Hello, people. It's 10:00 A.M. and time to get started. Welcome to Nordnet, all of you, and our presentation of the Q4 report. This is the first report we publish after being, once again, the listed company at the end of November. We are naturally very excited about this. My name is Johan Tidestad, and I'm the Chief Communications Officer at Nordnet, and I will be hosting this session today. This is what will happen. Lars-Åke Norling, our CEO, and Lennart Krän, our CFO, will make a presentation of our business and our financial numbers for Q4. That will take something around 20 to maximum 30 minutes. After that, we'll have a Q&A session. During the presentation itself, all participants are muted. We let Lars-Åke and Lennart go through the slides first. When we come to the Q&A session, you just click on the button at the bottom of the screen that says "raise hand," we will enable you to talk, so you ask your questions verbally. We'll come back to that later. I can explain that again when we come to that part of the agenda. Of course, the presentation itself will be available on our corporate website after we have finished this event. I'll have to check with the boys that they are ready. Lars-Åke, how are you today? I'm great. Great. Lennart, are things okay at your end? Yes. A tremendous nice winter day here in Stockholm for you who are not here. Great. Lars-Åke, before we come into the details, what can we say in general about the report? In general, it's a record quarter in all aspects. We're going to talk about that, of course, during the presentation. Yeah, it's a good quarter for it. Great. Okay, let's do this. Lars-Åke, please go ahead. Yeah. We can go to the next page, Sonny. Starting with some key highlights for the fourth quarter, we see a continued very high interest of investments in shares and funds. We see a record inflow of savings capital and new customers onto our platform. Only in quarter four, we took in close to 100,000 new customers, which is a new record. We grew the customer base with 34% in one year. We also have a trading record in December around the American election. We also see we have the largest broker in the Nordics during 2020. We also see two new trading records also in January. We're going to talk more about that later. We also see a new all-time high both on savings capital and lending, and continued development of interfaces and launch of new products that I'm going to cover in more detail. High net income, coupled then with the cost control, leads the best financial results in our history, with the adjusted profit before tax of SEK 473 million, and that's up 300% versus last year. Of course, a big event for us that we were listed on the Nasdaq Stockholm on the ticker SAVE on the 25th of November. We also propose a dividend now, SEK 1.51 per share, and that's in line with the recommendation from the SFSA, Finansinspektionen. We continue to see a strong development also in January, both when it comes to new customers, net savings, trading and also lending. More on that later. We can go to the next page, Sonny. Again, a record quarter then in basically all aspects. I touched on the new customers, almost 100,000 in one quarter. It's the highest ever. The highest ever savings capital of SEK 35 billion in one quarter. The new customers and net savings, coupled with high customer activities, led then to the best revenue for a quarter ever as well with SEK 767 million. That, coupled then with good cost control, gives us the best financial result, the profit before tax also of SEK 473 million and up 300%, or close to 300% versus last year. We can go to the next page. We have had a strong momentum in all of 2020, and we see a very strong interest in savings and investments overall in the Nordic markets, and we see that also continue. We also see a very strong digitization trend where customers leave the big banks and go to digital platforms, especially for savings and investments. They want to have a one-stop shop and a better customer experience. On top of that, we worked very hard on our platform, and we continue to work very hard on our platform every day to improve, to give a really good customer experience as well. We grow the customer base then, like I said, with 34% in one year. Savings capital is up almost SEK 160 billion in one year. Half of that, I'm happy to see, coming from net savings, money that customers bring in from other banks to our platform. Around SEK 80 billion net savings. Also high activity level giving a large number of trades, and all of that, of course, giving a great development in revenues. Coupled then with good cost control where we see a slight decrease of the overall cost in 2020 versus 2019 gives this fantastic development then in profit before tax of around 300%. We can go to next. We see the acceleration of our growth is really accelerating. You see the growth in customer savings capital since 2004. Since 2019, we see a clear pickup of the growth, and that's also a result from all the work we've done with our platform to really improve the customer experience, both in our app, our web, new products, and also the back-end systems. Go to next. When we look at the customer growth and the net savings growth over the year, it's not just been any one-time effects. Of course, we saw a spike in March when COVID hit. You see that we have a really strong growth in customers and net savings versus last year for every month during the year. We see also that that growth is accelerating in quarter four. In total, 300,000 new customers and around SEK 80 billion in net savings in 2020. Go to next. We have had a good development in all the countries, and I would say outside of Sweden now, we're seeing just an exploding customer growth, where Norway increasing the customer base with 56% in one year, Denmark 76%, and Finland 35%. It's tremendous growth momentum in those countries. In Sweden, which is the largest country, we have a good growth of 9% in customers. What's worth to mention here, we really bring in good customers, so the income per customer is good, and we also have a very good revenue development of 40% increase over the year, and also very strong net savings in Sweden of SEK 26 billion. Go to next. This is a breakdown of our revenue in different revenue streams, where the light red is net interest income, the dark blue is non-transaction related income, mainly funds, and the light blue is transaction related income and mainly brokerage. We see over the years, if you look at the four-year period, we have had a very strong growth in all the revenue streams with around 20% yearly growth in net interest income and non-transactional income, and around 40% in transaction related income. If you look at the margins down to the right, the net interest income margin is fairly stable, a little bit down this year due to higher growth in deposits versus lending, and also that the personal loans business is likely less part of the lending portfolio, but overall stable. The non-transaction related income, mainly the funds then, are also stable around 35, 36 basis points. We have a big pickup in the brokerage income, the light blue there, from 30 basis points to 55 basis points. This is from a few factors. One is, of course, higher trading activity per customer, but also that we see a higher growth now in countries with higher margins. We have higher margins overall in Finland, Denmark, and Norway compared to Sweden. The main reason for this is that there's more cross-border trading in those countries. They trade shares on the local exchange, they trade more shares in Stockholm and the U.S. as well. Can go to next. We continue to have very strong position on customer experience. We measure that through NPS in all countries where we have a number 1 position still in quarter four in Norway, Denmark, and Finland, and a strong number 2 position in Sweden. Of course, here we work hard to close the gap to the main competitor, Avanza. At the bottom there, you see the market share of trades on the local exchanges, where we increased the market shares in all markets, especially then outside of Sweden. Can go to next. We continue to see very profitable customer growth. As you know, we mainly get customers from recommendation and also all the PR initiatives we do and all the savings economists giving our message as well, driving in customers. The customer acquisition cost is even lower now in quarter four, looking at the full year compared to the first nine months, around SEK 300 per customer. That coupled with a very low churn is a high stickiness. We have around a 2% churn per year, gives a very then high lifetime value for the customer. Lifetime value versus acquisition cost discount is almost 60 turns right now. We will probably invest a little bit more into the marketing in some of our markets in 2021. The graph to the right, you see our customer base versus age, and the peak is around 35 to 40. You see the new customers coming in, the skew's a little bit younger, that's always been the case. What's important to note here, since we have this high stickiness, the customers stay with us on the platform, and as you see on the blue bar here that the customer aggregates a lot of wealth when they age on our platform. We can go to next. Just the select product releases that we've done so far this in 2020, we've done 700 to 782 releases on our web platform next, and 33 new versions of our app, which is a very fast launch time for both those services, and we've launched a number of exciting features for our customers during the year. We also now have a fully digitized process customer journey for mortgage, probably the most digitized mortgage journey in Sweden, and it's really been appreciated by our customers as well. We see a very strong growth in mortgages Sweden with 44% year-on-year growth. We've also digitized the pension part both it is to move your pension to us, but also if you're an entrepreneurial company, you can basically manage your pension for your employees and for yourself in a fully digitized way. We also launched a fund guidance flow, it's mainly for the saver segment than our broader segment. There's a help me do it segment that needs help, basically, what fund should I choose? Here we have now launched a very simple tool that the customer answers a few questions and we suggest a portfolio, and then it's very easy to set up also a monthly saving on top of that. We go to next. Also, 1st of February, we launched Eget Pensjonskonto in Norway, its own pension account in Norway which is a very exciting product. It's a new regulation in Norway with an external transfer hub. If you have an occupational pension, you can, with one click, basically decide the provider of your pension service. We see from the launch on February 1, only in the first two days, we got 3,000 transfer requests to Nordnet which is a very good start, and it was also exciting. 41% of those transfer requests came via the app. It's a very simple customer journey to sign up and become then a pension customer with Nordnet and transfer all of your pension money to Nordnet. A huge potential for us going forward. That was a little bit the introduction and with that, I hand over to you, Lennart, to talk a little more about the financial performance in the quarter. Thank you very much, Lars-Åke. A great pleasure for me to presenting the first quarterly report regarding the financial performance of Nordnet since we've been relisting. Again, as Lars-Åke said, it's in many aspects record figures that we have here. We can go to the first slide, Sonny. As you see here, we have a continuous growth of customers quarter by quarter and at an accelerating pace, starting out in Q1 2019 with 40% and now up to Q4 with 34%. Actually, I think you've seen already that we have published the January statistics regarding customer growth as well, ending us up in the 38% growth year-on-year. It's actually continuing this growth rate. Regarding savings capital, that has, of course, increased quite a lot during 2020, about SEK 170 billion. I think the main thing here, the thing I'm most impressed by is that the savings capital or the net savings part of that is almost 50%, SEK 82 billion of that, which is a great number. We can take the next one. Thank you. We also see a step change in all major income streams in 2020. As you can see here, quarter by quarter, we have increased it, and also in all those revenue streams. The only thing that sticks out here on the negative side would be the net interest income in Q4, but that is an effect of the deposit guarantee scheme that actually doubled the cost for us, and that was not at our awareness until Q4. We don't get invoiced until then. It was a hit of about SEK 10 million-12 million in Q4 for that. Adjusted to that, yes, even that net interest income has a step up in quarter four. We can go to the next slide. With this great growth, both in transaction, both in savings capital and in customer as well, we still have been able to hold the system, the platform, the digital platform, the customer growth, without any interruptions. That is very good. That we have done with a stable cost, which we have indicated that we should do. It is really scalable infrastructure that we have here. We can take the next one. With this growth revenue-wise, with those stable costs, as you say, we have a growth in PBT, very high growth. I would say we have four times the PBT as we had in 2019. It's a really positive effect of all that we have done throughout the years and keeping the stable cost. It's great numbers to present. We can go to the next one. Regarding the balance sheet. As we said, we have increased the savings capital to SEK 565 billion. About 11% of those are within deposits, and that is what is in our balance sheet as well. About 20 of those SEK 60 billion that we have in deposits are lended out. The lending portfolio has also developed in a very good way and in the way we have aimed to do so. We have an increase in margin lending by about SEK 2 billion. The mortgage is also an increase by about SEK 2 billion. The personal loan, the unsecured ones, are at the stable level of about SEK 4 billion, both ingoing and closing balance. We really have a new diversification, which says more to the margin lending, more to the mortgage, less proportion to the personal loans. This is, of course, also reflected in the credit losses. We don't have any new credit losses. This change between 2019 and 2020 are strengthening of the reserves rather. We have seen no losses during 2020 in margin lending, except for strengthening the reserves and no losses whatsoever in mortgages. There only is in this personal loan, and that is all in the calculation and as expected. You can take the next one. This leads us all to a robust capital position where we have a capital ratio of almost 22%, and we have a leverage ratio of about 4%. We feel very strong about this capital position. The requirements compared to the ratio, 22% is 17.6%. Leverage ratio is still not in effect but will be as of 28th of June this year. We expected it to be 3 as the hardcore. The SFSA are implementing a buffer between 0.2% and 0.5%, which is not yet published. Still to be seen. We can go to the next slide. This is what I indicated regarding the January statistics that we also published this morning. Customer growth, 65,000 new customer. That is more than double the average monthly growth in 2020, which was a good year. It is really a good start of this 2021. Net saving is SEK 10.9 billion in January. We can compare it to what we had in 2019. That was a total SEK 22 billion for the full year. It's really a kickoff. We have a savings capital almost at SEK 600 billion. We have continued to grow the lending portfolio, especially the margin lending, by SEK 0.6 billion in January itself and SEK 0.1 billion on the mortgage side. Still, as we said, personal loan on a stable level at SEK 4.0 billion. Regarding transactions, the number of transactions on an average per day is almost 40% higher in January than they were in December was a good month as well. If you compare the numbers to January 2020, it is 150% growth. It is really a good start of 2021. We can take the next one. Lars-Åke also already mentioned the market position has grown in all countries. Yes, the targets are to be number one, we are still number one in Norway, Finland, and Denmark, but number two in Sweden. Customer growth, as I said, we are up to 34% 2020. We have a target of 10%-15%. Yes, it is exceeding that target, and as I said, in January even so. Average savings capital per customer. With this growth of customer, one would expect that the average capital per customer would decrease, but actually it has increased and is above our target of SEK 409,000 per customer and is now SEK 416,000. Income in relation to savings capital. We have guided and have the target of +40 basis points, we are on the level 60 basis points, as Lars-Åke was telling you about. As I said, shifting to other countries, high activity and the cross-border, all those things matters to that. We can't tell when this will go down to targets, we're still sticking to the targets that we have had and that we have. As I said, regarding costs, stable level, SEK 10 billion, SEK 64 million, which is below the target, and we aim to stick to that stable cost target. Regarding dividend, I think you could go to the next slide, Sonny, because we're still having the target and we have not changed the policy to have a dividend of 70% of the net result for each year. However, as I think you're all aware, there is a recommendation for banks by the SFSA to be a little bit restricted and cautious about how they do the dividend, and has recommended the banks to take 25% of 2019 and 2020 years' result and maximum dividend of that. That is how we have done it, and thereby it's SEK 151 per share that we have. When or if the SFSA comes back to revise the recommendation, we will look at the situation and come back. If it's possible, yes, we have no reason not to add any dividend at that time. That will be an evaluation when it comes to that. By that, I think I hand back to you again, Lars-Åke Norling. Thank you, Lennart. I'm just going to touch shortly on our key focus areas before we open up for questions. Starting on the top with engaged customers. For us, it's key to have the best customer experience. That's our ticket to play as a digital platform. Our main initiative here is to build the best platform for savings and investments, something we work hard with every day. A large part of our cost base is also going into building the platform every day. That's everything from scalability in the backends, and of course, we have put a lot of focus on scalability with all the trading records we have seen, and we've been up and running all the year and also in January. Automate the customer journeys, digitize everything we can. Also launching new, exciting digital products. Of course, continue to work with our front ends channels, the app, the web and Shareville. It's engaged employees. We know we will never have happy customers unless we have happy employees, and here it's very important to have a very clear direction for our company. Also ensure that we do what we say, that we deliver together and win together. Of course, the leadership part here is very important. It's a strong governance. We are in a trust business. We need to earn that trust every day. Of course, we have especially a large focus on our compliance risks, especially AML, GDPR, and cybersecurity. It's profitable growth to show that we really can scale as a digital platform with good operating leverage, and we've seen that in 2019 and 2020, and that's of course the focus also going forward. What's key here is automation and digitization to automate and digitize absolutely everything we can, and we have a number of customer journeys that are still too manual that we will work hard with to digitize now going forward. With that, Johan, I think I hand over to you for Q&A. All right. Great. We can take the next slide. Thanks a lot, guys. With that, it's time to open up for questions. Like I said before, you just raise your hand in a digital way, and I will enable you to speak. You do that by push the button at the bottom of the screen that says Raise Hand. I will go through all the people one by one that have raised their hands, and then I will announce you by name when it's your turn to ask a question. You also need to accept to be unmuted. It will show up a request on your screen that says that you accept to be unmuted. Of course, it's nice if you just briefly introduce yourself before you ask your question so we know who's speaking. I will start with Ermin Keric, who is, I think, with Carnegie. Are you with us, Ermin? I am. Do you hear me? Yes, we do. Please go ahead with your question. Wonderful. Thank you very much, and congratulations on a strong report. I thought I would maybe just start on the high activity we see now during January. In connection with the IPO, you talked about your capacity on the website being about 10 times what you saw during March. Could you give any color on how that stands now versus the activity you saw during January? Did you have any downtime or anything like that? Yeah. I can comment on that. Now, a main focus area for us is continue to improve capacity on the platform with new hardware, but also optimize all the processes that we have, and we increased capacity tremendously in 2019. We see again, we thought the trading record we saw in March, that it would stand for a long time. We saw that in December around the election and the information of the vaccine, that we had a new trading record, and then we had additional two new trading records in January. Our platform has been up and running in a good way. We have a lot of additional capacity on the platform, but that's something we really focus on and continue to focus on going forward as well. That's one of our key areas. Okay. Thank you. I think also on your January statistics here, you mentioned you've added about 65,000 new clients, which is more than double the average during 2019. Yeah. Do you see any difference in the characteristics of the clients you've added during January? Given the whole Reddit and GameStop hysteria has been, do you see any risk that those are, call it lower quality and less sustainable? It's a little bit too early to tell. We saw the customers that we got in 2020, which was also a very high number, 300,000 in one year. That cohort has been very good, both when it comes to net savings and activity level. Let's see when we follow the January cohort as well. I think underlying, it is a very good base. You might have had some extra spice with the customer just coming in to buy certain shares. My belief that this is also going to be overall a good cohort. Great. Just could you give us any more flavor on the EPK accounts you've got in Norway? That sounds very exciting. Could we have any numbers on the potential you see there? Yeah. I think, like I said, the launch was very successful. 3,000 transfer requests already the first two days. It is basically, we are the main challenger versus the big pension companies. They have a good platform. We do see a potential there. We know also that pension normally is a little bit hard moving. That was very exciting to see good numbers in the beginning, and especially also that a lot of customers came in via the app, and that's a good proof that the customer journey to sign up for it is easy. Exciting start and let's follow this now going forward. Got you. Just one last detail question perhaps from my side. On the NII, should we just adjust for the deposit guarantee in Q4 and use that as a base for Q1, or will the deposit guarantee have any run rate impact going forward? It was a one-off effect in Q4 of about SEK 10 million-SEK 12 million. I would say you can add to the other quarters. If you deduct that part, you divide it into the other quarters, and then you can have the same as for 2021 as you had in the total for 2020. Very clear. Thank you very much for taking my questions. Thank you. Thank you, Ermin. Thanks a lot. We have next up is Patrik Brattelius, I think with ABG. Hello, Patrik. Hello, hello. Good morning. Yes, if I start off, you have a cost guidance until 2023, but looking more short term, what can you say about the cost in 2021? Can we expect to see reduced costs compared to your target level on the back of less dependency of consultants and old IT system being run off, or should we expect flat cost or increasing cost due to the high inflow of customers that we have seen the last few months? I think that the guidance is still flat on cost versus 2019 and the 1097 level. Of course, there's a tremendous inflow of new customers. By that, we have to run really fast also on the automation part. We need to automate everything we can. Of course, that takes some time. So far we maintain the guidance. If this customer inflow would continue through the entire year, we'll see. So far, we've maintained the cost guidance. Yeah. I was more talking short term, like in 2021, the first few quarters here. Yeah. We maintain the cost guidance where we are now. Yeah. Thank you. I saw you announce some costs related to the IPO taken this quarter. Can we expect any additional one-off cost in Q1, or was all taken here in Q4? All was taken in Q4 for the IPO. Yes. Great. Q3 as well. In a total, SEK 110. SEK 10 in Q3, SEK 99 in Q4. Yes. Thank you. If we look at the customer growth rate in Norway and Denmark, especially Denmark, it seems to be outstanding. Can you talk a little bit and elaborate what is happening there right now and why you're growing so fast compared to the Swedish market? Does everything boils down to the competitive landscape, or are you doing something differently there? I think it also has to do with critical mass, that we both in Norway and Denmark, we reached a tipping point, being large enough, really having a good word of mouth. In Norway, we also acquired Netfonds, one of the main competitors in 2019. We have a critical mass and a fantastic base now to grow from. On top of that, of course, it's a very high interest also in those markets for savings investments and also very strong digitization trends. I think it's just that the maturity has reached now the really takeoff point in those countries. Okay. If you compare that to, for example, Sweden then, where you grow by less than 10% in Q4, do you have any action plans for the Swedish market in order to boost this customer growth rate in this 2021? Are you focusing more on the other geographies given that you have such strong momentum there? Overall, we have a Nordic focus, and we want to be the leading platform for savings and investments in the Nordics. We have only 5% market share with the customer market in Nordic, which makes, of course, a fantastic growth potential. That said, we also do focus quite a bit on Sweden, and we want to, over time, see higher growth rate as well. One area there might be that we boost a little bit the digital marketing as well in Sweden. I would say also with Sweden, even if the growth rate is lower, the customers we get in are very good. It's high income per customer, and as you saw, we have great savings in Sweden, SEK 26 billion, and also very good revenue growth, 40% year-on-year. It's a very good customer base. Just see if we can get, especially in the saver segment, in the bonus segment, some more customers in there. Yeah. Thank you. This digital marketing that you're talking about, that will still be within the cost guide. Okay. Thank you. That was all for me then. Thank you. Thanks a lot, Patrik. We'll go to the next person, that is Gurjit Kambo from J.P. Morgan. Good morning, Gurjit. Hi, good morning, everybody. Yeah, congratulations on a fantastic set of results. I've got a few questions. If I just maybe go through them, and then you can take them one by one. Firstly, in terms of the kind of private banking channel, what sort of growth are you seeing there? Are you targeting growth perhaps in markets outside of Sweden as well? That's the first one, just a little bit on the private banking side. I think I read somewhere that some of the Nordic banks were actually increasing their costs for trading, which I guess is contrary to what many people were thinking. Is that something you're seeing more broadly in the market, that there's not that much pricing pressure for trading? Maybe just if you can comment a little bit more on the digital remote advice offering and what you're doing there and what the opportunities could be for that type of offering from Nordnet. Thank you. To start with private banking, especially in Sweden, we have a fantastic momentum in private banking in all scale. Of course, it is a little savvy private banking, but both from the smaller SEK two and a half million up to customers with a lot of money. Overall, fantastic momentum. That's why I said also in Sweden, even if the growth rate is smaller, it's very good customers we get, and not least in the private banking segment. One really good attractor here is our mortgage also with the best interest rate in the market. We do see potential in other countries as well. We see growth in Norway. We see potential for pickup also in Denmark and Finland, but Sweden is the most matured. One tool, of course, in Norway and Finland is if we launch a mortgage product there as well, we aim that mainly then in that case to the private banking market. That was first. The second question was increased cost for trading. I would say, as you know, we've been pushing the trading cost down for many years. Overall, we have a very good cost level, both for local and international trades in the Nordics. It's been fairly stable now for the last years, we don't see any big movements up or down. There were some of the big banks that tried to lower the local commission for smaller traders or smaller if you didn't trade that much, it hasn't had any impact to us or the market overall. The last part, digital remote advice. Yeah, it's definitely potential. It's just a matter of prioritization, of course, especially then versus the private banking channel there as well to move not just for the self-made guys, but also then do digital remote advice to that segment. We have a tool for that on our platform already that we can use as a base. That's great. Thank you very much. Thanks a lot, Gurjit. We'll move on to the next person. That is Nicolas McBeath from DNB. Good morning, Nicolas. Hello, can you hear me? Yes, we can hear you, Nicolas. Please go ahead. Great, thanks. Just first a follow-up question on costs and your cost guidance to our target to keep costs flat until 2023. If you could reflect on this target, how important you think it is given the current revenue environment, and how you see the balance between maybe investing a bit more and use the strong revenue tailwinds to kind of expand more aggressively? What's the kind of value you think in keeping costs flat until 2023 at this point? Yeah. As you know, we come from a higher cost level than our peers. We are now moving down when it comes cost to savings capital, and some of the competitors are moving up, so we might meet in the middle somewhere. We also increased, as you know, our cost base with SEK 300 million between 2017 and 2019, and the main investment there was product and tech. We do see that we have room in our cost base for both developing the platform, but also select marketing initiatives. Of course, we guide the growth rate of 10%-15% of customers year-over-year and currently at 38%. Of course, if this continues, it will put some pressure on cost. We work super hard now in all dimensions to automate exactly everything we can, but we need to take some time. We need to catch up with that. So far, we see that we can maintain the course guidance. Okay, thanks. A couple of detailed questions on the quarter. First, if you could give us the information about how much of the non-transaction commissions that stemmed from mutual funds in a quarter. Secondly, also relative to the quarter, the other operating income line was very strong in the quarter as well. If you could give some color on what drove that strong increase in other operating income in Q4, please. You want to take those, Lennart? Yes, absolutely. The relative share of the mutual funds income is about 10% to 15% on an overall basis. Fluctuates all the time, but that is not the main thing for us, but about 10% to 15%. Regarding other income, of course, we had some IPOs activity that was higher here, especially compared to the first quarter during 2020, and that is the main reason for that high increase in other income. I think you asked Nicolas for the mutual funds, I think the question was of how large share is that of non-transactional income. Was that the question? Yes, exactly. Please. Oh, sorry, I thought you were mentioning the overall. It is a main part of it. We have some other revenue streams, but absolutely the main part is from mutual funds of the non-transactional. Okay. If you could clarify that or perhaps get back to that afterwards, it would be interesting because I guess you also include revenues from Nordnet Markets in that income line as well, so it would be useful if you could break those up, please. Okay. We can see. I would say about 70%-75%, but I'll come back. Okay, perfect. That's all from me. Thanks. Thanks a lot, Nicolas. We have the next person, and that is Carl-Oscar Bredengen from Berenberg. Good morning, Carl-Oscar. Hi, good morning, everyone. I just wanted to check a little bit up on the current very amplified market volatility. We see a lot of interest from retail investors jumping on sort of the GameStop, AMC, et cetera. Given the strong growth that you have, are you seeing any other retail brokers or any continental European brokers trying to capitalize on the strong growth and trading activity we see in the Nordic region? Just in general, what do you see on the competitive landscape, and do you see anyone trying to creep in and take market share? Not really, I would say. The main players you know in Sweden is Avanza, in Norway is Sbanken and Pareto. Mainly then Pareto is probably more GameStop platform. In Norway is of course Saxo. We have also eToro, but it's still small in Denmark. We haven't seen any big movements from anyone to try to capitalize big time on this in the Nordics. Okay, thank you. Another one, obviously the growing savings capital is getting a boost from the EPK or egen pensjonskonto in Norway, for instance. If you continue to win market share and savings capital going out of the incumbents and the life insurance companies as they go over to the platform, how long do you think you can sustain this growth rate before the incumbents truly start to wake up and say that they're losing out too much market share from the life insurance business now that you're taking this market share as well? Do you expect to see any headwinds or competitive dynamics happening if you continue to take a lot of market share from DNB Livsforsikring, Storebrand, et cetera, in the Norwegian market? Yeah. It's a good question. Overall, if you look at the total market share that we have is 5% of the addressable market in Nordics across all products. In pension, we're even smaller. Overall, with the big banks and insurance companies, we focus on one thing only, and it's to build the best platform for savings and investments, and that's what we do every day. The big banks, they do a lot of stuff. We're still small, so it's not that easy for them to really just lower price or develop massively on the functionality because we're probably going to be one step ahead of them. I see, especially in Norway with EPK, we're so small yet, so I think we have many years of good growth there without any big impact to the market, I would say. Thank you very much. That's all from my end. Thanks a lot, Carl-Oscar. I think that was it for the questions. Great. Thanks a lot, guys. Great questions. Before we close, I can say that next thing that happens when it comes to financial reporting at Nordnet is that we publish our monthly statistics for February on the 2nd of March. After that, our annual and sustainability report for 2020 on the 24th of March. Thanks a lot for joining in today and for your interest in Nordnet. All information about us is available on our corporate website, nordnetab.com. Bye-bye for now. Thank you. Thank you very much.