Botnia Gold AB (publ)

Hello and welcome to Investor Update with Fredrik Bergsten in the studio and as the CEO of Botnia Guld. Botnia Guld will present Q4 and the whole year's results. As usual, when we send live and you watch live, you can ask questions to the management and we handle the questions at the end of the presentation. We have already received a lot of questions, both in the chat and via email. With that said, I say hello and a warm welcome. Thank you very much, Carlo. You're welcome.

The stage is yours. Thank you very much. As I said, our Q4 report. We made a short agenda here so you can see what we're going to go through. We're going to start by talking a little bit about the important events that have happened during the quarter. We've had a pretty exciting quarter, so there are a few things to talk about, successes that we've had. After that, we will look at the production figures from the mine under Q4 and what we can expect from the beginning of 2026, before we move on to the financial figures for the quarter. Then I was also going to finish by telling you why we are now in our investment project with the mulch sorting. We have also previously presented some drill results around Varjebäcken. Tell a little more about it, turn back to it, and then also give some guidance on what we are thinking about here. Then we will also announce an update of our mineral supplies in Färbockärn. These are not so big changes, it's just that we have removed what has been broken during the year, but I thought I would talk a little more about that and what plans we have for research arrangements there. So without further ado, let's start with important events during the fourth quarter. When it comes to this, among the important things for us during this quarter, we have been working on creating a research site in Färbo Kärn. And that is to be able to prospect this towards the depths. This has become possible when we have received access during the quarter. to a suitable place on slide 9, which is about 125-135 meters deep under the ground floor, where we can make a so-called incision to start this research site. This has gone much better for us than we had planned. We had expected that we would have to very carefully when we went through the so-called hanging wall, which is an area in the pit that we know is weak and contains a lot of challenges when it comes to mountain stability. But this went very well for us and we could keep a higher pace than we had planned. At the end of the year, 82 of the planned 100 meters of the research site were completed. And this is quite a lot if you think that the plan was to reach 9 to 18 meters. So 82 meters is a lot. And we were finally done with this research site the second week in January. So right now we are preparing for drilling there. We have to draw in some media in this research site and reinforce where the drilling machines should be. The plan we have here is a schematic picture of how the Malmö-Vetnudaschiva tilts down below the ground. You can see that we have a survey map that goes out in the direction of the tangent from there. So the plan is to put a drilling machine there and start by addressing the area of ​​175 to 250 meters. It is actually the area that is included in our mineral supplies today. The lower class of knowledge that we plan to drill up. We plan to keep them first, and then, based on the results, we have the opportunity to take a step two later this year. possibly make an extension on this research site or make a small curve on it or so on to look for new good perch positions in order to possibly continue to investigate this further into the depths. The results from this perch campaign will of course take a while, partly because you have to calculate that the actual perch program here takes 3-4 weeks and then all these perch cores we take up will be mapped. We are going to dig them, we are going to send them for analysis. And before the results have been put together, it will probably be June before we have anything really interesting to say about this. And that's an important date for us too. Because that's where the board can make a decision. Should we continue to dig this pit into the deep? Because otherwise we are ready to save before the semester. The other thing that has been very important for us and that has been going on for the whole quarter is the installation of the arm sorting project. It started here, we have set up the tent earlier, we gave a large concrete slab in this tent that is needed to be able to set up the machine at the beginning of November. The day after, the machine came nicely packed together with its panels from Germany. Then our subcontractor GMK in Boliden could start setting up all the settings that are needed for this. At the end of November, we had to have a small mouth cross, we had bought a mobile mouth cross. which we then needed to process the material so that it kept the right size for the machine. At the same time, we started to assemble timetables and set everything up. Just before Christmas, the sovringsverket that was needed came. Here you can see, we are doing a test here. Where we loaded in Malmö and drove it through here. To the right you can see the material that is in the right size straight ahead, the one that is a little too big and the one that is a little too small to the left. This is important so that the machine can handle what is in the right size. This test was very interesting and gave us the result we had hoped for, that we had calculated. That about one third of the material we put in It came directly out in this size. This is 20 to 80 millimeters that the machine likes to take care of. Then we also got, just under a third came out. Here you can see that these are significantly larger stones. These are too big for the machine. These we need to send through the chaff cross. So that they should have the right size for the machine to be able to sort them. Then we also got just over a third of the material. This is all too nice. The machine can't sort this out. We took some tests on this. There is a lot of crushed quartz in this. Since the gold tends to sit in the weak zones of the quartz, this is actually quite well enriched with gold. Our assumptions from our test enrichment were that this material will hold a sufficiently high hold for us to be able to send it unprocessed to Anrikningsverket and still have a good hold. It turns out to be quite good so far. So we're happy with that. So we had to wait a little bit with the start-up. Actually, we were going to do the first one, connect all the electricity and test drive the machine before Christmas, but it was a little less. delivery delay that made us unable to finish it the week before Christmas. And with Christmas and New Year's holidays and traveling from the technicians from Germany, we started this in the middle of January instead. And on the 29th of January, we drove the first stones through this. And just to be clear, we are now running the material hinkwise through this for so long, and that is to try to calibrate this machine. on our material and be able to learn how to separate it on our Quarch and our Sidoberg. Right now it looks like an 8% reflex for Quarch in the material is about the level we should be at. We have also developed a program that means that we can turn the process around. Instead of ejecting the Malmö, we can eject the Gråberget. This is an adjustment that we need, because when we get a material that happens to have a slightly too high quartage, that is, less than 50 percent Sidoberg, more than 50 percent quartage, then there is way too much compressed air. Then we lose a little bit in the capacity, then we can turn the process around. But it looks good. We now have two weeks on us to try to get it there. And we also have some remaining points. Everything in the outflow is ready, but we have a remaining point in the outflow that we are trying to find in order to be able to run a full flow. The plan is that Tomras staff will be back in week 8, so then we will start screwing this up to full volume. Hopefully we will succeed in that. Then we also report that we have drawn, we worked a lot with it in December, then the news came out in January, that we have agreed with Björkdalsgruvan outside of Sollefteå to carry out a test enrichment of the Malmö from Färbockärnsgruvan in their enrichment process. They manufacture a different enrichment method than what is done in Svartliden. This will probably give a slightly lower exchange rate, but the cost of this method is significantly lower. It is mineralogically very interesting to be able to do this evaluation and it is potentially possible to make an investment in Svartliden. And thereby maybe lower the costs a little bit and maybe even get a little better exchange there. Even if we start to approach a theoretical maximum there, so it's going very well anyway. But it is an important evaluation to make. This is dependent on approval from the supervisory authorities. We got it here towards the end of January. Last week we started to drive down to Malmö and we expect that it will take about 68 weeks to drive down enough Malmö to drive down here. With a little luck and a little shoehorn, we have probably run this restoration campaign right at the end of the first quarter and can start evaluating this. Production under Q4 and some expectations around 2026. First of all, we are very pleased with the outcome under Q4. Production was rolling on for us with unusually little disturbances. It shows that we drove a tunnel of almost 600 meters. I would say that this is probably the best person for the mine. It is significantly more than the 450 meters that we had planned to have. We also produce almost 4,000 tons of more malm to the malm storage than was planned. And as you can see, we also have a forecast for Q1. And as you can see, here we have a slightly lower level of ambition than Q4. We are roughly at the level of Q3. As you know, Q3 also had a holiday month. The reason we have a slightly lower forecast here is because We are putting a lot of time and resources into preparing to start the next high-productive mining area. When we are going to shoot out what is between these mills that we have run. It takes a little time and resources that we cannot use to produce anything else, so therefore it becomes a slightly lower level. As it looks for us right now, It will probably be fine to have the machine in full production when we start to get falling production from this highly productive breaking area. And it was mainly where we had problems last year with a very high grain rate. It is very difficult to control it with that type of breaking method. It is extremely cheap as a breaking method, but it will be easy to get it. When it comes to mulching, we have seen that we have been able to get much closer to our goals during the autumn. Then a little recap. We have already talked about the outcome of campaign number 6. We presented November 11, I think it was. It was ready and sold in mid-October. It took a while to get all the final analyses reported back from the smelter. It contained 20,470 tons, so we just closed on our 50,000 tons. The stop was perhaps not really what we had wished for, but you should remember that about half of the tonnage in this campaign was then partly the 3,000 tons of marginal mulch that we drove through here, but also, so to speak, RIL-produced mulch from these high production areas that were produced just before the holiday. The marble that came from our less productive areas, where we do more selective marble breaking, actually met our expectations on what level it would be, so it looked much better. When we look at the outfall for the whole year, you have already seen that we have been 224.5 kg of gold. The exchange rate was very good, the average for the year was over 96% compared to our calculations at 90% and none of the campaigns were below 95%. So it is now up to him, as an old law professor would have said, to assume that we will overperform against these 90% even in the future when we enrich in Svartliden. So we are very pleased with that. And the delivery of gold, as I said, 96.3 kg went away at the beginning of Q4. A total of 224.5 kg. The average price here in Q4 was 12.06 SEK per gram. And for the whole year it was 1,080 SEK. So we have been on the way up here. I have also received some questions about how silver production looks. I have put in there, it was 222 kg, about 2.5 million kronor, so that's pretty much exactly 1% of our revenue. You may understand why I don't talk so much about it, even if it of course gives a part of the production. When it comes to When it comes to the next enrichment campaign, the test enrichment campaign in Björkdal will take place. It will be somewhere between 10,000 and 12,000 tons. It depends a little on the timing when we start and how it goes with the transport with the trucks. As I said, we calculate that it will take six to eight weeks. Now we have already driven a week, so that's why I write six to seven. In this case, the campaign will only take four days to carry out. They have so many larger machines in Björkdal that the Swedish Armed Forces in Svartlinna needs three weeks, so they do that in almost three days. And here I have the hope that this should be able to be done during Q1 so that we can deliver the revenue for this during Q1. After that, we plan another two enrichment campaigns during 2026. We will probably get one before the holidays. And that means that the last campaign will end during autumn. It is unclear today if it ends in Q3 or Q4. We'll have to see. But as you understand, Botnia will have its normal year. It will be a quarter without income. Which is actually the normal one. If we look at the results from the fourth quarter, So we can start by saying that we are very satisfied with Q4. The EBIT for the quarter went up to 45.8 million. It is an EBIT margin of 38.6 percent and it is at a level with our deductions based on the outcome of the production. The cost for the quarter was slightly higher than expected. But then we should also remember that we sat on the personal best when it came to how much actually tunnel we created in the mountain. And that means of course higher costs. This is also affected by the fact that we are starting a new year with a much larger harvest than planned. The EBIT for the whole year went up to 63.2 million, which is a margin of 25.8%. This is perhaps a bit at the bottom of our changes, but it mainly depends on the challenges we had in the first half of the year. which also affected the campaign under Q4. That is to say that we have had way too much wheat with us and that has made us have to raise the costs a little bit because we have to drive more mountains to get a lot of gold. But also that we have put on a lot of extra activities to keep the wheat mix down. But it has also had the effect that we have shot a little bit of gold production in the future. When it comes to the cash flow, it is good for the quarter, I think. 40.8 million. The investments were big for the quarter, which we have previously guided for. 9.1 of the investment was contributed to the Malmö sorting project and a lot of equipment was delivered during this quarter. You saw that in the earlier pictures there. The remaining investments were largely in their entirety beneficial to infrastructure and new positions in the mine. Investments will also continue to be quite high during Q1 when we finish the marble sorting. After that, it will start to drop a little bit and as it looks right now with the resources we have today, we expect that the mine will be ready for more or less ready-to-investment. after the semester. Therefore, we are also pushing as hard as we can now to get the burrow to the depth in Färborkärn. Because it is then possibly the conversion of access to Malmö reserves that we can do based on what makes it possible for us to make a decision to continue investing towards greater depth in the pit. The balance sheet for last September is very strong. During the current period, we have repaid the shareholder loan of 12 million SEK to a consortium of large companies. We took this up at the beginning of 2024 to finance the movement capital for the start-up of the business. The only remaining long-term debt, as you can see, is a convertible to the Norrlandsfonden, which runs without interest, but is capitalized to a nominal amount of just over SEK 3 million. This will probably run until 2028, and will then mean a certain expansion, and it will be used. Otherwise, you can see that the grain storage has increased quite a lot compared to January 1, 2025. We have almost 13,000-14,000 tons more grain storage compared to last year. in volume a little bit, but not really as much in crowns compared to what we had at the beginning of the quarter. And that's because we still had quite a lot of Malm from a highly productive RIL position that had a much lower acquisition value left in the team. Now we have driven it through the renovation process and built up a new team. I have received a lot of questions about how we view the gold prize. And that's a very interesting question, and spying is difficult. I'm going to make a little experiment. Here you have a long-term view of how the gold price has developed back to 1972 when Richard Nixon released the Bretton Woods system and released the gold from the dollar from 35 US dollars per ounce. Today it is paid just over 5,000 dollars. This is something that is happening. We see ahead of us that this volatility means that the market will continue. But there are a lot of fundamentals in the world that indicate that the gold price will continue to be strong for a longer time. And by a longer time, it means that we, in relation to how long life span we have on our production mine, When you look at what it actually looks like for us, you can speculate, of course, when you see the gold price go up, you can trade the Botnia exchange rate to a higher rate because you can expect that our revenues in the future will be a little bigger. But you have to remember the volatility as well, that we get this type of point revenues. So then you also have to pay attention to your belief in the development of the gold price to when we have guided, because roughly our campaigns will be delivered. It is important to remember. But as you can see during the year, even though we have sometimes sold when it has been a little upwards and sometimes a little downwards, as this happened in April, the trend is still upwards for the gold price and Botnia feels that we have a pretty good chance of being able to join and take part in this. We presented some perch results for Varjebäcken. We tried to be very careful when we talked about this. I will try to explain a little bit about that. We bought the Varjebäcken Fyndigheten in 2010 from Molson Resources. resource estimation of it and they had their processing concession. Then we have gone further and been able to fix the environmental condition. This foundry is potentially much larger than Färbo Kärn, probably ten times larger when it comes to The total volume of Malmö is much lower, it is only a fifth higher. But of course, this is a project that is very interesting considering today's gold prices and what we expect for gold prices over the next 5-6 years. This is an important initiative for us to work with. What we felt we needed to do here is that there is quite a lot of old drilling that I have tried to illustrate here with an overlay on top of our concession there. We wanted to test a little bit here. The precision that is in the drilling that this block model is based on is not sufficiently defined to be able to do what we would like to have in a detailed cutting plan. So we need to go back, we need to drill a little bit and we need to add more information. So that's the plan we have now. The first drilling we did now was just to make sure that we had the right assumptions we were working towards. Now we are planning for another drilling program during 2026. In the long run, I would think like this. We want to drill here during the spring. We want to ensure that we have received enough information. After that, we do a new resource estimate of this. When we have that resource estimate, the next step after that is to do an updated feasibility study, where we try to put a little bit of money and investment amounts and so on on this and see What kind of income do we need? What kind of cut-off do we have for this to be profitable? I think it's reasonable to expect that we will partly talk about variegbäcken after we go through these steps during the year. If I were very bullish in my assumptions here, I would say that somewhere at the end of 2026 we will present an updated implementation study. And we need to have done that in order for the board to be able to make a decision about the expansion. When we can make that decision, it's hard to say, but somewhere after that, then we calculate that it will take maybe one to one and a half years to build the mine before it goes into production. That's a bullish case. Then it can quickly take a little longer. And just to describe Varjebäcken, this is the modeling of the resources that exist today. And as you can see, the green area is potentially much larger than Färbo Kärn. There is also a lot of unexplored potential here, so we think this is very interesting. I would like to conclude by mentioning a little bit about the resource update we did in Färborkärn. As you have seen, we have not drilled anything in Färborkärn during the past year. We simply have not had any places to drill on where we can get a result that we could say something intelligent about the finds. The update here is almost entirely about the fact that we have removed blocks that we have broken from this facility. And you can see the difference between roughly where we were on the right picture at the beginning of January and the black one on the left indicates the failures we have made. What also happens with this is that we have learned now when we break this fragility, what we actually perform. Initially, we had an assumption that we would have marsh losses, that is, When we break out the marble, it is not really all marble that we get with us, that it would be about 5%. We have now gone through the first one and a half year of breaking with our competent person. And we have come to the conclusion that we have to increase this to 10% because it is based on the experience we actually achieve. We don't really reach these places all the way out to the edge. On the one hand, it is because of the mountain conditions that it is simply not safe. And on the other hand, we see that the halters come out in a different way than what we had actually believed in in several places. So when we get closer to the edges, Jessica, our mine geologist, she is very good at it. We take small tests and see if there are enough halters. Then we finally stop. What also happened in the end is that these are resource estimates. We have taken the same block model, removed the blocks we have broken out, and then we have run it with the same estimating parameters. Then it delivers a gold amount that was 4.9% lower than before. This is within the statistical margin of error for this type of resource estimation, but we still have to prepare it as it is. Then you can take a completely different use here when we start drilling towards it. Together with our press release, this description of the table that shows, since you have your background as a teaching economist, to try to show what we had at the beginning of the year and try to take this as a bank account. It's not really how it works in reality, but I think it can be a somewhat pedagogical picture of how we have carried out Malmö. what has changed in the assumptions and what has possibly changed in the classifications and additions. What you should notice when you look at this is that the waste that has been removed is still quite a lot of what has not gone through the Department of Planning and therefore has not yet been delivered as sold gold, but is still in stock. Then I was going to say, here you can see roughly what plans we have for our drilling. You would like to drill with a grid pattern. In this case, we have a grid pattern of 15 x 15 meters. It's these white dots where we put it. What we do first is that we address the area under 175 meters down to 250 meters and that's about That's how it will look. So hopefully we can get this to convert a lot of what is down here into reserves. And maybe halt and tonnage will grow too, that's my hope. I think we have, there are definitely opportunities for that. But it will be If you as placers are nervous about it, you can't even imagine how nervous I am about it. But we expect to be able to say something about this before the semester, because then the board has to make a decision. Should we continue the inspection past 175 meters or should we stop? I was going to tell you about this.

Thank you, Fredrik. Very clear. We have received a lot of questions. You have answered some during your presentation. But if we start with the management here, we have a question. After the first year of production and the current course reaction, how do you see increasing the owner engagement or alignment in management and management through insider purchases when the windows are given? How are the discussions going?

It's an interesting question that has several different answers. The first answer is that we have had an incredibly dynamic first year and a half. We have a quiet period every quarter, but in the meantime we have had a larger number of logbooks with insider information. It's not that many days that the board and management have had the opportunity to trade. Then we have some who have bought during the year and some who have sat and looked at the stock exchange rate and thought why am I sitting in a log book now because I want to buy. So it's actually the first day of half a year today that I haven't been in a logbook or in a quiet period. And you took advantage of it? It was taken advantage of here this morning. I also know that we have another board member who will probably take advantage of it as well. It's something that we encourage for the discussion and that we have a positive view on. When it comes to other questions, whether we would have some kind of option program or something like that, to share the shareholder shares in that way. It's hard for us to do that as a company. We have a share that is very volatile, partly because the gold price is very volatile. But then we also have, with our existing liquidity today, a little too short a communicated lifespan to be able to do that in a way where those in the leadership who would be included would experience that this was actually a purpose and not just a risk. So we have said that we actually see it better that management shareholders buy shares than that we do that type of extortion activities.

And I'm hoping that you're talking about stocks and that you're ready to show the results and the balance sheet. How do you see the division?

The division is such a question. We are supposed to be a division company, of course. We have had a good year and we have started to draw in a good cash flow and now we have a cash. So then it is natural that the question came. I would like to say that Botnia, with the way we have income, on average maybe every fourth, fourth and a half month, we have a pretty big need for real estate capital. We probably need 50-60 million in real estate capital just to go up and down. Then I asked the board when we had a board meeting recently. What do you think? Should I rather invest capital now to develop Varbäcken Fyndigheten or should we take a share of 25 euros in shares? The answer from the board was clear. In this case, we think it is much better for the long-term value growth of the company that we focus on trying to develop Varjebäcken into a production mine.

And you can do that with what you have.

With the money we have in the cash register now and with the cash flow that we predict for 2026, the money should be enough to work with that issue.

You had a picture of a Taka Dore, that is gold and silver. How big is the difference between the spot price and your realized price on Doreen? Because that's the one you sell?

That's the one we sell. I would say that we are very close. You can sell gold as a producer from a refinery in three different forms. Either you sell it as a flotation slig, a flotation concentrate, and then maybe it contains 100 grams per ton of gold. Or you sell it as a gravimetric concentrate and then maybe it contains 1500 grams of gold per ton. Or if you sell it as a dore takkar, it's about 750,000 grams per ton of gold in them. The higher the refined product you sell, the greater the share of the incoming gold you get paid for, because the less losses the smelter has on its side, in its exports. And the smaller the remaining treatment costs are. And Dore is where you came absolutely close. I think we have about 99% payability on it. And the remaining treatment cost, I don't remember exactly how much it is, but it is 1% of the value of the gold that is the remaining treatment cost. I don't remember the exact figure today.

But that might answer another question.

And it also changes over time.

But then you can say that it is Dorea that is still the way forward.

The marble that we send through Anrikesverket in Svartliden is produced by Dorea.

Yes, and that's how we will continue here. I was just going to ask a short question here. We have had a rising gold price. What does the inflation pressure look like for you when it comes to materials and personnel?

The inflation pressure has not been very high. It starts to be noticed a little bit. I would say that the biggest inflation pressure we saw, it happened between the fact that we did the first feasibility study for the discovery. I don't remember if it was in 2015 or 2017. When we updated it and decided to build the mine, we had a lot of cost inflation. Today I would say that it is manageable.

A bit related to that, is there a lower level for the gold price for you to produce? Given that we have a cost inflation, it is linked to the fact that the gold price goes up, but somewhere it must be when you say that you are going to establish mining and the like. In the existing mine here, do you have any?

When it comes to Varjebäcken, you can't say, because it's a completely different mine, it will have a completely different cost structure. So you can't say that. That's why we have to do this updated feasibility study. When it comes to Färbokärn, what you can say, It's an interesting question that I think is best answered by saying that when we did our updated feasibility study that we presented just after the semester of 2024, we had calculated a gold price of 643 kronor per gram and then the project had a fairly robust profitability and today the gold price is a little over double. So in relation to The price that we get now when we sell lies essentially above the planning prices that we use internally in the company.

So you're not sleeping on the sheets here now, despite the fact that we have plus or minus 6% in the gold price?

No, the development of the gold price here after the new year, you were almost scared when it went up to almost 5,700 dollars per ounce. You thought, what's going on? But then this correction was something I thought, It was almost nice. And now it is again over $5,000. It is definitely so that we will see a lot of volatile gold prices in the near future. And I think also over a little longer time. But I think it will... I'm not speechless that it will not be above our planning prices, so to speak.

I'd like to conclude with a question about the campaign plan for 2026. I guess it's the enrichment campaign. You mentioned that you'll have a quarter without any income. Why is the enrichment campaign important and what does the plan look like?

To start with what the plan looks like, as I said in the presentation, we will probably be able to take advantage of the testing campaign in Björkdal before we close the first quarter. So we will have revenue during the first quarter. And then we calculate that the next testing campaign will probably be completed before we go on vacation. Then it depends a little bit. How does the production go in the mine? Do we hit obstacles? Does everything go like on a dance or do you meet a normal amount of resistance in production? Depending on whether it ends up in Q3 or Q4. So that's about how our campaigns look. Then I can say that the gold price goes up and down. And when you trade in our stocks, you can speculate that it will mean future revenues that are high and prohibitive that the gold price goes up. But it is first when we start approaching to actually carry out a campaign, we actually have the opportunity to take part in this change of the gold price. So it is important to follow when we actually plan and put out these campaigns, because it says a lot. and our income. So it's the income side of the whole result calculation that we do. The quarterly bookings are the most interesting just to follow our progress and cost level in the mine. We also follow internally such key figures such as costs per meter and cost per ton. And that's what you can see when we come with our quarterly reports to say that we had this much cost, the warming rate has gone up or down, And we have done so many tons. So then you can also count on it yourself and say, do we follow these plans roughly? And where are we? So the quarterly results are interesting for the cost side, but the income side is from the campaign analysis.

To summarize that, you can say that you are welcome to do your own analysis. But then it is necessary to make adjustments to the investment campaigns, because that is actually when you can sell. And then the quarterly reports become more of a check on how the costs are.

How are the costs and how is the progress?

Thank you, very exciting. If you want to know more, where do you turn?

You can follow us both on LinkedIn and Facebook, but I would recommend that there is quite a lot of information on the website. Then you can of course send questions to our info address if you have any specific questions. We do our best to try to answer them. We don't have infinite resources, so it can take a few days, but in the end we manage to answer them.

So you handle reality first and then... We handle reality first and then... That's understandable. Thank you Fredrik, very exciting. We have received a battery of questions and we do not manage all of them here, but then we simply refer to the company. Then I say thank you. Thank you very much. And then we say thank you to all of you who have watched and asked questions before and during. See you again when we see you. Bye. Thank you.