Welcome to the Beijer Ref Q2 presentation for 2024. During the Q&A session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to CEO Christopher Norbye and CFO Joel Davidsson. Please go ahead. This call is being recorded. Your line is muted. Hi everyone, Christopher and Joel here. Welcome to our Q2, and thanks for calling in. We will move over to the next slide. Beijer Ref, in brief, I think there's no news here really. We continue to grow, as you can see. We're now in 45 markets around the globe, which I'll come back to a little bit later on because it's giving us quite a nice balanced view on the world, being in so many different places going forward. Moving into the next slide, highlights for Q2. I would say a very good quarter for Beijer Ref in almost all categories. We're coming back to a nice organic growth after three quarters on the negative side, mostly related to, as we said, the energy situation in Europe a couple of years ago. So I would say coming in as expected, acquisition continues to drive very good value for us, and they continue to develop well. We continue to have a good pipeline there, so very nice development for us. You put that all together, and our sales grew 12% in the quarter, which we're very happy with. And then on the margin side, it continues to be strong. Record margins in the quarter and record margins ever for Beijer Ref, and you can see the trend there looks very good. And it's stable across both EMEA and the US, I'll come back to, and a very nice trajectory in APAC that we have worked a lot with to develop the margins. Cash flow positive in the quarter, as we committed to. We continue to balance our inventory. We are usually not a positive cash flow Q2, as it usually is released in Q3 and Q4, but we'll continue to have this trend throughout the year as we normalize our inventory levels. We did close the acquisition of Young Supply in the US. We'll come back a little bit to that. And then we have an acquisition pending on the leading HVAC distributor in Hungary that needs to go through the competition authorities. We'll come back to that a little bit later as well. Next slide. Here you can see the product groups where we turned positive on the HVAC side, as we're coming with more normal comp there. OEM continues to be strong, especially in the EMEA segment. We'll come back to a couple of key orders that we achieved during the quarter that were extremely positive for us. Then the commercial industrial refrigeration is stable in the quarter. Worth mentioning here is that our focus on the Sinclair, Inventor continues to do very well and continue to outpace the rest of the growth. Next slide. To go in a little bit more in detail, so on the EMEA side, a fairly stable development during the quarter with very good growth in our very focused OEM segment where we are transitioning into the green refrigerants that we expect to continue to do very well in the future as well. Worth mentioning that segment is that we did take 2, we would say, key orders. One, we took our first order in the US on CO2 transcritical systems, and there are a lot of things happening in the pipeline for our solutions in the US. It's also a nice collaboration between our platform in the US and SCM Frigo that will continue to develop here over the years. It looks very interesting for us to continue the journey that we've done in EU, Australia, New Zealand, now into the US. Very nice to secure these first orders. Then I think also worth mentioning our company, Fenagy, who does both cooling and heating solution based on natural refrigerant, but more bigger solution. They did win a first breakthrough order on a data center where you connect the data center with the district heating. You do both the cooling and the heating in our system. Very nice reference order for us and looks interesting for the future. Happy with EMEA development. I think the only thing about EMEA is that it's been not a fantastic weather in our key countries, we have France, the UK, the Netherlands. And so those markets have been a little bit slower. I mean, let's see if it picks up here in Q2. On the same token, we had very good development in Eastern Europe, further down south in Europe as the weather has been very strong. And that's where I come back to a little bit the breadth of the number of countries we have in our portfolio now balances out much more the business and can still produce a growing business here in EMEA despite not having a great start to the summer. Then moving into APAC. APAC continues to grow. Of course, we've been very active on the acquisition side. Good growth in all of our segments. I think worth mentioning is the continued improvement of the margins. As you know, in APAC, a lot of acquisition we do, we do at a lower margin, and then we, through our synergies, develop that and will continue to do that going forward. So happy to see the trajectory. There's a lot of activities both on purchasing, but also on the private label side of the business. I think worth mentioning is that in a country like Australia where more and more of the business is banning gas, we see more solutions moving over to the ducted and heat pump solution, more parts, bigger orders for us. So it's the beginning of a trend, and I expect to see more and more of that as we move through the next couple of years. So very happy with the development in APAC here in the second quarter. Next slide. Moving into the US. Fantastic growth of 34%. I mean, part of the journey that we started on with the US about a year and a half ago with a fantastic platform in Heritage that continues to develop very well. Plus the opportunity to add on acquisition, the latest Young Supply, nice strategic fit on the refrigeration side. Already a lot of activities on expanding refrigeration, the rest of the platform. Good activity level in the US. Nice. You would have the opposite of the weather in some countries here with good weather in our key states. So very happy with the US continued development, good margin development as well. Opened a branch here in Q2, we'll open a couple more in Q3, also launching our private label. So a lot of activities in the US, and the platform is developing very, very well for us. So happy with development in the U.S. as well. Moving on to the next slide. So in summary, 12% sales growth, organic growth of 2%, and EBITDA growth of 13% and EPS increasing by 2%. And Joel will come back to that in more detail on that. Next slide. Here you can see a little bit more on the breakdown on the organic M&A and FX growth. And moving on to the next slide where you see the sales development continue to have nice growth. And here you can see also, of course, that we trended over to organic growth again, as we expected, and good acquisition growth as well. And acquisition looks good for the rest of the year and into next year as well. So I would say very good development. And moving over to the next slide. Here you can see the quarterly development on EBITDA, 13%, and also, of course, the margin that's been very strong and continued to be in a nice trajectory for us, as we said before. Year-to-date, EBITDA growth of 10%, slight improved in margin. In total here, it's a very stable development for Beijer Ref and in line with our expectations. Then moving over to the next slide where you can see the margin development over the last couple of years, and you can see the trend here. Of course, our Q2 is our strongest margin quarter in general, and you can see that being in line a little bit better than last year. That was a record year as well. The seasonality plays into the margin as we sell more when it's hot. Of course, moving into the US, they will have the same type of seasonality as we have in Europe as well. A very good trajectory and a good development on the margin side that we're very, very happy with. With that slide, I'll turn it over to Joel, and he goes into a little bit more details on the financial. All right. Thank you very much, Christopher, and good morning, everyone. I will jump straight into our reported EBIT, which is just shy of SEK 1.1 billion, up 13% compared to last year. Below EBIT, I have to say it's a pretty clean quarter in line with expectations, with a net financial expenses of SEK 139 million and a tax expense of SEK 230 million, which is representing an effective tax rate of 24%. All in all, resulting in a net profit of SEK 728 million, which is up 2% compared to last year. Just coming back to the increase in net financial expenses compared to last year, it's driven by increased debt and higher interest rates, approximately explaining 50/50 each. There were some more positive FX effects last year as well compared to this year in the financial net. So moving over to the next slide, just short on the EPS. As already mentioned, it's up 2% in the quarter and adjusted for the same number of shares. The year-to-date number is down 4% so far. Moving over to our cash flow, Q2 operational cash flow of SEK 354 million, as Christopher said, despite negative seasonal effects from working capital. And it's mitigated by a continued controlled build-up of inventory. Build-up of working capital in the quarter to SEK 728 million is primarily driven by AR, of course, for the higher sales in the quarter. Overall, cash flow is SEK 550 million better than last year, driven by improved EBITDA and less working capital tied up compared to last year. If we look at the year-to-date numbers, cash flow of SEK 936 million, which is SEK 1.3 billion ahead of last year, on approximately SEK 1.2 billion lower additional working capital tied up than compared to last year again. Worth mentioning here as well, our reported inventory is more or less on the same level as last year, but adjusting for the acquisitions we have made and also FX fluctuations. The underlying inventory is down approximately SEK 700 million compared to a year ago. Next slide, our net debt development. Net debt increased by SEK 1.7 billion compared to Q1, driven by our acquisition-related activities, primarily on Young Supply. On that, net debt in the quarter, adjusted for leasing and pension, increased to 2.06, up 0.4 turns compared to Q1, and just below same quarter last year. With that, I'll hand over back to Christopher for a summary. Thanks, Joel. A great summary. It's a very strong quarter, no surprises. Good development across our different regions, APAC, EMEA, and then the US. Of course, very happy with the US development as we can see the platform is developing as we want it to and a lot of opportunities and activities in the US. It's going to happen in the future as well, but the foundation is very strong. So happy to report that good margins across the board, record levels, which shows the work we're doing is very appreciated both by customer and our initiative is increasing, improving margins. We continue to work with our inventory to normalize that by the end of the year. So we're in the journey of that, and it's going according to our plan. So everything there is under control. Acquisition that we've done has been fantastic on the Young Supply, very strategic for us. We also look forward on the call for you as we move through that process. And then the pipeline continues to look positive for us. And also based on, as an expected, good cash flow generation here through Q3 and Q4 to give us good firepower in that process as well. So a good summary with a record quarter from Beijer Ref and turning back into organic growth that we're very happy to do as well. On the long term, I would say not a lot of big changes. Everything is moving forward on the sustainability, electrification, regulation. You have the F-Gas that's accelerating in the EU. You have HVAC, as you know, becoming more and more active on the A2Ls for next year. I think, added here, of course, we're very happy on the first CO2 orders in the US and also the Fenagy order for the data center that we look forward to be more active in over the next coming years. We talked about the US platform, and our initiatives are going well. Then the pipeline looks very good. So all in all, a nice quarter to finish off the first half of the year. And with that, we'll open up for questions. The next question comes from Gustav Schwenn from Handelsbanken. Please go ahead. Yeah, good morning, Gustav, Handelsbanken. Two questions. We start with the APAC margin here. Big jump year-over-year, 200 basis points, clearly better than what I had expected. I mean, you've been obviously discussing the potential here over time. I appreciate the comments and the report. Can you elaborate a bit on the initiative for pricing you're talking about? What exactly does that mean? How much of an impact from that have we seen already? When do you think we get the full impact from all the margin initiatives? And also, is it reasonable to see APAC sort of being a double-digit margin business rolling 12 within, I don't know, next year? Sorry. Many questions in one. I'll take that one first. Thank you. Hi. Yeah. So I mean, of course, we see these trends in our internal initiatives and all the different product groups we have. What distorts the margin, of course, a little bit in APAC is as we've been very active on the acquisition side, and most of those acquisitions are diluted on the margins. It's always hard to look at the external margin while we see the internal development plus the acquisition. So you had some acquisition that we had very good synergies and worked with that was diluting the margin in the beginning. So you see the impact of that coming through now. But I think in general, our ambition, as we said on APAC, is to underline it up to the 10% EBITDA. I won't give you a timeline on that, but of course, we expect and have ambition to start seeing that as we come into 2025. Let's see if it's a full-year effect or it's step-by-step per quarter, but we're moving in the right direction, and the initiative we have should continue to support that. But it's not probably a straight line. It's still step-by-step, but what we see right now is very promising, as you can see in the reported numbers, of course. Okay. Cool. Then just secondly, on the data center order you mentioned, can you say anything more about it? I don't know, order value, perhaps, addressable market as you see it. Yeah. Anything really? Thank you. Yeah. It's early days, right? So we won't go into size and where and what it is. It'll be more official as we move into Q3, but it's the biggest order that we ever received. So it's a big one, and it's more a different type of solution, right, where you are, instead of building, I guess, all data centers up north, where it's extremely cold, and this is where you connect with the district heating. So you can manage, leverage both the heating you get, you can release back into the district heating system, and the other way around on the cooling side. So it is a breakthrough order for that type of technology, and based on green technology. So it's a green refrigerant in these types of systems. So of course, when you get the first reference order like this, it'll be very interesting to see how it moves forward. But there's quite some more of these types of projects in the pipeline. I can't disclose it yet, but I'll give you some more details as this becomes official in Q3. Okay. Sounds great. Thank you. Thank you. The next question comes from Carl Ragnerstam from Nordea. Please go ahead. Good morning. It's Carl here from Nordea. A couple of questions from my side as well. Firstly, on the US, it looks like you grew a few% organically in the quarter. Could you help me understand whether this is pricing-driven or if you also saw volume uplifts in the US? And also secondly, could you also give any comments? I mean, whether the quite high cooling degree days during the quarter gave any effect on the underlying volumes in the quarter, or whether it might come with a lag effect instead? Yeah. I'll start, and then the cooling days, I'll give you a high-level answer as it's still a combination with art and science, of course, in that process. But yeah, we saw a nice volume uptake in the business in the US in the quarter. The price is positive in the US, but it's not any big numbers. It's very low single digits, I would say, in the market, but stable market. We saw activities pick up well, and then, of course, you have the weather and how much is the weather, and the underlying business is, of course, hard to judge. But it's been very hot, and I would assume our customer, the installers, is extremely busy at the time. So you would expect a lag in that as well. But let's see how it develops going forward, but it's been a solid quarter for us, and of course, also very happy that the margins are holding up very well, and the synergies with our acquired business is looking promising as well. So on the weather side, let's see how it continues to develop. It's still early days, but for us, the U.S. was a positive business here in Q2, which was very good for us. Okay. That's great to hear. And continuing on pricing in the U.S., you said low single digits. A lot of the OEMs are starting to push out the new products, right, under the A2L regulation here, maybe Q3, Q4. How do you expect the phase-in/phase-out of the new product in the second half? And have you received price indications so far? What do you expect the prices to be of the new products from your main supplier? Yeah. So we are right now in the discussion with our main supplier on putting our first orders for the A2L type of product. So we haven't started ordering it yet. So we're working through that together with our partners on what and how much, and also balancing the inventory and the portfolio for the current solutions. Because, of course, after the end of this year, I would say probably in Q4 already, they won't be manufacturing that type of product anymore. So it's an active discussion. I can't disclose the price increases that we are getting. So I think it's more the market assumption is somewhere, I think, between 10%-15% or 8%-15%. And of course, what we're doing is on our side, working with our partners. I still see this as starting to transition in 2025 and don't expect any major impacts in 2024 from it. Okay. So I mean, it might be even 0-10, 15% of the products sold in the US in the second half. That might be of the new products, or is it in that range perhaps? I don't know, Karl. I think the general assumption for us is, yes, we'll start selling it, but the main impact you'll start to see is when you move into season next year, which is Q2, Q3, right? Before that, I don't see we will see a major impact on our numbers from it. Okay. That is very clear. And also in Europe, coming back a bit to the weather effect, as you also mentioned, quite unfavorable in your main markets during the quarter. I mean, seemingly improving a bit in June, July. Do you see any correlation in your volumes with the weather in Europe? Obviously, developed quite well anyway, but is it hampering the volumes, or did it hamper the volumes during the quarter? And could you also see a pickup now that it's improving a bit? Once again, I guess it's speculations, but any flavor would be helpful. Yeah. I think what we're seeing is, of course, you have an effect if you have these heat waves and variable weather. And what we've seen, the highest activities has been Eastern Europe, Greece, and Southern Italy, and Southern parts of Spain, where it's been very hot. So that's been a good development. And then you had big countries for us like France, UK, Holland, and etc. It's been rainy. I think June was the rainiest month. I don't know. Somebody told me 100 years, but I want to try and avoid being a weather expert in this job. And that's where I came back a little bit to the breadth of our presence makes us less gives our portfolio more balance, some are up, some are down. But of course, we would look forward to seeing our big markets picking up again. I think it's right now too early to tell. We're in July, and let's see how it develops. I'm seeing big changes right now compared to how we've been trending in Q2. Okay. Very clear. And also on the new stores you're launching in or branches you're launching in the U.S., when you launch a new branch, I mean, firstly, how many have you launched, and also in what regions you're trying to fill the white spots? And secondly, when you open a new store, is it typically small ones, less than SEK 100 million sales, or are you also targeting launching new stores, which could be mid to large size as well? Yeah. I think it's short term. You don't get an impact of it, but we usually have the ones we open now is in Tennessee with Ed's Supply. We have one more there coming up this quarter and one more in the new Young Supply. But it takes you need usually we don't disclose. I mean, we do this all the time in EMEA and APAC, and it's nothing we talk about. But in the US, of course, a lot of interest and a new platform where we will expand probably three to five branches per year for the coming years. But you'll start seeing it coming in the numbers as you move into usually year two and three of the branches. So you step by step build it up. So I mean, in the beginning, it's diluted, and then it's an investment that you can grow the business. But of course, these branches, depending on location, could be sales anywhere from $10 million-$15 million per branch. Okay. Very clear. Thank you so much. Thank you. The next question comes from Adela Dashian from Jefferies. Please go ahead. Good morning. A follow-up question on the margin. I know that you are continuously investing into the business, especially in the US. So the potential for margins to have been higher in the quarter were probably large. Could you give us your view on the cost base as you're moving into the second half of the year? Would you say that the elevated costs are still very much so present? Is it coming down? Is it being re-accelerated? And what kind of impact should we expect that to have if we say volumes are even higher in the second half versus what it was last year? Yeah. I think what we're looking at is continue to have stable margins throughout the year compared to last year. I mean, it's been a strong development, but we do have acquisitions that we're working with and new coming in as well going forward. So I mean, that's our base scenario is a stable margin despite the investments we're doing going forward as well. So no significant changes we would expect on the margin side. Maybe I can ask, then, on next year, do you still need to make these investments, or will you feel more or less fulfilled? No. We'll continue to invest in the growth. I mean, we have the whole private label initiatives we're driving now in the U.S. We have the e-commerce development that we're going to do, but our job is always to be able to improve the business through the synergies and acquisitions and also the automation doing that we can do these types of investments to drive the growth long term. So we expect that to continue as we move into 2025 as well, but should have a possible impact on the growth side, of course. Makes sense. And then just following up on the data center order that you received, I understand that you don't want to comment specifically on the order size and so, but could you say anything about where is it a European order, I would assume then, because Fenagy is mostly Europe? And is it from a hyperscaler or a co-locator operator? Yeah. I can give you one information. It is in Europe. If I let Fenagy go in the US, we'll be nowhere. We need to take it step by step, even if it's growing very fast. So it's in Europe, and it is with a—I don't know the definition, but it's a big contract or an order and a massive size. But again, I think it's mentioning because we've been working on this type of solution for quite some time. And of course, it's also always a challenge with new technology that you need to prove yourself to get into these types of segments. And it's a natural refrigerant, and it's both the cooling and heating with district heating. So it's a very, I would say, impressive solution. But we'll give you some more input when it becomes official in Q3 on the details of it, and then we can discuss it a little bit further. Makes sense. Another question then on the acquisitions. I would assume that most of the pipeline is still in the U.S. What's your view on that going forward? Should we still see on average one or maybe two acquisitions per quarter going forward? Or yeah, what's your view on that? Yeah. It's hard to make that kind of statement, right? It always moves a little bit erratically, even if we do have a pipeline that would support that type of statement. It's not, to be clear, what I said before. It will not only be the U.S. We still have a good pipeline across the globe. We're still focusing on that, and we would expect to be active here in the second half of the year as well. Still bolt-ons, or are you also considering platform acquisitions? You can't see me now. I'm looking at my CFO and see how much money he will give me. Oh, I'm just kidding. No. It's mostly a mix, but Young Supply is an add-on, a bolt-on. Of course, they're usually a bit bigger than the US and Europe in Europe. But it's a mix between mid-size and small-size acquisition that we're focusing on right now. Great. Thanks, Brawley Caller. Thank you. The next question comes from Karl Bokvist from ABG Sundal Collier. Please go ahead. Thank you. Good morning. Many questions have been asked already. I'm just curious if you can give us an update on how large share refrigeration is now in North America now when you've closed Young Supply and what it could be toward I mean, once we get a few quarters with it? Yeah. If I do the back of the napkin analysis, if you're okay with that, Karl. Sure. I would say it would be around somewhere between 12% and 15% refrigeration. And our first ambition was to grow it to 20%. But right now, as we put Young Supply into the mix, we're right now analyzing the entire playbook on which branches, how, which suppliers we're getting access to products now that they did not have before, not only because of BRF, but also because of Young Supply and their platform. So I think we can be a little bit clearer when we put that playbook in place, and we can see the speed on how it will transition here over the next six months. And we can come back with a clearer target on there when we see the development. But there's a lot of activities in there. A lot of it's a lot of interest on how we build that up now because we have the infrastructure. Also remember, the reason we like the refrigeration is probably not just not like a standalone business, but it's the combination with HVAC and all the tight branch network we have. We are very competitive and also with a supply network in there. We do have a competitive advantage that we can leverage, I would say, over the next five years in the U.S. for sure. Let me come back a little bit more after we've seen where we end up in our compliance. Understood. And sticking on the refrigeration side, we've seen some news of refrigerant prices picking up again in certain categories. A couple of years ago, this was a very lucrative side of the business for you. So just curious if you've also seen for the refrigerants that you're selling that it's been a good market? And if possible, how much of your sale of refrigerants that you currently have in your group? Yeah. And I know. And when you looked at BRF before my time, I think it was 2018 and 2019, you had when you went through the first regulation, prices going up 2-3x. And I can't remember off the top of my head. Refrigerants, that was 15%+ of sales with Beijer. So that had a major impact. Today, it's less than 5%. I would say it's less than 2-3%. So I agree prices continue to increase, but maybe at a speed of 10%+ per year. But it's not a major impact on us, which I think is pretty good because we've grown so much in other segments. Then I would expect also part of the volumes will be down as the market on heat pumps and older refrigerants that we sell into those are being balanced out. All in all, not a major impact on the business so far. Understood. That's all from me. Thank you. Thanks, Karl. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Thank you. Thanks, everyone, for calling in. I wish you a very good day. Sorry, Christopher. Sorry, I'm jumping in here. We got two more questions now at the last second. So David, go ahead and. The next question comes from Robert Redin from Carnegie. Please go ahead. Yeah. Thanks. I just had a question. Reading the report that you said, your private label brands, Sinclair, Inventor, and Freddox had strong double-digit growth in the quarter. So that seems to be continuing to contribute to organic growth. Could you say something about the process there? What's the plans for the next couple of quarters? Are you rolling out in more regions? And if possible, how big has that business become for you? Yeah. So it's the biggest in or it does scale in our EMEA platform on there as we especially rolling out Sinclair in more countries in Southern Europe as part of our platform. We're also looking to launch it in our APAC platform. Have not done that yet. And we're just about we're about to launch it in the US in there. So I think in the EMEA region, that is about 20% of HVAC sales on the brands. And then APAC in the US is just starting the journey. So right now, it doesn't have an impact on that base. But it looks very promising to have this mid-tier product to also work with that type of customer because we don't see any cannibalization with premium customer and mid-tier. It's two different segments. So we'll continue and roll this out in EMEA, but the focus is also how we build it up in APAC and now the US region as well. All right. But do you think that level, the share of this in HVAC Europe for EMEA, is that the level it will be at, or will it go higher, or? No. I think it will continue to go higher, but I don't think it's going to be—I mean, at 20%, I think—is a good level. Maybe it'll go up to 25%, but it's not going to go up to 50%. That's not our ambition. But it's a good brand to have, and it's a good growth drive for us. Plus, it's a good margin development. So I think it's more that it will continue to outpace the growth and the rest of the product portfolio. But I think EMEA still is starting to be at a good level. And I think the opportunities for us to grow that is more in the US and APAC from a small base doesn't make a difference. Perfect. And on refrigeration or Freddox, right, is that still more early days than on the HVAC side? Yeah. The reason I don't mention it too much, that journey will take step by step because it's a much more complex portfolio. So it's growing very fast, but from very small levels. So it doesn't come through in the numbers yet. So we have those initiatives. We will look at it. We're launching it in APAC now as well. And down the road, we'll look at it for the US as well. But that's more a long-term investment for us side of the business, so. All right. Perfect. Thanks so much. Thank you. The next question comes from Brijesh Siya from HSBC. Please go ahead. Hi, Christopher. Good morning. I had a question about the heating market. I know it's a small business for you, but just looking at the opportunity size there, given the market is now in a weak position and many producers are now kind of jumping into the European heat pump market and they're trying to build a distribution network, I just wanted to understand from you, how do you see that market as an opportunity for you in going forward? Do you see much more kind of players coming in and you as a prime distributor to help them build a network for them? So that's my first question. I may come to the second one later. Yeah. I think for us, it's, of course, a nice opportunity. We are being approached by new players to leverage our distribution network, of course. So it's interesting discussions both on the product side, the pricing side, etc. But for us, we're also very happy with the partners we do have in our channels. So I don't see any big transformative changes for us in that way. But I'm not too concerned that new players are coming in either in the channels. I think that's more an OEM challenge or opportunity. However you want to see it. So for us, but we do entertain discussions with new players. And especially if they have interesting product that we're missing in our pipeline or innovation going forward that would be interesting for us, then we would see if there's something we can do together. Understood. When you look at the heating distribution and cooling distribution, does that need to be separate, or you can do both the heating and cooling solution to one distribution network? No. It's normally two networks where, I mean, the heating, big heating is all the plumbing and everything around it, while the cooling side is the electrical side of the business. So when we talk about in our networks, like always, you have some convergence of 20%, 30%-40% of those channels, and that's where we play. So we do not play in the big plumbing segment. At least right now, we don't have any intention to do that either. Understood. And just lastly, on the destocking, anything you have noticed, whether that's over or, I mean, I know last time you commented that it's more looking like Q3, Q4 story. But anything you have pointed or seen in the market? No. I haven't seen any change in behavior there that's worth mentioning. Okay. Fair enough, Christopher. Thank you very much for your time. Thank you. The next question comes from Adela Dashian from Jefferies. Please go ahead. Yes. Just one follow-up for me on data centers. It's a very key topic right now. Would it be fair to assume that the only segment in which you could see more data center orders coming through would be OEM for the time being, given that the rest of your exposure is mostly aftermarket sales where the service opportunities within the data center market aren't as prevalent in the near to midterm? Yeah. As I said before, a little bit when we discussed it, we do access in certain areas the market because a lot of the companies we bought in Eastern Europe, for example, have a wider scope in their business that also moves into these areas. But also in that same token, I don't want to overplay that hand. It is a business for us, but it won't change the world for Beijer Ref at this moment with the business model we have. But of course, the Fenagy situation could be substantial for us going forward. But let's see. It's the first one, but usually that's the hardest one to be in. And I would say our solution is pretty unique. Nobody else was bidding with our solution based on natural refrigerants. And of course, we believe that's the future. But let's see. Let's get some more concrete facts behind it before I start tooting my horn on data centers. Yes. Makes sense. Thanks. Yeah. 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. Let's try and do this again. I hope you all have a very hot summer, and we'll continue to drive the business from here. Thank you very much for a good discussion and good questions. And have a good break whenever it comes to you. Thank you. Thank you very much.