I think we'll start. I will try to do this without microphone. Can you hear me in the back? Okay. A warm welcome to all of you. Great to be here. This is actually our first Capital Market Day ever. We're getting closer to our anniversary. We've been a public company since 2016, 14th of June. We thought that we better have one before 10 years are gone. That's the main reason. No. Fantastic to see so many here. We actually had to close the people joining. I would like to start by thanking Danske Bank for letting us use their facilities. Excellent to be here. Later on when we have Q&A, Jonathan from Danske Bank will be the moderator. We would like to have questions at the end. We have set off half an hour for that. If a small, quick one, you can do, but otherwise, we would prefer summing it up at the end of this session. The day today is really focusing on a bit more in-depth in our different business segments and our different brands. We have gathered all of the group management leaders here. Geoff Granger, who's responsible for NaturVet brand. We will have a packed afternoon. There will be a short coffee break. Please be back. I will remind you to be back at that set out time at 3:35 P.M. Let's start. A small introduction of Swedencare. Most of you know this story, but I will just go through it. We are an animal health company focusing on non-prescriptive products, focusing on supplements and dermatology products. We have offices in nine countries. We've had, let's say, a growth journey both organically and with M&A. That story I will present a bit more about. We are roughly 600 employees, equal men and women. We have had a strategy to focus a lot on our own manufacturing. That was a key issue for us. At the beginning of COVID, you all remember those problems with supply. We changed our strategy a bit at that point of time because we worried of not getting products. We're really happy to have a strong footprint, both in North America and in Europe, with manufacturing. In Europe, we have manufacturing both within the EU, on Ireland, and in the U.K. A couple of years ago, we were a bit worried about the Brexit regulations. It was supposed to be very complicated to ship our type of products if there was animal origin in them between EU and the U.K. Fortunately, that didn't happen. We're still happy to have two different manufacturing sites in Europe. We have lots of brands in the groups. Some of them are focusing on a specific channel, veterinary, pet retail, or online. A couple of the brands that we have are focusing on all of those three channels. As I said, we've been very active with M&A, made 14 acquisitions since June 2020. We are a global company with a presence in North America and Europe. We sell in over 70 markets with our legacy brand, ProDen PlaqueOff, that I will describe a bit more later on. The market where we are at, this is referring to U.S. numbers, but you could say that you have the same trend in Europe, same trend in Asia. U.S. is basically twice the size of Europe. Then if you take Asia, it is more or less the size of Europe, but growing faster than Europe. So the tailwinds really underlying for pet supplements is really the humanization of pets. People live a lot closer with their pets, treat them often better than their own children, really taking good care of them, wanting to give them the same opportunity for a long and happy life and really to try to avoid health issues going forward. So that is really both from a, let us say, care perspective, but also from the perspective of, as you all know, veterinarian bills have had an really inflation the last 10 years. From a cost perspective, it is also very good to take care of your pets well. In most countries in the world, you do not have that much insurance for your pets like we do in Sweden and the Nordics, a couple of other markets, but otherwise, pet insurance is still very virgin market. The spend per pet keeps on going up. So for every generation that comes of new pet owners, they are inclined to spend a bit more than the generation before. Why is that? I do not really know. But it is a trend that every generation, Gen Z or whatever you call them, it is really that the new pet owners, they are both spending more on pet food, spending more on accessories, and definitely are being more interested in pet supplements. You see the trend here of yearly CAGR, it has been roughly 20% going from 2019 to 2024, and going forward, it is around high single digit is expected. So basically, this goes to 2028, but by 2030, it is roughly twice the value that it had in 2024. Also the trend for supplements. Just the actual is projected to go to 38% of the pet owners in 2028. 2020 was 12%. Now, I have not really seen any new numbers, but I am guessing it is somewhere closer to 20% now in 2026. It is also the actual usage of supplements for humans. I read some article about, in the U.S., +80% of Americans take some sort of supplement daily. Of course, the values how you treat yourself, then you want to take the same good care of your pets. So that is really the trend that has been ongoing. Geoff will go more in depth in the U.S. market later on. Online is our fastest growing channel, also for the market as a whole. It is a very convenient product to be ordering online. Size of the products are normally fairly small, and it is also repetitive usage. So, the subscription format is really appreciated, and of course, as we, as product owners, we like to have the subscribing customers. So we have very high subscription models. We sell mainly online through online platforms like Amazon, Chewy, in Europe, Zooplus, in Asia, Alibaba, and whatever they are called. We get numbers of the percentage of how much subscription they have on our products, but we do not get the direct access to the consumer. That's why also we have entered, let's say, a new strategy for a couple of our brands that we are building up more and more D2C, where our own webshops selling directly to end consumers. That's important for us, not so much from a profitability perspective, but really to get the relationship with our end customers. That's really important, get more knowledge about them, what they prefer. We can utilize them in testing some products. That's something we are actively building up for a couple of our brands, not all of them. Just looking at why online is preferred or growing a lot more. It's, of course, a lot easier to market directly to all of the pet owners, social media, Instagram, TikTok, you name it. Not always selling directly on those, but really leveraging the potential of reaching lots of pet owners at the same time. Also utilizing influencers, presenting our products, that's really important, and that's really a strong focus for us. It's always difficult to know which one's going to be a hit and which one's going to be a flop. You need to try with lots of different influencers and just get the right angle. Really to be able to test different types of marketing. We like the old, let's say, mail order strategy, testing different campaigns, see which ones are effective for different groups. When we have tested, we go all in and start to market more heavily on the successful ones. We really like that strategy. Short history about us, I won't mention all of this, it was really the idea of the Swedencare and the actual product, ProDen PlaqueOff, was in early 1970s. The founder didn't make so much out of it until the, let's say, end of 1990s. When it started off as a human product, we still sell that human product in Sweden, primarily. No focus from us, that's the only human product that we have on the market. We have hundreds of other products all over the world, but for pets. The human product, we like to keep the, let's say, original product. It really took off when they turned it into a pet product. The main reason for that is that the dog owners in early 2000s, most of them, of course, didn't brush their dog's teeth. A bit higher percentage brush daily their dog's or cat's teeth, but it's still around under 10% of dog and cat owners that do that. We really recommend, do brush your pet's teeth every day. That's, of course, the best way of keeping the teeth sound and healthy. ProDen PlaqueOff is good, let's say, alternative. It was really that they tested out on a few dogs, saw that it worked, and then started selling it as a powder product, and it took off. Myself came into the business together with Håkan Svanberg, Johan Bergdahl, sitting over here, and Per Malmström, our former chairman, two former chairmen. We bought it in 2014 and saw that it had enormous potential at that point of time, SEK 2 million of sales, sold in 15-20 countries. We saw great potential for the product, I will show the numbers about that later on. We decided to go public in 2016, brought in roughly EUR 4.5 million, acquired an Irish company, both with a brand and manufacturing capabilities. From there on, we made some smaller acquisitions between 2016 and 2020. We actually missed out on a couple of very interesting acquisitions. In 2020, we got the opportunity to buy one of those that we had missed out, that was Stratford. Brian Nugent is here and will present the veterinary market in the U.S. From there on, we were very active with acquisitions. Early on, we had a strategy of acquiring companies in the U.S., the world's biggest market, we bought dermatology products companies, we bought some manufacturing companies with the main one, Vetio. John Kane is here also to present today about the production capabilities and strategy we have in Swedencare. We have always tried to acquire companies that bring something new to the group so we can utilize their knowledge, their capacity, and most importantly, their product offering to other brands in the group. We have widened our offering year by year, basically. We have a small part of our business that is Rx products. We don't sell labeled product on the market ourselves, but we have manufacturing and development capabilities of Rx. We added a bit more Rx products last year. Was a company in U.K., a compounding business. It's a very special business, selling off-label products, but pharmaceutical products. We have started to enter a bit more into pharmaceuticals. It's a very interesting area. To take the next lap, going into a registered product, labeled product, that's a bigger leap, let's see if we will do that later on in the coming years. Not decided. I'm going to introduce a bit about ProDen PlaqueOff. As I said, started off with a patient. It was a dentist, Sune Wikner. He noticed that a patient had better teeth some years when that patient came to him, other times it was worse, he couldn't understand why. He asked the patient, "Do you only brush teeth every other year?" "No, I don't. I brush twice a day, but still, there's a difference." He asked that patient where he came from, he had relatives out of the Atlantic coast. Sune went there and saw that particular village, all of the restaurants served alga-based salad before dinner. He started making his own small clinicals and came to the conclusion that it must be this alga called Ascophyllum nodosum that has an effect. That was the case. Over the years, there was some refinement of the actual process of it, the drying, et cetera. It's really just by coincidence. Today, sold in 72 markets. The Malmö office opened in 2000, two employees. Those two employees are still working with us, responsible for international sales and business development, it's been a fantastic success story. This is one of our brands and products that are sold in all of the different channels. Of course, online is the biggest right now, but we're present in veterinary channel, we're present in the pet retail channels, it keeps on growing. Even though we have more and more competition within the oral care space, ProDen PlaqueOff keeps on distancing itself on most markets. Here's the last 10 years. You can see the growth of revenue in SEK 6 million, so 10x in 10 years, and two and a half times since 2020, and last year, we had 29% organic growth. It really has become our biggest brand in the group, and we keep on expanding. Cats is a very important, let's say, growth market for pets, and cats are a bit more tricky when giving supplements. They are more finicky, so you really have to work with the palatability. We have launched a couple of different products and have just launched a cream product that's been very well-received on the market. Daily dosage, easy to give. Nine out of 10 cats accept it. We do expect a strong year 2026 for ProDen PlaqueOff as well. I would say that's a strategy for us as a group. We are definitely looking into more cat offerings for all of our group companies. That was my introduction. Now over to John. Thank you, Håkan. Thank you all for attending today. It's my pleasure to be here. Again, my name's John Kane. I'm the Production Director within Swedencare. I'll talk today, we have two expansion projects going on in- Can you speak up a little bit? Okay. Try this. Is that better? Yeah. We have two production expansions going on in North America and Canada. I'm going to be speaking about that for Rx products, specifically sterile drugs, and then in Jupiter, Florida, for treats and other liquids. Go through some of that. I'll talk about the addressable markets, some of the criteria for us to invest capital, the story of Vetio, and within, following the acquisition almost five years ago. Swedencare's been a great investor in capabilities. We've had a number of expansions, and we always try to have an anchor customer, whether that's internal supply or an external sponsor that's there waiting for the product, and we've always had that. We always try to address large addressable markets with high growth potential, and that's what you'll see in these new categories. I'll talk about those. I'll talk about specifically pharma, an area where it's one of the high-growth areas for Swedencare as a CMO, but also with SummitVet, which is one of the group companies. Starting with what's called the production or manufacturing group within Swedencare. You can see the circle around. Vetio UK was actually acquired in 2022, rebranded as Custom Vet Products. Vetio Ireland was a historical Swedencare site that we rebranded as Vetio in Waterford. Vetio North and South. North, all Rx, all drug development and manufacturing. The only facility such that does that in Montreal. Vetio South in Jupiter, Florida, that supplies a lot of the Swedencare businesses. Swedencare USA in Houston, Texas. Those five entities are part of what makes up the production entity. What is not included, Geoff Granger's here today, is the NaturVet business in Southern California, which does its own manufacturing. That's not part of this discussion. As you can see on the bottom, we are in pharma, supplements, topicals, really in all of the core product categories that Swedencare markets. We have, as Håkan said in a previous slide, 90% capability to produce. Once this expansion in Florida is done, we'll be able to supply all products purchased by Swedencare. Globally, we're still very strong external as contract manufacturing. We're doing 72% of our revenue comes from companies outside of Swedencare. That allows the Vetio entity to maintain a high degree of competitiveness. We have to be competitive on quality, on cost. We have a number of competitors around the world in different categories, by maintaining the Vetio brand on its own, we can stay somewhat independent, but also offer all of those capabilities in-house to Swedencare. By channel, the revenue is pretty well split between retail, that's both brick and mortar and online, and veterinary. We have, of course, in Vetio North, which is Rx, that's all through the veterinary channel. Elsewhere, a lot of the growth has been in retail because of soft chews, supplements, and the topical liquids. A lot of people, the trend to be buying online. We've seen a lot of growth in that area. First starting with what is Swedencare's core market, pet supplements and treats. At the top, you'll see the Swedencare logo. That's where Swedencare markets these products. At the bottom, the Vetio logo, where we have manufacturing capabilities. With supplements, our core market, Vetio has operations in three countries, and each of which is constantly growing the pipeline and looking at investment. We operate the same technology to make soft chews, which is the most popular dosage form, and across those sites. In the U.S., by far, soft chews are the dominant format to give to pets as they are treats. We're seeing throughout Europe and the U.K., that dosage form is the most popular new form for products. We're certainly enjoying a very strong pipeline in our U.K. and Ireland facilities to supply soft chews, and that's been a really nice benefit of having manufacturing in the U.S. and here in Europe. We have the same process. Global customers like working with us because we can make the same product around the world with maybe minor ingredient changes. That's been a nice value driver for large global brands. Functional treats, and just the treats category in general, whether it be functional treats with nutraceuticals, which would be like a larger form for supplements or nutritional products. That's also a high-growth area. Both of these market segments are growing 6%-8%+ a year. Håkan mentioned the growth drivers, which we've all heard. Really, the innovation trends favor these formats because what we're seeing is a delivery system that can deliver several active ingredients. People that give their pets treats, whether they want to choose between supplements or treats, we can capture either of those by having both capabilities. I'll get into the details of the projects a bit, the treats project is underway in our Florida location, and we'll be manufacturing fourth quarter this year for internal supply around the world, and then we'll be piggybacking on that in the U.K. to follow. Once we get the process established in Florida, we'll have a line either in the U.K. or Ireland, perhaps even both at one point. In the liquids category across animal health, you have on the left OTC products. These are either medicated dermatology and grooming products, some sold through the vet channel, some sold through online. You have the Rx products to the right. In the topicals and oral liquids category, certainly a smaller market, a more niche market within the pet industry. We have in our Florida, U.S.A. location, a very market leadership position with all of the vet companies that use us for contract manufacturing. We have quite a lot of business with our sister companies. This is a strong category. As you can see, somewhat limited growth opportunities compared to the market sizes of the other two. The benefit we have through the Montreal expansion is we're getting into sterile liquids. Also in Florida with our expansion, we'll be able to make Rx non-steriles, which is a bigger category, which gives us cross-selling opportunities from development with our Canadian team and transferring that technology into the U.S. We already have interest from customers and RFPs that we can pursue. We have lots of demand for these categories. In the sterile liquids category, it's the largest liquid delivery format. The reason for that with high growth is because these can only be administered in the veterinary clinic or hospital. Veterinarians, with the vet industry losing some share to online and retail, this is a way for them to gain control of those therapeutics. We definitely see demand for that. We've contemplated investing in this in the past. We've prioritized other investments, expansions that we've had. The time was we had an opportunity with a large global customer that really wanted us to be in this category. We signed an agreement with them. Then commenced the project. That project, we're underway with some development revenues and expect to do some pre-commercialization manufacturing early next year. In solid dosage formats, you have Rx products, tablets, which we're all familiar with, are the most popular dosage form. It's a SEK 10 billion global market. We have a very rich pipeline. We do manufacturing of those today in Canada. We have a very rich pipeline of not only development projects, which as you know from the drug approval process have to get approved, whether it's through FDA, EMA, or Health Canada. We also have quite a number of projects that we call technology transfers, and that is where a customer is not happy with their current CMO or for some reason, they need to re-site a product that find a new manufacturer for a product that's already been approved. Those, as you can imagine, are the best type of projects. There's already a captive demand. They don't go through an approval process. We're able to bill as we quote them for the actual tech transfer work. Then we have the commercial volume. We have a number of those that will be going through our Canadian operation and very pleased with the reception that we've had since we built that site. On the right, soft chews, again, a very popular dosage format, but in the vet Rx space, they tend to be limited to the blockbuster drugs. These are the Apoquel, the NexGard, the HEARTGARD, all of these large, some of them billion-dollar drug products under Merck or Boehringer Ingelheim or such. Most of these companies have their own intellectual property, which is a big barrier to entry. It's very difficult for people to get into that space. We're fortunate that we have our own patented technology, globally patented around the world. We're able to take on, we have about six development projects with partners, to develop generic products for those big blockbusters that start coming off patent in the next coming years. We have development revenue around those, and then we'll have manufacturing revenue when those get approved. We have in the solid dosage area where we have the most business today, we have quite a toolbox of technologies. The patent for the Vetio Soft Chew and then our own line of veterinary-grade palatants, which have to carry a Drug Master File with FDA. These have to be approved through a rigorous quality and compliance process, and we use those in our own products, and then we also sell those at a very high price to other companies. We have a lot of technology in this area to offer folks, and this is one where we're not spending investment money today because we have the assets, but it's a good part of our future revenue. A little bit on each expansion. What we call Vetio South, our U.S. Florida operation. The picture there is the back of the building. We're in a technology park where we have two buildings. There's one about 1 km away from that one that we own, where we have our historic liquids building. That building we will be selling once we complete the expansion. It'll be a 12,500 sq m expansion in this building, which is probably about two-thirds of that building we'll occupy when we're complete. Between what we expect to sell of the facility, the real estate value, we can manage the net CapEx down to a relatively small number. As I said, we have the capability to make for Swedencare, the dental bones product around the world. A CMO opportunity for the rest of the industry in a growing space. The facility itself. We're in it today making nutritional supplements, and then we'll have the treats facility as part of that supplement and treat food facility. The liquids facility, as I mentioned, will be moved over and will be at a quality class where now we can make Rx, what's called non-sterile liquids, which I mentioned in a previous slide. What's really critical around that is it gives us a whole new growth platform for liquids. For our animal health pharma customers that do business with our Canadian operation, they've been wanting another player in this space. We have another cross-selling opportunity to do developments in Canada and manufacturing in Florida. It's really powerful. This site gives us a lot of different capabilities that we didn't have. In Canada, in Montreal, you're looking at our facility where we occupy both ends of this building, and as we've expanded over the years, we're encroaching on our neighbors. As they leave, we're taking up their space. The expansion here is within our own walls, so it's just equipment and a suite that we're building for sterile. This project has been going on with a large global customer, and, as I said earlier, we're billing them for development revenues for proof of concept batches and whatnot. We expect this project to be online next year and have a pipeline of RFPs that will follow. With these two expansions, we really have capability to supply virtually every dosage form. Operating across really large markets. We have anchor customers, both internal and external, and lots of growth opportunities. As you saw from previous slides, a lot of revenue capacity in all of these facilities. Really excited about that. Talk a little bit about pharma, because that's not a segment that you hear a lot about in Swedencare, because obviously most of our revenue there is external with Vetio. We'll talk a little bit about SummitVet, which Håkan introduced earlier. Our development pipeline, Vetio is reputed premier development company in the industry. Whereas a Merck or Zoetis or Ceva or Dechra does a lot of their own development, they don't all do their own development. They farm that out on a contract basis, and we have the best reputation for that in the industry, and we get paid to do that work. While that work can sometimes be lumpy, we offset that as we get drug approvals for the recurring revenue of manufacturing. At the time, we have the largest backlog of R&D projects, across dosage forms. Very strong revenue year to date. We're off to a great start this year and project more and more projects coming in. With manufacturing, we obviously have, as I mentioned, tech transfers. As those things go into the plant, that's only going to grow our manufacturing operation. To follow on to that is sterile fill. Really, we'll have a complete suite of capabilities we can offer. The other thing, you hear a lot about supplements, treats, things driving growth in the pet industry, and those drivers are really the same in the pharma side, but there are some others. There's a real appetite for R&D investment amongst the majors, the large global animal health companies that I mentioned. There's also quite a number of startup companies in veterinary pharma and biotech that are trying to take, oftentimes, a proven API, an active pharmaceutical ingredient, that treats, let's say, liver disease, kidney disease, all of the things that are already being used for humans around the world, and repurpose that for use in animal drugs. We have several of those clients. We've had successful developments where products have launched, we have a pipeline now of some of those very same things. This is a recurring theme. We see a lot of these crossover drugs. We have some massive blockbusters coming off. We have some clients, some of which are not animal health companies. These are human generic companies that have woken up to the fact that now that these larger markets, these larger files are coming available, they want to get into animal health. They're coming to us for the development because we have the specialization around animal health. That's another thing driving our development pipeline. Finally, SummitVet. SummitVet acquired just over a year ago, in the U.K. Summit's been off to a nice start. We have really liked that business of making specials, which is like a bulk compounding pharmacy addressing market needs, niches that don't exist when a drug is off-market or is on backorder, or certain pets need specific flavors or need specific strengths. Summit really fills that gap and is a really nice high margin, high growth business. We're really excited because one of the first things we did was introduce them to the Vetio Soft Chew technology. Now, in addition to the U.K., Ireland, Canada, where we do drug development, soft chew, and then Florida, this will be our fifth manufacturing site within Swedencare that has the Vetio IP, and they're rolling out products. They've had four or five products on stability that will be released for sale in Q3. We'll have a market leadership position there, first to market with the soft chew dosage form. Already been audited by the VMD in the U.K. They've approved sort of the category classification of soft chew, which is new to the U.K., which is fantastic. You'll be hearing about that more, but we're really excited about the future with Summit. Between Vetio North and SummitVet, a nice part of pharma that should have some nice growth in the coming years. Now I'll introduce Brian Nugent. Thank you. Hello, I'm Brian Nugent. I am the Chief Commercial Officer for Swedencare North America, with specific oversight of our U.S. and Canadian veterinary markets and our online operations, specifically Pet MD. Before I start, I want to get a little participation from you, the audience. Specifically, I would ask if you have a dog at your house or you own a dog, I'd like you to raise your hand and just keep it up for a second. Okay, not too many. All right. Does anybody have a cat? Raise your hand. Okay. If you have a dog or cat and you do not administer PlaqueOff to that dog or cat, I'd like you to raise your hand. Okay, good. I think we've got a quorum here. This is great. I want to introduce the veterinary team, but what I'd like to point out is we have a lot of different veterinary brands. As Håkan mentioned, we did a lot of acquisitions, and with those acquisitions came specific brands. A lot of those brands had legacy relationships or contracts with various distributors. I can say right now is the first time in the 6 years that I've been with Swedencare, where we have one team now efficiently controlling the sales, the marketing, and the operations of all of the veterinary brands. It's a nice thing, and it was not like that 1 year ago. It was much different 2 years ago, and it was nothing like that 5 years ago. I'd like to also just read our mission statement real quick. Our mission is to be the leader in the advocacy and innovation to the veterinary community by providing premier products, practical business solutions that support the growth, profits, and success of veterinary practices." We'll dive into that a little bit later, but it's an important part of our culture. On the top, you'll see our distribution partners, and there's only 3 national distributors in the U.S. that's left. 5 years ago, there was probably 6 or 7. 10 years ago, over 10. 20 years ago, when I got into the industry, there was well over 20 national distributors. There's been a massive amount of consolidation. Each brand, as I said prior, is linked or tied in some way to one of those distributors. If you look in the middle, MWI, who's the largest distributor globally, but also in the U.S., they handle our Stratford line, our Rx Vitamins line, our VetClassics, and our ProDen Dental Care line, which is essentially a PlaqueOff line that we labeled and created specifically for the vet industry. We'll touch on that for sure. Patterson is aligned with Animal Pharm, and Covetrus has the ProDen line, of course, and the VetClassics line. Interesting to note, MWI and Covetrus in February announced a merger that if it passes regulatory approval, you'll have now one entity controlling 70% of the U.S. market. We'll see. It'll be interesting to see if that passes regulatory approval. They feel very confident, obviously, that they'll do it. But it's going to be interesting because then you'll just have 2 national distributors in the U.S. It's going to create a little bit of a turmoil, I think, for some brands that have linked themselves. We feel that we're well-prepared for that with the relationships that we have in place. Q1. We grew at a Q1 126 versus 25, we grew at a 13% rate. That was more than 2 times that of our competitors. I'm going to walk through a little bit about how that happened and why that happened. It wasn't by accident. It's something that we started 3 years ago, 2 years ago. A lot of our competitors in this space, we're looking at 5%, 6%. We will kind of dive into how that happened and strategically why it happened. But also, almost more importantly, I wanted to share with you when we say our veterinary community, yes, we do sell to vets ultimately, and we ultimately have products going to pet owners, but it all starts with our relationship with distributors, and it kind of flows down. Veterinarians, there's approximately 25,000 in the U.S. That industry, and I think Håkan alluded to it, and so did John, there's a little bit of headwinds, and there has been for the last couple of years. The consolidation amongst veterinary hospitals has had some significant impact. I was just discussing, where's Daniel? I think with Daniel, how the consolidation is occurring. When the baby boomers became veterinarians, they started retiring 15, 10 years ago. Right now, 99% of retiring vets in the U.S. are men. 99% of graduating veterinarians from school are women. There's a huge shift of the paradigm occurring, specifically within veterinarians. Veterinarians who are retiring are realizing, "I can sell the land for more than I could maybe sell my practice," right? They're selling to corporate groups. They're getting a quick transaction out of the way. They have veterinarians that want to work for them, that are associated veterinarians that don't have ownership, but they don't necessarily want to take ownership of that practice on a go-forward basis. It's an interesting time that veterinarians who are stepping out of the marketplace are not necessarily finding a veterinarian to sell to. Veterinary distributors, there's a massive shift happening. Historically, a brand or a manufacturer would go to a distributor, and they would pay them margin to represent their brand, to sell their brand. Right now, you've got a significant number of large companies taking a different approach. They are going direct to the veterinary clinic. They're making a bet, and that bet is, "Can I grow quicker, faster by going direct to the vet, taking that margin that I'm no longer giving the vet, and investing it in a massive sales team?" Maybe hiring 10 reps, 50 reps, 70 reps, upwards of 125 in some of our competitors' cases. It'll be really interesting to see how that plays out. It's a big gamble. It could have a big reward, or it could not pay off at all. I mentioned the consolidation that's occurring. You've got a number one and a number two. If that gets approved, they're supposed to get approved in Q4. It'll be super interesting to see what those companies do, because they didn't know. When they announced that they were doing this strategy, they didn't realize this consolidation was going to occur. You also have a trend of veterinary clinics ordering online. I saw this about 10, 15 years ago. The distributors, a lot of them are public companies, and when they would represent their earnings, they would be happy to announce that, "We've hit a 20% number of clinics that are ordering online." The challenge with that now I think that they're facing is so many of those clinics are ordering online that you lose the relationship, right? No longer is the vet picking up the phone and calling their rep that they've known for 15 or 20 years. Yes, it's very efficient to order online, but they're ordering online, and it's done. You're losing that one-on-one contact. It's something that they've got to really see through. There's a couple of ways where we bring value to help them overcome this. Ultimately, pet owners. A lot of price sensitivity. They're changing. They're driving the purchasing habits, the consumer habits. I think COVID was the big driver in this, right? A lot of pet parents became veterinarians during COVID. They didn't go to vet school. They went to Google. They say, "Itchy dog, scratchy dog shaking its head, ears inflamed." They think what they're doing is finding solutions. They're going to Amazon and Chewy, ordering product, and getting it the next day. Is it the right product? Are they administering it correct? That's something we'll have to keep looking at. Veterinarians are facing a decrease in vet visits now for the fourth year in a row. Post-COVID, you've got less people coming in the door. What that means, you have less products going out the door, less services happening. Interestingly enough, the way vets are squeaking out growth is by charging more. Ultimately, what is that? It's a taxation on the compliant customers that are coming in by charging them more, because to make up for the loss of business for customers who aren't coming back as much. It's something that if you look at core inflation, which is around 3% in 2025, vets charged almost 7% more than they did the previous year. Almost more than two times inflation. What we do is, again, we focus on value. Value to us is not selling a cheaper product that can be sold less expensive. It's selling a better product. Specifically how we do that is we sell, this is a big change of the mindset, we sell and had to sell the vet on the concept of it's okay to make money. It's okay to charge more for a premium product that's under your label. We're going to dive into this right now. Obviously, with John just mentioning manufacturing, it's important to say one of our advantages is a quick go-to-market strategy, moving through R&D quicker than an outside company can do. We're improving on that, and we've got some more improvement to do. Distribution. I said times are changing. Only three left right now. There might be two left at the end of the year. Again, the key to us is not helping them sell more at a race to zero. Don't sell more for less money. Sell the same you're selling now and make more money. It's really a challenge sometimes to go to a distributor and let them know it's okay to make money. It's okay to have a premium product under your label. Of course, pet owners, they're driving it all. They're driving the purchasing habits. It used to be, it was very difficult for pet owners to go around a vet. Post-COVID, they found it out. They went on Amazon. My mom's a perfect example. She never would have ordered a dog product without going to the vet. During COVID, clinics were closed. What did she do? She ordered online, and it came three hours later, and she said, "This is convenient." She continues that habit. This is our model. This is how we started seeing growth. This process started three years ago. Håkan and Jenny, God bless them, they had to hear from me. "It's going to happen. It's going to happen. It's going to happen." It finally did. Thanks for the trust in that process and the strategy. This is what historically has happened. We go to a distributor, we say, "This is our brand. We're going to negotiate and pay you margin for distributing that brand." Right? Manufacturers like ourselves and other brands that we compete with said, "We want to give you your private label. Keep selling our stuff, we'll give you a private label. If our product is here in quality and price, we're going to give you a product that's here. It's inferior, but you can sell it at a 10% or 15% discount." Right? Veterinarians said, "Yeah, that sounds pretty good. I'll just sell on price." That's not a good long-term strategy in a market that's struggling a little bit. What we started three years ago was saying, "No, no. We'll keep doing this, and we'll keep doing this for you, but we want you to sell a premier product. We want to give you a product that's better than what the industry has, that can go up against any of the brand leaders, but only if you charge a premium for it. That's going to allow you to have value to your vet clinics, and the vet clinics are going to have value to the pet owners." Because we have to check every single box to make this work, this relationship work. This is what it looks like. This is our traditional line. This is the legacy private label. Same product, by the way, in all of the packaging. This is our distributor's specific private label that we provide. This is what we started selling two or three years ago, and it took two and a half years to sell that concept to the distributor. They're not used to making money. It's uncomfortable for them to realize, "Oh, I don't have to sell on price? I can actually charge more for something that's better?" Yeah, you can. Finally, we secured a contract with MWI in the beginning of this year. We're just starting to see the fruits of that labor. We're just starting to see those products start to trickle out. This is a good snapshot to show. Animal Pharm, which is with Patterson, we actually got that signed last year for this upgraded version. Those products started selling. In Q1, we had growth on that private label brand of 54%. We're starting to see, yeah, our theory was right. If you do this, if you take this leap with us, you're going to see growth, and we're going to see growth, and you're going to give value to the veterinarians. By the way, this is only with one product launching in Q1. There are 40 SKUs that we're doing this with across distribution. MWI, which is our biggest customer and the biggest distributor, we just shipped out in Q1 partial of one order, because they take time. They have to get regulatory approval internally. Products have to come from manufacturing. They had growth of 35%. Since Q1, we've now shipped out two other products. I think we have seven or eight that'll be in Q3, and the remaining ones will be in Q4. Again, these are premier products that are going under private label to the distributor, where we actually make equal to or more margin than we do on our own brand. We're not diluting it. Right? It's all accretive. This brings me to our last slide, and I think this is important, too. Traditionally, and initially, PlaqueOff was always sold in the retail environment, and that posed a challenge for vets because they would introduce it to a client, and they would ultimately find it on Amazon, on Chewy, in Petco, in PetSmart, and they would lose that customer, right? To them it was like, "Yeah, we love the product. It works very well. The problem is, once we do our job, the veterinarian, it works so well if the customer finds it somewhere else that's more convenient for them." In 2024, we created a line called ProDen Dental Care, which is basically a private labeled PlaqueOff, and if you could see the label up close, it says, "Powered by PlaqueOff." It's an exclusive line to vets. For us, it's a significant investment into growing ProDen PlaqueOff, but with a twist, giving the vets a brand that only exists in their ecosystem. You'll never find this in Walmart. You would never find this in Petco or PetSmart. We're giving them something. Again, this is how we add value to our veterinary communities. In 2025, we saw a modest 30% growth. Now we're starting to see it really pay. In Q1 2026 versus 2025, we saw 86% growth in this line, and it's starting to really gain traction. With that being said, I'm going to pass this over to Geoff. Look forward to your questions. I do want to say, it's fantastic to do these events in real life. I've seen a lot of you on computer screens for the last few years, but it really reminds you of how great it is to bring everybody together. Thank you. We're all I would like to attempt to not speak with a microphone. Can you guys hear me, or would you prefer microphone? Okay. All right. If I go down, you can go from there. Let's go to here. I am Geoff Granger, CEO of NaturVet. I have been leading our Southern California-based operation for a little over two years now. We are a manufacturer of pet supplements and other pet care solutions, but our primary focus is scaling our flagship brand, NaturVet. Before I dig into the presentation, I thought it would make sense to share a three-minute video with you that highlights the tremendous strides and initiatives we have put in place over the last year. I think it will go a long way. As I start touching on those things in the presentation, it will help make a little more sense out of all that. Let's go here. Can we hear it? Let's see. Can I hear anything? You can hear it? It is just music. All right. All right. I do not know if you even need me now. I think we told the whole story there. We are going to bust this presentation out into three segments. Kind of the umbrella of evolving in a hyper-competitive space. We have done a lot, but we need to continue to do more to continue to reestablish our authority in the category to continue to grow and grab share. Firstly, want to talk through our key accomplishments. A lot of what you just saw in the video touched on that. Again, I use this phrase a lot, we have set the table for meaningful and sustained growth. All along the way, we are always looking at the latest insights. The way we are integrating the insights into this presentation is kind of as we have done all these things. Now we are like, "Okay, not quite where I need it to be." What do we need to do differently? What do we need to learn? Digging into the market insights to inform our future, our short to mid-term strategy. That is the third portion, which is talking about what did we learn from the insights, what else are we doing to drive sustainable and meaningful growth in the brand. Let's All right. We are going to start with key accomplishments. I always throw this one in here because I think it is super important because I do not think if we do this right, it is going to matter. It all starts with culture. A couple of things that we are very proud of is number one is really strengthening our employee sentiment. I tell this story all the time is when I came in August of 2023, one of the first questions I asked was, I talked to our HR lead. I said, "Do we do a global employee sentiment survey?" Or whatever. He said, "Yeah, Swedencare just did one about a month prior." The results just came in. Let's take a look at them. The big metric that we look at there is the employee net promoter score, eNPS. We had, in that survey, a 33 eNPS. Total Swedencare was a 41. We were lagging where we needed to be. We were lagging our parent company. We had a lot of work to do there. We jumped in the weeks, months, and years following. We did a lot of structural changes. We communicated differently. We added new processes. We also changed over our personnel a lot as well, right? That was a big part of it. We retook the survey in January, February of 2025, about a year ago. Our employee net promoter score improved by 20 points to a 53. Anything 50 or above is considered excellent. What's really the key with that is that our employee participation in 2023 was only 64%. It went up to 85%. A lot of times when that participation jumps up, that doesn't always help your employee net promoter score. We got over the 50, again, considered excellent. Our aspiration now is 70, which is considered world-class. I always like to start with this because I think that's super meaningful because if we don't have the right people, a bunch of happy people who want to be there and want to grow the business, I don't think we're going to win. Next, two things that are really key leadership changes. About a year ago, we brought in a new chief operations officer. Probably the most qualified operations leader that we've had in the company. 25 plus years of experience across manufacturing, aerospace, and industrial sectors. What really set him apart is he came with multiple certifications that are essential for running our operation and bringing in new processes, eliminating waste. When I say eliminating waste, time is waste. Compressing timelines allows us to have more time to make products, more bandwidth to make products, more capacity, and then ultimately boosting efficiency. There's a certification, I think it's fairly global, Lean Six Sigma, and he's black belt in that. Basically, his mind says efficiency and capacity and running, and setting the table for a sustainable growth. Super excited to have Erik Thomas on board. Much newer change was to our commercial leadership, running our sales and our marketing organization. That's Kristy Murphy, and she came on in just March of this year. We had, again, you saw the accomplishments. We got distributions expanded. It's not quite where we needed to be. We needed to get a new commercial leader in place. We brought Christie on. Christie has 30-plus years of pet-specific experience. Literally, her first job was as a clerk at a Petco. She doesn't like to tell that story because then they do math on the age and all that. 30 years in the pet industry. Two things that she brings with her is, one is she's been within large companies, Mars Petcare being one of them, midsize companies, and then small size and startup companies. We actually were able to recruit her from a startup company that she'd gotten a really good place. Lastly, she brings with her, which is super important, existing long-term relationships with our retail partners, which is super important as we continue to build those partnerships and relationships with new partners that we may not be doing business with. Next accomplishment, positioning our flagship brand, positioning NaturVet for growth. We did completely refresh the brand a year ago. We launched it. We revealed it in March of 2023 at the trade show at Global Pet Expo, but ultimately didn't start really transitioning the product out to the new packaging until you got in the back half of last year. At that same time, we activated our marketing campaign as well. We call it a step-ahead proactive care campaign. Again, we do that, and I think Håkan had talked about this earlier. The gap between human usage and supplements and pet administration supplements is massive. At a minimum, we want to try and track those consumers that are not already in the category, but along the way, we'll take some from our competitors as well. Secured celebrity influencer and veterinary partnerships. You saw some of that in the video. We activated this across social, digital, and influencer media. The most important part of this, right in the middle, is we committed to expanding distribution a couple of years ago, and we did that. We are in, as of the H2 of last year, we're the number one U.S. pharmacy chain, 1,100 CVS stores, the number one pet care seller, PetSmart. You might say, "Well, you're in PetSmart." Yeah, we had some PlaqueOff in there, and we had some Hole in Your Yard stuff, but we never had core NaturVet supplements in there. We're now in PetSmart, and we're in the number one U.S. retailer, which is Walmart. In 19 SKUs and up to 1,700 stores. We got in some regional grocery as well, Meijer. Got the distribution in there. Going back to the marketing, we didn't really have a marketing engine. Even last year, the last six to eight months is the first time we really marketed, and we have a marketing team, and we're doing 360-degree campaigns. A lot of exciting things. A lot of that happened in the second half. Now we're ready. We've set the stage for growth. Lastly, we can't do any of the above. You got to have a good culture. You got to expand your brand, but you also need to make sure you're supporting that scale appropriately with operations. We did two things, and it was called out in the video as well. We finally had an ERP, enterprise resource planning system, and the ERP put in place, which allows all of our internal segments to speak with each other. Most importantly, it enables us to make real-time data-driven decisions. Boosting efficiency and reducing costs along the way. That happened in October. That was table stakes to being able to set us up for scale. Last, we had SQF certification, which just happened in April. Safe Quality Food is a GFSI-approved, globally recognized certification that's all about prioritizing food safety for manufacturing operations. This is a certification that much of our competition still does not have, so this gives us an edge. It ultimately expands our market access. Specifically, I'll be a little vague on this, but there is a major club customer who we have secured a private label program for that'll be shipping in the near future. We would never have been able to do that if we didn't have the SQF certification. This sets us up to be able to expand appropriately. Okay. All right. We did a lot, right? Along the way, some of that stuff's not quite where we thought it would be. We've got to understand what do we still need to work on, how have the market dynamics shifted, and what shifts do we need to make, and how do we need to continue to evolve, right? Total U.S. pet supplement category is in the SEK 3 million range. Forecast about 6%-8% annual growth. I think, Håkan, you're seven to 10, so it's in that range. E-commerce remains the dominant channel. It's been the dominant channel for a while, but it's now consistently over 80%, with Amazon being the vast majority of that, and our competitors really treating Amazon as a primary marketing channel. Food, drug, mass is the highest growth segment across the channels at up over double digits, about 15%-16%. Walmart is the biggest growth segment retailer within that at a 20% and around 50% of the share. Pet specialty is an interesting channel. It's the most mature channel. It's the most mature channel for us, and it's been the most stagnant channel. It's been up a little bit, one quarter flat, down another quarter. That is a channel that has a lot of struggles within it. What has happened is the retailers are trying to find a solve for it, and they're just adding brands in there. They're not necessarily rationalizing or editing, and they're creating what is already a massively confusing category, making it even more confusing. I'll talk more about this channel in a second. Growing brands, they're getting focused on how they're marketing. They're focusing marketing spend on fewer SKUs, higher conversion content, and again, leveraging Amazon as a primary marketing channel. In terms of how innovation and product is being informed, how can I talk about this? Human trends, human trends is informing that innovation. Cat is also a big place to innovate as well because while both cat and dog are growing, cat is growing exponentially more than dog is growing. It's a smaller piece of the pie, much smaller, but it's growing. Okay? That's what we learned. What are we doing about it? Amazon. E-commerce, biggest channel out there, right? We're a little under-penetrated in that, and the way we're going to grow our share there is to continue to maximize Amazon business. We had a little bit of stumbles with Amazon, some growing pains that were a product of some of the changes we made, and we're now back on track. About a year ago, we moved our management of our Amazon business from a third-party partner internally to Pet MD, the other U.S. subsidiary, to run that business. At that time, we expanded distribution. We went to Walmart and other places. We also, at the end of this year, issued a MAP and price increase. Those things all together created some challenging dynamics around MAP enforcement. You had some new accounts that came in, and they weren't abiding by our MAP. We had to address that because once they go down, everybody goes down. It was a little fragile. We also, at the same time, had unauthorized seller proliferation. We call it rogue sellers. We had an inconsistent site experience post the rebrand, right? We had a bunch of white packaging still with this beautiful new blue packaging. You had a mix of it out there in front of the customer. MAP not being enforced, inconsistent site experience. Actions. We've really partnered with the retailers. We've got the new retailers that came in. We've got them in line, and they're abiding by our MAP now. For rogue sellers, we have a hard fix in place there. We have rolled out Amazon Transparency, which is where you put a special barcode on anything that goes to Amazon. If something comes under NaturVet to Amazon, it doesn't have the QR code or the barcode on it, they're not selling it. That's how we're addressing the rogue sellers, and we've pretty much eradicated them. Then a storefront refresh. We just made the decision, let's get the blue packaging, let's get the new messaging out there. Even if we have some older packaging out there, we have a little tile that says, "Hey, we're transitioning." Let's tell one story. What are the results? MAP violations are down by over 50%. I would actually say that's more around 60%-70% now. Buy Box recovery, I didn't talk about it in here. That's the big thing. If you don't have that lowest price, you lose the Buy Box. When you go on the site, that's not what's hitting you in the face in terms of you want to buy NaturVet. We are now back to winning the Buy Box because we have MAP being enforced. Right? Then most importantly, we're seeing steady year-over-year consumption, so customer POS growth over the last, I'd say, six to eight weeks. Okay? Next steps, further improve MAP enforcement. We're continuing to expand transparency rollout, we've already rolled out transparency to the vast majority of our volume. We're in a good place there, but we'll continue to roll it out. We're to have 15 SKUs of new innovation that we're actively launching as I speak on the site. I'll talk about in a second. Then Amazon continues to be part of our evaluating our broader marketing strategy. Okay? Because as they say, as goes Amazon, goes the whole operation. All right, we talked about the biggest piece of e-commerce. We talked about the biggest piece of food, drug, and mass. When we secured the Walmart placement, that was very exciting. Big feather in the hat. Not quite seeing the consumption we would like to see. We're up to 1,700 locations, around 19 items max. We're really targeting marketing at the end. Again, we just built our marketing engine about a year ago, or less than a year ago. We're really rethinking. We're doing a hyper-focus, almost like a pilot, I would say, on Walmart and hyper-focusing these activities to see if we can drive up adoption of the brand. What I have on the right here is what you call the marketing funnel. A lot of marketing drives awareness. I'll be honest with you, a lot of the stuff you saw in that video, it's a lot of awareness driving, right? It's not necessarily pushing them into consideration or usage and preferences, the loyalty segment of this upside-down triangle. We're pivoting to get more consideration and usage tactics in there. We're doing that right now with Walmart. The big focus is targeted digital display, Walmart Connect, and then the connected TV, OTT, the streaming that we're doing. All those things have call-to-action elements to them. Push this button, save here, and that falls more into this consideration usage. Additionally, instead of focusing on a category or a bunch of different items, we're focusing on hero items. Really four items. These last two bullets here are how are we doing? With three of the four hero items, the week-over-week or the run rate trend has increased significantly, up about 50%-60% versus the prior trend. We are now beating competition across not just awareness, consideration, and usage. We have a brand health metric that we run monthly, we subscribe to, and it helps us tell by total and by retailer, what are we doing here versus our competition, and where do we rank here? Where do we rank here? Where do we rank here? Where do we rank here? 100 basis points above competition in Walmart. Going in, we were below 100 basis points above the competition scores, 200 basis points above the competition scores in usage and preference were right on at the same%, but we were markedly below before we did this. As I said earlier, it's like a lab. It's a test. How do we scale this over our larger operation? Scale the Walmart model. Our big focus areas are brand clarity, one message, one tagline, and the hero item focus. Again, we have a lot of messages out there. We have, "We care so much, we make it ourselves." We have, "The power of pawsome pets," and we've pulled all that back, and we're currently working with a third party to fine-tune our go-forward marketing strategy and messaging. We're going to one consistent messaging, and a big part of that was showing up consistently with the new packaging on site as well. A full funnel focus, right. We're looking at all aspects of that triangle. We did a lot of really exciting awareness stuff, but we've got to drive to consideration, we've got to drive to usage, and drive loyalty at the preference level. Amazon, unlocking that to be a growth engine for all channels. As goes Amazon, goes the whole operation. One truth. When we launched all of our marketing tactics six, eight months ago, we had KPIs. We were making the KPIs, but we weren't getting the consumption and the consumer POS growth that we said. There's something wrong there, and it's a real weird conversation to say, "Hey, well, I'm hitting my KPIs." We were doing something wrong. We're really rethinking how we're measuring, and if we hit those KPIs, then that means we should be growing, and we should be hitting our financial aspirations. We'll totally be working that. Category leadership, we did a really good job over the last couple of years on what we call thought leadership. We were bringing data to the market that was not available to the retailers. I can say that firsthand. When I was at Petco for 11 years and I had supplements for a big chunk of that, nobody could tell me what the size of the prize was. Nobody could tell me what the share was or what my share was, where I was leaking, or what the size of the market was. We've done a good job with that. Now we're broadening our relationships with the retailers to help them make the right decisions for their shelf, right? Like I said earlier, in pet specialty, it is a knife fight right now, and you have a lot-- You have finite shelf space, but you have all these brands coming in. We are really partnering with them to help make decisions for the category, which ultimately will benefit us. Okay. Oops. All right. Let's talk pet specialty. The other channel, again, pet specialty is especially important to us. It's 13% of the share for the whole market. It's 38% of our share, right? That's not a mistake. That's where we grew up, right? That's where we were. As we look to reinvest in food, drug, mass which is the highest growing channel, or into e-commerce, which is by far the biggest channel, we have to rethink how we're investing within pet specialty, but we still have to win because it's still a big, huge part of our business. Improve, invest, and partner. Within improve, revitalizing core assortments and accelerating innovation adoption. Talk about that in a second. It's all about earning more facings, improving our shelf presence, and reestablishing our category authority. Invest, again, because we need to make sure we're investing in food, drug, mass and we're investing in e-commerce. We have to be very deliberate about how we invest in the pet specialty channel. Through quadrant analysis, we're saying, you know what? This particular pet specialty retailer, they don't believe in the category anymore. They're not. In general, they're losing, they're closing stores, and they're not who we want to be investing in. Those are folks, in the past, we might have peanut butter to invest that in. We're saying, "Nope, we're not going to invest in you anymore." These other guys, the Petcos and the PetSmarts and the Tractor Supplies, we're all in on investing with them, right? Partner, and this one's interesting because this is specific to private label. We also do private label. "Hey, Geoff, you just said your primary objective is to grow NaturVet." It is. What we found is that where we can have collaboration on private label with partners who have our NaturVet brand, that creates a stronger bond and a stronger collaboration model. What we've also found is there may be some retailers that we can't quite get into with NaturVet just yet, but we're able to get into them with private label. Again, I said there was a major club customer we recently had some success with. That ultimately is a path to having a bigger environment that is not only private label but the NaturVet brand as well. That's our approach for those channels. Two more slides. We talked about product a lot, right? What did I say at the very. When we talked about the insights, what's informing insights? It's human trends. The two new innovations in dog that we launched this year are directly informed by human trends. First one is dual action, which takes two key need states. We did a lot of third-party work directly with consumer feedback to understand what are the need states that make the most sense. The concept came out of going to a Target and you're looking at Centrum, big brand in the States, and this is the exact concept that they're doing. The example here is immunity and longevity. We have an immunity and anti-inflammation, and we have a gut and an allergy. Even the packaging has human inspiration like what you've seen. We're launching that, then we're launching what we call targeted care, which is a double-click kind of humanization of the existing key need states. What you see here is muscle. That's a double click of hip and joint. There's one called beauty. That's a double click on skin and coat. We have a dental product that is all about managing the oral microbiome and also creating whole-body health in doing that. We don't want to forget about cats, right? Because they're growing exponentially higher than dogs in the sales. We had nine formulas that were combined formulas and dog and cat formulas. I don't think when I say this isn't a revelation, but cat parents don't want dog formulas. They want cat formulas, and they want formulas that are specifically formulated for their cats. We took those nine formulas. Those still exist, but we stripped out the cat portion of it. We actually reformulated it. It wasn't just, "Hey, let's slap a new label on it." We reformulated it, added even more beneficial elements to it to benefit cats, and that's what we're launching this year as well, and that's nine SKUs, and we call that our Feline Forward initiative. Right? Innovation is where we go a lot. That's the exciting part of product, but this middle part is the most important part, in my opinion, and that's core assortment revitalization. You're doing your innovation over here, but you're also constantly evolving your existing assortment, and you're doing that through elevating the formulas. You're saying, "I think we can increase the active levels here. I think we can reduce inactives here," which some would consider to be fillers. Hey, let's make sure that we have natural preservatives, and the big part of it is palatability. Let's have the best palatability, because if you look at the entry into the category, palatability is one of the number one elements, like will my pet eat this? Without getting too much detail, later this year, we will have product out there. We've been working with a third-party palatability house and a legal partner. We'll have product out in the market that will have specific palatability claims. Our competitors are not doing that right now. They've done it on their sites and stuff, and then they pull it off because they're not doing it right. We're doing it right and again, that's one of the number one entries into the category is will my pet eat it? I think we have some exciting things happening there, and that's within our core assortment. Lastly, our product roadmap. I think one of the challenges in the past is we would address innovation with, what are we doing this year? Okay. Well, what are we doing next year? We weren't connecting at all. We didn't have a full journey mapped out. We're really fortifying our long-term product strategy. That's 5+ years. That's actively being done by our R&D team at this point in time, and we'll have more to share on that down the road. All right. Lastly is, like I talked about earlier, is doing a lot of things, but if we're not setting operations up for success. We're doing that starting at the end of this quarter, beginning of third quarter. We're prototyping it. We're going to pilot it, see what it does, and then we will look to scale it in 2027 and beyond. You know what that's going to do, right? That's going to drive efficiency, increase our capacity, ultimately reduce costs. Lean manufacturing, when I talked earlier, Erik Thomas, our Chief Operating Officer, he was the first operations lead we had in our company that had the pedigree. He's got the pedigree. He's got the certifications. He's since trained his entire manufacturing team on these practices. These are things that will result in reducing excess inventory, improving our cash flow, ultimately tying in with our supply chain team. On that note, a couple of years back when I got here, we had a purchasing group, and the purchasing group reported into R&D, they really didn't have a direct connection to manufacturing. Well, they're buying all the raw materials and the packaging. You got to have that connection. Once Eric came on board, we moved purchasing into him. It became a true supply chain organization. Their focus is strategic sourcing with long-term agreements in place. We weren't experiencing savings. We are now, meaningful cost savings, improved payment terms, ultimately optimizing our working capital. We're doing all this under a framework of stringent supplier governance, meaning there are KPIs that we're measuring, and if you're not standing up to those, if you're late, if you don't have the highest quality, we move on to the next guy. That is all tied directly into our manufacturing organization. All right. I think next we are going to have a coffee break. Coffee. Yeah. I'm sorry I was standing in your way. I was trying to get through. I was standing in the way of the coffee. Yeah. Yeah. All right. Thank you. Appreciate it. Thank you. Thank you. Process was quite complex, and we wanted to do something that both drives our business and does good. That has been our guiding light, is trying to keep it as non-complex as possible. At the same time, it needs to do something good. As we're growing, the expectations are turning up a little bit, not only from consumers, but also from investors and customers. Our sustainability work really focused on what matters. We started out actually in 2024, but in 2025, we moved into really doing the double materiality analysis, and these are the results that we came to. These are the focus areas. Circular economy, waste and resource efficiency, trying to decrease the impact that we have on the world surrounding us. I know Geoff talked about it, but it is a guiding light in the company is making sure that people want to. We want to attract the best talent. There are several different parts of that, but employee wellbeing and safety is definitely one of the main factors there. Improving the working environment and also skills development. We see that that is something that we can offer, and we see that's something that our talents seek. I would say most importantly, we need to sell safe products. Our product needs to be of the best quality, and they need to be safe for the consumer to put their trust in us to help them with their pet's wellbeing. All of this boils into having a corporate culture and a responsible governance that makes sure that we follow these guiding principles. Having all the different ethical guidelines and compliance, transparency, and a strong corporate culture. As you can see, our employee net promoter score is quite high. The benchmark, it's difficult to find benchmark numbers for our specific sector, but it does look like it's in the 30s, and we had a 44. Once we looked at the focus areas, we did a lot of both internal, external discussions, and these were the topics where we set targets. By decreasing our footprint, we want to focus more on shifting to fossil-free electricity. Our baseline is quite good, but that can be improved, and our target is to reach 90% by 2035. Decreasing our waste, it is a little bit more complex. This year, we are working really on finding a baseline number and making sure that all of the different subsidiaries and countries measure the same thing, we do the same thing. This year, we're focusing on getting the quantitative target set. The employee engagement, as I mentioned, 44 is really high. If you try to find benchmark numbers in life science, pharma, pet food industry, and that sector, 30 and up is excellent, but we don't want to just be excellent. We want this to be high, and if it's not measured, well, it kind of gets out of focus a bit. Maintaining a really high employee engagement rate is truly important for us. I don't think anyone has been unaware of the macro changes that are happening right now, shifts in what talent is needed and how. Let's face it, everyone's talking about how AI is going to either enhance us or maybe shift everything. We still know and believe that the human talent is the core of it, and being able to attract the right talent and making sure that we retain the right talent and develop the right talent, we believe that we can continue to be competitive at the level that we are going forward. Health and safety. The benchmark in Sweden for the manufacturing industry is around five. Lost time injury frequency rate is how many injuries happen during a year that has a loss of day afterwards, not counting the day of the injury. The injury is severe enough that somebody's missing a day of work the next day at least. The 3-year rolling average is five, and we want to bring that down to 3.5 by 2031. Then last but not least, the product safety 0, and it should always be 0. That's our target. It feels like, is it a hygiene factor or something like that? Again, as it is one of our most important targets and what we build our business on, that needs to be a focus. Even if it's 0, we've had 0 forever, it should continue to be 0, and we need to keep that focus on it. Last year, there is a little asterisk. Last year, we had an incident, which I would say is good because we don't really have that many incidents, but there was an incident that really required us to put our processes into place and kind of trycktesta, say, for the Swedes out there, to do a little pressure testing of it, and it worked really good. We conducted the investigation, and it was concluded it was a handling error by the customer. It wasn't a product issue. These targets and what we want them to do is really guide us going forward and making sure that we are the company that you can trust, the company that investors can trust, the company that customers can trust, the company that pets can trust. The targets, looking at the targets, how they will help us to do practical improvements, it's all about using the synergy of the group. It starts with dialogue and discussion between the different sectors and different companies. Just by doing that, we already found a couple of efficiencies. Looking forward, we want to make sure that we do have less production waste. It's both good for the environment, and it's good financially for the company. People and safety, I can't reiterate that enough, but having the right talent, maintaining and developing the right talent is really alpha and omega for a company like us, and we are building that structure to be able to do that. We already see that now in our recruitment of new colleagues, that when talking about the strong corporate culture we have, it is something that helps us when they're deciding on maybe between a couple of future employees. Product safety, it's strengthening the traceability and all the way down to the suppliers, making sure that the suppliers adhere to the code of conduct and that we do the audits to ensure the documentation of materials and everything is in place. Because again, it's the customers look at us for their trust, and we are those gatekeepers, making sure that the products are safe. How it is then embedded in the governance, it starts with the board. The board has the ultimate responsibility. Executive Management Team owns the ongoing sustainability work and priorities. Then together, we develop that. It's not something that is just static. We will continue to develop that for the time to come. It's really focusing on the material topics where we feel that we can make an impact, but it also strengthen and builds resiliency for our company. Next phase will be, of course, to continue to improve the data quality, strengthen site level execution, and making sure that we continue to embed these targets into the day-to-day. Just by living it. All right. Let's shift hats. Now we're talking about Europe and U.K. Amazon, vet and pet retail. We jokingly say, and this is going to be a 30-second presentation, what happens in the U.S. comes here a couple of years later. Done. That's the presentation. Now you know what's going to happen in Europe because it's happened in the U.S. Jokes aside, there is a lot of truth into that. When it comes to the pet, and especially in the pet care segment, the U.S. is a couple of years ahead of us in the trends and the shifts. We talked previously, the soft chews is a dominant format to give to your pets, for your dogs and cats, when it comes to new pet supplements. In Europe, it's still emerging. It's emerging quite fast, but it's been the dominant in the U.S. for quite a couple of years now. The same thing with the online shopping. Amazon is huge in the U.S., and Chewy, it's starting to shift that way, too, in Europe, and usually it starts in the U.K. We're looking at the strategy we have in Europe, it's very much we look at the local route to market and the position, also a shared digital growth engine. We have a strong momentum right now. The growth in Q1, 21%, main growth drivers have been the dental products and online. We see additional contribution from the vet sector with Innovet in Italy with new product launches and a strong growth there in Q1. While the current growth is strong, we still see different building blocks where we can elevate that going into the rest of the year and the years to come. Europe is a very large pet market, and is moving at a strong growth rate of, predicted growth rate of around 8% CAGR for the years to come. Looking at the digital shift, it's moving stronger and stronger towards the online. That's the fastest moving segment for the supplement sector. This is something that we're seeing. We're seeing more and more interest from customers that historically have not showed as much interest in the supplement. Large retail chains and also the online retailers are now looking to add more of our products into their listings. It's a little bit different depending on what country you're looking at. The U.K., we have a full omni-channel presence from the veterinary to the retail to online. While the other, the more south you go, the market looks a little bit more fragmented. In Italy, we have a very strong history with Innovet, being a vet-influenced model. The same, we have that in the U.K., too. In France, Spain, Greece, and the Nordics, we're looking at small local teams, we're building it with the online channel of focus there, leverage that. Germany is one of the markets which is a huge market, we have been basically nonexistent. We've had a very small footprint there, but we're going to talk a little bit about that and how we believe that we're going to increase that share substantially in the years to come. Adrian Elmlund, the U.K. vet market has had a big thing happening over the last 2 years. They've done a competitive market investigation from the government in the veterinary market, and basically, in very short, they concluded it's just too expensive. It's not transparent enough. Something needs to happen. They're putting legislation in place to make sure that transparency increases. They're even doing price caps on some of the products, which is forcing the whole model there to shift towards preventative care a little bit. So for nutraceuticals, it's really a positive thing, the outcome from this investigation, and we think that our brands, Nutravet and ProDen PlaqueOff, is really well-positioned for that. We have a long history in the U.K. with practitioner-led credibility. We have products that are targeted for the veterinary sector, very much clinically oriented branding and condition-based formulas, and have a long relationship with them. Continuing looking at how we're developing that is making sure that we continue to have that sector, but also talk a little bit more towards the end consumers and not only the veterinarians. So making sure that the end consumers are also aware of the products and what we offer. And looking at the digital practitioner education platform we're developing or have developed and just launched, it's still maintaining and building that strong relationship with the veterinarians. So on the vet sector, we have a good, strong standing leg in the U.K. Then looking at the more straight to consumer or direct to consumer or consumer-led leg that we have, we're focusing a lot more on really telling the story directly to the consumers by different online channels, but Amazon is definitely the biggest one. Previously, we were on Vendor. Vendor is online. Amazon capacity is that Amazon basically does everything. We just ship in our products, and they sell the products for us, and they set the prices. They do basically everything. In 2024, we shifted over where we took over as Seller, which gave us a lot more control of everything. I think if we're looking at the graphs, it was a very successful shift that we did. We built in-house capacity, tried to get best-in-class talent to manage the channel, and so far, the growth has outpaced the market. Looking to 2026, we are very confident that we can maintain that growth that we're seeing there. We also see one of the things that we heard a little bit, well, if you're Amazon, if you're aggressive there, it's going to hurt the brands with the retailers because they don't want to compete with Amazon. Well, I'm happy to say that this year we've had a long relationship with Pets at Home with one product, and they've had, I think, 3 SKUs so far. Don't quote me on that. And now they're bringing in a ton load of new SKUs because they see what positive momentum we have. So it doesn't disrupt that channel. It builds awareness, it builds demand. And this in-house capability we have enables us to move faster across other marketplaces, too. I don't think anyone here in Sweden would have thought eBay is a marketplace where you can sell pet supplements, but we're successfully selling good volumes on eBay because we can leverage the knowledge that we have in that in-house team. This is something we can then leverage to other markets. Last year, we moved over to trying to replicate the U.K. model across the other European markets, and we see positive momentum there, too. Spain moved from Vendor to Seller in the second half of 2025. If we're looking at Q1, the share, we see that the traditional channels growing quite nicely and the Amazon channels grow really, really strong. Again, consumers don't care. They're omnichannel. They're searching for information and pricing point everywhere, and we need to be omnipresent and own that narrative. The online channel insights gives us a chance to also be faster at reading the market dynamics trends, and changing consumer behavior. Germany is. I said I was going to come back to Germany. It's really the market where we see a positive momentum, and now we're getting contacts from major pet retailers who are interested in introducing our products into their stores. That's really, I would say, it's not just what we're doing online, but it definitely has a big contributing factor to that. We have several brands in Europe, but these are the ones we're focusing our efforts to on the year to come going forward. ProDen PlaqueOff is the leading dental brand, and there is still a lot we can do there. If we're looking at, yes, it's our biggest product, but it's still a very relatively low market adaptation. It should be, even if we come up to 15% of pet parents start using ProDen PlaqueOff, that has a significant uplift for us in sales. There is definitely room for growth there. Germany is untapped. In Germany, they use dental sprays to basically cover up the bad breath, but the dental sprays don't really do anything. Those are the leading products for oral health in Germany. As I mentioned, we do see a growing interest and awareness for our products there. What we can also see is over 80% retention rate after 12 months once they buy a ProDen PlaqueOff product. That is very much unheard of in subscription-based models for Well, unless maybe a Netflix subscription or something like that, but in our segment, it is really good. Then we do range extensions. This year we launched the Crème for Cats, which has been very well-taken by the market. We also noticed that we're also getting broader listings with current retail customers. One other customer we're seeing is in the U.S., we've been in Walmart some more, the grocer or big box stores. We're seeing that trend also in Europe, where it's not just pet specialty stores, retailers that are starting to list or listing these products, but also getting interest from retailers, regular grocery retailers or other retailers. NaturVet by Swedencare is different in formulations and the legal compliance between Europe and the U.S. We can't just take the great American products we have and just launch them in Europe. We need to be compliant to European regulations. We worked hard with staying true to the format and what has built NaturVet so successful in the U.S., and adapt it to the European market. We have great track record on Amazon, so when we're launching these in Europe, we benefit from that. We have tens of thousands, if not hundreds of thousands of positive reviews for these products, and as we're trying to stay as true as possible to the U.S. products, we can get benefit from that. We're also seeing that the Soft Chew adaptation in Europe is growing very strongly. For the U.K. market, we ourselves saw a 57% growth during Q1 this year versus last year. Then, as Geoff said, palatability, we've worked really hard, and we've done palatability testing on these with 94%-100% results, which is also really, really good. It means once they buy it, the pets will love it, the dogs will love it, and then they will continue buying it. For the veterinary segment, we have Nutravet and Innovet. Talked before about the Nutravet and the U.K. shift towards preventative care. Nutravet is also doing direct-to-consumer sales on their website. It's sales through clinics, veterinary segment. They have vets select products, and then there is a consumer variation of that product available on the Nutravet website. There's no real conflict with that. Sometimes they start with the consumer product and then go, they want a stronger, maybe a more clinical product, and then move to the veterinary product and buy it from the veterinarian. With Innovet, has a really, really strong standing in Italy, and we're trying to build that and use that and build that across Europe, mainly through an online launch in the rest of Europe during H2 this year. It has a strong presence in major channels in Italy, which we think that it's possible to translate that to the online sales too. They have also a strong basis, with reviews in Italy on Amazon, which can be used because there it is, the exact same product, but being sold in new markets. We can utilize those strong reviews that we have there. This year also, we did try something new, the fast-track innovation. We now have, I would say, a really, really strong in-house D2C team focusing on Amazon and other marketplaces, we have a really strong sales channel. We also have this in the pipeline in the back. We have R&D, we have production. Let's utilize that and try to see if we can move faster. We had a product, where we went from idea to execution in 3 months. It's still a little bit slow. We can improve that. Historically, very fast for a company like us. It's just been a fantastic result. We've pinpointed a space in the market where there was a lot of demand, but not that many options available for the consumer. We launched a product there in late December, and it has quickly jumped up to being one of our top 10 best-selling products on Amazon. Are we going to able to replicate this with every product? No. Our goal is to launch 10 new products with this fast-track innovation concept during this year, and our internal target for success rate is 25%. We do believe that If we were looking at the competitive market as the pet supplements market segment is growing in Europe, there are several companies and brands out there that are pure D2C and are really aggressive in trying to capture market shares. They don't have what we have. Somewhere here, that's where we are a lot better. With the D2C capabilities we have, we also have strength here. We have the full channel strength. Last but not least, what would a presentation be without talking about AI? It's 2026. Finally. Finally. Finally, somebody talks about AI and new technology. It is crucial, and we need to share what we're doing in this because our products are basically. That's why AI was invented, basically. I'm saying that as a joke, but even if it's not a high-value product like a new car or a new boat or anything like that, it has a high emotional value. It's, again, we're talking about trust and safety. You want to make the right choice for your pet. Looking at it now, we're talking about veterinary costs going up, being quite expensive. You're spending, you want to make sure your pet gets the right thing. We see that shift really coming towards our sector where you do your kind of medical research on AI. AI is getting better. I'm not going to do a show of hands, if I would've asked how many here has asked AI for your own health concerns, we'd probably have most of hands coming up where, "Oh, my knees are hurting or my back," because I'm at that age now, my knees are hurting. I don't know why. I woke up, it really hurts. Explain the symptoms. That's happening right now within the pet industry or pet segment, and it's just going to increase. We take this seriously. We have the proven digital capabilities and adaptability at our company. We did a little bit of a pilot test here to see how we could increase and capture the pet parent out there who's looking for certain areas within pet health, and can we capture them. I think this is working with AI, finally, we found the magic sauce. Looking forward in two to three years from now, this is my personal belief, that most of the user journeys will involve your some sort of generative or answer engine result in making that decision. We are doing everything that we can to be well-prepared and strong in that sector. Just summary slide. Good tailwind in the European segment, we think that we can accelerate that even stronger. Our digital capabilities outpace market. We're going to roll out NaturVet by Swedencare in Europe, and already have a lot of good interest there. New product innovation is not losing to the D2C actors who are really fast and have that as a bit of specialty. We have the strong standing and strong historical background and the full channel capabilities. The retail is also shifting, so we're building the retail capabilities too, and making sure that we continue to being the leading supplier or provider of pet supplements in Europe. Thank you. I'll also try to speak without the microphone, I think. We'll see if it works, okay? I don't have to introduce myself, I'm sure you all know me. I will take the opportunity to talk more about our financial targets, which we published in December 17th last year. There's four of them. We will focus on the two top ones. Many of the former speakers have, of course, discussed already the big opportunities we have in the group in order to reach these. If we spoke about the double-digit organic growth, first of all, we are going from the market growth. Håkan spoke about this, about the whole humanization of pets. It's not called pets owners, it's now pet parents. People are spending more money on their pet, and of course, they live longer, and just like humans, they get these age-related issues, which our products can of course help with. In addition to that, there is some significant growth drivers, which actually all my colleagues have covered. We will go through them a little bit. Amazon D2C and other online, Laszlo has talked about this. There's huge potential in this market. Amazon is right now about 40% of our sales. There's lots of potential. Of course, there was another initiative that we did last year when we also acquired the NaturVet Amazon account. We got pharma. Pharma is about 10% of our revenue at the moment. Just like John spoke about, there's also great potential. The development and the manufacturing site that we have in Montreal has a pipeline which is stronger than ever. In addition to that, we also spoke about the sterile capabilities, which of course is also going to participate to the growth. We got the big box, which Geoff spoke about. This is, for us, a completely new channel since last year. We are now in this channel with Walmart and some other ones, and Geoff also touched on some private label opportunities that are coming up. NaturVet, both the company and the brand, has laid really good groundwork for this. We got the product portfolio expansion innovation. This is something that Laszlo talked about. We are quite unique in our group, how fast we can launch products and how quickly we take advantage of new formats and innovation. We have production sites both in Europe and in the U.S., which help us with this. Of course, we are present in about 70 countries and in all channels, so of course we can continue to take our brands, expanding them into new geographical areas, and of course, with brands into new selected channels. Then there are price opportunities. Of course, production has been impacted by price with raw materials, et cetera, which we have pushed to the external customers. Except for that, our other external customers, we actually have been quite prudent when it comes to price increases in the past. We see an opportunity in the coming years to increase the price as we are having a higher brand awareness and we're becoming a bigger brand. We have also seen this, and actually we have done a couple of, let's say, tests. You can see that with AI and also with Amazon, where we've been increasing the price, which had no impact on the volume. This is also an opportunity for our organic growth. If we move over to the second big target, which is to improve our profitability, we are targeting to move over to 23% operating EBIT or 26% operating EBITDA. This will be done continuously over the period. There is, of course, drivers for this as well. I will say the main one is that we have an organization which can deliver significantly higher growth. Basically, the growth that we've been talking about all afternoon. We can do this without very much increasing the numbers of employees, for example. Our platform, the production, et cetera, has been invested in in the last few years to carry significantly higher growth. With that said, when we work with Amazon, we have, of course, cost linked with that. That part of external cost will continue to grow. When it comes to personnel, and we also have a fixed platform of cost, that will drive and improve our operating leverage. We have cost control. We have been working quite a lot the last few years with the group in order to work on, let's say, common purchasing. With higher volume, there's of course more automation. Geoff also touched on that when it comes to NaturVet, higher automation and also price will, of course, come with that. We got pharma. I already spoke about that a little bit, that pharma is one of the areas where we expect to have higher growth. Pharma is also one of the areas which have higher margin than the rest of the group. That, of course, is also going to bring to higher profitability. Then synergies, efficiencies, and rationales. We have, coming from a phase of lots of acquisition, and now we have in the last few years worked a lot more with integration. Just like Brian spoke about, in the past, we have had several brands working side by side. We are now integrating that into more of one organization. The same thing with purchasing and other admin tasks. We are now much more working in the group with synergies on that. The last two targets is dividend. We have, as you probably know, a very strong cash flow in the group, and we are able to make the necessary investment for growing the company at the same time as we can amortize down our external loans and also pay dividends to our shareholders. Our ambition is, of course, continue to do that with an increasing every year as we have since we started. Last but not least, our net debt to EBITDA. We want this ratio to go below 2.0. In Q1 last year, we were at 2.0. Then we acquired Summit, and we also brought this Amazon account in-house. That brought it up to 2.9, and we are now at 2.8. But this ratio decreases more or less quarter by quarter if we don't do any big acquisitions. That's how we will get to the 2.0. That's our financial targets, and I think Håkan is going to move over to speak about our priorities for the coming year. Thank you so much, Jenny, and all of the other speakers. I'm just going to sum it up here. These last two years, 2024 and 2025, we've had 9% organic growth, and as Jenny said, our target is definitely double digit. We feel that the last two years, we've done lots of preparations and have had some challenges, but we are seeing the end of the tunnel there. We definitely should be looked at and should be expected to be a fast-growing company with high profitability. We've always had that, and even though we're not happy with the 9%, it is about markets, but we will definitely try to have 2026 better and then going forward. We started the year with 11% organic growth, and hopefully, that can continue. We have done lots of, let's say, focusing on the offering like Brian and Geoff explained, and also Laszlo. We are evaluating all of our brands. We are evaluating the organization, how we approach the market, and it's definitely we feel that we have a good setup going forward. Where we see opportunities going forward, where we're not so present as we would like to is, of course, new markets. Asia and South America has been growing percentage-wise good for us the last year, but of course, from a lower base. We are actively looking to enhance that. I'm going to China next week and discussing some more opportunities there. China is a challenging market when it comes to products with lots of different ingredients. It's very tough to get them in there, so we are looking for some partnerships with manufacturing there. The only product we really have in China is ProDen PlaqueOff, and that's really taking off this year again. We had a tremendous growth up until COVID, and then COVID hit, and that just made the markets a bit strange in China, and it has taken some years to come back. Now we're really seeing very solid growth numbers in China. Continue to work with operational efficiencies, definitely, and in production and supply chain. Also looking at where we can optimize. As John described, we have presence in a couple of different places in the U.S., and it might be going forward, we will, let's say, look if we can perhaps have a bit fewer, at least the smaller ones, perhaps integrate them in some of our other sites. We and the market, we see online definitely as the future for pet supplements. It's a very convenient way of ordering the product. The pet owners very much looking for advice and what to do in the market and then the link to be able to order the products, then, of course, you do that. We do focus on online on most of our, let's say, marketing activities. When it comes to M&A, I often get lots of questions about M&A, but as I said, the M&A, we have always wanted to add new features to our group, and that's a bit more challenging with the broad offering that we have. I think that we will continue the path that we've had the last couple of years, a bit slower when it comes to acquisitions. Of course, looking at new geographies is always interesting, but it could also be that we choose to start greenfield in some markets out in Asia from a very small setup. Yeah. These two. Here. Summary. Swedencare, how I see it. Force for growth, profitability, and shareholder value. That's the focus from me and for the rest of the board and organization. We have always tried to keep the entrepreneurial mindset, recipe for success, like the fast track that Laszlo presented, and no other company in the business are having a project like that, and they don't have the capabilities of doing it either. I'm really focused of keeping that mindset, and it's good to show here also the group leaders here have been on board for when we acquired companies that they led. We have had a few transitions due to retirement, but otherwise, people, I'm really happy when we do make M&A, we really scrutinize that the management and the people joining us, they understand how we work, they understand what we can help with, but we really want them to keep the same tempo, just us helping them to grow even further. I think we've created a very fruitful environment. Lots of decisions made down in the group, the different group companies. They know their markets best. I don't peddle with the details when it comes to that. Just as long as we grow in the same way and make some strategic decisions, it's definitely the people out there that know their market best, and they should make the decisions. Full value chain, that's also important for us, not only from a margin perspective, but quality and also from end customer perception, or not end customer, retail customer perception. I've noticed more and more, and I get the feedback from all of our group companies that one highlight for us definitely is that we make our products ourselves. That means that we control quality. That means we control the ingredients. That means if something's wrong, then it's our responsibility. We can also move faster when it comes to supply to our customers. If you're utilizing a third party, then there's always different discussions if something happens, the brand owner or the manufacturer, whose fault was it or whatever. We feel that it's a feature that our customers appreciate a lot and has been more discussions about that the last, I would say, two years. Strong growth in market. Swedencare brands will grow stronger due to brand-led approach and strategic marketing. We're really focused on having cost-efficient marketing, that should lead to growth. Of course, that's always why you do it. We're more focused on, let's say, short-term growth than just keep on having brand-building exercises, because brand-building exercises is always very challenging to really know when you're going to get the payoff. You can't ignore it, but we do focus on direct marketing. It's the big shift like we have been talking about the pet parents. That will only continue in the next 5 to 10 years. The proactive care focus from pet parents definitely will just continue to grow. The premiumization and humanization that we've talked about a lot about that, and I also like to highlight that, like Jenny talked about the pricing opportunity. It is really like we are very proud of all the products that we sell out to the market. It's good ingredients. It's only products that we see that they have a, let's say, clinical evidence or an effect. We do not put out any products on the market that we don't feel are at the premium range. For some of our brands, we do have, let's say, good, better, best. We have brands that are very, let's say, cost efficient, but still very good products. Global opportunities, like I said, Asia, South America, very interesting markets. Brazil, Argentina, Chile, lots of interesting things happening there. Asia has been the talk of the town for many years, but South Korea and Japan, mature markets, but it's the same, let's say, concept there that the supplements are more in demand than before. If the general, let's say, pet markets are growing around 5%, the supplement market is growing faster even in those markets. China, I do expect China too. It has really bounced back, for us, for ProDen PlaqueOff, but the market as a whole, it's been a couple of strange years when the Chinese consumers test the new products. They're not as loyal as European-American customers, but we now see a trend. I spoke to a Chinese partner yesterday. He said there's a shift there as well, that the Chinese pet owners, they see trends that they are becoming more loyal, not only testing new products all the time. Still a very fragmented market. Of course, possibility to acquire growth and capture manufacturing synergies and drive distribution. That's focused from us. We do get lots of offerings and contacts. As I said, we're very picky. There hasn't been that much M&A activities last two years, and that's more from a valuation perspective, that sellers are expecting a lot higher multiples than the market is ready to offer right now. Us included, and many public companies, they are trading at really historically low multiples, looking at this sector. Of course, it is a bit challenging to convince someone to sell out at a lower multiple than that. I think there's a tendency that there will be some more transaction going forward, at least in 2027. Couple of PE groups starting to end their session as an owner. Let's see what happens when it comes to the multiples. Utilize the strong cash flow for growth, M&A, and dividend. As some of you may have noticed, in the last AGM, we got the authorizations to do buyback of shares as well, that is something the board will consider when we feel that the timing is right. With that, I would like to ask my. Yeah. Yep. I thought you might open up for Q&A. Yeah, I will open up for Q&A. Absolutely. I will ask my colleagues to come up here, and also, I would like to introduce our new Chairman, Thomas Eklund, who has been on the board since 2016. It's a career. ask for If I stand here. If you stand here? Yeah. Yes. Sounds good. Perfect. That's good here? Yeah, sure. Mm-hmm. Okay, here's Jonathan from Danske Bank. Hi, everyone. The moderate. Perfect. Hi, everyone. My name is Jonathan, and I'm working as an equity research analyst here at Danske Bank. I think it's really nice that all of you are here. I think I'll start off with a couple of questions, and then please feel free in the crowd, just raise a hand and I'll try to catch all of your questions. Maybe to start off, I think one of your slides showed the really nice growth of ProDen for all these years. I think that sales CAGR has been north of 20%. Could you maybe just try to explain sort of the main reasons for this growth? Has there been any strategic drivers or any key choices that has made this growth possible? Yeah. I would say that sometimes you really can't explain why it's been so tremendously successful. I think, of course, you look at the trends, oral care is high interest for pet owners. When we launched ProDen PlaqueOff, it's kind of a strange product. You sprinkle a powder over the food, and the teeth gets better. It stops plaque formation and it softens tartar. It is complicated product to convince someone to buy. The main reason why we've been successful is that the product works for most pets. Definitely more than 90% have success, and that continues the continual, let's say, buy of the product from the pet owners. Really, the basis for the growth of ProDen PlaqueOff was really that started off, as I said, very strange, a bit complicated product to understand. Being sold out at the dog expos from a small stand, pet owners started using it, started recommending it. It was long before internet. It was really pet owners recommending their friends and family to buy the product. Also that the veterinarians that were very skeptical in the beginning, they saw, "Hey, this product works." We started off, on most markets, we started off really to distribute through the veterinary channel. Then we made the right decisions in some, like I said some brand-building activities, but still at a very low level compared to many competitors. Then, just in some markets, you just get the it factor, and ProDen PlaqueOff has definitely gotten that. Also, we've been successful in widening the product range, because different pet parents like to administer different ways. I think we've been very strategically good there and have had a good plan to enter new type of product every two to three years. Hmm. I think you touched a bit on it, Swedencare is not the typical compounder that just leaves everything decentralized. Could you maybe tell us a bit on how you work? With this, has ProDen in any way benefited from the other companies, some mergers and acquisitions in any way? Absolutely. I often get questions about, "Oh, why did you buy different companies? You could have just kept on growing ProDen PlaqueOff." That wouldn't have happened, because many of the companies that's represented here, group companies, they have actually contributed to a new channel, a new market, and in ways that we would never been able to grow. It's really Pet MD, with our online sales in the U.S., NaturVet organization, with us entering into the big pet retailers like PetSmart and Petco. We would perhaps have come in there eventually, but definitely speeded things up. I think ProDen PlaqueOff is really. It's good that it is the, let's say, original brand, and it's really a testimony of our strategy that the whole group is helping out on ProDen PlaqueOff. Not the whole, but many of our group companies are involved in this. Like Brian having a different brand for the veterinary channel, ProDen Dental Care, it's the same products, but growing now. Right. Anything you would like to add, giving the North American business side? I think Håkan hinted on it. I think also the wide expansion of that product line. Starting with powder, right, and then going to having bones and dental bites and now soft chews, that really helps expand that. Some people don't like a top dressing for the dog food, for example. They like the reward aspect of giving a treat to their pet. Now you're taking care of the pet's health, and you're giving it a treat that makes you feel double good. Okay. Interesting. Maybe John, Vetio operates across pharma, OTC, different product categories. If you just had to choose which of these product categories you see the most potential in, is there any special ones, just looking at growth in the future? Great question. Hard to pick one, because I think they both have great opportunities. Maybe starting with sterile and pharma. The sterile fill, it's quite a growing category. There's a lot of demand. When you look at human sterile fill, a lot of that capacity has been taken with vaccines and the demand for human drugs. The human sterile companies that do animal health, it's more limited. Therefore, a pure animal health player comes in as a very powerful player. We can have some cross-selling opportunities, and that's very exciting. On the other hand, when I look at the expansion we're doing in Florida, we have yet another capability strategically to supply within Swedencare. We've been contemplating this expansion for two or three years, looking at different sites, and we chose Vetio South in Florida. That expansion, with having the captive production, allows us to also revive our liquids facility, which was needing a bit of a facelift, but also now has the benefit of being able to do non-sterile liquids. We're really getting three new dosage forms with these two expansions. Lots going on, of course, lots to manage, but very exciting. I think the headline is that it's always more fun to work with your colleagues, but we have a complete, probably the most complete range of capabilities as a CDMO in animal health. Because we're not only in the pharma side, but we're also on the OTC side. There isn't another company outside of Vetio that does that broad spectrum of capabilities, so we're really excited. Okay. Interesting. Anyone in the crowd? Yes, please. I have a question, if I may. Johan Fred from SEB. Maybe directed to Jenny initially. On your margin targets, is there any way you could maybe quantify the contribution from each of the initiatives that you mentioned to help us bridge the gap to the 26% operating margin target? No. The order of it is not the order of it should be. Operating leverage is definitely one of them. As I said, we have a group that is built on these kind of targets that we're going to reach. I would say operating leverage, absolutely. Plus pharma would also I know. We have not split it up, or we have not communicated this in which order and how much it's going to be. You have a clear vision in mind, and sort of, you know the contribution. We know the contribution of commitment. You have a plan. We have a plan. We have a plan. On sort of the scalability, what percentage of your total OpEx would you say is fixed versus scale? Well, personnel is Well, of course, the production, so that goes into gross margin. If you look at the personnel, that's quite fixed. If you take the external cost, half of it is probably linked to Amazon at the moment, and marketing. I would say maybe around 30% is kind of the fixed category of the external cost. Including personnel? No. Excluding personnel. Personnel is a separate part. Okay. Yeah. The final one before I sort of jump back into [shield war]. In terms of the pricing opportunity, to sort of fully They essentially realize the value of your product. What kind of numbers are you thinking here? I'll pass that on to Laszlo. I would say that normally if you say the market, at least in Europe and U.S., you raise your prices with the inflation and 2%-3%, then I would say that we have an opportunity to at least add another 2%, 3% on our products in general, I would say. On Amazon, it's often that you increase it a bit more, not do it as often. It's kind of round numbers. You raise it $1 or something. Yes. Yeah. Can I have a question to Laszlo? If you look at the online success in Europe versus U.S., that's two completely different stories. What are you doing different in Europe versus U.S. and why are you so successful in one region and not the other? I wouldn't say it's different. The U.S. has made great strides. We have to separate it a little bit. In Europe, we're very much still ProDen PlaqueOff. If we isolate ProDen PlaqueOff in the U.S., we have a success. The European market is, I would say, it's really just making sure that the big shift we did from going from Vendor to Seller and getting the right people on board for that. We're learning from each other. In the U.S., we raised prices and sales increased. It's one of these classic textbook examples of when somebody went on holiday, and the person responsible for store misread and said, "Well, oh, it's two for one. No, let's increase the prices by two." And they sold out of all the necklaces. We see the same thing in Europe and the U.S. It's a premium product. Competition is different in the different markets. The U.K. also has a little bit of underlying demand that's thin there that we were able to capture. The U.K. is a lot more forward than the more south you go. That's going to be exciting for us. We see really positive trends in Spain to replicate the whole U.K. model. The signs are really positive. Very long-winded answer for short, the U.S. capabilities are good. It's a broader portfolio of products, which the mix probably. Now we're going to launch NaturVet by Swedencare, the relaunch on Amazon, and maybe it will be a tremendous success. It will be a success, but will it be the same level as ProDen PlaqueOff? That's our target. That's what we're hoping for. Yeah. I would add also that the competition in the U.S. is- Yeah at least five times a year when it comes to this space, even more. More. It's really a lot more cost in taking market share in the U.S. If I may ask, does that create different unit economics for you when you're growing in Europe compared to the U.S. online? Laszlo, do you see anything? Not really. We're starting from a smaller base. in Europe, so it does have a bigger effect. Yeah. Its percentage growth- Yeah versus margin contribution- Yeah if you look at it as well. Okay. That's fair too. Yeah, please. On expanding production, do you feel like you have the right capacity in place now to take advantage of the Sorry, can you speak up? It's really difficult in here. Yeah. Maybe we can repeat the mic. Yeah. Yeah. Or we can- Let's start with the mic. Let's see. Is it on? Hello? Yeah. Perfect. I think the question was on product capacity and the- Exactly, or specifically related to production. Yeah, production capacity. I can take that. Please. Yeah. Thank you. Yeah, we have plenty of capacity now with the product lines that we produce. With these expansions, we'll have even more, which is, and you remember from the slide, is about 72% external. It allows us to build capacity to have good external supply, also have plenty for ourselves. We'll have the physical space as well to grow into. I put some numbers on the revenue capacity, and that's at the CDMO or CMO level. You can apply that by a factor of four to get to the end-use market revenue. The short answer is yes. We are building in the right capacity across those supplements globally, treats eventually globally, but starting in the U.S., and then liquids already in the U.S. I didn't quite mention in the slide that we're starting to do more work in liquids over in our U.K. business. We'll expand that portfolio as well. On pet retail, when should we start to see the operating leverage or monetization from the opportunities there? Yeah. Maybe I'll try to repeat the question, I guess. Do you want to try again with the mic? You can. Sorry. No, but please go. On pet retail, monetizing on that opportunity, when should we start to see the real inflection point in operating leverage from that? Just to make sure I understand, as you talk through a lot of things we're working, especially in Asia, that was a big part of the portfolio. A lot of things we're working on, when are we start seeing that growth? I would say Q3, Q4, we'll start to see out of that. Also want to piggyback on the question that Jenny answered, and you asked, and answered, is we also have a no scale, but we're creating even more scale with all the operational agencies that we are still going through, and all the efficiencies and waste elimination. Again, everything I talked about was very much about setting the stage for scale. We believe we'll start to come to fruition as we continue with this journey. Yeah, just comment around pet retail Europe. Yeah last represent. We have a very low market share and then products out there in pet retail. That will change this year as well. Okay. Any more questions? Perfect. Adrian, maybe you speak up. It's Adrian Elmlund from Nordea. A couple of questions. This first may be towards you, Thomas, regarding the end point that you have regarding share buybacks. Is this kind of a new, both on the board's perspective, is this something that you're eyeing more towards compared to past M&A or MS and aviation? Those are a bit lower now in the sector as a whole, but on the bright side, they seem to be a bit higher than you want us to be. I think I can add also in the pause, okay. Hello? Yes. In the pause, I also had the question if this buyback suggestion is instead of dividends. I can take that one at once. The only way of thinking about it is that, and this is not a forecast, I am just talking about the history. We have had very stable dividends. We have increased them every single year except one, when we did a major acquisition. That is still the fundamental, and you have heard Håkan's plans that we are aiming at the double-digit growth and increased margins. It should be room to continue that development of dividends. Buyback is like an extra thing to have in the toolbox. At the moment, we feel we are little bit limited. First of all, there is like this negotiation where you are supposed to be on the main list, and there is a proposal to actually include companies on the First North to be allowed to do buyback. We have to weigh that, and we also would like to see a decrease, maybe not at 2.0x EBITDA, but at least where the net debt is at least aiming in that direction. Then at very specific point of time, we just have to do what we think will bring the highest value to the shareholders. If we find acquisitions that are strategically right and at the right price, I think we would prefer that. If they are too high or we cannot find them, and we have excess capital, then we will use the share buybacks instead. That is how we will look at it. You basically just increased your flexibility. We have increased our flexibility with one extra tool in the toolbox. You're not planning to change the main listing to the Nasdaq? Maybe Jenny should answer that question. It's something that we've been talking about a few years. It's more about when the timing is right. It's been quite a lot of focus on acquisitions, as you know, in the past. Again, it's something that we are discussing. We have decided that we have a plan to do it. It's just a matter of time when we will do it. Of course, there's a priority list that's always been below some other things in priority. May I have another question to you, Laszlo? I think you said, what? That Europe lags the U.S. by a few years. Yes. Learning from that, I guess, what should you do? What shouldn't you have done in the U.S.? What did you learn from the U.S.? Like, how do you sort of, what do you call it, to handle the market sort of? Can I ask my question? Yeah. No, I think that what we're doing right now is really leveraging online. That has been a theme previously. How aggressive do we want to be in the direct-to-consumer sales? Because will it hurt our other relationships? Seeing in the U.S., especially the last couple of years, how we have built a really good and strong direct-to-consumer channel, we're doing the same thing in Europe. The good thing in Europe is, I'm sad to say it, we don't have the same breadth of legacy, so we can do it even at an accelerated rate without risking of hurting our legacy customers or legacy segments. Are you talking about some cannibalization? That was one of the things that was kind of being considered, is how aggressive can we be, because will it cannibalize? We haven't seen that. As you saw on the graphs for the U.K. and Spain, the CAGR figure for everything else at online in the U.K. was 5%-6%, I think, the last five year CAGR, and online was 30.5%. It's difficult. There is no cannibalization. The market is big enough that we need to really utilize all the channels and be as aggressive as we can. That's the learning we have. Yes, sir. I can just add something, and then we will- Please do. Just what we have learned, for example, I mean, a couple of years ago, three or four years ago, it was very much talk in the U.S. about CBD products. Everyone was supposed to have CBD products, and that was a new way of calming pets down, and there were lots of brands going after that. That's something we learned that didn't really happen in the U.S., and we won't focus on that in Europe, because there were lots of talk about that in Europe as well, and must look into a regulatory framework. Can we introduce these products? That was basically a flop in the U.S. after a couple of years. We learned that Yeah, it's not always a one-for-one also. For example, in the U.S., especially in the Southeast, it's a very warm, humid environment, so you sell a lot of dermatology products. Even during our winter, when it drops to 70 degrees in Florida, you have everybody out walking their dog, right? They're getting into things. The dogs are outside. They're getting fungal infections. They're getting bacterial infections. You don't see that in the U.K. By changing trade information, what we realized quickly is that we're not going to sell the same amount of medicated ear wipes, for example, in the U.K. that we would in the United States because the climates are just different. Of course, ProDen Dental Care and things, those are going to be universal, right? Healthcare. Certain products that are very specifically targeted towards a condition are not going to sell equally in one continent or one area versus the other. You'll get one more answer. From the production segment, it's a really interesting opportunity for us. In Europe, you have a fragmented base of CMOs. Whether it's a shampoo or whether it's supplements, these tend to be made by companies that do human products. You have historically tablets, capsules, various powders, things like that, or shampoos that are made by a cosmetics company. You don't have a lot of pure play animal health CMOs. Here we have Vetio in the U.K. and Ireland. We have a very strong pipeline for our soft chews using the technology that I explained as patented earlier. We have external customers that compete with Swedencare that are coming to us because they can't go anywhere else. We're looking at how do we take our head start in Europe and really stay out in front because some of the people that are doing supplements come from pet food. They bring a different perspective, we have a really great pipeline and a really great opportunity. We're trying to understand how do we seize that and really get out and stay out in front. Sorry, one last thing I want to say because this is an exciting area. I mentioned the soft chew. We talked about, I think all of us have talked about the emergence of soft chews as the most popular dosage form. Talked about SummitVet introducing those as drug product specials. They're the first to market there. That's another way that I think through Swedencare, through all of its subsidiaries, you're going to see soft chews across the brands, across the units, and really trying to establish a leadership position there through what NaturVet does, through what Vetio does, and then all the marketing companies. Interesting. Maybe a question for you, Thomas, or is there a rep from Symrise here? Can you talk about the relationship, how it has developed and, I guess, what if until? I can start. Symrise has been an owner, and that now is the larger owner for quite some time. They have been very supportive and active, helping us develop. We have a very good relationship in retrospect. When it comes to cooperation, we don't have a lot of cooperation, we basically see them as a active, very dedicated, and helpful large owner. I think we should add to that, when we did the last acquisitions of NaturVet and Vetio, they were the largest investor in both these rounds. They actually helped us to do these quite large acquisitions on top of that. Do anyone from Symrise want to add anything or? Eivind, do you want to add anything to this question? I think you mentioned everything. Very good cooperation for us. This segment is very important. The uncertainty to the nutrition and the health are very difficult to define. We really believe on the pet health, and this is why we invest in each other's need. Sure. Laszlo, I guess you're the youngest one here. You're the AI man. I think everyone is saying that AI is fundamentally changing their business in some ways, and it sounds like it's changing how customers find products. Does this create pressure on you to maybe diversify your ways of finding customers? Could it be social media? Could you maybe shed some more light on that a bit? Yes. I'm very passionate about it. Actually, we are well-positioned. What AI is doing is what Google started and AI will perfect it's making sure that the right information reaches the right customer. The thing with Google and SEO and similar, you could game it. Social media, you can game. You can create content that positions yourself in a better light than maybe what you are. AI keeps you to the truth. What AI, and especially with generative AI, but also answer engine AI will do is it will connect the right person with the right information. That means that if you make products that contribute to pets' health, you need to make damn sure that it's high-quality product, it's safe, and it has efficacy. You can't game. You will not be able to game AI with that. That's the whole deal with AI. Looking at Swedencare, what we talked about today, we own the full supply chain. We work at premium, high-quality products. Different segments for different, if you would say, affordability or what you want to call it. In the end. We want to be having the best product at each price point for each category and each format. Then, of course, you have to be able to communicate that in a right way. Right now, it's everything with FAQs and schematics and whatnot to make sure that the AI indexes you and reads the right information. AI will evolve. Looking two, three years from now, the core thing we need to do is make sure that we continue focusing on making the best products, and that will make us better positioned than copycats or me-too products or brands that do not have the same level of control throughout the supply chain as we have. Thomas, you're the new Chairman of the Board. Yeah. Could you tell us a bit on your initial takes joining the board here? I think you've met some of the management team. Could you tell us a bit more? I have to correct the question. I'm not the new Chairman of the Board, I have been on the board since before the IPO, so more than 10 years. Of course. I'm not new to this, but what really stood out and attracted me from the beginning, and it hasn't changed over these 10 years, is that I think that we are working in a very attractive market. It's both a high-growth market and very fragmented market. On top of that, we have our model of working where we are keeping companies a little bit independent, pushing down decisions as close as we can to the customers, and keeping entrepreneur persons. These two things in combination makes us riding on the 7%-10% growth, taking some market share every year from competition. On top of that, we can do acquisition because the market is very fragmented. For me, that is a very good combination of things there. Fully satisfied with how the Walmart launch went. In your opinion, what went wrong and what could have been done differently? I think- Oh, thank you. I'm sorry. Yeah. Thank you. Oh. That answers your question. I think there's skin in the game on two sides. I think Walmart, when they did the reset in Q3, added a ton of brands at one time, ours included. They didn't really do a ton of EDB around that. They made a very confusing category even more confusing, and they kind of did what a lot of the best specialty retailer you're dealing with. They just kind of throw things at the wall, right? Every conversation we've had with Walmart is they're very pleased with the relationship with us, and they're very committed, and they understand the trajectory of what's happened. They understand the challenges that they have on their end to solve, which is simplifying the messaging to the consumer in a very confusing category. That goes back to what I talked about when I got into being that category leader is in the conversations we're having with them, they're embracing it. Their brands are a lot bigger than us. They're at Walmart and the other retailers, they don't seem to be as interested in partnering with them, and they've chosen not to be as versed in the market data, the A to Z of the details of the category. The skin in the game that we have would be around, a lot of it would be how we marketed it. I would also say how we level set in expectations as well, because I was convinced that we'd get it up to 70 to 30 stores. I think 19 SKUs total, 12 of them were in 70 new stores. My belief, and my team's belief, was that's going to be a spigot that's going to turn out very quickly. It didn't. We didn't necessarily do a ton of marketing at the launch to drive that deeper level beyond awareness, and that's something we're focusing more on right now because. I'd say I think a big part of it, the other part of it is we launched a lot of SKUs. I'm excited about 19 SKUs, 12 of them that's in 30 stores. That's a lot of SKUs, and that's a lot of stories that are being told to the consumer. We're currently in discussions with them to potentially focus the assortment. Then obviously our messaging would coincide with that as well, and that's where I talked about the hero SKU focus is something that helps convince the consumer. Rob? Hope I did. That was a good one. I think it was really great. Okay, perfect. Time is running out. I think we sadly do not have more time for questions now. We're, of course, we have one more hour after this. Håkan, maybe you want to say some closing remarks, please. Yep. Thank you so much for this event. I hope you have gained a lot more knowledge about Swedencare and are as excited as I am of the future of Swedencare. We have one more. Yeah. For those who are interested, we have goodie bags down there with some of our products and some information sheets, so please take them when going out. We also have a gathering below. What floor? First floor. Third? Down at the entrance. First. Down at the entrance. Yeah. Where we have some drinks, and we can continue discussions down there. Thank you. Thank you. Thank you.