Inflation and the easing on mortgage regulations planned for April 26 could gradually help increase activity. Listing duration, the average time it took for a property to sell on Hemnet during the last 12 months, increased by 18% to 52 days, compared to 44 days in Q3 last year. Anders will break down the financial effect of the longer listing duration later on in the presentation. Around 4 percentage point of the volume decline was attributed to a new business rule introduced by 1st February, 2025. This new business rule allows sellers to change agents without buying a new listing. It's important to remember that our published listing number follows a specific definition and differs from general market numbers. The negative listing development is challenging, but it's more important to remember that the property market can be volatile, and we've been through the similar development in the past years. Just look at 2023. Let's move on to the next slide and provide some additional color on the supply situation and how that impacts the current state of the market. We do get a lot of questions on the state of the property market and how new published listings relate to transactions and total supply. Therefore, I wanted to take this opportunity to provide some color on what we are seeing and visualize it in a few graphs to eliminate some misunderstandings. We continue to see a high supply on Hemnet, but the growth rate has started to come down during the past few months. In September qin 2025, our supply grew by 2% year- on- year compared to 22% the same month last year. With that said, we're still at aggregated supply levels on the platform that is 50% higher compared to three years ago. The supply on Hemnet and how it moves is a function of a number of different factors. The supply increases with new listings. As new listings are down the last 12 months compared to the previous year, that has a negative effect on the supply. The supply decreases with transactions. As transactions are up during the same time period, that also has a negative effect on the supply. The supply follows the sales duration. As average days on the platform increases, so does total supply. Average listing days on a last 12 months basis in Q3 were 18% higher compared to last year, which obviously has a significant impact. In addition to these fairly straightforward effects, there are other factors like renewals, like relistings, and where we are in the new property development cycles that also impact the overall supply levels. Now, let's look a bit on how this has looked over time on the next slide. The number of new listings has exceeded the number of market transactions on Hemnet since 2022, which has built up a large supply of unsold properties during this time, which is visible on the top graph. As you also can tell clearly from the same graph, that trend has started to reverse during 2025. This is a natural correction after a few years of increasing supply. Looking at the history, we've seen the same similar patterns historically. You can also see from the bottom graph that listings and transactions over time follow the same seasonal patterns, but that the relationship between the two can differ quite a lot in the short term. To summarize, supply coming down from aggregated levels is positive for the property market. Lower supply signals a more healthy market where more transactions are taking place, while it is also supportive for the price development. Now, turning to page 7 to look at the ARPU development in the third quarter. ARPU grew by 21% in the third quarter. The ARPU growth was mostly driven by a strong demand for our value-added services. The conversion rate to higher tier packages continued to increase during the quarter, and three out of four sellers on Hemnet now show either Hemnet Plus, Hemnet Premium, or Hemnet Max. This highlights the strength of our offering and that our customers see clear value in investing for increased visibility and impact. Our newest package, Hemnet Max, introduced earlier this year, is a natural step for sellers seeking maximum exposure. The product is showing strong performance for sellers. Let's look a bit on the performance on Hemnet Max. Please move to slide 8. As mentioned, Hemnet Max continued to show strong product performance, while adoption is still at low levels. In Stockholm County, for example, homes advertised with Hemnet Max that were sold between April and August received more than 70% traffic compared to homes advertised with Hemnet Premium. Moreover, the Hemnet Max homes also got more engagement on the listing and on the average generated a much higher bid premium. We have launched a number of key initiatives to drive Max adoption going forward, including further enhancement of product features and scaling up the marketing of Hemnet Max towards agents and property sellers. We continue to work with the product, and we look forward to it being an important growth driver for Hemnet in the coming quarters and years. Now, turning to page 9 for some other exciting news. Today, we are very happy to be able to announce a set of new strategic product initiatives to help sellers and agents to fully leverage Hemnet's potential. Looking at property transactions in Sweden, we have a large opportunity as Hemnet to increase the value of the Hemnet investment for agents and sellers. We know that ensuring visibility throughout the entire home selling journey is an important part of achieving the best possible outcome. For example, data shows that listings visible on Hemnet from the start of the sales process have a higher chance of a successful sale, with homes published as upcoming on Hemnet on average selling five days faster than those listed as directly for sale. To help sellers and agents fully leverage Hemnet's potential, we're announcing two strategic initiatives today. First of all, a new success-based product offering. Since 1st October, we have had a live pilot where we are testing a new commercial model where sellers pay only when a property is sold. Second to that, we're also announcing new strategic partnerships with franchisors and brand owners that want to recommend Hemnet as part throughout the entire sales process. Now, let's move to slide 10 to talk a bit more about the ongoing pilot. We're announcing a new commercial model to further lower the threshold for sellers to list on Hemnet. We launched a pilot test for a new commercial model on 1st of October, where sellers pay only when the property is sold. The new model aims to lower the barrier for sellers to advertise on Hemnet from the start and will be a part of our strategic partnerships, and I'll elaborate a bit more on those on the next slide. This is a highly demanded model from both sellers and agents, as it becomes risk-free for the seller and easier for the broker to recommend the most suitable package for the client. We share the risk with the seller to maximize the chances of a successful sale, and we do this because we know that Hemnet works. It is still early, but the initial response and the initial feedback in collected data from the pilot has been very supportive and very strong, with sellers showing increased willingness to list on Hemnet with the new model. We plan to roll out the new model as part of the strategic partnerships during 2026. Now, let's move on to slide 11 to elaborate a bit more on the strategic partnerships. The second exciting announcement that we have to make today is our new strategic partnerships. Hemnet will offer all franchisors and brand owners that want to recommend Hemnet as a partner throughout the entire sales process the opportunity to enter into a strategic partnership agreement. The aim of the strategic partnership is to help home sellers and agents to fully realize the value of Hemnet to enhance the chance of a successful property transaction. It is also a way for Hemnet to strengthen the relationship on an HQ level, meaning headquarters. The new commercial model will form a part of this strategic partnership, along with increased visibility, increased brand exposure, increased traffic, increased lead generation, and new product features. We very much look forward to being able to speak more about these news and what they will mean for Hemnet and our partners as they are being rolled out over the coming months. Moving on to slide 12 for some additional launches and product news. We continue to accelerate the pace of our product innovation. Within short, we're launching Hemnet Insights, a new AI-powered analytic tool providing agents with valuable market data as part of their Hemnet business subscription. We're confident that this will be a very useful tool, an extremely appreciated tool for agents across the country, and we're excited about the launch. During the quarter, we improved our CRM functionality, which makes it possible for us to strengthen communication and add more value to both home buyers and home sellers on the platform. Moreover, by the beginning of next year, we will also launch a new enhanced offering for property developers that is better suited to their needs. We have also launched a marketing partnership with Hitta.se, where both our listings and valuation tools are now being integrated. Lastly, our increased marketing investment during the year has begun to show results. We are seeing positive development in key brand metrics, with spontaneous brand awareness increasing 11 percentage points year- on- year in Q3. According to Orvesto, survey data covering May to August 2025, Hemnet remains Sweden's third largest commercial website, reaching close to 2 million unique visitors per week, with a slight year-on-year increase of 0.4% compared to last year. This is particularly encouraging given the weaker market conditions. All in all, we continue to accelerate product innovation, invest in marketing, and build for the future, and it's yielding results. With that, I will hand over to Anders for the financial update, starting with page 13. Anders, please take it away. Thank you, Jonas. Let's turn to page 14 directly in the financial summary. Let me begin with an overview of the third quarter of 2025. Net sales for the third quarter were SEK 367 million, a decrease of 1.5% year- over- year. This demonstrates strong resilience. We managed to maintain revenues despite published listings dropping by almost 20% in a quarter. It's a testament to our business model holding up across market conditions, much like we saw in the first half of the year 2023 before bouncing back the second half year. Key driver, of course, sustaining revenue was ARPU, growing 21% year- over- year. This was supported by continued strong demand for our value-added services for home sellers, Hemnet Plus, Hemnet Premium, and Hemnet Max. This underlines the value our platform delivers to home sellers, also in a challenging housing market. In addition, our B2B segment had a strong quarter with a growth of 1.5%. We will discuss the B2B segment in more detail on the next slide. Another noteworthy point is the average listing time, which on a rolling 12-month basis increased from 44 days in Q3 2024 to 48 days in Q2 2025, and now 52 days in Q3 2025. The year-on-year effect of the longer listing time is negative SEK 9 million in revenue, and the sequential effect of four additional days from Q2 to Q3 is also SEK 9 million. To smooth out seasonal variations, we recommend tracking ARPU growth on a rolling 12-month basis, as shown on page 4 of the presentation. Turning to profitability, EBITDA came in at SEK 195 million, down 5.9%. Development in more data later on. The EBITDA margin for the quarter was 53.3%, which is 2.5 percentage points lower than the margin in Q3 2024. This decline is mainly due to fixed costs that cannot be fully adjusted to offset the 20% drop in listing volumes. One important component in the margin development is compensations to real estate agents. When expressed as a percentage of property seller revenue, this ratio increases quarter on quarter from 31.1% in Q2 to 30.9% in Q3, driven by further improvement in both recommendation rates and actual conversion to value-added products. Looking at the effective commission compared to Q3 2024, it rises from 29.4%- 30.9%. Higher commission reflects a substantially stronger underlying improvement of our VAS products. As always, the effective commission is a variable component and tends to fluctuate somewhat between quarters, making it more suitable to measure over longer periods. Free cash flow last 12 months was SEK 808 million, a 36% increase year- over- year. This robust cash generation underscores both the scalability of our business model and our strong profitability, even in a very soft housing market. Our operations continue to convert a high portion of revenues into cash, highlighting the quality of the earnings. We continue to uphold a strong financial position. Net debt leverage ended the quarter at 0.5%, an improvement from 0.6% in Q3 last year. This low leverage provides us with flexibility going forward. The reduction is particularly encouraging given our active capital allocation strategy. As you know by now, we expanded our share buyback program from SEK 450 million- SEK 600 million this year, following the mandate approved at the AGM. We have been returning capital to shareholders while still maintaining a conservative balance sheet. At first glance, the headcount increase of 13% may appear notable, however, it is important to take into account a technical nuance that helps explain the development. A higher number of employees were on parental leave during Q3 2025 compared with the same period in 2024. In addition, the organization has been selectively strengthened, primarily within product and tech. With that overview, let's turn to the revenues by segment to take a closer look at the Q3 figures. Moving into slide 15, which breaks down the revenues by customer group. Since we focused very much on our seller revenue so far, let's turn the attention to our B2B segment, which grew by 1.5%, despite the continued challenging and cautious market environment. Revenues from real estate agents increased by 2% to SEK 26 million, and property developers contributed SEK 13 million, up 14% year- on- year. These gains reflect strong engagement for our prioritized customer segment, and it's particularly encouraging to see both an increase in listings and an uptake in VAS products for property developers, leading to a double-digit growth. However, advertising revenues from other advertisers declined by 8% to SEK 16 million, reflecting a softer display advertising market. This was again driven by broader macroeconomic headwinds and lower impressions as a result of reduced listings volumes on the platform. Overall, an uplift for the B2B segment, marking it the strongest quarter this year. With that, let's move to the EBITDA bridge to dive deeper into the Q3 figures. On slide 16, we show the year-on-year development of EBITDA. We have already covered what has driven the top line for the quarter, so let's turn to costs. As mentioned, EBITDA declined by 5.9% compared to the third quarter of 2024. Agent compensation increased in absolute terms, driven by strong recommendation and conversion levels, despite net sales declining by 1.5%. Again, remember, ARPU grew 21% in the quarter. Looking at costs, expenses were higher than last year, mainly driven by increased marketing investments. We continue to raise our ambition in external brand building activities, and we have also increased tactical digital marketing efforts. In addition, higher pace in product development resulted in higher consulting costs. In total, fixed OpEx, excluding personnel costs, increased by SEK 9 million. Personnel expenses increased somewhat, reflecting wage inflation and larger headcount. However, this quarter we also benefited from a reversal of a bonus provision, which explains why personnel costs as a total were slightly lower compared to last year. The other cost category remained fairly stable, although slightly higher capitalized development costs reflect the higher product development activity. Overall, the - 19 listing effect naturally mirrors our revenue and profit development and puts pressure on the margin. That said, taking a step back, it's encouraging to see the resilience of the underlying earnings capacity. We're not afraid to continue investing in marketing and product development, even though the total cost increase remained relatively modest at around 9%. In total, this adds up to an absolute EBITDA decline of SEK 12 million year- on- year. Moving on to page 17 and some spotlight on the cash flow. Starting on the left-hand side, our rolling 12-month free cash flow continued its upward trend and exceeded SEK 800 million. Cash conversion remains strong, supporting both reinvestment in the business and capital returns to shareholders. In the middle, you can see the development of our share buybacks. During the third quarter, we repurchased shares worth approximately SEK 149 million. In volume terms, we acquired 560,000 shares, reflecting the low share price during the period. This is part again of the SEK 600 million mandate approved in May. Finally, on the right-hand side, our net debt stood at SEK 427 million, corresponding to 0.5X leverage, well below our target of 2X. In summary, we continue to accelerate investments in marketing and product development while delivering a strong cash flow. It gives us the flexibility to keep executing on our strategic priorities and maintain attractive shareholder returns. With that, I want to hand over to Jonas for a summary on page 18. Thank you, Anders. Let's move to the summary slide on slide number 19. To summarize the third quarter and the news that we announced today, first of all, we saw continued pressure on new published listings in Q3. The weak volumes negatively impacted both net sales and EBITDA. Second to that, we had a strong ARPU growth of 21%, and we continue to show resilience in a difficult property market. Thirdly, we announced two new strategic product initiatives that will aim to help sellers and agents to fully leverage Hemnet's potential, and I'm extremely excited about the impact these will have on our business in 2026 and onwards. All in all, we continue to act decisively. We're working faster, we're working smarter, and we're working with a continued focus on innovation. By doing so, we're strengthening Hemnet's position for the benefit of buyers, sellers, and agents alike. With that, let's open up for 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 Will Packer from BNP P Exane. Please go ahead. Hi there. Many thanks for taking my questions. Three from me, please. Firstly, could you help us think through the strategic rationale of pivoting your revenue model now? You've had a very strong track record over the last five years. Paying a bit later does bring in new risks such as arguably low inventory quality and revenue recognition headwinds. Can you just help us understand why now? Secondly, thanks for the initial details on the agent partnerships. Would you consider listing exclusivity as a part of that partnership, or do you think the regulator wouldn't allow it? Finally, as it's been well flagged, inventory is down significantly in the quarter, 19%. Could you help us understand what cyclical market dynamics versus inventory share loss? For example, Boneo claimed Q3 listings and the market were down high single digit for Q3. What do you think market listings are down? Thank you. Good morning, Will. We'll take them one by one. Anders, please chip in, and I'll start. With the sort of new model from a commercial perspective that we now are piloting, I think this is to a large extent based on discussions and feedback that we've had with agents, that we've had with sellers. It's especially important. The reason for testing this out right now is the fact that the market dynamics have changed, and we've seen them gradually changing, driven by a few different factors. One is related to the high competitive situation that you see on supply. Number two is driven by the fact that you have longer sales periods that we also spoke about. One dynamic that is important and that has changed over the last five years is that you now see a pattern where a seller of a property typically sells before you buy. That is creating a different market dynamic. What we want to achieve is to ensure that you use the full value of Hemnet. A way of ensuring this is that we're now testing this new model, and it's conditional to the fact that you would list directly on Hemnet. We know that we have a model that works. We know that we have an extremely efficient platform with a market leader, but at the same time, we need to adapt to the changing market conditions. I think this is something that will be highly appreciated. It will help us to drive volumes. It will help us to strengthen the relationship with the agent industry that is so extremely important. That's number one. Number two, related to the agent partnerships, we elaborated a bit on the different components as part of these strategic partnerships. As it goes, by definition, this is a partnership. Obvious when you go into a partnership is that you want to find mutually beneficial wins. This is a win-win partnership where we see an upside, but we're also going to help our friends out there who want to be a part of this agreement to help them to sell more properties and help them to gain market share. When it comes to exclusive listings, I think having exclusive listings totally depends on how you would do it, but it's obviously something where you would need to look at the regulatory dimensions very closely. That's something that we will explore going forward. Thirdly, when it comes to volumes, if you start with a -19%, which is our starting point, I think we clearly laid out both in the CEO later in the presentation that we conducted earlier that parts of this 4% is driven by a business rule change that is impacting the year-on-year figures from a Hemnet perspective negatively in Q3. It's important to remember that the numbers that were published by Beneo, without knowing them in detail, if you look at the market and how it defines the volume development, it is not like for like compared to Hemnet. The business rule change, I'm pretty sure that the numbers from a market perspective would not capture the relistings and the effect that the 4% had on our numbers. That is also explaining it. I think there's a number of different factors, right? It is the low demand in general. It is the duration of the sales cycles that is impacting. Also, the way I understand those numbers is not taking into consideration the impact from new property developments. There's a lot of different factors. The most important thing for Hemnet is to ensure that we remain as the number one player in Sweden. We want to ensure that the listings end up on Hemnet, and eventually they do. We've seen that in 2024, and the numbers that we published in July, we had 89% market share in 2024. That has moved up and down. In 2023, it was 90%, i n 2022 and 2021 it was 86%, i n 2020, it was 90%. Market shares tend to move with the market dynamics. It's difficult to make a full assessment, and there's so many different types of market shares that you could define, whether it's content market share, whether it's new published listing market share, whether it's sold market share. For us, it's most important to ensure that the properties end up at Hemnet eventually. I can just maybe, it was a good overview, Jonas. Maybe I can just add that, of course, when it comes to our dominant position, we will take that into very deep consideration before signing any contract. As we have always said around that question, it's a very important question for us. It has to be with the position we have. Yeah, I just want to add that. Thank you both for such detailed answers. Very much appreciated. The next question comes from Yulia Kazakovtseva from UBS. Please go ahead. Hello. Yes, this is Yulia Kazakovtseva from UBS. I have two questions, if that's okay. My first question would be about volumes. You said that four percentage points of the 19% decrease in Q3 was driven by the change in the business terms. Could you please give us the estimate of this impact for Q2? My second question would be about the new pilot scheme where sellers only pay once their property is sold. Thinking about the process and the mechanics of this, if a seller lists their property, but it remains unsold after, let's say, a few months, and they decide to eventually remove it from Hemnet, will they still be required to pay for this listing? In this situation, if this happens, and eventually if the property is transacted somewhere outside of Hemnet after this, what's your position here? Would they still need to pay for this or not? Good morning, Yulia. I'll start off, and then Anders, please fill in. When it comes to the volumes, you're absolutely right, Yulia. 4% is connected with the change in terms of the business rule. The 4% that we saw in Q3, if you look at Q2, that number was also 4%. You should sort of consider the same levels in Q2 as in Q3. Hopefully, that covers the first question. Second to that, when we look at the new product proposition, first of all, we're testing right now, so we don't know the exact scope, the exact terms and conditions of this pilot. We're extremely satisfied with the initial results that we've seen, the reception that we've had from both sellers and especially from agents. It's been very, very positive. When it comes to the specific case that you asked for, obviously something that we need to detail out, but the current hypothesis, and that hypothesis is very strong, is that if you take one listing as an example, you would use this new business opportunity, meaning that first of all, you would list directly on Hemnet with this new proposition and just play with the thought that it would not be sold for three months or whatever period you decide, and it would be taken down. If it's then selling off Hemnet, if the property has been taken down, you would still need to pay for it. We will track individual properties and ensure that we get the money for it. The terms and conditions would be that you have used and you have leveraged the marketing power of Hemnet being the most or the leading and the strongest property platform in Sweden. Therefore, you should pay for it. That's the hypothesis. With that said, it's one of the things that we're testing, but I think otherwise, it would be a way too large risk, and we don't want to cannibalize on our core business. That is a key component in deciding this new proposition. Yeah, thank you very much. This is very helpful. Thank you. Thank you, Yulia. The next question comes from Georg Attling from Pareto Securities. Please go ahead. Hello guys, thanks for taking my questions. I have a couple. Just starting with this new initiative with success-based product offering, how is that going to work with the other product that you have, which is pay when listing is removed? That doesn't seem to make much sense anymore if you go live fully with this. Hey Georg, good morning. Obviously, just repeating the same message that we said before, this is a pilot. We're testing, and as part of this pilot and making the full assessment of this new product proposition, we would also look at the totality and the full scope of our portfolio. The current hypothesis is that the pay later, if removed, that product would remain. However, I'm sure there will be questions going forward around this as well. It's obviously what price point we would price this new proposition at. That's something that we're testing, and you could expect potentially a differentiation from play when it comes to the new product. Hopefully, that's helpful, Georg. Yeah, it is. Just a second question on the ARPU slowdown here. It's 14% lower than Q2. If you could just help with the components to this, I mean, the price effect should be similar, if not higher, than Q2. I guess mix is really the main reason for the delta. Any details would be helpful. Well, yeah. Anders, please take it. The main explanation is actually tougher comps. Last year, 1st July, we launched a new compensation model, so a very high uptake to VAS products, and now we are lapping and meeting those. Remember, ARPU growth is a growth figure year- on- year, right? We called out on the call that VAS is actually growing, continue to grow. Even though we continue to grow, the ARPU growth actually slowed down, as you called out, Georg. The main reason to answer your question is actually tougher comps. Yeah, tougher comps in terms of mix, right? Because of the steep increase in premium in Q3 last year. The uptake between Q2 and Q3 last year was a lot higher than Q2 and Q3 this year. Yeah, makes sense. Thank you very much. That's all the questions I had. Thanks, Georg. The next question comes from Giles Thorne from Jefferies. Please go ahead. Thank you. The first question was back on the pay-on-sale new commercial model. The elephant in the room for Hemnet for the past six months, maybe 12 months, has been Booli and the free-to-list model. It would be interesting, Jonas, to hear you talk on how they pay on the new commercial model will directly deal with that competitive threat. The second question was a bigger picture question, and it's on agent compensation. I suppose, Jonas, it would be useful to hear your case with this new partnership model as to why that amount of capital being allocated to the agency base is still the best thing for Hemnet's long-term interests. I appreciate that's a much bigger, harder question to answer, but it's certainly something on a lot of people's minds. The final question was on the open letter that we all saw over the summer from one of your largest shareholders, which called out many things, but in particular how you're allocating capital to your shareholder remuneration. Maybe, Anders, some comments on any changes you intend to make on the back of that pressure. Thanks. Thanks, Giles. I'll start, and we'll take them one by one. Anders, please help me. I think you're the best one to ask the last question, but let's take it off. When it comes to this pay-on-sale, I think the most important reason for us elaborating and testing this pilot now as we speak is that the market dynamics have changed. I think I've been repeating this message over the last months since I've had the privilege to be the CEO of this company, is that there's a few market dynamics right now where you have an all-time high supply, where competition in the supply segment and in the on-sale segment is tougher than it's ever been before. Second to that, it takes much longer time to sell a property today than it used to do three years ago. If you just look at the average sales duration, that was hovering around 25 days three years ago. Now, on the last 12-month basis, it is 52 days. That has changed the sales process, the way the agents work, and the way the sellers think. Thirdly, which is important, is the fact that you now sell before you buy. What we see right now with the data is that roughly 70% of all property transactions happen in a sort of way where you sell before you buy. That used to be the opposite. That used to be 30%. The market dynamics have changed. This means that we want to ensure that we adopt our product proposition towards the market rather than the competitive situation to ensure that we become relevant, we remain relevant throughout the entire sales process. We know that we have a platform that works. We know that if you list on Hemnet from the beginning, the likelihood of a successful transaction, and a successful transaction covers everything from finding the right buyers, ensuring that you get reduced sales cycles, and maximizing the bidding premium. Those three factors are improved when you use Hemnet the entire way. That is a way, and that's our hypothesis of using this. Given sort of the market situation, we want to lower the entry barriers for the sellers. We want to help the agents from the beginning, and we think that this product is going to make the difference here. We think it's a very strong proposition that will get listings earlier on Hemnet, more listings, and it will help sellers to make better transactions. I think that should cover the first question. When it comes to the second question, Giles, it was a bit difficult for me to hear, but I think the question is around agent compensation and how that is related to these new strategic partnerships. Please clarify if I misunderstood it. Yeah, it was at heart a very simple question, albeit probably quite a difficult answer, which is you pay away a lot of your value to this large pool of important stakeholders. For a very long time, that served you very, very well. There are open questions about whether that is the best use of your capital. It was a question for you, Jonas, to make the case of why this is still the best use of your capital and perhaps use the new strategic partnership as a way of illuminating that case. Hopefully, that's clear. Yeah, perfect. I think when it comes to the agent compensation, that has served us well. I think it continues to serve us well. It's strengthening the relationship with our most important ambassadors in the market, and that's the individual agents. I think it's fair, and I fully understand where you come from. It's a substantial part of our P&L on the cost side that is related to compensation, but it's also helping us to build a very strong relationship and mutually beneficial opportunity for both Hemnet and for the agents. When it comes to the way you understand this, Giles, the agent compensation and the compensation model, that is a contractual and transactional relationship between Hemnet and the franchise owners. We see large opportunities of also strengthening our relationship with the HQs, the ones that have a central role and in many cases a very important influence. You know, creating opportunities also on HQ level is important. What we haven't spoken too much today about is also the individual agents. I think Hemnet in the past has been very strong with the franchise owners. We need to remain strong there, but we should also strengthen the relationship with HQs, and we should become better friends and become more supportive to the individual agents. It's the full slate that we're thinking about. Thirdly, the open letter from GCQ. Anders, would you like to elaborate around our view when it comes to the capital allocation? Sure. Of course, we saw the letter, and the shareholders' input is very important for us. It's one very important piece of the puzzle. We stick to the current capital allocation strategy that we will continue to distribute excess cash through buybacks on an arm's length basis via Carnegie. On a personal view, I think it's a good success story for Hemnet since the IPO to be consistent with the buybacks and not taking bets on share price from time to time. That's the answer. Anders, you won't change the cadence or the pace of buybacks depending on share price moves? Nope. Okay, thank you. The next question comes from Thomas Nielsen from Nordea. Please go ahead. Thank you very much for taking my question. What development do you expect for staff costs and other costs at Hemnet in 2026 and 2027? Hey Thomas, good morning. Anders, would you like to take that? Sure. We don't know since we haven't decided, but what we said in the beginning of the year is that we will continue to grow this company. We will invest in marketing, in talent, and the product, and we will continue with that. Last year, we had a fixed OpEx growth of 30%. We said then that you will not see that this year, and now after nine months, we are at around 15%. All else being equal, you should expect us to continue that. To be fair, the details have not been decided, and the best way to look at it is to look at the current run rates. We like operational leverage, and that's what we're going to plan for also for the next year and ahead. Okay. One second final question, if I may. Looking at your growth targets of 15%- 20%, how much do you think this will come from structural price raises, and how much will come from promoting higher priced packages? We remain committed, and we think that the growth ambition of 15%- 20% is important. What we've said is that in the past, the largest price hike days for Hemnet, those days are over. We need to work on value-based pricing. When I talk about value-based pricing, we need to ensure that we deliver products that the customers are willing to pay for. This quarter, Q3, but also what we saw in Q2 and Q1, is a testimony of that. We do see that the product mix and the VAS penetration is the main driver. It is not prices. Okay, thank you very much. Thanks, Thomas. The next question comes from Ed Young from Morgan Stanley. Please go ahead. Morning. Two questions, please. First of all, you've mentioned about further enhancements of Max. Should we read that as small, sort of iterative additions to the Max package, or perhaps a bit more of a rebalancing of the relative benefits across the package structure, potentially including elements like free renewals? You've also talked about increased Max marketing. How receptive do you think agents have been able to be to these messages about the value of Max in the sort of difficult market backdrop? Do you think their interest and ability to upsell packages will also be reliant on picking up when the macro also picks up? Thank you. Good morning, Ed. On the first one, when it comes to the enhancement of Max, Max is still a baby. It's been around for six months, so it's still young. We are continuously testing new features. We're elaborating with the price point. We've been running different campaigns. There are campaigns live now in the larger cities to just learn. We're still in data collection mode. I think we need to look at a few, maybe potentially bigger things as well going forward. Per your point, classified, it's all a relative game comparing the features of Max also towards Premium and others. I don't think that you should continue to decrease the proposition of Premium and Plus. This is all about ensuring that you improve features when it comes to Max. That's something that we continuously work on. Anders, would you like to take the second one? I didn't get that, to be fair. Sorry, can you take it again, Ed? I was just saying you were talking about increased marketing behind Max. I was just wondering, do you think that agents have been receptive to those messages? Do you think ultimately that in the difficult macro backdrop, you need macro to pick up for them to have more space? If they're under pressure, is it really a priority for them to push that? Is the macro impact an important part of the backdrop there? Thanks. Thanks, Ed. I can take it, Anders, and then you can fill in. Sorry. I think it's a very good question, Ed. I think if you look at the actual product performance, and we showed a few highlights with 70% more traffic, 50% higher bid premiums, 50% more saved lifts, things, and engagement up. I think those are fantastic results. I think that, you know, when it comes to Max, obviously it is priced at a 50% premium versus Hemnet Premium. I think that has been part of the challenge in getting a quick adoption given these current market conditions. The key, the sort of the way this business works to a large extent is the fact that, you know, conversion follows recommendations. It's all about ensuring that, you know, the individual agents recommend Max to a larger extent. That's really the main lever that we have to pull. I think these marketing investments that we refer to is to a very large extent B2B marketing. Investing in communication, investing in roadshows, investing in getting the message out there. I think the sort of the Max adoption to some extent is held back given the current market conditions. Thank you. The next question comes from Eirik Rafdal from DNB Carnegie. Please go ahead. Yes. Hi guys, thanks for taking my questions. I got a few at the end here. Just to start on the strategic partnership, are you configuring or looking to configure the commission model as well to kind of drive more agents to push this offer with the pay when sold? Simple answer is no. We're not looking to adjust the compensation model. Obviously, to kick an open door, Eirik, you would understand this. Obviously, we would pay a commission towards the agent if the property is sold, and only so. That's the part of it. That's also one thing that we're obviously testing. That's very clear. Thanks. Jonas, also you stated that the initial feedback and data from the pilot has been supportive, and sellers showing increased willingness to list on Hemnet with the new payment option. Have you also seen increased willingness to jump on Max on the back of this? What we've seen is that I wouldn't comment on Max specifically because the numbers are still quite low, but we see that there's a willingness to recommend higher-tier products and higher than we have today. That has been part of the reason why we see a very positive response. Perfect. Thank you. Just a final question from you, which is a bit more big picture. What's your overall thoughts right now on AI risk, particularly on the back of the similar ChatGPT integration announced a couple of weeks back? If you look at AI, and I'll take the big picture answer, we're actively looking at how to best integrate AI into our operations to enhance user experience and internal efficiency. Up until today, our efforts internally, we focused a lot on our evaluation tool, but obviously we follow and see what is happening. I think the Cello and the ChatGPT integration last week are very relevant and interesting. We continue to look at that, and that's something that the team is looking at, and we're exploring those opportunities. We want to be part of this when this takes off and when it gets to Europe. That's very clear. Thanks for taking my questions. Thanks, Eirik. The next question comes from Annabel Hames from Deutsche Bank. Please go ahead. Hi, and thanks for taking my question. Just one from me. Can you give more color on why you think that the Hemnet Max package uptake hasn't accelerated meaningfully given the data that you have on product performance and internal investment? Is it purely just kind of a lack of understanding from agents and sellers, or is it something that you would eventually consider adding to part of the commission model for, say, agents to help uplift that uptake? Good morning, Annabel. Sure. I think, I mean, you know, taking a step back, Hemnet Max is something that would help us in 2026, 2027, and 2028, and will be an important component to continue to drive ARPU growth. We're still in a learning phase. Please remember the last time that Hemnet launched a new product was back in 2019. This is not something that we do on a sort of quarterly basis. I think, I mean, sitting here today and being a part of this earnings call, the key driver of what is actually driving ARPU growth in Q3 to 2025 is Premium and Plus, and that was introduced in 2019. This is a long-term bet. I think when it comes to why the adoption has not picked up faster, I think parts of it are sort of related to what Ed asked about before. There are tough market conditions right now that I think have been holding back the Max penetration. That's just a fact. Second to that, I think the awareness, this is, you know, the numbers that we showed to you guys today are very, very strong. We have a lot of things to be done at our communication department. We need to be out there and spread the gossip. Thank you. The next question comes from Nikola Kalanoski from ABG Sundal Collier. Please go ahead. Hi, gentlemen, and thanks for taking my questions. Firstly, interesting news regarding the new model. I appreciate that this is just in pilot mode so far, of course, but just to understand the mechanics of this, will the cost of the listing ad be automatically deducted during the settlement with the banks when a home transaction closes, or will the seller have to pay as they've done previously? That is just paying a regular invoice to Hemnet. Good morning, Nikola. The simple answer is that what we're testing right now is that the payment method and the payment flow would be very similar to our current products, meaning that it would be a separate bill. However, if you look ahead, and that's a question about product development and integration towards our partners, I think having the Hemnet cost being deducted in the overall settlement is also an interesting opportunity. What we're piloting right now is the first stage. Yeah, that's crystal clear. Thanks. Just another thing to clarify, I believe you mentioned earlier during this conference call some changed market dynamics, which I'm sure we're all familiar with. I reacted a little bit to you saying that the competition in the supply segment, or sorry, competition in the on-sale segment is tougher than it's ever been before. I just want to make sure, does this refer to there being competition among home sellers trying to sell their home or competition between Hemnet and other marketplaces, right? Thanks for allowing me to clarify that if that was unclear. What I meant and clearly meant is that if you look at the on-sale segment, supply levels are at record high levels, meaning that if you're a home seller, the competition to sell your property is very, very high. It's a question about supply demand, to put it simple. You follow me, Nikola? Yeah, absolutely. I was just looking for a clarifying comment on that. Thanks for clarifying. Appreciate it. Yeah, that's perfect. Yeah, that's all for me. Great. Thank you very much. Thanks, Nikola. The next question comes from Yulia Kazakovtseva from UBS. Please go ahead. Hi. Yeah, just one small follow-up for me. What's the current penetration of the pay later feature at the moment? I mean, in the number of new listings? It tends to fluctuate a bit. We've commented before that it's been around 40%- 50% since launched, and it might be, I haven't looked at it today, but it might be a little bit lower today, but around that. I think it's hovering around 40%, but it goes with seasonality, so around 40%- 50%. Cool. Thank you very much. Thanks Yulia. The next question comes from Eirik Rafdal from DNB Carnegie. Please go ahead. Yes. Hi guys, it's Eric again. Just a quick follow-up question because we've been kind of discussing the perception of the Max value and the perception of the value you guys create overall. One thing is the perception that the agents kind of know of your value, but do you have a feeling that they understand the relative value between you and, for instance, Booli? I mean, on the numbers we're tracking and looking at, you guys are reporting an all-time high time on site today of 52 days, but Booli, at least on our numbers, is north of 120 days. You know, more than 2X what you guys can deliver. Do you feel that the agents kind of understand this in this market, that it doesn't really help them to go there and kind of try to avoid going on Hemnet? I mean, I think obviously it's a mix. I think we have more work to be done and continue to educate the market around that, and you're absolutely right. Hemnet is a much more efficient and much stronger property portal when it comes to ensuring that you sell your property quickly and fastly. With that said, this is something that we're continuously working on. I've been talking a bit about how we invest in our sales force. The main reason for investing in our sales force is that we need boots on the ground to be out there, help the individual agent to understand the fantastic value that Hemnet is delivering. What we did in Q3 was to lift up Marcus to become on my management team. Becoming closer to the agent, becoming closer to the industry is a strong rationale of why we're doing that, and not only because Marcus is a fantastic salesperson. That's very clear. Thanks, guys. Thank you. There are no more questions at this time. I hand the conference back to the speakers for any closing comments. Thank you, everyone, for joining the call today and for a lot of good questions. We ran slightly over time. With that said, we'll conclude today's session, and I wish you a fantastic day. Thanks.