Welcome to Energy Save Q2 2026 conference call. For the first part of the conference call, the participants will be in listen-only mode. During the question- and- answer 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 speakers, CEO Yibo Zhao and CFO Helena Wachtmeister. Please go ahead. Thank you very much, and welcome to this interim report, covering the period of the 1st of January to the 30th of June 2026. I will begin with some short figures. As previously communicated, in the quarter we see a low net revenue the second quarter of the year. Compared to last year, revenue increased by 30% to SEK 20 million, but compared to the previous quarter, we see a total decrease of 60%. This pattern is mainly the same as the corresponding quarter of last year, where we also had a seasonal downturn and a large effect from ODM/white label customers balancing their stock levels. On the positive side, we are seeing improved turnover on a rolling 12 months basis by 7%. This is indicating a momentum for us moving into the heating season that we consider to be a very positive sign, leaving this low season and this quarter behind us. Sales on our own product brand, ES Energy Save, increased by 23% in the quarter, reaching SEK 13.8 million. The ODM/white label sales increased by 46% to SEK 6.2 million. Both areas decreased compared to the previous quarter, but we saw the largest decrease in the ODM/white label sales segments. Cost levels are still balanced and are still also decreasing. We saw in the quarter an OpEx decrease of 7%, approximately, compared to last year. The low seasonal revenue in this quarter resulted in a negative EBIT of SEK -13.4 million. This corresponds to an EBIT margin of approximately -57%. We are currently now in a shift of refrigerants, so we are switching to propane across all our product lines. Worth a mention in this quarter is that even though we have low levels of sales, we do have the highest levels of sales so far in the R290 segment in our own brand, ES Energy Save sales. So this is also something indicating a momentum for us moving into the heating season. Thank you very much, Helena. We, as Helena also said, do see that both sales and demand for own ES Energy Save brand units are growing the market in both Residential and Commercial. We are also growing in our ODM/white label sales. During quarter two, we initiated a spare part partnership together with JS Energi in Sweden. This is as we are increasing our heat pump population in Sweden. We are getting prepared for a long-term collaboration when it comes to spare part distribution within the Nordic countries. We will come back a little bit more on this later when we go through the numbers on the region part. Also in the second quarter, we changed the name of our company name from ES Energy Save Holding AB to ES Group AB. This is to clarify in part our strategy when we go to the markets with both ES Group, we have the capabilities, competency, product platform to do ODM/white label. Meanwhile, differentiate our own products brand of ES Energy Save. Actually, this enables us to be able to go to the market on the two paths and more clearing our communication, also toward the investors. After the end of the quarter, we secured a financing of SEK 17.8 million gross capital to strategy investors. With the money, we aim to continue to accelerate our growth in the ODM/white label segment and also the Commercial business segment. Okay. With that summarized, we are looking in a bit more specifically on the numbers here. Net revenue and operating income. Here you can see clearly the pattern is the same as the second quarter of last year. We saw an increase from low levels in net revenue by 30%, reaching SEK 20 million, and an increase in operating income by 42%, reaching SEK 23.6 million in the quarter. This is also where we can find that we have on a rolling 12 months an increase in net revenue by 7%. This is the momentum I mentioned earlier. Looking into the business area split in the quarter, we see an increase here both on the Residential property side and on the Commercial property side. Residential property sales increased by 30%, reaching SEK 17.3 million in the quarter. On the Commercial property side, an increase by 36% to SEK 2.4 million in the quarter, approximately. This increase on both segments is increased sales of R290 units. This is a very positive indication. The increase in the Commercial property is actually big enough that sales on the Commercial property this quarter is approximately 50% propane units now. That is a good number for looking forward. Well, we can also add here to this is that by end of quarter one, we formally introduced our R290 for Commercial units to our distributor, to the market. The units that we distributed over the second quarter are mainly first installations, where we supported and trained our distribution network with the training programs to secure that they have confident and good startups. With all the good things we have done the second quarter, we expect we can accelerate later on the second half of this year. On the brand sales split, we see, I mentioned on the first slide, an increase on ODM/white label sales by 46% in the quarter. This is from low levels. ES Energy Save, our own brand, sales by 23%, reaching SEK 13.8 million in the quarter. This was also an increase on both sides to the comparison quarter, but a decrease to the previous quarter. I move on to the geographical split of sales. Here we can see an increase on the Scandinavian market by 208%. This is also from low levels, but still a significant increase, reaching SEK 4.8 million, compared to SEK 1.6 million in the comparison quarter of last year. Europe, except from Scandinavia, increased by 10%, reaching SEK 15.2 million, compared to SEK 13.9 million in the comparison quarter. The increase here on the Scandinavian market has mainly two reasons. First off, we have seen an increase really throughout the year, but especially in this quarter, in sales activities promoting older refrigerant units, mainly on the Swedish market. But we also see a positive increase overall to sales on the Danish market. This is also a very positive sign in this. What I can add on this topic is that we are increasing our population of heat pump, ES Energy Save brand heat pump, in the Scandinavian markets. For this reason, we do see that, okay, in order to deliver a good customer satisfaction throughout the lifetime of the heat pump, we needed to collaborate with JS Energi. So we enter alliance and partnership together with them, where they can help. They are very skilled in distributing spare parts throughout the Nordic market. So we enter alliance partnership together with JS Energi in order to secure a future high service level to the end customer that has acquired ES Energy Save brand heat pumps. Exactly. Heat pumps sold, we have sold 405 heat pumps in the quarter. This is to be compared with the second quarter of last year, where we sold 247 heat pumps. I think I'll be moving on from that to the OpEx slide. No, sorry. So the OpEx, I mentioned it on the first slide, a 7% decrease in overall costs. The split here is a decrease of other external costs by 13% from the comparison quarter, reaching SEK 8.4 million in the quarter. In the comparison quarter, OpEx, other external cost was SEK 9.7 million. Personnel expenses, slight decrease by 1%, reaching SEK 10.4 million in the quarter. All in all, OpEx for the quarter reached SEK 18.8 million, and this is a sign, we believe, both to our now stabilized cost, but that we are still having a continued cost awareness and decreasing costs where possible. Moving on to the EBIT and margins. As we expected, we have a low EBIT margin for the second quarter. This was negative by -57%, following a similar pattern as last year's second quarter with season and ODM/white label customers balancing their stock. Gross margin also was to look at, decreased to 25% in the quarter, compared to 29% last year. This is affected a lot by the increased sales activity on the Nordic market and overall promoting older refrigerants. And with the rest of the quarter having an otherwise low revenue, the effect is larger than it would be a normal quarter. I also want to say on this slide that we do expect to improve margins moving into the heating season. Looking at the balance sheet, we notice a continued decrease here in our stock levels. This is, as in previous quarters during the year and also last year, due to continued sales activities promoting the older stock units and with the older refrigerants. Really, we are in a shift here, moving into propane over time. At the same time as we are promoting these older units, we are also stocking up on R290, on propane units. All in all, we do have a very healthy stock level, and we will continue this work to phase in propane products and phase out the older refrigerants. About the cash flow. Total cash flow in this quarter was SEK -4.2 million. This is to be compared to cash flow in the comparison quarter last year, SEK -8.6 million. All in all, cash decreased by 13%, and cash at the end of the quarter was SEK 18.4 million compared to SEK 20.7 million in the comparison quarter of last year. Very good. Summarizing a bit about the specific achievements and milestones that have been reached in the period. We did increase net revenue for both our own brand and the ODM/white label sales, but we did that from very low levels for the quarter, and we do expect better revenue levels moving on. If you look at the rolling 12 months, you can see that net revenue has increased by 7%, which is a very good sign for us, and it is showing momentum moving into the high season and leaving this low revenue quarter behind us. Even though we did have a seasonal low net revenue, we did achieve the highest quarterly net revenue for our propane units, our R290 units, than we have before on our ES Energy Save brand, that is. Here we saw increased sales both on the Residential side and on the Commercial property side. On the Commercial property side, of course, we have not had an updated refrigerant in a long time, so this is a particular success on the sales side. During the quarter also, we did change the company name to ES Group, which is the name of the company now. Yibo mentioned a bit about the reasons for that before. We want to specify ES Energy Save as our own brand and separate it from other customer brands. During the quarter, we also started a spare part partnership with JS Energi to cover the Nordic regions and to increase offer to market and the sales availability in the Nordic markets. All right. Look at the future, moving forward now. EU published the EU Electrification Action Plan that proves electrification will continue to have a very high importance for the European future. It basically said that EU is being very dependent on the fossil fuels today, and EU need to build more internal resilience toward the dependency on the external factors. Especially in quarter two, we had a very turbulent situation in the global world with the War in Ukraine that filled up the different energy prices. By the electrification plan, it addresses the importance to electrify Europe and being self-dependent to create resilience. What is interesting here is the position of heat pump industry and ES Energy Save's position in that industry. What the plan says is by 2030, EU has identified three main bottlenecks when it comes to further develop the heat pump to build up the resilience. Number one is the primary initial installation and purchase cost for the heat pumps. Secondly is the running costs of heat pumps. Thirdly is the installation, lack of installers. All the three topics are being handled in the EU Electrification Action Plan. Number one, installation costs, the EU is promoting, encouraging these member countries to reduce the taxes or increase subsidies for the initial purchases of deploying more heat pumps. The plan is to grow from 2.5 million heat pumps to 4 million heat pump a year. The second one is come to running cost. The ratio between the gas prices toward electricity prices is going to be kept within [2.5 million heat pumps]. What does that mean? If we converge the prices into heating efficiency, so to say, 1 kWh of fossil fuel costs one unit of currency. Meanwhile, 1 kW, when it come from electricity, 1 kWh will cost 2.5 kWh unit of currency. This means that if we add also the heat pump industry's efficiency to that means when converting four kilo for our ES Energy Save brand heat pumps, the efficiency is the COP value is top level at 4.0, meaning getting 4 kWh of heating will cost [two unit of currency]. Getting 4 kWh of heating power in fossil fuel will cost four. This year, we have a gap of 1.5, which means that this creates the possibility for the heat pumps to be more cost-efficient only, also on the running costs. The last part is the installation bottleneck that is going to train more installers when it comes to heat pump competence. Everything will also be cleared out later when the Europeans publish the different subsegments on this action plan. But we welcome the plan for the electrification action plan as a part of important role for the rolling out even more heat pumps to the European market and build the resilience. We also had the capital market on directed share, as I said before, and we will further promote and develop our business in white label segment as well as our Commercial business segment. During second quarter, we accelerated our training programs toward the different distributors in our network and their installers. So we had a good training on them, both on the hardware and also on the digital solutions. And we're eliminating or we're mitigating the different bottlenecks of deploying more heat pumps to the market. Number one is the cost of project management more quicker to address the different scenarios when it comes to that, and the different products needed for the different heating needs. Secondly, it's also that we have trained the distributors and installers with ES heat pumps to quicken the installations. By quicken the installation, we actually mean that the same installer has more time to deploy more heat pumps on the market compared to the competitors' efficiency when it comes to efficient installations. This strengthens our position in the value chain. Now, as we are moving into the heating season, if the plan orders materialize, we target to approach break-even for the full year of 2026. Very good. Okay, with that, Yibo, we will now end the presentation and move into the Q&A part of the presentation. 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 M. from ABG Sundal Collier. Please go ahead. Hi, Helena and Yibo. Just a couple of questions from me. You said that you expect your margins to improve. While Commercial is already around 50% of propane, the older refrigerant stock is basically cleared. Can you give any sort of indication of where the gross margin could land? Does the propane range carry a higher margin than the units it's replacing? Just maybe give us some flavor on that. I think the largest variation we will see on the gross margins is between the Commercial segment and the Residential segment. The Residential segment will likely remain similar margins to the margins that we have had historically on villa units. But on the Commercial side, we can see higher margins, likely. This is the historical pattern at least, and we believe that will continue. I would say the margins that we have had before, around 30%, is a reasonable level. But we are affected of course, if there is a lot of sales within that we have direct deliveries for. That usually lowers gross margins, but increased overall turnover. Therefore, it is hard to guide towards this. We will be around 30% because we will always choose higher turnover, and that might affect margins a bit, but of course, contribute more to EBIT. I hope that is enough of an answer. It is not crystal clear, but that is our aim. Yes. Thank you. That was very clear. In your report, you guided for how to reach break even for the full year. If we just look at this first half of the year, EBIT is around SEK -17 million. Yeah. That is quite a large swing into H2. Could you maybe help us on this bridge, how much is maybe from postponed white label volume versus maybe cost improvements and, well, just give us some more flavor on this. Both will contribute increased revenue and cost cuts, but mainly it will come from revenue in the heating season. That will be the main contributor to us approaching a break-even for the full year. I think over the past eight months, we can see stronger and stronger tendencies that our traditional house seasonality is coming back. This will, of course, affect our planning. We are seeing that with our business model, the bigger volume will come when the heating season, after summer period where people are entering the winter. Let us remember that 2026, we started with a record low temperature, record long winter in Europe. Now when people are coming back, people need to secure their hubs and facilities, upgrading those with heat pumps. Especially now with the Electrification Action Plans published, I think there are more and more, how to say, incentive to switching to a heat pump from traditional fossil fuels. You can also add that this is very true for the Residential segment, right? Yes. For the Commercial segment, it is very possible that we will not see that kind of tendency to increase seasonal variations, but a more even pattern on that side. Yeah. These orders that you are expecting in the second half, can you tell us maybe how much is actually contracted versus maybe just a forecast that you are leaning on? Essentially, I am just asking how confident are you that H2 will pick up? I understand. We expressed this in the way that it is planned orders. We cannot, and we do not really comment on our order stock, and we do not comment on specific customers. But we do feel pretty confident that if the orders that we do have planned today materialize, then we will be able to approach break-even for the full year. Okay. Thank you. That was all from my end. Great. Thank you very much, Lara. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Karl Bokvist from ABG Sundal Collier. Please go ahead. Yes, thank you. Good morning. My first one is more of a market dynamic question. We see quite large differences in how different countries in Europe are growing when it comes to heat pump volumes. Given the fact that the last couple of years you have been both on your own, but especially with partnerships, trying to establish a presence also outside the Nordics, I am just curious to understand a little bit how you feel positioned in key markets such as Germany now, for example, which are growing very strongly when we look at overall volumes. To answer that, we really need to separate the ODM/white label customers, where we do not always have a full. We know which markets those customers are present in, but we can reach markets via those customers, but we do not have the full sight into their sales. Then on the ES Energy Save sales side, especially with the propane units now, we are noticing that we are entering markets that have previously been small for us or non-existing even. Sales on that side are stronger than before on the Spanish market, for instance, on the German market. Yes. Am I missing something? Italian market. Oh, the Italian market. Yes. We are increasing. This is also partly the reason we are increasing our trainings to the customers and distributor in those countries. We do see a strong momentum, also a strong interest for our brand. But as ES Energy Save, a smaller brand with limited resource, we try to focus our resources where the trainees or where we get the maximum effect. As a new smaller brand to compete with the bigger brands, it will take us some more time to work. It will take us longer time compared to all the already established brands to get a presence. But when we do that, we're quite confident with our unique selling points, with our digital tools, with our very good heat pumps. We're very confident that we will see to develop those markets further. Yeah. Understood. Also just to follow up on Lara's question before here about the orders towards ODM and so on. You briefly talked about this a little bit, Helena, now, but is there any way you can keep track of their performance either through distribution channels or market data that you have access or that you have a bit of a sense at least that your customers are selling a certain number of volumes and that you will therefore be prepared for an upcoming order, for example? Yeah, of course, we have a very close collaboration with our customers and receive a lot of information from them that we can't really forward. But we know, of course, approximately what markets they are present in. Those are also, I would say, overall, the same markets that we aim to grow in. That is Germany, the U.K., and Italy also. Yeah. Finally, just a bit of a reminder, perhaps, but when it comes to the heat pumps' function, what we talked about now in some other cases, during the summer with heat waves and so on, of course, also the European Heat Pump Association has tried to advocate for the heat pump's dual function use, that it can also stress a cooling technology. So can you just remind us how you are positioned technology-wise in the dual functionality of a heat pump? Yeah. Our heat pumps are available with our end portfolio for also the cooling. We have heat pump, we have fan coils, we have a competitive portfolio. This is also where we can see an increase from, for example, the Italian market, that we are delivering more and more heat pumps to those markets. Yeah, and that has been clear in product development for- Yes. a long time, that it will be a dual requirement. In some countries, even an actual requirement, I think, for subsidies and so on. Yes. Yeah. It is a- We are seeing an increased demand in those units, so we need to be better prepared also for the coming years to also be more communicative in this, also in the cooling modes for heat pump products. That is clear. Thank you. Thank you. Thank you very much, Karl. There are no more questions at this time. I hand the conference back to the speakers for written questions, any closing comments. Thank you very much. We do have a couple of written questions here. Let's see. Where to start here. This question we have touched on, but it could be a good thing to clarify. The question is: The report notes that second quarter revenue is low because people buy fewer heat pumps during warmer months. What are you doing to make your sales more stable during the spring and summer? I think we mentioned this a bit regarding our different business segments, that we have had a low revenue for a while now on the Commercial side, which stems a lot from product updates. We haven't shifted the refrigerant as frequently for the Commercial products. Therefore, just increasing that sales side, which we aim to, and now have a great possibility to do, will stabilize sales throughout the year. Yeah. Also increasing on our Commercial segments to balance that even more, because the Commercial side is less volatile when it comes to seasonality. Yeah. Great. Okay, moving on. The second question I have here is regarding the company name. The question is: So why did you change the company name from ES Energy Save Holding to ES Group? There is also a question: How does this help you grow or find new business partners? Obviously, not the name change on its own will, but the clarification has some form of value, actually, in the market. Yeah. Imagine Volvo Group. Maybe it sounds strange when we are a small ES Energy Save or ES Group compared to Volvo Group, but I've been involved for many years, where Volvo Group is the platform. They have the different truck brands. The same we are going to do with ES Group. ES Group lays the foundation, the base for the platform. We have the same digital tools, the same product technology platform, and that product platform can be adopted, customized to different brands. By changing the name, ES Group, it help us to go to the customers and secure the business alliances together with them to make sure that we enable our product platform for their brand, unique design or under their brand. Meanwhile, ES Energy Save, we can develop ES Energy Save as a separate product brand name. We can use that product to go to the niches that it fits for ES Energy Save brand, and the communication will not be mixed. This here, we see as an enabler to actually accelerate our businesses even more. Yeah. Exactly. Okay. Next question is a bit hard to answer. Can you tell us something about your order intake? We do not comment on our order stock, or on specific orders unless we have to for communicative reasons. What we can say about that is really to repeat what we mentioned about turnover for the full year, that the planned orders that we have, if they materialize, then we will be able to approach break-even for the full year of 2026. Yeah. If you don't want to add something, I will- No, that's perfect. Okay, so next question here is: You just teamed up with Enrad to work on propane heat pumps for large Commercial buildings. When do you expect this new tech partnership to start bringing in sales? That is the Enrad collaboration was communicated after the end of this report, so the beginning of this current third quarter, this collaboration. We have a collaboration with Enrad, where we are going to add a strategic partnership on virtual part, where our portfolio can be a complementary to their portfolio, and their technology can be a provider to, or complement to our portfolio. Yeah. We really are entering the best of the both works. We expect that we are going to have some initial to further strengthen with different startup of the collaboration now in this. We expect that we are going to have some business on mutual side during this year and next year. Moving on then. Some questions we have touched, but we will, of course, take the possibility to clarify anything. Question is: Analysts predict the company could return to a positive operating profit in the second half of the year. The question is here, what needs to happen for the company to finally become profitable? We need to further strengthen our sales capabilities. We need to be better or even more as the market has been recovering the past two years. We need to be further more into the market and develop the business in all the three segments: on the ES brand, on the Residential part, on the ES brand, on the Commercial part, but also very important is we success in our investment here when it comes to the ODM/white label segment. Yes, especially since we have a large volume potential in that segment. Yes, of course. All right. Next question is, you say that you are on track to break even for 2026. Yes, this is correct. Does this mean you do not have to raise any more money anytime soon? This, of course, is a financing board decision. We believe that with the money we have brought in now, we will be able to launch and to kick off sales on the ODM/white label sales side, and also on the Commercial side for Energy Save, we believe that that will be sufficient to make all the sales initiatives happen that we want to. However, if there is a possibility that could kick off our sales even more, we should never exclude it, but we believe that this intake of capital will cover the plans and the sales initiatives that we wish to make during the following year. Okay. Yes, next question. Do you believe that the turnover for Commercial products now will get a significant increase during 2026? Yes. We have been lacking the R290 propane units until this year, and now we have introduced it to the market. It has been very well received by the market and also the installations. With our customers we talked to, they are very happy to finally have it. They have said that they have been waiting for this for years. So now as we are ramping up the production pace of those units, we expect we are going to grow that business quite furtherly during 2026. This is also a very interesting question. It is really two questions. It is about what will ES do to increase sales, both on our own ES brand, what we will do to increase sales on ES brand, and what will we do to find new white label customers? We need to further develop what we are doing. Over the past two, three years, we have signed several new distributors in new countries, or several to new market for us. When we enter the new market, it takes some time initially. It takes most often longer. It does not just pop up. We have to build trust among our distribution network. We need to make sure that they want to promote our brand to their installers. We want to make sure that their installer promote our brand to the customer that has knocked on their door. This investment as a smaller brand, it takes slightly longer time than compared to a big, already established brand, where we need to even more focus on our unique selling point. What is ES Energy Save bringing value? We need to be better in communicating our digital values that we are all offering to the market. All the activity will create a momentum later, like we already see starting this year. Right. A moment of increase of the ES. I think we can do even more here on this. We need to put into consideration of the seasonality. We need to invest more or we need to be more active in the different training activity, commission activities, and build the trust on the first half year, and we expect the fruits to be ripe, I would say, to be ripe the second half year. On the ODM/white label, we just initiated this brand change in quarter one. I think we are actively communicating the different shifts of the different meaning of ES brand, ES Group, and also ES Energy Save. We think that we are already on pace on that according to our plans. I think with some more time, we will see the effect of it. Great. You did speak a lot in the presentation also about the training program. This is a strength. This is of course the meaning of this also. Let us see now. Okay, this is a bit of a specific question regarding the capital shares issue and the full package of that, really. The question is, what does the placement of existing shares amounting to around SEK 4.4 million mean in the capital placement that was made together with the directed shares issue that we made? This is our partner, AMITIME, since many years, are entering into the stock market in their home country. With that, they are no longer allowed to own stocks in a Swedish company, and therefore, the ownership of AMITIME will be phased out, and has been sold then. This is part of the full sales of shares that was made recently. The partnership, however, is not affected by this. We still have our joint venture together with the European factory, and collaboration is as strong as it ever has been. This is merely something that has to be done. For them to get a stock list in China. Yeah. So that is the explanation of that post. Bit unclear, perhaps. We have a question about break-even once again here. When you talk about break-even for the year, are you talking about EBIT or net profit? And mainly we are talking about EBIT in that aspect, that we will have a possibility to approach break-even for the full year of 2026. Let's see here. Next question: have you noticed a shift in consumer sentiment towards heat pumps between now and the beginning of the year? So has there been a shift in demand, perhaps then, during the year? I would say some markets have developed strongly during the first half of the year. One good example is Denmark, right? Yes. Denmark, I'm not sure if I remember that figure now, but I think Denmark increased by- 50% in the Danish market. in the second quarter or in the first quarter? I think second quarter. That is a market that we have also seen affect our sales figures. There are other examples also, of course, of markets increasing. But we do expect to see main increases during the two second last quarters of the year, the final quarters. I think we had a very strong first quarter this year compared to the previous year, last year. That is partly because of the cold wintertime this year. Meanwhile, when we moved to the second quarter, we are still increasing and growing our business compared to the second quarter last year. But when the heating comes, and also when people know that there will be change subsidy on the European level, it will tend us to more that people wait to the second half year for the heat pumps. Right. Okay, very good. Next question also regarding the Enrad collaboration. The question is: will the two companies sell the other company's products? I believe they will promote each other's products. Is that correct? They will promote, or we will promote each other's products. We can also enable that we can sell each other's products. We are open for both. Our partnership can enable both parts of collaborations. Very good. Let's see now. Here we have a question about gross margins in the second half. How do your gross margins look in the second half of the year? Is it the same low levels as in the second quarter? I think we spoke with Lara a bit about this. The margins are affected by promotions in this quarter a lot. We do not expect those levels to persist during the year. With that being said, a high level of direct deliveries, high level of increased ODM sales, have a possibility to affect margins, to push margins down a bit. Then with the positive side that we will increase revenue, because there is such a volume potential on that side of the sales. Therefore, in a sales situation like that, we might choose promoting the higher volumes, since they have a contribution to EBIT in a whole other way than a smaller business with a high growth margin, of course. Yeah. What possibly is also worth to mention is, as a small brand, we are actually populating more ES brand heat pumps to the market, meaning that we need to build that presence. When we do the presence, we start with higher promotion levels in order to have people talk more about our brand, building awareness. This we have been doing, and we expect the market is going to, when the heating season starts, we expect the market margin to recover. Absolutely. Okay, let's see here. A couple more questions. We are okay on time, yes. Okay. I will take a few more questions. From the beginning of 2027, heat pumps with older refrigerants will be banned. How does this affect your sales, and how does this affect what you have in stock? We actually see it is very positive that the R290 will be the refrigerant that is upcoming. This is due to several reasons. This help us to actually build economic skills, concentrate on one technology platform on R290. Let's remember, ES has sold more than 10,000 R290 heat pumps in both [ES and brand], combined together with ODM. Our different customer here, ODM/white label brand, and this builds us a very strong. This create a very good reputation for the ES Group being able to open that business forward. When it comes to the older refrigerants, I think the European definition is placing those on the markets, meaning importing ban by end of or start of 1st of January next year. But also produce those units for the European markets. We do see that several of our customers are still demanding for the R290 or the older refrigerant units. Meanwhile, we are increasing, as we can see from the number this year, we are increasing the R290 to the. I think Helena said that we have a record high on the highest R290 production in the market. We will see that there will be a shift from the older refrigerants. I think the ultimate ban for not being able to sell this will be 2030. I believe that we have a healthy stock level, so we can both support the customer who still demand it, but also a good level so we can accelerate further deployment of R290 to the new markets we have entered. Yeah, very good. Okay, I am going to take two more questions then. Okay, so approach. What does this interval mean? I believe this points to the way we phrase ourselves about the break even, that we expect to be able to approach break even for the full year of 2026, given that planned orders materialize. The question is it to have over [SEK 0 million] in EBIT for the second half of the year, or being SEK 1 million-SEK 2 million close to break even? The reason that we are not more specific about this is that we cannot see exactly how these orders will fall out exactly in time. We know roughly, and therefore, we do not want to be more specific than that. That has no value to anyone, really. We do think that we have the chance to reach the goal full out, but we cannot be more specific than saying that we expect to approach the goal of break even. Yeah, I hope that explanation is good enough. Okay, this will be the last question. The Electrification Action Plan and the IAA seems to be promoting a European production over production in China, and in Asia. This is for the, what is it called? The Europe First or something expression wise. The Industrial Accelerator Act. Yes, exactly. Yeah. Yeah. That is correct. The question is, how does this affect ES Group since you partly produce in China? No, we welcome the European initiative with the different programs to have European production. ES has invested in European manufacturing, and this goes in line with our strategy in Europe for Europe, that we are moving production to Europe. We today already produce some of our heat pump models in Europe, and we welcome that because that shortens the planning time, that shortens the risk, that shortens the business risk. We do believe that it will create a more agile planning and business environment for us going ahead. Great. Okay, very good. With that, we can thank you all for listening in. Yeah, we will see you once again in three months approximately. Yes. If you wish. Thank you all for all the good questions today. Absolutely. Lots of great questions today. Thank you.