Good morning, and welcome to OX2's Q2 presentation for 2022. This conference call is being recorded and will be posted on OX2's and Financial Hearings webpages afterwards. Participants will be on listen only mode, and there will be an opportunity to ask questions afterwards. Today, I am pleased to present CEO Paul Stormoen and CFO Johan Rydmark. With that, I will hand over to the speakers. Go ahead. Good morning, everyone, and good summer. Welcome to the Q2 presentation. My name is Paul, and I'm here with Johan. Hi. With that, we kick it off. We have an agenda similar to what we have gone through in the past. This is our fifth public quarterly report. We will start with highlights and portfolio updates before Johan takes you through a financial review, market and outlook, and then ample time for Q&A in the end. Feel free to send both through the IR web mail and or the phone as explained earlier. Henrik will then support us in the Q&A reading the questions. With that, I think we're kicking it off. Following the listing on the main market during the quarter, we would like to start by welcoming several new shareholders to OX2. With that, also explaining a bit about the business model itself. We present ourselves as a European leader in renewable energy. We develop and sell wind and solar farms and are active in the energy transition since almost 20 years back. We do not have the operating wind farms on our balance sheet, but we develop them, we sell them, and we deliver them to our customers, mainly consisting of financial investors, but we also have energy companies and industrial investors in the portfolio of clients. As said, solar and onshore wind is the main part of the business as of today. We have a large and growing pipeline in offshore wind, which we'll talk a bit more about today. We also have supporting technologies in the portfolio that looks very promising for the future with both hydrogen and the battery storage development. Really covering all of the technologies necessary to meet the increasing energy demand coming from electricity across 11 or 10 markets we are active in today. Let's have a look at just in the last 12 months. We know that development and construction is a bit of a volatile business when it comes to quarter by quarter. We look at last 12 months and see a net sale of SEK 6.1 billion. Operating margin during the same period of 13.2%. Strength with this business model is, of course, that you can deliver and expect a quite high return on capital employed, which we have for the last 12 months booked in at 33.2%. I mentioned that we have been operating in this space since almost 20 years back now. Have developed more than any other developer in the renewable space in Europe. 3.5 GW is what we have realized by now, which puts us in a very good position also when it comes to the to the future development of the energy transition. We have invested heavily in the development portfolio and the organization driving the development portfolio, over the last years. It now stands, as you see in the center of the screen, at 24 GW. Main part of the portfolio is still centered around Sweden. We have a large portfolio in Finland and Poland as well. We see a growing presence in our new markets, southern Europe with Greece, Italy, France, Romania, and the latest addition during the quarter was Estonia. Technologies on the mid center part of the lower center part of the screen is shown as half of the portfolio in terms of megawatt or gigawatt is centered around offshore development. Very exciting part of the future energy system in Europe. We have a growing part, which is solar, and that stands at about 2.8 GW by now. It's a very growing part, and we already see a very positive EBIT contribution from the solar part. Headquartered in Stockholm, where we are also located today, but present everywhere, or all the way down to Sevilla and Sicily in southern Europe, all the way up to northern Finland. We really cover most of the interesting markets in Europe already by now. Looking at the next page, we can close the second quarter of 2022, confirming that we had very strong demand on the product side, and we had very strong operational performance. Johan will describe exactly how those two parameters were translated into real numbers a bit later on. Looking a bit on the operational side here, continued progress in the development portfolio, standing at almost 24 GW by now. We see a strong need to start new greenfield projects, and we have done so in Sweden and Finland over the period. 650 MW of new projects started. We have also signed a development agreement in Estonia, but that is not added to the portfolio just yet. Very excitingly also on the offshore side, we completed the most extensive permitting for the Aurora offshore site. It's a 5.5 GW offshore site between Öland and Gotland outside of Sweden. That was completed and submitted during the period. A big milestone there, but there is one permit remaining for the project to move to the mid-phase of our portfolio. Looking a bit at the sales traction, we sold two projects. One very strong project in Poland called Wysoka, 63-MW onshore wind. It's a project we bought fairly recently and have been able to optimize it and develop it into a very valuable asset that contributed quite significantly to the Q2 results. We're also very happy to see the solar team completing our first solar project. It's a project also in Poland called Rzeszów that was also sold during the period. Both these projects were sold to Ingka Investments, that is the largest franchisor of IKEA stores and a customer we have worked with all back since 2010. It's a long-term standing relationship that we continue to build on. Also contributing to the numbers during the quarter has been the construction portfolio. We have had more than 12 projects in construction and handed over two of them. We ended the quarter handed over Åndberg, which was a large project, now in operation in SE2 in Sweden. We have handed over project in Finland called Korkeakangas, also an onshore wind project. Those project has, of course, then been able to release contingencies and contribute to the results over the last quarter. Other significant events, I mentioned that we are now trading at the main market in Stockholm on the large cap segment and have seen good inflow of interest following that uplisting. We have also signed a strong and large contract managing a 253-MW project in northern Sweden on behalf of EIP. Also mentioned in the report is the acquisition of the 30-MW wind late-stage project in Italy that happened after the period ended. Looking a bit on the value chain and our 28-GW portfolio both in development, construction, and in operation, the project remains fairly stable compared to Q1. We have seen additions to the early stage pipeline, and this is much to a large extent because there is a long-term big need for larger sites. I will come a bit back to one of the examples of a project that has been added to the early stage phase. We also have handed over, as you see in these numbers, about 300 MW. That's why the construction portfolio has been reduced a bit, from 1.4-1.1. We have added a new project with an external party, explaining the increase in the T&CM portfolio to 3.5 GW as well. Besides that, there's been a stable development of the portfolio within these different phases. If you look at the more breakdown of the portfolio, you can start by looking at Q1 2022, where we ended at 23.4 GW. We have sold about 100 or 92 MW during the period. We have also changed the volume to some projects, which has resulted in a slight decrease in the volume of the overall portfolio with about 100 MW. We have these additions coming mainly this period from greenfield. We have had a very high activity also on the acquisitions, but this quarter we did not complete many acquisitions. The first half of the year is still very much on track when it comes to acquisition of projects. I have already discussed the portfolio split as it stands, so I'll bring you through a couple of examples of projects. I mentioned that we are now present in Estonia, where we have operations through a partner, now developing about 500 MW of onshore wind, but yet to be included in the portfolio. This is a very cost-efficient and efficient way of expanding the business to new markets for OX2. We also see Grubban coming through as a very good example of how local development teams are able to make big impact. This is a project in Sweden, SE2, Härjedalen Municipality, where we got full support for a large onshore development. This is coming in a period of time where a lot of projects are being kind of turned down by local municipalities. We here show proof that it is possible to work actively with local communities in order to gain positive feedback from the municipality boards. The application was filed earlier this year. We come back to the two Polish sales projects for the quarter, 63-MW Wysoka and 29-MW Rzeszów. Rzeszów being the first solar project sold by OX2. Great proof of concept and good profitability on both these projects. Ingka Investments, as I said, being a very long-standing client, and we have the owner operating also quite a few of their assets that we have not sold and developed for them. Good. We're moving a bit. We continue on the Polish success story for OX2. Given that we are a quite expanding company still, we want to demonstrate that we have the expansion capacity. There are quite a few proofs of concept, Poland being one of them, where we established OX2 according to our strategy of becoming a pan-European renewable player back in 2019. Much based on the attractive case for renewables already back then. There was a high share of fossils. It was a quite complex market back then as well. We have been able to make a very strong impact in Poland. Since 2019, we have sold and constructed seven projects, almost 250 MW by now, and built a very strong team of 60+ people developing 1,500 MW in the portfolio. It's a very strong presence we have been able to establish in just under three years. This is also the methodology we are going into Italy with, to Spain, Greece, and Romania. I think there is great kind of learnings we have made from our previous expansions that we are applying. We do not expect kind of these new expansions to be a cost burden on the EBIT for an extended period. We have a quite kind of short sight until when the countries should become positive on the EBIT contributions. That is a bit on Poland. We also see the Polish market following the Ukraine war being even more focused on speeding up the energy transition. Looking a bit before I hand over to Johan at the construction portfolio. We have 12 projects at the end of Q2 in construction. Most or all actually in onshore wind. We have three projects in Sweden, we have four projects in Finland, and five projects in Poland. We have a very well-established process and framework to manage the cost in these projects. There is a lot of writing about cost increases and inflation, but the way we work with projects is that at the time of construction start, we lock in the contracts and are not exposed to increases or inflation during this period. We can with kind of positive outlook see that these projects will be handed over during 2022 at solid numbers as well. 171 MW left to be handed over during the year. I think with that, Johan. Thank you, Paul. Let's look at some numbers here. It's been a very fun quarter, Q2, I must say. We've seen a good performance across many parts of our business, which all in all is contributing also to the strong figures that we have in Q2. The main driver obviously to our performance from a financial perspective this quarter is the two projects that we sold in Poland, the Wysoka Wind Farm as well as the Rzeszów Solar Farm. Very happy to see IKEA, Ingka coming back and trusting us also with our first solar project. We've had for both those two projects very strong interest demand, and that is also impacting the margin that we see from these projects. When it comes to the solar project, this project is not something that we will construct ourselves, so the full revenue and margin impact from Rzeszów is showing up in our Q2 figures. Also for us, we've touched upon this in earlier calls as well, our quarterly performance, especially when looking at our sales and operating income, it's not a linear development. That's important to bear in mind when looking at very strong quarters like Q2. However, when looking at the longer trends and looking at the LTM figures here, I think it's very comforting to see that basically all KPIs here on LTM level as well are pointing in the right direction. We've sold 767 MW during the last 12 months. The gross profit and especially the gross margin, very strong at 26%. I'll come back a bit more on this gross profit and gross margin development on later slides. This is also what is driving our strong operating income. On the acquisition side, Paul commented a bit on this. We didn't conclude many new acquisitions in the quarter. We're a bit shy of the SEK 600 million-plus in capital that we wanna deploy in project acquisitions. We have a very strong project acquisition pipeline. We envision that this figure will increase in the coming quarters. We also had a very strong Q1 with acquiring, I think it was 1.3 GW in Q1. It will also fluctuate a bit between quarters, but a promising outcome on the acquisition side. Moving on and looking a bit on our net sales to operating income bridge here. The one figure that stands out here very much the strong gross profit and gross margin. Now we're looking at the last 12 months. Really what this is a result of is the combined impact that we've seen from the 767 MW that we've sold at attractive margins for us, as well as a good performance in our construction business and efficient delivery in our asset management. To me, this is also an acknowledgement of the strong business model that we have that we've been able to cope with the inflationary pressure, the increase in material prices that we've seen during this period, and really a strong position in the value chain. Moving on, looking at the operating costs here. Here we continue to undertake the planned growth investments in growing our development capabilities, as well as organizational capabilities to deliver on our medium-term targets and gearing up to be able to handle that kind of volume in project development as well as in sales and construction. Very much on track there as well, and I think we've guided on that on previous earnings calls as well, as well as in our report that we see that the level in absolute terms on the development and personnel costs will basically double this year compared to what we had in 2020, and we're on track for that as well. Moving on to the next slide. Here we're illustrating a bit the fluctuations that we've seen between quarters. Here you can see as well the strong operating income and margin in Q2 comes out very strong, but also in a historical perspective, when we've sold a lot of new projects, we've seen the same kind of performance before as well. In this quarter as well, the two projects that we handed over, the sizable Åndberg project in Sweden, as well as Korkeakangas in Finland, is also contributing to the operating income and even more so to the net sales development. Here we're looking at the longer trend, the growth trend in net sales and operating income. What we see is driving our net sales development very much comprised of the growth in new sales, 767 MW last 12 months, as well as then having a larger construction portfolio that we're now delivering on and executing on, as well as a sizable growth in the asset management business, where we've grown that part of the business with roughly 1 GW during the last 12 months. On the profit development side, 26% gross margin, very much the main driver for our operating income. You can also see when looking at the operating income and the spread here that we have when we take out the development expenses that you can see that we, even though we have a strong operating margin of 13% reported, that is still very much impacted by the growth investments that we are undertaking. In terms of guidance for gross margin, I'm sure that we have a lot of analysts that are interested in this. We've said before that we envision our gross margin for the full- year 2022 to end up in the range of what we saw in 2020 and 2021. Now, with the strong performance in Q2, we see that our guidance is that we will end up in the higher part of that range. Very comforting to see our solid financial position, SEK 3.2 billion of cash sitting on our balance sheet end of the quarter. The main drivers in the quarter being strong contribution from our working capital. Again, this is illustrating what we've talked about before as well, that we're able to execute our construction projects in a very capital-efficient manner where we're not tying up capital, but rather operating with a negative working capital during the construction phase. Now, end of Q2, we had negative working capital in the construction part of our business of 18%. This is on sort of the higher negative working capital level that we typically see. I think we've said that historically we've been in the range of 0%-20% now, -18% being on the higher end of that range. One shouldn't expect the same kind of contribution from the working capital in the coming quarters. Very good position to be in. We're able to act on the opportunities that we see. We have a strong acquisition pipeline as well as other opportunities that we're looking at as well. The next slide touches a bit upon exactly that, the project acquisitions. We for sure have a very high activity in this field than in terms of how many acquisitions we were able to conclude in Q2 was a low number, but we see that figure will pick up in the coming quarters, and we still target to be able to deploy the SEK 600 million-plus that we had as a target for this year. Also, a comforting spread in the acquisitions that we've been able to do across geographies and division between technologies as well, where we have a quite sizable solar portfolio that we have acquired the last 12 months. Here we also see a bit shorter development cycle on these projects. In terms of financial targets, we're well on track now, having sold 269 MW so far this year to deliver on the 500 MW+ for the full- year 2022, as well as gearing up for the 1,500 MW on average per year in 2023, 2024. Based on both continuing with project acquisitions, as well as a late-stage portfolio now of 2.2 GW and a sizable mid-stage portfolio with quite a lot of I think we have some 1.1 GW of solar in the mid stage where we see a shorter development cycle. We're very much focusing on operationally to gear up to the medium term in terms of what we're doing in the organization as well as on the development side, and well on track to gear up for the medium term there as well. Our operating margin, the 10%, still stands, but of course comforting to see the strong performance that we have already now with 13%, which is still impacted by the growth investments that we're undertaking. With that, handing it back a bit to you, Paul, on the market and outlook. Thanks, Johan. Looking at the market outlook, very much what is driving the strong demand. What we have now is the conclusion of the energy transformation. We're starting to kind of see the end picture of how the energy system in Europe is going to look like. It's very much consensus that this will be a renewable system and that OX2 is well positioned to drive this transition and capitalize on the new energy system across Europe. We have still but limited impact from the global supply chain challenges, but both our suppliers and OX2 and our clients, I think, have found new ways to work in this climate that we may consider to be the new normal. Still the focus for OX2. I mentioned it at the beginning. Big need for new permits in order to supply all of the new consumption of electricity that is expected to come in over the coming 10 and 20 years, which is why OX2 is now focusing quite a lot on establishing new greenfield projects in the markets where we are active in. I think that's a bit our response to the market outlook before we head over to Q & A. We're concluding Q2 on strong traction on the sales side, very much driven by high valuations coming from higher electricity prices long term, and as well as high interest from our clients. Of course, we can also be very happy with the projects we have in the portfolio. They have a high quality, which we were able to prove now during the quarter. Continued progress and development, exciting to see how the traction on the offshore is going, as well as what Johan also said, the growing PV or solar pipeline contributing quite a lot in the coming years to the sales. Strong net sales and operating profit we have discussed, based on both the sales and the performance in the construction part of the business. Remaining year, we have some 177 MW of projects to deliver through our construction, which are looking good. We continue to focus on both acquisition and greenfield ways of growing the portfolio. We have good traction in the acquisitions and also being a main part of the geographical expansion. We will continue with the strategy that we have communicated, creating this European stronger European footprint. We will continue to establish OX2 in the markets where we find good opportunities in near term. Our targets for the full- year 2022 remain unchanged. As Johan said as well, we are still in an expansion phase, we are recruiting quite a lot. We're still increas ing the development cost. This in order to reach the post-2024 target, which we call midterm targets. The 2023-2024 targets is kind of as described, more to a larger extent covered by the portfolio already at hand. I think that's ending the presentation. We have now set aside time for Q&A and maybe there has come some questions through the channel should we start with. Basically back to the conference here. Thank you. If you'd like to ask a question, please do so by pressing zero one on your number pad. If you would like to withdraw your question, you may do so by pressing zero two. The first question comes from Oskar Lindström, Senior Analyst at Danske Bank. Go ahead. Your line is now open. Good morning, Paul and Johan. Couple of questions from me. I mean, the first one I'm looking at your Note 2 in the financial setup there, and it says about half of your sales in the quarter came from this, from Poland. I presume it's the two projects that you sold in Poland. Could you say how much of your Q2 earnings, gross profit, or EBIT was driven by this and were sort of gross margins more normal in the other geographies? A follow-up on this topic is this a type of sales model where you sort of divest the entire project and book the earnings immediately? Is this something that you could consider doing more of in the future? That was my first question. Do you want me to go ahead with another question or? We can take it here and then you can continue. Yeah. If you start by the Yeah, our memory is short. Hi, Oskar. Good question. In terms of the Polish contribution, in addition to the two projects that we sold in Poland, we have a construction portfolio as well that is also contributing to the sales and gross margin. We don't go into sort of exact numbers how much is coming from these two projects that we've sold. The main part of the Polish revenue and margin contribution is coming from the Wysoka and the Rzeszów project. Again, just highlighting that again, when it comes. I'm getting a bit of an echo. When it comes to the solar project, Rzeszów, we're not handling the construction there, so the full revenue from that part is recognized in the quarter. Maybe I can talk a bit about the sales models. We see kind of two variations here in what we sold in the quarter. We saw Wysoka being sold very much as what we have done over the last 10 years, where we sell a kind of an operating asset. We take the construction through OX2 and deliver to the client an operating asset. We also saw the sales of the solar project Rzeszów at 29 MW, where we sold the asset as is and where Ingka will be responsible for the construction of it. This is a kind of we are value optimizing for OX2. In this case, we found it to be exactly that, value optimizing to leave the construction to Ingka. I think this will differ a bit over the technologies that we are developing. I mentioned that we are developing both onshore, offshore, and solar, as well as hydrogen and battery storage projects. We are very happy to see that we can kind of have that flexibility of optimizing when to create and book value from the development part of the different products and technologies. We do not, we have not kind of historically either been completely religious, but for the last 10 years, we have seen building the organization based on competencies to deliver operating wind farms have been a quite strong backbone of the company, and not leaving too much kind of room for variation on that sales side. On this specific project, it was value optimizing for us. You can continue with your Maybe if I could just follow up on that. I mean, this type, where you sell the asset without, you know, constructing it, is that something you could see yourselves doing more of in the future, especially as solar and offshore become a larger part of what you sell? Both yes and no. I think still that what we have ahead of us is going to be our main product, the wind onshore being sold as operating assets. There are different variations to exactly what that looks like as well. Yes, there will be some sales from time to time, but not kind of a growing part of the business selling as we did on Rzeszów. Okay, thanks. If I could maybe just ask my final question. You mentioned in your opening remarks, I think anyway, that you would talk a little bit more about next steps in the offshore wind portfolio development. Maybe I missed it, but what are the next steps in the offshore wind portfolio development? Next steps is. Yeah, sorry that I moved a bit quick over that in the portfolio, so well caught. On the offshore, we have gained very good traction. We participated with a large delegation out on this political week, Almedalen, and saw that the whole political agreement in Sweden is to support a build-out of the offshore sector in Sweden. Very strong. We came back from that week with very strong confidence that we have the support of all of the decision makers in that they want to tap into that resource in Sweden, which we are very positive about. They have now three projects from us on their desk. These two that is in mid stage and now also Aurora, which is the most significant part of that first batch of projects in Sweden offshore, coming through mid stage now very shortly, as well as we finalize the last permit in the coming weeks and months. I think focus for now is in Sweden to develop these projects, focus on getting them through in the permitting phase. We're investing quite heavily in Finland as well on both our own portfolios and expanding that portfolio. We have very well established framework in Åland as well. Hoping to see that development moving forward. We had good contribution from the government at Åland also during summer. A lot of development there. I think next step is to increase investments in offshore because of the value we see that this portfolio actually has now. Thank you very much. Those were my questions. I'll leave to others now. Thank you. Thanks, Oscar. Thank you. Our next question comes from Olof Cederholm, Equity Research Analyst at ABG. Go ahead. Your line is now open. Hi, gentlemen. A couple of questions from my side. It was obviously an excellent quarter in almost all respects, apart maybe from the acquisition pace of projects. Maybe a bit unfair, but I'll still ask about that. What is holding you back? Is this just temporary? You say you have a good acquisition pipeline, but are there anything holding you back here that we should worry about? I can take that. No, there's nothing holding us back. As Johan said, we have the capital on hand to conclude on the processes we are currently involved in. But we rather don't want to jump to signing on contracts just to not get that question from you on these type of calls. We're not concerned whatsoever about acquisition pace. We did more than 1,300 MW during first half. The quality is what we focus on and the prospects of not overbuying and overpaying is much more important. We're kind of confident looking forward to the coming quarters on continuing acquisitions. No alarm internally raised on this. I'd say that the acquisition pace internally is about. It's the same as we've seen. Yeah Previous quarters. Then it's a bit on the timing as well. We announced that after the quarter ended, we concluded on a late-stage project in Italy, our first sort of onshore wind there, a very promising project. We have high hopes on that. Yeah, it looks good. Very good. Johan, when you talked about the project acquisition pipeline before, you said that you have a good pipeline and you have some other opportunities as well. I'm wondering what those other opportunities can be that could require investments but are outside of project acquisitions. Yeah. Well caught, and maybe vaguely formulated by me. You should never be vague. No, it's whether it's project acquisitions or smaller developers with small portfolios. I think it's those kind of opportunities that we're able to act on if the right situation occurs. Excellent. My last question is about the cash position then. You have SEK 3.2 billion at the moment, which is clearly better than at least I had expected. Is that necessary to carry out your plans? Is there a potential that the company could start handing out dividends maybe sooner than expected? I think when looking at our cash balance, it's important to bear in mind that we have fluctuations. That we had a very strong contribution from the working capital. Now, quite a high negative construction working capital that will normalize over time. That's one component. For sure, we see that from our board and owners as well, we are not able to deploy the capital, we will, and that's also linked to how we're geared to operate, focusing very much on the return on capital and return on capital employed. We will for sure not be sitting on that cash. For the moment, we see that there are opportunities out there for us to deploy the capital. We don't need to operate with a positive cash balance over time. That's for sure. Very good. Thank you very much. Sorry for taking up your time. I have one more I realized. Can you talk a little bit about the opportunities that you see in hydrogen and battery storage? You mentioned it a couple of times, and Yeah It would just be interesting to see. No, absolutely. These are two parts of what we may kind of define as enabling technologies in the energy transformation. You have production and you have more kind of enabling like grid, like hydrogen, which is long-term storage, and then short-term storage and frequency response in battery. Our first battery project is kind of ready to go fairly soon. We see that already now you can kind of get profitability in supporting the grid operators by building large scale battery in Sweden. This will also become more of a permit enabler in several countries. We have Spain, Poland, Italy, all in dialogue with the DSOs, the grid operators, where they kind of can prioritize assets which also can contribute with other services to the grid. That is one part, quite significant part actually of our product development and engineering team working on the battery storage. We also have quite a few already actually announced projects in hydrogen, cooperations with different companies in Sweden. You have out on Gotland some developments now on with Cementa and on concrete development. I think that comes more as a natural enabler. Take Aurora, this 5.5-GW offshore sites will produce a massive amount of electricity. Parts of that electricity will be translated into hydrogen and piped probably into the industries onshore as a kind of enabling solution to access all of the energy produced and while not still congesting the grid. I think we see it not as that we are a hydrogen developer, but hydrogen is an enabler for us. That's not why. That's also why we don't talk about it that much in the portfolio. It is all kind of if you take a look at the first battery project, which is permitted and in kind of late realization phase now, this is we will not kind of do it with a negative EBIT contribution. It will be very positive. That's kind of the main proof makers for OX2 on the technology side that we don't do kind of product development unless we can see profitability within a near-term of it. I think that's all I can say on hydrogen and battery for now, but consider it as enabling technologies that will be profitable for OX2. Very good. Thank you very much. Thanks. Thank you. Our next question comes from Eivind Garvik, Equity Researcher at Carnegie. Go ahead. The line is now open. All right. Thank you. Good morning, guys, and congrats on a great quarter. A lot of questions have already been answered, but I want to circle back a bit on the Rzeszów solar project in Poland and why you choose to kind of do this sales model on this project. Is that a question about risk you're not necessarily willing to take on that project right now? It's quite simple, I think, Eivind, and thanks for the intro there. We, on the rest, it was a 29 MW, which is a fairly small project in terms of being able to capture the best possible supply chain costs. It's a bit of a different fundamental in solar. What we had as an option was basically to wait a bit, then bundle it with a larger project in order to get up the volumes so we could get maximum CapEx efficiency. We had kind of a bit of a different choice. We wanted to do it standalone on a good valuation as a classical operating sales. We decided that this is proof of concept enough. We have delivered the project completely kind of wrapped and ready to start construction. We could not really see that it was value optimizing for us to add the construction risk as well. We had the option, but in this case, we chose to basically take the sales as that part. As I also said to Oskar, this is not necessarily the sales model. We will aim to do a bit bigger project with a bit bigger volume and then I think the value will be kind of more obvious to deliver as operating solar farms. Okay. Was that That makes sense. Yeah. Just talking a bit about kinda gross margin guidance, you're now saying higher, in the higher part of the range. I get a feeling that that's maybe a bit conservative or does that just means that kind of margins for H2 will be significantly lower than what we've seen for the first six months here? Mm. Well, hi, Eivind. We aim to over-deliver, but no, that is the guidance that we will be in the higher part of that range. What we see is that we have projects that we have under realization for the second half, a very strong demand for those projects as well. Then, where we end up in the end in terms of valuation and margins will, yeah, we will need to see. One should bear in mind as well that the valuation and the individual dynamics in each project differs. In Wysoka we had very good wind conditions and basically all fundamentals being very strong. Over the portfolio it of course differs. Yeah, so that's why we stick to that guidance. Okay, great. One final question then, that's just me being a bit curious. But Paul, you said something about projects being turned down a lot by municipalities in Sweden. Mm. What's the main reason for that? Is that kind of grid constraints or is there any other factors that affect that? No, it's I was referring to what is being written quite a lot about in media about the municipal veto rights existing in Sweden as a quite unique feature actually in European contexts. That this has been used to a quite large extent over the last couple of years by Swedish municipalities. It's not anything new. It's rather on the other side, what is new is that we are finding quite good ways to cooperate with municipalities and local locals so that we can get acceptance for the projects. Okay. Thank you. Great. Okay. Thank you. Thanks, Eivind. There are no additional questions at this time from the telephone line. I will hand over to the speakers. Thank you. Okay. Mm-hmm. Thanks. No questions have either come through email, so I think by that we're concluding this call, wishing everyone that has participated a nice rest of the summer and a good weekend when you come to it. Yes. Ciao. Thank you.