Welcome to the Embellence Group Q3 2026 report presentation. For the first part of the conference call, participants will be in listen-only mode. During the Q&A session, participants can ask questions by dialing pound key 5 on their telephone keypad. If you are listening via webcast, you can submit written questions using the form below. Now I will hand over the conference to the speakers, President and CEO Johan Andgren and CFO Karin Lidén. Please go ahead. Thank you very much, and very much welcome to Embellence Group's interim report for the third quarter of 2026. My name is Johan Andgren, and I am the CEO of the group, and together with me today is Karin Lidén, who is our CFO. Today, we will start to go through the development in the third quarter. We will then look at some of the organizational changes that we have made recently, followed by a closer look at sales performance across our brands, and update on our strategic focus areas. Since we are a group of several strong and distinctive brands, we will also look at some of the key developments across the portfolio. After that, Karin will take us through the financials in more detail before we end with a summary and a look ahead. Let us start by looking at the business and what we achieved during the third quarter. Q3 was a quarter of modest growth, improved gross margin, and strong cash flow. Our net sales increased by 3% to 178 million SEK compared to 174 million last year. Currency-adjusted organic growth was 2%, while the impact of a weaker Swedish krona had a positive effect of approximately 1 percentage point in reported sales. Four out of our five brands grew in the quarter, and our growth was primarily driven by the direct-to-consumer channel, which is one of our strategic focus areas. The good development in this channel compensated for a weaker performance in traditional physical retail. Pappelina stood out in particular and further accelerated growth numbers from previous quarter and more than doubled its direct-to-consumer sales. Also, Artscape grew more than 100% from its own D2C platform, and Boråstapeter started to see healthy levels of growth. This is encouraging because it confirms that the investment we have made in new platforms, organizational capabilities, and the overall consumer experience are beginning to deliver tangible results. At the same time, we should be clear that traditional physical retail remains an important channel for us, and the channel continues to be affected by the consumer shift in the market. Our objective is therefore not to replace one channel with another, but to create a more diversified and resilient sales mix across traditional retail, direct-to-consumer, international sales, and hospitality. Cole & Son returned to growth in the quarter. As we have shared in previous quarters, during the first half of the year, we took a number of commercial decisions that we knew would impact sales in the short term, but which were the right decisions for the long-term development of the brand. The impact from these changes is now gradually diminishing, while growth in other customers and channels is increasingly offsetting the decline. This gives us confidence that we are moving in the right direction, gradually moving beyond the transition phase and returning to growth. If we continue and look at gross margin development for the group, the gross margin improved to 62.4% compared to 60.6% last year, plus 1.8 percentage points. The improvement was driven by three principal factors. Number one, a positive channel mix with higher share direct-to-consumer sales. Number two, a positive product mix. And three, improved manufacturing efficiencies. As we've shared in previous quarters, the growing share of direct-to-consumer sales is changing the structure of our P&L. We capture a higher gross margin through the D2C channel, while at the same time, direct-to-consumer sales comes with higher marketing and logistics costs. As a result of this, part of the gross margin improvement is offset further down in the P&L. However, the overall impact on profitability remains positive. EBITA in the quarter amounted to SEK 24 million, which is in line with last year, and the margin was 13.2% compared with 13.6% in the corresponding quarter last year. The EBITA also includes restructuring costs related to the change of Managing Director at Wall&decò, which I will share light on later on in the presentation. We do continue to invest selectively in initiatives that support our long-term strategy. This includes strengthening our organization, developing our digital platforms, and improving our commercial capabilities, and establishing more effective go-to-market models. Some of these changes come with costs in the short term, but they are necessary to strengthen the group's long-term competitiveness and profitability. Our financial position remains strong. Operating cash flow improved to SEK 39 million compared to SEK 32 million last year, and working capital decreased by SEK 8 million during the quarter, primarily as a result of lower inventory. Net debt in relation to EBITA improved to 0.4 times compared to say 0.7 times last year, and this provides us with strong financial position and continued flexibility to invest in our brands, our strategic priorities, and future growth opportunities. Karin will go through the financials in more detail later on in the presentation. Before we move into the individual brands, I would also like to comment on the organizational development we have gone through. When I joined as CEO, an important part of my mandate from the board was to develop the organization so that it could better support our strategic plan and long-term ambitions. The group has built strong brands over many years. However, to enter the next phase of development, we have needed to strengthen the organization in three areas. Number one, develop the central team. Number two, add capabilities linked to our strategic growth areas. And number three, strengthen the organizations within our brands and management teams. We've now made significant progress in this transition. We have strengthened the central team and now have the structure and capabilities we need in this team. We have also added capabilities and experience across the wider organization linked to our strategic focus areas, and this means that we are much better equipped to execute our strategy and drive profitable growth going forward. During the quarter, we also took an important step in this process in regards to the management teams for our brands, specifically at Wall&decò, where we decided to make a leadership change. The brand has not been performing at the level we believe it should, and we therefore appointed Christian Benini as the new Managing Director. The transition at Wall&decò, and earlier this year at Cole & Son, has come with certain short-term costs, but these are investments that are necessary to strengthen the business for the long term. I am very pleased to have Christian back, leading the brand that he once founded and built before Embellence Group acquired it. Over the past months, Christian and I have had several discussions about the future of Wall&decò, and it is clear that we share the same view of the brand's potential, how we can take it to the next level, and what we need to do to get there. Christian combines creativity and strong product innovation capabilities with a deep understanding of how to create commercial success within the wallpaper segment. He also brings extensive experience from the hospitality sector and has strong relationships with the international community of architects and interior designers, areas that are increasingly important for Wall&decò's future growth. I am convinced that he is the right leader to take Wall&decò into the next phase of development. At the same time, Lars Henriksson, Managing Director of Boråstapeter, has decided to leave his position, creating a natural leadership transition. I would like to thank Lars Erik for his contribution to Boråstapeter's development and for continuing to lead the business during the transition period. I am also very pleased that we have been able to find an internal replacement and appoint Henrik Andersson as the new Managing Director of Boråstapeter. Henrik, who is currently Managing Director of Pappelina, will take up this new position during the first half of 2027. Henrik has played an important role in developing Pappelina, strengthening the brand, and building a business with clear direction and momentum. What particularly stands out is his energy and drive, his ability to turn ideas into actions, and his constant ambition to move the business forward. I believe these qualities will translate very well to Boråstapeter, and Henrik understands what it takes to develop a strong design brand while at the same time driving commercial performance, and I am confident that he will bring energy and momentum to Boråstapeter as we take the brand into its next phase of development. We will now focus on finding a strong successor who can continue to drive Pappelina's positive development, and I am certain that we will find a good candidate for this position. Alongside these Managing Director changes, we have continued to strengthen the organizations below the MD level, particularly within e-commerce and marketing. Importantly, we are starting to see evidence that this strategic playbook is working. Pappelina, which currently has the strongest acceleration in DTC, was the first brand where we combined a new platform with strengthened leadership and additional capabilities in e-commerce and marketing. Artscape followed a similar path, and these are now also the two brands where we currently see the strongest sales growth. During the past year, we have taken the same steps at Cole & Son and Boråstapeter, upgrading the platforms, a new Managing Director for Cole & Son, and soon also Boråstapeter, as well as we have strengthened the e-commerce and marketing organizations. The key e-commerce leadership positions were filled during July and August for those two brands, meaning that we have increasingly the platforms, people, and capabilities in place across the group. What we can see is that when we combine the right platforms with the right people, capabilities, and focus, the speed of execution increases significantly, and ultimately, that starts to translate into growth. We know what needs to be done. The focus now is on execution and increasing the speed at which we do it. If we then move on and look more closely at the performance of our brands. Boråstapeter, our largest brand, increased sales by 2% to SEK 63 million compared with SEK 62 million last year. The shift from traditional physical retail to online in Sweden continued. However, the growth in our DTC channel, where we primarily focus on international markets, together with a strong development in online retail and on international markets, compensated for the softer Swedish retail development. All significant international markets developed positively during the quarter. Direct-to-consumer sales also started to gain momentum, supported by the new e-commerce platform and the strengthened organization. The development is encouraging because it demonstrates that Boråstapeter is gradually becoming less dependent on Swedish physical retail, although it is still a big portion of our sales. There is still considerable work ahead, but we are building a more diversified sales model with stronger contributions from international markets and from direct-to-consumer sales. Cole & Son reported sales of SEK 31 million compared with SEK 30 million last year, and the restructuring of the brand sales channel is now entering its final phase, and we expect the negative sales impact from these changes to become more limited going forward. The focus is now on continuing to develop a more diversified channel strategy. International sales developed positively, supported by growth in the U.S., while the U.K. and European markets were more cautious. We are also seeing positive development in hospitality following the initiatives started during the first half of the year by our new managing director. During the quarter, we further strengthened the organization with new capabilities to lead and develop the direct-to-consumer channel, and there is still work to do, but we now have better organizational conditions to build sustainable long-term growth. Wall&decò reported sales of SEK 17 million compared with SEK 20 million last year. The commercial development has remained weak and has not met our expectations. This is the reason why we decided to make the leadership change during the quarter and appointed Christian Benini as the new managing director. The new management team is now working closely with the group with a clear focus on strengthening commercial execution and reversing the negative sales development. Wall&decò is a highly differentiated premium brand with strong product and design capabilities. Our immediate priority is to translate these strengths into improved commercial performance. In the midterm, we are also working actively on product development to be more relevant in the premium segment of the market. Pappelina delivered another strong quarter with sales increasing to SEK 15 million from SEK 11 million last year. Growth was primarily driven by direct-to-consumer sales, where the already positive development accelerated further during the quarter. All major markets developed well, as did traditional retail. At the same time, sales through digital retailers declined as a larger share of consumers choose to purchase Pappelina's products directly from the brand versus from the digital retailers. This channel shift is strategically positive. It gives us a closer relationship with consumers, better control of the brand experience, and improved access to consumer data while also supporting the overall margin. Pappelina shows what really can be achieved when the right platform, organization, product offering, and marketing model come together, and we expect this development to continue for the brand. Artscape reported sales of 29 million SEK compared with 28 million last year. Sales in the U.S. developed positively, particularly through the brand's own e-commerce platform. However, export sales were negatively affected by increased trade barriers between U.S. and the neighboring countries. This has led to some of the customers reducing their inventory levels, but we don't see any changes in offtake in the markets. During the year, Artscape has worked on a new product launch, and a relaunch with one of the brand's larger customers is planned for the fourth quarter. Combined with positive development in e-commerce, this creates good conditions for good growth during the coming quarter. Borås Tapetfabrik increased its reported sales to 23 million SEK compared with 22 million last year. Both traditional and digital customers contributed to the growth. Following a period of double-digit growth, we expect the external business to move towards lower growth rates. Our primary focus for Borås Tapetfabrik is to improve production process efficiency, strengthening cost competitiveness, and provide better service to the group's own brands. Growth from external production remains positive, but our first priority is ensuring that the factory has the efficiency, service level, and capabilities required to support the continued growth of our own brands. If we then move on to our strategic focus areas, these remains unchanged. Number one, accelerating direct-to-consumer sales. Number two, expanding internationally. Number three, strengthening our position in the hospitality channel. If we start off by focusing on the D2C channel, this is a channel that is strategically important for us as it delivers higher margins, act as a growth accelerator, and it enables us a closer and more direct relationship with our consumers. More than 50% of our growth in the next years should come from the channel, and we see that all brands are delivering double-digit growth and that the channel continues to develop well, driven by strong international growth, particularly in the U.S. and in Europe. With strengthened organization and new e-commerce platform now in place, we are better positioned to scale and accelerate the development of the channel, although much work remains. Pappelina is the clearest example of the potential. The brand more than doubled its direct-to-consumer sales during the quarter, and we also saw encouraging acceleration at Boråstapeter following the launch of its new e-commerce platform. Our focus is not only on driving traffic and transactions, but it's also about creating more inspiring brand experiences, developing better content and product presentation, and improving the entire consumer journey from inspiration to purchase. During the next quarter, when we summarize the year, we will also share an updated number of our D2C share of our branded sales. The second area is international expansion. Our brands have historically held strong positions in their domestic markets, but we see significant potential to grow further in our most important international markets. The work going forward is about prioritizing the markets where we see greatest potential, strengthening our commercial partnerships, and continuing to develop our network of retailers, distributors, agents, architects, and interior designers. International sales developed positively during the quarter, although the development was partly held back by our lower Artscape exports to Canada and Mexico. The United States continues to increase in importance and is becoming a more significant growth market for several of our brands, both through own channels and through partners. Our third strategic focus area is hospitality. We continue to broaden our product and service offering to better address larger and more complex projects. As part of our overall strategy, we are actively expanding our product offering and developing new solutions for the hospitality market. We are also seeing early positive indications from the changes we have made in leadership and from our increased focus on building closer relationships with interior designers and architects. This is strengthening our position in the project market and creating opportunities for larger and more prestigious projects. During the quarter, this included a project for a Moroccan royal household, demonstrating strength and relevance of our brands and our ability to compete at the very high end of the hospitality and bespoke project market. Over time, this strengthens our ability to provide broader and more relevant offerings to architects, designers, and other professional customers while gradually improving our position in the hospitality channel. If we then continue to look at some of the exciting brand-specific happenings in the quarter, we will start out with Boråstapeter. During Q3, Boråstapeter launched two new exclusive collections called Flowers and Herrgård as part of our continued focus on the premium segment. We see this price segment driving both sales and increased interest in the brand, particularly in markets outside of the Nordic region. On the picture to the left, you see a design called Sophia Magdalena from our Herrgård collection, a beautiful example of how we at Boråstapeter bring together history, Swedish design, and craftsmanship. This pattern originates from a hand-painted Chinese wallpaper which was brought to Sweden by the Swedish East India Company in the 18th century. The pattern has once adorned the walls of Åby Manor outside of Gothenburg, and inspired by the original, which is now preserved at the Gothenburg City Museum, we have created both the pattern and its beautiful color palette using traditional surface printing techniques. It is a wonderful example of how we bring history to life and make it relevant for the homes of today and tomorrow. Boråstapeter has also continued to develop and expand their range of made-to-measure wallpapers through new launches in the quarter, with Tailor's Tweed Ground being one example on the picture at the bottom right. This segment gives us the opportunity to explore new creative directions, experiment, and test new ideas while ensuring that every design remains true to Boråstapeter's brand identity and distinctive design expression. This pattern draws inspiration from the classic Scottish tweed and traditional check patterns. Our design studio has translated the look and feel of a woven fabric into a wallpaper with fine details, textile-like expression. By enlarging the traditional check patterns, we create a contemporary expression where heritage meets modern interiors. On the top right, you can see a pattern called Persikoträd from the Flowers collection. Behind the design is a personal story from our designer, Noomi Spange, where the inspiration comes from a peach tree in her mother's greenhouse in Dalarna. Noomi has captured this experience in a hand-painted design, producing traditional surface printing techniques at our factory in Borås, and it's a strong example of how personal inspiration, Swedish design, and craftsmanship come together at Boråstapeter. Moving on to Cole & Son. During the quarter, we launched our new collection called Formations, which reinterprets the brand's geometric archive through contemporary craft, color, and printmaking. The collection was launched during the London Design Festival and received a very strong reception. It also generated significant media attention, including coverage in the Financial Times and World of Interiors, among others. On the pictures here, you can see some of the designs from the collection, which are now also on display at our design center and showroom in Chelsea. This is a good example of how we continue to build on Cole & Son's strong heritage while creating new and relevant expressions for today's market. Moving on to Pappelina. The brand continues to strengthen its position through new product launches, increased international visibility, and targeted brand-building activities across three key markets. For autumn/winter 2026, Pappelina launched two designs called Mimi and Nils, introducing new textures and weaving techniques while continuing to develop Pappelina's distinctive expression. At the bottom right, you can see Nils with a woven It's woven with a linen warp, and the linen gives the rug a natural sheen and a richer, more textile-like character, while the structure of the weave creates a subtle pattern and added depth. Internationally, we continue to build the brand's presence in several important markets. In the U.S., Pappelina exhibited at Shoppe Object in New York in August, while Norway was another focus market during September. The brand also received editorial visibility in France and Germany, highlighting its design heritage and craftsmanship. We continue to invest in brand awareness through selected creative collaborations in key markets, including Sweden and France, which generates strong engagement and showcase Pappelina in authentic home environments to relevant design and interiors audiences. This was complemented by seasonal product-focused campaigns around outdoor living, hallways, and larger rug formats, helping us demonstrate the versatility of the collections across different rooms, environments, and seasons. With that, I will now hand over to Karin for some more information about our financials. Thank you, Johan. As stated earlier, we had a reported net sales of SEK 178 million, which corresponds to a growth of 3%. The organic growth was 2%, and we had a positive effect of currencies with 1 percentage point. This means that we are now flat year-on-year from an organic perspective, and we have a year-to-date impact of currencies of -2%. Gross margin expansion continued in the quarter, thanks to an increasing share of direct-to-consumer sales and positive product mix. Gross profit was SEK 111 million, and the margin was 62.4% compared to 60.6% same period last year. The EBITA was reported at SEK 24 million, which is the same as last year, while this quarter includes a restructuring cost for the change of Managing Director at Wall&decò. The EBITA margin was 13.2%, and the net profit for the period was SEK 16 million compared to SEK 13 million last year. The improvement compared to last year comes from lower finance costs and a positive net exchange rate differences in the finance net. The operating cash flow was SEK 39 million in the period compared to SEK 32 million prior year, mainly thanks to the working capital, which decreased SEK 8 million. It is in particular the inventory that has decreased during the period with SEK 14 million. Part is seasonality, where we build inventory before the manufacturing entities closed for a few weeks during the holiday period, and the rest is raw material. As I shared in the earlier calls this year in Q1 and Q2, we built raw material inventory as a preparation for changing a key supplier in Borås Tapetfabrik. This transition is now complete, and the raw material inventory is back on normal level. Looking at the operating cash flow rolling 12, it has continuously strengthened during the last year and is SEK 116 million rolling 12 compared to SEK 95 million last year, and the cash conversion is 92%. If we continue with looking at the net debt and leverage, the strong cash flow together with same level of investments and lower financing costs leads to a strong financial position. This chart illustrates how the net debt decrease steadily, both in absolute terms and as share of EBITA over the last years. As you can see, there is a temporary increase in second quarter during both years following the dividend payments, but the financial position recovers quickly. Reported net debt in third quarter was SEK 53 million compared to SEK 99 million last year, and the leverage 0.4 times EBITA compared to 0.7 times last year. With that, I hand over to Johan for a conclusion and looking ahead. Thank you, Karin. To summarize the third quarter, we continued to make progress in diversifying our sales channels and return to growth, with sales increased by 3% and four out of our five brands grew in the quarter. Direct-to-consumer was the main contributor to growth, with particularly strong development at Pappelina and Artscape, while we are also starting to see healthy growth levels at Boråstapeter. Cole & Son stabilized and returned to growth during the quarter, and this was the first full quarter with our new Managing Director driving the business. We have also continued to strengthen the leadership and the organization across the group, better aligning our capabilities with the strategic priorities we have set out, which was a key focus when I joined the business. In the quarter, we made a change to the Managing Director position at Wall&decò, where Christian now is the Managing Director, as well as we announced the promotion of Henrik Andersson to Managing Director for Boråstapeter during first half year of 2027. Looking ahead, our priorities remain clear. We will continue to accelerate direct to consumer with an increasing focus on driving traffic, improving conversion, and further developing the consumer experience. We will continue our international expansion, focusing our resources on the markets where we see the strongest potential for growth. Within hospitality, we will continue to broaden our product and service offering and build closer relationships with architects and interior designers. With the organizational changes we have made and the capabilities we have built, the focus now is increasingly on executing and translating these investments into sustainable, profitable growth. This gives us confidence that we are moving in the right direction and are gradually moving beyond the transition phase and back towards growth. With that, I leave it open for questions. If you wish to ask a question, please dial pound key 5 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 Benjamin Wahlstedt from ABGSC. Please go ahead. Good morning. First off, there was a bit of a glitch on my line, I believe. Did you say you'd share the D2C share for the group in Q4? Yes. Perfect. Thank you. Looking forward. Second, I was wondering if you could sort of share the size of the gross margin impact from the added D2C share or the D2C momentum, or otherwise give us some flavor on the gross margin bridge compared to last year, please. We'll not go into details on exactly what is driven by what part. What we can say is that the D2C is the main contributor of the margin expansion, and this is completely in line with our strategy. What is important to understand, though, which I think it's making it a bit harder for on your end on the whole P&L structure, but D2C comes with a higher gross margin, but it also comes with higher marketing and logistics costs. The gross margin expansion on the top is somewhat offset on the operational side. At the same time, we do see that the overall impact on the bottom line margin is accretive to the business. Yes, loud and clear. Would you care to size that accretion? What is the margin difference on an EBITA level? No, we don't really go into the details on the specific channels. What we can say is that it's accretive, and of course, it's one of the strategies that we've set out in the beginning. So overall, the strategic work is there. We know what we need to do, and we just need to continue to develop on this, and then we will translate that into a better bottom line margin as well. I think the reason I'm asking is we clearly see the gross margin impact, I think in this quarter and quarters past as well. However, the EBITA margin hasn't really developed the same way. Yeah, so that's sort of why I'm asking, I believe. Yeah. No, but I think it's a good question. I think looking at our operational costs, I think this is basically the last quarter. We talked about the organizational changes that we did during the year. So this is the last quarter where we have basically, we're meeting the same net of our central team investments that we did one year ago, where we put more people in place linked to both IT and e-commerce. So they are now in the base going forward. What's also particular in this quarter is the one-time costs that we had for the MD change at Wall&decò. Then, of course, you have the channel shift, which is affecting a little bit on marketing and logistics side when it comes to operational expenses. But overall, it should be accretive on bottom line. Perfect. Is it possible to give us a rough idea of the one-off costs related to the MD change? We don't share any particular details linked to individual matters. But of course, to replace an MD in a country outside of Sweden comes with certain costs linked to an MD transition. All right. You note that you expect a slowdown in external manufacturing growth. I was wondering if you could share what is driving this change of tone. I understand, you know, tough comps, et cetera, but have you taken all the customers you can and will start growing more with the market, or why is this slowing down your base case? No, I think we do have the larger customers that we brought into the business a couple of years ago are now in the base. So of course, that is one of the things that is affecting the business. At the same time, our manufacturing unit, the number one priority is to make sure that we provide good service and quality and product innovation for our own brands. So that is where the focus is. When it comes to manufacturing out in the world, there is, of course, a huge amount of business that is done which is not produced at our factory. But right now, our number one focus is on making sure that we develop the right service level, the right products, and quality to support our own brand's growth going forward. Thank you. Final question from me. Cole & Son looks to have stabilized on schedule, judging by previous comments by you in the beginning of the year. Is it possible for you to quantify the Q3 headwind, if any, from the sales channel shift you did during the beginning of the year? Yeah, I think if we go back a few quarters, we announced that we were going to make a few changes that we talked about already in February this year, that we knew would impact the business in the short term. That was linked to, we needed to do those in order to make sure that the long-term development for the brand was good. So those we have made, and the impact during the first half year was, of course, a lot bigger than we have anticipated them to be second half year. We do see that they return to growth now with 3%, and the effect of the changes that we did are diminishing as we go. Of course, the other shift that we're seeing linked to other channels is offsetting the impact in Q3, and we expect that to also happen in Q4. What we do see as well is that if we're talking about the D2C channel, we have not managed to grow Cole & Son at the same levels as the other brands, and I think there is potential for us to do that. We know what's done, it's just there is a little bit more work to do on the whole consumer experience linked to the Cole & Son website that we are actively working on. Perfect. Thank you. That's all I had for now. Good. Okay. Then we will move over to the written question, Johan, and I will read them to you. You mentioned the e-commerce organization have been strengthened across your brands. Are any e-commerce function run centrally, or is everything handled at brand level? No, this is one of the channels and functions that we co-run. We have resources on a central level which are driving change and making sure that we are focusing on the right areas, and then we have execution with brand teams out in the different markets that operates the daily business. This comes basically during the year, we have made a lot of platform changes. We have made four upgrades of new platforms, which of course has been primarily led by the group, but also with the brand team. It is more of making sure that we execute on the strategies that we are doing on the different areas where we need to do, so that all the brands team are clear with what is the focus areas. I think we all know what we need to do, it is just making sure that we all focus on the areas where we see the biggest bang for the buck at the moment, and I think that is very clear when we have a central leader driving the business and making sure that the focus is in the right areas. There is just so many things to do, so it is important to stay focused and continuing to do what we do. Second question. Was there anything specific that happened in U.S. during the quarter? How should we view the strong year-over-year growth there, and what should we expect going forward? I think when it comes to the U.S., that is a large market for us. It is our second market in size, and we do see that the climate in U.S. is performing well for us. What we can see as well is, of course, there is a bit of inflation going on. We do see that our products that are in the higher end of the pricing pyramids are not affected as much than the lower-end products. I think that is positive for us. When it comes to what is working well for us, it is basically all areas. We do see both distributors, agents set up, and our own channels are working well for us. I think that is positive. I also mentioned on the export from Artscape to Canada and Mexico, that has a bit of a decline in the quarter. We do see that offtake in those markets are well, and it's just a matter of when these tariff situations happens. One of the effects is that customers are reducing their inventory and just playing it out later on. We don't know what will happen in the future, but so far, we don't see any immediate offtake that are declining in the consumer sales. Can you broadly describe the split between in-house production and outsource? Has there been any significant changes in 2026? Where are you seeing the greatest cost pressure? I think from our point of view when it comes to manufacturing, we have a very flexible solution. Where it makes sense, we will use our in-house resources, meaning that when we have the ability to produce, when we have the right cost structure to produce, then we will produce it in-house. When we don't have that, it could be linked to specific techniques, it could be linked to different cost structure with different printing techniques, then we source externally. During 2026, we have not made too many changes linked to where we produce things, but basically kept the same allocation between internal and external for our brand. When it comes to cost pressure, I think all businesses see this, and it's basically linked to oil prices, raw material, everything that has to do with oil. We also see quite a bit of increase when it comes to transportation costs. Of course, these are things that every single business out there is needed to cope with, and so are we. But of course, there is pressure on basically all ends linked to what's happening out in the world. Yeah. Can you discuss a bit on the growth for the general wallpaper industry? What trends do you see? I think this differs a bit when it comes to different markets. We do see that in the U.S., things are working well. I think there we have a positive trend, and I think it's trending more and more as it goes, which I think is positive. We also do see that when it comes to the market, that more premium products are increasing, whereas the basic assortments are basically flat. I think it's just a very different model since every country is basically different when it comes to the different trends. Overall, North America positive, and I would say that U.K. has had a challenging period, whereas rest of Europe is basically on par with the latest development in the category. Final question so far. Congrats for minus one net debt excluding leasing. Can you repeat your strategy regarding acquisitions? Yes. Of course, one of our key areas in our long-term strategy is to have a good and strong financial position, and that we have. We've done a good job on reducing our net debt. When it comes to acquisitions, I think first and foremost, we are working on our organic growth and following our key strategy. Acquisitions, we are looking at. We have dialogues ongoing with several different partners. For us, as we've shared before, we are not going to go out and buy something just for the sake of buying something, but it's important that it makes sense for us. It should fit within the group, and we should be able to make something better of it than it is where it is today. There are not hundreds of different companies out there, but there are companies, and we are actively looking at them right now. Good. With that, we are done with the questions and with this third quarter. We want to wish everybody a good rest of the year. Then we will get back again with our Q4 report. Thank you very much.