Welcome to the RevolutionRace Q4 2025 and 2026 presentation. During the questions- and- answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to CEO Paul Fischbein and CFO Jesper Alm. Please go ahead. Thank you, operator, and good morning, everyone, and welcome to this conference call where we will address the report for the fourth quarter and also the full financial year 2025 and 2026. Our financial year starts 1st of July and ends 30th of June. So Q4 covers the period from April 1st to June 30th. My name is Paul Fischbein, and I am the CEO of RevolutionRace. Joining me today for this conference call, I have the company CFO, Jesper Alm. Before we begin and talk about the fourth quarter, I would like to, of course, mention also the important event that took place shortly after the end of the financial year. In early July, we announced the acquisition of ICANIWILL, and I am very pleased that we, through the acquisition of ICANIWILL, are taking an important next step with this first acquisition. It is an important next step of the development of RVRC Holding as a group and actually marks the beginning of an exciting new chapter for us as a group. I will return to the acquisition and the rationale behind it later in this presentation. First, for those of you who are new to the RevolutionRace story, let me start with an overview of the RevolutionRace brand and our business model. RevolutionRace is an international outdoor brand offering outdoor products, mainly clothing, but also shoes, bags, and other outdoor products. Everything started with pants, and that category is still the largest product category. We operate with a D2C business model, meaning that we skip the middleman and sell our products directly to our customers. We do this mainly via our own website and with our D2C business model. We can secure a 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, and today we have 2.5 million followers and almost 850,000 reviews on our site. RevolutionRace was founded in 2013 and launched in 2014, and we have been listed on Nasdaq Stockholm since 2021. Moving on to this picture, I think illustrates our international presence. We have customers in around 40 countries and 19 localized web shops. However, we focus our efforts in 10 countries in Europe and also operate three physical stores in Sweden. We design all our products in-house and work together with more than 25 suppliers for the production in Asia. Now, let's take a look at the performance and our net sales development. We conclude the full financial year of 2025-2026 with continued growth and very solid profitability. Net sales for the full year amounted to a little bit more than SEK 2 billion, resulting in sales growth of 8% in local currencies compared to last year. When we look at market data, we see that the market is weak. Despite uncertain market conditions, we increase sales and continue to gain market share in several key markets. Net sales in the fourth quarter amounted to SEK 414 million, corresponding to growth of 3% in local currencies compared to the same quarter last year. We clearly aim for a higher growth number, but given the uncertain market environment, we continue to grow and strengthen our position in several important markets. In fact, it is clear that in some important markets, our sales are actually performing very well. Let's have a look at our net sales development by region, because looking at the financial year as a whole, sales increased in all regions. DACH grew by 10% in local currencies. The Nordics grew by 9%, and the Rest of the World region grew by 1%. If we exclude North America, sales in the Rest of the World region would have increased 6% in local currencies, while then total sales across all markets would have increased by 9%. Sales in the United States, they were high in the previous financial year and fairly high and have since then been negatively affected by the changing market conditions. In the fourth quarter, sales in the Nordics increased by 7% in local currencies and also in Swedish krona. What is interesting is that in Sweden, we saw the highest growth there in Sweden with 12%. I think this is a good example of strong performance in a mature market. Particularly as we have seen reports such as Sportindex reported a 4% decline in sales of outdoor clothing during the same period. This clearly indicates that we continue to gain market share. In DACH, sales increased by 3% in local currencies, and it was Austria and Switzerland that continued to perform well, with double-digit growth in both markets. We must also mention Germany, where we note a weak consumer sentiment. Despite the challenging market, we continue to grow and market share and believe that we are strengthening our position in our largest market, even if we aim for more. In the Rest of the World region, sales decreased by 3% in local currencies in the quarter. Excluding North America, sales in the region instead would have increased by 2%, and total sales for the company 4%. If we look closer on the fourth quarter, we continue to demonstrate our ability also to combine the growth with high profitability. EBIT amounted to SEK 66 million, corresponds to an EBIT margin of 15.9%, and the gross margin improved to 72.2%. During the quarter, we worked on some IT projects, for example, a new product information management system, and during the quarter, we also opened a store in Haparanda in North Sweden on the border to Finland, and we can say that that is developing very well. We end the quarter and remain a strong financial position with inventory of SEK 520 million and a net cash position of SEK 313 million, also on top of that, an available credit facility of SEK 600 million at the end of this quarter. If we summarize the full financial year, adjusted EBIT amounted to SEK 425 million. That corresponds to an adjusted EBIT margin of 21%, and that confirms our continued industry-leading profitability, and of course, this is very strong and something we are also very proud of. During the year, we strengthened our operating platform. We completed the relocation of our Nordic warehouse operations to a modern automated logistics center. We also continued to develop our physical retail presence selectively, opening a brand store in Stockholm and also the store in the fourth quarter in Haparanda. As I mentioned, the Haparanda store has performed very well. As I also mentioned, we worked on some IT projects during the year, especially in the fourth quarter. Our result is strong and our financial position remains strong. Therefore, we can conclude the financial year 2025 and 2026 and the board of directors proposes a dividend of SEK 1.5 per share. This proposal is in line with our dividend policy, and we are happy to be able to continue to grow the dividend again. Even if this report should focus on the Q4 numbers, I want to talk a little bit about the acquisition of ICANIWILL that we actually announced in July. I am very pleased that we, through the acquisition of ICANIWILL, are taking an important next step in the development of RVRC Holding as a group. We have always had a disciplined approach to capital allocation, and we will continue to have that. We will continue to have strong focus on organically develop RevolutionRace, but have for some time considered adding M&A as a capital-efficient complement to our growth strategy. If we look at the transaction, RVRC Holding is acquiring 90.1% of ICANIWILL. The initial purchase price corresponds to a valuation of SEK 700 million in enterprise value for 100% of the company. There is a potential additional consideration of up to SEK 175 million payable in two tranches, and they are based on performance during 2026 and 2027. This initial purchase implies an EV/EBIT multiple of 9.5x based on the LTM data as per June 2026. If we assume full payment of the additional considerations, the total purchase price will correspond to an EV/EBIT multiple of 7.8x. The acquisition is financed through a combination of existing cash, available credit facilities, and the transfer of our treasury shares. Now let's take a closer look at the ICANIWILL company. ICANIWILL is a Swedish sportswear brand founded in 2012, headquartered in Stockholm in Sweden. The products are primarily sold through a digital D2C first model, like RevolutionRace, and has, like RevolutionRace, also built its brand together with its community, having now 620,000 social media followers and more than 230,000 product reviews with a rating of 4.5 out of 5. On the numbers, LTM sales per end of June was at SEK 470 million. Growth is strong. Q4 sales are expected to reach SEK 124 million, representing a growth of approximately 30%, which was also roughly the growth in Q3. Margins have also improved with this growth. Adjusted EBIT reached SEK 73 million for the full year 2025/2026. That is up from SEK 52 million the year before. That is an EBIT margin for the full year of approximately 15.6%. That is a step up from past numbers. In Q4, the EBIT margin was at 16.3%, which is also higher than the same period last year. Looking at the geographic mix, the Nordics account for over 80% of the sales, with Germany and the rest of Europe representing the remaining. However, those markets are growing faster. What is interesting to note is the potential in Germany and DACH, as Germany grew over 50% in the calendar Q1 2026. By channel, ICANIWILL is at around 87% D2C and 13% wholesale. By gender, 82% of sales are to female customers and 14% to male customers. As part of our M&A strategy, we have developed an M&A framework, and we can clearly see that ICANIWILL meets all our M&A criteria. ICANIWILL is clearly a digital-first D2C company with a strong community. Growth-wise, it meets our target, and we see that the company grew around 30% in the last two quarters respectively. Profitability is good, and size-wise, ICANIWILL is right in the middle of our size range. The product category within gym and training apparel with functional materials is a natural adjacency for our assortment. Valuation-wise, at acquisition, the EBIT multiple, as I mentioned, is 9.5x but falls to 7.8x, assuming the full additional purchase price is paid. Operationally, it shares very similar characteristics to RevolutionRace. It is e-commerce, it is asset light, and it is cash generative. This is something that we truly understand. Lastly, we know many of the people at ICANIWILL and understand that the cultural fit is there. Our integration philosophy is a decentralized philosophy with a focus on best practice sharing rather than full operational integration. This picture illustrates that the companies and brands will operate separately but have the same owner in RVRC Holding. We believe this approach preserves entrepreneurial drive and the brands' identities and offering and local market knowledge, both within RevolutionRace and ICANIWILL. It also causes less disruption to management, employees, customers, and partners. The structure is also an attractive proposition for the ICANIWILL management who seek continuity. We of course see a strong signal of commitment that management want to stay and continue to build ICANIWILL, but also become an important shareholder to RVRC and thus believe in our joint future. With that, I would like to hand over to our CFO, Jesper Alm, who will take us through the financial year for the fourth quarter and for the full year. Jesper, please go ahead. Thank you, Paul, and good morning, everyone. I will briefly cover the financial performance during the fourth quarter and the full financial year 2025/2026. Gross profit amounted to SEK 299 million for the quarter, compared to SEK 281 million a year ago. This equals a gross margin of 72.2% compared to 69.4% last year. The increase in gross margin is mainly attributable to currency effects on goods for resale. In essence, this is the weaker USD for purchasing, only partly offset by a weaker euro, and both currencies versus the reporting currency being SEK. Gross profits for the full year increased to SEK 1.4 billion compared to SEK 1.3 billion last year. This equals a gross margin of 70.5% compared to 69.8% last year. Personnel expenses are higher compared to the same quarter last year, and the number of full-time equivalents was 147 compared to 132 last year. The increase includes staff in our retail operations. That is three stores in total. Other external expenses were SEK 191 million, compared to SEK 183 million a year ago. As a share of net sales of 42%, the number was higher than last year, and this is partly due to investments in IT and marketing. EBIT for the quarter amounted to SEK 66 million compared to SEK 63 million a year ago. This translates to an EBIT margin of 15.9% compared to the 15.4% a year ago. Adjusted EBIT for the financial year amounted to SEK 425 million, compared to the SEK 383 million a year ago. The current adjusted EBIT margin is 21%, compared to just below 20% last year. Our financial position is strong. We had a solid net cash position of SEK 328 million at quarter end, or a net cash position of SEK 313 million when adjusting for lease liabilities of SEK 15 million. The credit facility of SEK 600 million remains available and undrawn as of June 30. Cash flow from operating activities came in at SEK 31 million in Q4, compared to SEK 85 million for the same period last year. The lower cash flow compared to the corresponding quarter last year is mainly attributable to ongoing inventory buildup and changes in operating receivables. The credit facility of SEK 600 million was undrawn at the end of the quarter, but following year end, the revolving credit facility was increased by SEK 300 million to a new total of SEK 900 million. Further following the acquisition of ICANIWILL at the beginning of July, we entered into a net debt position. The inventory amounts to SEK 520 million, of which SEK 336 million was goods in warehouse being sellable, compared to SEK 439 million a year ago. Inventory has increased by SEK 111 million compared to Q3, and that is driven by an increase in goods in transit. Net working capital decreased to SEK 172 million, compared to SEK 262 million a year ago. Changes in net working capital is mainly attributable to increase in accounts payable. We aim to distribute 40%-60% of net profits annually in accordance with the dividend policy. As a result of the company's continued growth and strong financial position, the board proposes a dividend of SEK 1.5 per share. This represents a dividend growth of 11% compared to the SEK 1.35 per share paid out last year. The proposed dividend amounts to approximately SEK 161 million in total, representing a payout ratio of around 48%. I note that we, over the five years since the IPO and the first dividend in 2021, have more than doubled the dividend per share. In addition to the dividends paid out, or now proposed, during the quarter, we continued repurchasing shares in line with the AGM mandate, and the total amount repurchased was SEK 68 million during the quarter. At the end of the financial year, we held 2.8 million treasury shares, of which 2.6 approximately were used as consideration shares in the acquisition of ICANIWILL. So treasury shares remaining after the acquisition is approximately 200,000. With that, it is over and out from me. Paul? Thank you, Jesper. To sum things up, through the acquisition of ICANIWILL, we are taking an important next step in the development of RVRC Holding. Together, the group now has a base with net sales of approximately SEK 2.5 billion and an adjusted EBIT of close to SEK 500 million. ICANIWILL continue to operate as an independent brand with its existing management and its own identity. At the same time, our experience of geographical expansion provides good opportunities to support ICANIWILL's continued growth, particularly in the DACH region. ICANIWILL be consolidated from the acquisition early in July. Also turning to inventory, our saleable inventory was lower than at the corresponding point last year, but while the value of goods in transit was higher. Inbound deliveries have increased since the end of the quarter, and we believe that our inventory is now better positioned ahead of the important autumn and winter season. Finally, also a quick word on current trading compared to last year. It should be noted that the strong sales growth of 15% reported for the first quarter last year was partly supported by outlet sales and also favorable weather in Germany. We see market conditions, particularly in Germany, they were weak in Q4. It looks like it will continue to be challenging for some time. But despite this, we note that RVRC Holding in July continued to deliver pro forma sales growth in local currencies. That concludes our comments on the results. Before we finish, I would like to thank everyone who contributed during the quarter and throughout the full financial year. That includes our employees, customers, partners, shareholders. I would also like to take the opportunity to warmly welcome the ICANIWILL team to RVRC Holding. Together, we are now entering an exciting new chapter. With that, we are now happy to answer questions. 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 Benjamin Wahlstedt from ABGSC. Please go ahead. Good morning. I have a few questions. First of all, I was wondering if you could share your view on the German market growth in the quarter, please. I understand this is a difficult task. Sorry, I could not hear you properly. Can you repeat the question, please? I will. I was wondering if you could share your view on the German market growth in the quarter, please. Yeah. First of all, we have seen industry colleagues that I am sure you have seen also that have reported their quarter results and also disclosed the performance in Germany. From what we can see, it looks like the market, and what we can read from those reports is that the market seems to be challenging and weak. We can see that we are outperforming them and thus increasing our market shares. We also have access to other kind of data, for example, from partners like Google, where we see that our traffic and the share of brand search for our brand compared to the total market, that it looks like the market is also weak based on that number, and that we increase market shares when it comes to searches for our brand. Then, of course, we also read what other people are reading when it comes to different kind of macro reports, and note that the consumer sentiment in Germany still seems to be challenging. All right. If you could distill that, is it possible to give a number for market growth? Your best guess is probably better than none. Best guess is negative. All right. I was wondering as well if you could give us a bit more color on the gross margin bridge. What share of the improvement is FX driven, for example? The majority of the improvement is FX driven. Then we obviously always have the components of market mix and product mix, but both the purchasing currency USD relative the primary sales currency euro developed positively in the quarter. As we have stated before, we have a delay in the effect of the purchasing price. Also, we comment on outlet sales, where we have seen lower outlet sales, which means that is a market mix where we have slightly improved gross margins as well. Yes. Thank you. I was wondering as well if you could elaborate on the temporarily higher IT costs in the quarter. Any comment on the magnitude specifically is helpful, both for Q4 and Q1, although I suspect you will be reluctant to comment on Q1. Yeah. To start with, these are temporary. It is a project. The project has been focused on Q4. The costs are below SEK 5 million. They will continue into Q1 on a smaller scale for completion, so the cost in Q1 will be lower than what we saw in Q4. Yeah. I can add to that we have chosen to implement, for example, a product information system to implement that now so that we are ready and don't have to do big deployments when we are right in the middle of our peak season. Even if it has a bigger impact on a smaller quarter, such as Q1 and Q4, we believe it was the right thing to do it now so that we are ready and don't have to deploy big projects during a peak season. Perfect. Finally from me then, I was wondering about the personnel cost increase. I understand that adding in-store staff drives personnel costs in absolute terms. However, the annualized cost per employee is up some 10% as well, and I would imagine retail staff has a dilutive mix effect on the cost per head. Any additional color on personnel costs would be helpful. Thank you. Yes, you mentioned we have added headcounts due to the opening of stores. That is clear. There is, you could say, a temporary effect also on staff when it comes to some IT-related projects. Then, of course, there is a salary review that always takes place in May. That has been in line with the market. But we don't expect staff costs to go up from here. It should be now on a stable level. All right. Is it possible for you to share where these increased IT costs landed? Or the split between external OpEx and personnel costs, just roughly? Both. The project are external costs, and also to some extent, consultants related to that is external costs. Staff cost is, we have seen a ramp-up of IT staff over a longer time period. But the projects are mainly external. All right, perfect. I will get back into the queue. Thank you. The next question comes from Emanuel Jansson from Danske Bank. Please go ahead. Good morning, Paul and Jesper. I hope you can hear me. I was wondering if we could continue maybe on the sales trend during the quarter. Is it possible to maybe give us some more flavor on the sales trend month by month during the quarter? I remember the last quarter you mentioned there was a bit of a slowdown in March, specifically in the German markets. Yeah, just on a very high level, May was the strongest month. June was the weakest month. Did you experience any negative local sales growth in Germany during the quarter— Yeah. —by a specific month? Germany followed. Germany has such a big impact on our total numbers. May was also the strongest month in Germany and a weaker month in Germany in June, compared to last year. Fair enough. Could you potentially also talk a bit about the other markets? Because I assume that Switzerland and Austria are growing quite well, and also maybe give us some flavor on the U.K. market and that will be very helpful. Yeah, as you mentioned, Austria and Switzerland are growing well, double digit, and in some cases over 20%. The Nordic region, especially Sweden, which is a mature market, also continues to show good development. Then we have the rest of the world region where it's heavily impacted, or that region is impacted by the development in the U.S., where we have deliberately slowed down or basically almost turned off the operation since a year ago, and that has a big impact on that region. I think it leads to a difference of 6, 7 percentage points in growth in that region. So the U.S. obviously impacts the rest of the world region a lot, meaning that the rest of that region is growing. Within that region, we have three focus markets that we focus on, and that's U.K., Netherlands, and Poland. Those are developing in line with, I would say, expectations. However, one should also note that on a total level, we always try to balance growth with profitability. For us, profitability is important, and as you can see, we are delivering a 21% EBIT margin for the full year. When a very important and highly profitable market such as Germany slows down, that has some sort of indirect impact on how much we can invest in marketing in the rest of the world regions such as U.K. But U.K. is growing. Thank you for that. Paul, I think it was in Q2, you said the ambition was to have a new logistics set up for the U.S. in place after the summer, within a couple of months. We are now in August. Is the new set up live, or what's the situation now in the— Yes, it is now live since a couple of weeks ago. We are slowly increasing our efforts into the U.S. again. But it is live. Now we are importing all our products based on FOB value, meaning that we are now back to offering our products on a more competitive level than we could do last year. A couple of weeks ago from now, from July, it is live. Would you say in the near term, is it likely, given the comparable base and also the new setup, that it's more reasonable to expect some growth again from the U.S. market? Well, we don't want to guide, but I think it is clear that comps in U.S. are more or less from July this year, quite easy, since we more or less stopped operations in U.S. a year ago. So hopefully, we will see impact from that. We know that we had good interest from U.S. customers before market conditions changed, and we have seen also a continued growth in popularity based on followers on, for example, our social media platforms. So comps are easy. We have the new infrastructure in place, and we are now slowly increasing our efforts in the U.S. Can you still hear me, Manuel? The next question comes from Victor Hansen from DNB Carnegie. Please go ahead. Yes. Good morning. Hi, Paul and Jesper. A couple of questions from my side. Firstly, you mentioned a higher marketing spend in this report. Was this related to any specific region? Because, for instance, Germany, where you saw low growth, 1% organically. Would you say that you over-invested in performance marketing in Germany with a negative effect on ROAS? There are always two main levers to achieve growth. One is price and campaigns, and the other is marketing. We have a fairly high gross margin, which then also comes with a slightly higher market spend. Have we over-invested? I don't believe that. We, on a daily basis, try to calibrate and have as efficient market spend as possible. But in total, market spend is slightly higher than it was in the comparison quarter. Yeah. Our higher gross margin sort of facilitates that we can increase market spend slightly, but it's within the range of our sort of ROAS targets, even if it's a bit higher than last year. Okay, understood. Next question on ICANIWILL. The weak consumer sentiment in Germany that you mentioned here today, could this affect ICANIWILL's go-to-market strategy in the DACH region? Perhaps you'll be less aggressive on marketing spend initially due to this weak consumer? Yeah. Not really. Germany is such a big market, and the sports market is, in fact, I don't know, five, 10 times bigger than the auto market. Even if the consumer sentiment is a bit slow or weak for the moment, it is still in line with last year or slightly down, meaning that there is a lot of opportunities for a new player like ICANIWILL to actually enter the market. So it could be actually the opposite, that this actually sort of leads to opportunities if other players are facing challenges and especially players who are very geared towards wholesale. I think that that can actually lead to bigger opportunities since ICANIWILL is sort of entering Germany with a very low base, more or less starting from scratch. Being like a disruptor- Yeah into the market. It doesn't necessarily mean that it should be negative for ICANIWILL, since they are so small for the moment. Okay. Makes sense. I was curious here, as a follow-up, if you could be a bit more tangible on sales initiatives for ICANIWILL in the DACH region, in terms of your strategy there as you're starting from close to zero, as you mentioned here. Any easy wins? I should be a bit careful not to disclose all the magic to our competitors for competitive reasons, but it is clear that since our RevolutionRace launch 10 years ago, we have collected experience, and we are fairly good at CRM, for example, in Germany. That is something that RevolutionRace can share with ICANIWILL for sure. There are a number of areas where I think our experience and knowledge can be shared with ICANIWILL, but should be careful going too deep into that for competitive reasons. Okay. Interesting. I guess we'll have to wait until you report sales going forward. Perfect. Next question. We had quite a warm summer here in Europe. Any idea how large of a negative effect this has had on you this quarter, Q4? We don't speak about weather and temperatures often, but it is clear that it has historically had effect on our performance during our Q1, and especially the shift of season where we go from summer to autumn and when we switch from bathing suits or light T-shirts to shell sets, for example. We have noted that in July it has been very warm in Europe, in many parts of Germany, where we look at, for example, the Düsseldorf area, which is our biggest area. We have seen that it is a little bit more than 10% warmer this year in July. It has continued to be warm also in August compared to last year. If we look at Sweden, in fact, we've seen the opposite, and where we look at temperature statistics in July, it looks like in many parts of Sweden, it was actually colder this year. We continue to see a good momentum in Sweden. So weather, especially this time of year, has impact. Fall will come. We are very certain of that. It's a question of when it will come, and very warm weather is not favorable for us. So that is something to bear in mind when you look at comps now that it was very favorable a year ago compared to this year. Excellent. I have a final question. How much of your strong Swedish sales growth came from your stores? Good question. I think I'll have to come back to that. I'm not that fast in math. Looking at Jesper here. They contribute, obviously, but bearing in mind that the main business of the e-com is the main driver of growth. Yeah, we see good growth on e-com for sure. What is very promising to see is that during the quarter, we actually opened a new store also in Haparanda. It has been very promising since that start. That is not the full quarter in Haparanda. That is also maybe something to bear in mind. Last year, one of the stores, they were actually open during the quarter already. So a full year impact is only the brand store in Kungsgatan even if the Haparanda store obviously have impact, but not full quarter. The outlet in Barkarby was actually opened in April last year. So that is a full comparison. Thank you very much. That is all for me. The next question comes from Andreas Lundberg from SEB. Please go ahead. Yeah. Thank you, and good morning. I would like to focus on the acquisition, actually. Have you weighed any other options, or why is this good for RVRC shareholders with other allocation options? That is my first question. We have to go back and sort of first look at where we are. We are a very profitable company with good or high cash conversion and a very strong financial position. Our mission is to create shareholder value. We have done that through dividend and also buyback, and we have thought of other components to drive value for some time. M&A is an obvious alternative to that. We actually set an M&A strategy some time ago, and when we did that, we also decided on a couple of M&A criteria that needs to be fulfilled in order to move forward. We have always been very disciplined with our capital allocation, so there is quite a lot of criteria that we have set, and those include that it should be a category that is sort of close to what we sell adjacent. It should be high growth potential, good profitability. It should be a company that in size is not too small, but not too big so that we can manage it. Valuation is of course important, but what is also important is the operational model. It should be a company where the most priority of the operations is a D2C business because that is an operational model that we understand, and then culture is important. I have known the people at ICANIWILL for many years. When we were told that company is in sort of play or for sale, we started to engage in concrete discussions. We believe that this could be a very efficient way of, over time, generate value, because what is also important is what we can bring to the table and how we can help ICANIWILL, and we discussed that recently. I think that also goes two ways. They have a lot of knowledge and competence that we can also maybe capitalize on, because they have good people. So there are many things that I think really favor us moving forward with the acquisition of ICANIWILL. Cool. You talked about the decentralization thinking, and they will basically be left alone, more or less. Are there any potential synergies or things that you can share on the cost side? Yes. We are not looking at bigger integration projects. We want to keep the entrepreneurial drive. We want to keep the brand identities. I think it is important to reduce heavy integration projects that could disrupt operations. Having said that, there are synergies, or call it low-hanging fruit, that we want to realize directly. One example is, for example, negotiate with joint higher volumes within areas such as the logistics. It can be payment cost, and those kind of easy wins. It may take some time, because some of the contracts that the companies are in may expire in a year or so. But scale is important, volumes are important, and has impact on what kind of prices and deals that you can make on a long-term basis. There are definitely synergies without moving into heavy integration projects, such as joint IT platforms or joint logistics platforms, because those will take time, but they are also risky, and we do not want to risk operational disruptions. All right. How does their supply chain or backbone look like today? They produce most of the products in Asia. It is being shipped to the warehouse in Sweden. In fact, that warehouse is based in Borås. It is operated by a third-party partner using an AutoStore solution. It is highly automated, very similar to what we have, an AutoStore solution. However, our warehouse is based in Stockholm, and they are based in Borås. From there, they can ship to all the countries in Europe. Mm. Did you say that B2B for them is 13% or— Yes, that is correct. One, three. 13%. Okay. Was that more important in the early days of this company, or how has that developed? Yes. That is how the company was actually started in the beginning. It was more or less a full wholesale-based company. There was a switch when the new CEO came on board, 2018, 2019, changing this into a more of a D2C company. Now accounting for 87% of the business, though. Okay, cool. How does their cash conversion look like? Are there any investment needs, working capital needs that you would like to mention? They have a very similar profile to RevolutionRace. Very asset light, no big investments, no infrastructure. It is third parties, and it is external production. So the cash conversion profile is very similar to RevolutionRace. Cool. Thank you very much. That is all coming. Thank you. There are no more questions at this time, so I hand the conference back to the speakers for any written questions and closing comments. Thank you, operator. Before we wrap up, let's see if there are any questions online, and I do not know if we had a technical disruption with one of the guests here, but I guess we will have to take him offline— Yeah. —if he had more questions. We have received questions from Germany, and these have been answered in the Q&A and the presentation. It is on IT, weather, and AOV. That has been covered. We then have no further questions from Okay. Thank you. With that last comment, thank you all for joining us today and for your interest in our journey. May I also remind you that the report for our first quarter, we have also announced that today, a new date, that will be announced on November 19. With that, thank you and goodbye