Good morning and welcome to the Björn Borg Q3 Report presentation at Erik Penser Bank. We will listen to CEO Henrik Bunge and CFO Jens Nyström as they present the Björn Borg Q3 results. After the presentation, there will be a Q&A session, and viewers will be able to submit questions during the presentation. With that said, I leave the word to you, Henrik, and welcome. Brilliant. Thank you, Hjalmar, and we're happy to be back. But first, on this gloomy fall day, it's raining in Stockholm and it's a bit dark. And some might say that the financial numbers around us are a bit gloomy as well. But in those times, you simply need to look a bit closer to find the real strong victories. So I'll take you on a bit of a journey. I'll share with you a story that really made me super, super proud. And perhaps it will inspire you a bit as well. Let's see. We have great plans at Björn Borg, as you know. And one of those plans is to inspire you that you can be more by training more, running or doing push-ups or burpees, doesn't really matter. We even claim that if you want to be a better father, training is one of the key things to do that will enable that. We decided to enrich our product portfolio in the future with a very small running collection, knowing that running is very easy, doesn't cost a lot of money, requires discipline, but all you really need to have to do is open up your door and then start running. So we'll do a small collection of that. And during the spring, as you know, we encourage everyone working for us and also those not working for us to train. A small group at Björn Borg created our running club, if you will. A few colleagues that turned out to be friends were running together. Some were quick, others were less quick, but they did it together. Early on, of course, they realized that, hey, why don't we have a goal that's going to give us more desire, more motivation? So they said, let's do a half marathon together and off they went. Of course, they got closer and closer to the Stockholm half marathon in the spring, and everyone was ready. Just two days before the event, something happens that you didn't really plan. One of the team members got sick. Of course, let's call her Bea. She felt immediately, of course, that I'll do it anyway. Half marathon is long. Of course, then she was really, really sick. I can't recall whether it was COVID or not, but she wasn't feeling really well. She decided, rightfully so, to stay home. But of course, as you can imagine, after all those months of training, everyone else going away, they decided to run the half marathon and you being home in fever, of course, still dreaming of being there and thinking about nothing but being well again. Everyone else did the half marathon, and they all did it fantastically well, except Bea, who was home. But she didn't really let go of that dream. And of course, the easy way would be, okay, I'll do it next year or in the next running event. But she couldn't let go of that feeling, that desire to do a half marathon. So that dream became even stronger and stronger. And over the summer, a new plan was created. And that was simply to run the half marathon on her own. I'll do it anyway. I don't need an event. I don't need a number on my chest. I can just do it. And of course, the day came, and then she set out to do that half marathon run on her own. But she was not alone because, of course, her running colleagues from the spring, they decided to join her. So on an October night, just three weeks ago on a Thursday, she went out to reach her impossible goal to run a half marathon. And side by side were the colleagues that already did the half marathon in the spring, but decided to do that together with her. And actually, just a few kilometers before the race was done, even more colleagues joined Bea in her task to fulfill her dreams. And later that evening, she managed to run a half marathon. Of course, the fulfillment of accomplishing something that you really set out to do is fantastic. I think also it showcased really what Björn Borg as a brand is all about. Having clear goals, having passion, but also compassion, having people around you that will help you, remind you that, yes, you can do it and share the struggles and obstacles, but also, of course, the victories with you. I think if you want to build a strong brand, it's all about fueling that brand with emotions that will enable you and want you to be a part of that journey. We are on a run when it comes to that. This brand is built on values and a strong belief that anyone can do anything and that the key enabler is training. So with that said, looking at Q3, even though that's probably one of the biggest victories of the year, in terms of our financial numbers, that is also showcasing. So we see a record quarter. So never have more consumers bought clothes, underwear, socks, and bags from us than what they did in Q3 2022. Absolutely fantastic. And we also, of course, see a number of highlights when you dig into those numbers. One, of course, being a very, very strong own e-com growth. Another one that our sports apparel is continuing to grow. When we look at the results, we know that the reality is not currency neutral, and you can't really take away non-recurring items. But I think my job is also to showcase to you the true business. I think by taking away those one-off effects, it's going to be easier for you to evaluate whether what we're doing is good or great or perhaps not so good. So if we take out those stuff that is impacting us this year, so we can compare versus last year, our profit is also higher than ever. However, of course, if you throw these things in, predominantly then the US dollar exchange rate, but also one-off costs associated to paying back contribution, but also a long-term incentive plan, our profit is just above SEK 30 million. So still a solid quarter. But the underlying business, comparing like-for-like versus last year, shows fantastic results, both top line as well as bottom line. But there's other signs you should look for when you're evaluating how strong the brand is. So just showcasing two ordinary consumers, if you will, both paying full price for our products simply because they want to be a part of our family. I don't really know. On the left here, if you can see her, it's Kenza, one of the most influential influencers that we have. To date, 1.7 million followers. We noticed that she was wearing one of our crew necks earlier this year. And we were a bit surprised because, of course, we had not sent it. She has not received it from any one of us. And of course, curious, intrigued, we start investigating a bit. And as it turned out, Kenza bought that at Zalando. And of course, this is an individual that has a whole business idea built on receiving things. And yet deciding that that product I want so much, so I will go and buy it myself. That's a clear sign of brand strength. And then, of course, we have another guy, Messi. I'm not sure if you heard of him. He does a bit of football. Occasionally, he's having just shy of 400 million followers. And we know that he's been a very true and loyal underwear consumer for a long, long time, buying full price at our own ecom. Lately, he's also picking up our sports apparel. So what he's wearing in this beautiful family picture is one of our T-shirts from our Borg collection. And you can see the logo also placed on the chest, which, of course, makes me super happy. But these are, of course, great individuals with fantastic careers. But it showcased that we have something going on. There's something cooking within the brand. And I think it comes from those stories around Bea that we have an authentic, genuine approach to training and really enabling and want everyone to understand how easy it is to become a better version of themselves. And the key elements of that is to surround yourself with people or brands that remind you that even though it is a rainy and gloomy Friday morning, and yes, the US dollar is super high and the inflation is tough, that if you want to have a better Friday, you think less of that. And then you have some friends reminding you that, why don't we go out and play a bit of paddle instead or do a bit of running or perhaps a bit of push-ups? And sometimes you might enjoy that training, sometimes not, but afterwards, there will be a very fulfilling feeling of accomplishment. That's what this brand is all about. With that said, again, welcome to our Q3 report. Just then our brief reminder on where we're heading, just so we don't forget. Our long-term ambition still is to build the number one sports fashion brand. We even say it's going to be a global brand. Okay, well, we need to start out first in Northern Europe. Our mission is to inspire people. Our long-term financial objective is to grow, of course, and do that in a profitable manner. Our business strategy is to increase our share of online business, grow our sports apparel business, and then expand geographically, but focusing really on Europe and Germany. With that said, of course, where did we land then in Q3? Looking at the brand, we see signs of consumers picking us up that don't need because they're receiving goods from everyone, but still wants to be a part of our brand. We see that, of course, also in our brand track. To repeat myself from the last quarter report, every week, we ask more than 400 consumers randomly pick in all of our markets various different questions, just trying to understand what is their feeling of our brand? What do they think about what we're doing here? Here we see brand awareness for women in Sweden is up 53%. Brand awareness for women in Holland is up 48%. Brand top three for him in Sweden is up 21%. Of course, we see that the brand is also getting stronger and stronger. And I said this. I don't know how many times, but there's actually only two things that make us unique at Björn Borg. And one is Bea. All the 164 employees that work for us right now, because they cannot be anywhere else. So we need to make sure we create an environment that can be the best version of themselves. That's one thing that is unique. And the second one is our brand. Everyone else is having black T-shirts and underwear and computers as well. But the brand is something that we own, and the people working for the brand is only working for us. That's when we need to focus. And of course, that's why it's so important to see that the brand is getting stronger and stronger. Looking ahead, of course, it's also then reflected in both the categories. You might wonder then, okay, this move into sports apparel, will you not lose then the number one position in men's underwear? The answer is not if you do it right. Here we can see that not only are we growing purchase intent for sports apparel, we're also growing it for underwear, meaning, of course, that we're really fueling the brand with a lot of strength. It doesn't matter which category we're offering. Consumers just want to pick it up and buy even more. We see that also, for example, bags is really growing on a fantastic growth rate. It's a sign that we managed to move the brand from only being known as an underwear brand into becoming known as something else, much more sports and sports fashion, which will allow us to sell much, much more product groups. That, of course, in the future will drive revenue and growth. Looking at the top line development then, as I said, so it is our record sales, highest sales in a single quarter as well. Looking at the first nine months it's also our record sales. So doing 255 in the quarter is absolutely fantastic and growing then 5% versus last year. So that's fantastic. Looking at our own markets, we see strong growth in some of the markets, but we also see decline. So Netherlands and Belgium is declining. It's super good to see that Germany is back on track. Of course, that's predominantly Zalando. You know that we had a very, very tough quarter with Zalando in Q2. It's picking up a bit again, which is fantastic. We also have Tennis-Point, About You, and another pan-European retailers based in Germany. They're all getting back on growth mode. Our distributors are doing fantastic, driven by Norway, but also UK. So that's super, super good. So most of the countries are showing strong growth numbers as well. The online development, as we spoke about, so many, many years ago, we said we want to increase our focus online. That's slowing down a bit. And of course, that's driven predominantly then from two, three big pan-European retailers that are declining with us. So looking at the full year numbers, but also the Q3 numbers, we see a decline in retailers. So even though our online business is growing on a very, very strong and steady pace, the retailers are continuing to have a very challenging environment. I think here, I think we could do an even better work, even though, of course, we just need to understand as well that the market is slightly changing. We're back a bit how it was before the COVID. It's lower traffic, more people actually buying from brick-and-mortar stores. Of course, we also see that a lot of the retailers are sitting on quite big inventories. Of course, that's also why they're not purchasing as much. Nevertheless, looking ahead, six months to a year and even longer, we still believe that the transition towards a growing online trade will also continue. Then here, the different channels. Own retail, of course, continuing to struggle. E-com stores are also declining. Our online business is doing fantastic. We're growing 28% versus last year. However, of course, through all the retailers, we're actually declining in the quarter. Looking at the wholesale business and the distributors, here we see a strong growth of 10% versus last year, driven by Denmark and Finland that is doing really, really well, but also Sweden is growing. And on the distribution side, of course, we have UK and Norway that's doing very, very strong growth numbers. So with that said then, looking at the categories, so of course, a sign that there's a lot of things working for us. Sports apparel, of course, 13% up. The on court is 36% up. So in total then, apparel is growing 21%. And so I think that's really, really strong. Looking at bags, up 72%. We do have a decline in underwear. And again, as I said, also for Q2, that's related to the retailer drop. Footwear is declining, but more of a timing impact, of course, and then we have eyewear, which is a very, very small category for us, but nevertheless, of course, the intention is to start growing, of course, all of the categories, but the number one focus, as we've been talking about for many, many years, is really to get the sports apparel working for us, while at the same time, of course, maintaining our underwear business, so I think with that said, so you don't get bored of me, let's have Jens on stage and run through a bit of bottom line numbers and our financial status, so Jens, fire away. Thanks a lot, Henrik. Yeah, it's a pleasure to be here. Welcome also from me. I've said it many times when I'm standing here that one of the things that makes Björn Borg so great and why I love to work here is the people that I have around me every day. If we call her Bea, come by our headquarters and I will introduce you. She is not just a fantastic runner. She's also an amazing person, like all the other colleagues that I work with every day. Please come by our headquarters, do some training with us. I will introduce you to all the fantastic colleagues that we have. Simply amazing. Looking at then the P&L and the bottom line that we can see, so we have a bit of a challenge in the gross margin if we go from left to right on this slide. As Henrik was alluding to previously, you need to scratch the surface to see how fantastic we're actually doing on the operational side of things. So the gross margin is affected negatively by the weak Swedish crown versus mainly the US dollar. So if we, as Henrik said before, if we look at this currency neutral, we're actually growing our gross margin in the quarter and also year to date, in fact. But nevertheless, the world is not currency neutral and we have to face these challenges, which we will obviously. In terms of the operating profit, so we show SEK 31 million in the quarter versus SEK 52 million last year, same quarter. Obviously, just looking at the numbers, a drop of around SEK 20 million versus last year. But again, if we were to exclude the currency effects as well as the one-off items Henrik just discussed earlier, well then we're actually growing. We're growing not only in the quarter, we're growing year to date. And that's comparing to last year, which was a record year for us. Never, ever have we had higher numbers than what we had in Q3 last year. So to me, yeah, you can decide what you want to look at, of course. But if I want to evaluate how's the business doing, are we on track, is this a healthy company? Well then I want to exclude, at least for the time being, and exclude the effects that is not recurring. So you can compare apples to apples. And then certainly we are doing well. We're doing fantastic, actually. Never better, if you will. So it depends on how you want to look at it. Of course, you need to take into the effects that we're facing and deal with them. And that we are. But that's a separate thing than evaluating the business that we're operating in, which is doing fantastically. So we're certainly on the right track here. And I'm certainly very proud to be working here. And obviously, the net income is following the trends of the operating profit. So a good profit, a good net income, however, not in line with last year's, obviously, for the same reasons I just explained. If we then just look at the trends of the operating profit margin versus previous quarters and previous years, yes, it's lower for the reasons I just said, of course. But still, it's on a high level. I think we can say that we've established the company on a higher level overall, obviously needing to deal with the challenges that we're facing in the world around us. All right, so if we take a look at the balance sheet or selective items from the same, we can see that we still have a strong equity. It's a strong and healthy company. So the equity of assets, the solidity of the company is still well above 50%, and trending, as you can see from the slide, straight upwards, so strong, solid company still. The net debt has increased versus the end of 2021, where we actually had a net cash position, but still, I think it's a healthy, let's say, a healthy level to be in. If you compare, in this slide, you can see 2019 of 128. If you go back even a couple of years before that, we were up at SEK 150 million or so. Being almost half of that is on a good and healthy level when we closed Q3 of 2022. One of the things, of course, affecting the balance sheet is the working capital that you can see on the right on this slide. If we compare that on a rolling 12-month sales, well, we're at 20%. It's on a level where we feel comfortable and where we, let's say, want to be. We have declined and taken that down from 24% to 21%, and now we're stable on 20%. A good, healthy level for a company like ours. Obviously, you need to dig deeper than just looking at a KPI, of course. In our case, it's mainly about having the right inventory, not so much how big it is or how small it is. That depends on how the business goes. Of course, you need to have the right stuff so you can sell it out on a timely manner. Clearly, the other items in here, we need to have the accounts receivable under control. It's a fragile environment, I would say, out there. Lots of people or companies are struggling, and so are our customers in some cases. Obviously, we need to have a good and tight dialogue with them so we can ensure that we get paid, basically. We have a tight receivable management going on in the team. With that, the balance sheet, I would say, is super strong, good, healthy company, operational. We're doing well. In fact, you could say, if you're bold, that we've never done better, so I'm super proud about Bea. I'm super proud about the company and where we're heading, so with that, I would just leave for some takeaways. Back to you, Henrik. Brilliant. Thank you, Jens, and of course, I'm sure that Hjalmar is desperate to ask us a lot of questions as well, but as Jens said, so we're doing a very, very good year to date, of course. Being creating an environment where you believe everything is possible is not the same as not seeing the reality for what the reality is, so of course, the fact is that we're dropping profit versus last year. That's the fact, and of course, we need to handle that. We need to be better at mitigating the currency swings. And we have a lot of initiatives in place to do that. And also, of course, looking ahead, it's clear that no one knows what 2023 will bring, but that it will be a tough year. I think that's going to be pretty clear. So of course, I think we just need to be ready as a team to handle whatever is going to be thrown at us. And it's not going to be any easier. I think it's beyond any doubt that, of course, everything that is happening to all of our end consumers is going to impact the way we're purchasing and the way we're buying stuff. For sure, starting already now, but definitely going to have a massive impact in 2023. And then, of course, we are a small brand. We believe that we can still continue to grow, but it's going to be a very, very challenging environment. I think that's crystal clear. Looking back and, of course, some of the key takeaways that we just want to share with you. So I think first, we are gaining a lot of brand strength, so both in terms of preference, but also in terms of awareness, and yes, showcasing a few examples from real life with Kenza and Messi, but also others, so there's a lot of consumers picking up our stuff at full price simply because they like the stuff that we're doing and they like the brand that we have created. I think that's fantastic and something that makes me really, really proud, of course. We have super, super strong growth in own online. Also, of course, if we look currency neutral, we then can see that the price increases, the way we're working with our products versus last year is actually better. So the margins are improving. However, of course, the currency plays a massive role here and, of course, has a massive impact on our gross margin. So year to date, it's still under last year. But again, that's only due to the U.S. dollar. And then last, of course, sports apparel is continuing to grow. Super, super important. We're up 21% in the quarter. And that's now, I think, the fifth or the sixth quarter we will see ongoing sports apparel growth. That's very, very important because, of course, that arena is just huge. And of course, there's untapped potential in how big we can become, even if we stay within the existing markets. So that's a very, very strong sign. So with that said, thank you for listening in. I hope you like what we're doing as much as we're doing. And again, as Jens said, anyone is welcome out on Fridays. We do our sports hour 11 to 12. And you can see the team, but also, of course, get a feel for their products. But we really feel that we are on something here and we see a lot of signs that what we're doing is working really, really well. Having a lot of respect, of course, that the reality and the future is looking very, very tough. So we need to be ready and need to face whatever will happen with determination and, of course, the belief that we can still reach our long-term goals. So with that said, thank you so much for listening in. Jelmer, I'm sure you're ready to fire away with a few questions. Yes, yes. Thank you so much, Henrik and Jens, for the presentation. I was thinking we could start off with the growth in the own online. Of course, like you mentioned, this is a strong growth in the quarter. Can you elaborate a bit on the main drivers in terms of segment? Is it sports apparel that grows? And maybe give us some flavor on the average price reduction in the own online in Q3? No, I think all the categories are growing. Some of the smaller ones, like footwear and bags, are growing super, super high. But I think the main growth driver on e-commerce is apparel. So that's super, super good. Actually, what we see is that women's apparel is having a fantastic momentum. I think the major explanation to our strong e-com growth is probably two or three. I think one would be that last year we said, okay, let's build up a stronger internal team, take more control. We saw back then that traffic was increasing. It was tougher and tougher to get the same traffic with the same investments. There was a lot of changes on Instagram and on Google. We really felt that, hey, let's take that in control. Let's build up an internal competence center that could do that. We did that. Of course, those individuals started then at the end of last year and the beginning of this year. Now we see a full impact. Of course, a lot of the key paid search marketing, we can see that they're really increasing our conversion. They're making our newsletters a lot better. So of course, a lot of that stuff is helping us to grow versus last year and also grow versus our competitors. And then I would say that the whole influencer program that we're currently having, where we're working not only with discount codes, but also, of course, creating strong content, that's also driving a lot of growth. I think especially in perhaps the smaller, more immature markets, we still see very, very strong ROAS numbers on influencer collaborations. We see that Sweden and Germany, of course, is much more of a mature market and harder to make strong payback cases on. And then I think the last, of course, we have invested a lot of money, but very focused on our brand. And of course, with the brand getting stronger and of course, also our e-com business is getting stronger. So I think those three combined is the result. A strong team in place, a very strong cooperation between the departments. And then overall, of course, the brand that is getting stronger and stronger. That's really fueling our online growth that is doing really, really well. And not only growth, also we see that our profitability is increasing as well year to date versus last year. The profit is also coming with the growth. It's not like we're investing, so we're making less money even though we're growing. I think that's stuff that I would look at if I would evaluate our own e-com business. Super, super good. Very, very happy. Thank you. On the subject of marketing then, do you believe that the levels that you had in Q3 are these sustainable levels, or do you need to increase them going forward? I imagine, of course, that there is some inflation component in that as well. So maybe you can elaborate a bit on this. Yeah. No, so I think overall, we're planning to invest between 7% and 8% of our total sales in marketing. So that's been the same this year, but also last year. And I think that's where we want to be. And of course, it could be a bit of swings between the quarters, but overall, between 7% and 8%, that's where we want to invest. And then, of course, it's the billion-dollar question is, okay, how do you invest that kind of money? And here, of course, we see that a lot of the investment goes into online marketing, paid search, for example, but of course, also influencer programs. But then we have a number of really, really strong partnerships, like with Barry's, for example, here in Stockholm. We have Tough Viking working really, really fantastic. So a super cool obstacle race in Sweden and in Norway and Finland. You should sign up and try it. It's absolutely brilliant. We're doing a good collaboration with these people. We also have a number of padel or paddle clubs that we're supporting as well. So it's a bit of a mix between events where you go and do something like a Tough Viking. And there's also into partnerships, so really doing stuff together with people that believe in what we're believing in. So Barry's could be one, for example. And then, of course, continuing, of course, investing heavily in online. And of course, the split between paid search and then various degrees of influencer correlations, of course, together also with Pinterest and TikTok and, of course, all the other channels that we know is working really, really well for us. So the quick question is 7%-8%, that's what we want to reinvest. But the way you change that or invest that is going to probably change depending on what happens around us. Thank you. And I was thinking on the subject of e-tailers, you mentioned the development in Germany, of course, but then e-tailers in general are having maybe a tougher environment right now. Is it tough across the board on all e-tailers? So do you see individual differences between the ones that you're currently active at? No, but I think overall, they are showing slower growth numbers and a few are not growing at all than what they're used to. So we see a change in consumer behavior. So we're shopping less online or we're not shopping as much as we were predicted to do. So we see that the traffic is declining with most of the e-tailers. And then, of course, on top of that, of course, we do believe that people are waiting a bit with doing their purchases. And of course, that's also impacting e-tailers, but of course, also other store formats. And then I think we can conclude as well that, of course, many of the e-tailers in the wake of COVID had fantastic growth numbers. And of course, if you want to grow, you need to buy. So we see that there's quite a few of the pan-European e-tailers that are sitting on a lot of stock, a lot of inventories. And of course, that's impacting when they're buying from us because, of course, they need to sell out what they already have. So I'm confident that e-tailers will continue to grow. It might be a consolidation. Things might happen, of course. But it's clear that the shift that started 10 years ago that really sort of boomed during COVID, it will continue. So we believe that all of the underlying growth in underwear, sports, and fashion will come from online shopping also in the future. But the growth rate is probably going to be slower from time to time. That's the long-term trend we still believe in. Thank you. Like you mentioned, of course, a lot of peer companies in the field, they are currently sitting on high levels of inventory. Now if we look forward, we recently had Singles' Day. There is Black Friday coming up, a lot of these campaigns. How are you going to navigate this environment? Will you defend your gross margin or how are you looking at the upcoming quarters in terms of pricing strategy? I think one of the key benefits, of course, of having a brand that is getting stronger is, of course, that you can reduce the discounts. Because ultimately, of course, the value of your brand is the difference between what you pay for the product and what you can sell it for. And during 2022, we had a clear idea of reducing our discounts. And that, of course, we also see then in the e-com profitability numbers, for example. So we have higher margins in e-com this year than last year. And that will also reflect our Black Friday approach. Of course, we will be at Black Friday, but we are there a shorter period of time this year than last year. We will have less discounts versus last year. There will be less products having discounts versus last year. So we believe that if you invest all this money into marketing and that is also working, then it's going to be diluting the brand a bit if you then clear everything out and discount. So you need to have that balance. But of course, there will be discounts on Black Friday. We will be there as well. It's a very, very strong and commercial activity that simply, of course, is a part of our day-to-day business. But reducing discounts and working more with full price is the stride that we have been working on for about a year and a half and will continue to work on also for the future. Thank you. And then I was thinking maybe we could just touch briefly on the currency effects. Like, of course, recently there's been a more favorable development in the US dollar. Could you just remind us again the dynamic between your currency exposure? Yeah, you said that and I said, yeah, well, favorable. Okay, yeah. Okay, we know there was 1131 or 1150 perhaps, and now it's 1060 or 1061 perhaps. But last year, a year ago when I was standing here, it was, I think, 868. So of course, it's going down. Of course, there's a lot of signs, just looking at the macroeconomics around us, that will at least indicate that the US dollar or the euro probably will strengthen even further. I think it was 103 yesterday. But who knows? At least I think our view is that the currency will be what the currency will be. We need to be better at mitigating the swings. And also we need to constantly move into much more production that is purchased in the same currency as we're selling. So I think that's what we are working on. But it's clear with 50% of everything that we buy, we buy in US dollar and we sell almost zero in US dollar. And then, of course, you can imagine buying at 868 and then you sell in SEK or in euro from buying at 1061 or 1130 or like it was just a month ago, of course, massive, massive impact. So very, very tough to handle. And then, of course, you could debate whether you want to hedge, but again, you only push the problem ahead a bit. It will be more transparent, of course. But we believe that there's three things that we need to do. So number one, of course, reduce our dependency on markets where they produce in US dollar. So that's something that we're doing, of course. The second one is to make sure, of course, that we work with the tools that we have in place to strengthen the brand, work with price increases, making sure that we can mitigate cost increases or currency swings. And of course, the last one as well, and I spoke about that now almost a year, is, of course, to increase our revenues in US dollars. That's also a way. And we just did the first test buy with Amazon US. So that went really, really well. So now we are rolling out Amazon US. Finally, it took a fair bit of time to set it up in the right way. But now that has been geared up. So looking at 2023, we'll then start reporting Amazon US revenues as well. So let's see what that will take us. It's not my prime focus, but that's, of course, something that could be absolutely fantastic if we do it right. Very helpful. Thank you so much, Henrik and Jens, for coming here today. Thank you, Hjalmar. Thank you for listening, guys. And don't forget to go training today. It's Friday. So with that said, have a fantastic Friday. Thank you.