Welcome to the Alimak Group Q3 2025 report presentation. For the first part of the conference call, participants will be in listen-only mode. During the questions-and-answers session, participants are able to ask questions by dialing pound five on their telephone keypad. Now, I will hand the conference over to the speakers, CEO, Ole Kristian Jødahl and CFO, Sylvain Grange. Please go ahead. Thank you, and welcome to this Q3 2025 call. As always, as you know, I have with me Sylvain here. Turning page and making a short group recap, as we always do. We are the leading provider of sustainable vertical access and working at height solutions. Some fundamental drivers for our success are that we are supported by global trends like urbanization, safety regulations, more increased electrification, automation, etc. We do have a leading market position in the niches where we focus around the globe. It also means we have a global footprint and with a large history. It's a significant installed base that you find out there, which is something that we, through our global service organizations, also then take care of. That's a fundamental piece of the group: the service and the aftermarket. We do have a strong balance sheet and a strong cash conversion. How do we all make it happen? If we turn page, it's about the New Heights program that we have had in place now for 5 years, which continues to serve us well. Also, you know, we will have a CMD, Capital Market Day, on November 25th here in Stockholm, where we will talk more about New Heights 2.0 and our journey up to 2030. I look forward to seeing you there. Turning page, we also have our financial and sustainability targets, as you do know very well. These are targets we are 100% committed to delivering on. We are, I would say. Turning page and diving then into the quarter. The markets continue to be challenging, but at the same time, it's also very pleasing to see that our New Heights strategy that I was alluding to, you know, is, and we have had ongoing now for 5 years, is continuing to serve us very well. We show resilience in this challenging market. Order intake was up 4% organically in the quarter, and it's actually four out of five divisions showing organic growth on order intake. Revenue was up 1% organically. It's really the challenging construction market that continues to influence the group. We also see a very low level of investments for CapEx in new hoists in Europe and North America, and that's affecting our Skellefteå factory, as we have also talked about before. Also, the summer months were now very slow for the HSPS division, and that's also driven by the construction market that they are partially exposed to. We also had this new administration's focus on, or negative focus, if you like, on the wind energy, which has caused an impact on developments there for over a short while. We saw it some in Q2. We also see it now in Q3, might be a little bit in Q4, but it's also something that is temporary and that will go away. We see a good base going forward from 2026 and onwards. The strengthened SEK is continuing to impact our conversion of results. That, together with the weak construction division margin, took us then to an adjusted EBITDA margin of 17.3% in the quarter, which still is a good margin. It's only 3x that we have been higher than this. We are still on our profitable growth journey. We have a solid financial position. Cash flow was SEK 196 million, and the leverage was SEK 1.79 million. Turning page, some more details on the group quarter. Order intake was SEK 1,547 million, down 3% reported, but 4% up organic. We had positive contributions from the industrial and construction division, but also HSPS and wind had a small organic growth in the quarter, and the decrease came from facade access. Year-to-date, organic order intake is up 8%. Revenue was SEK 1,658 million, - 5% or 1% up organic. We saw strong performance from industrial and facade access. Year-to-date, organic revenue is up 2%. Adjusted EBITDA at SEK 287 million, down from the 310, giving this margin at 17.3% versus a strong one at 17.8% last year. It's a 7% decline year-over-year, of which 6% is due to the strengthened SEK. We are a very global company. I think it's around 2% of our turnover, which is then in SEK, else it's all foreign currency. The weak construction margin was partially offset by improved margins in industrial and facade access in the quarter. Year-to-date, organic adjusted EBITDA is up 5%. Turning page, service is a fundamental piece, as you all know, of the group, something we drive in all divisions. In the quarter, organic order intake was up 6% organically and reported SEK 599 million versus 605, down 1%. It's driven by industrial and HSPS in the quarter. Revenue increased 7%, 14% organic to SEK 663 million, up from SEK 621 million. Strong performance then in facade access, HSPS, and industrial. Year-to-date, order intake organic is up 5% and revenue is up 10%. It creates resilience, creates opportunities, gives us this opportunity to be very close to our customers, learn our market, and a fundamental growth driver for the group. Turning page and diving into divisions. We start off, as usual, with Facade Access. Order intake was SEK 379 million, down 16% or - 9% at constant rates. It is basically reflecting the irregularity of the business between months and quarters. Year-to-date, we are up 13%, and the pipe continues to look good. There is nothing really in this other than the timing and this irregularity of the business. We saw several replacement orders in the Netherlands in the quarter, a major BMU order or project won in the Middle East. We continue to have also positive momentum in North America, driven by our new initiatives, integrated design services, low complex solutions, and also infrastructure. On top of that, we won, which we have been focusing more on now, nuclear, and we won a very nice contract there, something we strongly believe we can do much more of. Revenue was SEK 491 million, up 2% or 11% at constant rates. We see double-digit organic growth in North America and Asia-Pacific. EBITDA at SEK 64 million, up from SEK 55 million, giving a margin of 13% versus 11.5%. Very happy to see we continue to drive margin improvements in this business, which is what we have set out to do. It is due to these things that we have been talking about for a long time: project pricing, planning, execution, but also negatively affected still by the legacy projects that now are in final stages. A currency effect is, of course, affecting this division. The low factory load we have on BMUs, building maintenance units, has been compensated and is a good move that we did last year to drive the closure of the assembly site in Mammendorf. One thing I should note, or you should note, is that Q4 last year was a very high comparable. It will also be a tough comparable, so you should not expect that we should be on that level, but you should expect that we continue our journey. Turning page. We do more restructuring as we announced last quarter. We do use some capacity further in our CoxGomyl factory in Spain and also in our Luxembourg operations. Two-thirds of the cost related to this restructuring was taken now in Q3. The SEK 30 million cost saving that is expected out from this is due to happen from the beginning of 2026. We continue also to drive, you know, diversified revenue streams. This is, you know, for this division as it is for basically all, I would say, if it wouldn't have been for the New Heights and really what we are driving to find profitable growth in all parts of the business, it would have been a very different situation. Here, you know, with our joint initiatives with Skyline Robotics, first of all, we have won some nice IDS contracts related to that together with them. We also jointly, of course, go to events, promote, and we have strong beliefs in this going forward. Also, infrastructure, we have won during the year two very nice bridge projects that we are now implementing. We learn a lot. We manage them very well. This is also something we see as a very bright future for this business. Plus, I also want to highlight that the building maintenance unit market, the pipe looks very, very strong. These are not, you know, projects that are in the phase of being signed yet. We have projects which are ready to be signed, we see in the market. When the market improves, that will also be a very welcome back market for us, of course. Turning page to construction. Here we continue to face a tough market. Again, also here, our actions over the last years, which have been focused on driving growth, diversification of the portfolio, and cost, is really what makes this still a good business, you know, and a decent quarter. Order intake was SEK 361 million, up 3% and 11% in constant rates, supported by mass climbing work platforms, nice orders in the UAE, reflecting also our, as I said, commercial efforts in this region. When some parts of the world are slow, we work very intense on other parts where we have opportunities. Material transport platforms also, you know, smaller, lighter machinery. We see nice orders, things that were not really in focus before, both in Denmark, Korea. All of this is then helping offset the very weak demand that we now have seen for a while, but it's also continuing for new hoists in North America and Europe because the interest in investing in CapEx is really not there when the market is low. This is, of course, affecting our load in the Skellefteå factory. That's why the main effect on the result. Revenue was SEK 333 million, down 22% or 16% down constant rates. Driven by the lower order intake in the previous quarter. EBITDA at SEK 44 million versus SEK 74 million last year, margin of 13.3% versus 17.4%. As I said, driven by these weaker hoist sales and the effect on the Skellefteå factory, basically. This lower order intake now also, in relative terms, is a relatively low level for us and will also, of course, be something that will come into Q4. We are taking more actions to protect the result, of course, to ensure our costs are variable. We also don't want to destroy this market that will come back. We know that we are in a very strong position when that will turn. Turning page. We have launched a new product in the quarter, the Levato 450 out of our China factory, meant for non-CE marked markets, so the emerging markets. This China factory and the assortment we have there continue to develop very well with our sales in Asia-Pacific, the Middle East, Latin America, and Eastern Europe. A good strategic and important piece for us in the construction division. Also, a very nice project we won down in Greece. It's a new Hard Rock Casino project where we work together with our partner down there and the customer on finding the optimal logistical solutions. The machines are sold to this project, but we will support throughout the project also. More close entanglement with customers. Turning page. Height Safety & Productivity Solutions, also somewhat a challenging quarter with the soft summer. Order intake was SEK 305 million, down 2%, but up 3% at constant rates. The European market was very soft during July and August, but also then partially compensated by a positive trend again in September and good momentum also in emerging markets. Here we accelerate our investments in product development, sales, and marketing to increase and really drive the fundamental profitable growth. Revenue was SEK 310 million, down 7%, down 2% at constant rates. Impacted by the lower order intake in the previous quarter and summer. EBITDA at SEK 57 million, down from SEK 64 million, giving a margin of 18.5% versus 19.2%. Again, impacted by the lower revenue. Turning page. Focus here is to drive profitable growth. You will also hear much more about this in the Capital Market Day, prioritizing and focusing. It's about different segments and specific solutions into these segments. Yeah, like the elevator segment, wastewater management, electric grid energy. We are investing in more sales resources. You know, we see that it's potential for us in the Middle East, Australia, and Brazil, the more, you know, most in the near future. We are investing in sales resources here. We also work, of course, closer now also with the regulatory authorities to ensure that, you know, there are regulations in place to take care of health and safety perspectives and also improve market opportunities for us. A couple of nice projects, you know, Energy sector in Spain. We adopt and especially make, you know, a Tirac for a customer solution, but also a Railway project in Italy where we use our ladders to provide access down in railway shafts. Turning page. We also, you know, very happy to announce that now just around, you know, before we came here, we have signed an agreement with the Swedish company Interlift to be acquired. We are expecting to close it by the end of November. Revenue around SEK 50 million. This is within HSPS then. It's a distributor of HSPS here in the Swedish and partly Nordic market. We don't fully have our own setup here. That will be a good strength and a new thing for us. Also that we try this thing of vertical integration, which will give us again more, you know, market presence, more opportunities, more products, closer to customers, driving more service aftermarket, etc. It's a nice move and very excited about the continuation of this one. Turning page and industrial. Here we see the same story as we have seen for a long, long time since basically we launched New Heights and we gave full attention to this business. It's been growing. Here we continue to deliver strong profitable growth. Order intake was SEK 356 million, up 4% or 10% organic. Supported by refurbishment business, which we have also now been putting extra focus on. Also still ports, power, heavy industries continue to contribute positively. Revenue was SEK 376 million, up 6% or 9% organic. It's, you know, due to strong order intake over a long time, but also, of course, a small effect now also from the Century acquisition. I think in the quarter it came into the last part, it's around SEK 11 million that is affecting revenue. Aftermarket continue also to contribute positively. EBITDA SEK 92 million, up from SEK 81 million, margin of 24.5% versus the 23% last year. Happy to see that we continue to make solid margin improvements at these types of levels. Turning page. We closed in the quarter the acquisition of Century Elevators, this party in the U.S., and it's running well for us, you know. We have a new building there. We are driving the, you know, short-term cost synergies. It's well on its way. The team have come together in a good way. Also, the opportunity for, you know, order intake and everything is developing well and looks strong. We are very confident about the future of this business and that we have made a good move on getting this into the group. As I mentioned, refurbishment last quarter, I talked about the Mini 400, the development that we had done. We have now also captured quite a lot of orders for this, so it's a short-term, a nice success for product development. Turning page into wind. Order intake was SEK 157 million, down 2% or up 3% in constant rates. Orders in the U.S. remain slow, but we now see signs of trend reversal. I'm coming back to a little bit the market on the next page. Continued strong momentum in Asia-Pacific and also offshore market in Northern Europe now starts to improve. Revenue was SEK 160 million, down 11% or down 6% in constant rates, and it's impacted by the softer order intake in Q2. Good performance in China, and it's also then continuing to reinforce its strategic importance into the wind industry. It's very strategic for the Chinese, and I'm very happy to say also that we are very strong in China and with these Chinese OEMs. EBITDA at SEK 30 million, down from SEK 35 million, giving a margin of 18.6% versus the 19.4% gross margin, impacted some by negative geographical mix and a little bit by the lower revenue. Our strong business model, cost control, supported another, you know, it's a great profit level for this type of business and in this market. Turning page. Market, you know, China, as I said, continue to invest, continue to see this as a very important strategic piece, you know, wind energy, not only in China, but also outside China. We are in a strong position with them and expanding with them, not only, not at least India for the time being. North America, the market due to the U.S. administration, you know, we saw it in Q2. We talked about it then that it's slowing down, you know, the investments, you know, or signing of new projects because it's so much uncertainty. Now that uncertainty is more clear, you know, we know that projects that have been started off before 4th July, next summer will be carried out, you know. It's a high push now on new things and signing up new projects. It looks good for us in the next 2, 3 y ears, absolutely in North America also. In Europe, offshore wind parks are again, you know, being signed up. It's also here we start to see market moving. We will have, you know, an effect, I think, still into Q4 with what we have seen, a little bit lower order intake in Q3. Product highlights, we focus on training because, you know, this number of turbines that are coming out of warranty in the next coming years that will be fully, you know, available for us and our service business, it's increasing rapidly. Training aftermarket is very, very important for us and will be a significant growth contributor forward. Then also, of course, the new products like within safety, the PPE, and the fall protection safety products, etc. With that, I am at profit and loss, and then I leave the floor to Sylvain. Thank you, Ole. Good morning. As you indicated, Ole, our adjusted EBITDA decreased by 7% in the quarter, 2% organically. Most of the difference is due to the adverse developments of the French exchange rates, the strengthened SEK, but there was in the quarter a small positive impact from the earnings of Century. We see that the organic quarterly adjusted EBITDA performance is slightly worse than revenue in the quarter, and that's due to a small downtick in the gross margin. I will come to that on the next slide. It's worth mentioning that on a year-to-date basis, adjusted EBITDA grows more than revenue. Organically, year-to-date adjusted EBITDA grew by 5% for the first three quarters of the year versus 2% on the revenue. Below EBITDA, individual P&L lines are basically in line with our expectations, with what I've been indicating over the last few quarters. We think we are where we should be. To make it short, items affecting comparability relate to the restructuring cost in the facade access division, which we announced in July this year. Quarterly amortization is consistent with the first two quarters of this year, and it's coming down versus Q3 2024 due to some tractile-related intangible assets which are now fully amortized. Finance net is down due to lower interest rates. I've been saying, you know, we should be at around an average of SEK 40 million this year, and this is what you see for the first three quarters. Regarding taxation, in the quarter, the taxation rate was 24.9%. This is higher than Q3 2024 due to the country mix. That's close to what we have been seeing for this year, around 25%. The bottom line has decreased by SEK 22 million in the quarter. That's a 14% decrease, and the main driver is items affecting comparability. If one excludes IAC and the related tax effect, the net earnings grow by 4%. Next page, please. We come to the two EBITDA drivers, which are gross margin and operating expenses. Gross margin was down in the quarter, but that's primarily due to IAC. IAC has an impact on both gross margin and SG&A this quarter. Beyond IAC, we still see a small decrease, which is due to primarily construction and wind divisions. In both divisions, we saw the impact of the lower revenue, and to a lesser extent in wind, we had a negative geographical mix, which had a negative impact on the margin. Facade Access and HSPS kept their gross margin at a high level, and industrial managed to grow its margin, to expand its margin in the quarter. I'd like to repeat here what we have been saying for some few quarters, which is that the tariffs have had no impact on our margin. We have managed those tariffs in a way that we had no negative impact on the margins. Operating expenses as a percentage of revenue were slightly up in the quarter. Excluding IAC, that's a reverse. They came down. We have been able to keep SG&A stable or to decrease them in all divisions except industrial, despite cost inflation, despite labor. That means we have been able to make some cost reductions where we could. At the same time, we have continued to invest in product development, R&D, and sales forces. That's even more true for industrial, which is the only division with higher SG&A as a percentage of revenue in the quarter due to an expanded sales organization primarily. We will continue to work on our cost base to basically generate room for maneuver and be able to invest in R&D and sales. Next, please. Result for the period was SEK 133 million versus SEK 155 million in Q3 2024. That's a 14% reduction, as I said earlier. Excluding IAC, result for the period was SEK 163 million versus SEK 157 million. That's a 4% increase. EPS has seen the same evolution because we kept the same number of shares. It was in the quarter SEK 1.25 versus SEK 1.46 in Q3 2024. That's a 14% decrease. Adjusted for IAC and the acquisition-related amortization, EPS was SEK 1.78 versus SEK 1.79. That's a 1% decrease. Next, please. We continue to put a high level of focus and efforts on cash flows and to try to keep cash flows on a high level, which has been the case if you look at 12 months rolling cash flow, as you can see on the right-hand graph. In the quarter, they came down slightly due to lower earnings and phasing of tax payments, but we did manage to slightly reduce working capital in the quarter. Looking at the year-to-date performance, we saw an increase in the working capital. That's mainly due to inventories, in particular in the construction division. That comes from a necessity to increase stocks in some locations in order to seize commercial opportunities with very short lead time. At the same time, we were slightly caught by the lower revenue. We see that we can reduce inventory in the next couple of quarters, and we will be working on that. Overall, reasonably good quarter, but with some potential to do a bit better on working capital. Next, please. The net debt is SEK 2.6 billion at the end of the quarter. It's the same level as the end of Q2. This stability derives from the positive operating cash flows compensated by primarily the Century acquisition price, which was paid in the quarter. The leverage is at [SEK 1.79 billion] This is in line with our target of being below [SEK 2.5 billion] very slightly up versus end of Q2 2025, we were at [SEK 1.74 billion] Our capital allocation priorities remain unchanged. We will continue to invest in organic growth. I mentioned R&D sales that is actually happening in order to fuel our profitable growth journey. We have announced two acquisitions. We closed Century. We signed Interlift. We have a growing funnel. We are very active. I'm hoping we get some new acquisitions agreed in the coming months and quarters. We are committed to delivering our dividend policy, which is 40%- 60% of our earnings. One last word on ROCI, which is an important metric for us. It is slightly coming down in the quarter due to the lower EBIT. It's decreasing to 26% excluding goodwill versus 10.6% including goodwill, to be compared with 26.8% and 11% respectively in Q2 2025. On that, I will hand over again to Ole for the conclusion. Thank you, Sylvain. We turn page to the summary. As a group, we continue to deliver on the New Heights program, organic growth of 4% on order intake in the quarter. Four out of five divisions grow, and the last one was more, you know, I would say a timing type of thing, grown very strongly Year-to-date. Adjusted EBITDA of [17.3%] Yes, that's absolutely below our ambitions in the quarter, but it doesn't change the story. It, of course, energizes us to continue work even more focused on continuing to lift margins, which is a fundamental piece of our New Heights strategy and something we will continue to do. Year-to-date, organic growth 8% in order intake, so that's still strong. I'm also very happy that we have been able to close Century and signed up Interlift. That should also be closed well before end of year. We are continuing to face this challenging construction market, and that will continue to affect us, absolutely. At the same time, we continue also to counter it, I think, in quite an effective way, and we will continue to do. We are also in a very strong position for when this market will come back. That's just a question of time. It's impossible to say, you know, when that will be, but every day that passes, it's coming closer to us. That's also what we know. We do have a solid financial position, which will allow us to also continue to acquire and invest in the business to really ensure that we drive profitable growth. We will talk more about this in the Capital Market Day on November 25th. With that, thank you to all employees, customers, and partners. We move into Q&A. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Sofia Sörling from DNB Carnegie. Please go ahead. Yes. Hi, Ole. And hi, Sylvain, since we're taking live questions here. I would start focusing on the construction division. It seems quite a significant drop, specific quarter-over-quarter. Could you give us some more flavor on the reason for this? If you see any typical changing in your customer behaviors, specifically from Q2 to Q3, are they, for example, talking subjects into 2026, or are they a little bit more hesitating? What do you see there? No, but you know, nothing really changed from before. If you go back in the quarters with the construction, you would see high volatility. It's basically the same thing. This is driven by the fact that the markets are very challenging. How we survive and how we win business, it's not because we have something stable coming. It's because we fight like crazy in all corners of the world to win business every day. It's with new products, with new customers, in new markets. We try everything. This is what keeps it alive, and that causes fluctuations, quite significant fluctuations in mix, but also this underlying fact. As I was saying, the European market and the North American market are very depressed. It's further depressed in North America with the current administration, which is causing a very unstable or unreliable or non-existing investment environment in the U.S. for the time being. It's difficult for companies to invest there, especially on the property side, because of the uncertainty of cost and what tomorrow will look like. That's why we see the pipe of projects, tall buildings, for example, in New York. It's a long, long list of projects that developers have in their planning and drawn up and so forth, but it's not happening. That's more the same story, but it's a mixed effect and jumps up and down in the volatility of the business, which creates this situation. That's why it's difficult, not only for you, but also for us to predict quarter by quarter because it's so many variations fluctuating. Okay. If we focus on the wind division, I noticed that the service components perhaps were quite low in Q3. Is that something that we should expect ahead as well, that equipment will be a larger part within this division? No, I would say, if anything, it's rather the contrary, you know, because we know that that market, as I was also mentioning briefly, you know, that the number of machines that will come out of warranty in the coming years is growing rapidly. That's an aftermarket and a service opportunity for us, which we are normally very strong at. Absolutely, we should grow there. We also see that equipment sales, you know, we believe will be relatively good in the coming years. It's nothing there that you need to, let's say, read into specific quarters either. We need to see things more over time. We foresee that both of these will continue to grow. If any, service the aftermarket more. All right. I have a general question about the conversion of orders to save. Is that something that you have experienced, that it's more difficult now? You get the orders, but it's more difficult to execute on them. If you can give us some, depending on each division. No, but I wouldn't say that. We are not really having anything in our order book which we clearly see that is not turning into revenue or dropping out of the order book. We have not had anything to talk about in that respect. It's more that, as I was saying, it's not turning into orders yet. That is a big pipe out there that most likely will become orders when the market starts to improve, especially on facade access and construction. A little bit temporary on wind then, as I said, due to also this U.S. administration focus on the wind market. Other than that, no. All right. A final question here from my side. You mentioned facade access. You've seen improvements within this division, and the legacies of projects with lower profitability are phasing out now. Could we expect that fully by the end of 2025, or how should we interpret this? I have learned to never say anything black and white. To say that it's fully out, I'm not ready to do, but that we are now in the last phase of these things, and we will see less of it, you know. A contract is also never closed until it's really closed, you know. The long-term things, you can have negotiations and customer things and so forth, you know. I can't give a commitment on a date, but we are towards the end of this, absolutely. It's a different quality, also fundamentally in our order book and in the projects that we are running. That doesn't mean either, as I've been saying many times, that the margin will just drop, you know, jump from one level fundamentally to another level. That is also a fundamental thing in actually that we are getting further solid, strong margin uplifts in that division up to the levels that it should be. Absolutely, it's a fundamental piece. All right. Okay. Sorry, I have one quick question. You mentioned this integrated design services and low-complexity solutions within facade access as potential. Could you give us some examples of the typical customer here? Low-complexity solutions, it's basically any type of building, which, you know, it's just that you're not only focusing on the tallest building, but any building also have, whether it's tall buildings, you know, or lower or medium-height buildings, they have different means of securing people working safely at height. Tall buildings have these big BMUs normally, but also some lighter equipment. Medium-height buildings have less complex machinery. The lower buildings have even, you know, just anchor points that you actually hook up for people in wires and stuff. They climb. It's this full way of spectrum of products. It's the same type of customers, you know, like you find out there. It's no new customers. It's just that we can provide more of the range they need. For IDS, it's a fundamental piece, you know, because when we sell a BMU, that's when you have these consulting services or architects and consultants in the pictures because the owners of the building, they go to a general contractor or a construction company, which will construct the tall building, and they use consultants or architects to help define what type of BMU and so forth and some sort of middlemen. Then you had us in the end, the manufacturer. We were just exposed to these architects and consultants, which were having their perception and not really a lot of knowledge about which solution to select, which also kept us very far away from the final customer, the owner of the building. That's why we said we will actually start our own consultancy. We will be our own boss in a way, so we can be a consultancy to the, and that's what we are, you know, with these IDS services. We consult for the construction companies, general contractors, but also the owners on what type of facade access solution they should have. That brings us closer to the final customer, which sits with the machine and the utilization of this and the value of the machine for the next 20, 30 years. It also puts us in a position where we are more or less defining our own machinery to become specced into the building. It's a fundamental piece in this understanding the value chain, which has opened lots of doors for us. The exciting thing is that this is a standalone business also within facade access. We win more and more contracts. We make very good margin on it, and it opens the door for us to basically specify ourselves. It's a good thing, and the customers like it because they anyway need us in this. It's a good model for us. Okay, thank you. Thank you. As a reminder, if you wish to ask a question, please dial the pound key five on your telephone keypad. There are no more phone questions at this time. I hand the conference back to the speakers for any written questions or closing comments. Thank you. We have, for the time being, no written questions here either. I don't know what that means. Either it was very clear or it's very few listening in today because it's a lot of companies here. I don't know. No, it's no more questions popping up. With that, I think we just say thank you. Thank you to all of you for listening in. Thank you for the questions we received. Until next time, see you. Goodbye. Bye-bye.