Good morning, and welcome to a presentation of B3 Consulting Group's third quarter. My name is Katarina Lundqvist, and I'm the Head of Communications and Investor Relations here at B3. I will soon hand over to Sverre Bjerkeli, who is the CEO of B3, and later in this program, you will also meet Fredrik Fiedler and Johan Kuylenstierna from B3's companies in Malmö. At the end of the program, we will open up for questions, so you are very welcome to send your questions. Either you can click on the envelope next to this window, or you can send an email to ir@b3.se, and we will open up for questions at the end of the program. So, Sverre, welcome! Ah, thanks a lot, Katarina. Good morning, everybody. We have a large agenda today. But before starting on facts and figures, I would like to kind of pinpoint at this picture, because it represents a little bit of who we are. These pictures symbolizes culture, and we are proud of the culture we have in B3. We are trying to spend a lot of resources in order to further develop and cultivate our culture. And we are extremely proud of the employee Net Promoter Score, which is in the heart of the picture here, which last year was 63, and we have a new survey upcoming in these days. So we are kinda curious about how our consultants and employees evaluate the company they are working in. So this is our culture. This is who we are. The 23-24 companies, which are linked together in one family, the family of B3. It has been kind of sent out in information that we have a new CFO permanently, and that is Andrea, who was appointed temporarily during the summer, and now we have kind of finished this process, and we are happy to announce that Andrea is our CFO. What about the figures then in quarter three? They are on the poor side, I would say, with declining growth in Sweden, but full steam in Poland. Our EBIT margin is 4.5, and it's not kind of as good as we would have hoped for and the kind of targets we have had so far. As you know, it is a difficult market in Sweden, and that do affect the kind of figures we have here. If you have a look at the EBIT margin, including Poland, it's a bit higher, 6.3%, and then we are close to 0 growth situation in this quarter. I go more in depth on the facts and figures. Here is the financial kind of picture. If you look at the margin, 4.5% on the EBIT side, you could compare with Knowit. Knowit is the biggest listed IT consultancy company in Sweden, and they released their quarterly figures last year. They are a company which is pretty relevant to compare with. What you saw from Knowit yesterday was that the EBITDA margin was 4.9%, ours is 6.9%. The year-to-date figure of Knowit was about kind of half of what we have today. Our EBIT figure is 4.5%, and I think that if you read the report from Knowit, it's 1.0%. So my small comment is that, one, the results of B3 is not good enough. Two, they are relatively strong, at least to the biggest competitor we have in the market in Sweden. If we include Poland in our figures, they are not a fully owned company, as you know, then that kind of statement would have been even stronger, with an EBITDA margins size 8.5% in a quarter and 11.1% year-to-date in that area. So thanks to Martin and Rafael and the 200 people down there in Poland, you are kind of doing very well and gradually influencing our figures more and more. So what's the reason behind the decline in volume in quarter three? And that is utilization rate. So it's a single answer to that. You can still see that our prices is going up, which is good. You can see that number of FTEs is up relative to same quarter last year. That will, as stated on this slide, gradually disappear. So now we are heading towards quarters where the number of FTEs is more kind of in line with last year. We will not have any volume help from the FTE side in quarter four and in quarter one. Then we are back to our prices and Utilization Rate. So the bad story is that Utilization Rate is on the negative side relative to last year. The good story is that the drop in Utilization Rate have flattened out. So I said a quarter ago that during quarter two, you all, you were on a kind of declining path. And that stopped in July, and now we have a kind of a flat development. I, I don't have the good news, saying that the Utilization Rate has started to climb again, and I, I wouldn't know whether it's going up or down at the moment, but a four-month period with a stable trend is pretty acceptable. My expectation is at least that it will continue to be stable, possibly slightly up, but there are data points in the market indicating otherwise, and so we just have to wait and see in that area. My expectation, stable, for a bit more time, possibly. So what about new business? Yes, we have a good relationship with a lot of clients. They renew their contracts with us. We are, we are happy about that kind of situation, and we are signing new contracts, as you can see here, with Almi and Finnsta, Nan PM and Parks and Resorts, and many, many other kind of clients that we either one cannot disclose, or two are on the smaller side. Strong position, as always, in the many markets we are a part of. Other important events, we have been nominated to the IT Consultancy Company of the Year. It's building the culture. We are proud, and the people and culture manager, Pernilla, she was appointed the manager of the year. Which is a prize both to you, Pernilla, but also to B3 and with all the companies who kind of create that culture in B3. We find it suitable to update our long-term targets today. You could say that it is not kind of a normal timing to update long-term target in a quarter three type of presentation. I agree with you on that one. However, there are two reasons why we find it suitable to update you on our long-term targets. One, it's exactly one year ago, we released these kind of targets in the capital market here in Stockholm. Two, the market is dropping faster than expected. When we gave these targets out a year ago, we were on a very, in a very good market, close to 5-year high or something, like that. So we had a very good market, gave a statement to the market. Then during quarter one, we gradually saw that market was, losing, speed, and after two more quarters slow, now we feel it's, it's kind of prudent to update you on, our long-term target type of situation. I am aware of the fact that most of you, analysts and other professionals out there, you, you have already calculated that we will not reach SEK 1.7 billion in volume in 2025, and I guess you are right. So our kind of updated target now is, a volume at that time, size SEK 1.5 billion, up from SEK 1.15 billion or something like that, to SEK 1.5 billion. Which is a pretty good growth, or we could even argue more than pretty good. And we say that on average, we will have a EBIT kind of target on 10%, obviously, starting on a lower level, in 2023. So these are the two main changes. The question you probably have is then, how can you convince me that you will reach one point five? And it's, it's not that difficult to see. One, we will consolidate Poland in not later than 2025, and probably then in 2025. So you could kind of add SEK 200 million or give or take, because you can, you can see Poland, the size of Poland last year. You can see they are growing 20% a year, and, and, if you think that they can at least continue to grow something, you, you will have a lot of help on consolidating Poland into the figures. And then there is another 10% growth to go in two years. Is it reasonable? I think so. There are a couple of smaller changes on the long-term target side here. We, we are kind of indicating that you should expect slightly lower dividend going forward. The reason why to take down the dividend kind of statement to third, to 50%, is that we would like to invest more in more startups and or in M&A situations arriving, which we think is possible. But we have a priority at the moment on startup situations, and we are preparing for hopefully start more companies and then to end up with slightly higher earnout situations in future compared with what we see exactly today. So no drama in that one, and the EBIT ratio is kind of increased a little bit because it was too low then, and we expect margins going forward to be higher than historically. So why, why wouldn't we leverage the company and start leveraging? We have zero leverage today, but we would be happy to leverage up the company, going forward, because return on equity is a lot higher than cost of capital, going forward. Okay, the market outlook, not too many more comments from my side. It's equally poor as in June. The Megatrend is on the other side. What we are focusing on at the moment is how to adapt to this kind of situation, and how to get out stronger in the other end. So we will accelerate and brake at the same time to get out stronger. Remember, when we are talking about the market, it's not a market. There are many markets, and some markets are doing very well. We are 23, 24 companies who are kind of invoicing towards the market here, and you see the name here. So it's not one market, it's many markets. We feel fit and proper, and my opinion is that in total, we are doing not only pretty well, but very well in this market. Here is a kind of a bit more information, which we haven't shared with you before. And what you can see is the 23 type of different companies. The bubble is the size, obviously. You have the growth, and you have the EBIT side. And it is a fact that 10 out of these 23 companies deliver a higher EBIT in nominal values. That's what we shareholders care about in nominal value. So 10 is doing better, and we have two of them with us here today, in that area. Some are struggling, struggling with the margin, some with volume development, some are doing very well, and some are doing better than very well. I guess that's the big kind of circle up in the right corner. I guess you can guess who it is. Yes, it is Poland up there in that corner. So we accelerate and brake at the same time, and then I give the word to you. Well, are you the first one to go, or is it Fredrik? Yes. It's you, the first one. Yes. Okay. Should I take this one? You should take this one. Yep. Thank you. Hello, my name is Johan Kuylenstierna. I'm CEO of B3 Kodify based in Malmö. I'm just gonna talk briefly about the southern companies within B3, a little short. We are basically 100 people in Malmö, based, divided on 7 different companies, where Skilled and Codify are the biggest one, but we also have, yes, from other companies, as you can see here. Our focus in the area is system development, cloud, and DevOps and SecOps. We are trying to work with local customers down there in the south. That's about it. I would like to turn over to Fredrik at B3 Skilled. Thank you, Johan, and welcome to B3 Skilled. Brain, heart, and willpower is our core in B3 Skilled. It's our values, and that's what we are working with and have as core in our business every day. Today, my name is Fredrik Fiedler, heading up B3 Skilled, together with my management team, fantastic team. We have today 60 specialists within software development, and we are—call us, call ourselves superheroes. All have their home base in Malmö, and we found a company in 2011, and actually, we have some colleagues that still are in the company, which we are really happy about. We named ourselves Skilled since we think that's what we are and what we deliver every day, and our customers are a wide range within the industries, several industries. Everything from big furniture company, small startups, to multinational retail company in U.S., in the West Coast. We have long-term relations and assignments with our customers, and we often get friends with our customers, and a really good cooperation with them. I have one example. A few years ago, we got a call from one of our friends, our customers, asking for a specialist on our services. We had Lars. Lars liked the project, customer liked Lars, and the assignment get going. After three months, they call us again and wanted another Lars, a clone of Lars, and that's how we work within Skilled. So they got another superhero, they got David. Today, the team is eight people. Our result is good, even if 2023 is quite challenging for everybody, as Sverre told. Our result is actually better so far this year compared to last year. The margin is good, and we have a positive organic growth. So to summarize B3 Skilled, we are the small family within the big B3 Consulting Group family, utilizing the bigness of B3 family, such as framework agreements and such that we need for our daily businesses. Results are strong, and we will continue to grow in a healthy way, and we will use our values within the company, as we call in Skånska, heart, brain, and will, willpower. Thank you very much. Over to you, Johan. Yes. Thank you, Fredrik. So I will talk about B3 Kodify, which I think would be one of the younger companies within B3. We are a little over three years old, and we started in 2020 as the same time as the pandemic. So we had a little struggle there. But we built our company on strong foundation. We have the first people I hired there are still with us today, which is I think really amazing. So we've built a really strong foundation and culture in the company. And today, we are 25 colleagues in Kodify. So we have also recently started up in Stockholm, so we're based in Malmö and in Stockholm. And our main focus, I would say, is system development, but we also work with infrastructure and the cloud, cloud architecture, DevOps, DevSecOps, because we see a big increase in requests from our clients where the security really needs to to be better. We are still working with the same customers as we did when we started, which is also a good thing. They, they like our people, they like what we can do. And we strive for our consultants to work with modern techniques, so we, we should always be on, on top of the skill sets. Yeah, I guess that's about it from, from me and Kodify. Thank you. Okay. Thank you, sir. Thank you, Johan. Thank you. Great, to Johan and to Fredrik, thanks a lot for telling the story. And, we are 100 people down there in Malmö area, and as you understand, it's not only kind of two companies. You are hosting your friends from other B3 companies, and like Johan said, we have just opened up in Stockholm, which... So you move to Stockholm, and people from Stockholm or companies located in Stockholm go there. So I think that creates some kind of opportunities for a small company with 25 employees- 3-year-old. You have the opportunity to go to Stockholm. You don't have to set up any facilities, and you know that if you hire a couple of people, they will not be alone. They will have colleagues here in Stockholm. Yeah. And we have plenty of clients here in Stockholm, that you also can access, obviously, in that area. So I think that we are trying to say is that we like the model of B3. We are, as you say, the small family in the bigger one, in that area. And these are good, good examples, two fast-growing, profitable companies down there in Malmö. A next startup company, is, one decided a few weeks ago. They will be up and running, early next year, around January first, maybe a few days later on. And there is a point here on this slide, is that this is the first time in history that we are allowing kind of people from internally in B3 to do a startup. And my, my question is: Why wouldn't we? You could either go to a competitor and start up a company, or you can do it internally. And Patrik, you was the first person to move here, and you ask, "Can I have one or two people with me from the family?" And the answer was obviously, "Yes." So what we are trying to do now is to stimulate people with entrepreneurship and energy and contacts and skills to start up new companies in the future. Then we will be happy to let you go out there, bring one or two people with you, but you have to find other consultants from competitors or from the market and other clients. So you are not allowed to cannibalize on what we have, but go elsewhere. And guess what? We don't have a significant market share in Sweden, so there are plenty of room to move into. We accelerate is an important statement. The second statement in the current market environment, and what we always should look for, is to see whether we should do cost-cut initiatives to drive efficiency and improve that. We break. And what we are trying to do is to take some inspiration from a book, here's the kind of book. It's called Good to Great. Many of you have read it, and I read it first time, I'm not quite sure, 2009, 2010, and I've been through it many, many times after that. There's a large number of good elements in that book, that ideas, language that you could learn from. And we are trying to use some chapters in the book in order to inspire us to cut cost the right way. That's kind of the point here in that area. What I said to you after quarter two is that I will come back in quarter three with a more concrete information about cost-cut initiatives, and here it is. One, we will cut costs sized around SEK 33 million in headquarters, not of the other companies. We are not cutting down cost on the consultancy side. We are, on the contrary, spending more money on that side. But that's cutting cost in headquarters. The financial implication on that will be, improved, a bit margin, sized 1.6 in 2024, and 2.5 in 2025, based on the assumptions, you have on this page. It will be properly reported every quarter on how we deliver according to, and we will start that reporting in next quarter in more detail. How much money each quarter, what's our plan, and how will we deliver it? The overall picture is that we should go from a high 10 percentage points of volume on the mother company cost side, to at least not higher than 7.5, with full year effect gradually appearing and with Poland consolidated in 2025, which gives some kind of a technical help to that area, which is kind of expected and anticipated and planned for a long period of time. You can see the subtitle in the slide here, that our internal target is 6. I think that some of the assumptions you see here is slightly on the conservative side, so you should either expect us to deliver exactly what we say, or likely better. That's my message to the market. I got an IR, Katarina, a question this morning, actually, it popped into my mail, so I just take it now because I think it's also relevant. The questioning was kind of, I can see that you say quarter three full effect, but what about quarter one and quarter two? I'm a short term thinker, is probably one person asking, but I think it's relevant. My feedback is that I don't have a kind of an exact figure what happens in quarter one and quarter two, here. But you should expect that we are close to full effect in quarter two, give or take 90% full effect. And you have a pretty strong effect already in quarter one, give or take 50%, in that area. So that's my expectation in that area. It's not very important. The important thing is that we deliver the next 3, 4 quarters, as we say, and as formally stated, but a bit more detail will obviously be given in the next quarter presentation. But we haven't really finished the full program internally yet. It's happening. People are leaving. There are no drama in it, in the headquarters. So it starts kicking in savings as we speak, and that will increase every month, going forward. Give or take 50% in quarter one, give or take 90 in quarter two, 100 in quarter three, and onwards. Thanks for the questions. We are trying to build some credibility on the figures, giving you information you see on the screen here today or now. Top management reduction is probably the biggest cut. So we are reducing number of top management, and we are changing roles and responsibilities in that area. You have to start on the top, and not on the bottom. If you think like that, we try not to, but okay. So top management cost is reduced a lot. We reduce some on the HR side, economy, admin, IT, licenses, sales, at the same time, reducing some sales functions. We kind of swing the responsibility. Johan and Fredrik, I wouldn't say back to you, because it has always been there. You haven't felt that you have had too much support from Stockholm, is what you said to me when I was visiting you, and I basically trust that statement. I can see you are smiling, Fredrik. So, you have the responsibility to recruit, develop and keep the right clients, which you talked about in that area. So we are in total using more resources on sales as we speak, but not with centrally located people. Roles and responsibilities change stronger back to where they belong, to the daughter companies in that area. Obviously, there will be some kind of activities going on centrally. Also, we increase cost in the offices, so we spend more on people in Stockholm, we spend more on marketing, and we spend more on startups in that area. So we are not cost cutter only, we also invest at the same time. And the total picture is what you saw on the previous picture, that we'll end up with 33 million SEK annual saving at least, and then we will go gradually down towards 6 or formally stated 7.5, as you see here. Okay, we are getting closer to the Q&A setting. We have a lot of information today about the capital allocation strategy here. After quarter two, I received some questions from a couple of you investors. Good one: "I can't see the balance between the different capital allocation activities you are doing, Sverre. So please educate me. What are you actually doing?" I went back, took the feedback from the market, and I had to ask myself, "Do we have a capital allocation strategy?" The honest answer is no. We didn't really have one. I smiled a little bit to people in the room. Wow, that's not very good, is it, that you didn't really have one at your company? Okay, we don't need too much capital because we are a consultancy company, as you know. But now we have a capital allocation strategy. It's communicated to you. Let's leverage up a little bit going forward. That's fine. Organic growth is priority number one. Startup is what we call organic growth, but it has some kind of financial implication that has high priority, and we hope we will pay more to start-ups in future. You can see that there is a buyback element below startup here. So yes, we will do buyback, but you should not consider buyback to be distribution to shareholders. It's not. It is buying own currency to send it to, earn-out situation and or an option program at a later stage, hopefully, with shares to a higher price. And, remember that most of the earn-out situations we have at the moment, is linked to 2025. So if you buy shares tomorrow, we have 18 months to go before potentially giving those shares back to earn-out companies, if you decide to use shares as a part of a payment towards that type of company. So buyback is not capital distribution to shareholders; it is to pay for shares that will be spent for earn-out situations at a later stage. We do not do a lot M&A situations. They may appear; it is cheaper in the market at the moment, and we are a bit more active to listen to what's happening in the market. You can see a slight change in dividend policy from two-thirds to 50, and that is linked to us seeing more growth opportunities going forward. We would like to prepare for it, and I think also it is pretty realistic that those earn-out situations that we have in May next year. If share price is what we see today, that will probably be fully cashed out and not using the shares as a payment methodology at the present share price setting it. So here you have the new capital allocation strategy of the company, and you have heard that we do a buyback program. You have read a message to the market this morning, so we'll do some buyback initiatives starting up soon in that area. Maximized to SEK 25 million, and we have done kind of an intrinsic value walkthrough in the board yesterday. The board is of the opinion that we have a rebate to intrinsic value bigger than 33, which is the kind of internal guideline we have at the moment. Whether you disagree or agree on that one, that's your call, obviously, but that's our statement to the market. That's what we believe, and that's why we are buyback shares. Not as capital allocation to shareholders, but to be used for earn-out situations, probably in 2025. The summary, we will emerge stronger from a weaker market. And remember, even if you are not happy with the results in absolute terms in quarter three, we still have the second best first 9 months in the history of the company. Hey, John, that's not bad. No, it's good. You see it? It's very- You, the young company from Almi, you are helping us to deliver that. Yes. Thanks a lot. I can see you, Fredrik, are smiling again. Yeah. Then, Katarina, we have hopefully some questions, and we have a little time. Yes, and we have received several questions, and we try to take as many of them now, and otherwise, we'll get back to you by email later on. So Sverre, the first question: How has the market developed in the beginning of Q4? Is it still declining, or has it shown signs of stabilizing? I think that you, you know better than me. So you have more, probably more data points than I have. To be honest, I don't have a prognosis system good enough in order to kind of have a good statement on October. It's actually too early in that area. So I wouldn't know. If I should take a guess, I would take a flat. I know for a fact that some of our companies are doing better, but I'm a bit afraid that I hear the good news before the bad news in that area. I'm trying to educate everybody to share the bad news first and then the good news later. But it's a bit of a cultural challenge to get into that. So anecdotal statements is dangerous. My guess is flat. I don't really know. Okay. Can we think that the utilization has stabilized for B3? Four months in a row, pretty stable. It has stabilized. I cannot guarantee it's not going down. I cannot say exactly when it turns up, but four months is a pretty long period in our business. Yeah. So, I would say stabilized, yes. Okay. And what was the key driver behind the budgeted 19% cost increase in the third quarter in 2023 compared to 2022? Well, we're expecting that one. So I was chairman of the board, as you know, a year ago, and I accepted that budget to be passed. There were kind of strategic and efficiency type of initiatives that should be taken. So there were good reasons why we should increase budgets and cost spending entering 2023. Some of these kind of initiatives has been delivered very well and give efficiency opportunities today, which we can harvest. Some of them didn't pay off very well, and obviously, we had a well, at least seen in hindsight, a couple of bad ideas that we spent some money on, and today we could say we shouldn't have done it. What if the market continued to be as it was a few months ago? We don't really know, do we? So, okay, no regrets. It was my responsibility to pass that budget. We could probably have started to cut cost a bit faster, a bit earlier. That's possible. But when we move now, we move quickly and pretty hard. So I think good reasons, bad reasons. Some investments have turned out to be good. We harvest today, and let's go for 6% as a cost percentage in the mother company, and we will deliver 7.5% or lower in 2025. And that's kind of the key point in my opinion. Yeah. Then you talked about the cost savings program, and is it expected to result in any one-off cost in the fourth quarter or onwards? No. We had what you could call a smaller one-off cost in quarter three. It's in the report, SEK 1 million or something. It's not important, and I don't expect any other to arrive. There may be one, because you have seen that we have kind of invited the market to, or not the market, but our shareholders to vote for a option program, which we withdrew yesterday. That's okay. So first we invite to a decision on an option program, then we are withdrawing that kind of statement. But we also said last evening when we sent a message to the market, that the reason why is because some shareholders have said to the board that we are prepared to spend more dilution of our shares to a bigger program, including more people. Wow! We have some good shareholder feedback in that area. So yesterday evening, the board discussed once more what we should do, and we will probably get back with a new invitation. Well, probably, we will come back with a new invitation to a new general assembly in order to vote for an option program, probably then bigger than what we sent out a few weeks ago. You may see a one-off cost related to that one. You may, and you may not in that area, but when it comes to the Hedgehog cost program, there will be no one-off cost involved. Okay, how confident are you that we reach the financial goals in 2025? It's after missing on that for 12 months ago, it's pretty difficult to give out any guarantees. On the volume side, I'm pretty confident. Why wouldn't we? We will consolidate in Poland. There is not much to know. I think there's a high probability to go north of SEK 1.5 billion than south. That's my investment decision to take also in my family investment company. So I think that there is a big risk on the upside, on the downside. On the EBIT side, it's a bit more difficult to state, because everybody can see that we will be below SEK 10 on the EBIT side, not EBITDA, this year. Then the next question is how fast will market turn? If we stay at this level, if the market stay exactly where we are today, in 2.5 more years, we then we will not reach 10, in my opinion, but we will do better on average, but we will do better than today, because we are more fit and proper, and we can make money in today's market, as we have shown already before cost control program is kicking in, here. So I think that the volume side, we will deliver. On the EBIT side, we will probably deliver, but a little bit help from the market during that period of time, let's say 12 months from now, would be appreciated and make life easier. Thank you. We have also received some questions about the Skåne market. Maybe you will step in, Johan. Yeah. The question is, Oh, yeah in which areas is demand strong in the Skåne? How does the market look? The market looks slowly increasing, I would say, in Skåne. And we are seeing, I think I mentioned it before, but we see- an increase of questions regarding security. So, that feels like we're in the right market for that. Great. Fredrik, you are with us, online. How is the candidate market in Skåne? Are you still recruiting a lot, and is it easy or difficult to find new candidates? I would say it's better this year than last year. It's a little bit easier, and as I said during our, my presentation in B3 Skilled, since we have the great specialist already, they often attract their friends and their other colleagues, and they are our best ambassadors. So I would say it's easier this year, and we will continue to grow in a really healthy way. Great. Some questions about Poland. I don't know if you will take them, Johan, or maybe- No. Poland delivers great results. But the EBIT margin is down 4.5%. Do you have any comments on that? If I remember the figures correctly, the most important thing is that EBIT in nominal value is moving up, which is good. But as a percentage of volume is going down. That's correct. I think that what you have seen in Poland is incredibly strong margins, and I wouldn't expect these incredibly strong margins to continue for a long period of time. I know that Rafael and Martin and the team we have down in Warsaw and Kraków, with around 200 people, are fighting as hard as they can. I have been updated on the fact that they had some temporary cost situations in quarter three- -which they argue, really disappeared in quarter four. I know they are doing whatever they can do. So they are not happy. I'm happy. So I think that they had incredibly strong margin. They have very, very strong margins. So you find a way to go down in Poland. It's not considered, at least from our point of view, and we are not kind of we don't have too much data point about the Polish market. And Ivor arrived with some report three, four days ago, indicating that Poland is moving pretty quickly. Other people down there don't see it exactly the same way. They say more kind of a stable market, difficult in some areas, better in other areas. So we, we think that we are in a, in a stable, okay, or good market in Poland, growing 20% and delivering increased EBIT nominal values, with a bit more realistically high margin. So- But that's my, that's my view. Okay. So we will take two more questions, and then we will have to go back, get back by email on the last questions, I think. Is the previous and current repurchase program expected to cover all earn-outs? No, they are not. So, okay. Okay, so if we buy SEK 25 million of shares now, and if share price multiplies with 2 or a bit more, then it will cover everything up until end of the 10-25, give or take. So, it could, yes, but it's not what we are planning with. We are not planning between the device with a, with a double share price the next 15-20 months. That could happen. So, we are getting closer to an acceptably sized ownership on shares. We do. We have room for a bit more after SEK 25 million spent, before we kick in on the 10 percentage points kind of limit we have in that area. I wouldn't calculate in that it is covering the total earn-out situation up until the end of 2025. But we are heading on that way if share price develops acceptably during the next 18 months. And the last question then: How do you look at the recruitment right now, and is B3 still recruiting, even the results are weaker, or? Absolutely, recruiting. Absolutely. So if any chief executive in my daughter company ask me, as I said, "One, it's your decision to take. Two, don't be afraid." Obviously, we are, we are not taking unnecessary big risks, so what you should expect is a pretty flat development on the FTE side in the next months to come, in that area. But there are absolutely no message towards the 23, 24, soon 25 companies we have in the portfolio here to stop recruiting. It's, it's your decision to take. Feel free. Go ahead. We support you in, in that area. If you are in doubt, hire. Okay, so it's time to sum up this presentation, and I said we will get back to you by email with all the answers on your questions. Please feel free to continue and send your questions to us. Do you want to sum up? No, not really. I think that what I would like to say is that at 1:00 P.M. today, I will meet Johan and 23, 4 other chief executives in the dot company. So we have a get-together at 1:00 P.M., and we last up until lunch tomorrow. So I love to meet you, Johan, afterwards. We will discuss go-to-market model- Yes sales, go to market, right? Yes. We have many other subjects on the agenda, which is relevant and fruitful in kind of the situation we have at the moment. We will also look three years ahead and say that, "Okay, let's think three years ahead. Where do we go, and what do we do in that area?" So, nothing more to say to investors, and as that, we have a lot of energy, like what we are doing, and glad to meet you, Johan, and you others at 1:00 P.M. today. Thanks a lot for joining. Thanks a lot. Thank you. Bye bye.