Good morning and welcome to today's webcast, where we have Cheffelo presenting the Q3 report. With us presenting, we have the CEO, Walker Kinman, and CFO, Erik Bergman. If you have any questions, please use the form located to the right, and with that said, please go ahead with your presentation. Thank you, and good morning to everyone joining us, and welcome to this presentation of Cheffelo's third quarter results for 2024. My name is Walker Kinman. I'm the CEO of Cheffelo. I'm here today with Erik Bergman, our CFO. I will take a few minutes to give you a short intro on the company for those joining us for the first time, and then take you through some prepared remarks on the third quarter development and financials, and then we'll take your questions that you can post in the questions dialogue or by emailing us directly on ir@cheffelo.com, so let's start with a little about Cheffelo and our business. For over 16 years, we've been changing the way people eat dinner by innovating the mealtime experience. In Norway, we operate under the brands Godtlevert and Adams Matkasse, in Sweden, Linas Matkasse, and in Denmark, RetNemt. These well-known local brands have a rich history of innovation and entrepreneurship, all geared towards making our customers' lives easier. Our goal is to make life less complicated with inspiring and tasty, well-balanced meals that are easy to prepare. By taking the stress out of meal planning, shopping, and cooking, we help more people eat better and bring families together around the dinner table. Our meal kit business model is demand-driven. Because of this, we can maintain very low inventories and minimize food waste generated in our operations. Our local chefs and dietitians create recipes that reflect local taste preferences while offering the broadest selection of meal kit recipes available in the markets where we operate. We provide a highly personalized customer experience across all our brands, powered by our in-house technology platform. The customer experience we deliver capitalizes on AI technology, driving, for example, meal selection options and our recommendation engine. This level of personalization is supported by the capability to produce each order individually using pick-to-light and automated production solutions. Our supply chain is well established, strong, and scalable, enabling us to efficiently purchase and distribute our products in each country where we operate. Furthermore, we are constantly integrating our Nordic supply chain, enabling us to take advantage of sourcing opportunities across markets. Turning to slide six, let's talk about some of the key figures for the quarter. Q3 was a busy period for us, marked by continued growth and stronger customer loyalty, along with some key organizational changes and our own efforts to help consolidate the meal kit market in Sweden. With five consecutive quarters of year-over-year growth now behind us, we expect further acceleration in Q4, even as growth remains a bit uneven. It's encouraging to see double-digit growth in Sweden this quarter, especially since this market accounts for nearly 40% of Cheffelo's total net sales. Active customers were flat year-over-year, and growth came from an increase in customer loyalty as we see continued improvement in order frequency and reductions in our subscriber churn. At a profitability level, EBIT was -SEK 17.2 million on higher sales and marketing expenses. In short, we expected an improvement in market conditions based on reduced interest rates increasing consumer demand. We chose to lean into that and concentrated more of the year's marketing spend into Q3. That tactic seems to have worked well in Sweden but may actually have been a little premature in Norway and Denmark. The Middagsfrid marketing partnership, announced in our last report, was kicked off in Q3 and is on track to contribute well in Q4. We also announced changes to our organizational structure, helping lay the foundation for more effective organization and future growth while also recruiting a Chief Growth Officer. For the nine months ending in September, we have grown net sales by 5.9% on a local currency basis and generated SEK 12.3 million in EBIT profit. Let's take a closer look at the overall market developments on the next slide. As noted, we expected a better market dynamic for meal kits in the second half based on the expectation of interest rate reductions triggering more consumer demand. Unfortunately, signals from central banks became very unsteady prior to and during the summer months due to enduring concerns about inflation. Sweden and Denmark started reducing rates in May and June but chose to pause reductions at their next respective decision meetings in June and July before continuing again in August and September. The Swedish central bank signaled in September faster reductions before year-end, which has also helped lift consumer sentiment now. Norway's central bank has chosen another direction and communicated in late September that no changes would occur until 2025, which is very unwelcome news for Norwegian consumers burdened by high variable mortgage interest rates. Swedes are now the most optimistic, as seen from a consumer confidence perspective, with that index showing a sharp recovery this year to a neutral level. The good recovery seen in Denmark in 2023 has slowed down, and while confidence is slowly improving, it remains at a lower level than has been seen for most of the past decade. Norway is up from the lowest seen in 2022, but progress slowed in Q3, and it remains at a very low level not seen since the early 1990s. Although we believe consumer outlooks will gradually improve, we're somewhat cautious about how quickly market changes will significantly boost our own growth rate. Let's continue to the next page about how this is translating into our own development in each market. So we hit double-digit growth in Sweden at 11.9% for the quarter, driven largely by solid gains in order frequency. This exceeds the Q3 development in the online grocery index in Sweden, which was 7.5%. While delivery volumes grew by 11.3% in Denmark, net sales only grew by 8.6% in local currency, which was slightly under our expectations. The difference in growth rates is related to the introduction of our loyalty club, with perks such as free delivery and discounts redeemed with loyalty points. These discounts are booked away from net sales but help to drive order frequency and reduce churn. We remain pleased to see continued outperformance versus the Danske Statistik online grocery market index, which grew by 5.3% for the year-to-date period ending in August. These two indices give us a sign that customers are coming back to meal kits faster than the broader online food arena, and our own results may well indicate that we are also capturing market share. In Norway, net sales in local currency were flat, which is slightly better than the decline experienced in Q3 of last year. Given the macro view and the competitive dynamics in Norway, we remain encouraged to see our business holding ground while anticipating steady recovery in the trading environment through 2025. Let's take a look at how market consolidation is affecting our business on the next slide. In August, we announced the marketing partnership with Middagsfrid in conjunction with Axfood's exit from the meal space. If we look back to the transaction in Denmark with the acquisition of customer relationships from Kokkens Hverdagsmad, we find that this cohort has exhibited a much more loyal behavior towards RetNemt than customers acquired in the normal course of business. Orders generated as a result of this agreement up until the end of the third quarter exceeded 25,000, which is over 21 deliveries on average from a little over 1,200 customers. This is a unique cohort, and opportunities to engage in this type of customer acquisition do not occur often. That said, we're excited to see the Middagsfrid marketing partnership appears to be headed along similar lines. We are just under 1,000 customers taking orders by the end of October. We have a lower order frequency in Sweden due to a market history with every other week delivery. So it is very encouraging to see almost 90% of the delivery volumes from Middagsfrid compared to the Kokkens transaction after a similar startup phase. Turning to the next slide, we zoom in a bit on our growth target and the general meal kit market. We have set a net sales growth target with a CAGR of 6%-8% that translates into SEK 1.2 billion for 2026. Development during the 2024 period has us on track for achieving that. There are four areas that we see that will have a meaningful impact on growth for Cheffelo in the near term. Three of these, price optimization, increasing the active customer base, and improvements in order frequency, are estimated at having equal weight effects at 2- 3 percentage points of growth each. The last is the continued expansion of add-ons and groceries, which still makes up less than 2% of our net sales and is expected to contribute 1- 2 percentage points to growth as we develop the offering. We remain strongly convinced that the meal kit market has tremendous potential. There is noise in the investment community about the future of meal kits, perhaps driven by the behavior of some of our peers who until recently had focused on growth over profitability. Our conviction at Cheffelo is that we will only be successful if we address customer segments that have the economic means and the compelling motivation to subscribe to our service. We see several underlying factors that will continue to drive demand for meal kits and lead to growth in the customer segments we are addressing. Megatrends that place more emphasis on convenience, nutrition, and sustainability, followed by demographics and general population growth in the Nordics, are two catalysts for steady growth. Recently, inflation has squeezed disposable incomes, but the long-term trend is towards increases in purchasing power, allowing for even more everyday convenience like the service of a meal kit. Finally, we are convinced that innovation and improvement in the service will help grow the total addressable market. Turning to the next slide, I would like to highlight that this isn't just about growing the business, but also, as the market consolidates and becomes more rational, increasing our competitiveness. We set our sights on profitably increasing our market share, not buying it, but winning it. To do this, we know that we will have to increase and engage our active subscriber base, which in turn means getting even better at efficiently attracting high-value customers while also ensuring profitable subscriber loyalty. These can be summarized with business outcomes that are in focus when we make decisions about where we put our efforts. From a strategic perspective, these ideas also are a foundation for the recent organizational changes as we sharpen the focus of our talented colleagues on the task of acquiring and retaining customers. As part of this, we recently announced the appointment of Adam Bjørklund, currently the head of digital sales at SAS, to a new role as Chief Growth Officer at Cheffelo. On the next slide, you have an overview of the management structure that is in place since October 1st. Adam will join us in early January to take over the new role as CGO. Until then, Klaus is acting in the role. Klaus Toft Nørgaard moves into a newly defined role as Chief Customer Officer, where the focus is on the user experience. Most importantly, the physical product experience and communication with active subscribers. These changes also reopen the opportunity for Klaus to step back into a focused role of Chief Business Development Officer, where we intend to invest more time in evaluating potential growth factors to complement our core meal kit business. I'm very happy to welcome Adam to the team and look forward to his contribution in this new organizational structure. Change is never easy, but as we look forward to the future of Cheffelo, I'm convinced that these changes will lay the foundation for future growth and a stronger, more competitive business. With this, let me turn it over to Erik to take us through the financials. Thank you, Walker, and good morning, everyone. I'm pleased with our result for the third quarter. Net sales grew by 2.4% or 3.8% when adjusting for currency. Our core business remains strong, showing positive trends, especially among our established customers. In the third quarter, we always experience lower sales due to summer holidays in the Nordics, when our customers tend to pause their subscriptions. It has also appeared with increased marketing activities towards the end of the quarter to reactivate and gain new customers. This year, we saw a slight delay in the ramp-up period, which could be explained by more favorable weather throughout August compared to last year, when poor weather led to an earlier ramp-up. This slight seasonal shift impacts our net sales compared to last year. Currently, our growth comes from a strong performance from our established customers, which is reflected in an increasing order frequency trend, where we saw almost a 3% increase in the third quarter. The increased order frequency reflects a positive shift in customer purchasing behavior. Our loyalty club, a more efficient and selective way of handling discounts and improvements in the customer experience, are examples of drivers behind the improvements. We are experiencing what we refer to as a bumpy growth, where the growth was slightly slower in the third quarter than in the first half. I want to emphasize that we do have a strong underlying growth, although this bumpiness comes mainly from different levels of new customer acquisitions. Our new customer acquisition was slower this quarter. Last year, we had two major initiatives outside of our regular sales and marketing efforts that had a significant effect on our new customer acquisition. First, our partnership with WeightWatchers was new and attracted many new customers. And second, we acquired customer relationships from Kokkens Hverdagsmad in Denmark during the second quarter, which also contributed to a higher new customer acquisition. Our business sees the highest new customer acquisition in the first and third quarter every year. As growths are currently driven by established customers, we expect to see relatively higher growth in quarters with lower inflow of new customers and a slightly higher when the new customers contribute less. Finally, I would also like to touch upon currency. We continue to experience volatility in exchange rates between SEK and both Norwegian and Danish kroner. We expect this volatility to persist going forward. However, I would also like to highlight that given that much of our purchase and revenue are in local currency, we do benefit from strong natural hedges on profitability, but it will have an effect on our top line. Let's move on to take a closer look at the contribution margin on the next slide. I'm proud to say that we do have a solid control of our unit economics. Contribution margin reached 27.9%, which was in line with last year. Contribution margin will vary with seasonality and are relatively lower in the third quarter due to lower volumes. And to be clear, the third quarter results confirms that we are on track to maintain an annual contribution margin above 30%. By managing our unit economics efficiently, we have been able to leverage fulfillment cost savings into an enhancement in product quality. The savings are achieved through both production and logistics efficiencies. Let's move on to have a look at our marketing spend. The third quarter is characterized by relatively higher sales and marketing expenses aimed at reactivating and acquiring new customers. This year, we navigated a cautious macroeconomic environment. In anticipation of an improved macroeconomic outlook, we intentionally increased sales and marketing spend to leverage on that improvement to drive an increase in customer acquisition. This led to an overall spend of 41 million SEK, or 19.1% of net sales, compared to 16.8% last year. While this approach showed positive results in Sweden, its impact was more limited in Denmark and Norway versus what we had anticipated, as we did not see the same macroeconomic recovery as expected. We have shifted costs through the third quarter. However, as previously communicated, sales and marketing expenses are expected to be around 13% for the full year, indicating a lower marketing spend in the fourth quarter. During the quarter, we also signed a marketing cooperation with Middagsfrid, focused on transferring customers to our Linas Matkasse brand. We have recognized 1 million SEK in Q3, with the remainder of the cost expected to be recognized during the fourth quarter. Let's move on to have a look at the profitability. As mentioned in earlier slides, due to the seasonal characteristics of the quarter, with lower volumes and the relatively higher marketing spend in the third quarter, the third quarter is typically our least profitable quarter. EBIT for the quarter was minus 17.2. This was SEK 4.4 million lower than last year. This is mostly explained by the relatively higher sales and marketing spend that I talked about in the previous slide. And to be clear, while timing of marketing expenses in 2024 creates a compatibility challenge, we are projecting a full-year increase in EBIT and expect Q4 to show strong profitability. We are experiencing increased profitability in Sweden and Denmark. This is driven by higher volumes and the economies of scale. In Sweden, we have also seen significant improvements in our logistics setup. In contrast, profitability in Norway has declined. This is mainly due to increased marketing expenses and inflationary costs that were not passed on to customers. To conclude on profitability, we have a good control over our contribution margin. We are at the OpEx level, where we see that we will benefit from economies of scale. We allowed us to make a higher investment in sales and marketing expenses in the third quarter. We will continue to have a tactical marketing spend approach, and in line with what we communicated before, sales and marketing is expected to be around 13% on a full-year basis. Let's move on to the next slide to have a look at the cash flow. In the third quarter, the same factors that impact profitability typically make the third quarter the quarter with the lowest cash flow from operations. However, our working capital fluctuates with seasonal patterns. The post-summer ramp-up in volumes led to a seasonal increase in trade payables, which positively impacted cash flow by SEK 14.6 million for the quarter. There was, however, a timing difference in trade payables compared to last year, which mainly explained the SEK 19.6 million lower cash flow from working capital. That timing effect is partly due to the fact that the last day of the quarter fell on a Monday, while last year it was a Sunday, resulting in supplier payments being pushed into the next quarter. Cash flow from investment and financial activities remained in line with last year. The free cash flow for the quarter was -SEK 3 million, which was SEK 32.5 million lower than last year. This decline is mainly due to the differences in working capital and also a SEK 9 million tax refund that we received last year. To clarify, that tax refund in 2023 was a timing effect between quarters during that year and did not have an impact on the full-year results. I want to emphasize that strong unit economics not only form the foundation for profitable growth, but also play a large role in our cash conversion. Our focus on efficient operations and cost management in combination with our CapEx-like model contributes significantly to achieving a strong cash conversion, where we have generated a free cash flow of 31 million SEK so far during the year. Let's move on to the next slide. Looking forward, we anticipate continued bumpy growth in the near term with an acceleration again in the fourth quarter. We expect delivery volumes in Sweden and Denmark to grow by high single digits or even low double digits, while Norway's volumes are expected to remain steady. Our contribution margin is set to stay consistent with seasonal patterns, and we are on track to surpass 30% for the full year, supported by strong operational performance and a stable purchasing environment. Our approach to marketing and sales spending remains disciplined. We will continue to target a marketing spend of 13% on a full-year basis, and again, although the timing of marketing expenses this year complicates the direct comparison, we are expecting an increase in EBIT for the full year, with Q4 expecting to deliver strong profitability and top-line growth. With that, I would like to hand back to Walker for a quick summary. All right, thanks, Erik. Let's turn to the last slide and summarize, and then we'll open it up for questions, so we're happy to deliver another quarter of growth. That's our fifth in a row, and we're very pleased to see growth in Sweden hit double digits during the quarter. Growth remains bumpy, with expectations of higher growth again in the fourth quarter. The Middagsfrid marketing partnership is off to a good start, and we anticipate a strong cohort performance for those customers that transitioned to the Linas brand with solid contributions in Q4. Higher sales and marketing expenses explain the lower EBIT in the quarter, but we expect a strong Q4 to drive higher profitability for the full year. We will keep total sales and marketing expenses for the year around 13% of net sales, meaning lower spending in the fourth quarter versus last year. Lastly, organizational changes announced during the quarter helped to lay the foundation for future growth. In conclusion, we entered the last quarter of the year with good momentum and are on track to meet our long-term financial targets. Our team has worked hard to make our offering better and is paying off with happier customers and improving loyalty characteristics. I'm proud of the team's commitment and look forward to building on this momentum. We'll now turn to questions that we've received. Remember to send your written questions to our investor relations email, which is ir@cheffelo.com, if you haven't already done so. So our first question coming in from, we don't see exactly who it comes from, but we have the question is, do you have a similar market index in Norway to the Swedish and Danish markets? How are you doing there? The answer is no. We haven't been able to find a similar index in Norway that gives us an indication about online food. The indexes are trade organizations in Sweden and a National Statistics Institute in Denmark. If anybody has an index they can tip us on, we'd be happy to hear it. At the same time, I think we're doing fine in the Norwegian market. We're making money, and we are holding ground in a tough environment, also with a competitor that's working very hard to buy market share. The next question comes in and says, how many new customers did you get in the quarter from the agreement with Middagsfrid? So typically, we're not talking about the total number of new customers. What it did indicate here in our comments is that we had around 1,000 customers already by the end of October that have come in on the Middagsfrid relationship. Again, this is a question of what the value of a customer is, and we expect the value of these customers to be quite good simply because of their loyalty characteristics. We've already seen basically about 90% of the volume that we saw with the Kokkens transaction already in after a comparable period. We have another question here that says, you write that your push in marketing spend was, in hindsight, too soon and didn't give the expected effect in Norway and Denmark. Then you write that you expect sales and marketing% to be 13% for full year despite higher year-on-year in Q3 and year-to-date. This means lower sales and marketing year-on-year in Q4. This will not affect the growth rate for Q4. Will this not affect the growth rate for Q4? When it comes to the marketing spend, we always anticipate what we think is going to be happening in the market, and signals that we saw in the first half were pretty strong that the market conditions would be improving, or at least when we come to lower interest rates, especially those affecting mortgage interest rates, that that would change for the second half or be faster than what we've actually seen. So I think when it comes to a lot of the spend in the third quarter, the higher spend also is spend that will also translate into brand awareness and brand strength going forward. So I think it's too early to say if it was absolutely a mistake, but at the same time, I think if we knew now what we knew then, we might have spent a little bit less in the third quarter. And also, just to add to the marketing spend, last year we also had production costs related to the new value proposition. This is a cost that we would not see this year. So that also affects comparability versus last year, and that's also resulting in lower marketing spend in the fourth quarter. Okay, we have another question here. We have come across some talk regarding actors using joint delivery within e-commerce, i.e., hypothetically, HelloFresh and Cheffelo using the same logistics partner for delivery to customers, Gordon in your case. It would be nice to hear your take more broadly on using the same logistics operators as other firms to improve efficiency. So I think this is a very relevant question for our business, and I think there's two aspects of it that make a lot of sense. First of all, because of the fact that we have a partnership with Gordon and do deliveries across the Swedish market and the Norwegian market with them, it does, in fact, mean that our meal kits are on the same trucks when delivered by Gordon as HelloFresh meal kits, as other e-commerce home delivery of refrigerated goods in the last mile. This is Gordon's specialty. I think that the key aspect of this, which makes a lot of sense for us, is the fact that we don't want to be in the logistics business. I think there's other people that can do that much better. When it comes to fleet management issues and it comes to the capital costs of running fleets, we think there are others that are better positioned to do that. I think we took a strategic decision a little over a year ago, almost two years ago, to actually find partners that would help us in co-distribution of perishable goods on refrigerated trucks. This fits in well with where we're going in terms of sustainability, in terms of reducing the amount of ice that needs to go in the boxes, while at the same time having a very good food safety and a robust cold chain all the way to the customer's door. And I think basically it makes a lot of sense for anybody who's doing perishable deliveries to be doing co-distribution. And also, it makes sense for people to invest in the sector so that the sector itself has a robust economy around co-distribution on refrigerated vehicles. Okay, we have another question here. There seems to have been a very clear shift from HelloFresh towards profitability and focus on high return on investment on marketing spend, especially pronounced during the conference call. Do you see that these most recent changes will influence you? If so, how? I think the clearest indication is that when we look at the end of the third quarter, we can see that HelloFresh has already backed off in at least Norway and Denmark, and I think indications are in Sweden as well in terms of above-the-line advertising, broad media advertising. HelloFresh is a very formidable adversary in this market and a strong competitor. So I think this doesn't say to us that we can relax. Quite the opposite. I think they are coming to conclusions about where they need to spend their money to make their business more rational and make sense. It probably means that they get smaller, but it also probably means that they realize that we're addressing really good customer groups. So I think the competitive environment remains more or less the same, but they probably will get smaller before they get bigger. That one we answered. Let's see if we can find a couple more questions that are coming in through different channels. Right, so we have here, according to the report, Cheffelo will allocate a higher amount of the year's marketing spend to the third quarter. How did you come to that decision? Is that just a reaction to the weather and for sales or a tactical decision into Q4? And what do you expect to have the remainder effect for the rest of the year? So, coming back to sort of the discussion on why concentrate in marketing spend in Q3, actually, no, this didn't have anything to do with the weather. Simply has to do with looking at consumer confidence development and then coming back to sort of how do we expect the macro environment to be in relation to what it has been. And leaning into that meaning that we will make sure that we're very present in the third quarter. We've taken similar decisions in the other direction when we've seen that the macro environment does not promote good acquisitions. I think when it comes to Q4, the Q4 decision is simply a planning decision that's been also in the works for quite some time. As Erik mentioned on his comments, we actually have costs in the fourth quarter last year that were related to preparing for the launch of the value proposition that occurred across markets in the first quarter of this year. So some of those costs in the fourth quarter last year just simply won't be there from a comparability basis. And then, of course, we sort of have our yardstick, which says we're going to manage the business to keep the sales and marketing spend under 13%. So it's clear that that also means from a planning perspective, we're going to spend less money in the fourth quarter. I think we even had the question, don't you think that's going to affect growth? And I think the answer to that question is we're off to a good start at the beginning of October. I think it's not always just a direct relationship between how much you spend. It's also how you spend it. I think the team's doing a great job in making sure we attract customers at a good price. So I think we get growth from several different things. Part of it, of course, is marketing spend, but if we think about it in terms of churn rates and we think about it in terms of order frequency, we're also seeing very good momentum going into the fourth quarter in terms of the quality of the customer behavior that we've acquired. So confident that it's not going to have a significant impact in Q4 if simply because we spend a little bit less money. We have another question here that says, do you consider going into the ready-to-heat segment, ready-to-eat? I think it probably meant ready-to-eat or ready-to-heat. A little bit of a difference between a ready-to-eat and a ready-to-heat segment, but a lot of the talk in the industry is about ready-to-heat. I think as we talk about the organizational change here, one of the very key adjustments that we're making with Klaus Toft Nørgaard, moving back into the business development arena and focusing his attention on that, I think this gives us an opportunity to look at a lot of different things that we simply haven't had on focus areas as we look at the developments post-pandemic and focus on our core business. Obviously, our core business is the absolute most important thing that we do and that we're working with, but I think at the same time, there are a number of different types of strategic development moves that Cheffelo can do that builds on different capabilities and builds on the technical and market understanding that we have. Ready-to-heat is a very interesting segment from that perspective, but I think you have to keep in mind that it isn't the same business. So even if we can manage it from a technical perspective and from a distribution perspective, there are some basic implications on what is needed for production, what type of know-hows are needed to make that work. So I think what I'd like to leave it at is that, of course, we're looking at a number of different alternatives strategically to think about, but I'm not all gung-ho about just jumping into ready-to-heat without actually doing our homework and understanding what it means for the business. So we have another question here. Do you expect the recovery in Norway to come in first half or second half 2025? Also, would it be possible to give more color on the accelerated growth in Q4? Still low single digit or high single digit? Thanks. So Norway recovery, I think the biggest issue here is if you're a Norwegian or if you know any Norwegians, you know that their mortgage interest rates have consumed an enormous amount of disposable income over the last couple of years. And that's still the case today. The Norwegian central bank has indicated they won't start lowering rates until the beginning of 2025, which also means that any changes coming on mortgage interest rates that free up disposable income probably won't have a significant effect early in the year. It will take some more time. The question of confidence, of course, I think that increases confidence for the market, but the interest rates really produce a latent effect that will take some time to spin out. So I would say that we do expect to start growing in the first half in Norway, but I wouldn't say that we're going to see an environment that is back to normal anytime relatively soon in Norway. The color on the fourth quarter, I think we've talked about already, but I think we start the quarter off to a good start in October. Also with Middagsfrid coming in and contributing volumes in the fourth quarter, as well as improvements in order frequency and reductions in churn, I think we're sort of in what we're saying is we're increasing the growth rate. So that would put the 3.8 in local currency at a lower threshold. I would be cautious to say it's going to be in the high single digits. I think we're going to see a little bit better growth. We'll see it accelerate again in the fourth quarter. Okay. We don't see any other questions that have come in. Thank you all for the questions. Good to hear what you're thinking about the business as well so that we can address that in the future. Because we don't have any more questions, I just would like to thank everybody once again for joining us on the third quarter call here at Cheffelo. We look forward to seeing you again in February, and then we'll report our fourth quarter and full year 2024 results. Have a great day.