Good morning, everyone. Welcome to this quarterly report for Lyko Group. Today we will present the result for the first quarter of the year. We will start with a short presentation by our CEO, Rickard Lyko, and followed by some numbers from our new CFO, Ylva Norlén. After the presentation, we open up for some questions. This call will be recorded and published a quarter after the call. Welcome. I leave the stage to Rickard Lyko. Thank you, Tom, and welcome, everyone. Hope you are finding the way into the meeting. Starting off with describing what we are doing, we keep on selling beauty products in eight countries through our online channel, through the app, but also through our physical stores. And the last one we just opened up here, not here, but in Finland. We have 30 stores in total now, and we have also announced the next opening that will be Bergen in Norway, but coming back to that. We have two warehouses, one up in Vansbro in Sweden and one down in Berlin in Germany. We deliver 6.2 million orders 2023, and we are about 1,000 employees, I think 1,200 if you calculate exactly. And we have 13 different offices around those countries. We were growing this quarter with 21.2%. It's a little bit less percent-wise than we did last quarter, but we met some quite tough numbers in the quarter as well. The upside we have in one extra day in February, but we also have an Easter that is affecting the sales. If you look into the Easter effect, it is that we are selling quite good in the stores but less in the online store. And also what's counting is the one that we're delivering out. So that is affecting the quarter because we don't get that effect there, but we will get that back now in Q2 instead. We also see the profitability, that we are able to meet the profitable quarter that we had the last quarter or Q1 last year. So I think we are quite happy to be able to meet that. We're also seeing that the margin on the products is going down a little bit, but we are able to compensate that to be a little bit more efficient, and we get a lot from our logistics that keep on being more efficient. We also launched in the quarter our AI, and that one is keep on growing and keep on working together with the customers. A lot of people or a lot of companies talking about AI, but I think we are one of the few that are also launching it and really using it every day. It's about 1,500-3,000 interactions every day, customers asking for help. I think that is a lot of service that we are able to give to those customers that we couldn't do before because most of the interaction is happening in the evenings when we have the most traffic on the site, when we didn't have customer service working together with those. We're also seeing that the app also keeps on being more important as a platform for us. 22.8% of all the online sales in the quarter is going through the app, and we keep on working. I mean, we just was one year since we launched it, and that is we will keep on investing and keep on moving the traffic to the app. The visitors, that is something we are talking a lot with our suppliers because we're starting to get a really good platform to communicate through brands and launches and so on, just like we do in the physical stores. If you look into February, we have like 2.5 million visitors on the platform. The conversion is keep on going down because we want it to go down because we want more people to interact with the app and our store in between when they're buying stuff. One of the platforms we're also having now is when you go into the app, you're seeing the takeover where we can be delivering a totally different format for our suppliers where they really can show the launch and talking about products. Talking about brands and talking about products, we had a huge launch in the quarter just in Norway and Finland together with Milk Makeup, which is a really important step for us where we're seeing really hyped and popular brands choose to go into our channels. So they have been Sephora exclusive, but now they are going together with us. So we have launched it in Norway and Finland, and because of a really great launch, they also choose to go in Sweden and Denmark, and we are just in that launch right now. So if you're going out in the city center of Copenhagen or Stockholm and so on, you will see Milk all over. And we had also sold a lot of that. I will show you a short video from that launch so you get a feeling how it went and how the look of that kind of launch that we're doing with those kind of brands. Here we go. Launch dinner at our store in Drottninggatan, and the founder of Milk Makeup were in place from New York, and he told all the influencers, "Everyone talks about Lyko in New York and how great we are in launching products." If that is exactly true, I don't know. I let that be his story, but I think that is saying something that the rumors start to spread that we can do a great job if you want to launch products in the Nordics, but also on our way out in Europe. We also saw that when we opened up Turku or Åbo in Finland, we had a long queue and a warm welcome and a great start of that store. I think when we were there and experienced what's happening at Åbo, you really realized that everyone in Åbo knows that we have opened a store, and that is also spreading the word about Lyko. Even if the store is going great and standing by itself, it's also helping the online store and helping building the knowledge of Lyko as a brand in Finland. Now we have got the perfect place to open up a beauty playground in Bergen in Norway. Looking forward to that in the autumn to open up that one. We think that will be a great fit for us to keep on building the brand in Norway. We think that the store place will also be a great place for what we want to do with the physical part of it. We also keep on building the automation, and you're also seeing taking up some debt for that in the quarter because we keep on building it. And if you're looking into it, you will see that almost all the physical part of the automation is almost in place now. And that is also why we need to pay part of it already. But everything is going as planned there. So we are on track on that, and we will start the installation of everything else than the physical hardware after the summer. And if you look into the growth of the brand, we see we got our latest report from that. We see that Sweden keeps on increasing, Norway keeps on increasing, and Finland have taken a huge step forward. Denmark, we don't do that much yet, but hopefully we will change that as we go. And we are still looking forward to a place to open up in Copenhagen as well. It would be great to have a store present in all the Nordic countries to be able to launch even better in the future. And if we look into our own brands, we have invested a lot the last two years in building an organization to be able to develop those, and we keep on developing them. And a lot of things that we've done two years ago are starting to make sense, or are starting to happen now. We're starting to launch new products because that is the time it takes. It takes about two to three years from that you're saying you want to launch a product or rebrand a brand until you are live with that. In the quarter, we were releasing Rebecca Stella, which is a collaboration with an influencer, a Swedish one. So I think we have a lot of opportunity to do that, and we're starting to figure out how to do that good, and we will keep on growing that one. We also took the rest of the ownership of Love'n Layer, which is a brand we're selling nail polish. It's not nail polish. It's a different way to place nail decoration on the nails, which we see a lot of potential in doing more on. That is what we have learned from the acquisition that we have done in the past. When we're getting them totally integrated, that's where we can get the most of it because then we can really integrate the brand and be able to really use the whole platform that we have built. We're seeing we have a little bit tougher quarter with Europe, but that is as planned because we want to take control over the numbers to see that we don't lose more money than we wanted to do, and we wanted to find the right way to grow in Europe. I mean, we have built the organization, so we have some fixed costs that will be there. But we want to find the right brands, the right collaboration to find the right customers. We don't want to just compete on price on those big markets because we don't see we can build a profitable business in the long run. And we also have some hiccups where we have some brands that we sold quite good of that we cannot sell any longer. But now we're starting to get in place where we can start to launch those kind of brands again. And that is also what we have seen, taking time because we need to build those relationships with those brands locally. And those brands are not always as fast as we are. But we're really improving there, and I think it really is the right way to go to build a local organization because that is really needed because there's so much that we don't understand of those markets until we are there and operating locally. But we also see in the future it will be really helpful if we will have stores in Europe as well. But we don't have any plan yet, but we'll be coming back to that. We're also seeing that the Lovables and the packaging that we are building internally are also keeping paying off. One interesting part of this one that sold out in 6 minutes, most of the boxes went to Poland. We're seeing that that format is really working for the European part of it as well. That is really showing that we can take help from the global organization to be able to act in the local market. As we're growing, we're getting better and better at doing that locally. Now I will hand over to Ylva that will get a little bit more into the numbers. Welcome up, Ylva. Thank you again. So my name is Ylva Norlén. I'm the new CFO here at Lyko. I joined about a month ago, so happy to be here with you today. And going into the selling of the first quarter, as you've already heard, it was a good sales increase in the quarter, 21.2%. It is an interesting quarter. It's historically the smallest quarter of the year, but we keep on growing despite the consumer landscape out there. And when it comes, oops, there we go. When it comes to the gross margin, we increased versus Q4 2023 but delivered a decrease versus Q1 2023. And this is, as you've probably heard about before, an ongoing change in the product mix that the customers buy and also broad campaigns that explain this decrease. When it comes to external costs and personnel costs, we have had a very positive development of the external costs, where especially the logistics and marketing costs are lower than last year. It's two percentage points better than Q1 last year. When it comes to personnel costs, we have continued to invest in the organization both on group level and on sales market level. Here we have increased slightly against Q1 last year. The profit level, as Rickard also mentioned, is level to Q1 2023. But we are sorry. Yes. Level to Q1 2023, and we are really happy about this development. Coming over to the Nordics, it's been a really exciting quarter. We delivered 24% growth, which is record growth. Looking at the EBIT level of the quarter, this is a really strong development as well, and we come in on a better margin than we've delivered before. Overall in the Nordics, it's a strong delivery from all markets, especially it's the retail part that delivers particularly strongly, and Norway and Finland. We have also had quite a lot of events in the Drottninggatan store, and it's been continuing also sales-wise to perform really well. When it comes to Europe, we have a decline of selling 6% in the quarter. And this is something like Rickard was referring to that was planned. And we have also been focusing a lot on finding the right business model. The EBIT level is improved versus Q4, and we also recruited country management in all countries during the last six months. So this is affecting the profit levels there. So sorry. When it comes to the group functions, we have increased costs a little bit over the quarter, and this is especially on the staff side. So in summary, we have had very impressive momentum in sales. We also see that our long-term focus in the Nordics is paying off really well. We are tweaking our business model in Europe. And when it comes to investments, it's a lot of investment centrally and locally to scale and support the growth. Thank you. Great. Thank you, Ylva, for that. We will start open up for some questions. So please raise your hands, and I will spread the word. We have firstly a question from Johan Fred, SEB. Please go ahead. [Foreign language] Daniel Schmidt, Danske Bank. [Foreign language] [Foreign language] I guess it's in English, right? Sorry for that. I missed the first part of the call, so I just heard basically Ylva's prepared remarks. But just wanted to start off by Ylva, you mentioned, and I guess Rickard, you mentioned also that the focus is on finding the right business model when it comes to the European markets. And I think you said something about physical stores. Is that part of the solution when you look at the European market, or could you shed some more light on what you need to do in order to get sort of your offering right? Yeah, I think the physical stores, we see that in Finland and Norway before as well. It's really helping us both to build the assortment, but also building the brand. I mean, the story about what we are doing. So I think we will if something has changed in the plan is that we will open stores faster than we have done before, where we thought before we should build a brand and then should we open stores. And also on the European level, they are so much more focusing on the physical stores, so it's quite hard to enter the market with some of those brands before you have a store. So we are looking into what that should mean and how we can do that in an efficient way. But with that said, we still can do what we are doing and keep on working on that as well. Okay. But you're also in a situation where you're ramping up quite massively when it comes to the build-out in Vansbro when it comes to the warehouse. I don't think you had anything maybe in this quarter, but over the coming seven quarters, you're adding quite a lot of debt that goes into that investment. Do you want to do both of these things at the same time now, building sort of physical infrastructure in continental Europe as you're building physical infrastructure in the north of Sweden? We will see. I mean, it's a balanced act on that part. But I mean, at the same time, the Nordics is really growing, and the online part of Nordics is really growing. So without automation, there is no way to handle that. So that is, I think, the right way to go. And I mean, we had in plan to open stores then to see where to plan them. I mean, we have a lot of more places we probably should open here in Sweden as well. But then if you don't add all those other values, then it's just adding turnover for that store and for sure a little bit brand part. But then it makes so much more when we're entering a new market and also when we're seeing we're adding another store in Finland. So I think it will be prioritized to open outside of Sweden, but in which order I think we will see depending on what we are finding out as well. Because in the physical stores, we don't just want to roll out stores. We want to roll out the right stores in the right location because that we know is really, really important. So that will always be prioritized in front of the speed. Okay. But it does sound like your focus may be a bit more on other Nordic markets when it comes to physical presence than continental Europe if you look at 2024. Is that the right assumption? I would say it's a bigger step for us to open up a store, let's say, in Warsaw or something like that. But I don't think it's about rolling out a lot of stores in the coming years. But rolling out more stores in Norway and Finland and Denmark is quite easy for us. And we have guided before that we will open three to five stores year-over-year. And I mean, we will look over that for the next year for sure and see if that could be even a few more. And then where they will be, that will be depending on where we're seeing the best potential. But just coming back to Europe, and you've been penetrating the continental European market now for three and a half years, which is quite some time at least to reflect upon. And has it been a growing sort of feeling that the offering that you have, and in order to get the brands that you want to get, you need to be there in place more physically than what you initially thought? Is that the right interpretation of what you're saying? It's hard to say exactly what we could have changed. But I think as an example, it's also when we are launching Milk now in Norway and Finland, we're seeing that's really helping. But it's really hard to plan when will you get the chance for that kind of brand and when they want to launch. And if it's because we did that or this thing, that is also hard to tell. So you do a lot of things, and then you know we are prepared to take care of those and becoming better on that. So that we will find the right brands for those kind of markets. And then, I mean, the easiest thing is to have a brand that everyone wants that no one else is having, and you have that on the market, then it's quite easy to sell. That is what we're seeing in the Milk case. That will come as well in Europe. We are not there yet, but we are building the infrastructure to be able to become or come there. We will come there, I'm quite sure. Exactly when is harder to say. Okay. On the topic of promotional activity in the market, which has been quite elevated, do you see it changing in any way in the coming quarters, or is it still elevated? I think we still are prioritizing buying under that. But we're also seeing that we don't need to be as price aggressive as we have been in the past. So that is also what we are shifting a little bit focus here in the Nordics to find the right balance in that. It doesn't mean that we are not active on price. We really are. But in a balance where we're seeing we get bad margins. And then it's always about working together with the brands. But that is also when we, again, launching the Milk Makeup now in Stockholm, and we can talk about a new product instead of talking about price or discount and so on. And that is a position that we want to build. And that I think we will keep on doing. Okay. And then just maybe a final one for Ylva. In terms of the investment in Vansbro, what sort of pace should we expect now for Q2 and maybe second half of 2024 in terms of new investments that go into that build-out? Yeah. Everything in Vansbro is going according to plan. We will in Q2 have an effect from the term loan. More details on that will be presented later. Okay. But I think you've said that you are investing around SEK 150 million this year or something like that. Is that still true? Sorry. We were. Hear you. I think as we have said before, it's 25% in 2023, 25% in 2024, and about 50% in 2025 in the investment in the automation. That hasn't changed. Yeah. Okay. Thank you. We give Johan Fred from SEB a second chance. Yeah. Hi. Good morning, guys. Hopefully, you can hear me now. Can you hear me? Yeah. Okay. Great. Thanks for taking my question, and apologies for the issues earlier. First question on sales in Europe. We saw sales decline, of course, in the quarter. And you mentioned some hiccups with certain brands. Could you add some further color on that issue and maybe also elaborate on if you've seen any other aspects that might have impacted sales, like a weaker consumer sentiment or increased competition? That would be very helpful. Thank you. Yeah. An example is Sol de Janeiro, one of the most sold brands in the German market last year. In Q1, we sold Sol de Janeiro. We needed to stop selling that because, yeah, I guess our competitors find out that we sold some volumes, and they contact the distributor, and we needed to roll that back. But now we are live with that one again, I think, but not as price competitive as we were. So that is affecting. So that is an example of that. And what was the other question? It was now I lost. Yeah. Have you seen any other aspects, like a weaker consumer sentiment or increased competition in Europe? Yeah. What we also see, I mean, that we see in the Nordics, but I think it affects Europe even more, is that a roll back to stores. I mean, there are so many stores in Germany, Netherlands, and Poland. And I think we are seeing consumers going back to stores. That is why our stores are going better. We keep on growing the online part as well. But we're seeing that going back to stores is really affecting. And I think that is also what you see in the numbers with the pure players that are only online have a really tough time now because the stores and the retail is going good right now. It makes sense. Could this potentially accelerate sort of your timeline in terms of store rollout in Europe? I think it could. We haven't decided, but we're looking into that. But also, I mean, with the opening of Drottninggatan that's keeping on delivering good numbers, I mean, that was 10x bigger than the normal Lyko store. And that is also when we say in three to five stores, it's also depending on what size of stores are we talking about. And when we see in the Bergen store, it's like 450 sq m. A normal Lyko store is about 120 sq m-180 sq m. So I think we are also trying to figure out what is the best place or the best size for us. But we're also seeing now when we are going into more makeup and so on, we need a little bit more space as well because it takes more shelves in the physical stores and so on. Thank you. Very helpful. Continuing on Europe, you say that the lower sales levels were strategic. For how long do you expect sales to be depressed in the region? I think we're meeting tough numbers in the Q1 last year and Q2. It's also because we had a lot of product that we were really aggressive on price. We wanted to see, can we sell on the German market and so on? We could. So there's nothing wrong with the structure or the online presence. It's just about the pricing. But then we also see we cannot just go in for the price hunters because they will not come back. We need to buy them back time and time again. But we know that we can convert. It's nothing wrong there. So it's just about having the right assortment with the right pricing. And now we're trying to find out more the right assortment and saying we will not go in and just buy volumes from the most aggressive popular brands. But we see we come into a position where we are able to handle that. We can always put on that channel again. But that was because we are meeting those numbers. But coming out of that, I would say it will be a little bit tougher number for Germany until summer. But after that, it's easier growth numbers. Very, very helpful. Thank you. I notice Finland is growing very rapidly. How much did Finland contribute to sales in the Nordics in the quarter? And what's the current sales split between the Nordic countries? We don't say that exactly. But I mean, in real terms, Finland is starting to be important because it has been growing. Then you should remember that the online penetration is quite low in Finland. So even though we are able to grow the online presence, but we're seeing the stores are really performing as well. So in that kind of market, you definitely need more stores to take a bigger part in the long run. But we don't say about the split. But I mean, Finland and Norway is growing faster than Sweden. So they're taking part of it. But we haven't announced the exact split. Yeah. Okay. Fine. And you mentioned that you're seeing opportunities to capture market share in the Nordics. From whom or which players are you taking market share from? Is it online or physical stores or a combination? And what type of stores in that case are you taking from? Or is it more from the generalist or specialist? Or if you could elaborate a bit on that, that would be very helpful. Yeah. It's hard to tell exactly for sure. But we see the pure players are not growing as fast. They're probably starting to take part of that. But I think most of the growth, historically at least, has come from those local physical players with the local parfumeries that were all over Sweden, but they are not still there. And we see from the professional side, we have a lot of hairdressers that had a bigger shop. They don't have such a big shop any longer. So I think part of it is that. But then I guess we're taking from a lot of different channels. But I mean, if you look into the numbers for the biggest competitors like Matas & Kicks, it doesn't seem like we're taking anything from them. They keep on growing. So probably from a lot of different channels. I think if you look into all different categories, it used to be like you have a number one and number two that are profitable and keep on growing in the market. That is what we expect here in the long run as well and why we think it's important to be in that position for the long run in the category. Great. Great. Thank you. I guess a final question from me on the marketing spend, which was significantly lower in Q1 than in prior quarters and your historical average for that sake. Is there a specific reason behind the decrease in Q1? Should we extrapolate anything from the lower marketing spend in relation to sales going forward? Thank you. What we're doing in the markets we've been in for quite some time, like Sweden and Norway, and part of it in Finland as well, is that performance marketing is going down. We can make it more efficient. And then we invest in those more broader marketing like outside commercial and TV and so on. And they are in fixed terms. So when we're growing, we can outgrow them, part of it. And also that we're getting investment from our suppliers that's helping us as well. So I think that will go up and down in some quarters. But I think the level is keep on decreasing as long as we don't want to invest in the new markets even more aggressively to outgrow them more. But that is also an option for sure. I think what we have seen in the past is that we can make it more efficient, which is lowering the cost in the long run. Very, very helpful. If I may, just to find one here, you mentioned that 22.8% of online sales came through the app. Could you share any details on the equivalent number in end of last year, maybe Q2 or Q3? I guess it was similar. I mean, it's increasing, but increasing slowly and percent-wise now, but keep on increasing. So I don't know exactly. We mentioned it in the fourth quarter. I think it was 19.8%. Okay. Yeah. Somewhere. Okay. Great. Great. Very, very helpful. Those were all of my questions. Thank you. Then we leave the stage for Benjamin Wahlstedt from ABG Sundal Collier. Thank you very much. Sorry if my question has been answered already. I'm jumping through conference calls today. The negative EBIT effect from Group Common Functions rose by SEK 20 million in the quarter compared to last year. Could you give us a clue on what part of this is recruiting for the head office and what part is sort of reclassification of costs from the Nordic segment, please? Yes. So it's roughly SEK 8 million that has been reclassified. And it's a variety of both staff costs and also system costs and office costs. The rest majority is new recruitments to the Group Functions. All right. Sort of looking ahead, could you give us some guidance on where this figure might go for 2024, for example, and perhaps moving ahead from that as well? Yeah. I mean, we keep on growing the organization in order to support the future expansion, but no particular guidance on figures there. All right. Is there any function in particular that you sort of expect to have to beef up moving forward just to get a feeling for? What we have announced already is the head of Sweden and Denmark and Finland coming in. So that's part of expansion in the teams. But then it's, I think, a little bit more in the purchasing part, a little bit more in the economics part, and so on. So I think the big part has been internally or our own brands, as we have talked about before. So I think going forward, I mean, exactly this year or next year, but I mean, for sure, the Group Function will start to scale more, even though we need to add, for sure, some more, but it will start to scale. Perfect. And then one final one tagging on to Johan's question as well. The lower marketing costs as a ratio of sales, is it reasonable to assume that a higher share of sales going through the app would have a positive effect in this regard as well? That's part of it, for sure. It's helping. But also, if the stores are going better, we don't have any performance marketing in the stores. So that is also helping to scale that. So I think it's a mix of that. Yeah. And then perhaps one final one. Historically, you've communicated the share of sales through physical stores and online. I think the last published figure was 90/10, roughly. Could you give us an update on that figure as of this quarter or LTM or something like that? Then I mean, for sure, when we open up Drottninggatan, you hold on a little bit more. But then I mean, the decrease of the retail for the long run is keep on continue. And you will not see a big shift in those numbers. So what you can expect is that the retail will keep on decreasing. But then if you open up some big stores and having more openings, that could hold it against the online for some time. But in the long run, the online will grow faster. Yeah. Loud and clear. So roughly 10% still. It could be something like that. Perfect. All right. I think those were all of my questions for now. Thank you. Then we go over to Aurore Tigerschiöld from Den Norske Bank. Yes. Thank you. I hope you can hear me. I only have one question. A lot of them have been answered already. I was wondering if you could give a little bit more color on the downward spiraling gross margin trend, which has been going on for quite some time. Maybe if you can tell us a little bit more about some initiatives of breaking the trend or if we should expect the gross margin to hit a new normal but maybe lower margin level going forward? Yeah. We meet quite tough margin numbers last year in the Q1. So we think we can meet them a little bit better going forward. And I think that is a mix, as we have always talked about, and our own brands helping the margins, but also the launch, like Milk Makeup, where we have better margins because we don't need to be as price aggressive because no one else is selling it. So that is also helping. And I think that is also when we're seeing going like in Norway and Finland, when you launch those kind of brands in a category where you say, "This category has lower margin," but it doesn't have it really in the structure. It's just depending on the price setting and which kind of brands we are selling. Also, what we are saying is that we do not need to be as price aggressive. We are still on part of our assortment, but we don't need to increase those part of it. So hopefully, that will help us going forward as well. But it's something we're working very much with. And then it's a totally different story when you look into the stores because then you are not as price sensitive. It doesn't mean that we have other prices in the stores, but we have other assortment there. Okay. But would you say it's fair to assume that? Would it be possible for you to kind of return to the levels that you've had last year? Or is last year an exception? It would just be a guess. I mean, the only thing I can say is that we are really working on that, hopefully. But you never know because they're also depending on which products are trending and what's happening in the market and so on. So there are many things that we can just make clear. It's depending on what's happening in the market. But that is our aim, to be able to meet that one better, for sure. Okay. That's clear. Thank you. Then we have a second question from Daniel Schmidt, Danske Bank. Thank you, Tom. Just to follow up on the gross margin and given your commentary that related to the European sort of strategy where you're basically saying that it was a deliberate decline in sales as you're basically not buying market shares anymore, which insinuates that you are less aggressive in some areas. Hasn't that in any way impacted the gross margin positively year-over-year, although it's still down? If you look into Europe, it's a different story. There is the mix is so effective. And if you get a drawback of a brand where you had good margins and sold a lot and you don't have that any longer, it affects that. But in the Nordics, you don't see that effect. There is more stable. And there, I think we're working on it. In Europe, it's so little turnover yet. So one brand trending is really affecting the margins there in the short term. But in the Nordics, it's much, much stable. And I mean, we're really seeing that in Sweden, Norway, now in Finland. Great. All right. And then maybe just to follow up on smaller things, your financial net is quite a lot more negative with higher interest rates, and you also write about FX. Do you know how much FX impacted the financial net in the quarter? Yes. It's roughly half. So the composition there is on the interest rates for Vansbro and also for new stores. But then the remainder is FX effects. Okay. Okay. Okay. I think, Rickard, you mentioned that you're taking on a bit more fixed cost with heads of Sweden, Denmark, and Finland, if I got you right. At the same time, you are focused a bit more on building presence physically. You have this investment in Vansbro, which is still a lot to go. You still have sort of a market that's quite tough when it comes to competition. Are you certain that you will be able to hold your own when it comes to sort of the debt level versus profitability going forward? Yes. Yeah. I mean, it's nothing new for us. And I mean, it's a balanced act we have done for many years, even if it's on new terms with the automation and so on. But yeah, that's something we have planned for. And we're doing the investment in the organization as we think is the best and the one we are able to handle on the side. If we are seeing something happening there, we will definitely take action on that. But right now, we're seeing we are on track for the plan that we have put forward. Okay. Okay. We'll see. Thank you. Is there any more questions from the audience? I hope you all noticed that we published the first report in English today. It will be found as an attachment in the press release. Please have a look there if you want to distribute it to your own customers. If we don't have any more questions, give it 30 seconds if someone wants to raise the hand. Otherwise, we are say thank you so much for joining in today to this call. On Monday, we will have the annual meeting, and we see each other after the second quarter. Thank you so much. Thank you. Thank you.