Boozt AB (publ)

Welcome to the BOOST Q4 2025 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now I will hand the conference over to CEO Herman Haraldsen and CFO Michael Bjergby. Please go ahead.

Thank you and welcome all to our Q4 2025. We will have the usual agenda for the presentation. I will present the highlights of the quarter and the business update before handing over to Michael for the financials. So next slide, please. Well, 2025 has been a defining and transformative year for Boost. It's no secret that it was a challenging period where we faced a continued tough market environment. However, we have not been idle. We used the year to trim the organization, to clear out excess inventory, and make a deliberate shift in strategy between our two platforms, Boost.com and Boostlet, focusing more on our premium side. And finally, we are also moving to a new headquarters in Copenhagen, and this is a major step that gives us better access to talent and position us in one of the capitals of the Nordics. Looking at the fourth quarter, net revenue grew 4% in constant currency. This is a slight acceleration compared with Q3. Growth was driven entirely by Boost.com, which is already benefiting from a strategic shift towards a more premium in-season sales. On the profitability side, our focus on efficiency continues to pay off, and despite a competitive market and a high promotional intensity, we managed to improve our underlying EBIT margin. This was supported by efficiency gains across the entire value chain, proving that our leaner technology-driven structure is working and driving tangible results. The highlight of the quarter and also the full year is our cash generation. We delivered a record high free cash flow of over one billion SEK in the quarter, supported by our disciplined effort to right-size our inventory. Basically, we have essentially de-risked the balance sheet, leaving us in a very strong position as we enter the new year. Because of this strong cash position, we intend to continue returning capital to the shareholders through a new share buyback program later this spring. We are currently completing the 800 million SAC capital return we promised at our last capital markets day, and we plan to continue distributing excess cash to the shareholders. Looking into 2026, our focus shifts from defense to offense. We are ready to start expanding our market share again as we target a gradual return towards double digit growth levels. We have several growth drivers in place that I will cover in the following slides. So please turn to slide number five. I would like to start my presentation by looking at the journey we've been on so far. Since our launch in 2011, the industry and boost as well has moved through distinct phases. From early expansion and price leadership to the surge in online penetration we saw during the COVID years. The last two years have been a period of deceleration for the industry, marked by a decline in consumer confidence and the stalling of the post-pandemic online growth. On top of this, we in Boost have also had currency headwinds due to the strengthening of the SEC. However, as we enter 2026, we are moving into a new phase that I would like to call rejuvenation. The next wave of growth will be driven by our leadership in service and convenience, and AI is the engine that will drive this, making the customer journey more seamless, faster and more personal than ever before. This push should then be supported by a healthier, not a consumer, as market conditions are likely to improve gradually throughout the year. Next slide, please. To fuel our return to growth in 2026, we have several engines running in parallel. We see small signs of market conditions beginning to turn with fiscal support for the northern consumer and likely some pent-up demand coming through. We are meeting this with a stronger assortment. This means bringing in new premium brands and ramping up our inventory to make sure that we have the right products for the market. We're also pushing forward with personalized shopping using targeted curation and personal prices to make sure that every customer feels that the experience or shopping journey, if you will, is built just for them. Another big milestone is the relaunch of the Club Boost in April It's based on a new concept designed to be much more commercial focused and drive direct sales. Finally, supporting all of this is our AI integration, which is driving both the consumer journey and our overall operational effectiveness. So next slide, please. Technology has always been the engine at boost and we are now moving fast to embed AI into the core of our operations. The projects I'll highlight here are just examples as AI is already a part of our daily operations across the board. Broadly speaking, AI is a primary lever for our efficiency from optimizing the warehouse and forecasting demand to automate routine tasks like inverse handling and product categorization. By letting technology handle the heavy lifting, we are able to operate a much leaner and much more efficient organization. This is also changing our customer shop. We've just gone live with AI power search on Boost.com, delivering much more intuitive and relevant results. Along with visual search and AI generated inspiration, we are making product discovery faster and more personal. This at the same time as our service bots already handle 35% of inquiries, letting us scale without compromising quality. And finally, we have just recently launched a virtual shopping assistant to act as a personal shopper through natural conversation. Looking ahead, we intend to stay at the forefront of this development. We are already in talks with Google and OpenAI about agent e-commerce and how AI agents will shop in the future. Our approach is quite simple. We want AI to help customers find the right products, but we stay disciplined about how the actual buying happens. This ensures that we neither lose the curated field nor the high average order value that makes BOOST unique. So you might say that we are just following these new standards. We are positioning BOOST to lead through them. So now let's move on to the next slide. where we continue to see the department store model prove its worth, especially in a year where fashion demand remains soft. By offering a true department store experience, we create a natural hedge. When one category is muted, others step in to support the overall business. In 2025, 44% of our revenue on Boost.com was generated from categories outside of fashion, and this is up from 42% last year. Our goal remains to move this towards 50% in the near term. The diversification, of course, is not just about risk management. It's also about the bottom line. As we have stated on earlier occasions, multi-category shoppers stay with us longer, return fewer items and spend more per order. Today, 54% of our customers on booth.com shop from more than one category. This is a clear step up from 52% last year, showing that our efforts to encourage cross-category discovery are paying off. Next slide, please. And if we look closer at how our customer shop, the trend is actually quite encouraging. We are seeing robust growth across the board for customers buying into multiple categories. As you can see on the slide, we saw an increase of between 6% and 9% in every group of customers, jumping from two to six different categories. And this is exactly what we want to see. It shows that once we get customers into the Boost ecosystem, they find value across our different departments. Overall, our active customer base on Boost.com stands at 2.8 million, which is a 2% increase over the last 12 months. While we always want to grow faster, the stability in a tough market really shows the strength of the Department Store model in building deep customer loyalty. So with that, I would like to hand over now to Michael and the financial review.

Yes, thank you, Herman, and good morning from my side as well. I will start out by presenting our finances for the quarter, which we characterized by solid profitability and also record free cash flow. Afterwards, I'll go through the details of our outlook for 2026. Please go to slide number 11. So we grew 4% in constant currency which was just slightly above our growth in Q3, but it is important for us that we continue to improve our growth momentum and across the value chain we are laser focused on accelerating growth even further as we move ahead. The incremental growth improvement was to a large extent driven by an increase in activity in the women's fashion which is our largest product category. As previously announced, we have created a sharper distinction between boost and boostless, and we saw the results in September, but it really came to full effect here in Q4. As planned, we have generated solid growth at our more premium side and negative growth on bootstrap. The change of strategy between the two sides was a tough decision because we knew it would impact our growth short-term, but it is the right long-term strategy and will support both growth and margins going forward, but it's also accretive to our relationship with our brands. From a country perspective, the growth was relatively stable across our key markets, But I want to highlight double-digit growth both in boost and boost-left in Norway, which is a market where we see continued great potential and where we are heavily underrepresented. Now please go to the next slide and some comments on our profitability. The profits were strong in Q4 with the improvement of 0.9 percentage points from the EBIT margin if you exclude the effect from last year where there was a positive one-off of customs from Norway. Q1 to Q3 benefit was included in Q4, so in that sense Q4 was distorted, but the year is comparable. The gross margin was under pressure from two external headwinds. One, the continued SEC appreciation, and two, a promotional environment driven by price-sensitive consumption, and especially in the Black Friday period. This is not specific for Boost, but something that has been communicated consistently also by peers on the stock exchange, and particularly related to the Swedish market. The FX impact contributed by a bit more than half of the decline in the gross margin. Even with the negative development on the gross margin, we delivered almost 10% EBIT margin driven by operational efficiencies really across the value chain, and this is even without any material leverage from higher revenue, because net revenue only increased by 1%, but rather it's really true cost decreases across fulfillment, marketing, and administrative costs. It illustrates the strength of our business model and how scalable it is, and overall we delivered a small EBIT improvement for the year, even with some FX hit rate. Now, please move to slide 13, and our cash development for the year. We delivered record-free cash flow in 2025, and the cash conversion was far above 100%, and needless to say, this is not sustainable in the long term. But the year and the cash really reflects that in an inventory business model like ours, where when capital swings far outweigh cash generation from profit, then there will be fluctuations. And fundamentally, it boosts us a very strong cash flow generation, easily above 70% of EBIT over the cycle. 2025 was a year of consolidation and improving the health of our inventory and working capital really was a driver of the fee cash flow. So in rough terms, 50% of the cash flow was driven by normal profit cash, which is sustainable long term, and 50% was driven by working capital improvements. Please go to the next slide. We ended the year with a net cash position above 1 billion SEK, and it should be noted that the year end is the time of the year where working capital requirements are the absolute lowest, so this is not reflective of the excess cash available. But we want to be disciplined in returning excess cash back to shareholders, which is why we are today announcing a new Sharebuy Back program. And with that, we commit to distributing 300 million SEK back to shareholders in 2026, which comprises more than 5% of our market cap based on yesterday's closing. We will continue to generate and optimize cash and return it to shareholders and combined in 2025 and 2026 share buybacks are now expected to amount to around 750 million SEK or 14% of the market cap based on this closing as well. So with this I have finished my financial review for 2025 and we will now look forward and turn to the outlook for 2026. Because as Herman described, we believe that we are going into 2026 in a position of strength. And we have the right quality and quantity of our inventory, the organization is strengthened, and we have lined up an offer of commercial initiatives that can drive growth, not least within AI. As such, we have created an expansive plan, I think a broad plan to deliver this growth acceleration during the year, and we are putting capital behind it, which is why we invest both in inventory, people and commercial initiatives to drive that growth. Our outlook reflects the plan, and while we do not want to focus on what is out of our control, I will, before we jump into the details, consider the implications of the FX development on slide number 16. Firstly, related to the FX, I think it's important to understand why we are sensitive to FX movement. Boost is a highly centralized business and that makes a difference. We don't have subsidiaries across the globe where revenue and cost exposures offset each other. We do everything from Sweden and as such we have our inventory recorded in Swedish Krona, fulfillment cost, administrative cost, all in Swedish Krona and we get revenue in many other currencies. As an example, when we lose revenue from knock depreciations against SEC, then there's around 90% drop through to EBIT, because we have very limited cost in Norway, only a bit of distribution and marketing cost. So in 2025, we lost more than 160 million SEC in revenue from changes in currency, and with a relatively high drop through to EBIT. And with the recent development in December and January, currencies will remain a headwind in 2026, even though our Danish krona exposure will be much lower for March after our headquarter move. As such, you can see the rates here on the slide to the right-hand side, and it's based on yesterday's fixing from the Swedish Riksbanken, and implies more than 2% negative impact on revenue. This can be calculated from the table to the right because Euro and DKK represents, as you can see, almost 50% of revenue and has declined by 4% if you compare the spot to the average of 2025, which means that 4% times 50% implies 2% points on group revenue alone from these two currencies. On top of this comes depreciation of smaller currencies against the SEC. So with the estimated drop-through, then this has an effect of 0.6 percentage points on EBIT margin at the current FX rates in 2026. Now please go to slide number 17. So we plan to accelerate growth and increase margins and thereby growing profit by double-digit amounts, even despite of this currency headwind. We are guiding constant currency growth of 3 to 8% and an adjusted margin of 5.3 to 6.5%, which includes the negative impact from currency. It is important to highlight that we expect growth momentum to accelerate through the year, and we will continue to look at the acceleration, thereby gradually building towards very strong growth in the second half. This is driven by an offensive inventory buying plan, and that's particularly the AB26 buy, but also our commercial initiatives, which gradually will have effect. One of these initiatives is the launch of our Club Boost in April, and the new concept is more commercially incentivizing and designed to drive growth. From a technical perspective, please note that this will temporarily impact reported figures, because there will be deferred revenue recognition related to the program's unused discounts. This may impact timing of revenue, but for the full year the impact of both revenue and margins is expected to be very limited. This brings me to the margin where we implicitly are underlying delivering minimum 20 basis points improvement for the low end of our revenue range and for higher revenue there is significant potential for further operational leverage. It should be noted that the drivers of the margin are different from 2025 because we expect to drive profitability through gross margin while we continue to be more effective also on marketing and fulfillment cost ratios. The admin cost ratio is expected to increase. As we move to Copenhagen, the conversion of salaries from SEC to TKK will increase cost by approximately 10 to 15 million SEK, but this will be fully offset by lower costs related to social charges on the LTIP program. But from an adjusted EBIT perspective, it will have a negative impact because the social charges for LTIP are today booked as an adjustment. So for reported EBIT and from a cash perspective, it will be neutral. We also see a double-digit SEC amount related to our people and organization. This is new commercial initiatives, but it's also increased running costs of our headquarters in Copenhagen compared to our headquarters in København. We consider these important investments for both talent acquisition and our organizational development. CAPEX is expected to amount to 165 to 185 million SEK, which is a bit higher than in 2025. The CAPEX includes 40 million SEK one-off investment that we have already started at the warehouse, which relates to insurance compliance and does not really give any other benefit than improved compliance and the fact that we can have insurance at reasonable prices. On top of this, we have real, I would say, capex investments at the warehouse of 40 to 50 million SEK that support efficiencies and will create savings on the fulfillment line. And this year our capex projects are focused on the return handling, but also the handling of what is classified as dangerous goods, such as some beauty products. And these combined is very, very attractive investments. So with our continued underlying market improvement, we are firmly committed to reach our 10% EBIT margin target in the mid-term. Since we announced our target of 10%, we've had significant FX headwind and we've also seen muted consumer spend. But regardless of the label, our focus is on delivering continued market expanding every single year towards the 10% mark. Please move to my final slide of the day. So looking at cash flow in 2026, then as we also saw in 2025, we can easily deliver cash conversion of around 70%, and this includes even inventory increasing in line with revenue. But 2026 will be impacted by timing factors, which will be a benefit in the following years. Particularly the exit tax and the inventory buildup with the cash outflows in 2026 will be beneficial to the cash flow in 2027 and beyond. Now, with the inventory build-up, we are also able to overperform compared to what we have guided today if there is demand in the market. The one-off moving cost has been recognized on the income statement in 2025, but will have cash effect during 2026, and this relates to double rent, cost of restoration of the old headquarter, and practical handling of the move, etc. Consequently, our free cash flow in 2026 is expected to be relatively moderate. As we continue to drive our margin, we will drive cash generation further, and this will create capital both for investments and for distribution back to shareholders in future years. That concludes my prepared presentation for the day, and I will now turn to Herman for the closing remarks.

Thank you, Michael. And to conclude, I would like to leave you with the mindset that is driving us into 2026. 2025 was a year of consolidation. We focused on strengthening the foundation through necessary and tough decisions, meaning cleaning up our inventory, trimming the organization and sharpening the distinction between boost and bootlet. We did the heavy lifting to ensure the business model is as scalable and lean as possible. So now we are playing offense, we are in the process of moving into a new headquarters in Copenhagen. The move is all about top tier talent access, adding even more specialized depth to our already strong team as we scale. So with this new energy, we are actually quite bullish. We are ramping up inventory to meet demand, adding new brands and targeting a broader and more inspirational assortment. Tech will be a catalyst, utilizing AI as our co-pilot to deliver an ultra-personalized shopping experience and maximize customer value. The foundation is solid, the talent is coming on board, and we are very ready to execute. So with this, I would like to conclude our part of the presentation and open up for questions. So operator, please go ahead.

If you wish to ask a question, please dial pound key 5 on your telephone keypad. To enter the queue, if you wish to withdraw your question, please dial pound key 6 on your telephone keypad. The next question comes from Nicholas Ekman from DNB Carnegie. Please go ahead.

Thank you very much. Can I ask you a little bit about the reason for your increased optimism on the market and your sales in 26? And more specifically, I'm thinking that the market's been challenging for several years now, and yet you delivered very strong growth in 23, and it slowed a little bit in 24. It slowed considerably further in 25. So what is the main reason for your optimism in 26? Because I mean, we've already seen the market picking up in 25. At least the online market has picked up in 25. So why should your performance be much better in 26? I guess that's my first question.

Good morning, Niklas. I'm not sure how much the market has picked up actually in 25, to be honest. But the reason why we're optimistic is, on the one hand, external factors where you see fiscal stimuli, both Sweden and Denmark. should kind of give a more optimistic and consumers feeling that they have more in their purse. And then on the other hand, kind of internal factors, we are in a very good shape. We are being more bullish on our inventory buy, as we said, buying more broadly and an inspiration for bulls.com. And this combined means that we are actually relatively optimistic. We have been Going into probably a special 25 where we had a bit too much stock and were a bit negative, we were too cautious on our buying and too narrow. So we are seeing good receipts. We're seeing that our core customer, the woman, It's coming back and they're buying more. So we are actually seeing a gradual improvement and if you look at local currency, we are accelerating, albeit slow growth, Q3 and Q4 with 4% in local growth, local currency growth in Q4. So we are actually heading and aiming towards getting back to double-digit growth towards the end of the year and going into 2027.

Very clear. And Boostlet, you mentioned here, a sharp slowdown in the second half because of deliberate moves. Is this something that will continue to hamper your performance in H1? And is that a contributing factor to why you expect slower growth for the group in the first half?

Anybody say that kind of Boostlet mission accomplished? Boostlet was supposed to help clear excess inventory during 2025. They managed to do so, and we also had too much in-season inventory where we allowed Boosled to clear that as well. We stopped that, and of course this comes at the expense of Boosled growth. But then on the other hand, we can see that the mothership Boosledcom is again growing healthy. 7% local currency growth in Q4. So you will see Boost.com growing and Boost.let being a bit more muted because there is not that much inventory to clear for them. So you're right, Niklas, that it will come a bit at the expense of Boost.let.

Okay, fair enough. And this last question, just a formality. The 180 million Swedish exit tax payment, is this a pure cash flow effect or will that also impact your P&L?

Yes, thank you, Niklas. This is a pure cash flow impact, and so it will not impact the tax on the P&L. And I just want to emphasize that the 180 is the full amount, which where only 1112s will be paid in 2026, and it will be offset by benefits on a Danish krona tax, which is why we expect the net tax effect from this in 2026 will be 140 million SEK.

Very clear. And then you will get that repaid in the coming four years as well.

Yes, exactly. So the exit tax payment creates a tax asset on the balance sheet, and this can be used for the following five years in Denmark.

Excellent. Thanks for taking my questions.

Thank you.

The next question comes from Benjamin Wahlstedt from ABG Sundahl Collier. Please go ahead.

Good morning. I'll start by saying that, yes, I sort of agree with Nicholas that your optimism is sort of back and it's refreshing to see. But you also mentioned bringing in a couple of new brands in the quarter. I was wondering, could you give some examples of this?

Ah, wait a minute, that's a different question. We have some new brands, so I don't think I would like to highlight any more, because we're getting Birkenstock back, among other brands, and Hunter Boots, you know, some kind of, it might not be kind of huge brands, but they are kind of adding some flavor to our shopping experience, and then a lot of kind of local brands, within different price points. So it's a kind of across the board in general. So we're going from being too much data focused and too much depth to also providing more inspiration going in 2026.

All right, thank you. And I was also interested in hearing your comments on the competition in the beauty segment, especially, please, Obviously there's been some competitors really struggling here. So what's your read on the market?

It's very red, if you ask me. We have a lot of players that want to take the market and want to grow. So our kind of strategy for the beauty segment is to basically tag along and get our customers to just add a beauty item into the basket, maintaining a high average order value. So this is also why even our beauty baskets are actually quite profitable. But it's not going to be beauty that is driving our category growth. It's more like kids, especially sports, and then home. So I think beauty is a very tough market, especially in Sweden at the moment.

Perfect, thank you. And a question on Denmark. You previously said or commented that you did not expect any cost lift-up or cost ramp-up from moving the staff to Copenhagen, and that message has somewhat changed in this quarter. Could you elaborate a bit on that, please?

Yes, so I think the difference is probably what we see from, if you should look at the salary, then the salary conversion has led to some increase, but this would be fully offset by lower payments of social charges. So I think that was the message from that. And then on the location change of the headquarters, Then the rent is actually exactly the same in Hylje as in Copenhagen, but it's the operational cost that is more expensive, such as property tax. We have the canteen running as well as maintenance of the building, which is more expensive. So there is a bit more cost related to running in Copenhagen compared to Sweden.

Perfect, thank you. You also mentioned running quite a few commercial initiatives during the year. How should we think about that in relation to your admin costs or personnel costs looking into 2026?

When you say commercial initiatives, are you talking about marketing or what do you mean?

Well, commercial initiatives, I believe that was the word you used. So, yeah, are you adding any marketing staff or are you adding any

We are improving the organization, being considerably more localized. It's been quite a challenge for us to attract local marketeers. to our office in Sweden, meaning when we talk about local marketeers, it could be marketeers from Finland, Norway, even from Sweden where we have some people from Stockholm. But now that we're moving to Copenhagen, we're able to build a kind of a community of local marketeers marketeers sitting in Copenhagen. So we actually kind of strengthened the commercial organization considerably by moving to Copenhagen and being a bit more kind of localized at the same time as we're getting the benefits from sitting together. So we're actually ramping up on hiring commercial people to be able to be even stronger in the different local markets because currently Denmark has has been a strong market because we are a lot of Danes, to be honest, that are driving that, and partly Sweden, but a lot of the strong marketeers in Sweden are sitting in Stockholm and we have had difficulty in attracting them to Malmö, but they would like to come to Copenhagen, and the same for Finns and Norwegians. So I think that is kind of a big part that will strengthen the commercial organization of that.

Just to add to that, there are also other initiatives that we don't disclose, where we also add some employees. And when we add marketing employees, then it actually goes onto the admin cross-line, because all FTEs are in the admin, just to be clear.

Yeah, perfect. Do you mind putting a number on that as well?

Yeah, no, so we don't disclose the effect of that, but I think what we have said is that the admin cost ratio could increase by, let's say, in rough terms, half a percentage point, and this includes both the salary conversion, the additional relocation cost, and the additional FTs.

Perfect. Thank you. I think that's all I had for now. Thank you very much.

Okay. Thank you, Ben.

The next question comes from Daniel Schmidt from Dansky. Please go ahead.

Yes, good morning, Hermann and Mikkel. Just back to what you talked about in terms of Boost.com and the increased focus on premium sales. Did this trend that you talk about or the shift that you've conducted, did it trend favorably into 2006? Did you see sort of an underlying pickup of that shift that you conducted in terms of the customer picking that up basically into 26. Could you shed some more light on that?

Yeah. Good morning, Daniel. Actually, you can see that from the numbers where you can see that Booster.com grew 7% in Q4, where we kind of slightly started to be a bit more premium, expand our range and actually do a little less discounting. So we're not going to be a luxury store. So we're still going to be mid to premium, but we want to kind of elevate the boost to come a bit more. And we actually could see that consumers are picking it up and we see quite a good sell-through of the more premium brands that we have introduced during the quarter.

Okay. I was just more referring to where are you in that process? Are you adding more and more of that premium assortment as we go into 26? Or has that been sort of done now? Are you happy where you are as you leave 25?

We are relatively happy. I think, you know, we will always be kind of trying to add more brands and we are seeing some attractive brands in the pipeline, but it's more to do with that we are broadening the assortment, buying more width, maybe also buying slightly more expensive price points than we did in 2025. So then, of course, you know, there's going to be less promotional activity on booth.com. So we're kind of trying to, it sounds kind of repetitious, but we're trying to elevate the experience on booth.com and being less discounted than we were kind of exiting 24 and the beginning of 25. And we actually see encouraging signs of that, especially because the women are actually also coming back.

Yeah, but it sounds like you've sort of neglected inspirational part of the assortment over the past couple of years, like you said, and been quite data-driven, and now you're getting your head around that going into 26, but if you compare where you were in terms of the level of premium that you catered like five years ago, are you higher now than you used to be or back to where you were or how does it compare?

I would say that we are higher now than we were five years back and we will be higher going at least when we exit 2026. So I think that we are in a good position. But again you have to be careful because we are not going to be a luxury brand. We like kind of a position of the mid to premium as you know where we get the good bike size but we want to stay out of the luxury segment because that is not very profitable to be in.

But do you feel that it's been sort of a trend in the markets where maybe plays like Zalando and yourself have become too similar, basically?

I still think that we have a more premium experience. We have higher price points and I think you can read it directly through the difference in basket size. I believe that our basket size is some 70% higher than our German friends. But of course there is a considerable overlap between the two shops but we are still kind of focusing on the Nordic consumers having being regarded as a more curated and probably a more premium experience than other in our market.

And then just you touched upon Norway, and I didn't see any numbers specifically for Norway, but you do sort of give the numbers for Sweden and Denmark and then the Nordics, but it looks like Norway... I don't know what Finland did, of course, but I guess Finland was still quite weak. Norway didn't grow double digits in the quarter in local currency?

Yes, it did, and more than 10%. So it was actually quite a good quarter for Norway, and we are seeing strong growth. We are investing in Norway, but not, of course, we are investing in profitable growth in Norway, but actually Norway was a very good market for us in Q4, and Finland was quite weak, actually, almost very weak. So...

And it sounds like that comes back to you being liberated of the import duties maybe and you're in a better position now to push ahead in Norway rather than the market being much stronger than a year ago. Is that correct?

That is correct. We have reinvested some of the savings that we have gotten from the customs or the duties, so we've put that back to the market and investing in marketing, and we'll continue to do that.

And could you sort of give us a guesstimate of what your sort of fair share should be in Norway, given where you are in Sweden and Denmark compared to where you are now in Norway?

It's difficult, but Norway should be twice the size as it is today. The assortment that we have on Boost is very well suited for the Norwegian market and I think we have good consumer insights. So it's all to double and do that within the next three to five years.

And today it's 12% of sales or something like that?

You're not far off, I think. No. But like I said, we don't get disclosed. Okay.

Okay. And then just lastly, you scrapped the CapEx expansion plan a year ago. You are more optimistic today. You talk about ambitions to grow double-digit towards the end of 26. You have guided for CapEx 426. but it looks a little bit like any sort of normal CapEx year. What are you sort of thinking when it comes to that plant you had?

Yes, I agree, it is more for a normal CapEx year. I would say the 40 million SEC that we are doing for insurance compliance reasons is a bit of an extraordinary, but other than that it is a normal year. We still, with the growth that we have, we still expect that we will have to expand, but it will probably be a project that is required during 27-28 with also CapEx split between the two years. So there's no sort of a big amount coming, which is far from what we have today in 2027. You shouldn't expect that.

Okay. Thank you. That was all for me.

As a reminder, if you wish to ask a question, please dial pound key 5 on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments.

Okay, thank you for listening in and for some very good questions, and I guess that we will see you over the next weeks and wish you all a good day. Thank you.