Welcome to RevolutionRace conference call July 2026. During the questions- and- answer session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to the CEO, Paul Fischbein and CFO Jesper Alm. Please go ahead. Thank you, operator. Good morning, everyone, and thank you for joining us on this exciting day for RevolutionRace. We are excited to present the acquisition of ICANIWILL that was signed yesterday, and is our first acquisition as a group and an important next step in the development of RVRC Holding. My name is Paul Fischbein. I am the CEO of RevolutionRace, and joining me today's call is the group's CFO, Jesper Alm. I will start today with a very short introduction to RevolutionRace for those less familiar with us. Then I will move on to introduce you to ICANIWILL, and after that we'll cover the rationale behind adding M&A into our strategy and how this acquisition fits. After that, we can look at the transaction structure and how we see the way forward, and we'll finish with a Q&A. First, I'll try to make this very short. RevolutionRace. RevolutionRace is an international outdoor brand offering outdoor products, mainly clothing, but also shoes, bags, and other outdoor products. We operate with a D2C business model. That's important to bear in mind when we move forward in the presentation, and that means that we skip the middleman and sell our products directly to our customers. With our D2C model, we can secure our competitive offering and at the same time maintain industry-leading margins. As a digital player, our brand is very much built together with our community on social media. We'll come back to that. Today we have 2.4 million followers on social media platforms and over 800,000 reviews on our site. RevolutionRace was launched in 2014, and we have been listed on Nasdaq Stockholm since 2021. I think this slide illustrates our international footprint. We operate 19 unique local web shops reaching customers in around 40 countries, and it's supported by three local warehouses and office in Sweden. We currently operate three physical stores also. In total, we have around 140 FTEs, which I think is a good illustration of how asset light and scalable our model is. A quick look on our financial development up until March, the latest quarter results represented March 26th, where we see that net sales last 12 months is at around SEK 2 billion. Also, just as important, our growth has been highly profitable. Adjusted EBIT has grown to SEK 422 million on the same LTM basis with an adjusted EBIT full year margin around 21%. We believe few companies in our industry can show this level of profitability, and that's something we are very proud of. Germany is by far our biggest market. In our Q3, DACH represented 59% of our net sales. Nordics represented 22% and the rest of the world region, 18%. This gives you a sense of how important Germany and DACH have become to our story. It's a good example of relevant context for why we see such a clear opportunity in ICANIWILL's expansion into the same region. With that said, now let's turn to ICANIWILL. ICANIWILL today is a Swedish sportswear brand. It was founded in 2012 and is headquartered in Stockholm in Sweden. The whole idea of ICANIWILL is built on the vision to inspire and really to be true to training in everything that they do. The products are primarily sold through a digital D2C first model but it is also complemented by wholesale channel. Like RevolutionRace, ICANIWILL has built its whole brand together with a community and they have over 620,000 social media followers and more than 230,000 product reviews with a rating of four point five out of five. On the numbers, LTM net sales per end of June is reported estimated at SEK 470 million and EBIT for the same period is estimated at SEK 73 million. ICANIWILL's footprint today spans web shops available to customers in 10 countries, supported by one warehouse in Borås in Sweden, and around 60 FTEs, all working in Stockholm. They also work with many product suppliers in Asia and operate one physical retail store in Helsinki in Finland. It is also a lean setup and very much operational and mirroring how we run RevolutionRace. If we quickly look at ICANIWILL's products, of course, everyone is welcome to visit the company's website to get the idea of the full assortment. It consists of an assortment within training, for example, tights, tops, shorts, pants, hoodies, T-shirts, and accessories. We believe it's a well-developed, but at the same time still expanding assortment, which gives room for continued growth. ICANIWILL's net sales trajectory has been strong. We have here for presentation purposes, we have translated all the numbers to our financial year. We expect LTM net sales as of June 26 to land around SEK 470 million, as I just mentioned. Growth has continued to accelerate. Q4 net sales is expected to reach SEK 124 million, which is up from SEK 95 million last year, and that represents a growth of approximately 30%, which was also roughly the growth in Q3, demonstrating strong growth momentum, which is promising. Margins have improved in parallel with this growth. Adjusted EBIT is expected to reach SEK 73 million for the full year 2025-2026, and that is up from SEK 52 million the year before. That means an adjusted EBIT margin for the full year of approximately 15.6%. That's a step up from past numbers, and in Q4, the EBIT margin is estimated at 16.3%, which is also higher than the same period last year, showing scalability. Looking at the business mix geographically, Sweden, Finland, and Norway together make up the bulk of sales, with Denmark and Germany and the rest of Europe representing the remaining. Important to note, a faster-growing sales. On that note, what is interesting to note is the potential in Germany and in the whole DACH region as Germany grew over 50% in the calendar Q1 2026. By channel, ICANIWILL is 87% B2C, but is also complemented by 13% wholesale. By gender, looking at the products, 82% of sales are female customers and 14% is male customers. To summarize, this training category highly complements the RevolutionRace offering. ICANIWILL is a digital-first and D2C aligned with high growth and solid profitability, thus very similar to RevolutionRace. We believe ICANIWILL, they are best in class as a community-driven brand in the sportswear segment, they are very strong in social media execution, which also reminds us very much of our own journey back in the days, of the last couple of years, I should say. We see great potential, obviously, in mirroring our development from being founded in Sweden, but now accelerating growth in Germany, Austria, Switzerland, and other countries in Europe. That was an introduction to ICANIWILL. Let's talk about why we are adding M&A to our strategy and how we, through this acquisition of ICANIWILL, are taking an important next step in development of RVRC Holding as a group. May I just say to begin with, I think it is worth mentioning that we have always had a disciplined approach to capital allocation. We have been focusing on organic investments to develop RevolutionRace B2C platform across Europe, it is also very important to underline that this acquisition will not in any way take away the focus on the core offering and the effort to continue the organic growth of RevolutionRace. Why do we believe this is the right thing? Why is M&A relevant for us? We see M&A now as an efficient way to deploy and allocate capital into assets where our ownership can accelerate growth, margins, and also generate return on capital. We believe that acquisitions can create new avenues for growth, that can accelerate growth beyond our organic plan for RevolutionRace. It can give us access to new categories and new customers, which increases the total addressable market significantly, it also provide immediate presence in new categories. Size for us is very important, acquisitions give us economies of scale. We will simply have larger volumes, it is important since we have a scalable business model. Scale is important, as we create stronger combined platform, of course, we also see synergies. Further, we at RevolutionRace, we have a proven B2C playbook that is highly transferable, we believe, to adjacent brands. We have managed to grow RevolutionRace to SEK 2 billion with that playbook in many markets. Now we want to capitalize on our knowledge and help to scale other brands who operate close to us. Timing is always important, we do think that now is the time to move forward adding M&A, since we now have an operational platform that is stable and the balance sheet well-positioned for acquisitions. Of course, valuation is important to manage. That can also create shareholder value. I can go on and mention other reasons such as diversification and so on, but I'll stop there and move on to the next slide and talk a little bit about the criteria that we have defined for potential M&A targets. We have worked to define clear criteria for what we look for. First, that's why it was so important to mention in the beginning of the presentation, it needs to be a D2C business model with clear digital brand approach. That is a business model that we understand, that our team has been working with for many years, that is extremely important. The target needs to have a growth profile, should be above 50%, and we can see that ICANIWILL right now have a momentum growing 30% over the last two quarters. Profitability should be in line with or at least have a clear plan or path to our group-level profitability. Size-wise, we look at targets with revenue in the range of SEK 200 million- SEK 800 million. We are looking for brands within a product category that is adjacent to our own. One good example here is sports and outdoor, very closely connected categories. When we look at target, valuation is, of course, very important. The operating model needs to be similar to our model, but also very important. It is important that culture fits and that target companies reminds us of our own entrepreneurial spirit. Having said that, when we look at ICANIWILL, we clearly see that it meets every single one of our M&A criteria. ICANIWILL is clearly a digital-first D2C company with over 80% of sales being sold directly to consumer, a digital-first D2C company with a strong community. Growth-wise, it meets our target. As I mentioned, we can see that the company grew around 30% in the last two quarters, respectively. Profitability at ICANIWILL is good. Size-wise, ICANIWILL is right in the middle of our size range. Product category, gym and training apparel with functional materials is a natural adjacency to our assortment. Looking at the valuation, the EV/EBIT multiple is at 9.5x, looking at the LTM numbers, but falls to 7.8x, assuming the full additional purchase price is paid. We'll come back to that. Operationally, it shares very similar characteristics to RevolutionRace. It's e-commerce, it's asset-light, it's highly cash generative. Lastly, we know many of the people at ICANIWILL and understand the cultural fit. I have personally worked many years with the CEO of ICANIWILL, we feel high confidence in that as well. One thing I mentioned, but I want to highlight, is the scale of opportunity. The combined global outdoor apparel and sportswear market represents a total addressable market which we estimate is 10x larger than RevolutionRace current addressable market. By adding those two adjacent product portfolios, we are meaningfully expanding our long-term runway for growth, we look forward to deploy our D2C and community strategy into this even bigger market. Taken together, the combined group offers a compelling case, we believe. I have mentioned a lot of things already, but I think this is a good illustration of the step we now take. On an LTM basis, we are now size-wise combined roughly at SEK 2.5 billion in net sales and SEK 500 m illion in EBIT. We now have a combined platform within sports and the outdoor segment with a digital-first D2C model that enables industry-leading profitability and both built on strong community relevance. As a strong group, we continue to have a strong balance sheet with an asset-light and highly cash generative model, which is something we strive to continue with. To summarize, ICANIWILL is today in many aspects where exactly where RevolutionRace was five, six years ago. Now we have the platform and the pan-European reach and the operational experience and D2C playbooks to further accelerate the ICANIWILL journey. With that said, let's now turn to the transaction itself and I will with that hand over to our group CFO, Jesper Alm, who can walk you through that. Thank you very much, and good morning, everyone. Key transaction highlights. RVRC Holding is acquiring 90.1% of ICANIWILL. The initial purchase price corresponds to a valuation of SEK 700 million enterprise value for 100% of ICANIWILL on a cash and debt-free basis. There is a potential additional consideration of up to SEK 175 million, payable in two tranches, with the first of up to SEK 100 million after the end of 2026 calendar year, and the second of up to SEK 75 million after the end of calendar year 2027. These tranches are based on EBIT performance and with a growth threshold. The initial purchase price implies an EV/EBIT multiple of 9.5x based on estimated LTM financial data as per June 2026. Assuming full payment of the additional considerations, the total purchase price corresponds to an EV/EBIT multiple of 7.8x. The transaction is expected to close as soon as possible, but in near term, in July 26, this current month, are subject to customary conditions. We expect the transaction to be EPS accretive already in our financial year 2026- 2027. The acquisition is financed through a combination of existing cash, available credit facilities, and treasury shares. In a separate process, we have increased our revolving credit facility from SEK 600 million- SEK 900 million, this is for general working capital purposes. ICANIWILL 's CEO will receive treasury shares in RVRC Holding as part of the consideration, and these shares will be subject to a 12-month lock-up. The CEO, Anders Wallstedt, is expected to join RVRC Holding group management team following the completion of the transaction. Other sellers not employed by ICANIWILL will be subject to a six-month lock-up with the received RevolutionRace treasury shares. The remaining 9.9% of outstanding shares in ICANIWILL will be held by its management, with the main shareholder after RVRC Holding being ICANIWILL's CEO, Anders. This remaining shareholding will be subject to a put call option at the end of 2028. On the financing side, specifically, RVRC Holding is combining existing cash and part of our RCF, revolving credit facility for the cash component of the acquisition. We will be using approximately 2.6 million treasury shares as part of the consideration. Post-transaction, we will hold approximately 200,000 treasury shares still. At the end of March 26, as presented in our Q3 report, we had a net cash position of SEK 361 million. The cash component of the equity purchase price amounts to approximately SEK 467 million for 90.1%, including closing adjustments. As an indicator of leverage, the bank net debt, EBITDA, as for the end of March 26th, is approximately 0.3x. Hence, based on these amounts, RVRC Holding would have moved to a limited net debt position at that point had the acquisition been made then. As mentioned, we are increasing the RCF by another SEK 300 million to a total of SEK 900 million, and this is for working capital purposes. The RCF matures in June 28th, so there's no change. Importantly, our dividend policy of distributing 40%-60% of net profits remains unchanged, and we will continue to weigh long-term financial stability carefully in relation to future share buybacks. With that, I hand back to you, Paul. Thank you, Jesper. Before wrapping up, I also want to take the opportunity and talk about how we intend to run this going forward shortly. To start off with, we can say that our integration philosophy is decentralized. We will have a focus on best practice sharing between the companies rather than full operational integration. This picture on the left-hand side, I think, illustrates that the companies and brands will operate separately on a standalone basis, but have the same owner in RVRC Holding. We believe that this approach preserves entrepreneurial drive, local market and brand knowledge, both within RevolutionRace and ICANIWILL, and it also causes less disruption to management, employees, customers, and other partners. This structure is also a more attractive proposition for the ICANIWILL management who see continuity and wants to continue. We of course see that as a strong signal of commitment that management want to stay and continue to build ICANIWILL, but also become important shareholders to RevolutionRace, and thus also believe in our joint future. I think it's important to keep those brands operating on standalone basis very much so that we can also keep brand identity and the brand positionings and offerings so that it won't be noted so much by customers. With that concludes the presentation for today. With that, happy to take questions, so therefore I ask the operator, do we have any questions? If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Victor Hansen from DNB Carnegie. Please go ahead. Hi, Paul and Jesper. A couple of questions from my side. Thanks for taking the questions. The first one. This is your first acquisition. Previously you were purely an organic growth story. I am just curious why you chose M&A over launching your own branded products in this adjacent area this time, as you have done for instance, in Alpine and many other categories. Hi, Victor. As I mentioned, the companies will continue to operate on standalone basis and also look at adding new categories within the specific brands. We believe that this is a very capital efficient way of also adding new categories that is adjacent to RevolutionRace, but where we believe there will not be a big part of the RevolutionRace offering. This gives us an efficient way, an opportunity to expand our addressable market size without diluting the core offering of RevolutionRace. Understood. Your fashion risk has been relatively limited before. How would you say that this changes with the inclusion of ICANIWILL? That is a good question and something we have discussed with the ICANIWILL team. I would say that RevolutionRace has a very low fashion risk than this. Maybe ICANIWILL is slightly increasing that, but not to a large extent. ICANIWILL is very much focusing on performance and to be true to training and really stay within that segment. Having said that, not so exposed to a large extent of trends. They are very prudent in the entry, even if they have a small part of the assortment that is leisure and loungewear. Much more focus on performance and functional material, rather than trends. Okay, understood. Third question here. Sales per employee is nearly SEK 40 million for yourself compared to SEK 8 million for ICANIWILL. Do you see anything in ICANIWILL's business model that would make it tougher for them to reach your levels of personnel efficiency? Sorry, can you repeat that? It was a bit difficult to hear. Sales per employee. Yes. Exactly. You have a higher sales per employee compared to ICANIWILL, SEK 40 million compared to about SEK 8 million. Is there anything in ICANIWILL's business model that would make it tough for them to reach your levels of personnel staff efficiency? No, not really. I think scale is important for us, and that is also one of the reasons we now want to invest in ICANIWILL. Their current momentum and their offering looks very promising that we can see increased volumes and scale going forward. If that happens, we have very high hopes that we will also see a higher degree of efficiency and, as a result, also higher margins and sales per employee going forward. I think it comes down D2C business is very scalable, so it will come down to increasing volumes, basically. Okay. Thank you very much, Paul. Asset light, infrastructure light, they don't own any factories or operate warehouses internally. I believe that we will be able to see the same thing that we have seen with the RevolutionRace margin-wise for the last couple of years. Okay. Excellent. Thank you very much for those answers. All for me. Thank you. The next question comes from Benjamin Wahlstedt from ABG SC. Please go ahead. Good morning. A couple of questions from me as well. First of all, I was wondering if you could expand on the M&A rationale here, please. What will you do differently to the previous owners to keep growing and perhaps also turn more profitable? Our plan is not to deploy anything particular or change anything that they have done. We acquired ICANIWILL because we believe that they are doing the right things. We don't want to change anything that is not broken. What we do see, we do see that both companies can capitalize on best practice sharing. For example, I mentioned in the introduction, the D2C playbook that we have deployed, for example, that we have seen work very well during our journey in Germany. We are now at over SEK 1 billion in sales in Germany, that is something that we would like to try to capitalize on and try to see if we can mirror for a brand that is operating in a category that is closely connected to our category, but marketing strategy-wise is very close to what we do, focusing on community, social media, platform marketing, and so on. I think that the big upside lies much more in best practice and knowledge sharing. Of course, scale is important. We will be able to do some joint negotiations with different kind of suppliers and partners. We have been very prudent in calculating on such synergies. I think it's obvious that we will try to realize some of those, by only negotiating together. Okay. Correct me if I'm wrong here, but negotiating joint suppliers or purchasing, that would be limited to things such as last mile and payment, right?- Last mile- ...like using different sets of materials. Last mile is a good example, or logistics as a whole. Payment is maybe another good example, where we can do joint negotiations, at the same time not disrupt operations. Perfect. Thank you. Could you also talk us through what has been driving ICANIWILL's margin in the last two years? I'm referring to the move from 9% margins to close to 16% LTM. Good question. I think it has been a combination of getting more efficient as a whole. Assortment-wise, I think they have done a good job and got some payback out of that. I think end of day also comes down to scale. We are simply much bigger. I think one part of it is a result of economies of scale. Maybe Jesper wants to elaborate also a little bit on that. Adding to that, their procurement strategy resulting in an increased gross margin has been successful, both product assortment development and procurement. That is also a contributor to increasing profitability. Scale and economies of scale in both operating and procurement are key contributors. Perfect. Thank you. We can sort of back out the implied 2027 EBIT target related to the earn-out in absolute terms, but not the margin. Could you share whether you expect ICANIWILL to reach the earn-out hurdles through continued growth or margin expansion? If you can point us in any direction here, please. A combination of both. Profitable growth will facilitate the additional purchase price payment. I suppose that that would be the answer. What was the reason for paying with shares instead of just using more debt? As you point out, the post-transaction leverage will be more than manageable, I guess, regardless of how you would have chosen to pay for the acquisition. I can mention one reason, and that is that it was important for us, but also we saw an interest from the sellers to actually be part of the combined journey. We believe that, especially when the sellers, being part of the current management team, signaled that is something that they would like to join, that was a very strong signal of, this is something that we want to do together. That, I think, was the main reason. Since we had treasury shares, I think it was very easy to facilitate that wish from them. A combination of a wish from the seller, but also something that we believe was a very strong signal. We come from a history of having a prudent capital structure, careful and always keeping possibilities for growth. I think combining treasury shares and capital means that we can stick to what we've communicated previously, that we want to see a net cash position around the zero mark. It's a combination of continued financial prudency and while maintaining growth upside. Perfect. Thank you. Just one final, I guess, or two final bookkeeping questions. Firstly, how will ICANIWILL be reported going forward? Secondly, can you say anything about the P&L structure in terms of gross margins, for example? We'll get back on the reporting structure, we will make sure that you will be able to track the development of both brands. We'll get back on that, but make sure that the focus on visible organic growth in both brands will be very visible. I'm sorry, what was the other question? Anything on the P&L structure. What are ICANIWILL's gross margins, for example? The P&L structure is roughly the same as the RevolutionRace P&L structure. We'll get back to that, but gross margin, roughly in line, and then it's roughly the same. Yeah. Financial structure is the same and also operational. That was, as I mentioned in the beginning, an important component for us, that we really understand how they operate and Jesper said we'll get back in the upcoming quarters with information about reporting structure and disclosing numbers. Perfect. Thank you very much. That's all I have for now. Thank you. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Emanuel Jansson from Danske Bank. Please go ahead. Perfect. Good morning, Paul and Jesper. A couple of questions from my side as well here. On the process here, could you share some color on the process leading up to this deal? Was it a structured M&A process or more of a direct dialogue between the companies? Well, process-wise, we can say that it all started with the board discussing whether M&A was an interesting component that we wanted to add to our strategy at all. That is something that we have discussed for some time. When we decided that that is the case, obviously we started to have discussions with potential target companies. Having said that, as I mentioned before, I personally know the CEO quite well. We worked together for five years. We've had regular contact both on a personal but also professional level for some years. The whole discussions became concrete only the last couple of weeks/months after the board decided that this is something that we really want to move forward with. That also fitted very well with ICANIWILL's sellers starting a process. Had a knowledge quite some time ago that was something that they wanted to kick off with. Their decision to actually kick off a process and our decision to concretely look for M&A targets occurred at the same time, a couple of weeks ago, I would say. Maybe two months ago. That is how it all started. Perfect. Actually. I followed the company for, I would say three, four years. It's a company that is very close to what we do, and I personally know the people behind it, so it has been obvious to follow it. When did you and the CEO work together for five years? We worked together up until 2014 or something, 2015. 10 years ago. We've been in contact, and we've done some private investments together and so on, over the time. We know each other well, which keeps confidence. Perfect. Yeah, great. From the perspective of the ICANIWILL founders, why was now the right time to enter this partnership? That's a question to maybe ask them, it was not that obvious, from what I understand, for the CEO to move forward. I think we can see that in the signal he's sending by actually keeping 9% in ICANIWILL. I think it's a question that the sellers need to answer. There was a distributed shareholder structure, as in all those situations, there are probably diverse shareholder perspectives on the future. The important part is that the CEO, who was a major shareholder in ICANIWILL standalone, elected to stay with the company, and that is the main thing for us going forward. Perfect. Jumping on to M&A again here. Regarding your M&A agenda, what's the current internal setup, and what's your experience within this area? For RevolutionRace, as a company, this is our first acquisition. Obviously the experience for the company as such is fairly limited. For me personally and other people in the company, we've been working with M&A previously in our careers in different shapes and forms. We have experiences from striking deals and at the same time, we think it is important that the companies continue to operate on a standalone basis. With that said, we really want to reduce risks by having very limited integration processes and realize synergies in that way. It should be growth-oriented acquisitions. Also having said that, we are not in a rush. We are now adding M&A as a component to our strategy, but we will be extremely selective and prudent when we look at future targets. We now have a criteria with a lot of boxes that target companies need to tick. It's not obvious that it will happen fast. I think it should be wise and prudent to let this sort of sink in and land before we move into something new. Also, are you looking at or drawing any inspiration from the platform style structure that we see in other names such as Amer Sports, for example, to manage your growing brand portfolio? Have you been any inspiration from those kind of companies? Not really. Obviously we look at other groups, how they do, but I think we will try to do it our own way. I think it is really what I'm saying here, we really want to make sure that the brand's identity, positioning, the way of working, the knowledge for the brands really stays within the different brands and also most very important culturally. We like the entrepreneurial spirit that we see in both companies, and the passion for both building companies and the brands. That's something we really want to keep and capitalize on. I think it's extremely important to keep that and not swamp that with integration projects and trying to build something corporate. Making sure that they just continue to do what they do today is sort of the short answer. Perfect. Final question, I don't know if you answered that already, but looking at the balance sheet of ICANIWILL, this acquisition seems to bring quite a high amount of goodwill, I assume. Given the differences in accounting standards, in specific the impact of goodwill amortization under K3 versus IFRS treatment, how should we think about the normalized EBIT margin going forward for ICANIWILL? Bear in mind that when we consolidate ICANIWILL, that will be subject to our IFRS reporting. We'll get back on the purchase price allocation, obviously. As you note, a significant part will be related to intangible assets, including goodwill. Under IFRS, there are no depreciation of goodwill. Perfect. Well, I think that was all my questions for now. Thank you very much for all the answers. Thank you. Welcome. The next question comes from Benjamin Wahlstedt from ABG SC. Please go ahead. Hello again. Sorry. Just final bookkeeping question again. Do you expect any one-offs in relation to this acquisition? There will be transaction costs that will be recorded as one-off costs. Those we'll get back to in connection with the report for our first quarter. That is transaction-related costs, yes. All right. Perfect. Thank you. The next question comes from [Oscar Mattsson] from Lund Invest. Please go ahead. Hi. Thank you for taking the question. Could you talk a little bit more about the market dynamics where ICANIWILL operates? You talked a little bit about the fashion sensitivity and such. How does the competitive landscape compare to other markets you are currently active in? Yes. Hi. Yeah. First of all, the market size and the total addressable market is, as I mentioned, significantly bigger than the outdoor market. Combined, we increase our total addressable market. At that, we also see that it's more competitive within sports than it is within outdoor. I can say there are more companies competing in that bigger market. We are already competing in a competitive landscape with RevolutionRace, and for us, there is two components that is important. It's the unmatched value concept, but also our go-to-market strategy, which is very much based on community and digital D2C marketing strategy. That is something that ICANIWILL is doing as well. They sort of use the same method and we look forward to sort of insert our D2C playbook into that. We believe that even though market is bigger, it's also more competitive. Having said that, we think we have a good way of really differentiate the concept in that competitive market with the community strategy that we have already seen is working very well. If you look at the positioning of ICANIWILL in that market when it comes to products, and they are very much focused on function. Functional material, functional use, functional performance and functional, I would say, try to be much more focused on functional and performance rather than fashion and trends, compared to some of the other players in the industry. Understood. Thank you. Just final question. What kind of leverage ratio are you comfortable with going forward? Have you communicated anything about that? On the slide on key transaction highlights, we've indicated a bank net debt to EBITDA as per combined entities at the end of our Q3, which was March, which is our latest report. We indicate a leverage of 0.3x. We still believe we have a very conservative balance sheet, and we have a strong combined cash flow generation capacity. Looking forward, I think we'll be able to return to what we discussed previously of having a net debt or a net cash position around nil. That is what we look forward to returning to. We conclude that it's not stretched at the moment, and we'll return to the conservative levels that we're used to. Are you comfortable increasing it even further? Like if you're continuing with buybacks, dividends, and find another acquisition? Noting the dividend policy of distributing 46% of net profits, that is unchanged. Buybacks, which has been a primary use of capital in the capital allocation previously, is still in the toolbox. We will apply some long-term financial stability in relation to the buybacks in the planning going forward, with the same aim as we've had before of having net cash of around zero. It's definitely still part of the toolbox for capital allocation. All right. Perfect. Thank you very much. Yeah. The next question comes from [Christian Small] from Pareto Securities. Please go ahead. Hi, guys. Thank you for taking my question. Just one question from my side. Regarding the ICANIWILL mix effect here. Are there any similarities with your own portfolio in terms of certain categories, products, or geographies having different mix profiles? With mix, you mean product mix or gender mix or? Sorry. Profitability mix. Okay. We discussed previously, the P&L structure, if we look at it from an overall perspective, is fairly similar to that of RevolutionRace historically. Obviously, there are always going to be differences on individual markets or products due to specific criteria. In general, it looks pretty similar, and we'll get back to that going forward, obviously. Okay. Thanks. That's all for now. There are no more phone questions at this time. I hand the conference back to the speakers for any closing comments. Thank you, operator. Before we finish up, let's see if there are any questions online that we have received. I'll ask Jesper to read the question and see who can answer. Yes. We've received a couple of online questions, they tie into parts of the discussions before, but we'll go through them anyway. The first one comes from [Holtown Partners]. Are you trying to realize any synergies in sourcing logistics, IT, and sales, and also thinking about selling all the brands on all websites and physical stores, for example? I think I've partly answered that before, when it comes to synergies and the answer there is that the companies will continue to operate standalone to a very large extent. But it could be areas, for example, negotiating with joint bigger volumes could be favorable. We don't have a plan to mix the brands on the different sites, that sort of ties into that the companies should continue to do what they do today and not disrupt or dilute brand identity or brand positioning. I think that is extremely important to continue with that. Okay, next question comes from [Lance Vasek] in Stockholm. Now that you have more than one brand within the group, do you see Amer Sports as a role model, given that they are valued significantly higher than their competitors? No, I think I mentioned that before, that we look at many other groups in the industry. Whether you like it or not, you're always inspired of things that you see. I think our answer is that we want to do it our way, this is our first acquisition. We have now added M&A into our strategies. I think we simply have to organically grow into that strategy and see where we are in a couple of years. The answer now is that we have RVRC Holding in the group, then we have two subsidiaries that will continue to operate as they do today on a standalone basis. Final questions online from [Cedi Mudwell] in France. The shareholder structure of ICANIWILL before the deal, if we can comment on that. It was owners, mainly Swedish owners, a combination of private and entities such as OneFund, also other Swedish investment companies. A combination. A combination of people working in the company, roughly 25%-30%, the remaining part of the sellers were more financial sellers. A diverse shareholder base of around 10 names. Funds, individuals, family offices, and founders. Exactly. That concludes the online questions as well and as- Thank you. To close, today and yesterday when we signed was an important milestone for RevolutionRace and for ICANIWILL. We now very much look forward to partner up with ICANIWILL and the whole ICANIWILL team, which we are very impressed by. We look forward to working together with them. For everybody who listened in, thank you all for joining us today and for your continued interest in RevolutionRace and now also interest in ICANIWILL. Before we finish, may I also remind you that we have an earnings call at the announcement of our Q4 and full year report, maybe we'll be able to answer some of the questions that have been addressed today. That is on August 11th. With that, thank you, goodbye, and have a good summer. Thank you. Bye-bye.