Good day, and thank you for standing by. Welcome to the Kinnevik First Quarter Report 2025 conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question-and-answer session. To ask a question during the session, you need to press *11 on your telephone keypad. You will then hear an automated message advising your hand is raised. To withdraw a question, please press *11 again. Please be advised that this conference is being recorded. I would now like to hand the conference over to our first speaker today, Georgi Ganev, CEO. Please go ahead. Thank you, and good morning, everyone. Welcome to the presentation of Kinnevik's result for the first quarter of 2025. I'm Georgi Ganev, Kinnevik's CEO, and with me today is our CFO, Samuel Sjöström, and our Director of Corporate Communications, Torun Litzén. On today's call, we will walk you through the key events during the quarter. Samuel will then cover our financial position, capital allocation, and net asset value. Finally, I will go through our outlook and priorities for 2025, and as usual, we will end with a Q&A. Before we head into the presentation, I would like to say a few words about the uncertainty that has shaken financial markets in recent weeks. While we are accustomed to both micro and macro uncertainty, this time it stems from an unprecedented threat to the global trade system. It's hard to predict the near and long-term implications for our portfolio companies. They are, on one hand, not directly impacted by tariffs or global trade flows. However, on the other hand, if the current market uncertainty develops into a broad-based economic slowdown and prolonged weakness in consumer spending and investor sentiment, that could, of course, have negative effects on our company's performance and valuation developments. We, however, continue to focus on what we can impact and control, supporting our companies and allocating our capital with discipline and a long-term perspective. 2025 to date, our companies continue to demonstrate robust performance, meeting our expectations on growth and margin improvements. We have a strong cash position, and our portfolio is well funded, with 85% invested in companies that are profitable already or funded to break even. This puts us in a position of strength, and we know from experience that times of uncertainty and economic downturns can create opportunities. While we remain humble and adjust for more negative scenarios ahead, we remain optimistic around the longer term. Let's now move to the key events on page four. Our net asset value was down 2% in constant currencies and 8% in SEK, and amounted to SEK 36.2 billion, or SEK 131 per share at the end of the first quarter of 2025. We ended the quarter with a net cash position of SEK 10.5 billion after investing SEK 800 million mainly in our core companies and selected ventures. We also released capital from three non-core financial services investments, Lunar, Sure, and XYB, in a portfolio transaction. This is totally in line with our ambition to focus the portfolio on the companies and investment strategies that have yielded the strongest returns and where we have the highest convictions looking ahead. Expected proceeds amount to EUR 65.5 million, representing a single-digit discount in local currencies to last quarter's NAV. Half of these proceeds, however, are conditioned and on the companies hitting return future criteria. Samuel will go through the numbers in detail shortly. I will get back to the performance of our core companies and Mews new financing shortly, but I want to spend a minute on Transcarent and its acquisition of health benefit platform, Accolade. The $621 million transaction is a good example of how weaker public markets can create market opportunities. The combination creates one of the largest independent tech-enabled healthcare platforms in the US, and the financing was led by our co-investor, General Catalyst, with participation from us, other existing investors, and from new investors. The combined organization will provide a one-stop shop for 20 million members and more than 1,700 employer and health plan customers. Transcarent's CEO and founder, Glen Tullman, is well known to us as he previously led Livongo, which was acquired by virtual care provider Teladoc in 2020. Glen himself and his firm, 7wire Ventures, co-led Transcarent's funding round, financing this acquisition. Closing a transaction of this size and in this market speaks to the great demand to improve the U.S. healthcare system, the growing momentum for value-based care, and the quality of Transcarent's and Accolade's combined offering. As a final but very important highlight this quarter, it is my pleasure to note that Kinnevik's nomination committee has proposed Christina Stenbeck to rejoin the board as our new chairman. Christina previously served on the Kinnevik board for 16 years. She has remained a highly engaged lead shareholder in the years since and is now bringing with her wealth of experience and a wide network. In addition, the nomination committee proposes Camilla Giesecke, Henrik Lundin, and Rubin Ritter as new board members, adding valuable strategic, operational, and capital allocation competencies. I and the full team at Kinnevik are much looking forward to working with our new board. I would also like to extend a heartfelt thank you to James Anderson and the other board members who are not seeking reelection for many rewarding discussions and great collaboration. Let's now turn to page five. Our core companies, Spring Health, TravelPerk, Clio, Cityblock, and Mews, performed according to plan in the first quarter. They grew revenues by more than 40% on average, improved EBITDA margin by an average of 5 percentage points, and TravelPerk and Mews raised additional capital to fuel continued growth. The development is reassuring, and we expect the group to maintain an average annual growth rate of around 40% over 2025 and 2026. However, as I said previously, if the current market uncertainty were to materialize into an overall economic slowdown, this could, of course, have a negative impact on our companies as well, their performance, and on their valuation development. At Cityblock, the new US administration is considering changes to the government healthcare programs. Fewer resources for healthcare services may create short-term headwinds for healthcare providers across the US, including Cityblock. That said, the government's focus on cost savings and efficiency strengthens the importance of value-based care models such as Cityblock's. The company's mission is to provide cost-effective, preventative care for underserved populations, which is clearly aligned with improving efficiency in the healthcare delivery. Moreover, today, the company captures less than 1% of its $360 billion addressable market, leaving ample room for growth, even if this market may shrink somewhat. We obviously continue to monitor policy developments closely, and we firmly believe that Cityblock is part of the solution, not part of the problem. We have published a piece on the potential changes to the U.S. healthcare system and its impact on Cityblock on our website, and in case you want to learn more, you can go there. Moving on, as we covered TravelPerk's funding round in our previous quarterly report, let's now turn to page six, where we provide some more insight into Mews's new capital injection. In March, Mews closed an opportunistic capital raise of EUR 70 million led by Tiger Global. Kinnevik participated with EUR 20 million or three and a half times our pro-rata share. The new funds will fuel the company's continued expansion in its core markets in Europe and the U.S. It will also accelerate product development and drive strategic acquisitions, further reinforcing the company's position at the forefront of the hospitality industry. When we first invested in Mews in December 2022, and since then, the company has more than doubled in size. In 2024, they expanded their customer base by 85% to 12,500 unique customers and grew revenues by 50% to over EUR 200 million. With the new funds, we expect them to maintain that revenue growth level in the coming years. Mews may be the youngest of our core companies, but with a clear traction in the market, an unparalleled product offering, and a highly talented leadership, we believe the company is well positioned to succeed in its mission to transform the hospitality industry. I will now hand over to our CFO, Samuel Sjöström. Thank you, Georgi, and good morning, everyone. As usual, I'll start on our financial position and capital allocation, and then I'll move my way into this quarter's NAV statement and valuation changes. Starting on page eight, our investment pace slowed down somewhat in Q1 relative to the second half of last year, with $0.8 billion invested primarily into focus companies like Mews and Recursion, as well as into our participation in Transcarent's fundraise, financing the acquisition of Accolade. In the quarter, we also made a smaller AI software investment in a new European early-stage business founded by a former core company operator. We'll tell you about this company once it becomes more material to our NAV, but I think already now it's a small example of a larger point, namely what we're increasingly seeing in our new investment pipeline. That's two parallel trends that are also converging. Because firstly, we're seeing this encouraging wave of great new founders within software and AI in Europe in general and in the Nordics in particular. Our team member, Charlie Martin, wrote a piece on this earlier this year that you can find on our website. Secondly, we've been executing on this growth-centric strategy now for a bit more than seven years, and we're increasingly seeing network effects from this in our funnel, where former operators at companies like Clio or like TravelPerk become founders themselves and lean towards us as an investor, knowing firsthand our qualities as a long-term active backer. These trends are something we are very excited about and that we look forward to talk more about over time. With that said, focus remains mainly on continuing to concentrate the portfolio and making sure that all the capital we have at work is pulling its weight. The monetization of a portfolio of three non-core financial services investments in this quarter is a good example of this. You've heard Georgi go through the high-level rationale and numbers, but just to make sure it's clear in its details, let me go through the main parameters that you have on this page. Expected proceeds from this transaction amount to EUR 65.5 million. Half of that is recognized as a divestment in Q1 2025, and payment of the other half is conditional on the buyer reaching certain return thresholds over time. That conditional right to the second half of proceeds is carried on our balance sheet at a conservative EUR 5.4 million and will be reassessed quarterly going forward. In yesterday's currency terms, the EUR 65.5 million in expected proceeds represent the mid-single-digit discount to Q4 2024 NAV, which amounts to around EUR 68 million. In SEK Q1 reporting terms, we are in this quarter recognizing a divestment of SEK 366 million and carrying the potential second half of proceeds at SEK 58 million. That means that the SEK NAV impact in Q1 is negative SEK 397 million, and that, again, includes a quite significant effect from currency depreciation. Now, this is a divestment that comes out of the tail end of our portfolio and also one that comes on top of the EUR 5 billion-EUR 10 billion in expected exits over 2025-2029 that we presented at last year's Capital Markets Day. It is a transaction we are undertaking primarily because of how it improves our portfolio's concentration towards our focus companies and towards the investment strategies that have rendered the strongest returns over these last years. Meanwhile, the supply of investment opportunities in our focus companies had dried up a bit by late March, and there are a few reasons behind that. One is that funding needs in the portfolio are at a low point when comparing across the last five years. Another is that the average cash flow margins in the portfolio are, conversely, at a high point. Lastly, as you know, we have been active in tapping into the supply of secondary shares during the last two to three years, buying out co-investors in need of liquidity. In the market overall, we've seen price spreads tighten a lot the last few months, and we're seeing the same pattern in our focus companies, where the supply from secondary sellers has come down meaningfully. With the current market uncertainty, this supply may very well come back. While we await some clarity on how the market environment evolves, we feel pretty great about the fact that we ended the quarter with $10.5 billion net cash and that we've released some capital from the tail end of the portfolio pretty close to NAV. If and when opportunities arise, we have the financial strength and robustness of a portfolio to pursue them forcefully. We also have share buybacks as a capital allocation tool in case direct investment opportunities do not materialize. That is very empowering as we navigate our way through a period that is at risk of continuing to be turbulent for a while. With that, let's move on to the main movements and drivers in our NAV this quarter and page nine. NAV was down 8% in Q1 to EUR 36.2 billion or EUR 131 per share. In constant currency terms, NAV was down 2%. That differential reveals the main factor behind this quarter's development, which is that the US dollar and euro were down significantly against the Swedish krona, leading our portfolio's currency basket to be down by 8%. In absolute terms, currencies brought a EUR 2.2 billion negative impact to NAV in Q1. Adding to that headwind, multiples in our public benchmarks were overall down by around 6% at the end of the quarter after the quite steep selloff in March. That effectively means that the portfolio was down by almost 15% before even starting to consider how our companies have actually been progressing. That is the third and most important driver over the longer term, operational performance. It was an assuring one in this quarter, where in Q1, our core companies grew revenues by more than 40%, with EBITDA margins improving by 5 percentage points on average. This offsets some of these significant market headwinds, but unfortunately not by enough to render another quarter of NAV growth in SEK terms. On the next couple of pages, I'll give some more color on the most important valuations in the private portfolio. As usual, you can find what I'll be going through and more in note four in today's report. This quarter, we've tried to give you more information and give it to you more clearly without aggravating our private companies and their wish to keep information on their progress away from competitors. As always, I and my team look forward to your feedback once you've digested it and reflected on it. This continued, albeit incremental, movement towards a more transparent and clear disclosure of our private companies' performance stems from a conviction that the value of our portfolio remains misunderstood. The main proof point of that is the fact that private investors who have access to our company's financial information have valued two-thirds of them at an average 13% premium to NAV over the last 12 months. While we will never be able to satisfy the full thirst for private information from our public investors, I am confident that a continued improvement in disclosure will, over time, help bridge the gap between private and public investors' appreciation of our portfolio and of our companies. Moving on with a quick but more detailed snapshot of currencies and multiples on page 10. Again, the US dollar depreciated by 9% in Q1, and the euro came down by 5%, leading our private portfolio's valuated currency basket to be down by 8%. As I mentioned, in SEC terms, this meant a negative impact of EUR 2.2 billion on our NAV. Trading in the key peer sets of our private portfolio was overall on the negative side, with the average peer multiple in our private portfolio's benchmark universe being down by 6%. Notably, healthcare, both care services and technology companies servicing the sector, were more stable. We've seen investors rotate out of the sector over the last two years, but during the first months of 2025, we've seen the opposite trend in the current market volatility, with the S&P Healthcare Services Index being up by high single-digit percentages in Q1, while software stocks were down by 10-15%. That stability clearly helped core companies like Cityblock and also, to a lesser degree, Spring Health. In summary, a tough external environment in Q1, but a solid start to the year from an operational perspective. On that note, let's move ahead to our five core companies to cover off the valuation changes in that 54% share of our portfolio in the quarter. On average, underlying constant currency valuations of our core companies were flat in the quarter, but currency movements caused their fair values to come down by 8% in SEK. As mentioned, their financial performance in Q1 was on plan, growing by more than 40% year over year on average and improving EBITDA margins by 5 percentage points. On the bottom half of this page, you have their financial metrics over the last 12 months, as well as our expectations on them over the next 12 months. Now, these expectations remain largely unchanged for now, but in case of a more broad-based economic slowdown, there is obviously a risk that this short-term outlook could soften somewhat. With that in mind, the valuation changes themselves were fairly straightforward this quarter, but I will spend a minute or two going through each of them from top to bottom. Cityblock was up 7% in underlying dollar terms thanks to a slightly positive multiple and stable performance. We've seen references to an uptick in care utilization from larger public U.S. healthcare companies that could impact short-term gross margins, and we are also following the political discussion around the federal funding of U.S. healthcare programs. For now, we're not receiving signals causing us to adjust our expectations on the company. As Georgi mentioned, on our website, we've published a piece on Cityblock and the U.S. healthcare landscape the other day, and I recommend you all to read it. Our EUR valuation of Mews was flat in Q1. The round of financing this quarter was not priced, and it's our underlying models that suggest a flat valuation with strong revenue growth offsetting both peer multiple contraction and the cash burn from the investments into growth that Georgi mentioned earlier. Clio was down 6% on an underlying EUR basis. Clio's peer group faced the most significant multiple headwinds, and that 6% write-down is coming on the back of 12% multiple contraction. Operationally, the company is doing well, and I hope you caught Clio's announcement earlier last week where they disclosed that they had grown SaaS revenues by 56% in 2024 and had grown total revenues by almost 40%. Spring Health benefited somewhat from healthcare technology services being less affected by market volatility compared to other B2B software businesses. We've taken some caution in our forward outlook due to the current uncertainty in the U.S. affecting large corporates and their potential spending. This causes the next 12 months' outlook not to increase by as much as it otherwise would have. As a result, our underlying valuation was flat in dollar terms. Notably, in the quarter, we saw Hinge Health file their S1. Clearly, we're seeing and hearing about a lot of IPOs being put on hold in this environment, but if and when Hinge goes public, that will be a highly relevant reference point for our valuation of Spring Health. Lastly, TravelPerk raised some additional funds in Q1 at the same valuation that we announced in last quarter's report, and they also closed the announced acquisition of expense management business Yokoy. Our underlying valuation was unchanged on a per-share basis, remaining at the fund-raised valuation, but our fair value again suffered from the quarter's currency movements. Again, and in summary, for our core companies, it was overall a pretty non-eventful quarter from a valuations perspective, albeit in an uncertain environment. To wrap up, I'd like to end by looking across the full private portfolio by both categories and sectors on page 12. Our more mature companies, meaning Betterment, Cedar, Hungry Panda, Instabee, and Omio, remained in EBITDA profitable territory in the quarter and grew revenues by around 10% on average. This group's underlying valuations were down by 8% in the quarter, mainly driven by peer multiple compression. Adding to that, downwards revised forecasts weighed on Betterment and, in turn, on the group. As you all know, Betterment is a company whose assets under management and revenue are highly correlated to U.S. equity markets. As those are down meaningfully year to date, we've made a preemptive cut on 2025 and 2026 expectations to remain on the side of caution. We'll know more, both in terms of the company's own projections and in terms of how U.S. equity markets fare come our Q2 report. As we've touched on, we participated in Transcarent's funding round in the quarter, which financed the acquisition of Accolade. That funding round has led us to pick up our underlying valuation of the company by almost 2x to a level that is 20-30% below this funding round's valuation. It's a big acquisition and one that we're very excited about, but from an NAV perspective, we want to be conservative also here, and we'll look to reflect the full valuation of this quarter's funding round once we see integration progressing and the combined company hitting the expectations that it has set out. It is this underlying write-up of Transcarent that, in turn, led multiples in health and bio and in the portfolio at large to be relatively unchanged in the quarter, where, without Transcarent, the average multiple was down by around 6% in line with public peers. To sum up, in a way, Q1 was a quarter of macro uncertainty and micro consistency. We continued to allocate our capital with discipline, and we saw continued operational progress in our most important businesses, offsetting at least some of the material external headwinds. With that, I'll hand it back to Georgi to wrap things up. Thank you, Samuel. Let's now move to page 14. As I said at the start of this presentation, uncertainty is at historic highs, making it difficult to predict what is coming next. If uncertainty persists, it is likely to cause longer-term damage to our business and consumer confidence. That said, I believe we are operating from a position of strength, with a very strong cash position and a portfolio of leading growth companies with limited capital needs. We will make sure to seize long-term attractive opportunities, both in our existing portfolio and in new investments. While the environment may remain uncertain and volatile, we look forward to the strengths of our strategy and our portfolio continuing to become more apparent and better reflected in our value creation trajectory throughout 2025. I would like to thank our shareholders for your continued support, and I hope to see many of you at our annual general meeting on the 12th of May in Stockholm. With that, we are now ready to answer your questions. Operator, please open up for Q&A. Thank you. Dear participants, as a reminder, if you wish to ask a question, please press Star 11 on your telephone keypad and wait for a name to be announced. To withdraw a question, please press Star 11 again. Once again, if you would like to ask a question, please press Star 11 on your telephone keypad. Now we are going to take our first question. The question comes from Linus Sigurdsson from DNB Markets. Your line is open. Please ask your question. Okay, thank you and good morning. Starting with a question on this unpriced round in Mews. Is there any color you could give on, say, the valuation that you paid, perhaps in relation to what you typically pay in primaries or secondaries, as well as the terms that are connected to that round in relation to this expected larger priced round within one to two years? Thank you. Hey, good morning, Linus. It's Samuel. I'll try to take that question, noting, however, that I can't disclose the terms that the round happened on. What I can say is that the round was not priced, meaning it doesn't come with an indication on value at all. This was inbound, and it was preemptive on behalf of Tiger. The company has a year of investment ahead of it, and they and us want to see the returns on those investments coming next year. The company dealt with that inbound by saying, "We don't want to raise price equity at this time." That is something that we very much supported because it basically finances the entire year's worth of investment, and it gives us the opportunity to put some more capital behind the company already now. Again, the company is quite confident, as you might have seen, Richard, in TechCrunch the other day, that he is looking to raise something bigger and something priced in one to two years' time. We will have to wait and see where that comes out and how the company develops. Okay, understood. A question on the divestments that you made. Would you say that this is sort of indicative of the kinds of divestments that I assume you have left in the pipeline in terms of size and character and so on? I would say, Linus, that this was a very unique situation. We are very mindful of the new custodians of our companies when we exit them. I would not expect more secondary sales from our behalf with this type of portfolio structure necessarily over the next couple of quarters and years. This was a transaction that we mainly undertook really because of the improvements in portfolio composition that it brings. You heard us at the Capital Markets Day last year that fintech is not an area that we're focusing on any longer, and this sort of both improves the portfolio exposure towards the sectors and companies that we actually focus on going forward, and it has the bonus of releasing capital from, call it the far tail end of the portfolio at a pretty good price. No, I wouldn't necessarily expect us to do more of these going forward. Okay, appreciate it. Then just a final one and a follow-up on these divestments. You mentioned that they took place at a valuation that were 12% below Q4 NAV in SEK terms, if I'm correct. Is it fair to say that that was mostly driven by the FX and sort of multiple headwinds that the ones that weigh on the overall NAV, or is there anything in the price that's specific to this portfolio transaction? Thank you. No, Linus, I'd say it's mostly currencies. I mean, we've grown used to currencies being a bit volatile, but in Q1 and also in April to date, it's been a bit all over the place, to be honest. Sorry, it's currencies that is driving that SEK number that's a 12% discount to a number in today's currency terms that actually points to a 3-5% discount. It's not necessarily multiples. Having said that, would we not have undertaken this transaction and instead sought to value these three businesses in the Q1 report, then yeah, clearly these assets would have suffered in a similar way as the rest of the portfolio has from multiple contraction. Right. Okay, thank you very much. Those are my questions. Thank you. Now we're going to take our next question. Just give us a moment. The question comes from Derek Laliberte from ABG Sundal Collier. Your line is open. Please ask a question. Thanks, Anne. Good morning. I also wanted to follow up actually on this portfolio divestment here. Can you say anything about who was the buyer or if there were several buyers, and can you also share any details on these return criteria that you reference and how likely are they to be reached? Hi, Derek. It was a small fund buying the entire portfolio, so it's kind of one buyer, but we cannot disclose the LPs and the backers of that fund, I'm afraid. When it comes to return criteria, that's also not kind of public data, but again, we and the buyer expect these criteria to be met. For us, it's kind of in line with the expectations we had with these businesses anyhow. For the buyers, of course, they're incentivized to make these assets as good as possible. It's no kind of good situation for them if they don't have to pay the so-called earn-out, if you will, because then it means that they did not buy the right assets. We expect them to materialize. Got it. Thanks for the clarity. This negative impact on the NAV of close to SEK 400 million, I appreciate the FX effects, but it seems I might have misunderstood something here, but this discounted carrying value of the conditional proceeds of only SEK 58 million, how do you land at that then? It's basically a financial implication of lifting something out from our balance sheet into these assets, how they're valued over time using formulas. It's basically a financial exercise. Okay. Thanks. I wanted to ask on, I think I saw in the news here that there was a financing round in Job andt alent. Perhaps that was in Q2 now, but where did that end up versus your prior valuation? Because it looks like it was quite a bit above, although the valuation was down significantly compared to the last financing round. Hey, Derek and Samuel. That's correct. Job and Talent raised some more equity in Q1. We participated with a small check to help make that happen. It's a company clearly that has faced issues as all e-commerce assets have coming out of the pandemic. On the valuation, as you may have noted, we've moved Job and Talent into another bucket this quarter because, as again we said at the CMD, platforms and marketplaces together with financial services is not necessarily a focus area going forward, and the fair value of our stake in Job and Talent doesn't quite warrant the increased disclosure that we provide for our larger investments. With that all said, yeah, the funding round happened at a valuation higher than our underlying valuation, but there were some elements to that funding round that led us to not necessarily just put that number into our models, but comparing that also to our bottom-up analysis. Okay. Great. You probably mentioned this somewhere, I did not get to it, but on Transcarent, it is a higher underlying valuation, but negative FX, of course. How much higher was the valuation in dollar terms? In dollar terms, we are bringing the underlying valuation up by almost 2X, so we are doubling it. That is at a 20-30% discount to the funding round valuation. You might say, "Why are you not bringing it up the full way?" I will be completely honest with you, Derek. We have had a few instances over these last few years where very large mergers have not necessarily panned out the way we hoped. I think VillageMD and Summit is probably the worst example of that. This is just me being careful and saying, "Yeah, you know what? We'll bring it up materially, but we're not going to take it all the way until we see that combined company business plan actually transforming into actuals in the monthly reports we receive. Thanks. Appreciate it. Finally, I know you shared a few comments on this, but this smaller AI investment that you made, what type of sort of AI is this? Basically an AI business more operating in stealth mode. We will have to return on that. Again, as Samuel pointed out, there are a lot of things happening within the software space. AI-driven businesses that have a tremendously fast growth at this time are creating a lot of value for certain verticals. It's basically something we have followed for a couple of years now, and we are very happy to back one former operator within one of our most exciting companies. It is kind of an opportunity for us to get access to these high-quality businesses early on. We will be happy to return to Derek and to others when we have more information to say. Okay. Interesting. Is it a Swedish or Nordic company or European US? It is a European company. That goes back to what I said earlier today, that there is a lot of innovation happening now globally, but I think in Europe, looking from the software and AI perspective, there are many, many great opportunities. I think this is a chance for us to also extend our European footprint. Okay. Great. Thanks. Thanks for everything. Those were my questions . Thank you. Dear participants, as a reminder, if you wish to ask a question, please press star, 1, 1 on your telephone keypad and wait for a name to be announced. At this moment, we'll give a moment to our analysts to enter the Q&A queue. There are no further questions for today. I would now like to hand the conference over to Georgi Ganev for any closing remarks. Okay. Thank you very much for listening in and for your questions. As a last reminder, we will report our results for the second quarter on the 8th of July, 2025. Thank you very much. Bye-bye. This concludes today's conference call. Thank you for participating. You may now disconnect. Have a nice day.