Welcome to SECTRA's year-end report presentation with Torbjörn Kronander, CEO, and Jessica Holmquist, CFO. My name is Helena Pettersson, Investor Relations Officer, and I will be the moderator of the Q&A session that we will hold after management presentations. With that, I hand over to you, Torbjörn. Thank you very much. We just had our working years, so we had our end-of-year session proceed. We'll start with the interim highlights from the quarter, and Jessica will talk about financial development for the full year and the last quarter. Now we'll briefly talk a little about the way forward, and then we have the Q&A session. You can do that via both the chat function, but you can also send emails during the presentation. Our business operations at SECTRA, repeating for those who are not familiar with us, is Imaging IT, the largest portion, which is now in a huge transition into a software-as-a-service business. We have secure communications, which is our by far highest growth right now, doing very high-end encryption devices and phones. We have business innovation, which is a greenhouse of future projects or things that we want to keep out of the ordinary business lines because they're too long-term or strategic values. A little about the highlights from the quarter. We won again. We were very proud of the happiest customers in the U.S., large hospitals, which is our prime. We also won best in KLAS. KLAS is an organization in the U.S. that actually does surveys of customers of medical IT systems primarily. They ask, "Are you happy with your vendor?" They have a lot of detailed questions. Best in class means you have the highest customer satisfaction in the area surveyed. It was begun only being done in the U.S., but now it's done in more regions in the world. This year, we won a record number of eight of those from different portions of the world. We also won Digital Pathology, they only award one because there are too few installations in the U.S. so far. That is only for Europe. The most important for us is large hospitals in the U.S. We also won small hospitals in the U.S., Canada, Middle East, Northern Europe, Southern Europe, Digital Pathology, as I said. We have a high customer satisfaction. That is a very key part of our growth. We are not a multi-billion dollar U.S. company who can afford fighting with the big dragons in marketing money, but we can fight with customer satisfaction. That is how we gain our market shares and have happy customers and then growth. We are in a very prominent transition to as-a-service model. We sold licenses upfront for software, still doing in some parts of the world, but in our largest markets, the U.S. and Canada and increasingly the U.K., we only sell now as-a-service model. The big difference is then initially you got a large license sale upfront. Now that is flipped over and we sell over time. Long term, it's better for both us and the customers. Short term, there's a strong impact from this change of revenue recognition model. We have a record order intake for the quarter. We'll come back to the figures later. We also have an extensive patent portfolio at SECTRA, both in communications and medical, and that resulted in a one-time income for this year. The transformation to as-a-service model is mainly done as a cloud sale. We sell over the cloud. It's not the same thing, though. We do not sell cloud solutions. That means you have a provider selling over the internet to many providers. We do not sell that as a license model. We can sell a transformation as a service or a service sale to on-prem, which we do sometimes. The cloud recurring revenue is the future, and that is the thing we sell over the cloud and being recurring revenue. That increased by 49%. Now the overall number at SEK 591 million is so large that this percentage growth really is noticeable. Before, we had very high growth, but coming from a low number, it did not impact the overall figures very much. Now it is beginning to be seen. Recurring revenue as a whole includes cloud recurring revenue, but it also includes things that we sell on-prem, where people pay as a service, or old service revenue, so service support contracts with customers. That has also increased, of course, a very large portion of that increased with the cloud recurring revenue, which is part of it. If you sell as a service, you do not want to lose these customers. You want them to stay. We have a very low churn. That is the percentage that leaves us between different years, and it is 0.6% right now. It has been very below 1% for several years back. Happy customers drives growth. Contract order bookings went up. With happy customers, a lot of other customers want to buy from you. Our contract order bookings, which are the guaranteed ones, or contracted levels, is up 40% to a very large order intake of SEK 8.7 billion over 12 months. Net sales increased by 9%. The difference there, of course, is attributed to the fact that we sell as a service. Recognizing all the contracted order bookings will take time because it is spread out over several years. The profit per share, which is our main financial goal, increased by 32% to SEK 2.9 per share. Positive non-recurring effects from patent settlement. We had a patent settlement in Q3, which meant that we actually got a one-time income of SEK 110 million. We tried to isolate that in the financial reporting so we should not measure operational efficiency by a one-time impact. These are our financial targets for the group. Stability, equity assets, it's a very important figure for us. We are considered one of the most important IT systems of hospitals today. Customers do not want to buy that from an unstable provider. They want long-term, they want stability and trust. Our financial stability is important. The target is to be above 30%. We are at 51% right now, and we have been above around 50% of the overseeable history. Profitability is our second most important target. That is a hygiene factor. Our target is 15%. You see there are two curves there, one with a patent comparison and one just being the normal operations, which we think is more important. Patents are great, but it's still a one-time income. We have growth of profits, which actually is our main goal, but it's priority three. The first one, the hygiene goals. The third one is the barrier the higher we get. That is EBIT per share over a five-year period. That should be above 50%. We are clearly above 107%. Including the patents, we are almost at 150%. In Secure Communications, which is, as I said, our fastest growing area right now, we also see an increasing amount of sales as a service, though that is a very small part of what we do in communications. Most of these are payment at delivery. There are some. We had a contract renewal for one of them where we sell security as a service. We see a high demand for Secure Communication products, both because of the tensions in the world and because we are now, we have invested over several years. We have very good products that are very interesting in modern telecommunications environments. We had the patent that, of course, gave a very positive one-time earnings boost from that settlement. In Business Innovation, our greenhouse, we have Orthopedics IT, which is one of them. Profitable growth, and it is just ticking along. A very large portion of our customers in Imaging IT, which is bias, radiology, and diagnostic tools, they also want special tools for orthopedics. That area is one of the areas where almost there is no license sales anymore. It is 100% recurring revenue in that area right now, or very close to 100%. Medical Education, that is kind of a spinoff of our diagnostic tools. The medical field moved very, very fast. You both need continued learning of medical professionals, but also we need to speed up the training of new nurses and new doctors. We have very good tools where we can save and present medical images in such environments. That is our most widespread sales. We have it almost all over the world, and also in areas where we do not sell the diagnostic imaging parts. Genomics IT is a new area. It has a very large interest. We still only have one customer. It has been live for one year, but we are in the CASM phase. We are now, during the next year, hoping to get a few more of these products, but it will take time before it begins growing really fast. Research, then we have different research activities both together with customers. We like to do common research products with our big customers, very often university hospitals, but we also do things for decision-making and AI going forward. AI will influence the medical area a lot going forward. In Digital Pathology, an example of a thing that we started in Business Innovation, we also celebrated just now at 10 years with Digital Pathology. Medical is not the fastest of areas. You want it to be a little careful and conservative as a patient. We are now a leading provider. We estimate we are the biggest Digital Pathology provider in the world, but it has taken 10 years. It started out as a Business Innovation product, as I said, now a key part of our diagnostic Imaging IT strategy. We are more and more going towards having one system solving all imaging needs for hospital instead of hospitals needing to buy a lot of small systems, which they do not like. They want to have as few IT systems as possible. It's also included in the cloud offers in Sectra One, which is our kind of a common framework for selling cloud solutions as a service. You have both radiology, you have pathology, you have all the other ologies in one single contract. Sweden is today world-leading in penetration. Almost all pathology departments in Sweden have begun using Digital Pathology. Not for everything. They still have microscopes, but they use it predominantly for histopathology, so mainly associated with cancer diagnosis. We have a dominant market share in Sweden. Around four million cases have been diagnosed with our solution. It's a growth market as most labs are still not digital. In the U.S., who's lagging behind Europe a little bit in this, the penetration right now is not large. By far, not even 50% of the market is sold. Imaging IT solutions in general, we have the ongoing transformation to software as a service, as I spoke about, heavily influencing both revenue and profits in that area. Right now, we're still in the transition, and we will be in the transition for at least one more year, one to two. Cloud recurring revenue in that area, of course, increasing rapidly, 51% up. We have been winning increasingly larger contracts. With the trust we have of being the highest customer satisfaction, that we succeed in getting some very large customers to buy from us. We are now trusted, one of the very few trusted companies who can provide very large infrastructure. One such order that we are working with right now is all of the Quebec area in Canada, which is all hospitals in the entire province of Quebec. There are more of those contracts. Many of those contracts, by the way, we're not able to publish who the buyer is. Especially U.S. hospitals are very reluctant to allow us to present the names. So we can only sometimes make anonymous press releases. And I'll leave the word to Jessica. Thank you. Good morning and welcome to our call. We have the pleasure of delivering a report that shows solid financial development for the fiscal year that we just ended. During this part of the presentation, I will take you through the key financial metrics. We start with the order intake. Fiscal year contracted order intake is at an all-time high for SECTRA, surpassing SEK 8.7 billion, giving us a book-to-bill ratio of 2.7. The Quebec contract, of course, contributes largely to this number. We also had a very strong finish to the fiscal year with fourth quarter order intake of SEK 2.9 billion. Behind the SEK 2.9 billion, there is successful contracting in North America, but also in several other markets, confirming demand for our products and services. Net sales for the fiscal year ended at SEK 3.2 billion, equal to a growth rate of 9.3%. Growth is driven by the SaaS transition and increased services, recurring revenue up 20%, cloud recurring revenue up 49%, as you heard from Torbjörn's presentation before. At the same time, we see a decline in our non-recurring revenue year on year. This is all in line with our expectations transitioning to a SaaS business. Currency development impacted sales negatively in the period, especially in the fourth quarter with the U.S. dollar, the euro, and the British pound weakening against the Swedish krona. Given the currency trends, we foresee a major impact on sales in the coming year, provided that more than 70% of our sales are generated in foreign currencies. The fourth quarter sales increased by 1.8%, growth dampened by currency development and less non-recurring revenue. Plus, we also have a very strong comparable quarter from last year. Excuse me. Moving on to, sorry, I have to take some water. Moving on to sales by operating area. We increased sales in all our operating areas. In Imaging IT, where growth sits with the recurring revenue, the major driver is increased usage and new sites going live. We note that we have a share of recurring revenue of 70% in the past fiscal year. In Secure Communications, sales increased by 11%, and it is driven by the need for further investments in high assurance and encryption solutions and also cybersecurity. Here we see larger quarterly variation in sales due to the nature of the business where we have a lower share of recurring revenue. Growth by geographic market. We report growth in all our geographic markets, the highest growth in the U.S. in absolute terms. In the rest of Europe and the rest of the world, the growth is represented by sales in countries such as Germany, Norway, and Canada. Our operating profit, excluding the non-recurring patent settlement, rose by 18% year on year to SEK 613 million, of which SEK 199 million pertained to the fourth quarter. We see profit growth in both our major operating areas, whereas we have a decline in our Business Innovation segment. That is explained by less hardware sale in our Medical Education business. Our operating profit margin is improved. It is strengthened to 18.9% as a result of improved gross margin as well as restrictive increase in operating expenses. As currency is one of our major financial risks, we point out again that the stronger Swedish krona is expected to impact our financials in the coming year, 2025-2026. Imaging IT increased operating profit by 14% and reported a margin just above 20%. There is strong development here in the operating profit despite the cost for transitioning to SaaS, as well as cost for deployment of the large contracts that we have secured in recent years and that are not yet in full production generating the full volume of revenue. In Secure Communications, we increased our operating profit by 7%, excluding the patent settlement, and reported a margin of 15.8%. We have seen strong development Q1 to Q3, but we did not achieve the historically high levels of the comparable quarter in Q4. This is due to the fact that we are facing some delays in product deliveries. The cash flow from our operations is strong. We generated SEK 922 million in the fiscal year, SEK 222 million in the last quarter. The main drivers behind the cash flow are profit growth, reduction in tied-up capital in current receivables, and also the impact from the patent settlement. Considering the cash flow and our overall financial position at SECTRA, the Board and our CEO propose an ordinary dividend of SEK 1.1 per share and an extraordinary dividend of SEK 1 per share for the annual general meeting to resolve. With that, I'm handing over to you. All right. Thank you. The reason we are not increasing the ordinary dividend this year but proposing extraordinary dividend is that we are not entirely through in the transition to software as a service, and we do not want to raise the ordinary dividend before we are through with it. Our way forward, I would like to, we have used this slide before. This was an interview with Wayne Gretzky, the best hockey player in the world for many, many years. He was not particularly good in anything, but he was very good at the overall hockey game. When he was interviewed how he could be so good, he said, "I do not skate where the puck is. I skate where the puck is going to be." That is very important for us to be able to look into the future, what's happening in medicine and digital communications. We've been good at that. We saw that pathology and radiology need to be in the same backend. We're still one of the very few companies who has radiology and pathology in the same IT system, in the same solution. We saw cloud coming very early. We saw also the need for mobile communications, high-level security communication mobility. This is a real strength of ours. We have not always been right, but we have very often been right. If you see how things are going to move, you need to adapt to them. This is a quote from Charles Darwin. He did not actually say the strongest of the species thrives and proliferates. He said it's the most adaptable. So the species that can adapt to change will adapt, and they will thrive and proliferate going forward. In medical IT, the main change right now is that the demographics of the Western world are [alarming]. People live longer and longer and thus get sicker and sicker. We are keeping sick people alive for a much longer time, especially in cancer than before, but they still need healthcare. In the same times, we have poor fertility in the society. We have fewer and fewer kids being born. That makes a very difficult equation. We cannot have everyone working in healthcare. So healthcare needs to be profoundly more efficient. There is a discussion in all countries. All countries think it's local. Everyone's blaming their politicians because healthcare is not available as it used to be, and the queues are increasing. In fact, the main reason is that we have very many old people, and we have fewer young people who can work in healthcare. Not everyone can work in healthcare. This creates, of course, a need to handle the age-related diseases. They are neurodegenerative disease, cardiovascular disease, oncology disease, cancer disease, musculoskeletal disease, and vision. That is where we are supposed to be, or we intend to be very, very good because that is where the demand for the future will be. We also are good, of course, in pediatric imaging as well. The societal problems that have to be solved, there's no way out of it, are these five areas. The ones you see green, we try to do almost everything ourselves. In the blue, we work a little with other applications to solve the problems of the customer. And it's image-related diagnostics, I would say. So genomics, as we define genomics, is a part of molecular pathology, which is actually helping pathologists to diagnose by also doing sequencing of, for instance, cancer disease. What we hear from customers all over the world, typically, we lack medical staff. Our workload is increasing. That's a demographic problem, and that people live longer and longer. It's scary, close to burnout in many countries, mainly, I would say, in the U.S. In the U.S., the burnout risk of physicians is alarmingly high. Of course, if the existing doctor burns out, the remaining ones will have even more to do. This is a real issue now all over the world. We cannot just increase the number of hours people work. They want to see the families as well, or need to see the families as well. Efficiency is super important. Work efficiency, especially that you do not waste your time on unnecessary documents, unnecessary waiting times, so that you can be effective when you work as a medical physician or medical staff in general. Another thing we hear very often is we have too many IT systems. We have one customer on the West Coast of the U.S., Stanford University, whose CIO told me in a meeting that they have more than 1,000 IT systems, and that's not a super large hospital. 1,000 IT systems is very expensive to handle. It is also high cybersecurity risk. There are two reasons. Very high cost based on maintenance. You need to have people who know all these IT systems. As I said, also cybersecurity risks increase. Having fewer IT systems doing the same thing that many did before is thus very much important. That's exactly what we do in imaging. We have this overall structure, a Sectra One contract, which solves all the imaging need of the hospital, which is a strong argument for us now. Multimodality imaging is becoming important. Lately, we also integrated diagnostics, which means you use many sources for information before you take a decision what disease it is you're handling. Especially in personalized medicine, which is growing very fast, which means different people get different treatment depending on what you see for the same disease, or depends very much on effective integrated diagnostics. Future AI, which would be increasing rapidly in healthcare, will use data from different areas, both EMR, lab, radiology, pathology, genomics. You want ideally most of these data to be in as few systems as possible so you easily can access it for AI and the physicians taking decisions. In cybersecurity, we do live in a new digital reality. Everything's computerized. Everything is digitized. Very, very dangerous society. We know that both national states and crooks and criminals are addressing this to try to get both political but also monetary advantages from it, more or less steal money. We are very well positioned in the very highest range of cybersecurity. We're not doing things in the kind of general antivirus things you can buy over the net. We are providing things of a national strength. That is not as large a market, but it's a very nice market to be in, very high barriers of entry in that market. We are growing rapidly over the last years. We also have extensive research in this area and a lot of patents. Key takeaway from this presentation, quarterly variations, etc., are very large. Again, and I've said it before, I'll say it again, if you want to evaluate, etc., look at 12-month rolling average. Quarterly, we go up and go down, even though that will decrease because of more and more service as a revenue, and people get sick also in summers. We will see the variation by quarter being very large even going forward. Also, as Jessica pointed out, we have a large currency exposure now. The Swedish krona, we had had a tailwind for many years by Swedish krona being weak. We do see for the next year that the Swedish krona will be much stronger, and that will affect our profitability going forward. The highest priority for the next year for all of SECTRA is to get the new customers. We have a fantastic order backlog now, but we do not get paid before they begin to use the system. That is a difference when we sold by license. We got all the money upfront. Now it takes time. Like Quebec, it is hundreds of dollars. It takes time to do the implementation. To get the speed up so we can begin to get paid and the customer actually can use the system as early as possible is definitely a mutual interest between us and customers. It is crucial because then they will begin to pay, and then our current revenue will take benefits from the large order intake we had over the last years. I will end up with, sorry, the order of the animations was wrong here. If you start with a rational strategy in the growing market, and we are in two major markets, medicine, which has to address the demographic challenges and the problem that people live longer and longer, it will not work in the current framework. Change will be needed, and change will be paid for because of an absolute need. Cybersecurity, we have built a very dangerous society. These issues need to be addressed. As we are now, with increasing tensions building, of course, a normal weapon industry, but the digital attacks are very important, and we can help in securing from digital attacks as well. Both of these markets will grow, and they will grow because of external pressures. Even if it's a low-title society, these two areas will have to grow. We're well positioned. If you're choosing these markets, if you have happy customers, and in order to have happy customers, you need to have happy employees. We spent quite a lot on that because there's no way you can have happy customers unless you have happy employees. It's felt by the customer. They're too expensive when you're worth it. We are not selling on price, etc. I have a reasonable, thick forehead and perseverance and are willing to wait for things because both of these markets, the barriers of entry are very high, but it's also slow markets. New things will take time, as pathology has shown. Now, pathology is substantial in income, but it took 10 years to get there. If we fulfill all of the above, shareholders will be happy. It comes in that order. We are not putting shareholders on the top. We think that shareholders will be very happy, but it needs to, the other conditions need to be fulfilled before we can do that long term. The next financial events, September 4, we have our three-month first quarter report of the now begun new fiscal year. September 9, we have our annual general meeting. It will be physical in Linköping. It will not be broadcasted. In December 12, we have our six-month report. Of course, the normal reporting structure of our quarter will continue in 2026. Your feedback is important. We do not do these meetings or these presentations for the sake of ourselves. We do them for you. If you think we can improve, or if we can be more efficient, or if we lack information, we cannot fix it unless we know about it. Send an email with your suggestions. We can modify and learn and become even better. With that, I thank you for the meeting and your time. Then we go over to the questions part. Thank you, Torbjörn and Jessica. Maybe if you have time to move into the image, I will start with a few questions that I've got via email from analyst Nikola Kalinowski at ABG. And the first question is, you signed contracts with a cancer center and a multisite U.S. health system, and these contracts seem to include additional meaningful module sales. I have two questions on this. The first is, do new clients increasingly order other modules than radiology on the first contract signing? Yes. It's a big strength of ours. If you go back five years, a lot of customers order like radiology only, pathology only. Now the IT departments are more and more involved, and they want fewer systems, as I said before. They want as few as possible to solve the problems the clinic needs. We have several orders of multi-ology, as we call that, typically begin with one. They begin with radiology, roll out radiology, pathology first, but then they fill up. That is a huge money saver for the hospitals. We are very unique there. We have a very strong market share of those deals. The second question related to that, does the implementation and onboarding process for new clients change when they order multiple modules immediately? There are people who roll them out one by one because otherwise, keep it simple is always a good rule. You take one out, but you prepare for the next one, and you roll that out later. Another question from Nikola is, the growth in secure communication has been impressive in the last couple of years. Do you see any capacity constraints from your end? Mainly people. We need engineers in order to deliver and develop new things. We are hiring people, but we also have very high demands. We hire typically one out of 200-300 asking for a job with us. We like people to be very smart, and that can provide future benefits for customers as well. The main constraint is actually finding the good people we want. A follow-up on this is, you have decided to retrofit around 4,500 sq m of workspace according to a news article. Will this change your capacity and ability to deliver on Secure Communication projects when the retrofit is finished? People need space. Especially in Communications, we cannot work from home. The security level is too high. They need to be in the office five days a week, seven or eight hours a day. Of course, you need space. A condition for being able to increase the number of staff is that we have room for them. That is what we do. Thank you. I will move over to questions in the chat function. The first one is from Jakob Lemke at SEB. Can you comment on what drove the strong increase in imaging IT recurring revenues quarter on quarter? For example, implementation of any particular customer contract or any regions? I cannot comment on any particular customers, but what I can say is that increased usage and new sites, so it is both volume on existing customers and adding new customers that drive the recurring revenue growth. I will continue with two questions more from Jakob Lemke. We now have two straight quarters with strong recurring revenue development. Is this a factor of that you have increased efficient when implementing? Should it be viewed as a new normal? I'll take it. We are learning, of course, and deploying, as I said before, a high priority now is to increase the speed of going from one of those large orders to getting paid for it. That means people need to use it. We spend a lot of effort, especially in Imaging IT, to be able to deploy faster and be very effective in deploying the system. We are increasing the speed of this. I can also comment that we have, I mean, we still have the seasonal pattern going forward that we've had. It's maybe becoming less of the seasonal variations, and there will become less over time, but we still have them. There is less activity in the summer months than the rest of the year. The next question is around order intake. Could you highlight any significant orders that contributed to the strong figure in the quarter? Mainly from North America and large hospital chains and systems that we very often, unfortunately, we're not allowed to disclose who they are. We can only disclose the order values. Thank you. I will go back to questions I received via email. These are from Kristofer Liljeberg at DNB Carnegie. The first one is, how much of U.S. orders this quarter was included in the picture showed at the Capital Markets Day? About 90 million annual contracted imaging exams per year. I do not have the answer to that right away. Sorry. That is fine. We can get back to you on that afterwards. What is the annual numbers of exams for orders signed in Q4? I do not know, to be frank. If you sum the press releases up, it will be disclosed there. But I do not have that out of the top of my head. A third question is, I noticed external costs increased again sequentially in Q4 after having been flat recent quarters. Will you have to increase that further next 12 months to onboard new customers, or do you have the resources needed now in the U.S.? Given the, I mean, the order backlog, we will continue hiring. We always see an increase in the last quarter. We also have, on the personnel cost side, we carry costs for the incentive programs that we run. With the share price going up, the cost is also increasing for those. That can have a substantial impact on the quarterly numbers. I can also add that this is an issue we'd like to address by noting that separately, that if the stock value goes up, of course, incentive programs has to be, it's a cost involved with that first on the salary line. We need in the future to disclose that separately. Still part of EBIT and still part of cost, but we wanted to be very clear about what cost is associated with actually the stock changing because that's not operational. Yes. Next question from Kristofer is, possible to highlight which contract is driving the sequential increase of cloud recurring revenues with medical IT? Many. And many quite large. As again, things we are not allowed to disclose the name of the customer. I have another question from Kristofer. Why is other items positive this quarter? Was there no negative impact from FX revaluation of balance sheet items? Other items? Which line? line? I'm not sure which line you're referring to. I can, other items. I would need to take a look at the report before I can comment on that. Before you do that, we can take another question from Jakob Lemke. On personal hiring, should we continue to expect around 10% personal growth per year, or will it go down as you increasingly become a bigger company? I would not say you should expect us to hire at a certain%. It goes up and down. With the large orders we have now, especially the very complex ones, we need to hire people, but we need to hire people ways before they actually begin to pay. So it's a cost part before we do line. It will vary. Long term, of course, that% needs to go down. Otherwise, we're not using our strength as large. Efficiency has to go up with the bigger size we will get. Again, when we begin getting the recurring revenue from the very large order that we haven't orders that we haven't seen yet, that will, of course, look much better because that drives revenue. It does not drive cost. The cost has already taken. Yes. Thank you. Could you please repeat, Kristofer? Yes. I I will repeat. I will just change mine. Why is other items positive this quarter? Was there no negative impact from FX revaluation of balance sheet items? There is no other items line. Maybe if you're referring to other operating income, that's because we are forwarding cost to the landlord for the office that we are rebuilding. That impacts the other operating income line. If that is what the question refers to, I am not sure. Kristofer, you're perfectly all right calling us and explaining the question a little further. Yeah. I'll just check my email, but I can't see any more questions in the chat function. I can just comment one more thing then. When it comes to the exchange rate loss, yes, of course, we have that relating to revaluation of balance sheet items, but that will hit the financial items line in the P&L. Thank you, Jessica. With that, we have no further questions. All right. We thank you for your attendance and look forward to seeing you in September. I wish you all a good summer. Thank you. Thank you.