, to whom and to which contact information could I use? I'm mainly pointing at my potential contact to you. Of course, we are always interested in learning about such opportunities. Kristian, maybe you can put a little more color on such a process. Yeah. I think maybe this is not the time and the place to discuss such an item. Of course, you can reach out to the Trifork management, to me, kwa@trifork.com, and then we can have a discussion. It's not something which are in plans, et cetera. As we also not communicated anything about this in the public. Okay. Thank you for the answer. Just to confirm, it's kwa@trifork.com? Dot com, yeah. Trifork. Okay, fine. Thank you. Any other questions from the audience? Not as far as we can see. I think unless there's anyone. No? No other questions. I think we should conclude this session. We would like to thank you all for your interest in Trifork. We hope to see you again soon in either our investor roadshows or meetings the coming weeks. As mentioned, you'll find the presentation and the video recording under the Events tab on our investor web. Our full year results, the date for that will be released on our investors web, and we'll try and inform those of you that we have direct access to via our newsletter. Some more information will follow on that. Last but not least, I would like to thank you for your participation and wish you a nice day.