Welcome to the Q2 earnings call of Scandinavian Astor Group. My name is Christian, and I will be your host today. With me is the CEO, Martin Elovsson, and in a minute, he will begin presenting the results for the second quarter, which will be followed by a Q&A session. During this Q&A session, you have the chance to ask questions, either in writing by putting it into the Q&A chat box, or you can raise your hand and ask the questions verbally by clicking the raise hand button. Without further ado, I am handing over to Martin. Thank you, Christian, and good morning to you all and welcome to this Q2 earnings call with Astor Group. We do not need to discuss the disclaimer, but today's presenter is myself, Martin Elovsson. I am the CEO for Astor Group since May this year. We reviewed my background with my last Q1 together with Mattias for the Q1 results. I suggest we proceed here. There could be some newcomers here who is interested in Astor. I do want to give you a brief update about Astor and also Astor as a purpose-driven company, just to get the feeling of what driving our forces except in delivering bottom-line results. We believe and we are ready to fight for a world where freedom and safety are a shared reality for all. This is actually not the case for all today. You can see the pace of conflicts has accelerated, hybrids, multi-domain, unannounced, tactical shifts, of course, in days instead of decades. The old defense playbook no longer works. Here is a clear role for Astor to play. We are a company who is supposed to be perceived as innovative, agile, fast, and responsive. Here is a fit for Astor and Astor Group in this context. We also see the need for a Europe made resilient through readiness, unity, and industrial strength. This is really important for us. We see ourself as a European defense company here. We have already, and we continue to build on our ecosystem, engineered to involve, respond, and adapt to every shift in this paradigm. Talking about Astor ecosystem, we will come back to this. This will be even more focused going forward in our company to actually develop and evolve our ecosystem even further. Very briefly, Astor is a purpose-driven company. We have a role to play, and Astor Group is exactly such an entity as I described here. We see ourself as one of Europe's most united defense first, and this is also important. Defense is our niche, defense first ecosystem, and we are engineered for change, but also for innovation, agility to respond fast and support our customers out in Europe, so to say. Strengthening Europe's readiness and resilience through unity, ownership, and industrial capability. We are today located in four countries in Europe. We have Sweden, Finland, Latvia, and also a presence in Germany. Going from purpose to our missions, our mission is to unite a rising force of thinkers, innovators, and producers. This is our team. This is our team members in the Astor Group. Our society's readiness and resilience depend not just upon those who fight, but also those who actually build and support the fighters. This is the mission we have in our guiding star. We see ourself, we are a quite big number of companies in our portfolio, and we see ourself as a rising force of small giants in niche segments with outsized impact. Very briefly, very short, Astor Group going forward. A few days ago, we announced that we go from three to two business areas where we actually include Astor Tech in Astor Protect. The rationale behind it is I want to see more synergies. I want to see more sales. I want to drive cross-sales and drive efficiency in Astor Protect. I see big possibilities for example, Ammunity to cooperate with NSG. I see good possibilities between Scandiflash and Ammunity. We see Oscilion, NSG, et cetera. I want to facilitate this, and I want to strengthen this so we really have a good palette of solutions to discuss and interact with our customers. Astor Industry on the other side is two typical verticals in our portfolio. We have the composite side, and we have the precision machining verticals. I am very pleased with the result in Astor Industry today and how they perform and how we will scale and evolve this. From a geographical size, Astor Protect, we have Airsafe in Upplands Väsby. We have Scandiflash in Uppsala. We have Oscilion in Kista. Cesium, a subsidiary of NSG, is located in Katrineholm. We have NEZ, also a subsidiary of NSG, in Visby. We have Ammunity in Riga. This is the new Protect. Then we have the industry with Mikroponent and Marstrom as the main drivers with the subsidiaries in Väsa, Översta, Värnamo, Västervik, Ljungby, and we have actually two production slots in Malmö. This is very briefly about the new organizational layout. Going into Astor in brief, and we can see we continue on our growth journey. We are positioned for further growth, and as you can see, the net sales last 12 months go from SEK 433 million up to SEK 569 million. Adjusted EBITDA, and most of you maybe have read the report today, we have communicated an adjusted EBITDA today because we do an extraordinary income this quarter by the acquisition of NSG since we had 36.5% of NSG before we did the full acquisition. According to financial policies, we need to visualize that gaining. Order book going from SEK 289 million up to SEK 610 million, mainly driven by NSG adding on top of this. We have more or less SEK 600 million in order book going forward, and we will discuss how we will execute this going forward. We continue to grow also from an employee perspective to 45 full-time employees at the moment, located at 13 sites and in four countries. This is Astor in brief. Stopping up, talking about Q2 and the Q2 report highlights, and actually the net sales increase is 89% this quarter up to SEK 171 million. It is actually the strongest Q2 in Astor's history. In this case, both valid for Q1 and Q2 and for H1. It is driven by acquisitions, and based on different, how should I say? We have some softer organic growth in this quarter, but we can discuss that in deeper going forward. But overall, top line, I am very pleased with the result and what the team has performed. I am not satisfied with the results, but I am very positive that this is just a one time, how to say, one time event, and that we actually come back to our historical margins going forward in Q3 and Q4 that I see good possibilities. Adjusted EBITDA amounted to SEK 10.6 million, and here we see the consequences of some disadvantages in project mix in some production companies. But we also see some of our larger contracts that were supposed to be delivered during Q2 actually slide over to Q3 or Q4. So we are quite convinced within the team that we will recover this slide over effect from Q2 to H2 in the remaining year. Adjusted EBITDA, SEK - 2.2 million, and as again, I repeat myself, we see this as a temporary effect in Q2, and we are confident that we will come back to Astor regular margins going forward. Cash flows from operating activities amounted to SEK - 25.9 million, and this is because we have built up an inventory stock ahead of the deliveries that now will be executed during H2. And this is the opposite side in Q4 2025, we had the opposite bank in the operating cash flow because of a prepayment for this delivery. So I think the cash flow from the company, this excluded, is according to plan. Earnings per share before dilution, SEK 2.09, and after dilution, SEK 2.08, sorry. The equity asset ratio go down to 38.3% from 64.1%, affected by the increased borrowing in connection to the acquisitions we have made, primarily with NSG going forward. To summarize the Q2 report, top line is good. We follow our plan. Bottom line, we are not fully satisfied, just as we write in the report. We have already addressed actions in specific areas where we can see that we can control it ourself, and the rest is actually influenced by external conditions. Overall, a good Q2 report from that I am very pleased with. If you dig into the financial development, the order book more or less doubled based on the acquisition of NSG up to 610, 111% growth year-over-year, which is decent. Out of this order book, almost SEK 600 million will be actually expected to be delivered this year, and the remaining part in the initial part of 2027. But I do not see a risk here that we end up without orders during 2027. We continue to fill the pipeline for 2027 continuously. We also need to have in mind that our type of industry do not have a regular production in all business areas. Some of the businesses running on a monthly, very predictable basis. Some of the businesses have one-time contract that needs to be delivered before you receive a new one, et cetera. We have a mix of companies in our current portfolio. So I am quite convinced that we could push out what is take for the ref H2 2026, and that we continue to fill 2027 going forward. Ordering take for the period was SEK 81 million. A lot of these contracts we negotiate, especially within contracts, it is big, long-term sales, and they just do not happen on a quarterly basis. You need to see our trend on a little bit more long time horizon to see how we build up our order intake. From a net sales and EBITDA perspective, going back from 2024 up to Q2 2026, I think we have a quite good trend. Ending up with 89% year-over-year growth for Q2 2026 with an EBITDA level of SEK 10.6 million. I think it is important to understand, we see a lot of activities, a lot of leads, a lot of dialogue with our customers. We are in the defense and the industry sector, there is a lot of activities in general. We think that we have a portfolio of companies that are well-positioned to utilize this growth in the sector, and I am quite positive going forward. Looking in the segments, as I stated earlier, we have gone from three to two segments, and I am very pleased here to present the performance we do within the industry area here. Topline SEK 74.7 million, EBIT level of SEK 12 million. I think it is proven that we have a very productive and effective industry segment working continuously with cost reduction, operational excellence and play in segment verticals that are very healthy for us to operate in. Going forward, we will continue to build the industry segment in this area. Looking at Protect, we see some short-term hiccups. I should not say hiccups, it is a bad expression. We see some challenges. We have some challenges with product mix. We have long time cycles of sales. We see some orders that has slide over from Q2 to Q3 and Q4. We also see some external issues with, for example North America, we see some challenges with our products in North America. We see other external challenges that short term affect the margin of Protect, but long term, we see a good progress in most of the companies here. From Q2 and one month, we have NSG in our portfolio, and I really see a lot of activities in NSG going forward into Q3 and Q4. To conclude it a little bit, it is a strong quarter that could have been even better. We have a record book of SEK 610 million. It is up 111%, and it is proving a strong visibility into the remaining part of this year. Marstrom, Mikroponent, Airsafe continue to deliver organic growth and strengthen their market position. I am very pleased with that part. Industry segments can prove to improve operational efficiency while maintaining strong activity levels. In the industry segment, it is really about efficiency, operational excellence, and be agile and be responsive. So, well done. We also have a lot of dialogues with customers regarding new leads and quotes and so. We see the need to continue to invest and build capacity in Ammunity, Marstrom, Mikroponent, and NSG, going forward to meet this actually growing demand. Areas impacting Q2. We have talked about it, so a little bit of repetition. Planned deliveries is postponed from Q2 over to H2. I am quite convinced that we will catch that up during this year. Product mix, we have talked about. Global trade barriers, we have indicated this is a little bit struggling. We need to have patience. We are building a sustainable company. We have a very clear trend. We have a very clear target going towards 2028 and going forward. We have two engines of growth. We will continue with the organic development of the companies, even though it will be a little bit fluctuating quarter by quarter. We will continue with the acquisition process going forward. We have also implemented some cost reduction and efficiency activities into parts of the organization where we need to improve and adjust going forward. Going back to the state of the land, it's a strong quarter, but we are not pleased and fully satisfied, and we see very positive going forward into Q3 and Q4 this year. Commercial activity remains high across the group, and I think that's reflected in the book. The activity is there. We also see it's not only the industry itself, it's also the activity around our companies. We see increased amount of leads. NSG are now fully implemented into our order book, but also into our organization, and we continue to develop together with NSG. It will be a big part of us still going forward, and I also see it's very inspiring and positive about the potential in both subsidiaries of NSG. We have NEZ and we have Cesium, and I think they are both on the right track in the right spot at the moment. Most of the order book will be delivered during H2 this year. Just a very brief update about our latest acquisition. It's PBH Teknik. It's located in Karlskoga. For those of you who don't know, so familiar with the Swedish geography, Karlskoga and the area around Karlskoga is one of the center of the defense sector in Sweden, so it's very strategic to have a presence there. This company is a perfect fit into the other parts of Mikroponent where we can actually utilize effects of synergies leverage, and I expect actually that we can one by one will be three instead of two, and they are as the other companies within the industry, they are niche players with high optimization, high productivity, and good quality. They also have a very strong defense exposure and long-standing customer relationships. This will be complementing Mikroponent's existing capabilities. Purchase price SEK 88.2 million, 75% paid at closing. Then we have an earn out over the upcoming three years for the remaining 25%. Net sales 2025 was SEK 34.3 million, with an EBT of SEK 16.3 million. So it's a healthy, well operating company that have a very good strategic fit into one of our verticals. In this case, the precision machining vertical with Mikroponent as the main company or the mother company. We haven't received the final acceptance from ISP yet, but we don't see any constraints at all actually. We're just waiting for it over the summer period, and we hope at least to have PBH Teknik integrated in our figures from the 1st of September this year. This is a snapshot of the comparison of the acquisitions we have done. Just to be very clear, Astor has two growth engines. We need to continuously develop and grow our portfolio of companies, but we also need to continue to acquire additional companies. I think we have a very proven track record what we are doing. We are acquiring profitable and growing companies to an attractive EV to EBITDA level or multiple. I think it's good to understand, we are very selective and we have high demands on our companies. The counterpart also see a big benefit of being a part of Astor Group, and I think this is a key message going forward, that being under the umbrella of Astor Group is really strength to these companies as well. Even though we may not always have the highest price, we still can come to a deal here because of the attractiveness to Astor Group. This is very positive. If we frame out, look at 2026 and beyond, we see, as you know, defense market is increasing. Larger and more complex procurements resulting in longer lead times and greater quarterly variations. This is just the name of the game. We see some delays from H1 that will be implemented into H2. We have addressed short-term cost adjustment measures to improve areas where we need to have some extra focus, and this is really, really important, also. We are confident in the outlook for the remaining part of this year and also entering 2027. I have high expectations on our portfolio of companies here. If we go back to the purpose, we want to become a significant eco player in Europe, and we actually plan to build the next defense powerhouse in Northern Europe. We have a footprint in Sweden, but we continuously evaluating and identifying additional footprints to expand in Europe, of course. Our journey have just started. We will continue acquiring companies, and during the upcoming year, I foresee a couple of companies that needs to be acquired into our portfolio. Here it's really, really, really important to understand, we need to prove to the market that we buy the right companies. We need to integrate them in a correct way, and we need to prove that we also can integrate and make profit of the combined package. So we have an aggressive acquisition plan, but we need to have patience to actually do this in a correct way to secure the confidence from investors that we are doing the right track. Going forward, we have a quite ambitious ambition to acquire almost SEK 1 billion new in the upcoming years. To me, the future is quite bright. I think we are well-positioned. We more or less have control of our cost. We have a lot of activities, and we have a lot of companies in a pipeline of good trends. M&A will continue, active but selective, and this is important. Active but selective. Operational efficiency, I think we have proven that we do this really well in the industry segment, and we will continue to implement new companies into this environmental operational excellence and scale them up further. Last quarter, we communicated that we had add a number of sales resources additional to the group, and we also see a lot of leads and discussions out there, and my expectations now is that we actually can convert this pipeline into wins and actually increase our volumes. This is a really focus area to drive sales internally here. CapEx and capacity. We are really close to our customers and we see capital increase needed. As I mentioned earlier, we continue to invest in capacity in multiple companies within the portfolio and are very positive for a bright future in this industry. The end group cut from leverage. I want to see more synergies. I want to see more leverage out of combined sales, combinations of our companies, and that's why we create the new Astor Protect to get leverage out of that. This is top five priorities going forward for 2026 and beyond. This was what I intended to present regarding the Q2, the results. If Christian feels okay, I think we open up for some Q&As. Yeah, perfect. As a quick reminder, if you wish to ask the questions, you have two options. You can put them into the chat box. Christian? As a reminder, if you would like to ask questions you have two options. You can put them into the chat box and I will read them out, or you raise your hand and you can ask them verbally. We will start with the verbal requests. First one is coming from Simon Keller. Simon, you can speak now. Simon, do you hear us? Yes, I do hear you. Good morning. I hear you. Fantastic. Now you hear me as well. Good morning. Thanks for taking my questions. I have a couple and I would like to go through them one by one. Initially, starting with the shift effects that you mentioned from Q2 into H2. How much of sales and EBITDA have shifted? What products were involved? Of course, why has this shift happened in your view? Without going into details, Simon, we have communicated earlier a quite significant order in the past that was the intention to take out during Q2. We have some dialogues with the customer, so it was actually customer wants to have them in a different way packaged. This postponed the delivery and we know that this will roll over to the next quarters instead. Okay. Speaking of next quarters and of the backlog, which looks really reassuring looking into H2, how confident are you that you can work off these almost SEK 600 million in backlog dedicated for this year? Can there also be maybe a shift into Q1 next year similar to what has happened in Q2 already? Of course, there is a risk, I would say, within Industry. We are well prepared and we have a plan. So I am quite convinced that we will run according to plan within Industry. In Astor Protect, we have some bigger deliveries that could, for any reasons, our fault or our counterpart fault, be postponed. But with the knowledge I have today, I am quite confident that we will deliver this during Q3 and Q4. Okay. Can you share any hints on the EBITDA margin that is baked into these order book contracts right now? My expectation is that we do not communicate forecast on EBITDA that detail, but my expectation is that if you look on the history of Astor, I think that is an expected level going forward as well. Thank you. Again, Q2 is, to me at least, a one time drop in EBITDA and we come back during Q3. Understood. At the end of the day, the EBIT margin was really strong on an H1 level in the industry segment already at roughly 20%. Yes. Do you think this is sustainable going into the next quarters? What is the explanation for this step change in the margin in this segment? To be honest, my expectation is yes, we will continue this level for remaining part of this year. I think that our team, Fredrik and his team, Jörgen and his team, is doing this really well. We focus on cost, we focus on improvements and operational excellence, and we really, really try to do this in the most efficient way, and I think we have a pipeline for the remaining part that support that trend. Okay. Last topic is on order intake. Can you provide a split of the Q2 or H1 order intake by, I don't know, segment or unit level, or at least some indications? Maybe also on the outlook for NSG specifically, are there any larger tenders that are worth mentioning and that you are allowed to share currently with us? No, we are actually not allowed to share any tenders, but let's summarize to be clear and honest, there is a lot of activities and my expectations on the acquisition of NSG is high and expect us to see results of that going into Q3, already going into Q3. All right. Yeah. Thank you very much, Martin. Best of luck. Thank you. Thank you. All right. I would jump to some of those written questions for the meanwhile. First one, organic growth was negative in Q2 despite a very strong defense market, while the development across your group appears quite uneven. Could you give us a clearer picture of what businesses are currently growing organically, which are underperforming, and how much of the weakness in Protect is temporary timing and product mix rather than a more structural issue? Yeah. Without going into too much details here, but I think that Industry is doing well, really well, and according to plan. Protect is doing good, but we need to have in mind we have a good Q2 reference to refer to, but we also have a lot of, I shouldn't say, but a couple of companies in the portfolio that don't have predictable sales. We need to look a little bit wider horizon how are we taking orders. One example, one of our companies have limited numbers of customers, and they have a quite big order that they deliver on continuously, and they will not receive the next order until they have delivered the current one. So there is a mixed fleet within Protect. So it's not easy to elaborate from a general view here. All right. Great. Then we have some more questions on the individual segments. So the product cost for the Protect business area increased dramatically in Q2. What is the reason for this? An unfavorable product mix can't be the only explanation, can it? No, it's not the only, but also, as I stated earlier, and you can also see it in the cash flow, we have taken a lot of cost in Q2, but we have delayed the output. I think that's the remaining part of the explanation here. Right. The next one. Could you tell us which unit cost savings program is directed at? Are you facing any cost problems with freight, higher input costs, et cetera, for specific delivery projects that would have an impact on H2? I don't comment on the cost savings progress per company, but some of the companies have a challenge in market situation because of internal or external factors, and based on a summarized view, I take action to secure that we fulfill our long-term target regarding profitability. All right. Then another one on Astor Protect, which reported SEK 5.6 million in capitalized development work in the second quarter. Could you elaborate on which projects or products these investments relate to, and whether they are primarily connected to new electronic warfare or Counter-UAS capabilities? Our capitalized development cost is primarily linked to our previous business area Astor Tech. Right. Then maybe some questions on the slides with the midterm targets. You still have SEK 851.5 billion and EBITDA margins of above 50%. How do you advise financing acquisitions of this magnitude while maintaining prudent leverage, financial leverage, and limiting dilution for existing shareholders? I think this is a very fair question, and we always evaluate different ways of financing growth. One way could be to take in new capital. One way can work with banks and other credit suppliers. So we continuously monitoring this to make this as efficient as possible going forward. All right. The contingent- Can I comment on it? Yeah. My expectation also. We always drive on operating cash flow, and of course, over time, we should support and generate internal cash flow to also continue and support this growth. This is really important. Right. I believe this question is on the NSG acquisition. The contingent consideration is valued relatively close to its maximum. Without giving a formal guidance, what assumptions around NSG's 2027 EBITDA underpin that valuation? I do not give any guidance on NSG's performance for 2027. There is a lot of activities going on, and the expectations from my side on Peter, Henrik, and Fredrik are high. All right. Great. Then I will jump to some of the questions we have received beforehand as they go into the individual portfolio company. First, a few questions are on Oscilion. How would you describe the current market interest and demand for OutGuard and Astor IV? Have you seen any changes in customer interest or activity recently? The short answer is more or less no. It's an environment where innovative defense solutions and protection solutions remains very attractive. We think our offering is well-positioned going forward, but you also need to bear in mind that these kind of sales in this domain take time. It's a lot of steps to pass, development, testing, verification, negotiations, et cetera. You also need to fit different financial brackets. So we still see interest out there, but I can't say more than that today. We're continuously working with several customers. Right. Then a follow-up question on this, what are your currently biggest bottlenecks for Oscilion's commercialization? Do you see any risk that the commercialization process could take significantly longer than initially expected, or that customers' demand for your specific products may develop differently than anticipated? I don't know how I should answer. We have Oscilion. We think we have a relevant product, and we work with different customers. Our ambition is to proceed this development work, but I can't guarantee when we get an order, if that's what you're aiming for. We see we are relevant, and we have a lot of dialogues and present what we have and try to be close to the customers. Right. Then a question on Ammunity. Could you elaborate a little further on the recently announced collaboration involving Ammunity, including the cooperation with Polish MESKO and other companies? What do you see as the main opportunities arising from these collaborations, and what do you believe is driving the increased interest in Ammunity from an international perspective? I think this is very relevant to Europe if you want to be a European player in the defense sector. There are several reasons why we have cooperations with MESKO and others. Joint procurement programs would be easy for us. There are lead times up to 24 months in different parts of the supply chain, so by going together and cooperate, this will benefit us. There also starts to be demands for European-based components and supply chains, which also makes it important for us to cooperate within Europe, gaining this market. The final one, Ammunity, we do a lot of investment in Ammunity, and we think the company developed really well. We see Ammunity as a player who is very close to customers. We are very flexible in our production, and we can customize and handle orders fast, and also customize. So the reason, to summarize it, cooperation, demands from the E.U., internal production, and agility. Right. The next question is on Dolprop. Dolprop recently shared a post on LinkedIn regarding a new collaboration with Cube Squared. Could you elaborate on what this collaboration could mean for Dolprop going forward, and how the SUD XL underwater drone has been received by potential customers and partners? I think, without saying too much, Dolprop is a very innovative and interesting company and product. The collaboration with Cube Squared means that we continue to invest and that we see progress in this. We also have gotten recognition regarding the SUD XL underwater project from different stakeholders. We have a long-term plan within Dolprop, and I think we follow it. Yeah. That's it. All right. Then we switch to NSG. Now that Astor Group owns 100% of NSG and the business is fully consolidated, what aspects of NSG's contribution to Astor Group do you believe the market may be currently overlooking? To me, I shouldn't boost any more. I'm very positive to NSG. We have made a very detailed due diligence, and we also see the long-term patterns in the defense sector, but also in the civil infrastructure sector for the upcoming 10, 15 years. We see, according to our understanding estimation, a huge need for this. I think by letting NSG prove themselves going forward quarter by quarter, we can visualize to the market the real potential here. Right. Then another question on NSG, especially on the sales of NSG, do you see potential happening in Germany? What are the prospects here? Do you have sales offices in Germany? What is being done to increase sales in that region? We have a sales office in Germany, and NSG historically have not been so active in Germany based on working load and working capability and capacity. Now they are into Astor Group, and Astor Group can support NSG in their growth from a footprint perspective. Without saying too much, I am positive that we will be more active in this domain going forward in Germany. Great. Then we have another question on Oscilion and AI. So what is going to be Astor Group's take on AI, and maybe especially in Oscilion and its electronic warfare products to keep competitiveness with the products? How should I say? Of course, we use tools within AI, et cetera, to secure that we follow our path here. But AI is one part of strengthening the competitiveness for the products. But more on that, I can't comment. All right. Then we have another question. Is Astor Group currently involved in any tenders, discussion, or other activities related to the Baltic Defence Line? Baltic Defence lines start in Balticum, Estonia, Latvia, and Lithuania. Estonia and Latvia have ongoing discussions regarding Baltic Defence Line. Lithuania is still investigating financial setup. We have ongoing dialogues in these two countries that are ready to have dialogues, not meaning that we have received or taken order yet, but we are close to following the Baltic Defence Line with local presence. How would you describe the current level of interest in Astor Group solutions across Europe? Particularly, what are you seeing in Germany and other NATO countries? You can see in our Q2 report the balance between domestic and international sales, and I think we have a good balance between these two, even though we have a quite Northern Europe footprint. I think that especially Ammunity is one of our reach out in Europe to reach a larger part of Europe. So I am positive that Europe will evolve according to plan. Right. Another question on your pipeline. What is the current value of Astor Group's outstanding quotations and offers, and how does this compare with previous quarters? We don't comment on quarters, unfortunately. We see a lot of activities, and when we, on a quarterly basis, present our order intake and so on, that will be the feeding stream for this. Right. I would jump back to some questions we received in the chat. Astor Group is still relatively early in building the group, while the European defense spending and the need for additional industrial capacity appears to be in a structural multi-year trend. Looking three to five years ahead, what do you think Astor Group can realistically become in terms of scale, organic growth, profitability, and what are most important things you need to get right to reach that point without taking on too much financial risk? We have a mid- and long-term strategy. We want to be a significant player in Europe. That is our intention for sure. To be able to become that, we need to prove ourself regarding profitability, how we can handle acquisitions and how we can integrate them, and how we can, on a quarterly and yearly basis, deliver earnings per share results to get this confidence, to get us continue investing, and this is the mission we have. We are in a phase now that we have grown. We have got a palette of companies, and now it's up to us to actually visualize to the market and prove ourselves to continue growing the earnings per stock continuously and get trust. Right. A follow-up questions on this from the question we received beforehand. What do you see as the biggest risk or challenges in achieving your long-term goals for 2028, and has your view on those changed over the past year? The biggest risk, again, we need to prove ourselves every day. We need to do something better today than we did yesterday. As long as we continuously improve ourselves, driving off operational excellence, and continuously work on improvements, I am convinced we will reach our long-term product. But if we deviate from our strategy and don't deliver according commitment, there is of course a risk. But we have a plan, we follow it, and we work on offensive with sales, but we also work defensive, focusing on costs and balance this in a good mix. Right. Perfect. Then we have, let me check. Is there any aspect of Astor's business or long-term potential that you believe the market is currently underestimating? We mentioned a little bit earlier, I think that we have a good case in We have a good portfolio of companies, I say, and I think we have a good fit for growth in the protect side, and I think we have two verticals within the industry that is doing really, really well, and we will continue on this path going forward. Right. Perfect. Thanks. There's a few questions, and I will just put them all basically together into one, which ask why you have decided to list the company at the NGM main market and not the Swedish Nasdaq. We took a decision to do that. At the moment, my and my team's focus is on delivering results and delivering the operational day-to-day tasks. When we have reached the next size level in our plan, then we can bring up these kind of discussions again. But now we focus on operation and operational excellence and execution, and maybe not so much on the listing. We are pleased with the status we are in today, and we need to focus on operational growth the upcoming years. Right. And then another question quickly on your perception with institutional investors. Does the company take any steps to increase institutional ownership and attract a broader institutional investor base? Yes, of course. This is one of my big topics to emphasize and evolve, but we also need to be very clear. We will get the investors if we prove ourselves. They want to see long-term trend. They want to see that we can acquire companies, integrate them in an efficient way. They want to see results bottom line. And when we have reached a certain standard, we have proven ourselves, I am convinced, based on the dialogues I have with different institutions, that they will step in and take part in the journey to build one of Europe's eco-defense systems. But this is up to us. We need to prove that we are reliable, that we are durable, and that we do things right all the time. Right. So for now, we have no additional questions. It will be your last chance to raise your hand or put anything into the chat box. I will give you guys a minute. Right. Does not seem to be any additional questions. So for the time being, Martin, maybe you want to end the call with some last, summarize the case or the results? I think my conclusion, first of all, I have not been CEO for Astor so long, but I have been visiting more or less all sites. We have great companies. We have great team members that want to do something better today than they did yesterday. We have the fundament for growth, and I also think we have the portfolio of companies settled for continued growth. Now it is up to us to deliver up on it. Again, I am satisfied with the top line. I am not fully satisfied with the bottom line results, but I see a lot of activities. I see a lot of dialogues, short term, long term, and I am quite optimistic going forward. Have in mind, we are growing and we are growing heavily, almost 100% year-over-year. But we never forget the cost focus. We still is a company that have a profitable growth. Perfect. Thanks so much. Thanks everybody for joining the call and have a good rest of you guys' days. Thank you for joining and thank you for the good questions.