Welcome to the Byggmax conference call. Throughout the call, all participants will be on listen-only mode, and afterwards, there'll be a question- and- answer session. Just to remind you, this conference call is being recorded. I'll now hand the floor to Mattias Ankarberg, CEO. [Non-English content]. Thank you, welcome everybody to this Byggmax Q3 conference call. With me is also, as usual, our CFO, Helena Nathhorst. Helena and I will take turns to go through this conference call. As usual, we will open up for Q&A after the presentation. Also, as usual, we will speak to a presentation that's available on our Byggmax IR website. If we start to kick it off on page two, Q3 marks another strong quarter for us at Byggmax, which we of course are very pleased with. It's a continued momentum from earlier quarters, and a quite nice trend now. Highlights financially, net sales was up 9% in the quarter, meeting quite tough comparables of +21% from last year. Getting to SEK 2.4 billion. We continue, as in many quarters now, to take market share, although this time in a bit different market environment with a small decline, which we will get back to. Like-for-like sales is up 2% and e-commerce was 18% of the total group's sales in the quarter. We have also quite importantly another quarter with a continued increase in gross margin and also little bit of a Byggmax hallmark, very solid cost discipline. In total, we get very strong scale effects and an EBITA increase to SEK 406 million compared to SEK 335 from last year, so up over 20%. An EBITA margin of almost 17% and a rolling 12 EBITA margin now of 12.3%. Very pleased of course with the financial development. If we turn to the key events for the quarter, specifically on page three, of course we are still in the COVID-19 situation where we've done a lot of precautions during this entire pandemic period that we, to a large extent, continue to do also in the quarter. We've continued to upgrade our store portfolio to what we call Store 3.0, and we've also opened two more stores in the quarter. We completed the acquisition that was announced in July of the Norwegian company called Right Price Tiles. It's been completed by August 31. We also launched a share buyback program during the second half of September during the quarter. All these points we will of course get back to during this presentation. We want to just start off by highlighting in some ways another type of event that is really important to us, which is we continue to strengthen the low price position that we have. As you are aware, we are a discount retailer, and we are really proud of being the discount leader in the market that we're in. We are also proud to be awarded by the several independent surveys as the leading price player in the market. Particularly in this environment, I think we're extra benefited by having this low price position so strongly in our favor with e-commerce highlighting price transparency and a higher cost, higher price environment than before. We've continued to receive several awards also during the quarter, and I cannot think of probably any year where we've been so recognized for the discount position as in 2021. Very pleased with that. We continue to take market share to about the same extent as we have been doing for the last, I guess six, seven quarters almost, highlighted on page five. We do that in a slightly different market environment than before. We are, for those of you followed us for some time, quite fortunate these days. Since the start of last year, start of 2020, there are two institutes providing us with public data on the B2C DIY market in the Nordics, one in Sweden and one in Norway. We could see from those numbers as well as Byggmax consumer panels, that there is a bit of a different market environment this time. We've had, of course, a clear stay home effect or a boost throughout the pandemic, that is now starting to ease with the easing of restrictions, particularly during the summer vacation period, then a bit stronger again in September. In total, the market decreased by 2%-4% during the third quarter of the year, which is still corresponding to 8%-10% above the 2019 level, which is important to note. We do continue to see a positive effect compared to last year from the higher consumer prices, about the same level as we saw in Q2. Perhaps a bit more importantly for the coming year or even years, we do see a continued very high activity on the housing market. A record number of housing transactions both in Sweden and in Norway, which is important for us as it is a driver of underlying demand for renovation and home improvement projects. Continued market share gain, the market is down 2%-4% and we, as mentioned at the beginning, increased by 9% in the quarter. This increase versus last year and also versus the market is virtually fully driven by the growth initiatives that we are driving as a company. These initiatives are the same as we've been driving for almost three years now, and we have seen good effects from them throughout the period. On page six, we outline the specific initiatives and the high-level effects of them, and then I'll get back to the details on some of them on a few pages following this. Overall, there are four. Firstly we drive the store upgrade program ahead of us. We now have 54% of our Byggmax store portfolio on what we call Store 3.0, which is a better performing store concept, driving 6% sales increase per store. Secondly we continue to see good growth on e-commerce. We have very tough comparables on the Byggmax branded e-commerce from last year with plus 40%, and we have a small growth in total this year, which we're very pleased about achieving growth versus those comps. Underlying that is actually super strong development in our core categories still and some negative effects of supply chain disruptions in certain online exclusive categories. We have been fortunate overall to be very little impacted by the sort of overall global supply chain disruptions, but there are some spots in this. Still balancing a plus, which we're quite pleased about. Store expansion continues to add continuous growth for us, adding 3% sales in the quarter from two new stores. On top of that, we expand the store portfolio with the acquired Right Price Tiles stores, but the Byggmax stores drive 3% sales growth for us. The acquisitions add 4 percentage points of sales on top of that. There are two acquisitions. There's the Danish acquisition that we made in January, and then the Norwegian Right Price Tiles we closed on August 31st, and in total, those add 4% of the group's sales. Very good progress on all areas and positive growth contributions from all four areas. Moving from that into some details on a few of the growth drivers to provide transparency and hopefully a bit more insight to what we are trying to achieve. We can start on page seven with the e-com growth, where we do see continued growth, as just mentioned. We continue to see very strong growth from digitizing our store assortment offer and all the basically assortment continues with the very strong momentum we've seen for several quarters now, both the collective store offer and the home delivery option for the customers. As mentioned, we do have a quite wide online exclusive assortment where there's been mixed performance by category. Some really strong categories, for example, flooring, where we have continued very good momentum, but we've had some supply chain disruptions or supply shortages from particularly around products connected to either electronic components such as garden machines or some bigger supply risk areas. For example, sheds and storage, et cetera, have been impacted by timber shortages in the market. Overall, positive to see the positive growth. We have been very fortunate throughout a long period to have a manageable supply situation and not actually be impacted a lot by disruption. There are some spots in the online exclusive categories in the quarter. We continue to see also the customers really appreciate this e-commerce offer that we are building where we connect stores with e-commerce. We continue to see the fastest growth coming from collected store offer, which is order online, pick up in store. Although we also see growth in home delivery, collected store is outperforming again. We also continue to see that e-commerce in a geography increases when we open a new store in that area. We clearly see benefits of connecting the two channels for Byggmax customers. On page eight, wanted to outline the importance and the continued focus on the upgrades of our stores to Store 3.0. We now, these days, since about two years, operate three formats. We have our smaller formats which are format for smaller towns. We have a regular format, and we have a large format that increasingly has particularly also a large garden department, but also a larger offer of certain other categories. All three of these formats now exist in what we call the Store 3.0 version, which includes more product categories, and improved quality experience. A new store design, a new customer track, and better space management has made room for more categories, and particularly categories related to smaller home improvement projects. Things like storage, paint, tools, power tools, fastening, et cetera. This has proven really successful for us, and we have now two years of drawing this out. Well, almost three. We continue to see that when we upgrade a store, that store increases sales by about 6 percentage points compared to everything else. 6 percentage points kick from the upgrades, which we're very pleased about. On page nine, we show the more details on the store portfolio, the Byggmax branded store portfolio that is. We are now at 54% of that portfolio at Store 3.0, which means there is almost half the portfolio to continue to upgrade and continue to get this positive effect from, of course. Adding some more color to the store portfolio, we, as mentioned, opened two new stores in the quarter, both in Sweden. We closed one in Norway. We've continued to upgrade as said, and we now have 54% of the portfolio after 3.0. We have Garden departments in 74 of the stores, and Garden has been a good driver for us as you know the last couple of years, of which 22 stores are the large formats. They have large Garden departments. We also have 20 stores now of this format for small towns. On top of these Byggmax branded stores in the Byggmax segment, there is 12 new stores from the acquired Right Price Tiles added, but those are not included in the 181 store count. We will open one more store before the year end, and we will relocate one more store before the year end. That's it for the store portfolio. Then two more points before we move over to Helena and the financials. I wanted to highlight on page 10 our start in Denmark. Some may remember that we entered Denmark in January of this year. We entered through an acquisition of a company called Næstved Lavpris Træ. This was a founder-led discount concept, quite similar to Byggmax, maybe similar to Byggmax a few years ago, with sales of DKK 125 million last year and good profitability and quite good on the e-commerce part, with 30% of sales coming from e-commerce. We, of course, had some quite positive and high expectations of the fit with Byggmax and how we could work together and develop the company. We are now really pleased to see after Q3 that those expectations have come true or been realized. We have increasingly throughout the year, shifted supply in the Danish operations to being sourced from the Byggmax supply chain. We have an increasing share of the assortment sold in Denmark that is coming from Byggmax supply base and suppliers, which is of course driving both sales and gross margin development. We overall see a very positive development in the Danish business in 2021 with very good performance on both growth and profitability and particularly strong on the e-commerce part. We are, of course, also continuing to make further expansion plans and really look forward to the coming adventure in Denmark. Also then mentioning on page 11 a few points around Skånska Byggvaror, which is reported as our second segment. Of course, much, much smaller than the Byggmax segment. It accounted for 8% of the total group sales in Q3. Skånska Byggvaror's sales decreased 15% in Q3, which is a break in a trend that's been going on for a very long time. We can add some color to that and firstly say that it's been a really strong sales growth for the first half of the year, so there's probably some pull forward effect. Then in line with the market development with a bit of a dip during the vacation week. That effect was also visible in Skånska Byggvaror sales and that the order intake increased again at the end of the quarter above last year's level in September. Stepping back a bit, we are also quite pleased to see that still, although sales decreased a little bit, profitability improved in the quarter compared to last year. The two main growth drivers we've been focusing on with Skånska Byggvaror following the completed cost restructuring in 2018. Those two growth drivers have been a digital sales and marketing model to fit the big ticket, high configuration, e-commerce model that Skånska Byggvaror is in, and that has proven quite quickly quite successful, to say the least. Secondly, we've done a lot of work on product development and strengthening the portfolio of own product or own design product. That is a process that takes a bit more time, but now we clearly see this is giving very good effect. In the quarter, we see very positive financial effects from that with a strong product portfolio of own brands with strong gross margin and really helping Skånska Byggvaror deliver a better financial result in the quarter despite decreased sales for the quarter specifically. The trend of many, many quarters now in a row with continued profit increase with Skånska Byggvaror continues, and our focus forward also continues. We continue to drive improvement in product development in the product portfolio, in digital sales and marketing, and also further expansion of this offer into Norway and Finland. With that, I hand over to Helena to go through financials in a bit more detail. Yes, we are on page 12. This is our sales development in the quarter, a little bit more in detail. Again, a very strong quarter. We are very pleased. Continued growth, momentum, as mentioned, despite tough comparables and a declining market. If we start looking at the total, group sales reached SEK 2.4 billion in the quarter. It's a growth of 9.1% and like-for-like 2.3%. We have a small currency exposure, mainly against the Norwegian krone and has not had a material impact in the quarter. If we look into the sales of our two segments, we have Byggmax and Skånska Byggvaror. Byggmax is now including our acquisition in August of Right Price Tiles and the entering of Denmark by the acquisition of four stores in January. In the segment, the acquisitions contributed with 4% of the sales growth in this quarter. New stores, we have nine new stores year- to- date, two new stores in the quarter. New stores contributed with 3.4% of the quarterly sales growth. Sales of 11.5% in the quarter is strongly contribution from the initiatives. Mentioned before, we have the e-com contributing with mainly collected stores growing strongly. Store upgrades now at 54% of the portfolio, having a better product mix and sales growth, we have the new stores. Looking at Skånska Byggvaror, Mattias gave a little bit of flavor on the sales decrease in the quarter, this is following a very strong sales development in the first half year. Looking at year to date, we have a sales growth of 12.4% the order in take increased again at the end of this quarter. Continue to the next page 13, looking at the P&L. We have the sale of SEK 2.4 billion as described on the last page. The gross margin increased. It is now all-time high at 34.8%. It has positively impacted by favorable mix effects and scale from logistic and supply in both of our segments. Looking at the cost side, we continue to have strong cost control in the quarter. Comparable cost increased by SEK 2 million, and the cost increase is related to new and acquired stores of the other increase of SEK 32 million. In all, we realized big scale effects from increased sale. EBITA increased from SEK 335 million-SEK 406 million, and we have a strong margin at 16.9%. Both segments have scale effects contributed from both improved gross margin and strong cost control converted into strengthened EBITA margins. Moving on to page 14 on cash flow and net debt. We have cash flow from operating activities increased with SEK 81 million compared to same period last year. The change in our cash flow is attributable to the increase in EBIT in the period. We have movements within working capital, but they compensated each other. Looking at the table to the right, we can see strong balance sheet with a new level of net debt and comparable net debt at the end of the quarter versus the same quarter last year. It is at a similar level, but one has to take into account the acquisitions of the Norwegian Right Price Tiles and Danish NLT in the period. Continue to next page, 15. We have in the quarter, launched a buyback program. The Board of Directors decided to initiate a granted repurchase of own share. We have a maximum amount of SEK 200 million, max 5% of the outstanding shares. We started out the repurchases from the 20th of September, and we communicate weekly on our website the volumes and the intention of the repurchased shares are to be drawn through reduction of the share capital as a decision on the next annual general meeting. At the time of the initiating the program, the max amount of SEK 200 million corresponds to SEK 3.28 per share. Thank you, Helena. We turn to summarizing and forward-looking. We can start by summarizing on page 16. If we step back and look at our performance compared to the financial targets we have set for ourselves, we are of course pleased with the development. We have a target of reaching SEK 10 billion in sales by 2025. We are rolling 12 on SEK 7.6 billion compared to SEK 6.5 billion a year ago. Very good progress. We continue to be clearly above the EBITA margin target now at 12.3% rolling 12. As Helena mentioned, we have a strong balance sheet with not a lot of net debt, despite the actions taken on dividend and acquisitions and investment in organic growth and also the launch of the buyback program, although it's early days. Dividend, we have a target of paying 50%, and the Board decided to distribute to shareholders, then also SEK 200 million max in buybacks, as mentioned. We also have a clear target for our sustainability work, where we focus on communicating the impact of our CO2 reductions. The target of reducing CO2 from goods transport by 70% in 2030, and we are currently at -32%. Making good progress. To look a bit ahead, we could start on page 17 to understand where we're going, first by understanding where we are, so to speak. We are, of course, pleased in many ways that we are exiting, we hope, the pandemic period. That, of course, has been beneficial for Byggmax financially. It is also interesting to step back and say, what are the learnings from these years? I think, of course, we have been benefiting from the market boost during the COVID pandemic, which has been transparent to everybody. Let us look a little bit beyond that, a little bit deeper, and see what else has happened, because there are also, of course, other really interesting effects that could speak for the future. Five points. As mentioned, the market has been boosted, and according to public statistics now available and matching really well with our own panels, the rolling 12 markets is 22% up compared to 2019. The market is up 22% compared to before the pandemic. During this period, we, Byggmax Group, has increased sales by 43%, so almost double the pace of the market growth, which of course, means we've taken a lot of market share during this period. Particularly, we see very good progress on the modern approach we take to discount with the modern stores and the e-commerce offer connected to that driving the majority of its outperformance. Thirdly, we are quite pleased to also say that we are now successful in new categories in e-commerce, as mentioned, also in new countries. If we look at, for example, the Byggmax brand in e-commerce, it has doubled in sales compared to 2019. If we look at garden products, which has been a focus area for us, it's also doubled since before the pandemic. We've also had very good progress in these smaller project categories or everyday DIY around storage, fastening, electricity, tools, et cetera. In terms of geographic or countries, we turned around our Finnish operation in 2019, so just before the pandemic, and which has been historically unprofitable since entry until 2019, so we're really pleased about that. We've also now successfully entered Denmark in 2021. We are now successful in all the four countries where we are operating, measuring success as financial success, that is. Very pleased about that, too. We have also, during this period, become even stronger in our leading discount position and are perhaps a little bit too proud of the awards we get from independent surveys as the price leader in our markets. Also to the point of being a modern discount, that we are also really pleased that at the same time, consumers increasingly associate Byggmax with quality and relevant assortment and good service. That's also a clear plus for us in terms of our consumer position. Lastly, point five, as perhaps is evident, we get really big scale effects from increased sales where our EBITA margin has more than doubled since 2019, with a good continuous development on the gross margin and also very strong leverage on OpEx. Yes, a clear benefit in all from the pandemic, but there is a lot of other things that happen in Byggmax as well, which also has boosted us a lot during this period and which will boost us in the coming period. If we look ahead, we may not be in a pandemic anymore, we all hope, but we do have other trends that are favorable and provide tailwind for Byggmax going forward. There are three we would like to highlight particularly. First of all, the discount phenomenon is by this stage, I think, evident as a sort of winning retail position across categories and countries, and we see a further acceleration of discount as in other retail categories, particularly in a higher price environment. Secondly, the home is a big trend for us, and we see the role of the home as having a new level in people's lives, with the home playing a larger role after the pandemic than before the pandemic. I think the best example is probably that many consumers nowadays have already started to find a new everyday solution where they work partly from their home. Of course, the increased role of the home is really positive for Byggmax. The last trend is e-commerce, which also has been on a growth spurt for several years, but also accelerated during the pandemic and which we also are benefiting from. Three strong favorable market trends that help Byggmax going forward. In summary then on page 19, our focus remains very clear to execute our path to the SEK 10 billion sales target in 2025. We are really pleased that we have proven initiatives, organic growth initiatives, that all have much more to give. We will continue to focus on upgrading our stores to Store 3.0 to build out our e-commerce offer and also add new stores in the white spots which remains in the Nordic countries, which are actually quite a few. We will also, during this coming period, evaluate add-on acquisitions and at the appropriate opportunity, also consider adding business through acquisitions. We remain very focused on the targets we have set and the plan we've already communicated. We are, again, pleased to see that there are macro trends that provide support. In summary, that means that we are also reiterating the view on the market that we've communicated in the previous quarter, which is that we expect a DIY market which is larger post the pandemic than before the pandemic, but not as large as during the pandemic. That is our view, and we consider Q3 to be confirming that view and a step in that direction. In all, much more to give from Byggmax own initiatives and trends that support us going forward, although we will not be in a pandemic anymore, we all hope. With that, we conclude the presentation part of this conference call and turn to operator to handle questions. Thank you. If you wish to ask a question please dial zero one on your telephone keypads now to enter the queue. Once your name is announced youcan ask your question. If you find it answered before [you can speak] you can dial zero two to cancel. So again that's zero one to ask a questions and zero two if you need to cancel. Our first question comes from the line of Carl Deijenberg of Carnegie. Please go ahead. Your line is open. Thank you very much. Hi, Mattias and Helena. First, a question on the gross margin here. Quite an extensive expansion year-on-year, 170 basis points. Could you describe maybe or splitting out the three factors, the contribution here, mix versus scale versus price on the expansion? Maybe my second question also on the gross margin here going into Q4. You had a very strong gross margin in Q4 last year. I know that this is partly due to seasonality, but were there any other drivers of the gross margin in Q4 last year that we should remember here going into Q4 this year? Thank you. Thank you, Carl. I'll start by the first question and then we will begin and then we'll take the second one. You're right, just spotting the three main drivers of the gross margin expansion in the quarter. Now we get into details, but you may remember that in the previous quarter, in Q2, we had quite a big benefit from what we call price. The consumer prices increased faster than the input goods prices, which helped us a lot. That effect is smaller in Q3. The different trends have caught up or the timing effect is now gone, so to speak. There is a smaller positive effect from that factor. I would say it was probably three quarters of the expansion in Q2, maybe it's one quarter now in Q3. The other two factors are quite similar in size, I would say. Helena will have to correct me if I'm wrong, but she's nodding her head. There is a continuous good product mix effect, which we've seen for many quarters in a row now. What's slightly different in specifically Q3 is that beyond the Byggmax Store 3.0 build out, we also get really good contribution from Skånska Byggvaror's own product portfolio, which is starting to kick in nicely. That adds to the product mix effect for the group. Scale effects are significant. We run our own logistics. We run the import business, internal wholesaler. We of course have suppliers where we are fortunate to get a bit better conditions where we have high volumes. All that amounts to also quite substantial part. The price one is smaller, and the other two are roughly similar. You're right that Q4 was really strong also last year. I cannot on the spot think of any major one-off or any thing that was really sticking out in terms of the quarter except for continued good scale. Maybe Helena could guide if there is something else that you may want to cover here. No. It was a really strong quarter with the seasonality effect last year in Q4, Carl, but no one-offs or no single points that are worth to bring up at this stage. Okay, perfect. That's very helpful. A second question here on the disruptions that you're managing primarily then on the e-commerce offering. Do you see this situation improving here going into Q4 or has it worsened going into Q4 or is it similar as in Q3 or how do you see that shortage situation developing here in the near term? That's a good question. For those who may or may not be as initiated, we divide our assortment offer, product offer into two main parts. First is the core offer, which we have in the stores, and that represents also half of the e-commerce sales. Then we have the online exclusive offer, which is a much, much wider range of categories that we only offer online. It's really category specific to that part. We have a continued very strong momentum, some online exclusive categories like flooring, for example, whereas others have been hurt, and the ones that have been hurt now in the quarter from supply disruptions have been mainly around garden machines, component issues, and sheds and storage, timber or construction material issues. The mix varies a bit into Q4. We expect to have some types of disruption also in Q4, but the category mix is different. Supply issues in these categories in Q3 does not imply that there will be supply issues in Q4. There could be others, but not specifically these will carry forward into Q4. Okay, perfect. A final question here. If you could say anything on current trading here going into Q4, slightly tougher comparison sequentially from Q3 last year. If you could just say anything on the maybe like-for-like or what you're seeing here in the first 20 days in Q4. We are entering, as you say, Q4 is a smaller quarter, so it's slightly more sensitive, and it's really strong comparable from last year, as you say, accelerating. We are entering, we think it's a really good level, which is a very small negative like-for-like performance in the first stages of October, which is then back to our point of the market being and us being much stronger than two years ago is, of course, then very strong compared to 2019. A small negative like-for-like at the start of Q4. Okay, perfect. Thank you very much. That was everything from my side. Thank you. Our next question comes from the line of Anna Danfors of ABG. Please go ahead. Your line is open. Hi. Thank you for your presentation, Mattias and Helena. I just have a minor detail question about the raw material prices. As you mentioned, there have been some certain supply chain disruptions and you have not been affected to a significant extent, but I just wonder a little bit on your view of the development of the raw material prices ahead and to what extent this could further affect you in certain product categories. I assume that there are some categories that would be more affected than others, and what's your take on that going forward? It's of course an important macro question, I think it relates both to, as you say, Anna, supply situation and sort of the price levels. When it comes to supply situation, we have been really fortunate throughout this period to have what we call the fully manageable supply situation. There has been selected spots and maybe now specifically in the online exclusive few categories, but in general, we've had very good supply and has not materially impacted us negatively. Except for some smaller categories or individual areas, we see a supply situation which is continuing to be very manageable for us also going forward, which is positive. On the price side, if you look, there is of course a lot of development. We would say during the third quarter, the development has been or the level has been rather stable if you look at the total from the start of the quarter compared to the end of the quarter, with a lot of variations between product groups to your point. We expect going forward that particularly timber prices, which are really important to us, should start to come down a little bit from a very high level. There are also other product areas where we continue to see price increases in the markets around steel and plastic, for example. That's the view we have. In terms of what that means for margin structure, I think this industry has over time passed on raw material increases to consumer prices. That sort of margin structure has pretty much remained as it was before any major price changes. That is the best probably guidance or direction we can provide at the moment. Okay. All right. Thank you. That's a lot of help. That's all I had. Thank you very much. Thank you. Thank you. Once again if there are any further questions please dial zero one on your telephone keypad now. We have a few further questions coming through. The next is from the line of Lars Ronstadt, Private Investor. Please go ahead. Your line is open. Hi. Thanks for taking the question. Lars Ronstadt from Investor here. Could you just go through, if you look at your targets for 2025, and on the rolling 12 months, you're at SEK 7.6 billion of sales and, for 2025, you got SEK 10 billion of target, and you're saying that it's a little bit of a COVID-19 related extra turnover now. How should we think about should top line go down and then go up? If you annualize it just from the SEK 7.6 billion, you were looking at something like 8% on an annualized turnover increase. If you could also walk us through how to get the margin down from 12.3% to below 8% in the meantime. Yeah. Thank you, Lars. Happy to answer that question. I would also say that we have more detail on this if you would like to dig into it at the Capital Market day event we had in March. You could dig through that for some more details. A few different components then. First of all, we expect the market to come down from the pandemic levels. It's up again about 22%, so maybe it comes down half, maybe a bit more, maybe a bit less, but that will have a negative impact, of course. Then we have taken a lot of the market share during this period, and we of course have the ambition to continue to do so. If that means that the sales will go slightly down before it goes up, or if we are flat, or if we continue to have a smaller cut next year, all that remains to be seen. I think that the growth pace we've had for the last year or two, of course, will be impacted by a market which is coming down overall. There will be some kind of resetting and let's see what that means for the total sales number. In terms of profitability margin, we are, excuse me, clearly above the target at the moment, and we expect to see the market coming down, which will, of course, have a negative impact also on profitability leverage. We also expect to invest quite a lot in growth initiatives and perhaps even step that up in the coming period to try to reach the SEK 10 billion to a large extent by own initiatives, which may hurt the margin a little bit also. Then on top of that, we will have to evaluate if there is still headroom to the EBITA margin target after that or not. We are of the view that the SEK 10 billion is fully doable at a margin of 7%-8%, then the path there will probably be less of a growth spurt into 2022 given the trends. More concerned, to be honest, that the management is about the slightly longer term target of 2025 than exactly the development into the couple of next quarters or even year. Okay, that's great. Thank you. Thank you. Our next question comes from the line of Julien Batteau, Pascal Advisers. Please go ahead. Your line is open. Yeah. Hello, this is Julien Batteau from Pascal Advisers. Three questions from me. The first one would be on the price impact on the top line, if you could share a bit details and especially to Byggmax and Byggvaror. The second question would be on the inventory position. How much the M&A bring to the number? The number is fairly high compared to even Q2, while seasonally, usually inventory position is lower. Also, obviously, the price impact on the inventory side. The last question is on the share buyback. We are very happy, obviously, the rhythm is pretty low. As I was just calculating that if you continue at this level, you will be ended up in 9-10 months. Do you plan to step up a little bit the rhythm? Thank you. Thank you, Julien. I will take the first two. Maybe Helena can take the third. On the pricing impact, well, it's been around the same level in total as in Q2. We see about a sort of 15% price impact in total, which is a lot, or up to 15%, I should maybe say. On the inventory side, you are right that inventory is up a lot, and there are several effects into that price acquisition, to your point. We have to say, given the situation with supply disruptions, we have earlier orders of certain products to have it sort of in stock already in Q3, which we usually maybe not do. There may be other effects that really I could allude to as well, but I think those are the biggest ones. The big source price and acquisitions are the big ones. Did you- And on the buyback- On the price- Sorry on the price, you say 15%? 1- 5? Yes. Okay. On the buyback, Helena could maybe allude a little bit. Yes, the levels agreed there are a bit low. It's not monitored by us. We have an agreement, and potentially the speed will be a little bit higher going forward, but it's planned to be over a longer period. Yeah. [audio distortion] So- W hat is the limitation for the mandate? Is it what, 5% of daily volume? Do you know? No. How much they can buy? The volume? Yeah. The volume is that we should not exceed 5%- [audio distortion] The maximum amount is SEK 200 million. Yeah. No, 5% My question is the people in charge of the dealings- Oh, okay. I guess that they must have a limit in terms of how much they buy every day compared to daily volume. Yes, there is a limit, and they're following the regulations. You said it's 5%? No, that is not the regulations. Okay. They are following the regulations on the buyback, and I have no limit on them. Okay. The way this works, Julien, we can take it separately if you like, but there are four-. Sure. On the Yeah. minor detail. Okay. We mandate the party that maintains this within the regulatory environment, which we are obliged to follow, and that's the way this works. Mm-hmm. Okay. Excellent. Thank you. Thank you. We have one further question in the queue. Just as a reminder to the participants, if you do wish to ask a question, please dial zero one on your telephone keypads now. That next question comes from the line of Dennis Pettersson, who's a Private Investor. Please go ahead. Your line is open. Hello. I have a question regarding the stock in trade, which, if I have calculated it correctly, it's up about 15% Q- on- Q. Is it due to lesser sales in Q3, or do you have an optimistic view on Q4, or is it another reason? Can you elaborate something on that, please? The expansion plan in Denmark, can you tell us something about that, please? We're breaking up a little bit, but if we understood your question right, you're asking about stock in trade or inventory, and then expansion in Denmark. Regarding the inventory, as maybe quickly ran through in the previous question, it is up partly due to price effects, partly due to acquired companies that of course have inventory, and then some early orders on certain products. Those are the main drivers. On Denmark, yes, we have further expansion plans, both with e-commerce initiatives, but also with new stores. We follow a process where we announce specific new stores when we have all the agreements signed and all the conditions met, and all the approvals met by different municipalities and authorities. The details of the Denmark expansion plans we would have to get back to, but the plan is to continue to expand in Denmark. Thank you. No further questions. Thank you. As there are no further questions in the queue at this time, I will hand back to our speakers for the closing comments. Thank you everybody for joining the call. Wish you a great day and hope to speak to you again in one quarter's time.