Hi, all. Thank you for joining VNV Global's first quarter 2024 report conference call. On the call today, we have Per Brilioth, CEO; Dennis and Mohammed, who's part of our investment team; and myself, Björn von Sivers, CFO, at the company. As per usual, Per will start with a summary of the quarter and some highlights from his management letter. And after this, we will open up for Q&A. As a reminder, if you want to ask a question, use the Q&A function here on Zoom, and we will try to address your questions towards them. With that short introduction, I'll hand it over to you, Per. Thank you, Björn, and thanks everyone for joining. So, Björn—no, who is it? Dennis, you're doing the slides here. Yeah, so, I—you know, as you've seen the report, it's a slight uptick. We've left the sort of 666 number to a 667 number. It's a slight, slight uptick. We're rounding upwards, but it's an uptick, especially in Swedish crowns, SEK 54 and a bit, which is up from the end of December, which we're very happy about. But, I'll just try to summarize the big things that are going on. And, I think that's—we can do that at the next slide. And, the big... I think, so the big thing during this quarter, the big thing for us in general right now is to sell assets, so that we can pay down the debt that we have. And that, as we've spoken about for a long time, and you know, all of you know, that we've had cash for some time now to pay down the June bond, and we've been repurchasing that June bond in the market. And during this quarter, we did sell a portfolio of assets centered around Booksy to Verdane for $52 million, and under the summer, or now they can take it up to $58 million. And this is most of this is closed now. Very, very, very small piece is not closed, and 'cause there's a longer closing period. But that's small, so most of it has closed, and that has allowed us to also start to retire, in essence, retire the debt that's falling due in January 2025. We did like a structured, organized buyback of that, so we bought back SEK 300 million and a bit of those bonds in the market. The rationale behind that is that simply the price we pay in the market gets us a yield to maturity that's higher than what we get at the bank. So it just makes sense. And we're basically still in the process of selling further assets to completely pay down the debt that matures well during the coming sort of six months, and six to nine months, I guess, including the Jan 2025 one. And so the current net debt position is $64 million, which is down from $110 million at the end of the year. So that's very much in focus. I think we can- you can go back a slide, Dennis. Yeah, that one. Sorry. Yeah. So the transaction with the sale to Verdane well hadn't-- we sold for money now $52 million, something that we had booked at just under $60 million, as this shows. So that's a 12% discount. If we get the earn-out, and we're bullish about that, it's basically no discount, and obviously a much, much, much more a discount than whatever we trade at. At the time that we announced this, we traded at just under 20. It's gone up a little bit since then, although we're still at a big discount. So thanks. Yeah. I just wanna touch upon that. Now we can go back to the next slide, Dennis. Thank you. Other things then, during the quarter, is that Voi, which is a big holding of ours, the third largest now, because we've taken it down somewhat, to reflect the value of the company, in capital raise that they just completed. So they raised $25 million. We put in $5 million. This takes the company to cash flow positive, which is a very strong position to be in these days. And revenues over the past two years has grown 50%. They've reduced costs a lot. They've halved costs, and this has all sort of expedited them to become profitable. So they, there is, in essence, EBITDA positive. Last year, there will, in essence, will be EBIT positive this year, so very much in the right direction. So we can talk more about this if anyone has any questions, but that's a big-- that's, that, that was a big thing for us during the quarter to complete that. We're very happy with Voi, and I think as most of you who are based here in Europe, I mean, Voi is present in 100 or so cities in Europe, and the European market is really sort of narrowing down to two key players, which is Voi and Lime. Certainly, if you, those of you who are based here in Scandinavia, see that those two operators are the ones that are still standing, offer a great product, and sort of if the people who've looked at this industry from a distance and seen that, "Ooh, boy, there's a lot of competition here. How can this ever make money?" Sort of sees now that this is, it's fewer players, stronger players on the license, and I think people are starting to... And there will be more to come as these companies, you know, look back at profitability, and have some history of profitability. It'll be clear that this is really a key piece, and not only a key piece in European cities transportation networks, but also, you know, an important piece of logistical transportation that's also potentially very profitable. So other things is Gett, as we mentioned here, because it's in a messy part of the world. And despite sort of the horrible violence that's going on in that region, around the sort of economic centers of Israel, business is fairly, if you can call it, but at least in economic terms, fairly back to normal. And, they've rebounded to 95% of what we saw before October 7th, which is, of course, from an economic standpoint, very good. And, they've also served this- you know, they, they've become-- Gett has become the player at the Ben Gurion Airport. That's the-- If you want to take a taxi from there, you use Gett. It's sort of big thing there. I don't-- It's not-- probably not many of you who have traveled there since October 7th, but it's working very, very well. So, as hopefully things start to calm down there, that airport will be more and more busy, and then that will be a big contributor to Gett going forward, so very happy about that. The other thing was BlaBlaCar. You know, I think all of you saw, we certainly sort of helped spread it. They did a press release where they announced EUR 100 million financing, which is something that they don't usually do. We are very happy that the company is starting to sort of share more news and information like the ones they did, because it helps us give you guys an insight into the company that's unusual for private companies, and it's probably more usual for companies that are on en route to becoming public. Now, as all of you know, BlaBlaCar has talked about going down a public route at some point in time. You know, from a distance, I think we can all say that this, them starting to do this kind of thing, is a good precursor to something like that happening. The credit facilities to support them doing M&A, and we're very excited about M&A opportunities in this space. They also took the opportunity to sort of talk about their financials, announcing EUR 253 million in revenue, which is up some 30% year-on-year, and perhaps more importantly, that they are EBITDA positive. And in contrast to Voi, EBITDA is the level that matters here. There's nothing that happens below EBITDA in terms of assets to be depreciated or et cetera. So that's very strong. This company is doing super well. So that's like a overview of what we think of. You know, there's lots of stuff that's gone on at VNV over the quarter, but those will be the highlights, I think it's fair to say. And now Björn is going to take us through some more details in terms of the numbers. So over to you, Björn. Thank you, Per. Yes, here we have a snapshot of the balance sheet, per quarter ending, and we have an investment portfolio of some SEK 60 per share, additional cash and cash equivalents of SEK 3.7 per share. That gets us to a total investment portfolio, including cash of almost SEK 64 per share. On that, we have borrowings of negative SEK 9 per share, that gets us to the 54 crown NAV, roughly. Today, that represents a discount, or the share price today represent roughly a discount of some 55% to that. As far as Per said, the NAV in SEK over the quarter was up roughly 6%, and flat in dollar terms. If we move to the next slide, then this, I'll just note some highlights on the three largest assets, and the movements of our cash and net debt during the quarter. BlaBlaCar, our largest holding, was up roughly 9% during the quarter, primarily driven by slightly increased adjusted peer multiple, and also slightly increased fully diluted ownership, following the cancellation of certain employee incentive pools that no longer exists. The BlaBlaCar position represents roughly 25 SEK per share, so around 45% of the NAV as per March 31st. So our largest holding by far. Again, Gett is down roughly 3% during the quarter, also driven primarily by a slightly lower peer multiple. Although the situation in the regions remain volatile, we know that Per mentioned Gett have recovered now to 95% of pre-war levels. By quarter ending, Gett represents roughly 7.6 SEK per share, as of March 31st. Both BlaBla and Gett are valued on our typical or regular model. Voi, on the other hand, was moved the most during the quarter, is down roughly 21% during the quarter. And that's essentially driven by the fact that we moved the valuation from previous model to now transaction. We invested $5 million as part of a $25 million new equity round, and also converted our previously held convertible, which was amounted to approximately $90 million, which gets us to the $24 million here in the table. Voi represents SEK 6.5 per share as of March 31st. In aggregate, these three large holding represents roughly SEK 39 per share, and just about 70% of our NAV. During the quarter, we also closed, as Per mentioned, the Verdane portfolio transaction partially. We sold Booksy, JamesEdition, and Carla. Cash and cash equivalents at the end of the quarter was $46 million, plus an additional $2 million in liquidity management investments. The driver of the movement in cash or non-movement in cash, if you will, was that total proceeds from sales that were primarily driven by this Verdane transaction. The partial close there had, you know, proceeds of sale of $50 million. And at the same time, we also repurchased bonds during the quarter to the order of SEK 350 million, which gives us this ending cash balance of $46 million. And given these movements, net debt, if you move to the next slide, then it was down from roughly $110 million last quarter to $64 million now. Corresponding borrowing was down 152-210, driven by these repurchases and also some FX effects. With that, I'll hand it back to Per, who'll flick through some more slides before we go to Q&A. Yeah. You'll be familiar with the structure of our portfolio. BlaBlaCar has become a little bit bigger. Voi's gone down to the third space, but I think Björn has touched upon all this. To briefly touch upon the other holdings, HousingAnywhere, which is like an Airbnb, but for mid- to long-term rentals, is a fascinating holding that we're increasingly active in. And so that fits what we do very well. Numan is this digital health platform for males, for men, centered in the UK, is doing very well as well. Breadfast, quick commerce in Egypt. Bokadirekt, all of you Swedes will know, very excited about that. We've sold Booksy now, but through Booksy, we... Booksy in Poland, that is, we know how excellent looks like, and Bokadirekt is really on track to become, to assume those kind of levels and also has a lot of Hemnet-like characteristics to it. So, very excited about that. Wasoko, this B2B marketplace in Africa, that's part of a consolidation effort now, that is near term. HungryPanda is like a Foodora, but for Chinese communities outside of China. All those companies are doing well, and we're very excited. We find another time to go through the remainder, which is quite a few names, but that are too small to talk about now. But, importantly, if you've got next slide, what we also typically want to share with you is, like, how the over this past year, really, a lot of work has been done at the shareholder level, but then sort of inspiring or help, you know, getting managements to go about getting the companies to become profitable. So we'd over this past year, the part of the portfolio that's become EBITDA positive has grown like this. The reason why we sort of gray in Voi here is because whilst they are EBITDA positive, they still own and depreciate these scooters. So we should really talk about EBIT positive, which they have. Well, they did achieve during a quarter, during 2023 Q3, I think it was the third quarter, sometime that they were EBIT positive, which is fantastic. But then over the whole year, they're yet to become EBIT positive, which is something that we hope they will be, they will be able to achieve this year. But the overall trend here is a portfolio that our portfolio is profitable and then also controls its own destiny in that way. And then finally, two dates for you, which is that we hope to see you on the 15th of May, which when we have our AGM, and that's at 10:00 A.M. For those of you who are based here in Sweden, hope to see you in the room. And for those of you not based in Sweden, also hope to see you in the room, but otherwise, I think we can follow that by other means. But maybe more importantly, we have our Capital Markets Day again this year, which is this time in Stockholm, Sweden. And sort of we're, you know, not the center of the world, so I hope if, you know, if you can't join physically, then this will be streamed in a live fashion, so you can follow them, these presentations by Zoom or on YouTube, I think it is, as we do them during that day. And they will be available afterwards as well. So two dates for you. And yeah, I think that concludes what we sort of prepared for you, but we're very happy to sort of take any questions. And Björn has, I think, walked you through how that works, and I think we have some questions, right, that have come up? Yeah, exactly. And again, please use the Q&A function or raise your hand here to allow a question. We can start with some written questions that we received. You know, or you write in your management report that you work on additional exits. Can you provide any additional color on if you expect those to happen during the remainder of the year and to further strengthen your financial position? Yeah. Yeah, the expectation is for sure, and that – and immediately then that I say for sure is that I'm confident that we'll be able to conclude exits of a size that's enough and maybe more to pay... But, yeah, I mean, to pay off the debt, but then also get into the net cash position. And but of course, one has to throw in the caveat that that thing's done until it's done. But we've been hard at work doing exactly this for quite some time now. So the... Yeah, that's the expectation for sure. And, yeah, I think there's also a question that has been written here that talks about if there are new rounds in our companies. And I think of the major ones, it was only Voi which is complete, and we don't expect a new round at Voi really ever. There has been some activity in some other companies, too, which has been done at levels which are fine, and we've been happy to be diluted at. Yeah, so there's some stuff going on. But in terms of impacting our overall situation, in terms of liquidity, et cetera, there. We don't expect anything major to happen anytime soon. Thank you. We also have, I think, a live question from Bharath that I'll try to allow him to speak here. So please go ahead, Bharath. You are now live. Can you hear me well? We can hear you a little bit low, but- All right. It's fine. I hope now it's a bit better. Thank you for taking my question. Yes. Just on Voi, can you speak about the future revenue trajectory of the company? I appreciate that the increased regulatory scrutiny, consolidation in the market has certainly helped, like, like some winners come out, example, Voi. But just on the future trajectory, would like to know a little bit more. And on the, just, just so that I get a better handle for the demand for e-scooters and e-bikes in the medium term, which is the, one of the questions we keep getting from investors. And also, when you say EBIT positive in 2024, do you also, do you also expect free cash flow to be positive as well? Thanks. Why don't I let me answer a little bit high level, and then we have Dennis with us here, who's really an expert. Dennis was, I think, the first or second employee at Voi. That's how we got to know him and really helps out at Voi in every sense. But yeah, I think we, you know, while it's difficult to guide for sort of the near future, the next couple of years in sort of any detail, then people will be upset with us. But I think we see this business, you know, not getting to a 60%-70% EBIT, you know, net margin kind of business that you find in classifieds and maybe BlaBlaCar and, you know, like the Bokadirekt kind of situations, who really sort of gets to that. I mean, this industry is subject to some competition. It's not the winner takes everything, so but we do see this, you know, in a mature state, being a 20%-30% EBIT kind of margin business. And you know, so that will be the sort of the slightly longer term, sort of kind of margin that we see at the company. And yeah, the other thing is that there is demand here, and there is an increasing demand overall. And I mean, there was a lot of... You know, this industry is only five years old, right? Or five and a bit maybe, but very young. And there's been, you know, the "Hey, this is a new thing," those users have found it and used it, but now it's, you know, the people who are starting to use it as a way to get to work in, you know, on a sort of average basis in all these European cities, is growing. But it's not like, you know, it's not the dramatic sort of swings in growth and that you saw when this was a really new thing. But now it's growing, and there's a lot of room to grow, but it's... It doesn't give you, you know, it's maybe not 50% per year, if you see what I mean. But what I would say also, and then on the cash flow side of things, is that this company getting to EBIT positive is strong, and that, of course, means cash flow positive. But what this industry is also facing now that there's when it's becoming profitable, and when it's also clearer picture on who the players are and the competitive pressures, I think you'll see this industry, like any transportation network, also being funded by debt, and that's really sort of coming together. So long, maybe too long. And I would also say, Bharath, thank you for the question, and you're the first ever who we've been able to sort of take into the room and ask a question live like this. So congratulations for that. But Dennis, is there anything we should add to Bharath's questions in terms of details? I think you touched upon most of the important stuff. But what I can add is first, on the demand side, it is clear that, you know, same store sales is going up quite significantly across cities for Voi and for competitors. We saw, for instance, in the case of Voi, as we press released, they grew revenues 50% over the past two years. Lime, which is the largest competitor really globally, they shared that they grew last year 32% on top line. So the industry, for sure, is growing. I think that's just one data point to put out there. The second one in terms of profitability is, you know, looking at 2023 for Voi, which is really the year transitioning from hypergrowth, if you will, to profitability. They improved EBITDA margins by 25 percentage points. They improved EBIT margin by 35 percentage points. They doubled gross profit. So the improvements are probably more clear on looking further down the P&L. And then lastly, adding to Per's point there, Voi did share in their press release that they not only raised $25 million of debt, but also there was an additional funding through asset-backed debt to fund vehicles coming into 2024. So that should also obviously help fuel growth into 2024. As we've said publicly before, coming into 2023, the company didn't invest in new CapEx. So the growth that they have achieved in 2023 was with a smaller fleet, really showing that, you know, demand for the service is growing. But it's coming into 2024, they have actually invested into CapEx, so that should also help fuel growth for the coming year and a bit. I think that's it. Good. Thank you. Sure. Thank you for that. Thank you. May I just ask one more, if that's all right? Okay. On the discount that you mentioned in your report that you apply for valuation of Gett, that's the discount you apply to the peer multiples. Is there any commentary you can provide around that? And maybe the second part of the question is generally around the state of the capital markets activity currently. What do you think is happening? Is it improving? Like, there's been some green shoots messages from a number of people, a number of banks, private equity, et cetera. Is there anything you can add on to that? Thank you. Björn, do you wanna tackle the first on Bharath's questions? Yeah. No, no, on the valuation on Gett specifically, what we could say is that the model is essentially the same as previous quarter. And that, you know, the discount we apply to the peer multiple is continued to be elevated due to the macroeconomic environment in their core market. Otherwise, it's essentially the same as previous quarters. Yes, just to color on capital markets activity, yes, we definitely see the green shoots that you described is something that we can adhere to. I mean, just the fact that we've sold a portfolio of, you know, $50 million and a bit, and that, you know, we haven't done it yet, but we're confident to sell something of an equal size or, I mean, or, and in fact, much more, I think speaks to that. So, that wasn't possible earlier, but is now, so I think that speaks to sort of capital markets activities and unlisted assets overall really picking up. Not for every asset, but for some. And then I think there is... I'll just try to tackle a few of the questions that you guys have punched into the keyboard, and then I think there was... Oh, no, maybe that's gone. I think there's a lot of talk about, a lot of questions about buybacks. Yes, and, you know, we're clear of all the covenants. Technically, we have to, the board has to decide upon a buyback program and then announce that, and then we can go. So that's something that's on, you could say, on the to-do list, but, you know, that has to happen. But yeah, we haven't been clear of the covenants enough to buy back stock previously. We are now very happy about that, because I think, as most of you know, I mean, over the past 10 years or so, we've essentially done buybacks to the order of $750 million. So buybacks is something that's very, very clear, very close to our hearts. And I think I sort of generally speaking, I'd also say that while there is activity, and investments that are, you know, that, you know, that are getting done, they're getting done around the level of our NAV, and, but at the discount that we trade at, it's just very hard to find anything that compares as well as our stock, would do. So while I, I'm humble about that there's some sort of practicalities that have to sort of happen, and hence we can't buy back stock just this afternoon, then, we... then, you know, something that's very, very close to heart. So, that, that's, I think that's what we can say about buybacks right now. Yeah, there's, I referred to a company with Hemnet potential. That would be... What I mean is Bokadirekt, which is Bokadirekt is a household name here in Sweden. It's a software for beauty industry and for gyms, et cetera, and very similar to Booksy that we did sell. Apart from being of the same sort of household brand that Hemnet is, it's also a business that's been around for a long time, and that has quite a bit of low-hanging fruit ahead of itself to sort of pick in order to sort of improve the business overall for customers and for shareholders alike. Very much akin to how Hemnet was, well, you know, rose in value over the years that we held it, and also afterwards, for sure. So very, very keen on that. Again, we've seen how great looks like, so we really think that Bokadirekt can assume those, that kind of levels. So, that would be the company. Yeah, there's been a lot of talk in Israeli press about Gett being sold. That's. I'm sure you appreciate it's nothing we can comment on. So, I'm afraid we can't give you much more color on that. I don't know, Björn, do you wanna just touch upon the two questions that refers to stuff in our in the valuation peer groups? Or there's one question on that. Is that something we can talk about or? Yeah, sure. No, Jan, I think the question you refers to, to that during the quarter, some, you know, notable peers of ours have performed really well. Uber, Airbnb, et cetera, is up 30% during the quarter. I mean, the general comment there is that, as we see in public markets, the larger names and the likeable names have performed really well over the last couple of quarters. Our peer groups includes companies in addition to these well-known tech companies, of course, which just brings it down further. And then also, I think it's fair to assume that our models where we try to find the most appropriate peer group and then apply a relevant discount to that there are some elasticity in our models, especially on the upside. And given when there are large movements in the public markets, we do tend to look an extra time at our model to see if it's time to recalibrate it, et cetera, et cetera. So that's the... That would be the general comment on those models and our valuation approach in general. And in addition to that, I see that we have another live question from Sergey at GAMCO that I'll invite now to ask. Sergey, you should be live now. If you have a question, please go ahead. Great. Thank you. Can you hear me? We can. Great. Thank you. Maybe two questions. One, on the buybacks. If you could maybe elaborate more. So obviously, your priority over the next six to nine months is to retire debt and get into a net cash position. But to what degree do you believe you'll have capacity to supplement it with buybacks, obviously, with the stock trading at such a discount? And my second question is, assuming you get to the net cash position, what kind of a level of annual investment would you like to maintain going forward over medium term to comfortably pursue your investment strategy? Yeah, no, you're right, Sergey. Our priority number one now is to buy back the debts, which we have done already, and to do that to the extent that we can retire the debt. That's priority number one. But to the extent that we can sort of see, you know, on the horizon that there's also cash left beyond that, then, what I would like- what I would- what I meant to say, was that buybacks becomes... It's very, it's, it's very close to heart, basically. So, but, but one thing at a time, et cetera. And the comment that I made earlier, and also in the report, is that at least we're clear, in terms of the covenants now to buy back stock. So that's a hurdle that we've had in front of us. Now, that's past us, and that's a good step in the right direction. And then we have to sort of manage liquidity for buybacks of debt, which we've already done. But in terms of new investments, we find it very hard to find anything that compares well to our own stock, which trades at this discount to NAV. So, and also, you know, when we are at net cash, et cetera, what we don't really think about a certain number to allocate to new investments every year. We're more opportunistically driven. And some years there are no investments, and some years there are more investments. So it's not, it's not that we, our board tells us, "Now you should do investments for $50 million this year; otherwise, you're not doing your job." It's more we look at, you know. I would typically say we look at, you know, one thing a day comes across our desks, and then maybe we work on stuff, something. You know, we take something, and we analyze it more, like, becomes once a month, and then some happen, some don't. But right now, we do that. I mean, there's tons of stuff that's coming across our desks, but we, we're yet to find something, that, you know, that really sort of is, a real alternative to our own stock. Yeah. Thank you. Thank you for the question. Yeah. Thank you. There, there's a question in the chat here on the portfolio that's EBITDA positive. Yeah, the Booksy was EBITDA positive, so Booksy out is affect that negatively. But, I think net, it's a 1-2 percentage point decrease. Yeah ... because on the other side, we have, you know, BlaBlaCar has grown as a share of the total portfolio, which is obviously profitable. So, the movements are minor, I would say. Exactly. So, the point I was gonna make also, and thanks for Dennis for clarifying that, but is that the figures that you saw in the slide I had is Booksy is gone already, right? So, I think, Björn, there's a question on Swvl, which had a sort of a dramatic jump up from a low level. Is there- Yeah. Yeah, no, no, no, I think our view there, and just to remind there, so we're not at the board of Swvl and not an insider at the company. But, so the company, of course, given all the volatility, got behind on their filings in 2023. But then in December last year, they filed their first half 2023 financial report in late December. And that seems to be the starting point of this recovery. But given the increase and the velocity of the recovery, I'm sure I'm reading the question here. It is also partly driven by speculation, I would assume. But we hope that the company will file its full 2023 report here this spring, as per SEC timelines, and then hope that the company recovers, both from an operational standpoint and then, obviously, in terms of share price performance. So that's the short answer on Swvl. I saw that there was another question on valuation that I can touch briefly on, you know, whether we value companies on revenue multiple, EBITDA multiple, or gross profit multiple. I think as we mentioned in the last report, we believe now as the company is maturing overall, we will move more from a revenue multiple-based valuation models to the EBITDA-based valuation models. The question also here refers to gross profit. We tend to think that given the... There's some variation in how gross profit is defined among different companies. So that's a more difficult peer group to construct to get really good like-for-like numbers on what's in that gross profit. But I think EV revenue will hold until we deem it relevant to move to an EBITDA multiple directly. And that assessment we do continuously quarter by quarter. And as companies mature now over this year and certainly next, more additional portions of the portfolio will get to the EBITDA multiples valuation models, which in all essence should be a more robust proxy for the fair value estimate, or yeah. Great. There's one- Sorry. Go ahead, Dennis. I think there's one coming from SEB on what the milestones are for Voi to achieve this year to become EBIT? A bit positive regards to this year or in the coming, call it, 12 months or so. But the, I think the first one there really is to continue to win tenders. Voi has a 27% tender market share as per Q1, which is by far leading in Europe. But to continue to push that and increase that is priority number one, which, you know, tenders come with tenders come higher-quality revenues. And then essentially, you know, we have higher utilization and higher pricing power in those cities, so that is number one. The second one is always to continue improve margins. Parts of that is to continue driving operational excellence. There's a bunch of initiatives at Voi in place. They're also starting to use AI in certain areas, for instance, for fleet optimization, demand prediction, et cetera. So that is one thing to improve the gross profit margin from roughly 50% this year, and to continue improving it into 2024 and 2025. But then also, as you have probably seen in the media, to do this with less personnel and less G&A. So they've reduced costs, they've reduced overheads by roughly 50% in the last two years. And then, you know, the good news here is that if you look at Q1 of 2024, they have managed to grow top line and improve margins across the board, despite having a smaller team. On the tender side of things, I can mention that they have won. I think the big ones are really Oslo this quarter, and there's also tenders coming up in Germany, where they've started winning, which is great. And the big tenders for 2024 include Liverpool, you have Düsseldorf, Antwerp, and Seville are a couple of them, that will, you know, is in the pipeline that we know of currently. But that could obviously become larger as we get further into the year. I hope that answers the question from SEB. Uh, good. Thank you, Dennis. Thank you. I think we've touched upon most questions here, unless I missed someone. If I have, please shoot an email, and we'll try to address it offline. Other than that, Per, if you have any final remarks before we end the call? Thank you everyone for joining. Really good to see all these questions come through. I hope we've answered most of them. And also, thanks for coming in live to ask questions. I think that improves the overall format. So, hope to see you at the AGM and also in some format on the Capital Markets Day, which is the 11th of June. Otherwise, I think we're due to do this exercise again in mid-July. Summer seems- Mm a long way away when we look out the window here in Sweden, but, it's coming, I hear. Okay. Anyway, thank you, everyone. Thank you.