Welcome to the Ovzon AB Q3 report. For the first part of this call, all participants will be in listen-only mode, and afterwards, there will be a question and answer session. Today, I'm pleased to present Ovzon CEO, Per Norén, and Ovzon's Interim CFO, Pål Jernhag. Please begin your meeting. Thank you, Annika, and good afternoon, good evening, and good morning, depending on where you are. Warmly welcome to everyone that have called in to participate in Ovzon's Q3 report for 2022 and our interim report for January to September 2022. I'm joined today by our interim CFO, Mr. Pål Jernhag. Pål is not new to us at Ovzon, and he's not new to being a chief financial officer, and he also has a background as a CPA. So he is a known entity to us and has stepped in here as our previous CFO, Johan Brandt, recently joined another company, and our new CFO, Noora Jayasekara, is on her way in. So thank you for joining me today, Pål. Thank you. There you go. Nice to be here. Thank you. We're excited to talk to you about the business today, and we find it to be the best way for us to present the business and the performance and then allow plenty of time for questions and answers at the end of the session. As noted, you can ask questions directly via moderator Annika or via the chat box on the website. Without further ado, let's begin. There you have a picture of us as well, so you know who's actually talking to you since this is not video done in a video mode. Well, let's talk a little bit about Ovzon, shall we? I think it's important to always go back to what the roots are for who we are, what we do, et cetera. I would say this, we have a new vision statement. I've been at the helm of Ovzon now for one and a half years, and coming in and looking at what our company is doing and working with our leadership team, our customers, and our partners, it's been very clear to us that we've changed our vision somewhat because we wanted it to be even more customer and solution-focused to better reflect what we actually do. We are a company and a solution provider that delivers integrated solutions for organizations with critical missions in any part of the world, where they actually need guaranteed ways of communicating, sending, receiving data and information in a secure, resilient, and high-performing way, and all the time being mobile. You can think of them, as you will see on some later slides, as defense, emergency rescues, public safety, companies, humanitarian organizations, health organizations, but it could also be critical organizations for society, such as, media and broadcast and other things. They are all on a critical mission where they require 100% guaranteed uptime with high data rates, high mobility, and high resiliency so you can actually perform your task at hand. I think it geared us towards something where we're very unique in the world, which you'll see as well. As you can see, we're on a very strong trajectory with increased service revenue that are provided, I think month by month, quarter by quarter, year by year, and over the rolling twelve months, you can see that our trajectory is pointing upwards. We'll come back to that obviously a bit, little bit later, but note that our business model with a more of a subscription-based service revenue mode is making planning and execution of the business easier than in previous years, where it might have been a little bit more lumpy on the revenue side. We're very pleased with that, with that performance and that change. We delivered very well on the orders we took in 2021. That's why you see this trajectory. We'll also come back to that, obviously. Our CapEx is foremost related to the satellite we're building, Ovzon 3, the onboard processor, and the next generation of mobile satellite terminals as well. We'll come back to that in depth as well. Where we operate and who we are, that we're on Nasdaq Stockholm has obviously not changed. I think the balance between the customer base and the revenue base coming from the United States and from Europe is mixing in a different way than it did a year ago. We'll mention a little bit on that in a few slides as well. Let me move to the next slide here. There we go. As I spoke about our unique solution, where we're the only ones in the world actually providing this quadrant, if you might say so, is unique from a couple of perspectives, and I won't go too deep on it. If you look at what we've numbered one, two, three, and four, there is no one else in the world that today both provides terminals, and we grew up, the company was actually founded on the technology and foundation of understanding how you could receive and send information and connect to to internet on the ground. We're very, very strong, both from a technology standpoint, from a performance and delivery and service standpoint on what that means. Our technology has then led over to how we acquire network satellite capacity in number two, and also the decision to then, of course, launch our own satellite. The key with launching our own satellite is that we understand the necessity for our customers with this guaranteed communication. We pick satellite systems or satellite capacity that has most of the time steerable beams that can be directed to a specific area or region, and sometimes we also blend that with regional beams that are more fixed in its coverage of a certain region. The difference between the two of them is really that you get higher concentration of energy and throughput if you can steer a beam towards a specific region. Some customers don't need all those volumes of data, so it can be blended with what's called regional beams as well. Our own satellite, which we'll come back to, will have five steerable beams. We'll have the onboard processor, and we'll have, as you will see at the end of this presentation, a new terminal we're looking at where you will be able to build in a much more resilient way of operating and communicating. Number three in this picture, we have chosen not to own and control ourselves, but we are extremely selective in who we actually choose and who we partner with to work with on where the signal from the satellite goes down and connects to Internet, the so-called gateways or the teleport providers. We have a handful of those that we selectively choose, and we pick them in parts of the world where the customer base needs it or wants it, or where we get the highest performance from those. Then four, which is last but not least, is our own ability to put these networks together to create the service delivery solution and to build that up for an integrated solution where you have high throughput to the smallest terminals, and we can deliver on those critical missions for our customers. Very strong, very unique in the marketplace. I think it's important then to really take the new vision statement we have and really detect who do we actually deliver our service to? Who are interested in this service? We'll come back a little bit to the trends in the market in just a few minutes as well. We are foremost focused on organizations within defense, emergency service and rescue services, and public safety, as I said, but also humanitarian organizations. They are. The first two are obviously most of them. No, I would say most of them in the government sector. We're in a government sector procurement process where we operate today, because that's where the demands on those kind of things are most adequate and where we can stand out uniquely as a service provider. There are also other types of customers that could be there, as I mentioned before, media and broadcast, which we've done. We've done big events like the Giro d'Italia, et cetera, et cetera. There's nothing that says we cannot go into more of the commercial organizations. However, I find it very important because it takes time to build up new markets, new market segments. It's very important to stay very focused, very, in areas where you can actually create reference customers and where you can build up a base of customers that are actually, benefiting from the uniqueness of the Ovzon solution. We sell directly, through distributors and sales agents, but we have proven both to ourselves and to our customers that if we stay extremely close to the end user, understand the customer's problem, turn that into a solution and deliver on that is the way we win in the marketplace. That means our sales organization and go-to-market organizations are very... They either have a background with the customer base we operate within, or they're very advanced in having done so for a number of years, right? They know both the technology, the customer side of operations, as well as how we deliver those solutions. However, the distributors and agents that we have are important to us because they also have both, as you can see, Airbus having, of course, being one of the world's largest aerospace companies, have access to other types of capabilities and solutions. In the customer base, they operate somewhat differently than we do, so we complement one another well. The two in the middle are two examples. VANTAT in Colombia, where we recently worked with them in delivering a solution to do the election, the Colombian election and connect the users out in the communities where there's no infrastructure or rudimentary infrastructure to that. We've done United Nations work with them as well in those areas. Domidea is our Italian partner that is our channel to the Italian Ministry of the Interior and the Italian National Fire and Rescue Service, which of course is a big customer. Intelsat, of course, we both buy satellite capacity from, but we also work with them and their government arm into the U.S. Department of Defense. It's a mixed picture you can see here. There's some sort of competition going on as well, but we have very clear, distinct work streams with all of these distributors and agents, and they work very well. It takes time, and we have found again that being close to the end user is the way where we actually win. Let's turn to. That's a little bit preamble to who we are, what we do, and how we think about our new vision and our markets and our customers. Let's turn that to how performance was during the first nine months and in the third quarter of 2022. I would say that, first of all, we'll come back to it, and Pål will talk more about the numbers, but Q3 we continued what we did in the beginning of 2022. We had a 63% growth in revenue. We recorded SEK 78.1 million in the quarter versus SEK 47.8 million the same quarter last year. Year to date, we have a growth of 117%, and we recorded SEK 255.9 million versus SEK 118.2 million year to date in 2021. Operating results also improved from last year at the same time. You'll see the numbers in a minute, but I thought I'll do it here because the trajectory of growth is very important, and driving profitable growth is very important to the company, which will lift us to higher profitability going forward. The one thing that is hampering the operating result is the still unused, or you could say unsold capacity of one of the steerable beams we invested in a few years ago from a strategic perspective to kind of bridge where we were into getting Ovzon 3 launched and utilized in a little bit, we believe, which I'll come back to as well. That's kind of where we are right now. Now, let's go into the next picture. As we said, strong revenue growth, improved operating results. Very, very strong ability to deliver. I cannot underline this more. Our financial performance had to do with a very strong second half of actually Q4 in 2021, which we then turned very quickly into delivery, which turns into revenue and it drives our operating results up towards the levels we want to be highly profitable in the future, obviously. We've had one renewal during the quarter from the U.K. MoD for renewal of $1.1 million, renewal of the SATCOM as a Service solution. Let's talk a little bit about the market because I think it's important. There's a lot of activity going on in the marketplace, and obviously the world we live in today is quite complicated. We have the unfortunate war when Russia invaded Ukraine, obviously. There's a lot of activity there as well. We have to know that none of the NATO or surrounding countries are actually in Ukraine or in the war. They're all kind of supporting the war with different means and capabilities. I think, to be honest, our sales would have looked different had these countries and nations been involved directly in the war. Right now, it's more of a setup mode to support Ukraine and focus on being that supportive organization. However, we're obviously working with, talking to, and doing demonstrations and in discussions with most, if not all, of those countries, within NATO and the surrounding countries, and looking at how you can set up a standard satellite communication solution, and that standard could, should and would be, I think, in the future be Ovzon. So the activities are very strong. I will say that there is also an education going on with decision makers in the marketplace because both procurement organizations and those that actually sit on the financial side and the monetary side, whether they are government officials or working for government, need to understand what high-performing mobile and resilient satellite communications actually means. You've likely seen the discussions in the press and media around Starlink, and I thought it's probably gonna be a question, so I'll talk about it just for a few seconds. I mean, Starlink, we don't see as a competitor. We see as a complementary. They serve a market for consumers, I believe, and they serve it well. They supported Ukraine early and the Ukrainian government. However, if you really want operational guaranteed mobile satellite communications for the missions you have, whether you're a defense organization or Ukrainian MoD or others, whether you're a rescue and services company organizations or whether you are a humanitarian organization, it is not likely that it always works as advertised. We can actually, with what I just showed you on that picture, our unique solution, guarantee that. We've had many deep and discussions with those customer bases around that, specifically targeting what's happened in Ukraine, et cetera, et cetera. I would say that we see very positively on the future. We're not fully happy with or satisfied with that we haven't signed any new customers or deals in the period that we've been in. As you will see in the coming slides, Q4 has always been stronger. That is not a promise, it's just saying that these decisions take time. It's somewhat pushed towards financial availability of financial resources, et cetera. I'm very, very pleased with our organization's engagement with the market, the deep discussions we have, and the educational aspects we have. Last but not least, I'll say that as noted in the beginning, our previous CFO, Johan Brandt, left the company here at the end of September. Of course, we thank him for all of his contributions, obviously. With a business like this, it's nothing without excellent people, so we thank him. We've had the fortune to have Pål Jernhag join us as an Interim CFO, but I'm also very pleased to welcome Noora Jayasekara as our new CFO, officially starting on November first. I'm pleased with the speed of execution here in how we actually managed to recruit someone with such credentials and experience as quickly as we did. That should be good for the future. Okay, switching over to Ovzon 3. I've mentioned this already. Ovzon 3 is our own satellite, obviously, that we've designed. It's being manufactured by Maxar in Palo Alto, California, United States. It has, of course, had its turns during the COVID pandemic. As you can see in the interim report, if you've read it, of course, we've had issues as has up to 90 satellite programs with a specific part for us, which was the reaction wheel. Which we waited for for a long time, or I really should say Maxar waited for for a long time, before it was delivered and could be integrated on the satellite. Our own proprietary onboard processor, which basically you could see as a switchboard in space, which is software-enabled. Which actually can, if the teleport gets thrown out or taken out, we can create one of our own mobile satellite terminals as a backup teleport. Then through the onboard processor, you can then have a closed-loop system of communication and sending data between terminals instead of going back and forth, back to the teleport for the signal. It's a unique feature. No one else in the world has it. That's why it's so critical that we, in the foreseeable future, get Ovzon 3 in orbit and start to use this and specifically for the customer groups that we are targeting. They've actually been part of writing the requirements for that. The onboard processor has been tested off the satellite. It's now on the satellite and has been tested and works very well, and it's passed all of the tests. The satellite is on its way into what's called thermal vacuum test, where it will be for a period of time, then come out, do the final checks, and make sure that it is mission-critical and it fits all the quality criteria. It will be transported and shipped to the space port for launch. I will say, though, that given the pandemic, given the delay, given that there are many satellite programs that are waiting for parts, given logistics and coordination, there are external risks that exist. Risks that are not kind of in Ovzon's control, obviously, with when it comes to both finalizing satellites, test satellites, getting them ready, and then everyone stacking up to get to the launch sites as well. We have line of sight today of what's going on at Maxar. We have line of sight of some of the other programs, and we are sticking to the launch slot that we've been given. We believe that timeline holds and that we're making steady progress towards getting Ovzon 3 in space. Turning into what I've already briefly talked about, obviously. As you can see on this slide, I mentioned this, that Q4 in 2021 was very strong for us, as you could tell. We turned that quickly into delivery, which then builds up the service revenue, as I've also mentioned before. We are working very, very hard on having a similar result, hopefully in Q4, when it comes to order intake in Q4, this year as well, and then turn that into deliveries, and execution of those kinds of services. We've added something in the middle here, which we thought was actually of interest to us, and we thought we'll share with you as well. You can see that the dark bars are the service revenue. You can see how they certainly now are going upwards in the right trajectory and direction. You can also see that there are some terminal sales that happened during the second half of last year, last year as well, and that we delivered on in Q1 this year, right? But those are not repetitive revenues, obviously, they are the sale of the hardware. Normally, we do not sell hardware standalone, hardware being the mobile satellite terminals. But some customers have the requirement that to buy them and control those assets ourselves. I would say utilizing our mobile satellite terminals in a war zone or in an area that is related to a war zone, if you lease them out and bundle them as part of the service, you might not ever see them again coming back. We are entertaining discussions with customers to own those terminals. That's why we wanted to show that the service revenue goes up, but there are also, in some areas, a bit of revenue coming in for the terminals separately. I would say that mentioned sales cycles are fairly long. We are working around the clock to actually close what we have discussed with the market for a period of time. We hope to show some of that resulting in some strategic business going forward. With that, I think I'll turn it over to you, Pål, if you wanna comment on this, if you wanna go to the next slide for the financial performance. Thank you, Per, for the presentation. I don't have much to add on your description of this page, so I could go on to the next page, where I will talk about the financial performance here. In the third quarter of the year, the net sales amounted to SEK 78.1 million, and compared to last year, we improved the EBITDA by SEK 15.1 million to reach a loss of SEK 5.2 million, and that's compared to a loss of SEK 20.3 million in 2021. It's a great improvement from that perspective. Compared to the third quarter in 2021, the strong growth of 63%, out of which 40% was organic. The difference between them two is due to the stronger U.S. dollar, of course. The growth, as Per also told you, is driven by the extended and additional services signed at the end of 2021. Year to date, we have reported net sales of SEK 256 million, and compared to last year in the same period, it was SEK 180 million. That's SEK 191 million for the full year. We already a bit above that, and that's a good thing. Even if you extract the terminal sales here over the full year of last year. The growth is 170% of the year, and out of which it's 85% is organic. That's that. The high utilization is the high of the leased capacity during 2022 have had a strong effect on the gross profit, of course, if you use the previously unleased capacity. Year to date, we have improved the EBITDA by SEK 56 million to end up with a loss of SEK 20 million, compared to a loss of SEK 78 million on the same period of last year. All these figures you can, of course, read in the report, and that's it. What I can also emphasize in this part of that is that the cash flow now is about zero in the operational way, and that's a good thing, I think, in the last quarter. Now I can switch slide. Here we have the balance sheet, and as you see, the most important thing to look here is the cash. It's about SEK 350 million, and you have the property, plant and equipment, mostly, is about SEK 1.5 billion. What we have here is the investments is on the Ovzon 4, Ovzon 3 is almost done here. Now we have only to launch the one. You can see in the step that goes down there in the CapEx that we're almost there. That's. I can hand it back to you, Per, if you have anything to add. Yeah. Thank you, Pål. Thank you very much. Thank you. We're gonna finish up and go to questions and answers. Just going forward and what we look forward to here, as you can note, we have a very strong trajectory on growth, and we continue to drive a step change in profitable growth. We do believe that we will have higher sales in 2022 versus 2021, and we're also creating a solid platform for 2023. We're working closely with all of our partners to ensure that the testing and finalization for a successful launch of Ovzon 3 is going in the right direction, which I mentioned before. You heard on our new vision statement that we're really focused on customers and markets and technology that are actually driving operational uniqueness from our capabilities where we have the highest value. Yes, there is some education. I call it education. There is some education going on in the market, but we're making very, very good progress when it comes to that as well, which I'm very, very pleased with our organization. Of course, having the right team, having the right people, and having the right ability to deliver with high speed and quality is second to none for us. We believe that we lead the world in actually our ability to turn an order into a delivered solution, which should be very comfortable. It is very comfortable for us from the planning of the company and the financial position going forward. We believe that there is business to be had for us here in the near future. We continue to strengthen the organization and build the team. We look forward to our next quarter, and we of course look forward to bringing Ovzon 3 and the unique capability with us. I will mention one small thing on the picture you see to the right, and it is not a phase. We are working on the next generation mobile satellite terminals in parallel. As I mentioned before, that's very important. What you see there, the smaller one of the two, the bigger one is an Ovzon T6. You can get a sense that mobility is not a phase. It's real life. We have things that fit in backpacks and that can easily be connected to the satellite for high performance. The smaller version, we call Ovzon T7. It will have a dual modem, so it can communicate directly with the onboard processor, but it's in the prototype stage, and we'll do a real product launch here when we're ready to do that. It will be in conjunction with getting Ovzon 3 in orbit, and our customers can use the unique capabilities of that. That's innovation in a picture, so to speak. With that, Annika, I will turn it back to you, and we can open up for questions and answers. Thank you everyone for joining the conversation today. Thank you. If you have a question for the speaker, please press zero one on your telephone keypad. The first question comes from the line of Mikael Laséen from Carnegie. Please go ahead. Yes, hello. I have a few questions, and I'll start with the order activity, if you can. You've already commented a bit on this, of course, but it's a bit quieter in Q3. Can you be maybe a bit more specific where you see the strongest interest in terms of applications, for example, air, land, sea, and coast guard and rescue, the activities in those areas, and also what regions you see the strongest interest? Maybe we can start there. Yeah. Thank you, Mikael. Thank you for asking the question and being on the call. Much appreciated. Yeah, I can make a few remarks on that. Obviously, it's I think our strength currently lies within the land-based capabilities that we have today. We see that as where being the strongest area of interest, and we see it in defense and in emergency and rescue services. That's really where the majority of the interest is, because that's also where we're proven, where we have reference points and where they can actually then verify the capability, not only through our demonstrations, but through talking to other customers. The second area we see interest is of course with vessels, whether they are, as you know, on water or on land, but on vessels. That's what we call the on-the-move capabilities that we have. That is increasing obviously, and I think customers for the future will have both of them, kind of land-based, on the port as well as on the move. I think the combination of that will be the port's Ovzon SATCOM as a Service for the future. We see some interest coming from foremost on the maritime side. We have some. We've made some trials and some work with helicopters as well, where we have a capability and solution where we could do that. That's very early stage, so there's nothing really to say that there's a solution that brings it. I think it's on the ports, land-based, it's on the move on the maritime side. Those two are actually the two most important ones. I would say regionally that there is a balance between Americas and Europe, frankly. There's a lot of activity in Europe. Activity shouldn't be taken for that. That's always where things will happen. Given the situation in Ukraine and the geopolitical security situation in Ukraine, some of the environmental impacts we see, you can see that the balance is between America and or the U.S. and Europe. It's probably a mix of both of them. That's how far I can go in the discussion. We're heavily engaged in both regions. Okay, got it. In terms of renewals, you announced a few contracts during Q3 last year in August and September, October, I think, one contract was SEK 5.9 million or so. Yeah. Are those prolonged and renegotiated and continuing, or how should we think about those? Yeah. The basic contracts with which are from predominantly the U.S. Department of Defense and are still operating. There's one of them, the SEK 5.9 million, that ended August 31st, that was not renewed immediately, but is under discussion of how and in what way to utilize that because the U.S. DoD also are looking at how they prioritize their budget for the coming year. That's under discussion. We've lived about a month and a half now without that contract, but it's not totally gone away, but it wasn't renewed on September 1, which it should have if it had renewed. It's still a possibility that will be renewed. There are also other discussions to fill that gap, kind of in with that customer group and how it works. The renewals look like they're going to come in. The world is also, I would say this, Mikael, the world is also kind of a little bit schizophrenic around what, how, and in what way it wants to do things and in what regions of the world that our capabilities and solutions are important. That's why really the focus now, right now is towards Ukraine, Russia, right? That's why they're thinking, would they balance it off? Renewals are going to come in. That renewal did not fully happen, but it's still under discussion. Okay. That's good to know. Moving on to Ovzon 3, if I may. If you could talk about the launch plan and if you have any insights on any dates or if you have more insights into the timing of the launch to date. I think I tried to do that on the slide we had on Ovzon 3. I'll repeat some of that very shortly here. First of all, the satellite needs to be finalized. It needs to go through the thermal vacuum test. It needs to be finalized. That's all in the hands of our production partner, Maxar. As I said, we have been delayed, right? I don't think the world is fully back from the pandemic nor from logistics and distribution challenges that were. I think Maxar's made good progress. All the tests are looking good. TVAC will tell how fast and in what speed you can go through TVAC and then out and be ready and then be shipped. The war in Ukraine has an effect on some of the transportation. Volga-Dnepr, who is an airline that transports the cargo, is a Russian company, so they are under the embargo that they can't be used. Looking for other alternatives. The alternative to that is, of course, shipping by boat to the launch site. Really what I'm saying is, which is not in my own control, obviously, but we're working with Maxar on this. First of all, the satellite needs to be finalized, tested, so it is gonna be a successful launch. Secondly, there are other satellite programs, about 90 of them in the world, that also wants to finalize their satellite and launch at the same time. There's somewhat of a jockeying going on towards the launch capabilities that are available. There is available capacity for launch, for sure. It depends totally on when the satellite is ready, when it can be shipped, and when how you can be paired together for the launches. The strength with Ovzon 3 is that we are a small GEO sat satellite, which means that we can be paired basically with anyone at any time. That's our biggest opportunity for a fast launch, as fast as the satellite is done. We see that the timeline that we've been given as the right timeline, given what we know from Maxar and given what we know about launch capability. It looks to be on track towards what we've communicated before. Okay, thanks. I just saw that you could be launched together with Syracuse 4B, a French military satellite, in January. Is that just speculation or is it something that you're standing behind? That's speculation. That's nothing that I can comment on. We can be paired with Syracuse 4B. We can be paired with someone else. It depends on when they're ready and when they're shipped and when we're ready and we're shipped. Our strength is that we can be paired with anyone. I think for now that there's a lot of speculation, obviously, in the marketplace, and I see tweets and I see organizations looking at you know, launch loss, et cetera, et cetera. Nothing I can comment on. We have our contracts with our launch provider and we're working with them. Maxar is working with getting things finalized. I'm sure it's a possibility, but that's also up to the launch provider to put together. All right. Just a couple of more questions. First one is on bad debt provisions. You had SEK 6 million in the quarter. Just wondering why. The number of employees increased quite a bit in this quarter. Maybe you can comment on how we should look at the headcount and resources you need during 2023 if you're ready now. Would be good. Thanks. First of all, what we reserved there was one of our customers not fully paying all of its invoice on time, so we made a reservation for that. We are not particularly worried about that at all. It's just very prudent from an accounting perspective to make sure that when you see that there's a slowness. We've never had this before, right? When there's been a slowness in that, we did a prudent reservation for that. We have plans in place for that to actually be caught up. We're not too worried about it at all. We were just prudent with that. When it comes to headcount, I think what we have done is we've invested in three specific areas, really. We utilized quite a number of consultants in our product development organization, about a year ago. I personally did not feel fully comfortable that we base such important work that we do on that. We've actually reduced the number of consultants we've used, and we have hired a few people. This is not, you know, we're 45 people in the company, so this is not enormous volumes. We've really targeted key areas like radio frequency engineering, antenna technology, systems engineering, and software engineering. We've really targeted some specific areas where we felt we needed to strengthen up and also protect our own IT even further than what we have. Very pleased with the talent we've been able to bring on board. The second area we invested somewhat in when it came to staff was in our ability to do service and service delivery. We've invested in our ability to actually deliver on the networks and the service delivery with adding both people with experience from engineering of that, building a development environment for the networks, as well as a production environment. I think it's very natural for a company that is growing and that has the type of prominent customers that we have. A few recruitments there. The third area has actually been in our sales and go-to-market organization, where we've needed to add some resources in so that we could also anticipate what's going on in and around Ukraine, both from a defense perspective, emergency perspective, and humanitarian perspective. Those three areas. You know, it's not like hundreds of people here. We have to be very careful with managing scarce resources. We are. We also need to make sure that we can deliver on the objectives that we have for profitable growth, and in the technology areas and the service areas where we see we're gonna grow. Those are the two comments I'll make on that. All right. Thank you so much. Thank you, Mikael. Thank you. Once again, if you would like to ask a question, please press zero one on your telephone keypad. There are currently no further questions. I'll hand the conference back to you. Thank you, Annika, and thank you everyone for joining us today. Both Pål and I are obviously available through email and phone calls if there are further questions. We are very excited. I hope you got that from us about the performance of the business and the clarity of the direction we have with our new vision. We've had a strong quarter, and we look forward to informing you about new developments of the company. We're in a clear, good and strong trajectory with our growth, which will drive profit as well. Thank you everyone. Have a very good weekend and look forward to talking to you again soon. Thank you from me too.