Welcome to the Boozt Q4 2025 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the Q&A session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to CEO Hermann Haraldsson and CFO Michael Bjergby. Please go ahead. Thank you, and welcome all to our Q4 2025. We will have the usual agenda for the presentation. I will present the highlights of the quarter and the business update before handing over to Michael for the financials. So next slide, please. Well, 2025 has been a defining and transformative year for Boozt. It's no secret that it was a challenging period where we faced a continued tough market environment. However, we have not been idle. We used the year to trim the organization, to clear out excess inventory, and make a deliberate shift in strategy between our two platforms, Boozt.com and Booztlet, focusing more on our premium site. Finally, we're also moving to a new headquarters in Copenhagen, and this is a major step that gives us better access to talent and position us in one of the capitals of the Nordics. Looking at the fourth quarter, net revenue grew 4% in constant currency. This is a slight acceleration compared with Q3. Growth was driven entirely by Boozt.com, which is already benefiting from a strategic shift towards a more premium in-season sales. On the profitability side, our focus on efficiency continues to pay off. Despite a competitive market and a high promotional intensity, we managed to improve our underlying EBIT margin. This was supported by efficiency gains across the entire value chain, proving that our leaner, technology-driven structure is working and driving tangible results. The highlight of the quarter and also the full year is our cash generation. We delivered a record high free cash flow of over SEK 1 billion in the quarter, supported by our disciplined effort to right-size our inventory. Basically, we have essentially de-risked the balance sheet, leaving us in a very strong position as we enter the new year. Because of this strong cash position, we intend to continue returning capital to the shareholders through a new share buyback program later this spring. We are currently completing the SEK 800 million capital return we promised at our last Capital Markets Day, and we plan to continue distributing excess cash to the shareholders. Looking into 2026, our focus shifts from defense to offense. We are ready to start expanding our market share again as we target a gradual return towards double-digit growth levels. We have several growth drivers in place that I will cover in the following slides. So please turn to slide number five. I would like to start my presentation by looking at the journey we've been on so far. Since our launch in 2011, the industry and Boozt as well has moved through distinct phases, from early expansion and price leadership to the surge in online penetration we saw during the COVID years. The last two years have been a period of deceleration for the industry, marked by a decline in consumer confidence and the stalling of that post-pandemic online growth. On top of this, we in Boozt have also had currency headwinds due to the strengthening of the SEK. However, as we enter 2026, we are moving into a new phase that I would like to call rejuvenation. The next wave of growth will be driven by our leadership in service and convenience, and AI is the engine that will drive this, making the customer journey more seamless, faster, and more personal than ever before. This push should then be supported by a healthier Nordic consumer, as market conditions are likely to improve gradually throughout the year. Next slide, please. To fuel our return to growth in 2026, we have several engines running in parallel. We see small signs of market conditions beginning to turn with fiscal support for the Nordic consumer and likely some pent-up demand coming through. We are meeting this with a stronger assortment. This means bringing in new premium brands and ramping up our inventory to make sure that we have the right products for the market. We're also pushing forward with personalized shopping, using targeted curation and personal prices to make sure that every customer feels that the experience or shopping journey, if you will, is built just for them. Another big milestone is the relaunch of the Club Boozt in April. It's based on a new concept designed to be much more commercial-focused and drive direct sales. Finally, supporting all of this is our AI integration, which is driving both the consumer journey and our overall operational effectiveness. Next slide, please. Technology has always been the engine at Boozt, and we are now moving fast to embed AI into the core of our operations. The projects I'll highlight here are just examples, as AI is already a part of our daily operations across the board. Broadly speaking, AI is a primary lever for our efficiency, from optimizing the warehouse and forecasting demand to automating routine tasks like invoice handling and product categorization. By letting technology handle the heavy lifting, we're able to operate a much leaner and much more efficient organization. This is also changing how our customers shop. We've just gone live with AI-powered search on Boozt.com, delivering much more intuitive and relevant results. Along with visual search and AI-generated inspiration, we are making product discovery faster and more personal. This, at the same time as our service bots already handle 35% of inquiries, letting us scale without compromising quality. And finally, we have just recently launched a virtual shopping assistant to act as a personal shopper through natural conversation. Looking ahead, we intend to stay at the forefront of this development. We are already in talks with Google and OpenAI about agentic commerce and how AI agents will shop in the future. Our approach is quite simple. We want AI to help customers find the right products, but we stay disciplined about how the actual buying happens. This ensures that we neither lose the curated feel nor the high average order value that makes Boozt unique. So you might say that we are just following these new standards. We are positioning Boozt to lead through them. So now let's move on to the next slide, where we continue to see the department store model prove its worth, especially in a year where fashion demand remains soft. By offering a true department store experience, we create a natural hedge. When one category is muted, others step in to support the overall business. In 2025, 44% of our revenue on Boozt.com was generated from categories outside of fashion, and this is up from 42% last year. Our goal remains to move this towards 50% in the near term. The diversification, of course, is not just about risk management. It's also about the bottom line. As we have stated on earlier occasions, multi-category shoppers stay with us longer, return fewer items, and spend more per order. Today, 54% of our customers on Boozt.com shop from more than one category. This is a clear step up from 52% last year, showing that our efforts to encourage cross-category discovery are paying off. Next slide, please. And if we look closer at how our customers shop, the trend is actually quite encouraging. We are seeing robust growth across the board for customers buying into multiple categories. As you can see on the slide, we saw an increase of between 6%-9% in every group of customers shopping from two to six different categories. And this is exactly what we want to see. It shows that once we get customers into the Boozt ecosystem, they find value across our different departments. Overall, our active customer base on Boozt.com stands at 2.8 million, which is a 2% increase over the last 12 months. While we always want to grow faster, this stability in a tough market really shows the strength of the department store model in building deep customer loyalty. So with that, I would like to hand over now to Michael and the financial review. Yes. Thank you, Hermann, and good morning from my side as well. I will start out by presenting our financials for the quarter, which we characterize by solid profitability and also record free cash flow. Afterwards, I'll go through the details of our outlook for 2026. Please go to slide number 11. So we grew 4% in constant currency, which was just slightly above our growth in Q3. But it is important for us that we continue to improve our growth momentum. And across the value chain, we are laser-focused on accelerating growth even further as we move ahead. The incremental growth improvement was, to a large extent, driven by an increase in activity in women's fashion, which is our largest product category. As previously announced, we have created a sharper distinction between Boozt and Booztlet, and we saw the results in September, but it really came to full effect here in Q4. As planned, we have generated solid growth at our more premium side and negative growth on Booztlet. The change of strategy between the two sides was a tough decision because we knew it would impact our growth short-term, but it is the right long-term strategy and will support both growth and margins going forward. But it's also accretive to our relationship with our brands. From a country perspective, the growth was relatively stable across our key markets. But I want to highlight double-digit growth both in Boozt and Booztlet in Norway, which is a market where we see continued great potential and where we are heavily underrepresented. Now please go to the next slide and some comments on our profitability. The profits were strong in Q4 with the improvement of 0.9 percentage points on the EBIT margin, if you exclude the effect from last year, where there was a positive one-off customs from Norway. Q1 to Q3 benefit was included in Q4. So in that sense, Q4 was distorted, but the year is comparable. The gross margin was under pressure from two external headwinds: one, the continued SEK appreciation, and two, our promotional environment driven by price-sensitive consumption, and especially in the Black Friday period. This is not specific for Boozt, but something that has been communicated consistently also by peers on the stock exchange and particularly related to the Swedish market. The FX impact contributed by a bit more than half of the decline in the gross margin. Even with the negative development on the gross margin, we delivered almost 10% EBIT margin driven by operational efficiencies really across the value chain. This is even without any material leverage from higher revenue because net revenue only increased by 1%. But rather, it's really true cost decreases across fulfillment, marketing, and administrative cost. It illustrates the strength of our business model and how scalable it is. Overall, we delivered a small EBIT improvement for the year, even with some FX headwind. Now please move to slide 13 and our cash development for the year. We delivered record free cash flow in 2025, and the cash conversion was far above 100%. Needless to say, this is not sustainable in the long term. But the year and the cash really reflects that in an inventory business model like ours, where working capital swings far outweigh cash generation from profit, then there will be fluctuations. And fundamentally, Boozt has a very strong cash flow generation, easily above 70% of EBIT over the cycle. 2025 was a year of consolidation and improving the health of our inventory and working capital. It really was a driver of the free cash flow. So in rough terms, 50% of the cash flow was driven by normal profit cash, which is sustainable long-term, and 50% was driven by working capital improvements. And please go to the next slide. We entered the year with a net cash position above SEK 1 billion. And it should be noted that year-end is the time of the year where working capital requirements are the absolute lowest. This is not reflective of the excess cash available. But we want to be disciplined in returning excess cash back to shareholders, which is why we are today announcing a new share buyback program. With that, we commit to distributing SEK 300 million back to shareholders in 2026, which comprises more than 5% of our market cap based on yesterday's closing. We will continue to generate and optimize cash and return it to shareholders. Combined in 2025 and 2026, share buybacks are now expected to amount to around SEK 750 million or 14% of the market cap based on yesterday's closing as well. With this, I have finished my financial review for 2025, and we will now look forward and turn to the outlook for 2026. Because, as Hermann described, we believe that we are going into 2026 in a position of strength. We have the right quality and quantity of our inventory. The organization is strengthened, and we have lined up a number of commercial initiatives that can drive growth, not least within AI. As such, we have created an expansive plan, I think a broad plan, to deliver this growth acceleration during the year. We are putting capital behind it, which is why we invest both in inventory, people, and commercial initiatives to drive that growth. Our outlook reflects the plan. While we do not want to focus on what is out of our control, I will, before we jump into the details, consider the implications of the FX development on slide number 16. Firstly, related to the FX, I think it's important to understand why we are sensitive to FX movement. Boozt is a highly centralized business, and that makes a difference. We don't have subsidiaries across the globe where revenue and cost exposures offset each other. We do everything from Sweden. And as such, we have our inventory recorded in Swedish krona, fulfillment cost, administrative cost, all in Swedish krona. And we get revenue in many other currencies. As an example, when we lose revenue from NOK depreciations against SEK, then there's around 90% drop-through to EBIT because we have very limited cost in Norway, only a bit of distribution and marketing cost. So in 2025, we lost more than SEK 160 million in revenue from changes in currency and with a relatively high drop-through to EBIT. And with the recent development in December and January, currencies will remain a headwind in 2026, even though our Danish krone exposure will be much lower from March after our headquarters move. As such, you can see the rates here on the slide to the right-hand side. It's based on yesterday's fixing from the Swedish Riksbanken and implies more than 2% negative impact on revenue. This can be calculated from the tables to the right because euro and DKK represent, as you can see, almost 50% of revenue and has declined by 4% if you compare the spot to the average of 2025, which means that 4% times 50% implies two percentage points on group revenue alone from these two currencies. On top of this comes depreciation of smaller currencies against the SEK. So with the estimated drop-through, then this has an effect of 0.6 percentage points on EBIT margin at the current FX rates in 2026. Now please go to slide 17. So we plan to accelerate growth and increase margins and thereby growing profit by double-digit amounts even despite of this currency headwind. We are guiding constant currency growth of 3%-8% and an adjusted margin of 5.3%-6.5%, which includes the negative impact from currency. It is important to highlight that we expect growth momentum to accelerate through the year, and we will continue to look at the acceleration, thereby gradually building towards very strong growth in the second half. This is driven by an offensive inventory buying plan, and that's particularly the AW26 buy, but also our commercial initiatives, which gradually will have effect. One of these initiatives is the launch of our Club Boozt in April. And the new concept, it's more commercially incentivizing and designed to drive growth. From a technical perspective, please note that this will temporarily impact reported figures because there will be deferred revenue recognition related to the program's unused discounts. This may impact timing of revenue, but for the full year, the impact of both revenue and margins is expected to be very limited. This brings me to the margin where we implicitly are underlying delivering minimum 20 basis points improvement for the low end of our revenue range. For higher revenue, there is significant potential for further operational leverage. It should be noted that the drivers of the margin are different from 2025 because we expect to drive profitability through gross margin, while we continue to be more effective also on marketing and fulfillment cost ratios. The admin cost ratio is expected to increase. As we move to Copenhagen, the conversion of salaries from SEK to DKK will increase costs by approximately SEK 10-15 million. But this will be fully offset by lower costs related to social charges on the LTIP program. But from an adjusted EBIT perspective, it will have a negative impact because the social charges for LTIP are today booked as an adjustment. So from reported EBIT and from a cash perspective, it will be neutral. We also see a double-digit SEK amount related to our people and organization. This is new commercial initiatives, but it's also increased running cost of our headquarters in Copenhagen compared to our headquarters in Hyllie. We consider these important investments for both talent acquisition and our organizational development. CapEx is expected to amount to SEK 165-185 million, which is a bit higher than in 2025. The CapEx includes a SEK 40 million one-off investment that we have already started at the warehouse, which relates to insurance compliance and does not really give any other benefit than improved compliance and the fact that we can have insurance at reasonable prices. On top of this, we have real, I would say, CapEx investments at the warehouse of SEK 40 million-SEK 50 million that support efficiencies and will create savings on the fulfillment line. And this year, our CapEx projects are focused on the return handling, but also the handling of what is classified as dangerous goods, such as some beauty products. And these combined are very, very attractive investments. So with our continued underlying market improvement, we are firmly committed to reach our 10% EBIT margin target in the midterm. Since we have announced our target of 10%, we have had significant FX headwind, and we've also seen muted consumer spend. But regardless of the label, our focus is on delivering continued market expanding every single year towards the 10% mark. Please move to my final slide of the day. So looking at cash flow in 2026, then as we also saw in 2025, we can easily deliver cash conversion of around 70%. And this includes even inventory increasing in line with revenue. But 2026 will be impacted by timing factors, which will be a benefit in the following years. Particularly, the exit tax and the inventory buildup with the cash outflows in 2026 would be beneficial to the cash flow in 2027 and beyond. Now, with the inventory buildup, we are also able to overperform compared to what we have guided today if there is demand in the market. The one-off moving cost has been recognized on the income statement in 2025, but we have cash effect during 2026. This relates to double rent, cost of restoration of the old headquarters, and practical handling of the move, etc. Consequently, our free cash flow in 2026 is expected to be relatively moderate. As we continue to drive our margin, we will drive cash generation further. This will create capital both for investments and further distribution back to shareholders in future years. That concludes my prepared presentation for the day. I will now turn to Hermann for the closing remarks. Thank you, Michael. And yeah, to conclude, I would like to leave you with the mindset that is driving us into 2026. 2025 was a year of consolidation. We focused on strengthening the foundation through necessary and tough decisions, meaning cleaning up our inventory, trimming the organization, and sharpening the distinction between Boozt and Booztlet. We did the heavy lifting to ensure the business model is as scalable and lean as possible. So now we are playing offense. We are in the process of moving into our new headquarters in Copenhagen. The move is all about top-tier talent access, adding even more specialized depth to our already strong team as we scale. So with this new energy, we are actually quite bullish. We are ramping up inventory to meet demand, adding new brands, and targeting a broader and more inspirational assortment. Tech will be a catalyst, utilizing AI as our co-pilot to deliver an ultra-personalized shopping experience and maximize customer value. The foundation is solid. The talent is coming on board, and we are very ready to execute. So with this, I would like to conclude our part of the presentation and open up for questions. So operator, please go ahead. 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 6 on your telephone keypad. The next question comes from Niklas Ekman from DNB Carnegie. Please go ahead. Thank you very much. Can I ask you a little bit about the reason for your increased optimism on the market and your sales in 2026? And more specifically, I'm thinking that the market's been challenging for several years now, and yet you delivered very strong growth in 2023. And it slowed a little bit in 2024. It slowed considerably further in 2025. So what is the main reason for your optimism in 2026? Because, I mean, we've already seen the market picking up in 2025. At least the online market has picked up in 2025. So why should your performance be much better in 2026? I guess that's my first question. Yeah. Good Good morning, Niklas. I'm not sure how much the market picked up, actually, in 2025, to be honest. But the reason why we're optimistic is, on the one hand, external factors where you see fiscal stimuli, both Sweden and Denmark, should kind of give a more optimistic and consumers feeling that they have more in their purse. And then, on the other hand, kind of internal factors. We are in a very good shape. We are being more bullish on our inventory buy, as we said, buying more broadly and inspirational for Boozt.com. And this combined means that we are actually relatively optimistic. We have been going into probably especially 2025, where we had a bit too much stock and were a bit negative. We were too cautious on our buying and too narrow. So we are seeing good receipt. We're seeing that our core customer, the woman, is coming back, and they're buying more. So we are actually seeing a gradual improvement. And if you look at local currency, we are accelerating, albeit slow growth, Q3 and Q4, with 4% in local growth or local currency growth in Q4. So we are actually heading and aiming towards getting back to double-digit growth towards the end of the year and going into 2027. Very clear. And Booztlet, you mentioned there is a sharp slowdown in the second half because of deliberate moves. Is this something that will continue to hamper your performance in H1? And is that a contributing factor to why you expect slower growth for the group in the first half? Yeah. You might say that kind of for Booztlet, mission accomplished. Booztlet was supposed to help clear excess inventory during 2025. They managed to do so. And also, we also had too much kind of in-season inventory where we allowed Booztlet to clear that as well. We stopped that. And of course, this comes at the expense of Booztlet growth. But then, on the other hand, we can see that the mothership, Boozt.com, is again growing healthy, 7% local currency growth in Q4. So you will see Boozt.com growing and Booztlet being a bit more muted because there is not that much inventory to clear for them. So you're right, Niklas, that it will come a bit at the expense of Booztlet. Okay. Okay. Fair enough. Just last question, just a formality. The SEK 180 million Swedish exit tax payment, is this a pure cash flow effect, or will that also impact your P&L? Yes. Thank you, Niklas. This is a pure cash flow impact. So it will not impact the tax on the P&L. I just want to emphasize that the SEK 180 million is the full amount, where only 11/12s will be paid in 2026. It will be offset by benefits on Danish krone tax, which is why we expect that the net tax effect from this in 2026 will be SEK 140 million. Very clear. And then you will get that repaid in the coming four years as well. Yes. Exactly. So the exit tax payment creates a tax asset on the balance sheet, and this can be used for the following five years in Denmark. Correct. Excellent. Thanks for taking my questions. Thank you. The next question comes from Benjamin Wahlstedt from ABG Sundal Collier. Please go ahead. Good morning. I'll start by saying that, yes, I sort of agree with Niklas that your optimism is sort of back, and refreshing to see. But you also mentioned bringing in a couple of new brands in the quarter. I was wondering, could you give some examples of this? Benjamin, that's a difficult question. We have so many new brands, so I don't think I would like to highlight them because we're getting Birkenstock back, among other brands, and Hunter Boots, some kind of it might not be kind of huge brands, but they are kind of adding some flavor to our shopping experience. And then a lot of kind of local brands within different price points. So it's a kind of across the board in general. So we're going from being too much data-focused and too much depth to also providing more inspiration going in 2026. All right. Thank you. I was also interested in hearing your comments on the competition in the beauty segment, especially. Please. Obviously, there's been some competitors really struggling here. What's your read on the market? It's very red, if you ask me. We have a lot of players that want to take the market and want to grow. So our kind of strategy for the beauty segment is to basically tag along and get our customers to just add a beauty item into the baskets, maintaining a high average order value. So this is also why even our beauty baskets are actually quite profitable. But it's not going to be beauty that is driving our category growth. It's more like it's kids, especially sports, and then home. So I think beauty is a very tough market, especially in Sweden at the moment. Perfect. Thank you. Another question on Denmark. You previously said or commented that you did not expect any cost lift-up or cost ramp-up from moving the staff to Copenhagen. That message has somewhat changed in this quarter. Could you elaborate a bit on that, please? Yes. So I think what is or the difference is probably what we see from if you look at the salary, then the salary conversion has led to some increase. But this would be fully offset by lower payments of social charges. So I think that was the message from that. And then on the head or the location change for the headquarters, then the rent is actually exactly the same in Hyllie as in Copenhagen. But it's the operational cost that is more expensive, such as property tax. We have the canteen running as well as maintenance of the building, which is more expensive. So there is a bit more cost related to running in Copenhagen compared to Sweden. Perfect. Thank you. You also mentioned running quite a few commercial initiatives during the year. How should we think about that in relation to your admin costs or personnel costs looking into 2026? So, Benjamin, can I be a bit when you say commercial initiative, are you talking about marketing or what do you mean? Sorry. Well, commercial initiatives, I believe that was the word you used. So yeah. Or are you adding any marketing staff? Are you adding any sales staff? Anything like that? Oh, yeah. Oh, yeah. Yeah. Yeah. Sorry. Yeah. Yeah. We are improving the organization, being considerably more localized. It's been quite a challenge for us to attract local marketers to our office in Sweden. Meaning, when we talk about local marketers, it could be marketers from Finland, Norway, even from Sweden, where you have some people from Stockholm. But now that we're moving to Copenhagen, we're able to build a kind of a community of local marketers sitting in Copenhagen. So we actually kind of strengthened the commercial organization considerably by moving to Copenhagen and being a bit more kind of localized at the same time as we're getting the benefits from sitting together. So we're actually ramping up on hiring commercial people to be able to be even stronger in the different local markets. Because currently, Denmark has been a strong market because we're a lot of Danes, to be honest, that are driving that, and partly Sweden. But a lot of the strong marketeers in Sweden are sitting in Stockholm, and we have had difficulty in attracting them to Malmö, but they would like to come to Copenhagen. And the same for Finns and Norwegians. So I think that is kind of a big part that we're strengthening, the commercial organization on that. Yeah. Just to add to that, there are also other initiatives that we don't disclose, where we also add some employees. And when we add marketing employees, then it actually goes onto the admin cost line because all FTEs are in the admin, just to be clear on that. Yeah. Perfect. Do you mind putting a number on that as well? Yeah. No. So we don't disclose the effect of that. But I think what we've said is that the admin cost ratio could increase by, let's say, in rough terms, 0.5 percentage point. And this includes both the salary conversion, the additional relocation cost, and the additional FTEs. Perfect. Thank you. I think that's all I had for now. Thank you very much. Okay. Thank you, Benjamin. The next question comes from Daniel Schmidt from Danske Bank. Please go ahead. Yeah. It's good morning, Hermann and Michael. Just back to what you talked about in terms of Boozt.com and the increased focus on premium sales. This trend that you talk about or the shift that you conducted, did it trend favorably into 2026? Did you see sort of an underlying pickup of that shift that you've conducted in terms of sort of the customer picking that up, basically, into 2026? Sort of could you shed some more light on that? Yeah. Yeah. Good morning, Daniel. Yeah. Actually, you can see that from the numbers, where you can see that Boozt.com grew 7% in Q4, where we kind of slightly started to be a bit more premium, expand our range, and actually do a little less discounting. So we're not going to be a luxury store. So we are still going to be mid to premium, but we want to kind of elevate Boozt.com a bit more. And we actually can see that consumers are picking that up, and we see quite a good sell-through of the more premium brands that we have introduced during the quarter. Okay. I was just more referring to where are you in that process? Are you adding more and more of that premium assortment as we go into 2026, or has that been sort of done now, and you're happy where you are as you leave 2025? We are relatively happy. I think we will always be kind of trying to add more brands. And we are seeing some attractive brands in the pipeline. But it's more to do with that we are broadening the assortment, buying more width, maybe also buying slightly more expensive price points than we did in 2025. And then, of course, there's going to be less promotional activity on Boozt.com. So we're kind of trying to sounds kind of a bit cheesy, but trying to elevate the experience on Boozt.com and being less discounted that we were kind of exiting 2024 and the beginning of 2025. And we actually see encouraging signs of that, especially because the women are actually also coming back. Yeah. No, but it sounds like you've sort of neglected the inspirational part of the assortment over the past couple of years, like you said, and been quite data-driven. And now you're getting your head around that going into 2026. But if you compare where you were in terms of the level of premium that you catered like five years ago, are you higher now than you used to be, or back to where you were, or how does it compare? I would say that we're higher now than we were five years back. We will be even higher going, at least when we exit 2026. I think that we're in a good part. But again, you have to be careful because we're not going to be a luxury brand. We like kind of a position of the mid to premium, as you know, where we get the good basket size, but we want to stay out of the luxury segment because that's not very profitable to be. But do you feel that it's been sort of a trend in the markets where maybe places like Zalando and yourself have become too similar, basically? I still think that we have a more premium experience. We have higher price points. I think you can read it directly through the difference in basket size. I believe that our basket size is some 70% higher than our German friends. But of course, there's a considerable overlap between the two shops. But we're still kind of focusing on the Nordic consumers being regarded as a more curated and probably a more premium experience than other in our market. Yeah. And then just you touched upon Norway. And I didn't see any numbers specifically for Norway, but you do sort of give the numbers for Sweden and Denmark and then the Nordics. But it looks like Norway, I don't know what Finland did, of course, but I guess Finland was still quite weak. Did Norway grow double-digit in the quarter in local currency? Yes. Yes, Yes, it did. It did. It did. And more than 10%. So it was actually quite a good quarter for Norway. And we are seeing strong growth. We are investing in Norway. But of course, we are investing in profitable growth in Norway. But actually, Norway was a very good market for us in Q4. And Finland was quite weak, actually, almost very weak. So yeah, high growth in Norway. It sounds like that comes back to you being liberated of the import duties, maybe, and you're in a better position now to push ahead in Norway rather than the market being much stronger than a year ago. Is that correct? That is correct. We have reinvested some of the savings that we have gotten from the customs or the duties. We've put that back to the market and investing in marketing. We'll continue to do that. Could you sort of give us a guesstimate of what your sort of fair share should be in Norway, given where you are in Sweden and Denmark compared to where you are now in Norway? It's difficult. But Norway should be twice the size as it is today. So because Norway is the assortment that we have on Boozt is very well suited for the Norwegian market. And I think we have good consumer insights. So it's like it's all to double and do that within the next 3-5 years. Today, it's 12% of sales or something like that? Yeah. You're not far off, I think. My market says we don't get disclosed. That's why I can't say anything. Okay. Okay. Then just lastly, you scrapped the CapEx expansion plan a year ago. You are more optimistic today. You talk about ambitions to grow double-digit towards the end of 2026. You have guided for CapEx for 2026, but it looks a little bit like any sort of normal CapEx year. What are you sort of thinking when it comes to that plan you had? Yes, I agree. It is more for a normal CapEx year. I would say the SEK 40 million that we are doing for insurance compliance reasons is a bit of an extraordinary. But other than that, it is a normal year. With the growth that we have, we still expect that we will have to expand. But it will probably be a project that is required sort of during 2027, 2028, with also CapEx split between the two years. So there's no sort of a big amount coming, which is far from what we have today. In 2027, you shouldn't expect that. Okay. Thank you. That was all from me. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Okay. Thank you for listening in and for some very good questions. And yeah, I guess that we will see you over the next weeks and wish you all a good day. Thank you. Thank you.