Welcome to Vow's first quarter trading update. My name is Henrik Badin, I'm the CEO. I'm also joined here today with our new CFO, Tina Tønnesen. Welcome on board. We have the outgoing CFO, Erik Magelssen, attending, and also our Chief Operating Officer in Vow, Jonny Hansen. That will also be available for the Q&A session. First, some practicalities. I will walk you through our trading update. We are also so fortunate to have Cecilie Jonassen here, the CEO of Vow Green Metals, and you will give us some more insight into Vow Green Metals and your industrial rollout plan. It's gonna be exciting to learn for all of us. Starting off with Vow trading update. Some key takeaways. We have an all-time high growth and revenue. It's actually the best quarter ever in Vow. It's a 29% growth year-over-year. We're profitable and EBITDA at stable level across all business segments. Particularly strong growth in the cruise, also continued rebound in aftersales within that segment. Large tender activity within industrial solutions, that's our, you know, our new Land-Based. We have renamed our Land-Based applications to industrial solutions, an increasing backlog within that business area. For the group, order backlog remains high, providing good visibility for revenues and cash generation in the business. Our cash position, cash and available credit facility around the same levels as we reported year-end 2022. I will talk about the trend and the shift we see in the business, strong demand for Vow solutions across several industry verticals. Biocarbon and recovered carbon black, the end-of-life tire market, is identified as top candidates for a rapid scale-up. This is our development the last five quarters. You see hitting NOK 236 million of revenues for the first quarter this year. You see the split between the maritime, the cruise activities, the aftersales, and the industrial solutions. NOK 115 million on the maritime, aftersales NOK 38 million, and industrial NOK 82 million. We are at NOK 26 million of EBITDA, is an 11% EBITDA margin. Looking at the trend last 12 month, you see the nice development, the growth, the underlying growth of the business. You see also the growth within the business segments. On the 12-month rolling, looking from, you know, backwards from the 1st quarter this year, our maritime is NOK 387 million. Aftersales NOK 138 million, and industrial solution NOK 311 million. We're at 11.3% EBITDA margins, NOK 95 million. That was It's a very nice development of this business. The backlog remains strong, both the firm contracts and the options we have following these contracts. A large share of our project revenue and the contracts we have in the cruise is with also options that ship owners are calling on as we go forward. All business segments are profitable. Looking at the split, industrial solutions 35% of the revenues at 11.8% EBITDA margin. Maritime cruise, 49% of the revenues, 19.7% EBITDA margin. Aftersales, 16% of our revenues, 14.9%. The 11.8% EBITDA margins will increase as more revenue will come into that segment, because we have scaled our business, we have more resources, and we are developing a lot of new projects within that area, and that reflects the EBITDA margin for the period. We continue to deliver strong within the cruise part of the business. Diving into the different segments, Industrial Solutions, formerly named Land-Based. In this period, the first quarter is dominated by system deliveries to the first production plant for Vow Green Metals. Cecilie, we'll talk more about that in your presentation. We have a strong order intake and revenue growth year on year in industrial heating sub-segment. This is C.H. Evensen. The team in C.H. Evensen is doing a fantastic job. They're growing that business, and this acquisition has been very successful for Vow. They have now been under our wings for 12 months. We now also have a commercial breakthrough in Japan for sewage sludge to a large industrial client. They are planning to build multiple plants in Japan to convert sewage sludge into biogenic coal, and there are incentives in place in Japan to outpace fossil coal in power plants with biogenic coal from pyrolysis. We do have a high activity in project engineering and front-end studies, and I have separate slides I will show you the trends we see and the shift we have in our business. Revenues is up from NOK 75.7 million last year, up to NOK 82.4 million actually for the quarter. EBITDA margins 11.2% up to 11.8% now in the first quarter of 2023. You see the backlog is building from 327 up to 516 now this year. We are building backlog. Moving on to the Maritime solutions, the cruise projects, all-time high revenues in the first quarter. We have never had this high activity is in cruise before than this quarter. Continuous strong EBITDA margin within that segment. Backlog with confirmed contracts for this business all the way into 2029, and options until 2031. There's a very good visibility for us within this segment. We are tendering now for 32 new projects within this space. 32 new builds that are planned to be ordered in the industry until those until 2032. I'll have a separate slide to give more insight into that. Revenue-wise, we're up from NOK 86.3 million to NOK 115 million for the quarter. EBITDA margins at 19.7%. That's in line with what we delivered on the last half year, 2022. A bit lower than what we reported for the first quarter in 2022, That was particularly strong in the first quarter last year. The backlog is going down from NOK 944 million to NOK 710 million, As I said, we are now tendering for 32 new projects. We believe that we will be building the backlog in the coming months within this segment. You know, almost 50% of our revenues with it is in our business is from this segment. The picture there on the, on the right side is a retrofit project we're doing now with Carnival Cruise Line, the Carnival Breeze. It's not only cruise new builds, it's also retrofit projects we're doing. This is an upgrade where we are installing our wastewater purification system on the Carnival Cruise Line fleet. Those are significant projects, and they are projects that we're doing, you know, compared to new builds, those are done in a shorter time. Revenue within this area is equipment deliveries to new builds, it's retrofit projects to with ship owners. Aftersales, Lifecycle Services, it's another quarter with record high revenues. We're basically back into, you know, back to where we were pre-pandemic. What's good to see is that we have been growing the installed base since that time. When the installed base is growing, our service provision, our provision of spare parts and chemicals are increasing. If you just look at from today until 2029, looking at all our firm orders in this space, 42 cruise ships will enter service in this period, building sort of this business segment as well. 42 more ships that will source after sales services from us. Revenues are up from NOK 20.5 million to NOK 38.2 million in the quarter. You see our EBITDA margins is growing from up to 14.9%. That means that we decided to keep our forces within that business segment through the pandemic, and that pays off now because we are here to take on the growth within that business area with the team we have. Of course, you see that the margins are really picking up. Let's look at sort of deep dive into our business and the outlook. This is an interesting slide. Royal Caribbean is now launching their biggest cruise ship ever. This is the Icon of the Seas under construction in Finland. It will hit the waters this year. They are doing extensive marketing on that vessel because it's a break. It's really sort of an icon, Icon of the Seas. They have, they're launching several videos making an Icon. In episode number eight, they're actually endorsing our technology as groundbreaking. Greg Purdy, who's the Senior Vice President in Marine Operations in Royal Caribbean International, he says that, "MAP is the latest and greatest in waste management." It's our technology. This is one of the reasons why we have such strong foothold in the cruise industry. We are delivering every year technology that works, but we're also bringing innovations on board the ships. A new innovative technology will debut on Icon. It's called a MAP system, which will essentially be the first waste-to-energy system at sea. It's great to have that endorsement from one of our biggest client. This is broadcasted worldwide. They will continue building these episodes, these videos, they are actually talking about even announcing more about sort of the uniqueness of the total supply we have on board that ship. On this ship, we deliver all waste management systems, the waste-to-energy, and also wastewater purification. This is the industry's biggest cruise ship. It will carry 10,000 people. We have commissioning on this ship in this period. We are super busy delivering, you know, from shipyards this year, 12 ships will enter service equipped with Scanship technology on board. six of these vessels will be delivered from shipyards to Royal Caribbean Group, RCCL, Celebrity, and TUI, underneath the Royal Caribbean Group. They will deliver two ships for Carnival Corporation. There will be delivered two ships for Norwegian Cruise Line, both the NCL brand and the Oceania brand, one ship for Mediterranean Shipping Company, and one ship for Viking Ocean. Those 12 ships will enter service this year equipped with Scanship technology on board. Never in our history have there been so many ships entering service with our technology on board. This will also definitely drive our business, the growth going forward for a while. These days we are super busy. We believe we will be busy going forward as well. This is the outlook on our contract portfolio, our portfolio of options, and what we are now these days tendering. You know, this is from 2024 until 2031. It means that these are ships entering service from next year onwards to 2031. On those ships, we have 30 firm contract that we are working on, 30. We have 16 options to those contracts. That is part of our optional contract backlog, and we are tendering additionally 32 vessels. Now you see that we have the potential to grow the business. Of course, ship deliveries after 2028, those are not yet... They are just on the planning. There are no tendering activities. There are no awards between ship orders. We expect that that will of course grow as we will be closer to 2028. In the short run, the next four, five years, we have a very good visibility for growth within our Maritime solutions. Okay. Leaving the maritime part of our business, the cruise business, into what we do in other industry verticals. We're building new green industries. I would like to talk about the trend we see and the shift we see in Vow as a business. What we did two years ago, we did demerge out Vow Green Metals, we announced that Vow Green Metals will be building the largest biocarbon production facility in Europe. A year ago, we decided to construct the largest pyrolysis reactor in Vow that is five times larger than what we have done previously. Five times larger. Communicating these two steps have attracted a lot of interest because what we do, we are proving our capabilities to scale up technology and to reach industrial size. It's really attracted a broad number of clients. Industry players across all continents and in various sectors are strongly incentivized, as we see, to change their businesses. They are moving, they're transitioning their businesses towards a fossil-free future where we are relevant. They're working with waste and biomass valorization to enhance circular economy where we are relevant. That is actually translated for us into high tendering activities. You know, we are today working on a potential pipeline of 80 projects. 80 large industrial projects in several markets for a total, you know, NOK 25 billion of CapEx worth of Vow technology. We have never seen this before. This is a major shift for Vow. What we also see is the projects are significant compared to what we previously have done. The larger project currently evaluated would include Vow technology for a CapEx of NOK 2 billion. Imagine having contracts in front of us that are twice the size of what we had of revenue for the total group last year. It does something with us, you know. As a response, we are preparing VOW for this opportunity. It's a significant scale-up. We are carefully managing our capacity and resources, and we are working with the supply chain to prepare for this. This is what we in VOW call Vow 2.0. This is a Vow 2.0 program we're working on. This is definitely the shift that we see in VOW. This is the larger reactor that are soon to be completed. As I said, five times larger capacity than we previously have been working on. This reactor would process 40,000 tons of feedstock. In a metallurgic application, it would produce 10,000 tons of biocarbon. From a climate mitigation perspective, this will offset the CO2 emissions from between, you know, 2,500 to 3,000 people. This unit alone has a massive impact. That created a lot of activity. You know, this has been so many players that are coming to us to see how we can deploy this type of technology in their projects. This is the first time we are trying to show you that we have interest from several industry applications, several markets in several regions. Going back to these 80 projects we are working to develop with 20 something clients, you know, more than 20 clients for a total of NOK 25 billion. A pipeline we see today, the change the last 12 months, this has, you know, a dramatic change, a massive change for us. Just looking at this, 43% of this volume, 27 projects are within the metallurgic industry space. A dominating part of that would of course be Vow Metals. I look forward to see your take on that, Cecilia. 22% of it, 12 projects are within biomass valorization, producing biocarbon for different industrial applications. 18% of that volume now we're developing together with partners within the end-of-life tire space. Sewage sludge valorization is a coming market. We talked about the breakthrough in Japan. We are now looking at 28 projects. Huge interest from U.S. driven to find an end-of-waste solution for sewage sludge to solve the PFAS, the forever chemical problem you have within, you know, the reuse of sewage sludge as fertilizers. Then we have, you know, 7% of that contract volume, two projects are within waste valorization. I'll, you know, I look forward to give you more visibility into these projects in the coming months. You see also we work, you know, 20 of the projects are in U.S., 19 projects in the Nordics, 19 project Continental Europe, 20 project in Asia, and one in the Americas. Actually in the Caribbean. You know, what I wanna convey with this slide is that we are developing many projects. They are large, they are within different applications. It's a huge, massive growth opportunity for the business in the coming years. Before you take over, Cecilie, I will talk about another scale-up, that's the end-of-life tires. That's a partnership we announced before Christmas with ETEL, owned by ITOCHU. It's a huge player that controls a large value chain within the tire business. They are the third-largest distributor of natural rubber to the tire manufacturers. They are the biggest collectors of tires in U.K., are taking a now a larger position in Europe for, you know, tire workshops and the collection of tires and end-of-life tires. That's very good for us. What we do now, we are actually developing this within three areas. One is the framework together with ETEL, where we will be the technology provider to them. That has good progress. There's good progress in the ongoing discussions with the tire manufacturers. Remembering that we have had for more than three years an operational plant in U.K. producing recovered carbon black that are tested, you know. Has been testing, you know. The tire manufacturer have been testing the products, you know, using that plant to qualify us as a technology provider to that industry. We've been working for a long time. ETIA, our subsidiary, has been working with Murfitts Industries for eight years. It has been done on a substantial groundwork that explains our position today. We also have the blueprint for the first commercial industry scale-up plant nearly completed. Final investment decision by ETEL will be the next milestone for the first plant, and system order for Vow will follow shortly. Good progress within this space. As a summary, all-time high, the best quarter ever. Strong growth in Cruise, particularly strong. Order backlog remains high, providing good visibility for us into revenues and cash flow, and we do see a strong demand for Vow solutions. With those words, I would like to welcome Cecilie Jonassen, the CEO of Vow Green Metals. I think we have to. Just a short technical break. I will be back for Q&A. Hi. I am Cecilie Jonassen, CEO of Vow Green Metals. Today, this is what it's all about, biocarbon. With biocarbon, ferrosilicon and silicon producers can reduce their emissions with close to 5 tons of CO2. I'm a chemical engineer, so I'll start off with some chemistry. With this chemical formula, we can easily do something about those emissions, and that's where we in Vow Green Metals come in. We will actually just make the carbon green. By making green carbon, we can reduce the emissions for the metallurgical industry by close to 5 tons per ton of biocarbon. That's quite amazing. How are we going to do this? Well, oversimplified, what we will do is taking waste streams from forestry and from sawmills, but also from construction, and make three green products, biocarbon, bio-oil, and bioenergy. We are making a profitable business. I will come back to the cost and effect of the CO2 emissions. You will see that clearly. Making green products, supporting an industry that needs this green transition, but also being a first mover is essential for this. Making a new industry with speed and skill, we are building this on top of the shoulders of our technology supplier, Vow. I'll just speed up this of course, I will come back to some of the details, but you will see in the picture to your right, it's actually our first early production line. I was there a couple days ago. We are rising up the construction right now, putting in the reactors and the silos for the feedstock. This is coming into place, and we're really looking forward to see that produce, earlier, I don't know, rather early than late, this year. Also we have good progress on the Follum plant, and we are also happy to announce that we're working on our next project here in Norway with an even greater capacity with 30,000 tons of biocarbon. A bit more details on the different projects. We come back to the pipeline, but the oil production line is actually, when we started off, we talked about it as a pilot line, but it's actually a full-sized production line, the same size as one of the production lines in the bigger plants. This one is going to produce 2,500 tons of biocarbon annually, and we're going to start producing that this year and deliver for our customers a product that can reduce their CO2 emissions. Of course, very important is our progress on the Follum plants, where we are now working on the first phase with the 10,000 tons, but also of course, expansion to 20,000 tons, working together with our partners there, Vardar and Lindum and the Treklyngen Industripark. Most of the process equipment for the first phase is already there. We're also working on the second phase where we will use the new reactor from Vow and expanding that those plants and being able to deliver bioenergy to the other players on that site. Very exciting is of course our plants at Viken Park. It's located in Fredrikstad. Together with the developers of that industrial park and the other players in this industrial park, we will deliver bioenergy to the other strategic partners, but also of course, being able to produce 30,000 tons of biocarbon. Those are the projects that we're working on currently. In addition to that, we're also of course, working on another pipeline of 600,000 tons of biocarbon. This is within several different verticals, and what is important is that we're working with strategic partners on this, but also this will mean that we will require quite a lot of capital to raise those plants. Just to illustrate how we're doing this, we are together with strategic partners and also in the future infrastructure investors, putting up project companies, which is a profitable investment for all of the partners. Vow Green Metals will, with our competence and our ability to look for projects, but also use the IP and the unique access technology to have the equipment suppliers, have subcontractors in place to then develop the project together with our strategic partners. We will also take care of the biocarbon and the market and deliver biocarbon and bio-oils to our customers. In the future, of course, we're starting up with a project pipeline of 600,000 tons of biocarbon. We will make portfolios out of these projects where our partners, together with us, have the possibility to invest into a portfolio of plants making the green shift happen. Vow Green Metals is really contributing into this with the organizing all the projects, of course, developing the project, which is quite a lot of work, to be honest, advancing operations and standardizing the operations. Of course, also the factory model, which is really important in this, making it possible to have such ambitious roll-out plan. We will also develop new products, which is really important for us. You can also today see some of our products outside, the ones even that are here physically. Of course, coming back to feedstock is essential for us, to have the capability to use different kind of feedstocks to make different kind of products. Just to show how this will affect the metallurgical industry, it's quite amazing. The value of biocarbon is increasing as the CO2 cost is increasing. I started off saying 1 ton of biocarbon can replace 1.3 tons of fossil coal, and this is avoiding 5 tons of fossil CO2 emissions. You can see on your right how this will affect the cost of the CO2 emitters. It's rising. It's already today actually almost EUR 500 per ton of biocarbon. In the future, even more. This is becoming a license to operate technology. To sum up, you just saw the increase in cost of emissions and effect of them. We also have policies in place and regulations that push the need for these green solutions. The metal producers is in a race to reduce their emissions. Together with strategic partners, we have an ambitious plan to roll out factories, and we are forging a new era for the metallurgical industry. That was very short, my presentation, but I'm ready for a lot of questions now, hopefully. Thank you very much. We have a Q&A session. I don't know if you have received some questions from the web or even questions from the audience? Carney will help us with the microphone. Yeah. Okay. Thank you so much for a good presentation, Bo. Very, very exciting. Just a question for you, Henrik. In terms of the U.S. pipeline, how is the industrial solution impacted by the Inflation Reduction Act? We definitely see a higher momentum in U.S., so it is, we see, you know, our clients is more and more eager to do something in U.S. What we can even do to make those projects more attractive is to look at, you know, U.S. content, you know, that we can move our, you know, the supply chain to U.S. We are now working with two clients in U.S. where we are evaluating the production of our systems in U.S. to even, you know, qualify for capital for some of these projects that our clients have in US. Yes, it is, it makes sense, and that's also you see the interest from U.S. is, I believe, is from the IRA. You need to have, you need to have local content to kind of get the full benefit of? To get the full benefit. That's why we are now working with supply chain in the U.S. That's the flexibility of the Vow delivery model that we could, we can produce in Europe, we can produce in the United States, and we can produce in Asia. Thank you. Jonny, you wouldn't have anything to add? No, I think you nailed it. Thank you. Thomas Dowling Næss from SpareBank 1 Markets. You don't disclose full results, so I guess it's fair to ask if the reversal of working capital in the first half of 2023 is going as expected, considering that you state that the cash position is broadly in line with Q4. It, you know, this is a trading update. Perhaps Erik t he outgoing CFO could have a comment to that. Yeah. Yeah. Yeah. Do you know her, hear me? If you give him the microphone, I'll come up. Thanks. Yeah, it will, it's going, we're expecting and forecasting positive cash flow operations in the first half year this year. It's going as announced and as we communicated in the second half year presentation. At the same time, we are servicing our debt and paying down debt, and kind of following that plan. Yeah. Just did have more questions? Yeah. Yeah. You have to run back with the mic then. To do, every other question actually to raw materials and Vow. No, you can remember the questions and. I guess I can ask Cecilie a question. How is this study going with Elkem on kind of qualifying biocarbon for their production? We've actually done the first step. We've done the tests of the pellets that you see outside. Very promising. We know that the industry can use biocarbon. The qualification is kind of a process, I'd say that's a process you do when you qualify all raw materials into a process, even if you know them. You always need to do those kind of qualification steps. Mm. I guess maybe this is a question to both, as it's been announced by both companies, but the study with the undisclosed metallurgical company targeting a 50,000 ton per annum plant, how is that study progressing? Can I just comment on what we are aiming to do especially from the side that Viken Park and hopefully also some of it from Follum is of course deliver some products already from those plants to that customer. We're also looking in that pipeline. There are projects located closer to that customer that we're working on to be able to deliver to them. It's not presented in that small overview, but it's in the pipeline. I guess the question was also for us. Yeah. Yeah. The progress is good with that party. They are definitely moving forward with the project. It's good progress actually. Can you give us some insight on the lead time on the Land-Based backlog now? Kind of the turnover, how do you expect to turn over most of that backlog this year, or is it kind of, yeah? Brad, you can elaborate on that. The backlog, how that comes off. You know, we never sort of are too specific on how the backlog comes off into revenue. Yeah, I think the question was on the lead time. For the Land-Based backlog. I guess we have more insight on the Maritime solutions. I think we're, we are constantly working to reduce the production time to get quicker to market of the. Yeah. That's, I don't know That's the kind of a constant work we're doing, Henrik, to shorten the time from the customer orders until we can deliver. We have, you know, a significant part of the backlog will come off, expected to come off this year, but we're also working with new projects that will have an impact on the revenue Land-Based this year. Okay. You expect kind of a continued growth in that segment throughout the year? Yeah. Yeah. Okay. Thank you. I guess I can keep my other questions. I can comment on the Vow Green Metals part of that. For the next 10,000 tons at Follum, the final investment decision is later this year. Also for the next plant, and then there is another one, which is not on the slide, we expect that we have a final investment decision either in the middle of 2024 or in third quarter of 2024. Thank you. Hi, Daniel Mandrella from Clarksons. I have a couple questions for Vow Green Metals. For the project financing structures, do you have any ideas what your ownership stake is typically gonna be in these projects? Is it gonna be minority or majority? It's actually kind of depending on where it's placed and who the partners is. We will, for the portfolios, not be the majority owner of those, when you look at the huge portfolios. Follum, we will, together with some strategic partners, be owners, and where we will be the majority owner of that plant. But for the next ones, we are in. We're talking with the industrial strategic partners that will have a bigger stake of those projects. The important part, just to comment on what we are doing, biocarbon is a new industry, so we will need to have the competence to make the product. You need to understand pyrolysis. You need to understand the process. And of course, this is. The factories has a lean setup. That means that there is not a lot of employees at the factory. What we do is centralize the competence on the biocarbon and the market and feedstock and process. We will then also contribute with performance excellence in when you do benchmarking, but also of course helping out when there are problems in the production process, which we will have. Okay. Thank you. If I may, another one. For the pricing for the biocarbon, you're saying 1 ton of biocarbon is approximately replacing 1.3 tons of fossil carbon. How do you see the pricing going forward? Because I guess the, to be economically profitable for the offtaker, you have to be cheaper than the coal plus the emissions cost. What are your thoughts on when that is going to be achieved? We already think that we have achieved that. Yeah. Because, especially when it comes to silicon for silicon industry, that coal is a specialty coal. It is not normal coal price levels that you see. In addition, when you see, the effect of the biocarbon into that industry in particular is quite huge. I mean, normally, you wouldn't see those kind of numbers that are presented here, when it comes to, the reduction of the fossil emissions. Additionally to this, what you also have is that you have a high yield on their production, so that means that they can use even less. If you take the other one, you still emit CO2. You still emit green, even though now it's green, but it's even less. You're not just making it a green CO2, you're even emitting less CO2 than you would do if you were using fossil. It actually has a double effect. Then higher yields also is just. If you look at the presentation that Achim has given earlier this year, you have up to 7% higher efficiency on their production using biocarbon, and that has a really huge impact. What numbers I'm showing here is quite. It's not actually that high. Okay. Thank you. We have some questions from the online audience, starting with Martin Karlsen from DNB Markets. Can you provide any update on the construction permit for the $27 million contract awarded in May 2022? He has two more questions, but we'll do this one first, I guess. It's actually good progress. We expect that that project moves on according to our plans. Second question: Can you provide more details on the sale of the 2,500 ton per annum production facility to Vow Green Metals? What are the terms for the transaction? The terms? I think we outlined the terms in the stock exchange notice but it's a commercial, it's a, you know, a conventional commercial contract with Vow Green Metals Can you comment on the backlog increase in industrial solutions, which was up more than the announced contracts despite for strong revenues in the quarter? How much of the increase is from unannounced contracts and foreign exchange respectively? Yeah, I think I can answer that. I think there's four elements to the backlog part for industrial solutions increase in Q1 2023. The first is, it's quite a lot of significant amount of contracts announced for COM's end of last year, December last year, the start of this year. You have the second part of the contracts for the food safety in, within the ETIA operations. You have this, you have the 2,500 ton early production facility, which is also a part of the backlog. There's a certain currency effect, translation effect on the undisclosed contract in the U.S. with a fairly strong dollar at the end of Q1. There's also a certain currency effect on the backlog, which rests with the ETIA operations. I think those four elements combined is kind of giving that effect and also the effect of the revenue coming up, of course. Thank you. Elliott Jones from Nordea has two questions. One, could you provide any further indications of potential timing of final investment decisions for ETIA? We, as I said, it's very good progress. We have earlier said that according to our estimations, that we will have revenues from that business area in our numbers this year. That means that we expect to have that within a reasonable time to be able to have revenues from that business area this year. On EBITDA margins, do you expect cruise margins for Q1 2023 to stay at levels similar through 2023? The same question for after sales? Yes. After sales, we will improve margins as we will grow the top revenue within that business segment. The cruise project part of the business, we believe that the costs we have now in our prognosis are where we are. We don't see any increase. As we have said before, there could be a certain variance in EBITDA margin for Maritime solutions between quarters depending on the mix of projects that we're working on. The sister projects would tend to have higher margins and that or so. Overall, I think the, we had, overall we had 19.1% for the second half year, 2022. Now it's 19.7%, I think, for the maritime. We're working constantly to increase the EBITDA margin in all the segments we have. There's one more question from Juri Jukson. I think this might be for Vow Green Metals. Your potential customers in Sweden and Finland are district heating companies. Why do they need 20,000 tons of biocarbon? Well, they don't need 20,000 tons of biocarbon, so they will actually use the bioenergy part of our plants. We think that when we roll out our plants, we should have a high offtake of the excess energy of the plants and making the business case even better. We also think that in the future, you're not going to be allowed to just flare off excess energy. They will actually take the energy and the biocarbon will go to customers like the undisclosed partner, which Thomas asked about earlier. Okay, that concludes the questions from the online audience. Maybe we'll just hand back to the presenters if you want to have some final words. No. Any more questions from the audience? Okay, I would like to thank you for the attention, for listening in and we will continue. voyage. Yeah, voyage. Look forward to announce more of the progress both within Vow and Vow Green Metals in the coming months. Thank you so much.