Welcome to the NCAB Q2 presentation for 2025. During the questions and answers session, participants are able to ask questions by dialing star five on their telephone keypad. Now, I will hand the conference over to the CEO, Peter Kruk, CFO, Timothy Benjamin, and Head of Investor Relations, Gunilla Öhman. Please go ahead. Thank you very much, and welcome everyone. My name is Peter Kruk, and together with Timothy Benjamin, we will be presenting the second quarter results for NCAB Group. Starting point, NCAB, we are a company focused on supplying printed circuit boards. Printed circuit boards are the foundation that you see to the left in all electronics, which forms the brain in any intelligent product. What is unique with our product is that every PCB is unique to the product in which it is used. There are no standard components, but everything is our engineered product, where we provide value to our customers, both in the design phase as well as through the supply of products. As a company, we are operating globally with a strong local presence in 19 entities. We are serving some 45 markets, and we are around 645 employees. We use some 36 main factories to supply our customers with different technologies and from different geographies. We don't own any in-house manufacturing. In fact, we are using only extended partnerships, which makes us flexible in order to support our customers in varying needs, both in terms of technology, but also always being able to give our customers the best supply chain possible for their specific needs. If we then move over to specifically the second quarter, I'm glad to see that we have another quarter of positive order intake. We have had in the second quarter a very significant headwind from the weakening dollar, as the dollar has dropped roughly 10% since Q1. If we look upon the order intake, we continue to have a second quarter of growth in order intake for the group. The continued positive development in the Nordic and East has continued, and we also start to see actually Europe to show order intake growth in the US dollar. Our order intake in the U.S.A. was weak compared to last year, but besides the effects, this is partly due to the tough comparables that we've had in the quarter. Q1 for us was very strong, so I'll come back later to show that full year status. Net sales also devalued by the US dollar movement, but we see growth in the dollar terms in all regions, excluding Europe, which is still down. It's lagging a little bit from the order intake. The impact of US dollar on net sales is around SEK 90 million in the quarter. Gross margin remains stable, improving slightly versus Q1, but the EBITDA is impacted by the weak dollar. The EBITDA would have been some SEK 17 million higher, excluding the US dollar impact. M&A activities, as we have reported earlier, have continued. We were able to close the acquisition of B&B Leiterplattenservice in Germany here early in the spring, and that integration has now commenced. We have also, during the quarter, renewed and increased our financing for better terms and with the validity until 2030. If we look more specifically on the numbers for the quarter, we can see that our order intake in Swedish krona is up by 5% to SEK 985 million. If we look upon US dollar, the order intake is up some 16% versus last year, and it's also positive that we have a book-to-bill of 105% in the quarter. Net sales are stable in Swedish krona versus last year, but if we look upon organic growth, excluding acquisitions in US dollars, we're actually seeing organic growth of 8% in the quarter. EBITDA, as we said, is impacted by the FX effects, so we are down to SEK 94 million or an EBITDA margin of 10%. Gross margin has gone down versus last year, where we had extraordinary margins in the first two quarters of the year, but we are moving up slightly from our Q1, where we were at 34.7%. As we mentioned, the negative FX effects are SEK 17 million in the quarter. Cash flow is good at SEK 93.6 million in comparison to last year's SEK 101 million. Our working capital is up slightly. We are up partly due to the acquisition of B&B, and we also see some effects from the tariffs in the U.S. impacting working capital there. A little bit more information briefly about B&B Leiterplattenservice. It's a company based in Eastern Germany, with its main customer base also in Germany. It's a company that was started in the 1990s and was running production up until 2022. That means the company has a very deep knowledge around technology for manufacturing, which is also valuable in the dialogue with customers. Revenue in 2024 was around SEK 150 million, and they had an EBITDA north of SEK 20 million in that year. With the company comes some 25 employees, predominantly in Germany, but also in China. The transaction was announced and signed on April 23rd, and it was now closed on June 3rd, so it has contributed somewhat in the quarter. I give it over to you, Tim, to continue. Thank you, Peter. I think you heard a little bit from Peter that we had sales of around SEK 934 million in the quarter, fairly flat with quarter two last year. However, when you look at it in US dollars, which is more of a fixed currency comparison for us, since we do so much trading in US dollars, we were up to 10% year-over-year growth, with M&A contributing nicely as well. We did have an EBITDA at SEK 93.9 million, down 22%. You heard a little bit from Peter that some of the impacts there were both FX effects and then also a little bit of price product mix. We ended the quarter at around 10%, or about down 2.9 percentage points. If you look at our gross margins over time, we're running at around 36% last 12 months. That's compared to around 36%, 37% for the past two years. In the longer term, we've been able to drive up gross margins quite nicely. When we turn our heads then to order intake and sales, it was really nice to see the order intake increasing 5% year-over-year to 985. Again, in a more fixed currency comparison with US dollars, it's actually up 8%. We did see some very nice positive indications on the Nordic side, as well as Europe and also in the East. There was a little hesitation on the North American side with all the tariff movements back and forth in that country. As mentioned, net sales were flat for the quarter, and that presented the third quarter in a row of positive book-to-bill, which we were happy to see, as well as a good trend in new part numbers in customer swap. When we then look at the results, as said, we were down to around SEK 94 million. That's partially an impact of the lower US dollar. In total, SEK 17 million, but then also around SEK 22 million coming from a negative translation effect as the US dollar weakened, offset by a little bit of positivity on the balance sheet revaluation of SEK 5 million. The balance sheet revaluation is something that isn't expected to repeat. It really just has to do with how much AP and AR we have on the books in US dollars at the end of every quarter, whereas the translation effect is something that we expect to continue wherever the US dollar is, so that one continues forward. EBITDA margin, as said, 10%, with a gross margin slightly improving over quarter one. We did see gross margins decreasing year-over-year, which was mainly attributable besides FX to the pricing and product mix, which was quite elevated in H1 2024. We thought we'd give you a little extra detail here since we do have big FX movements within the quarter. If you take a look at the US dollar compared to prior year, down around 10%, down to 9.66% on average during the quarter versus 10.68% last year. That gives us a full SEK 90 million impact on revenue. As we've said for a while now, we tend to have our revenue coming from the prior quarter's order intake. When you have a prior quarter order intake that translates into a different exchange rate, you tend to get impacts like this. We saw a SEK 90 million impact on revenue versus prior year from FX. That then resulted in around SEK 27 million total impact to gross profit, of which minus 32 translation and + 5 on the revaluation side. The revaluation side is the one that's not expected to repeat, whereas translation we do expect to see repeating as long as the US dollar stays this low. SG&A also repeats, and that was at a +10 as some of our SG&A converts into less SEK. That gave us a total EBITDA impact in the quarter compared with the prior year quarter, quarter two, at the higher exchange rates of around minus SEK 17 million. With that, over to you, Peter. If we look a little bit closer at the segments, we can see Nordics has had a fantastic order intake in the quarter, being up 15% in SEK and around 26% in US dollars. Positive development in a number of the countries, like Denmark, but we've also seen good orders from aerospace and defense. This also means that some of the order intake that we've seen now will have a longer digestion time. Part of it will primarily impact 2026 rather than the second half of 2025. Net sales are up 4% in Swedish krona to SEK 250 million versus SEK 207 million last year. EBITDA is around SEK 23 million versus SEK 29.6 million, and margin down to 10.7% versus 14.3% margin last year. We have significant FX effects in the quarter. As Tim highlighted, both the translation part and the revaluation part have hit different segments differently. For the group, we have a positive of five, but we actually have a negative in the Nordic segment, and positive more in the European segment. EBITDA would have been on par or better than last year's EBITDA had we not had the FX effects in the segment. Nordics is doing quite well operationally. Looking at Europe, we can see here that order intake started to grow and that we also see positive order intake development in the US dollar. Europe has been the segment lagging in the turnaround, and we're positive to see that this is changing in US dollars. There is uncertainty in a number of our markets, also in Europe, not just in the U.S., from the tariff situation and what this may impact the general demand sentiment. There is some hesitation in the market, but still positive that we are showing growth on the order intake. Some countries like Spain and Benelux have been more clear in their turnaround. If we look upon net sales, we are here still lagging behind. We're down 7% in Swedish krona. Organically, if you then take away the impact of the acquisitions, we're actually in Swedish krona down still 18% versus last year or 9% in US dollar. One part is the time lag between order intake development, which is positive, and when it translates into revenue. We can see that the markets where we are still trailing behind primarily are some of the bigger ones like Germany, Italy, and the U.K. Hopefully, that order intake trend will start to move the needle here as well. EBITDA is down quite significantly to SEK 33.6 million versus SEK 56.7 million, and it corresponds to a margin of 7.6% versus 12.0%. The decreases, a big portion of this is coming from the revenue, further enhanced by the FX, but then also some product mix and pricing. If you then look on North America, here, I think we're doing quite OK. Order intake is showing a big decrease versus last year. Beside FX, there's also here quite a bit of kind of timing activity of larger orders. We were up 18% versus prior year. If you actually look on the full year, we are 9% up in US dollars. It's more, some part of it, this is timing. There is also a little bit of that anticipation or hesitation in the market from depending on the tariff situation. Also to remember is that the tariffs are not booked in the order intake, as they are only visible or only become known when they are actually imported into the country of products. We will have tariffs showing up as part of net sales, but not in our order intake. If you look upon net sales, here, based on the order backlog we've had, we've had a good sales increase. We're up 12% to SEK 225 million versus last year, over SEK 200 million. Here, we've been successful in transferring tariffs to customers. We're also very well positioned to benefit from our global supply base. NCAB has, over the years, invested in building a factory network also outside China in various parts of Asia and other parts of the world. This is a big strength for us right now, being able to help customers who may well want to shift their supply. Right now, there's still a lot of discussions ongoing, and many customers are still waiting a little bit because there are still a lot of the tariffs that are up for discussion and are not confirmed. Since moving production is a big step for many of our customers, it means that many are in the kind of holding position to make those switches. If you look at EBITDA, we are up to SEK 32 million, up versus SEK 28.1 million last year, and our EBITDA margin is stable at 14.2%, up then from quarter one, and on par with last year's 14.1%. If we then look finally on our East segments, also here, positive to see that we see growth in order intake despite the FX movement. The order intake in US dollars is up a full 12%. I think we are, the market is starting to grow in high tech. I think we are able to capitalize on our supply base. We have a strong network of factories in this area and are able to provide good service to customers. Net sales decreased 2% to SEK 54 million, but in US dollars, we're up 7% in revenue. Our EBITDA is down a little bit to 9.5% versus 11%, but we're still at a very healthy EBITDA margin of 17.4%. This is a little bit of a mixed situation. I think we continue to be able to drive high margins since our East segment is the area where maybe we are doing more engineering support than other regions for high-tech applications. Over to you, Tim. Thanks, Peter. Return on equity, 13.5% versus 26% prior year. As you can imagine, that's just linked to the EBITDA development between the two last 12-month periods. Net debt sitting now at SEK 1.8 billion versus SEK 1.1 billion last year and up a couple tens of basis points from prior quarter, I believe SEK 1.6 billion in quarter one. That has to do with the acquisition of B&B that we completed during the quarter. Equity asset ratio stable, slightly higher versus prior year at 40.7%. Working capital also sitting at about SEK 353 million or 9.2%, which is a little bit higher than last year and a little bit higher than prior quarter. As mentioned, we had the B&B acquisition during the quarter, which increased both those two numbers, as well as the impact of the U.S. tariffs impacting both as well. Available liquidity at SEK 1.26 billion, as well as options to increase that as well, ready to go. As mentioned before, no dividend expected for the year. Thank you, Tim. On the M&A side, we continue with our strategy to explore opportunities for M&A. We have a good pipeline of potential companies, which we have filtered down. We remain with a shortlist of some 50 companies that we feel would be a good fit for NCAB. We are in dialogue with some five to 10 companies on a continuous basis. As we said before, we closed B&B Leiterplattenservice earlier in the year. We are hopeful that we can find some other opportunities that can close in the coming quarters. If we look upon our overall strategy, we remain 100% focused on printed circuit boards. We also believe in the model of having an asset-light model where we do not have in-house manufacturing. It gives us flexibility to really have the best service for our customers and be flexible and move with varying market needs. We are instead focusing more on continuing and how we can improve the support for our customers in this market with engineering services and other ways of making our customers more efficient, and by that growing our market shares in existing markets. We are also looking at how we can expand geographically. We believe very much in being local to our customers. There is a big value of that local interaction with our customers. Looking to expand into new markets, M&A is an important part of taking those steps into new markets. It is also a market with a high degree of fragmentation. We see benefits in consolidating here and looking for economies of scale, both in terms of developing stronger capabilities, but also in terms of finding efficiency and cost advantages. This is something we will continue with. Our M&A strategy serves both the consolidation aspect as well as the geographical expansion. With that, we close today's presentation and open up for questions. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. Next question comes from Jonny Jin from SEB. Please go ahead. Yes, thank you. Good morning, everyone. I want to start a little bit in North America and understand the demand and impact from tariffs a little bit better. I suppose that you increase the prices and push that on in the U.S., which is reflected in the sales. If you break it down a little bit, how would you say, if you could elaborate the underlying demand that is developing? I mean, it's a lot of moving parts, but book-to-bill is quite a lot below one. I know that the tariffs are not reflected in the orders as supposed. How is the underlying demand and the sentiment in the U.S.? How is the momentum going into Q3 here, if you could say some words there? I'd say it is a challenging situation to understand exactly what the sentiment is. I think there is, say, some concern in the market given the uncertainty of what happens with tariffs. As you know, there are a number of tariffs being discussed also with Taiwan, South Korea, Japan, that are still up in the air. I think that creates a level of uncertainty. We have still seen pretty good order intake, but I think there is always that little bit of that anticipation, which makes it hard. Maybe not specifically on our product, but it's more on end-consumer products, where, for instance, you can see truck industries and others where people are holding off or making, say, bigger capital investments. I'd still say that our order intake has been pretty good. The drop in quarter two versus last year is largely timing of larger orders. If you look back, we see we had a very strong Q2 last year. I think this year we also had bigger orders coming in, but they happened to be more in Q1 this year. I think it's a little bit of timing of those bigger orders than to say that it's related to, say, a general drop in the market. There is a level of uncertainty. I think there's also this still sort of partly impacting European sentiment as well. I think we can see that we are coming to a turnaround where maybe the European markets have bottomed up and the inventory buildup after the pandemic has suddenly come out of the system, which is improving things. I think the whole trade war with tariffs has made everyone a little bit more hesitant and maybe means that the recovery is coming a little bit slower in some of these markets. We don't see big shifts. I think it's mainly more of a little bit of anticipation at this time. OK, yeah. Just clarifying a question, the timing of those some larger orders that you see, did you mean that they came in Q1 already or that the timing is that they can be pushed to Q3? I think what we had, if you look, say, both last year and this year, we've been running certain projects with research customers, which comes more in kind of projects. We've had last year, we had a number of those being booked predominantly in Q2 of those orders, whereas this year we had a number of similar orders coming in, but we had them predominantly in Q1. If you look back, our Q1 was way above Q4, Q1. Q2, now we're a little bit below. If you look, first half, we are still up in US dollars by some 9% in order intake in the U.S. I think that sort of those bigger orders plus the FX makes a big part of that sort of shift in the drop in the order intake. OK, yeah. Of course, we hope to see more orders like those research orders coming, but they are a little bit harder to predict when they come. They're kind of intermittent in their nature. I understand. I understand. The underlying book-to-bill in North America, maybe we can look at over a little bit longer period, or what is the best estimation for the underlying book-to-bill, would you say? I think that the trend that we have seen in the U.S. with, say, I think the U.S. was one of the markets combined together with the East to start the recovery on order intake during 2024. I think that situation is still healthy. I think the turmoil with the tariffs, et cetera, maybe has made the U.S. market slow down a little bit, but we're not seeing it break in at this time. OK, we'll see. It's a lot of, I suppose. If we shift focus to the gross margin a little bit, it's a lot of moving components here as well with the price and mix and tariffs and FX and so on. What is the underlying gross margin here in the quarter, would you say? What can we expect forward? You mentioned the mix, but would you say that mix is representable for Q2 and for Q3 as well here in Q2? How should you think going forward? I think overall, what we've said before is that we believe probably a reasonable gross margin that we can maintain is somewhere in that range, 35%- 36%. I think we believe that is to be true. In Q1, we had more of a revaluation impact, which actually hits gross margin percentage as well, whereas, say, translation doesn't really impact the percentage of the gross margin so much. We think we are pretty stable. We also knew that, say, during the latter part of 2023 and early part of 2024, we had sort of extraordinary gross margins, partly due to kind of timing of purchase price movements and customer pricing, which gave us a few quarters with, say, a boost to the gross margin. I think that 35%- 36% is probably more stable to be sustainable at, at least for the midterm. Yeah, OK. Yeah, I would agree. I think 35%- 36% is quite reasonable. You always have timing effects when it comes to revaluations or, for example, M&A. Other than that, yeah. That's clear. Shifting focus to Europe, order seems to be developing well there with orders coming in above 8% of our sales here in the quarter. Could you maybe elaborate a little bit more on what is driving this? I think that you mentioned also some early positive signs of recovery in Europe already in Q1. Has this developed as you expected, would you say? Has there been any shifts? How is the gut feeling, or what do you hear from the dialogues with your customers and the best guess of the outlook in H2 here? No, I agree. I think we saw the trough of Europe in the second half of last year in Q1. We started maybe to see some signs on order intake moving in the right direction. I think those signs have kind of continued into Q2, maybe becoming a little bit stronger, maybe some more markets starting to show progress. It's still quite sort of weak growth in Europe. You have some markets where we see sort of where we're still somewhat challenged. I think the U.K. is a market where the economy is maybe more challenged. We also, through our U.K. business, are sort of partly involved with the truck industry, where you see, for instance, truck industry order intake slowing down. I think there are some things there in Europe where we still see some challenges. Overall, I think we are slowly starting to climb out of that trough in Europe. I think that's happening kind of stably across the board right now. I think we can see, if you look upon German trading or German manufacturing PMI indexes, you can actually see that they're now starting to climb up. They're still showing actually negative in June, but they've now climbed down from kind of low 40s up to 49. It's a clear trend where they are approaching a general growth in German manufacturing industry. I think this is what we're seeing as well. It's not yet booming in any means, but we start to see pockets of growth. I think we're benefiting from that. I think we also saw some very good performance in Spain as well. Yeah, yeah, yeah. Cautiously optimistic, if I interpret it correctly. Yeah, I mean, you can say we have momentum in a couple of other segments. I think Europe is starting to sort of turn around, although we don't really see a strong momentum yet. I'm positive at least that we're making steps forward. Yeah. One final one, sorry, another question here. On the cost and OpEx side of things, do you see more cost, like underlying cost reductions ahead to help the EBITDA margin going forward? Do you think that you will need some help from the market and higher volumes to drive the margins going forward? You can say we are continuing to look to find steps of making things more efficient. At the same time, we are also in the process right now where our order intake is growing. We are at this time not looking to kind of downsize for lower volumes, which is a different story. Thank you. That was all from me. Happy summer when you get there. Thank you, Jonny. Next question comes from Jacob Edler from Danske Bank. Please go ahead. Hi, Peter and Tim, and thanks for taking my questions. I'm just getting back a bit to tariffs to start with. If I read the report correctly, order intake grew 8% in comparable units in US dollar. As you stated, it does not include tariffs, as we spoke about a bit. If I was to shout out a number and guess that, you know, if I was to include that, that could have been like 3% on growth year- over- year. Does that sound like a half-reasonable number? Just trying to understand the-ish magnitude. I'm not sure, Tim, if you have the number or. I'm not looking to give out exact numbers on tariffs. Yeah, there was a small effect somewhere in that range of tariff revenues we had. Perfect, perfect. Thank you so much. A second question also on order intake. I remember last year you had, what was it, 6% of sales coupled to defense and aerospace. You have stated that order intake was a bit stronger, a bit above that number last year. I believe most of those deliveries were set to be seen in sales during the course of 2025. I'm just wondering, you know, did we see any defense sales bookings here in Q2? Was there any big increases year over year there? Is that something to expect more for H2? Those delayed bookings, so to speak. I think we do have some of it in the Nordics, but I think we're predominantly, some of the bigger orders that we booked during, say, Q2, Q3 of last year, I think we'll predominantly start building during the second half of this year. OK. Cool. OK, great. Just getting to, I guess, during the last week here, or yesterday actually, we had some positive news from Germany with stimulus programs being increased and almost doubled, if I read it correctly. Do you think that can kind of help the recovery here ahead? How do you think those programs could impact you guys? I have not had the time to analyze specifically what those programs entail. I think generally, the fact that the German manufacturing industry would benefit and see a pickup, I think that would clearly have a benefit for us. I think it's something we would anticipate and look forward to. Yeah, great, great. Just for East, you stated that you saw some price increases finally coming through. Are you able to add any flavor of the magnitude? Is it a low single-digit number we're seeing now, coupled to those, or connected to those high-end tech products? I think the price increase that we're seeing now is not specifically for East. What we're seeing is, in some tech areas, the factory loading is growing. I think the tendency for price aggressiveness from the factories is coming down, and prices maybe will start moving up. Where we have seen specifically price increases, which we are also now starting to push on new orders here in the second quarter, is more specifically related to certain areas where you have, for instance, gold. You have certain technologies with gold surfacing, et cetera. Given the gold price movement there, there are price increases which may be in the high single digits or even above, or 5%- 15% on some product areas. It is in select product areas, so the impact on the total number is still quite small. Great. A last question from my side. Just looking at the margins in North America here sequentially, we obviously had quite poor margins in Q1. How much is that delta sequentially mainly related to mix from phase III sequentially? Are there any elements of you guys being more prudent with costs given the tariff situation during the quarter? I think it's more a question we have good, we have also good revenue in the quarter, which helps a lot. We had SEK 225 million now versus SEK 190 million- SEK 197 million in last quarter. I think the volume translation with that gross margin creates a great leverage, which is also the key for us as a group. The volume development is important because, I mean, we are still in many parts like Europe operationally running significantly below volumes where we historically have been. If we can see a pickup in some of the key European markets, we should see a good leverage on that volume increase. Yeah, very good. Thank you so much, guys, for the answers. Have a nice summer. Thank you. You too. Next question comes from Gustav from Berneb lad. Please go ahead. Yes, good morning. It's Gustav Berneb lad here from Nordea. I thought maybe if we can start on the margin in Europe, it would be interesting to hear your view on that development here. I mean, you comment slightly on product mix and also price. If you can just elaborate a bit on the margin there in the quarter and possibly also quantify the impact from that specifically. Also, I mean, are you saying that you're seeing also price pressure in the market? Is that something more structural that we should extrapolate? Or yeah. I think you can say that for sure there is a general price pressure in the market and has been for some time here, given that the market has been quite sort of low in 2023, 2024. I think the price pressure is there. I think specifically, as we've highlighted today, we had good margins in the beginning of 2024 overall, as there were some timing effects partly on purchase prices from factories as they were coming into effect versus for customers, which kind of gave some of those. I think Europe benefited from that as well. I think that is one big part of it. The whole group is still down around 3% versus last year. That is a big part. You have, of course, a significantly lower volume in the European segment compared to last year. Even if in SEK, it looks pretty stable, you have to factor in the fact that you have some acquisitions adding to the existing volume. The organic drop is, of course, much lower than in the local sales numbers only in Swedish krona. I would say just to add a little flavor to that, a lot of the pricing and product mix development that we had compared to our margins this time last year, that was happening late last year more than it's happening sort of within the quarter. That's something that's been happening a little bit over time, not so much lately. Of course, to remember, which contributes as well, is I mean, when we talk about that we have impact on FX, we have some SG&A savings, but of course, they are all more or less in the U.S. and our East segments where we have costs in dollar. Whereas Europe, the FX drop of sales related to dollar hits directly versus an SG&A, which is largely fixed. You see that impact very clearly on the European and Nordic segments. That's very clear. Thanks. If we look at the average four-year margin in Europe, it's been 12%. Obviously, it's been quite healthy margins. I understand you probably don't want to guide in anything, but how do you look upon that number going forward? Once we see a normalization in the market, et cetera. I think you're right. We don't guide here. Maybe one thing to remember around Europe is, you know, they are a little bit lower than the historical average, as you point out. We do expect to see them grow with some pretty decent leverage as well. Just remember they're at a bit of a low point. I don't know if you want to add any color there, Peter. Yeah, I mean, if you look sort of over longer terms and if you factor out, say, pandemic boost, et cetera, I mean, typically I think what we should expect is that, say, Nordics and East are probably the segments that, based on, say, mix and technology mix, where we expect maybe to be able to be sort of stable, sort of to be able to perform north of 15% over time, whereas, say, Europe and North America may be to be somewhere between 10% to 15% in the longer term. I think Europe right now, as you said, Tim, is the one that is hit by the low revenue. The underabsorption of cost structures there means that we are now struggling. We are kind of back to below 10%. We expect to come back north of 10% over time, depending on how the market develops and how quickly that can happen. Yeah, perfect. That's very clear. I thought maybe if we could focus a bit on your comments regarding taking market shares in the report, you say both organically and through M&A. If we take the organic part, you have commented quite recent or recent quarters that you're taking or won a lot of articles, et cetera. I guess maybe if you can just give us a bit more conviction in the organic part as the market is a bit volatile. What are your bases on this? Is it that you actually see competitors go bankrupt? Are you seeing customers or new customers that come to you? Anything there would be helpful. No, I think the different parts that we see, of course, is, say, the trend we see in new customers starting to buy from us, the amount of new part numbers that we are winning, even though in some cases we are still, we know that we are running at maybe, say, lower volumes per part number than what we did a few years back. We can see the positive trend that we are eating into new customer positions. It's also positive to see that we now start to see an order intake, which is kind of up 8% in US dollars, even organically, or even 16%, including acquisitions. I think that we don't have market data right now regarding the market development here in 2025. I think we believe we feel comfortable that we are in a very good progress here overall in our growth on the order intake side. Yeah, perfect. That's very helpful. It is somewhat tricky to find exact data on the different markets. I think we feel that we're in a good position here to continue to develop well. No, that's perfect. Sorry, just one last one here. Also, if it's possible to give any sort of ballpark numbers of the impact of the higher freight rates here in the quarter. Also, assuming sort of stable rates from here, should we also expect a negative impact in Q3? What's your view there? We actually saw a slight positive development on the freight rates versus quarter one. Year- on- year is still a negative effect. I would say, without giving any specific guidance, we do still see some lagging effect on the earlier part of quarter two from the higher costs that were coming through on items from quarter one. No large material changes expected. OK, perfect. That was all for me. Thank you very much. Have a nice summer. Thank you, Gustav. Same to you. Thanks. There are no more questions at this time. I hand the conference back to the speakers for any written questions and closing remarks. We have one written question from Philbert Wessier at LFDE. He asked what is happening between the, given what is happening between the U.S. and China, do you foresee at some point reshoring of PCB production in the U.S. in the near future? Peter? Thank you for the question. At this time, we don't see any such movements or indications at all. I think what we are seeing is potentially that manufacturing is moving potentially from China out to other parts of Asia. I think we are seeing investments in manufacturing capabilities in Southeast Asia, countries like Thailand, Malaysia, et cetera, which potentially is a next-term sourcing ground. What we see, however, where we can see impacts from the U.S.-China implication and trade wars in general is that you may see more nearshoring on final assembly. That, of course, could be something which could be beneficial for our relationships in North America, that you see more customer activity, but we don't see manufacturing of the printed circuit boards themselves move to the U.S. Same thing with Europe. We don't see a shift in more investments in PCBs, but more pickup of assembly work. I think nearshoring of assembly work, that I think there's a trend of, but not of the manufacturing of the printed circuit boards. OK, thank you, Peter. That was all for today. I just want to remind you that our Q3. I think there's one more question, actually. I think there's one more question from Anders Rudolfsson. Oh, sorry. Yeah, that's right. Came in now. Anders Rudolfsson at DNB Carnegie asked, do you see any indications of new fabs in the US? That's the same question. I guess it's probably the same question, actually. Yes. Yeah. We don't see any investments in manufacturing capability right now in the US. Thank you all for listening in. Our Q3 report is on the 24th of October. Thank you, Peter and Tim. Thank you.