Welcome to the conference call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answer session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now, I will hand the conference over to the speakers. Please go ahead. Good morning, and welcome to the presentation of Hemnet Group's results for the third quarter of 2024. My name is Cecilia Beck-Friis, and I'm the CEO of Hemnet, and today I'm joined by Anders Örnulf, our Chief Financial Officer, and Nick Lundvall, our IR Manager, and as always, there will be an opportunity to ask questions at the end of the presentation. Please follow the operator's instructions to ask this through the provided telephone dial-in. Before we jump into the presentation, I want to spend a minute on the front page, which includes a photo that I really like. This is from our recent kickoff in September, where we gathered the entire company for an all-hands workshop to review our product pipeline and growth strategy for the coming months and year. Since I took on the role as CEO, I have seen the company grow and mature into a fantastic organization, with many strong and engaged leaders and competent colleagues, you can see in this picture. So having shown you a glimpse of the people behind our great company, let us start by diving into page two and the financial summary. In Q3, we delivered yet another strong set of results, especially driven by our continued high demand for our value-added services. A significant portion of the net sales growth came from a doubling in ARPL contribution from Hemnet Premium, underscoring that property sellers are willing to pay more to maximize their chances for a successful sale on Hemnet. The new compensation model was launched on July first and has been met with a very positive response. This is especially evident in the growing conversion and recommendation levels from real estate agents, and a continued steady increase in the ARPL. We continue to invest in the future growth of Hemnet, focusing especially on enhancing our returns, improving and expanding our product offering, and finding a new base level for marketing and rebranding investment. With regards to the property market, we saw an increase in the property listing of 3% year-on-year, landing on levels close to record year 2022. We continue seeing positive signs of a recovering market, but it is also worth noting that there is still a lag in something and due to continued high supply and long listing duration, and I will speak more about the property market later on. A final note on our seller products. We have mentioned before that we work with four levers to grow ARPL, and product building is one of those and with the increasing demand for our value-added packages and Hemnet Premium especially, we feel very encouraged to take the next step and expand our offering for property sellers in the coming year. Now turning to page three and some comments on ARPL growth. ARPL grew 42% year-on-year, supported by a healthy uptake in demand for Hemnet Premium in particular. We saw a step change in the conversion to Plus and Premium following the launch of the new compensation model, which is a direct result of agents embracing the new model and seeing the opportunities that arise from it. On the left, you will see that ARPL tends to fluctuate quarter on quarter, and this is due primarily to the listing accounting effect, as well as the various types of properties sold during the year. Which is also why I remind you to track trailing LTM ARPL as the best metric to follow our organic growth in revenue per listing. Now on to page four, to cover conversions to value-added services. During the Q1 conference call, I mentioned that the average conversion to Hemnet Plus and Premium for twenty twenty-three was approximately 50%. I'm happy to say that since the announcement of the new compensation model, and especially since the launch in July, we have seen the conversion grow substantially, with an average of two in three sellers selecting to upgrade their listing in Q3, primarily to Hemnet Premium, our most comprehensive listing package. We believe that the key drivers for continued growth and conversion are a combination of agent recommendation, a continued high willingness from sellers to invest in the marketing of their property, and product improvements that we have launched during the last twelve months. As I've said before, the successful rollout of the new compensation model is an important driver of this, and the model sets also the foundation for a clear alignment in our future partnership with agents, as we continue to build and expand on our offering going forward. Now turning to page four, five, for a comment on listing volume. This is a chart that you will recognize from previous quarterly reports, showing paid listing on Hemnet, along with the central bank policy rates. The listing levels during Q3 are close to twenty twenty-two, which was a record high quarter for listings, indicating high activity in the property market. We saw a decrease in the central bank policy rates as recently in September, providing further confidence to buyers looking to finance their property. We are approaching a period of tougher comparables during Q4. Still, we believe that the market is showing signs for a continued gradual normalization. With that said, I'd like to turn to page six for another reminder from a previous quarterly presentation about the stability of the Swedish property market. On the left, you can see rolling twelve months of new published listings on Hemnet, a number that fluctuates quite little, especially compared to many other developed property markets. On the right, I have outlined the key drivers behind the stability of the Swedish market. The main one being that Swedes buy to live, as opposed to viewing property as an investment or having the possibility of renting instead of buying. There still exists a significant shortage of supply, especially in our urban areas, and the need to move due to life events will not go away. These fundamentals are still in place as we look beyond the horizon of the property market. Turning now to page seven and some comments on net sales by customer category. Like before, the key growth driver is seller revenue, which grew 46% in the quarter, supported by a 3% growth in listings. Furthermore, we saw a trend reverse, where we are now seeing a slight increase in property developer revenue, despite continued challenges for this market. Real estate agents increased their spend on Hemnet's unique business-to-business products, but decreased spend on display, leading to an overall decrease. Finally, lower display revenue from advertisers led to a slight decline also in the revenue stream. Having covered some of the key revenue drivers, let's shift focus to product and start with our logged-in user experience on page eight. Our starting position is very favorable. Hemnet is today, in many ways, seen as the Swedish property market, with the largest numbers of sellers, buyers, and agents in one place. There is significant room to increase the engagement we have with both buyers and sellers by delivering a more personalized user experience. And why is this important? On the right, you can see some selected metrics showing the increase in engagement from logged-in users. These users spend more time and do more things on Hemnet compared to non-logged-in users. This is why we, for some time, have been investing in a more personalized user experience on Hemnet with, for example, the launch of My Home and property valuation, and also updating the authentication platform for easier login. I expect these initiatives to lead to new opportunities over time, and that we will continue investing in this area. Now, on to page nine for some comments on our seller product. We have said in the past that our four levers to drive are for our products, agent relationships, timing of payments, and pricing. During the quarter, we have made several product improvements to the seller offering to make this product even more attractive. On the left, we have clarified that upcoming listings are included by default in all our listing packages, which has been the case for a while. But by using upcoming listing in combination with for-sale listings, sellers can increase their chances of driving relevant traffic to their listing. Second from the left, we have upgraded Säljkollen, the seller page, to track the progress of the property listing on Hemnet. This is important as it is the best page where we can show in black and white the value that Hemnet delivers in terms of clicks to listings, engagement, and other relevant metrics, and compare those to similar properties for sale. Third from left, we now include renewal in Hemnet Premium, irregardless of when the listing was upgraded. This is a feature that comes requested from agents and property sellers alike, and will add even more incentive to upgrade the listing after the publication. Finally, on the right, and as I've mentioned earlier in this call, we see a high continued willingness from sellers to maximize their listing marketing by interestingly opting into Hemnet Premium. This gives us confidence to expand the product offering to sellers during next year. The high willingness to invest from sellers, coupled with our ability to add value to and expand the product offering to sellers, sets the foundation for future growth going forward. With that, I want to shift focus for my two final slides to focus on some of the key investments, starting with marketing on page ten. We have, as communicated earlier, been increasing our brand and marketing investments throughout this year. As a reminder, we believe in having a baseline marketing spend in order to continuously reinforce Hemnet's message as the leading property portal in Sweden. This initiative spans from traditional outdoor marketing, as you can see on the left, which is also the largest investment. In addition, we are also investing in digital marketing and social media, both channels with clear and measurable ROI and engaging users. Finally, to the right, you can see that we continue investing in our relationship with agents. The most recent news is that we have launched digital diplomas for top-selling agents that they can use in their own marketing channels, such as social media. We have also opened up a nomination for the highly appreciated industry gala, Guldhemmet, which is in its sixth iteration since launch and remains a cornerstone in the real estate agents' annual calendar. With that, let's turn to page eleven and an organizational update. I am proud of how we have scaled and continuously strengthened Hemnet to stay resilient and adaptable throughout my tenure. This remains a key focus as Hemnet grows and matures. On this page, I've outlined a few changes and updates that we have worked on lately. Our sales organization is moving to the next level by embracing a more holistic approach towards real estate agents. In practice, this means that they, apart from selling our business-to-business products, also support and promote our business-to-consumer products. We see great potential in helping our partners improve their business through our data, insights, and products. In recent times, we have also shifted towards a domain structure, where each domain focuses on a specific area or customer group for Hemnet, such as sellers, consumers, and agents. This change enables us to increase collaboration, alignment, and pace across the organization and future-proofing us. As I've mentioned before, apps are important areas of investment for us as more high-quality traffic is shifted here, and we engage both internal and external talent to make improvements into the scalability of this platform. On the right, I have included some of our newly recruited colleagues in leadership positions. They are all bringing in relevant and senior experience into our organization. And I want to highlight that we are in a very privileged position right now, with an incredibly high quality of inbound applicants for many of our key roles that we are recruiting for. Hemnet has retained the brand of an appealing and exciting growth company, which is reflected in the high quality of our hires. And finally, as communicated, late August, the board is also searching for my successor. While I have no updates today, I want to reiterate that I'm fully committed to ensuring a smooth transition. And with that, I will pass on to Anders with the financial update on page twelve. Thank you, Cecilia. Let's turn to page 13 in the financial highlights for the third quarter. As you have heard, we continue to see a positive trend in listing volumes with a 3% increase in listings. Naturally, there's an impact from the previous year's negative volume development, which explained the 11% increase in listings during the first half of this year. Now, we meet tougher comparables in the second half of the year. However, we are pleased with the increased activity level. We continue to deliver robust growth, both on the top line and bottom line in Q3, and I'll walk you through the key drivers behind this performance. Starting with net sales on the left-hand side of the page, we recorded an increase of 37% to SEK 372 million. As Cecilia mentioned earlier, we're particularly satisfied on the strong performance of, in property sales revenue, which grew by 46%, primarily by ARPL. Net sales in our B2B segment decreased by 1% this quarter, which represent our best quarterly result this year, with a strong underlying demand for our add-on services and Hemnet's unique offerings in the B2B space. However, uncertainty remains in the market, particularly among property developers, and many real estate agents are also facing challenges due to extended transaction times. As a result, many investments are on hold, which continues to impact our display revenue business. It's also worth noting that the average listing time has slightly increased from 43 days in Q2 to 44 days in Q3, based on a rolling twelve-month period. The net effect of this extended listing time is a negative SEK 4 million for the quarter. We report this effect all as being equal, without factoring in our strong overall growth, essentially, with higher net sales, a larger portion of revenues shift to the next quarter compared to prior periods. I can only, again, repeat that you should also look at the quarterly ARPL growth as a rolling twelve-month value, just without seasonality effects. Now, moving on to the right-hand side, we saw ARPL increase by 42% during the quarter. This growth was driven by a combination of conversion to added value services, as particularly premium, of course, and price adjustments. Our EBITDA came in at SEK 208 million, up 33% compared to the same period last year. We will explore the EBITDA development further on the next slide. The combination of underlying volume growth and ARPL has contributed to highly favorable profit development this quarter. The EBITDA margin was 55.8, down 1.6 percentage points from last year, and we will discuss the cost structure in more detail shortly. As expected, cash conversion remained high, though it was impacted by a negative change in working capital over the past 12 months, partly due to the launch of "Pay When Listing is Removed" feature, the model, which we introduced exactly one year ago today. Clearly, of course, delays payment from property sellers, which, all else being equal, increases working capital requirements. Leverage ended at 0.6 times, rolling 12-month EBITDA, an improvement from the previous quarter and well below our financial target. While this was expected, it's encouraging to see leverage decline, even if we maintain our capital allocation strategy and execute an attractive share buyback program. Finally, our headcount actually decreased year on year in the quarter, which is due to a more technical factor. Last year, we had a significant number of employees on parental leave, many of whom were temporarily replaced by substitutes, impacting the actual headcount in Q3 last year. We will dive into personnel costs later, as they form an important part of our overall cost base. Let's move to our EBITDA bridge on page 14. As previously mentioned, we once again experienced robust EBITDA growth this quarter. While we already discussed the key revenue earlier, key revenue drivers earlier in this presentation, it simply gets caught up in the milestone figure of SEK 100 million for the quarter. However, it's important that we shift our focus to the cost side of the equation. The key focus this quarter, as anticipated, is the compensation to real estate agents. To recap, this compensation is based on the administration fee for the base listing. That's at a fixed amount of 600 SEK. In addition, there is a commission tied to the recommendation of boost package. Depending on the volumes of sold recommendations, the commission ranges between 0% and 30%, calculated on total revenue. Still early days, but for now, it's clear that the agents have embraced the new model, and the uptake, which began in the first half year, has not only continued to grow, but accelerated further in the Q3. In absolute terms, the cost increased by 31 million SEK. This increase is for the right reasons, driven by high conversion rates and increased recommendation levels. The key metric to track here is the effective commission, which stood at 28.8% this quarter. This is slightly higher than in Q3 2023, but lower than the previous quarter. Other external expenses, excluding agent compensation, increased by close to SEK 7 million. This rise can largely be attributed to increased marketing activity, we just heard, alongside marginally higher consulting fees. These costs total SEK 27 million in the quarter, indicating a relatively small base on which these expenses grew. We have consistently communicated our plans to increase our marketing efforts throughout the year, and the trend will continue. Examples on slide 10 represents key initiatives in this area. Other external expenses are composed of various elements and tend not to fluctuate significantly between quarters. Lastly, the increase of SEK 9 million in personal costs requires some clarification. This increase is primarily due to high number of full-time employees, fewer employees on parental leave during 2024, and salary inflation. Remember, from a cost perspective, 2023 was a year characterized by prudence in both cost investments, largely driven by the uncertainty. Altogether, these factors are the primary contributors to the 208 million SEK EBITDA in Q3. Moving on to page 15 and some spotlight on the cash flow. Let's begin with the graph on the left, which illustrates a rolling 12-month figure for the free cash flow. The ability to generate consistently stable and growing cash flow serves as a strong validation for both our business performance and our business model. As of Q1, 2024, our rolling 12-month cash flow stands out nearly 500 million SEK, and is now on track to increase by an additional 100 million SEK, approaching 600 million SEK. In the third quarter, we repurchased 334,000 shares, amounting to 125 million SEK. This follows the launch of the buyback program in May, approved by the 2024 AGM. The current program is set at SEK 450 million and will extend until the 2025 AGM. As previously communicated, Hemnet remains committed to returning excess capital to shareholders through ongoing share buybacks and dividends. Moving on to net debt, it should, of course, be viewed in the light of our growing EBITDA, thus ensuring a stable net debt to EBITDA ratio. As you can see, it has remained stable for some time, but is now slowly decreasing, which is a consequence of our strong cash flow. It is, of course, clearly below the financial target on below 2. In closing, we are pleased to present strong quarterly results today. It is encouraging to see that both transaction volumes and property sellers' willingness to upgrade the listings are driving revenue growth. Additionally, our revised compensation model, which has been well-received by the real estate agents, is contributing positively to our results, as anticipated. On the cost side, we have ramped up activities focused on driving long-term results. Despite this increased investment, we have still achieved EBITDA growth of 33%, SEK 52 million, a highly favorable outcome. With that, I will hand it over to Cecilia to wrap things up before the Q&A. Thank you, Anders. I'm very proud to be able to present another set of very strong results, underpinned by a well-executed launch of our new compensation model. We have a broad pipeline of exciting product initiatives aimed to our consumers and sellers alike, that will support continued growth looking ahead. Before jumping into the Q&A, I also want to take the opportunity to acknowledge that this report is the last report for Nick Lundvall, our IR manager, before he leaves for new adventures. Nick and I, we have worked closely together for seven years, and I would like to thank him for his high commitment, engagement, and contribution to Hemnet, and for a great collaboration, and I wish him the best of luck going forward. In January, we are welcoming his replacement, Ludvig Segemark, who will be a great add-on to the team. With that, let's jump into the Q&A. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from William Packer from BNP Paribas Exane. Please go ahead. Oh, hi there. Many thanks for taking my questions, three for me, please. Firstly, could you give a little bit more detail around the kind of packages you're thinking about in the year ahead? You know, you talked to some evolution of the package offer. Is it introducing a new tier on top? REA have had some success with this Luxe product, the super premium product. Is that the kind of thing you're thinking about, or is it a bit too early for that kind of product? Second question is regarding the cost trajectory in Q4 and 2025, which today has been a bit of a surprise. I suppose there's kind of two elements to it, right? On the one hand, how should we think about the commission model impacting the level of commission? It sounds like more upsell means that there may be a bit of downside risk on the cost side. And then you've had a year of investment on cost after being relatively cautious last year. Does that normalize next year, or should we think of the current run rate as a more applicable level going forward? So just any color on how to think about the cost trajectory after today would be helpful. And then finally, I know visibility is low, but any initial views on Q4 listings and early into next year? Thanks very much. Thank you, William. I'll answer the first question and then I'll hand over to Anders for the cost trajectory. Maybe I can also talk a bit about the market before handing over to you. So the first and third question, I can start by answering. So we're still very encouraged with the uptake of our Plus and Premium package, especially Premium, and that kind of gives us confidence into next year when we'll be looking into how we can further develop and expand our product offering. I think that's what we can say today. It's a bit early to give any details of what that actually means. But we see a lot of great potential in this area for next year, and it will be a lot of focus on product next year from that end. On listings, I think if we just talk about the overall sentiment in the market, I would say that we're still also very encouraged to see that there's more positive signs in the market, and with more transactions also taking place and more listings, and hopefully that will continue. I think it's important to bring in that there is a bit of a complex market in the sense that we have a record high supply, and that's, I think we need to come down a bit before we normalize, and also the listing, the longer listing duration, but positive signs, and I think it's too early to say anything about Q4 or next year. We keep a lot of focus on what we can do, and as you know, our case is not a volume driven case per se. It's more kind of how we can further develop great products and increase ARPU over time. So Anders, maybe on the cost, maybe if you can answer that. Sure. Yes. It's quite boring to repeat, but I need to really stress that 2023 is not a good comparison year, and you know why now. Making the 2024 percentage figures look high. However, if you look at it in absolute figures, the cost increase in the third quarter was SEK 60 million. Good to have it with you. When it comes to the run rates going forward, I will say that what we said also in Q1 and Q2, that these are the run rates you should expect going forward. 2023, not a good year. 2024, these are more normalized when it comes to our activity in marketing and recruiting. Thanks, thanks. Just to come back on a couple of points. So in terms of the run rate, you're saying that the growth trajectory year on year we're seeing for 2024 is the right kind of run rate, or are you talking the absolute increase in costs in terms of, you know, SEK? First, clarification. Sorry. Sorry, so is it growth rate or absolute level of increase in costs? Sorry. Twenty twenty-four, growth rate. For twenty twenty-five, it's too early to talk. Okay. And then just in terms of the product development, just to kind of interpret your comments, it would be there will be an evolution of the product suite, but it's too early to provide more detail. Is that the right interpretation? Yes. Thank you. Thank you. The next question comes from Eirik Rafdal from Carnegie. Please go ahead. Yes. Hi, guys. Thanks for taking my questions. Just a bit of a follow-up on William's question on the cost side. I might have misunderstood something, but could you please just help me try to understand why the admin and commission fee as% of property seller revenue is up and not down year over year? Like, I understand the dynamic of the solid uptake of Plus and Premium, and that's super positive, but are there so many franchise offices in kind of the tier four and tier five bracket already? And how should we think about that kind of dynamic going forward? I think, what you have to take with you there when looking into this, is that the effective commission has increased since four quarters in a row now. So even with the old commission model, agents climbed the commission ladder, so to say, recommending more, and with our conversion rates increasing, we saw already the effective commission going up quite a lot, actually, and we'll comment on that, especially in Q1 and then Q2 this year. So, is that some part of your answer? Was that an answer to your question? And, well, what to expect further is more linked to whatever happens with the recommendation levels and conversion, and it's impossible for us to forecast. But, hopefully, the willingness to invest in the most expensive products will continue. As for today, at least, we don't see a reason why agents will stop recommending premium products as well, so if that happens, or less than usual- Yeah ... they will continue to ladder to tier four and five. That was actually the answer. So yes, we already see agents there, so to say. Some agent offices, I would say. That, that's very helpful. Thanks, Anders. And also, just to follow up on that, in terms of, you know, agents actively recommending Plus and Premium, could you say how that has kinda evolved so far this year? Because one thing is the ones who kind of actually opt for the Plus and Premium, but how have you seen those recommendations come up, also, you know, pre- and post- the alteration to the commission model? So what we have seen throughout the year, I would say, since we launched in early this year when we communicated after the competition model, and throughout the spring, when we also had a lot of dialogues, we've seen, I would say, the step change in the number of agents recommending. And as you know, there is a correction between the very active agents and you know when they also present and represent and resell our products that the conversion increases. So I would say that there has been a gradual increase over the year and also during Q3, obviously continued. That's perfect. Thanks, Ursula. The next question comes from Giles Thorne from Jefferies LLC. Please go ahead. Thank you. My first question was back on the compensation model, and to ask a bit more of a closed question. If you're happy to, it'd be useful to know the percentages of agents that have seen a change in recommendations in Q3, and maybe how many agents saw compensation go down in Q3, how many were flat, and how many saw it increase? And then it's a question back on, I suppose the listing packages. It'd be interesting to get an update on your thinking on how the value of premium diminishes, the more sellers are upgrading to it, and how does that dynamic then inform the urgency for innovating the product into next year or maybe in three years' time? And finally, on competition, a couple of comments, please, on how you think the July ruling from the Swedish Competition Authority that blocks Bonnier shareholders from joint marketing initiatives might change competitive dynamics, if at all? So, I can start with answering the first and the second question, but I think I need some more clarification on the third. We don't on the first on compensation model and how that has kind of evolved. What I think what we can say is that we have been very happy with the rollout. And I would say that the compensation model and the uptake has worked in the sense that they are leaning in, the agents, and are more active. And that is obviously leading to a positive result for us and for the agents alike. But we don't disclose the exact number. On number two, I think on the urgency, as you know, we talked about four different levers, and we continuously kind of review those levers in order to improve those. The next year, we'll do a lot of focus on the product. I would say that even though we see the high conversion to premium, that the product really delivers still. It's a lot about, you know, standing out and an increased visibility, but also the possibility to refresh your listing, so that is really appreciated by the customers. I wouldn't say that, I mean, the value of that product is really high still. With that said, we still continues to, as we've done historically, we'll continue evolving and developing new products. So I think next year, a lot of product focus, and we'll come back to that when we have more concrete details to share. The third, I think you... Maybe you can answer that, Nick. Yeah, Giles, Nick here. Thanks for the question. Maybe for the benefit of everyone on the call, our understanding is that there was a ruling by the Competition Authority against some of the agents connected to Bonnier, that basically prevents them from engaging in what was seen as anti-competitive behavior, which was to not recommend any other property portal. We strongly believe in a transparent and fair property market. We think that the open property market is for the benefit of all buyers and all sellers, and so, on a high level, we are happy that this is a step towards a continuous transparent market. But will it actually change anything on the ground, Nick? No, and even historically, you know, we obviously track our market share very closely. And, it's a figure that we share on an ongoing basis, and not one that we have seen fluctuate significantly, even before or after the ruling. That's great. Thank you very much. The next question comes from Andrew Ross from Barclays. Please go ahead. Great. Morning, all. I've just got three, a couple of which are follow-ups. The first one, just to come back on the enhanced packages for next year. Appreciate you're not gonna give us any details of what might be in those packages, but could you give us a sense of timing as to when they might be released? Is this something that's coming in January and benefits all of twenty-five, or something that's kind of further through the year? Just give us a sense of when it might be released. The second question is about the real estate developer line, which now seems like it's starting to improve. Can you just give us a bit more color as to what's driving that in terms of what you're seeing in the end market, and then from a product perspective, what you have in the pipeline coming through there? 'Cause clearly that's been a, an area of underperformance for quite some time, and starting to turn, would be helpful to get some more color. And then the third thing is to come back on the commission model change, and I guess I need to ask the question, like, what percentage of listings are both recommended and plus and premium, please? Okay. Thank you, Andrew. On the enhanced product, what we have communicated today is that next year we will focus a lot on product. I think that's what we can say. But I can maybe give some color that you don't. It's not happening in the early days of next year. That I can say, but during next year. I think the second question was that related to business to business, or I didn't get the first, Andrew? Yeah, sorry. In the real estate developer piece, specifically, new home developers. Ah, okay, sure. Yeah. I forget. So what we have done is, I would say, I mean, obviously, we're not really happy with, or we're not happy with the development for this segment for quite some time. It has been a bit challenging from a market perspective. What we can say, I mean, we speak with the real estate agents, and we have a great sales team in place here that speaks with real estate agents. And I would definitely say that there is another kind of conversation going on now in the market overall, and that I think it's too early to say what that means, more than it's a more positive sentiment, a more positive dialogue with the customers. So that's a good sign. We're also investing, I would say, and putting a lot of effort now into making sure that we have the right sales team, and how we sell and how we present them, and also giving the sales team better data, better insights. So they can also have broader conversation with the real estate agents and property developers alike. So I think that will also help us now when the market hopefully shifts a bit. And when it comes to product, we have a great product with Delive. So it's more about making sure that those products really is well packaged and brought out to the customers. So from our end, it's not so much about bringing new products, but really making sure that the products we have are sold in the best possible way. And the commission model, Anders, if you want to Yes. I don't know whether you're gonna like the answer, but what you said before is that the property sellers usually tend to follow the agent's recommendation. It's still early days with the new compensation model. So this has been the truth for when the recommendation levels are at around, before we communicated before 33%, 40%, 50%. We're not really sure what's going to happen now if the recommendation levels start to increase. So it's too early to say, but so far at least, that seems to have been the case. The property sellers normally follow the agent's recommendation. So just to follow up on that, I think you said on the Q4 call that about 50% of listings were recommended. That clearly has stepped up. You're not gonna give us the number as to where it's got to, and then the majority of those follow the recommendation. That's as far as you're gonna go in terms of numbers, just to be clear? Yes. Okay, cool. Thank you. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. From our end, I just want to thank you for joining the call today, and I wish you a good day. Bye-bye.