Thank you. Welcome everybody to this Q2 Conference Call. I also have with me Helena Nathhorst, our CFO, and as usual, we will take turns to go through a presentation, and we will also, as usual, speak to a presentation that is available on our website. I will start. We can kick off on page two. Overall, a very strong quarter, the best quarter in history for us, despite the very exceptional comparables from Q2 last year. We increased net sales by 13% on the back of a 39% growth last year to just over SEK 2.8 billion in sales. Continued strong markets and continued share gains, which we will come back to in a minute. Like-for-like sales up 9%, continued very strong growth from the e-commerce part, particularly Byggmax's branded e-commerce increased 35% also on the back of very strong comparables. In all e-commerce is 25% of the group sales. We continue to increase gross margin and continue to give a very good scale effect. Profitability is clearly up and our operating profit, measured as EBITA, increased by almost SEK 100 million versus last year's strong number already to SEK 456 million. We have a margin in the quarter, an EBITA margin of just over 16% and a rolling 12 margin of 11.7%. It's also been, on page three, an eventful quarter for us, with many things happening during and also just after the quarter. Firstly, of course, we are still in a COVID-19 pandemic, and there's a lot of precautions continuing to be taken to operate in a responsible way. We were impacted as part of that by partial lockdowns in Norway during April, I'll come back to a bit more detail on that in a second. We've continued our long-term efforts of upgrading and expanding our store portfolio, opened five new stores in the quarter. We also just after the end of the quarter, announced an acquisition of a Norwegian tiles discounter called Right Price Tiles that I will also come back to. Touching on the COVID-19 situation on page four, and I think for many purposes, we probably all hope that this is the last time we will have to touch on the COVID-19 pandemic situation. Briefly, for those of you who follow us, you know that we have been, as many, very strict on take very careful precautions to operate in a responsible way, both for our colleagues and also for our customers. Those precautions have continued and not changed during the quarter. We did enter the quarter with 23 stores in Norway that were closed for visits, but open for click and collect. They remained closed all of them for all of the month of April. Following that, entering May, we have had no negative impact of any store closures or partial lockdowns. I would say in all, it's a fairly small impact on the total Byggmax numbers in the total quarter. We have had still a positive financial impact during the pandemic in terms of people staying home more during the pandemic, obviously, and the disruptions that we have faced, we have been able to manage in an appropriate way. Disruptions in all are manageable. Moving on to the quarter and the developments in the quarter, on page five, I think this quarter, perhaps almost more than usual, it is important to start from the discount perspective as there are many forces in play. As you know, those who follow us, Byggmax has the low price position, the leading position in the Nordics. We are therefore, of course, benefiting from the retail phenomena around discount taking market share. We are perhaps slightly too proud of being able to say that we have strengthened this position also during Q2 and for the full year 2021. We have received several awards or recognitions from several independent surveys and being recognized as the lowest price player in the market. Here are some examples from Sweden and Norway. Most of them are from Q2, one or two from Q1, including surveys done by the biggest newspaper, both in Sweden and in Norway. Very positive for us to reinforce that leading discount position. That also helps us going forward in terms of being a relatively stronger player in the market and taking market share. On page six, we give you an update exactly in line with what we did last quarter about our development versus the market, and we continue to take market share. The market is about unchanged versus last year's very high level during the pandemic. When we talk about the market, we talk about the Nordic consumer market for building materials. For those of you who followed us a bit longer, you know that we were very happy last year to see that finally almost some external institutes starting to track the market and publish data around the B2C side of the market, both in Sweden and in Norway through industry associations. That has helped us to put the numbers together also this quarter. However, a bit more challenging as they don't report quarterly and have changed some definitions. In all, we have a good sense of the market using also our previous internal numbers. To go into the details of the market in Q2 2021, they are a little bit different between countries, with, for example, Norway being negatively impacted by the lockdowns, as mentioned earlier, Sweden is slightly more positive. Overall, there is still a very strong stay-home effect that goes on in also Q2. There is a clear positive effect on the market from increased consumer prices. Raw material prices have increased in a lot of categories, which have been passed on to the consumers. Also there is a longer-term trend for the last 18-24 months with strong housing markets in all Nordic countries basically, which of course support DIY and renovation projects. Very positive. On the right-hand side, we summarize Byggmax development in the quarter, and we have a 13% growth both in local currency and reported. The Byggmax segment, the majority of the business, about 90%, increased by 12%. We continue to see very good effects of the initiatives that we are driving. E-commerce is going really good effect from the store upgrades and also some new stores. The business we acquired as of January 1 in Denmark at 2% in the quarter for the Byggmax segment. Skånska Byggvaror, the second segment and the smaller segment, had an even better performance with +21% and really benefit from both being an online player and also the position relating to garden, which is developing really strongly, and also really good growth initiatives, particularly around product development and digital sales. Overall, a good quarter in terms of continued market share gains and market share gains in line with basically all the last five, six quarters. Before digging into the initiatives and some more details around the events, we thought it would be good to just step back and look at the market as there's a lot of things going on at the moment. As we sketched out on the Capital Markets Day in March, there are three really big macro trends that are impacting Byggmax. We can see development on all three as we close Q2 2021. The first one, perhaps the biggest one, is the discount trend, where we see that the further acceleration is going on when the market prices increase. We have several examples of customers that are choosing price levels more carefully or selecting between retailers more carefully and choosing Byggmax that used to go perhaps to other competitors. The general market increase seems to be very correlated with the general increase in price comparison and therefore accelerating the discount trend. The second big trend is around the home, which we believe, and I think many believe by now, that the home will play a new and bigger role in many people's lives post the pandemic. There is more people expecting to work from home, and also people are more oriented around staycation and having invested in perhaps boats or pets or so. A new level for the home is increasingly in the cards as we enter the pandemic, hopefully. The third big trend is around e-commerce, which I think many are aware of the impact and the many new e-commerce consumers that have popped up during the pandemic. As a comment could also mention that we clearly see that e-commerce is also strengthening the discount trend, that the digital transparency makes it easier to compare prices across different layers. Three favorable market trends with a slight update on the status of all of them here by Q2, and perhaps the biggest note is the continuous acceleration of discount. Turning to page eight and a bit more detail on our own activities and our initiatives. We could, as we have done for many quarters, quickly go through the impact of our strategic initiatives. There are three that we are primarily focusing on. E-commerce continues to be a really good driving force for us, where we increased e-commerce sales on the Byggmax brand with 35% in the quarter on top of a very tough comparable figure of plus 65% from last year. We continue to see basically growth across categories and across delivery options with the very fastest growth from collect in store. Store upgrades, where we upgrade store to our newer formats with broader set of categories and a better experience, continue to generate 6% sales effect per store, about. We now have almost half, 49% of the store portfolio upgraded to this concept. We also, as part of this concept, introduced or roll out, I should say, our garden offer, which is also performing really strongly. Over two years, the garden range has doubled in sales for Q2 for Byggmax. Store expansion continues. We have five new stores open in the quarter and two in Q1, in addition to the four we acquired in Denmark, and that also continues to add sales for us. I'd now like to just go in to some more detail on each one of these three initiatives. We start with online on page nine. As mentioned, a really good growth on back of a good growth, and we could see that the fastest growth is really coming from the sort of intersection of stores and online or store-enabled online, I guess you could say. Collected store is continuing to grow really fast, which is what we call click and collect. Although we have to state that home delivery is also growing really fast. We continue to see good effects of other multi-channel efforts such as, for example, showrooming, people visiting stores to look at products and then ordering online. We also continue to see that e-commerce has benefited from opening of new stores. Really good effect on the e-commerce sales and continued very positive effect from the combination of e-commerce and stores. It's also an area where we have invested a lot, and we continue to invest a lot. We have introduced in the quarter new private label ranges online, both for garden furnitures and bathroom products, which have started well. We're also now in the process of introducing over 200 digital guides and instructions for 200 DIY projects that have come quite far away on our website already. Regarding the store portfolio, on page 10, we now operate with small, regular, and large format, and we have an upgraded version that we call Store 3.0 of each. An upgrade to these formats generates about 6% sales per store. We focus our upgrade efforts mainly in the low season, Q4, Q1, as we don't want to disturb the stores too much during high season. We continue to see positive effects of the upgrades done during low season, and now that we are in high season. In all, it generates about 6% sales increase per store. On page 11, there is more details regarding the development of the store portfolio, which is, as you can see, increasingly upgraded. On the positive side, there is also more to do. We are now about halfway through to upgrade the store portfolio to our Store 3.0 concept, and that of course means that there is half left to do. We keep a good pace of that now also in Q4 and Q1 planned for the coming season. Five new stores in the quarter, four in Sweden and 1 in Norway. We have relocated one store in Trollhättan and not performed any upgrades of existing stores beyond that. We have garden departments in 40% of the portfolio, of which half are of the large type. We also have 20 stores by now of that format for smaller towns, the small format. That is the more detail on the store portfolio. That rounds off the comments for the Byggmax segment as is for the quarter. I'd like to mention briefly something on the second segment, Skånska Byggvaror, before moving into one of the events in the quarter. On page 12, just outlining the performance of Skånska Byggvaror that continued very strong. Another strong quarter from Skånska Byggvaror. As mentioned, it really benefits from the leading online position and the garden position, but also very good results for some own initiatives, particularly around some new products that the team has developed, and also continued good effect from digital sales and marketing efforts, which are increasingly sharper. Sales increased by 21% in the quarter, and profitability continued to increase really well. We also increased order intake in the quarter somewhat, despite very strong comparables from last year. The strategy for Skånska Byggvaror remains. We continue to focus on the growth initiatives that are in place, which are product development, digital sales and marketing, and also further geographic expansion into Norway and Finland. That summarized the comments on the external environment and the initiatives performed during the quarter. I'd now like to comment on events that happened after the quarter, the acquisition of Right Price Tiles, before handing over to Helena for the financials in more detail. On page 13, two pages and some comments to the acquisition of Right Price Tiles. We can start with the what on page 13. We have announced to acquire 100% of a Norwegian founder-led discount concept called Right Price Tiles, founded 16 years ago with the first store in Oslo, which has a customer offer in the tile category where Byggmax is not so strong, but a consumer proposition very much in line with Byggmax, focused on quality product at the very best prices. Very much focused on the tile category, but also complemented with some bathroom products and flooring. It's a very entrepreneurial-driven company, again, started from scratch 16 years ago and has a good and long history of profitable organic growth. It currently is operated through 14 stores, of which two are franchised, and then a small but really fast-growing e-commerce business. Right Price Tile is also a direct importer of private label tiles and related products. In terms of size, NOK 300 million in turnover last year and NOK 34 million EBITA. The transaction is structured in two installments. There's an initial consideration of NOK 175 million and an additional consideration that depends on performance of EBITA in 2021 and 2022. That could, at the maximum amount, be NOK 110 million. We should also say that the transaction is subject to approval from the Norwegian competition authorities. That is the what around the transaction. On the next page, a bit more on the why and also something on what's next. The why? Well, we see tiles as a clearly attractive category and a nice complement to the business that we already have. It is much more of an all-year category that is not a seasonal category, which we like to complement the current profile that we have, and also a good margin category. It is more of a younger customer base and more of a planned, we call it family project. That is more of a discussion around the family for what project to do and what products to choose. There are still quite few consumer-focused players in the Nordics, so there is a good category to be a consumer-focused discounter in. We also like Right Price Tiles because it is a very good fit with Byggmax's proposition. I touched on it earlier, but in summary, we could say the discount mentality and the discount proposition is structured almost identically as Byggmax with quality product at the best prices and same prices for all. There is a product category which is well selected and carefully selected is perhaps a better wording, and they're very much complementary to Byggmax current offer. They also clear that Right Price Tiles is a clear price leader in the Norwegian market and the market share winner. It's a good category and it's a good fit with our proposition. Now we are looking forward and, of course, there is a period where the current owners and founders will be focusing on developing the business according to set targets, but also we are planning for growth under the Byggmax brand. We aim to integrate this into the Byggmax brand business. We will do this in two steps. First, we will initially offer the product from Right Price Tiles under the Byggmax brand in our e-commerce and some selected stores, and then we plan for Byggmax branded tile concept stores, particularly outside Norway under the Byggmax brand. That was some more information about the acquisition, which was announced just after the closing of Q2. Now I will turn to Helena to go through some of the financials before coming back with the summary. Yes. We move to page 15 and the sales development for the second quarter. Again, a strong market in the quarter with continued stay home and the positive effect on increased consumer market prices in combination with our leading market position and market share gains increased the group sales with 13.4%. The like-for-like sales development for the group at 8.6% and we have a positive currency effect below 1%. We have approximately 25% of our sales outside Sweden, and the movement is related to the Norwegian krone in the period. If we look into the segments where Byggmax represents 89.2% of the sales in the quarter. In Byggmax, we include our acquired Danish company, Lobis.dk, and the increase in the sales in the quarter is 12.2%. The acquisition contributes with 2.4% and the like-for-like is 7.3%. The other segment, Skånska Byggvaror, has a solid growth and represents a growth of 21.2% in the quarter. If we move to the income statement on the next slide, we can see how the strong sales contributes to the improved EBITDA in the quarter. Next page, 16. Net sales increased, as we said, by 13.4% to SEK 2.8 billion. It's a volatile gross margin in the quarter with a difficult supply situation and movement both in supply and consumer market prices, and the quarter ended with a positive movement and an increased margin to 33.2%. Our cost control remained solid. The increase is mainly related to new and acquired stores. The comparable cost increased, but then compared to 2020, we had a quarter where we had early pandemic, and there was a high uncertainty on the development going forward. We had lower levels of activity and initiatives and marketing efforts in that quarter. In all, EBITDA increased to SEK 456 million in the period, almost by SEK 100 million, and we have an EBITDA margin of 16.1%. Both segments contributed to the group's improvement via its improved gross margin and cost control, converting the sales increase to EBITDA growth. Byggmax increased EBITDA from SEK 348 - SEK 430, and Skånska Byggvaror contributed with another SEK 20 million from SEK 41 million - SEK 62 million on EBITDA. If we continue to page 16, 17 sorry, we have the cash flow and net debt. We have a strong balance sheet, and we have a cash position of SEK 200 million compared to SEK 47 million in the second quarter of 2020. Cash flow from operating activity amounts to SEK 821 million in the quarter. It's a decrease of SEK 433 million compared to the same period last year. This is mainly attributed to the decrease in accounts payable. As mentioned, we have a strong cash position, and it has contributed to our flexibility to securing a good supply and inventory position, and we have used a high degree of our cash discounts during the period. Thank you, Helena. We are just about there in terms of presentation, but we would like to round up with two more comments and two pages. On page 18, giving you the status of our current performance versus the financial target, and the financial targets were updated and announced at the Capital Markets Day in March this year. We have a sales target to reach SEK 10 billion by 2025. We are currently rolling 12 at SEK 7.4 and rolling 12 one year ago, we were at SEK 6.1, so clearly moving forward. We have an EBITDA margin target of 7.8%, and we are now trending at 11.7%, above what we were well before, of course, but also one year ago at 8.5%. We have a target to have a leverage or net debt EBITDA excluding IFRS 16 effects of below 2.5, and we are about at zero or slightly cash positive. We have a target to distribute 50% of the net income in terms of dividend, of which the board decided to distribute 35% or 2.75 per share now in May. We also have another target on this page, which is not a financial target, but a sustainability target, and we have many targets, but the one we are highlighting is the target regarding carbon dioxide emissions from goods transports, which is sort of a Scope 2-ish target, you could say, where we have a high ambition to decrease that by 70% by 2030, and we are currently at -32% as of last full year. Clearly moving forward on the financial target so far. Rounding off on page 19, summarizing the quarter and a bit of a future outlook, we could say that it's of course been a record quarter, which we are really pleased about, but also perhaps more pleased about that we really feel that we have strengthened our market position and set ourselves up for the future in an even better way. We have, again, exceptional comparables, but a really strong result with a strong market and really well-performing initiatives. We continue to get very good scale effects and really good leverage in terms of profitability increase. Our main focus remains we have a set of proven organic growth initiatives that all have clearly much more to give. We are super focused on continuing to drive e-commerce, store upgrades, and new stores in sort of white spots, new locations for us also going forward. There's much potential in that. We are pleased to have found Right Price Tiles and announced the acquisition, which we think complements the current business really nicely and adds to the growth potential, something we can really develop for the coming years. On the external trend side, we are fortunate, we should be able to say, to now be in a situation where the trends are very favorable for us going forward. The acceleration of the discount trend is perhaps the most pronounced one in the quarter, given the consumer market price increases, which really benefits us. I think we're also increasingly clear that the home is going to play a more important part of people's lives after the pandemic than before the pandemic, and we also benefit from a continued strong e-commerce trend. On the market outlook, we sort of maintain or reiterate or reinforce our view that the market was clearly boosted and inflated is maybe not the right word, but was very strong during the pandemic level. We maintain the view that the DIY market will be larger after the pandemic than before the pandemic, given the role of the home, but not as large as during the pandemic. With that, we summarize the presentation, conclude the presentation, and hand over to operator to handle questions. Thank you. Our first question comes from Niklas Ekman from Carnegie. Please go ahead. Your line is now open. Thank you. Can I maybe start with your very last statement here? I'm curious about the current trading, if there's anything you can say here, because if you look at travel, for instance, here during the summer, we're still far. I mean, holiday traveling this summer, it's still very far from 2019 levels, but it's also much better than what we've seen any other time during the pandemic. More and more people are traveling. Are you seeing any clear shifts in consumer behavior going from Q2 to Q3? Or are you seeing that this strong trend that you've seen now going into the summer, that has continued also going into July? Thank you, Niklas. We'll try to elaborate. I am personally also really curious about consumer trends. This is of course 1 of the more interesting things to observe at the moment. We'll try to contribute with the light we can share. I think I should separate two or three things. On the midterm, I guess, we clearly see that the market will be higher after the pandemic than before the pandemic. To your point, there is probably a reopening effect that occurring sometime, probably about now. Going into the details, if we look, for example, at our small but still business in Denmark, taking Denmark as an example because it was in our view the country in the Nordics which opened up the fastest. We could see that there is a dip in volume and sales in the market and for us as the country opens up and people almost and thankfully are free to do other things than just be at home. April and May was below 2020, although still above 2019. In June, when after, I guess, two months or so after being freed from your home, sales came back again and was sort of in line with 2020. That, I think that is a reasonable near-term pattern to expect as the different markets open up. The other factor that comes into play is of course price increases that support the sales trend even though that the behavior and the quantities, as you mentioned, Niklas, is probably shifting a little bit away from DIY to other things as the opening occurs. Okay, thanks. That's very clear. Then shifting over here towards Q2 and the gross margin up more than 200 basis points here year-over-year. Can you just provide some more details here? How much of this is related to price hikes being greater than the rise in input cost? How much is mixed scale benefits? I think you mentioned here that you've been getting discounts from suppliers as well when you make early payments. How big a factor has that been? Just what are the key drivers here behind the gross margin? Yeah, absolutely right. You picked the right sort of drivers, and I think you picked the right order also of priority, so to speak. The most important factor by far, I would say more than half, probably around three quarters of the improvement in the gross margin is related to price hikes. It's a bit of a complicated topic to describe, but I'll give it a shot. It plays out a bit differently by category, and we have a strategy, of course, being the lowest on price. We are a price follower. In some categories, consumer prices have increased in anticipation of raw material price increases, whereas in others, you have more followed raw material increases. It's been a volatile development during the quarter for us. In some weeks, we were clearly above last year, and some weeks clearly below. In all, it played out in, of course, a clearly positive way for us during the quarter. Then there is no guarantee that would be the effect for the next quarter, but that was the effect during Q2. Then the second and third effect to your point, Niklas, is the continued product mix improvement. We've had that around, I can't remember what we have quantified, but around 20, 30 basis points or so year-over-year for two years or so since we started with the store upgrades and a broader set of categories being rolled out. Then I would guess around the same effect maximum is the sort of cash discount program that we have initiated earlier this year. Okay. I guess it's fairly safe to assume that these price hikes, that impact is not going to last looking into Q3 and certainly not in the coming quarters. You could still see some sustained scale effects from higher input costs, right? Yeah, I think you're completely right. Just to clarify, but I think that's what you mentioned, that the price level is probably not going to drop in the next quarter or so, but the margin impact will probably not be positive versus last year from the price hike. Which is, I guess, what you meant by that comment. Exactly. Another question is on these Norwegian acquisitions. If you can say a little bit more here on the strategy here, whether you're looking at running this as a complete separate brand or integrate into Byggmax, and how quickly can that be done? How quickly can this be fully integrated into Byggmax's assortment? Is that really the idea? Do you want to put in a very significant part of that assortment in a classical Byggmax store, or is it mainly to increase the exposure to tiles? Happy to elaborate. The plan is to incorporate it onto the Byggmax brand, and integrate it in an integrated customer offer. It's going to take a little bit of time. It's going to be in a couple of steps that I can describe. There is an earn-out period where we will allow the current operators and the soon-to-be previous owners to maintain the brand position during the earn-out period, at least in Norway, Right Price Tiles. We will start by introducing some of the products, well, probably all the products into our e-commerce for Byggmax and some of the products in some of our stores. To be relevant to the extent that Right Price Tiles is in the tiles category, you need to meet the customer and talk about the complete project, for example, a bathroom renovation or a kitchen renovation. That is best served in concept stores. Most likely we will open Byggmax branded tile concept stores, particularly then outside Norway, as a second step. While we will have products on e-commerce and some products in all Byggmax stores, the best way to serve these kind of customers and tile market is through concept-focused tile stores, then again, under the Byggmax brand after a period of time. That makes a lot of sense. I guess a follow-up here also on acquisitions. Now you made a Danish acquisition in December. You made this Norwegian acquisition here two weeks ago. What kind of further M&A potential do you see, or do you see a lot of M&A potential going forward? Then what would be the most relevant areas? Is it an acquisition similar to this Norwegian one where you expand into a vertical where you have a weak position today? Is that the preferred further M&A that you would see going forward? That's about right. I could elaborate a bit. I think it comes as no surprise to say that we are really big fans of our organic plan. We feel like we have a lot more to do and a lot more to invest in our existing business with initiatives that we already have. That is clearly the foundation of the growth plan going forward. There are, and also to your point, Niklas, there are some particularly categories, maybe some geographies, where we feel that we could complement ourselves by add-on acquisitions. You should not expect us to do a huge amount, but there could be a few more. We are very much focused on, occupied by finding acquisition targets that sort of fit in with Byggmax, that really strengthen the Byggmax business and fit with the Byggmax value proposition and brand. The target list is probably not that long, but for the relevant areas and opportunities that may occur, yes, that could be an option for us. That sounds very good. Thank you so much for taking my questions. Thank you. Our next question comes from Carl Deijenberg from Carnegie. Please go ahead. Your line is now open. Perfect. Thank you very much. A follow-up question here on the raw material prices. We talked in conjunction with the Q1 report, you estimated that had a roughly 5 percentage point positive effect on the sales growth year-on-year in Q1, and all else equal. Also, again, what you said on the gross margin, I think the effect has been quite large here in Q2 also. Could you say anything, sort of what you estimate the sales growth impact has been, depending on the price increases here in the quarter? Yeah, you're right, Carl. We estimated it at 5% in Q1, both for the market and for us. It plays out a little bit different again by categories and countries. In all, the estimate actually both for the market and for us for Q2 is that it clearly increased to between 10% and 15% price impact on sales, both for market level and for our sales. Perfect. Very well. My second question is on the acquisition here of Right Price Tiles. Do you have any base case scenario where you expect a response from regulatory authorities of approval? No. If we have any timeline we could share at the moment, I don't think so, right? No. No. We'll have to get back to you on that, Carl. No. Yeah. Maybe just to follow up there also, I guess the first consideration here on the payment is then not paid here. We should not assume a cash flow effect so far in Q3, I guess then, given that it hasn't been approved yet. Am I correct there? I think most likely it would be in the next quarter that we will have the approval according to the first sort of analysis given to us. Yeah. Understood. The closing would be shortly after that. Okay, perfect. Thank you. My third question is on online here. You saw continued strong growth here in Q2, we talked also in conjunction with the CMD regarding several improvements in your e-commerce offering, such as increasing the number of SKUs quite significantly. We talked about up to 150,000 SKUs here, going forward compared with around 50. I think you were at 50,000 when we were at the CMD. Could you share any of what you have accomplished on the online side here in the quarter? Maybe also if you could elaborate, do you see any price differences in marketing here during the quarter? We've got some signals that maybe marketing prices in the DIY for online players have risen quite significantly in Q2. It would be interesting to hear that as well from you. No, very good. Your memory serves you well. We did talk a lot about this at the CMD and you picked also the drivers about right. We have done quite a lot also in the quarter and we have three main areas, I guess, we could talk to. We've continued to sharpen the delivery offers and options for the customers, which we see actually, and we talked a lot about this at the CMD, it's an interest, you actually see driving growth when we adding new delivery options. We've been particularly successful again with click and collect, but actually also several new home delivery options also go really well. We have introduced a lot more, maybe on the more marketing or qualitative side, instructions and guides for the site, which actually helps customers and also sales. To the maybe core driver points around the SKUs. Yes, we have increased a bit. We have not increased a huge amount in number of SKUs in the quarter. It is mid-high season. We have increased a bit, but we have increased in some really good spots, I would say. We have started introducing some private label ranges in both, for example, garden furniture and bathroom products that have been out now in Q2 for the first time and been a good first quarter for those kind of products. You're right, Carl, the plan is to continue to invest in this area around e-commerce, including ramping up the number of SKUs going forward. Maybe just finally there, do you see any impact on your marketing strategies or competition here on the online side during Q2, given the momentum in the market is very strong? Do you see any competition on, for example, Google Ads marketing or other marketing channels for your online offering here going forward? Yeah, we could comment on that because it's very specific in detail, but I think we have been quite fortunate in having good trend also in organic traffic throughout many quarters, including this one. Probably back to the point around being known for a low price position and increasingly becoming a destination of search. It's not been any material effect negatively for us. There are, for those of you who are into those details, some changes that is being done by, for example, Google to how to buy and bid for traffic, which will most likely, in our view, increase costs for all the players out there, but it's not material for us yet. I hear what you say, and I could sense the effect, but for us, we have had other effects that have been positive, so it's no material impact for us in the quarter. Okay, perfect. Thank you very much for taking my questions. Thank you. Our next question comes from Julien Batteau from Pascal Advisers. Please go ahead, your line is open. Yeah. Hello, good morning. Just a few questions from my side on the like-for-like at Byggmax, which is 7%. If I calculate back, it seems to me that around half of that comes from e-com and the rest would come from the stores. You also say that the price was pretty high. Did you say 10, 15% impact on top line? That would suggest that traffic is down mid-single digits. Could you confirm? Yeah, you are about right on the like-for-like number and the price impact around 10%-15%. That would mean e-commerce is a big driver at about half. That's also about right. That means that volume would be a bit down in the quarter versus last year. You have to remember, Julien, that last year sales increased by 39%. Sure We're talking about the peak of the first wave pandemic. In all, yes, the logic is correct. Okay. That's clear. The other question, it's on the garden side. You state that you have 40% of stores that are now equipped with the garden side, and it's proving very successful. Do you plan to increase this 40%? Yes. Good question. Yes, you are right. This communication we could perhaps be a little bit sharper on. The updated store concept that we are rolling out, the 3.0, does include the garden department. We put it in there in all the 3.0 upgrades starting about a year or so ago, maybe a year and a half. In the regular format, it is a smaller garden department, and in the large format it is a larger garden department. We are now about half the portfolio at Store 3.0, and as we continue to roll that out, we will have also more garden departments. Arguably, fairly all stores, barring some exceptions, could have a garden. Yeah, exactly. Now with details, the small format store that we have, we do have some garden products, but we don't call that garden department because we see the store is a bit limited. They will be the exception. Okay. Another question on the Right Price Tiles. Can you share a little bit the performance so far this year? I mean, it is growing or today stays the same trend as Byggmax as a whole? Yeah. It's been, I would say, largely in line with Byggmax. I mean, the Right Price Tiles has a Norwegian business. Very much focused on sort of greater Oslo and southern parts, that was impacted by lockdowns during both March and April, which of course significantly impacts the first half of the year. Even so, a good development, a positive development versus last year by not a lot, but at least somewhat positive despite negative lockdown effects versus 2020 so far. Okay. The earn-out, can you share a bit, are the rates for the EBITA growth or top-line growth that it require them to really outperform or is it more a deferred payment to be sure that the management stay in place? No, the earn-out is tied to EBITDA in this year and next year, 2021, 2022, fully tied to that. We have agreed with the founders not to share the exact details, but we could comment and say that to reach the full earn-out level requires, I would almost say dramatic step change in performance. Then it's a real step up. We hope that that would happen. That would be amazing. We hope in any case that the business will continue to improve really well and that there will be a good amount of earn-out for the founders, but full potential is very difficult to reach. Sure. Clear. My last question is on the net debt, or should I say the net cash, because even after paying seems to me Right Price Tiles, you will be at zero. The question is, obviously, there's the M&A angle, would you let cash accumulate on the balance sheet? Because you still have the target of being below 2.5%, 2.5X, which is a far cry from where you are now. Yeah, what is the thinking around that? Yeah, no, it's a good question. You are, I mean, completely right. We do have a really strong balance sheet and perhaps too strong balance sheet. Of course, it is partly a board topic, but I guess I think we can comment and say that there are a few things you can do with the cash. We can maybe invest even more in our organic plan, but it would probably not change the picture that much. We can do M&A to your point. We could pay more dividends, we could buy back shares. As far as management is concerned, we are not excluding any of the options. We agree with your I guess that is your view, Julien, that the balance sheet with sitting with net cash is not the optimal structure for us going forward. Actions will have to be taken for sure. Okay. Thanks a lot. Thank you. Our next question comes from Fredrik Ivarsson from ABG. Please go ahead. Thanks so much. I came in a bit late, so sorry if you already touched upon this issue, but I'm curious to hear what you see in terms of supply of wood materials, looking into the coming, say, six months or so. I guess given that the fair share of the global volumes is currently going into the U.S. it looks like. Is this a worry for you or are you all set on that side? That's a good question, Fredrik, and something we have not touched on, so good catch. Yeah, no, it's a stretched and challenging situation, but in all manageable, I would say, with the outlook that we have, I guess I should add at the caveat. I think we've sort of moved from red light to maybe orange light or something like that. The export market for the Nordic players is really hot to your point. I think there's more visibility on the way that the domestic markets are playing out, and we also both have managed to find even some more new suppliers. I think the suppliers are also prioritizing quite actively among their customers, and we are fortunate to be a really big buyer of those kind of products and get quite good priority, actually. We are not the sort of calling it clear. It's a topic that we follow very actively, very closely, but we so far feel that it's been manageable and don't see any sort of change in that outlook. We foresee that we will be okay. That sounds reassuring. In relative terms, would you say that you might be in better shape than many of your competitors then? I would think so, to be honest. I think it probably is very mixed between the competitors. This I don't know, but just hear from sort of suppliers in the market that the smaller players tend to have problems, and the bigger ones are getting share. I guess we are most competing with sort of bigger ones, but so maybe it doesn't impact the competitive perspective that much. I think it would almost have to be the case that some particular smaller players have a really tough time getting enough volume. Great. That's my only question. Thanks a lot. Thank you. We have a follow-up question from Carl Deijenberg from Carnegie. Please go ahead. Your line is now open. Thank you very much. I just had a follow-up question here, maybe on the current trading and here going into July. I know we're only two weeks in here, but could you say anything on demand here going into July and maybe share also a bit on how the monthly comparison develops here in Q3 from last year? You're facing much easier comparisons now in Q3 and Q4 compared with Q2. Where did you see peak demand last year? Was that in June to slow down a bit in July? How did that develop last year? Would be interesting to hear. Yeah, it's a good question, Carl, and one that to be talking about so short periods of time require quite nuance and diligence to answer. Comparisons were absolutely toughest in April and May, and a bit, well, still tough in June, and gradually fading off, I guess, and finding some kind of new stay-home level at about September or so, give or take a month. I think we are through the very toughest comparison. I think, to put it like this, the July initial trading has not surprised us. We see a level where we are clearly above 2019. Depending on day weather and comparables, we are about 2020 or thereabouts, or sometimes just a bit below, sometimes just a bit above. Don't read too much into that information because it is early. If we go into details, there are calendar effects that are impacting, for example, the number of weeks between midsummer and the main vacation period this year. It's also been a couple of days of really nice go-to-the-beach weather. We are where we thought we would be or thereabout with current trading. Not to shy away from anything, but it is way too early to have a trend to say where July will end up, given both the weather and the calendar effects during the first two weeks. Yeah, I understand. Perfect. Thank you very much. Thank you. As there are no further questions, I'll return the conference to the speakers for any closing remarks. Thank you very much, everybody, for joining the call. Wish you fantastic summers, and look forward to talking to you again at the Q3 call.