Adtraction Group AB

hello and welcome to the presentation of attractions fourth quarter results as usual if you have any questions please post them online and we will answer after the presentation so this time we're going back to the basics we will talk about numbers and attractions goals and we will talk less about our business model and positioning. We will not even talk about Google or AI. Well, maybe a little bit about Google, of course. So with that, let's get started. And let's talk about the fourth quarter. Attraction is back to a little bit of growth in the fourth quarter. Sales increased by 3%, gross profit by 5%. This gross profit growth, of course, is helped by our acquisition of Affiliate Future, but we're also showing a little bit of organic growth in the quarter. Whenever we manage to grow gross profit, we typically manage to grow operating profit at a quicker rate. This happens also this quarter where EBITDA grows by 18% and we end up at 22 million. We have strong cash flows in the quarter. This is something that we are constantly working with and we're constantly trying to improve cash flows. Other stands out a little bit. Other is one of the segments that we report together with finance and e-commerce. Other is a good proxy for Bundler, and you can see a growth rate there of 345% in the quarter. I would like to point out that Other is not only Bundler, but again, it's a fairly good proxy for Bundler. I would also like to point out that this growth rate is from low levels. The story of 2025 is this, we have seen three quarters with a small negative growth and we've seen again a fourth quarter with a small positive growth. I think it's important to point out that in the beginning of 2024 we still were consolidating Clara Loan and that of course has an impact on the base numbers that we're looking at here. Sales for 2025 dropped by 1% and so did gross profit. Because we managed costs, we were able to increase EBITDA slightly to 54 million. We have strong or actually very strong cash flows for the quarter, 70 million in total. The segment other dropped or decreased by 17%. And what's going on there is that we were consolidating Clara Loan in the first quarter of 24. So that is included in the base numbers. Bundler is indeed catching up with Clara Loan, but we'll need a little bit more time before they reach Clara Loan gross profit levels on a quarterly basis. So Clara Loan was actually at 3 to 4 million gross profit per quarter. Because we have a strong balance sheet and because we have very strong cash flows, the board of directors is suggesting a dividend of 2.2 kronor per share, which represents an increase of 10%. Of course, this needs to be approved by the shareholders meeting. And if that is approved, we expect to pay dividend in two tranches like before, probably in April and October. There's a lot of stuff that we are doing in 2026. As usual, our focus is growth. And in the first quarter, we have a particular focus on a couple of things. The first one, the CRM system that we have implemented. Now it's up to use that in a proper way. And we want all managers, all partner managers and all country managers to use that in a proper way and we will make that use that system and the data systems to make correct decisions going forward. We also have another very important project called fair tracking. Fair tracking deals with the consent gap. And what's going on here is that because of the consent settings of certain clients, attractions tracking code is not always executed. We have built a beautiful solution to solve that problem, which means that we can get compensation in a GDPR friendly way for untracked sales. So this is great and we're in the process of implementing this across our portfolio. I would say that fair tracking obviously is good for partners because they get compensated for untracked sales. It's great for our customers because they can make better budget allocation decisions and get a better view of what's actually going on and who's actually delivering sales. And when our partners and clients are happy, we are happy too. So it's also good for attraction. Our platform is developed continuously. Currently, we have launched a new partner platform that is in a test phase and we are getting feedback from partners. The next step will be to switch all users to that platform at some point later this year. We're also developing an updated brand platform and an important part of that development is that we want more feature for self-managed accounts so that we can also service smaller customers and other customers with self-service needs. We have an influencer project ongoing. I think I've mentioned that before. I think I talked briefly about that in the last report. And I think between now and the next quarter report, we will probably launch a test version of this. And that means that in the Q1 report, I will be able to describe a little bit more what that project is and how it is supposed to work and perhaps even show a little bit of what it looks like and the business logic behind it. We have a big project when it comes to pricing and service level. I think that in general our industry is not doing a good job explaining to customers what we do and what the difference is between different service levels and offerings. And I think that we will do a very good job of explaining that. So that's the first goal to do a better job of explaining our service and our pricing. And the second goal is that attraction wants to address a bigger market. So we will target slightly smaller customers. And as we've said before, we also want to go for bigger European accounts. So that's also part of that exercise. So we're increasing the addressable market, I would say, or increasing the number of potential customers. Bundler, I think we have found a product market fit. They are making great progress and we expect a strong development in 2026. Bundler has very good growth rates. They are, of course, growing from fairly small levels, but they really have found that product market fit and we expect good things from Bundler in 2026. When it comes to Affiliate Future, we have an integration and migration project ongoing, which I will talk a little bit more to later in the presentation. So as you know, we have two main verticals. It's finance and e-commerce. In Q4, we see a small sequential drop vis-a-vis Q3. This is actually the normal cycle of the finance vertical. This typically happens every year, but we've also seen a small drop versus 2024. And what's going on here is that we have very mixed results from market to market. So we see good development in, for example, Sweden, Denmark, Finland, Germany, and also some smaller markets or for attractions, smaller markets like Italy and Poland. And then we see weaker performance in Norway and Spain and to some extent the Netherlands. So it's a very mixed picture here but it is a still very important and great segment for us. E-commerce, I would characterize as more stable. So we've talked before about 2024 being a challenging year. We think that things are more stable in 2025. Again, fewer accounts are closed or paused. We are winning some strong accounts. We have a more optimistic outlook from brands because of a general... In general, better economic conditions. And I would also say that Black Friday in general was fairly strong for attraction. But it's the same story here. We have slightly different results in different markets. So in the fourth quarter, Norway, Finland, Netherlands, Poland, Spain showed very attractive growth rates and things were slower in Sweden, Denmark, Germany, where we had negative growth rates. So if we look at the combined picture here, what we see is a company that has been growing for a long while. And now I would describe our development as more stable. And of course, we say every quarterly report that our goal is to return to growth. And the challenge right now is that we see such mixed results in many markets. So it's not uncommon that, for example, finance is growing in one market and Ecom is decreasing in some other market. Ecom is increasing and finance is shrinking. And of course, we need all of these things to grow. That's when we can deliver growth on for the whole company. That's what we're seeking to achieve. This graph shows the number of full-time employees before we show that on a quarterly basis. I think this graph looks a little bit nicer and it also shows the trend. The number of employees peaked in 2023, then it has decreased slightly. Of course, we're adding employees every time we acquire a company like we did in 2024 at record and 2025 affiliate future. So the employees of course is the biggest cost for attraction and of course the employees are also the ones who generate the gross profit that we need. Looking at the cost base, again, I think it's fair to say that the cost base is stable. We do see a slight increase in Q4 every year for a number of different reasons. Andreas will dig in a little bit more into that in his part of the presentation, but I would characterize the cost base as being stable. If you've followed Attraction for a while, you know that we are interested in three simple things from a financial point of view. It's growth, profitability and cash flows. That ambition is also reflected in our financial goals. So we want to grow sales by more than 20%. We want to have an EBITDA margin. in excess of 7% and we want to pay a dividend of 30 to 60% of the net adjusted profit. So we have not delivered on the first two goals and I will comment on that a little bit later on. We have actually paid more than 60% dividend last year and also we plan to do that this year. So historically attraction has delivered on the sales goal. We've easily beaten that 20% goal and we have clearly not beaten that goal in 2024 and 2025. We still think that it's possible to reach that 20% sales growth. So why do I say that? Well, I say it because we actually are delivering growth rates like that in individual markets, actually more than one market and actually not only in small markets. So we know that when everything is working out and the economy is a little bit stronger, it's for sure possible to deliver those growth rates. So this remains our ambition. That may look a little bit weird for a company with minus 1% sales growth, but this remains our ambition and we're going for that. When it comes to the EBITDA margin, we were approaching 7% in 2023, or maybe we even delivered 7% in 2023, fourth quarter, I don't remember exactly. What I do know is this, it's easier for us to deliver a strong EBITDA margin when we are growing. So when we return to a sustainable growth, I also expect margins to increase. Attraction has a long history of generating good cash flows, so 2023 was a record year in terms of EBITDA. We generated an EBITDA of 75 million in 2025. As I just mentioned, the EBITDA is 54 million but cash flows are actually greater than they were in 2023 and that's because we're consistently working with improving cash flow and improving payment terms etc. And that means that we actually can pay a good dividend and increase the dividend for the financial years 2025. So we talk a lot about growth. How will we grow? Well, that story has not changed. It's the same as before. The main thing here is that we want to grow with existing base. This is all about adding more partners and doing more things. with the existing customers. We also welcome customers to start in new markets and we want to help them expand across Europe. Of course, we're also interested in increasing our market share. We want to add new clients and partners to the partner marketing universe. And of course, we don't mind taking a client or two from competition either. I think it's important that we grab that Google budget. So I have to mention Google a little bit. I think it's super clear that many brands are spending way too much money on Google. This turns out to be risky because CPC prices tend to increase at a much higher pace than the number of transaction or the order value generated from Google. It's a risky proposition to put too much money into Google. Again, our message is diversify and do that, for example, by partner marketing. M&A is a little bit special because I think that the foundation here is that there are too many companies in our industry and the industry would benefit from consolidation. At the same time, we've experienced market conditions and valuations, which are not necessarily great for people who want to sell their companies. Now I'm talking about 24 and 25. Attraction has acquired two companies in this period. ad record in 24 and affiliate future in 25. This was not because 24 and 25 were optimal times to sell. This was because the owners of those companies made strategic decisions to sell those companies. I think a lot of people in our industry are waiting for more favorable economic conditions and more favorable valuation levels before they engage in this consolidation exercise. I may be wrong, but I don't expect a lot of things to happen in our core business in terms of consolidation for 2026. I may be wrong about that, but that's what we currently see. In the meantime, though, we are looking at some other projects. So we're almost always looking at something. And in the last couple of months, that has been things that is not exactly core business, but it's related to our core business one way or another. So speaking of M&A, I want to say something about the affiliate future. As you probably remember, we acquired this company in October or announced the transaction and then closed the transaction also on October 31st. We bought this company from a company called Global Data and the transaction is a carve-out. Carve-outs are a little bit more complicated and time consuming, and it's difficult to know exactly where the profitability ends up. I think that we were able to do this transaction in a fairly smooth and quick way. We more or less started the process full speed and I think it was August and then we closed in October, which is pretty good, but that was a lot of work before we could finalize the process. so what's happening now is that we're doing migration and integration um our ceo dominica skatovska is responsible for both of those things the integration is ongoing and what will happen here is that our existing business in the uk attraction uk will become part of affiliate future perhaps we will change name and uh Affiliate Future will be called Attraction UK or something like that in the future. And then we need to do something smart with Affiliate Future brand name also because that brand name has been around for a long time in the UK market and clearly has value. We're also doing migration. The goal is to finalize the process in Q1. I would say that we're making good progress here together with the Affiliate Future team. Contrary to what I said in the last call, Affiliate Future actually is profitable from the get-go. Again, I was perhaps being a little bit cautious here, but it's not super easy to see what the underlying profitability was for Affiliate Future when that company was a part of Global Data. I would also like to point out that not everything will be migrated. So some accounts will not be migrated because they're too small. Some accounts have been closed. There's some partners that we prefer not to have in our platform, etc. So not everything will be migrated. This is completely normal. We've acquired... four companies before, and in no case did we migrate 100% of the gross profit. So just summarizing Affiliate Futures financials, We've been consolidating Affiliate Futures in November and December. They had sales of 11.5 million, a gross profit of a little more than 2 million, and an EBITDA of 0.6 million. So that's obviously a lot better than making... Making a small profit is a lot better than making a small loss. And with Affiliate Futures customers, partners, and teams, we think that we have a great foundation to continue to build things in the UK together with our existing

UK team so that was my part and with that said Andreas will do the numbers thank you Simon and if we start by looking at net sales is at 355 million in the quarter that is a three percent growth if we look at this from with the fixed currency rates we would have seen a six percent growth instead Gross profit wise, 68.9 million, that is a 5% growth. Also with fixed currency rates, we would have had 8% growth. Like Simon mentioned, we add 2.2 million from affiliate future and that would have left us with a 1% organic growth. We also seen three very different months in the fourth quarter. Starting with October, we had negative growth rates. In October, we had an amazing performance. And then in December, we ended the year with good positive growth. Simon also mentioned that we have year to date growth in Q1. And worth mentioning is also that January and February were relatively good months for attraction also in 25. So we are starting the new year on a positive trend. Looking at EBITDA, 21.7 million, that is an increase by 18%. Here we also get the opportunity to show the positive things with our operating leverage. We also add 0.6 million from affiliate future. Simon also mentioned that we have a stable cost base. Naturally, we have a little bit higher personnel costs in Q4. When looking sequentially between Q3 and Q4, you might disagree that it's stable, but the added cost here comes mainly from affiliate future with 1.5 million, as well as the seasonality effects coming from vacation pay on the summer months, Q2 and Q3, which lower the cost base in these quarters. Looking at the adjusted net result per share, it's at 1.04 Swedish kronor, and that is also an increase by 12%. The e-commerce vertical, we have 46.4 million. That is an increase by 7%. Leaving out the affiliate future, 2.2 million gives us an organic growth of 2% for the e-commerce vertical. Looking at the bigger e-commerce vertical markets, We can look at the Norwegian market, which has completely outperformed and having growth rates up to 30% in Q4. And meanwhile, the Swedish market has had slight negative growth. Finance vertical, we have 21.1 million. That's a negative growth of 5%. We have seen nice stable GP from the Swedish finance vertical, giving positive growth. However, we are still seeing negative growths and headwinds on the Norwegian and Spanish markets, and that adds to the total negative growth of 5%. The other vertical, now mainly bundler, is at 1.4 million. That is a strong growth rate of 345% coming from lower comparison numbers. And geographies, 50.4 million coming from the Nordics. We see slight positive growth rates from Finland and Norway. The Danish and Swedish markets are more or less at par with last year. And in Europe, we have 18.5 million, and that is a 14% growth. This is acquired growth coming from Affiliate Future. We see more markets now with positive trends than negative. We have, for example, a very good performance from Italy. Meanwhile, it's hard to grow when the biggest market, Spain, still have negative growth rates. Then looking at cash flows, we have a record high operating cash flow, 40.1 million in the quarter. This comes from changes in our invoice process where we get paid for more November sales in December than we got previously. This will also affect Q1 where we will have bigger partner payments from these results. Next, investing activities, we have minus 13.9 million and this is the net from the acquisition of Affiliate Future. We have made full payment in Q4, so there are no more payments to be made from the acquisition. Financing activities, we have 16.6 million, and this is the dividend paid in the end of October. This gives us a total cash flow of 9.6 million in the quarter and also a net cash position of record high 123.6 million ending the year. By that, I give the mic back to Simon.

Thank you very much. So a little reflection on this, I think it's nice that we can We can acquire a company, pay dividend and still increase our cash position. That's a testament to very strong cash flows indeed. I also think, Andreas, that you said that October was amazing. I may have misheard you there, but actually you probably meant November.

Negative growth rates in October and amazing November. That's correct. Yeah, I don't know.

I'm not 100% sure what you said, but let's get that right. So now you have the correct version here. So briefly checking our goals. We are about growth, profitability and cash flow. You heard that before. Attraction is European networks. We want to be more European and we want to be a leader, consolidator in our industry. And we want to serve a wider range of clients. This is why we're developing our platform. And this is why we're doing a new pricing setup that we will talk more about soon. So what's happening now, you may ask? Well, in the quarterly report that we presented this morning, we said that we are growing in the first half of Q1, pretty much in line with Q4 growth. This is much better than a slight negative growth, of course, much, much better. But we have higher ambitions than this. But this is sort of an indication of where the first quarter seems to be heading based on the first half. Obviously, the affiliate future is project and the integration and migration are a strong focus. And then we have all the other things that I just mentioned. So this is our quarterly report and presentation for the year. So with that, we have quite a few questions. We will just do them on volley, as we say in Swedish. So please give us a minute here and there to actually read the questions and then answer. So first we have a question here. Bandler performed well in 2025 and in the quarter. What are your expectations from this subsidiary in 2026? so we have big expectations for this company we have a great team and we have a product market fit we have also a good pipeline we are not in a position to make a forecast right now but i expect that we will communicate more about bundler a little bit later in the year i don't know exactly when i think bundler is a very interesting project indeed So, again, another question, a good one. You are maintaining your financial targets. Historically, organic growth has been very good. In the future, what do you think will be the split between organic and inorganic growth? Half-half, roughly. So, yeah, I think that there is a potential to have substantially better organic growth. going forward, can that be as high as 20%? Well, I think that we will need the support of M&A to reach that goal. So we haven't defined exactly how much will be from M&A, but clearly we will need to do some M&A to reach our growth targets. So what products in finance is strongest? Is credit card stronger than loans? Is there any new products holding up the finance segment, for example, EL of Tal or insurances? So in our worldview, insurance and electricity is actually not finance. That is... That is e-commerce, and we are doing good business for both insurance and electricity, but that's reflected in the e-comm numbers. And, you know, looking at the finance vertical, consumer loan is the biggest thing, and then followed by credit card. Then another question, the number of full time employees increased quarter on quarter. Where and what kind of personnel are you hiring? So I don't know the exact split there. I don't know if you do, Andreas, but probably most of that is from Affiliate Future.

Yes, I would say the full increase is Affiliate Future personnel.

Yeah. And Affiliate Future employees are, you know, people working with the business It's not the tech team. It's like people working in the business part of the organization. And actually one person for Andrea's finance department also. But that's it. All right. When are you planning to launch a new platform that publishers currently are able to beta test? Will the influencer segment be open on this platform or will it be a separate platform? So we haven't set a date for the full launch of the partner platform. We will need to get back on that, but that is... priority for us our tech department is pretty busy there's a lot of things that needs to be done including the the brand web so i'm afraid i cannot give you a specific date the influencer thing will be something separate and i think it's pretty cool and hopefully we can show you something fairly soon When is Affiliate Future estimated to be included in the Attraction Platform? Well, in Q1, so it should happen fairly soon. I'm not sure that exactly everything will be migrated in Q1, but I think that we will see a lot of progress in Q1. I don't know if you know the answer to this question, Andreas. I don't have that on top of my head. You mentioned that you had 136 full-time employees at the end of the quarter. What was the average during Q4? Is that a number you have? Let me get back to that one. It's in the report. Okay, so I will keep reading and then Andreas will get back with the average number of full-time employees during Q4. It's 129. 129. Thanks. That's a quick digging, Andreas. So you're increasing staff with several roles after adjusting for affiliate future, and you have many roles out for recruitment. What are your thoughts about this increase in OPEX in general for 2026? Well, you're right, dear questioner here. OPEX probably will increase a little bit, but... Some people are also leaving attractions, so the net effect is not huge. The biggest effect clearly is for an affiliate future. We are hiring a little bit, but it does not have a huge impact on the cost base. I don't know if you have a different view on this, Andreas. So Andreas agrees, which is always a good thing. Have you seen any shift in compensation structures to partners during the last quarter? I would actually say no.

I don't know if you have a different view. Maybe this question comes from seeing the margin increasing a little bit in Q4 compared to last year. But I would say that that increase is due to more e-commerce and less finance.

Okay, so that's a good answer. And here's a tricky question. Can you deep dive into challenges within finance? Norway and Spain. And I think that in Norway, the market has been slow for loan providers. It's probably mainly related to the economic situation and the risks associated with lending money. And I think this is more or less a part of a natural cycle. So we do see ups and downs in the finance sector. It's actually a little bit more volatile than the e-commerce sector because we take... deeper dives and also bigger gains when things are working out. The Norwegian market really has been a lot of up and down and currently the customer activity is not so great, which is a reflection of what the consumer is doing. In Spain, the market situation is a little bit more complicated. We have a Upcoming regulation, there's some uncertainty around that. I think that the value chain to some extent is being redefined and we need to find new ways of working. A key thing in that is doing different kinds of integrations with loan providers. Those are called API integrations rather than traditional tracking. And this is something that we're focusing on, and maybe what I just said doesn't make sense to anyone who's not in an industry, but if you're in the industry, you probably understand what I'm talking about. Here's another question. The incremental margin in this quarter is very strong. Is this the incremental margin that should be expected in the future? Well, I'm not comfortable doing forecasts like that. What we do know is that whenever You know, we know what our costs are, and if we manage to increase gross profit, we should expect EBITDA to increase going forward and EBITDA margins to increase going forward. I don't know if this is the specific margin that we're talking about here, but I'm going to assume that it is. All right, so here's a long question. I'll just read it and then we'll see where we end up. What are your hopes for the influencer MetaPick peer product and should we expect any significant spend, maybe marketing in connection with the release? Also understanding my, okay, so let's do the meta pick slash influencer question first. So no, we currently don't expect any significant marketing spend. We will first try things out. We believe that we are in a good position here because we know how to reach the influencers. We know where they are. And we know how to market that to our existing client portfolio. This will not require a lot of marketing. Maybe something, obviously, but not any significant cost that will be noted on sort of a group level. That may change going forward, but initially this will not happen. Here's an M&A question also. I understand you might not be able to find M&A targets valued less than attraction today. However, it would be great to hear your thoughts on using DEP, which should have a lower cost and equity for finance acquisitions. With enough synergies, it could perhaps be a good return if you require relatively high valuations. I think financing is actually not the problem here. I think that if you started a company and you built that for many years, maybe you don't want to sell that at six times EBIT. If you think that EBIT is also depressed that year compared to what it could be. So if you think that EBIT will increase and that multiples will increase, maybe you're not a seller that year. So I would say that at record, and Affiliate Future. We're sort of exceptions here. We are entertaining dialogues with many people in our industry, but my take is sort of that nothing feels hot right now, and I probably would not be willing to pay higher multiples right now. I feel that that's too risky. We're willing to do deals, but that's going to be at fairly low multiples. All right. So Europe bounces back to almost organic growth with adjusted for affiliate future compared to minus 15% is Q3. What is driving this? Is Spain performing better? Not really. So Spain is still problematic in the finance vertical because of the challenges that we see in that market. Spain e-commerce is performing and has amazing growth rates, but I think that Overall, we have some markets that are working out fairly well. So in German, finance is working out. Netherlands is working out on e-commerce side. So it's really a mix. And we see markets and verticals go off in all sorts of directions here. So there's not a consistent picture. So how far have you come with a probabilistic tracking rollout? Would you be able to estimate how much gross profit this initiative has driven in Q4? So this is an ongoing project. We're not disclosing any numbers now. What I can say is that a substantial part of our portfolio has implemented what we call fair tracking. And then it's going to take a little bit of time before we see the results. But what I can say is that there is an impact and we expect to be able to communicate more about this. We're also going to do more in the platform to show partners what brands have fair tracking and implicitly you will be able to figure out who does not have fair tracking. And maybe that will help partners decide where to send their traffic a little bit. Here's a question that we get sometimes and that is if we can do share buybacks because we have strong cash flows balance sheet and I don't know. It says valuation here. I don't know. I'm not going to comment the valuation. But what I can say is that as a First North company, it's not really possible to do buybacks. There's the synthetic buybacks, which to me feels a little bit complicated. I think dividends actually are better. So my take is that we will... stick to that. I have I also think that, you know, we've done the attraction has had the free float of attraction has been to low I think. We've seen some improvement in the last quarter where Kasper Gröd and Jakob Notlev sold all of their shares and we're improving a situation with better free flow and better liquidity in the share and I think I'm not sure that this is the recipe for even improved liquidity in the share is to do share buybacks. If I'm wrong here please inform me and Tell me if I should be thinking about this differently. But for now, we are focusing on dividends instead. So we need to talk a little bit about AI after all. Have you seen any shift in brand perception of partner marketing due to increasing AI visibility? Has this created any new deals? Well, there's a couple of things going on here. So first of all, the AI tools or the LLMs, Gemini, ChatGPT, Claude, they're currently not driving a lot of traffic to the brands. We actually did a mini survey among our brands, and in most cases, brands get less than 3% of their total transactions. Actually, in most cases, even less than 1% of total transactions and sales from LLMs. That's one thing. Another thing that's happening is that some brands at least are losing... are losing traffic because of AI overview. So if you're a company that would spend a lot of time describing products or a process or whatever in order to attract traffic, you will probably lose a lot of that traffic. We've seen 20-30% loss for many brands and then the brands need to compensate and in some cases they're actually buying more Google traffic. I think that this is fairly common, but I think in general, this discussion actually has helped us a little bit because what's going on here is this. If you're a brand and you're not getting any return, from producing rich content, then at some point you're going to stop producing content. And over time, you will not be seen in the LLMs if you do that. So this is a sort of a catch-22 going on. What we have seen and which I have talked about before is that our partners or publishers can help brands be seen in the LLM. So the brands are seen through partners because the partners keep producing this great content. Obviously, this is not a long-term solution for partners either. in my opinion people will stop producing content if they're not financially rewarding so the model is a little bit broken here and what we've seen is that some brands actually stop producing content we we know that it that that some publishers also are struggling a little bit with this but they need to keep producing content This is a complex question and what we have seen, you know, we always follow the number of unique clicks to our platform that keeps increasing. So the traffic delivery capability of the publishers is maintained and even growing actually. So it's still working out there. Obviously, it's a complicated environment for the AI, but it's also an interesting one. It will create more opportunities for forward leading players. So thank you very much for the interest and all the questions. I hope that our answers were somewhat useful and See you next quarter, if not before. Thank you very much.