Welcome to everyone. Have a look. The room is full. We expect more than 100 people to join online. The interest is increasing. It's fantastic to be here today, Petter. We might need to extend the room for next time. Right? All right. The team from Xplora welcome you all. We have a very exciting agenda today. A lot is going on even behind the scene as we speak. We very much look forward to share everything with you today. We will first do a quite efficient review of the Q3 results that will be done by myself, Knut and Kjetil. We will have a very short coffee break if required and we will move straight into our capital market update. The agenda for the Q3 is as always first highlight of the quarter because we have some very important thing we would like to highlight. Knut will guide you through the financial details. Kjetil on behalf of the group, plus extra update from Doro, will give you a market and performance update. We have some post quarter updates from last quarter since a lot is going on in the company. We will give you some updates in that regard, plus the outlook, which is also slightly updated. That is the agenda for today. If you look at the number at a glance, just a high level number, Knut will go through in more detail. Of course. First time we surpassed half a billion worth of revenue, NOK 510 million, up 103%, of which we have a recurring revenue at NOK 90 million, up almost 20% as well year on year. Our subscription base ended at 443,000, up 36%. Pay attention. We will come into that a little bit more. Our gross profit is up 122% to NOK 263 million. We ended with a strong EBITDA, up NOK 41 million to NOK 72 million. Also, a cash balance very strong, NOK 426 million, up 141% year on year. That is the high level number. Of course, Knut will guide you through in detail. I would like to emphasize three particular things that have been very important for accomplishment in this quarter and actually in fact throughout this full year. We have our friends from Doro here today. I would very much like to start with one of these updates operationally from Doro. It is related to sales. When we acquired Doro, for a long time it has been a very, very steady both sale as well as revenue, although slightly declining. That was something we looked into when we acquired, but it was very, very, very steady. Over the last couple of months, the team has been working very hard in order to potentially change and pivot that development. For that reason, we are very proud on behalf of the Doro team as well that we have now been able to turn this around and are now yielding a 16% increase. A growing revenue trend, which is very, very strong. Kjetil will take you through some of the details and the driver behind why we have managed to do that shift. Very important. Very important because why Doro is selling twice as many SIM-enabled units as Xplora. We'll come back to why we on Xplora have managed over 400,000 subscriptions. Remember, if we can increase the sale of twice the high sales volume, this is the basis of which we will start to attach SIM cards. It has huge impact if we can grow that volume. Moving on to Xplora, two things I would like to emphasize from this quarter as well. One of the things that we also have been working very hard and very dedicated throughout the last quarter is to really optimize our channel mix. As you know, we are selling in retail, in telco, and our own channel. The channel we make the most money and the channel we are able to drive the highest conversion of SIM card is our own channels. We have full control for that reason. In particular in the German market, which is the market we are selling the most total volume. We have worked very disciplined to try to shift from a high retail and telco volume to a slightly higher portion being from our own channel with a high attach rate, high conversion to SIM card. As you can see on this graph, if we go a little bit back in time from the traditional retail channel, let's say 2023, the highest portion in white comes from the retail or the telco channel. Now going into this quarter, the biggest percentage part of the sales are now coming from our own channel. Even that can mean that the total volume can go a little bit down but the profit is significantly higher and we are driving more SIM and we wake up with one objective to hit 1 million subscription. The second thing I would like to emphasize operational is that we are also very very dedicated to increase our gross profit. One of the things we can do that sell more product with higher margin and SIM-enabled. The second to reduce our COGS. For every product we are selling our main product line or main product Xplora. We have built a new platform with different components allowing us to reduce the COGS and increase our gross profit. For that reason. If you summarize some of the key highlight for Xplora, as you can see starting from the left focusing on very much on the sellout in the market. This quarter has been the highest quarter in the company history with the number of products being sold and activated in the market. The demand has never been higher and we have never sold as many products and activated them in the market. The reason why we have this difference in sell into the channel and the sell out in the market is simply because of this shift from focusing more on our own channel. Feel free to ask questions about that when we can speak after. That has been a very important point. The sellout is also the volume sold in the market where we can attach and monitor the SIM conversion rate. When we started some years ago, our conversion rate was roughly 25%. Of 100 products we were selling, 25 would have been activated with our own SIM card. This is a crucial number. Today this conversion% is 38%. Meaning of every 100 unit we are selling and activated in the market, 38 will be activated with Xplora SIM card. Based on all the volume we are selling the conversion rate, that is why that is driving this record high subscription base now at 443,000 in total. I just wanted to highlight those three very very important things going forward. I just wanted to provide an update to the market as well. In this regard I would like both the market but also internally. We are measuring our success based on three high level, most important KPIs. The number one is our ability to to increase and continue to grow our gross profit. That is really the measurement of a strong and healthy business performance. The second KPI we are measuring our own success is driven by our ability to increase our subscription base and our annualized recurring revenues. The third is our ability that really reflects the underlying ability to generate cash, our EBITDA minus the CapEx. That will be the three measurements we will make ourselves responsible to deliver on. Also we have listened and received some feedback from the market as well. Previously we gave you some updates in the quarter, some more detailed updates every other quarter. From now going forward we will be transparent and share all the information every single quarter. The only reason why we did it every other quarter is because of all the fluctuation in channel optimization and so forth. Going forward every quarter you will of course get the detailed P&L and balance. We will also provide a very detailed breakdown of both market on channel, on product subscription activation, both regards sellout and selling in. In our keynote we will focus on our sellout and activation. In our report you will find all information so you can make all your own estimates and analysis. We hope this is a good update and hope we have answered some of the requests coming now. Knut will take you through some more of the details. Thank you very much, Sten. Good morning everyone. Before I start, I think you should also remember a year ago where we also announced our quarterly earnings and we said we have the highest quarterly revenue and EBITDA ever recorded and we are there again. We are doing it in a very consistent way to present a huge increase on all our metrics. If we look at the Q3 numbers as they are reported, you see that as Dan said, we reached NOK 510 million in revenue. This is up 103%. Doubling gross margin is up with 5 percentage points. EBITDA up 133%. These are very strong numbers for the quarter. As you can see in the quarter, year over year, NOK 13 million in capex for the group. Last year we had only Xplora and it was NOK 6 million ending out in an EBITDA of the CapEx now on NOK 59 million compared to NOK 25 million a year ago. The other part in these numbers in the Q3 2025 number we have one off and that's the NOK 4.6 million related to the change in the senior management happening in July where Kjetil took over and Julian left the company. More important is actually to see if we compare what a pro forma Doro and Xplora last year compared to how we are doing together now. As you can see, we have also an increase in revenue both in the quarter of 8% year over year and also year to date 10%. That's the revenue line. When you look at the gross profit, as Sten said, that's even more important. We have a 14% increase in gross profit from NOK 231 million to NOK 263 million. Year to date we have an increase in gross profit of 21%. The gross margin is continuing to increase in two parts. Of course it's related to profitability on the products, the COGS. It's also partly related to us having more and more subscription in our accounts. The EBITDA reported was NOK 72 million in Q3 2025. If we adjust it for the one off approximately NOK 5 million, we have adjusted EBITDA of NOK 76 million in the quarter. The CapEx is also a bit lower in Q3 compared to a pro forma a year ago, meaning that the EBITDA of the CapEx is NOK 59 million compared to NOK 56 million for the pro forma 2024. Sten already gone through some of this but you can clearly see on the chart on the left side how big increase the group has achieved compared to last year. You can see the light color there is related to the service, the device. The senior contribution can also see the gross profit. It's changing a little bit over time. Of course in Q1 it's the quarter where we have the highest service revenue percentage compared to the rest of the revenue. That's also why it's higher. You can see over the period it's actually 5% increase year over year. On the last chart here you can see that we ended on NOK 72 million in the quarter compared to NOK 31 million a year ago. I put up a small white square where the one offs are presented. When it comes to the segment, the kids and youth segment is basically Xplora. The revenue is flat year over year. As Sten said initially and Kjetil is going to go more into this, it is the sell-in revenue numbers and the activated watches and the sell-out is showing an even higher increase. Service revenue continues to have a very high gross margin. It is still above 80%. We have been very steady on 83% and now it is continuing to be above 80%. It is very steady even though we are increasing every month. With a subscription update, one year ago we had ARR of NOK 301 million. Now we are on NOK 358 million. I think the main thing here is the gross profit is increasing from NOK 118 million to NOK 129 million. The main portion here is of course the gross margin. When it comes to the CNR segment or the Doro. They are having a full report since they are listed on nasdaqs.com, so there you can see all the details. On Doro, the revenue is increasing with 17% year- over- year and they continue to have a very strong development in the gross profit year- over- year. So far we have not recorded relevant levels of service revenue, but that will be implemented in the report as we go forward. When it comes to the P and L, I think the key part here is related to the finance items. That is now negative. With NOK 8 million, we have interest and admin fee for the loan of NOK 14 million, and we have a non-cash positive currency effect of NOK 10 million on the acquisition loan. That's the two main items in the financial expenses line. Still we have some implication year to date of the currency impacts mainly from Q1 and Q2 in these numbers. In from Q2 to Q3 the exchange rate has more or less been quite stable. Not the same fluctuations as we have seen in Q1 and Q2. We continue to focus on our operating expenses. There is the key item that is changing is actually that we are spending more money on marketing in order to push more products out in the market. You can see that in particular in Doro. Beside that it's more or less on the same levels as in Q2. When it comes to the balance sheet. There are a few items here I would like to address. In particular, the cash continues to be very strong. NOK 426 million compared to NOK 530 million last quarter. We have done two things in the quarter. One is that we have paid down about NOK 62 million on the acquisition loan. That's one thing. The other part is that we have continued to increase the inventory of approximately NOK 40 million. NOK 20 million in Doro and NOK 20 million in Xplora. Key reason for the increase in inventory is of course we are preparing for the. Usually the biggest quarter is the Q4 quarter. It is very important that we have the right level of inventory in both companies when we are preparing for the Q4 season. You see also that we have split out that part of our acquisition loan that has gone from NOK 960 million in the previous report. Now it's NOK 890 million. We have split it out in two parts, long term and then short term. In the NOK 300 million here that consists of three parts. I think this is quite important to address. One is that it's part of the working capital financing. That's one part that has usually been split in one line in the 300. You can see all the details in the note. It's NOK 66 million that is linked to the working capital funding in this amount. In this amount it should. Usually it's one item in addition that usually are. There is the Innovation Norway loan. In Q3 that was the final pay down on the Innovation Norway loan. We don't have that anymore. All in all we have in the next 12 months we are planned to pay down further on the acquisition loan. That's because we need to balance the cash and have the optimized financial platform on how we are operating. We believe that we have quite good and strong cash position so that we are able then to pay down on our loan. I have basically gone through the majority of the cash flow items as well. I think I should stop there. Thank you very much. Good morning everyone. I will start by talking a bit about Xplora's smartwatch sales numbers, then continue with Xplora's service, every sales number, and then give some update on Doro's sales figure of handsets. Just elaborating on what Sten started with talking about in his introduction is that we have the highest number of activated watches in the quarter ever. We activated 174,000 watches. 27% of those came from the Nordic markets and 72% from the rest of the European markets, with Germany being by far the biggest one. If you look at the last 12 months units sold versus activations, you see that we have sold 485,000 in the latest 12 months, 465, and then 502,000 have been activated. It is the activated number of watches which is important for the services uptake. Here you see Q3 2025 with 174,000 activated watches compared to 162,000 in the same quarter last year. That is a growth of approximately 8%. Just to elaborate a little bit on the definition of activated watches, it is actually the first time usage by the end consumer. If you want to compare that to, let's say, the revenue, it is actually the sell out on the Xplora webshop on Amazon and it is also the activated watches from the telco and retailers, which may then be different from the revenue figure. On the last item there, the service attachment rate, this is the rolling 12 months figure. That means that when we say 38% in Q3 2025, that is the average of the latest 12 months. It increased by 3 percentage points compared to the same quarter last year, which again is the highest number ever. I remember two years ago we talked about aiming for 25% attachment rate. Now we are at 38%. A very, very steep growth. All right, let me talk a little bit about the service subscription base. 36% year over year growth to 443,000. There are four different subscription services. The mobile subscription is the most important one in terms of both RPU and revenue. We increased that to 291,000. That is an increase of almost 50,000 or 20%. The Nordics has surpassed 200,000 and that is up 13,000 year over year. Germany had 58,000, doubling the service subscription base year over year by the end of the year quarter. We announced in the latest update on the numbers that we have surpassed 60,000 in Germany. The premium activity platform now contributes to roughly NOK 31 million annual revenue with a very high margin. That's the value added service related to the GoPlay platform. We have 104,000 users. It's either bundled on top of the mobile tariff plan or it's sold individually through the Xplora app, meaning that also non-Xplora connectivity users subscribe to this service. We have the revenue from our telco partners where we have 35,000 B2B subscriptions. Meaning when we sell smartwatches to our telco, we have agreements with several telcos that pay us a license fee for that service. We have 35,000 users on that business model. The latest service is the service fee where we have 12,000 users. That's now in Spain and the Nordic countries. If you want to use a SIM card sold in retail or web or Amazon in Sweden with a different SIM card than Xplora's, then you have to pay a service fee. That's just to secure that we get revenue from all watches that are not sold to a telco in the Nordics and in Spain. It's just an enabler to further drive the growth. All right, service revenue, 19% growth year- over- year to NOK 90 million in a quarter. That's another milestone. Nice number. The annual recurring revenue is at NOK 358 million. The service revenue from markets outside the Nordics keeps gaining share. In the quarter it was 21%, and that's up 6 percentage points from the previous year. Again referring to Germany, continued the strong growth in the quarter with 104% growth and has now become our third biggest service revenue market after Norway and Sweden, accounting for NOK 11.5 million in the quarter. All right then on Doro we have already said multiple times that there is a growth in the number of sold units, handsets, mobile phones, feature phones and smartphones with 16% going from 281,000 to 326,000. That is of course very important for the attachment rate and the possibility to sell Doro Connect. We also see this light green color that we doubled the sale of smartphones. It has been a successful introduction of the Aurora smartphone. There are some comments on the various regions, but we have really outstanding performance in several of the markets. Nordics, 45% growth, huge sales in the U.K. and in France there are operators now transferring from 2G to 4G that has really driven the revenue. The market where we have a potential to significant growth for next year is Germany. We have discontinued the operation of our daughter company IVS which was then internal distributor. That is some of the explanation why the numbers in Germany are not as strong as they could be, but that is only a potential for next year and we know from Xplora that it is the company's biggest market, so we have set some expectations for next year. Thank you. In total for the Doro business, 17% growth in revenue, 16% in the number of sold devices, 1 percentage point growth in the gross margin. I'll come back to in the capital markets section on the connectivity part, but we have launched three new operations, we have an attachment rate above what we indicated last time, and if you read the quarterly report, you will find that the order reserve for Q4 has increased NOK 237 million compared to NOK 74 million in the same quarter last year. Almost doubling the order reserve for Q4. I think we have ticked most of the boxes. Thank you. Thank you, Kjetil. All right, we have a couple of post quarter updates within our outlook. If technology and everything work as it should, I will look into Knut for a second and see if he gives me the heads up. Let's come back to that. When it comes to post quarter, I think it's fair to say it was really three items a lot of you were expecting or hoping for when you come into this room this morning. The one was kind of how does the conversion rate go when it comes to Doro SIM. Are we able to get our SIM cards into retail store? As we were reporting so late in the quarter we should have some visibility into Q4. We knew we kind of had to address those three very important questions. Without any further ado, I think some of the team with Doro, the ecom team, have not been sleeping for many hours during the last couple of weeks, but we are very happy with the result when it comes to the SIM conversion on our Doro. As you recall from Q2 we had only launched in one market, Sweden, and the current conversion data point, the reference point we decided to share was 13%. We said our goal going into Q3 is to extend into more of the Nordic markets, hopefully all the Nordic market, and then showcase a number that is higher than 13. We have now for the last X number of weeks been live in Sweden, in Norway, and Finland. Kjetil will address later in the capital market day regarding Denmark and more of the market and the current trending number is consistency of above 25% in our own channel. Early days we have still a lot of potential opportunity and optimization, but it's a very strong number. If you compare this with the early days when we went international in Xplora, it's a very strong number. If you recall 10% of all the Doro SIM-enabled product, 10% conversion eventually yields NOK 300 million additional EBITDA in year two. Maybe even more exciting is that great sales team at the Doro end has now managed to secure 900 retail stores that going into 2026 will have a Doro product with a pre-installed SIM card. 900 retail stores. That's phenomenal work and it allows us to sleep better going into Christmas knowing that we will have a solid footprint of distribution, good data point on own channel and a good starting point for rolling out our product in retail as well. We expect Q4 to be even stronger than the number we are presenting here today. Are we live with a release? Knut, you should take a look at your phone to the stock exchange for Xplora. We have also since we are speaking about Doro finally. I'm almost shaking when I'm telling this because it's been so much work. We are finally surpassed the 90% threshold. So. Yeah, a lot of work, some delays, fair to say, but we are now there, particular. The best thing with this, in fact, is actually finally we can work even closer with the Doro team. Get all the team members to relax a little bit more. We will have good progress now to implement. That's fantastic. Lots of good highlights in this regard. We have done some slight updates on our outlook statement. This is, of course, as always, related to the near-term future. We will continue to focus on annual growth in the kids category. Based on this update, we are now really focusing on preparing a retail rollout and launch with Doro product with pre-kitted simulation and, of course, also implement full global E. Com with Doro. One of the requests from the shareholder or multiple of the shareholder last time was to see a more detailed granular rollout plan. I know Kjetil will have that after the break. We will have a look into this. As we said, we will be extremely disciplined related to driving service revenue growth and increased profitability. That will be our number one guidance. Also, of course, to secure the path to 1 million subscription and scale into new marketing verticals. I will explain in detail what we mean by that because we are going to make some big impact which you will see in a capital market day. I know for both the company for our ability to really drive and maximize shareholder value. As you also saw early this morning part of our Q3 release. We have now also made a decision with the board that we will over the next 12 months now start the assessment in order to uplift the company at a more appropriate stock exchange again in order to really maximize the value, shareholder value and ability to grow going forward. Of course, that is also now stated on the outlook. I hope that was some good news. We will take only five minutes coffee break and then we will move straight into capital market update and we do all the Q and A at the end as we expect some questions from the capital market day as well. We will start in five precisely. Feel free to refill coffee, water. See you again soon [Break] All right, it's wonderful to see all the good mood. I think the 90 helped. Let's get started for part two of today, our Capital Market day or updates. The way we were planning to present this today is for me to start with a little recap, very short, on our previous capital market days. The main event on my end is to take you through the future product strategy, our new grid, and then we will be guested by Sanjay Kim, our CTO, that will give you a very important platform update. Our CMO Lise will provide you how we're planning to launch some of the product I will be showcasing in our product strategy. Then Kjetil, as he mentioned previously, he will give you even more updates, exciting news from Doro, and a little bit more of the detail. Knut and me will end with a slight recap summary and then move into the Q and A section. Before we go into the new and exciting things, just wanted to highlight very briefly if we move just a couple of years back in time into 2023, we had our first capital market day. The markets were terrible. It was very tough times and we introduced our 9, 32 strategy which basically meant we did not do anything at all whatsoever except selling the three products we had in the nine market we had introducing a SIM card with two price points. We had a lot of exciting items on our roadmap. We had a lot of very exciting plans. The markets were rough and the market one year before said you should just grow, do not think about too much the earnings as long as you grow. It was the message to every single company on Euronext stock exchange. Although when the market changed everyone said, well, profit is really the only thing that can drive a company. We had to pivot. We introduced this strategy, we explained that to the market and we said we will not do anything new before we prove to the market we are able to turn loss into profit. In one year with that strategy being very disciplined, we were able to turn negative NOK 30 million to positive NOK 30 million. That was the key element on that capital market day. Luckily we were able to turn that around. One year later, when we had demonstrated our ability to turn negative into positive on an EBITDA level and really introduce the product we had in the market we had with two price points on the SIM, we then said now is the time to think forward where the company would like to go. We introduced the road to 1 million then saying we are now allowing ourselves to look into new markets such as youth and senior, ending up with the acquisition of Doro. We had a plan at that time, we said four to five years. Our ambition is to then reach 1 million subscription. All right. We are actually trending a little bit above these trajectory. Things are actually going very, very well after the acquisition of Doro. We have had a lot of synergy already and we feel we are getting into the right way. It is time to have a viewpoint even beyond that 1 million and beyond the remaining three years of this strategy. Today we invited you to the capital market day in order to showcase what that means and how we foresee the company in the future to continue to grow, secure the path to 1 million, but also beyond that million. The theme today, Lise will show you more about that later, is to rethink different. Although as Knut said when I said our biggest move so far, loaning a billion to buy a company is actually maybe financially our biggest move. From a product and strategy, this is by far our biggest move in order to reach forward. Before I show you the product grid, just to be very clear on how can we the ease? Not operationally, but technically the easiest way for us to grow the business is two different ways we can do this. One, we can add more SIM enablers. Having more products where we can pre install a SIM card, that's the best way for us to grow definitely because it will potentially give us more SIMs to reach 1 million and above. That's one way. The second way is of course also to introduce a new market where we set up a MVNO allowing us to tap into new geographical market also with pre installed SIM card. We can either introduce more SIM enablers or we can extend our market footprint if we then take one step back. When Kjetil presented we have now 443,000 subscriptions, that has really been done by having smartwatches three in number. In fact, it's really three different price points because the value proposition is really the same. A mobile phone in the form factor of a smartwatch, you can put it on your hand from a quality perspective, screen resolution, et cetera, et cetera. It has three different price points. You can really argue that from a value proposition, it's really one product or one proposition over the last couple of years that has allowed us to drive 443,000 SIM subscriptions. Thinking about this from a strategic point of view, the next step for us is really to extend this full product grid allowing us to have many, many more different value proposition to offer the market. We have more different product, more different mobile device product where we can pre-install our SIM card. That's why we call it Rethink different. Because our competitors, the market in general, are more or less just adding more smartwatches that are more or less the same next generation. Maybe a little bit better camera, maybe a little bit better screen or battery life. It's the same proposition for the differentiation, it's not that big. Going into the future instead, we would like to have a product grid that is actually 12 times the size, of course with Doro, than what we have today. If we recall, really, with this one proposition has yielded 443,000 SIMs today going into the future. This is our army of soldiers that will go into the market and fight the battle to win the war and the subscriptions. What we are doing, we are splitting up the kids smartwatches for the youngest kids. Lise will demonstrate to you in the second our new concept with smart feature phones. We will also extend, which Sanjay will explain a little bit later, how we are attacking the smartphone category. Growing political concern, huge demand should be and come in this category. Of course, Kjetil has already presented the strategy with Doro as well. This will be our product grid going into the future. Four of these products are already in the market today. Today is actually the announcement date of this. The reason why we have set up the product here is that after the break everyone can come down and have a look and play around with the product. It's a beautiful design, new product. I will allow you to present it. It's wonderful but a lot of new things coming and this is the next product to come. As Sanghyo will explain as well, going into first half of next year we're extending into business to business model with our Guardian application into Samsung phones and more. He will demonstrate that. Then into Q1 2027 we are really utilizing the synergy effect from the Doro team allowing us now to multiply the value of these products. Also extending them into the kids feature phone. With hardware that is already being produced. We optimize it, huge synergy effect as well. Q1 2027 and we will come with a completely new value proposition into the entry level category of the youngest kids. Allowing us to have very different price point and a very different way to target the market. Hopefully to address even more SIM card and services, we need to have something to come as well at the end with a revised premium strategy as well. That will come later. If we then move into the second area of expansion, we just said SIM enablers. Now it is the MVNOs for the new audience. Our current MVNO service strategy is we have a SIM card, a basic SIM connectivity price point average around EUR 10 per month. As Knut said, our target has always been to have roughly 80% margin and as Kjetil percent. One of our biggest success over the last one year is our roughly 100,000 premium subscription on top. Very high margin and increasing the stickiness to the product. That is what we are selling into the market. We got a lot of question. Is it easy to set up an MVNO? Is it something the competitors can do and how does that work? We just wanted to emphasize a couple of these elements. Technically yes, anyone can do it. Is it easy? Not very much. Is it possible for everyone to achieve it? Not at all. The threshold for the telco partners around the globe, the threshold is very high. They expect volume, we have a lot of volume. We have a huge competitive advantage going into a new market with the legacy of almost 500,000 subscriptions already. A high barrier to take a wholesale agreement from a telco and there is a lot of technicalities that is required as well. To make it happen, we have done it successfully in these nine markets. The status so far is like we said, 400 plus thousand subscription with an annualized recurring revenue of NOK 358 million. What we are presenting today is the objective for the next five years. The team is getting themselves ready from a technical and commercial point of view to over the next five years. Our plan is to extend into four to five new market. We see an increased interest from multiple markets in Europe, potentially even beyond where our product lineup now having both kids is youth and senior to really be attracted to get our product into those market. Of course we'll never go into new market unless we can have our fair share of the service revenue. In order for the market to understand the business, the strategy and to be able to really calculate the business case and modeling our current footprint. Nine market one product proposition have driven 443,000 subscriptions going into the future. We are technically 12 times increasing the width of that proposition with more product and enablers and increasing over the next four to five years 50% of the current MVNO footprint. As Sanghyo will present, we are putting a lot of effort into building software feature application also using AI in order to really promote more premium services so we can increase our RPU stickiness and revenue from services. Take it away. Thank you. Okay, so 12 enablers, 50 more MVNOs and new feature. Someone need to make it happen. This is where our R and D kicks in. Probably it might be good to start with what we have presented a year ago. A year ago in a tech update. It is all about multi-tenant framework that we are adopting it. What is multi-tenant? Before multi-tenant it was all about Xplora Kids Watch application platform all designed for only Xplora Kids Watch. Now we need to scale up our opportunities. That means we need to have opportunity to add more verticals, smart device and new features, MVNOs into our platform. That is why the multi-tenant architecture is required to easily accommodate all different device and MVNOs. Eventually we can cover more user segments. That is multi-tenant we presented about a year ago. After that what happened? This is what happened last 12 months. From the app we improved all the user experience. It is not about just the design change but allowing all different smart devices to be able to connect through our family IoT platform. In our family IoT platform adopted robust multi-tenant architecture. Now we support not only kids but also effectively expanded to youth and senior that Kjetil will present more, so all around we have more extended proposition from the single platform and application. Let's talk a little bit about kids, just recaps around what is our core value proposition. Always it is about the safety from the safe phones and messaging that authorized contact by the guardians and SOS Safety Zone. Even our current platform is processing 4 million messages per week and actually more than 4.5 billion health activities we are processing every week. Imagine how our platform is robust and stable and more scalable enough to process this data. Of course, it's coming more from our store friends. Interesting figure here is 30%. What it is, it is about the stickiness, how often parents actually using our service. It is 30%. Is it good or bad? Just in comparison, the similar health fitness applications such as Fitbit and Strava typically around 20%, so you can imagine how it is really higher than industry standard. This gives a great opportunity for Xplora to introduce something new through this stickiness, high loyalty parents on an Xplora ecosystem. Then youth, it is everything about how we can win the children. There are so many applications already in the market, parent control, screen time management and management. The one challenge, children, they are so smart to bypass all such parent control very easily, go to YouTube searching, there is a way to bypass, even you can ask ChatGPT or Gemini how can I pass bypassive? That is why we did not only focus on what should be the parallel control. We actually more focus on how we can avoid such bypassing, deeply integrate into the system. That is why we partner with HMD and developed our own product that showcase this should be the safe phone for children. This proposition actually addressing 65% of parents actually demanding currently safe phone for children. Hopefully this product can fly over this year, then a little bit more about, okay, what is the value proposition in a youth? Always our core value proposition: safety, safety, safety. One, from the safety call and messaging with the authorized contacts, and of course location. In addition to that, when it comes to smartphone, it is more about screen time management and app management. Parents or guardian can control how long children should use the app and which app they should hide or unhide. Again, this parent control feature probably exists in many other apps, but hidden again here is children cannot bypass. That is the most important feature, deeply integrated into the system. Is it only one product with HMD we developed or our new product we developed? No, again, our platform multi-tenant strategy, where our technology should be able to easily and effectively expand more product so that our consumer customer can have more option to choose. That is why we evolved our technology to integrate into Samsung smartphone as well. It is not just application layer, still it is very deep system integration into the Samsung. Again, children cannot bypass but having exactly same value proposition I presented. Let me, singing is believing, so let me show you how it works. Here is kids phone and Guardian phone, and you see on the top the list of device all in one place from the Fusion X1 and our feature phone and Samsung phone. Always, location is one of our core value proposition with location history, safety zone, and also live tracking. Always, it is the same across our smart device today and also future. If you scroll down, there is a main menu. First, school mode in the kids phone, Snapchat, typical children can play Snapchat. When I kick in to the school mode, if I enable it, it will immediately in real time block the screen. Even when they try again, it is blocked. If I disable it in real time, it allows to play snapshot. That is how it works very in real time. Together, then app management. There are two features: app time control and app hide and unhide. App timer, you can control how long they should use. In the hide app, you can see the list of apps that you can hide or unhide pre-installed app in the smartphone. What happens if children download the new app? Of course, we have a solution here. Kids go to the Play Store, download the app. As soon as it downloads and installs, first thing the system is doing is blocking and then sends a notification to the guardian so that guardian can actually control, hide, or unhide. If you go to the list again and if you find what's the new installation here, you can see the new app. I will show you how it works. If you click OK, I allow, it is real time, shows the app. If I disable it in real time, it is automatically hidden. It is all in real time, deeply integrated into the system. One more thing about website. Website, of course, is important. I will show you demo. First, I need to actually enable the browser first. I will enable browser. You see the browser pops up and I added YouTube as a block list. If children try to reach to YouTube, it blocks. Of course, if I remove the block list, then children can actually access website again. Currently we are also considering to integrate with open database consolidated by the older parent association what should be the website that actually children shouldn't access. We can actually integrate into our database so that it can have more rich database safe for the children. As you see, lot of parent guardian control feature deeply integrated into the system, trying to avoid children bypassing. Is it enough? As I'm a parent with two early teens. No, I'm still hungry. Right. That's why we investing a lot into how we can actually improve more safety measurement for children. But also now with Doro for senior, basically entire family. That is why we introduced safe AI. I know it is nowadays becoming controversial. Yeah, AI, lot of money. Do you need more money? Maybe yes, maybe not. Leave it to Sten. Our definition of safe AI is not we want to compete with Google or other big names maybe yet. What we are doing, let me explain in this way, all our great products need battery inside. Without battery, of course, our smartphone or case watch does not work. Does that mean Xplora should invest in developing battery? No, our goal is actually finding the right solution to create a value for the family so that we can actually provide more secured and safe family solutions and service. That is why we are not investing in actually core AI like a battery. We are investing in how we can improve or introduce more stronger safeguards in between native AI and the family. That is where we are investing in. We are currently in the development or some of the feature in the pilot test stage so that hopefully we can introduce you early next year. Let me show you how it can be integrated into our key products from the smartphone and new product. Lise will present. Of course senior is also important family member. We should provide more safety measurement. In the smartphone, basically when incoming message contains inappropriate message then it is automatically blocked. This is definitely integrated into the system as well and even outgoing message. I am trying to send, my kids trying to send a picture, inappropriate picture to send to someone else. Then still we can block and even guide them. Why this is not inappropriate behavior. Of course, for seniors the most important thing is a scam call protection, which Kjetil can introduce more in the later. All this together, why we're doing this, it is of course the family safety and also providing more connection in a proper secured way so that our consumer can see the value and also it increases willing to pay as a part of the premium so that we can increase ARPU in our business. All together we are now evolving into not only IoT platform, we are evolving into global family ecosystem. From the application we're becoming family hub to access our ecosystem and robust platform to be able to support kids, youth, senior and something more. Because I have a dog, I need something and all different device that effectively integrate into our platform. All this we can provide family more secure communication and intelligent protection and helping them to engaging more so that we can bring traditional family value again. That is how we actually working on in the R and D. Now I invite Lise to the stage to show you amazing product launch plan. Thank you. Good morning everyone. You have seen our business strategy from Sten, you have seen our product roadmap from Sanghyo and I am now going to give you some insight and flavor of how we are taking this to market. Someone once told us to think different. They said technology should be available for everyone, not just the few. Perhaps we took it a little too far. Do children need free access to the Internet, social media and chat groups? Do children need a chatbot to talk to? We do not think so. They need friends, not followers. We make sure our kids do not run into traffic. We teach them to look both ways, not to talk to strangers. Yet we let them loose on the Internet alone. In a universe even we adults struggle to understand, we need to rethink. Children shouldn't have to adapt to technology made for adults. Rather, technology must adapt to children. This is why Xplora makes smartwatches and phones for kids that let us talk when we need to. No feed, no scrolling, no distractions. Just technology that helps kids stay kids a little longer. There is a fierce ongoing public debate around children, teens, smartphones, screens, and social media. We are seeing strong movements in schools to limit phone use completely and restrict access to social media for tweens and for teens. Governments are stepping in as well. Australia is leading the way. They are banning social media for the under 16s. This is coming into force now in December. The Nordics are looking to follow suit as well, introducing a 15 year old limit for social media. The EU is also looking into regulation. Let's be clear, the market isn't just ready for change, it's actually demanding it. Both parents and children. In a recent survey across 84 countries, 10,000 parents of children ages 8 to 11 found that over half of parents regret giving their child a smartphone. Nearly half believe the smartphone use has actually changed their child's personality. 65% of parents are calling for a child friendly phone, but are really struggling to find good options. It's not just the parents. The kids are asking for help as well. 40% of children worry that they use their phone too much. Over half of them have been approached by strangers online or experienced online bullying. There is a clear call to action from parents, from governments, from schools. Some movements are even calling for a complete ban on phones for children and young teens. Here's the thing. Somewhere in between those extremes lies a better option. One where kids can be kids even as they enter the digital world. Thirty years ago, Apple inspired the world to think differently with its legendary Think different advertising campaign, sparking a generation of innovation. Today, we need to think differently about how technology and algorithms impact our children and our youth. Apple's been a pioneer in innovation. To pay tribute to Apple while also challenging the status quo, we in Xplora have developed our own take on their iconic advertising film. Here's to the crazy ones. We have done this with the hope of inspiring us all to provide children with a safe digital childhood. Let's take a look. Here's to the crazy ones. The misfits, the rebels, the troublemakers, the round pegs in the square holes. The ones who see things differently. They're not fond of rules and they have no respect for the status quo. You can quote them, disagree with them, glorify and vilify them, but the one thing you can't do is ignore them. Because they change things. They push the human race forward. While some may see them as the crazy ones, we see genius. Because the ones who are crazy enough to think they can change the world are the ones who do. For too long, different has meant faster, louder, more online. We believe different should mean better. Better for kids, better for families, and better for growing up. While Apple celebrated the great minds who changed the world, we celebrate the small ones who still believe that they can. As proof of that belief, today we are very proud and excited to be revealing our new phone, Xplora One. Xplora One is a safe, simple, purposeful starter phone for children ages eight to eleven. It gives kids safe independence without Internet access. No social media, no apps. It lets them call, send messages, and share safely. It gives parents peace of mind through GPS tracking and functionality to approve messaging and calling. Parents decide who their children can call and when. This helps build both healthy digital habits and also gives parents peace of mind. Let's be clear, this is not a smartphone. This is a feature phone. Or we call it a smart feature phone because it's actually smarter. It's not a dumb phone like some people call these phones. It's a smarter phone. There's no social media, as I said, there is no Internet. It's just the right amount of freedom and built on the same, it's safe as technology. Actually, it looks pretty nifty as well. It's very cute. It has a camera, it has a flashlight and a calculator. Actually, this is not a phone made for entertainment. Actually, we think it works best when it's not in their hands, but safely tucked away in their pocket. Our vision is to be the company that works every day to provide children and young people with safe digital onboarding, a step by step process. We believe in the right tech at the right time, guiding children from five to fifteen along in this digital journey where we gradually increase their access, starting with the watches for the youngest segment. The next step is then over to Xplora One. We frankly believe that Xplora One is a phone that should be able to last them through primary school. They do not need anything more than that. We have seen this trend also in other countries. In the U.S. there has been this movement called wait till eight, wait till eighth grade with the smartphone. In the U.K., you move on to secondary school in year seven. That is when you start walking to school alone. That is when you start taking the bus. That is when you need a phone. This little thing is enough to last you until you are about twelve years old. We are tech optimists, right? We believe in responsible use. Sorry. That is why we have, when they are ready, around when they turn teens, to move on to the smartphone. As Sanjay demonstrated, a very controlled smartphone on the Xplora app, where parents can really control easily, access, timing, et cetera. Guiding parents and children through this digital journey, with boundaries, with support and age-appropriate access, is where we really come in and play. Today is a big day. We are launching Rethink Different, which you just saw. We are revealing Xplora One. The campaign tagline is made to stay in their pocket and it will be supported by a PR and media outreach program across the Nordics and internationally. We are also running an integrated marketing program across all channels, both paid advertising and organic promotion. Next week we are hosting an event in Oslo to discuss how we best protect children in a digital world. We are very excited to welcome a pretty distinguished panel. We have the Minister of Children and Families from Norway coming, we have another Member of Parliament coming. We have parent organizations such as Smartphone Free Childhood attending as well. Xplora One will be on sale in Q1 2026, on Xplora.com, our websites in the Nordics and Germany, as well as on Amazon. Let me leave you with this. Think Different inspired our generation. With Rethink Different, our goal is to protect the next generation. Children deserve technology that is designed for them, not algorithms that are designed for addiction. Xplora, as a company, we take on the responsibility that other tech firms shy away from. Xplora One is a big step forward for Xplora, but even more importantly for families everywhere. Thank you. All right, then, I will give you an update on the progress on Doro and Doro Connect. Specifically, I've always been fascinated by the construction of oil rigs and what we are doing here is also massively complex. It's not something that you can see, but there is a massive backend system behind. When we say that we have good access to a telcos network with signing a deal with some massive work of introducing and programming all the different systems, actually what we do is that we get access to our telco network but then we have to build everything to make that into actually being a usable function. There is a difference from the mobile connectivity setup that we have with Xplora. It's much more simplified compared to what we are now doing for the Doro and also for the youth phones. Most of these customers, they already have an existing subscription. That means that they will want to keep their mobile number, but they get a new SIM card. Just as an example, there is like a clearing house for the mobile number portability. We had to build that actually in Finland, so we get some surprises. We are basically following the plan. On November 5th, we relaunched what we launched in Sweden in the middle of June, where we have a much more smooth process when it comes to buying the service. At the same date, we also then launched on the web shop in Norway, Finland. We have now three operations on Doro's web shops, and as we already have commented on, we have reached a target with the attachment rate above 25%, and we will launch two big markets. One on December 3rd, the U.K. on the direct consumer channel and also then a week later in France. These are Doro's two biggest markets. On the 6th of December we will launch on Amazon in Sweden. The goods are already shipped in to Amazon, they're ready to start sale. We will also then in the beginning of next year launch on Amazon U.K. and France operation. The reason why we can't do that in parallel with the webshop is that we have to have the SIM card and everything ready before we can ship it into Amazon. In Q4 Amazon have very long lead times when it comes to accepting goods. That will follow then after New Year and we are very happy to announce that we have signed up a lot of large retail chains with combined more than 900 retail stores. Of course they also have their online channels. We will then start after the Bseq4 period in Q1 with rolling this out into the retail stores. Basically, to simplify it a bit, what has to happen in the retail stores is that we have to put in place a retail SIM subscription activation system. That is something that all the telcos have with the retailers. When they want to sell the SIM card, they need to take the customer data, then they need to take the payment information and they also need to do a customer verification, ID verification process. That needs to be put in place. We need to distribute all the SIM cards and of course we need to train all the shop employees so they actually sell the Doro SIM card. We will gradually roll this out in our markets in also the retail just past the new year. What we then launched with the value proposition is very similar for the connection to the mobile phones. Doro is very much about always secure, easy to use, personal support, transparent tariffs. These elderly people very often exposed to scams of full transparency on the price plans and fees and everything. They are not getting lured into something. Always as long as I've been in telco industry the network is important both when it comes to capacity and network coverage. We operate these Doro subscriptions and on the same networks as we do for the Xplora mobile subscription plan. We have the leading European telcos as our suppliers on the network itself. What I just started with explaining is this seamless transfer of the mobile number. They may have had the mobile number all their life and of course they want to maintain that. That mobile number portability function is also a very important part. This is what we have launched with and you may have seen it already, but we had a starting offer on the web shop in Sweden, Finland, and Norway. We also have the opportunity to combine the sales of Doro Connect with the right Hydra feature phone or a smartphone and then build the right packages reflecting the usage of the elderly person. Of course, the RPU from these price plans also varies from market to market, just like you know from Xplora. In general the price plan, meaning the RPU, is higher compared to smartwatches. Here you see some examples from the Swedish market where the price for the feature phone subscription is SEK 149 while for the smartphone it is SEK 279. All right, we are trying to replicate the learning that we have had so successfully with Xplora Premium, the kids activation service. We see there is an opportunity for the elderly to add some new services on top of the basic connectivity, both to differentiate and actually to have a higher RPU. We have defined 12 personalized add-ons for the elderly centered around three themes. One is the safety aspect, the other is the assistance aspect. They need help very often with their phone, and also health movement, being active, we know that is good for everyone. Twelve services have been then developed in cooperation between the Doro team and the Xplora team. Taking the experiences from Doro, knowing what the customers are looking for with what Sanghyo presented, with the technical capability to implement these services and build platform and apps. Here we have visualized how this will look like on a Doro smartphone. You see on the left hand side that you have like four different functions. One is, for instance, to share your screen because you just like, you know from your IT support, sometimes you get stuck and you have your IT department take over your screen and do things for you. This is actually what the elderly person is then enabling their cretaker, their daughter, son. That means that I can take over the screen. In the middle there, you can see some of the services. For instance, you turn on scam protection here on the upper green button. That means that when there is an incoming call, like an insurance policy scam, you get a notification saying, okay, this is a warning, do you want to end it, to block it, or to. These are examples of what the caretaker actually then can do. You can also block, let's say, calls and SMSs that you predict are scams. There is also a very advanced function when it comes to tracking, and that works also on feature phones, meaning it's very often that people with dementia get lost or they don't even dare to leave their flat or house because they are scared of getting lost. That is something which is really a big social program and problem. Here you can actually track where the elderly person is, where he has been and you can set also notification areas. It is an advanced, let's say, map tracking function. Of course we want to make a business out of this. On the left hand side you have a traditional Doro Connect plan with various price points. We are adding on the premium service that I just described which will bring additional RPU and centered around these three topics that I just described, these services can also be sold through the Doro and Xplora app. Meaning that we can get this premium revenue not only from the customers who buy Doro Connect, we can also get it from customers who have bought their Doro phone with a telco or with another MVNO or with a retailer with any price plans. We can sell it through the app and we have quite good reference figures from that also from Xplora. It is not only an RPU on top of the connectivity part, it is also a potential ARPU from all phones that are in the market, both feature phones and smartphones. That opens up some new possibilities that have evolved during this process. Thank you. All right. I think we're quite good on time. Over the last months we have listened, or at least tried to listen related to what our investors, stakeholders have wondered what is the questions. We wanted today to kind of take a glimpse into the future, allowing everyone to better understand the company both in terms of the numbers we are presenting in the future and how we are thinking for the future. With that, we actually just wanted to settle in and repeat the outlook before we go into the Q and A. Outlook as what I said just after the Q3, but also again just wanted to re-emphasize the very important notes we published this morning related to our strong results but also related to the company and the board's decision related for us now to start the process to explore within the next 12 months the right stock exchange for us in order to continue to maximize shareholder value and make sure that the company is set up right in order to execute on this quite ambitious growth strategy. Also with the message that was published this morning related to now exceeding finally the 90%. To summarize, the company has delivered a very solid result. We have a very solid platform financially and from a product and execution point of view. We now will introduce our new product grid expanding 12 times the differentiation in value proposition, 4-5 new MVNO markets to grow into the future. We have also showcased a little bit more details about both services and products. All in all, we're in a good place. We are very optimistic, we are proud. With that, as usual, we are all here to. Before we go into the Q and A, actually we have Doro team members here, Sanghyo, our CTO, and more. Feel free to join us afterward. Touch the product, play around, try them. We will assist you and make it so you can really get a better feeling of it because that's the product we are selling. Stay tuned for that after and please stay. With that, let's move into the Q and A session to round this up. As normal, I will have Kjetil and Knut on the stage. Of course, Sanghyo and Lise are here as well if there are some additional questions. We are all ready to receive questions as normal. Let's start with everyone or all the questions online and we can move into questions from the audience. How is the progress for Doro Connect subscription in Sweden? Maybe Kjetil, you can say a little bit about the movement in Sweden, since that's a couple of weeks more versus the rest of Nordic. Feel free. Yeah, no, as I said, we relaunched it on November 5th and I think the attachment rate between the three Nordic countries is more or less the same. We are really looking forward to introducing it into also the retailers. Substantial number of those retailers mentioned are in the Nordic countries. We also clearly have to, just like we have done with Xplora, optimize the buying process. We learn it is a different online system compared to what we have in Xplora. We also have to learn and test. We see that the attachment rate figures improve along with that work. Next one I will include the start here. Fantastic number. Thank you. Could you give some guidance on the yearly CapEx level going forward? That's a fair question related to that metrics, Knut. As you see we have a lot of plans going forward and we need of course to balance this with what we have available to invest in. That is also why we are going to focus on one of the key measures, EBITDA after CapEx. That is complete transparency on these numbers. We have so far had around NOK 20 million in CapEx for the Xplora side, a little bit more on the Doro side. I think we will keep it there as the Xplora One phone is 100% developed by HMD. The majority of that CapEx is of course then done by HMD. I think I do not want to guide more on that. All right. I can also add I think the great synergy effect between the Doro team and Xplora team that we also see some yielding result from in the future as well that allows actually to bring more product and services to the market just by that effect as well. We have like three, four questions on the fly related to the stock exchange note. Can you please clarify which stock do you have any preference and how to do this? Yeah, in short, as we published we will start the process as we also mentioned, the goal is to have that settled within 12 months and we will of course make a very clear analysis related to where or how this will be best suited for the company to future growth within the target of 12 months. Is there any particular focus on various market, the total market versus any particular market in particular, or how is U.S. related to the rest of the market. I think the key answer to address that is it's been very crucial for us now to address, first of all, to pivot Doro into slightly decline to a growth, and in order for Xplora to achieve the highest sellout in the company history on a high level number, that's been more important than what particular market is growing individually. It's been very important to drive the high level number. Going forward, we'll of course continue to grow all markets. Lise mentioned, for example, that we see a huge attention in the U.K. market related to the new product. We will be quite financially cynical related to focusing on the market that are yielding the best results. We can drive the highest possible top line volume in that regard or gross profit. Yeah. One more question. Is the 25% conversion related to the 13% you showcased last quarter? The answer to that is yes. It is still related to the 13% represented on Q2 that the question from the online then if any question. Let me start by better feel free. First of all, congratulations on passing the 90% threshold. I have a few questions related to Doro. You have a 25% conversion now in all channels. Can you just remind us how much of the revenue in Doro that is from own channels? In the initial days we said roughly 10% from that channel in the volume. I do not know if we have any more new insight, but that was a reference point we made. It keeps increasing. Doro has last two consecutive years had a growth in the D2C channels as a share of the total revenue. So it's. Is it fair to assume that's higher than 10 now? Yes, a little bit higher. Secondly, I know it's not Apple to Apple, but is it possible to compare the 25% that you have on Doro within your own channels today compared to where you were with Xplora at the same time several years ago. And is it a meaningful comparison? Yes and no. It depends also very much on the markets. If you say in the Nordic markets, Xplora has always had a very, very high attachment rate while in Germany for instance, where the majority of the sales goes to the telcos, it's the opposite until you know, started to grow the web channel in Germany. It is a bit hard to directly compare. It depends on the market actually. Just a final question for me, is it possible to comment something on kind of the RPU that you see so far on the 25%? Yes, absolutely. I mean the price plans are public, so I mean you can just go into Doro SE or Doro Finland and then you see the price plan. What we have launched with in Sweden is SEK 279 for the smartphone subscription and SEK 149 for the feature phone. In Norway it is NOK 399 for the smartphone and in Finland it is EUR 25. It is higher compared to the Xplora. Also here there will be big differences between the markets, just like you know from Xplora. Thank you. Couple of questions coming in as well. What will be the next MVNO market and is it natural to start with countries where Doro has a strong retail footprint? We will not disclose of course which market to come because we are in that assessment. Yes, it is natural to have very high on the list, for example, markets where either Doro performs well with a lot of volume or markets where we see a very high demand. We will not comment in particular on that, but announce it once we will launch it. Do you see any potential for more M&A in the future? Definitely understand that question. We have now had two. Today we have had two successful M&As, first with mobile and then with Doro. I think it is fair. Sanghyo of course just made a reference to his dog without going into those details, but I think the key message here is we are building our platform so we in a very agile, quick way can expand into multiple tenants or opportunity. That's number one. Knut has been stressing this very important message for the longest time as well. Flexibility on our financial position is key in order allowing us the freedom to move. Of course we will not comment on that in any more detail, but we have a strong growth ambition which we showcase today. Yep. Great. Jurgen from Pareto, first, thank you for the presentation and also thank you for taking my questions. First, I would ask, you said that the RPU in Doro would be around 150-300 SEK. Could you say something about the dynamics you see in continental Europe? Is it about the same or call it difference between kids in Nordics and continental Europe? Should we see that the difference would be smaller or larger? What is the dynamic in the elder segment? The dynamic is that you will find all kinds of price plans. You will find pure online MVNOs without any support system that sell very, very cheaply, very often with an introduction offer that will increase in price over time. You have the traditional telcos that have the highest prices. We are trying to position us a bit below the telcos, but not as low as the very simple online MVNOs because we have something in addition, and that is what I explained on the value proposition of the basic subscription. We also have the opportunity with these add-on services that I presented towards the end of my second presentation. We think in order to differentiate we have to find something which is unique. One thing is the link to the Doro phones where we have the same value proposition about transparency, customer service, trust. On the other hand, we will add on services that can help us to either increase the RPU above what we could have without it, or actually to secure our position on taking a decent RPU without decreasing down to that pure online MVNO position. It is not a straightforward answer. It is rather complex. If you study the European telco market, you will find all kinds of prices, all kinds of differentiators, differentiating on data volume, on data speed, subsidizing handsets. The good thing is that the consumers have a huge selection and not everyone makes this into a science. You do not have to be the cheapest or the fastest, you just have to become selected. If I also may add on to Petish's earlier question, could you specify how much of the Doro revenue is in Amazon or in retail? I think Peter asked and I answered a bit above 10%, 11-12%. E-com in general, Amazon plus retail plus our webshop. Okay, and then could you also split the gross margin effect you saw this quarter between FX and new products? You are starting to build more complex because we are buying in products almost six months before it's coming into our COGS. Part yes it's related to COGS, but the majority here is basically related to us at least in Xplora side for reduction in our cost of each product. We have spent some time over the last couple of quarters to transition the new products into our supply chain and now we have more or less only the new version of the products in our inventory and out to the customer. The majority of the products positive impact of the gross profit is related to the COGS piece. You have some currency expectation of course. A final one from me, please. Sell-in again lower than the sell-out. Is this a trend that you see, distributors reducing their inventory, or is it more of a phasing where we should see this equal out over time and that you should regain sort of the difference that you've seen n ow? I think the best way to answer this is no one knows about the future, just to put that out there. The key thing for us is actually what is the demand in the market, was it measured by sell-out? That's the number one thing. That's also why we have stressed for three years that we avoid giving detailed numbers every quarter because we have these fluctuations. When the market is really hot, the retailer will carry more stock. When the market is a little bit more challenging, they would like to push that over to us so they reduce their stock. That is why you have these fluctuation. That is also why we rather would actually present detailed number on six months versus three months. On top of that, now we see we make a lot more money on our own channel because we have more SIM and higher margin. We would also like to increase our direct to consumer and in general reduce a little bit of the retail. The best answer I can give is that this has an effect short term, the difference, and should even out over time. Again, depending on how we would optimize our channels. Okay, no different communications from the distributors or customers. Except for the market right now is more demanding than for some time ago. In general all retailers will say we would like to reduce our stock and push that into the supplier. Just to elaborate two sentences on that. When we increase the share of direct sales, meaning Amazon and Web, there is no sell-in, there is only sell-out. When we increase the share of those channels, you also get an effect or it explains part of that effect. All right, we actually made it on time. Thank you everyone for participating, joining us today. We will stay around. Thank you everyone.