A hello to everyone watching, and thank you for joining us during the Lytham Partners Spring 2025 Investor Conference. My name is Roger Weiss, and I'm a Vice President here at Lytham Partners. With us today are Gavin O'Dowd, CEO, and Peter Deli, CFO of the Haypp Group, who will be taking us through their slide presentation. Haypp Group AB trades under the symbol HAYPP on the Nasdaq First North Exchange. With that being said, let's get started. Gavin and Peter, welcome. We appreciate you joining us for the conference. Now I'm going to turn the floor over to you guys. Perfect. Thank you very much, Roger. Greatly appreciate it. Thank you for taking the time, everybody, to understand our business a little bit better. Over the next 30 minutes, I'd like to walk through some of the more fundamental aspects of our business. I will pass over for Peter to follow through a little bit more on it. We will open up for Q&A after that. I'd like to start the discussion with the four most fundamental aspects of our business, which runs through. Firstly, we're sitting on two very powerful secular trends: the adoption of risk-reduced nicotine products relative to that of more harmful products such as cigarettes. For us, it is specifically nicotine pouches and how rapidly that category is growing. The shift for consumers to move from offline purchases to online purchases and how successful we have seen that category in some of our earlier markets and the growth potential that that brings for the markets as it goes through as well. We have also had a track record of internally funding this business in its entirety from the outset. We have managed to continue with, in recent years, as we IPO'd, with 18% CAGR in sales, much more than that driven by nicotine pouches, which has become the strategically important part of our business, and also even more robust growth in our underlying profitability. We envisage that that growth will sustain itself out into the future. We have always run with a philosophy of sharing the economies of scale with our customers and also with some of our business partners along the way. That has further reinforced our operating model and differentiated us versus that of other retailers in the space. We will continue to be able to do that as we get further competitive advantages as we go through. Lastly, we deal in the nicotine category. Nicotine is an extremely complex category when it comes to the regulatory complexities and the judicial complexities around it. We have developed the skill sets and the knowledge and the systems to be able to navigate this complexity because of our scale that no others have. When I talk about our scale, just to contextualize this, we are around about 13x to 14x the size of the second largest online nicotine pouch retailer in the world. We have significant benefits of that as it comes through. Moving along from here and starting with the most fundamental aspect in our category, which is what do we mean by risk-reduced products? Here is what is often referred to as the tobacco and nicotine risk continuum, where it looks at the harm to the user of a various level of nicotine products, with cigarettes being at the extreme left and being marked out of 100%, and then products coming over to the right, getting significantly lower in harm as you move away from products which are no longer being burned as it comes through here. The categories which we operate in are over to the extreme right on this. Our origins were originally in snus when we had set up in Sweden. When Peter and I took over this business back eight years ago, we started to move much more towards nicotine pouches. In recent years, we've been utilizing our infrastructure over the last 18 months to two years to also include only within Europe vaping and heat-not-burn products, where there's a different relationship with those products in Europe, perhaps to what exists in the U.S. When it comes to our outlook for the category in general here, you can get a sense on the left across our existing geographies. Our existing geographies are Sweden, Norway, the U.S., the U.K., and German-speaking Europe, how rapidly variations of risk-reduced products are growing within the markets. You can see that, of course, the biggest driver of growth within these markets is nicotine pouches. I think many of you sitting in the U.S. can probably see this with products such as ZYN coming through as well, and now more recently with other products coming through. We've also, for context's sake, as regards to why we're not in other European markets, this is what the selection of other European markets to the right looks like, and why we're not against expanding into those markets at the right time. There's not enough opportunity at this point in time to justify the priority relative to the markets we're currently in. If we take a look at online penetration, and we have to bear in mind that 100% of our sales are online, here you can see how online penetration rates are across each of the markets. If we take a look at Sweden, which was where this business originated, online now accounts for more than 1/3 of the market. In Norway, which was the second market we expanded up to, it is now over 1/5. We see very good progress occurring across German-speaking Europe, albeit there are some material regulatory benefits for it there. Our biggest opportunity by far sits in seeing if we can take the largest nicotine market that we're present in by far, which is the U.S., and be part of rapidly growing the online penetration space there. It is worth contextualizing that for nicotine pouches in general across these markets, we operate between 75% and 85% share of the online markets. We are by far the largest player in any of these markets as it comes through. We feel we can maintain that position within new markets as they come through or within the U.S. What's most critical is to see how rapidly that share grows over time. A quick look at our operating model. We are an online retailer of other people's products. Think of us almost like an Amazon for nicotine pouches because Amazon and other companies like that will never carry any nicotine products. We buy the products directly from the suppliers, and we sell them directly to the consumers. I think that part of the operating model is relatively straightforward. However, there are two other aspects to our operating model that I would like to touch on as well. First, we capture a substantial amount of data from our consumers. We package it, and we sell it back to the brand owners, most of which are the nicotine and tobacco majors. We are the largest provider of consumer insights to the industry globally. In addition, we provide, and it's not unlike a lot of other e-commerce players as well, we provide a substantial amount of media outreach services whereby people can buy various surfaces upon our sites in order to generate both awareness and trial for their products. I will touch on that as we go through later on as well. Now, if we stand back and before we start looking at the fundamentals of our operating model, I'd like to start with some of the core principles that we always keep close to our business here on where it gets to and that we were able to hold our decisions up against. We look at this across three different stakeholder groups and one aspect as regards to how the external environment is moving around technology. If I start first of all with the consumers, irrespective of how time moves, we believe the consumer will always look for great value. They will always look for the broadest curated assortment for them. Particularly in this category, they will look for fast and accurate delivery. Nobody wants their products in this category turning up a day late or two days late. It tends to cause levels of anxiety potentially along the way. Also, when it comes to the suppliers, the brand owners in this space, they are always looking for an efficient, scalable access to the consumers. We are not just the largest online retailer. We are the largest retailer of nicotine pouches globally. They are also looking for somebody who is trustworthy and credible and always complies with various regulations, particularly with ensuring that these products never end up in the hands of underage consumers. They are also looking for business partners which can capture that data from the consumers as regards to what is doing well and what is not, and be able to package that and bring it back to them. When it comes to the third grouping here, which is regulators, irrespective of the market which we operate in, the first thing at the top of everybody's agenda here from the regulatory perspective is to ensure that these products only get into the hands of people who are above the legal age to access this product. In Europe, that is predominantly 18. In the U.S., it is 21. In addition, regulators want to make sure that there are appropriate limits and nicotine strengths and that the products which are being sold are being packaged and described properly. We test every product, and we reject a significant number of products every year. In fact, in 2024, we rejected over 90% of the products that came to us whereby they did not meet our standards and where it was getting to. This not only supports our position with regulators, but it also supports our position with consumers who like to know that there's such high standards and that if you get it from our site, it is a safe product. There are variations of local regulation in many cases at a national level, in some cases even at a state and county level. It is expected to comply with that as well. Lastly, technology. We believe that as technology continues to evolve, it will make it ever easier for people to be able to purchase products online, particularly products where there's a level of complexity with purchasing them, such as ensuring that the person is above the legal age. We also believe that as it progresses, the opportunity to utilize technology to personalize the experience becomes ever greater over time as well. Many of the benefits that come with the technology suites, and we can see this in how we have structured our own data and our AI in recent years, are captured by the largest player if they are structured appropriately to benefit from that. Moving forward to the next slide and taking a look at the fundamentals of our strategy as it goes through. The consumer is at the heartland of our strategy, but we break our strategy down into four key pillars. We used to describe this as a SPAC, but then unfortunately, the concept of SPAC became a little bit decimated within the U.S. around about four or five years ago, so we had to change the letters around. What we talk about here is very much around assortment, sorry, search, assortment, price, and convenience. Search, and I will touch on that in a moment, is about how do we dominate the organic search positions within this and why that is important. Assortment, how do we have the broadest, widest assortment of new products which are up to standard for our consumers? How do we always make sure on price that we have the most competitive price and how are we structured to be able to always have the best price within the market? For convenience, it is very much about making sure the product is fast and rapidly delivered to the consumer, but also that the consumer is kept up to speed on each step of the journey as it comes through. Behind those four pillars, we run a very clear principle here of underpinning it with technology and infrastructure to be able to make it scale and get ever better over time. If I start off on the first one of these, which is search and search dominance, I think it is worth bearing in mind that this is a nicotine product that we sell. As such, you are very limited in your ability to be able to buy any advertising space for it. To be clear on this, Google, Facebook, Instagram, et cetera, they all have a very clear no nicotine policy. You are not actually allowed to buy AdWords for this. You will see AdWords manifest within these spaces, but you will see them being very inefficient and being shut down again quite rapidly. In addition, we see many countries starting to introduce regulation that makes it illegal to buy digital advertising for these products because you cannot guarantee that the person is above the legal age that you are advertising to. We have seen that already occur in Norway. It is already brought in for part of the product range and will be expanded across in the U.K. In the U.S., the recent marketing granted orders from the Food and Drug Administration effectively lock that into the permit for the products to remain on the market, that they will not be going through in that space. What it creates is an environment whereby in order to get traffic to the consumers, you must be at the leading organic positions within the markets. This is why we run multiple stores in each market. You can see variations of screenshots here as it goes through. For example, within the U.S., our lead brand is Nicok ick. Our secondary brand is Northerner. You will see in Sweden where we are carrying four brands, in Norway we are carrying a couple, and in the U.K., we are carrying a couple as well. The reasoning we do this is that if you're at the leading position within organic rankings, you take the vast majority of the traffic which comes through. If you're in the second position, you take the vast majority of the remaining traffic. This creates a couple of dynamics within our business for us. First, if we look at the traffic that comes through to our sites in any given day, over 97%, almost 98% of that traffic comes through us organically, which means that our marketing spend is a fraction of what our revenue is. We're coming in at about 0.5% of our revenue that we spend on marketing. That continues to reduce over time as regards to how much we can spend on marketing, not because we wouldn't like to be able to spend more, but because the opportunities to do so are simply non-existent. Secondly, and perhaps more importantly, what we've seen over the years is this creates quite a robust moat around our business. Even if somebody can get their permits to operate and that they're prepared to invest very heavily, get the logistics and get the right products, etc., up and running, what they cannot get is traffic to their site because you cannot buy those leading positions because this category does not support the aspects such as Google AdWords, and that is shutting down more and more as time goes by. If we take a look at what our positions are within this space, here on the right, you can see, sorry, here on the left, you can see what our position is relative to the closest competitor across all of our markets. We generally run between 4.5x and 7.5x the traffic of our nearest competitor in any market. We generally run with between 75% and 85% share of the online channel across all of our markets. That does lead to a situation whereby we continue to acquire an ever-increasing number of new customers onto our stores. The second piece I'd like to talk about is assortment and where assortment comes through here. The slides to the left here show what share of our products that we're selling at this point in time that are products which were only launched less than one year ago. You can see if the left is the immediate where the product was launched, and then as it moves slightly over to the right on that chart, you can see the aggregate over the 12 months of where it is. What you can see is that we're generally on average dealing with 30% of our new products, sorry, 30% of our sales in any given day are products that did not exist a year ago. There's a lot of new products coming to the market, and the consumers are very keen to always try the latest and greatest, partly because those products are improving. This does tie in with some of our aspects and insights that we'll touch on in a moment as regards to why we tend to have the products well in advance of what other retailers get. As you move into the center, you can see that this is not just a Sweden-only aspect. You can see here that the number is reduced actually between 2023 and 2024 when it comes to the number of new SKUs we launched in Sweden. That is because, again, we rejected over 90% of what became available. This has also been manifesting across other markets, and it is starting to grow quite rapidly within the US as the consumer demand is driving it through. If we look at the individual consumers on this piece, we can see that it does not really matter across the markets. Each consumer tends to buy a significant number of different SKUs from us in any given year, which is going through, where we often run between seven and nine different SKUs per consumer. That increases over time as consumers become more and more mature within the category to wish to have a broader range of products. That could either be flavors, formats, as in mouthfeel formats, strengths, et cetera. They can always feel very comfortable trialing a range of new products with us along the way because they know all of our products have been independently tested against our product standards by Eurofins, which is the leading laboratory for this in category globally. What that creates is an environment where I'm going to sort of touch here on where the demand for our media is in huge demand here as it comes through. I actually worked in the industry for eight years before I took this role for nine years before I took this role eight years ago. What you can see here is that anybody which is launching a new product, what they want is always the same. First, you want to generate awareness that your product exists, and then second, you want to generate trial for that product. We have a broad range of solutions across our platforms from large banners, which you will see within each of our sites, through to being able to do specific on-site communication. There are often spaces here to create a lot of content, which is part of the reason why much of the content for why we dominate SEO is often generated exclusively for us because the brand owners wish to make sure their product is properly portrayed as it runs through. Even down to the checkout, whereby you have checked out with 20 cans, 10 cans of product A, 10 cans of product B, would you like for $0.99 to try a can of product C in your checkout and trial it? We think this would be the right product for you. Test it in the comfort of your own home when you are at home. What we find is that across each of our markets, our media tends to generate 2x to 4x the share of our market when it comes to the share of new trials as it runs through. Let me contextualize that. If you take Sweden, for example, who are about 31%, 32% share of the total Swedish market online and offline, we account for around 65% share of new product trials in Sweden. If you look across at other markets where we have significantly lower shares, such as the US, whereby we have about 2.5% share of the market, we believe we account for around about 4x that or 10% share of the new product trials within the U.S. Our media is quite a key component for us here. Now, closely linked to our media is also our insights model. We built this up in the beginning of 2020 regarding our overall insights. Firstly, on the left here, you can see how our insights tend to support on the consumer funnel as how it goes through. We work with all of the nicotine majors utilize our insights globally at this point in time. They can go from working on our data and working along with us here to understand what concepts would the consumer be open towards that they have not yet got to, understanding what is the right way to launch that product and what is the communication that should go with it, to tracking down what is the levels of awareness, the levels of consideration, and of course, being able to quantify the levels of trial either at a national level or within each consumer segment. We can often run this across either our segmentation keys or brand owners' own segmentation keys, and then recognizing the levels of repurchase rates and what levels of loyalty both towards the product and towards the brand is existing. We're now at a level whereby, as we've developed this over the years, both from our quantitative and our qualitative research offerings, we have become the largest insights provider to the industry by far. Our data is also being utilized across a broader range of topics as well, such as M&A and regulatory research, which also supports those large industry players. More recently, we also support heavily on aspects such as supporting with the data for regulatory affairs, such as within the U.S., to be able to help brand owners explain to the Food and Drug Administration who it is that's actually utilizing their products and what share of them are ex-smokers, what share of them are ex-dippers, ex-vapors, et cetera, as it comes through. If we put this together, our media, the revenue that we get from our Media & Insights, accounts for a high single-digit share of our group revenue. As you can imagine, there is very little variable cost embedded in this. It is a significant value chain adder for us here as it comes through. We will combine that with also the volume that we are buying from suppliers. And because they do not have to manage multiple points of distribution, trade reps, et cetera, it is generally accepted from the brand owners that if they sell products to us at the same terms as they do to the largest traditional retail stores, they make roughly 15% more gross margin on it if they sell it to us. That we are very happy to be the most profitable account for them, but that we always look to share to a level across the two. Lastly, within the pure e-com space, given the volume and scale that we have, we get a lot of benefits of scale, particularly within the distribution base. We group these three together, which is what enables us to be able to maintain a material sustainable price advantage to the consumer while still being able to maintain healthy margins as a retailer within the business. If we go along to take a look at what material price advantages looks like, if we start off, first of all, in what we refer to as our core markets, which is Sweden and Norway, traditionally, there have been extremely low traditional retail margins within this space, but we can still operate with a 20%-30% price discount within this market relative to what you can find offline. If you look over at the growth markets, such as the U.S. or the U.K. or German-speaking Europe, there, because of traditional retail margins for all nicotine products and because of the scale that we're getting towards within those markets, we can actually operate with a significantly higher discount of 40%-50%. This is a key component for encouraging consumers to migrate from offline to online. We recognize we do not need to maintain these price gaps to maintain the consumers, but bearing in mind that this category is still very much in its infancy, we believe maintaining these price gaps is critical for accelerating our share growth at this point in time. The further we grow, the more that our Media & Insights model tends to plug in on this, and the more that it gives us oxygen to be able to reinvest back under that philosophy of sharing the economies of scale with our consumers. Scale advantages do not just stop there when it comes to the economics which we can provide. Scale advantages are also very useful to us when it comes to compliance and regulation. Because most of our compliance tends to be hinged via technology that we're running through, it is much easier, given our scale, to be able to continue to invest in aspects such as legal age access only or real-time reporting or managing complexity at a state or even a county level as it's coming through because of the scale of where we are. In general, we generally like more and more regulation which comes into the category because it makes it easier for us to be able to manage and create substantial competitive advantage relative to any smaller players which should end up emerging. With that, I will pass over to Peter to walk us through some of the numbers a little bit. Thanks a lot, Gavin. Before we are looking forward to our outlook towards 2028, which we basically laid down in our capital markets day in April 2025, and the material for that is available on our website, I would like to look back a little bit to the past. Our company is a bit more than 15 years old. However, 2021 was a very important milestone. This is where we had our IPO. Looking back this last four years, I would like to look at the four important performance measures, what's really important for this business. First is the nicotine pouch volume growth. Nicotine pouch is the category most important strategically for our business. You can see that throughout this period, we achieved roughly 40% CAGR. Also important to note that the share, the volume share of the strategically important category grew from 34% up to 61%. In the middle, you can see the net sales. The reason why we say the importance of nicotine pouch is that the underlying consumer demand dynamics are completely different in snus and in NP. Snus, particularly in Scandinavia, is not growing any longer. The consumer relevance is declining. This is something you can see also in our sales performance. However, the nicotine pouch part of our sales is rapidly growing. This is helping us over the longer term also through a positive mixed impact. The quality of our growth is measured by the profitability. Here you can see our adjusted EBIT, which grew not only in absolute terms driven by the volume, but also in percentage terms, thanks for the scale of economics running through on various lines of the P&L. With this backdrop to the past, looking at the future, first, in terms of net sales, we are looking for an 18%-25% annual growth between now and 2028. There are three important underlying factors. First, we have a nicotine pouch-dominated product mix and the nicotine pouch category expected to grow across all the markets we operate. Also, within the country mix, we are expecting to see an increasing contribution from our growth markets, which is U.S., U.K., and DACH, where the category growth is higher than the one in Sweden and Norway. You can see that for 2028, we foresee around 85% contribution from the nicotine pouch segments to our overall sales. What I would like to lay down here is a little bit what can drive the difference between 18%- 25%. And the biggest variable for us is the U.S. market. At the moment, and this is expected to remain for the future as well, the U.S. is by far the biggest nicotine pouch market globally. It's a fast-growing market. For the last year, it grew more than 40% on a volume basis. As Gavin explained, there is relatively low online penetration at this point of time on the U.S. market. It's only around 3%. Depending on how fast the U.S. market grows and what is the share of market, what we can achieve, our growth rate can vary easily from 18% up to 25%. However, when we are looking at the 25% case, I would like also to remind you on the online penetration what we see in our current core markets in Sweden and Norway, which is significantly above the 5% level. In terms of profitability, we will see a few different trends running through. Looking at the different market segments in our core markets, which are already operating around the 10% adjusted EBITDA, we believe that we have further space to grow around two to four percentage points. In our growth markets, so U.S., U.K., and the German-speaking Europe, the profitability at the moment is significantly lower. It's around 3% adjusted EBITDA. We will foresee here a fast sales growth and an improvement in the adjusted EBITDA. However, the different sales dynamics are going to create a headwind on a total company level when it comes to the overall profitability. Emerging markets in our portfolio are defined as vape and heat-not-burn products. Here, we foresee relatively fast sales growth. However, same as the moment, we believe that we will be in an investment mode in 2028. Looking at our profit target, these different dynamics are embedded into it. For 2028, one of the measures of success will be sales. As I mentioned to you here, we are targeting an 18%-25% CAGR. Looking at profitability, we are aiming for a 5.5% adjusted EBIT, ± 150 basis points, depending on how rapid growth we can achieve and what the future growth opportunities will define our appetite to keep investing in 2028. Looking at the cash we are generating, we foresee that we will invest into growth as long as strong momentum exists and returns are expected. With this, I would like to put the focus a little bit on our short-term performance because we released our Q1 report just at the beginning of May. Instead of going through the entire report, I thought to pick up two important data and put it into a bit of a perspective and context over a longer term. On the left side, you can see our quarterly next year's growth year- over- year. Looking at the chart, you can see that in most of these quarters, we've been around the 20% mark. Looking at the adjusted EBIT margin, it's very stable and gradually growing period over period. Important to note that our media contracts are annual contracts, so we can achieve a step change always for the following calendar year. This is what you can see manifesting in the EBIT margin. With this, I hand back the word to Roger for questions. Gavin and Peter, thank you so much. This has been a great presentation. I do have a quick question for you. You just spoke about the type of investment you were going to be making in the United States. Could you just talk in a little detail about, for an online company, what U.S. investments would actually curtail? Absolutely. Maybe just to contextualize this one a little bit, Roger. The category itself originated within Scandinavia, and the market is significantly more advanced within Scandinavia. Normally, what we see across most categories within the world is, there's always an old joke over here of, you know, the U.S. innovates and Europe regulates. On this category, we've actually found the opposite experience going through. Most of the innovation tends to come from Scandinavia, but the intense regulation from the FDA has meant that the new products coming into the U.S. market have been greatly slowed down. Just to contextualize this, for example, the largest SKU or the largest brand within the US is ZYN. It is the ZYN mini or the dry format, which is effectively unused at this point in time in Scandinavia as 2nd and 3rd generation products have come through. We have always taken a position within the U.S. of having a position, a minimum position, to be able to operate and keep going, but we were always waiting for what we refer to as day zero, which is when new products would start to come onto the market. Now, a combination of both the first products being approved there in January. We have also seen a lot of new products coming in from global credible players throughout 2024. It means now is the time that the conditions are just ripe for us to take a run at the U.S. We will be investing across three different fronts here as it comes in. First, we will be building up the local organization and running the U.S. more independently because it needs to be able to be agile to scale at the level of where we're going through. We've actually executed a fair few of those recruitments over the last quarter, so I think we're quite happy with how that's going along. Secondly, we will continue to invest within our logistics and convenience infrastructure. We have fully automated our primary warehouse in Houston in the latter part of 2024. We're now piloting some same-day deliveries and subject to how that works out as regards to how we scale that across some key urban areas within the U.S. because convenience is key, particularly for the first purchase until people recognize that maybe it would be good to order two or three days before you want the product with us for future purchases. Lastly, we'd like to actually trial some concepts on how we could accelerate the customer awareness because the biggest challenge we see is that the vast majority of consumers, and we've seen this challenge in every one of our markets, the vast majority of consumers are not aware you can actually buy the products online. We would like to do some spaces around that, such as, for example, referral programs, pieces like that, in order to be able to encourage existing customers to tell their friends where it gets to. I think that's the space where we will be investing quite heavily across those three. Got it. If I could just ask one more quick one. It sounds like the outlook that you've described in terms of the United States is relatively conservative in terms of your market share goals. When you look out to 2028, what does the share look like in Sweden, which I'd call a mature market, and where does the U.S. sit in comparison? Yeah. If I was to start that, first of all, our share of the Swedish market is 32%. Our current share of the U.S. market is 2.5%. Our targets coming out here for 2028 is to be somewhere in the 4%-5% range. I think it's also worth bearing in mind that for the products which are growing disproportionately fast in the U.S. at this point in time, we're already at the 4%-5% range. Yes, we're not going to be particularly happy if we achieve these targets for 2028, but the best way we felt we could do this, because I think if you start giving out, you know, 10%, 15% targets, it starts to become a little bit ridiculous as regards to where the numbers get to very quickly here. That was why we felt that the best thing to do was be quite clear with people of, these are the targets that, you know, these are the guidance numbers we're giving, and these are the underlying assumptions behind it. Be very clear that, you know, if we get to there, that's not success for us. It's simply something to base for people to be able to base their analysis on. Yes, we feel there is a lot more room to go in it. Got it. Also, I'd like to ask one more. When you talk about regulation certainly here in the U.S., I think of the FDA, and there's been some, we'll call it changes from the personnel standpoint. Are you seeing, from your standpoint, any issues in terms of your dealings with the FDA? And how do you think about that? No. Look, in general, what we see is that historically, over the last three, four decades, Republican administrations tend to be a little bit more supportive towards nicotine products versus Democratic administrations. It still has to be born in mind that this category across 10 flavors got approved in the latter days of the previous administration as being for the benefit of public health because of how successful these products are at getting people off cigarettes. I think we're not so much dealing with a situation whereby I think there's any political risk to the category, either from the current administration or even should there be a change in administration in 2028 or in 2032. I think what we potentially are dealing with at the moment is an environment whereby the FDA are perhaps struggling a little bit with approving more products because of that operational turbulence within the team. That's the sort of space which will straighten itself out quite rapidly over time. Bearing in mind, once the first product gets approved, all of the products are very comparable when it comes to the impact that they have on public health. Once the first product has been approved, it creates a very strong precedent for the others to march through the pipeline much quicker. I think that's what gives me confidence that the 2nd generation products will start coming through to the U.S., have already started coming through to the U.S., and 3rd generation products are already in the pipeline with the FDA, the sorts of products which we're using here in Europe for the last couple of years. Got it. That's very helpful. Thank you. Perfect. Thank you, Roger. Thank you, Roger. I think, given that we I think are out of time. Firstly, both Gavin and Peter, I want to thank you very much for joining us. And a big thank you to everybody who's watching this presentation. For the folks out there, if you have any questions or would like to schedule a meeting with the senior management from the Haypp Group, please feel free to send me an email at weiss@lythampartners.com. Obviously, if you'd like to learn more about Lytham Partners, you can visit our website at lythampartners.com or follow us on LinkedIn to stay connected about future events that we're going to have. We hope that you all have enjoyed the conference and the rest of the presentations. Thank you again and have a great day.