Welcome to the Bergman & Beving Q3 2025 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. If you are listening to the presentation via webcast, you can ask written questions using the form below. Now, I will hand the conference over to speakers CEO Magnus Söderlund and CFO Peter Schön. Please go ahead. Good morning, everyone, and welcome to the financial report of the Bergman & Beving third quarter 2025. We were actually. Sorry for this delay. We actually thought we were live, and I was talking for five minutes, but we have now restarted, and I will start from the beginning, and hopefully now everyone can hear what I'm, what we are saying. I also have Peter Schön here with me today. Hello, everyone. Yeah, and we will run this as normal. We will start with a presentation, and then we will have a Q&A. So let's start with the highlights of the third quarter and the market, and the market uncertainty continued during the third quarter. We saw some positive outlook in the turn of the year, especially around increased investment activity in the Nordic construction sector. However, beginning, you know, January, and we had some geopolitical, you know, incidents that created risk to creating some uncertainty. So there are still scenarios, macro scenarios, that could dampen the pickup, but hopefully we have a turning point here now, but I think it's too early to count that going forward. But let's see what's happened around that. Despite this uncertainty, we continued to increase earnings, improve margins, improve returns, and also improved earnings per share in the quarter. The turnover was quite flat, but positively is that we had an organic growth with 4% during the quarter, and that was the first quarter in many quarters that we have a positive organic growth, top-line growth. However, as you know, we have been actively phasing out low-margin businesses, along the way, so that is one of the reason why we, by purpose, have had an organic negative top-line growth, something that you can see in the improved gross margin we've had, along the way, in combination with improved profit margin that we also, in this quarter, had an increase. We're now at 10.7% in EBITDA margin, steadily above 10%, and that's a little bit more than 1 percentage point increase since last quarter. The EBITDA increased profit by 12%, and we now have 24 consecutive quarters with improved profits. Also, our Profit/ Working Capital increased 5 percentage points, and we're now at 35%. All in all, this resulted in an earnings per share growth, rolling 12, to SEK 8.7, sorry, SEK 8.5, compared with SEK 7.55 comparable quarter last year. Overall, we are going in the right direction, but there are still things to do going forward. We also continue to build a better Bergman & Beving long term by taking some structural initiatives. We implemented four divisions during this quarter, moving from three divisions, with the aim to enable us to continue to grow through acquisition, but also enhance them organically in the companies that we have across the group. So we now have four new divisions with division heads in place, and I'm very much looking forward to see the development we can have in the group with strength in the management on the division level. We also made two acquisitions during the period with a combined annual sales of SEK 75 million, and on Monday, this week, we also announced the latest acquisition, A1S, in the U.K., with an annual sales of 110 million SEK. So we continue to acquire, and in this year, we have made eight acquisitions this fiscal year so far, so that is an all-time high in terms of numbers, but also in terms of revenue and profit that we acquired during my tenure. We also divested our internal logistic company, Logistikpartner Ulricehamn, in January 13. We did that because we don't see that we are a good long-term owner to a logistic company. It doesn't have the characteristic of niche and profit levels that we would like to have within Bergman & Beving, and we don't see the need to have an internal logistic company within the group going forward. We believe that this logistic company will have a better development in terms of service level and in price points being part of a professional logistic company, and that is actually the new owner of Logistikpartner Ulricehamn is named Boxflow. If we look more specifically into the acquisition, I mentioned we made eight acquisitions so far this year, and as you can see on this slide, there has been a lot of acquisitions in the U.K. That is not by purpose, I would say. It's the result of, I think that the acquisition market as such has been favorable in the U.K., and also that we have been increased our activities in the U.K. market, resulting in good, high quality acquisitions opportunities that then has materialized in acquisitions. So in annual revenue, we acquire now SEK 520 million in turnover. And that is about the acquisition target if you then recalculate that in profit, since all of them have margins about 15%, and some are well above the 15% profit margin. So we are now above the acquisition target of acquiring SEK 50 million-SEK 80 million EBITDA annually. So we are very satisfied with the acquisitions pace we have so far. As said earlier, we have now 24 consecutive quarters with increased EBITDA. And that is a good traction, and we have the aim, ambition to continue this positive development going forward as well, including also increasing the EBITDA margin. I mentioned initially that we now, in this quarter, had an organic growth of 4%. The currency affected negatively on the top line with 4%, and the acquisitions and divestment, all in all, made a -1% effect. All in all, resulting in a top-line decline of -1%. But once again, we're very glad and happy that we had an organic growth this quarter, and that's actually the first time since 14 quarters that we had an organic top-line development. We continue to enhance the gross margin. We have a very good trend in the gross margin also this quarter, and that is a result of divestments that were made along the way, that typically is low gross margin businesses in combination with acquiring high margin businesses. I earlier communicated that you shouldn't—if you look at the quarters from, you know, starting in 2021 up until, you know, Q1 2024, 2025, it had a very steady improvement in the gross margin that is mainly due to the phase-out activities we made of low margin businesses. We have communicated earlier that, you know, the acquisition by definition will not increase the gross margin as such. So yes, we can have some continued improvement in gross margin, but you shouldn't expect, you know, a steady growth even if we make high margin businesses acquisitions going forward. But we work very closely with the gross margin to protect and enhance that, of course, across all our companies in the group. As you can see, we had a target to have 75% own product, but we're now at 79%, and I don't see that is kind of an end game as such. The aim is to continue to improve the own product as a part of the total going forward as well. This is a picture that actually show the three key KPIs we are following: the Profit/ Working Capital, the EBIT in absolute terms, and the EBIT margin. On all of those three, you see a positive development, even if we would like to see a more steep growth in the EBIT and the EBIT margin as such. As communicated earlier, the EBIT is affected that we actually sold businesses that represent roughly SEK 45 million in earnings, that we have compensated through organic profit growth as well as acquisition, but the improvement path has kind of dampened a little bit. But we will see that will pick up, aiming for SEK 500 million in the coming quarters. And also, the EBIT margin is now at 8.2%, and we have some 1.8% units to get to the 10%, and we are still aiming for that, but that will have, w e will need some additional quarters to reach that level as well. And the Profit/W orking Capital target of 45 in this fiscal year is still in play. With that said, I will leave, hand over to Peter talking about the earnings per share development. Thank you, Magnus. When it comes to earnings per share, it continues to improve, steady progress. And as you can see on the red line here, it's rolling 12. It's steadily increasing after a period where we had a decrease in earnings per share due to the interest rates. But now it has picked up, and the rolling 12 figure is SEK 8.5. So, slow and steady progress. If we move on to the inventory levels, also here, as we stated, the last two quarters as well, we have a slower reduction pace. We have done a lot of the low-hanging fruit, so to say, when it comes to inventory reductions. And even though the inventory reduced almost to SEK 125 million, the organic reduction was SEK 55 million. So, also here is slow and steady progress. The inventory turnover leveled out, so it's even here you can see it, it's a slower progress. And we still work with the reductions, and we still have a potential, but it takes more time now to slim our assortments and get the final release of cash from that. And if we go to the cash flow from operating activities, it was, yeah, in the quarter according to plan. Of course, the slower inventory reduction also, we can see here after a period with very high cash flows, we're now more on a level playing. Also the effect of the seasonality, this quarter was, if we go back a few years, a very strong quarter with a lot of release actually from accounts receivables with our company selling through resellers in the Nordics. We now have a more even seasonality, but still, yeah, the cash flow was according to plan. And if we look at the net debt, we increased the operational net debt to SEK 1.5 billion compared to SEK 1.2 billion last year, and it's driven by acquisitions. As Magnus said, during the year, we acquired SEK 500 million in turnover, so that has increased the debt. And also, in the last quarter, we repurchased shares to cover our incentive programs, so that was SEK 64 million. So good. But the acquisition target remains intact. After the quarter, we also did, like Magnus said, the A1S acquisition in the U.K.. So, we feel quite comfortable with the net debt EBITDA level of 2.6. So, we still are on an acquisition path going forward. So Magnus, yeah? So yes, as said earlier in this call, to strengthen the group's long-term conditions for profitable growth and create more opportunities for acquisition-driven expansion, we have established a fourth division, and at the same time, we have transferred some companies between the divisions to strengthen our strategic focus and operational efficiency. So the group is now divided into four divisions: Core Solutions, Safety Technology, Machinery & Equipment, and PPE & Utilities. And I will not go through all the companies. But generally speaking, you could say that the PPE & Utilities include companies in personal protective equipment and consumables, including the wholesale company, Luna. And these companies primarily conduct sales through construction industrial resellers in the Nordic region, i.e., more the original type of B&B businesses that we had after the spin-off of Momentum Group 2017. Whereas the Core Solutions and Safety Technology and Machinery & Equipment is more recently acquired company, if you exclude the ESSVE company, that is a company close to SEK 1 billion in turnover that is part of the Core Solutions Divisions. We have also communicated when communicating the new divisions, released the pro forma that state the historical development of those divisions in the new setup and structure. But if we look at the Core Solutions then, the construction sector they are facing have been stable, even if there are some varieties across the different sub-segments. But ESSVE, for example, see some early signs here of recovery, even if you don't, t hat hasn't materialized yet, in order intake or the invoicing. But still, this company, this division increased revenue with 15%, but even more impressive is that the EBITDA increased more than 100%, up to 53 million SEK, and the EBITDA margin is all-time high at 14% now. And you can see the slides in the bottom here, that we have a steady improvement in the rolling twelve EBITDA development, and the margin is picking up again now. And the revenue is also picking up, partly organically, but mainly through acquisitions. If we look at then the Safety Technology Divisions, also here we have a mixed demand, but overall, somewhat stronger. Here we have a revenue increase of 26%, an EBITDA increase of 50% to 51 million SEK, and here we have even a higher EBITDA margin at 16.1%. It's a significant increase compared with previous year. It's close to, you know, 2.5% or even a little bit above 2.5% units increase. This division has been the most active in the acquisitions during this fiscal year. Here we acquired Modus Gauges in October 1 in the Q3 quarter, and as well as DataLase in November, and also the A1S we acquired this Monday is part of this division. So this division have made several acquisition that we expect to see the effect of going forward. And here we have a very good, I think, margin, but there are some improvement opportunities even here, and also steady improvement of the EBITDA rolling 12 going forward, based both on organic development as well as the result of made acquisitions. If we then move into Machinery & Equipment divisions, they have also have different demands. Here we have some machinery companies, and the investment, especially within construction sector, is still very weak. So those company have still struggling with the demand. If we look at the pro forma, this division performed much better, as you can see on the curves here, with an EBITDA above, you know, 12%, up until, you know, Q2 this quarter, this fiscal year. And this is something, t his is very, I would say, disappointing, the development of this division, and I expect these divisions to kind of improve going forward, getting back to the historical level. It's very difficult to say when this will happen in time, but going forward, I would expect to see some improvements quarter-over-quarter. This is now an EBITDA of SEK 10 million. That's compared with SEK 25 million last fiscal year, and also here we have a decline in the EBITDA margin down to 7.5%, compared with 19% last fiscal year. We have assigned a new division head here starting January, Johan Cederstrand, who has been returning to the Bergman & Beving Group after having a division role in a peer to Bergman & Beving. But before that, he has more than 20 year working experience within the group. So this is very good, I think, culture-wise, and he know the how we operate and this decentralized way of working. So I think with Johan, we have some great opportunities seeing a good development within this division going forward. And lastly then, we have the PPE & Utilities Division, mainly consisting of companies selling through industrial and construction resellers in the Nordics. As you can see on the curves here, the revenue has gone down over time. This is mainly due to the phase out activities we've done in the Luna, the wholesaling company within this group, that you also see the effect of the increased gross margin. When I joined the group, this was well above SEK 1 billion in turnover within Luna, and now we are a couple of millions below the SEK 1 billion in turnover, but still have improved profits. So we are still working with the Luna Group to kind of improve the performance of that company. But I, I'm not dissatisfied with the revenue development in this division, since this has been mainly driven by activities initiated by us. You can see here on the slides that the EBITDA margin has been quite flat, and the EBITDA level has gone down a little bit. This is partly due to that we have so divested some businesses as such. But I expect this division as well to improve the kind of performance over time. If we look at the revenue development, it looks a little bit worse than it actually is underlying, since we sold off two businesses in this. The Skydda contributed roughly SEK 100 million in the comparable period, and we also sold off the business in Baltics with the Luna business in Baltics, and that's around SEK 130 million. So that is kind of part of the decline in revenue, but we have initiated, I would say. So the EBITDA was SEK 32 million here, compared with SEK 44, and the EBITDA margin was roughly in line with last quarter, 7.5%. We also chosen to staff up this division with someone who has been with the group for many years, Jan Lundmark. He used to be the CEO of Guide company, that is part of this division now, going forward, and he has been working with the group, for many, many years as well. So he's well-acquainted with the way of how we operate. So all in all, we continue to aim for the 500/10/45, even if we are some quarters of delay here, partly due to the divestments we've done, and the loss we've done in profit and earnings based on those. But overall, if you look at the underlying market, we had a very good outlook in the end of 2025. We hope that will continue, but that is not, I'm not feeling 100% certain of that. Let's see what's happened in the next coming quarters. But we will continue to do what we've always been doing, to prioritize profit expansion over revenue growth. We'll continue to allocate capital according to our capital allocating model called Focus Model. We'll continue to give our company support through our toolbox, and as Peter was saying, we continue to acquire highly profitable B2B companies with leading position in growing niche markets. And with that said, we have some current group themes. Peter was showing the debt level that we have and the debt ratio. That is a priority to work that down over time, and that is addressing the working capital, and that is inventory is part of that. And also to continue to improve profit, both organically and through acquisitions as such. I showed a slide about the gross margin development. It's not per definition maintained on that level, so we really push and facilitate our companies to maintain, you know, a good pricing discipline as we're set the purchase discipline, to make sure we nurture the gross margin going forward as well. The activities we have done we have done in a way that we shouldn't hamper the pick up in the underlying market. So really looking forward to have both our engine working at the same time, i.e., the acquisition engine that I think has been working very well during the last years, I would say. But we had some, you know, problems with the organic engine, and hopefully we get some help on the underlying market now going forward to get that engine into full speed. So with that said, we open up for Q&A. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Zino Engdalen Ricciuti from Handelsbanken. Please go ahead. Yes, good morning, and thanks for the presentation and taking our questions. Good morning. I'd like to start off in Core Solutions, which you, as you highlighted, a very impressive margin. Could you just further give more color if there is any, so to say, extraordinary performance in the companies when we're thinking about how we should extrapolate the strong performance in this quarter? As mentioned earlier, ESSVE is a big company in this division. It represents roughly SEK 1 billion in turnover. So the ESSVE performance will, by definition, have an impact on the Core Solutions Division performance. And ESSVE is improving profits, despite that the top line is not growing in a big way, and that is due to a lot of efficiency activities ESSVE has been running during the last quarters. That in combination with quite a lot of acquisitions during last fiscal year is building up this improvement in the core divisions, solution. Sorry, the Core Solutions Division. Clear. And just looking at the next quarter, if I remember correctly, there was a big takeback in ESSVE. I assume that it will, so to say, go back to normal. Yeah. That effect is already taken, so you don't see that effect in this quarter, in the Q3 quarter. So now we have a more normal, normal kind of run rate in ESSVE. Very clear. Even if, if the volume hasn't picked up yet. Yeah. And on the Machinery & Equipment side, you hinted that we should expect some kind of improvement in the coming quarter. Are you looking at, so to say, the demand side or the cost side, and if we should expect any, so to say, restructuring cost or similar in that segment? You shouldn't expect any restructuring cost going forward in that segment. The improvement in this division will not only be dependent on the underlying market picking up. So we have some things we need to do this that will not generate, you know, restructuring costs that is on the level that you need to kind of consider it. But there are some activities that is in-house oriented, sort of. And just in general, how would you say that the pricing, it's of course varies by your companies, but how the pricing environment is? Do you feel that you can, let's say, keep them at solid levels, especially when you also relate that you've seen organic growth, how much is, so to say, mix from companies with different pricing models, so to say? I mean, of course, when the inflation is on the level that is currently, it's much more difficult to kind of make price adjustments, especially if it's an upwards. But we have a big focus on that, both on the pricing, and to be a little bit more sophisticated around that. In combination, I said earlier also, on the purchasing side, with the aim, you know, to maintain and over time, even increase the gross margin. Okay. Thank you. I'll get back in line. Mm, thank you. The next question comes from Markus Almerud from DNB Carnegie. Please go ahead. Yeah. Hi. Hi, gentlemen, Markus Almerud here from DNB Carnegie. I have a couple—my first question is on acquisitions. You made eight acquisitions so far this year, of which six has been in the U.K.. You said that was kind of a coincidence and also there's been a good environment for acquisitions. Can you talk a little bit about what, I mean, what that environment is and why it's better than it is in the Nordic experiences right now? Yeah, I think we have increased our activities as well in the Great Britain area, and that is also part of this result, as we have acquired quite a lot of companies in the U.K.. But overall, I think there seem to be at least what we have here seen is that there are more niche, high quality, profitable companies that has maintained a good profit level during the last years in the U.K., compare what we have seen in the Nordics during the last quarters as such. And what the reason is for that, I don't have a good answer, actually. In terms of pricing, is it a similar kind of prices for the targets? I mean, of course, when the profitability is different, then you will also have a different kind of denominator. But in terms of like, if you look over time, some kind of normalized levels, the price level is the same. You shouldn't see that, the number of acquisitions in the U.K. is a result that there is a lot of good cases in the Nordic that that we haven't been acquiring due to the prices has been too high. That that is not the fact. I would say that the number of opportunities in the Nordic has been significantly lower for us during the last quarters than it has been historically. Mm-hmm. And if you look at your pipeline, is that reflected in the pipeline as well, so that there are more maybe opportunities in the near future as well in the U.K.? Then you never know what will materialize or not, but just looking at the pipeline. Yeah, it's very difficult, as you say, where we will end. We have discussions with companies across the Nordics as well as the Great Britain area. So I don't want to make a forecast what you should expect on what countries we will acquire going in the next coming quarters. Mm-hmm. Fair enough. It's not by definition only in Great Britain. Yeah. And then maybe the final one on the acquisitions. Looking at the companies outside of the Nordics, are they in general larger in size because the U.K. is a larger market than Sweden, for instance? Or is that not the case? Is it- No, I will not say, i f you look at the size of the companies that are acquired, they are typically in the range that we acquire in the Nordic as well. Uh-huh. So, I mean, we really look for niche companies, and per definition, a niche doesn't need to be bigger in the U.K. than in the Nordics as such. Yeah. Okay, okay. And then, my next question is on profitability, the profit over working capital, which is improving clearly, up five points in the quarter. Looking forward, you talked about working capital, the low-hanging fruit and inventories in particular is done, right? So is to get you from 35 to 45, I would assume that that's mainly going to have to add on to come, so to speak, to get you to close that gap. Is that the right interpretation? I mean, the Profit/W orking Capital ratio that we have in our report is rolling 12 figures. Mm-hmm. So there is a delay in the kind of performance in that KPI. So if we look at the rolling three figures, it's even higher than the 35%. So per definition, only by time, this will increase. Okay. I mean, the aim is to reach the 45% with the work we are doing in the current portfolios, in combination with acquisition, as we have presented, that all of them are above the 45%. And that will, of course, also add to the improvement of Profit/W orking Capital ratio over time. Uh-huh. So, in the figures you're showing, the rolling 12, then I would assume that the divestments that you've done is still impacting those ratios a bit? T hat it's not adjusted for, for the divestments that you've made? Yeah, it's adjusted for the divestments. Yes. It is adjusted? Yeah, it is. Yeah. Okay. Okay. Okay, okay. All right, perfect. Thank you very much. Thank you. The next question comes from Emanuel Jansson from Danske Bank. Please go ahead. Good morning, Magnus and Peter. Hope you can hear me. Yes. Morning. Just a few follow-up questions from morning, from my side. I noticed very strong gross margin development, as you mentioned in the presentation. Could you maybe please elaborate a little bit more behind the drivers on this expansion? Is it primarily mix effect or some effect tailwinds or price increases, or how should we view it? It's a combination of a lot of things. As said earlier, we are phasing out, continue to phase out low margin businesses across the group in all companies, and that have some positive effect on the margin as such. We are much more now sophisticated in terms of pricing, that will have some positive effect as well organically. And generally speaking, if we acquire companies, many of those are also adding on to the gross margin improvement as such. So it's a kind of broad range of activities that help us to kind of enhance the gross margin. Would you say also it's a result of organic growth being back as well on regarding the top line as well? No, I wouldn't say that we have seen that effect yet. I mean, we have 4% organic top line growth this quarter, but if we look on a group level, we haven't seen, you know, any kind of pickup in the top line in a way that that is reflected in the gross margin currently. But that there will be a positive effect, when over time, hopefully when the market picks up. Yeah, I see. Thank you for clarifying that. And on that topic, could you maybe then also comment a bit on the scalability on your current cost base? I mean, if the market turns positive now and demand increases, to what extent can you grow sales then, without meaningfully expanding in OpEx going forward? Yeah, we have, during the last quarters, made some efficiency improvement across the group, taking out, you know, SEK 200 million in cost. As communicated earlier, I don't see a need to rebuild that cost, when the market picks up. Those reductions is mainly, has made our company more efficient. So I don't expect, no, no, no big, major cost increase, when, when the volume picks up. So I think we're in a very good position with a lower cost base and, in combination with a high gross margin when, when the revenue picks up. Sounds exciting indeed. And last question from my side. Given the new divisional structure with now four divisions, which one do you perceive having the most significant untapped potential for the EBIT, EBITDA margin expansion in the near term and also for the long-term period? I think, I mean, if we look, pro forma wise, historically, the core solution, the Safety Technology Division, as well as the machine and equipment division, have very healthy margins and, and good, you know, Profit/ Working Capital ratios. So, I see all, all of those division, having a good potential to, to maintain that and even improve that over time. As mentioned earlier, if you look at the more short-term perspective, the Safety Technology Division, has made a lot of acquisitions that I expect contribute both to the margin expansion as well as the profit increase in the coming quarters as such. I think also, as mentioned earlier, the Machinery & Equipment Division, I expect those to be in a kind of all-time low level now in terms of margins and see a steady improvement over time in that development, in that division. I think the most challenging division is the PPE & Utilities Division, where we have some companies with some structural challenges. You saw on the previous slides that they have been quite steady on the EBITDA margin, and I expect them to improve over time, but that is more like a long game in that division. Yeah. Thank you very much for clarifying that. And I think you also mentioned in the report that, Luna saw quite, I don't know how to put it, but quite weak top line performance in this quarter. I mean, how much is this hampering the, this segment at the moment? Yeah, I mean, Luna is not performing on the level that I would expect. So we continue to do some kind of structural activities in Luna. And my expectation is that those activities, in combination with some other things we have been doing, should, you know, have some positive effect on the Luna development, but they are still coming from too low level. So yes, it's still a big part of that division in terms of turnover, so the development of Luna will have an impact on the division performance as such. It's very important that Luna kind of develop in a positive way. Great. Thank you very much, Magnus. That was all of my questions for now. Mm. Thank you very much. Thank you. Thank you. The next question comes from Linus Allenton from Nordea. Please go ahead. Hi, and good morning, Magnus and Peter. Morning. Morning. Morning, morning. Just a quick couple of questions here from me. Starting in Machinery & Equipment, especially the margin decline here. I note that the order book here is full for A.T.E., and I'm just wondering how we can think about the margin going forward. Will this, when you execute on the order book here, will we see some recovery here in the margin, and what would a normalized level be? Yeah, I mean, we have A.T.E., and we also have Polartherm that is a company that historically have performed very strong. I expect A.T.E. to perform better going forward. They have, as you said, a very strong order backlog that hasn't been delivered yet and is up for delivery now, in combination with Polartherm that have also some expected deliveries to go out here in the coming month. So those two together will enhance the margin in this division going forward. When do you think you will start to execute on that order book? Is it, like, instantly now from next quarter or? Well, that is the likely scenario. Polartherm is delivering a lot to the U.S., and they're also delivering to the U.S. Air Force. Those defense product is not having any tariffs, at least according to what they have communicated, but there is this long delay in the process of delivering to the defense in the U.S., due to the more stricter control of the tariffs and this deliveries as such. Polartherm have, for example, a lot of products ready to be delivered to the U.S. Air Force based in the U.S. The products are already there, but they just wait for to get some delivery sign-offs. And we expected that to happen already, you know, in December, and it hasn't happened yet. So it's a lot of things that is out of our and our company's control. So it's very uncertain, but my expectation is that we will see some positive impact on deliveries in this quarter. Okay. Super, thanks. Just one other question here. You had a positive SEK 9 million impact here from remeasurement from the contingent consideration, and you also had a bit larger post in Q2, if I remember right. So I'm just wondering what we can expect here, or, are the projections, I mean, aggressive in regards to where we are in the market, or how can we think about that forward? Yeah, just to comment on that, as you said, we had a positive SEK 9 million effect based on the earn-outs. But we also had in this quarter SEK 8 million cost in terms related to acquisitions, so those more or less level out. I mean, some of our companies are facing a tougher market than expected, and that is partly effect than that we have results on of the earn-outs that haven't materialized. Then it's very difficult also to forecast what we could expect going forward. That's dependent on a lot of different things, so it's, I'm not ready to make a forecast of the future earn-out kind of payouts. Okay, super. Thank you. That was all for me. Thanks for taking my questions. Okay. Thank you. Thank you. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. Okay, uh- There are no more phone questions at this time, so I hand the conference back to the speakers for any written questions and closing comments. Okay, everyone, we have a couple of written questions. The first one is: Do you know how high the EBITDA growth would have been without the divestments? And, yeah, of course, we know, but we don't communicate the organic EBITDA development, so sorry for that. Anyway, next question is related to the Nordic market, and please, can you elaborate on your comments around seeing increased investment activity in the Nordic construction sector by country, by end market, and residential versus commercial, new building and repairs, et cetera. And are you seeing more hiring in the Nordics? Thank you. Mm-hmm. If we look at the investment within the construction sector, I mean, the new housing has been very dampened across, I would say, all the Nordic countries. Sweden is our biggest market on a group level, followed by Norway. And if we look at the forecast for new house gross investment, 2026, it's close to 20% in Sweden, it's 16% in Norway, and 15% in Finland. So those are quite big numbers. All of them, we are now starting from a very low level, but there are investments increase in housing in the construction sector. If we look at the same parameter in new business premises, the forecast for Sweden is 4%, and in Norway is 14%, and Finland is 9% in 2026. So we also see there are an increase in gross investments in the Nordic across the business premises segment as such. So there are, you know, solid data that indicates that there is an increase. We also had an increase in 2025 in both Sweden and Norway and Finland in the new housing, even if they are a little bit lower than the forecast for 2026. So we see also already in 2025, there was an increase in investment. But as noted in the quarterly report, it takes some quarters before our companies get the orders after the investment has taken place in the construction sector. So there are, you know, proofs that the investments are increased in 2025, and there are, you know, strong indications that the increase will be even bigger in 2026. Good. Yeah, I think that was all the questions. So, thank you for this teleconference and all your questions. And, we'll meet again soon, hopefully with a positive report to give once again. Thank you very much. Thank you. Bye.