Hello and welcome to today's webcast with Inwido, where President and CEO Fredrik Meuller and CFO and Deputy CEO Peter Welin will present the report for the second quarter of 2025. After the presentation, there will be a Q and A. If you're calling in and want to ask a question, please press star nine to raise your hand and then star six to unmute yourself and hand it the word. You can also send in questions via the form to the right. With that said, I hand over the word to you guys. Thank you very much. Good morning everyone and welcome to this Inwido webcast. Today we congratulate Sweden's Crown Princess Victoria on her birthday. What better way to celebrate that than to go through Inwido's second quarter report of 2025. My name is Fredrik Meuller, I'm the President and CEO of Inwido and right next to me here in Malmö today is Peter Welin, our Group CFO and Deputy CEO. We will as usual go through some group highlights and then the detailed group financials followed by a BA run through and finish off with summary and outlook and a Q and A. As usual, this material is also available on Inwido's website. You're all very well familiar with Inwido already, of course, so there's no need to dwell upon this. What I would like to say though is that although Inwido is leading in Europe's window and door market, we are actually only in 1 out of the top 10 markets ranked by size in this industry, and that is the U.K. market. My point with this is of course that there is still huge growth potential for Inwido to expand both organically and through mergers and acquisitions. If we then look at the quarter, I guess it's best summarized in the word of interesting. Lots of things happening in the world around us and that has resulted in a bit of an amber please wait button where the expected and much needed rebound has been pushed forward yet again. It's very much a volume and a timing game. Worth noting though is that the fundamentals remain the same and the fundamentals remain rather strong. Inwido has strengthened its positions. We assessed that we have gained share throughout the quarter. I'm overall pleased with the performance of the group and still rather optimistic about what's around the corner. Our sales are up a bit, our order intake is down. Have in mind though that in Q2 last year we did post a record order from Carlson, our entity in Ireland. That has an impact in comparison. Now, quarter on quarter, we must not forget that the order book was up by 9% now in the quarter and is actually at an all time high. For Inwido, we did a good job in keeping margins up despite price pressure and a less favorable mix. For the absolute operating EBITDA number, we must not forget the fact that it's been hampered by a Swedish krona that has been strengthened and the impact is SEK 9 million. There's no cigar on M&A yet. It's closed, but no cigar. It's not for lack of activity. You can see that if you go into our notes for the EPS that we have taken some transaction-related costs and charges in this quarter. It will take time. Processes are a bit lengthy, partly because of the surrounding market turmoil, but also because of the fact that many of our discussions are related to families selling off their second or third generation company or baby. That's of course an emotional process. It simply takes time. If we look at the snapshot of our Q2 key financials relative to the same quarter last year, again we're lacking volume, meaning that some costs remain under- absorbed. The profit has been hurt by the FX impact, the SEK 9 million in translation from our international entities. At the same time, the margins remain the same as last year's Q2. The main positive drive is coming in this quarter from our BA, Scandinavia and Eastern Europe. I think it's worth mentioning that we continue to reduce our gearing, which of course first of all offers comfort in turbulent times like these, but also provides us with healthy firepower for the mergers and acquisitions spree that we are on. If we look at the full six months year to date, adding also Q1, the pattern is relatively similar across geographies and business areas. I guess one main difference is that we do see an uptick in Sweden, partly boosted by the government stimulus and lower interest rates. That's an important market for us. That's performing better and better. Overall. I'm quite pleased with the performance given our circumstances where both top and bottom line is up, of course. Lack of volume is really a common theme across all markets, with household consumption not really taking off despite some stimulus and thicker wallets. If we look at the Swedish market for example, it's well illustrated by the fact that the real estate market is showing still rather few transactions and still relatively stable prices. That's an indicator in itself. Generally, though we outperform the market, we are still perceived as a flight to safety with also our very high delivery precision across many of our entities, which is important. Scandinavia and Eastern Europe performing a bit better in both absolute and relative terms. While e-commerce and Western Europe are not bad in any way, they're just facing a little bit more headwind. Worth noting is that several of our peers are struggling, I guess most notably in the U.K. but also in other markets. We did see some 2024 figures for some of our e-commerce peers the other day and they are performing much worse than Inwido. We could also note on Friday last week that Eko- Okna, a large Poland-based window player, is laying off thousands of workers at the moment. Sign of the times. If we look at sustainability, green is not necessarily my favorite color. I'm a true blue. In this case green is definitely good and it's yet another quarter of really strong KPI development which is super pleasing and again a sign of us doing the right things. It's small and big things that add up to the positive totality. Good news is also that this is continued to be recognized also externally with, for example, the Financial Times putting us higher on their list of European climate leaders and CDP ranking us higher now with an A ranking in their Supplier Engagement assessment. We continue to be candid about the vital few priorities that are key for us in order to achieve our 2030 roadmap, and I have to say we're gradually getting there. If we start with M&A, again active and positive level of activities. I think the outlook is rather promising based on the almost record broad and record deep funnel that we have and the ongoing discussions that we have. Needless to say, the market uncertainty has been a bit of a wet blanket on M&A processes and as I said, the emotional family ties means that some of these discussions are simply taking a bit more time. Moving on, the green transformation is definitely happening. Everyone is talking about energy efficiency and of course we are eagerly awaiting some more clarity on the implementation of the EPBD, the Energy Performance of Buildings Directive that will come now in the second half of the year with implementation in the early part of 2026. Worth mentioning is of course that we have a great add-on to our already strong Group Management Team. Marlene Tulin will become our new EVP for People and Culture and I'm really looking forward to having her on board. Pleasing to see also the interest we've had in applications for that role, meaning that Inwido enjoys a rather favorable employer brand situation, which is great. It's also great to see that it's a bit of a cultural revolution still continuing within Inwido in terms of much more collaboration across the entities, meaning that we have also started to exploit synergies even further. Last but not least, the technology development is something that we are very close to, primarily so far within marketing and within software to our machine investments. Now for a little bit more flavor on Inwido's consolidated Q2 financials I will hand over to you Peter, please. Thank you so much Fredrik and we start with the income statements. On this page you can see the income statement for Q2 to the left, year to date in the middle, and to the right latest 12 months as well as last year. Starting with the quarter, net sales was on same level as last year. Organically it's a growth of 3%. The gross margin was also same as last year, 25.6%. Operating EBITDA was +1% compared to last year and the operating EBITDA was SEK 1 million above last year, 264 compared to 263 last year. Thereby the margin was on the same level as last year, 11.3%. As Fredrik mentioned before, the operating EBITDA has a negative impact from the stronger Swedish krona when translating into SEK the non-Swedish daughter companies and that has a negative impact of SEK 9 million compared to last year. Sales declined by SEK 76 million due to currency and the operating EBITDA by SEK 9 million due to the currency. The margin has also a negative impact when looking at the mix in the quarter. The consumer sales declined by 5% whereas project sales had an increase of 9%. Those of you who are following Inwido for some time know that we have a higher profitability in consumer compared to projects and thereby the underlying margin was improved in the quarter when compared to last year. Between operating EBITDA and EBITA we have SEK 16 million of costs mainly related to acquisition projects in the quarter. Further down the income statement we can see that profit after tax is up 8% and the earnings per share is up 7% compared to last year. Looking at year to date, January to June, sales is 5% above last year, organically is + 6%. Operating EBITDA is + 6% compared to last year and also the operating EBITDA is also + 6% compared to last year and profit after tax is up 15% compared to last year and the earnings per share is up 16% from 2.89 to 3.34 and thereby rolling 12 months. Inwido has a sales of SEK 9.34 billion with an operating EBITDA of SEK 975 million equal to a margin of 10.8% and earnings per share is now on 9.74 rolling 12 months. On this page we can see the development in the quarter and to the left you can see development on sales Q2 last year until Q2 this year and to the right you can see the developments on the operating EBITDA. We have improved resource as well as margins in Scandinavia and in Eastern Europe. E-commerce is still challenging with lower sales as well as lowest profitability. However, the order intake in the quarter for e-commerce was + 7%. Western Europe is lower sales as well as lower profit compared to last year. Ireland and social housing in Scotland is still doing okay where the deviation is mainly within England and the consumer sales in England. Looking at more long term perspective, this page is showing sales as well as operating EBITDA for Q2 2019 until 2025. During 2020 and 2022 Inwido had a positive pandemic impact mainly due to higher consumer this year in the second quarter and then in 2022 we had also volume increase when comparing to this year. The margin for this year is the same level as last year. Once again the underlying margin is improved when seeing that we have a negative mix impact with lower consumer sales of 5% and higher product sales of 9% and the margin this year is above the pre-pandemic margin 2019 of 10.9%. Look at the cash flows. This page is showing the cash flow development in Q2. Cash flow from operating activities is up compared to last year from SEK 275 million to SEK 289.9 million, improvement of 14.9%. We have a negative changes in working capital mainly related to operating receivables due to two things. One is of course the mix with higher product sales compared to consumer sales and the second thing was also the sales during the quarter with higher growth end of the quarter compared to the beginning of the quarter and that has a negative impact. Looking at operating receivables, the cash flows from investments is slightly down compared to last year both in the quarter as well as year to date. As you can see to the right on the table to the right or the graph to the right and we foresee an increased activities level during second half of this year. With that cash flow; we can see that the net debt is more or less on the same level in June as it was in end of March, even though we have paid a dividend in May of SEK 319 million. The net debt end of June equals to SEK 1.517 billion that is SEK 230 million lower compared to last year and the net debt includes IFRS 16 debts of SEK 486 million as well as acquisition debts. Looking at net debt versus EBITDA and it's now on 1.2 including IFRS 16 compared to 1.4 last year and excluding IFRS 16 we are on 0.9 compared to 1.1 last year below the target of maximum 2.5 meaning Inwido has still the headroom for further growth. One of our financial targets is return on operating capital. The target is to be above 15% and this graph is showing the development and return of its capital since Q2 2021 up until Q2 2025. Return on operating capital is defined as a beta rolling 12 months as% of average operating capital, and that is calculated the average latest 4/4. We were above the target up until Q4 in 2023. Since then, we have been below the target. However, we have seen during the latest 2/4 quarters improvement in return on operating capital, and we are today on 13.4%. This page is showing the order backlog to the left, development order backlog to the left, and the order intake to the right. The order backlog is at the highest level ever on SEK 2.829 billion. That is +7% compared to last year. Products is +12% compared to last year, and the consumer is down by 5% compared to last year. All segments have higher backlog end of June this year compared to end of June last year. Looking at the order intake, the total order intake is down by 7% adjusted for FX. Organically, it's down by 8%, and the main reason is actually the high order we took in Ireland, Carlson, last year of SEK 9 million. About half of the decline of 7% is explained by the large order we took at Carlson, Ireland, last year. Consumer is down by 3% compared to last year, and adjusted for FX down by 4% organically, and the project is down by 15% compared to last year. Adjusted for FX and organically, down by 16%. We have a positive order intake development in Scandinavia and with e-commerce, 1 respectively, of 7%, and we have a negative decline of Eastern Europe of 5% and Western Europe of 34%, mainly due to the order of SEK 209 million last year. I now hand over back to Fredrik. Thank you very much, Peter. Let's now look into our four business areas and let's start with Scandinavia. Good performance versus last year really from top to bottom with an operating EBITDA margin of 14.5%. Our assessment is that we have gained share in the Swedish market and we overall see somewhat better sentiment across Sweden and Norway with Denmark still being stable. In Sweden, of course, the ROT incentive, the government stimulus, and lower interest rates have helped improve demand. Bear in mind, though, that in terms of sales mix, we've had a higher share of project business, meaning a little bit of a dent on margins. Moving on to Eastern Europe, it's really a mixed bag between the larger entity of Pihla Group that is performing better versus some of the smaller entities that are facing still a very, very tough market situation. We have higher backlog and profitability is higher again, and we really see that those cost efficiency enhancing measures are kicking in. A good job by Antti and the team. Sentiment, I guess, in Finland is a little bit better. Nothing dramatic, though, neither upwards or downwards. E-commerce, as you recall, they faced a challenging start already in Q1 this year. They took some correcting measures already then. I think they managed the situation very well, and the full impact has yet to be seen from these measures, but they were necessary and have been well executed. I think E-Trade as such is lower. We can see that from industry data in, for example, Sweden, where the households are not as active yet on e-commerce as they were one year ago. Having said that, order intake now in the quarter actually edged higher for our BA E-commerce. It's really purely a volume game for our friends here, both profit and margin lower, but they do have a nice, efficient operational setup. When they do get the volume back, and that can of course happen quite quickly, then they're making more money. Last but not least, looking at Western Europe, there is really no real sight of England improving. It's a very tough market from a macro point of view with very little consumer confidence. Unfortunately, it's fiercely competitive. We do a good job with it, though, and I'm pleased to note that we have in some cases decided to walk away from projects that have been facing some silly pricing from our peers. Ireland is more stable than England and again as Peter said, and as we've said several times already, do note the all-time high order that we took with our Carlson entity in Q2 last year that is hampering the order intake comparison. Largely a volume game here as well. We have some unabsorbed fixed costs, although they are being adjusted, which is painful but necessary, and relatively speaking, I'd say we do a better job than many of our peers here. To conclude, today's key messages from our Q2 report that I think is rather solid. The anticipated and well-needed bounce back in demand has been yet again deferred a bit out in time. We are managing the situation really well. We're maintaining our profit despite a less favorable mix and despite an FX impact, and we're maintaining our profit margin. Worth bearing in mind, I think, is that the fundamentals remain rather strong here. We still face pent-up demand in both renovation and new build, and we face more and more discussions on energy efficiency and waiting for the EPBD to be implemented. The tide can of course turn quite quickly here. Inwido is standing firm. We have comfort from our all-time high backlog, comfort from our number one and number two positions in the market, and comfort from a very strong balance sheet. We keep our eyes still on the ball, and the 2030 roadmap, relatively speaking, is more important in the near to medium term for us. I'm optimistic also on that front. Again, to further help us in our strategy execution going from A to B, Mol and Kalin will join us after the summer and help us even further with the talent management, which is key as usual. Please pencil in these dates into your calendars already now. With that said, Peter and I would now be delighted to answer any of the questions that you may have. Please. Thank you so much for the presentation here, and as you mentioned, I will carry on with the Q and A. If you're calling in and want to ask a question, please press star nine to raise your hand and then star six to unmute yourself. You can also send in questions via the form to the right. The first questioner we got here is Sofia Sörling from Carnegie. You have the word. Thank you. Sofia here from DNB Carnegie. Can you hear me? Yes. Hi Sofia we can hear you. Hi. Thank you. Okay, first question, a little bit on pricing and volumes. You mentioned that volumes are quite dampening all the business areas, but can you say anything about prices? Have you lowered your prices, and also in each of the divisions? We have typically actually raised our prices primarily to counteract some slight upward changes on the raw material front and of course on direct labor as well. Overall, margins have been kept obviously quite stable, so no dramatic changes. In a way, there is a lot of price pressure in the market because of the competition and because of lack of volume still, but otherwise relatively stable, I'd say. We are of course monitoring the raw material situation rather closely. We always do that, but particularly now with an extra focus on glass, both in terms of availability and pricing. We are ready, if need be, to of course adjust prices even further. Pricing is generally a topic very high on our agenda because again, the glass situation is a little bit tricky because many of the glass suppliers have reduced their capacity over the last year or so. This means that when demand does bounce back, there may be a little bit of an effect that we saw during the pandemic with an impact on both availability and price. So far, so good. All right. Okay, thank you. If we go to Scandinavia, you mentioned that the project market, especially in Sweden, is quite strong. Could you say which type of customer segments is driving this demand, would you say? In terms of sales, we had more project sales in the mix this particular quarter. I wouldn't say that new build as such, if we look at that, is strong in Sweden, although there is increased activity, of course, and everyone is watching the interest rates from the Riksbank and whether it will continue down, which would have a positive impact. Although today's inflation figure was a bit on the high side compared to estimates. Otherwise, I think it's a matter of building new buildings in the larger cities. In Sweden in particular, some of the smaller to medium- sized cities see less activity and are struggling a bit with demographics. We'll see more in Gothenburg, Stockholm, and Malmö going forward and to some extent less of what we are at the same time. Not really in any way, but less of schools and hospitals perhaps. Okay. Yeah, I noticed that the EBITDA margin in Scandinavia is very strong during the quarter, and it's an improvement year- over- year with about 30 bps. Do you think it's sustainable into the second half of 2025 to keep this increase, improved margin year- over- year? If I. Of course, depends on the markets and the volumes coming in in the quarter this year. We can see that in general, Norway is still challenging, Denmark is still stable, and improvement comes from the Swedish markets. I think, Sofia, just to add to that, I think it's from our end worth stating that because we are working from a portfolio management point of view quite a lot with our lower performing entities and that is beginning to bear fruit. Of course, that's something that we're overall pleased about. It also means that in the short to medium term we have a negative mix effect from that as they gain more ground faster than some of the other entities. It overall raises the profitability and the performance of the Inwido portfolio, which is definitely something that we want to achieve. There is a slight negative mix effect in there as well. All right, let's move on to e-commerce. You mentioned that you have implemented some structural measures. Is that something you expect will continue into the second half of 2025, or is it something that you have already implemented and we can already see this reflected in the financials? Yeah, I would say it's more the latter, Sofia. If you recall from Q1, we were geared up to meet what we anticipated to be a higher demand level. Already early in Q1, the reality turned out to be quite the opposite, meaning that we had to take a step back and go through a bit of a strategic assessment of the whole business area. Meaning that we also took some measures in January, February, they started to kick in in March. We have seen more of that payback during the second quarter. I don't expect more of that in the second half of this year, more measures to be taken, that being. It's worth noting though that this business is, I mean, it's a volume game. It requires that you have a very lean operational setup at the back end and that you have a rather lean sales and marketing setup also in the front end. We do that really well. I think that some of those measures that we took in Q1 actually put us in a better strategic position for the medium to long term with this business. At the moment we're just, quote unquote, lacking volume. Again, if you look at, as I mentioned earlier, if you look at e-commerce, for example, Sweden in April, May, it was down by some 24% or something. It's more of a consumer pattern right here, right now. Again, history shows that it can very quickly bounce back up again. We're ready for that capacity- wise. Okay, thank you. Yeah, a lot of questions here, but a final one from my side. You mentioned this Energy Performance of Buildings Directive and that it might, that it will be implemented next year. Do you see any risk that this directive is already reflected in your volumes during 2025, or do you expect more of an acceleration in volumes into or during 2026? Again, it will be more of the latter. We do think that this will still happen because energy efficiency, first of all, is very high on the EU's agenda. Secondly, they have come very far in preparing for all of this. I mean, take Sweden as an example. You know that [Buvacet] and others are right in the middle of getting proposals out that will in turn become legislation in each EU member country, latest early next year. Thirdly, the upside potential in terms of savings is huge, of course, and thankfully windows and doors are very well placed to benefit from that. Good news is that we're beginning to see a lot of healthy and quite informed discussions with many of our customers already. We did launch a low-CO2 window in Finland in Q4 already last year, and that has gained a lot of excitement and interest from the market already. We have a couple of positive case examples already to point towards, and that's beginning to spill over also into other markets as well. We run the same type of discussions with some of our Sweden-based customers at the moment. In Finland, of course, this window is still on an exclusive basis. We're the only one in the market that can provide it. Okay. Okay. Thank you so much for your answers. Thank you. Thank you so much for the questions, sir. We will now move on with the next questionnaire, and it's the person that has the number that ends with 690. You're welcome. You have the word. Hello, can you hear me? Yes. Hi, it's Jonas from [SEB] here. Good morning, Fredrik and Peter. Thank you for taking my question. I just want to start a little bit on the sales and the conversion ratio here in the quarter. I want to understand that a little bit better. If you're looking at the conversion ratio compared to your backlog you ended in Q1, it seems to be around 88% here in the quarter. This seems to be a little bit low in a historical context. I also know that you have more project business in the mix now, as you have highlighted. Even compared to last year, it's still low. If I recall correctly, you also said that some sales rolled over from Q1 into Q2 due to some weather conditions here in Western Europe. My question is really, did something special happen here during the quarter that affected deliveries or did you? How should we think about the conversion ratios here going forward given your change in the mix? That's my first question. Thank you. Yeah, hi Jonas, this is Fredrik. Yeah, it's a relevant question. Of course, there's really no drama around this. As you correctly pointed out already in Q1, we communicated that particularly in our Western Europe BA, and more specifically, they did see some deferrals, not cancellations or anything like that, more deferrals due to weather and other non-site accesses given, so that it's more of a rollover. Not everything could happen in Q2. More of that will come also in Q3 and Q4. It's primarily related to the project business. Compared to previous years, we have this large order we took at Carlson in Ireland in Q2 2024. We have larger long-term contracts, even also just looking at product business, we have a more long-term contract this year compared to previous years. That has a negative impact when you calculate your conversion rates. Okay, I understand. It may be sad to say that the conversion ratio in this quarter is normal and that this is the new normal here going forward as well. Is that fair to say, would you say? Yeah, fair to say for the next coming one, two quarters when these large orders have then been reduced and we are back to normal until we get some new large orders. It's more after acquisition of Sidey, the conversion rate looking at product sales will be more fluctuating compared to previous years, whereas the conversion rate of consumer is more stable because that is more or less 100% because that's the nature of the business. The order delivery time within a consumer business is six to eight weeks, where the project depends on the large orders and the long lead time. It will be more fluctuations, especially after the acquisition of Sidey. Okay, yes, that's clear, thank you. I just want to follow up on your comment around the uncertain macro conditions here. You mentioned some postponed recovery. I mean, how was the momentum during the quarter, would you say? Were there any clear shifts? I think if I heard you correctly, you said that there were some stronger sales towards the end of the quarter, which affected the cash flow as well. How is the momentum going into Q3 here? Is it, have we seen a pickup, would you say? Is it rather same from a sales perspective? We start with that sales improved throughout the quarter, meaning that June was better than April, and then order intake wise, relatively flat, I must say, but a little bit more positive perhaps towards the end. If you look at the order intake, you need to take the record large order of Carlson in Ireland in Q2 last year into account when you do the comparison against last year's Q2. Yeah, okay, that's fair. I suppose you always have a little bit of seasonality here during the quarters. If you compare the momentum year over year, so to speak, is it a clear shift? It v aries a bit from market to market. It's definitely not worse in any way. I would say it's, if anything, a little bit more positive. Particularly if you take a country like Sweden that's been, you know, at very, very low levels and very dormant. It's beginning to pick up, not at the pace or magnitude that everyone had hoped for, but it's moving in the right direction. In Norway, we perform better than the market, and the Norwegian entity is actually doing quite okay here in Q2. Denmark is rather stable. Finland, as I said, we do quite well, but it varies a lot from the large entity to the smaller ones. We still have entities that lack 50% of the volume. England is very tough, but I have to say I'm quite impressed by our entity's performance over there. To conclude, Scotland and Ireland are quite stable really. It's really a lot of people are sidelined. Households don't open up their wallets yet. The tide can turn quite quickly. The fundamentals remain the same. Understand. We'll see. I also think that your comment around the project business in Sweden is rather interesting, especially tying that to your new and more efficient factory in Vetlanda now. Could you maybe comment on how the utilization rate in that factory is at the moment? Given your new and more efficient plant in Vetlanda, I suppose that you have also lifted your lowest level, if you know what I'm trying to say here. Are there more upside to the margin, would you say, if we fill the factories in Vetlanda? Can you also maybe quantify that a little bit, the magnitude we can expect? Yeah, sure, yeah. The Vetlanda factory is about to conclude this large restructuring project called the One Factory Project, which I'm quite impressed by as well. The full magnitude will come in the second half of the year, but there's not much left to be done, to be honest, which is great, and you're absolutely right. It comes with an expectation that profitability goes up. In order to get to that profitability level, we need volume. Vietlanda is of course quite dependent on the industrial, the project side of things. Overall, our Sweden entities, which of course include Elitfönster, are performing better and better already now. I'm quite optimistic about not only Vietlanda as a site, but also the other Elitfönster and the other Swedish entities as a whole. Okay, enough care, but I mean, if we try to the magnitude a little bit of that. I don't know, I don't know it in my head right now, but let's say that you did 10% margin in Vietlanda before. Could you maybe do 11 now if you fill the factories? Or is that fair? What would you say? So looking at the late Elitfönster, we did 10%, but that was some years ago. The margin of Elitfönster is lower than that running as of today. However, it has been improved, and looking at the quarter, Scandinavia has improved a margin from 11.3% to 11.8%, and that's mainly related to Swedesh, the improvement in Sweden, where then Elitfönster is one of the main contributors. I understand. It's a lot of moving parts. You have the efficiency gain, and also you have this change in mix. If we would compare the same mix as before and now after the change in Vietlanda, I suppose that this should be a little bit more margin upside. Is that fair? For Elitfönster, Yes. Okay, yeah, that's good. Just one final. I know I've been asking this repetitively, but coming back to M&A a little bit, it's an important part of your strategy and your targets ahead. Maybe, could you shed some more elaborated comments on the updates, how that is going? If I recall you correctly, you said before that you are targeting some larger targets now on new markets. I suppose the discussions are ongoing and can take some time, but if they come, and once they come, the larger platform acquisitions, let's say, is it fair to assume that we can see an acceleration after that when you build on smaller acquisitions on that larger platform? Is that a fair assumption, would you say? Generally, I would say yes, particularly if we go into a brand new market. If we take half a step back and you put M&A in a relative perspective, it's of course that I mentioned already today that to get to the 15% sales CAGR per annum we now relatively speaking need, we're a little bit more dependent on M&A than what we were, yeah, already last year. I would say the good news is that we continue with a very structured effort in this field and we have a very, very high activity level, as you can see. Peter mentioned the transaction-related costs that we've taken in the charges that we've taken in the quarter. I think we concluded the other day here internally that we've never had this broad and deep funnel of targets. A lot of high- quality cases in there and several ongoing rather positive discussions. I think one needs to pay respect to the time that it takes to get this done. First of all, it's all about relationships. I joined Inwido a little more than a year ago and of course I've been out there planting seeds for what hopefully becomes a deal in either five months or five years. That takes time and we probably lost some momentum between my predecessor and myself. Add to that the general market uncertainty. It certainly doesn't help people moving from A to B. It's not again about the multiples, it's more about what you apply the multiples to. Is it the last two years' performance, is it the coming two years or is it the current prevailing pace, etc. It's just tricky. Add to that that we are really selective. I mentioned already as part of our Q1 reporting that we had left one or two processes because the risk was just deemed to be too high. When I've been out meeting investors over the last few months, everyone keeps telling me that, yeah, M&A is important, but you got to do the right deals. That is something I can subscribe to, of course. The funnel at the moment is a healthy combination of small to primarily medium-sized and large ones. Everything from SEK 100 million to SEK 500 million to SEK 1.5 billion in turnover but also a healthy combination of geographies including the existing markets that we're in, but also a couple of totally new markets too. Indeed. As I mentioned at the very outset of this call, we are a leading player in Europe, but we're only literally in one out of the top 10 markets in this industry in Europe and that's the U.K. We still have a lot of white spots on the map and that's good news, I think. We'll see if we need to follow up on that. It's exciting, but if we would say, I know timing is hard, but if you haven't closed one or two acquisitions before the end of this year, would you say that you would be disappointed then? Yes, I would be disappointed then. Okay, that's fair. We will follow up. Exciting. Okay, thank you so much. That was all for me. Thank you, Jonna. Thank you so much. Now we'll move on to the last question that has been sent to us. What will the increase in Scandinavian product sales likely imply for profitability, given that it likely allows for better cost coverage in your facilities? The margins on product sales is lower compared to consumer sales. With a higher increase on product sales compared to consumer, that have negative impact on the margin. However, now we need more volume when it comes to product sales and also due to the implementation of the One Factory Project we have at Elitfönster in Sweden, and the product sales is mainly in Sweden. Denmark has more or less a very low product sales and also Norway has low product sales. Product labor Scandinavia is mainly in Sweden. With a higher volume and with improved efficiency from that project, that will compensate the lower possibility consumer competitive projects. I will say slightly improvement. Thank you so much. Those are all the questions we had. I now hand over the word to Fredrik for some closing remarks. Thank you very much and thanks everyone for attending this call. Let me also take this opportunity to thank all the Inwido employees and our business partners for a job well done and wish you all a wonderful summer. Thank you very much and thank you Peter.