Welcome to the Energy Save Q3 2025 presentation. For the first part of the conference call, the participants will be in listen-only mode. During the Q&A session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now, I will hand the conference over to the Speaker CEO Fredrik Sävenstrand and Financial Controller Sebastian Idehed Frisk. Please go ahead. Thank you, and a warm welcome for everyone that is here and listening. Yes, as we just introduced, my name is Sebastian Idehed Frisk, Financial Controller, and here joined by CEO Fredrik Sävenstrand. Good morning. Good morning. To talk a little bit about the interim report for the third quarter of 2025, a quarter that is decided on having a strong recovery quarter- to- quarter, and we are well positioned for the last quarter of this year. Yep. There we go. Yes, so we have seen a strong recovery quarter- to- quarter with continued cost discipline and new products that are for us and putting us in a good position for the final quarter of this year. Yep. We have, in compared on year on year, a net sales decrease by 9% to SEK 46.3 million. As we push on, and we have written a lot in the quarterly report, we have an increase of 200% compared to the previous quarter that we discussed previously having a temporary setback. Yeah, due to OEM stock balancing in the second quarter. Exactly. We will come back to that. Yeah. Yeah. As Fredrik just said, this decrease in the net sales is derived mainly from the OEM sales that is decreasing by 22% due to the following of this stock balancing. We have seen that the OEM sales has properly picked up in the latter part of the third quarter. Yep. On the positive side, we also have an increase in ES sales by 20% to SEK 18.5 million from SEK 15.4 million. This is an increase that has a 65% increase quarter- to- quarter, so both expanding on the year on year and quarter- to- quarter. This has been a project or a result of having a favorable product mix during the quarter. As we also mentioned in the quarterly report, we have a non-recurring F-gas quota sales of about SEK 3.5 million that is pushing up ES sales a lot this quarter. Yep. Operating expenses are continuing to be decreased in comparison on year- on- year to the third quarter 2024 due to the savings package initiated. We continue to see good results and progress on the savings package. After the end of the quarter, we have a new distributor, JCE, that was added to the Chilean market. Yeah. A highly interesting corporation, highly interesting partner for us, JCE Group, Swedish company based in Gothenburg, but with quite extensive business going on in South America, not only in the Chilean market, but also in Brazil and other parts of the market. We are really enthusiastic about this partnership. They are long-term committed in South America and represent quite famous Swedish brands already on the South American market, so very positive for us. Very positive. Yep. We have strong indications that a strong internal risk is to be expected in the final quarter of this year, both in OEM sales due to the expected orders from the stock balancing that we saw in the temporary setback last quarter. We have in ES sales due to new propane product offerings and new distributors, and also in ES sales due to increased activity level promoting the R32 stock. Of course, we have very strong ES sales this quarter, but we expect the next quarter at least to have a stronger year on year if you look by looking at that. We also have a focus on the customer-driven product development in the OEM segment, both for residential and commercial. Yeah, we've been investing quite much as the ones that have followed the company in the last years know already, focusing on developing a propane product platform both for residential units and for commercial units. This has been connected with a rather extensive generic product development, and we're shifting focus to more customer-driven product development. A different phase we're entering into. Okay. Yes. The key word that we are pushing a lot on this is the strong quarter-on-quarter recovery by looking at the net revenue and operating income. We, of course, see here in the presentation that we have a decrease by 12% in the operating income and 9% in the net revenue by looking at year-on-year. As just described in the previous presentation slide, we have seen that OEM sales has picked up in the latter part of the third quarter. The key thing here is that we are back on similar levels that we have been before and that we saw that the Q2 low revenue and low operating income was a temporary setback, and we are pushing to get back to normal in that way. Quarter to quarter, we have a net revenue increase of 200% and operating income increased by 180%. That is a strong recovery. Yes. We also see improved margins. We have a gross profit that is a little bit decreased year on year. However, there was, as we just saw before, some more revenue in the year- on- year quarter comparison. However, the gross margin on net sales has increased from 28% to 33%. This is, of course, a major increase in gross margin, and this F-gas quota sales of SEK 3.5 million, as we have described before and talked about, has had an influence on this gross margin. The EBIT margin is improved, both, of course, quarter to quarter, as we had a minus 96% in the previous quarter, but also year on year. The EBIT margin of 7% is one of the stronger EBIT margins that we have had in the past quarters. Looking back to second quarter 2024, we can have a better EBIT margin. We have a strong recovery both in terms of revenue, but also in the margins. Yes, and we expect it to continue as well. Yes, exactly. Back on track a bit. We have also seen a strengthening in the cash flow. In the operating expenses that we have said before, we are still utilizing the savings package that we initiated in 2024. This provides us a stable cost base with a decrease of 27% in the other external costs and a small increase in personnel costs by 4%. This increase last quarter was 15% in the personnel costs, and now we're back more to an even cost rise in the personnel cost, a normal way of looking at that. We also see that the personnel changes that we made during the second quarter really started to have effect now in the latter part of the third quarter also. We also see, as we can see here, the strengthening in the operative cash flow of having SEK 725,000 instead of -SEK 4.6 million in the year-on-year comparison quarter last year. Even further looking back on the quarter-to-quarter, we had an even major increase in the operating cash flow while having the second quarter last, the last quarter that we just experienced had a negative of SEK 8.6 million. This is a strong, really, really strengthening of the cash flow situation. Looking on the business area sales, we have a very even year-on-year segment split between the residential and commercial. We do not see a lot of between these two comparison months. Yeah, and we expected not to start to shift maybe slightly more to commercial when we launched the commercial propane platform. That will be later on. So stable for now. For now, residential sales continue to drive revenue forward. Yes. A lot of initiatives in the commercial sides are expected to provide further expanding here in the coming quarters. The yearly decrease, as we described before in the residential property, is mainly due to that OEM sales picked up in the latter part of the third quarter. Looking quarter to quarter, we saw an increase across both residential by 206% and commercial by 207%. Again, emphasizing on a very strong recovery from the temporary setback that we saw in Q2. We also see very strong ES sales for this quarter, with having SEK 18.487 million sales in the ES sales, a 20% increase year- on- year, and also an increase quarter to quarter. This, as described before, with the F-gas quota that we sold for SEK 3.5 million, also driving up improved gross margins, but also driving up revenue within the ES brand. Of course, we have a non-recurrent or exceptional sale within this quarter, but even despite having that sale, we're still exceeding both year on year and quarter to quarter. We have found new distribution ways of selling our ES brand and reducing stock level. Yes. OEM sales is decreasing by 22% in a year- on- year comparison. This is due to that we also then saw in the latter part of the third quarter that the OEM sales were really picking up. The beginning of the third quarter, we had similar levels to the second quarter that we saw the temporary setback. Of course, quarter to quarter in the OEM sales, we see a major increase due to that we have described before. Recovery. We also see in the percentage split here between OEM and ES that ES stands for 40% rather than 30% in a year-on-year comparison, which is strengthening in our own brand, but also strengthening in the ES sales. In the geographic net sales, we still continue to have a very European sales focus. We are decreasing sales both in Scandinavia and Europe outside of Scandinavia. However, the percentage of sales is increasing outside of Scandinavia in Europe. We have a key focus here, and the majority of the net revenue in the rest of the European market consists of sales to the Polish markets, which accounted for about SEK 27.7 million, which stands for 65% of the revenue for this quarter. In that way, we're back to a normal pattern also when it comes to geographical split in sales. We are also glad to see an increase in the Scandinavian sales in the quarter-to-quarter comparison and also by looking at the full period of 2025. Also, the first quarter, we see an increase here by 122% compared to the second quarter. This is mainly due to that we are finding new ways of distribution, new customers here in Sweden. Emphasizing on the strong recovery again, we have a number of heat pumps sold. We're more back to an even base there with the setback that we see in the second quarter. We have a 12% decrease year on year from 1,284 to 1,134 now. Of course, the recovery is set during the latter part of the third quarter, and we have a 359%. Yeah, it's a bounce back that we expected and that we guided for as well in the last quarter. Not much to say. Looking at the balance sheet, we mainly focus on reduced inventory levels for this quarter, which we are happy to see an effect on. We have a decrease here of SEK 9.4 million, a decrease that we can see from strong ES sales during the quarter. We have developed more ways of selling from the stock that we currently have, and that is providing effect to our current inventory levels and driving cash flow up and providing space. Stock up on new propane units for both residential and future commercial segments. Yeah, that's been, I think we explained that in the last Q&A session and the last report as well. For a time now, we've been lowering with the old R32 units, but we've been stocking up the propane units in order to start delivery to the market. Now we started to deliver it, and the stock balance goes down gradually, as expected. Yes. Yes. Okay, so what can we expect moving forward? As Sebastian already mentioned, we have a positive outlook on the OEM business recovery to continue in the fourth quarter. We have started to deliver the new propane ES units under ES brand, which is a big thing for us. We have been working hard with certifying the units and getting them pre-qualified for subsidies across Europe where available. This is done. We are starting to deliver into the market. This means also that new distributors that we have signed in key markets in the last year that have been awaiting the start, being able to start to deliver to push sales on the propane units into their market, where propane units is a key thing. They are now kicking off sales under the ES brand. Also in the horizon, we are looking forward to start to deliver the ES Propane Units under ES brand as well. This will be introduced to the market in Q1 2026. General outlook on the market and our position is that the market has now entered into the peak season. We see clear signs of recovery or increased volumes in quite a few European markets in general. European markets saw 9% more heat pumps in the first half of 2025, for example. Applications on subsidies, private customers that applied for subsidies went up by 80% year- on- year in September. In Germany, it increased by 60% month on month or compared to previous month in Netherlands and also increased by 20% in the U.K. This is a more positive trend going on on a broader perspective than before. We see that the general outlook on our abilities is that our investments in the propane product platform are now starting to pay off both in the OEM segment, but also under the ES brand as we are starting to deliver into the market right now. All in all, we believe to be in a strong position moving forward. We are out of this challenging period where the OEMs were balancing their stock into the peak season. The saving package that we have started back almost nine months ago is continuing to provide positive effect to our result, to our business. Our strategic investments in IP and value chain put us in a very solid position moving forward. All in all, we expect a more growth-oriented and dynamic phase to continue that basically started in this last quarter. That pretty much is. Summary of the presentation, absolutely. I think so. Yeah, I think so also. We can actually then move on to the Q&A. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Lara Mohtadi from ABG Sundal Collier. Please go ahead. Hi, Lara. Just a couple of questions from my end. Firstly, you mentioned that OEM sales, they've resumed after these inventory adjustments. You mentioned this briefly, but do you have any visibility? You talked about Q4, but what about early 2026? We expect a quite solid return to at least normal levels. Of course, the corporation develops, so we expect gradually larger volumes as well moving forward. You will have some slight seasonality as well to consider during the first and second quarter, but we expect the recovery to continue and to develop in a solid way, I would say. Okay, very clear. Regarding your new propane R290 range, do these products carry a different margin profile compared to your legacy systems? Or can you talk anything about that? Sorry, one more time. Does it carry a different? Margin profile. No, not really. In line with our margin goals, etc., that we have communicated before, with the possibility to increase margins over time as we are building more and more digital capabilities around this propane offer, as we are in charge of everything from hardware design to software connectivity, HMI, and digital solutions. This builds up a possibility to work with, what do you say, adding services that can bring the margin up on the digital side, on the app side, basically. Not as we are starting the sales. No, it is on a historic level. Yeah. Okay, great. Very clear. Thank you. As you mentioned, your gross margin improved a bit, partly due to this F-gas effect. How should we think about the underlying gross margin, excluding this one-time effect and maybe the gross margin going forward? The gross margin to be on the normal level, I would say. Yeah, I would say most likely it will return to a normal level closer to what we have both year on year and quarter on quarter comparisons. This F-gas quota sales was deriving a lot of gross margin in terms of having a very good business for this F-gas quota. It did buffer up the gross margin a bit. However, we do not see a decrease in gross margin overall. It is not that it helps us provide more than we had, less than we had before. We are looking at an even gross margin for the coming quarters. It is not like it boosted it in a tremendous way. It was just affecting it slightly. Otherwise, we would see a greater effect in total. Of course, why we sold out the F-gas quota is because we do not need it anymore as we are shifting from R410, where F-gas quota, which actually was a stock product, so to say, F-gas quota, we do not need it to the same extent as we are shifting into propane units also on the commercial side. That is where you have the most refrigerant in the systems, etc. It was a good timing to sell this volume off. That is why we describe it as a non-recurring revenue also that we are not expecting to have this quarter- on- quarter. Yeah, but in a way, it has been part of building up the stock value on the R32 side or on the old assortment where the stock has been very high. In a way, it is in line with what we have planned to reduce the amount of R32 and R410 units in stock and also this F-gas quota. Okay. Very clear. Thank you. A bit on your new markets. You recently signed an agreement with JCE and your new distributor in Chile. What market potential do you see in this market? Do you have any timelines? When do you expect for this to start contributing to revenue? We expect it to start to contribute to revenue in the coming quarters already. We're pretty well prepared in this corporation. It has not been like an all of a sudden signed agreement. It has been prepared for quite some time. JCE is setting up this business in a very, very serious way. We have great expectations. It will start to generate revenue quite soon. We cannot say exactly in what volume. It will start with the Chilean market. The plan is, as communicated in the press release, to expand this into other regions. The distribution network for this kind of product in a way is already set up. That's normally where we get the quickest acceleration historically, in a way that they already have distributors across South America and shops and professional installers that are working with other products in the similar area. We have already seen interest. We are also looking at both segments, I guess. Yes, we are. And. My last one on your profitability. It was better than my expectations, at least when taking regard to the lower sales volumes. That has been partly due to your better cost initiatives. Would you say these initiatives have fully taken effect, or can we expect further cost reductions in the coming quarters? We have seen that the personnel cost that has been increasing for the last two quarters in terms of the saving package has started to give a greater effect in the latter part of the third quarter. We expect the personnel cost to not increase as much or be at the same level as on a year-on-year comparison. Of course, there is a normal level of increase in personnel costs each year, as we all know. We are not expecting to have this in a major part. For the other costs that we have, we are expecting to be in the same position as we've before, cost-minded in terms of what resources we can use to not exceed what we can purchase, but at the same time, not decreasing too much so that we can't have a good way of making sure that we are prepared for the future and for the future that we want to have. We have found a very stable cost-based relation today. We don't expect it to increase a lot, but the decrease of it should be normalized and standardized as we're coming further and further into 2025 and 2026. Okay, great. That was very clear. That was all from my end. Thank you very much. All right. Thank you very much. Thank you. The next question comes from Lucas Mattsson from Inderes. Please go ahead. Hello, Lucas here from Inderes. I hope you can hear me loud and clear. Loud and clear. Loud and clear, Lucas. Thank you. If we look at the European heat pump market, as you mentioned, sales increased by 9% during the first half of the year. Among the major players that have now reported the Q3 results, Germany is often highlighted as a particularly strong market, which is also supported by market data. Is that a trend that you are also noticing, and how important is the German market for you? German market will be an important market for us going forward. It is for sure an important market for us already through our OEM clients that are focusing and are very present in the German market. It is important for us. We have signed a few new distributors. We have not entered Germany before with the ES brand. Now we are entering the German market with the ES brand. This has been a little bit put on hold. Even if we sign the distributors, they have been waiting that our ES propane assortment that has been launched under OEM brand for quite some time now is ready in ES brands, fully certified and prepared for these markets. Now it is. Now they are starting to sell. It will gradually become a more and more important market to us, I would say. The German market is very dynamic in a way. This is where you have the most, how to say it, the most dynamic actors that are affecting the way of selling heat pumps more as part of a home energy management system, challenging the old distributors in a way. Lots of things are happening both on the OEM side, but also for us to enter with the ES brand on the ES distribution side. I don't know, Lucas, if that was clear enough, but please fill in with other questions. Yeah, thank you. Thank you. That's clear. I was thinking we have already seen statistics from underlying heat pump sales in countries such as Sweden and the Netherlands where growth actually appears to have slowed down somewhat compared to H1. How do you view the risk that the strong market development during the first half of the year was more temporary than structural? We have seen a number of applicants for subsidies to increase in the third quarter also. Yeah, yeah, yeah. We have, but you're comparing the recovery rate in the first half to what to expect in the second half. For us, it's not for us. It's very positive that these markets are developing in a positive way. If it's this much or that much, it doesn't really affect us in that way. I cannot answer. I do not think it's temporary. I believe this development will sooner or later come even stronger than what we have seen in the first half of the year. It's very difficult to predict quarter to quarter for us. For us, we're entering new markets. We're entering new markets with exactly the type of product that is very competitive in these markets: propane, easy to install. You can replace gas boiler one-on-one with our IP, ease of installation, design of hardware. We have a quite positive outlook in these markets. And we expect growth to continue for sure. All right. Lastly, how do you view the current competitive situation? We have seen some manufacturers pausing their plans to expand capacity. There has been talk about price pressure on mainly older models. Do you feel there is a price pressure in the market still? Price pressure on the R32 old units, you can say, in Eastern markets, markets that have dropped in three years by 80%. I agree. I confirm. Not in the growing markets in the same way at all because it is mainly propane. And propane is priced on a higher level. The technology is more expensive, which actually makes it easier to also sell whatever volume you can sell of R32 at better margins in these markets for some reason. The big OEM brands, that they are not building factories in the way that they announced in 2023, is not surprising to me at all. This will, of course, reduce the pressure of competition in a way going forward. Why build large, huge factories if the market is not developing according to expectations? It does not make sense. I am not surprised at all about this. Competition is shifting. It will be on traditional distribution. It will be we have lots to do on the ES brand distribution because we're so slow or so small, I would say. We can, with a strong product offer, good features, etc., we can challenge on the distribution side, the big brands on quality and performance and digital solutions. All in all, the development is, in a way, the traditional distribution will be challenged by the type of actors that are owning the customer in one or another way, for sure. It will be more shifting towards total energy systems for consumers and households, including EV, PV batteries, and heat pump in the total system. In this way, we can challenge with the ES brand in normal distribution, but we can also participate by adding lots of value to the challengers in the market, the OEM partners that we are signing, where flexibility and software side is extremely important. This is where we have our unique selling point in a way, in combination with our position in the value chain towards the OEM segments where we're looking at the challengers, the market challengers. Those are our partners on OEM side. Yeah, yeah. Thank you. That's very helpful. Thank you for taking my questions. You're welcome. Thank you very much for participating. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more phone questions at this time. I hand the conference back to the speakers for any written questions and closing comments. Perfect. Yes, we have received a number of written questions. First off, I have a question here about what are your thoughts about developing the ES brand in relation to future dependence of OEMs? We are shifting into a position where we will be more active in the OEM segment. We will position ourselves more clearly in the OEM segment than before. Historically, this OEM business has been rather opportunistic. In a way, we will position ES Group based on abilities for the OEM segment. We will position the Energy Save brand on distribution side on products, product concepts through distributors. Hopefully, moving forward, it will be more clear our position. We have both abilities. We will visualize this in a more clear way to the market. It will not be in conflict with each other, rather strengthening each other. We want to have a balance. We do not want to do only OEM, even if we are extremely well positioned to do that with the design capabilities, software capabilities, capacity to industrialize, shareholders in production line in Turkey, etc. This is not only what we want to do. We also want to be present with a strong, attractive offer on ES brand, both on residential and on commercial side. So let's say, even-steven, 50/50. We are introducing a lot of the ways of looking at for future sales and how we are working today is having this dualistic platform possibility to both sell within the ES brand and also OEM customers. This is the way we have invested in the technology platform as well, the tech stack that we built to go both ways. This is, of course, moving on to the customer-driven projects that we're now also discussing that we want to have and that we're looking for. Especially on the OEM side. Especially on the OEM side. Yep. Spinning a bit about this, we have another question that fills into this. How can you increase the incentives for installers to choose ES instead of other brands? Superior support, the best-in-class digital or software tools to quote and design and sell products. This is a very clear way of differentiating us towards others, like for example, the configurator that we have developed, the calculator, etc. Being present, supporting our distributors in the market. This is extremely important. It is smarter design, ease of installation on the hardware side, and providing added value in a way on the digital side that our competitors are not offering as we are so strong on the digital side. Could you please? Want to add something or no? No, no. Okay. Could you please then explain a little bit about the functions of the ES Configurator, ES Calculator, and ES Fleet Manager? We also have a question about this. We will need to extend this broadcast by one hour. No, I'm just kidding. No, it's a tool where you just feed basic data that is always available for real estate owners, property owners. How much is your current energy consumption? What kind of primary energy are you using? How much cold water are you consuming? Where is the building located? We feed this into the configurator and it automatically generates. This is for the commercial side where we do modular systems, quite big, complex systems. It automatically generates a system that is fit for your unique building, where it's located, what kind of additive heating you have available, or if you do not have additive heating available. It designs the system automatically in just a few seconds. You get the design schematics. You get the package, how you can configurate the digital file, how you can configurate the controller, how to dimension the piping. All of that is done automatically. It basically designs a quite complex system where we can modulate with up to 16 kW, 90 kW units into one orchestrated system in just a matter of seconds. If you look at what many combination possibilities there are, it may be like 500,000 or 800,000 different design schematics. It does this in just a matter of seconds. It speeds up the quotation and design phase quite much. This automatically in a digital or in an automated way can be transferred into doing energy calculation, which is the next tool to see, okay, with this system that will cost approximately this much and it will save approximately this much energy as well annually. This configuration can be fed automatically into the cloud, into the ES Fleet Manager. For the installer and the distributor, it's just to install according to the schematics, roughly like that. Yeah. Basically, what I'm trying to say here is that it's a broad way of looking at the way we can fill a lot of requests in terms of actually different types, as you mentioned. It also has the edge of being very, very sharp in terms of certain specifications. Yes. Yeah. Both broad and narrow. That's a good answer. We touched a little bit about the factory in Turkey. We have a question about this. What is the latest status update for the factory in Turkey? The latest update on Turkey is that we're actually planning to start pre or producing at small scale quite soon. The building of the factory is ongoing and has been slightly accelerated due to the fact that we have quite a few U.S. existing customers, not to us, but to the factory partner in China that wants to move production to Turkey out of a toll barrier issue between China and U.S. That Donald Trump thing with the tolls, the customs, has actually increased our will to speed up, to get started quicker than what we planned from the beginning. You mentioned in the CEO statement that ERA is developing in a positive way. Could you elaborate on that? When does the ERA agreement expire? The ERA agreement, from the beginning, it was a license agreement signed over four years with the supply agreement part over two years. Now we're in the middle of that supply agreement. We can see that what we previously communicated, that this is expected to generate between SEK 200 million and SEK 400 million in the first 30 months or 24 months. We expect it to come in in the upper tier of that. We're halfway into the term of that agreement part now. After that, we have another two years on the term of the license agreement, of course. That, we do not know exactly what it will generate. We have not communicated anything about that. Okay. We have a follow-up question about what we discussed before. We have a question here about what is the Fleet Manager doing? I think we touched on that. The fleet manager is monitoring over the year how the units that are orchestrated in a large commercial system or also on single units, of course, domestic units that you can follow it. You can dig into the unit. You can see how it works. If it does not work, you can work with surveillance. You can work with predictive maintenance, etc. Every unit that we supply into the market, we want to be connected to internet and to be found in our fleet manager. This creates, of course, a volume where you also can add services in the future. That is the fleet manager. Thank you. It makes it much easier also to troubleshoot and for us to support our distributors when we can see exactly what's happening inside the units or in the system on the flow side, on the distribution side, or within the thermodynamics and support our distributors in a superior way after sales. Would you describe that this Fleet Manager, for example, is one of the unique features that ES has compared to its competitors? No, I wouldn't say the fleet manager specifically because especially on larger systems, you have some type of fleet manager. It is part of the package. It is included in a way that makes us quite unique. Especially with the configurator and the calculator, the way it seamlessly flows from some basic input from the customer into the configuration, designing the system, calculating the system, configurating the system. You can just feed in a software file in the controller. It is automatically configured as it should be according to the configuration file that you received and then visualizing it in the fleet manager. That is a unique offer to have included together with the hardware. Definitely. We have a question here in terms of you say that you have started to deliver the new propane units under ES brand for the residential. Can you say anything about the response that we have received from the market? Very positive response, both on the hardware, ease of installation, design, but also on the software side where we have reached a totally new level all the way from HMI with responsiveness, the screen to digital solutions in terms of app. We received very positive feedback from the market. We are very happy about that. Yeah. Yeah. Tying a little bit into that and also what we cited before in terms of the ES Fleet Manager and such, what would you define as ES in terms of our uniqueness? Sorry, one more time. What does ES have for any other uniqueness other than what we already have been discussing? Yeah, but it's important to have in mind here the dual platforms that we have. If we talk about ES brand, we have uniqueness in the way we're packaging the units, the digital solutions, the configurator, all of that supporting package. We have unique features in the product. We have unique price performance position that is stronger than our competitors. Also, our distributors make more money working with us than with other famous brands. We're supporting them in a different way. We're treating them as partners, not as customers. When we look on the OEM side, it's rather not technical or IP features. It's the platform that we have built that makes the uniqueness, the ability that we have to industrialize and all of that and design unique products for customers with unique functionality when it comes to controlling the units. Then it's a different thing. It is not specific unique things in the product. It is the ability that we have that is our unique selling point on the OEM side. Exactly. The way of us being flexible in terms of actually looking at a number of potential customers or partners that you describe, this is one of the uniqueness that we have, that we are flexible in terms of actually providing what the customers and the partners want for the products that we can deliver. Yes. Super. I think we're pretty much. Yeah. We have a final question here. How do you look at social media marketing to build brand alongside current sales strategy? Social media to build brand, yes, we believe it's quite important. We will start to work with this more intensely. We have recruited competence on this side to the company. Now we're making kind of a brand refresh, and we will start to position both the ES brand and the abilities that we have on the group side towards OEM. For sure, social media will be important. We need to provide good content for our distributors if we talk on the ES side to work in their markets. Definitely, it will be more and more important. It will be included in our strategy. Yes. I think that is all of the questions that we have now received for today. Quite a few. Quite a few. Quite a few. Hopefully, we have been able to provide you with sufficient and good answers. Thank you so much for listening in and joining us today from both of our parts. We wish you a continuous good Thursday. Okay. Thank you. Thank you very much.