Good morning, everyone, and welcome to today's Q3 2024 Results Conference Call. My name is Matthew Hooper, and I'll be your host today. Joining me today on the call is our CEO, Jørgen Madsen Lindemann, and making his debut today is CFO, Johan Johansson, who joined us at the beginning of August. Welcome, gentlemen. As usual, our presentation will be followed by a Q&A session, and you can find our results materials, including a presentation deck, on the Investor Relations section of our website. We will not follow the slides, but they do provide the usual and relevant information for you. Please be advised that today's conference is being recorded. If you want to ask questions and you are following the webcast, please post your questions on the message board at any time, and I will read them out. If you prefer to ask your questions directly, you are, of course, welcome to do so using your phone keypad, but more about that later when we get to the Q&A session. I'll now hand the call over to Jørgen to walk you through the Q3 highlights. So over to you, Jørgen. Thank you, Matthew, and good morning, everyone, and of course, a special welcome to you, Johan. It's great to have you back on board. Our Q3 results are in line with our plan and expectations, and our outlook for the rest of the year remains the same, so we have made no changes to our forward-looking guidance. We are fully focused on making all the performance improvements that are necessary to achieve our plans and return to profitable growth and free cash flow generation. We have made progress, but still much to do in making our products more relevant and competitive, our partnerships more commercial and sustainable, and ensuring cost control in all areas. Deal with value-leading partnerships so that we honor those partners and sponsors who have invested in the future of Viaplay and not invested in historical deals which were completely out of sync with the reality in our markets. Our corporations generated 6% organic sales growth this quarter, driven by growth in our linear subscription revenues and the sub-licensing of sports and non-sports content to third parties. Our combined linear and Viaplay subscription revenue grew by 1% on an organic basis, and this was driven by price increases and new agreements with key partners. We look at these two businesses on a combined basis and then focus on D2C and B2B lines, as well as the development of the different subscription tiers on Viaplay. Turning to Viaplay, which accounts for nearly half of our core revenue, sales were down 1% year on year on an organic basis. Our D2C ARPU was up year on year in all our core markets after the price adjustments that we have made since last year, most recently in Finland last month, while our D2C subscriber base was down in almost all markets. Our D2C subscriber base did grow sequentially in almost all markets when it compared to Q2, which reflect the successful introduction of our HVOD tier in Denmark, Sweden and Norway, and the initial impact of our efforts to limit account sharing. It is still early days for this competitively priced tier, which includes advertising and complements our existing offering, has so far attracted new customer segments and encouraged reactivation by former subscribers. The sequential ARPU development also reflected the usual churn and return patterns during the summer month when we also have the break between sport seasons. We continue to prioritize value over volume, and our pricing reflects the investments that we have made in our highly competitive content offering, as well as our determination to provide fantastic value for money. Tackling account sharing and piracy remain a critical focus point for us, as they represent a significant value leakage for us in our industry. Usage of our service without paying for them ultimately affect everyone, including the sport franchises and content producers. We have now rolled out measures in all core markets. While it is still early days, the results are encouraging, with most former account sharers choosing to remain subscribers. We are also collaborating with industry peers to lobby policymakers to police piracy much more effectively. Moving on to our linear channel subscription sales, which accounted for approximately 28% of our core revenues in Q3, sales were up 3% on an organic basis, driven by price increases and new agreements with key partners to better monetize our content. We also launched our new premium sports news channel in Denmark in August, which is available to premium subscribers on Viaplay and through those key distribution partners who have signed new agreements with us. The channel also carries advertising. Advertising revenue accounted for 18% of our core revenues and were down 1% on an organic basis. The growth in our radio and digital advertising revenues did not fully offset the decline in our linear TV advertising revenues. Our digital ad inventory, our page impressions, grew by 36% and was boosted by the rollout of our H Watch services. We are focused on accelerating the growth in our digital ad sales moving forward. The coverage of high-profile sport events like the Olympics and other summer sport events on rival channels did impact our audience shares during the quarter and led to lower linear TV advertising market share for our channels. The concentration of media spending around such events, both falling in one quarter, will of course put some pressure on budgets in Q4. The Norwegian TV and radio advertising market is estimated to have grown in Q3, together with the Swedish radio ad market, while the Danish and Swedish TV ad market are estimated to have declined. Looking forward into Q4, IIM expects both radio ad markets to continue to grow, and our three Nordic TV ad markets to be down. Sublicensing and other sales accounted for 9% of core revenues in Q3, and grew by 165% year-on-year on an organic basis. This was driven by ongoing sales of our scripted content, as well as the strategic sublicensing of part of our sports portfolio in selected markets. We continue to work with our current and new distribution partners to build long-term, mutual, beneficial relationship centered around our premium content and launching of new products. We have extended and expanded some agreements, brought on new partners, and ended others that are not long-term and commercially viable. This applies to both our content suppliers and distribution partners, and we have much more to do in this area. Cost control remains a top priority for us. As I said before, our Nordic content costs have been growing at nearly twice the rate of our subscription sales, which clearly isn't sustainable. We continue to take a more disciplined approach, ensuring that our spending is aligned with revenue growth and return on investment. This is essential to ensure the long-term stability and profitability of our business. Core sales growth, along with our cost reduction initiatives, enable us to reduce our EBIT losses year-on-year and sequentially. This improvement would have been bigger if it were not for our ongoing and substantial currency challenges due to the weak SEK. Our result for last year also includes positive contribution from the content production business that we have now closed or sold. The losses for our non-core operations were low, and we are working towards exiting the rest, as effectively as possible, while minimizing the negative cash impact. Looking ahead, we have a good content slate for Q4. The Champions League has returned in Sweden, as the Danish Superliga and the Premier League, with our new exciting studio setup. The Viaplay Sport News Channel is up and running, as is the new NHL season, and we can look forward to exciting remaining races in the Formula One championship, while gearing up for a busy winter sports season. Also, coverage of the Junior Ice Hockey World Championship and the Women's European Handball will feature on our products. On the non-sports side, our new strategy is paying off with more focus on non-scripted formats that generate healthy revenue, healthy viewing and ROI levels. Reality formats, Paradise Hotel, Robinson, Charterfeb er, all performed well in Q3, and we have now new seasons of popular format like Efterlyst, Lyxfällan, Come Dine With Me, along with new releases such as Summer in Magaluf and Swedish drama, The Street Where I Live. These shows reflect our commitment to delivering commercial, relevant, and engaging content that resonate with broad audiences across our markets. Our objectives remain clear: deliver profitable growth, generate positive cash flow, and creating shareholder value. There's much to be done in all areas, but we are making progress and are totally focused on improving our content offering, ensuring it's relevant, competitively priced, and fairly monetized. That concludes my initial remarks. So now over to you, Johan, to comment on our financial performance and position. Thank you, Jørgen, and good morning, everyone. It's great to join my first earnings call, and I'm looking forward to meeting and getting to know all of you who I haven't already met in the coming days and weeks. I worked at MTG for 10 years previously, so I'm familiar with the business, the products, the people, and the very potential of the company, and that is the main reason that I want to come back and take this opportunity. There is a lot of work to be done to get us back to the healthy position the company used to be in, with positive earnings and cash flows. So the pace has been high since I joined, and we are doing the utmost to accelerate that as a team. We are making a lot of changes to enable our re-transformation, just as Jørgen mentioned. This touches all parts of our organization as well as the partnerships with our suppliers, distributors, and customers. At the core of what we are doing is a committed, strong, local management teams that are focused and accountable to drive the changes needed. Alongside my role as CFO, I've also joined CEO position for the Swedish business, together with Christian Albeck, and we are very committed to work closely together to drive the required improvements for our Swedish operations. I'm looking forward to taking your questions, but a few key points first. Let's start with our year-on-year organic sales growth, which was higher than our reported growth due to the divestment of the remaining studios operations earlier this year, as well as the continued impact of our currency and mix effects. FX had a negative impact on our sales for our core operations and deflated our core costs, so that core EBIT, excluding IFC and associate company income, was therefore negatively impacted in the quarter. The 63 million, or 56% year-on-year reduction in our core operating losses, would therefore have been better if you consider FX headwinds and the studios disposals. Based on our current FX rates, and our more limited ability to hedge currencies, we expect a negative FX impact on a full year, EBIT at a lower end of the SEK 300-400 million range. The Q3 to date impact was approximately SEK 230 million. OPEX for our core operations was up year-on-year on an organic basis, as we now allocate, all central overhead costs to the core segment, and we also have increased costs related to the sub-licensing of content. Core OPEX was down on the reported basis, as we still had the cost for the studios business last year. Content costs make up 80% of our core OPEX, and approximately 80% of this content costs relate to sports content. Content costs were largely stable year-on-year in Q2, Q3, and we expect them to be down in Q4, with lower costs related to content sub-licensing. Our core SG&A costs were up again in Q3. As I mentioned, this is due to the allocation of all central overhead costs to the core segment, which will continue to impact the year-on-year comparisons in Q4. This is in line with our previous comment, that the increase in SG&A will be higher in the second half, as the comps for last year already include the majority of the headcount savings that we made last year. For the non-core markets, we have made small loss this quarter. This line is now basically the Polish SG&A, given that we have exited other markets since last year. With a SEK 5 million positive IAC this quarter, which primarily comprised unrealized and non-cash foreign exchange translation effects related to the previous content provisions that we have made. Our associated company income of SEK 52 million, mainly comprised our share of Allente's earnings and was above previous run rate. We now expect our full year associated company income to be closer to the upper end of the SEK 100 million to SEK 150 million range. As expected, there were no further dividends from Allente in Q3, and the decision is yet to be taken regarding payments in Q4. There's no change to our expectations for annual dividends of approximately 200 million SEK moving forward. We received a dividend of 100 million SEK in Q1 this year. Moving on to cash flow. Our total free cash flow of negative 1.5 to 3 billion SEK, comprised our core EBIT loss of 49 million SEK, negative 103 million SEK from the combination of CapEx, interest, taxes, investments, and adding back the depreciation and amortization. A negative working capital change of 1.409 billion SEK for the core segment, and a 38 million SEK positive free cash flow for the non-core operations. The working capital change is, as expected, and marked, a return to the usual seasonal patterns when it comes to timing of content payments, as sports rights payments in particular. We drew down SEK 1.5 billion of the SEK 3.4 billion RCF at the end of Q2, to fund the sports rights payments that fell due in July. We subsequently paid back the majority of the RCF, with a SEK 0.6 billion gone at the end of the quarter. We have not made any further drawdown since the end of the quarter. Our financial net debt, when, excluding the SEK 263 million of net lease liabilities, amounted to SEK 1.22 billion at the end of the quarter, with a cash and cash equivalents of SEK 1.046 billion. Total borrowings of SEK 2.478 billion, and SEK 230 million of prepaid borrowing expenses. We have a very clear focus on cash flow in order to make, in order to ensure that we manage our liquidity and optimize ROI as much as possible. This business has many moving parts, and there are both risks and opportunities that we are balancing. It will take time for the actions that we are taking to have the full effect and for the impact to be seen in our results. There are, of course, things we can fix short term, but we also have large and long-term content purchasing and partnering commitments in our core and non-core markets that must be adjusted and leveled up, so we, to make the right return on those commitments. So that's it from me on the financial performance and position. So back to you, Matthew. Thank you, Johan, and thank you, Jørgen, and we're now ready to take your questions. Just going back again, if you would like to ask a question and you have joined the conference call via the web link, you can post questions on the message board by clicking on the Ask a Question tab at the top right-hand corner of the window, and I'll read them out for you. Please don't forget to write your name and your company name. Or if you would rather ask the question yourself, please press * one, and then one again on your telephone keypad, and you will enter the queue. To cancel your question, simply press * one and one again. Okay, so moving to the message board first. We have a question from Aaron Burr, private investor: Has there been any significant progress on the B2B negotiations with regards to price increases? So one for you, Jørgen. Yeah, we obviously have discussions with our B2B partners and with some of the key partners. We have extended the the partnerships, we have introduced new products like the sports channels and other things. So definitely we see good progress with the partners who we consider, you can say, as key partners. So others have been more difficult, meaning that obviously they have enjoyed a very lucrative ride since it looks like that the company has paid for the content and they haven't paid, as we said earlier, that our content cost has grown much faster than our revenues. So of course, those who are not interested in discussing the value of the content, we're not going to continue with, obviously, as partners. So we are making a segmentation right now about key partners and also introducing new partners to the region as well. So that is an ongoing process. Okay, and then we have another question, I think for you, Jørgen, from Emil at MediaWatch. How crucial is the expansion of digital video ad capacity for maintaining the sustainability of your advertising revenues? Yeah, I think it is important that we continue to explore that opportunity. And we have said earlier that we would like to mitigate the downwards trend in our analog advertising to mitigate that or hopefully increase that with digital advertising. And that is why we have invested in H4 as well for our service, and also looking at other opportunities to increase that offering to our customers. So that is important, but it is also an ambition we are having to make sure that we make that transformation happen. Okay, and now one for you, Johan, related to the cash flow moving into the Q4, and this is really regarding the year-to-date free cash flows. The question from Kristoffer at Kepler is: Your year-to-date free cash flow is minus SEK 2.5 billion. What are the building blocks that make you confident in meeting your full year guidance, which, to remind everyone, is negative SEK 1.7 to negative SEK 2.2 billion? Yeah, that, I mean, there are many moving parts of the business, not least when it comes to ad market and currencies. So we are expecting the, we're keeping the guidance as is. I think just to remind everyone, Q3 is typically our heaviest working capital outflow quarter. Yeah. So therefore, the implication on the free cash flow guidance is a very positive Q4, which is evident from the numbers we've provided. I think then we'll go to our first call from the telephone line. So operator, if you could let Mikael Laséen from Carnegie into the conference call, please. Hi, Michael. Yes, good morning. Hi. I have a few questions. The first one is about the revenue dynamics for the streaming subscription segment. If you can explain the mix changes and the additional H4 and how the Champions League impacted the developments in the quarter. So, I mean, trying to understand the ARPU and subscriber dynamics in this quarter. Yeah. I think, if you look at the ARPU, obviously with the price adjustments that we have made, then the ARPU is up in all our markets. So that is one very important mix, of course, and that has a consequence as well, as you have seen, that we have fewer customers from Q3 last year to this year. But at the same time, though, we have grown from Q2 into Q3 with the new prices that we have put to the market. So the ARPU component is an important part. And then, of course, when it comes to the HVOD service, which still is early days, but what we see, as we said as well, is that it actually looks like it can be an attractive product for new customers as well in the market, but that is of course, ARPU-wise, lower. It's priced cheaper. At the same time, of course, then the advertising is making up or hopefully making it more attractive for us versus just a normal subscription. So there is a lot of moving parts. I think what we are, of course, happy about is to see the growth from Q2 to Q3, and also to see that our price adjustments has come through successfully then. The other thing, Michael, is just to say we did see the usual churn and return pattern that Jørgen talked about during his speech. So just remember that the subs numbers that we register at the end of the quarter may well be a lot of people coming back later in the quarter, so therefore we don't get the full quarter's worth of revenue contribution, even though the subscriber numbers change from the end of Q2. But you're aware of that and seen that before. Usual patterns. Okay. Yeah, and another question here regarding the H4 launch and how we should think about that contribution. And maybe if you can explain the reach that you have in H4 compared to linear TV, I mean, to get an understanding of the magnitude from this launch. Right. We have not specified the reach, and to be fair, it is early days. What we are doing, of course, is that we have the advertising part on our product in our own service, in the D2C service. And then obviously we are also engaging with the key partners, distribution partners that we have in, to make sure that we can broaden that offering as well, so the benefit from them as well, getting a new product in the market. And also for us, of course, to get a new product in the market to customers who also eventually a little bit more price sensitive. But we have not revealed. You can argue the incremental reach. But of course, we are growing our digital ad sales, and the H4 is a component of that today, and it will be for sure. going forward as well. Okay. Yeah, fair enough. And another thing is, maybe, I don't know if it's too early, but, if you can maybe help us understand the ambition for twenty twenty-five to reach positive cash flow for the core operations compared to where you are today, the key building blocks to reach that, ambition? Yeah, no, but that is exactly what we are, what we are doing right now, is, of course, to make sure that we are having the right content, and making sure that we have the right content with the right ROI, the offer to customers. It is, of course, the partnerships that we are enhancing as well. So that is, you can argue, part of this whole transformation. It doesn't end in Q3 or Q4, in all fairness. That is something where you continue to refine your business. It has been wrongly skewed, where it has been volume over value, so the discussions we are having with partners and also the way that we operate our business ourselves, offering new premium products and so forth, that, of course, will help long-term of the attractiveness of the product, and therefore also should render, more customers, to our products as well. But the content investment, for sure, is important, in all fairness, that we, where possible, adjust, the spending to make sure that it is a proper ROI, that we are delivering. So that is... There's no, no hocus pocus, or easy wins here. It is a grinding and making sure you just are smarter on the way you do your business. Okay, got it. One final, if I may, regarding the B2B side, and if you can talk to us about any key renegotiations that we need to be aware of in the coming couple of quarters or so? Yeah, we have existing with the key partners; we have prolonged many of those in all fairness. We are about to prolong another one, key partner in one of the countries right now. And then, as I said, some partners, we might not, you know, we might not end up prolonging, and we have given notice to one partner that it is, that is difficult, you know, the view on the business and the value of the content that we are having. So that we are not prolonging. So that is an ongoing effort as well, to make sure that our offering to our partners is as attractive as possible. So yeah, we all have mutually beneficial agreements, and that is not the case right now, where we have a lot of the contract or some of the contract, which are based on a lot of volume, but not value. And we don't want a lot of customers. We want valuable customers. So that is a discussion that we're having. But those contracts comes up on a regular basis. Some partners have been smart and have been proactively prolonging the contract with us, and that, of course, shows the strong partnership that we have with those. So that is what we're focusing on. Okay, thank you. Okay. Thank you, Michael. Now going back to the message boards. There's a question here from Philippe Sissener. "Could you please remind us of your official financial guidance going forward? At what time do you expect to draw on the RCF, and are there any covenants links to the RCF and your access to usage of it?" I think, Philip, the guidance and the financial targets are reiterated on page seven of the release. They're in the deck as well, and there's no change to those. They relate to net sales, the core operations, implications for the non-core, and operating income, and free cash flow for the two elements as well. So they're all as was before. I think in terms of drawdowns on the RCF, maybe for you, Johan, I mean, you mentioned it in your speech, but, maybe if you could take that one. Yeah. As I mentioned, we drew down in Q2, which has been paid back, and we have not drawn anything more at the end of Q3, so it was SEK 0.6 billion at the end of the quarter. Great. Just keeping going on the message boards here. You have one very specific Danish one. "The Danish government is planning to regulate betting commercials by either limiting them on TV during sports broadcasts or outright banning them. What risk does a potential ban on betting commercials present for Viaplay's advertising revenues? Yeah, you know, let's see how that in the end will look like, in all fairness, before we start speculating. So I would like to see a little bit more before I start to make a firm conclusion on the impact that that will have for us. So I can't be specific on that more, to be fair. Yeah, maybe just for reference here, remember that advertising is less than 20% of our revenues, and betting is less than 20% of the advertising revenues. So when you look at this segment for us, it's a relatively low exposure on a group basis. Then, still with the message boards, a question from Martin Arnell at DNB Markets: What will be the most important driver in Q4 to be able to deliver on the full-year 2024 financial targets? Same vein as before in the questioning- Yeah. but just to make sure you- No, but that is, of course, going to be the same answer. There is a range of initiatives which we have talked about, the value or volume, the return on investment on the content, and so forth. So that is the same drivers that we're looking at in Q4, as I just mentioned, for 2025. ...And then we have a follow-up from Aaron Laura, private investor. Can you see any sign that restricting account sharing is creating new subscribers? And I mean, obviously, this comes on the back of Netflix's results and what they said around this. Maybe we could, one for you, Jørgen. Yeah, no, we have actually seen that. It's just important as well that it is still early days. But we have rolled account sharing out in or prevention in our markets now. And I think where we for sure was a little bit, you know, puzzled about was, of course, the reaction from customers who used to share their accounts. And the good news is there, that they're still staying with us, which we also hoped, of course, that they still liked the product despite the fact that they couldn't share their accounts. And some of those who then got the account from others have actually signed up as well, we can see. So we can see the people are coming in as well. So it is so far so good, you can argue. Now, I think there's gonna be a sprint. It's not gonna be a sprint, it's gonna be a little bit longer before people, you know, the ones who used to share account before they become subscribers. But we are seeing positive trends there as well. But again, still early days. Okay. And then a question from Martin at DNB again, and this is for you, Johan, and this relates to the financial position of the company and the headroom at the year-end versus bank covenants. So the question is: What is your view on the financial position of the company as you come in, and the high debt in particular? And in terms of the gearing, where would you expect to be in terms of headroom at the end of twenty twenty-four versus bank covenants? And just before I pass that over to you, and just remember, as you know, Martin, that our free cash flow guidance from where we started the year on our net debt gives you a very clear indication of where we'll end the year based on the guidance we've provided. But over to you, Johan. Yeah. I mean, we prioritize cash flow management and debt reduction of the company. I mean, and as Jørgen said, I mean, it is about sort of prioritizing to get the right return on the investment of the sort of content pieces that we have, and all sort of the initiatives and things that we're doing in the business should generate sort of cash positive for us to sort of be in that position over time. I think Matthew answered the second part of the question as well. Okay. And then one for you, Jørgen, from Tom Singlehurst at Citi. Is there anything you can do to accelerate the process of sub-licensing, and thereby accelerate the rundown of the cost, cash costs and the non-core operations? So this is really about the exit markets and whether there's more we can do there to sub-license content. Yeah, I think what we— So we have exited all markets except Poland, which we are exiting in an orderly manner for our partners and customers in summer 2025. And of course, where we see an opportunity and people can use the content in Poland before then, of course, we are happy to discuss that, and are also sub-licensing already now some of the content prior to us ending in the summer 2025. So it is important for us that we get out, as I said, in an orderly manner, and that we are honoring the contract that we have with our different partners there as well. And some of them, of course, contain the content that we are having, that they expect that to be delivered for them as well. But yes, open to, if there's anybody who sees great value in some of the things that we're having the last six months or nine months, we are happy to talk to them, of course. Okay. And then a question from John Blanco, private investor. And this relates to pricing of our subscriptions. So when it comes to the sports package, I've heard from so many people the cost is so high to pay for content. Any thoughts to just have packages with only the sports you want? What about having packages just for the sports season only or for Premier League, so that people can view specific content? Yeah. So as a general note, we are of course constantly making sure that we have the most relevant and attractive pricing for our products, and also that we have the right offerings as well. So that is an ongoing discussion, and you will see, like in Denmark, we have made a new offering, a premium package containing even more content, more Champions League, our news channel, and so forth. So that is an ongoing understanding on how do we position our products best in the market. So nothing is static in that way. We're also looking at which we have successfully done as well, having longer subscription period as well for some of our customers who sees benefit in that, for better price. All that is something we're evaluating to make sure that we have the most competitive and relevant offer in the market. Okay. And then back to Aaron again. In the Q2 presentation, it was mentioned that H2 would be better than H1 in terms of subscription volumes. Is that still the expectation? And related to that, going into Q4 2024, have you seen a pickup in premium sports subscriptions to the level going into Q4 2023? So I suppose year on year. I think we have not been specific on our, what's it called, on our guidance for the second half of this year. But as it looks right now, we will be better off the second half this year than we were in the second half last year when it comes to subscriber development, how many subscribers we would add or lose. So we look a bit better for the second half this year than last year. So that's the stance. Okay. And a follow-up from Aaron: Is H4 attracting a new customer segment or mainly reactivating older customers? It's actually both, but it also does actually attract a new customer segment, which has surprised us a little bit, to be fair. It's always exciting when you launch this new product that you understand the dynamics of the customer. So it has actually turned out that we've got more new customers in, and also that the customers using H4 is actually also spending quite a long time on the product as well, which of course benefits then the advertising that we have more viewing on amongst those subscribers as well. So that is a positive for us. Okay. And, Martin had a question regarding, financial targets for twenty twenty-five. But I think, Martin, those are typically things we address in the, the full year results rather than this stage in Q3. So I think if you'll let us come back on that, towards the end of the year or with the results, that'll be good. His specific question is, "Is it fair to assume a negative group, free cash flow around SEK 1 billion in twenty twenty-five, including your targeted positive free cash flow for the core?" But I think, again, we would probably defer and come back, with the full year results on that one. Still sticking with the message board, we have a question from Knut at Kampanje in Norway: The first Alpine Ski World Cup opening in Sölden starts this weekend, and Viaplay have the rights to broadcast the Austrian winter sports events in Sweden, but not in Norway. Why haven't you purchased the Austrian events to the FIS Winter Sports in Norway? The rights package is still possible to acquire from the EBU. Very specific question. So, yeah, you know, in all fairness, we never disclose or discuss our sports rights negotiation properly, to be fair. I have nothing to say about that. I can for sure say that we're happy with the products that we're having out there, and it works very well for us. The skiing has a high attraction to our customers. So that is good news at least. But to comment specific on future rights is something we have not done and will not do. Okay. And Tom from Citi had a question regarding this sequential growth in the subbase. And Tom, yeah, you're right. It is the normal pattern that you see Q2 to Q3. If you look back to the same period last year, you see more or less the same thing. So as we discussed earlier, this churn and return, a moment that we have during the summer every year, which is a combination, of course, of the summer months themselves, but also the sports seasons being off cycle. So, so you're right, it is the usual. There is a follow-up from Philip Cisner. It seems like piracy watching Viaplay content on IPTV is quite extensive in Norway, but probably elsewhere as well. You mentioned a cooperation with the police, but what specifically are you doing in order to shut down those servers? There is a broader, there are broader initiatives on that, of course, and one thing is what we can do ourselves, which we are doing. The other thing, of course, is what our partners, the content distributors or content rights owners, what they are doing. And there, obviously, it affects them not only in our market, but also in other markets. So they are very active in that space as well. The Premier League, we have a Nordic forum for you know, trying to tackle piracy, where we also then have companies or rights owners, like the Premier League, participating in that forum. So there is a range of initiatives, but it's very clear that we need the politicians and the legislation to be much more aggressive in this space. Which is a little bit possible for me that it isn't already, because it is a little bit more than difficult to create content if you don't get paid for it, to be fair. Somebody obviously needs to pay. It's fair enough if you don't want to buy it, at least, but you don't stream it if you want to see it illegally. We would like to see, you know, much more, yeah, more stronger legislation, and we would like, we would expect, to be fair, the politicians to be much more aggressive in this space, which they aren't right now. It's a little bit disappointing. One thing is what we can do, our partners, what they're doing, and then secondly or thirdly, of course, what is the politician can do? That is what I talked about. We need more radical action from their part. Philip also had further follow-up on the guidance. I think, Philip, just to answer your question, if you look at page 13 of the presentation deck, you'll see the longer term ambitions that we talk about to our core business. And there we said, low- to mid-single-digit% revenue growth in the coming years, looking for a double-digit% operating profit margin in five years' time, positive free cash flow for the core next year and for the group in twenty twenty-seven. And then obviously, the efforts to recapitalize, deliver the plan and build a balance sheet, which are all in motion. I think just, A question from MediaWatch: What will be the net impact on revenue of your work with extending or ending partnerships in twenty twenty-four? Have you taken losses in the short term in order to gain in the long term? The answer is no, that we have not taken losses short term. We will not be specific on, you know, on the revenue as such, since we are not breaking that out. But of course, the whole idea is, of course, that we have a mutually beneficial partnership with the partners and also in Denmark. And that is, of course, what we are discussing with the partners, how that should look like, you know, to make sure that we all can benefit from the entertainment that we are offering, which is relevant, strong entertainment. We see that clearly. So that is the process that we are in, and we have prolonged also in Denmark some of our key partners and having discussion with them also now how to produce even more products, specific product, which they can capitalize on even better than they do today. So that is a mutual beneficial discussion, which we are having, and not just one way, which has been in the past. Good. I think that really concludes the questions we have on the message board. A lot of them, I mean, forgive me if I haven't read out every single one, but there are a lot that are repeating, so we tried to deal with every subject. We have no more calls on the telephone line, so I think that really concludes the question and answer session. Thank you very much to Johan and to Jørgen and to all of you for your questions and for your time reading through the results and the materials. We appreciate it's a short time frame between the publication and this call, so please do come back if you have any follow-ups. We always appreciate your interest and always welcome your feedback on the format and content of this session, which we're constantly looking to evolve. So please let us know if there's anything there you would like to change. We're also always available for follow-up meetings, so please don't hesitate to reach out to my colleague, Anna, or me, if you would like to schedule a meeting or have any further questions. But that's it for today. So thank you again. Goodbye for now, and see you soon.