Okay, looks like that's everyone's in the room. So thanks everyone for joining today. I'm Simon Coles, head of European Technology Hardware Research here at Barclays, joined by my colleague, Rohan. But more importantly, delighted to have the Nordic management team and IR team with us here today to discuss the Q3 results and everything else. Nordic, just a few housekeeping points. This is supposed to be as interactive as possible, so please put your hands up to ask questions. If you use the raise hand function, then I can go to everyone one by one, and then you can ask your questions, and that way we can stop there being too much talking over each other. But we're delighted, obviously, to have Vegard and the team with us. So I'll hand over to Vegard for a short intro, and then we can kick off with any questions that everyone has. Vegard, over to you. Thank you, Simon. Thank you. Yes, we announced, as we reported yesterday for our Q3 financials, we had revenues of $159 million, which is both a sequential increase and a return to year-on-year growth on a quarterly basis. We are seeing higher demand from both key customers and to some degree in the broad market, as well as supporting seasonal effects from the previous quarter. Gross margin just under 50%, and about as guided in the third quarter. We also expect to get in at that level for the fourth quarter. We reiterate our ambition to maintain gross margin level about 50%. Yes, as we have previously communicated, we expect revenue to follow a bit more historical seasonal patterns, pointing to sequentially lower demand in the fourth quarter of the year, mainly driven by our consumer part of the business, which is fairly substantially for Nordic at the moment, around two-thirds of our business, which leads to a Q4 2024 guidance of over $130 million-$150 million. We are on track for launching our first products in the new nRF54 series Bluetooth Low Energy products during the fourth quarter. This is truly groundbreaking technology, expected to be one of the key and main growth drivers, obviously for the year for us for the years to come. And yeah, overall markets, we see stabilization. We see some gradual recovery, and we see little elements in the market that would need and segments that would be needing some more time to fully recover. That's a quick run through of the highlights. Great. Well, everyone, please put your hands up when you want to ask a question, but as there's no hands up just yet, I'll kick off with one to start. I mean, you've managed expectations into twenty twenty-five by commenting on sort of modest short-range growth, but I think you've also sort of commented yesterday that maybe there is some return to normal pre-COVID seasonality, which would suggest maybe slightly stronger growth than that commentary at the CMD. So how do we sort of square those two messages together to sort of understand the trajectory you're trying to convey from here? Yeah. As I think, our commentary on seasonality is mainly reflecting back to the, as I said, introduction in the introductory part that with the consumer market elements of our business, we now in a more balanced supply-demand situation expect that part to be influencing us within the year. We don't see that that's changing in the coming time as the current markets are. That's really within a year type seasonality we are referring to, Simon. On the commentary on modest growth, obviously, we are a guiding institute. It's not to be guiding for anything than the current and following quarter. So our commentary on modest growth was only used in the context of giving our long-term ambition and our long-term plan, which we believe is very ambitious, still very realistic, and something we are going to be driving and executing, delivering toward. And in the context of doing that, while we still see a 2025, where there is still some gradual recovery happening, we also see further acceleration of that growth into 2026, depending on customer programs on the 54 series to come online. We think that was important for us to signal that point in the, let's say, nearer term, 2025 communication. So that was only given in that context. even what we currently see based on our customer forecasts in that picture. Also very important for us to communicate that we don't see any signals of us losing any market share. We understand that is a question some people may have. Our design activity with our key customers is very solid. And obviously a lot of that also based on the nRF54 series. And our Bluetooth certification rate is continuing at a stable, approximately 50% design win rate for Nordic Semiconductor. 40. 40, 40. Okay, that's great. Maybe we touch on that design share win point then. Reassured on concerns around market share losses, but recently there was this announcement by Qualcomm and STMicro that they've signed a partnership for wireless SoCs, and they're potentially considering Bluetooth Low Energy as well. I mean, do you see any competitive risk from that partnership? We know you obviously have a strong position, and you have the strong market share on design wins at this point in time. But do you think that could shift the landscape? It's probably some degree unpleasant for us to comment too much on what we see others are doing there. I would say particularly in the Bluetooth space, in the short-range space, we believe that one of the key parameters for us at Nordic to be as competitive as we have been, and as we are going to be even more competitive with the nRF54 series, part of the key for us there is the integration level and having complete SoCs like we have. So we are completely integrating ultra-low power technology with our high-performance radios, memories, multiple CPUs, full MCU systems with integrated low-power memories, and a lot of the Nordic IP and technology inside. But these are truly single-chip solutions, which we believe is important for our customer base and the type of applications that we have been winning and are competing in and winning for the coming time. So we see what others are doing there. We do believe very much so in our current you know near-term roadmap on the 54 series for the short range. That is going to expand further in the coming couple of years, actually, both on families, derivatives, software functionality and software components within NCS and the systems we offer for these products. And we are doing very much the same thing within Wi-Fi, LLR and the other wireless connectivity lines on Nordic. So we truly believe that that level of integration is going to be important to keep and improve the competitiveness of our offering. Yep. Well, that makes sense. Makes sense. Thank you. Just a reminder, please raise your hand if you want to ask a question, otherwise you're going to start listening to me. The return of the broader market, I think, is going to be a key driver of the growth. And you've pointed to some signs of recovery. I guess, how do we think about the pace of this recovery, and what it's dependent on? Are you looking for sort of China to pick up? Is it industrial in particular, given consumers seems to be sort of in a better place already? Is it just wider macro getting better, or it's new product launches that you know are coming, and we're just waiting for those to actually launch? If we could get some more help on how to sort of think about those drivers, would be great. Yeah, that's a great question, Simon, and regaining traction in the broad market has been, is a big priority of what we are currently doing. And it is a bit of all of what you alluded to there. So we do see ourselves improving, for instance, in China throughout this year, which is a very positive for us. And on the other hand, we do, as I mentioned, we still see gradual recovery in industrial, but that needs to continue, and there is an element of these type of customers, obviously, in that space, which will be supporting us. And maybe most importantly is the 54 launch again here. And that's going to take a bit longer, obviously, because these products also need to some degree to be designed into customer and end applications before they reach volume manufacturing at our customer base. And it is clear that new products are typically energizing our distribution partners... We have very strong distribution partners and relationships today, which is solid. And again, you see that on the SIG certification rates we are achieving with our current products. We have ambitions for that to be even stronger when we get the 54 series fully launched. Okay. Makes sense. Makes sense. Maybe we could touch quickly on China, which is always a hot topic for many companies. You guys de-emphasized China, so that investors that are worried about China, you could argue it's less of a risk for the sales, but obviously it could be a huge growth opportunity. So how are you thinking about winning back that share and business in China after sort of stepping away during COVID? And how much of a driver of the long-term growth target is succeeding in China? Yeah, I don't want to be specific on the long term, on the long-term targets and plans there. But what I can say is that, China was quite large for Nordic, pre the pandemic and the chip shortage time, and it declined quite a lot. It is growing and improving well throughout this year, which is good. We are keeping and investing with our teams there. And the way we are seeing it is a blend of keeping and re-winning with our previous customer base, but we are also winning into new designs, which is good for us. Also, there, I think the 54 is something we're looking forward to be launching in China, because with the 54 series, we are kind of moving both upwards and downwards in our serviceable market in the short-range space. So- You're talking about the price? Price and complexity and the performance of our product. So we are both moving upwards with the even much higher compute power and degrees of integration with the highest element, 54H-type products, whereas the 54L products would be a wider family, and it's kind of going in both directions, both upwards and downwards in complexity, performance, capability, as well as price. Okay. Is there any difference to the way you operate in China versus other regions, or it's the same strategy everywhere? I would say it's the same, same way of working, together with our distributors, partners, and then we have sales offices in China. It's the same way we do it, elsewhere. By designing to customers, win on features. Mm-hmm. Mm-hmm. I mean, I still don't see any hands raised, so I'm gonna carry on, but please feel free to raise your hand. I think Nordic would much rather hear from- Do you see the other participants? We don't- Pardon? Do you see the other participants? We don't see them. Yeah, yeah, I can see we've got nearly, nearly 20 other participants in, so I can see them there. But no one's raised their hand yet. You have the list already, but I guess I'll carry on until someone puts their hand up, maybe on industrial, one interesting comment yesterday was saying that you were seeing a pickup in the U.S., as well as Asia, which sounded quite different to what a lot of other companies have been talking about, so I guess, is there any reason for that relative strength in U.S. industrial that it feels like no other company is really seeing just yet? I think it's important to say that the type of products ours like some of our other peers, they're selling into big machines, equipment, heavier. We're selling to industrial asset trackers, industrial positioning. It's a little bit different type of industrial. We have very few customers that integrate the products in big machines, running systems. So I think we're more consumer type of industrial, you could say. So I think that's the main difference. But when we mean industrial, it's more industrial type of customers, business to business type of customers, versus maybe selling to consumers, making a machine for a human. That's I think that's the difference. So it's smaller value products than maybe some of our competitors. I think that's the main. Okay. Okay, cool. Sounds good. Still no hands, so maybe we dive in on the nRF54 for a bit, because that's obviously an exciting growth driver coming up sort of in 2026 onwards. We know that this brings a lot more functionality with it. So I was just wondering if you could give us a few real-world examples of why you would use the nRF54 versus, say, the nRF52. I guess it's like, why would a customer want to upgrade to an nRF54H, the high-end model? Other than obviously, there's power efficiency, but I know it brings a lot of other things to it. So some, like, real-world examples that are tangible we can look at and understand would be great to understand. And then I guess for the 54 L, is the advantage just power efficiency, or is there more to it for why a customer would upgrade from fifty-two to 54L as well? Just to understand those drivers for that transition for customers would be really helpful. Yeah. Thanks, Simon. I would say overall, the 54L series comes with a substantial increase in compute performance and power. So that's an uplift in both of the H and the L, as well as further improved radio performance. You have the latest design ecosystems and lots of goodies coming with them. And as I mentioned, we're kind of opening and widening up our attack angle, and we do see that there is usually a range of various type of complexity and applications within many of the segments we are participating in. Like in the case of these smart rings, like the one I'm having with me here, you see that some of these systems are good with an MCU system from Nordic with a dual CPU. Obviously, for those people using a fifty-two or fifty-three for their current smart rings, 54L will still give them a very substantial increase in processing power, give them even further battery lifetime, but the main system and architecture and structure will be similar to what they are currently using. That's why we are saying that the L is kind of a natural successor to the popular fifty-two, the fifty-three series type products. Whereas with the 54 H, where we also have and see that some people in exactly the same space of these smart rings are also designing with us. You could kind of consider it as if you're making a very high-end or a flagship smart ring for the same market, but you are going to have additional sensors for various biometry sensors monitoring systems, more AI, more ML functionality integrated in this, in a very small system, you will benefit from a 54 H type, where you could have CPUs controlling various sensors even more real time, and pretty much increasing your processing capabilities to levels way beyond the dual CPU system. So it is really, it's really not necessarily completely new applications, and obviously, we are not innovating new products, new end market products. Usually within Nordic, even though we support our customer base and people we engage with to do that, and we engage with developers that sometimes do that, it's more for us to be supporting the full range of performance capabilities you want, from, let's say, everything from a entry-level type product to a flagship high-end type product. Could I just add in that you see that, Bluetooth, Bluetooth SIG is coming out with new features. We just have launched the Bluetooth 6. So customers that is now considering doing a new design, they also want to future-proof their product, and then they want to design with a radio that is future-proof, meaning Bluetooth six, for instance. And of course, 54 family will support that. There's a lot of, advantages for customer, and they also want to be future-proof. Yeah. Okay, that's very interesting. Very helpful. Thank you. I mean, given the nRF54 is launching soon, typically, product launches come with ramp-up costs. How are you expecting the nRF54 to impact gross margin as it ramps up? Maybe that's for you, Pål. In the nRF54, we target to have gross margins above 50%. That's the overall target. Remember, the nRF54 is the L and H. Some of the L products will replace current products. In the product you're using the nRF52 standard version now. If you switch to the nRF54, you actually can get it probably slightly cheaper as you want to add more functionality. But if you own a new product, you probably want more. Then we should be able to get the ASP and the cost down, bringing the gross margin slightly up as equal. But we with the nRF54L, we're also targeting the lower end market, cheaper product. I think the blend there will be the most important target to get that. The nRF54H is a more high-end product, and then, when the nRF54H starts ramping with good volumes, that should be equivalent to our other functions. That's for sure. That's a new type of product. Would be a bit more with MCU. We're gonna replace the MCU in. Okay, makes sense. I mean, you've talked about strong interest in the 54. When could we start to have sort of visibility on that acceleration in 2026? I mean, presumably, you have tons of customers already in design mode on the products. What's the lead time on the product? How do we think about getting visibility on that, at that ramp-up? Yeah, it, there is a bit of-- Usually there is a bit of a design time and qualification time, prototyping time, at our customers, which-- Because these are complex products, and they are adding a lot of software and functionality really to make, you know, their application fit on the Nordic SoCs. So usually there is a timeline there, that there is a group of customers that have, I would say, extreme readiness, and have been working extremely closely with us, and these are already launching, and that's why we are already, before this year, seeing some initial smaller volume shipments, in both the H and the L to that customer group. Of course, this is developing gradually from there and throughout next year. But what we have said is that for quite a few of our customers, the design time is still the regular 12-18-week type timeline, and that's why we expect particularly 54 to be accelerating the impact for us from 2026 onwards. And we shall see how we actually will keep you with us and updated on that. But it's certainly an interesting field. We are very much looking forward to be launching these products now at Electronica in Munich, Germany, on the twelfth of November. That's truly a strong and important milestone. We have kind of pre-launched and pre-discussed this now for about a year, and the two succeeding years is going to be a phase where we are going to see a rolling out multiple families of the 54 series. It's going to be derivatives within the families, as well as additional software functionality within the family. It's going to be a phase where we are going to have multiple sub launches and expansions. And when we launch, that's really when we make the products say publicly available for everyone to be buying and purchasing, while obviously in the innovation phase and early stage phase, and we are typically working closely with the group of customers for these products. Can I just emphasize that the design phase for our customers, it's, twelve to eighteen months or weeks? I think you said weeks. Yeah, yeah. So we don't say anything wrong. I wondered for a second. No worries. That would be great. Cool. Good stuff. Just a reminder, if you want to ask a question, please do put your hand up, and the operator will unmute you. Maybe we've got to just touch on costs quickly. You've guided for flat OpEx in twenty twenty-five. Obviously, the new organizational structure is driving this, but outside of that, how are you planning to contain costs in what is seeming like potentially an inflationary environment, given the product launches that are coming and the plan to return to stronger growth? Yeah, so we are looking into the ways of containing costs. There's some inflation. You're absolutely correct on that. We. There's many areas to cut costs on how we operate, and I think new management, new BU structure has put a lot of focus on containing costs. So I think if there's any areas we can. I'm not going to go into any specifics. There's plans forward. Okay, sure. No problem. I think you've been asked before about TSMC wafer pricing, so I don't want to specifically ask that, but I think historically, you've always been able to pass on prices to your customers. And I think at times, you've even given price savings back to them as well. Is that environment still valid? Nothing has really changed. You still have that pricing power, with the customer base? Absolutely. Yeah, yeah. Yeah, I think on a general basis, that's usually what's happening, Simon. I think we are also not discussing specifics in those relationships either way, obviously, and absolutely not with our customer base, but neither with our supply chain. So we are discussing it, but we want, we are not sharing it. So Yeah. We are committing to driving gross margins at the 50+ level. That's key to us in our target operating model. Sure. Okay. Maybe we dive on healthcare, which is, can be a pretty volatile line, sort of quarter to quarter, and I know there's a more limited customer base within that division. One of those big customers, it looks like their inventory's been increasing for, like, the last four quarters. So has that been playing a part in sort of the volatility in healthcare recently, and how are you thinking about that in sort of next twelve months or so? Hmm. Yeah, I think some of the volatility we see there is always obviously related to what inventories our customer base is having and seeing. So that doesn't work in isolation. That is working as a symbiosis, which is dependent on each other. So that's. I think that's clear. We are broadening, and then and there are more customers clearly designing with us in that space, which we are extremely focused at, and we are investing in that space. 2025, we are generally not commenting on and guiding within for 2025 generally, and specifically, not within the segments either. We believe in the healthcare segment, and that's going to be important for us in the years to come, and we have focus there. We also have a very strong relationship with our existing customer base in that space and continuing that relationship and designing new products there. These type of customer also need higher compute power for sensing, and they also need low power. They need longer battery lifetime. So 54 family should also be interesting, relevant for them also. Okay. Makes sense. Makes sense. I mean, if anyone wants to ask a question that they want me to ask it, feel free to send it to me on IB or email. I'm happy to ask for people. Surprisingly shy group on a Friday afternoon. Cellular. Let's touch on cellular IoT. I mean, you had a bit of channel inventory impact this quarter. I know you think I think you said that generally, channel inventories are normalized now, so maybe this was a bit out of the blue. Is there anything specific going on in cellular IoT that we should be more aware of, like some dynamics we may not be able to see from the outside? No, I think we always do some minor corrections and changes in the inventory with our distribution partners, and that's happening all the time, so to speak. The only reason why we commented on it this time, Simon, was that for cellular, specifically having such a small revenue, it's almost like a 100% impact, and then we thought it was relevant to mention it. Sure. It doesn't – it isn't so relevant for the Nordic, combined group level numbers, if you look at it from that point of view. That's why we talked about that. There isn't any drama or specifics around that, other than we are working with our distribution partners and supporting that exchange. Yeah, fair enough. Yeah, I know, I know it's small numbers. I thought... Just checking. I mean, maybe we touch on the new strategy for cellular IoT is new products with better value proposition in a way to sort of try and kick-start some more demand, given it seems to have taken a bit longer to take off than perhaps we all hoped. How we think- Mm. Can you talk about sort of the strategy in lowering the cost and then still keeping that as a competitive technology and making that an attractive product for people? Or are we still heavily reliant on the telcos actually making this something that is easy for customers to use? How much of it is sort of on the wider ecosystem versus on you guys making the product, I guess you're saying, more attractive, but I think it probably was already attractive, but you get what I mean. Hmm. Yeah. I think it's a, it's a bit of all in what you, what you commented on there, Simon. Having solid, broad coverage is obviously important. That has improved in many territories now over the last years. So that's a positive for us. I think it's... So Nordic has been, and is the low-power leader in this segment. So battery-powered stuff here, you come to Nordic, has been at a relatively high cost point, our product. We are open about that fact, which means that our attack point and our serviceable market becomes more limited because of that. But if you truly need ultra-low power, you come to Nordic. That is expanding and improving as we have our strategy to improve our product costing substantially in this space. And the nRF9151, which we launched a volume production in the third quarter, is a significant step in the right direction here, which is opening the SAM for us further, both on the isolated, the product costing, but also because of the fact that it's a tariff-free country or CL with the nRF9151. That's going to further improve with the nRF92, which is the similar product in the pipeline with the 22 nanometer technology. So our serviceable market is going to increase substantially at the same time as we are also sharpening how we attack this market, and it's really to penetrate the asset tracking, tracking in general, the metering market, particularly the low power segments of the metering market, as well as other industrial IoT applications. And again, particularly those where low power matters, and there is... That's a growing part of that market and segment as well. So with that focus, we also see now a bit of a shift in the customer base we are engaging with over to, let's say, more a bit more larger different type, industrial-type companies. I won't be talking down anyone, but it is maybe more traditional type customers, companies, which is a very positive direction for us. Having said all that, these are also complex products, so we are probably back in the higher end of the window of design-in times required at our customer base. So it's going to take a bit of time. We are committing to be managing all of our emerging and scale-up product lines very in a prudent manner with discipline, monitoring and accountability, such that we see that the pipelines to execute according to the plans we have outlined for this plan, for these product lines, are in place and are happening, such that we can see that we are executing towards the playbook we have outlined here. Okay, very interesting. I'm getting sent a few questions from investors now, so, I'm going to move to those. First one is: I'd like to understand why management is more guarded on guidance for the short term, while willing to be more ambitious on long-term guidance growth. What gives more confidence on the five-year guide versus the next year? Yeah, that's a good question. I think it's fair to say it's a bit of a combination, but it's fair to say that we don't see that the end markets are firing on all its cylinders at the moment. There are still some parts of the markets that are requiring some time to recover. So that's probably part of it. I think the key second part of the question is that our very ambitious long-term plan to be growing more than with growth exceeding 20% on an annual revenue growth rate basis is an ambitious plan. I think if you remove the, you know, the couple of top AI companies, the semiconductor space, we are probably going to be high in the pack underneath there in our growth rate when we execute with that plan, and of course, a key thing for us to execute in that plan is to capitalize on huge investments and the platforms Nordic has invested with the 22 nanometer technologies from TSMC and GlobalFoundries over a very long period of time. Now, seeing that we are starting to enter into that capitalization and launching in a more rapid phase new products is giving us confidence. And particularly when, as we see, we are designing with customers and designing more and more with customers, and activity increasing based on these product lines, that gives us trust in the... and confidence in the fact that we should be outpacing market growth, if you look at it from a, from a mid, long-term point of view. Okay. That's great. Thank you. Another question I've received is: on the nRF54, given design lead times and seasonality of consumer products, is it safe to assume that the 2026 contribution from the nRF54 is more likely to be back-end loaded in that year? ... I think, the nRF54 is going to be back-loaded in many years because that's going to be our main growth engine for many years to come. So that will be my general question. I didn't hear what year you asked for even, Simon, so I think it's going to be. It's obviously back-loaded this year because we're only shipping in Q4. It's going to be growing through next year, though at a slower pace, but it's going to accelerate and grow more and more so throughout those years. So that growth is probably because new projects and new customers are being onboarded and moving to production. That may at least for quite some time, and if you look at nRF54 specifically, that will probably not necessarily follow the seasonal patterns for quite some time. Yeah. Okay. Makes sense. And a follow-up, also on the nRF54H, it's a move up the market for Nordic. Is it a different set of competitors than nRF54H? Does it require a more involved go-to-market strategy, i.e., more direct sales? Also, is the compatibility going from nRF52 to the nRF54H or L the same for the customer? Yeah, it's a great question, and I really appreciate that. Maybe to start with the last one, it's a yes and no. We will offer both an almost compatible route and a different route. We have flavors of design and ecosystem space and ecosystems there for our customer base, which is again within the powerful NCS systems of Nordic software. Is it a different competitor base? To some degree, I would say it is an interesting expansion for us. And again, that's an expansion, potentially because, particularly with the 54H, which is being mentioned, but to some degree, the L as well, we are integrating much more compute power. So in quite a few of the current customer products on Nordic, the Nordic system is more of a connectivity-only type system, and it might be an MCU or a compute chip sitting aside it. With the 54H in particular, you can in many cases easily integrate that into one chip. And we have quite high confidence and faith into the fact that in doing so, you actually choose your provider and supplier that is giving you the highest quality and highest performance radio connectivity, wireless connectivity, which we provide. Compute systems, we also have our very unique and ultra-low power compute systems. Ecosystem there with system software and software side of that is already very strong from Nordic and growing. From that point of view, it is also becoming a larger integration and capability you can do with SoCs as you add eventually MCU functionality into that, which is eventually a fairly large serviceable market expansion and, to some degree, changing completely. Very interesting. Maybe if we touch on Wi-Fi and PMIC, we haven't really talked about them yet. What are the main growth drivers here that would help you get to the respective fifty million revenue targets for those two lines? Right. Yeah, so in the total scope of things, our ambitions here are still ambitious, but absolute level is quite a lot lower. So as we currently see them, they are value add sales in the sense that customers already buying either a Bluetooth or cellular IoT-type products. They also add the power management and Wi-Fi connectivity to their products. That is the main reason, and that's where we see the most of our current designs in these areas at the moment. But it's also fair to say that we have multiple customers in both Wi-Fi and PMIC that also only buys these products from us. While we are not really truly recognized as a power management company, we have multiple customers coming to us and say, "You have the best power management chip in the market," which we are really honored when we get such a selection. But for us, it's mainly an adjacent value-add when we are selling our current short range and current ninety-one, ninety-two type series products. With Wi-Fi, that is certainly changing when we get to the seventy-one series next year. That's going to be a very, very highly integrated SoC system with memories, radio, BLE, everything integrated again. So it's a very complete integration. ... Great, very interesting. We haven't really mentioned AI that much, which is pretty amazing for a semiconductor meeting at this point. I mean, it could clearly play a pretty big part in edge AI. So how are you thinking about how that plays out over the coming years? How you can take some share in that opportunity and how it could start meaningfully contributing to your revenues? It'd be great to think about, hear about the Nordic vision for edge AI. Mm-hmm. Yeah, that's a good question, Simon. We have customers today using our current portfolio, where they are having smartness and additional compute powers and edge AI in the fifty-two and fifty-three series type products. The capabilities to do so is increasing substantially with the 54 series and the 54 series products. And to varying degrees, some of them have very, very specific additional systems for an edge AI, ML, compute efficiency. And again, the Nordic footprint in this edge AI has been very geared towards giving the maximum performance at the lowest power consumption, because that's obviously how we are winning and keeping our market share and growing our market share in the short range. That's also how we are going to be winning in Wi-Fi, and back to your previous question, we are most likely not going to be competing with some of the mainstream Wi-Fi router type markets. That's not our plan. Our plan is really also to access the Wi-Fi market as the ultra-low power winner, but at the same time, as you say, you need to add even more compute power. The edge AI, ML additions is an important part of that, and then to hit that market with the right edge compute power capability at a lower power consumption is really our ambition. Yep. Makes sense. Makes sense. I guess one more on costs, and then we could probably wrap it up, because I don't see any other hands up. What needs to happen for you to hit the 25% EBITDA margin target long term? Is it just that you hit the revenue targets, and you, you'll solve the costs yourselves, or are there other levers that need to be pulled? Yeah, it's a great, great last question, if that's the last. I'm not saying it's the last, but it's a great question anyway. We have now split ourselves up in four autonomous teams and BUs with business management for each one of them, which is an important change, I think, and believe in for Nordic. At the same time, I think we also clearly see we need to drive revenue growth, and we need to drive top line, which we have strong plans, and we need to deliver to that plan. We need to be supporting our gross margin targets, which I'm confident that we will be doing. But we need to support the top-line growth at a very cost-conscious level. Nordic has increased its capabilities and its employee base quite a lot over the last years. We should and will be able to deliver more with what we already have. That's clearly our plan. We are internally looking at it more like a dashboard now with the four BUs, and we have these three knobs of revenue, gross margin, and cost. We shall be making sure that we are increasing our return on investment in all of our businesses, and are very committed to be monitoring, managing each and one of our businesses with discipline and accountability, such that we move them towards our operating model across this four or five-year timeline we are talking about in our long-term plan. Sounds good. Makes sense to me. I mean, I don't see any more questions, and you've answered all of mine, so I think we can stop there. I don't know if you want to give any final words, but sounds like we're in a good spot here, and we just need things to start firing. But if you want to say some final words, and then we can close the call. Thank you. It was a great discussion, and thanks, Simon. We are looking forward to be executing towards our plan, and we are very committed and confident in that for the years to come. Great. Thank you. Thanks, Vegard. Thanks, Pål. Thanks, Thomas. Thanks, Steve. Thanks, everyone, for joining. Have a great weekend, everyone, and thank you. Bye. Have a great weekend.