Good morning, everyone, and welcome to the Third Quarter Earnings Call 2021 for ICA Gruppen. As usual, first the presentation, then the Q&A session. With that, I hand over directly to Per. Please go ahead. Thank you, Frans. A warm welcome also from my side. I'd like to start with a brief summary as usual. What we see here is a strong quarter for the company overall. We see solid performance for ICA Sweden, and we see good numbers and growing numbers for all our other business segments. We also see increasing market shares in all of our retail segments, and we will come back to that, obviously. When it comes to online, we are really now moving into a very intense implementation phase. If we look at the actual numbers, we see a net sales growth of around 2.4% in local currency. If we compare to 2019, we see 7.6% growth over this two-year timeframe. On the EBIT side, a growth of 7%. As Sven will show you, there are some one-off effects. If we look versus 2019, we see EBIT growing by close to 14%. In the quarter now, we have an EBIT margin of 5.7%, so clearly better than a strong Q3 last year. We can also see in this picture that our EBIT margin on a rolling 12-month basis remains stable at 4.6%. If we move to our market performance, we will go obviously through all of the retail segments and starting with ICA Sweden. As I said, a very solid performance in this quarter with growth in all of our retail segments. ICA Sweden, we see store sales growing by 1.6%, comparable stores growing 1.4%, and this is clearly strong versus a market growth of 1.2%. Here we are, of course, helped by a strong summer, by strong summer sales and especially so in July. On the online side, we are basically flat now when it comes to sales, which is slightly lower than the market pace of around 3%. On the other hand, last year, we had a growth of more than 20% higher than the market growth. Of course, we are meeting very challenging comparable numbers here. Our share of online is now 3.3% in the third quarter, and here we of course need to remember that the summer season, we always see slightly lower numbers. On the Rimi Baltic side, very strong growth numbers, 8.8% on store sales. Also very good comparable numbers at 6%. Here we only have market data up until August. Given the strong performance we saw on market shares both in July and August, we are very confident that we are gaining market share also on the Baltic market. We continue to see a good growth on online, 125%, and share of online now at 2% in the Baltic market. On the pharmacy side, good numbers as well, 5.4% store sales growth, clearly above market growth at 4.7%. Also on the online side with a 20% growth, we are clearly growing faster than the market. Share of online sales in this quarter at just above 9%. If we then look at a few highlights, and I'd like to start by commenting on how we see the market evolving. Clearly we see that we are now moving into some kind of new normal. If we start with some numbers on the meal solution side, we can see that meal solutions sales from ICA went up 7% here in the third quarter. Salads, bars, ready-made meals coming back from a sales perspective. On the restaurant or rather the away-from-home market, we clearly saw a recovery already in the second quarter, and now in the third quarter that momentum remains. We need to remember that compared to 2019, the restaurant market is still some 5%-10% below the numbers that we saw in 2019. When it comes to stores and online, you know, a few remarks. First of all, we can see that stores now in malls, in the border trade, especially so versus Norway, are starting to come back and numbers are improving week by week. We see the number of store visits overall up 17% versus the beginning of the year. Clearly customers are returning to our stores, and especially so people above 65 years. What we see there when it comes to online is that, in the third quarter last year, the 65+ group, they represented close to 50% of total online sales, so 48% to be very specific. Now in the third quarter of this year, they are at 30%. The people who are really sticking to online, it's the younger generation, or at least people below 65. We also need to keep in mind when we look at the numbers for online, that we now have some 430 stores working with online, which is clearly a much higher number than we had by Q3 last year. All this said, online will be very important for the future. Let me give you a brief update on where we are in the transformation process when it comes to online. Here you can see the progress and the good progress that we have when it comes to moving to the Ocado platform. First of all, we have our new e-commerce warehouse in Göteborg up and running. We will have some 20 stores using this solution by year-end. We are well underway when it comes to conversion to the new Ocado customer-facing platform, the so-called Ocado Smart Platform. We are now in the process of transferring all stores that are using our central fulfillment center, so our dark stores. We will have more than 100 stores using this new Ocado platform by the year-end. When it comes to stores doing store pick, we have actually postponed the conversion a little bit, so it will start, you know, a few months from now. On the automated warehouse site in Brunna, everything is running according to plan. We have started the first test runs now in Brunna, and we expect, as planned, to be fully operational in Q2 of next year. We are also moving into an intense phase when it comes to our new e-commerce warehouse for our pharmacy business, which will be ready and operational in the autumn of next year. A lot of things happening here, and we will come back to this a little bit when we talk about the outlook. I also wanted to say a few words around sustainability. We all know that sustainability is more and more on the agenda of our customers. Here you see the key KPI areas that we track on a quarterly basis when it comes to sustainability. I wanted to say a few words around environment and also on the assortment side. Starting with environment and our progress there. We feel, of course, very good about the fact that we will have an award from the United Nations, a so-called UN Global Climate Action Award. We will be one of 11 companies or organizations worldwide that will receive such an award. It's because of the forward-leaning work we have done when it comes to become a climate neutral company already 2020. Of course, also our climate ambition going forward, where we are working both upstream and downstream, trying to help our customers to live in a more sustainable world. Another key step is the new assortment that we are launching. We talked about the program called ICA Växa, and now we are launching a new assortment here called ICA svenskt växtbaserat, starting with 10 products, but obviously much more to come. This is in order to meet the expectations from the Swedish customer. They want to buy these kind of products, and they want to buy Swedish produce. Good progress there. Sven, the financial numbers. Yes. Thank you, Per. Good morning, everybody. A few more words on the financials and starting with the overview. As Per said, a good quarter is our feeling. Net sales up by maybe a relatively low number, a bit more than 2%. But then as Per also mentioned before, of course, the COVID-19 effects are not sort of up to the same level as they were in the third quarter of last year. We still have some positive COVID-19 effects on our sales in aggregate, but not up to the same level as last year. Of course, the price inflation number, you know that is still at a relatively low level, even if not negative as we saw in the second quarter. EBIT up by some 7% and, as Per alluded to, there are some one-offs. If you've read the report, and maybe some of you recall the report of last year, where in fact we reported a couple of quite significant negative one-offs at that time, in all fairness, in the real estate company and in the bank. This quarter we have then, on the other hand, a positive one-off, in ICA Sweden related to an insurance compensation. Of course, even if adjusting for that, you will see that the EBIT margin is slightly up compared to last year's good level. Cash flow. It's a relatively good quarter in terms of cash flow. I'm coming back to that a bit later on, and the earnings per share, we'll see that the increase in percentage terms is more or less the same as the increase in EBIT. Looking then at the simplified variance analysis, there is then a positive volume effect very clearly on our earnings progress, driven by the Baltics, by the pharmacy segment, and by the bank, and maybe not surprisingly, Baltics and pharmacy with the recovery effect that we have in those segments. On margin, on the other hand, there is then a negative variance if we compare to last year, where we feel we had relatively high gross margins in the third quarter of last year and it's a bit lower at this point of time and maybe most notably this online expansion effect that we have talked about, not least at the Capital Markets Day in December last year. We said that this there will be an impact of this on our results. As Per also mentioned, we will increasingly see that now during the second half of the year and a bit into next year. Store costs, then you see the positive variance, and here you have, of course, part of this is then the increased profit sharing of ICA Sweden, but it is also linked to the fact that we have fewer own stores if we compare to last year. We have talked about that also earlier during this year. Fewer own stores in ICA Sweden, meaning lower store costs, but then also meaning lower gross profit, obviously, and a negative mix impact, I should say, on our gross margin. The other costs are up by a relatively low number if we compare to, say, previous quarters. I would say there is nothing very remarkable about that. It's linked to a different cost base compared to last year. The acquisition effect, the acquisition that we made in the bank that we want to spell out clearly here, this SEK 30 million positive in this quarter. You may recall in last quarter, the second quarter, we had a bit of a one-off effect linked to the first-day credit provision that we need to take according to accounting regulations. Looking at the segments one by one briefly and starting with ICA Sweden, the net sales more or less in line with last year in aggregate. As I said before, COVID-19 effects not as positive as last year, even if there is still some positive effect as Per mentioned before. Of course, the low price inflation numbers holding back net sales growth a bit. EBIT then, both in percentage terms but also in absolute terms, more or less in line with last year, even if helped a bit by this one-off item, obviously. In addition to that, there is the positive effect coming from increased profit sharing. On the other hand, we are now investing increasingly in online, as I mentioned before. There would be some negative impact on our margins, or from that, I don't expect that to be a surprise for anybody. If we then look at the Baltics, and as Per said, it's another strong quarter in the Baltics, very clearly from a net sales and a market share point of view. Also, EBIT, we feel good about. You see that the EBIT in absolute terms is just slightly up compared to last year, and the margin is in fact slightly below. We need to remember that from a historical perspective, the EBIT margin that we reported in the third quarter of last year was very high. We still feel that this is a good EBIT margin level that we have in the Baltics in this quarter. Good positive effect coming from a volume recovery, of course. Price effects being a bit mixed here. We still get positive contribution out of improved promotional efficiency and so on. On the other hand, we have also made some adjustment to price positions compared to where we were last year. Of course, we are preparing for new competition coming into Latvia and Estonia. We are also investing more in additional stores. We have still quite high store cost inflation, maybe most notably here, also electricity costs in the stores. We continue also here to invest in online, just like the other retail segments. Also marketing costs, we have increased somewhat if we compare to last year. Also very much, of course, preparing for the Lidl entry. Also the pharmacy segment, another good quarter. You may remember that we had a very good second quarter, and I'm now very happy to see that we concluded also a very strong third quarter. Again, net sales as well as market shares showing a very positive development, but also EBIT, as you can see here, and both in absolute terms, but also in percentage margin, of course. A good contribution coming from sales volume, but also other elements, also growing contribution from parallel imports, logistic efficiency improving. We're, of course, also trying to hold on to the cost savings that we generated at the start of the year when times were quite tough in the pharmacy segment. Because also here it is very important for us that we continue to generate this sort of fuel that we can invest further in scaling up the commerce business, for instance. Then the Real Estate segment, and also here another strong quarter with growing income. We also see growing earnings, even if here I should mention that we have this one-off effect if we compare to last year. We reported in the third quarter of last year some SEK 12 million in aggregate of negative one-offs. You should take that into account when you're judging the results performance here. You can see, even if adjusting for that, it is a very good development in the Real Estate segment. Finally, the bank, you see good development both in terms of net income and earnings. Net income then coming, of course, from the acquisition, the acquired customer loan portfolios, but also a strong contribution from our insurance business. This then clearly having a positive impact on earnings in the underlying business otherwise, underlying bank business. Some improvement in terms of net commissions following a sort of more negative variances during the COVID-19 pandemic. We now see signs of improvement now. Just a comment also on credit losses, because here you saw in the report of last year that we reported quite some significant negative one-offs linked to that. Still we have overall higher credit losses in this quarter compared to last quarter, but that obviously then has to do with the fact that we have the acquired customer loan portfolios and there come credit losses linked to that, normal credit loss levels. There is also some increase in realized losses in this quarter, but I would still say at a relatively limited level. All in all, it's still a good improvement in terms of earnings also in the bank. Cash flow, many of you know that the third quarter is not traditionally one of the strong quarters in ICA Gruppen, and we have a seasonality in our cash flow. It's normally the second and the fourth quarter showing strong cash flow. This third quarter was relatively good, but is linked to basically two things, normal working capital fluctuations that I talk about from time to time, a bit more favorable in this quarter if we compare to the third quarter of last year. Then also the fact that we are not investing as much in capital expenditure as we did in last year. That means the trend is clear. You see the rolling trend really showing a good progress in terms of cash flow. That then means when we look at where we are compared to the long-term financial targets, as Per said, in terms of market share in the third quarter alone, good improvement in all segments. Looking at the rolling 12-month basis that we normally do here when comparing to our long-term targets, in Sweden, we are not there yet. In the Baltics, we are very clearly also growing our market shares on a rolling 12-month basis. In pharmacy, we have now two quarters, both the second and the third quarter, where we are taking market share, but not quite yet on a rolling 12-month basis. EBIT margin, of course, with the strong performance in this quarter, we are still a bit above the long-term target of 4.5%, like we have been in the preceding couple of quarters. Of course, with the strong cash flow, return on capital employed improving slightly, indebtedness improving slightly compared to where we were in the last quarter. Dividend, as you know, already from Q2, of course, the board, or the AGM, decided upon a dividend of 63%, so very much also in line with our long-term financial targets. With that, back to you, Per. Thank you, Sven. So, if we look a bit forward then, a few comments here for our different businesses, starting with ICA Sweden. As Sven said, as we said already at the Capital Markets Day, we will incur some double cost when it comes to online, as we change over to the new Ocado solution. Given the fact that we are now moving into an even more intense phase here in the fourth quarter and the beginning of next year, that means that margin impact will be even more important. We have, and this is of course linked then to the second bullet here around the ramp-up of the CFC and the transformation to the new customer-facing platform. Continued strong focus, I would say on price value, and of course private label is our most important tool here. When it comes to the numbers of new stores this year, we have taken the numbers down a little bit. We're now talking about seven to nine stores this year. We have had some small delays on a few projects when it comes to permissions. On the Baltic side, as we also talked about, Lidl has now entered the market in Latvia. They opened 15 stores a few weeks ago. It's actually very hard for us to interpret the result, and this is linked to the fact that the pandemic and the COVID-19 restrictions are coming back big time in the Baltic as we speak. So far, what we can see is that the impact has been very limited. As we all know, Lidl is a strong competitor, so over time they will gain some ground. We also expect them to launch in the end of the first quarter next year in Estonia. Increasing capacity, also very important when it comes to Rimi Baltic, given our growth numbers online, and we are sticking to some 18-20 store openings this year. On the pharmacy side, we will deliver on the cost efficiency program that we launched end of last year, beginning of this year. Strong focus on improving online efficiency and of course becoming more and more of that strong omni-channel retailer, and six to eight new pharmacies in this year. On the Real Estate side, we announced the Secore transaction a few weeks back. What this means is that we will buy back from Första AP-fonden so that we become the sole owner of Secore. We will do some reshuffling of that portfolio, and then we're gonna sell you know, the 50% out again. Hopefully this should be a back-to-back deal in April next year. Strong focus on the metropolitan areas and of course completing our logistic projects on related to in particular online. On the banking side, we expect to see some further gradual improvement related to COVID-19. The acquisition impact, Sven talked about some SEK 30 million in results or in positive deviation versus last year coming out here in Q3, and that's a good indication of where we are heading and very much in line with what we said in the business case when we presented that. We are just about or very close to launch our new mortgage offering, so interesting days ahead of us, and we are sticking to our guidance when it comes to group cost and CapEx. All in all, it is a very solid, a strong quarter for our company with improving EBIT margin, strong sales performance with increasing market share in all of our retail segments. As we have said a few times now, a very intense implementation phase when it comes to online. With that, Frans, back to you, and hopefully some interesting questions coming in. You bet. Thank you, Per and Sven. Before I hand over to the operator, we have one question that has been posted on our website, and that is an option for you, of course, going forward here for the remainder of this call. It's David Grazzini from Helikon Investments, and he has actually three questions. One alludes to the rumors that was in the press earlier this week. The question is, "Press speculated on possible portfolio optimizations. Is there any plan to extract value from any of your assets?" Perhaps you- Yeah, I can take that. I mean, as you said, you know, it's a rumor, and we never comment on any rumors. I guess that's what we can say. Yeah. We'll leave it at that. ICA Sweden's margins were down year to date by 20 bips, so nine months versus nine months last year. You have guided for 10 bips down this year. Do you expect some catch-up in Q4, or is the guidance still there? I think, Frans, what we'll see, we stick to the guidance that we have given. Of course, there is always the possibility that one-off items pop up and so on, like we have had now in the third quarter. Our best estimate is still that it will be roughly that number. That is the best estimate that we have. Yeah. Thanks. The third and last question is the CapEx guidance of SEK 3.55 billion for the year, a little bit below now. Do you expect any CapEx savings this year? If we mean the like if savings meaning that we will be below the- Exactly You know? No, know? No, I think, looking at our numbers, the way it looks now, we aim, we think we will come in very close to the 3.5%. Of course, it's difficult to say on the last second, but very close to 3.5% is the best estimate that we have. Yeah. Guidance remains. All right. That was all from the website right now. Operator, I hand over to you, and please let loose the questions. Thank you. Ladies and gentlemen, if you have a question for the speakers, please press zero one on your telephone keypad. Our first question comes from Fredrik Ivarsson, ABG. Please go ahead. Thank you, very much. Hi all. Two questions from me. If we can start in the pharmacy section or segment. On the margin there, obviously recovering quite nicely. EBITDA margin is around 5.3 versus 4% in 2019. What is the key driver behind the recovery? Is it the cost savings and efficiency program, or is it also some positive gross margin development going on there with higher prices or larger degree of private label? What is the key driver? I would say, Freddy, it's many things. I mean, the single one, most important one is the volume recovery. That, as I said, it's certainly not only that. We have both in terms of say, efficiency improving, but also quite significant cost savings, not least in our physical pharmacies, but then also in the say more overhead costs. It's many different items, but the single most important one is clearly the volume growth. Okay. I read it as you don't see an expanding gross margin at least, but it's rather on the OpEx line. Sorry, what? I didn't get that. It sounds like it's—you're not seeing a gross margin expansion within the pharmacy business, looking at the sort of two-year trend, but it's rather on the OpEx side. I don't know exactly how to. As I said, I mean, it's different things. It is the OpEx, but it is also many other elements. It is Okay. Fair enough. Yeah. Over to the new Ocado platform, if you could talk a bit about the biggest differences, I guess, both from a consumer but also from a franchise point of view, and also if you see any notable differences in terms of purchasing behavior, if you compare it to the legacy platform, if you will? Yeah. I mean, this new Ocado platform will clearly be a better platform both for the retailers and for our consumers. When it comes to the consumers, the first indication that we can see here is that it generates a bigger basket and also a better margin. There is a basket uplift and a margin uplift. As you probably recall, what we are launching now is, you know, a first step in a continuous development of that platform. Of course, we wanted to make sure when we now launch that the new platform, both from a retailer perspective but also from a customer perspective, is slightly better than the old platform. Then we're gonna improve it from that starting point. As always, when you introduce something new to a customer, there is that timeframe to getting used to that new platform. As I said, you know, the first indications are positive. Perfect. That's all my questions. Thanks. Thank you. Thank you. Our next question comes from Daniel Schmidt, Danske Bank. Please go ahead. Yes. Good morning, Per, Sven, and Frans. A couple of questions. Starting maybe with the Baltics, Per. You mentioned that the sort of restrictions are coming back into the market, and we read something. We've read about it as well, of course, and that of course is a bit hard to predict how that's gonna play out. But so far, are you seeing the same sort of consumer behavior when it comes to these restrictions as of late compared to what you saw in the bit more intense phase of the pandemic a couple of quarters ago? Yeah. I think it is, you know, extremely difficult to say what the impact will be on us here. What I would expect is that, you know, we're gonna continue to see a rather good volume development for Rimi Baltic, at least that's what I expect. Most likely from a market share perspective, it will be a bit more challenging for us given our store structure. That's what we have seen before. Of course, it remains to be seen if we have the same kind of pattern. You know, we also talked about in particular that regulations that they now have in place in Lithuania, where you need to have a COVID pass in order to enter larger stores. Our market share of larger stores in Lithuania is 20%, but our overall market share is 10%. Yeah ... we suffer a little bit from that new regulation. We see, you know, it's improving week after week. That in isolation is something that clearly will impact us more than competition. You know, this can change very quickly. We know that, so. Yeah. You started to see it at the end of Q3, right? Yes. In Lithuania, we saw the first impact in the last weeks of Q3. In the other markets like Latvia, and even less so, I should say, in Estonia, we started to see the impact in Q4. Yeah, 'cause Estonia was quite recently, I think. Yeah. All right. That is also maybe impacting traffic in inner city locations. Sure. Sure I find that. That's why, you know, we have a little bit overrepresented. Yeah, we are overrepresented, and we have a particularly strong position both in Tallinn and in Riga. People tend to be moving out a bit in the countryside as well when this happens because they can't go to, you know, their workplaces, et cetera, as they are used to. Just also coming back to the pharmacy business, which is showing the highest margin in over three years, I think, actually for a single quarter. Quite dramatic step up, and you're also doing changes when it comes to warehousing. Do you see that further propel the business in terms of profitability in the sort of short time period, or how should we view that? Sort of how should we look upon this quite dramatic recovery that you've been posting in Q2 and Q3 for the pharmacy business? No. I think our feeling is good, Daniel, Sven here. You also realize that you should be careful with, of course, extrapolating this with a too straight line, of course, because this kind of recovery, it cannot continue with the same incline on the curve forever. You know, we have said before that, I mean, coming back to the margin levels that we have seen, if you go back to 2018 and so on, that is clearly our ambition. Exactly how quickly it will be possible to do, we need to see. I think it's as Per said, it's very much linked to our success with building our omni-offering and so on. Right now, it goes very well, so both the online and the physical business improving. Of course, we have strong recovery effects still, so you need to take that into account. You will remember, Daniel, looking back, of course, that you see, the first quarter of this year was a very tough quarter. I think a fair assumption to make, all other things equal, is that I mean, up to that point, I mean, we expect to have quite sort of good recovery numbers unless something new happens, of course. As from second quarter of next year, we will face a tougher comparison basis because that is really when we started the strong recovery. Yeah. Well, but that makes sense. Maybe some clarification, if I may, coming back to ICA Sweden and the investments that you're doing, of course, in Ocado platform. You were quite clear, I think, in the wording and also in the call right now that you are seeing increasing impact from the online migration in the coming quarters. At the same time, I think you said, Sven, on that sort of question you got in the beginning from an email that you expected the impact to stay around 10 basis points, and you're at 20 so far this YoY for the first nine months. I think you're quite forward-leaning in that we will see more costs towards the end of this year and beginning of next year. Could you just sort of clarify what's what here and how does that sort of? Mm. How does that tally? No, of course, we need to see, Daniel, but I think it is the best estimate that we have for the time being. You understand, of course, that there is, it's very much also a question of the increased profit sharing, how will that turn out? That we don't know. We still believe that we will have some positive variances also going forward for some time, not forever, but still for some time. It's difficult to say exactly how that will play out. But, of course, it's also very much linked to COVID-19, where, as it seems today, at least, we don't expect the same COVID-19 effects as last year. I still think I understand the question, but I still think this is the best estimate we can give for the time being, yeah. I think what you probably can say as well is that, you know, when we have talked about that 0.1%, we are comparing to a normal year. A normal year is more like 2019 than 2020, to be fair. Yeah. I think that should be our Yeah. You know, final remark here. Mm. That's flat, yeah. Mm. Yeah. Okay. The sort of increasing costs will be there on the online migration. Sure, yeah. They could be neutralized by more contribution from profit sharing, if I got you right, Sven? Yeah, that will be partly offsetting it, as at least, Yeah. Yeah. Yeah. Will that have a? Because you also mentioned that you did some postponement when it comes to conversion and converting, picking in store or store picks, sorry. Is that gonna happen then next year instead of this year? Yeah. The main part of the, at least the main part when it comes to store picking stores will be in the beginning of next year. In a large project like this, we are of course working in a very agile way, and we will not do the transition until we see that, you know, our retailers are confident and have learned to work with the new system and that it's looking good from a customer perspective. That will steer the timetable. The important part for us, you know, we have a well-working base platform today, but where we really needed to move and where we have now started is, of course, when it comes to centrally picked stores, because there we want to move to the Brunna solution as soon as possible. That, that's the important part, so to say, for us. That's where we're gonna get the biggest benefit, especially from an efficiency perspective. Daniel? Good. If you two- Daniel, please. Sorry. I think we need to move on to the next. Yeah. Please go on. Yep go on. Yep ... uh- Thank you. to the next guy in line, actually. Sorry. Thank you. Our next question comes from Niklas Ekman, Carnegie. Please go ahead. Thank you. Yes, a couple of questions. Firstly, I'm curious about if you could elaborate a bit more on Lidl's entrance into Latvia here. You say that it's been a fairly limited impact to your sales, but what about pressure here in terms of margins? Do you expect any tangible margin pressure? I'm looking at kind of the margin development back in 2016 when they entered Lithuania, and you can't really see any margin pressure. On the contrary, your margins rose in that period. I'm just curious, how worried should we be about margins coming down here over the next few quarters as a result of this? I mean, what Sven also said, when it comes to margin is that, you know, we have prepared ourselves in a different way because, you know, their launch into Latvia is obviously a much bigger step, versus us than it was in Lithuania, where we are relatively a smaller player and very much needs to follow what Maxima is doing. In Latvia, we have more of a, you know, a leading role, and we really need to step up, and we have done that ahead of their launch. That's also why we have seen some, you know, good improvements when it comes to price indices, you know, already in the third quarter. As I said, you know, it's hard to interpret the results they have because of COVID-19. So far, the impact what we can see is very limited. You know, I would still expect that, you know, there will be an impact. Lidl is, you know, a strong competitor, and they will make an impact in the market. So far we have seen very limited of that, both on sales and on margin. That's very clear. Thanks. I wanna come back to this, the first question here that was about the vague speculation that we heard earlier this week about ICA being a takeover target. I realize you can't comment on rumors or anything like that, but I'm just curious if you could settle maybe regarding your ownership structure. Isn't the current ownership structure with the ICA-handlarnas here? Don't they have statutes that prevent a major change of ownership for the ICA Gruppen? I'm not sure you can say that, Niklas. You know, what they have said is that they want to be a majority owner of ICA, and I think they currently have, like, 54%, so they have that position. I don't think that they have, at least not what I'm aware of, stated that they can't go above that level. As I said before, you know, we have of course seen the rumor, but we're never gonna comment on any rumors. Fair enough. Thanks. Also curious if we come back to the profit-sharing here. I'm just curious, it's up now quite a bit in the last four quarters, obviously here with a COVID boost. I'm just curious if you see this trend here continuing for another few quarters. Is that reasonable to assume? Maybe you could elaborate a little bit on the retailers' margins. Have they changed dramatically here in the past 18 months during the pandemic? Maybe I should not comment too much about the retailers' margins, but our feeling is clearly that there are good margins also in the retailers' businesses. I think all other things equal, this should still continue because whether it's a couple of quarters or a few quarters, it's difficult to say, also. Also in the coming, maybe couple of quarters or so, I would expect a positive areas, and then it becomes more difficult to say, of course, because then we are meeting quarters where we already had quite sort of significant decreases in terms of profit sharing. In the very near future, Niklas, yes, I would not expect it to stop completely by the end of the third quarter year. Very good. Thank you for taking my questions. Thank you, Niklas. Thank you. Ladies and gentlemen, as a reminder, if you wish to ask a question, please press zero one on your telephone keypad. Thank you for holding. I have another question that's been posted on our website, and I choose to interpret it as a sort of general question on our view on M&A. Yeah. Yeah. I mean, what we have officially stated is that for our grocery business, it is challenging to do geographical expansion. You know, the obvious markets for us would be Finland or Denmark, and these markets are, you know, it's not possible to find anything up for sale. So what then remains is to complement our current portfolio of companies like we did now on the banking side as a small example or to add something on, you know, a new business segment for our Swedish portfolio. You know, we will only do that when we see a really good opportunity and where it really fits and add good synergies with our grocery business. That's all we can say, and that's what we have said before. Thank you, Per. As I understand it, there are no more questions. Could you please move to the next slide? Before we close this call, I just like to remind everyone about the Capital Markets Day that will be arranged on the 14th of December, streamed live, and it will be a digital event this year as well. With that, thank you everyone who participated and asked questions, and have a good day. Thanks. Thank you. Thank you.