Hello, and welcome to the Jetpak Top Holding Earnings Call for the first quarter of 2024. My name is Saskia, and I will be your coordinator for today's event. Please note, for the duration, your lines will be on listen only. However, you will have the opportunity to ask questions at the end. This can be done by pressing star one on your telephone keypad. If you require assistance at any point, please press star zero, and you will be connected to an operator. I will now hand you over to Mr. Kenneth Marx, CEO, to begin today's conference. Please go ahead. Thank you, and good morning, and welcome to this Q1 presentation in Jetpak Top Holding. Presenters from our side will be Håkan Mattisson, our CFO, and myself, Kenneth Marx, CEO of the company. The main topics will be, as usual, the business highlights, the financial highlights, the expectations for the coming quarters, and a view on our long-term targets. Furthermore, you will have the opportunity to ask any questions by the end of the session. So digging directly into the business highlights, it's obvious that the first quarter was somehow challenging. We saw, like, a continued impact from the geopolitical disturbance, and we also see that both Jetpak and many other companies in our industry faced a negative growth. Expectedly, we saw a decrease of our EBITA, which amounted to SEK 23.8 million, which was around 7.5 million lower than last year, and the main deviation driver was the lower revenue and also the increased overhead cost ratio, which was partly driven by the M&A. Furthermore, we also saw a decrease of the total revenue of 2.9%, and organically, the decrease was 13.4, when we deduct the impact from M&A and from the currency effect. And that was actually in line with the previous three quarters, where we have seen a decrease of within the range of 12.6%-13.5% quarter-over-quarter, quarter-by-quarter. So that means actually what we have communicated earlier, that we expected the negative growth to continue. It is also exactly what we are facing in the first quarter of this year. The main revenue deviation came from Easter, which was, like, 3%, because Easter was in March and not April, as it has been before. And then furthermore, we saw general down trading, and we also saw a stronger Q1 2023. And you also need to realize that the comparison of the Q1 2024 is a comparison with the Q1 2023, with a growth of 2.9%. So that is also, like, a huge difference, compared with last year, and that was actually the last quarter with the positive growth figure. The air segment has had by far the largest decrease with the 18.2%, which was mainly due to Europe and also partly Finland, accounting for 14.2%. It was at least positive to see that our core markets, Sweden, Norway, and Denmark, decreased modestly with only 4%. So that is like a positive sign also for the quarters to come. The road segment increased 14.6%, which was driven by the M&A impact because we acquired Budakuten and CTS Express and also Budakuten in Malmö. So of course, a positive impact coming from the M&A. We saw an improvement of the overall margin, which improved to 1.7%, coming from 13.6%, and that was mainly driven by an optimization program focused on our margins in the road segment, which also included some contract cancellations due to a lack of profitability. The Jetpak performance followed the general trends in the industry, and reviewing the quarterly reports from, for example, Kuehne+Nagel, Maersk, DSV, Scan Global Logistics, et c, shows more or less the same tendency. That means falling revenues and also, like, falling profitability. So it's a clear picture of the challenge that we are facing for the time being. The core market competition mainly increased in the road segment, but it's obvious that in the air segment, we had some large challenges in Europe, where we have the big supplier or the big customers that we also referred to at earlier occasions, which changed their transportation route from air products towards road products and more deferred and cost-efficient routes. Our M&A integration is developing as planned with the three companies that we acquired during last year. Short term, we see that these acquisitions are driving overhead costs also because we are having some cost implementation, and also driving the overhead cost ratio negatively. But in a longer-term perspective, based on both synergies and also the, like, commercial impact from acquiring the companies, we expect that the long term will be driving profit in the company, significant profit in the company. M&A synergies and further cost efficiency plans have been ramped up, also to mitigate the negative development during Q1. And furthermore, we're also ramping up our ESG initiatives, especially the new possibilities related to electric vehicles with longer range and increased capacities, and also the AI-related opportunities, which will likely improve the opportunities of making further automated solutions within our overhead functions. The turnaround program in both Denmark and also EU is developing positively, which has been a pain for the previous quarters, but it's very good to see that we have some indications of really we are on the right path in these two areas. So with that said, I finalize the business highlights, and I will give the word to Håkan for the financial highlights. Thank you, Kenneth. I will take you through and try to put some color to the financial highlights from Jetpak's first quarter 2024 report. Starting off with the net revenue for the quarter, that amounted to SEK 300.6 million, so just about just above the SEK 300 million level. As Kenneth mentioned, this represented a total revenue drop by 2.9% compared to the same quarter last year. Looking then into the organic growth for the quarter, it amounted to - 13.4%. And this quarter's figures had an acquired growth effect amounting to SEK 35 million, and that was equal to 11.6% of Jetpak's total net revenue for the quarter. And that came from the Swedish acquisition, Budakuten, from October last year. They contributed with SEK 13.2 million to the net revenue, and then additionally, from January this year, with the Norwegian acquisition Kvalitetstransport, who contributed with SEK 21.8 million. On top of the acquisition effects, you also had foreign exchange, which got the other way around, since Jetpak had an FX headwind amounting to -SEK 2.5 million, and that was due to a weaker Norwegian kroner versus the Swedish consolidation currency. As I often mention, it's worthwhile noticing that the individual Jetpak countries have a high degree of what we call operational currency hedging, since most of each Jetpak country's revenue is being matched by operating costs in the same currency. For instance, revenue streams in Norwegian kroner are well met with costs in the same currency. Shifting gears into segment the Express Air net revenue amounted to SEK 134.7 million, and that was a drop by 18.2%. If we adjust for foreign currency effects, the underlying organic revenue drop for the air segment amounted to 17.5%, more or less on the same level as this air segment had no acquisition effects. But the other segment, the Express Road segment had all the acquisition effects, and they had a net revenue increase by 14.6%, up to SEK 165.8 million. And more than 100% of the net increase was achieved thanks to the acquired business. If we adjust for that, we had a rather underlying organic revenue drop for the segment, which amounted to -6.4%, and that net negative effect came from Denmark Road, which dropped by -12.1% between the years. The total consolidated gross margin for the quarter amounted to 31.7%, and that was better than last year's 30.0%, 30.6%, and that corresponded to a gross profit amounting to SEK 96.2 million. And the increase mainly came from a changed customer mix within the road segment between the years. Going then into the indirect cost side of the income statement, and that is mainly related to personnel costs not being allocated to direct production costs. Those personnel costs amounted to SEK 50.3 million for the quarter. That increase between the years is mainly due to personnel costs from the acquired companies, plus, obviously, the effect from one salary review, which was in average worth 3.5%-3.9% of increased personnel costs year on year. Also note that this quarter, there were no personnel cost effect from any long-term incentive programs, since the LTIP 2021-2023 ended by year-end. And And in last year's Q1 figures, the comparable figures, that amounted to SEK 2.2 million last year, equal to then zero this quarter. The second biggest driver of Jetpak's indirect costs is depreciation, and that amounted to SEK 8.8 million for the quarter. Out of this subtotal, however, 60% is related to right of use depreciation in accordance with the IFRS 16 leasing standard. The remaining 40% is divided in depreciation of acquired customer relations, amounting to an additional SEK 1.6 million, and then the normal depreciation, the underlying depreciation of tangible and intangible fixed assets, including the company's business system, JENA, and that totally amounted to just SEK 1.9 million or 21% of the total depreciation sum. The operating profit for the quarter amounted to SEK 22.2 million, and they adjusted the EBITDA to SEK 23.8 million. And there you have the depreciation on acquired customer relationships of one, SEK -1.6 million, which is added back in the alternative performance measure, adjusted EBITDA. Profit and loss after financial items, equal to PBT, hence amounted to SEK 20.5 million. Basic Earnings Per Share then, for the quarter amounted to SEK 1.15 million, and that figure is equal to the diluted earnings per share, as we no longer have any dilution effects on the profit, per share KPI. Shifting gears into the cash side, the cash flow from operations during the quarter amounted to SEK 11.1 million. The cash position obviously improved and amounted to SEK 204.8 million by the end of the quarter. A liquidity net increased by SEK 51.7 million between the years. Then, keeping in mind that Jetpak since last year have acquired three companies for own cash. On top of this, now also, for the third quarter in a row, as a listed company, Jetpak have a continued negative net debt position, including the leasing liability effects according to IFRS 16. And that amounted to - 0.02 x the adjusted EBITDA on a rolling twelve-month basis. And that concludes this quarter's financial highlights walk through, and I'll hand the word back to Kenneth for a further comment on the market and overall business trends for the coming quarters. Okay, so, thank you, Håkan, and coming to our expectations, and focus areas for coming quarters. It's obvious that we foresee still some challenges in the quarters ahead. The revenue volatility is expected to continue. We see it like month by month, so it's not like it's, it's not like predictably flat. It's it varies ups and downs between the months, which is a kind of untypical from what we saw in the past. So, but we also expect to see that stabilize during the start of Q3. So that is what we are aiming for, and that is our expectation. The good thing is that we see the pipeline value and conversion is improving, and we also see some some further sales activity in the market, and more contacts with the customers, more tenders coming up, which looks promising. And I think that we will expect a higher conversion rate in the quarters to come. And we have also like ramped up on these organic growth products, the internal products in Jetpak, focusing on especially a broader geographic coverage, cooperating with other partners, expanding our network, and also getting more and more into the temperature controlled segment, as well as working with the new sales channels, working with the digital marketing campaigns, which will be in full effect from the beginning of the fourth quarter. We expect that our work, intensive work, especially on the road segment with the vehicle optimization measures and also within the overhead cost on automated solutions, will further improve our cost structure and improve our margins. As you know, and also have been informed previously, we are working intensively with the M&A synergies coming from the acquisitions. And especially in Norway, we have like a high target on these synergies, so expect that it will provide a quite large impact from the quarters to come. And we think that, or we believe that based on our plan, that the M&A synergies will be fully realized from the end Q3, so that means the fourth quarter. Significant improvement both on the margins and overall cost ratios. Of course, also in connection with the expected higher revenues. We have talked a lot about M&A in the past, and we have also, like, clearly said that we're pausing the M&A activities due to the acquisition of the three new companies. But as we are well on the way with both the plans and executing on the plans, we expect also to resume new discussions on M&A targets from the start Q3. And in reality, it will really pick up after the summer vacation. We have been also talking about ESG initiatives, that is a hot topic in our industry and in many other industries. But the good thing is that also looking at ESG, compared with the cost efficient products, we see that like the technologies is working in our direction, and not only of course in that direction, but also in the right direction for the industry. As we see, like especially vehicles will be like a lot more efficient in terms of range and capacity in the future. And that goes for like the smaller vans, for example, that we are driving in our distribution network. And we are currently in close discussions with customers who are requiring a higher share of electric vehicles. And also, we are discussing, like, commercial models, where it will not, like, be any kind of penalty to our profitability, but it will position ourselves as an even more environmentally friendly supplier in the future. We do foresee that, we will have an improved organic growth rate in second quarter. Based on our personal knowledge, I mean, we are closing the gap towards being neutral, even though we don't expect a zero organic growth by the end of Q2, but we will be closer. And then based on our current knowledge, we expect to see, like, a positive organic growth from the third quarter. It goes without saying that based on both the synergy products and the M&As, the cost efficiency programs ramping up. And also, our organic growth initiatives as well as, as some, you could say some, further assistance from, the macroeconomic indicators. We expect that the revenues cost will improve, and also that there will be kind of a significant improvement of the EBITDA in Q1 in Q2, at least, especially compared with the, with the first quarter. And we also, we also think that, coming to the second half of the year, that, both the revenue increase and cost efficiency program and synergies will balance, the results from, from Q3 and Q4. And finally, we are maintaining our long-term targets, both for organic growth and also the continuously improved adjusted EBITDA. That was the words from me regarding expectation of focus areas, and then I will hand over the word to Håkan, regarding a review of our long-term targets. Yes, to see where we stand in relationship to in relation to our communicated long-term financial targets. As you know, we've communicated regarding sales or top line, that we will have a 5% average annual organic sales growth, over a cycle, over a business cycle. As you know now, we were not close to that target for the first quarter of 2024 individually, since we met -13.4%, compared to, for instance, last year's Q1, where we were at +2.9% then. Looking at the full year of 2023, we during Q2 and all through the way to Q4, we were hit by negative organic growth, and on a yearly, on a full year, 2023 basis, we hit -9.1%. Going then into the profitability target, we've communicated that we will go for a long-term Adjusted EBITDA margin of 12%. There, you know that, for the first quarter, we were at 7.8% this quarter, whereas, last year we were in the low two-digit range, with just above 10% for Q1, and 10.3% for the full year of 2023. So it's a drop there, from last year. Then, looking into the capital structure, we have communicated that we will have a net debt versus Adjusted EBITDA, which shall be less than 2.5 x on a rolling twelve-month basis. As I recently mentioned, we're very much above that target since we have a negative net debt. We've had that for, as I mentioned, three quarters in a row to continue going forward because when we look at the dividend policy, we've also communicated that at least 50% of net profit should be dividend have a as a dividend amount, and the AGM, the board has suggested to the AGM that no dividend to occur at the AGM 2024. With that said, I hand over the word to Kenneth for some closing remarks. Yeah. Thank you, Håkan. I think that will be pretty easy as we have now, like, finalized the presentation. So, now it's up to the good listeners to find some good and challenging questions. We will look forward to that. Thank you. Thank you. As a reminder, if you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, please press star two. Please ensure your line remains unmuted locally. I will then speak to you privately to take your full name and introduce you to the call. A question has been submitted. Please stand by while I retrieve the caller's details. And our first question now comes from Anders Roslund from Pareto Securities. Please go ahead. Yes, good morning. Good morning. I just want to start off with the sales development. You mentioned this Easter effect of SEK 10 million here. Is that something you just expect to then be better in the second quarter? Yeah, yeah, definitely. You know, I mean, in the comparison figures, we have, like, the Easter impact in the month of March, and it was in the month of April last year. So of course, that means that Q2 will also improve based on, on the Easter, the Easter effect. Yeah. You know, the Easter effect, it's not only the business days, but it also have, like, an effect on the days around. So it's a larger effect, and you also see from other quarterly reports that they are, like, referring to the Easter impact. So it's quite a significant impact for us during the Q1. I mean, that could be almost SEK 20 million adding to the SEK 303 million. And then you are almost on par with the last year. Yeah, a couple of percent down than organically, but, but not more. Yeah. Yeah, possibly a bit less, but, but it is like a quite big impact, I think. Yeah. Yeah. But nevertheless, then you say, do you hope, or do you already have some reasons to believe that, I mean, the end of the second quarter, you mentioned you should see some sort of a weak recovery here. Is it that something you get already information about, or is it that you hope that it will recover? You know, I have, of course, some figures to rely on, both actual figures and some forecast figures for the month of May- -which look, which looks okay in terms of what I'm saying with the, with the growth, you know, balance or moving towards the, the 0% growth. But you also need to realize, that, you know, coming from, the +2.1% organic growth in first quarter 2023, and going to a significant negative growth in the second quarter, third quarter, and fourth quarter, I mean, comparison, you guys are somehow getting a bit easier. So, so you know, that's, that's what is, of course, also supporting us. But also in absolute amount, looking at the revenue side, I think it's improving, but we don't really expect to see, like, to see us being back on our track, as it was before we headed into second quarter 2023, before we are in the second half of this year. But I think we will close the gap and be closer to zero growth by the end of the second quarter. And, you know, so that's like what I'm saying based on, like, an objective figure-based knowledge. The other thing I will say is that my feeling is there is a lot more activity going on now with the customers, and I see, like, the pipeline is increasing, which is a positive, but also coming, you know, from a low level because it has. I have mentioned many times, and I'm getting sick and tired of hearing myself mentioning that the pipeline conversion slowed down and customers are not taking decisions. But I think based on the increased activity level now, I think that things will happen in these next months to come. Regarding competition, you seem to highlight the road transport, but you don't say there's increased competition in the air freight. Not, not directly, because I think, it's, you know, when you look at the competition in the road transport, there's a lot of players on the road segment. I mean, we're even competing with these mom-and-dad shops, where, you know, if you have one or two vehicles, I mean, you can start to do road transport. So in that way, there's a lot more players. It's a lot more fragmented, and there will always be more competitions, and margins are lower also because there's a higher price pressure and so on. So what we need to continue to be good at is to provide this very high quality that we are providing today and provide the flexibility. I mean, that is what we are doing, and we have these large accounts and road segments that we manage both to protect and develop. And that's also the reason that we need to, to be up to the beat on, also on, on the drive regarding electric vehicles and so on, because that's also an increasing demand. So, so I think that's, that's obvious- -that competition comes from the road segment. Looking at the air segment, Anders, you know, we are a lot more niche on that segment. If you look at our express product, hot product on the air segment, we don't have really that much competition. So we are in a very position on that. Of course, that has also been, like, a bit impacted by, you know, the reduction of air capacity network and so on. But we still are in a very strong position and not much competition. Then, of course, you could argue, don't you have a lot of competition on, for example, this more systemized air transports? Yes, of course, we have, but the customers choosing Jetpak is because they don't need, like, the integrator set up with freight or so on, and so on. It's because they want more flexibility and are willing to pay more for that. But it doesn't change the fact that actually the. We have a high exposure on, on competition on the air segment, but in a very narrow, geographic area for us, because we are small in that area, and that is in Europe. Because, because when you look at Europe and look at what we lost at, at, in, in Europe- I mean, that's because there was a heavy competition the, on the air segment, but it was substituted by road. So these large accounts we lost, which really was a big revenue blow, and you still see it in the figure. I mean, that was also because the customer simply chose other transportation modes, because air was too expensive for, for the customers. So that way, you would say there was kind of indirect competition on the air in Europe. But in our core markets, I really don't see this competition. It is mainly on the road business. Okay. Because what I—what very impressive in this report was the high gross margins in both- Express Air and specifically in the road business. Yeah. That is also explainable because, you know, when it's getting more difficult, you are digging more into looking at the contracts and profitability and so on. And we need to take some tough decisions, and that's because we also have some rental contracts now expiring, and we ask ourselves with low-margin customers, are we really willing to take the risk of, you know, extending a rental, a facility rental agreement three years more when we don't have the profitability? And then we forced ourselves to look into what kind of centralizing could we do? I mean, how could we reduce cost if we went out of this contract? So that, in reality, meant that we have chosen to cancel the two contracts because it really benefited our contribution margin. Of course, in terms of growth, it's not that positive, but I'm more, I'm more, like, focused on what we reach in terms of contribution margin and the bottom line, and that was a way of also optimizing the road segment. So the reason for this increase is that we actually decided, you know, to cancel two contracts, which was not profitable, and had larger cost savings and a positive contribution margin impact. So going forward, is it. I've never seen those 25.7% historically either. So it's like, yeah, the highest gross margin. Is that sort of sustainable, or will you accept to lower that if you start growing again, or how should we see upon the road business here? I think from my side, I think it's stable. I expect that based on also what we are doing in Norway, which is a part of the road segment with the Kvalitetstransport and the synergies we are expecting there. I mean, that should also benefit the contribution margin, so I don't expect that we will be looking at lower margins in the near future. But of course- it all boils down to the margins and the related overheads of, you know, doing the road operations. And by the end of the day, the main thing for me is actually optimizing the bottom line. Yeah, yeah, I understand. But in the air business, it seems that you benefited from. That you lost the low-margin, systemized business in- Yeah in Europe. We benefited- In terms of, you could say, Contribution Margin, but of course it's Yeah on the bottom line, so. So then coming to the bottom line then, the cost level here, which was almost 24% of sales- Yeah . versus around 20%. You mentioned, at least in the report, three areas where you expect improvements. You both talk about the Netherlands, that you will, or, or Europe, that you will take- down the cost levels there. Yeah. and you also mention in Denmark that you will take down costs there, and finally, then the synergies in Norway. Yeah, you would say that the M&A synergies is, of course, quite big part of this puzzle to make that work out, and we are on a good way with that, so I think that we will achieve the plans that we have made. You know, Europe was a disaster almost for a few months, but fortunately, we have managed to make a quick turnaround. The unfortunate thing was that based on this ramping up on these big accounts, we started to employ people. And, you know, that it was not aligned with the contract termination clauses. So when large proportion of revenue disappears during night, I mean, then you're sitting back with cost. So that has, of course, been hurting us. But I mean, both the reduction on overhead cost has been successful, and now also the ramp up of on new business has been successful. So we are back on track on that, not fully back on track, but at least profitable. And the good thing is also that looking at Denmark, which was on the road segment, really difficult last year. I mean, we have like more than like surpassed the result of the full last year based on the first quarter, for example. So I think that we- We are on a good path with Denmark, and they have a good, strong pipeline, and some very interesting discussions with the, with new customers that we expect to come aboard. So all in all, I think that, that is very promising. And, and then we also need to, to recall that we also have these, cost efficiency projects on, on top of that, where we are both, you know, tuning, tuning, how to, to deal with the, with the, you know, the business model, models towards, subcontractors, and also how we could better utilize, the capacity that we control in the future. So I think it's. I'm not saying it's easy, but I think that, planning-wise and also execution-wise, we are on a good path. Yeah. So you guide us for saying that the trough adjusted EBIT margin was in the first quarter here, and that the second quarter will be better, and then you will have the synergies from the acquisition of in the Norwegian business coming in, in the second half. Yeah. Yeah, you would say, and third quarter, of course, because we'll not be fully finalized with the synergies by, yeah, second half of the year, of course. Yes, sorry. Yes. Mm. Yeah, so then looking a little bit longer term here, you mentioned about not making any acquisitions in the second quarter, but we are already close to the end of the second quarter. So does it mean that you will sort of start off again with new acquisitions in the second half, or how should we interpret that? I mean, the good thing is, Anders, that based on the acquisitions we did, there was a lot of interest in the market, you know, to be in contact with Jetpak, and we have, like, a pipeline rolling in all the time on acquisition candidates. For me, it's more a matter of that we are like a lean organization. It's the same people doing the, all the things, both operationally, integration- -and M&As, and so on. So it's more important for me to harvest, you know, the fruits from what we did in 2023, and then make sure that we are getting all the benefits out, and then have full focus on the acquisitions when that is safeguarded and be this focus. I mean, I expect that we will wrap up these discussions by the start of the coming quarter. So I think that's- It's just a matter of priority from my side, because, I mean, you can run and run after acquisitions, but if you do not protect your bottom line, I mean, then you'll be in a poor shape, so. Mm. Okay. You have been mostly acquiring companies in the road business. Yeah. We haven't seen, and I assume that it's more difficult to find air-based companies, or how should we see upon that? It is, it is much more difficult to find, companies in, in the air segment. You know, you can find a lot of, traditional forwarders, but, I mean, looking at traditional forwarders, the margins are, are not that high, and it does not, it does not go good in hand with, with the, with the business concept we have of, going into preferably a niche and high-margin business. So if, if we should find these kind of candidates, we should find candidates looking like, the guys that we have in Belgium on, on, on, on especially the special service concept, you know, we're doing one-offs with, with like special requirements from customers. I think that is- a fair business, business that we would prefer to do, and that was also their business that was profitable for Europe in the past. It was first when they got into the big contracts, they were more exposed for what happened during previous quarters. So I think also that looking at the target list and number of candidates, you will find a lot more candidates in the road segment. But it doesn't change the fact either that the. For example, this Budakuten acquisition we did, and also- I mean, they had like decent high margins because they were also, like, focused on special customer segments. And, and even though it's on rubber wheels, I mean, that can be just as interesting. And, and we also need- Yeah To realize that, you know, with, with the uncertainty on flight capacity that we've seen in the past, I would, I would prefer like to, to get a larger share on, on road business, as long as I can protect our overall, margins, because we are finding like, road companies delivering special services and having high barriers of entry. And that's also the reason- So a lot about getting more and more into, to you know, pharma, temperature control transport, training our staff, getting the right education for the staff, you know, so we are positioned for the tenders to come. Okay, that's very interesting. You have also in the past mentioned that you are looking for an international expansion related to cooperation with international carriers, et cetera. Yeah. Is that a process you are- It's, it's- You're still looking at? Yeah, we are, but it's a difficult process, Anders, because, you know, one thing is what we want to do, another thing is- Getting out in Europe, and we are smaller player. We don't have the same kind of leverage as we do in the Nordics, you know, with SAS and the network and so on. So we have had contacts with some of the large carriers, but we have been lacking some interest from their side. And, you know, hopefully, this news regarding SAS and, you know, SkyTeam and so on, could open some doors. Yeah. But it remains to be seen. So my ambition has not changed, but, but it's just difficult because you need to find a counterpart who is willing to sign off the contract and provide the network. So, so in that way- Yeah, but- Trying to do it in another way, and then cooperating with some of our, you know, logistics partners and competitors, also to use their network to expand our own network. Mm. I mean, to some extent, SkyTeam could suit you better than the old structure. Yeah, to be honest, I would be happy to get more together with, for example, KLM Air France, if it's a willingness for the other side. Yeah, excellent. No, I think got a lot of interesting answers here. Yeah. So, uh- That is good on. Thank you very much for this. Yeah, and thank you for good questions as always. Mm-hmm. Okay, that's all for me. Yeah. Thank you, Anders. Thank you. As a brief reminder, that is star one for your questions today. We will pause for a brief moment. There appears to be no further questions at this time, so I'd like to hand the call back over to you, Mr. Marx, for any additional or closing remarks. Yeah. So, thank you to all of you for listening in to this Q1 call. The quarter has not been without challenges, as you can see, but nevertheless, I feel confident about our expectations on the future. And also the good thing is that we are not the only one who, the only ones who are challenged. I mean, if you see it across the industry, you will find the other, the same kind of challenges with other players that we'd like to compare ourselves with. So I just think that it's a matter of both, like, awaiting the ramp up on the market as one part, and also being successful in all the measures that we are working with for the time being. So in that way, I'm confident and hopeful about the coming quarters, but especially Q3 and Q4. So with that said, I'd like to thank all of you for listening in, and wishing you a good day. Thank you. Thank you for joining today's call, ladies and gentlemen. You may now disconnect.