Very, very welcome to the presentation of the Q2 and the first half of the year. I am pretty happy with Q2 actually, where we show a growth in both sales and earnings. It also feels a little bit, for the first time in many years actually, that the markets start to be a bit more positive. It is only one point I am not happy with in this report, and that is the organic growth, where I was hoping for more than 4% or 5%. I think we pretty soon will be there. We should also remember that we have several things that is happening this fall. For example, Dallas will start selling from all distribution from 1st of October. I think the costs on Dallas is around SEK 10 million for the first six months, and it will continue to cost money in the coming quarter. Then hopefully, and what I believe is that, and that is one of our biggest investments in many years, it will start contributing sales-wise, of course, from October. Profits-wise, I think it will be three to six months, and we will be up running or at least break even there. So it is lots of interesting thing in front of us. Today, 2,877 employees, 28 countries and three different segments as you know. Maybe there I should say also that Sweden is now down to 20% of the sales, and it will continue to decrease due to the investments we are doing and the acquisition Cotton Classics that are not there yet. Here is not much to comment. We had, and I think based on questions that we had earlier today, we have maybe a small misunderstanding regarding the tariffs b ecause back to the result, it is only the tariffs on sold goods. The rest is deduction of the stock value that will strengthen the margins coming quarters instead. If you look at the figures for half of the year, it is not any big effect of it. The result in Q1 should have been better than it was. The result in Q2 is slightly lower. So you know that. One big investment we also have done that we have not talked so much about is Toppoint. Our company that producing pens, water bottles and so on. That moved into a new fantastic facility which was opened up in May. Also pretty big investment. I do not have the numbers in my head, but yeah. So it is another SEK 250 million investment there. The quarter net sales +14.6%, 12.3% are coming Cotton Classics and the integration there is going pretty well. That include also what they sell our own brands today. That is also increasing all the time. 2.2% from organic growth. Again, there I am not really happy as we should be higher on the organic growth. Especially due to all the investments we have done and all the products we have launched last years and so on. If you look at the different countries, you can say I am actually happy with all countries right now, excluding U.K. That has been very, very tough and it continues to be very, very tough. We also know that our competitors there have decreased their volumes. Actually, most of them more than we, but it is not a good development there. Operating profit SEK 295 million. And there I must say, due to all these investments we are doing with Dallas, with Toppoint and so on, I am very, very happy. The underlying profitability is very, very good, I would say. We should also remember here that the second quarter and the first half of year, we did not Cotton Classics last year. So when we compare, we are taking in acquisitions on roughly SEK 1 billion in the yearly turnover with an operating margin on 7%, 6%, 7% approx. If we look at, so to say, the old group excluding investment, I think those results are very, very good and could have been much, much worse actually. What is holding it up is also, of course, a very strong gross margin. I think I have said that for a few years now when it has been tough times, that we will keep our gross margin. We will not use the price to deduct margin to increase sales. That of course sometimes it can be tempting to do that, to blow up the growth. I also know based on those 30 years that it is very, very difficult to raise again if you once have start cutting. April, yeah, 13.5%, SEK 2.6 billion. Currency was negative with only 1% this year. When it was its worst, we discussed that before. For example, in January this year, U.S. was contributing -19% in currency. Then it is a bit hard to show growth, actually. Promo, 17.5%. The main reason that they are going very strong is, Cotton Classics acquisition that are in that channel. Also retail is up 5%, which I think is pretty good. I am a little bit afraid, actually, on the backlash on it in South Europe in the third quarter due to the weather has been very warm. I do not have any figures to base that on, but when I talk with retailers there, it has been quite empty in the shops when it has been those really warm conditions. Cutter & Buck continue to grow well, and I think that growth will really increase. We also launched Tenson in U.S. through Cutter & Buck right now. When Dallas open up, it gives us a very good chance to serve that part of U.S. As an example, you can say, if I take a simple example, all the sales before Thanksgiving, for example, that we have on the net, we have to quit three days earlier or cut order taking three days earlier in South U.S. today than we do in North U.S. because we cannot deliver before. So that will mean a lot, and I think they will actually continue to increase, and they have a very good growth. In retail, it was in this quarter, mainly Craft, but also Texet, we were a bit lucky there. We were not involved in any way, you can say, in the world championships of football. We have unfortunately yet no national teams playing in Craft either. But what we did and what really shows the strength again about the stock is that Sweden was qualifying so late, so the chains could not pre-order. Well, they didn't dare to pre-order in time. We could supply from stocks. Actually, we sold into Swedish merchandise, you can say, to INTERSPORT, Åhléns, Team Sportia, to everybody excluding Stadium. That was very good. It's nice to don't pay the sponsoring fee and then get the merchandise. Here you also see the different segments. In one way, I'm also pretty happy there that all three is growing, even if it was very little, 2.7% on just the home furnishing, it's at least a growth. Sales per geographic area. North America increased and Sweden was a very nice increase, I must say, because if you look at the market shares we already have and continue to grow, it's a very strong development. Benelux slightly up, Nordic up, and there are Norway going quite strong. Now we finally see the effect of all the national teams we have in Norway. It took longer time than we thought, but now it's paying off. Rest of Europe heavily up, and that's Cotton Classics, that acquisition. others, quite heavily down, and that's only trading. As we have said, every report, trading is extremely volatile up and down. So you can have two weeks coming in with a weekly, say, +100%, and then you have one week -70%, and so on. That's how that business is. It's still very profitable for us, and it's a very good cash flow, so we want to continue this b ut there we have to get used to that it can come a very good quarter and next quarter can instead be looking bad and then good again. So it will continue that way. The reason is, of course, that it's quite few number of clients compared with our other channels, and it's very big orders. So here it's more or less if you are unlucky or lucky to deliver in the right quarter if you look at the short term. As the margin we have talked about, and there we should also remember that the majority, I think SEK 65 million, if I remember correctly, is write down on the stocks due to the tariffs, which give us a good chance to hold a strong margin in the U.S. market the coming quarters. We will continue the same way. We will not use discounts and so on to blow up sales. We will continue the same way. We will not use discounts and so on, very good gross margin the coming quarters that we have in front of us. We should also Cotton Classics came in the figures you compare with more than SEK 1 billion in sales, with a gross margin on, what is it now? It's increased a little bit, +27%, and it was 25%. So if you take away acquisition, I think actually this is the strongest gross margin we ever have had. External personal costs continue to increase, and they will continue to increase. But I think also that we will see a more normal cost increase and especially investments that are taking as costs from latest third quarter, maybe next year. It's a little bit hard to say. But then I talk more about existing business. If we do more acquisitions during that time and so on, or we decide to establish one more new big warehouse, which I do not think we will do within one year, but if we do, it can of course affect. If you look at the normal business, it will come down. There, we maybe should point out once again, because I had some questions on that too, that the difference now when we are in the post, when you change ERP systems, you put it into the balance sheet, and then you write it off on five years. Now it is in the cloud, and you have to take a big part of this as cost day one. If you look for the coming years, we will have quite much lower depreciations of that. I think those changes in the bookkeeping, it is really not good because it is very difficult sometimes for analysts and investors to compare. I think with the old, do you dare to guess if it was working the same way as in the past? You took it as an investment in the balance sheet. The results so far this year would improve. I do not dare to say, but it is a big difference because we have only started to use the system in two entities, and we have a majority of the cost for the entire template. So it is a huge difference. It is more than- Therefore, again, I say if we can hold an operating margin on this level and due to all this investment at the same time, I take it as a proof that 20% is absolutely reachable. Again, excluding acquisitions. You know that we love to buy companies for 1 SEK. 1 SEK companies is not very profitable if I buy them. We want to continue the same type of acquisitions if we can and if we find them. You can say that all those kind of acquisitions has been quite successful over time, excluding [inaudible]. So we are continuing to look at companies that are in problems. It is, of course, not easy to buy them and especially not to find them. Excluding that, I think the margins are very, very good. Yeah, 11.3% in operating and you can say you see on Corporate Cotton Classics is 100% into the Corporate sector. It is lower there. Sports & Leisure increased quite good. There also the majority of the minority of the money we can get back from tariffs is in Sports & Leisure. That is also one reason. It gives them a home at least finally a positive margin and not negative. There I think that in that area, we will never reach any 20%, but we should manage 20 in average anyhow. I am very happy if we can actually come up to at least 10%, so we can quit consider it as a problem. Cash flow is also quite okay, I think due again to the investment we are doing. I think it is even strong. In the cash flow, the effects is not yet seen by the tariffs either. I am quite positive to that. Yes. In addition, Torsten mentioned the European investments. They are not shown in investing activities in cash flow, but the cash flow from operating activities. That is why that is Balance sheet continues to be, I would say, very strong, which we are very happy for. We still have room for more acquisitions and later on, more establishments, which I think is also very, very important to have a strong balance sheet. Dallas, 10 million units we can store there. It is the most advanced in automatization and technology in the whole group, including how to store embroidery direct to garment decoration as well. The main reason is, of course, that we have a lot of actual existing clients that we do not serve in a good way today in that part of U.S. I think it will go quite quick to come up to breakeven. If we can reach breakeven six months or something on that fulfillment center, I think it is very good, and it will really mean a lot for the future growth in the U.S. market. I got a question earlier today, how big we can be in U.S. or what is the level we can take. We should remember that we are still extremely small in U.S. I have not counted the market shares because I do not have enough zeros in my calculator. If we really succeed there, nothing is easy, but theoretically, we can at least do 10 times of what we are doing today within six, seven, eight years. It is a very interesting market and it is also interesting because I was misjudging the U.S. as I said in earlier reports, because I thought that the U.S. should be our most difficult market due to all things with everything from tariffs to Trump's different decisions, to the war in Iran and so on. I repeat that it seems that the Americans have some kind of gene in the body that we do not have in Europe, that they just continue buying whatever happens. That is actually a feeling. The U.S., I think, will have been one of the strongest markets also in general, the last years. It will be very interesting and I am quite excited with this. I go to the U.S. on Saturday morning and will meet the people responsible on Monday. Toppoint, we have not talked so much about before, but it is a company we have doing hardware, from the beginning a Dutch company, but located with their production nowadays in Poland, since quite many years. There we sort of have 35,000 sq m, a big production facility started in May. It also cost a lot of money. It also actually decreased sales for a short while. It is very modern, 25 different printing techniques, that we are quite alone about. Many products available in 24 hours, which do that we are at the same level or better than the competition after this. This will also be very interesting to see what we can do there. You can say we have still two areas on the Corporate that we are in a European perspective, are quite small. Toppoint and hardware is one of them, and the other one is Workwear. It will be theoretically easier for us to continue taking market shares in this area than it is on Corporate in most European countries. Just like I mentioned, without stock, we have lost all the things, just so you know. This is again a proof that especially on merchandise and happenings and those things, it is speed to market that are the absolute most important thing. Now we hope that in more of our big countries in the future, the countries qualify but very late. Too early is not good. For the first time also, we have a champion playing in Craft. It was Aarhus that won Alka Superliga, which we are very happy for. Craft is really moving forward on the teams. Another nice example was that you had the first game, I think the second game is still left to play between IFK Göteborg and KAA Gent. I think it was the first time it was two teams playing in Craft in a European Cup. It is really moving and here we can also see sometimes it is very difficult for us to also give forecast on some things because if AGF Aarhus would not win, then we probably have sold merchandise for SEK 20 million lower. This is also quite important. I have nothing against Sirius, but now I hope that Hammarby is winning. It would be very nice to have both Danish and Swedish champions as well. This is one of the biggest events we ever have supplied, Royal Run in Denmark. 112,000 runners, I think it was in six cities or eight cities maybe even. All of them, those 112,000 run in a Craft T-shirt. It is fantastic also. Not only fantastic for the sales, it is also fantastic for the exposure of the brand. It has happened quite a lot in those areas. Half a year, it is not very much to say there in one way because it is more or less following Q2. You do not have any big effect of tariffs if you look at the half year figures. As I said before, Q1 would be a bit better, Q2 a little bit worse. Half a year is quite correct. Yes, SEK 4.9 million. Not billion yet. 10.3% up in sales. Corporate 14.4% and retail 2.0%. Again, the big difference there is also Cotton Classics, of course, was not in first half year last year. Yes. Not so much to say here. Geographically, you have pretty much the same picture. North America - 2% is due to currency and the currency effect there for first half year, I do not have it in my head, but do you have that, Anna? Soon. Okay. Sweden + 6%. There I must say that if I am a little bit negative surprised in, for example, Great Britain, I am positively surprised in Sweden because to have that growth rate with the big market shares we have here is very good. Especially when you do not use discounts and so on, you really grow on full margins. -8.6%. On half a year, the local currency versus plastics for something. Benelux +5%, and there we now start to see a positive effect of the automatizations we did in New Wave Group last year. We have been operating there since May last year. For a while, we lost sales due to bad service when we had all the movement and so on. Now we start increasing again. That's good. Other Nordics, 5%, and the rest of Europe, +43%. The reason for +43%, the main reason, I should say, not the only reason, but the main reason is, Cotton Classics. others, -23%. That's one single reason, and that's the trading came in low in Q2. Corporate - SEK 33 millioN. Sports & Leisure + SEK 57 million in gifts and furnishing, an improvement on SEK 17 million. Cash flow, also pretty happy with that also if you look at the half year. That's of course also one of the reasons we continue to have a strong balance sheet, which we will keep strong even if we do acquisitions. That's more or less that. I think we'll open up for questions with that. Yes. Yes, you should. Thank you, Andreas. Lundberg with SEB. If I start on the outlook comments, it seems that you turned somewhat more positive versus previous quarters. What are you seeing, where do you see it, and where do you don't see it? Thank you. We see more positive clients, more positive comments. We see better figures. But again, I'm a little bit scared without having figures how it was in mid-Europe during this summer. Otherwise, sport retail, for example, the index there have improved. The clients are more positive when I talk with them, and it feels also more stable. Then I should maybe add that it can still be surprises because I go to bed in the evening, and I don't know what I'm doing during the night when I wake up. I think it can still be a little bit up and down, but it feels much better than six months ago. The first time we really will see if I'm right is pretty soon because we will start doing the pre-sales in sports retail right now and do it for six, eight weeks in forward. We will see if the chains really also act, as we say, that they are more positive and increase the pre-ordering. Because if you look, for example, if the sports index is good in Q2, we will notice that in Q3 when they place pre-order, and we will get into our P&L in Q1, Q2 when we deliver the pre-orders. Also Corporate market feels a little bit more. Not a little bit. It seems more stable, and people are also there talking more positive. You can say sometimes it is difficult to judge if it is that they were more positive because we are launching new products and do all this investment, or if they were more positive in average in general. But I feel more confident than six months ago. A different topic. You mentioned a few things about the Dallas factory. Can you more broadly talk about what it will mean for your distribution or logistics in the U.S., and how will the other facilities be affected? Thank you. I do not think it will be affected so much. I should also say now we will not invest in a new big warehouse in U.S., at least for coming three, four years. But if the outcome is what we think on the Dallas warehouse, we need another two facilities in U.S. to really cover the country. But that will be earliest in three, four years. But we do not think it will hurt so much because we really give a poor service in that part of U.S. We are covering down to, I should not say south U.S., because we are pretty far south down to California. But if you come to southeast or south mid, we are very slow. We have several competitors there with warehouses in that area, and they are today much better than we are. They will not be better than we are three months from now. If I may, last one, and I will let someone else in. Speaking about the U.S. and the Teamwear set up there, can you give us an update on Teamwear Club in the North American business? Thank you. It is moving forward. I could say that it is a little bit less than I expected, takes a little bit longer time, and it also some differences we really learned to need to learn. For example, I think you all know that most of the business is running through schools and not through teams and so on. You have that in several sports. The whole league is blocked because they sell the league, they do not sell the teams, and so on. It is a positive development, and I still believe in it on the same level as I did from the beginning. It is working due to service and so on. That really have been one of our weapons in Europe. The competitor is not better in U.S. than they are in Europe. Yeah. Before we ask, I can also comment that the shoes also continue to increase, but a bit slower there, too. I will take the chance to jump in. Karl- Johan Bonnevier, DNB Carnegie. You mentioned that you would have expected 4%-5% organic growth in the quarter, and still Craft looks good and a couple other things. Where do you see the shortfall once it compared to your expectations? Mainly, you can say it's actually trading. It's also, if you look geographically, Great Britain. Then, of course, we should have a better effect also on the launches or the merge of our two companies there. I don't know the organic growth. If trading had delivered the same, have you checked that? 3.8. Looking UK, is that DTC that is not really working as up until compared to your company specifications? Yes. You can say Cotton Classics is actually doing at least what we thought, and maybe even better. So it's going quicker. DTC are going slower. So they go up quick. Looking at the custom duties refunds, you mentioned most of it's coming through in sport and leisure, as I understand it. Yeah. I should be clear there. As a segment. Yeah. This is very tricky, because if you look at channels, Cutter & Buck that have received the most is in the segment sport and retail. But their main sales is a channel Corporate. So it is the difference between those, and it is bloody IFRS. We can agree on that, I think, overall, but the table is in approach. Looking at both the inventory impact and the cost of goods sold impact, when would you see the similar kind of effect on cash flow? Because I guess there is delay there compared to what you see in the P&L. When you look now at the inventory levels at the end of the quarter, so you had a continued inventory build up in Q2. What kind of growth rates do you see that being able to sustain if the market is there in the second half? Organic, we can at least go up to 10% if we can sell so much. But the warehouse is The stock is not a problem. Excellent, thank you. Do not take that as we will have 10% organic. That is how we could, due to the stock. Emanuel Jansson, Danske Bank. Jumping on, moving forward to the organic then. Given that you are in this heavy investment phase, is it fair to assume that you need to grow by double digits organic in order to sustain a higher EBIT margin at the moment? We have a very big, so to say, fall through in the P&L. So we do not need to go up to the 10% but we really should be able to deliver a high operating margin way percent. We should also remember that, sorry to say Dallas all the time, but we can take Toppoint also when you open up something. Dallas, we take the cost every day, and we are not start sending out one single garments from there. Start will be October. Toppoint decreased sales for the first time in many years during the period when they had all the moving and everything. So I think we can be there. We also have now launching it depends on the U.S. It will not be any big effect this fall, but hopefully next fall. We also have some new product lines we will launch in January and Corporate. Craft is coming with indoor shoes, which we think is actually in one way an easier market than expensive running shoes. We have a lot also in pipeline there. We have taking a lot of costs in the P&L that we have no income at all on yet. That is how we have done it many years. Did I understand you correctly that that will continue until the third quarter as of next year? Some of them will, of course, always continue. We need to develop new products all the time. It is just that we have done it more than normal the last three years with ANTA movement and all those things. We can never stop that because then we will probably have a negative growth three years later. Some of the costs, for example, automatization of warehouses, a lot of warehouses is done. Then it is another story if we are, for example, making a precision and say that we need to automize that warehouse. We are a bit keen on the coming two years, maybe establish a warehouse in Germany that is optimized Cotton Classics. most of them, 75%-80% of their warehouses is now done, where we actually need automatization. So it is much less investments in future in that perspective than it has been the last years. So you are happy if you are able to defend the EBIT margin from this level until next year? Yeah, I think we can start and really see an improvement again, excluding acquisitions. We will see an improvement from the second half next year in operating margin as well. If we can hold it until then through those investments period, I think it is very good because if you can look at the underlying profitability, it is really nice. Perfect. Thanks. That is very clear. Just curious, we have seen several other retail names reporting Q2 numbers describing the weak German markets, RevolutionRace, Fenix Outdoor, H&M. Also I think Klarna also mentioned the weak consumer sentiment. You do not experience that or what are you doing? We do, but not so bad as we write it in the report. Germany, I think as a country is under a lot of pressure and the consumers there are, in one perspective, weak. I can take one example. We had the former CEO in INTERSPORT with us on a trip. I met them in Germany, and me and Johan was down to Poland afterwards. There we have a thing that I was a little bit surprised of. You can see how fast things are changing because the German INTERSPORT dealers on the border to Poland, just a few years ago, had a problem that consumers in Germany was buying in Poland instead because it was cheaper. Now the shops in the border in Germany is going very well because it is Polish people coming over and buy in Germany. It is really fast changes, and I think with everything, with car industry and so on in Germany, it will be a tough market. We should also remember it is a market that everybody wants to be because it is so big. The competition there are, I would say, much tougher than in many other countries. Perfect. Final question. You mentioned Craft. Is it fair to assume that both the Teamwear, the running business doing well, but also the retail business within Craft? Retail business in Craft has not done well for some years. It is not like we are losing shares to others. But as you know, the sports retail has been terrible in several countries the last, I think, three years. It is still not doing well in this quarter, the retail business, I mean. From that perspective. Yeah. But again, before you see it in our figures, just everybody knows that if, for example, Q2 comes out strong for the retailer, they will increase the buying, the pre-orders they place to us in Q3, which we will deliver Q1 and Q2 the year after. You always have this lead time, so before we really will see a positive effect in general from better retail sales, it will take six to nine months. Then, of course, sometimes we can have a small effect that they need to buy in season if they are doing very well. But so good is it not yet. I guess the cold weather in Q1 and also the sport index data was quite good in Q2 as well. The inventory level should be quite good. Lower than before is what we expect, and we expect higher pre-orders. Yeah. You never know. Now, I hope that in one way, I hope that they don't place too much for the winter, I would say, is most sensitive. Because in the past it has been many times that they do a big winter or a good winter, then they think that next winter will be even better, and then they place two big orders, and then that winter is not so good, and then you have a bad effect the year after. So, yeah. Thank you. Hi, Alice Beer from ABG here. Just a few questions. First Cotton Classics, what is the gross margin like for Q2 compared to last year for it? How is that earnings development going inside of Cotton Classics? I do not have that here. I have. We do not release that. Okay. It has improved a little bit. Yeah. And just- What we actually measure all the time is how many percentage, but we don't publish that number, but how many percentage Cotton Classics total sales is turning into New Wave brands. Wave brands. So. Yeah, and I was just about to ask that, has that increased in the pace that you expected, or how much would you say that's now? I would say at least in the same as we have expected, maybe even faster on, especially on some brands, but that's also product groups that don't have any competition with external brands. For example, Craft is doing very good Cotton Classicss. but they didn't have any sportswear before. And the competitors don't have any sportswear either. So the Teamwear, for example, is doing very good in Cotton Classicss. Okay, great. Then a more general question. There are a lot of moving parts affecting both sales and EBIT, and some things you can control, some things you can't. Short-term looking at maybe H2, what are your priorities for increasing or stabilizing margins or increasing organic growth out of the things you actually can control? I think goal number one to do that is to keep the gross margin on a high level. Because you can calculate yourself, if we would have discounted more and be down on 46%, 47%, it wouldn't have been looking so good. So we will really do everything we can to keep the gross margins up. Then I don't think we can do so much more than we already are doing to increase our organic growth actually. Of course, it will help with the launches we're doing in U.S. and Tenson and so on. But again, it takes 6- 12 months at least before we see any effect in it. But hopefully also we have done a lot this first six months that hopefully will pay off better, last half of the year. Okay, perfect. That was it for me. Nicklas Skogman, Nordea. Did you raise prices in the U.S. to offset the impact from tariffs? Did you then expect It is so much depending on. In a total, I do not have any good picture because it depends so much on what products are getting hit. If the tariffs hit the one color T-shirt, it is extremely difficult to take a price increase on that because the competition is extremely hard. If it is hitting a Craft jacket, the consumers really do not know if the price should be $90 or $99. How would that spread out leverage? I cannot answer. All right. You do not expect prices going down in the U.S. market? No. Okay. Then going back to the Corporate segment. If you strip out trading, it was -3.8% organic growth, correct? Yes. No, what were you saying again? It was +3.8, not minus. Trading is down. Yes. Yeah. If you strip out the trading impact. Organic growth, if I exclude trading. Okay. All right. Then I miscalculated that one. Or we- Yeah. I want the correction if you are on. So in the first half, through underlying cost increases are around 12% for your external and personal costs, stripping out acquisitions and effects. Do you expect that level also in the second half? External and personal. This first half, yeah, but I really do H2 since in 2025, we had very little costs in external expenses referring to the ERP. But as from Q3 of 2025, we have started taking costs for the ERP. So when you compare now in Q3 2026 to Q3 2025, it would be more comparable. Okay. That is it for me. Stefan Stjernholm, Handelsbanken. A question on the gifts and home furnishing segment. You said you long-term reach 10% margin. I hope. Yeah. Apart from a recovered market, what is needed? Is it time for another structure measures or? Probably also some more cutdowns in our own production, which we are working with. So there will be more outsourced? Yes. If we are to strengthen the gross margin, it needs to be that. But at the same time, it is no plans to close production because it still means a lot in the total. But we have two big production capacities today that we gain too low margins on. But it is also certain products, different in different product groups. If you look at art glass, we have fantastic gross margin. But if you look at the hand-blown wine glass made in Sweden, it is very bad. Excluding actually the new line that Björn Frantzén has grant, there you can hold a pretty good margin even if it is produced in Sweden. Cool, Andreas. So there has been again, some confusion maybe from my side on the cost of the temporary costs that you partly will normalize next year. But if you look at the last 12 months and look 12 months forward, how will that figure change in absolute terms? Thank you. I don't think it will change so much the coming 12 months. I think we calculate my roles that it will start to go down the second half of next year, if I remember correctly from my head. ERP, and we have also, like Torsten mentioned, for Dallas now, we have third-party warehouses that we will keep having till we have moved the stock completely into Dallas and some other additional costs. It also depends a little bit how you mean, because according to sales and from now on, it will hopefully be down because, again, to repeat, Dallas, we spend a lot of money there, both investment and cost, with not one single extra income and sales. So if you look at in percentage of sales, it will hopefully start going down earlier than the second half next year. Right. Meaning that your organic growth and gross margin will be the drivers of your operating margin in next year's quarters. Of course. Thank you. Yes. We got some questions from the web, and first, Kosta Köpmanshus, which NewCo owns with Lessebo Municipality, has been value added for a potential sale. Are you interested in increasing your ownership stake in the property? No. Thank you. Yes. Computer software in your intangible fixed assets continued to increase in 2025. Should we interpret your statement about transition to cloud computing as that this figure in the balance sheet should start declining in 2026 and onwards? That's only two. I know what you're on. Yeah, I can repeat. Computer software in your tangible fixed assets continued to increase in 2025. Should we interpret your statement about the transition to cloud computing as that this figure in the balance sheet should start declining in 2026 and onwards? The thing about the cloud solution is that we don't get it as an intangible asset. The small part that is put in the balance sheet is put there as a prepayment and dissolved over the license period. The rest is going directly in the P&L as expense. On day one, even though we consider this as an investment, it is something that we do that we will use for at least 10 years. But the cost is upfront, even though we are not even using the system yet. The answer is yes on the question. Yes. But maybe you will not see any big effect 2026, I cannot say. But the result, again, when you take a lot of the ERP system as costs instead of putting it into a balance sheet, is that we will have, in one perspective, lower depreciations in future than we would have with the old bookkeeping system. Yes. We will not even get any depreciation. All will be in the external expenses itself. So it is a shift in that perspective as well between the lines. Yes. Perfect. That was all of the questions. Okay. Any more questions on the table? Good. Thank you very, very much. Thank you.