Good day, and thank you for standing by. Welcome to the Ambea Interim Report second quarter 2026 webcast and conference call. At this time, all participants are in listen only mode. After the speaker's presentation, there will be the question- and- answer session. To ask a question during the session, you need to press star one one on your telephone keypad. You will then hear an automatic message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Mark Jensen, CEO. Please go ahead. Thank you so much, and welcome to Ambea's presentation of the second quarter 2026. I am Mark Jensen, CEO, and with me today is Benno Eliasson, CFO. We will start with a brief group overview and our growth drivers, and then Benno will take you through the financials and business areas before we wrap up with concluding remarks and the Q&A. Ambea is the leading care provider in the Nordics, with operations across Sweden, Norway, Denmark, and Finland. We operate through strong local brands and business areas covering elderly care, social care, and staffing and competence solutions. To clarify the breadth and scale of the group, we have redesigned this opening slide to provide a better context. On the left side of the slide, we see the care segments our business areas serve and the respective segment share of the Ambea Group net sales. To the right, we see the actual rolling 12 net sales per business area, the corresponding share of group net sales, and rolling 12 EBITDA margins. In the last 12 months, we reached over SEK 16.9 billion in net sales and delivered an adjusted EBITDA margin of 10.0% on group level. We continue to grow through both organic expansion and acquisitions in a resilient and risk-balanced business model with continued strong growth potential. From here, let's go straight to the highlights of the second quarter. Quarter two was characterized by solid organic growth, opening of new care places within social care, and a new acquisition in Finland. Net sales increased by 7%, mainly driven by organic growth. At group level, adjusted EBITA amounted to SEK 397 million, with an adjusted EBITDA margin of 9%. The improved result is driven by high occupancy and operational improvements. Adjusted EPS grew by 88% and amounted to SEK 2.13 in the quarter. The strong growth is primarily driven by higher earnings. At the end of the quarter, Ambea announced a recommended public offer to the shareholders of Humana, and linked to that, we initiate a program to repurchase own shares. At the next slide, we will look at the development of our organic pipeline for new care places. Already during the first six months of 2026, we have signed agreements for new care places that exceed the entire year of 2025. This is based on society's high need for more qualitative care places as the demand is rapidly increasing, not least within elderly care. Elderly care is also the area where we have the most new places in pipeline. New nursing homes are always minimum 60 apartments of size. Within social care, a new care home is smaller, typically from six to 10 places. We will continue to expand the pipeline in line with the needs of society and where municipalities welcome private operators in the welfare mix. Over time, we foresee the need for our contribution will increase. Our pipeline ambition is to meet the 2025 full year numbers for Vardaga also in 2026. We expect further increase in Altiden's elderly care pipeline in the second half of the year, and remaining business areas will also contribute positively years to go. Approaching the Swedish elections in September, we trust that the new ruling coalitions will face the supply challenge with new ideas and a focus on care receivers and their relatives. We will constructively engage in dialogues to provide sustainable and qualitative care solutions as we have always done. Turning the page, let's review the total organic pipeline. Organic growth is targeted to deliver approximately half of our growth target. The increase in signed rental contracts we saw on the previous slide positively impact the total pipeline, which is now above 2,200 new care places to open between 2026 and 2030. An increase of more than 60% compared to same quarter last year and clearly industry leading. Fully ramped up and at 2026 prices, the expected total pipeline revenue will accumulate to approximately SEK 2.7 billion. A ramp-up normally takes 12- 24 months from opening date, depending on size and type of care home, as well as local demand. Looking 12 months ahead, we will open 480 new care places in the Nordics, which supports continued growth and improved economies of scale. With mid-single- digit organic growth coming from pipeline expansion, it is important to maintain and develop our position as an employer of choice while we will continue to invest in our workplaces, work environment, career opportunities, competence, and leadership development. We will now have a look at acquired growth. Acquisitions are an important complement to organic growth, building to the overall 8%-10% growth target, and we have maintained a high level of M&A activity in the quarter. During the quarter, Validia expanded and closed the third acquisition within child welfare services, adding SEK 40 million in annual net sales. At the end of the quarter, we announced a recommended public offer to the shareholders in Humana, aiming to combine the companies. We continue to see an active pipeline across markets, and we remain selective, focusing on quality assets, strong operational fit, and value creation through integration. Let's have a closer look at total revenue growth on the next slide. We have now cycled the acquisition of Validia and Finland, and total revenue growth have slowed for that reason. Anyhow, the quarter showed good growth of 7.3%, driven primarily by a stable and industry-leading organic growth of 4.4%. This reflects the strength of our business model. We grow by improved occupancy, expanding capacity in our existing operations, signing rental contracts for new care units, and by successfully integration acquisitions. Overall, this creates a balanced and sustainable growth profile. At the core of our model is quality and people, so let's turn to that. During last quarter, we introduced a new groupwide quality management system in Vardaga and Nytida named MiraQ. By bringing our quality process and data into one common platform across business areas and geographies, we can identify improvement areas more quickly, share knowledge across the organization, and further strengthen our systematic quality management. The rollout will continue in our remaining business areas during the remaining part of the year. In a highly labor-intensive business like ours, our employees are truly at the heart of everything we do. Our latest Employee Net Promoter Score, which measures how likely colleagues are to recommend Ambea as an employer, remains consistently high. This reflects the positive culture we are building together and strengthens the foundation of our employer brand. Diversity and inclusion are an integral part of our culture and long-term people strategy. During the quarter, we participated in the European Diversity Month in May and continued our partnership with Stockholm Pride, reinforcing our commitment to creating an inclusive workplace where everyone is treated with respect and has equal opportunities. You can read more about our quality and sustainability work in the quarterly report. Now I would like to hand over the presentation to Benno for a financial summary. Thank you, Mark. Net sales grew at almost SEK 300 million or 7% in total, and all four countries contributed well. Nytida and Vardaga grew respectively 4% and 6% from higher occupancy. Stendi's 11% was this quarter helped by a stronger Norwegian currency, but also higher occupancy within child welfare. Validia grew with 19%, primarily driven by the new business segment, child welfare, where they have made three acquisitions in the last three quarters. Turning to the EBITA development, this slide shows how the different business areas have contributed to the adjusted EBITA of the group. We can see that also when it comes to EBITA growth, all four countries have contributed. Nytida and Vardaga showed solid improvement in EBITA as well as EBITA margin, driven by good occupancy and high level of operational efficiency. Stendi improved through a more stable occupancy situation and improved operational efficiencies helped by a one-off this quarter of SEK 8 million. Altiden showed a continued EBITA improvement for the 10th consecutive quarter and contributed with SEK 12 million in the EBITA improvement. Adjusted EBITA in total increased by 28% to SEK 397 million, and the adjusted EBITA margin in the group was 9.0%, up from 7.6% last year. Rolling 12 adjusted EBITA margin now reached 10% for the first time. Cash flow. Operating cash flow in the Q2 was very strong. This is both an effect of the strong profitability as well as a normal pattern after a softer quarter like we had in Q1 and demonstrated the strong underlying cash generation that Ambea has. There are always some quarterly fluctuations in payments, but over time, we are delivering a solid cash conversion of around 95% year after year. This slide shows the way from the EBITA excluding IFRS 16 down to the free cash flow post-tax. The rolling 12 numbers are now at SEK 929 million, an increase as expected from last quarter by a bit more than SEK 200 million. The increase in EBITA and more normalized net working capital are the driving factors behind the positive development. Our solid cash generation gives us both flexibility and strength to continue investing in quality and growth. The next slide shows the utilization of the free cash flow. You can see how we have used the generated SEK 929 million. SEK 212 million was distributed to our shareholders as dividends. SEK 187 million was spent on the four acquisitions, and SEK 521 million was spent on the two share buyback programs. Net debt has decreased by SEK 87 million. Even with this over SEK 700 million delivered in different ways to our shareholders, we have reduced our leverage from 2.7x EBITA last year to 2.4x at the end of this quarter. This is well below our financial target of 3.25x and gives us good flexibility for the future. Then to the earnings per share. The strong development in sales and profitability, together with the share buybacks we have conducted, have delivered a strong growth in earnings per share over the last year. In this quarter, the reported EPS grew from SEK 1.13 to SEK 2.13 or by 88% compared to last year. The growth pace over the last year is very high. The compound annual growth rate the last two years are 25% in reported EPS. If we adjust the EPS for IFRS 16 and items related to acquisitions, the growth rate is at 23%. Then turning to the business areas. We are starting with Nytida. Net sales increased by 4% in Nytida with both acquisitions and ramp-up units. EBITA rose by 17% to SEK 148 million compared to the SEK 127 million last year, thanks to continued good performance in previously completed acquisitions, together with improved occupancy for ramp-up units and adjustments made in the service offering. We have continued to adapt our service offering in favor of services with more expected higher demand as well as successfully adjusted the capacity. This is the fourth consecutive quarter with higher margins compared to previous year, and the rolling 12 margin now increased to 13.2% from 12.0% one year ago. Then we turn to elderly care and Vardaga, Sweden. Vardaga continues to deliver solid growth as net sales increased by 6%. Sales in own management continues to grow at a higher pace this quarter by 10%, reaching SEK 1,027 million, driven by new openings and good occupancy in the new one, as well as the existing nursing homes. The nursing homes we opened in Q4 last year and Q1 this year are showing better than expected occupancy development. Net sales in contract management decreased by 3% as we handed back two contracts that expired to the municipalities. We will exit contract with an annual turnover of SEK 199 million gradually within the next 12 months. EBITA increased by 24% to SEK 143 million. The profitability development in mature units continues to be strong as we are running the units with historically high occupancy and thereby improve operational efficiency. The negative effect on margins that normally comes from the newly established units was lower than expected. In total, EBITA margin increased by 1.4 percentage points to 9.9% in the quarter and to 10.0% rolling 12. Turn to Stendi, Norway. Stendi delivered a stronger quarter than last year. Net sales increased by 11% in SEK and 5% in local currency. Occupancy for care services for adults was still slightly lower than last year, but more stable than in the last quarters, while our services for children and youth had higher occupancy than last year in this quarter. The second quarter is the weakest EBITA quarter from a seasonality point of view, since there are most of the banking holidays in Norway in the quarter, and this drives higher staffing costs. EBITA amounted to SEK 54 million, and the EBITA margin was 5.9%, which was 25 million or 2.4 percentage points better than Q2 last year. A more stable occupancy, together with operational improvements following measures implemented to adjust operations, improved the profitability. We were also helped by a positive one-off effect of SEK 8 million. We are strategically working towards units with high capacity and better operational efficiency and are phasing out smaller units. We expect to see more effects of these various improvement measures in the second half of the year. We are now at a rolling 12 EBITA margin of 7.4%, which is up from 6.8% last quarter, and we expect the margin to improve further. Turn to Finland and Validia. For the first time, we now have a quarter to compare with in Finland. Validia showed continued solid performance together with the completion of the third acquisition in the new segment of child welfare. The latest acquisition was closed the 1st of June. Net sales in the quarter amounted to SEK 446 million, which is a 20% increase from last year. Of this growth, 15 percentage points was from the new segment within child welfare, and 5 percentage points was from the other segments. EBITA reached SEK 41 million, an increase from SEK 39 million last year, and margin in the quarter reached 9.2%, and we are now at 10.5% margin on the rolling 12 basis. The start-up of the new business segment and the integration of the acquired businesses have affected the margin negatively short-term. We expect the margin in new segment to gradually increase as we improve occupancy and implement our system and processes. Over time, we expect the margin within child welfare to be in line with average margin in the other segments in Finland. Validia was acquired as a growth platform in Finland, and we will continue to create growth through new establishments, both on acquisitions and continued development of the existing operations. Turn to Denmark. Altiden in Denmark once again delivered an overall very strong quarter with continued strong revenue growth driven by higher occupancy across both elderly and social care. Net sales increased by 7% in local currency. In SEK, net sales were up 6%. Net sales in our management increased by 12% in local currency. Contract management decreased by 8% due to the termination of one social care contract last year. The second quarter are from a seasonality point of view, the weakest for the same reasons as it has been in Norway, but the profitability improvement versus last year continues at a high pace. EBITA this quarter increased to SEK 13 million, corresponding to a margin of 3.7%, which is up from 0.3% last year. The positive earnings development was driven by the higher occupancy in our management and by operational improvements. We now have 10 consecutive quarters with margin improvement in Denmark, and the rolling 12 margin has gone from negative 3.3% to positive 6.1% over this period. Our extensive work on the new project in Denmark resulted in signing rental agreements for another new nursing home with a total of 88 places scheduled to open for care receivers in 2030. We have now three rental agreements signed this year, which demonstrate the improved market conditions in Denmark following the 2025 elderly care reform. Additional capacity expansion is expected with our management where our focus and future growth potential is in Denmark. Finally, Klara. Klara saw lower net sales due to the weaker demand across several of the services. Net sales decreased by 11% to SEK 93 million. Historically strong supply of nurses in the labor market has led some customers to employ their own staff instead of purchasing external services from companies like Klara. For Klara, we now, however, see signs that the negative revenue trend is starting to change, and we expect better revenue development going forward as we now also are improving the mix towards services with higher demand. EBITA amounts to SEK 8 million, with a margin of 8.6% in the quarter and 10.5% on a rolling 12 basis. The good margin levels reflects the well-managed cost adjustments and continued focus on profitability, even in a softer market environment. With that, back to you, Mark. Thank you, Benno. Our financial targets remain as we drive profitable growth, strong margins, and disciplined leverage. In line with our commitment, we continue to deliver on all three targets also in quarter two. The rolling 12 months growth rate is now at 13%, which is well above our growth target, thanks to the high pace in acquisitions and good organic growth. Rolling 12 profitability landed at 10.0%, which is above the target of 9.5%. We will continue to invest in people, quality, and growth. Our leverage is slightly down to a ratio of 2.4x net debt to EBITDA, below our target of 3.25x. We maintain our financial capacity to engage in the right acquisitions. Before we open for questions, I would like to provide an outlook post quarter two. Ambea is the only Nordic care provider with the new tailormade group-wide quality management system. We will continue the rollout of the new system to all business areas during the remaining part of the year. With MiraQ, we have further optimized and standardized our operational quality work, improved system performance and features, as well as data quality and access to predictive analysis and cross-country quality improvements. For the remaining part of the year, we will see more bolt-on acquisitions in several business areas supporting growth and value-adding capital allocation. Care needs are increasing, and we remain committed to sign rental agreements for more care homes, adding to the future organic growth, supporting the Nordic society. Regarding the recommended public offer to the shareholders in Humana, the prospectus is scheduled to be published on August 24, with the acceptance period expected to commence on August 25. Over the next five years, we will employ 3,500 new care professionals to support the organic capacity expansion. Being an employer of choice is important, and to maintain a strong employer brand, we will continue to invest in work environment, competence development, and local leadership. Once again, our teams in four countries across more than 1,000 care units have delivered qualitative care to 18,000 care receivers, all with the need for a good and independent life. It is an important and rewarding contribution to people and society, for which we are proud. Thanks to our employees, their high competence, and attention to operational delivery, we also reach healthy financial results, which gives us the opportunity to do more of what we are here for, making the world a little better, one person at a time. This concludes our presentation, and we will now open for questions. Thank you, dear participants. As a reminder, if you wish to ask a question, please press star one one on your telephone keypad and wait for a name to be announced. To withdraw your question, please press star one and one again. Please stand by, we will compile the Q&A roster. This will take a few moments. Now we are going to take our first question. The question comes from the line of Björn Olsson from SEB. Your line is open. Please ask your question. Good morning. First, a question on the pipeline. On one of your first slides, you illustrated the pipeline, and clearly Altiden is the main driver of the increase. What type of pace of additional contracts are you expecting to sign for H2? How should we view the trajectory of growth here? Yeah, thank you so much. We expect to sign contracts also in the second half of the year. As I mentioned when we went through that slide, we are aiming for Vardaga to deliver in line with the full year numbers for 2025. You can see we are not completely there yet, so that would mean a number of new contracts for Vardaga yet to go. We also expect to sign further contracts in Altiden in Denmark in the second half of the year. Then we will see contributions also in Norway and Finland. As the care homes there are in general smaller than the nursing homes we are signing in Vardaga and predominantly in Altiden, those additions from Norway and Finland will be more limited. Okay, thanks. You also started by mentioning the election coming up in Sweden in a few weeks. You are in touch with several local politicians and municipalities. Have you any sense of any risks in conjunction with the election? I mean, the national debate is probably more noise than actual impact for you. Or how should we view this? Yeah. Election year is always exciting as the various parties are launching their plans and ideas for the next four-year period. In Sweden, you have all the elections on the same day, both for municipalities, regions, and the national parliament on the same day, which is a little different from the other Nordic countries. That means that we will see changes in the ruling coalitions for the next four years. Our customers are the municipalities, and we work with municipalities that are led both by left side of politics, right side of politics, and by coalitions in the middle. We have done that for many years over many elections, and we will continue to do that also after this election. In general, we think it's good that the public debate on the future of the welfare society is taking place, and especially within the care sector, as the needs are increasing significantly over the next two or three mandate periods for the politicians. It is very important that the society as such will accelerate the capacity expansion, especially within elderly care. We believe we have an increasingly important role to play in this field, also in Sweden. Makes sense. Just finally, on the Humana acquisition, do you have any update on the progress of the acquisition? Or have anything changed in your view of the deal? We are following a plan exactly as we communicated when we announced the public offer to the shareholders of Humana on 29th of June. We plan to launch the prospectus on August 24th, as I said, next week. Everything is following plan as we have communicated earlier. So there's nothing else to communicate on that particular matter. Okay. Thank you. Thank you. Thank you so much. Now we are going to take our next question. The question comes to line of Kristofer Liljeberg from DNB Carnegie. Your line is open, please ask your question. Yeah, thank you. First one relates to the margin target and the fact that you are now trending above that. What is your view on that? Second question, if you maybe could give a little bit more explanation for what appeared to be a very fast ramp-up in new elderly care units in Sweden. Then my third and final question relates to Norway, and you mentioned the higher compensation. Was that just a pure mix effect or more of a general trend? Thank you. Yeah. The margin target, we are holding on to the 9.5% margin target, and we think it is also a wise thing to do in the light of the potential acquisition of Humana and the offer to the shareholders of Humana, as we communicated when we launched that in June. Changing that now is not relevant. It is also important for us to make sure that we have sufficient funds to invest in people, capacity expansion, competent development, local leadership, and quality overall. We are holding on to that as we are holding on to our other two financial targets. In terms of the ramp-up pace for Swedish elderly care, Benno, will you comment on that? Yeah. That is correct, that we have had very good ramp-up or very rapid occupancy improvement in more or less all of the new establishments. You have been, you can say a little bit coincidence that a municipality closed one of their own nursing homes in one of the municipalities. In another municipality, they have actually just before we opened also closed one of their own. Then we have a third municipality that was built up for a queue before we opened. It is different from every new establishment. It is a bit different, but this time we have a really good pace in at least three of these five that are more or less already full. And then the final question on Norway. We have not seen any changes in compensation as such, but in terms of occupancy in social care for adults, it has been more stable as Benno commented, which has been the issue in the previous quarters that we have had quite high frequency of move outs and move ins in different parts of the country, which makes it difficult for staffing efficiency. That has been more stable this quarter. That has helped us. We have had also a high occupancy level in childcare in Norway, which is performing very strong again this quarter, which has helped us. And then we have implemented various operational improvements in the Norwegian business over the last quarters, which has proven to show results already now. As we also said, we expect that we will continue to improve performance in Norway over the coming quarters. Excuse me, Kristofer, any further questions? No, sorry. Thank you. Thank you. Now we are going to take our next question. The next question comes line of Julia Angeli Strand from Handelsbanken. Your line is open. Please ask your question. Hi. Thank you for taking my questions. I will take them one by one. I will start with Stendi. Given the strong performance here, and given that you have communicated that H2 will be even better in terms of margins year-over-year, could you give some color on how much this quarterly performance have improved your H2 outlook? Is it unchanged or has it improved? It is basically unchanged, the outlook for the second half of the year. We have said that a margin level of 8%-9% in Norway with the size of the business we have now is a good level. We are not yet there. We are approaching, of course, the 8%, and the likelihood of getting into that range is higher now than it was last quarter from the strong quarter two performance. Let us see where the year will take us. The outlook for the second half is unchanged, but still positive. Okay. Got it. On Validia, you mentioned some margin pressure and that H2 will be a year with high opening pace. How should we think about the margin pressure when you have a lot of openings there during H2 as well? There is margin pressure, you can say, now a little bit from the newly established business area in child welfare. We set up 15 percentage point on the growth from last year, it is the new area where the profitability now is lower, and also there are some transaction integration costs related with the acquisitions. That will improve going forward gradually, we hope. In the second half, we are also opening two new units in the beginning of fourth quarter that will short- term probably hurt the margins a little bit, as it always does when you open large units with a full rental cost and gradually coming in occupancy. That will probably affect Validia a little bit in the later part of the year. Okay. If we adjust for normal seasonality effects, will the margin pressure increase from this quarter or be the same? A little bit hard to say. I think in the third quarter, the margin pressure from lower margins in child welfare will ease a little bit gradually after day. Then, of course, depending on how fast we can ramp up the new unit in the fourth quarter, that could also, of course, as said, hurt the margin. But how much? It is yet to be seen because we do not know the occupancy development after the start of that unit. Okay. My last question on the Humana. They have some units facing some challenges or has varying performance and Norway being one of them. Given that you have experience from managing a somewhat challenged Norwegian business following a large acquisition, could you share some thoughts on how you plan to address it, in terms of profitability and occupancy levels? In general, we can say that what we said when we announced the offer to the shareholders of Humana still stands. On the presentation there on 29th of June, we were talking about the strength of combining the two companies. We think that it is unchanged, and we have no other opinion than what we communicated on June 29th. In a process like this, which is quite complex, and when there are certain steps to be taken in a specific order, we need to take it step by step, which we are doing, and in that order. We will come at a point in time, hopefully, to a place where we can get more insight on the business, and we can start the integration planning and all that, but that is too early for now. We basically have no other view than the view we communicated on June 29th. Okay. Got it. Those were my questions. Thank you. Thank you. Now we are going to take our next question. The next question comes in of Jacob Andersson from Danske Bank. Your line is open. Please ask your question. Good morning, Mark and Benno. I hope you can hear me. I just have a couple of questions. Starting off with Nytida. You continue to deliver strong margins once again, but was the improvement in occupancy broad-based across both disability as well as individual family, or mainly driven by a specific segment? The improving occupancy was rather broad. It is not a huge improvement from last year, but still some improvement from last year. That is in all subsegments. We have more care receivable in the disability care and the individual family care. That is a rather broad-based occupancy improvement on a low single-digit number. Okay, perfect. Just one on Stendi. You mentioned a slight uptick in demand, while occupancy is still lower year-over-year. Is the improvement in demand specifically within adult care or where you previously had some challenges or somewhere else in Stendi? The occupancy was higher in child welfare in Norway this quarter compared to the same quarter last year. In adult care, it was a little lower but more stable. That is the occupancy level in Norway. If that is the answer to your question, otherwise, please repeat it. No, that was the answer. Just the final one on Vardaga. You said in Q1 that contracts with total revenues of SEK 200 million are set to end in the coming 12 months. Could you just clarify the underlying reason for why these contracts are ending? Is it your own decision not to renew because it is no longer attractive or competition or municipality is choosing to bring operations in-house? Yeah. These contracts manage, they run out at a certain point of time, and then the municipality need to re-tender. If they do not re-tender, they can also have the possibility to take them back to run them by themselves. I think it is seven or eight units or something. I think more than half of them are units that the municipality decided when the contract is ended to take back home, so to speak. A couple of them are that we have lost the win tender to another operator. I think in this case, it is all non-listed operator with lower prices than we offered. This is a combination of these two. Okay, perfect. No more questions for me. Thank you. Now we are going to take our next question. The next question comes to line of Philip Ekengren from Nordea. Your line is open, please ask your question. Yes, thank you and good morning all. Just going back to the election, I appreciate the comments you made earlier, but have you noticed any changes in dialogues with the municipalities or regions over the past, let us say, year or two years? Have you seen a shift in the way that they have discussions with you, please? It is difficult to say because we have several hundred municipalities that we have as our customers and partners. Of course, there are changes from municipality to municipality and shifts now and then in different directions. But I would say over the last election term here, the last four years, it has been quite stable. No big surprises from what was said at the beginning and how they have decided to run the welfare services within the municipality's responsibility over the last four years. I will not say that. If anything, we can hear from more municipalities that of course the needs are increasing. We can see it in the data also that the needs are increasing. We also know it is increasingly difficult to get the permit to move in to a nursing home, as we said, but within elderly care. That the welfare services as such is more constrained from a municipal perspective because they are looking for new projects, they are looking for ways to handle the increased pressure from the demographics as the population is getting older. If anything, that is more evident now than it was three or four years ago. We know, of course, that this will continue, and we are certain that with our solutions and our qualitative services, that there will be a higher need to use us in the mix going forward. Thank you. That clarifies a bit. Then just one final thing, going back to Stendi. You talk about some year-on-year occupancy down in adult. What is constraining that? What is the problem there? I think the economy situation of the municipalities in Norway, there are even more municipalities in Norway than in Sweden, and many of them are small. Their financial situation is increasingly constrained which of course gives them headaches in terms of making sure that the budgets will meet the needs. We can see some municipalities that have changed their purchasing behavior versus earlier. We are adapting to that, of course, and changing our offering. We are focusing on units with higher capacity to make sure that we can deliver high-quality care at a price that the municipalities can afford. Some of these changes are giving impact in this quarter, and they will continue to give impact in the coming quarters. But even in a rich country like Norway, municipalities are constrained financially, many are. It is of course important that we can deliver high-quality services at a price which is in line with both the needs of the care receiver, but of course also the financial situation of the municipalities. Perfect. Thank you very much. I will get back into the queue. Thank you. Now we are going to take our next question. The question comes from the line of Filip Wetterqvist from SB1 Markets. Your line is open. Please ask your question. Good morning, guys. I have three questions. I will take them one by one. The first one, coming back to the contract terminations in Vardaga. Can you give us some color on the quarterly split? When are we expected to see the contracts end? Are they front or back-end load? Some color on that would be helpful. I do not have the exact date, but I know that there will be every quarter now, the coming four quarters, some contracts that will be handed back. I think it is rather evenly spread over the coming four quarters. All right, thank you. In Nytida, have you seen any shifts in the length of stay and in childcare? Do you see any changes in the average age of the children staying at your units? Not particularly. In general, there is a tendency towards somewhat lower length of stay across social care services. That obviously is very individual because that depends on the progression of each and every care receiver, depending on the plan for that care receiver made by the municipality's social worker. So in collaboration with our teams, of course. I would say no general trend in this quarter, but over time, we see shorter stays across social care services in general. So you are saying that there is some risk of some lower occupancy going forward if we see a trend of- I do not think it is that evident that it will impact and should be flagged as a risk for the coming quarters. That is not what we see. Of course, you look at Nytida and Nytida services, the majority of the services are in disability care, where the length of stay are often long. They can be lifelong. So we are not as highly exposed to individual and family care as to disability care and where you have the shorter length of stay is predominantly individual and family care. So I will not flag it as a risk and nothing that should be counted on the negative side for the coming quarters. All right, perfect. Last question on the Humana acquisition. You are guided for about SEK 120 million of synergies, which as I understand it, mainly relates to overhead or group functions. Do you see additional operational synergies within the business areas as well? We have no other view than what we communicated on June 29th in regards to synergies. That is the SEK 120 million that we communicated there and predominantly in group functions and group costs overall. Then we also confirmed the financial targets on June 29th, if the companies will be combined, meaning that the EBITA margin target that we have of 9.5%, we will hold onto that. We also said that we believe that we will be back at that level on a runway basis by the end of 2028. That will, of course, include some operational improvements to get there. That is just repeating what we communicated on June 29th. All right, perfect. Thank you. Thank you. Dear participants, as a reminder, if you wish to ask a question, please press star one one on your telephone keypad. Now we are going to take our next question. The question comes line of Julia Angeli Strand from Handelsbanken. Your line is open, please ask your question. Hi. Just a follow-up question on the bolt-on acquisitions. You mentioned that we should anticipate in H2. Does this materially affect the indicative debt level that we received when you announced the amount of acquisition? Sorry, repeat. The bolt-on acquisitions, will they materially impact the debt level? No, it won't. With this cash generation that we have, that you saw, SEK 900 million a year, we will think that we still can have a lot of bolt-on acquisitions and dividend, and also room for share buybacks included in the cash flow that we are generating on a yearly basis. Okay, got it. Thank you. Thank you. Dear speakers, there are no further questions for today. I would now like to hand the conference over to Mark Jensen for any closing remarks. Thank you all for joining us today and for your continued interest in Ambea. The report for the third quarter will be published on November 4, 2026. I wish you all a nice day, stay safe and healthy. Thank you. This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.