Good morning, everybody, and welcome to Volvo Cars' 2026 sustainability update. My name is Vanessa Butani. I'm Global Head of Sustainability here at Volvo Cars, and I'm going to hand over to Michael Fleiss, our Chief Strategy and Product Officer, who is going to start us off today. Thank you, Michael. Thank you. Also, good morning from my side here. Very happy to speak to you about sustainability. Starting with our strategic framework, to provide freedom to move in a personal, sustainable, and safe way. This strategy is with us for quite some time. We break it down to personal. We understand our customers, and we develop our products for our customers. Sustainability, we talk a lot about today, very important to us and very close to our heart. This feature actually was introduced in 1972. 1972, Volvo talked first time about environmental friendliness, really important to us. Safe. Safe is with us since the company was started in 1927. Three strong pillars for our strategy, and they are constant for quite some time. In this de-globalized world, we need to build resilience, and that's mainly for us, but even more important is for our customer base. We need to have sustainability across operations. We need to decrease pollutions, we need to reduce waste, we need to reduce water consumption, we need to create a safe environment for our workers, and we need to be sure that human rights are followed. That's really important to us, and we will talk more about that later on, and the team will present that. For us as a car company, the biggest influence is obviously CO2, so I will focus more on the CO2 part. Resilience means also, in these times, reducing our investments, and we are really happy that our big investments we have done are over now, and we can harvest on these investments, which are the development of the SPA3 architecture and the Costa Rica manufacturing site. For us, it doesn't change. Electrification is our future because they are just better cars. That's a fact. If you drive one, you will find it out. It's just a better car. We are happy to see that our competition is slowing down. That means we can create more opportunities to move into that market space and increase our share. The EVs are not good because they are supported by the government. Again, it's a better car. We need to make sure that range, charging time, and price are becoming similar to the combustion cars. We see in the world a reduced speed of going for electrification, but still, the electrification is the biggest growing segment in the automotive industry. For us, it's really important to have our software-based system for our cars with our core computer system, which we have introduced in SPA3. It is a lower cost for us, and it's a better experience for our customers. We have just recently updated millions of cars in one day, and that is the power of this technology. Folks, good for you to know, recently Standard & Poor's created a ranking system for software-defined vehicles. Guess what? Volvo has the best system, sharing that place number 1 with only NIO. NIO and Volvo have currently the best software-defined vehicles out there in the market. Also part of our strategy is that we even more make sure that we have common architectures, just explained by the software, but also synergies with our colleagues from China, where we can have synergies based on the legal requirements. This will enable us to create better products, but also more cost-efficient products. As I said, the transition is slowing down a little bit. You can see here our three biggest markets, Europe, North America, and Greater China. On the left axis, you see the millions of cars sold, and on the bottom axis are the years. Here you see the dotted lines. That was the forecast from two years ago, and the solid lines is the latest forecast. You can see this marked with a gray and a green arrow, the difference. There's 2-3 years difference in the tipping point, and the tipping point means when do we sell as much BEV cars as ICE cars in the market. Europe and China, a few years delayed. North America, even more. Still, you see also on this graph, the only growing segment is battery electric vehicles. Here you can see latest data now, also how we compare with our competition, because we are the fastest-growing electrified company, and we will continue to be that. You have here competitor A, B, and M, compared to Volvo Cars. Blue color is BEV cars and light blue is PHEVs. You see clearly that we are leading percentage-wise compared to our competition, and we continue to lead, and you see also that we are growing both with BEVs and PHEVs. By now we have a fantastic balanced portfolio. On the top of the picture here, you see the mild and plug-in hybrid cars, and on the bottom you see all of our BEV cars. You see same number of cars both on BEV and PHEV. Very important, the car on the bottom in the middle, the EX60, our just recently launched star. What have we achieved with that EX60? To start with, you can see this picture in three sections. The first section is, the BEV is a better car. We have lower running costs right now. We have better performance. We have more space and comfort because the combustion engine is not in the way in the front, so the whole cabin becomes bigger and the car is more sustainable. We had to solve range anxiety, charging, and price. These are the three main factors why not all customers are willing to go for the better car. With the EX60, we have solved all of these problems. The EX60 can charge as fast as an ICE car. It's filled with fuel. The charges are as fast as you have an average stop at the petrol station, and we price it on the PHEV price with better margins. We are a car company which, without subsidies from governments, can make even more money with a BEV than with a PHEV. With that, I'm leaving the word back to Vanessa. Thank you so far. Thank you, Michael. Let's talk sustainability. Sustainability at Volvo Cars is deeply embedded in how we think about long-term value creation, risk management, resilience, and strategic positioning in a rapidly changing automotive industry. Today's session is designed to be practical and transparent. We want to explain where we're heading, how far we've come, and how sustainability translates into real products, performance, and consumer value. We'll cover four main areas today. First, we're going to go through our 2030 and 2040 sustainability ambitions and how they guide our strategy. Second, we'll look back at 2025 as a milestone year, what we achieved, where we have yet to reach our goals, and why. Thirdly, we'll talk about why sustainability matters commercially, both from a consumer and an investor perspective. Finally, we're going to use that fantastic EX60 as a concrete case study, showing how climate action, circularity, and responsible business all come together in one product. This is about showing direction, execution, and accountability. Let me start with our ambitions. We deliberately set long-term sustainability targets because the transformation of mobility is not a short-term exercise. It requires sustained investment, technology shifts, and collaboration across entire value chains. Those targets remain as they were. By 2040, Volvo Cars family aims to be net zero across our value chain. That means addressing emissions not only from our own operations, but also from the materials, the manufacturing, logistics, and of course, the use of our cars. We also want to be a circular business, one where products, components, and materials are designed to stay in use for as long as possible at their highest value, and where recycled content is considered first before we consider using virgin resources. Nature positive, moving beyond reducing harm toward contributing to the restoration of ecosystems across the value chain. These ambitions reflect where regulation, capital markets, and society are moving, as well as what we believe is necessary to be a resilient premium car maker in the decades ahead. By 2030, our key ambitions include a 65%-75% reduction in CO2 emissions per car compared to 2018, 90%-100% electrified sales globally, meaning every car we sell will have a cord, climate neutral energy across our own operations, and continued progress on low carbon materials, circular design, and renewable energy. Electrification remains the biggest lever, it's not the only one. As electric vehicles scale, emissions increasingly shifts upstream into steel, electronics, aluminum, and batteries, just as an example. Together, all of these materials account for about 80% of the emissions from making an electric vehicle. That's why our strategy goes beyond tailpipe emissions and looks at the entire value chain. 2025 was an important year for us. It tested our strategy in a very real market environment and gave us a check-in on how we're doing towards our long-term strategy. In 2025, 46% of our global sales were electrified, the highest share among legacy premium peers. We saw strong demand for our battery electric vehicles, even as infrastructure and incentive environments varied significantly per market. Three products are particularly important. The EX30, which entered production at our Ghent plant in Belgium in April 2025, helping bring electrification to a broader customer base. The EX90, which set a new benchmark for sustainable luxury by combining cutting-edge safety technology with lower lifecycle emissions enabled by fully electric drivetrains and responsible material choices. The EX60, our new fully electric premium SUV, which is priced at a level previously associated with plug-in hybrids. This is a deliberate step to make fully electric vehicles more accessible in one of the most competitive segments. From a climate perspective, we reached several key milestones as well. In 2025, we achieved a 31% reduction in CO2 in the emissions per car compared to our 2018 baseline. This means we met our corporate ambition of a 30%-35% reduction. This was driven primarily by electrification, supported by a 37% reduction in operational emissions versus 2018. In manufacturing, even if we didn't reach full climate neutrality, seven of our nine plants now use 100% climate neutral energy in their operations, and four of those achieved that status in 2025 alone. When it comes to materials, we exceeded our 2025 ambition of 25% recycled and bio-based content for new car models with the EX60, which reached 27%. We reduced water withdrawals per manufactured car by 29% compared to 2018. This is an environmental win, but also a reduction of cost and risk. Circular business generated 149 million SEK in combined revenue and cost savings last year. That's circular paying back. In 2025, we conducted 88 human rights risk audits and people policy assessments at higher risk sites across the value chain. That means site visits, interviews, and continuous follow-up to drive meaningful change, strengthening the process around our commitment to protecting people across our value chain. From a financial perspective, 97.9% of our outstanding debt qualifies as green or sustainability-linked, which is very close to our ambition of 100%. We didn't meet every 2025 ambition. Although our electrified car sales did reach 46%, that was below our 50% ambition. Green financing came very close, but didn't quite reach 100%. Two of our manufacturing plants, Charleston and Beijing, didn't quite reach climate neutrality either in the planned timeline, but we are working with them to make sure that we do close that gap. Reducing emissions from materials has been very challenging. We only reached 3% reduction versus 2018. However, the trend there is encouraging, where we've seen that emissions are decreasing every year. The gaps that we have were partly driven by external factors like slower charging infrastructure rollout, reduced EV incentives, and policy volatility in several markets. In addition, some ambitions were based on assumptions that didn't fully materialize, like the contribution reduction trajectory of battery emissions. Combined with shifts in electrification pace and product mix, this resulted in lower progress than anticipated. What's important here is that these are operational challenges, not a change in our strategic direction. We remain committed to our long-term direction, and we have clear plans in place to continue driving progress. Sustainability is maturing, and we need to continue to show our value to the business and build on the value that we've already created. Last year, we introduced this framework, the Sustainability Value Pyramid, to convey that sustainability is a value driver across three dimensions. This framework is now the lens through which the leadership team looks at every decision. It demonstrates the full value of sustainability, focusing on both value protection and value creation. To fully realize the business value of sustainability, there's a need for a strong foundation. Here, we focus on ensuring compliance and mitigating risk. If the base isn't solid, the pyramid will tilt. Moving up, we focus on competitive advantage, which is both about protecting and creating value. For example, when we reduce energy and water use, we save money, and now we're looking further into the circular economy where we can remanufacture parts, take back old vehicles, and drive much better revenues and reduce costs doing that, particularly with using recycled materials. The top of the pyramid is about consumer value, how we communicate the great things that we're doing behind the scenes to the consumers, making them choose us. If we're not solid on the lower layers of the pyramid, we wouldn't have strong messaging at car launches or be able to substantiate sustainability communication in general. Our 2025 ambitions laid the groundwork for our road to 2040. Now we're defining the next chapter. We're updating our sustainability strategy to set clearer ambitions through 2030 and put us firmly on the path to net zero, becoming a circular business and a nature-positive future by 2040. This builds on what we've already achieved, not by starting over, but by accelerating what works and going further where it matters most with a clear focus on creating value for the business, for people, and for the planet. In addition to this, we also recognize our two superpowers as a business, safety and sustainability, and they complement each other really well. We know that the world cannot be sustainable if it's not safe, and it can't be safe if it's not sustainable. Let's dive into climate action, and I will hand over to Annie, who will talk us through that. Thank you. Thanks, Vanessa. When we talk about the new Volvo EX60, we're not just introducing another electric SUV. We're showing in very tangible terms what our climate strategy looks like when it becomes a real compelling product. The EX60 is a game changer, not only in performance and range, but in how deeply sustainability is built into every part of the car. Yeah, it has zero tailpipe emissions. More importantly, it lowers the environmental impact far beyond what happens on the road without compromising comfort, safety, or driving experience. That's crucial because going electric, while essential, is only one part of the equation. Our ambition is clear. We aim to be net zero by 2040. To get there, we have to address emissions across the entire lifecycle of the car, from raw material sourcing to manufacturing, logistics, the use phase, and end of life. That's exactly where the EX60 comes in as an embodiment of this strategy. The EX60 followed our product sustainability steering process, which integrates sustainability factors such as CO2 and recycled content as key decision-making criteria in the design, engineering, and sourcing of the car. This process enables more consistent and data-driven decarbonization across the supply chain. Don't take my word for it. Here are the results. The EX60 achieves the lowest carbon footprint of any fully electric Volvo to date, on par with the much smaller EX30. For a premium midsize SUV, the EX60 sets a new sustainability benchmark for Volvo Cars. This car is packed with sustainability achievements, so let's dive in. Starting with manufacturing. The EX60 is built here at our plant just outside Gothenburg. This factory runs on climate neutral energy, where we recently introduced a huge technological innovation, mega casting. By mega casting, we replace hundreds of stamped parts with a single large cast component. This component is made up of 50% recycled aluminum and significantly reduces material waste, manufacturing complexity, and the total weight of the car. Fewer parts also mean fewer suppliers and fewer transports, all contributing to a lower overall carbon footprint for the car. In fact, mega casting facility alone is LEED Gold certified, the first in the world to receive this level of sustainability certification. Manufacturing is only part of the story. The EX60 marks a major shift in how we work with materials, and I'll let Owen go into the details later, but can start by saying that the EX60 sets a new benchmark for recycled and low emission materials in a Volvo car. Without compromising quality or durability, it contains 27% recycled content in the complete car, an impressive achievement. We've reached nearly 50% recycled aluminum and partnered with SSAB to introduce their near zero emission steel in the car body structure. Moving over to the battery. The battery is often the single biggest contributor to an electric car's carbon footprint, and this is another area where the EX60 pushes forward. Thanks to our cell-to-body technology, the battery is integrated directly into the vehicle structure. This design reduces weight, increases energy density, and contributes to our longest electric range yet. The battery cells contain 30% recycled metals, helping reduce dependence on newly mined materials. At the same time, the EX60's new 800-volt electrical system improves both efficiency and performance. It allows for faster charging, more efficient energy use, and better overall battery management. All of this information can be found in the digital battery passport, reflecting our belief that providing customers with clear and credible information is essential to informed decision-making. Much hard work has been done across this car, I've only had time to mention a few key contributors. If you want an even deeper dive into the measures we've taken to reduce our carbon footprint on the EX60, we published a full carbon footprint report on our website according to the ISO standard. Beyond this specific car, we've also strengthened our internal data model to calculate the precise carbon footprint of every car that rolls off the line, connecting the material composition of parts to more specific generic and supplier data, making it possible to substantiate verified emission reductions. As we bring back the focus to the EX60, what does this car represent? It shows that our climate strategy is not theoretical. It's engineered into our cars, embedded in our factories, and shared transparently with our customers. The EX60 proves that we can deliver a spacious, premium electric SUV with a carbon footprint of a much smaller car, and that sustainable progress and great driving experiences can and must go hand in hand. The EX60 is not a one-off program. This represents the future of our car programs. With that, I'll turn it over to Owen to share some more about our circular economy work. Thank you, Annie. As sustainability is maturing, the role of the circular economy becomes clearer. In 2025, we generated a total of SEK 1.5 billion in revenue and cost savings. It represents the operating model by which we deliver the planetary and people improvements alongside business benefits, such as reduced exposure to energy price volatility and regional access to critical raw materials. At its core, circularity is about productivity of resources. Less is best, and then secondly comes first. Annie has already highlighted the benefits of mega casting, which showcase a great example of resource efficiency. I want to highlight another development where we have increasingly improved our efficiency over time with 7% increase in the efficiency of the stamping of the EX60, which saves resources and cost. We also want to use what's left over at the highest value possible. That is why we've been focusing on closed loops, where the scrap is returned, remelted, reused, and brought back to us. In doing this, there is no compromise on safety, strength, or durability. The EX60 is the first car in serial production to use SSAB Zero steel in key components. It is a major step forward in decarbonizing one of our largest material hotspots. Steel drives about 25% of our material-related emissions, making it a critical lever for reduction of our CO2 footprint. SSAB Zero is produced from over 90% recycled materials, and it uses fossil-free electricity and biogas to deliver around about 70% lower CO2 compared to conventional steel. We know that we need a range of partners to scale this up. Therefore, we've also collaborated on a project called ScanLoop with Salzgitter. This uses the same rail loop that delivers the material to us, uses it to return the scrap back to the supplier, and it avoids empty backhauling. This train is powered by climate neutral electricity. It creates an end-to-end closed-loop production and transport loop that improves material efficiency and logistic emissions. Additionally, I'm pleased to share that on the 1st of February this year, we kicked off a closed-loop partnership in the E.U. for aluminum, utilizing our sheet scrap and turning it back into very high-grade sheet aluminum. We've had a couple of aluminum closed-loops set up in China for a few years, but this expansion really supports the generation of local closed-loops to mitigate risks from scrap access as well as price volatility. These show how circular material flows can be good for business, cut emissions, and strengthen supply resilience. These are at scale. It's important to highlight, though, we don't do any of this alone. This is through collaborations, and these collaborations represent a new way of working in a more circular operating fashion, and shows that we're valuing resources highly. We know that customers moving to electric vehicles appreciate reassuring offers around batteries, and that's why the EX60 battery warranty is our longest yet. It's 10 years and up to 200,000 kilometers. Durability is at the core of our business and part of the portfolio of circular initiatives. The EX60 has been designed to target and repair the surface or build components to avoid full system replacements. The outcome of this is fewer write-offs, and the battery remains replaceable even though it's structural, and customers get lower total cost of ownership and higher residual values that lower risks for our customers, leasing partners, and insurers. Alongside this, in Q2 this year, we've just launched the first refurbished parts offer, which generates new circular revenue streams, and it complements the remanufacturing business, which recently turned 80 years old. Although Michael highlighted that we started in 1970 talking about environmental, circularity has been with us for a really long time, too. These refurbished parts target older cars to reduce their repair costs but maintain that OEM quality and warranty. Plus, they reduce the emissions per part by 50%-90%. Becoming a circular business delivers business resilience alongside the sustainability benefits, and it directly supports the value pyramid that Vanessa mentioned earlier. Customers get expanded lifetime services, supporting lower total cost of ownership and higher residual values, while also leading us to have a wider portfolio of revenue streams and profit pools. Competitive advantage comes from driving efficiency in our operations and increasing recycled steel and aluminum, which use 75% and 95% less energy respectively. This helps to reduce our exposure to raw material and energy price exposure and volatility. Closed material loops limit supply disruption as well as set us up for future mandated recycled content levels. We still have a long way to go to achieve our goal of becoming a circular business. We are heading in the right direction and building the right collaborative ecosystem to make this happen, but we have more to do. Right. I'll hand over to Eva now, who's going to take us through the human rights and responsible business progress. Thank you. Great. Thank you. Let's talk about people now. At Volvo Cars, we put people first in and around our cars. We safeguard responsible business conduct throughout the complete value chain, and we drive a high-performing organization built on inclusion, equality, and wellbeing. In general, we impact quite a lot of people throughout our quite long and complex value chains, from the extractions of raw materials through the end-of-life treatment of our products. Protecting and improving lives throughout all these stages of the value chain is central to our sustainability strategy, and it underpins our commitment to human rights, respecting and promoting human rights. Previously, you heard Vanessa talk about our sustainability framework and our sustainability value pyramid, and that the pyramid would tilt if there is no solid base. We apply the same type of logic to people. I mean, all the great achievements that you heard my colleagues talk about on climate action and circular economy would mean very little if we would not at the same time take care of the people, both in our value chain and in the wider society. Let's look at some specific examples you can hear. Now, we've already talked about our strong focus on materials, and one particularly important factor is our ambition to achieve full traceability on all critical raw materials in our cars. Only if we know who is involved in our supply chain and where each activity takes place, then we can for sure address the challenges and the risks that we have identified. The EX60 battery supply chain, as an example, is part of our blockchain-based traceability system, establishing a chain of custody for cobalt, nickel, lithium, and graphite from mine to car. This blockchain traceability system allows us to know our full supply chain and to identify and address the risks that we have identified. It allows us to engage with relevant suppliers directly and meaningfully, and it increases the transparency, customers, investors, and regulators. This year, we've also taken further steps to make sure that we can map and trace more supply chains, not just core battery raw materials connected, such as steel, aluminum, and natural rubber. Let's go back and apply a more strategic lens again. Let's talk about due diligence. We apply a risk-based due diligence approach. We do basic due diligence on a broad basis, and we focus enhanced activities on high-risk supply chains. Our human rights compliance program, built on international guidelines and including the identification of our most salient human rights issues, is the basis and guide for the organization in order for them to understand where and when each risk requires enhanced due diligence activities. Our due diligence activities form an ongoing process. They're both proactive and reactive, and they are continuously improved through engagement with the suppliers and other relevant stakeholders. Examples of these enhanced due diligence activities for suppliers of high risks are, for example, on-site audits, tailored supplier trainings, and corrective action plans where issues are identified and addressed. Audits are actually our window towards workers and people in our value chain. They help us to secure a broad range of perspectives, specifically from vulnerable groups. To fully understand and influence our impact, workers and representatives from surrounding communities are interviewed during these audits, and the results serve as a valuable input to our continuous improvement of human rights due diligence. During 2025, we conducted a total of 88 on-site audits, where 23 were audits in the battery supply chain beyond our directly contracted business partners. 85% of the corrective action plans that were generated were addressed and closed. We also trained both suppliers' key staff as well as our own staff on responsible sourcing practices, with particular focus on the role of leaders and the expectations of compliance regulations coming ahead of us, such as the EU Battery Regulation and the European Deforestation Regulation. No global supply chain is risk-free, transparency, accountability, and continuous improvement is how we manage those risks responsibly. With that, I hand over to Fredrik, our CFO. Thank you. Talking about our financials, I guess they need to be sustainable both from a business perspective but also from an environmental perspective. We are in quite a good pole position in both areas. On an overall level, we have invested quite drastically in the past, and I will show you a slide. Those investments have been directed towards making more sustainable products at a lower cost, which really hits both marks of creating more value from sustainability, and we're set to harvest on those investments. We have a market which is moving. We are a bit more pragmatic in our transition to electrification. We are tailoring the speeds to different markets. The direction, as Vanessa said, is very clear. As Michael also said, electric cars are truly the future, and that is what we are going all in on. In terms of making this transition financially sustainable and also leveraging scale, we are also leveraging Geely, our sister company, to a larger extent. They are today the third largest player in the world when it comes to new energy vehicles. Together with them, we can also make our business more sustainable. We're financing all of this, of course, with green financing, as we have started many years ago. Double-clicking a bit on our investments. This graph basically shows how much we have invested in the past. As you can see, we are coming down quite a big mountain of investments. That's good in terms of building a sustainable business, but actually also good because we're starting to harvest on some of the really big sustainability investments we've done. We have and are finalizing some of the one-off infrastructure investments that we have done linked to our SPA3 platform and the EX60 in specific. I think Eileen talked about it. We have invested in mega casting, for instance. That's a big CapEx investment, but it does allow us to use a lot more renewable-Or recycled aluminum. We have done large investments into certain body also going into the EX60. That basically means less materials going into the car, 70 kilos less weight, 25% lower cost. It hits all markets. It's a better customer experience, a better driving car. It is a better for the environment car with less materials used, and it is cheaper to produce. Similar when it comes to software. We are creating cars which are updatable. We've just updated 2.5 million cars to a Vector infotainment system. Every Volvo owner pretty much since 2020- 2021 just got an upgrade on their screen, making that car feeling fresher for long, which is also part of sustainability, making sure that the cars last longer. They're also now getting Google Gemini. Your 2021 Volvo EX40 or XC40, as it was called at the time, will basically have probably the West world's best AI agent to chat with, which is being rolled out this year. We can do that because we are streamlining all our resources and efforts into our core computer system and leveraging the fact that we are recognized by S&P Global as the only Western OEM on the highest level of software-defined vehicles. In terms of funding these investments, we do that with green financing. We issued our fifth green bond last year, and we have just updated our green financing framework. We remain dark green rated from S&P, and we use this external financing only into our future investments to electrification. To date, 97.9% of our debt is now green with the latest bond. This will go naturally to 100% as we amortize off some of the last loans we have, which are not green. In terms of EU taxonomy, we have a quite low alignment, and that is because we have a very conservative interpretation of the DNSH criteria, no significant harm. We are committed to aligning all our future BEVs to the EU taxonomy as well. We're starting doing that with the EX60 and all the investments going into the future BEVs are aligned. I think the challenge we've had, and especially if we look at the current cars, is that there are especially substances, which is our only problem, I would say. There are some substances which are hard to replace, where there may or may not be another option. They're typically not in our direct value chain, so it's hard to analyze. In some areas we have seen conflicts also where we have, since 1972, had environment as a core value, as Michael said. Since 1927, we've had safety as a core value. There are these trade-offs in terms of flame retardants, in terms of the brittleness from UV, which are challenging, to be honest. With the EX60, we're taking the next step in that and focusing on it going forward. That also means that our OpEx share of aligned will increase and CapEx will increase and turnover will increase. You will start to see this coming quite soon as the EX60 has now started production and that car and all cars on that platform are fully aligned. To summarize today a bit, I guess sustainability is at the core of what we do. Electrification is the core of our sustainability. We are selling more cars with the core than any of our competitors. We have very challenging sustainability ambitions for 2030 and 2040. We are making progress, and we have a plan to get there. We are doing that by embedding this in our products, in our operations, and in finance. We see that this combination is really driving value. The new beginning for the company and also a new beginning for sustainability is really the EX60, which we've talked a lot about. It is a best-in-class product, and it is more sustainable than ever. That's really where our business will start pivoting into the next direction in terms of both profit and environment. With that, let me hand over to Q&A. Thank you to all of our speakers. I'll ask you to join me here as well. You have everyone online. On the bottom of the page that you're looking this live stream on, you will see a box from Slido where you can post your questions. I'll start with a few that have already come in, and we'll try to answer as many as possible. Maybe first, let's see who will want to take this, but we see that the countries and different regulations are backing on sustainability ambitions, not the least EU with the delayed ICE ban. How does this impact Volvo Cars and our sustainability strategy? For me, it doesn't matter. We do sustainability because we want to be a car company that is good for the environment, good for the people. If countries are changing their minds, we don't. It's very clear to me. Good. Clear answer. We have a question on our ties to Geely. Besides the access to low cost, high tech, are there any opportunities to do more with Volvo Cars, with Geely, to drive climate action and circularity? I think a great question there. Yes, it does give us a lot of opportunity because being able to reach through Geely, a whole other group of suppliers and finding low cost opportunities, also finding opportunities within circularity gives us great opportunity. We're very happy about this. Of course, we always maintain our standards, right? We work together to find the best solution to go forward. Great. A bit on blockchain. You mentioned using blockchain for some of your raw materials. How do you work further with the data that you collect? Maybe Ann-Katrin. Yes, exactly. Like I said, just knowing who is involved and where they are located in the entire supply chain is a huge value for us because then we can address the activities, strongly focus on exactly where to address. We audit every tier in our battery supply chain from the raw material mine, all the way through the traders and the cathode and anode producers, et cetera. That's one of the key activities that we do. The blockchain is of course, a digital safety net for us to make sure that if there are changes, we know right away and we can address it. Just being sure that there is consistency and transparency, that's what we do with it. I'm wondering, we might need Owen for the next question on the battery recycling. Is there scale to this already? Will increased regionalization have an impact on how we work with battery recyclability? Yep. Good question. There is scale globally. There isn't so much scale locally around Europe. We know that there's a significant and increasing pressure on local supply chains around IAA as well. I think there is a need to do more investment and collaboration in the European markets on advanced battery recycling, particularly refinement of the black mass. Technically it's viable, economically it seems sensible, but we just need more global footprint really, and local footprint. That's actually the questions that we have currently received. I'll give a moment if anyone is having any further questions. I don't know if you want to say any ending words, Vanessa. I think just thanks everybody for joining us today. We really want to show how we continue to take strides forward, really driving value with sustainability to build a stronger business for Volvo Cars. Thank you very much, and if you have any additional questions, do just send them later on. Thank you so much.