Welcome to the NCAB Q2 presentation for 2026. 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, welcome everyone to today's quarterly report. Starting out with NCAB as a background. We are a supplier of printed circuit boards, which are the products that you see on the left here, which form the foundation in any electronic products. Our customers are typically OEM customers or EMS companies mounting the electronics and creating the intelligent modules in today's modern industrial equipment. What is unique about our business is, of course, that the PCBs are uniquely designed for the product they're going to. There are no standard components, but we provide a lot of value, both in terms of engineering support as well as in the manufacturing. NCAB, we are a company with outsourced production. We have no internal manufacturing but work with a network of factories. Our mission is to supply PCBs for demanding customers and to do this on time with zero defects and produce sustainably at the lowest total cost. We believe very much in being local, close to the customers, where we can provide the technical and quality engineering support and commercial support to our customers. We are operating in an increasingly complex world, especially in today's environment with AI putting pressure on supply chains. Our vision is to making PCBs easy, to absorb that complexity, and make life easier for our customers. Beyond the factor that we are focusing on demanding customers, we are also targeting specifically the high-mix, low-volume part segment of the market. We are not active in high-volume consumer good products like mobile phones or PCs, as an example, but typically much more in the industrial applications or medical or aerospace defense applications. Typically what we see in these applications is that the PCB is a very small portion of the total bill of material, maybe only as low as 1%, 2%. Yet the demands on quality are still very high. For these customers, even though our customers in many cases are globally leading companies, their spend on PCBs is somewhat small, and they maybe are struggling to have enough competency to manage this commodity. Also even if they have that, they are still not having a spend significant enough to allow them to get access to the best factories and have priority there. This is where we can add a lot of value by aggregating the spend of a large number of customers. Of course, having also that spend, we also have the competency to be able to provide the support. This gives us an opportunity to provide good service with competitive pricing, yet have a decent margin for the business we provide. We look upon the global market, we can see the global market here being represented by the green bars, and 2026 is the forecasted end number for 2026. We can see how the market has, after the pandemic years or post-pandemic years in 2023, 2024, when the market was down, has resumed growth, and this has really been driven globally by AI applications. We can also see NCAB's ordering take curve accelerating as well in the recent times. This is also something we can see is influencing now our second quarter. If we move to the key takeaways in quarter two, we have a very strong growth on top line as well as on EBITA. We can see our order intake accelerating, in this market with quite significant supply chain challenges. The investments that are currently happening in data centers for AI predominantly is creating a lot of supply chain strains for PCB manufacturing globally, both in terms of manufacturing capacity, but now more and more in the ingoing constituent materials that you need, like glass fiber yarn or laminate materials. This is both create in resulting in pre-buy effects as well as price increases, which is enhancing our order intake in this quarter. Beyond those two effects, there is still a good, solid, underlying double-digit growth for us. We see good progress specifically in the focused industries like what we do for AI as well, but predominantly also in areas like medtech or aerospace and defense. In the quarter, we overall come up with an organic order intake growth of 58% in U.S. dollars. We move to net sales, also here we see strong growth on the back of previous quarters of growing order intake. Our net sales growth is 25% in the quarter, and we can see all regions performing well. Beyond volume demand going up, we can also see some effects from pricing that we saw in quarter one. I think NCAB has a strong position in this turbulent market. We have a very resilient supply chain, a strong portfolio of factories where we are a priority customer, and it makes us a resilient source of supply in this challenging market. We should also remember that we still have some negative impact from FX compared to prior year. In this quarter, we had SEK 35 million of negative impact on net sales. Also, EBITA, with the growth in net sales, we see strong improvement in EBITA versus 2025. We're leveraging well this volume growth, and offsetting also the negative FX headwind that we still have. Gross margins remain stable versus prior year. Just at the end of the quarter, we were happy to announce another acquisition. We acquired the company Board Shark PCB in the U.S. This is a company based in Florida. It was started in 2026, and the focus is very much on prototyping and quick turn deliveries. Their main customer base are in areas like aerospace, but also industrial and medical sectors. In 2025, their revenue was around $70 million. They have a very good EBITDA margin, which also contributes to NCAB's performance. It is a fairly small team. It is only five employees in the company, but like also some other U.S. companies, they are operating with an external network of regional sales reps. They are predominantly strong for this company in the western part of the U.S., which is a very good complement to NCAB's already strong position, where our strength historically comes more from the East Coast. This further strengthens our position on the West, in the same way that our acquisition of Phase 3 Technologies did in 2023. This transaction was signed and closed on June 24th. We take a little bit deeper look at the figures for the quarter, we can see that the order intake overall in Swedish krona grew by 59% to SEK 1.570 billion, versus SEK 985 million in prior year. That is a 58% organic growth in U.S. dollars, which is the main trading currency we have. We also have a very strong book-to-bill of 1.34. Net sales grew 25% to SEK 1.168 billion versus SEK 934 million, and that represents a 24% organic growth in U.S. dollars. EBITDA grew to SEK 138 million versus SEK 93 million, and represents an EBITDA margin of 11.9%. As mentioned, the gross margin here stayed stable, versus last year and largely versus prior quarter. In the EBITDA, we are still offsetting a negative FX impact of SEK 10 million in this quarter. The FX impact is reducing compared to quarter one, but still represents a negative impact. Good cash flow of SEK 116 million versus SEK 93 million in prior year. Our working capital is up, and we see this partly as the lead times are somewhat longer on the supply chains, but it is actually slightly lower than where we were in quarter one. Net profit is at SEK 84 million in the quarter versus SEK 40 million last year, and EPS is 0.45 versus 0.22. With that, I give the word to you, Tim. Thanks, Peter. Here you can see our gross margins over a longer period of time. You can see we were in the low 30s back some years ago. We invested quite a bit in having a strong supply chain and a strong engineering base. We have been able to add additional value for our customers, especially in market situations like this. That has given us a good margin at a stable level over the past few quarters, closer to 35%, in a nice stable situation. We take a look through the order intake, you heard from Peter, around 59% up and in comparable units, U.S. dollars, 58%. That growth is comprised of approximately 20% on the pricing side, and around 20% pre-orders for delivery in 2027. We see that, as you heard from Peter, that with this market situation, the lead times are moving out. Around 20% of the orders that we took this quarter are scheduled to be delivered in 2027. Net sales up 25%, to SEK 1.168 billion, and in comparable units, around 24%. That gave us a book-to-bill of 1.34. We also saw a positive pricing impact starting to be translated through from the backlog from the quarter one orders. We also saw positive trends coming through in EV charging, aerospace and defense, as well as industrial sectors, which we were happy to see positivity there. When we look at the EBITDA result, around SEK 139 million compared with SEK 94 million last year, and that's despite an additional FX, a negative impact from FX of around SEK 10 million. We also had SEK 7.3 million of transactional cost for Board Shark, which you saw represented in the North America segment, of around SEK 7.3 million. Despite those two things, we had a little bit of additional help from M&A as well. We had B&B that we acquired last year, Multi-Teknik, and now Board Shark. The biggest driver here has been strong operational leverage on the higher volumes that have come through. That pushed us up to an EBITDA margin of 11.9% versus 10% last year. You heard that gross margin has been stable over the past few quarters. With that, I hand it to you, Peter. Thank you. As mentioned, I think we have seen positive development in all of our segments. If we start by Nordics, we can see the order intake up strong by 55%, reaching SEK 403 million of order intake versus SEK 260 million. Here we also have some contribution from Multi-Teknik that was added in, so organic growth is around 41%. We can see, of course, the effects of pricing, pre-ordering, but also a solid development in sectors like energy, defense, and also general industry that helps to drive the order intake growth. Net sales also growing nicely by 28% to SEK 277 million, over SEK 215 million, representing an organic growth of 70% in SEK or 21% in U.S. dollars. We continue to see the resurgence of the EV charger business that was low for some time during 2024, 2025, but that is coming back and growing nicely. We also see the continued growth in defense, plus general industry developing positively. EBITDA amounted to SEK 42 million over SEK 23 million last year. The EBITDA margin up to 15.2% versus 10.7%, which is maybe more in line of our historical performance in the Nordics segment. Contribution from Multi-Teknik, of course, helped to drive the EBITDA improvement, but there's also, as mentioned by Tim, in general, a strong leverage on the net sales growth that helps drive the margin development. If you start looking at Europe segment, also here, strong order intake growth by 58%, up to SEK 750 million over SEK 475 million. Organic growth of 51% in SEK and 57% in U.S. dolar Only a small contribution from B&B makes a difference as they came in during quarter two in last year. We see the order intake, again, driven by pricing, pre-ordering, but also the continued demand and growing demand from industrial customers. All markets here are strong. We only have a few exceptions. Italy, where we have quite a bit of exposure to automotive passenger car, where there is a more muted performance still. Net sales grew by some 22% to SEK 536 million over SEK 440 million. Organically here, 17% in SEK and 21% in U.S. dollars. We continue to see the strong development in most of the European markets. Notably, Germany, for us, is doing quite well. EBITDA increased to around SEK 60 million over SEK 33.6 million, and EBITDA margin grew from 7.6%- 11.1%. We have some negative FX in the quarter, but it is being offset by the leverage of growth and also the contribution from B&B. Moving to North America, also here, we continue to see strong order intake growth of 56% to $294 million over $189 million last year. Growth 59% in U.S. dollars, supported by some orders with extending into 2027. We continue to see strong development in defense. Here we have the approval of CMMC 2 recently for the cybersecurity, which is a mandatory requirement specifically for defense in the U.S., and that is helping us now to win more business in the U.S. We also see continued business within power solutions, where we also, in earlier quarter, had significant projects for some data center applications. Net sales are up 24% to $278 million over $225 million, and it is a growth of 30% in U.S. dollars. Here we have had deliveries of a number of larger projects helping to drive the growth in the revenue side.. We also see strong development in Nivas prototyping business that we have in North America. EBITDA came down to $26.3 million over $32 million, but this, of course, is mainly driven by the fact that we have the transaction cost of $7.3 million for Board Shark. Without that, the EBITDA margin would have been 12.2%, which is still slightly down from last year, but in par or slightly better than Q1. Finally, over to East, where we have seen maybe the strongest development on top line, with order intake increasing 102% to $124 million over $61 million. Order intake growth in U.S. dollars, 111%. We are capitalizing very much on the market growth in high tech. Our team here is very much focused on niche applications where we are providing a lot of engineering support. We can also see that a major part of customer base that have been trying to buy direct historically in China, given that that is a main source also of supply, they are struggling to get access, and they are valuing the access through manufacturing capacity from NCAB. This is helping us to grow our business in China, notably. Net sales are up 40% to SEK 76 million over SEK 54 million, and it represents a net sales increase by 46% in U.S. dollars. EBITDA grew to SEK 15.1 million over SEK 9.5 million and represents a margin of 19.8% versus 17.5%. Here it is really the rapid growth in net sales that creates the strong EBITDA leverage for the business in our East segment. Over to you, Tim. Thanks, Peter. I think you can see here that our return on equity is developing favorably with 18.9% during the quarter, compared with 13.5% in prior year, driven very much by a healthy EBITA development. The net debt to EBITA is at 1.9 versus 1.8 last year, which is below our financial targets, and that is also considering the fact that we did pay out a dividend during the quarter, as well as acquiring Board Shark. Equity to asset ratio at 35.8%, considering around 40.7% last year. Working capital up to SEK 443 or 10.3% compared with SEK 353 or 9.2% prior year. Part of that does come from us buffering the situation for our customers a little bit, and making a bit easier for them and adjusting to the market climb. Available liquidity, a little bit over SEK 1 billion versus SEK 1.2 billion last year. Very much in a good situation with additional dry powder for additional M&A. If we look at the pipeline, a bit over 300 identified companies. I think if you've been following us for a while now, you're a bit familiar with our criteria. If you look at the past few acquisitions that we've done over the past years, including B&B, Multi-Teknik, Board Shark, all without own production, all profitable companies, and that's the type of company we continue to look for. Shortlist of around 50 target companies and good conversations ongoing. We're happy now to have our first of the year out with Board Shark. All three of these acquisitions, we think, at a very good timing in the market. If we look at the integration process, there's a lot of advantages for a company to come into the NCAB family. There's opportunities to improve and learn and grow in marketing, sales, people and culture, IT, operations, and it's also an opportunity for us to learn from them. Each one of the companies that we acquire, we try to learn from. They tend to make us a little bit better globally. They get to choose a little bit together with us, which one of these synergies makes them more successful, and they get to choose those ones first. That's how we move along. Over to you, Peter. Summing up, again, we are a specialist company, and we remain 100% focused on printed circuit boards. Overall, the global market this year is predicted to be around $100 billion. What we are focusing on in high-mix, low-volume represents maybe around 30% of that, so a worldwide market of around $30 billion. Even though we are a clear leader, we still have a lot of market to target. We do not have plans to extend into other product areas, but remain 100% focused on the PCBs. We also want to continue with this asset-light model of not having in-house production, but instead leveraging a strong portfolio of partner factories to always be flexible and adaptable to have the right offering for our customers. We are still, however, investing a lot in the whole manufacturing process. We have a strong factory management team. We are also investing in technology and system support to help us provide even better service for our customers and build stronger relationships to further increase market shares in the market where we operate. We are continuously also looking to expand geographically, to cover new markets or areas of new markets. We believe that M&A is a very good method of doing this. We are supplying products, but we're very much a service organization, and building those customer relationships take time, and even more so if you're entering a completely new market. M&A is a very good vehicle of establishing a foothold, and then from there, growing our shares in that market. We also see still in Europe and North America, especially, there are a lot of smaller, medium-sized regional players, trading companies, where we see an opportunity to consolidate this market. Many of these companies lack the kind of muscle that NCAB has in terms of its factory management, supply base, organization, and its work on sustainability, et cetera. We can help these companies take the next step for the future, as many of the companies were formed and started some 20, 30 years ago, there are many of these companies that are also coming up with a succession and change. Here is a good opportunity for those companies to transition their ownership into NCAB and give both the company, their customers, and the employees a nice future development for the future. With that, I think we wrap up our presentation, and we'll 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. The next question comes from Jacob Edler from Danske Bank. Please go ahead. Hi, Peter, Tim, and Gunilla. Thanks for taking my questions, and congrats on another strong quarter. I have a couple of questions. Starting a bit on the order intake side and starting with pricing. Pricing was 20% up year-over-year in the orders here in Q2. If I look at external data, it seems that spot prices are running even higher heading into Q3 here. Do you agree with that statement, and how do you view the price development here ahead? That's a fair assumption, Jacob, because what we've seen is, of course, this has been a gradual process, starting maybe some of the discussions already end of last year and during quarter one. In quarter one, we had price increases in say north of 10%, and now maybe we are north of 20%. I think that has been a gradual implementation. It's a fair assumption to say that the prices are higher now at the end of quarter two, than what they were at the beginning of quarter two, for instance. Looking ahead. Very clear. I think it's always hard to predict how the market's going to develop, but we do not see any relief in the supply chains in the near term. If anything, they may become more challenging going forward before they turn to the better. Very clear. Touching a bit on that, as you explain now, but also in the report, the capacity constraints are tougher than ever. I believe the last component crisis we had back in 2021, that cycle kind of lasted for one and a half years in terms of sustained order intake growth. Based on what you can see right now, do you think that this cycle will be more prolonged, so to speak? It is, of course, challenging to predict. Right now, what has been the main driver of this cycle has been the investments in AI. That, of course, has created shortages, which in turn has created more of pre-buy, which actually amplifies the strained supply chains. If we look at the current rate and the projected near, or say midterm, investments in AI, there is no real relief from the AI side in the investments. Their investments, as predicted at least, look to outpace the pace by which the industry can ramp up its capacity. Right now, it's hard to predict, and we won't right now see when things would turn around. Mm. Clear. Good. I just have two questions on North America. In Q1, you were talking about these bigger orders that you quantified of $20 million, which was partially towards these research centers, which may become once a year. You also had these auxiliary energy systems towards data centers. You've mentioned energy here in North America segment, were the magnitude of the data center orders a bit smaller here in Q2, can we expect larger orders in H2, or how should we view that commentary here in Q2? It's fair to say that. As you said, in quarter one, we had a little bit of an extraordinary assembly of those orders coming in all at once. Yes, we have had continued orders for these kind of power auxiliary supplies also here in quarter two. We expect to have more opportunities going forward. If we will have that they will kind of converge in a single quarter like they did in quarter one, that's a little bit hard to judge. If you look upon our order intake numbers for quarter two, you then actually, in the year-over-year comparison, then we actually were lacking one part of those kind of science orders that we then last year had in quarter two, but this year came out in quarter one. Good. Also quite exciting to see that you started to receive defense orders on the back of the CMMC 2.0 certification that you got approved for. I guess, can we expect these orders to continue for the remainder of the year, and are you able to quantify the magnitude within the North America segment, which is connected to defense? Give any color there? I don't think we're breaking out exactly defense for North America. Defense for the group in 2025 was around 6%, but that was predominantly then North America and Nordics. This is also a general development that, on the one hand, we are cementing our position in North America and hopefully extending through our commitment with the CMMC 2 investment. Also, we can see that the work that we initiated a few years ago to extend our sales to aerospace and defense in Europe is starting to bear fruit, where we're also winning more new orders and projects in continental Europe, which is also positive for the future. Very clear. Last question from my side before I hop into the line. The gross margin guidance you've had for a couple of quarters has been 35%-36%, and you delivered right above the low end in this quarter, which I thought was quite strong given how fast prices are moving in the market. Do you think you'll be able to sustain this low end of the guidance here ahead, given the market dynamics, or how should we view it? It is our aim that we will be able to manage the cost increases to our customers in the way that we are also preserving our gross margin. That, I guess, is our ambition, to still stay with that kind of guidance we've given before, to be in that range, 35%-36%. Very clear. Thank you so much for your answers. Thank you. The next question comes from Gustav Berneblad from Nordea. Please go ahead. Yes, good morning. It's Gustav here from Nordea. I thought maybe just to start off with something you write here in the report regarding, you say that deliveries for current orders are now materially into 2027. Just a clarifying question. That if I were to place an order today, will I get delivery first mid-2027, or is it still possible to place orders today and get delivery within 2026? I think you can still get orders into 2026. It is increasingly, say, depends a little bit which technology, et cetera. You can still get orders in 2026. It's not that it's completely closed, but we also see that, especially on the pre-ordering side, we have seen orders extending where they have visibility that stretches beyond customers are placing those orders as well. A lot of the pre-ordering is materially pushing into next year. Shorter delivery times also require slightly higher prices in some places because capacity utilization is so high in many of the factories that can do that. That's very clear. Thanks. Just given the order book you have to get today, you have quite good visibility here into H2. How confident are you in seeing sales volumes increase year-over-year here in H2, given the supply chain constraints? Right now, you can say this, you have to, of course, take out, say, the pre-buy side of things from our order intake. I think generally, we are keeping up quite well with our customers' demand increases. We don't see, at least for the near term, major risks to our supply opportunity. I think we are pretty confident about how we can develop. I think what we can see is, of course, this is something for Maybe for those who were with us in 2021, 2022, to see that, yes, when we have this significant order intake and with levels of pre-buy, the revenue will climb slower than what the order intake would do. You will not see the 1,500+ in order intake materialize in near-term revenue. It gets more prolonged in its growth. Maybe to add on to that, if you look at where the orders were originating for these different quarters, the orders for quarter three were originating largely in quarter one when the supply chain issues were not as severe as they are now. The bigger risk in the two quarters is really more in quarter four, where we typically have a seasonality pattern in December as well, which leads into quarter one. I would say it's more of a thing in quarter four than it is in quarter two. That's very clear. Just on the price increases filtering through, just to help us with our estimates as well, should we expect a gradual increase in the price increases reaching roughly 20% by mid 2027? Is that a good reference point for the sort of see the 20% coming through? Yeah. It's probably pretty fair. We talked about it in quarter one, where we said the price increase we see in quarter one would predominantly be visible in the second half of the year. We've seen some positive contribution from the pricing on the net sales also in Q2, but I think we'll see the full effect of Q1 price increases will really materialize in, say, in quarter three. Likewise now, the price increase we're seeing now will be towards the end of this year and into 2027, on the net sales effect. Perfect. Yeah. No, that's clear. Just two small questions here on costs before I get back in line as well. Just in terms of the transaction costs that we are seeing here, just if you can elaborate a bit on why they were so large in relation to the acquisition. If we compare to the previous acquisition, it's a quite large difference. Then also on if there were any costs related to the business development conference that you usually have here every second year in Q2. Yeah, I can say that the transactional costs for Board Shark were primarily related to doing business and setting up the acquisition in the right way in the U.S., which is a bit more of a complicated jurisdiction, especially on the legal side. What we could see is that it was a bit more comparable to the last large acquisition that we did in the U.S., rather than smaller, more simple acquisitions in Europe. That's a little bit where that came from. Yeah, we did have some costs from the conference that we had in quarter two, but not a material effect on the quarter, all in all. Is it fair to assume that it's low single digits in terms of million SEK, or? Not something that we disclose. Okay. Thank you very much for taking the questions. Thank you. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Jonny Jin from SEB. Please go ahead. Yes. Good morning, Peter and Timothy. I have a couple of questions as well. I want to follow up a little bit on the pre-buy, and especially tying that to your higher prices now, as it sounds like prices are still climbing. How do you reflect that in the pre-buys? Do you charge a premium on those longer pre-buy orders to reflect the pricing risk, or how does that work? I think it's a mixture. I think this is where the market is probably moving. Given the fact that the market is not easing up, I think the willingness to make committed long out pre-buys with fixed pricing is challenging. In some cases, you can say that the pricing is built in there, but we are also facing a situation where we may be subject, and we've informed our customers as well, that we may be subject to what is called dynamic pricing, meaning that the PCB manufacturer, if there is a pre-buy order with deliveries six months out, they of course do not have six months of raw material in stock. They only right now have a pricing indication, but the raw material prices are more set on a kind of spot market currently. There may be even, say, price adjustments to longer orders going forward. Understood. Just one quick follow-up on previous questions here. You flagged longer lead times very clearly, order conversion is still very good, it seems like. Very healthy if you look at both this quarter and on year-to-date. I assume it sounds like price effect was minor on the sales side in this quarter. As you convert these higher prices starting in the second half of this year, you also mentioned the supply chains are very, very tight now, your value is also getting higher to customers. Just to clarify, is it fair to assume that the gross margin could start to climb towards the upper end of 35%-36% range ahead, or can you maybe comment on that? We don't give forward guidance on that sort of thing, suffice to say, we're not expecting immediate margin accretion. We're just trying to keep up with the market itself and what's going on in the supply chain dynamics. I think we're also very much focusing on the customer relationships we have in terms of doing our best to protect our customers and, of course, getting compensated for the cost increase that we see, but at the same time, not profiteering, but really building the long-term business with our customers. Okay. Understood. Then just a quick one on cash flow. You grow very fast now, but going forward, as you say, supply chain is very tight and, yeah. Do you see a behavior that suppliers might ask for more upfront payment, or such, that could impact your working capital in the short term? How do you mitigate that, or what do you see there? It's a good question, Jonny, I think we are seeing that happening, or at least we can see that as a potential issue that, say, especially for factories to be able to get raw material that they may need to pay upfront. Just from the fact that prices are going up on raw materials means that our manufacturers, they will hit the credit limits of their raw material suppliers, and then may need to pay upfront to get anything beyond their credit limit. In some cases, we may need to go in and support that to secure material, and I think it's an opportunity and a strength we have, but it's also something where we are also in dialogue with our customers to get our customers to support that in order for us to secure material for them. There may be some impact on our working capital, going forward, but I think we can also largely offset that also from customers. It may not be something that some of our smaller competitors have the ability to do in the same way that we can. Understood. That's clear. I have just one final one quick question. Some companies are receiving some tariff refunds now in the U.S. Is that something that you expect as well going forward, or? This is a process that is progressing. I think, yes, we may see some procedure on tariffs coming back. In some cases will also be there based on, say, post our deducted cost that we've had in association with this, there will be part of that flowing back to our customers as well. We don't see that as a major impact on our numbers going forward. Understood. Thank you. That was all from me, and have a great summer, Peter and Timothy. Thank you very much, Jonny. Thanks, Jonny. There are no more phone questions at this time. I hand the conference back to the speakers for any written questions and closing comments. Thank you very much. There's some questions here. We have one from Phil Bervesier. He says, "Congrats for the result." He has two questions. First, could you disclose the share of your revenue or order intake that is directly or indirectly related to AI infrastructure investment? It's not something we have reported, but what we do, we report those activities. They are predominantly related to power solutions. In 2025, we reported power being around 9%, which then includes also our EV charging business. It was in 2025, maybe a business that is, say, potentially sub 5% of our turnover. We have seen continuous growth. We already had some of those projects in the second half of 2025 notably. It's not a major part of our overall revenue. Thanks, Peter. The second question was, where do you see PCB prices going for H2 and 2027? Any capacity addition ongoing that may ease this crunch? As we say here, it's very hard to predict where the PCB prices will move in the second half. Based, though, on the fact that there has been a gradual growth of the prices, we are ending quarter two with higher price than where we were entering. That, of course, will be reflected in the H2 numbers. We know that there are capacity extensions happening in terms of increasing the availability of raw materials for the PCB industry. That still takes quite a while for that to grow and is still lagging behind the pace at which AI investments are growing. Right now we cannot say when those additions may have an impact on easing the crunch. Okay. Thank you, Peter. I just want to remind you, our Q3 report is on October 23rd. We sent out earlier this morning a save the date for Capital Markets Day, which we will hold on 19th of November. It's both in our offices and hybrid. Very welcome back, thank you, Peter and Tim, for today. All of you for listening in. Thank you. Thank you very much. Thank you