Good morning, everyone. Welcome to Kempower's Q2 2026 results presentation. My name is Calle Loikkanen. I'm Director of Investor Relations. It is my pleasure to introduce today's speakers, CEO Bhasker Kaushal and CFO Jukka Kainulainen. The gentlemen will walk us through the highlights and results of the quarter and the first half of the year. After the presentation, we will, as always, end with a Q&A session. Without any further ado, let's begin. Let me hand over to Bhasker. Bhasker, please, the floor is yours. Thank you Calle. Good morning, everyone. Thank you for taking the time to be with us today. Starting with the key messages for the second quarter. We delivered double-digit revenue growth. Our gross margins improved sequentially. We entered the third quarter with 18% higher backlog. Revenue was up 10% in Q2 and up 28% for the first half of the year. Where's this growth coming from? North America, up 54% in the quarter and more than double for the first half. Aftermarket, up 35% in Q2 and up 40% in the first half. Next, gross margins. This is one that I'm most pleased with. We came in at 47.2%, up almost two percentage points sequentially versus the first quarter. That's a strong signal that our product cost reduction program is working. It's ramping up and delivering results. We've achieved around EUR 4 million of savings in the first half, which is helping us absorb and offset real price pressure. On profitability, we've improved 40% in the first half, year-on-year. Operative EBIT went from EUR -9 million in the first half last year to EUR -5.4 million this year. We're closing the gap to break even while continuing to grow our top line. Further, we've launched a fixed cost calibration program to calibrate our cost base to the market conditions and to the new strategic priorities that we announced in May. I'll talk a little bit more about this program later today. Lastly, the order backlog is EUR 138 million, up 18% versus the same time last year. That's a solid platform going into the coming quarters. We have refined the top end of our revenue growth guidance. It is 10%-25%. The EBIT improvement guidance is unchanged. Let's look at the financial highlights next. Let me walk through the four buckets very quickly. First, order intake, EUR 69.8 million, which is down 6% year-on-year in Q2. That's partly because of timing, a couple of large deals that have shifted out. Some of it is softness on the CPO side. We still have strong momentum in adding new customers, 14 new customers acquired in the quarter. A bit of an order timing story here in the quarter, but for the first half of the year, order intake is still up 4%. Second, revenues EUR 68.6 million, up 10%. Our growth was broad-based. Strong momentum in APAC, in North America. Aftermarket up 35%. Third, profitability. Operative EBIT was EUR -1.9 million, essentially flat versus last year. Overall, when you look at what we're doing, we've grew the top line 28% through the first half. We've absorbed real price pressure, and we've held our profitability steady in the second quarter while our cost programs are ramping up underneath. That drives an upward trajectory from here. Finally, cash flow. Operating cash flow was EUR -11.7 million, and working capital was temporarily higher this quarter, mostly due to higher receivables tied to some longer payment terms that we have from some bigger strategic partners. It's great that we're driving strong growth with these strategic partners, but in the quarter, this shift in mix drove temporarily higher receivables. Overall cash management, it's a key focus area for us, and we expect cash flow to improve in the coming quarters. Overall, our liquidity remains solid at EUR 102 million. Next, let's look at the market context, as that also explains our guidance move. Let me talk a little bit about the leading indicators and the lagging indicator. The main leading indicator for our demand is battery electric vehicle registrations and sales. For passenger cars, the underlying BEV growth is diverging by region. Europe, up 27% in the quarter and for the first half. That's quite strong fundamental growth in the electric vehicles. North America is going the other way. It's down 24% in the first half. On commercial vehicles, e-truck and e-bus registrations, the data comes with a one-quarter lag, but that grew 37% in the first quarter of the year. That means that the heavy-duty market also continues to show quite strong growth. The lagging indicator, which is the public DC fast charging new installs. This was down 14% in the quarter overall, North America up, but Europe down 19% in Q2. What's happening in Europe? There's some market consolidation taking place in the CPO segment. We've seen a slew of announcements here in the last quarter. The operators are focused a bit more on utilization and profitability in this moment versus accelerating their network expansion. If you step back, it's a very healthy growth signal on electric vehicle growth, which is the key leading indicator that drives the charging infrastructure market. That network capacity gets built, driven based on the strong growth in the number of electric vehicles on the road. In the near term, we are seeing some quarter-to-quarter fluctuation in terms of the new installs. It's really a question of timing, and there's some lag between when we see registration growth in EVs to the charger installations. That's why we refined the top end of our revenue guidance, based on what we are seeing in the market. How we are responding to that, one, our diversification into Europe, outside the Nordics, has been strong, and our aftermarket growth partly offset that. Importantly, the cost programs that I will talk about mean that we are holding our EBIT improvement guidance regardless. Next, let me talk about our performance in Europe. In Europe, we're continuing to execute on our strategy. We've talked about we want to grow across continental Europe, and we did a solid job in this quarter. Europe outside Nordics, order intake up 16% and revenues up 9%. We have strong wins in France and Germany. We've added 12 new customers in the quarter. The Nordics came down, but the context is important here. I mean, the Nordics were 32% of revenue this quarter, down from what was 40% a year ago. The rest of Europe is growing into a much bigger share for us. A couple of customer highlights that I really want to call out. We signed a global framework agreement with APM Terminals, to supply charging infrastructure for port terminals. One of the largest port operators in the world. That's heavy-duty charging. That's global. That's exactly where we want to be, and we're very excited about this partnership. Next, also, the first Lidl in Finland with Kempower charging. It's retail destination charging, with a premier retailer. It's a segment that we are quite bullish about, and we have some real runway for growth, and this win gives us some wind in our sails. Next, let's look at North America. We've talked about North America as one of our growth engines, and we can see it in our revenue numbers. Revenue was up 54%, from EUR 7.7 million to EUR 11.8 million. Strong growth across both public charging and fleet. Order intake was down 37% in the quarter. It's timing, pure and simple. Demand shifting between quarters, not demand loss. I mean, we've added two new customers. Our pipeline is healthy, and we remain optimistic. I mean, the proof of that is that the wins that we're seeing, the North America team put up. A couple of examples, Blink Charging, expanding 14 sites across the U.S. East Coast, through the course of 2026. EV Realty's truck charging hub in California, one that I visited, 74 Kempower satellites and two Mega Satellites. I mean, the second one tells you where the puck is going. Heavy-duty truck charging at scale in North America, and that's a segment that's our strong suite and that we're very excited about. Next, a quick one on how we're doing on our strategic priorities that we talked about at our Capital Markets Day in Oslo in May. Five priorities, and we made real progress on all. First, winning with customers. 14 new customers added. APM Terminals global framework signed. An extended partnership with Circle K across Europe. We're really grateful for the trust these blue-chip customers are placing in us. Second, technology leadership. We had two launches in the quarter. Mega Satellite Flex, which is our first dispenser that charges with CCS and MCS, and I'll spend a minute on that next. ChargEye, we launched an analytics dashboard that helps the operators run their networks more optimally. That directly serves the focus on utilization that I just talked about, that CPOs have. Third, life cycle solutions. This is aftermarket for us. Service levels are up. We've got 35% growth in aftermarket in the quarter, 40% up for the first half. These are higher margin, higher recurring revenues, stickier revenues. We talked about that, and we are very excited to see this growth come through. Fourth, operational excellence. Our cost program is on track. Around EUR 4 million achieved through the first half of the year, and I'll talk a little bit more about that in a minute. Underneath it all, it's the foundation of building and continue to build a winning culture and a dream. We think about, we strengthened the leadership team with the hiring of a CIO and a CTO to continue to help scale the organization. Our Kempower 2.0 strategy that we shared in May, it's being rolled out actively across the company. One minute on the Mega Satellite Flex product, because this is a really exciting one. In very simple terms, this product can charge either high-power CCS, up to 560 kW, or megawatt charging up to 1.2 MW. The beauty is, it's one asset. It's one product that addresses both standards for our customers. It works with both new and existing distributed systems, and it's on sale now. Why this matters for our customers? You look at fleet operators and charge point operators, they're looking at a mixed future, which is CCS today and MCS coming for heavy trucks in the future. This product lets them serve both from a single asset. It's a simpler transition for them. It drives higher uptime. It lowers the total cost of ownership for our customers. For us, it continues to expand our reach into the truck and heavy-duty charging without building a completely separate product line. That's the beauty of our modular platform. Very excited about that product rolling out. Now, next, I do want to pivot and talk a little bit about our cost architecture. We have two programs running. The first one that we've talked about, it focuses on the cost of the products that we build. The second one that I'll talk about today, it's what it costs to run the company. We're addressing both cost structures. First, the product cost reduction. Our target that we shared is EUR 10+ million for 2026, and we banked already around EUR 4 million year to date, and the program's still ramping up. We're on track to hit or beat this target. You know how? It's coming from procurement, where we have new RFQ rounds to get lower prices on things like PCBAs. This, by the way, is despite increase in the cost of some raw materials. Then we're driving subcontractor consolidation in our production environments, where our R&D teams are constantly redesigning parts that, by the way, help cost, but also help our greenhouse emissions. A lower footprint on that as well. The results of these actions and savings are already becoming visible in our financials. You can see that in our gross margins. Gross margins up from 45.3% in Q1 to 47.2% in Q2. We expect more of this impact to come through in the second half of the year. Second, to the right, this is the new program. It's fixed cost streamlining. We're launching this program to align our overhead cost base with what we see as the current market conditions and also our new priorities that we announced. We're targeting more than EUR 5 million in fixed cost savings. Savings begin towards the end of 2026, and they really ramp up through the first half of 2027. At the bottom of this is about creating a leaner, more agile organization. Lean processes, tighter operating model, better spend management to drive all of this. Together, these two programs are why the EBIT improvement path for us is unchanged even as we trim the top end of our revenue guidance. With that, I will hand it over to Jukka to take you through the financials in a bit more detail. Jukka? Thank you, Bhasker. Let's move on the quarterly financials. Overall, I would say we had quite a mixed performance when looking the quarter two overall. Of course, some negative areas of development, some positive highlights as well, like always. Starting from order intake, like Bhasker commented, it was down by 6%, not due to demand, due to timing of orders. When looking overall in H1, orders grew by 4% year-on-year. When looking revenue, we continued growing revenue 10% in quarter two, 28% when looking to H1. Strong results when looking the revenue progress overall. Also, one highlight regarding the revenue was our aftermarket growth, 35% growth when looking the quarter two overall. A positive highlight also, our sequential improvement in gross profit margin. We are now more than 47.2%, we were able to improve thanks to unit cost reduction program. When looking the operative EBIT, it was around flat when looking at quarter two, we were improving it significantly year-on-year from EUR -9 million last year to EUR -5.4 million in quarter two 2026. Overall, like I mentioned, a little bit mixed results, positive highlights, continued revenue growth, improved margins, and overall in the profitability-wise, even though we are not there where we want to be, we are in the improving trend, which is important as well. Let's move to orders. Orders for the quarter two was soft, down 6%. Of course, our order generation overall is a little bit volatile. It is up to customer decision-making, and it is good to remember that we were actually able to grow our orders six quarters in a row before this quarter. Timing of orders, especially in North America, resulted the decline in orders of 6% for the quarter. Overall, H1, like you see, we are up in order intake by 4% overall. Highlights of the regions was the Europe outside Nordics, especially countries, big EV countries, Germany and France, where we were able to grow the orders during the quarter. Really important one is also order backlog. Really strong order backlog, EUR 138 million, 18% up year-on-year, which is really positive when looking our revenue development for H2 2026 overall. Moving to revenue, a little bit repeating, the 10% growth in quarter two, 28% growth in H1, really strong result in that sense. All the other regions grew their revenue except the Nordics, what we have been expecting and planning a whole year. Strongest growth, North America, more than 50% growth in revenue. APAC, Middle East, Africa doubling the revenue as well during the quarter two. Highlighting again our recurring revenue, so revenue from services growing 35% in quarter two, 40% in H1, and we have already 6% of our revenue base as a recurring when looking quarter two numbers. Moving to the profitability. It was good change in our gross margin trend. We were able to now sequentially improve our gross margin, so it's up from 45.3% in quarter one to 47.2% in quarter two. Thanks to our successful execution of unit cost savings program, which generated around EUR 4 million savings in our unit cost in H1. Of course, we are still down year-on-year, but this is when looking the progress on going forward and our trends overall in the margin really positive result. Operative EBIT flat year-on-year, this EUR 3.6 million improvement year-on-year when looking H1 operative EBIT is a good development as well. Even though we are not yet there in the profitability, of course, where we want to be. The direction is good, and that also matters. Let's look the cash flow and liquidity. Cash flow, operating cash flow negative by EUR 12 million for the quarter, main driver for that was increased net working capital. In the increased net working capital, our accounts receivable increased. What was the reason for that? Share of our sales in the strategic partners have increased, and that customer group was driving up our accounts receivables and causing the temporarily negative cash flow, operating cash flow for the company. This is something we also address a lot, we expect the net working capital to come down significantly when looking quarter three and quarter four. Overall, our liquidity remains strong, EUR 102 million, and we actually just renewed one of our RCF EUR 40 million for next four years. At the end, I would ask Bhasker to join here. Thank you, Jukka. Perhaps just a quick summary of Q2. We've specified our outlook for 2026. We now expect 10%-25% growth over the course of the year versus the previous range of 10%-30%. This is on our 2025 base of EUR 251 million point, we've lowered only the top end because of the slightly slower market development that I talked about in the CPO customers that we see in the near term. That market softened on what was the more ambitious end of the range. Our activity with fleet customers has remained very strong. Some of our, actually our longstanding CPO customers, we see them gradually increasing their level of investment. That gives us confidence for the back half. The outlook for operative EBIT is unchanged. In 2025, it was EUR -12.4 million. We still expect to deliver a significant improvement versus last year. We're committed to the profitability improvement trajectory. As I stated earlier, the cost programs that we've launched, we're actively ramping those up, that supports that. To summarize the quarter, three things to take away. First, we're continuing to grow, and our growth is broadening. Revenue up 10% in the quarter, up 28% in the first half. North America up 54%, APAC and MEA up 166%, and EUR 138 million backlog going into the third quarter. Second, we're executing the strategy well. 14 new customers acquired, Mega Satellite Flex launched, aftermarket up 35%, the product cost programs delivering as planned. All of these are good proof points of the strong progress that we're making as a company. Third, our margin and cost architecture is improving. Gross margin up sequentially 2 percentage points, the fixed cost program launched to build a leaner, more agile company and business. Broadening growth, strong strategic progress, and an improving cost base. That summarizes our quarter. With that, let us open it up for questions. I'll invite Calle and Jukka to join me on the stage. Thank you. Calle. Thank you, Bhasker, and thank you, Jukka, as well for the presentation. Let's continue with Q&A. We will first take the questions from the conference call line, then move on to questions through the webcast. If you have any questions on the webcast, please do type in them already now. Now let me hand over to the operator for the instructions. Operator, please go ahead. If you wish to ask a question, please dial #5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial #6 on your telephone keypad. The next question comes from Pauli Lohi from Inderes. Please go ahead. Hello, Bhasker and Jukka, and thanks for the presentation. You mentioned some shift in expected deal closings in second quarter, and you also mentioned that increased EV adaptation is growing the market going forward. Should we expect the demand to revive in the second half, or should we expect this kind of new reality where CPO customers are more profitability-oriented and cautious? Thank you, Pauli. Great question, and welcome back from your time off. Good to see you. Good to hear from you. I'd say, look, fundamentally, the strong electric vehicle growth that we see, it's great. That's the fundamental driver for our business. Europe up 27%, North America is going the other direction. We know the reasons that we've talked about with the policy, Europe, one in five vehicles that are being sold today is an electric vehicle in Europe, right? That's a very positive sign. I think that gives us confidence. Now, we've seen on the consolidation front. By the way, consolidation, I see some industry consolidation as healthy. The industry needs very profitable and healthy players to grow in the market. I think in the near term, we may see some volatility here, we've seen that already here in the last quarter. The fundamental underlying drivers point to a growth trajectory. We need to get through the near-term volatility. We expect a continued growth trend, notwithstanding some near-term volatility. We've seen this market be volatile quarter to quarter, but also bounce back really strong. That's what we're hoping happens here. The timing, obviously varies a little bit. There's a bit of a lag between the electric vehicle growth and the charging installs. Thank you. You mentioned in the CMD that you're developing a new satellite. Do you think that the new satellite will have a negative impact on orders before the rollout, if the customers are waiting for the new product? Do you expect any of that? Yeah, look, that's a great question. We're targeting to launch that towards the end of the year, and we're very excited about it. Our customers are very excited about it. Pending the timing, I think we'll see how the order book plays out on that. I'll tell you that there's a lot of excitement about the product from our customers. Again, without getting caught up in the quarter to quarter, that's something that can really help us gain further share in the CPO segment, in the retail segment, with some of the things that Jussi had talked about in the CMD. A lot of the features, functionality, performance, cost of how we've built that product is very much targeted towards addressing the needs of our customers around user experience and total cost of ownership. We're very excited about the product. Now I think, yes to your question on order book, we expect the order book to grow as a result of that pending the timing of the exact release. All right. A technical question regarding your price cost savings. Is this EUR 4 million run rate figure in the end of June, or is it so that you already got that fully reflected in your P&L, that EUR 4 million? Yeah. Yeah. It's already in our H1 numbers, and that's visible in the gross margin percent, what we reported out in our financials. All right. Thank you very much. That was all from me. Thank you, Pauli. The next question comes from Nikko Ruokangas from SEB. Please go ahead. Hello. This is Nikko Ruokangas from SEB. Thank you for the presentation. I have three questions, and I'd like to go one by one, starting with orders in North America, which declined clearly from the level where you have shown in the last four quarters, and you highlighted there were some order delays. Without these delays, would orders in North America have grown? If we think about the underlying level of demand you are experiencing in North America, are we currently closer to the EUR 10 million quarter level or closer to EUR 20 million if you think about your market position there? Yeah. Thank you, Nikko. Good question. Look, in North America you look at the numbers, in quarter revenues, we grew 54%. For the first half of the year, we more than doubled the revenues in North America. The trajectory is upwards now, yeah, addressing the order intake point, absolutely. That's the indicator for future growth. Yes, the sales cycle has elongated. Now, having said that, what we are pursuing, our team, Monil and the team there, Monil talked about in the Capital Markets Day, we're getting to substantially larger sites, larger deals, which also funding tied to those deals needs to be secured by our customers. It becomes a slightly longer elongated sales cycle. The pipeline's very healthy, and we haven't had any losses, more just demand shift. We remain very bullish about our North America growth prospects, notwithstanding the market. We still have ample runway for share gain and share growth. I continue with this number question. Yes, please. Yes, actually, it would have grown the orders or less without this timing topic in North America. All right. Thank you. On the CPO topic, you already discussed a bit about. How big share are current CPOs of your sales, and in which geographical areas have you seen this kind of slower development? Yeah. Of course, depends on the year and on the quarter, but it has been between 20%-30% of our sales when looking the history. We had this lowness in the CPO segments both in North America and Europe. Both key regions were impacted. Yeah. Just building on that, our sales to end CPO customers is higher because we also sell through partners, and those partners may be selling to a smaller CPO. Our end customer, that's actually a bit higher than what Jukka just stated. Yeah. makes sense. Thank you. Last one, a bit more technical on order book. How big share of the current order book are you expecting to deliver after 2026? Go ahead. Yeah. More than two third of that is for 2026. All right. Thank you. That's all from me. Thank you, Nikko. The next question comes from Patrick Campbell from Nordea. Please go ahead. Yeah. Hi, it's Patrick Campbell from Nordea. Just a couple questions. First, related to the customers and CPO specifically. It seems that you've been granting a bit longer payment terms for some customers, which I assume includes CPOs as well. Does this mean that the financing conditions among CPOs is deteriorating? Yeah, I can take it. Yeah, in some extent, CPO is impacting there as well, but it's mainly the strategic partners and partner sales which is impacting on our accounts receivables and longer payment terms. Relatively less the CPO segment, it's more the partners. If I may follow up, who are these strategic partners then? What kind of customers are we talking about here? We have quite a lot partner sales in both key regions, Europe and North America as well. They are the partners where we do cooperation. Of course, they take care of installation quite often to our clients, and then we, of course, sell our hardware to them. There's quite plenty of those. It's quite a sizable amount of our sales. We are talking about more than half of our sales coming through the partners altogether. All right. Clear. Thank you very much. Just a second question, perhaps a more generic question. Are you seeing competition intensifying? How has the pricing environment developed maybe compared to last year? How much is kind of pricing down? Perhaps I can take it. Hi, Patrick. Look, competition is intense. That's the bottom line in this market, right? It's not an easy market from that standpoint, so it is quite intense. You could say mid to high single digit pricing pressure is normal in this market. Volume growth helps us offset that. Our productivity programs that we're driving helps us more than offset that. I'd say that's kind of the level that we see on the pricing pressure. Perhaps to your previous question on the terms, look, just building on what Jukka said, there's quarter-to-quarter mix shift between the mix of our customers. In this quarter, just the mix of strategic partner sales was just significantly higher than what we've seen, which temporarily affected our payment terms. Again, it's good news that, hey, look, with some of the largest partners, we're really growing at a very strong level, but temporarily it affected that. All right. Perfect. Thank you very much. Thanks, Patrick. As a reminder, if you wish to ask a question, please dial pound key 5 on your telephone keypad. The next question comes from Paul de Froment from Stifel. Please go ahead. Yes, good morning, everyone. Two questions for me. The first one is regarding CPO market consolidation. What could be the impact for Kempower over the next quarters? The second question is related to the fast charging point installations. How do you explain the decline over Q2, and what are your views for Q3 and Q4? Thank you. Yeah. Hi, Paul. On your first one, look, I mean, the CPO consolidation, some of this is in the rear view mirror already. It is bit of noise. The signal is that, look, there's still strong growth, and with stronger CPO players in the market. We already see the stronger players amongst our mix as well. They're actually increasing their investment level. The ones that are even the consolidators, the ones that are acquiring to get to the higher quality assets, they're in many cases replacing some of the equipment so that they're acquiring the assets that they're acquiring, they're replacing the chargers. That also helps. It's hard to kind of pinpoint how every month quarterly development works. We're already seeing signs that this is actually in some cases favorable with stronger players increasing their levels of investment. We'll keep a close eye, that's a watch item for us in the next couple of quarters. Yeah, I would add also about our CPO customers, some of them had done the acquisition, and we know that some of them are planning the acquisition. That is, of course, positive for Kempower's future business. Yeah, those very customers, we see very strong growth actually in the quarter. Paul, I missed your second question. If you could repeat it, please? Yes. How do you explain the decline in fast charging point installations over Q2, and what are your views for Q3 and Q4? Yeah, that's a little bit of a crystal ball question, but I think partly explained by what we've talked about, the two factors, the consolidation and a bit of the focus on the utilization and profitability. Again, I think that's some fluctuation from quarter to quarter. The clear trend that we see is stronger players investing in infrastructure development, driven fundamentally by the growth in electric vehicles. That is the most important indicator, which is up 27%. As I mentioned, more than one out of five vehicles in Europe is an electric vehicle, which is a very strong trend. Comes on the back of 2025, where we saw 30% growth in new vehicle sales. That trend is continuing, and I think that's the key indicator that we need to look for the growth of the infrastructure as well. Also clarifying that North America installations actually grew 11% during. Yeah the quarter too. Yeah. Europe were down, but North America was up. Okay, thank you very much. Will be okay. Thank you, Paul. There are no more questions at this time, so I hand the conference back to the speakers. All right. Thank you, operator. We have actually a bunch of questions coming through the webcast. Most of them have already been answered, but there's a few additional ones. If we start with the orders which were delayed, how confident are you that you are able to get the orders which face delays in Q2? Yeah. Look, our teams are working day and night to be able to convert those, but what's most important is doing right for the customer. Matching their timing, matching their funding, and we work very closely with our customers and our partners. We expect a number of those deals that have already been closed here in the first couple of weeks, and we expect that to continue through Q3 and beyond. Perfect. A question on the loan covenant, maybe Jukka to you then. You now fell into net debt for the first time since the IPO. Can you please inform us what loan covenants you have? Yeah, it's great question. We are gearing as our covenant in all the RCFs, basically. That's an answer. Okay, that's very clear. Yeah, there's quite a lot room to play in that gearing level where we can be. That's an answer on the question. Yeah. All right. Thank you. Then, about the market shares, should we interpret 10% sales growth versus the public DC fast charging installations being down 14% as a sign of market share gains, in your view? Has this been a constant, recurring theme? Yeah. It's a great question, something that we look at very closely. Yeah, you could obviously make the interpretation that, look, when the market's at 10% and we are at 28% through the first half of the year, that's what we look at as a clear sign of us gaining share. We also know there's volatility. Yeah, I would say yes. That's an indicator that we look at very closely as a measure of our success, but there's accounting for all factors amongst volume growth, price, as well as the mix between different segments, but probably the most closest indicator of share gain, yes. All right. Thank you. Then, finally, regarding the gross margin. Gross margin improved from Q1. What should we expect for the coming quarters? Yeah, look, our cost programs, I talked about the product cost-reduction program, they're still ramping up. That EUR 4 million that's been banked, the curve when you look at what it costs for us and how much is our cost target to take out, we're only halfway through that. That program only ramps up. Yes, we expect more. We expect higher gross margins. We also play that against continued revenue expansion, and above-market revenue growth. As we think about gain, that price becomes a factor. There are certain deals, especially in certain regions that we're looking to grow and get a foothold. The entry point on those may be slightly dilutive margin. We constantly play with the effect, our goal is, over a period of time, to be able to defend and expand our gross margins. Very good. Thank you. That was all the questions that we had for today. Thank you, of course, for the active participation and thank you for the answers. Now, before we close the line, we want to end with a customer video, and this time the video is about the Malaga Bus Depot in Western Australia. It's playing a key role in moving public transport towards zero emissions by installing one of Australia's largest electric bus charging systems. With that, have a good rest of the day. Enjoy the video and see you next time. [Presentation]