Good morning everyone, and thank you all for joining us today. I am Niklas Willstrand, Head of Communications at Fagerhult Group, and it is my pleasure to welcome you to our Q3 2026 results presentation. On the call today, we have, of course, President and CEO Bodil Sonesson, along with our CFO, Oscar Wallstén. Bodil will begin with an overview of the quarter, followed by an update on the executions of our strategic priorities and the progress made in key areas. Oscar will then provide a deeper dive into the group's financial performance. To close, Bodil will summarize the key points before we open the floor for your questions. We will start with questions from the conference call participants and then take questions from the webcast. You can ask questions by pressing pound key and five or in the chat window on your screen, and I will then read them up for Bodil and Oscar. Please note that today's session is being recorded and will be available on our website later today. With that, I will hand over to you, Bodil. Please go ahead. Thank you, Niklas, and also welcome from me to everybody who is on the call today. The market remained challenging during the third quarter, and our performance was below our expectations. Naturally, of course, we are not satisfied with the result. At the same time, we continue to execute on the actions within our control and took further steps to strengthen the group's profitability. Before I will come in on the number that you see on the slide, let me start with what I believe is the most important message from the quarter, and that is that the savings program of SEK 100 million that we communicated in July remains on track. The total cost savings in Q3 was SEK 51 million, and we had SEK 25 million related to the savings program. The additional SEK 26 million in the quarter of lower cost were related to lower commissions based on lower sales levels. We continue to work on additional cost savings measures and that they will be materialized in coming quarters. Then we had the additional SEK 120 million of savings from the strategic review. We have not yet seen those in our earnings. However, the activities leading to them are advancing. The first action was the one we announced for LTS in Germany, and it is the first concrete steps in delivering on that SEK 120 million, and work is ongoing in several other areas across the group. As these initiatives mature, we will also communicate them to the markets. If we then turn to the quarter, EBITA, before items affecting comparability, amounted to SEK 130 million compared with SEK 173 million last year, and that correspond to a margin of 7%. While profitability was impacted by the lower volumes, the EBITA margin stabilized at a level in line with the second quarter 2026, which is reflecting our cost discipline and the impact of the actions already implemented. The order intake was a disappointment. It weakened during the quarter and amounted to SEK 1.7 billion, corresponding to an organic decrease of 13.8%. This is reflecting that activity in larger projects remained very limited across all our main markets. Alongside the cost and efficiency measures, we are also increasing our focus on initiatives that can support growth also in the near time. Across the Group, we are strengthening pipeline management, lead generation, and commercial execution. As an example, within business area Premium in particular, we are accelerating our focus on the installed base, and as you know, we have been in the market for many years targeting renovation and upgrade opportunities where customers can improve energy efficiency, sustainability, and lighting performance. While these initiatives will not fully offset weaker market opportunities, they enable us to capture opportunities that are less dependent on new construction and strengthening our position in the market. It is also very much in line with our renovation focus that you have heard us speaking about for quite a while. Net sales in the quarter amounted to SEK 1.86 billion, which was compared to SEK 2.027 billion last year. The decrease was mainly attributable to lower order intake in previous quarters at the beginning of the year and adjusted for currency effects and acquisitions, net sales decreased organically by 9%. Despite the market environment, we continued to see positive development in several parts of the Group, in particular in iGuzzini, LED Linear, Trato TLV, and Designplan, who delivered encouraging performance supported by resilient demand in selected customer segments and geographies. It means it does not look the same everywhere, so there are segments and geographies that are more positive. Work on the strategic review continued during the quarter with focus on strengthening our core European business, improving cost efficiency, and accelerating growth in selected areas. As I said, LTS in Germany, which I will come back to give you a little bit more detail on, and progress on the growth side in data centers are two concrete examples how we move from strategy to execution. As we enter the final quarter of the year, the market remains challenging with limited visibility, and we remain focused on our strategic priorities to building a stronger foundation for the future. If we then move into and look at what we presented in July, that was that we communicated our strategic review to the market. If we look into our three clear priorities that we communicated, they were reducing costs while strengthening our European core business, maintaining our leadership in innovation while accelerating in high-growth segments and leveraging the strength of the Group more effectively. We have already started to turn these priorities in concrete examples. Coming back to LTS in Germany, there we have taken an important step to strengthen long-term profitability. What do we do? We bring in the sales organization of LTS and Fagerhult together while we are optimizing the product portfolio, and we are closing the production facility in Germany, which we announced in September. The production will be relocated to other facilities within the group. These measures will improve competitiveness while also representing the first concrete actions resulting from the strategic review. LTS is one example of what we have been executing in the period, but you also have agreed to divest our Estonian subsidiary, and they will become a distributor instead. We are changing the model, so they will continue to sell our products. We maintain the presence in the market, while at the same time simplifying the group structure. In addition, we have also signed an agreement to sell our office property in Guildford in the U.K., and that will contribute positively to our cash flow and net debt in the fourth quarter. These are some good examples of how we are translating the strategic review into concrete actions. Some initiatives improve profitability, others simplify the business or strengthen the balance sheet, but all support our ambition to build a stronger, more focused group. At the same time, we continue to invest in areas where we see attractive growth opportunities. Data centers is one of those areas, and we now have experience from more than 60 projects across Europe, and we have secured a number of new projects during the quarter, including during the last third quarter. This gives us an increasingly strong platform from which to develop a more coordinated European offering across the group and further expand our position in this segment. As you know, innovation remains equally important of long-term growth. During the quarter, as an example, at LED Linear, we have launched an upgrade of the TIME series, which is one of the brand's largest product families. The new offering includes a new lighting package designed to provide higher efficiency that meets the high demands of modern workplaces with an excellent lighting quality. These different examples, together with our cost savings programs, all point in the same direction. We are simplifying the business, improving efficiency, strengthening competitiveness, and investing where we see the greatest long-term opportunities. With that, I will hand over to Oscar, who will take you through the financial performance in detail. Thank you, Bodil, and good morning to all of you. Let me now take you through the financial development in the quarter. As Bodil has described, market conditions remained challenging across most of our markets during the period. Activity in new construction continued to be weak, and customers remained cautious when making investment decisions. While profitability and cash generation remained below our expectations, there is evidence that our strategic operational improvement initiatives are starting to gain traction, as Bodil mentioned. Throughout the quarter, we maintained a strong focus on cost control, and we will continue to focus on operational efficiency and working capital management. Let me now move to the financial summary for the quarter. Net sales decreased 8.2% during the quarter, reflecting continued weak demand across most of the markets. While not reflected in the table, the report also highlights a decline in gross margin. The 3.6 percentage point decrease was primarily driven by lower volumes in Collection and Premium, where the cost base has not yet been fully adjusted to current demand levels. In addition, material and production costs accounted for a larger share of sales compared with previous quarter or previous year, sorry. EBITA before IAC amounted to SEK 130 million, compared with SEK 173 million in the corresponding quarter last year. Reported earnings benefited from a positive non-recurring earn-out revaluation related to Capelon of approximately SEK 30 million. Excluding this item, underlying profitability remained under pressure due to lower volumes, continued margin pressure in several business areas. Cash flow remained weak during the quarter, and improving cash generation continues to be key management priority. Let me now turn to profitability. Reported EBITA margin before items affecting comparability was 7% in the third quarter, compared with 8.6% in the corresponding period last year. It is important to note again that the quarter includes a positive non-recurring earn-out accrual release of SEK 29.7 million. This item had a positive impact on reported earnings and should not be viewed as a part of underlying operational performance. Excluding that item, the EBITA margin would have been approximately 5.4%, highlighting that underlying profitability remains challenging by lower market activity and reduced volumes. That said, we are encouraged by the operational improvements we are beginning to see. Cost-saving initiatives and continued cost discipline are contributing positively, and we saw particularly good progress in Professional and Infrastructure during the quarter. Looking at the rolling 12-month perspective, the EBITA margin decreased from 6.9% to 6.5%. This underlines that while we are seeing early signs of operational progress, there is still considerable work ahead before profitability returns to levels we consider satisfactory. Going forward, our focus remains on executing the strategic initiatives already underway, further improving efficiency, and converting operational improvements into sustainable margin recovery. Looking at the business areas, the performance varied considerably across our portfolio during the quarter. Infrastructure was once again the strongest performing business area, delivering both growth and improved profitability. Professional showed relative stability despite challenging market conditions. Collection and Premium continued to be affected by lower demand, weaker volumes, and pressure on profitability. While the current market environment remains difficult, the quarter clearly demonstrates the value of our diversified portfolio and our exposure to several different customer segments and markets. Let me dive into the different business areas more in detail. Collection continued to operate in competitive environment during the quarter. Demand remained weak across most markets, particularly in the DACH region and Nordic countries. Customer activity remained cautious, and project volumes were lower than in the corresponding period last year. Lower sales volumes, combined with an unfavorable business mix, put pressure on profitability. At the same time, there were positive signs within selected parts of the portfolio. Brands such as iGuzzini, LED Linear demonstrated resilience, and activity within several outdoor applications remained relatively stable. Our focus remains on adopting the cost base, improving efficiency, and strengthening competitiveness while maintaining our strategic market position. Business area Premium. Premium continued to operate in a demanding environment during the quarter. The European lighting market continued to be weak, particularly within office and education applications, where investments activity remained low. In addition, several larger project decisions were postponed during the quarter, which negatively impacted order intake and sales development. At the same time, we saw encouraging developments within renovation-related demand. Activity increased in several markets, and the business secured a few important project wins during the quarter. We also continue to execute operational improvement initiatives, including actions within our German brand, LTS, aimed at strengthening profitability and competitiveness, as Bodil mentioned. Going to Professional. Professional delivered a relatively stable performance despite the weaker market environment. Sales development varied between markets. France and U.K. remain solid, while Australia continued to develop positively from a commercial perspective. Although demand levels remain below historical norms, the business was able to maintain a relatively stable activity level. Profitability was negatively impacted by gross margin pressure, but disciplined cost management helped mitigate part of the earning impact. Overall, Professional continued to demonstrate resilience despite the challenging market conditions. Infrastructure. Infrastructure was our strongest performing business area in the quarter. Growth and profitability improved compared with the corresponding period last year, primarily driven by Designplan. Demand remains strong within public infrastructure and correctional facility projects where Designplan continued to perform very well. We also continue to see attractive opportunities within data center applications across Europe. A segment that remains structurally attractive and where activity levels are significantly stronger than in many other markets. Let's move on to cash flow. Cash flow from operating activities amounted to negative SEK 62 million in the quarter. Compared with last year, the development was mainly driven by weaker earnings and continued working capital absorption. Inventory and receivable levels remain elevated relative to the current demand environment, and improving working capital efficiency remains a clear management focus. While we are not pleased with the current cash conversion level, several initiatives are ongoing across the group to improve cash generation and strengthen balance sheet efficiency. The last slide. From EBITA to EPS. Let me bridge the development from EBITA to earnings per share. EBITA before items affecting comparability amounted to SEK 130 million compared to SEK 173 million last year. Following items affecting comparability, the SEK 40 million reported EBITA amounted to SEK 160 million. In addition to lower operating earnings, net profits were significantly affected by higher financing costs. The financial items amounted to negative SEK 66 million in the quarter compared with negative SEK 22 million last year. This increase reflects a combination of higher debt levels, higher interest cost, and currency-related effects. In the box on the right-hand side, you can find the details. As a result, earnings per share amounted to 5 öre for the quarter, compared with 49 öre in the corresponding period last year. With that, I will hand back to Bodil for the concluding remarks and outlook. Thank you, Oscar. I think that we've heard today that market conditions remain challenging and that we are not satisfied with our current financial performance. At the same time, we are taking decisive actions to strengthen both profitability and competitiveness across the group. Our previously communicated SEK 100 million saving program remains on track. As well as we're working on the identified additional opportunities to further improve earnings by approximately SEK 120 million as part of our strategic reviews. The actions announced within LTS are the first concrete steps in that process, and the work is continuing across a number of other areas. We have identified all the actions to reach the SEK 120 million. While visibility in the market remains limited, our priorities are very clear. We are focused on improving the efficiency, we are strengthening the cash generation, and we are leveraging the strength of our European platform and continue to invest very selectively in attractive growth opportunities such as data centers. We believe these actions will make the group stronger, more competitive, and more profitable over time. I think that concludes my remarks for today. With that, I will hand over to Niklas to open up for questions from the floor. Thank you very much, Bodil and Oscar. We will now move on to the Q&A session, starting with questions from participants on the conference call. Please, operator, go ahead. Just as a reminder, if you wish to ask a question, please press pound key 5 on your telephone keypad. The first question is from Lara Mohtadi from ABG Sundal Collier. Please go ahead, Lara. Your line is open. Yes. Good morning, Bodil and Oscar. A couple of questions from my end. Unlike Q2, you neither in the report or in the presentation really comment anything about covenants. Are you maybe to comment a bit on that? Were they met in Q3? How much headroom is there? Any comments around that? Sure. Good morning, Lara Mohtadi. I don't think we mentioned it in Q2 either actually, because as long as we meet the covenants that we have with the banks, we don't need to give an update to the market. We are still within the covenants levels that we have agreed with the banks. Okay. Very clear. Thank you. Also, on the restructuring costs, you booked SEK 14 million now in Q3, and in Q2 in the conference call, you said you're expecting around SEK 350 million to SEK 400 million as a sort of range with the majority that's going to be in cash. Is the timing still mostly Q4 and some in Q1? Of the cash part, how much falls into Q4? Yeah, very good question. The estimated value is still the same. It might have slipped a little bit in time. We estimated some more to have come in Q3, but most of it will be in Q4 and some in Q1. We don't think it will have any negative cash flow impact in those two quarters, as we see it right now. Okay. Just a bit on cash conversion. You talked a little bit about this briefly, and you say that inventory and receivables are elevated relative to the demand. How much working capital release do you see, and over what time frame? Any other levers, such as lower CapEx, besides increasing profitability? Very good questions. It's always difficult to predict the future, but we're aiming for an improvement of approximately SEK 100 million in Q4, mainly when it comes to inventory and receivables. The reason why the receivables have gone up a little bit in the quarter now, and in particular compared to last year, is related to a different customer mix. It's not that customers are not paying, it's just that different customers have different payment terms. It has been a little bit unfavorable customer mix, if we put it that way from a credit day point of view. But that should become better in Q4. Okay, thank you. Just a bit on demand. In Q2, you described orders as stabilizing, but now in Q3, you had the, well, -14% order intake growth. You described larger projects as postponed. Do you see any of these coming back? What have you seen now in October? A few comments. I think we've said for quite a long time that we don't see the bigger projects. I think we started that communication quite early on, and I would say if you look for the shorter time perspective, we still don't see those. If you look into impacting the shorter term, we don't see the big projects there. I think I would say there is slightly more activity on the longer term side for bigger projects. Then if you look into Q3 and the order intake, I would say specifically July and August was disappointing. The summer months were more quiet than we expected. September and October has been approximately on par, so not in line to our expectations, but the real low peak was July and August. Okay. Very clear. Then, as I said, we are working also a lot on short-term opportunities. For example, I gave you the working with the installed base. We have been around for a long time, and when you look into changing of cycles, the first level of LED we installed, customers that we had in the early part of that, they are coming up as of having to change or wanting to change. So that is one of the short-term missions we are working on in different markets. Okay, thank you. That was all from my end. Thank you very much. Next question from Oscar Rönnkvist from SEB. Please go ahead, Oscar. Thank you, and good morning. My first question would just be on as larger projects are a bit slower at the moment, could you give any indication on what is the growth levels in renovation? Also, if you could talk a little bit about, or maybe repeat your actions to strengthen the renovation offering. Thanks. We've been working on the renovation offering for a long time, as you know. I think if you look into impacts of Energy Performance of Buildings Directive, we can see that there is a, in general, when you look at that, there are more interest on the market for it and a bit higher inquiries on that side. I think that's one part of it. But what you're looking into, what I just said, what we are doing, is that we are getting back to our installed base and proposing them to see if there is a need for upgrade. We started that project actually in Norway, in the beginning of the summer, within the Fagerhult brand. They got very quickly very positive feedback and positive project request backs. Now we have, since just after the summer, extended that to all the markets within the Fagerhult side. We see differences, and I think that everybody sees on the market there are more public investments than there is private investment. We continue to see prison deals, for example. We continue to see different infrastructure. We see that outdoor lighting from public investment is having higher attraction than the traditional private investments. Then, of course, we are focusing more and more over to that side. To give you a growth number on the renovation side in the market, I don't have the latest statistics from the market on that side, but I wouldn't expect that you see a huge difference there. It's the same trend as we've seen before, that there's more renovation and less new build. All right, thanks. That's appreciated. Is it possible to get any quantification on your numbers? How big of a portion of your sales at the moment is on renovation versus how large share of the dude it has been before? I can't give you for the total group. We have again done some estimations within the Fagerhult brand, and if you go back to just 2023, we estimated it to be approximately 50/50, and today we are up to 75%. Thanks look at that from a general perspective, you can see that it's a very clear trend. Thanks. That's very appreciated. One question on maybe, smaller segments, but Infra was a bit stronger in Q on sales and earnings. I thought you had some positive comments on the outlook there, but just seeing the order intake down 20%, I think that the comparable number is maybe a little bit tougher, at least compared to Q2. What's the outlook on Infra? Is that bigger projects that are more volatile between quarters, or have you seen a shift downwards in Q3? Thanks. I think it's what Oscar said. When you look into it's different between the different businesses in Infrastructure, which is reflecting what I just said. Meaning that Designplan, who is working with mainly public money, being very big in prisons and big in transportation, that is bigger projects, but they have a very good trend, and I think we see that continue. That's not changing. Then we have a little bit of a tougher market situation in the two others. Although, having said that, we're focusing Veko more on the data centers today, so that should be some positives coming their way, and we see that. I think that will have a gradual impact. That will not happen from one quarter to the other. Because as you know, also in many of these projects that we're working with, lead times are quite long. When you go from spec to building, depending on the markets, you are in at least 18 months timeframe. Yep. Got it. All right, thanks. In Veko, for instance, where you have shifted your focus a little bit to data centers, could you say that there are some demand we haven't really seen in the order intake yet that you expect to come over the coming, let's say, three to four quarters? You know I never comment on those numbers going forward. If you just heard what I said- Yeah, of course. I said these are also spec markets, so they are long lead times. Yeah. No. Understood. You wouldn't see things happening from one quarter to the other. Yeah. No, thanks. Also, gross margin outlook, if there's any possibility to comment on that. I appreciate the comments about I think it's mix driven by slightly soft sales in Collection and Premium and also some utilization. Is there any shift apart from that you have seen any pressure from higher component costs or freight prices, et cetera? Yeah, that's also a very good question, and there is pressure on the price, in particular when it comes to electronics, but also some raw material like aluminum. Because of that, we are coordinating the procurement efforts across the group now to strengthen our negotiation power, and we believe that that will help us to mitigate the price increases coming, but also hopefully deliver a little bit more value than just mitigation of the increases. So that should have a positive impact on the gross margin going forward. Maybe saying a few words about that we are using the strength of the group in a different way. Yeah. No, but that is true. As Bodil mentioned in the strategy that we communicate back in July, working together is one of the strongest lever we have to really utilize the power of the group, the scalability of being 13 brands and working together. And that should, in particular when it comes to procurement, have a positive impact when it comes to purchasing power. And that is one of the priorities going forward here into next year. Perfect. Thank you. Just to follow up on the pricing, I can imagine that a lot of your competitors have also quite low volumes. I read some comments on Signify, et cetera. Do you think that it is tougher to do price increases at the moment given the low volumes in the market that competition maybe gets a little bit more fierce? If you look in general, I think that is what you see in what we are saying with these tough market conditions. Everybody is fighting very much out there because there is less of a cake to fight around. Then if I think what is positive for us is that we are working very close to our customers. So what you see in our model is that we are working very, as I said, the benefit of the spec driving is that we are very early in. And what is that reflecting? That is very much reflecting that we have a premium positioning. And I think when you look into premium positioning, that is probably a little bit tougher on the big project side. But on the other hand, I think we have a lot of advantages. I think you have more competition on the entry level than you have in the Premium segment. I think if you look at those core segments for us, why do customers choose us? They choose us for quality, design, energy efficiency, sustainability, service, project support, and bespoke capabilities, and I can continue. I think in that range, there is maybe a little bit less competition there than there are on the entry level side of it. I think, of course, general price increases are maybe more difficult, but I think there is still an understanding when you are passing on costs. Also, as Oscar said and explained, we think we have some more work to do where we can use the power of the group also on the purchasing side. It is a mix of different parts that you are working on. Our value for the customers, being commercially very close to the customers, and then also working on the purchasing side from our side. There is not one answer to it, but it is a mix of different points. Yeah, no, understood. That is appreciated as well. I just have a final one if I can just squeeze in a question. Maybe a little bit of a long shot, but you talked a little bit about some small divestments, what I interpreted. Can you give some thoughts on the structure? Are you happy with the brands at the moment, or are you considering divesting any of the brands to get some relief in the balance sheet situation? If you look in general, I think what we communicated as part of the strategic program is that we are doing several reviews around the group, and what you saw, the outcome, LTS is the first of that. We are working on different assessments. As I said before, as soon as we see results of that, we will communicate. Yeah. No, got it. That is as far as I can say today. But there is no option that we are not evaluating. Perfect. That was all for me. Thank you very much. Next question from Mats Liss from Kepler Cheuvreux. Please go ahead, Mats. Yeah. Thank you. A couple of questions from me as well. Well, firstly, the order intake is down, of course, but is it a good proxy there for sales in the fourth quarter? You mentioned a lot of renovation in there, and maybe that's more of an in for out business during a quarter, not so much project related. Yes. It's difficult to give you an indication for, as I said it, the visibility is not super strong. As always, you've been working with us for a long time, what happens in the coming quarter, it's a mixture of different impacts from former quarters and what comes into the quarter. I cannot today tell you what the fourth quarter will look like. No, fair enough. Then again, well, coming back to the financials there, and cash flow, I guess say something about the seasonality there of cash flow, fourth quarter, and so. Yeah, absolutely. So, last year's fourth quarter, the operating cash flow was really strong. While the first three quarters of this year, it has been, as you know, not the best. Two reasons to it. One was that we built up inventory beginning of the year because we saw increased prices on a number of components that goes into the manufacturing process. So we wanted to mitigate that by buying components early, and that hopefully should come down now into the fourth quarter. Then, as I mentioned before about AR, the credit days should also come down in Q4, like last year. Hopefully then that gives them approximately SEK 100 million plus, as I mentioned before. Great. Then maybe I'll get some feeling for this restructuring program going on, and you sort of sent out the press release there for LTS and what you do in Germany. Should we expect more of those, or was that more of a sort of starting point of the process and you won't sort of deliver an update on every step taken in this process? It was like I said before, when we look into the strategic review, LTS was the first one you see, and we're driving another few initiatives, and we're looking through the different possibilities. We will communicate as soon as we are ready to communicate on that part. Then we will do like this time, we'll give a little bit of an update in the conference call. But as soon as we take further steps, we will let the market know. Great. You also heard me saying that, if you remember the SEK 220 million from July, where SEK 100 million was in savings, which we are on track with, and the other ones was the SEK 120 million, where LTS is one part of that, and we have identified activities for all of the SEK 120 million. Then we are not entirely depending on ourselves in terms of how we execute that. Therefore, we're going to let you know as soon as we can. Great. A couple of more also. First, it's good to hear that you meet your covenants, but could you say something about what kind of covenants you have? It's the normal ones. It's the ICR and the leverage covenant. That's what we got from our banks, but I can't comment the level of them. I understand. Finally, Amin mentioned data center being interesting going forward, and 60 projects sounds a lot. Could you say something about the opportunities or sales opportunities there in maybe 2, 3 years? 2, 3-year period? Yeah, maybe one, yeah. One period maybe is long enough. We're working on different opportunities. Data centers is one of them. If you look into the market for data centers for lighting in Europe, that's approximately €150 million, the market opportunity. We are not alone in that market, but we all know that that's one of the growth markets that's out there. We have more other, when you look into from a little bit longer perspective, I can also share with you one of our key markets, which we've been very good in for a long time, where we see longer term opportunities is healthcare. We see a lot of activity in the healthcare sector, and you can have a look at that also from your side. We know there are programs in Sweden, there are programs in Norway, there are programs in the U.K., as an example, and also in France. Those are, in some cases, already in the building stage. But as we are in lighting, we come in at the very end of those projects. So that might be multi-year projects that's already ongoing, and we will come in in a bit of a later stage. So that we see. That is one of the positive sectors, I would say. We also are currently installing, we have a big hospital in France, which is installing on the T&B side, that we've been doing for the last couple of months. If you look at that perspective, there are different markets. We're also working very actively on the retail side, and you know that's been one of our markets in the past. We are much more active today with new customers, so we have increased our activity level there. Those are very often sales cycles, which they go into tendering process, and then you hopefully win those. It also takes a bit of time before it's happening. But there is a, I would say, very high commercial activity level there, which is positive. Yeah, great. Just about data center once more. The current product offering that you have, and maybe also brand exposure, you don't need any other sort of Well, maybe you need to adapt the offering, but- Yes You can use the same sales organization that you have. Yeah, it's a good question. If you look into the companies or the brands who are involved in that is Veko. They are the ones selling what we call the light lines, which is the main product that you have into their data centers. Then you have also other parts of a data center, which is mainly done by Whitecroft and Fagerhult. Therefore, we also see some trends in terms, which is good for us, that they want to make the data centers neutral, because I think we also know there are quite some discussions around data centers, that they're building them so quickly, what does it look like in the environment afterwards? So I think that is positive for us. We have started, and that's what we're saying when I say we are going more European, is that we started the work in the U.K. because that's where you have the specifiers, and now we need to work more coordinated in the group. So I would say from a product perspective, we have a good solution. We still have some more work to do in making sure we get it out into all our sales organization, and that's what we're working on a European level. Okay. Thanks a lot. Great. Products is, as always, one of our strengths. We have a very good product range and assortments, so we need to make sure we adapt the marketing and the commercial side to new segments. There are no more questions from the telco at this time, so I hand the word back to you, Niklas. Well, thank you. Thank you very much, and thank you for your questions, and thank you to all of you joining us today. We appreciate your time and interest in Fagerhult Group, and we look forward to speaking with you again the next quarter. Thank you. Cheers. Thank you. Thank you very much, everyone.