Hello, everyone, welcome to the presentation of our Q3 results that we have been looking very much forward to presenting. Very pleased to see in the quarter that we are on the right track on achieving our midterm targets, and that we again can confirm that today. With me today, I have our CFO, Stein Yndestad, in the room, as well as our Head of IR, Sture Stølen, and myself, Henrik Damgaard, the CEO of Norva24. As I said, in the beginning, it's very comforting for us to see that the Q3 is continuing as the previous quarters, confirming that we are on the right track. It's a strong quarter for us in Q3. But before we dwell more into details on that, I just want to spend a couple of minutes again on highlighting what it is that we are working with, 'cause I think that's very important for everyone to understand so. What we are working with is really something that not many people think about. Modern people just take for granted that we have access to water and sewerage in any building in society. There is a lot of work to do with the infrastructure that makes sure that that is working, and that is basically what we are doing. We are working with the infrastructure that makes sure that all buildings have access to water and sewerage, and that's the industry that we that is defined Underground Infrastructure Maintenance. We only do the maintenance part of this infrastructure. We do not do constructions or big, big projects. Others are good at doing that. What we do is that we do the running maintenance of the infrastructure. We typically divide the services that we offer our customers into three categories. As you can see here on the screen, the first one is what we call Emptying Services. That's when we empty and maintain different, typically different type of traps or separators or tanks that are part of this whole system. The second one is Pressure Washing. That's when we use pressure washing technology, for instance, for cleaning a tank underground. The third one is the Pipe Services. That's when we work with pipes that is connecting all the different flows that is needed for bringing water into the buildings and sewerage the other way. All those pipes need a lot of maintenance. Can be TV inspection, where you have kind of like a robot camera that you drive into the pipe to film it from within to document what is the state of the pipe. Can also be maintenance, flushing of the pipe and other type of jobs. We typically divide it into these three categories. It's though, as I always also say, important to understand that this is not to be seen as divisions, because one of our employees can do jobs across these categories during a work week. It's more to give an illustration of what type of jobs we do. That's Norva24 industry. It's services that are critical to society since all our, us human beings, we need access to this infrastructure that we work with. That's a bit on the infrastructure. A bit also on our journey, just 2-minute version of that. The infrastructure and the industry we are working with, Underground Infrastructure Maintenance, is very old and has been around for many years. We actually have 2 companies that we have acquired that is more than 100 years old. The infrastructure has a, and the industry has a long heritage so. Our journey as a compounder started, and as buy and build, started in 2015, where some Norwegian companies, family-run companies, came together with a private equity fund to start the journey of consolidating this industry. Since then, it's gone really fast. We are today 75 branches. We are present in 4 countries. We are present in Norway. As I said, we are present in Sweden and Denmark and as well in Germany. We are today around 1,600 employees. A lot of things has happened since 2015. Taking us from that general overview on the industry and on our journey, we will go now into the Q3 results. We, as I said, I'm very pleased to see that we again have a quarter that confirms that we're on the right track. It's a strong quarter, we're on the right track on achieving our midterm target as communicated when we got listed in December last year. We have a total operating revenue of NOK 612 million in the quarter. It's up by 13%, again, same quarter last year. We have a good currency-adjusted organic growth of 7%. On top of that, we then have the acquired growth of 9%. EBIT is NOK 77 million, up by 40% compared to last year. adjusted EBITDA is up by 20% compared to last year. We have an EBITDA that, an adjusted EBITDA that grows faster than the revenue. All in all, we see the EBITDA margin going up by 0.8 percentage points in the quarter. This is despite that we are seeing higher energy costs and higher inflation. Obviously we use a lot of diesel and diesel is around 6% of our revenue base. But what we really have shown in 2022 is that we are able to move forward those cost increases we see into price increases against our customers and thereby balancing the PNL for Norva24 so that we can keep our EBITDA margins even though we are in this inflationary environment right now in the whole world. We really show that we have a strong business model also in this environment. Looking into the countries, we will come back a bit more with details in a minute on each country. Looking first on Norway, we have a 9% organic growth and an adjusted EBITDA margin that increases by 41% in Norway. We have a strong currency adjusted organic growth of 13% in Denmark and continuing margin improvements in Denmark. Also comforting again in Q3 that we are on the right track on our journey in the Danish market as well. Strong total growth in Sweden as well, 18%. Notice as well generally, and Stein will comment that a little later, that we are reporting in Norwegian krone and over the last year, the Norwegian krone has strengthened against many of the currencies and therefore in local currency in Sweden, our growth was 25%. But in Norwegian krone it's 18%. And it's driven by both 10% currency adjusted organic growth and as well as acquisitions. Looking into Germany, we have a stable revenue on the back of strong, very strong comparable figures from last year. We actually had more than 20% in organic growth in the same quarter last year. The results and the sales in Germany needs to be looked in the perspective of a very strong organic growth last year in the quarter. We are continuing the digitalization of Norva24. As we have said also previously, we are running on an agenda where we implement the same digital and IT set up in Scandinavia. We are right now with more than 80% of the entities running on the IT solution. What we have is the same ERP system. We have the same business intelligence solution. We have the same order handling module as examples on that. One of the things we've been working also with in 2022 is implementing a fleet management tracking tool where we are actually now close to 500 tracking units installed in the vehicles so that we real time can follow where are the vehicles and thereby optimize the potential synergies in having a good density on and a utilization of the fleet. Yeah. Short comment also on the M&A. We have a good and a strong M&A pipeline. We'll come back on that. We've done 6 acquisitions so far in 2022, all done since April. As you may remember, we paused the acquisitions during the IPO process, but have really started up in a good pace since April with six acquisitions. We will come back with a few data on those later on. Yeah, also important to notice is that the cash flow that we generate from the operations are actually covering the acquisitions that we did in the quarter as well as over the last 12 months. We are covering the acquisitions done by the cash we generate from the operation. That also shows the strengths of our business model. Looking a little into, yeah, how the figures look. When you put it into a table, it looks like this. We go from NOK 541 million in revenue last year to NOK 612 million for this year. On the same period, we increase the adjusted EBITDA from NOK 72 million to NOK 86 million, close to NOK 87 million. An increase in the adjusted EBITDA margin from 13.4% to 14.2% for the whole group. Now we will go into each country and just comment a bit on those. I'll start by our largest country, Norway, representing 36% of our group revenue. In Norway, we are now, if you look at the last 12 months, we're inches from crossing the NOK 900 million revenue. With NOK 899.8 million over the last twelve months, up from NOK 801 last year. A strong growth we've seen in the Norwegian market this year. Also in the quarter, the 9.3% organic growth currency, or organic growth in the quarter. The EBITDA margin up from 14% last year to 18% this year. A very strong lift in our EBITDA in the quarter. Going further into Germany. Stable revenue as you can be seeing here. Notice also that last year in the same quarter, we had an organic growth of 21.1%. The growth in Germany in the quarter needs to be looked in the perspective of that. We are building up a lot our presence in 2022 in Berlin and Brandenburg area. You will see a lot of dots on the map here around that area, and several of those have been part of Norva24 this year. If we look just on Berlin and Brandenburg area and look on the last 12 months of including the acquisitions that we've done, then we are more than NOK 300 million in revenue just in that area. Of course, it's a key to our strategy of really being a strong player and being the market leader in the future in the German market that we now have strengthened our position in the German capital so much as we have done in 2022. Another area where we have had focus this year on doing acquisition in Germany is the dot you can see in Ruhrgebiet. That's the one on the western side here in the map. Ruhrgebiet is also very important. Ruhrgebiet is actually the most densely populated area in Germany, and there we have done the acquisition of Zimmerbeutel as well. So this year we have taken some important, and also in Q3, some important strategic acquisitive movements. Going to Sweden as the next one. We see also in Sweden that the EBITDA margin is up. It's up from 13% to 16% in the quarter. What we particularly have seen in Q3 is that we've strengthened our position in Stockholm. We did not before this quarter have relining as own service in Stockholm area, but we did the acquisition in July of Stockholm Relining, and thereby we have become a full service provider within underground infrastructure maintenance in the Swedish capital. Actually, when looking on the different cities in our four countries, Stockholm is the second-largest city when looking on revenue per city. We have really a strong position there in the Stockholm area as well, now also covering relining. Denmark continuing their journey. As you may remember, Denmark is a bit special case for us. We are doing, we're well on our way of doing a turnaround in the Danish operations. What we are seeing is really that the Danish operation is continuing the improvements that we have seen in the previous quarters as well. We see a strong organic growth of 13% in the quarter in Denmark. What we're focusing a lot on is particularly two things in Denmark, increasing the utilization of our vehicles and of our staff, and as well working on the customer contract portfolio. And in Denmark, we signed actually a large national contract with Circle K, where we will cover all their locations in the Danish market as part of a national agreement. That's also a good illustration of how we, as a large national and international player, can serve a customer that has premises across a country or across several countries with services of underlying infrastructure maintenance. Very good to see that one also landing as a customer for Norva24 in the quarter. Yeah. I'll now give the word to Stein, who will go a little more into the details on the income statement. Thank you, Henrik. It's good to be here today to present the strong results the group has achieved over the quarter. Looking at the P&L, revenues from customer contracts are up 15% this year, driven by a mix of M&A and organic growth. At the cost side, we've been able to increase revenues more than we've increased salaries and cost of goods, that's contributed to an improved margin. We also see that other operating costs are down. When it comes to the fuel or vehicle operating costs, that's up 20% or NOK 16 million. The lion's share of that increase is really fuel cost, it's very hard for us to do something about that. We have been able then to increase the revenues and prices, so the margin has improved on the quarter. The last line we see above, the EBIT is a gain from a sale of real estate in Denmark. When we look at the adjusted numbers, that's not included, so we do exclude such gains as this one. Q3 is a good quarter for us, as well as Q2 and Q4. Looking into the seasonality here, we see there is a slight dip in Q1. It's mainly related to the fact that it's slightly more difficult to operate in the wintertime when you do the things we do. I mean, cold water and the emptying of tanks which are under snow and so on takes more time and is then less efficient. Our revenue growth is 13% reported. Henrik mentioned that the Norwegian currency has strengthened versus last year, meaning that the numbers we report in Swedish kroner is actually the number in Sweden that we report in Norwegian kroner is actually about 7% stronger when you look at Swedish kroner. The impact from Danish and euros is slightly less, but it's about 2.5%-3%, so there is also an impact there. Our overall growth is not 13%, but 15.5% when you look at it in fixed currency. Looking at this picture, we see that our revenue has grown by 67% since Q3 2020, so that's a healthy growth that we're quite happy with. On the EBIT side, on the profitability, we see that we've been able to compensate inflation and cost increases by price increases, so we have a 0.8 percentage point margin uptick in the quarter. Also, we see that our cash flow from operations is covering the acquisitions done in the quarter and also the acquisitions done last 12 months. Our balance sheet. The most important thing here, I think, is to see that, of course, it is growing as the business is growing, and we've done the acquisitions we have done. Our asset base when it comes to operational equipment is up by less than 10%, whereas our revenues are up by 13%, indicating that also in this quarter we see an improved capital efficiency when it comes to using our equipment. Our leverage reported is 2.1, meaning net interest-bearing debt over adjusted EBITDA. When we look at the way we calculate it towards the banks, the number is below 2, meaning that we will also for this quarter stay in the same margin bracket when it comes to our interest cost. Also mentioning that we have about a NOK 12 million sensitivity when it comes to a 1% interest increase on the group. Yes. Let's go to the M&A side, Henrik. Yeah. As I said in the beginning, we will go through the six acquisitions just to give a little flavor of what type of acquisitions is it that we do and how do we think in regards to doing acquisitions. We will go through each of the six acquisitions that we have done this year. As you may notice, the acquisitions are having a long heritage often. Actually, when going through these acquisitions, the six ones, you will see that it's actually having more than 260 years of history when putting it all together. When we do acquisitions, we like to buy companies with a long heritage, and with a strong local presence and a strong track record. The first one we will show here is IRG. It's a Swedish company that we acquired this year, and that is located in the Göteborg area, in the areas around the second-largest city in Sweden. This is a classic underground infrastructure maintenance company. What they also have, and that's also something we always look upon, is that they have a technologically advantage by them also working with sensors. They have actually managed to work with sensors and to work with sensors in order to predict and do better maintenance of the underground infrastructure maintenance solutions. From that perspective, IRG is also adding technologically advantages to Norva24 through that acquisition. The next one we will comment on is Stockholm Relining. Stockholm Relining is a first-class relining company and a great supplement to the existing business in Stockholm. We do a lot of flushing and inspection and documenting of pipes in the Stockholm region, through that, we also see what needs to be realigned. That's a synergy that we can benefit from having Stockholm Relining within the group. I think we will be able to increase the activity within this area in the Stockholm region. We have Thornvig Jensen in Denmark. I mentioned earlier on that we have two companies in the group that has a heritage of more than 100 years, and actually Thornvig Jensen is one of them. It was founded in 1919, so a company with a very long track record in our industry. Located in Herning in the middle of Jutland. Again, a classic underground infrastructure maintenance company that will add, give us a stronger position in that area and thereby also increasing our density in the Jutland area of Denmark. Acquired in July and became member of Norva24 Group in July. Yes. In Germany, we have also made some inroads into the rural area. A very exciting operation here. It's a very classical, traditional UIM company doing pipe services and emptying services. With this acquisition, we get sort of a foothold in the area, and we'll continue building on that. Then we go to Berlin. Yeah. That's one of the acquisitions we did in Q3. It's Jützy located in Berlin-Brandenburg area. A company with a very strong presence in the Berlin city area. Has shown a lot of good growth recent years as well. Has really a good track and a good heritage also dating back to the 1970s. A really a strong acquisition for us that where we add one of the strongest companies in the Berlin area to Norva24 Group. The last acquisition that we've done now in Q4 is CKS Rohr Express, which is also present in Berlin, so really working on the density in that area. It's a very much a traditional UIM company doing the pipe services and the emptying services. Also a company with a long heritage. It was founded back in the late 1990s. Berlin has been a focus area, and we'll see the effect of that going forward, we hope. We also have a summary of the acquisitions we've done and also a view of the pipeline. We see that we have a very strong pipeline going forward, 1,900 opportunities. We have 132 opportunities gathered on a shortlist. We have 19 opportunities where we are engaged in discussions, and then we have 15 cases where we are under what we call advanced discussions. 2022 has been a good year for our M&A activities, and we believe that 2023 will also be a very good year for our M&A activities. Yeah. Just a few comments on our financial targets as communicated to the market. As I started by saying, we see Q3 as a strong quarter for us, and it shows that we're on the right track in order to meet our midterm targets as communicated. Just highlighting that our target for 2025 is NOK 4.5 billion. And we have set a midterm target for the profitability as the adjusted EBITDA target is 14%-15%. So the capital structure we've set in the sense that we do not want to go above 2.5x adjusted EBITDA in our debt. And can, for a shorter period, be higher than that. But we plan for being lower than that. As you can see also in the report, we are well below that at the current state in the journey. Our dividend policy is very clear. We do not pay out dividends. We believe that the cash that we generate are better used for doing further acquisitions. That is also what we can see that we're doing over the last 12 months, where we actually have set use the cash that we generate from the operation on acquiring the companies. Our journey is clear. We want with Norva24 to build a European lighthouse in Underground Infrastructure Maintenance industry. With a lighthouse, we want to symbolize and become two things. We want to become the largest European player in Underground Infrastructure Maintenance industry, but we also want to symbolize with the lighthouse that we want to be that lighthouse that also drives the innovation in the industry. That's why we like a lot this symbol of a lighthouse because that's what we want to become. We are currently focusing on the four markets we are in, Sweden, Norway, Denmark, and Germany. As we said in the IPO, we expect to continue to the next country after one-two years after the IPO. Yeah. That's. It's a very big market in Europe. It's a 140 billion NOK market, there is a lot of work to be done before we have conquered and created a market leader in the whole European market. Yeah. With that said, I think we will prepare for. Yes. The Q&A. We will have the Q&A, and we welcome first the people on the telephone lines, and then we'll go to the audience here in Stockholm. After that, we'll follow up with some questions on the chat. With that, please open up the questions for the phone line, please. Thank you. Ladies and gentlemen, if you do wish to ask an audio question, please press 0 followed by the 1 on your telephone keypad. Once again, to register for audio question, please press 0 followed by the 1 on your telephone keypad. Our first question comes from Dan Johansson from SEB. Please go ahead, your line is open. Thank you so much, and good morning, Henrik, Stein, and Sture. Good morning. Morning. Hope you can hear me. Yes, we can. Great. Perfect. I think I have four questions here. I'll take them one by one. I think firstly, is it possible to quantify a bit on how much price increase has supported organic growth, of 7% in the quarter? I'll start there. Yeah. Thanks for the question. Well, the answer is that what we have done of price increases is in the range of 4%-11% when looking on 2022. It's not a certain percentage that we have rolled out over all the customers. It differs a bit also in how the contract looks. The adjustments are in the span 4%-11%. Okay. Makes sense. I guess you have the public contracts, adjustments coming in beginning of next year then, mainly. Yes. A lot of the public contracts, particularly in Norway, are rolling in first of January. Public contracts are typically adjusted there. For instance, in Sweden, they are typically coming in also first of April. It differs a little, but in Norway it's a lot first of January. All right. A few questions on acquisitions as well. Your pipeline looks quite positive for 2023. Is a fair expectation that you would do something like NOK 400 million-500 million acquired sale? Is that the reasonable assumption as you see it right now? We've not set a particular sum for that, so, but, yeah, It should be in that range. It is. Then it's of course hard to just specify what year it will happen, but that's the level we need to need to have going forward. No, totally understood. Also on the latest acquisitions, CKS and Jützy in Germany, are they around group average in terms of margins or are they slightly lower as some of your acquisitions tends to be initially? We've not communicated their margin. And, so I think we will not communicate that per now. Unless you would like to comment a little. No. a little. Correct. Yeah. We've not communicated it, so but, yeah. So can't really communicate on that currently. Okay, that's fine. Final question, if I may. In Denmark, you mentioned during the presentation you won some business including this nationwide agreement with Circle K. Is it possible to get some sort of feeling for the size of that contract in terms of annual sales potential or something like that? It sounds like it's a rather decent contract. It's a good size of a contract for us. We will serve 438 premises in the Danish market. That is going to be one of the largest Danish contracts that we have. But it's not in the sense that it's going to be a very large percentage of the Danish revenue. It is a fragmented customer profile as well, but this is going to be one of the largest in the Danish market. Perfect. Thank you so much for the granularity. I think it was all for me from now. I'll jump back into the line for now. Thank you so much. Thanks. Thank you. Our next question comes from Karl-Johan Bonnevier from DNB Markets. Please go ahead, your line is open. Good morning, Henrik, Stein, and Sture. Good, good development in Q3. Congrats. A couple of questions from me as well, please. First, looking at working capital, I remember, Stein, you said that there was gonna be some release in Q3. Now we see some more tie-up here in the quarter. Is that the delayed effect that we should expect to come in Q4, or is it the high growth that is tying up more capital for you these days? It is high growth tying up more capital. I think also when you look at the working capital, when you look at that table, you also have to include not only sort of the increase in working capital, but also the line below. When we acquire a company, I mean, all of the accounts receivables, et cetera, in that company is going into that line. On the line below, we adjust for the sort of the previous accounts receivable in that company. You only have the delta in there. It does maybe not look as good on when you just look at the net working capital line. We have improved the cash flow quite significantly in the quarter, which is mainly due to the seasonality. Going into Q4, what would be your best guidance there? Should we expect further working capital release? I think that's the normal quarterly pattern. Yes. Are we in the kind of similar pattern as we have seen in the last couple of quarters? I think, you know, the last year was slightly special due to the IPO, but if we look at Q4, normally it's a good cash flow quarter. Is there no exceptional that is tying up, working capital at this stage as such? One of the acquisitions had a large, work in progress, which is, also to be found in the working capital. That's, probably something we'll be able to, untie a bit. Good to hear. Also noticed that you had a very good move in the Cash EBITDA margin in the quarter. Could you just explain the delta for me between the adjusted and the Cash EBITDA and what's impacting this quarter? I mean, this is, it is really the lease payments. I mean, we have not done that many lease contracts. I mean, our investments, as we mentioned on the balance sheet as well, has been fairly modest, and that also impacts the lease payments in the, in the quarter compared to the overall size of the group. But of course, also when we do acquire these companies, you look at the note with the PPE, sorry, Well, the asset side there, you see that quite a few of the acquisitions have less leasing payments and more own assets than the previous composition of the group. I also noticed that on... You have a quite a big positive impact from disposals in the net CapEx, so to say. Is that you moving these acquisitions from more of an own platform to lease platforms or? No. The, I mean, 2 things. It is more that, when we do, when the leases run out, weAlmost as a rule, we buy the assets, and that moves them from the Right-of-use assets into the PPE. That's one part. We also did sell the premises in Denmark. Office premises that we have in Denmark. Okay. I guess that's the big impact coming through there in the quarter then, so. Yeah. Good. Just looking at your pipeline, the advanced engaged, looking at acquisitions, obviously it's a little smaller than previous quarter. You have closed 2 transactions. Yeah. It seems to also be a negative, say, delta there from where you probably walked away from quite a few discussions it seems like. What is the main reason when you walk away from a discussion, basically? That's what I'm interested in. Usually, I mean, there could be several reasons, but it could also be that we see that we will not be able to agree on the valuation or that we for some reason, don't see it as such an attractive assets once we've looked deeper into it. Of course, also the fact that we have done a couple of transactions, taking them out of the advanced discussions there. Just a short comment from my side. What we are very focused on is keeping the discipline in all stages of our acquisition processes in... so that if we see something that is not as it should be, then we walk away. We do acquisitions in a very disciplined way. We want to buy the best companies, so because we want to build a lighthouse and therefore we need to buy good, strong companies. it's all to be seen generally in that light. and then it will move a little up and down on the different stages. but going... Looking on the current pipeline, it's a strong pipeline with good progress on the different dialogues. Sounds very promising and very impressive development also building this platform in Berlin, Brandenburg. How will you evolve that? Will you try to bring it in under one brand and integrate the whole, or will you keep them a separate unit working in parallel to cover as much as possible of the market, or how do you see your, say, your footprint in Berlin, Brandenburg being developed? Yeah. We have really built up a lot, as you say, in Berlin, Brandenburg here over the past year. It's really a strong position now that we have with several branches there. We do not force in Cobra or one brand over all these different entities. What we focus on on the short term right now is to start collaborating between the different entities. For instance, already now they are working together on different jobs where they help each other if they do, if they can on the different services. If one company has a service line that another company doesn't have, then they can help each other. Can also be if one has a little more available capacity, then they can help the other company. Already now we are seeing those benefits coming through, and that's typically what we focus on in the first stage. It is to start these collaborations between the companies and that is actually already now being seen. more of a back-end integration than something going out towards the market at this stage. Yeah. Do you see that you reap the full benefit of the density argument in your business model by doing that, or are you missing something that is to later be extracted, so to say, in synergy gains? No, it's a longer process you can say. The first step is really to start seeing that they work together as mentioned on serving each other if they have capacity or if they have services that the other companies does not have. Then it evolves over time in where we see. If you look on Norway, we of course have a much more mature way of creating synergies out of this density than what we, for example, have in Berlin, where we just recently have built up this presence. It's kind of like this stepwise progress where the first step right now is to create a good collaboration between the different companies and thereby create the first synergies out of it. Then we take it simply step by step together with the companies and then, and then progress more and more in regards to taking out the synergies from it, so. As you say, we want to take out synergies and there is a benefit of being large. There's a clear density driver. We see the same in all the different larger cities and large areas. Yeah, taking out the synergies is definitely part of the journey. Excellent. Thank you very much, and all the best out there. Thank you. Thank you. Thank you. As another reminder, to register for a question, please press zero followed by the one on your telephone keypad. There will be a brief pause while questions are being registered. Thank you. There appear to be no further audio questions. I'll return the conference back to you speakers. Thank you, operator. It's time to take some questions here from the audience, and we have a question from Eddie Palmgren from Redeye, please. Thank you, and thank you for the presentation. It's working? First on the M&A side, how is the inbound interest? Do you see more companies are coming to you now? I would actually say that, generally the inbound is as it has been. No big change there. That actually also goes for our acquisition activities, that even though a lot of things has happened in the world, over the last year, generally, our industry is pretty much the same, also in the acquired companies. Haven't really seen a big change there. Okay. Is that the same for prices? Has anything changed there? Same for prices. Prices are as they were also before. Nothing has really changed over the last year in regards to that. Okay. I'm also interested in the quality of your acquisition targets. You mentioned 1,900 opportunities. Have you then excluded some companies that you think are of too low quality? Yes. We have, You can say that the 1,900 companies is when we have a minimum set of, unless there is a specific strategic reason, then we do not acquire companies with lower than NOK 15 million in revenue, EUR 1.5 million. And those are removed from the 1,900. Then we have another criteria, which is that we do not acquire companies below 15% in EBITDA. That criteria has not been put over the 1,900 companies simply because in, for example, in Germany, you're not able to take out those data from the authorities in the same way, so you're not able to always see the profit levels before you engage into a dialogue. Yeah. How much do you use brokers? Actually, we do not use them in order to contact targets. We do it ourselves. It's the very typical process for us is that we have a shortlist. You could see the number before. It's around 130 right now. We have seen that those are typically companies we would like to engage in a dialogue with. We open the door by us contacting them, typically through one that knows the owner. Then we engage into a dialogue. After a while, we make a bid if we find it interesting. Then we do a due diligence, then we end up doing a closing. That's typically a bilateral process. When it comes to the overhead of the organization, how do you feel that? How satisfied are you with the number of employees and your efficiency? Generally, we are very satisfied with that level. We have a flat organization. We have three levels. We have a group level, where we are a small number of people that works, and then we have the national level, and then we have the branch level. For example, IT is actually a cost and a responsibility that is on group level. Our overheads on group level needs also to be looked in that perspective, simply because we see that it's important that we work together when improving our IT and digitalization. Yeah. You mentioned IRG as an interesting example of a company with a technology advantage, and I'm sure you see many more such opportunities. I'm interested, will you take this technology to other companies in the group, and how will you practically do that, if you do? Yeah. It's in the case of IRG, they have this technology where they put in sensors into the rainwater system in the underground. Over a period of two to four months, depending on how much it rains, they are able to see how the flow is in the underground when it when it rains. They can use that in order to forecast where there can be leakages and problems in the underground. That technology is something that we can also benefit from in other branches. We are right now working on a setup where we can also expand that further in right now Sweden but also in the longer run in other countries. Because it's, those kind of solutions are the future of our industry. We, just like you see in here a lot of sensors and solutions that monitors a building, in the same way you will see it also moving into the underground, and that's a good example on it that we get through this acquisition. Stein, you will take on a new role now in February probably with new responsibility. You will do M&A, geographical expansion, and IR. More practically, what will you work with, and how will you allocate your time between these different options? I think, I mean, today it is split between the roles you mentioned there and the financial reporting and the financial management. To do that new role in a good way, it's very good to sort of have the capacity that we will get on board. The splitting it between new markets and M&A, that's gonna be the majority of the work. That's really the large part of the work I will be doing post first of February. Of course, we do also have the investor relations part, which takes some time, but it's not, it's not the lion's share of the workload. I see. In terms of geographical expansion, you are mostly expanding in the northern parts of Germany, but there are quite big differences in Germany in terms of culture and so on. What is your impression there? Yeah, you're very right about that. I myself live 70 kilometers from the German border, so I am very much aware of the differences down there. We actually it's important that you don't see Germany as one country but that you are aware of the differences between Hamburg and Berlin and Bayern, et cetera. But for us, the important part is really to have a strong German management that drives that development. And then we're building up in the way that we right now have a very strong platform and setup around Hamburg. And we also have it in Berlin. We actually also have it in north of Bayern, where we have actually the largest branch in the whole Norva24 Group is in north of Bayern now, so in Gerolzhofen, where more than 100 people works from. We are gradually moving downwards, and then very much aware of the differences that there are in Germany. But also very much aware of us having a strong German management that can handle that. Yeah. Germany is definitely an important part of our future journey. Okay, we have some questions on the chat, and the first one is regarding interest rate sensitivity, including leasing. What it is currently? Well, the net interest-bearing debt is just shy of NOK 1.1 billion. The majority of that is related to leasing, and that has the same kind of interest sensitivity as our other funding. They're mainly related to the mainly floating rate in the bottom, and then you have the margin on top of it. It's around NOK 12 million is the sensitivity when it comes to one percentage point increase in the interest rate. Okay. There's a question on this backlog from COVID. Was there any effects in Q3 on the backlog? I would say it was, it was rather, little. But what we saw was definitely that, particularly Norway had a large effect on Q1 and Q2. What we said also when we announced the Q2 was that the Norwegian organic growth would probably have been more in line with what we saw in Denmark and Sweden in Q1 and Q2 if it was not for this backlog effect. But not much of that in Q3, no. That's also why you see that the Norwegian organic growth is now more in line with what we have seen in Denmark and Sweden for Q3. There's also a question on the timing effect that we write in the report regards to leasing. How much of the 0.8% improvement in margin is related to that timing effect? Ooh. That number I do not have. Yeah. Yeah. We'll come back to that then. There's a question on Germany. Sick leave improved in June. How was it in Q3 in terms of sick leave in Germany? We still see actually that sick leaves are higher in Germany than the same quarter last year. There are still some legislation around sick leave in Germany that actually means that we have a somewhat higher sick leave also in Q3. Not at all like we saw particularly in Q1. Generally the sick leave is still on a higher level in Germany than what we see in same quarter last year. This was all the questions from Jacob Edler at Danske Bank. There's 1 question from 1 investor, no name. That's give a bit more clarity on the acquisition pipeline. I think we can go back to that slide with the acquisitions and just give a bit more flavor on the pipeline. In terms of expectations for 2023 as we talked about in the report. Yeah. Yeah. Yeah. I can add the flavor that we do work in all four markets on doing acquisitions going into 2023. We did all, we also doing that in 2022. So we will continue doing that also next year. So even though we have a particularly high market share in the Norwegian market, we are still seeing possibilities of doing acquisitions there, for example, even though we in 2022 have not done acquisitions in the Norwegian market. So going into next year, we will work also, as we did in 2022, on doing acquisitions in all markets. Of course, the looking on the 1,900 players that we have in total in the industry, 1,400 of those are in Germany. Of course, Germany will play a key role, simply because it's a much bigger market than the Scandinavian market. I think that's the extra flavor we can add to the pipeline. Okay. That concludes the questions on the chat. Any more questions on the phone lines? Thank you. As a reminder, to register for audio question, please press zero followed by the one on your telephone keypad. Thank you. There appear to be no further audio questions. Okay. Any more follow-ups there? It's okay. It's okay. Well, thanks a lot for a lot of good questions. It was really a pleasure to present the Q3 results. Just confirming that again, that we are on the right track on achieving our midterm targets. Yeah, the business model really shows that even though a lot of things happens in the world, it's a robust business model, and yeah, we're just continuing in the same pace and in the same track as we said in the IPO. Thanks a lot for listening and yeah.