Welcome to Asker Healthcare Group Q2 earnings call 2026. For the first part of the conference call, the participants will be in listen-only mode. During the questions- and- answers session, participants are able to ask questions by dialing star five on their telephone keypad. Now I will hand the conference over to Chief Executive Officer Johan Falk and Chief Financial Officer Thomas Moss. Please go ahead. Hello. Thank you everyone taking some time off, hopefully some vacation, listening to Asker Healthcare Group's Q2 report. We are happy and proud to present the 24% adjusted EBITA growth, of which 6% was organic for this quarter. We are also happy to see a 10% EBITA margin for this quarter. That is good. If we take in a few highlights one by one. The net sales was SEK 4.7 billion this quarter, up with 18%, out of which 5% was organic. The adjusted EBITA SEK 471 million, up with 24%, as I mentioned, 6% organic. The margin 10%, which was up 0.5 percentage point from last year. We have a good and robust both cash flow and efficient working capital. Our most important KPI, our RONWC or EBITA of our net working capital, was 69%. We work hard, as you know, with ESG and sustainability. MSCI rated us at triple A for the first time. That is also something we are happy to see. It helps us winning tenders, especially in Northern Europe. It actually supports our business in a very good way. In terms of acquisitions, we had one new acquisition in Ireland in July. We have passed 50% of our annual targets in acquisitions, which we will touch upon a little bit later. As we usually say, the best way to follow us as a company is on a rolling 12-month basis. We have a target of delivering more than 15% of EBITA growth. It is now on 21%. Our RONWC is 69%, and our margin on the rolling 12-month basis is now steadily growing to 9.8%. Our leverage, as you know, important, staying under 2.5x. We are now at 2.37x. That is giving us some headrooms upwards. We usually show these pictures as well. We have had many, many years of good growth in this company, and we have hopefully many years to come, both organically as well as via M&A. Now we are adding another bar to the right in this picture. Also way above the 15% growth line, which is good to see. I hand over to Thomas. Great. Thanks, Johan. Let's go into some of the numbers in a little bit more detail. Very much supporting the message that Johan gave there, continued solid growth across the group. Net sales in Q2 up 18%, 5% of that organic, as Johan mentioned, 0% FX effect in this particular quarter. Adjusted EBITDA, again as Johan mentioned, up 24%, of which 6% organic, and again, no FX effect on the EBITDA line. Margins at 10%. I think for us what's pleasing to see is that we do see growth coming from all parts of the group, all regions, and the vast majority of companies performing very nicely. The newly acquired companies coming in in a good way, supporting the growth of the group as a whole, and also helping to drive that margin expansion that we see when we look at the overall figures. If we look on the right-hand side of this page, we see the half-year picture, January to June, also very much in line with what we said at Q1. As you'll remember, we had a solid Q1. We've backed that up now with another good solid Q2 report, so we see the half- year effect of that 7% organic EBITDA growth and 23% total EBITDA growth so far this year. If I move to the business areas one by one, let's start with Business Area North. Also a good quarter, performing nicely with the organic growth coming through. Net sales up 13%, EBITDA up 10%. Important for us to see that we're able to maintain those good margins in Business Area North above 13% on the rolling 12-month basis. Worth also noting, we've talked about this before, the new distribution center in Gothenburg progressing well in line with our plans. Actually we've started to drive some early stage operation activities through that system, which is going nicely and will continue to ramp that up through the second half of the year. On the right-hand side, the half-year figures, again, very much in line with the Q1 and Q2 stability and solid performance we see. Adjusted EBITDA growth of 8%, net sales growing at 10%. Turning to Business Area West, another strong quarter in Business Area West. Adjusted EBITDA up 32%. Nice to see that the margin is also rising as we hope and expect now up to 9.6% in Q2, again, steady performance across the business area. We're very much in line with what we've been reporting from Business Area West in recent quarters. Also worth noting that the larger acquisitions that we've done in Business Area West in recent times also delivering very strongly and helping to support those scale business benefits and the growing home care business also driving that scale benefit across the region as well. Then our third region, Business Area Central, a very similar story actually to the one that we've presented on the other two regions, continuing the strength in the results, positive margin development, M&A is contributing strongly. Net sales up 33% in the quarter, Adjusted EBITDA up 56%, the margin, again, rising nicely in Q2 to 9.6%. A very similar message to one that I've given on other regions and the group as a whole, recent acquisitions coming in strongly, contributing nicely to the overall region and the trends that we've seen in recent quarters. At the half- year, adjusted EBITDA growth in Central is now running at 52%, net sales growth of 29%. A brief mention of our overall EBITDA over net working capital. We always include this, our key internal metric, as Johan mentioned, make sure that we're focusing on that right balance between profit and also efficiency in terms of how we deploy our working capital. Good to see that we're maintaining good, strong performance on this metric. Cash flow. I spent a little bit longer on cash flow in Q1. I will do the same again now, given that we had some significant one-off cash outflows in Q2. The good thing from our perspective is that they came in exactly as forecast, which continues to show that we have good visibility of our cash flow and the availability of that cash flow, which is so important to driving our M&A agenda and enabling us to use that great pipeline that we have going forwards. The adjusted cash flow from the operating activities, SEK 330 million in Q2, good solid performance from the group. CapEx, we continue to spend our biggest investment at the moment is the new warehouse in Gothenburg that I've mentioned, very much in line with the plan, approximately SEK 75 million remaining to be spent on CapEx in that facility during the remainder of 2026. The significant one-off cash flows that I mentioned, both fully forecasted and anticipated the earn-outs, SEK 463 million was paid for company earn-outs for deals that came to the end of their earn-out period in December 2025. Of course, the dividend, the first time we've paid that out. Cash conversion, I just add this as a note. It's not a KPI that we lift to the very highest level, but it's one that we actually monitor very closely internally. Good to see that that's running at a healthy level above 80%. Final note on cash flow, we continue to look forward. We continue to want to make sure that we have good visibility of that. It's worth just once again reflecting that the large significant one-off cash outflows we had in Q2 this year were something of an exception. When we look forward to 2027, the earn-out payments are currently forecasted at a much lower level of only SEK 150 million. Final slide from me, just a word or two on leverage. Naturally, and again, as anticipated, the leverage was marginally and temporarily elevated because of those large cash outflows that I talked about, but still at a level that very much ensures that we can continue to have the capacity to drive the M&A agenda. 2.37x according to our external target definition. Also, as we talked about a little bit at Q1, there are other ways of thinking about leverage. I also continue to present the alternative leverage ratio that we look at which is really equivalent to our bank leverage covenant, which means that we include all of the earn-outs and outstanding M&A payments that are due in the next 12 months. We also include the 12-month pro forma EBITDA from the acquisitions that we've done, and that gives a figure of SEK 2.43. With that said, I think I hand it back to Johan. Thank you, Thomas. Let's look into the M&A part of our business. We have done four acquisitions year-to-date, two of the ones are a little bit on the upper side of our range, SEK 300 million- SEK 350 million. We have the last one, Murray Surgical, was completed in July, adding some SEK 73 million in annual sales. You might also have noticed that we discontinued an acquisition in Denmark, Kirstine Hardam, due to competition authority was dragging out in time, and both us and the seller said that let's take a step back and focus on other things. For us, it's important to be clear, it almost never happens, these discontinued processes, but you should never continue something that you don't feel is 100% right. We have now focused on our strong pipeline and are replacing that with another company. All in all, very good operational performance in the M&A team and the pipeline with good visibility. Down to the left, we are showing what we talked about when we look at a full year in M&A. For us, it's important to, of course, deliver over 15% annual growth on EBITDA, which we have done for many years. The biggest part of that is using our cash to buy new companies, and that usually is 10%-12% of the annual growth. For us now, when closing Q2, we're happy to see that we are a bit ahead of that acquisition curve. For this year, we have a good visibility. To continue to do acquisition during the fall is what we can look forward to. Going into one of our acquisitions, RMS Medical Devices, that we closed in April. It's a fast-growing medical device distributor serving hospitals and healthcare institutions across the Benelux. They have different areas of expertise, as all our companies that we buy. A little bit of artificial intelligence comes in here as well. More and more companies use that to be helping customers in a good way. They have 40 years of experience in the Benelux market, and they have roughly SEK 170 million in annual sales with 25 employees. We expect them to contribute positively to our EBITDA margin as well. A good acquisition. All right. Coming to an end. To summarize this quarter was a good middle-of-the-road stable quarter. The 24% total growth out of which 6% organic EBITDA is something we're really proud of in a market that is growing with 3%-4%. This shows both that we can grow faster than the market and also use the group scale to see that we can grow faster on the bottom line and also have a 10% EBITDA margin now, which is our target. We continue to deliver a good and robust cash flow. The M&A process is according to plan. With that, I think we can close this presentation and go into Q&A. If you wish to ask a question, please dial number five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial number six on your telephone keypad. The next question comes from Gustav Berneblad from Nordea. Please go ahead. Yes, good morning. It's Gustav from Nordea. I thought maybe just to start off with just North, if we can just give a bit more color there on the strong organic growth of 10% year-over-year. If there are any one-off related larger orders from defense and so forth, or if it's just broad-based or more related to a more easy base effect from last year. Yeah. I can say a word or two about that, Gustav. To answer your first part, you guys, no, there are no big, lumpy one-off orders in terms of similar to what we had back in 2024. I would also say, as Johan mentioned, we would kind of continue to push you to think about rolling 12 months. Don't get too hung up on one individual quarter. 10% it's a strong figure, but I don't think we should suddenly conclude that there's anything particularly special happening in North. The region is doing well. They are performing nicely operationally. They're doing good things. We look forward to getting the new distribution center up and running. This is more of a steady, solid, strong base performance from the region rather than anything that indicates anything other than that. Yeah. Okay. That's very clear. On the earnout payments you comment on here for 2027 on SEK 150 million. Is it possible to just elaborate a bit more on how much larger they can potentially be and if they also will be paid out in Q2? Yep. Thank you Good question. Yes, they will. The vast majority of them will be paid out in Q2. At the moment, I anticipate they will all be paid out in Q2, but things can happen. Yes, Q2 is typically the quarter we pay them out. The reason for that is we wait for the fully audited and signed-off annual reports from the end of the previous year, and that usually takes a couple of months, and that becomes available in Q2. Then we pay the earnouts exactly as we have done in 2026. The earnout payments that will be paid in 2027 are for companies that come to the end of their earnout in December 2026. Typically, those companies are companies that will have had an earnout period that has run 2024, 2025 and 2026. They will have run for three years up to that point, and then the earnout is paid. Obviously, 2024 is done, 2025 is done. 2026, we're halfway into it. If you think about it, we are already sort of 80% into, whatever the maths is, 75% of the way into the final calculation of that earnout period. The likelihood that that figure would change dramatically is very small because the vast majority of that earnout calculation is already finalized. If that makes any sense. I feel I made that more complicated than it was supposed to be, but I hope that makes sense. That's very clear. If you cannot state a full figure, I take that for sure. I think what I'm trying to say is when we say SEK 150 million, it might be 10% higher or 10% lower, depending on how the last six months of the three-year earnout period develops. It's not going to suddenly jump to SEK 300 million, partly because there isn't time for those companies to earn sufficient extra earnings to justify that. Also, the way we have gradually evolved and developed the earnout model over recent years is we have actually established a more firm ceiling on how much the maximum earn-out payment can be. The earn-outs that we paid out this year had a more generous ceiling than the future earn-outs have and will have. You can be confident that that SEK 150 million, yes, it might move a little bit up and down, but it's not something that will move dramatically. That's very clear. Thank you, Tom. Just the last question here. I know you probably talked about this and very well discussed the warehouse here in Gothenburg, can you just remind us, are there anything we should be aware of in terms of which quarter will be a large move for you where you might anticipate effect on volumes or anything Yeah Just that might hamper earnings or sales? Got it. Yes. No, I can say, I think our philosophy with this and the quality of the team that we have down there means that we don't expect any impact in terms of volumes operational. Our customers will not see the effect of this transfer. We're confident that we have backup plans in place and redundancies in place to ensure that that won't have a short-term influence. The plan is to continue to gradually ramp up the operation activities through Q3, Q4 this year. Effectively, we will be fully operational in the first half of 2027. Then obviously there will be some minor teething issues that we need to work through. We expect the full benefits of the SEK 50 million-SEK 60 million a year that we expect to save. Those full benefits will not start to be seen in the P&L until H2 2027. That's clear. Will there be any dual costs or anything like that? Sorry, yes. The second half of your question. Yes. We anticipate a very low single-digit million SEK in terms of double manning. Primarily, it's double manning costs that we will have. The largest chunk of that we will probably see in Q4 this year. There will be perhaps a little bit in Q3 and a little bit in Q1. Low tens of millions of SEK double manning costs at the back end of this year. There will also be a temporary effect on working capital perhaps somewhere between SEK 50 million- SEK 100 million of additional working capital that we will have for double inventory, again, through that same time period, primarily concentrated at the back end of this year into the first part of next year. Oh, that's clear. Low single digits, is that for Q3, Q1, and Q4 respectively or- No combined. Total for all those three? Yeah, combined. Combined. Okay. Yeah. That's clear. Thank you very much for taking my questions. No worries. Thank you. The next question comes from Jakob Lembke from SEB. Please go ahead. Yes, hi and good morning. My first question is on Business Area North, where the EBITDA margin is down here for the second consecutive quarters, despite what I believe is some positive impact from M&A. Just if you could elaborate a bit on what's behind that, please. Yeah, I can in a way give you the same answer as I just gave to Gustav, Jakob. I think there will always be small fluctuations up and down. When I look at the margin in Business Area North, the rolling 12-month margin in December 2025 was running at 13%. The last 12-month figure when we looked in Q1 was running at 13.1%. The figure now is 13.5%. From our perspective, margins are stable in Business Area North. I wouldn't read it too much into what looks like a sequential drop. As I say, we're confident that margins are running at a stable level above 13%. Okay, just looking for Q3, it seems like the margin is usually a bit lower in Q3. Is it possible to guide how much that sort of sequential drop usually is? Again, I would guide to look at the rolling 12-month margins. I think you're right, Q3 historically and currently tends to be our weakest quarter, the smallest quarter overall. I would continue to look at the rolling 12-month figure, and that we expect to be around 13% to continue at that 13%+ level in Business Area North. There's nothing going on that means that there should be a dramatic change to that. Okay. On West, the organic growth is a bit lower than we've been used to, I think the organic EBITDA growth still looks quite good. Just if you can elaborate on what's happening in West as well. Yeah, again, I give slightly the same answer. I wouldn't read too much into that. I think you need to always look at this business on a rolling 12-month basis. We did have particularly strong organic revenue growth in West going back last year that clearly anything above 10% organic revenue growth was going to not be maintained in a market that's only growing at 3%. In the quarter, as you say, it's a little bit lower. The half year figure is running at 4%. We are delivering strong leverage to the EBITDA growth. Region West continues to perform well. We expect the organic revenue growth in Region West will continue to be in that stronger than the market, perhaps up to twice the rate of the market. Like everywhere else, there is no significant shift in the underlying steady, solid, strong performance that we have in Region West. Okay. If I may follow up, is the momentum in the home care business in West still strong, or is that slowing down a bit? No. Is there something else that is a meaningful sequential drop, I would say, in the organic growth. I think we would not say that we see any particular slowdown in the opportunities in the home care business. We continue to build strength and scale there. We have no concerns. I understand when you look quarter-over-quarter, mathematically, you see that what you perhaps could conclude is a slowdown. I do not think that that actually is a sort of some fundamental change in the market dynamics. It's important to understand that this region is, the home care is a very significant and important part and has driven the strong growth in Business Area West. That's not the only thing that's going on in the region. I wouldn't jump to the conclusion that somehow the opportunity in home care has suddenly stopped. I have a question also on M&A. I think that just looking at the deals you've done, the M&A growth will come down a bit here in Q3, but probably still be at your target level, then it will come down further in Q4 and probably be below the sort of target level you want to be at. Just based on what you're seeing now in the pipeline, how confident are you that you will be able to sustain that sort of 10%-12% M&A growth also for Q4? If I look at the number of deals in the pipeline, we have more than we can digest, so to speak. We have hundreds of deals that we look at and 10 deals-20 deals at in a very concrete discussions. The number of deals and the quality of the deals, it's not going to be an issue over the next one to two to three years, as we have no reason to see that it will dry out. The question is only how much money do we have to buy deals, staying disciplined under 2.5x? With a high cash conversion and very low CapEx, we know that the money will give us 10%-12% growth on M&A. We have no reason to say that that will not continue for foreseeable future. On top of that, we have the organic growth that you have seen. Of course, it could be one quarter a little bit more, one quarter a little bit less. I think technically we have done 57% of the annual target, but that is more coincidence when a deal comes in and pushed over a quarter or not. M&A is going to continue steady. That's the least thing we're worried about, I would say. Okay. That's all from me. Thank you. Thank you. The next question comes from Erik Cassel from Danske Bank. Please go ahead. Hi. Morning, everyone. I first want to discuss a bit on the organic growth outlook for North specifically. There is, to my eyes, a bit push and pull as well. If I recall correctly, you had the Region Skåne logistic contracts that they went in-house with now in May. First, was that something that you have seen an effect of now through the second half of this quarter, or are they still mainly sourcing from you? Are you seeing any other regions going in-house and sort of changing the way they source? Secondly, on the Swedish stockpiling preparedness rules that is coming into effect in January, I believe almost SEK 600 million has been allocated to sort of spend funds on that already in 2026. Is that something that you are seeing positively on for H2? Lastly, what is the pipeline of defense contracts that you may be seeing now? If you have anything on that, I think all of that would be helpful. Should I start? Yeah. I think first of all, to take a slight half a step back and just remind ourselves the group is large, diverse, 19 countries, 70 companies. Obviously, Sweden is one of the larger units in the group. Individual contracts in an individual country and an individual company they make a relatively minor impact on the group as a whole. We very much continue to expect, believe, and see that the group as a whole will deliver organic EBITDA growth faster than the market. Maybe not quite twice the rate of the market, but definitely faster than the market. We will continue to add margin expansion on top of that, which means that we should be seeing EBITDA growth somewhere in that 5%-8% range. Sometimes it will be a bit more, sometimes it will be a bit less. Sometimes one region will contribute a bit more, sometimes one region will contribute a bit less. Big picture, that is what we expect to see. There will be very, very few occasions where individual companies or individual contracts significantly alter that fundamental long-term underlying trajectory. That I think we should keep in mind. In terms of your very specific questions, Erik. Yes, the developments with Region Skåne, they've been well known. They've been as part of our plans. Actually, that's not a huge part of our business, even though the volumes are relatively large. It's primarily a flow-through operation, so it doesn't have a huge effect on our financial statements. Actually, we are continuing to service that contract as well. Region Skåne is not yet ready to take that fully in-house, as far as I understand it. That shouldn't have any meaningful effect on Q3 or Q4. Even if that business eventually moves somewhere else, it won't have a big effect either because of the scale I was just describing. In terms of defense, I think there's a huge amount of defense and preparedness thinking and work going on in multiple countries and multiple companies around the group. We're involved in lots of interesting discussions. To say that we would expect specifically the Swedish announcement that you mentioned to have some sort of meaningful bump in the North figures, again, I don't think you should suddenly add in a big extra chunk on top of the normal flow in the North or in the Swedish figures. Maybe from me to add to the general trend. Region Skåne made a decision a couple of years ago to take it in-house, that's against the overall trend in Europe. What we see is regions, municipalities, and healthcare providers are struggling to manage 50,000+ products with clean room, with very deep small parcels to lots of different addresses. They usually come to us so we can help them with that. We have a lot of good initiatives of moving towards that trend. Health Region South-Eastern Norway, where we have departmental packs helping hospitals to get the right products at the right department in a quite complex system. The trend is definitely going that way. This is not something that we are afraid of at all. Us being the market leader in Europe with a very strong logistic backbone can support this region to do it more efficiently, and especially now when they need prepared stock. We have to request quite often to support regions and municipalities with that across Europe. Okay, great. Thank you for a long answer, and good one as well. I only have one more question. It's on the acquired company's margins. If I've calculated correctly, they're still tracking quite a lot above what you've talked about. I get to almost 17% in margins incrementally now. I think I asked a similar question at Q1 as well, and you said they're above 10%, but I probably shouldn't expect them to keep tracking on this margin level for the full year. I sort of repeat that question from Q1. Are you then expecting some sort of, say, drop in those acquired companies' margins for H2, or can they now continue to trend on this level? I have to be honest, Erik, I don't fully recognize that calculation. Maybe you want to send me a little Excel afterwards, and we can discuss it a bit. These companies definitely are margin-enhancing to the group. I think we half joked about it before in our coded language. If we talk about margin enhancing, you can guess that it's above 10%. If we were actually buying businesses that were adding 17%, as you mentioned, we would probably talk about strongly margin enhancing or something like that. These companies are not strongly margin enhancing, but they are margin enhancing. Yeah, I think that we would have to dive into that a little bit because I certainly don't recognize that figure. Okay. Yeah, it might as well be my math as well. No. Essentially you're saying that there's no downside really to where margin is tracking now. No. I suppose in terms of the underlying thought in your question, is there a fear that there will be some kind of negative bounce back to come from what these businesses contribute? Absolutely not. No. They've come in, they're performing nicely, they're performing solidly, and we expect them to continue to do that. There's no step change in what they will contribute to the group, no. Okay, perfect. That's all for me. Thank you. The next question comes from Albin Nordmark from SB1 Markets. Please go ahead. Good morning, Johan and Tom. Hope you can hear me. I have a question on the margin bridges. Gross margin was up around 110 basis points year-over-year to 42%, and adjusted EBITDA margin was up 50 basis points. Two parts here. What is driving the gross margin that makes purchasing credit in terms of pricing? Then where it offsets below the gross profit line? Yep. Thanks. Yeah, I can take that. I think you half answered it in the question yourself, that the biggest element that contributes to this picture is mix. The businesses that we buy and have bought over the last few years have come in with higher gross margins than the average of the organic group. In terms of the way we lay out our P&L, they have much higher costs as well. They tend to be more equipment heavy. They tend to be more service oriented, have a higher degree of, for example, sales or technical staff or whatever versus the consumable businesses. The structure, the shape of the P&Ls of the businesses that we've bought, but often also some of the businesses and the new business areas we've developed into is different from the historic core distribution P&L. That difference is that they come in with much higher gross margins. Net net, they only have slightly higher EBITDA margins, and that gradually shifts and distorts the P&L over time. Having said that, of course, we continue to work with our COGS, we continue to work with our pricing, we continue to work with our relationships with the OEMs and our customers as well. We are getting true organic benefits to margin at the gross margin level as well. Perhaps the larger impact is on mix effect. Nothing related to own brands? No. I think private label it's an interesting topic. It's one that we've touched on a little bit before. It's around 10% of our current revenues. For us, own label is very much a patchwork of different offerings that we have that have come with the M&As that we've done through the years. We definitely see a systemic opportunity for own label as the industry consolidates and as we go into the future. I think that's more of an opportunity for the future than something that we are driving particularly hard in the short term. That's clear. Just a quick one on tax. It was 21% here in the quarter, and I think you guided for 22%-23%, in Q1. Is there anything, should we just model in the low end here or is there anything to add? No, I think there are always sort of small fluctuations there as well, particular companies or particular situations. If I look at my own Excel, I have 22%-23% in it. If you want to follow my modeling, I would stick at the more cautious end of the range rather than suddenly reading something into the fact that it was a tiny bit lower in Q2. Okay. That's good. That's all from me as well. Thanks. Thanks, Albin. The next question comes from Charles Weston from RBC Capital Markets. Please go ahead. Hello. Thanks for taking my questions. Both relate to the U.K., so I'll ask them together if that's okay. First of all, could you characterize the demand environment in the U.K. as part of Business Area West in Q2, particularly as it relates to capital versus consumables? I ask this because a peer flagged strong orders, but customers deferring deliveries. We're just trying to understand whether that's a shared dynamic or specific to their channel. The second question relates to the new value-based procurement guidance in the NHS in June. Just wondering if that's affected purchasing timelines for your U.K. customers, or perhaps it's too early to see that yet. Thank you. Yes. I can try and take that one. I think typically, in a way, I would go back to one of the answers I gave earlier on in terms of the scope and the scale and the diversity of the group. We're always a bit reluctant of blaming or praising any individual company or country who does anything out of the ordinary. In terms of the U.K., I'm also conscious there is a lot of noise and commentary floating around that. We don't have a massive business in the U.K. I think that's also important to state. Hospital Services Limited, the platform that we bought in Business Area West has good operations in Ireland and Northern Ireland. We have subsequently added a couple of smaller bolt-ons in the U.K. as itself. For us, the U.K. is not a large market at the moment, but it's one that is interesting and we'd like to get into more in the future. If I come to your specific point in terms of delays, procurement orders, I guess we can say that we have heard a little bit of noise around the topic, but it hasn't had some sort of long-term, severe, meaningful impact. I think we just take that as part of the normal cycle. Sometimes things are a bit slower, sometimes they come back. Fundamentally, money gets spent on healthcare. Johan often talks about the hierarchy of government needs. Governments will continue to spend money in healthcare on patients, on capital goods. If it's a little bit later, comes one quarter later or two quarters later, it's okay. It will come, money will be spent. That's our sort of general view, general philosophy and has been proved out over time. In terms of the very specific new procurement rules that you mentioned to the U.K., I actually am not in a position to comment on that. I think it's too early to say, and I certainly don't have any particular insight into any impact that would have. Again, I would put it back into the box of the answer that I just gave. I think money will be spent eventually. I'll quote you on that. That's a good one. Yeah. Thank you very much. Please don't. The next question comes from Jakob Lembke from SEB. Please go ahead. Yeah. It's a short one. The other operating income in the quarter, that's SEK 24 million. Is that currency effects or what is that? No, there's a very small contribution in there from the sale of a building that we came with an acquisition. Jakob, let me get back to you on that before I give you a half-baked answer to double-check that. Okay. If there's one-off effects in that, have those been adjusted for in adjusted EBITDA? No, there is no major one-off effect. The sale of the building netted us a profit of around just under SEK 2 million. There was a tiny positive effect there, but there is no significant IAC associated with that. Okay. Fair enough. Thank you. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. All right. Thank you for good questions and taking the time once again. I wish you a very nice summer, and see you in Q3. Goodbye