[Foreign language]. Hello everybody, warm welcome. Today's presentation will be in English for the benefit of our international viewers joining online, as well as in the audience, of course, and for our speakers. Today I will act as your guide, as moderator, and take you through today's presentation. No clicking. I'll take you through. My name is Viktor. I handle PR at Fractal. Today is our first Capital Markets Day. You have the agenda available, always on that screen to the side of the main monitor. What we are going to give you today is a very nice deep dive into Fractal's operations. You'll get to meet the full operational executive management team. They're going to take you through their aspects of their work, representing their teams in how they're taking gaming to the next level. We're going to talk a little bit about Fractal's strategy and break it down into operational excellence. Without any further ado, I'd like to welcome on stage our Chief Executive Officer, Jonas Holst. Okay, thank you, Viktor. Finally, we are here. It's been a lot of work for me and the team and everyone involved. I've spoken with many of you before regarding our Capital Markets Day. Today it's here, the first Capital Markets Day for Fractal Gaming Group. I'm really happy to be here today. As said then, my name is Jonas Holst, and I'm the CEO of Fractal since the beginning of 2024. I've been with the company for about three years now, previously holding the position as Global Sales and Leader for our Business Development around the world. Working at Fractal has really everything that I could wish for. It has amazing products. It has a super passionate and dedicated team. We have a fantastic relationship with our community and our customers. That's most important to me. That it also gives me a reason to boot up some of those old games that I played in my youth. I'm talking Warcraft II or Civilization or Commandos maybe. I can do that even at work, which makes it even better. Over the last years, Fractal has evolved quite a lot. We are still young and entrepreneurial, but at the same time, we have become highly professional in what we do. Therefore, I'm really happy to be here today alongside the full management team to share our vision for the future and explain how Fractal continues to push boundaries in the gaming hardware market. Today's presentations will offer key insight into our strategy and into our business direction, explaining how we ensure long-term competitiveness and sustained profitable growth in an evolving industry. I myself personally will take the opportunity to go through the overall aspiration for the brand. The team will go deeper into what that concretely means in our day-to-day operations in our respective fields. It is a great opportunity to listen into what happens behind the scenes. We are witnessing an entertainment revolution today. Gaming is becoming a defining force of our time. It is reshaping how billions of people connect, create, and express themselves. The numbers are staggering. Gaming is now larger than movies and music combined. We are talking over 3 billion people that is actively daily participating around the world. What is more significant is how deeply gaming is tied into everyday life. It transforms our space set and it transforms our social connections, from how we design our homes to how we spend time with friends. Gaming no longer is about winning. It is about participation. It is about connection. The cultural influence of gaming is accelerating, creating new forms of social interaction and creating expressions that bring people together in ways that were not possible before. Today's gamers are breaking stereotypes. They are engineers. They are doctors and leaders. They are highly accomplished professionals who turn to gaming as a way to unwind, connect, and explore new worlds. Gaming is no longer just a hobby in the basement. It is a strong cultural phenomenon and movement. By day, gamers solve real-world problems. They lead their fields. By night, they become heroes, legends, explorers, all in immersive virtual realities. This evolution is not only cultural. It is also economic. The modern gamer represents a lucrative demographic, professionals with high disposable incomes who seek premium immersive experiences that taste their ambitions. The gaming world is evolving to match the maturity of this audience, offering cutting-edge design and meaningful storytelling. It is no longer just entertainment and hobby. It is lifestyle and identity. For businesses like us, this represents a massive opportunity. It is unlocking potential across industries, from technology and fashion to entertainment and beyond. Gaming is the new frontier for brands that are seeking cultural relevance and economic impact. Over the last two decades, we have witnessed a design revolution in personal spaces. Design brands have changed how we think about kitchens or how we design our living rooms and how we shape our home gyms. These changes have not only been about the aesthetics of these spaces. It has been about elevating everyday experience through design. These brands that have been driving this change have understood that as people mature, they want their different spaces at home to mature with them. Yet gaming spaces have been remaining frozen in time and still stuck in the basement, dominated by aggressive aesthetics that feel increasingly disconnected from the daily life of its user. This makes gaming the last major personal space waiting to be transformed by modern design. It is creating that extraordinary opportunity for us. The giants, though, still design for gamers as they imagine them, for the stereotype, for the young and focused only on performance. That is not who gamers are anymore. Today's gamers, they are doctors. They are architects. They are engineers. They all see gaming as part of a modern lifestyle. They want their space to reflect who they are now, not who they were 10 or 20 years ago. This gap between gaming's reality and the giants' understanding creates that extraordinary opportunity for brands that get it. While others continue to chase RGB and create products that, well, essentially look like tanks when they come to the market, we are leading the design revolution that respects gaming's evolution. This is not about better products. It is about better gaming understanding. Our connection to gaming goes deeper than just understanding our customers. We are gamers. We do not just ask what gamers want. We know where they are going, and we are shaping the future. True innovation means seeing beyond current customers and seeing beyond that request that they have, and instead understand that the evolution requires leadership and not only listening. While others then continue to chase features, we at Fractal pursue essence. Our Scandinavian design heritage isn't just about aesthetics. It's about finding beauty in pure function. Every Fractal product starts with reduction, not addition. How do we enhance performance by removing complexity? This is exactly what happens when Scandinavian design thinking meets the gaming hardware market. This isn't about choosing between design and performance because when done right, thoughtful design naturally enhances function. By thinking differently about what gaming hardware can be, we are creating products that don't only perform better. They elevate the entire gaming experience to match the cultural sophistication of gaming. Mastering both design and performance creates that position that is nearly impossible for competition to replicate. When key reviewers like Hardware Canucks celebrate our design leadership while Deadline's Tech Tip validates our performance excellence, we know that we have achieved something special. Whilst others focus on either design or performance, we consistently at Fractal deliver both of that. Our community sees it, and they feel the difference. As gaming continues to evolve, this ability to unite design and performance becomes even more valuable. It is creating a foundation that we can live on or build on with sustained leadership. Our success, it comes from a simple but yet powerful approach. We do not just serve the gaming community. We help lead the evolution. We drive market success through deep community connection, long-standing design leadership, and a natural cultural understanding of this market. This approach has already proven really successful in PC cases where we built that premium position. We built that market success. Our success is not just about the market share that we have gained. It is about becoming that integral part of how gaming culture expresses itself through design. Most importantly, this approach gives us a proven model for expansion, one that we can apply to new categories and one that we can apply to new markets, all while maintaining our market position. Today, Fractal has grown from a challenger brand to a global leader, proving our ability to scale while maintaining our premium position. Our design-led approach allows price premiums and stronger margins compared to traditional gaming brands. Most importantly, our momentum is accelerating as more market and more customer embrace our design-led approach. We've sold more than 5 million products. We are reaching over 50 countries, and we're doing it with a global top three position. This is numbers, but it's also a validation of our strategy and our positioning. As gaming becomes more integral into the sophisticated lifestyle, the focus shifts from individual products to complete environments. Our Scandinavian design approach uniquely positions us to create cohesive spaces that enhance both performance and that indoor environment. Again, it's not just about aesthetics. It's about understanding that the gaming spaces have become central in daily life. By expanding from products to complete experiences, we can capture more value while we deliver more impact in the market. After almost 15 years of pushing the boundaries of gaming cases, we have, during the last year, introduced products in two new product categories. We have the Refine Gaming and Computer Chair, and we have the Scape Gaming Headset. These launches prove our ability to bring our design philosophy to new categories. While Refine has already established a premium position through design and performance, Scape is now coming to the market in about one month from now and has great initial reception from media partners and our customers. This market response confirms our strategy of expanding through design leadership, and it provides a blueprint for us to build on in future category expansion. What we have achieved in cases is remarkable, but it's not everything. It's just a fraction of the whole opportunity. By expanding to complete setups, we are not just adding categories. We're multiplying our opportunity for value creation. The enthusiast gamers spend about $2,500 on their gaming station. A majority is making their purchase decision based on design, and the premium market is taking 50% of this business. While Fractal historically has been addressing about 10% of the gamer station spend, today with chairs and headset, we've doubled that addressable share of wallet. The potential is much bigger still. By 2030, we aim to double that again, targeting a market that is four times bigger than when focused on cases and supporting categories alone. Looking at that in some hard numbers, the total addressable market in PC cases is just over $1 billion. By expanding our portfolio, we can address another $6 billion. We have a total market opportunity of $7 billion that is addressable for us. Here at Fractal, we have proven our ability to win through design in one category before. Now we can apply that same model across the entire setup space. This is not just about growth. It is about capturing a once-in-a-generation opportunity to lead gaming's design evolution. Fifteen years ago, we started as a challenger in our founder's garage, bringing Scandinavian thinking into PC cases. Today, we have proven that the modern gamers want more than just performance. They want the gaming space to reflect who they are. Our success in cases isn't just about market share. It's proof that gaming is ready for its design revolution. Our aspiration at Fractal is to shape that future of gaming as the global leader in design-led gaming setups. This isn't about making better products. It's about leading gaming's transformation from hardware to cultural expression. When we say shaping the future of gaming, we mean creating a world where the gaming spaces are as sophisticated as the people who use them, where performance and design are not trade-offs but come together to deliver extraordinary experiences. This aspiration reflects both where gaming is going and our unique ability to lead this transformation. We have the design heritage. We have the cultural understanding. Most importantly, Fractal has the proven ability to execute. To better visualize how this will play out in our day-to-day operations, I'm thrilled to introduce to you the Fractal Code. It's our new strategic five-year plan that is outlining how we are to succeed with delivering on our aspiration in these coming years. The Fractal Code, though, is not just a strategy. It's a systematic approach and evolution of what has already made us successful. It's taking our proven model of cultural leadership through design, and it's applying that globally across categories. We have three growth pillars that work together to create compound advantage. First, we'll expand from individual products to the complete gaming experience, owning the entire gaming station and redefining the gaming station. Second, we'll leverage our already strong community position to build brand equity and create a supreme customer experience. Third, we'll systematically strengthen our global access by achieving greater reach and depth in the markets, all while maintaining our premium position. These growth pillars rest on two critical foundations. One, which is our community-driven innovation that keeps us deeply connected to gaming's evolution. Two, a sustainable, future-proof organization that can scale success around the world. Each pillar of the Fractal Code reinforces the other, creating a repeatable system for value creation that becomes stronger as we scale. Together, the three strategic pillars create what we call a powerful flywheel effect. Design leadership enables us to redefine the gaming station. It allows us to do that through category expansion, which builds our brand equity further and thereby strengthens our global access, all creating an accelerating momentum. This flywheel systematically drives our key business objectives: growth, profitability, resilience, and competitive advantage. As each element of the flywheel gains strength, it accelerates the others, creating compound value creation, all with our community and with our vision and aspiration to shape the future of gaming at heart. We know that this approach works because it is built on the same principles that have been driving our initial success. Now we are just ready to scale it across categories and markets and by that creating gaming's first truly global design-led brand. It is not about random growth going forward. It is about a systematic expansion of a proven model. Since inception, Fractal has developed a market-leading skill to launch products that break new ground. Year after year, we have repeatedly launched successful award-winning products, all proving our ability to expand our portfolio and strengthen our market position. All these launches have been a key driver in our growth journey, and we now have a clear roadmap for expanding from leadership within individual products to the complete gaming environment. By embarking on that journey, we will continue to deliver solid and profitable development year after year. The launches of Refine and Scape show strong market demand for our design-led approach, also in new categories. This success gives us confidence in our ability to also capture a bigger opportunity as we expand from individual products to complete gaming stations. We have already established us as a design leader in gaming hardware, and our success shows that the modern gamer values leadership in design as much as technical performance. Our Scandinavian design heritage gives us a unique credibility to lead gaming's design evolution. Lately, the design awards that we have been given from Red Dot or iF Design Awards prove and support this position and this direction. Our design success is also proven by the wide appreciation that we have of our products around the world. While competitors are often strong in selective parts of the world, we have succeeded in markets across Europe, across the Americas, and across Asia. All has helped us to build a community-focused organization with now 120 people and offices across the world. Our products, as said before, are available in over 50 countries, and we have top-ranked positions in as diverse countries like Japan or the U.S. or Germany, proving that our Scandinavian design has been successful compared to different regionally strong competitors. We have a clear roadmap to continue this, a roadmap for global expansion that maintains our premium position and continues to increase our market access. Then why would not just the competition mimic and do what we do? Products can be copied, but never design leadership. Instead, we believe that when you lead through design, imitation does not diminish your position. Instead, it validates your leadership. Each time our innovations influence someone else, it reinforces our position as the design leader, and it expands the premium market that we have been part of creating. This is true historically. It has expanded our addressable market while strengthening our premium position. In short, we see that the market follows our lead, but the value flows back to us as the leader. This creates a powerful cycle. Our design leadership attracts imitation, which validates that leadership, which strengthens our position further to continue to drive the evolution of gaming design. At Fractal now, we are transitioning from that niche player of the past to a future global leader. This is not any longer about individual products. It is about that proven model of leading through design and real community understanding. Our diversification strategy reduces risk, reduces volatility, and our premium position is enhancing our resilience while maintaining our design leadership. As we expand, we are not changing our approach. We are scaling it, scaling what already works. Each new category and market strengthens our cultural leadership position, making that advantage that we have harder to replicate, mimic, and copy. This gives us confidence in our expansion because we are building on proven strengths. We are not making up new ones. This evolution has begun, but we at Fractal, we already see the evidence of this increased business resilience. To go back to the core of the presentation, gaming hardware is entering a pivotal moment following the same trajectory as other tech categories have done when evolving from pure functionality to cultural icons. Just as others redefined audio or revolutionized computing, gaming is now poised for that lifestyle brand moment. Today's gamers are sophisticated, design-conscious individuals that are seeking products that do not only perform but also reflect their style, value, or the lifestyle that they're in. While many brands are calling themselves a lifestyle brand, we at Fractal are proving it. Our products don't just fit into the modern gamer's world. They redefine it. We are not following trends. We are setting trends. We are creating a cultural shift that we strongly believe that our competition cannot match. By leading this transformation, we are unlocking that extraordinary potential for value creation, both culturally and economically. By focusing and driving our three strategic pillars, we accelerate our business development. By building on our design leadership, we can transform the gaming experience, we can enhance our brand value, and we can expand our global reach. Diversifying across categories, markets, and channels ensures consistent expansion. It reduces risk and it strengthens Fractal's robustness. However, this strategy is not only driving progress and business results. It also builds a long-term strategic edge. Our approach systematically reduces risk and volatility in the business while aligning to those business targets and goals that I mentioned before: growth, profitability, resilience, and competitive advantage. It allows us to adapt to market changes and consistently deliver results, turning strategic execution into financial outcomes for investors. As we saw before, the total market for the premium gaming station represents an extraordinary opportunity, one that is growing and one that is evolving rapidly. Fractal has many reinforcing drivers of value creation, from market growth and margin expansion to multiple expansion and share gain. Our design leadership and cultural understanding puts us in a unique position to capture this opportunity, creating barriers that protect our premium position. It is a unique moment in gaming's evolution. It is an opportunity to build the categories first through a global lifestyle brand. We want to do it now when the window is wide open. We are witnessing more than a market opportunity. Gaming is evolving from pure performance to cultural expression. Our design leadership and community understanding makes us the natural leader in driving this transformation. Our aspiration is clear, and we have the proven ability to drive this success. With the recipe now laid out, we will continue to drive future value creation. My colleagues will dive deep into what that means for our daily operations in our daily activities. Stay tuned after the break to listen to what they say about how the Fractal Code translates into financial and investor value. First, let me repeat: the gaming market is at a turning point. Design is becoming as vital as performance. Fractal is leading this shift. We are doing it by delivering premium design-driven products that resonate with all modern gamers. Our proven success that is anchored in Scandinavian design positions us uniquely for that growth that we are seeing. Through our strategy, we are expanding categories, we are strengthening our brand, and we are scaling globally. It is creating lasting advantages for us in the market. The market is ready, our model is proven, and the opportunity is now. The gaming's design revolution moment is here. We really want everyone to join us in transforming how the world is experiencing gaming, creating extraordinary value by literally shaping the future of gaming. Thank you. Thank you, Jonas. After each segment, we will be taking some questions. By the end, for viewers online, submitted questions are already open, and we will take questions from the audience as well. First, Jonas, I would like to turn to you and ask: we have a lot of investors in the audience. What are some of Fractal's key moats to protecting their investment? Yeah, I think that's a key part of what this strategy is about: securing Fractal's long-term advantage and our position to continue driving this industry forward. We strongly believe that the design position that we have in combination with our performance mindset and especially our community understanding puts us in a position that is, well, impossible to replicate and copy. Thank you. As a leader in the gaming industry, what drives and motivates you? What do you want to change? What's the impact that you want Fractal to have? More than allowing more people to play Warcraft II at work? For me personally, working in this industry really has, as I said before, everything that I could wish for. It's an opportunity to shape a big part of people's lives with these fantastic products. I think Fractal has a key role to play there. Personally, I'm really, really happy to be on board and be able to execute and drive on that. Yeah. Speaking a little bit about the company, what kind of culture are you fostering at Fractal? What will we hear from the other leaders here today? How does the Fractal Code translate into our personnel? The organization and the culture and the people of the organization are key. It's everything. It's where we stand. It's our foundation. Fractal has been evolving and going through quite a bit of a long journey in the last 15 years. Also, that change from that smaller entrepreneurial company to now that larger global enterprise that we are today. For us, it's all about maintaining our agility and speed and execution and the passion that we've had, but also to execute that with a more performance-driven mindset and with a stronger, maybe, professionalism. During the last year, year and a half, we have worked quite a bit on that within the organization. We have brought everyone together to sit down and literally break down what the culture of Fractal is all about. We call it One Fractal, built on people, performance, and passion in the end. That's what it's about for us: to have the right people on board to support each other and to build up on each other, to drive performance in everything that we do and operational excellence in every deliverable that we have, and to do that with huge passion for what we achieve and to the community that we serve. These teams are also represented in a global environment. What challenges does that present? True. We are 120 people approximately in the Fractal world today. Half of them are in Gothenburg, in our headquarter, but half of them are located in different offices from Taipei in the east to Dallas in the west. By that, Fractal is really a global company. We have people from different cultures and different perspectives and things. That is what makes us stronger in the end, bringing everyone together under that One Fractal umbrella. For me, and I think many others working within Fractal, that is one of the main strengths and benefits of working with this company: the fact that we might go to work in Gothenburg or in Hamburg or in Dongguan or in, I do not know, some other place in the world. One day we're in one place and the other day we're in the next. We always have the whole world to work against. We have that global playing field of partners and colleagues always with us. That is a really cool thing with Fractal. Opportunities and challenges, absolutely. More opportunities, I think, when they come together. Thank you so much, Jonas. You will see more of Jonas as he's joining us later in the open Q&A as well. With that, thank you so much, Jonas. Thank you. As mentioned, we're going to take a look at the full pillars here a little bit later after the break. First, you're going to meet someone that I think a lot of you have met before. If you haven't, I think she's going to have a lot of things that are of interest for you. Please welcome to the stage. Join me in welcoming Karin Ingemarson, our Chief Financial Officer. Thank you, Viktor, and thank you. Welcome. I have been with the company since 2019. During this time, I've had the opportunity of supporting our growth journey from a strong entrepreneurial base to a listed company. What I enjoy most about working at Fractal is that we are a true growth company, not only in numbers, but also in mindset. Growth for us means being ambitious and curious and always challenge ourselves, but with a clear focus on profitable growth. Jonas gave us a deep dive into our strategy. Now I want to take a moment to try to summarize that strategy and what it means from an investor's perspective. As Jonas explained, our strategy is built on three core pillars. Together, they form the backbone of our investment case and define who we are today and how we create value. Let's have a look at the first core pillar: agile design-led innovation that redefines the gaming station. We lead the category in design, as Jonas said before. Our ability to combine design, quality, and performance and bring products to the market quickly keeps our portfolio relevant and strengthens our position. How does this create shareholder value? It reduces revenue volatility by broadening our portfolio. It strengthens our competitive advantage through our unique Scandinavian design. It supports healthy margins thanks to premium pricing. Moving on to the second pillar: supreme customer experience that builds brand equity. We deliver a premium experience across the entire customer journey, from unpacking the product to our customer support. We are deeply connected to our community. That loyalty we have drives recurring revenue and valuable feedback loops. It makes cash flow more predictable and strengthens both pricing power and margin stability. The final core pillar: greater market reach and depth that strengthen global access. We are present, as Jonas said before, in over 50 countries and continue to grow in APAC and other high-potential markets. This gives us access to global demand while reducing reliance on any single region or partner. Since inception, we have delivered 19% net sales CAGR while keeping product margin stable around 40%. We have done this without compromising our financial strength. As of Q1 2025, we have over SEK 100 million as net cash. This gives us a strong position and foundation and the flexibility to continue investing in growth. Since our IPO in 2021, the company has continued to evolve. To reflect this journey and our long-term ambition, we have updated our financial targets. The new targets were introduced in Q1 this year and have a clear focus on profitable growth and shareholder value. Our first target is organic net sales of 15% or more. We believe that this ambition is realistic based on our continued success with market-leading cases and our expansion into new product categories. Our second target is EBITDA margin of 15% or more. This gives us the ability to reinvest while continuing to drive profitable growth. Finally, we aim to distribute 50%-80% of net profits to dividends after reinvestments in organic growth and development of the business. Now that we have introduced our updated financial targets, I want to give you some more detail. Let's start with organic net sales growth. If you look at the chart to the right, you will see the historical trend from 2020 to our last 12 months rolling. Growth has fluctuated in recent years, mainly due to external factors. The long-term trend remains positive. We had a record year in net sales in 2023 and a stable and good performance in 2024. Our 15% growth target is ambitious, but we believe it is reasonable due to our strategy. As said again, we are expanding our portfolio. This helps us reduce revenue volatility and capture a larger share of the total gaming station spend. It is important. Second, we continue to deliver supreme customer experience. This drives repeated business and strengthens loyalty. Third, we are expanding into new markets and channels which support margin growth and reduce dependency on individual partners. Our second financial target is an EBITDA margin above 15%. If you look at the chart, you can see that profitability has shifted over the years. We had a strong 22% margin in 2020, a dip in 2021 and 2022, and a recovery in 2023 with 18% and 12% in 2024. I just want to talk a little bit about effects as well and the current volatility and the USD/SEK rate. It is important to highlight the following. Our profitability target, organic net sales growth, is in U.S. dollars, while reported EBITDA is in SEK. We benefit from a natural hedge down to product margin level. Effects still impact reported EBITDA through translation effects. Around 40% of our OpEx is in U.S. dollars and the rest in SEK and Euro. We believe that 15% EBITDA margin is a suitable level. To get there, we focus on mainly three priorities. First, growth. By expanding into new product categories and markets, we increase sales and leverage our cost base. Second, operational efficiency. We are investing in technology and improving internal processes to reduce complexity and strengthen margins. Third, cost control. We are managing our cost base actively, making sure we use our resources efficiently and maintain financial discipline while we grow. This is our third and final financial target. As said before, it is to distribute 50%-80% of our net profit as dividends after investments in organic growth and business development. Looking at the chart, you will see the development of our cash position and net working capital. It is clear we have significantly strengthened our financial foundation primarily since 2023 and onwards. I can give you some key highlights, key figures. As I said before, as per Q1 this year, we have a net cash position of SEK 105 million. Our average cash conversion rate is around 85%, excluding 2021. Our average net working capital is around 12% of net sales. Based on this solid foundation, the board has decided to propose a dividend of SEK 1.25 per share for 2024, corresponding to approximately SEK 36 million. This marks an important milestone, not only as our first proposed dividend ever, but as a signal that we have built a company capable of generating value while continuing to grow. Some of you have met me and Jonas in other meetings. One question or discussion that always comes up, or at least in the recent months, is tariffs. I want to give you a quick update on where we currently are and what we do about it. As you know, the U.S. tariffs have escalated during spring. This has made things more challenging for our U.S. business, which currently stands for approximately 40% of our net sales. The latest news from just this week is that the reciprocal tariffs are going from 125% down to 10%. This is a very volatile situation. Fractal stands strong in our strategy to focus on long term, proceed with caution, and balance consumer and business interests. With that said, protecting profitability remains a key priority. We have taken decisive actions primarily in three areas. The first one, production relocation. We are moving around 50% of our U.S. production out of China by year-end. This reduces tariff exposure and strengthens our long-term supply chain. Pricing strategy. We are making selective price adjustments in the market to offset some of the added cost while staying competitive. And cost efficiency. We are tightening cost control and continue to negotiate with our suppliers. These are the actions we are mainly focusing on. Martin will go into some more details or discuss a little bit what the tariff means from a supply chain perspective later in the presentation. This is the final slide. It sums up how our strategy translates into shareholder value and ultimately a stronger equity story. As the first priority, we drive profitable growth through category expansion, premium positioning, and global reach. We generate strong cash flow supported by scalable margins and disciplined cost control. Together, these create a financial strength and stability that enable the third priority, a newly introduced dividend policy designed to deliver constant returns over time through a clear and balanced approach. We already have a strong foundation, as Jonas said. By delivering on these priorities, we aim to make the business even better and the share more attractive over time. With that, I leave over to Viktor. Thank you, Karin. Thank you. [Foreign language] sorry. No worries. Sorry. Thank you for that. Now, we've seen some fluctuations. I think you mentioned it. Those fluctuations have had external effects, but they've also affected Fractal and Fractal profitability and our margins. What measures are being taken on an operational level to ensure more stable margins moving ahead in the future? Good question. Yes, our margins have been volatile, as you could see on the chart previously. This is something that we work on, of course. What we are doing, first of all, we are focusing on growth to leverage our cost base, of course. We are doing that in different areas by expanding our portfolio for one thing, which comes with better margins in the long term. We are also, as I said, streamlining how we work. We are working with automation, and we are improving our internal processes. This decreases the complexity and makes us save time, which, time is money, right? That is also important. Last but not least, is to keep this cost control that is so important to stay disciplined as we scale and grow. All right. One thing that popped up, and I am sure a lot of people in the audience here are excited about, dividends. Divis, how do we balance giving out these dividends while still making sure we are investing in scalable growth for the company? As you said, it is a balance. Our main focus is organic growth and to develop the business. We have the ability to do both. We can both grow and put money on that, and we can pay out dividends. This is a great situation we have. The policy is built on what I said before. It's flexible. It's between 50%-80%. It depends on the needs of the business. We can do both. That's our ambition. Thank you so much, Karin. What do you say? Should we release everyone to a [Foreign language] break soon? I think so. Just before that, a little message from our friends joining online now. I think a lot of them have been having the intention to get here, but we heard of some train difficulties coming up from Gothenburg. Fractal is a Gothenburg-based company. We've all been riding the rails to come up here. Apparently, there are some issues there. Hello, everyone online who is joining, who was not able to join us in the room here today from Gothenburg. Now, let's take a quick [Foreign language] break. Afterwards, let's take a deep dive into the operations and realizing these three strategic pillar goals. Thank you very much. All right, please take your seats as we're about to get ready to resume our programming. A warm welcome back. I hope you grabbed some [Foreign language]. I hope everyone online is sitting comfortably. As Jonas outlined, we will now get the rare privilege of a deep dive into operations at Fractal. We will do so by taking a look at our core pillars. I'm going to—Again? Skip back. No, no, it's gone. First out in the management team who's going to represent the operational side, we're going to take a look at how we build a new product portfolio by redefining the gaming station. Here to tell you all about it, I hope you will join me in giving a warm welcome to someone who you should be excited to hear what they say, because products are truly at the heart of our operations. Please welc ome Mr. Henrik Gunnerling, our Chief Technology Officer. Thank you, Viktor. My name is Henrik Gunnerling. Although I have only been with Fractal for around two years, I have a long passion for consumers and consumer products. Basically because I love to work with products that I can relate to myself. I also have a relation to gaming. It started back in the 1980s with a C64 and an Amiga 500. I have been gaming on and off since then. Nowadays, I mostly game together with my kids. I am now working at Fractal as a CTO, focusing on our products and product development. As Jonas already talked a bit about, we are leading the way when it comes to gaming hardware. A vast majority of our consumers are gamers. We have a very strong position as the leaders within what we call grown-up gaming, where we leverage the fact that the average PC gamer is 35 years old and increasing, with both high and very clear demand when it comes to design and refined aesthetics. We lead the way with a strong product portfolio of products where our approach is always not to choose between design or performance, but rather to commit to deliver on design and performance. Through that, redefining what the gaming station is and what it could be. This is the foundation of our journey and the success in the past and up to where we are today, and it will be also in the future. Our recipe for successful design and development is what we call Scandinavian gaming tech, centered around Scandinavian aesthetics, experienced gaming, and focused tech. We are from Scandinavia, and we would even like to say we embody Scandinavia, and we're very proud of the Scandinavian design heritage with sleek, functional, and timeless design. Also, we are the only brand that develops products that are tailored to the home, enabling integration of gaming into the home in basically every room of the home. Our designs promote harmony in the environment of gamers, where we design with continuous lines and solid structures, balancing sturdiness with sophistication. We have attention to details in every detail, and we work with premium materials, creating clean designs, combining functionality with beauty, where form follows function without any compromise. We exist to elevate gaming, to enhance the environment and the experience of gamers. We are people-centric, and we innovate to meaningfully improve the experience of gamers. We provide the satisfaction of placing the components into the case, the tactile interactions with the materials, the accomplishment of putting together the final product, your heaven. Now, when we're moving from a focus on cases only to the full gaming station, we also, sorry, enable that great experience with everything from the preparation, sitting down in your chair, taking on your headphones, to the actual gaming itself with the tactile interactions, the sounds, and the visuals. We create designs, all of our designs, with a clear purpose. It is to elevate the immersive experience of the products that we have. We use tech a lot, but we do it in an integrated and calm way. Tech should inform, but not demand the main focus or attention, rather enabling the full attention on the gaming experience. The technology we create in all our products should live in people's homes. We like to see that it should feel approachable, understandable, and reliable. Again, we're all after creating a seamless experience that we feel is effortless and enables the consumer to focus on the gaming. That is the essence of Scandinavian gaming tech. If we look at our portfolio as it is today, we have a history where we come from cases with a number of supporting categories connected to the case with fans, water cooling, and power supplies. Recently, we have then expanded into chairs, and we are soon on the way to also start selling the headsets as part of the journey. The evolution of this product portfolio, based on the clean and timeless design that we actually have found resonates very well globally, we are a trendsetter when it comes to gaming hardware. A couple of examples of that you see on the slide: Define set first the tone for a silent and minimalistic build. Meshify and Torrent redefined what an airflow design case and an airflow design language could look like. North really broke the category norms with the natural materials integrated with the wood. With North, we have also managed to continuously evolve that product to make it even more relevant now than from the beginning, meaning that with North, we see that it's still catching a lot of attention and is still commanding a premium pricing. Needless to say, we are, of course, extremely proud of the recognition and the awards that we are getting over and over again for our products, regardless if that is for the design of it, for the performance of it, or for the total experience of the product. As we enter into new categories, of course, we do that with a clear intention and vision of building on the total gaming experience and to apply the successes that we have had on our journey so far. We focus on where we can make a difference, where we can differentiate with our design, building a Fractal uniqueness and capturing a larger share of the total gamers' spend. The first proof point of that step into new categories is chairs. With Refine, our first chair, where we combined our deep knowledge of the gamer and the gaming community, our Scandinavian design leadership, our curiosity to explore new areas, managing to then build an award-winning gaming chair with a Scandinavian design with great comfort and also with functionality similar to a premium office chair. The next chapter on this journey will be Scape, our first headset that will be launched on the 18th of June, only a month away. Of course, we have used the same principles for developing Scape, building it on leadership when it comes to both design and performance and functionality. The way we do this is that we have an approach to development that basically comes from the community for the community mindset. We always start with the consumer's needs, both based on our own deep understanding and knowledge and insights into gaming and the gamer itself, but also taking, of course, input directly from the broader community. In the end, we deliver the products back to the community. Everything that happens in between, we take full ownership for ourselves. We do and we own the design. We own the specifications. We do all the engineering work and the constructions and solutions. We test and verify the products ourselves, both when it comes to the user experience and the technical performance as such. We have what we would call a democratic design process where we listen a lot to all good ideas and input into the process. We then add on a lot of creativity to that and will lead through then setting the identity and the design, develop the mechanical concepts, develop all details of the product, test it and verify it, and then hand it over for mass production and delivery. To make that possible, we have a global development team in place. We are rooted in Sweden. In Gothenburg, in Sweden, we have our product management team working hand by hand with our full R&D capabilities, with our own design studio, with the engineering and product development teams, with our own test lab, and so on. These teams work very closely together with the teams over in Asia, where we have both engineering and development competencies working on hooking arms with our supply chain team and our manufacturing partners. On top of that, we have both in Asia and in North America test and verification competencies and capabilities to also do tests and verification of products close to the end users. With this, through the design leadership centered around Scandinavian gaming tech, a product portfolio that delivers on both design and performance, we are redefining the gaming station as one part of shaping the future of gaming. Thank you, Henrik. At the helm of the product development team, Jonas mentioned as one of our moats that we're design leaders. How will your department ensure that that stays the case? That's a very relevant question. That's, of course, what we focus on every day. I would say it's a combination of a couple of factors. One is the unique understanding of the modern gamer and gaming as such, combined in a very strong way with our Scandinavian design leadership and Scandinavian design philosophy, and also with the way we commit to not choosing between design or performance, but to deliver on both design and performance. Those are some of the components of our leadership. Of course, to be able to stay there, we are dependent on having a fantastic team with both our own team, with deep and long experience in the industry, and with expertise from all other relevant areas and industries. We are working with the best partners regardless of what industry it is. We take ownership for, as I said, all the steps from the input from the community and delivering back to the community. Now, making some of these products a reality and taking them from a vision and turning them into a physical shape, it's not without its complexities. What are some of the challenges that face product development and Fractal design? There are some. It's not always just a walk in the park. Of course, we are with a lot of complexity. A global development team, a global production. Again, we believe it's very important to take ownership of the full end-to-end process. On top of that, never compromising on design or performance. Getting all of that together is, of course, a challenge or an opportunity. I do believe it is our strength. Taking that challenge on together with the fantastic team and the partners is one thing. The other thing is that we are, of course, constantly trying to find better ways on how we work, trying to find ways to simplify the things that can be simplified in order to then allow even more creativity and focus on the things that really build an edge and a uniqueness for Fractal. Finding that balance is, of course, a big part of our agenda and what we focus on every day. Thank you very much, Henrik. I'm sure people will grab you for questions later on as they find you in the room closer to the board. Thank you, Henrik. Now we've taken a look at our first pillar here. We've taken a look at a strategic pillar, which is redefining the gaming station. Coming up next to tell you a little bit about our next initiative, which is to strengthen global access, we have two speakers. The first of them, now I welcome to the stage, is our Head of Supply Chain, our VP, Martin Gustavsson. Thank you, Viktor. I have been in the company since 2021. I have to say these years have been amazing in many ways. Of course, it went very quickly, but I mean, hard work, of course, but lots of new amazing products launched, as you can see in this room here. Normally, I myself do not participate in occasions like this because I have a habit to travel around in China between the different manufacturing partners, sites that we have over there. It's a fantastic opportunity to be here today, meet you and talk to you and tell you about what's actually going on behind the scenes before the products reach the customers and the end users. Our value chain, the overall value chain, goes from suppliers and manufacturing partners into our different warehouses and then over to the distributors, resellers, and finally the end consumers. I will focus on the first part all the way to the warehouses. Then Alexander Kahl, our VP Sales, will take over from there after myself. The global supply chain team is located in four different locations globally. We have two central functions in the headquarter in Gothenburg. It's the purchasing team and the order team. The purchasing team is, of course, responsible for getting the right quantities produced for an optimized inventory. The order team collects customer orders, coordinates them, and makes sure we have an optimized container ready for shipment out to the customers. Switching over to Asia, we have a logistics team in Taipei responsible for getting the containers and the orders shipped out in time in the most cost-efficient way, of course. In Dongguan, we have three teams. We have the sourcing team, the operations team, and the quality team. The sourcing team, of course, owns the cost. They make sure and secure that we have the right product cost in all areas, and they execute and drive our supplier strategy, both for the suppliers and for the manufacturing partners. The operations team is responsible for making sure that production at the partners runs smoothly according to schedule with the right product efficiency all the way through industrialization and mass production. Quality team, very obvious, make sure we have the right quality on our products. The quality team, they are involved already in the early phases in the development phase through the industrialization and in mass production. It works very close to Henrik's team here during the development. Of course, quality team is there to develop and improve our suppliers going forward. In the U.S., we have a regional team as well. They are responsible for inbounding the goods shipped from China and making sure it gets distributed to the local customers in that region. Manufacturing-wise, we have suppliers and manufacturing partners in different areas in China. We have a very broad portfolio of partners. Mainly, they are located in Dongguan and in Huizhou and in Guangzhou, basically the Dongguan province. We also have partners up in Fuzhou and also up in Hangzhou further up north. We also have warehouses. We have one central warehouse Yantian Port outside Shenzhen, and we have one regional warehouse in Los Angeles in the Long Beach Port. We also, of course, are evaluating opportunities for a regional warehouse in Europe going forward to get quick and flexible access to the European customers. We can zoom in a bit on more details about the partners, but before that, I will go through how the goods are actually shipped. Starting at the manufacturing partners, the goods are mainly shipped to our central warehouse. From there, they are shipped either to the regional warehouses or to the customers. Then, of course, as said, from the regional warehouses to the local customers. We also, when preferred, ship directly from the partners to the regional warehouse and to the customers when we see a reason for that. Zooming in, we can see that our manufacturing partners and their suppliers are located very close to each other for the best possible supply chain and cooperation. We see that we already now have the majority of the key suppliers with outside China production already now. It's Vietnam and Thailand. Some of them have ongoing intensive activities right now to be up and running there within short. From our perspective, as Karin also talked about here, we are having close discussions and initiatives ongoing with some of these key partners to be able to be up and running outside China by the end of this year, as long as the current tariff levels remain the same going forward. We have a fantastic and broad manufacturing partner network. We own the toolings. We own the drawings. We have full control of that. We have good flexibility overall, and we can switch from one supplier to another if needed. I mean, we have good outside China opportunities, but still China is our base because in our industry, we have the best supply base in China. We have the best experience and the highest expertise there. Of course, we are evaluating opportunities outside, and we judge that very carefully in the company. Manufacturing partners, yes, broad network, but how do we get from innovation and drawings into a reliable and scalable production? The last part in the development phase is a gate that is very important. It is the product freeze, which is a gate where we have a handshake between supply chain, product development, and our manufacturing partners, where we agree on specifications, cost, and lead time for the project. Thereafter, we go into mass production where we start to get the launch quantities ready, and then we have a scale-up. After scale-up in mass production, our normal procedures in terms of inventory optimization, securing the best logistics solution takes over. In parallel with that, we continuously work with initiatives to optimize the overall supplier and partner network. Baseline for the supplier development and the supplier improvements is our process for supplier qualification and supplier requalification, mainly driven by supplier audits and manufacturing partner audits. We do those audits both on the first-tier suppliers, the manufacturing partners that are providing us the products, and also some of the most important component suppliers delivering into them so that we have full control of what's most important for us. The audit is divided into two sections. One, they are equally important and big in that sense. The first one is the regular QMS, Quality Management System audit. We also have one section called the Code of Conduct part, which is new since three years back, where we're handling questions like labor condition, human rights, business ethics, EHS, environmental health and safety. Of course, following these audits, there is a report that we follow up in our quality assurance work going forward. We have continuous improvements. Of course, this is something that is ongoing regularly, yearly basis or upon demand, but we're also, of course, evaluating new suppliers. We can visit new suppliers and do audits there, and we can screen them and investigate them to, of course, challenge the current suppliers and also to get new input, learn new things about the techniques that can be useful for us for product development and so on. Outside that, up on demand, there can be other reasons and needs for any kind of supplier improvements. Last but not least, product cost. How do we make sure that we have the best possible product cost structure and product margin? During development, as I said before, supply chain and PD work extremely close together, and we have an RFQ process where we negotiate with existing suppliers and always at least one new potential supplier to be able to get the best possible cost before we award a certain product to a partner. Outside that, once in mass production, we have a continuous process for benchmarking where we go into comparison activities and challenging the existing suppliers and also checking new suppliers with the intention to get the cost down either by pure negotiations or negotiations that lead to a supplier transfer. Because as I said before, we have the flexibility to just move the toolings from one supplier to another if needed. And we can also duplicate the toolings. To sum up, this supply chain is key to long-term profitability, ensuring that we hit our marks. We support the growth, and we are ready and able to scale up. Thank you, Martin. Now, we've heard from previous speakers. We've heard Jonas outline a very ambitious vision. We've heard Karin set some financial targets that I'm sure you're excited about, but that also put some pressure on the organization. Lately, we heard from Henrik about the future of products at Fractal. Put some pressure on supply chain, huh? With you at the helm of supply chain and logistics, what measures are being taken to assure that we really are able to scale to this vision? First of all, I mean, I mentioned supply strategy before here, and in that initiative that we continuously drive, we have decided to choose, of course, we have the broad range of partners and suppliers, and among them, we have key partners. We have focused on partners that, first of all, see the value in Fractal, what we have done so far and what we will do in the future. They are willing to invest in their own interest to support the growth. Of course, production-wise, make sure that they have the ability to be flexible to support us and also to scale up in short notice when the demand goes up. I mean, we mentioned this that we own the toolings and the drawing. We can easily transfer to another partner, or we can duplicate the toolings to increase the capacity from a tooling perspective. We are ready. That's a pretty good bargaining chip on the tooling, huh? With Fractal set up for rapid growth, quality assurance, making sure quality stays while we're ramping up production. How are we looking at that? Quality, we can say we can divide that into two areas. The quality control is basically that we control what's been produced, and the quality assurance is how do we secure long-term. That process and way of working is scalable with no limits, basically, I would say. Together with that, we have supply chain overall, but especially the quality team works very close in the early phases together with Henrik's team to make sure that we have quality aspects ordered not from the sketching table, but very early in that phase. We can have that all the way through development, industrialization, and then the mass production, along with a lot of initiatives in the latest year where we have together developed and strengthened the way how we specify the products. Thank you, and thank you for being here. Thank you. All right. For the other leg of strengthening global access, it gives me great pleasure to welcome to the stage our VP of Global Sales, Mr. Alexander Kahl. Our latest addition to the management team has come in with a lot of energy. I'm handing the floor over to you. Thank you. Thank you, Viktor. Okay, that's me. I need to smile next time on the picture. You heard a lot of the product journey from the birth that Henrik is taking care of. Henrik is literally the mother of the product. And then Martin making sure that the back half of the journey from Asia to our customers is secured. Now it's up to sales to bring the product to the customer. Hello, everybody. First of all, it's a pleasure to be here with you. After you heard a lot about supply chain and product development, I'm happy to represent sales here. My name is Alexander Kahl, and currently I serve as Vice President of Global Sales. With two decades of experience in the intersection of technology, strategy, and market leadership, I had the privilege of scaling some of the innovative brands and premium PCs and gaming hardware across the globe. That was one too much story. Across global markets. Just as a side note, you heard that from Jonas earlier, gamers growing up. I think I'm a good example as well. Henrik told me the C64 story, so I'm not repeating this one, but I'm a proof of a grown-up gamer as well. Today, I lead the Global Salesforce with responsibility for our high-performance product, product that really resonates with enthusiasts who demand the best in the world. What I'm looking forward to share with you is not only where we are, but more importantly, where we are headed and now where we are poised to scale in disciplined agility and strong return potential. Let's talk about our sales value proposition. What I mean with the sales value proposition here. First of all, circling back to one of our three core pillars is global access, right? We maintain a robust presence while adapting the nuances of the markets here. Diverse channels and local tactics, right? We deploy a diverse mix of channels, direct customers, system integrators, retailers, and e-tailers across the globe that help us to reach all tiers toward the end customer. This omnichannel approach increases market access, penetration, enhances customer in every touchpoint. Advanced analytics. Every market receives a tailored base on cultural trends and purchasing behaviors and competitive landscape. Scalable growth and risk mitigation. We are continuously improving our processes. You heard a lot of process from Karin already. Adaptive learning keeps us ahead of the curve. Maximizing the customer lifetime value. This ensures our growth is not only scalable, but defensible in the face of the market disruption. Last but not least, sustainable competitive advantage, defensible long-term differentiation in every region. Let us take a look at the setup of sales as of today. You have seen the map already. Now you see the sales version of that. Think global and act local. The magic that product development creates and innovates, that is up to us to sell this. What we are seeing here is a strategy of starting with our coverage of different countries and regional clusters and pattern. Let me tell you how this works in practice here. Each region on the map is marked in a distinct way, representing a dedicated cluster of sales team, driving customer relationship, partnership, and brand presence while staying fully ahead and aligned with global strategy. Ensuring to execute with cultural and market fluency while leveraging global intelligence and cohesion. This dual lens allows us to adapt fast to local shifts without losing the strategic focus. This ensures not only market entry, but deep and lasting presence in the markets. While we are actively expanding, you heard about APAC a little bit already, we're growing the teams to accelerate the product adaption, deepen customer loyalties, and broaden our geographical footprint. This is how Fractal creates brand that resonates globally while connecting personally. It's still a people business, right? That's a powerful competitive advantage. What you're seeing here is transferring the coverage of the globe into a global heat map. The heat map illustrates both our current partners and customer footprint and potential that lies ahead of us. What you see here, the black represents our top markets, dark gray indicates solid revenue, and the light gray highlights emerging growth regions. What you're seeing here is a snapshot of our commercial ecosystem. You heard we are already in over 50 countries, and we are expanding still. One that is already delivering revenue across continents with quantified opportunities to accelerate our growth. In Europe, we've built a foundation with over 50 partners already, a result of early market entry and strong brand recognition and a deep-rooted distribution network. In Asia, a major growth engine already delivering solid revenue and boasting over 40 partners and strong presence in Korea, Japan, and Australia. Asia drives solid revenue and holds high growth potential, poised to rival or even surpass Europe in the near future. North America with 13+ partners, we are covering 93% of all U.S. key relevant partners, reinforcing our premium positioning here and aligning with our global strategy and for depth and reach. You heard the keywords depth and reach, and global access is very, very important for Fractal. The smaller number on the map represents immediate partner potential. It's not a vague possibility. It's already concrete expansion opportunity identified. So our growth is not random. It's strategically aligned with our existing infrastructure and targeted product market fit. This means faster ramp up, lower acquisition cost, and strong early and strong and early revenue performance from new partners. As a takeaway, we are not starting from scratch. We are building on a proven footprint. To complete the previous heat map here, this slide breaks down our regional revenue split and contribution by region. While their exact split fluctuates a little bit over the years by macroeconomics or product cycles, overall, the balance remains steady. EMEA leads with 51% already. The reason or the base for that is a strong, diverse partner across Europe, established market maturity, and high customer retention. EMEA contributes 37%, a strong performance, particularly from the U.S., Canada, and South America, still on the to-do list with big potential. APAC only, I have to say at the moment, but for the future, it will change. This region is where we are already actively scaling, right? Growth partner and count and market demands is outpacing other regions. In relative terms, there is an indication for a significant upside, especially for Fractal. APAC share will grow disproportionately and will outpass probably the other regions in the future. Worth mentioning, we are already number one in Japan. As a key takeaway, we are pursuing global access with clear defined strategic focus. Customer demand and forecasting, you heard from Martin already how we produce. This needs to go somehow hand in hand with a nice handshake with sales together. This is a key pillar for our operational excellence. We connect sales and supply chains by a data-driven forecast system. We scale globally our forecast strategy, forecast excellence, and synchronized trade, aligned sales and supply chain to ensure precision and agility. This data-driven approach helps us to avoid overstocks and shortages, forecast accuracy, and inventory with minimal access. Stock out rate, proven fact, year- on- year improves already by 8%, contributing in a better product availability and cost control and margin protection. It is a very powerful data-driven cross-functional example how we are combining global access, discipline execution, and smart growth to drive scalable and sustainable growth. This means fewer lost sales, improved customer satisfaction, optimized working capital, and it also gives us a better cash flow predictability, a critical metric for growth and profitability. You heard a lot of expansion plans, not only in categories, but also in geographical perspectives. Let me take you through this, where our growth is coming from and where it is going. From the geographical expansion, we are growing stronger in Southeast Asia, China, Korea, and Japan, region with surging demand for premium components in Asia. In Japan, the headset market, the total addressable market is over $125 million already in 2023, with ample room for expansion. This is the geographical part, the portfolio part. You heard already a little bit about it. We are expanding into new categories while tailoring, offering meets diverse global market needs. This is not just a portfolio expansion. This is about localized, optimized approach across the globe. Channel and customer strategy. We are strengthening both channel diversity and customer engagement, ensuring we are not overly depending on one customer or any segment. Strengthening channel diversity and partner reduces dependency with Amazon as a rapid scale-up. As a proven point, Amazon is already growing over 150% year- on- year, representing as a target 20% of our total revenue in the group. We are building the infrastructure and partner support to make that happen. Last but not least, it's pretty shaky to stand on one leg. Balanced customer mix is very important for us. Diverse revenue across distributors, resellers, and system integrators, and Amazon provides global access and flexibility. Growing direct sales, offering margin upside and scalability, offering pricing power and a very strong brand position. In summary, we are not just growing, we're growing smart. To wrap that up, I think balancing the global scale with global access and local position drives resilience, growth, and expanding markets. Lastly, I want to tell you something. I'm traveling a lot, especially in Asia. When I remember my childhood, made in Germany was very solid tech. Nowadays, when you go around and talk about Scandinavian design, that's where people start really to listen and you're getting the attention from them. Take this home. I think it's a great compliment to the Scandinavian design and how we're doing our business today. Thanks a lot. Thank you, Alex. Thanks. What sets Fractal sales operations apart from the rest of the industry? I think we are truly focused on sellout. What we are doing is not pushing products only into the different channels, talking about the distributors or retail and e-tail partners. We are really making sure that the product journey with the birth that Henrik has presented, the shipment that Martin has presented, the sell and what we are doing, and in combination with Alex help to create the pull, really to make sure that the products are selling and getting the right attention in every touchpoint, actually, what I meant, right? I think that's only possible because we can leverage on our strong network in all the regions. What are some of the biggest opportunities you see right now? Yeah, when we remember one of the last slides when we're talking about category expansion, I think in the regions where we have already a very strong and solid footprint, it's easy to leverage with this environment or ecosystem to bring in the new categories like we see here the Scape. We've proven that already with the Refine, which is a great, great success. So I'm very, very confident that the Scape will replicate this and maybe outperform the success of the Refine. That's number one. Number two, as you heard from many other presenters here, APAC is a big region, right? For me, it's the motto be there or be squared. We all know that the growth is coming from APAC. Since we are not, let's say, on the same level from the team size and from the region to the markets, you heard that we're growing Southeast Asia and China, Korea, Japan, you name it. I think that's the other big opportunity for us to have a quick win, actually. Talking about the low-hanging fruit, it's not only low-hanging fruit, it's even a quick low-hanging fruit. Thank you very much. A big thank you to both you, Alex, and Martin as well for telling us a little bit more about how we strengthen our global access. Thank you very much. Thank you. Now, last but not least, we have another Alexander taking the stage. The first one. The first Alexander. Important. Please welcome our Chief Marketing Officer to tell you about how we build brand equity. Alexander Ernryd. Thank you, Viktor. Hello everyone. I often get yelled at that I pace and move around the scene a lot. Good luck to us both, Mr. Cameraman. I'm Alexander. I come from a very long and lucrative gaming career where I think the highest point was winning a Quake 3 tournament in Skövde in 1998, the first prize was 10 cases of Jolt Cola. Those did not last through the weekend, needless to say. I've been working at Fractal for seven years, and I'm eager to share more about how 23 of our handpicked marketeers have managed to build a very unique brand with a long-term competitive edge and a deep understanding on where gaming is heading and where we are today. I'm going to talk more about the how and why rather than the what in terms of our brand position. Looping back to Janus bits, PC gaming has evolved, and that's very important to talk about and why that matters. Our customers are one of the most picky when it comes to trusting brands and choosing their products. Today, they expect something called purpose-driven brands, which I hope to inform you more about why Fractal is one of the most purpose-driven brands out there in gaming. We are aligning our brand with a high-value customer base where we know we're able to drive loyalty, but also pricing power. Gaming has evolved, but so also have our strategy. Let's actually talk more about the evolution of gaming before we start talking about how we shaped our brand. So iterate here. Gaming has transformed. It's no longer a niche. It's a mainstream. 30 years ago, gamers were used to hauling bulky CRT monitors to closed-off lawn parties. They sat in the basement and used dialed-up internet during the cheap late-night hours. PCs mostly looked the same, quite tacky, fitted the glowing lava lamps nicely in the same room and so on. Only 9% of gamers were over 50 years in 1999, so it was definitely something for teenagers. Fast forward to the 2000s. We saw actually the PC moved at least a bit out of the basement. Broadband and media pieces made their way into the household, and the gamers' rising lifetime value came with that as well. They are now in their mid-20s, and we're starting to see something happening in terms of this quite closed-off club. Let's go 10 more years. Now instead, the gamers is about around 30s, and brands have had to start earning their trust. It was just not about product. It was about the brand experience as well. Communities and peer validation became critical for how you both discover a brand, but also to choose which product you trust. Basically going from high market noise in terms of marketing to product and brand credibility. Today, gaming is deeply embedded with life. 80% of gamers are adults today, which is a big change. 30% are aged between 18 years and 34 years. And 30% are over 50 years versus only 9% in 1999. What does this mean? Many generations have basically aged and matured without giving up gaming. This has created a long-term engagement in terms of what we're trying to achieve and also a very profitable audience as, of course, the wallet size increases as older as you get. Let's break it down a bit more what we mean with today's gamer, the modern and discerning gamer, and why they are the most attractive consumer base out there. They are now around 35 years old, especially looking at the U.S. customers. They live in a trusted and peer-led ecosystem. That means they are very much informed. They talk to each other. They recommend each other. As an example, on Reddit, there's a subreddit called Build a PC where 5 million members daily basically vouch for different brands, for different products, and so on. Regular social media is not really where they hang out and discuss. It's this new purpose-driven, community-led system like Discord and Reddit and so on. Of course, the brands that interact well with this new type of community, they earn the trust. They are expert-level buyers. They are very much research-driven. They are not impulse buyers like commodity products and so on. They compare specs, prices. They are born and raised with different tools to leverage both reviews and pricing and so on. They are very much in the know. We focus on the community sentiment around our brand and not promotional tactics because that does not create long-term value and long-term trust. Of course, a red thread today is that we believe that mature gamers are increasingly seeking a way to integrate gaming into their home to reflect a more mature and design-conscious lifestyle. Proof points of this is that we do a lot of surveys. We ask the community and customers all the time in different regions what they think from different angles, both anonymously as well as guided. The search phrase wooden PC case has searched 50% year- on- year the latest three years as an example. We ask gamers what kind of style they prefer when it comes to gaming. A recent survey from the end of 2024, we saw that 50% want a subtle design and 24% do not want a gaming design at all. They want products that do not look like gaming products, which of course is the type of consumer that we are aiming to include. This gives us an aesthetical differentiation that we are very proud of and that we can also include in the pricing power when it comes to the product. They also hate marketing. They are a quite difficult consumer to reach. They trust real voices. They want to discover. They do not want to be persuaded and so on. The brands that are able to deliver some kind of authentic engagement with the consumer come up top and that is what builds long-term loyalty. A bit more on how then Fractal fits in in this very quite difficult customer, if you will. We have built a clear alternative with our brand to this loud and aggressive other competing brands out there. That is called deliberate based on the items I just told you about. This differentiation, which we believe is key to have this long-term loyalty as well and have a distinct position, which is very important in a competitive landscape with so many brands and companies now are trying to get into gaming. The communication is very, very important. We do not speak like advertisers. We speak on a peer level. We have seen that when we build this credibility of talking like the customer, creating an emotional connection, then we get the customer hooked very much faster, which is basically lower customer acquisition costs and so on. We also believe that gaming is not Esport, which is if you ask the regular person on town, they would probably say, hey, well, it's all the arenas and everything. In all surveys year after year for a long time, users say they are not in it to compete. They want to unwind. They want to relax. They want to connect. We are actually aligning our communication brand with the true majority of gaming. Gaming as a personal and immersive experience, not a performance arena. This also gives a mass market appeal actually because that's the majority of gamers, what they are seeking when gaming. Of course they have to have products and a brand that supports that. Integration into the home, also red thread today. We have a clear niche that all our products should be easy to integrate into the home. That is also how we phrase and put and position our products to really show that, hey, you can have this product in the living room and it actually does not disturb your, let's call it more home-friendly aesthetics in terms of other products. Once again, pricing power, loyalty, distinct brand position, that is what we are after. No brand without great products. We never try to oversell anything. We try to lift what is great about the products. No gimmicks that fuel loyalty. It lowers churn. Marketing efforts are of course how we build awareness and so on, but it is the product experience together with the brand experience that creates stickiness, not one without the other. Looking at our communication and tonality and so on, it is a strategical differentiator. Many brands rely on one-size-fits-all type of marketing, but we try to have a marketing approach that resonates with a mature, discerning, and high-value customer. We don't shout. We build credibility through real peer-level communication, real conversations in the community. We engage instead of broadcast. A lot of people or competing brands, they put a lot of money into one-way influencer blast, whereas we want partners with influencers that talk about their products and brand over time. Deeper loyalty, lower churn rate, higher customer lifetime value, that is something we're working over long-term. How does a non-loud and non-flashy brand like Fractal generate this high visibility that we need to have being able to scale up? I'm going to talk about the product launches. That's one of our most powerful tools in the marketing toolbox. It's also one of the most important tools when we're going into new categories. Our scalable launch and brand engine is meticulously planned. We do influencer seeding, sampling, reviewing, community outreach. We build these campaigns in-house and we constantly bench them towards way larger competitors. We are able to reach between 20%-30% more in reach, impressions, but also in relevance. We do not just show up in feeds. We show up in real conversations in different Discord channels, Reddit channels, and so on. This is a key basically in terms of getting the brand out there through really, really strong, powerful launches. Reviews is a very, very important part of that. As I said, the consumers do not really trust brands until they give you a chance and a chance you only get once basically. The reviewers are often how people discover a brand. Of course that plays a big part in terms of success or not. We get around on average 70 reviews on launch day for a new product. You can't today in the tech and gaming community just send out samples and product to reviewers and hope for them to make content and coverage of that. There are so many competing brands, so many different products out there. This trust we have built with the relationship and the network of reviewers is kind of a big barrier for new brands to face and actually get exposure. That is very, very important. It's built, as I said, over 50 years of time. It also removes dependency on things like paid media when we have real, real voices actually talking about the products. They wouldn't review our product if they didn't trust us as a company or brand. That is very important. They never want to highlight something that can hurt the community. There are actually quite big brands that are not able to get reviews on their new products out there. Community, once again, our relationship with the community is one of the biggest strengths. We have a very, very positive and good sentiment in the community. That means that early adopters, which is very, very important for the success of a launch and of the product itself, they organically do reviews and show photos of their new products and rave about it. We get a viral effect on that, which of course increases marketing return of investment instead of just paying for the coverage. We get that from our early adopters. They love to rave about when they were the first one to get a new Fractal case and did a build of it. That is quite amazing actually from their wide perspective. Of course it fuels sustained awareness long after launch because this is organic content that stays there forever. Another diamond in our marketing toolbox is that we have over 300 streamers on Twitch that we have been sponsoring for quite a while. Together they generated 17 million of branded content in one quarter worldwide. The reason why we really like instead of our own streaming network is that this is real voices. It's not us saying to buy our products. This is real gamers using our products and vouching for our brand on a daily basis. Super important in terms of also always being online. Since we have different time zones, they are working around the clock to spread the good word of the Fractal brand. That said, Fractal is a relatively young brand, but that is also precisely where the upside lies. We are well established in the enthusiast segment, but now we're scaling to a much larger opportunity with a credibility that we've built over time. It's really, really difficult to replicate. Our foundations from the PC building scene is basically where we're coming from. They are quite small in volume if you're looking at the general population of 3 billion gamers, but they are massive in influence and that's our roots. That's where we're coming from. Once again, a big barrier to overcome if you're a competing brand if you don't have the trust from one of the loudest and the pickiest influencers out there. We are now looking at finding ways to spread the good word of Fractal to the broader gaming audience, meaning gamers that still want lifestyle integrated hardware, but necessarily don't build their own computer. And there's tons of them. They're laptop gamers. They are pre-built gamers. Even console gamers are interested in, of course, other things than cases as well. There is tons of upside in terms of reaching outside our niche, which is of course something we are working with. We believe that we are now in the intersection of performance, aesthetics, and the maturity. As more gamers grow up, they are investing more in the gaming setup. This segment is growing. That is important to know. We are seeing a year-on-year growth of the gamer amount between 4%-6%. Of course our niche grows with that as well. Also, since they are so massive in influence, we are seeing more and more people are appreciating and want to invest more in the gear. They want to integrate it as a part of their life and home, even if they are not, let's call it, the hardcore nerds where we are born from. We really believe that this segment that we're leading is going to grow and become bigger over time. With that said, cohesion is very important for our consumers. They want to have one brand that fits everything or works with everything. We are taking it quite, I wouldn't say absolutely not slow, but very much controlled when it goes to coming into new categories. We need to be brand consistent and we want to grow revenue without diluting the brand. Everything we do is in a very controlled way and the brand is very, very much up there in terms of which categories we choose and where we can make a difference. Cross-category loyalty and increased wallet share in a controlled way with the Fractal brand at the forefront is kind of how we can summarize that. To wrap this up, the world's most discerning gamer is no longer a niche. They are growing. They're highly influential. Our brand is uniquely positioned to lead this shift. We have earned the trust from the enthusiast segment for over 15 years through product integrity, from brand integrity, design leadership. We are basically the defining brand for the grown-up gamer. The market is trending in our favor. Gamers are aging. People do not drop the hobby of gaming as they grow old, as we've seen. They are spending more. Gaming integrates into adult life. The demand for more refined, design-conscious gears grows as well, meaning our sweet spot is accelerating. With that said, we're not trying to win everyone. We're trying to win the right ones, those who deeply care about our setups. That's the high-value customers. There is where we find margin connected with loyalty, connected with advocacy. To sum it up, we're not really just participating in the market. We are shaping it where it's going. I'm quite proud to say that I believe we have the team, we have the plan, we have the passion, and together we are shaping the future of gaming. Thank you, Alexander. Building brand equity, being a strategic pillar. Part of reaching that equity is to build awareness, something that usually comes at a pretty high price tag. What measures are Fractal marketing operations taking to still get that reach? We have taken the deliberate strategical direction that we don't invest in this huge blast. You can always pay yourself in the market, but you do not have the credibility then basically. Instead of investing in a large-scale agency-based campaign, we invest in expertise, not overhead, meaning we find the right people that know gamers and the community and the tech community in and out. Then we build it in-house. We build the campaigns. We do all the visual communication. Everything we try to do in-house instead of having a middleman and an agency and so on. Once again, expertise, not overhead. That is how we are hacking the marketing budget, so to say. In this journey that Fractal is on, what is it that makes brand so important and puts it at the heart of everything? Trust, basically. I hope that was also a red thread through the industry. The trust and loyalty that we basically built the brand on is what sets us apart and also gives us this rocket fuel to continue the journey we're on. If we wouldn't have any trust, if we wouldn't have the authenticity from the community, it wouldn't work basically. I think that will be the key cornerstone to how we scale the brand, to take that with us. Never forget our roots in the hardcore gaming and tech community. Thank you very much, Alexander. Thank you. It wouldn't be a Fractal presentation, huh, if we didn't have just something else. I'd like to take a moment to introduce our next guest. This next guest has actually been right in front of you this whole time. We're very excited to do something completely new for us, which is to announce an entirely new product live here in front of you. Alexander was saying something about our launch machinery, and my phone has been ringing off the hook in my pocket throughout this presentation as our team is preparing a global launch. That global launch is going to happen in about half an hour. You're getting an exclusive preview. This is Meshify 3. Meshify 3 is the latest addition to the Airflow case series Meshify, which redefined modern gaming. By having an airflow-centric front of the case, it allows for maximum performance components to operate at a low temperature while fueling immersive game experiences. Meshify 3 brings many new things to the market. It has high performance fans included, our new Momentum series of fans. As you can see, it has a subtle ambient lighting, which is what we call it, ambient. Ambience Pro is a software that you do not need to install and that you do not need to register for. You simply connect an Ambience Pro version of Meshify 3 in a similar way to how you would connect your Scape. You are able to configure advancedly subtle lighting effects that are going to take your home environment to a whole new level. Subtle is the nature of the game with Meshify 3, but there is nothing subtle about its performance. These Momentum fans I was telling you about, it comes with three of them. It comes in an XL version for uncompromising component compatibility and performance. These are no slouches in terms of fans. They come with LCP plates. You will find all the information online when it goes live. I hope you'll see some of the reviews where it's put to the test. I think the team has been working hard with this for a while, and it's ready for withstanding the test when the reviewers get their hands on it. It's with great pleasure that we have Meshify 3 as our final guest here. Now we're opening up here for our open Q&A. Welcoming back to the stage here, Karin and Jonas, please join me. As we have received some questions from online, as well as opening up to questions in the room. I think we'll start with seeing, is there a question right now in the room? I see some hands up. Okay, Jonathan, please take it away. Hi, thank you. Tobias Braun from Team Founder. A question about the categories that you have entered recently, the chairs and the headphones. Can you speak to why you chose those categories and what do you think about kind of entering new categories as well? I mean, what's your kind of general thinking about why yo u enter a new category? Yeah, I mean, that's a very good question. Also from the presentation that you've seen here today, everything now is about going from the individual products to the gaming station as a whole. We're also then looking at where our unique selling point and where our strength really can make the biggest difference and where we can make a big impact for that gaming station. The chair and the headset are two obvious products in the gaming station that take a lot of visual space in the gaming station and where we can make a big impact. We talked about that. Where can we make the biggest impact with the products that we deliver to the customers? Both chairs and headsets do that. Also, they might seem quite far apart, a furniture product and an audio product. They're not at all linked. The thing is that they're quite often in the same picture and in the same situation. You use your headset when sitting on your chair constantly. They're also there to connect it, sort of. It brings together the ecosystem from the components that we have around the case and with the case in the center to the chair and to the headset and it sort of ties it together. It's, as we talk about, a blueprint for how we can roll out to new categories and how we can expand that further. Because of course, the gaming station has many more products, so there might be more categories to come. I think we had some more questions here. Thank you. Karl Norén from SEB. I have a question regarding, I think you said you're now at 20% of your addressable market. I'm just wondering what kind of categories you're looking towards to reach or what are you including in that figure, so to say, for the full 100%. Is it screens, tables, etc.? Yeah, so if we would go for the full gaming station, that is also then including other aspects that maybe it's not those that we would directly target, where our design and where our unique selling point wouldn't make the biggest strength for us or have the biggest impact. That could be a graphics card, for example, might not be the first option for us. It, of course, takes a big part of the gamer spend. Okay. I had a question on the new categories and how long do you think it will take before those account for roughly 50% of your sales? We will see. I think AK talked about before with one of the biggest opportunities being the Scape, that it could have an even better launch than Refine, and then maybe it will go fast. Our ambition would be that by, say, 2030 onwards, we would have at least a balanced portfolio where cases stands for 50% and the rest around the 50%. Okay. The last question maybe for Martin, I think on the supply chain. Just how much have you done in terms of optimization of the cost base in terms of rate, etc., since you joined the company and how much more is there to make in terms of savings? In terms of logistics or product cost? Both, I would say. Logistic-wise, I mean, we have a team that works very dedicated to find options all the way through. I mean, basically, we do benchmarks every second week at least to find the best way, best possible routes and so on. There we are trying to get closer and closer connection to the different forwarders to get the relation there, to get the quick access when there are availability issues and also to get the cost down. It is hard to tell, but we are continuously working and improving the way that we approach those forwarders. Product cost-wise, of course, in line with our supply strategy that I told about before, we have reached a good relation with our key partners so far that we can gain a lot from. Of course, we will continue that journey because going from more or less only cases now into new categories, we can take that strategy further down the road to get good benefits from that. Thank you. We had a question here in the front. Go for Simon first. Thank you so much. This is Simon Granath with ABG, and thank you to all the presenters for today's session. Really appreciate that. Initially, Jonas, you mentioned earlier the opportunity to take the position as a design-led brand is wide open now. In order to take this position, will it mainly be done organically, or can you also look into M&A? A follow-up question on that is, what key learning experience would you highlight from the recent expansion into the chair particularly? You want to start? I can start with the M&A question you had. We are growing organically. That's our plan. That not said, if we would run on some company that would suit us perfectly, we would be interested. Our primary plan is to grow organically. The reason for that is that we are interested in the competence. We're not interested in buying a stock or an inventory with other products. We are a one-brand company, and we want to continue to be that. Therefore, organic growth is our main path. I think Alexander also built on, or to build on what Alexander said in your presentation, that the brand is such an important part of this journey for us to growing this. Buying and expanding the brand through acquisition is not that easy to hold the brand image and the product portfolio really cohesive. Organic growth is definitely what we are targeting primarily. We can also show, I mean, we have been successful so far, and we will continue being that and doing that. You said about the learnings from the already launched products. There's a lot. All teams have a lot of learnings from this entire journey. We're not talking about just for the last year since we talked about shares and headsets out in the market for the first time. We're talking about during the last several years where we have been working with this from the inside to the development phase and to the launch. In all aspects, there is a lot of things we can learn from. We have already done so from the Refine launch to the Scape launch now, which is something that we are attacking slightly differently than what we did a year ago. There are constant learnings. I would say it's difficult to just mention and single out one because it's all through the journey. It's part of what it is, and we will continue to because we are evolving as this goes along. You can take one more if you w ant. Yeah. As you pointed out, lots of the discussion have been around tariffs, and I'll continue on that topic. Because you do mention three drivers to mitigate tariffs: price changes, moving production, and negotiations. Would you dare to rank these three mitigating actions and also whether you believe that you can mitigate most of the enacted tariffs as we stand today? Maybe it's hard to rank them. They are equally important. As I said, our plan is to be able to move around 50% of our U.S. sales by year-end. We are not necessarily doing it if the tariff is zero by year-end, but we have the ability. That is, of course, super important. We have negotiations with our suppliers, but they can only take a part. That's how it is. Then we have the consumers. It's like, yeah, it's linked together. The consumers, supplier taking a bit, and we are doing a part with a move as well. Yeah, of course. Whether it would mitigate everything, I think it's short, mid, and long term to look at this. As Karin pointed out, we are focusing on the long term. We know we have a stable strategy to manage this situation and literally monitoring what's happening. It is very, very volatile. We need to balance then the business effects and the business interest and also the consumer interest in the market so that we're taking care of both. Long term, I think our plan is quite solid to be able to manage this in a good way. Thank you. I'm Philip from Mediuminvest. I have a question on the sales channels. You're pretty diversified as of today, but direct to consumers, what are your thoughts on this, both short term, long term, and maybe the pros and cons with regards to Fractal? I can start, and then AK could fill in potentially. You're right, we have a wide distribution network and different types of customers in that network. It's distributors, system integrators, resellers, online and offline. We need to have that. It's a lot of countries that we're covering, many markets. That means we need that diversity. It also creates or reduces our volatility and risk independency by having multiple that we're, I think AK said, don't stand on one leg in that sense. D2C or going completely direct is something that we're continuously evaluating to see when that would happen for Fractal. It's not our highest priority or number one. The relationship with our partners and working with them to push our products out to the end consumer, that's our focus, that's our priority. We believe that has the highest positive impact on our revenue stream and earnings, meaning our profitability. I think we need the diversity as well, since for the same customer type in different countries, you find different mixture of how the PC is built. Is it a build-to-orders? Is it a pre-built? Is it a system integrator? To cater these different needs of the market, we need this diversity. Otherwise, I mean, we wouldn't be able, same as the tariffs, to adapt the changes or the differences of the different market and regions. I mean, regions are so different. We talked a lot about APAC, but Asia is not Asia, right? South Asia is so much different to maybe Korea, and then Japan is sometimes like our own planet. Questions in the au dience? Yep. Erik Larsson, SEB, you mentioned competence here a few minutes ago, and I was wondering to what extent can someone who designs or develops a case do it for a chair or a headset? Have you had to sort of complement your expertise there, or is there any overlap? I will very sneakily merge this with a question that we have from online, which also ties into product development and our stance here. Do we have dedicated teams for the various new products that we're designing? Is it the same team working all of them? Like how have we structured our teams for dedicated purposes within there? Yeah, I mean, first of all, we're standing firm with the design approach that we're coming from, the DNA there, and that doesn't really matter which product it is we're coming from. The Scandinavian gaming tech thinking for that design approach is valid regardless of what kind of product we would go for. Of course, technically, to develop that product, which Henrik can fill in more about, we need different competence. I think Alexander said we have 23 handpicked marketeers. There's maybe slightly more on the PD side, but they're also fairly handpicked because of what they can do. Of course, we needed all the engineers to deliver the Scape. That wasn't the same engineers in the back that did that, that have done our cases in the past. Of course, we need to build with that strong competence. Henrik, anything to add really from a product side? Do we need different teams? Yes, we do. We have dedicated teams, for instance, for the chairs and for the headsets. From a competence perspective, it's exactly like Jonas said. Of course, we're blending where we, of course, bring in the DNA and the experience and the competence from cases and blend that with really strong competence from the direct industries in the new categories we're developing. By putting that together, we believe we can do something unique. The follow-up I had was how many people would this equate to since we've just started to see some of the benefits of all of these investments you've made. I mean, again, we've just started the journey. The journey is not ended, meaning that would also be new categories and other growth coming in the future. As I think Karin also said, we're continuously investing in that. Our organizational growth is not done, but our revenue growth and our business growth is not done either. They will follow each other. We're doing that cautiously and continuously driving that profitability through the growth journey. We will continue to, but we're all keeping an eye on it and driving operational excellence and efficiency. Karin? Of course, you hold the money, so what do you allow? No, but of course, we have seen the cost for these products in the P&L the last years. Now we see the revenue. That's how it is. When going into, as you mentioned, Henrik, new categories, we will see an effect. We are growing with caution all the time in a smart way. Thank you. Can I just have one more call here again on tariffs? I mean, it would be helpful if you could give us some kind of indication of how much you think it will impact your product margin in percentage points for the full year. We can say like this, we can't do that right now, unfortunately. There was new information just days ago. We have several different scenarios that we calculate by ourselves. I don't want to give you a number right now because we're not certain. I mean, in the long run, we will, of course, mitigate the cost. If we would see an effect, it would be during 2025. Now, I mean, the wind has turned and now he, as we said, decreased the tariffs from 125%- 10%. Things are changing. Giving you a number, unfortunately, I do not want to do that. Maybe just on, let's say, in the coming quarter, I mean, it was really, I guess, dark in the middle of Q2 or with 100%+ tariffs from China. I mean, just how big of an impact could it be in negative short term? I mean, we have an inventory and all the stock we have there that is not impacted of these high tariffs are, of course, not impacting our P&L more than before. We do not see increasing, super increasing cost for the tariffs in the coming quarter. I am just following up here on the same question, but stuff that is shipped but has not reached the border. When it reached the border, it's a tariff on it. Do you have any contractual agreements that you could push that forward to the customer, or is that just something you have to eat, so to say? First of all, during the spring, there have been multiple rounds, right? The February 10%, the March 10%, then the additional first 50%, then 84%, then up to 125% on top. We also have the aluminum tariff situation in between. There are multiple guidance and directives that have come at the same time. They all have different active dates, whether it's shipped on some date or received on some date and so on. Understanding that and navigating those waters, literally seeing the ship there on Karin's presentation, is quite a big task. We have that really under quite good control. When it comes to the fact of whether we can transfer that cost over, we sit with our own inventory in the U.S., of course. If we still own the goods when the tickets are U.S. warehouses, it is still ours. The question would be rather if we would have a direct shipment to one of our U.S. customers from China, it would be on them because it is the importer that takes the cost. As long as we import it to our warehouse, we would take the cost. If they would go to a partner, they would take the cost. We also have something called, that is possible, bonded warehouse, which means that we do not have to pay the tariffs right now, but instead later on. That comes with a cost, of course. There are scenarios and things to do with the products coming in with very high tariffs. The stuff that came in during this short period where it was super high tariffs, are they being charged or do you get exemptions? No. First of all, which is one key point, the cases, which is then still about 90% of our business or just below now, is exempt from the reciprocal tariffs. They do not have or have never had the 125%. That is, by that, putting us in a different ballgame than others that have that kind of tariff on everything in their portfolio. It is chairs and headsets and other products that is hit by the reciprocal tariffs. That was active during a few weeks' time where we were fairly successful in how we managed our logistics during that period. Then, as Karin said, we could use the bonded warehouse solution not to import too much during such periods. Th ank you. Yeah. I can perhaps merge that with a question from online, which speaks a little bit to our supply chain. You mentioned our U.S. warehouse now playing a pretty important strategic role. Of course, we also have the central warehouse in China. Are there any plans to expand with more logistics hubs like that in other regions such as Europe? Martin mentioned before that the evaluation, especially in Europe, is constant. We always look at that as potential for us if we find that the distribution network has the need or the benefit for such a move. Today, we have a strength in the fact that we are shipping out our products directly to our customers for the EMEA market. We do that, as AK showed, to 50+ customers in Europe alone. We have that very efficient way of getting our goods into the market, meaning the time between production and actually hitting the shelf is very short. If we add one step in between, we are getting some downsides in that. There could be other upsides if we are going towards certain periods or certain activities or happenings where a regional warehouse could play a part, just as it has done in the U.S. In the U.S., the tariff situation and those kinds of things over the last now seven years, something like that, has really been one of the contributing factors for why we have chosen to have the regional warehouse in the U.S. There could be similar situations on the European side that is the activating factor. So far, we have chosen not to. We have spare parts, accessory warehouse on the west coast of Sweden. For now, that's where we are. Let's see what happens in the future. Any further questions in the room? Otherwise, we'll take another one online here. With over 300 resellers and distributors in the portfolio, and the question is directed at Alexander Khal, but I'll leave it to the full team to answer here. How many of these resellers do we think are ready to assume more product categories as well? I think I'll add a little extra to the question. What measures have we taken to make sure that that's the case, that we'll be a credible addition to other product categories as well? What are the challenges when onboarding a new line of products onto an existing partner? Again, I'll start and then maybe AK can fill in. I had a similar question over the break earlier. The launch that we did last year at Computex, about one year ago now, was something different than what Fractal has done before. We went out into the market with a big bang, literally to all our partners and media, telling them what we will do in the next 12 months. That's not usually how Fractal does things. Like today, we're launching the Meshify 3. No one knew about it, or a lot of people knew about it, but it's public in one minute from now at 4:00 P.M. That's how we usually do it. Going in with new categories, we felt that we can't really make that journey without showing them why. Also to all those partners, especially channel partners that we've been working on for a year, maybe before that event, bringing them into the development journey, how do we launch this product, how do we execute that launch. We also needed to show our partner network that we have the media attention and that the reaction to the products is as good as we wanted them to be. Especially with the new products coming in, going out, showing it and creating that credibility helped activate the product in that big network that we already have. There is more to do, there are more markets, there are more partners, and not the least, there are new customers, new partners, new channels in the future. I think not all of our customers can deal with a new product. Like a system integrator, this business is built on selling product and service together, right? He is probably not interested in selling a finished good where he cannot earn something on top of that. On the other side, our shelves are not naturally meant for retail, but these kinds of products are meant for retail. First of all, it fits perfectly into the shelf. The other one is if you pay a high price, you want to check it out, touch and feel first the product. I think the 300 will not stay the same. It will go up, but maybe the products are not, what I meant before, are not meant for selling on system integrators. On the retail side, especially in Southeast Asia, in Europe, in the U.S., we are covering, as I mentioned before, 93% already. There are just one or two where we can maybe have new entrance and access to, but the rest, there is a lot of incremental waiting for us. I think this is a nice door opener for the, let's say, the following products in the next months and years. Thank you very much. We are at time. This concludes our online part of the presentation. I want to have a very big warm thank you to all of our speakers today and to all of you who have participated online. Thank you very much, and I hope you stay tuned for future communications from Fractal and not least future capital markets day. Thank you very much for that. For our audience here in person, our team will be available for further questions you may have, as well as our products, of course, that are available for hands-on demonstrations and a deeper look. You can perhaps quiz the CTO about the technical nuances of the cases and catch one of our members of the team to give you a hands-on product demonstration of the ergonomic features of the chair. You're very welcome. It's been a pleasure having you. Thank you very much for today.