Now, I will hand the conference over to speakers, CEO Sven Kristensson, and CFO Matthew Cusick. Please go ahead. Good morning, and welcome to this conference call regarding Nederman Group Q4 2025. It's been an interesting year, and what we can conclude in Q4 is that we had higher orders received and a stronger business. We have, during this challenging period, continued to strengthen our leading position, and we are working with market leadership, technical leadership, commercial leadership, and operational leadership. That's our focus during this period. If you look at Q4, we had good organic growth, if you consider it on currency-neutral basis. We also had a currency-neutral growth in sales, and we believe that is very positive, given the market conditions. We have delivered good cash flow, and we have continued invest in operations and also in R&D, and these investments have provided a very solid basis for the future. We will have higher margins and better efficiency when the regain some momentum in the market. If I look at some of the key financials now, orders received grew currency-neutral in both Q4 and the full year. And some of you who've listened to a number of these hearings already in this year-end season might be tired of hearing about currency-neutral and currency effects, but it's really very important to take this into account when analyzing the numbers. S ales as orders received for Q4, SEK 1.38 billion versus over SEK 1.4 billion last year. So on the face of it, that looks like a decrease. However, organic growth was 4.7% in the quarter, currency-neutral, including some of the couple of acquisitions from Euro-Equip that we acquired back in March of 2025 and some from Duo last year. That leaves us at 7.3%. Unfortunately, currency effect on orders received and actually on sales in the quarter was over 9%. For the full year, SEK 5.55 billion was the full order intake. That's growth, currency-neutral of 1.5%, slightly negative, organically -1.3%, and still obviously, for the full year, a clear currency impact. On the sales side, again, currency-neutral growth for both Q4 and the full year. Just over SEK 1.4 billion in sales in the fourth quarter, versus a very strong Q4 of 2024. It must be pointed out, SEK 1.62 billion was very high for the Nederman Group. currency-neutral, that's 1.3% up in the year, in the quarter, sorry. For the full year, SEK 5.78 billion versus SEK 5.9 billion last year, 2024, 3.5% up, currency-neutral. So, we see in these markets, with these market conditions and the current investment appetite, that 3.5% currency-neutral growth is rather strong. Profit-wise, like Sven mentioned, these investments that we've done in our operations have improved the underlying profitability. With the releases of new products, which has boosted sales in, for example, Process Technology aftermarket. Adjusted EBITDA for Q4, SEK 159 million versus SEK 185 million for Q4 2024. That's a drop of SEK 26 million. SEK 22 million currency effect in the quarter. Please take that into account when analyzing this. The SEK 159 million leaves a margin of 10.6%. Earnings per share is 1.86 SEK, therefore, versus 2.49 SEK in Q4 last year. Full year, adjusted EBITDA, SEK 627 million versus SEK 708 million. EBITDA margin, 10.8% versus 12%, and the earnings per share, SEK 7.8 ` versus SEK 9.83. When looking at the full year results, we had a currency impact on EBITDA of approximately slightly under SEK 70 million. U.S. tariffs were approaching SEK 15 million for the group as a whole, and then we did have a couple of one-offs, you remember, in 2024 related to a property sale and a company sale in China. The sum of those is just under SEK 100 million. So, when comparing SEK 708 to SEK 627 million for the full year, please take that into account. Cash flow. Good cash flow in the fourth quarter. Very, very good cash flow, actually, in Q4 of 2025. Not quite as good as the cash flow in the, the. I think that was an all-time high for one quarter cash flow in the Nederman Group in Q4 2024. For the full year, SEK 382 million, again, rather strong. This is important that we maintain a good cash flow. This has funded a lot of the investments that we're making in our operations. We can see that on the second, on the right-hand side of this slide, that net debt has decreased over the past 2 quarters, although it is higher than it was 12 months ago. We've made significant investments in our operations. We've also have acquired a new company and paid out a dividend during the year, of course. If we go break, try and break things down on how the business is going division by division, then Sven, let's start with Extraction and Filtration Technology. Yes. Extraction and Filtration Technology, Q4, we had more large orders, both in Americas and in EMEA, and that gave an increased order intake versus last year. We grew sales in Q4, currency-neutral, we definitely improved operational efficiency, and that was driving profitability. The full year, EBITDA was up SEK 10 million, and if you would consider it currency-neutral, close to SEK 50 million, which is a strong performance in a very challenging market. For the regions, EMEA, we had increased order receipt, we had major solutions orders, and we are growing our aftermarket business, which has been on the strategic agenda for several years. We had two very big orders in Belgium for welding and one in Sweden operating nuclear industry. In Americas, we had actually double-digit growth in order and sales. There were several larger orders. Several of them came from defense and aerospace industry, where we have good solutions and our concept of Clean Air Optimized with the energy savings and algorithm, et cetera, has given us some success here. We have the often, APAC. One major order was secured to aerospace, a strategic and a prestige order. Overall, we are not doing a very strong performance in Asia. Both orders received and sales dropped. Key activities during period has been preparation to modernize the facility in Charlotte. It will further strengthen U.S. supply chain and operational capacity. It will shorten lead times, which is the one of the biggest advantage, but it will also take away over time some tariffs and and other challenges. Continued investment in the new innovation center in Helsingborg is ongoing, and we have a fully booked innovation center for the full year, 2026. And we will also see order new products and solutions coming out of that. Testing and validation of current and next generation products in the innovation center is ahead of new launches in that. When we look at the financials for EFT division, orders received for the quarter, slightly irritatingly, SEK 0.5 million below the same quarter last year, even at prevailing rates, currency-neutral growth, 7.9%, which is purely organic for the-- in the case of this division. Sales, SEK 686 million. Left an adjusted EBITDA of SEK 96.4 million, which is 14.1%. It's ahead of Q4 2024 in both, at both, in both segment and in percentages. For the full year, EBITDA up to SEK 362 million from SEK 352 million. As Sven mentioned, the currency-neutral, that's 48 million up. The margin increasing 13 points, up to 13.7%. Some more efficiency in the operations investments, for example, in the site in Helsingborg and in Markaryd have contributed to that. If we move on to Process Technology then, Sven. Yes. Process Technology, more dependent on larger projects and, have had a challenging period, but the activity picked up towards the end of, last quarter. We, had, a currency-neutral order, order growth of 15%. We also, had some sales increase versus Q4, 2024. We have had some positive contribution from Euro-Equip that we acquired, end of first quarter last year, and they are integrated and doing a very good job, working with the rest of the Nederman team. The service business continued to perform strong. Customers are focused on maintaining compliance and ensuring the efficiency of existing installations, and this is, of course, a result of the lower willingness to take large decisions on larger investments. If we look at Textile and Fiber, there's still a very low investment appetite, and that goes for the global market as such. There is still overcapacity, globally in spinning mills, and also in weaving mills, and that has a negative impact on our sales here. However, we are growing the service content. The order intake did, however, increase slightly in Q4, meaning that we are taking market share, especially in India, where we have a very strong organization and some neighboring countries that we supply from there. When we go into foundry and smelters, Euro-Equip supported an increased order intake. It's a very good addition to Spanish-speaking area. We had one large aluminum order in Australia, and some local production in India have enabled deliveries to several smaller foundry projects there. That is something we have tried out to get inside the tariff barriers and also shorten lead times by using our strong capacity and capability in India, and increase their scope by doing, under the supervision of our German expert team, doing FS filter, which of course is technical jumble for you, but it's a configured large for hot air application like small foundries and smelters. This is something we will continue to further develop for the region to take a position in APAC. Customized solutions, reorders received increased. It was boosted by large order in U.S. from pharmaceutical industry, and again, our service and aftermarket is developing well. Key activities has been the investment in upgrading test centers, upgrading buildings in Germany, including solar panels and energy efficient heating. We have continued positive trend for service and aftermarket business, and that includes, our digital offerings, our continued strong demand for energy efficient fan for textile. This again, the very large, energy saving that you get from our newly developed, high-tech fans for spinning, weaving industry. We are soon selling our 1,000th new replacement fan for that. Financials then for Process Technology. Orders received, SEK 384 million is an increase from an albeit modest SEK 368 million in Q4 last year, but nevertheless, currency-neutral growth 15%. Sales, a stronger sales quarter for the division than the earlier quarters of the year. SEK 456 million resulted in an Adjusted EBITDA of SEK 44 million, 9.6%, which is quite good for this division, which is below a very strong Q4 last year, 11.1%. That included some concluding some very for this division high margin projects then. But 9.6% is pleasing. The mix with higher levels of service business helps that. For the full year, Adjusted EBITDA, SEK 144.7 million is 8.8%. It's down from 182%—182 million, which was 11. We move on to Duct and Filter Technology. Yep. Duct and Filter, the development during the quarter, we had a declining order intake. There were significantly fewer major projects, particularly in the US, and that has been very much linked to EV batteries, large investments that has flattened out. We have also seen that there has been the same problem as PT for large investments, larger investments in smelters, foundries, et cetera, and we are dependent on getting those wood industries, et cetera. Order activity, however, increased in EMEA. Sales was impacted negatively by lower ordering earlier in Q3. But despite the low volumes, profit margins remained solid. If you look at Nordfab isolated, both orders received and sales decreased in the US, and that is the market that stands for almost 80% of the division sales. Work continued on two large projects in EV battery manufacturing, which generate further follow-up orders, but as mentioned earlier, it's drying up a little bit with the EV battery market in U.S. Nordfab Now is contributing to higher efficiency and profitability, with a delivery reliability of 99.9% during the quarter. So we are the leading and first choice when they want to have secure deliveries, quick deliveries, and we have also now, which I will mention later, started with our hub in Texas in order to further strengthen our reach in the U.S. market. If we go to Menardi, orders received in the U.S. increased in Q4, and that was boosted by new major orders to U.S. steel manufacturers that are facing a revival due to the tariff protection. In EMEA, the trend remained stable. So again, the key activities have been new production and warehouse facility in Thomasville is completed, and it's now taken into operation. Thailand and Australia have launched new stainless steel products for the food industry, and Nordfab EMEA launched improved high vacuum vents and branch for easier installation. Warehouse center established in Dallas, Texas to strengthen Nordfab Now, and Nordfab Now is our concept of being able to have next day deliveries. Amazon have spoiled people with their very quick deliveries, and we are now following that trend, and we see good success in this new way of handling it. As mentioned, almost 100% delivery certainty. Nordfab EU obtained EPD certification for galvanized and stainless steel product families. Briefly, on the financials for Duct and Filter Technology, orders received did drop 11% currency-neutral, as did sales. Sales of SEK 179 million versus SEK 229 million last year. EBITDA 17.4%, up from 16.5% last year. Okay, it's down in absolute terms, but this is—we see the efficiency from these investments we've made in the operations units around this division. This, so able to maintain good levels of profitability. For the full year, 19.3% is the EBITDA. That's slightly down from 19.6% on obviously lower sales volumes. Monitoring and Control Technology then, Sven. Yes. Monitoring and Control, the developing during the quarter was that we had an increase in orders received, and that was fueled by very strong performance by NEO Monitors in Asia. It's a division that has most success in the Asian market. However, the weak orders received in Q3 led to a slightly lower sales in Q4. We are focusing on the service business, and we continue to perform well in growing that part of the business. We are also here linking our Olicem, the reporting system, to our especially Gasmet projects, and seeing success when we can package these things. Some segments, Hygiene and Defense, are developing well. Geographically wise, we look at EMEA. It was boringly straight. It was same basically as Q4. First portable analysis to defense customer in Germany and Switzerland has been delivered. We have also the certification process of Auburn's product line ongoing for European market, which when that will be finalized, will give us access using also our Boston manufactured products for especially particle emission measurement available for the European market. In asia, NEO Monitors saw strong order intake. We have also come in a situation we have more direct sales to customers. We are in more direct discussions with customers that strengthen our position. We have also increased the presence in APAC with small offices both in South Korea and in Singapore. In the Americas, was the development rather weak. Few orders to public sectors, that is, customs duty, and it's emergency service, educational institution, where Gasmet had had a very strong market with the portable units. However, with the financial restrictions in the public sector, we've seen a decline here. The exception is that the steel industry, as also has been seen in Menardi, is continuing to upgrade the old facilities, which has led to some new opportunities and orders. The key activities has been the launch of LaserGas III ICL. That's a very prosaic name. Only an engineer or a PhD in engineering can come up with that very market friendly name, but it's there, and it's an advanced laser gas analyzer for industrial application. The extension of Auburn's facility in Boston is completed. It was inaugurated January 21, but it was taken into use slightly earlier than that. What it means is that we have strengthened the product and logistic flow, so we have now a test base and a more efficient operationally working in that factory as well. We have also preparations underway to improve efficiency and increase production capacity at Gasmet Finland, and we have attended some of the important shows in Asia to prove our willingness to be there and grow our market. Financials for Monitoring and Control, SEK 189 million in order intake was an increase of 10% currency-neutral. Sales SEK 205 million is below what was a very, very strong Q4 of 2024, SEK 241 million. currency-neutral, that's actually down 8%. Adjusted EBITDA is SEK 37 million, which is 18%. That's an improvement in margin versus the year, the full year average. So we see, we think or we are seeing some efficiency in the operations, these investments in NEO Monitor and Auburn starting to have an effect right away. For the full year, currency-neutral growth was 1% positive, sales 1% negative, currency-neutral, and then adjusted EBITDA SEK 129 million versus SEK 144 million in 2024. That leaves a full year margin of 16.7%. Sven, our outlook? Yes, and as for the last few years, and especially this year, the outlook is interesting, but the demand remains dampened in many industry. There are some areas that are better than others. We have a growing service business and a very strong digital range, enable us to assert ourselves well in the current turbulent market. Following high activity in September, orders received continued to pick up in Q4, which, if it continues, would be very positive for development in the first half of 2026. At the same time, the market is dominated by considerable uncertainty, making it difficult to forecast a broader recovery in demand. But if it gains momentum, we are in a very good position to increase our margins. With a strong balance sheet, we are continuing to invest in operational efficiency, ongoing improvements to our offering, allowing us to continue to advance our position irrespective of the market condition. In the world with growing insight into the damage that poor air does to people, Nederman, with leading industrial air filtration offering, has a key role to play and good possibility for continued growth. Financial calendar, annual report will be released on the 17th of March this year. The interim report, exactly a month later on the 17th of April for the Q1. Annual general meeting on the 21st of April, where we expect the AGM to approve the proposed dividend of SEK 4 per share. That's unchanged versus 2024 level. Q2 report will be released on the 16th of July, and the Q3 report on the 21st of October this year. And with that, we can open up, I think, for any questions that people listening may have for us. If you wish to ask a question, please dial #5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial #6 on your telephone keypad. The next question comes from Anna Widström from DNB Carnegie. Please go ahead. Good morning, Sven. Good morning, Matthew. Thank you for- Good morning -taking my questions. So firstly, I just want to dive into price and volume in the order book. Given that there are some tariff effects, how should we think about volume versus price in the organic growth that we see in the orders? Let me think. That's a very good question. The currency. The tariff, if you're thinking in relation to tariffs, they should—tariffs are not making a huge effect. The tariffs affect our costs by around SEK 5 million per quarter, right on approximately- Current. Give or take on current volume. So it on sales prices, they don't affect, they don't affect things massively. Then when it comes to, when it comes to price, we, we're not seeing massive price movement in the market. There's not—It's not, we're, we're very careful not to get dragged into a race to the bottom. However, we're not, we're not increasing prices significantly. So I think by when you're looking at this, when you look at this organic or currency-neutral growth, it is growth that you're looking at, there, is the, is the simple answer. Okay, perfect. Thank you. And just to continue a bit on the tariff, have you experienced any shifts in the customers' willingness to pay these new set of prices? Have they sort of been more keen on evaluating local opportunities, or have they just sort of paused investment decisions? What's your sense in your view? This is, of course, not something that you can empirically prove, but the biggest effect during this year is that the uncertainty that has been generated is that a lot of American large project has been postponed. We are talking about several hundred million SEK PT project that has been postponed both in U.S. and some also in Asia, due to the uncertainty of what are the rules here. When it comes to other effects, it's- I could answer that maybe. Yeah. When it comes to tariffs, we don't import an awful lot into the U.S. And what we do—Of course, what we do has been impacted, but certain parts of what we do is being impacted by this. But in the U.S., you have seen inflation, for example, in steel prices internally anyway. So it's not that our costs are significantly different to any competitor. And I mean, in fact, we source approaching 90% of everything we sell in the U.S. is sourced U.S. anyway. But we don't think that we're at a competitive disadvantage. No ... related to these tariffs. Then, like you say, Sven, the investment appetite is the- Yeah. And then you have some awkward, sort of, more emotional feelings that some Canadian customers refuse to take the product from our U.S. factory, so we are now shipping directly from Europe. Mm. Manufacturing Europe is that it has more to do with the emotional side of it than that. And that is things that going on. So it's more that you have an uncertain world and an animosity towards some. But we also have to. EFT has more than 85% local made in U.S. Where we have some import is on MCT when it comes from Norway and Helsinki, but there that's where we see that. Otherwise, we have basically in all regions manufacturing for the local market. Okay, perfect. Very clear. Thank you. So then I just want to go into the margin development in EFT. So first, I'm big curious on the improvement that we can see here. How much of this is an effect from the improvements made in, for example, the Helsingborg site? There are clear improvements made. If we talk operational improvements, Sven, we were talking around 20, I think we were talking. Yeah. We believe we've made operations improvements of around SEK 20 million in total in the EFT division through Mm ... through, and then it's very, it's not exactly the same volumes that are going through, but we've definitely made clear operations improvements. We've also seen a part of the profitability boost is that we have seen good growth in product sales or a higher portion of product sales, which means we're filling our factory up even more with less. So there's more net demand content in everything we sell. But operations- Mm. Clearly helping, and SEK 20 million is what we believe is a full year effect for 2025. We will continue to see effects of that. We are now also investing further in order to show, as mentioned, in the Charlotte factory, insourcing more, we will take less from our Polish factory. But the biggest advantage here will be that we are more competitive because we have shortening, we are shortening the lead time. This is actions we are going to use in other areas as well. We are also looking at how can we utilize our capabilities in, for instance, Thailand, because there are free trade agreements between Thailand, India, and some other areas. So we. You have to play this game as well. But generally speaking, and when you mention EFT, we will also say that the NEO Monitors efficiency program, where we have rebuilt and reorganized from a more prototype version of manufacturing to a more, where we now have got some volumes, and we have also there, significant improvements. Then we need some further volume. We have also four Neo engagement set up in Suzhou, in China, where we now can service locally the equipment rather than sending, shipping them across the globe to Norway and so on. So that is also not saving so much of the cost saving; it's more attractiveness for the customers that we locally can handle their issues. It was a long answer. Okay, great. It was slightly outside of and I hope that it was okay. Yes. Thank you, Sven. And just a follow-up on sort of the short-term expectations, because I think you wrote something about the orders having quite a lot of solution and service in the order book for the division. Is that then perhaps a bit more of a negative effect for margin since the Q1, if we just think short term? Probably not. I think that the- Okay. Yeah. I think this, our assessment is that the service increase will continue to, or the service proportion will continue to be high, and that will counter any shift between the products and solutions, there. That's, that's the- But also remember, we are doing very well in our solutions with our, now I'm almost bragging, but our superior, we get better paid for our solution because this Clean Air Optimized, which includes the energy save system, it includes digital surveillance, it includes the good filters, locally made. We have an attractive offer, and the reason why we get larger orders and these special orders to defense zone is that we have proven concept. We do not have to guess that it will work. We have done it. We've been there, we've done it. We got the winners T-shirts before, so we, and that we see, especially in sensitive areas like aerospace in defense where we have a good, strong performance. Great. That's a perfect segue into my next question, because for several quarters, we, we've noticed that you've mentioned large orders from, from defense. Do you have any sort of guesstimate on how much of the order book or of sales that currently is towards the defense industry? No. We don't have a completely accurate figure on that, so I would rather not say. I I will do some research on that. We will try to. I think we will note this because it's not the first; you're not the first person we've heard this question from. I think in the Q1 report, we will try to have some level- Absolutely ... of estimation there. But we don't... It's what we should say about this defense, it's not in one particular region that we see this. It's both Europe and the U.S., is less so in APAC. Yeah. Europe and U.S. is where we're seeing it, and it's different countries. Some of the same suppliers, BA, customers, sorry, BAE, we've followed. We've seen them in Europe, U.S., and the U.S. Northrop Grumman here, the big, and it's, it's very much, you can say that it's the same. It's aerospace, which we've been a, a long-term, supplier to Airbus, et cetera. That now also goes into military aircraft. You have, vehicles, where, for instance, our, RoboVent, company in Detroit has been utterly dependent on the local, regional, automotive market, which has declined, significantly. But we have exchanged that by using their American-favored technology in defense for welding applications, but also in, in food and other areas. So, we have exchanged somewhat the, the customer base, and you understand that, what did they say? A food company, they, had $130 billion in losses last year because they write off. Their investment appetite is not enormous. So we have thanked the customer base. Great. I have a follow-up question on this. If you've, because you're sort of answering it, but if you noted that you have sort of gained market share within this segment, or having a sort of preferred supplier position, or if the growth, as you're noting, is mainly from the growing of the defense industry in general? I think the preferred supplier one, you can say something. With these customers, once you're in, you are kind of in. It's not to say there's no competition whatsoever, but the likelihood of getting repeat orders is there, and we have seen that, like I mentioned, with BAE, for example, that so it is happening in more than one country or on more than one project. So this- Mm-hmm ... signals that we hopefully, that there is some stickiness on this, on this business going forward. Great. And then on the DFT division, it stands out a bit on the organic order intake. Is this mainly from it having larger U.S. exposure, or what's your view of this? They do have a large U.S. exposure. It's around, it's around 80%, I think, U.S. But and then, and then- Yeah ... they have on top of that, they have a couple of, they, they were very, very strong in EV battery investments, which were happening late last year. Mm-hmm ... and actually, Q1 of, sorry, late 2024, and actually in Q1 of 2025, we're receiving orders there. The other part of the market, they do have quite a large chunk of exposure to the wood industry still, which a lot- Mm-hmm ... which is construction related, which isn't super hot right now, but it's obviously a very, very important industry and will continue to be so. So, what we've seen in Duct and Filter, like we mentioned, is the efficiency in the factory is clearly better, but they are lacking volume. It cannot be denied. Yeah. So as you said, the margin is positive, and it's mentioned that improved production and warehousing processing U.S. and Europe is a positive. Is this also a benefit from having a lower ratio of very large orders, or should they scale from current levels very well when also that activity of significant large order comes back? We have invested also in some more in the production of the large ducting as well, so that you ought not to see a- Mm-hmm ... decline. If we were to get more large orders, you ought not to see a decline. And in fact, with more volume, you'll have more absorption of overheads as well. So we don't think—we think this is, this improvement is here to stay. Yeah. The improvement is definitely there to stay. The thing is, of course, we need to utilize the equipment and so on. But what you see is that we have been heavily impacted with EV batteries, where we had a magnificent success over a year's period when that market grew. Now, we have to do the same as we did with mobile, and we need to find new, attractive areas where we can supply. And we have to remember what we are doing is that we are efficient, and we are mostly used in combustible dust environment because that is a specialty. This is a specialty. It is very clean interior in the ductwork, and that is the importance here. So, that's where we have. It's typically combustible dust in food, it is in EV batteries, it is in aluminum, wood, et cetera. Great. So just two more questions from my side. Yeah, please. The first one is on the Monitoring and Control Technology division, that you mentioned, and you mentioned that, I think, in the last quarter as well, that the conversion to new technologies among customers is taking a bit longer than expected, and connecting this also to the political uncertainty. Could you maybe expand a bit on this, and if it's a type of customers that have shown this trend more clearly or regions, like the U.S. or something else? Yeah, it's a difficult... what we see, the main thing here, and what has been top is the decline in the public sectors. That has had- Mm. that has had a strong impact. What we then have to do is, of course, focus a little bit more on other customers. Again, like, EFT has been doing and so on, if our current customer base are reluctant to do the investment, we need to work harder with some other areas. And I think we've seen we are launching new products in the U.S., in Auburn, where we are cooperating between Neo and Auburn, and the combination here, we can do better. We are working now with the Gasmet Olicem on service and quick reporting response. It been quite successful in this resin incineration business, where reporting is a very important portion of it. So we are building out, sort of packaging it to be even more attractive, going slightly outside our current customer base in a controlled way. Right. Fine. Yeah, perfect. And then my final question is on the capital expenditures, which is down year-over-year. While you mentioned some initiatives in the report, so what level of CapEx are you planning for during 2026? And is there differences in tangibles and intangibles? For 2026, I think the rate of product development, which is the vast chunk of our intangibles, that will continue. We're not gonna ease off on product development, digital or actually filter, new filters, et cetera. When it comes to fixed assets, what we can say on that, 2024 and 2025 were quite high years for fixed asset expenditure, with a lot more on sort of longer term investments in buildings in Helsingborg, the one in RoboVent, the Nordfab ducting one in the USA as well. 2026, what are we doing on that front? We're going to invest in the Charlotte plant and, to some extent, but I think you can expect a drop in tangible fixed asset investments, although it will still be on a historically, if you went back five years, on a rather high level. As things are now, we would expect this to drop in 2027 a little more because we believe we will have a footprint that is there to, and can incorporate a manufacturing footprint that can handle significant growth without major further CapEx. Great. Thank you for taking all of my questions. I'll step back in line. Thank you. Thank you. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. We thank you for taking your time listening on this Thursday morning, and we'll be back for the Q1 report later in the year. So thank you very much, everyone.