As a start, I just want to say that there are two cents that I will put on the results that we are presenting today. First of all, I would say that it's a strong quarter with a particularly strong organic growth, confirming that we are on the right track, delivering on our midterm targets. Secondly, I'll say that we follow the path that we have set in the previous quarters, so you will hear us confirming a lot of what we have said previously as well also for the Q2. I'll start as we've done in the previous quarterly presentations with just shortly presenting Norva24 in two, three minutes. I think it's important just for everyone to have that as a start. I often say that what we do in Norva24 is we work with a very critical piece of infrastructure. I will make a bet with anyone that if this piece of infrastructure were not working when you stood up in the morning, you would see that as a big problem within a very few minutes. Because if you stood up in the morning and there were no water in the tap, you couldn't go to the toilet, you couldn't shower, you couldn't brush your teeth. If you looked out the window and all that rain that came during the night was just flooding around in the streets, that you would see as a big problem, I would guess within very few minutes. That's the kind of situations that would occur if the infrastructure we work with were not working as it should. It's basically the infrastructure that makes sure that water goes into buildings and sewerage goes the other way out of buildings. Make sure that there is access to water and sewerage in any buildings in society. What we do in Norva24 is that we do the maintenance of this, the running maintenance of this infrastructure. We do not do big projects or big construction jobs, we do the running maintenance, so on. That's what we do. We typically divide our services into three type of categories, as you can see on the sheet here in front of you. The first one is emptying services, where we work with emptying and cleaning different traps and separators that typically make sure that this infrastructure is protected from wrong materials going into the underground. That's one type of service we do. Pressure washing is the second one that can be, for example, that we pressure wash and clean a tank underground. The third one is pipe services. That's when we work with the pipes where the water and sewerage flows. That's the third category of maintenance jobs that we do. We divide them into these three. It's though also important to understand that this is not like divisions, because typically, one of our employees can work across these three service lines during a working day or a working week. It's more to give an indication of what kind of services we do. Norva24 is on a fast growth pace. We are building a European lighthouse in this industry, and it's a highly fragmented industry. We are today the clear Northern European leader. We've evolved, we started the consolidation journey in 2015, and today we have evolved into a business with last twelve months revenue of NOK 2.3 billion, and we are today around 1,500 employees. A very interesting and impactful journey we are on. Taking us into the results of the quarter, as said in the beginning, it's a strong quarter for us. It's confirming that we are on the right track delivering on our midterm targets. Particularly the currency adjusted organic growth of 13% is a very strong figure for us in the quarter. Taking a little through the numbers we see on the page here, we had a total operating revenue amounting to NOK 608 million. That's up 25% since last year. 13% organic growth, as I said before, currency adjusted, is a very strong figure. We had a good growth also from acquisitions of 13%. The EBITDA was NOK 72 million, up 44%, and the adjusted EBITDA up to NOK 78 million, up 11%. Looking a little into the countries, we have some pages per country as well, later on in the presentation. First of all, I'll mention that we had a strong adjusted EBITDA margin of 20% in Norway. Organic growth was over 20% in Norway in the quarter. We're seeing, secondly, improvements continuing in Denmark, both a strong organic growth and an adjusted EBITDA margin development. We also saw a very strong total growth in Sweden of 68%. The Swedish market we're really seeing picking up there. Germany still temporarily affected by sick leaves in the quarter, but we are improving the margins in Germany, and we are seeing Germany also with an organic growth of 2.8% on top of 19% organic growth same quarter last year. Some good signs there from Germany as well. We have a significant and strong M&A pipeline and we expect 2022 to be a strong acquisition year. We've just recently announced two acquisitions, Thornvig Jensen and Stockholm Relining, which I will come back to later in the presentation. Price adjustments is high on the agenda of ours, of course, offsetting and what we're also confirming with these results is that we are offsetting the higher transportation costs through price increases towards our customers. We've also appointed Dean Zuzic as our future new CFO. As we communicated already back in May, we're doing a change in the organization. Stein Yndestad has today a very broad responsibility as our CFO, where he covers areas like M&A, IT, investor relations, geographical expansion, the whole CFO agenda. There we are dividing it so that Stein Yndestad in the future will focus on M&A, investor relations, and geographical expansion to new countries, as his main topics. Areas that are very important for us and where Stein has a long experience also from the past. Then we will have Dean Zuzic as our new CFO covering the full package of CFO responsibilities. He will start latest in February 2023 in that role, and Stein Yndestad will of course continue in his current role until then. Looking a little into the countries here, we start with actually with the overall figures, which I have presented a bit. As said, 25% total growth, 13% organic growth and the margin or the EBITA going from NOK 70 - NOK 77.6, and that's the adjusted EBITA development. I'll go a bit into each country and comment on those. Norway first, continuing with a very strong organic growth. Norway has actually an organic growth of 20% in the first half year. What we see in Q2 is actually a continuing high growth on top of also a similar high growth in Q1. 20% first half year, and also in the quarter is the organic growth in Norway. It's driven a lot by high activity generally in the market. Also, price increases is a driver of it. We had, as we communicated also, early on, we have seen in Norway that there has been some maintenance assignments that has been postponed from the COVID-19 years, that has come in 2022. That is also a part of it that we see those maintenance assignments has also impacted positively our organic growth in the quarter. Thanks a lot to all our very good people that has made it possible for us to deliver those very good growth figures. Looking into the Q3 and the second half year, we should also be aware that these postponed projects or these postponed assignments, maintenance assignments from COVID years, much of that has been done now. We will not see the same impact in second half year from these postponed projects. Looking at the EBITA margin, I'll just also cover that, we should be aware that there is a timing effect which Stein Yndestad will come back to on the EBITA margin between the quarters. It doesn't impact the full year, but last year we had a different timing effect on holiday pay and leasing costs for Norway, so that's impacting also the EBITA. Stein Yndestad will come back a little on that because that's a slight change from last year. Overall, Norway, no doubt that with these kind of figures, we are winning market shares and we are really at a high pace in the Norwegian organization in the first half year of 2022. Looking into Germany, the country that in the future is expected to become our largest market, as we have also said in the past. We see the margin going up in Germany in the quarter, even though we still had some impacts from COVID-19. As you may remember, when we communicated Q1, we've seen a very different approach to restrictions generally in Germany. That has given us a different impact from COVID than what in Scandinavia than what we saw in Germany. In Germany, we have seen that the impact from this Omicron has been longer and there has been more intensive restrictions. For instance, people were not allowed for much longer to work when they had COVID. If you were close contact, you had to be out for longer in Germany than you had in Scandinavia. That has given Germany an impact. In Q2, we didn't see any impact from Omicron in Q2 in Scandinavia, but there was an impact on the sickness leaves in Germany also in Q2. We do though see a normalization in June by the end of the quarter. We have an organic growth in Germany of 2.9%. Please pay attention to that. In the last year, we had 19.2%. Looking at the Q2 organic growth compared to 2022, we are having an annual average organic growth of more than 10%, actually close to 11%, on average these two years. A very strong pace we've been on in Norway and in Germany as well on the growth looking on it. We closed an acquisition in the quarter, Zimmerbeutel, in the Rhine-Ruhr region, so we're adding our first entity in that area. Next one is Sweden. Sweden has a very strong growth of total 68%. We had 11.6% organic growth, so it was also strong on the organic growth. Pay attention also to, when looking at the EBITA, be aware that there is an effect from two elements. First element is that there is a timing effect, a similar timing effect as I mentioned for Norway. For Sweden it's linked with the allocation of leasing costs and vehicle costs between the quarters within the year. It's slightly different in 2022 than it is in 2021, so that is impacting our EBITA margins, and that is explaining the difference in the EBITA margin between the two years. Then there is also an effect from acquired companies. Of course, when you acquire and grow at such a high pace as we do here in Sweden, there is an impact on the general EBITA margin from the acquired companies' margin. That explains that the EBITA margin is different in 2022 than what we saw in 2021. Stein Yndestad will come back a bit on that later on as well. Denmark showing strong recovery still. They're continuing to confirming that we are definitely on the right track in Denmark. As we said in the IPO, we expected from 2022 that Denmark would start seeing improving EBITA margins from 2022. We saw that already in Q4 and we saw it also in Q1, and now it's confirming also in Q2 that we're definitely on the right track. Strong organic growth of 18%. Adjusted EBITA margin increasing by 16 percentage points. It's really a significant and large improvement of the EBITA margin in Denmark on top of a very strong organic growth. It's driven by new contracts, operational efficiency, increased utilization. That is really the driver of the improvements in the Danish operation. As well, we see, and that is seen in all the markets, there is an extra impact from also pricing where prices are increasing on a higher level than what we've seen previous years towards our customers, simply to offset the cost increases that we also see in our cost base. As said, we see that we are managing well in taking forward those price increases towards our customers. Those price increases we see are moving forward well towards the customers. That was a few words on each country, and now I will invite Stein Yndestad to present more details on the numbers. Yes. Good morning to everyone. Good to be with you here from Oslo. I'll go through the Q2 numbers with you. What we see is we had a 25% revenue growth and 13% organic currency adjusted growth, which we're very happy with. We've had some help from price increases, but we're also seeing good volumes during the quarter. Looking at the cost base. Personnel cost is kept at the same level as in 2021, so as a share of revenues, they are kept at the same level. Other operating or operational service expenses are up because some of the projects we did in the quarter required more help of subcontractors, so that did grow. Vehicle cost is up quite significantly. NOK 34 million increase, of which about half of this is due to fuel cost, and the other half is really just the fact that we grew by 25%. Other operating cost is down significantly. This is mainly related to the fact that we did the IPO last year and significant part of that cost was related to the IPO, and obviously then does not appear on our cost base this year. What we see is that we have been able to compensate the inflation by our price increases. The margin that we see, there is a margin drop from 2021 - 2022. It's partly explained by some periodization effects during the IFRS conversion, but also the fact that we've treated holiday pay slightly differently this year than last year. When we get to Q3, these impacts will be neutralized. There is no special effects on Q3 or year- to- date Q3 last year, and there will be no special effects year- to- date Q3 this year. The finance cost is down very significantly, so there's a NOK 24 million shift in finance cost. This is mainly related to the fact that we had some currency gains, but there is also a lower debt base, and there is also a lower interest rates contributing to this reduction. Our tax rate for the quarter is 23%, and the tax rate in the first half year is 24%, so that is the level we should be expecting. Moving on to the quarterly data here. As we already mentioned, we had a 25.1% revenue growth in the quarter, and we have more than NOK 600 million of revenues in the quarter. That's of course, a first for us. And this is coming from a very strong growth where both Denmark and Norway had close to 20% revenue growth. Sweden had close to 12% revenue growth organically. But on top of that, they also had M&A growth leading to a 68% growth in the revenues in Sweden. Denmark grew by. Germany grew by close to 3%. As we already mentioned, looking at the growth from 2020 Q2 to 2022 Q2, we see a 10.8% CAGR. It's still quite solid growth in the German market over this time period. On the profitability improvement, Denmark is particularly pleasing. I mean, it has been improving over the last quarters. In Q2, we saw it going from a negative result to a positive result, and the margin improvement is 16 percentage point or 15.6. It's very strong. Germany also improved the margin in the quarter. In Norway and Sweden, they were impacted by some IFRS conversion effects in 2021, so the comparison doesn't look that good. As already mentioned, this and the way holiday has been treated in Norway sort of impairs the comparison. Year- to- date on Q3, we'll see a zero impact on this, indicating that we'll have sort of a better comparison in Q3, all other things equal. Our balance sheet, the most important item here is that we have a very strong balance sheet that is set for the continued growth. It'll be enabling us to deliver on the M&A targets we have set. Our leverage in the quarter was at the end of the quarter 1.9x net interest bearing debt over LTM adjusted EBITDA. One other thing on the balance sheet is that we see improved capital efficiency, meaning that, with a 25% growth in revenues, we don't see a 25% growth in our asset base. Like for like, we see that our vehicles are being used better, and we're also more capital efficient. That was what I was planning on talking about on the balance sheet, Henrik. Yeah. We have a few slides, two slides also on the M&A. It's really an important part of our journey, so also just giving you an update on where we stand with the whole M&A. We have closed four deals since the beginning of April. The first one was Zimmerbeutel, as I covered also earlier in the presentation, this entity in Rhine-Ruhr area that we welcomed in Q2. We had IRG Rörinspektion in Kungsbacka in Sweden that we also closed in Q2. That also has this special technology that we are expecting a lot from, that makes it possible to predict how the rainwater falls over and gives problems in the underground underneath a city. That's also linked a bit with our digitalization and that we see also developments in that aspect in underground infrastructure maintenance. Stockholm Relining was announced in early Q3 and has been closed, adding relining, which is a way that you can repair a pipe with putting on a small or a lining within the pipe so that leakages and smaller problems in the pipes are repaired by simply adding a lining within. That's a company that complements very well our service lines in Stockholm. It's a type of service that we have in several of our entities, also now in Stockholm. Thornvig Jensen in Denmark in Herning was also announced in July. It's a company more than 100 years that dates more than 100 years back. A really strong company with a long heritage that we have added to the Norva24 family. Those four are the acquisitions that we have closed since beginning of April. Four acquisitions in four months you can say. Looking on the pipeline and on the development in acquisitions over the years, we see a strong pipeline. We are working with all the different aspects of the pipeline. We have some very interesting targets on the pipeline and have a very strong pipeline. We expect and confirm what we've said before, that 2022 will be is expected to be a good acquisition year for us. Yeah. Just confirming as well that we do see acquisitions in and we do focus on doing acquisitions in all four markets, so. That's also confirmed with what you saw before, where we've done four acquisitions in three countries. We see really that we are developing on the M&A in all four markets. Yeah. Your comment from your side. Back to our financial targets, midterm financial targets. We have a target for 2025 of NOK 4.5 billion of revenues. The growth that I saw in Q2 of 25% is at a level that would at least bring us to NOK 4.5 billion of revenues in 2025. We feel that we're well on track of reaching that goal. Our profitability, our target is to achieve between 14% and 15% margin. That is also a target that we're comfortable achieving. We see that some of the acquisitions we make are at a lower level, and of course, what the mix of our acquisitions is will of course impact this target. Our capital structure, we've stated that we should not exceed 2.5 x net interest-bearing debt over LTM adjusted EBITDA. We're at 1.9 at the moment, and we have the capacity needed to continue our M&A activity. Dividend policy is kept untouched. We do not intend to pay any dividends in the medium term. The reason for that is that we have such great opportunities on the investment side that we think that the capital is better employed within Norva than handing it out to the shareholders at the moment. Just wrapping it up shortly. As Stein said, we... It's a strong quarter for us, confirming that we are on the right track towards achieving our midterm targets. You will have heard that we are saying a lot of the same things as we said before. The plan is set. We know what to do. We know the plan. We know how to execute it. The points of today's presentation is very much in line with what we have said before. Just ending up with a slide showing our vision, because that's really what we're here to do as an organization. We are developing and we want to become a European lighthouse in the underground infrastructure maintenance industry. It's a huge market. It's NOK 140 billion market and we are well on track towards that vision. That's really our goal and that's what we are working with. I think we are opening up now for Q&A. Yes. Let's do the phone line first. Operator on the phone, could you administer the questions on the phone, please? Ladies and gentlemen, we will now begin the question- and- answer session. To ask a question, you may press star then one on your telephone keypad. If you're using speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question is from the line of Dan Johansson with SEB. Your question please. Thank you so much, and good morning, Henrik and Stein. I hope you can hear me okay. We hear you very fine, thanks. Good morning. Hello? We hear you very fine, thank you. You hear us? I know. Hello, here's the operator. Dan Johansson, we can hear you loud and clear. Are the speakers still there? Yes. Can you hear us? Yeah, loud and clear. We can hear you now. Please go ahead. Yes. Perfect. Good morning again, guys. Good morning. First question from my side on the cash flow. The working capital build-up you experienced here in Q2, is that sort of a temporary nature due to the high activity you mentioned among these large clients? Should we expect it to reverse now already in Q3, Q4? Thank you. Yes. What we saw was, you know, some large assignments at the end of Q2 impacting the cash flow at the end of the quarter. Those, you know, are already settled. It's also important to see that we do have a stronger cash flow in the second half of the year compared to the first half of the year. We expect a stronger cash flow in the second half now. Okay, perfect. Makes sense. Thank you. On prices, is it possible to give the magnitude of price increases in the quarter or the split between volumes versus price? Is it sort of a 50/50 split here, the organic growth or is it a higher extent driven by prices, the growth you experienced in this quarter? Well, the way we have decided to approach the whole pricing element is that we are looking at it strategically. We're really working and evaluating each customer to evaluate what is the right pricing of this service. We have not done sort of a general price increases of this percentage point, but we've more been looking on each customer and then in dialogue with the customer adjusted the prices. And then the price adjustments has been between 4% and 11% during the first half year. Some has gotten a higher increase than others. That differs a bit. Also from what indexes we are following. 4%-11% is the figure. Okay. Thank you. That's very helpful. Two questions more, if I may. Perhaps first on Germany. You continue to be a bit impacted here by sick leave in April and May. A bit curious on how June and perhaps possibly July and August developed in comparison to those two months. Did you see significantly better growth and margins? More growth in line with Scandinavia here during the summer months here. It's true that there has been this impact in the quarter from the Omicron and the different approach to that in Germany as we also said in Q1. It has been normal from June with the impact from Omicron. That's what we have seen so far. More of a normal sickness leave situation from June. Okay. Thank you. Perhaps finally, on Denmark, you're growing very nicely there, 18% organically. You'd recently acquired Thornvig Jensen here, which is, I guess, the first acquisition in Denmark for quite a few years. Should we interpret that you're very satisfied now with the measures that have been implemented on the cost structure of your Danish business, and now going forward perhaps more about growing and improving the footprint, increasing density to get margins further? Yeah, a bit on your thinking about the strategy for Denmark going forward here. Yeah. It's a good question. Yeah, you're right. There is basically two elements in that we start doing acquisitions. Because you're right, it has been a few years since we did an acquisition in Denmark. The first element is that we do not see anything structurally in the Danish market that should explain that there should be a generally lower potential in the Danish market than there is in the other markets. It's more linked with our business and then our heritage in the business than it is linked with the market in the Danish market. The second element is that we see Denmark, as you can see, also confirmed in the Q2, improving well, have a good trend upwards, and having done a lot of good adjustments. It's also from that perspective that we now start doing also acquisitions in Denmark because we have a significantly and a much stronger situation in the Danish operation than we had during the past few years. It's both elements you can interpret out of this that we start doing acquisitions in Denmark. Okay. Sounds good. I think that was all for me from now. Thank you so much. Thanks. The next question is from the line of Avinash Mundhra with Citi. Your question, please. Yeah. Hi. Just a quick one, please. Will it be possible for you to quantify the effect of holiday impact, the new methodology that you have implemented, and what had been its standalone impact on margins? Thank you. Stein? Yeah. Holiday impact. The holiday impact, I mean, it's mainly related to the Norwegian entity, and it's a couple of percentage points in the quarter. In Norway. In Norway. Yeah. In Norway. Yeah. You'll see a reversal of that in Q3. Okay. Thank you. The next question is from the line of Karl-Johan Bonnevier with DNB Markets. Your question please. Yes. Good morning, Henrik and Stein, and congratulations to a good quarter. Just come back on the last question, Stein. Couldn't you just. Is it possible to give us just a, say, a million kind of impact of, say, what you saw on holiday cost and or the holiday accrual and the periodization of the leasing debt in the first half, and how many million that represented? We haven't been very specific. I mean, it's a fairly technical issue. It's not huge, but it does justify being mentioned in the report, so it's sort of an in-between here. What we can say is that the holiday pay is impacting the Norwegian margin by a couple of percentage points. The remaining impact from the accruals or the periodization, it's in a similar magnitude. Basically something like NOK 10 million-NOK 15 million in headwind in H1 that should come back in H2. It's less than that. That's about the magnitude. It's less than that. A bit lesser. Yep. Okay. Perfect. Now let's. I also noticed you had quite a big non-cash currency impact on your financial net in the quarter. Could you describe how that came through and what to expect going forward given the volatility we see in currency rates? I mean, this is of course an unrealized bookkeeping exercise. It's really about the conversion from the Swedish whole parent company and the holdings down into the group. It's something that will go up and down with the Swedish, Norwegian euro currency fluctuations. But it does have zero cash impact. Good to know. Thank you. When I look at your EBITDA breakdown, I noticed that the other and elimination seems to be having a run rate of, say, NOK 5 million-NOK 6 million higher in a year-on-year comparison. Is that the kind of added cost we should expect, say, for you being in a listed environment rather than in a private environment or is something else hiding there? No, it is mainly this, and there is also some eliminations on the group level. I mean, there are some, not a lot, but there are some intercompany interactions between Norway, Denmark, Norway, Germany, et cetera. And that elimination is also in that box. But you're right, there is a higher- Thank- ... cost of being in a listed environment than the private equity environment we used to be in. Good. Henrik, when I look at the two transactions that you completed, the acquisitions so far this year, it seems to be on the high end of your earlier indication, what you're willing to pay for acquisitions or maybe slightly above it even. Is that what we should expect going forward that we are now seeing competition for deals and maybe the prices you're going to need to pay is gonna be towards the higher end? No, we don't see that. I would also say that the prices we paid for the acquisitions that we've done is well in line with the range that we have communicated and we do not as such see an increased price level generally on the pipeline. That's. We still expect to be within the range that we have communicated in the past. When you look at, say, post synergy kind of integration gains, those are similar in these kind of transactions seen now as you have been able to execute historically. Yeah. They are in line with that. We're actually seeing a good development also looking at the acquisitions that we did first half year of 2021. If we compare those with 2022, we have a good development overall in those entities. Very much in line with what we've seen historically. Excellent. Sounds promising. Thank you. Thanks. Thank you. As a reminder, if you have a question, please press star then one. The next question is from the line of Robert Redin with Carnegie. Your question please. Yeah. Hi. A couple of questions if I may. Back to those Norway margins, I mean they were down 4-5 percentage points in Q2 year-over-year and the holiday service 2 percentage points or so, and then you have the periodization being a similar magnitude. I mean including that margins were roughly flat were they year-over-year in Norway? Correct me if I'm wrong there, but organic growth was 20% so we do not expect margins to be heading up or what would be the effect there or pricing still lagging on the inflation or what am I missing there? No, I think that. No, you're right that probably it would be, as you say. One effect that we should be aware of is that we've been very busy in the organization in Norway, and adding 20% growth is a very high level for an organization as ours. There is also some cost coming from that, overtime payments and an extra cost linked with the extra hours. There has definitely been a lot of pace on the Norwegian organization in Q1 and Q2. That's what one should be looking on as well. I'm generally. I think we are where we should be on the margin. It's been a busy period for the Norwegian operation definitely. All right. Another question I have is on this corporate overhead or an eliminations line maybe it was NOK 14.4 million. Was there something temporary there or is that sort of a sustainable level on that cost side then? No. That this is a fairly normal level going forward as well. Okay. Yeah. I guess it has been lower, but it's now a more normal level. Okay. Yeah, final question was on pricing. I mean, you said 4%-11% in H1, and I would assume that you have a fair amount of visibility into H2 with the contract and so on, and with the cost as they develop and linked to that. Do you expect, say, same type price effects in H2 or more or less? Could you give us some guidance on that? No, you're right, we are working also with its price adjustments in second half of the year. We're not able to give a guidance on the percentages expected for second half year, because we are in a running dialogue with the customers on that. We are also expecting price increases in second half of the year, so we're monitoring constantly the cost base and in order to make sure that we have a good balance in the P&L. I'm not able to give you a forecast on the expected price increases for second half year. Yeah. Okay. All right. Thanks. Those were all questions. Thank you. Ladies and gentlemen, this concludes our question- and- answer session on the phone, and I would now like to turn the conference back to Henrik Damgaard. Yeah. Yes, this is Sture here. We have some questions on the chat that we can take. One is on working capital. I think we already covered it. Yeah. If you wanna add something on the working capital. No, I saw the question. Yeah. I mean, there was a buildup of receivables in the first half of the year. That will be improved in the second half of the year. There's a question on the integration of the two acquisitions, the one in Sweden and in Denmark, the timing of that. Thornvig Jensen and Stockholm Relining. Yeah. I mean, it's a normal integration process, and they are being integrated as we speak, with financial reporting, governance structures, et cetera. It's as we do in every company, they are on the way into Norva. Yeah. Yeah. Yeah, yeah. Yeah. They will be included in our reporting as of Q3. Exactly. Final one from Danske. The organic EBITDA growth, I mean. Mm-hmm We do not break that down. No. Can we give you some flavor on it? Well. I think we already answered it, you know, how much this price increase is. Yeah postponed projects and Yeah. I don't think we can add so much more. No. He might also be addressing the acquired M&A, or acquired EBITDA versus- Yeah organic EBITDA. Yeah. Yeah. I mean, Norway has zero impact of M&A in the quarter. Denmark has zero impact of M&A in the quarter. Germany, the impact is very modest. What we see in Sweden is that some of the acquired operations have a margin lower than what we had last year. That's dragging it down. Yeah. Yeah. Okay. Yeah. I think that's everything on the chat. Any more on the phone, operator, or are we good? So far, we do not have any further questions on the phone. Okay. Henrik, you can conclude. All right. I think I'll just wrap it up here then. I'm confirming today that we, based on Q2, are on the right track towards achieving our midterm targets. You will have heard in the presentation today that a lot of what we have communicated in the past is what we are also communicating today. We know the plan, we know what to do, and we are executing in line with that. We're building a European lighthouse in underground infrastructure maintenance. Thanks a lot for listening, and have a great day.