Cloetta AB (publ)

A very warm welcome and thank you for joining Klaita's Q2 Injury Report presentation. I'm Ara Lindholm, the Director of Communications and Investor Relations. As per usual, our CEO Katarina and CFO Frans will first go through our results, after which we will move to the Q&A, where you either have the possibility to dial in and ask questions live or alternatively post your question through the chat. It is already possible to add questions in the chat.

Over to you, Katarina. Thank you, Laura. Today, I'm proud to present our second quarter 2026 results. In this quarter, our Superbrand performance very well and profitability was exceptionally strong. Looking at the first half of the year, we executed fully in line with our strategy and delivered also against all four of our long-term financial targets. But first, over to the agenda. Today, it looks as following. For the ones that have not listened to us before, I will start with the recap of our strategic framework and our financial targets. I will today also share an update on how we continue to step up our operating model and are creating a stronger foundation for growth, flexibility, and long-term competitiveness. After that, I'll move to our quarterly highlights. Our CFO, Frans, will then walk you through the financials, and as always, we wrap up with a Q&A. I will now briefly walk you through how we bring our vision to life through our strategic framework, and then, in relation to this, also our updated financial targets. To learn more, please see the recording of our Investor Day 2025, which is available on our website. Our vision really captures what we are all about. It's not just something we say. Our vision is to be the winning confectionery company inspiring a more joyful world. For us, it's a real promise to do great work, to keep innovating, and most of all, to bring joy to people every day. This vision is what guides us. It's what keeps us learning, improving, and leading the way in our industry. We have created a clear strategic framework to guide us forward, and right at the center is our vision. Our strategy is about focus, clear choices that will help us scale, grow, and make the biggest impact where it truly matters. We have five core markets, and that is Sweden, Denmark, Norway, Finland, and the Netherlands. And today, around 80% of our total sales come from these markets. Our first priority is to focus on our 10 super brands in our core markets. These are the brands where we see the biggest opportunity for growth. By expanding them further, we can reach more consumers, grow faster, and build stronger positions in the market. Our second priority is to look beyond our core markets. We have identified three markets with strong potential, and that is UK, Germany, and North America. Our third priority is to strengthen our marketing and speed up innovation. Consumer needs are constantly changing, so we need to stay ahead not only by following trends, but also by helping to create them. We are also open to exploring M&A when they fit our strategy and create value. But let me be clear, acquisitions are accelerator, not a requirement. We do not depend on M&A to achieve our financial targets. To make all of this happen, we need the right foundation in place. That means having an efficient way of working and an organization that supports our strategy. I'll come back to this later in the presentation, and I will share an update on the progress we made in enhancing the operating model. And finally, it all comes down to people and culture. They are at the heart of everything we do. Our culture shapes how we work together, and we have now built an organization that is strong, capable, and filled with joy. In March 2025, we updated our long-term financial targets to match our strategic priorities and our vision. With a clearer plan in place, we raised our long-term organic growth target from 1% to 2% to 3% to 4%. Global forward-looking inflation concerns continue to be high, mainly as a result of the ongoing political uncertainty, and we hence expect the societal and political pressure related to food pricing to continue throughout the year. Our long-term adjusted EBIT target is 14%, with a goal to reach at least 12% by 2027. As you can see in our report, we're already above 14% this quarter. The uplift is part of our plan to step up investment during the second half of the year, including one-time costs related to our geographical expansion, as well as an upcoming Superbrand product novelty launch. Our EBITDA over net debt ratio remains well below our long-term target, also including the effect of the increased dividends. As I also stated the last time, if a strong M&A opportunity appears, we may go above our long-term EBITDA over net debt ratio temporarily, but only if we clearly support our strategy and we declare the leverage plan in place. And finally, our dividend policy. We're now targeting a payout about 50% of profit off the tax. The already mentioned higher dividend last year was in line with the updated long-term target. And now I will give an update about our progress under enhancing the operating model, beginning with a brief recap of what was shared on our investor day in March last year. To enable profitable growth, we need to enhance our operating model through net revenue management, have a supply chain fit for purpose, and an effective operating structure. Over the past year, we have made strong progress across all three of our strategic priorities. The results are already visible in our performance with net revenue management and our effective operating structure delivering a clear impact. At the same time, we are making strong progress in building a supply chain that is fit for purpose. Together, these priorities are enabling the foundation for sustainable and profitable growth. Today, I will share some more details about how we are ensuring that we have a supply chain fit for purpose, meaning that our network is resilient, cost-efficient, flexible, and built around the demand pattern that we actually have. Alongside this, we communicated at the investor day that our strategy was to have a structured approach to make or buy decisions, ensuring that investment go where they creates the greatest value. I will go into more detail on capex make or buy and the operating structure in turn. To support future growth, We foresee the previously communicated increase in capex to 4% to 5% of NSV in the midterm, with investment focused on capacity, efficiency, and supply chain capabilities. Importantly, these investments are intended to support future growth and are also including continued investment in our repeatable pick-and-mix business model. Still, they remain significantly below the previously canceled Greenfield project. We also outlined a structured approach to make or buy decisions within our production network, ensuring that CAPEX is directed to the area where it creates the greatest value. To progress with the make or buy decisions, we have classified our technologies to core, which is technology we don't want to outsource, and non-core. We have also agreed on long-term partnership with strategic partners. Together, all these initiatives are designed to create a flexible, stronger, and more resilient manufacturing footprint that supports sustainable growth, that is aligned with long-term consumer trends while contributing to modern improvements over time. Another portion of the increased capex will be invested in the digitalization of our operational planning capabilities, enhancing customer service, inventory efficiency, and data-driven decision-making. AI-enabled tools will play a key role in this transformation. We will also continue to invest in process excellence across the business with a strong focus on sourcing, design to value in product development, lean methodologies, and sustainability. These initiatives help improve efficiency, strengthen competitiveness, and support profitable long-term growth. As we shared when we decided to not proceed with the Greenfield project in early 2025, opportunities exist in our supply network to compensate for the volumes planned to be produced by the Greenfield plant. Our capex include the midterm step-up investment. It splits roughly 50-50. across the portfolio. That balance is deliberate. Rather than concentrating capital in one single technology, we are investing across other important technologies, such as chocolate, foam candy, and pastels, alongside our molded starch capacity and capability. As also mentioned on the slide, and just to recap, the Greenfield plant was designed to produce candy only based on molded starch technology. Our investment priorities remain clear. We are building capacity for future growth and investing in automation and modern equipment to make our operation more efficient, flexible, and resilient. This approach gives us disciplined, diversified capital allocation that reduces single technology risk and keeps us aligned to long-term growth. And now a short quarterly update. In the second quarter, we delivered volume growth that was driven by packed branded products combined with an exceptional profitability. For the first six months of the year, organic growth reached 3.8%, fully in line with our long-term target range of 3 to 4%. As expected, growth within pick and mix was impacted by earlier Easter this year, creating a tougher comparison for this specific quarter. I'm very pleased with the continued performance of our superbrands across our core markets. We are making strong progress on our expansion agenda, both within and beyond our core markets. In the end of the quarter, we launched LectiReol, our largest passive superbrand in the Netherlands, which is our third largest core market. At the same time, we are finalizing a nationwide U.S. rollout of selected products from one of our 10 super brands, making another important step in our international growth journey. In July, we also reached a significant milestone by becoming the first company to open a pick-and-mix concept based on Swedish candy in U.S. retail. Operating Operationally, we deliver an exceptionally strong quarter with efficiency improvements visible across the business and contributing to our strong profitability. Our focus on profitable growth remains intact. and achieving our mid-term profitability target of 12% at the latest in 2027 remains well within sight already for the full year of 2026. So with that, let's turn to the financials. I'll hand over to Frans who is more than ready to walk you through our second quarter performance and the strong result of the first half year.

Yes, thank you, Katarina. And as Katarina said, it's really good to be able to present this quarter result and also for the first half of the year. Specifically, given the phasing of Easter, where more of Easter took place during the first quarter than last year, it gives a better perspective on how the strategy launched last year is delivering results. So as I walk you through this, keep a bit of extra focus on the first full half of the year. So starting with our net sales, in the quarter, we delivered strong volume-driven organic growth in the branded package segment, similar to what we did in the first quarter. So 3.3% growth, and that brings the first half of the year to 3.4%. And we're very pleased to be able to share those growth numbers, volume-driven growth numbers. Then for Pick and Mix, Again, given the easter facing, and it's primarily visible here in the segment, we got a look at year-to-date. We grew 4.7%, and also that is organic volume-driven growth, and we're very pleased with that growth, and especially as we, at the same time, are creating opportunities for very strong growth in this segment through the geographic expansion. So, the pick-and-mix growth achieved year-to-date, is without any material gains from the many initiatives we've spoken about and that we're currently expanding in Germany and the US, and we've spoken about other opportunities as well. So that will all be future growth potential and part of the strategy that we launched last year. So in total, volume-driven organic growth of 0.8% in quarter two brings our year-to-dates to a strong 3.8%. And that is at the upper end of our long-term targets to grow 3% to 4%. And of course, they're very pleased with that. Now, reported, we grew less, 0.4% in the quarter and 2% year-to-date. And that's mainly on account of stronger Swedish krona versus the euro. And I'll repeat here what I said in the last few quarters about currency effects, that companies incurring costs in Swedish kronors in Sweden to make products which are then exported and sold in Euro, they will have a challenge when the Swedish krona strengthens. But at Fleta, we largely sell our products where we make them. The products made in Sweden are mostly sold in Sweden, and products made in Euro-denominated countries are mostly sold in Euro-denominated countries. So, the real effect for us is limited, and the effect on the reported sales is truly a translation effect. Then, moving to the regular page showing the segments, you know, over and under. Here, you see easer facing quite clearly on the lower half with pick and pick. But also that this is the third quarter with our branded package segment stable to growing again after a bit of fluctuation in 2025. And another key takeaway here is that not to look too much at those really big growth numbers back in 2023, because that was to a high degree driven by inflation. and instead take away that we are back to organic volume-driven growth, volume-driven growth. And that is the result of the strategy to really focus on super brands in the core markets and to, in a more focused manner, grow the markets beyond the core and throughout this support by further step up in marketing and innovation. So, volume-driven, it is also profitable, and in this quarter, the profit is truly exceptional. So, let's have a look at that. So we are reporting an operating profit adjusted of 14.9%. And some of you might have done a bit of a double take on that margin, given that our midterm target is to reach 12% no later than 2027. And our long-term target is to reach 14%. Now, you have to realize that the midterm and the long-term targets are full-year targets. And in any given year, we will have fluctuations between the quarters. And even though 14.9 is very strong, it is not the strongest quarter we've ever had. That was quite some time ago, but we've actually in the past been at 15.8%. So we've actually had several quarters in the past that were over 14% margin, but that was never enough to reach 14% for the full year. And that's what we're aiming for here. Now, still, the year-to-date operating profit margin of 13.9% does position us very well to reach 12%, so the mid-term target, 2027, already now this year. And we've said before that the target is within sight, but with half a year still to go, it's still too early to declare victory for the full year today. Now, What then is driving the strong operating profit margin? That can best be summarized in three points. The first and second point is due to a favorable mix driven by super brands and a really strong, exceptionally strong operational efficiency. And on the latter, that's the efforts we do in the investor day presented under the heading Enhancing the Operating Model to Drive Profitable Growth. And the slide Katarina shared earlier was exactly about that when she spoke about supply chain. Now, so starting then with the first one, the mix. There is, of course, a favorable mix element related to the easter facing. But that is a temporary thing, and it evens out over the quarter. So let's focus instead on what is more permanent, and that is that we have a favorable mix mainly driven by the focus on our super brands in our core markets. You know that they are more profitable than average, and that is coming through here. And that is a key contributor to that we're having a favorable mix in the segments, in markets, in categories, brands, and products. Then the second point on the operational efficiency. So you're already familiar with that we did a reorganization last year, and those savings now carry over. But there's also a very strong performance from a new agenda for the operations team since last year. This is end-to-end from the sourcing, production, warehousing, distribution, all the way through. And then there's also efforts by the commercial teams on net revenue management, like ensuring there's margin-accreted innovation. And we shared the new launch on Let It Roll more previously, and that is an example of that. Now, I'm not going to break the drivers down in detail here, but like with the segment mix due to easter facing, some of it is a bit more fleeting, and some of it, there's a stickiness and builds on the sustained effort we've had to strengthen profitability over time. Now, we do say that this is exceptionally strong, and maybe a simple illustrative example would be that in any given quarter, You have, let's say, 10 things that you're working on. Seven will go your way, and three will have headwinds, so you get a net gain of four. Now, in quarter two, all 10 went our way. Actually, Katarina has said, I think it was a year ago already, at some point, that there was a lot going our way right now, and Q2 is probably our strongest example to date. of how we're executing our strategy in a pragmatic and focused way. And sometimes, you know, all the stars line up. Now, I said there was three points. And the third point is that in addition to the mix and the efficiency, we have flagged that the geographic expansion will come with some startup cost in the second half of the year. And we will share more about that later on in quarter three. But as a result of that, we're flagging already now that in quarter two, we have held back some investments that were planned for the quarter to help pay for those one-time strategic investments in the back half of the year. Now, the results for the full year would be the more, let's say, representative results for our ongoing business. So, and basically, I don't expect 14 plus percent margin in the second half of the year. but do feel really good about our ability to reach 12% for the full year and in a repeatable manner with this strong start that we've had. And before I move to the view by segment, a quick comment for those who want to look at the gross margin year-to-date. Remember to look at the adjusted margin. You have that in the comments in the report, given that in quarter one last year, we released provisions related to the Council Greenfield project leading to a favorable item affecting comparability, and that boosted the gross profit that year. So on an adjusted basis, so like for like, the gross margin is up versus last year, not down. Looking then at the segments over and under, you see that both segments' margins benefited from the exceptional step-up. Branded package is up over 3% in the quarter and 2.6% year-to-date. And pick and mix on the lower half is up over 3% in the quarter as well and 2.9% year-to-date. So all incredibly solid numbers, exceptionally good in line with what I just checked. Now, specifically for pick and mix, It's well above the target to be between 7% to 9%, but we nonetheless believe that the targeted long-term range is the appropriate range to continue to drive profitable growth in the category, as well as geographic expansion in line with the strategy. For the branded package segment, looking then at the year-to-grade, even if you shave off a bit of that compensation we received for the supplier quality deviation, that was in quarter one, It's about 40%, and it's another step closer to the over 50% pre-pandemic level margin we used to generate in this segment. So, it's an exceptional result for the quarter, and we will continue to seek to further strengthen the package margin, and over time, return to the level where we were before the pandemic. Then, moving to SG&A. Now, here, the variance year-over-year, both for the quarter and for year-to-date, is primarily driven by the absence of the provision for severances we took in quarter two last year after we had announced the reorganization. So the net SG&A, excluding that, is flattish, both in the quarter and largely for the full year-to-date. And that is that the savings previously confirmed to us to be in the announced range of $60 million to $70 million on an annual basis is fully offsetting investment for growth on top of regular annual inflation affecting salaries and various supporting costs. Those investments, despite holding back a bit for the second half of the year, includes, of course, the geographic expansion beyond our core markets. You're familiar with the Candy King store in New York. That store is already profitable on the bottom line, but, of course, it generates the SG&A costs. It's also the organization's step up in North America. We're doing something similar in the UK, as well as the support of our super brands. So, I already mentioned in the quarter one earnings call that there would be a further step up of advertisement in quarter two, and I can confirm that these figures include higher spend on A&P than last year. So, cutting A&P is not driving this step up in profit. Now, as also mentioned in quarter one, The change to the operating structure in 2025 has not only aligned the organization better to execute on the new strategy, as again evident from the quarter's result, but also permanently lowered the SG&A baseline and offsets the stepped-up investments. Overall, SG&A costs are held in check. On to the free cash flow. In quarter two, we generated 86 million kroners in free cash flow, and that's 94 million kroners better than last year. Now, Easter facing also plays a part for cash, and it would be more fair to talk about year-to-date. And then I'm happy to share that also year-to-date, we did better than last year. So year-to-date, we delivered $230 million in free cash flow, and that's $39 million more than last year. So meaning we continue the favorable development on account of the focus on both profit and working capital. Now, the year-to-date improvement in free cash flow versus last year was expected, and that's primarily driven by the stronger operating result, while working capped on capex, you know, separately and in total, remained fairly stable versus last year. I also want to say that capex in the quarter, you see 40 million Swedish kronor here, that's on the low side versus what we communicated earlier, where we said we would rise capex to 45% of net sales over the next five years. And I want to comment on that. So this is in line with what Katarina just confirmed. We still expect to increase the stand on capex to 45% of NSV over that period of time. But within that period of time, the step-up will only really start to be visible for next year. That said, what we are spending money on this year is part of the total expected cap tax and is part of implementing those plans. And that brings me to my last slide, which is on net debt or debt and leverage. And we closed the quarter with a net debt over EBITDA of 0.8. So that's well below our target to be below 1.5. And that's, of course, driven by both the strong cash flow and improved earnings. 0.8 is slightly higher than where we were in quarter one this year, but it always goes up in Q2. And you can see it in the graph on the left-hand side there, given that we distribute the dividends in quarter two. And 0.8 is actually 0.6 lower than Q2 and, Our net debt is also the lowest ever we've had for Q2 of 1.2 billion. And that is despite having distributed our highest ever dividend in the quarter. At 401 million, that's 140 per share, up 27% versus the year before. And in cash outflow, net of total return swaps, 398 million. And finally, we have plenty of access to additional, unutilized credit facilities and commercial papers, which together, with cash on hand, total 2.7 billion Swedish kronors. So, number one, we have continued to secure resilience in a changing world. And number two, we do have the financial strength to act on business opportunities. At the same time, while we have strategic financial flexibility, it will not change the fact that we have a pragmatic approach to investing in our business or even M&A as described numbers of times previously. And on that note, I conclude that our financial position developing in line with our set targets remains very strong and hand back to Laura.

Thank you very much, Katharina, and thank you, Franz. It is now possible to either dial in and ask questions live or alternatively post your questions through the chat. We already have quite many questions in the chat, but let's start with the telephone lines. Lorenzo, over to you.

We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 at this time. The first question comes from the line of Stefan Scherholt from Anders Banken. Please go ahead.

Hello, Stefan here. Can you hear me?

Yes, we can.

Yes. Yeah, good. Yeah, congrats to impressive margins in the first half of the year. But it would be helpful to give a range or some flavor to the expected uptick in marketing spend and run of cost for the second half. Is that possible to say?

Well, I think in a way, the strongest indication of the range of step-up, and it's not only marketing, there's also organizational costs given the geographic expansion, is the fact that we are saying that the 2027 target of 12% remains within sight and in a good way. And I think I actually explicitly said don't expect 14% in the back half of the year. So, obviously, we're aiming for 12% on a full year basis. So, that means sort of gives a bit of an indication of how various factors would affect the back half of the year in A&P is one of them. Indirex is another one, as you said, for investment. But, of course, there's also commodity movements, and we have a fair pricing policy where, of course, we adjust our pricing when commodities move. So I think the best answer I can give is to sort of look at the totality of that for a full year basis.

But if we assume 10% for the full year, that implies some 10% for the second half. Yeah, and fair enough. I will do my calculations and try to solve that one. Obviously, it's much talk about the U.S. and the expansion there, but also if I remember right, there was a pilot in Germany launched in the first quarter. How is that developed?

Yes, it is going very well. So we are still in dialogue. Of course, this is something we do in partnership with the retailers. And we usually have a couple of months' data where we're looking into, and then we roll into more stores. So now we are on five stores. So we continue to roll it out while the performance is doing well.

Yes, yes, yes. That sounds good. And you have to make sure it wouldn't go into the U.S. and the national rule out. You said it was a selective number of SKUs. I interpret that as the package. Is that right?

Yes, that's right, Stefan. That's right.

Okay, good. Thanks. Okay, thank you.

Thank you for the kind words about the report as you opened the question.

Thank you The next question comes from the line of Niklas Skogman from Nordea, please go ahead Thank you and congrats from me as well Did I mishear you or did you say that you expected organic growth in the second half to be broadly in line with what you saw in H1.

Thanks for the comment on the report, Niklas. No, we didn't comment on the growth for the second half of the year.

Okay. But if we think about sort of volume and the potential price impact, what do you see there in H2 compared to H1?

so I'm thinking mainly perhaps on the price pricing so the first thing I would say is that we of course have their pricing policy and if we think about COCO, as everyone knows, it's come down significantly versus last year, but actually now at the end of the quarter, it was coming up again. Sugar is down a bit versus last year, but actually it's up now in Q2 versus Q1. But then you have other things like film, which is the packaging that goes into our bags. That is up as much in percent as COCO is down versus last year. and energy is up significantly as well. So, you know, we will, you know, adjust in line with our fair pricing policy.

Yeah.

All right. Thank you. And then you will tell us more about this U.S. Yes, so what we've shared here is that it's a limited portion of the product.

the variance we have behind that super brand. So it's obviously, we're not launching out the full SKU catalog of chlorecta. So where we're starting, it will be a nice rollout, but it will have to build over time. And given the size, you know, although attractive and growing fast versus the rest of chlorecta, it wouldn't have a, you know, significant effect on our overall growth numbers.

for this year.

Over time, of course, we've said that the buoyant core will grow two to three times faster than the core markets.

All right. That's it for me. Thank you very much. Thank you, Niklas.

Thank you, Niklas. Thank you. We have quite many questions from SCB, and I think the first two we have already answered, but let's take the one about Easter. With Easter normalizing as a base effect in H2, what is the expected organic growth trajectory for pick and mix in Q3 and Q4, and does the inventory buildup reflect prepositioning for geographic

Maybe I'll start with the inventory. So if you look at every year, we have a tendency of sort of tying up cash in the first half of the year, and we generate most of our cash in the second half of the year. It's because there's so much, you know, demand that we can't. satisfied that with, you know, production at the time. So, we're always building up inventories heading into the summer, and then we start depleting them in the back half of the year. So, that's a normal trend to the inventory. If, you know, again, the geographic expansion is certainly there. But unfortunately, it's not going to drive such big growth numbers this year that we would, you know, need to build exceptional levels of inventories. But that's, of course, this is part of the plan. That's part of the strategy. We're moving, you know, at the pace that we set out. And the opportunities, the big opportunities, of course, are ahead of us. For the growth in pick and mix, Yeah, so by looking at the first half of the year, that's a more, let's say, true number. You shouldn't look at Q1. You shouldn't look at Q2. But beyond that, we don't really give, you know, forward-looking growth numbers per se.

Good. And then I think we have a few general IR questions. So if you're okay with the person who was asking, we will revert to those via email. But then after this summer, and it is hot, we have a question about ice cream. So do you foresee the brand being licensed for ice cream? And I think the reference is in Sweden to Ketsukon and Polly. As successful as it has been done in Finland, given that Ketsukon and Polly are strong brands in Sweden, it ought to work seamlessly here also.

Thank you. It's a good question. According to the strategy, we are having an expanding strategy with our super brands, and that's including also looking into the ice cream categories. Currently, as I said, we are very successful primarily now within Finland in this area. Yeah, and then I would also maybe talking about the warm weather. Nothing we can see right now and predict right now, but if the weather would be extremely warm, we have seen a little bit of an effect. historically, like the consumers, they start to eat a little bit more ice cream or, for instance, drinking a little bit more. But it's already earlier to see. It's too early to see. And the last time it happened, it was 2018. So it has to be extremely hot to get the impact on the sales for this one.

Thank you, Katarina. And we move from ice cream back to U.S. and have questions from Strawberry Capital. How many stores are you set to roll out in the U.S.? Do you have an agreement with one specific retailer? And do you have a partnership, for instance, like Bob's partnered up with Mount Franklin Foods. Which products are you going to roll out? And then lastly, are you in talks with retailers regarding pick and mix and how do you see the pick and mix development in the U.S.? I think we already answered some of these during the presentation, but maybe a few words.

Yeah, so I can mention it. So first of all, as we said, in July, we did the first launch of the Candy King concept at the U.S. retailers. So that is one store we're testing it. But, of course, we're doing this in partnership with the retailer. And if it works well, we continue to roll it out. And, of course, if other retailers see it works, then we can have a dialogue with them. But this is the first step, the first start. And then when it comes to the branded pact, where we are talking about one super brand with some selective SKUs, there we are in a dialogue. We haven't finalized it yet, but we are in closing that dialogue. And that means that we will roll out those SKUs in the market nationwide.

Good. And then also from Strawberrycapital about the U.S. supply chain. Will the nationwide branded rollout be served from your European plants, or are you considering a U.S. co-manufacturer or local sourcing? So it's about if we have the same strategy as Bob's and Mount Franklin Foods.

Oh, in the U.S. Yeah, currently we are using our own production network. So that's what we're starting. But, of course, if it becomes very big and very large, then we have to review our sourcing strategy as well. But currently we're doing this from our own network.

Very good. And then, yes, we have one question from private investors. If we were happy with the sweet and snacks expo in Oswego.

Yeah, I'm sure we were. Well, of course, we had a lot of great dialogue and we were meeting the relevant customers and so on there. So that was good.

Good. And I see we have some questions here that we haven't specifically answered, but those were already questions that our analysts raised. So if one of the retail investors feels that there is still something to talk of, of course, you are more than happy to check in with us also after the webcast. Any questions from the telephone lines? I think we answered both of our analysts. Any questions there, Vincenzo?

As a reminder, if you wish to register for a question, please press star and 1 at this time.

Looks like everybody's happy. Good. Then it's time to start to conclude our event. But we take this opportunity, as usual, to update and remind you of our upcoming IR events. Our next report, the Q3, is published on the 4th of November, followed by a road show in Stockholm arranged by Nordea. Ahead of that, quite a lot is happening. On the 19th of August, we will attend Nordea Equity's small and mid-cap days in Stockholm. And on the 17th of September, we'll be in New York City on a road show arranged by Fungus Banken. We, of course, continue to update our upcoming IR events in the calendar, which is available on Coetta. It's now time to conclude our event, but before we meet again, we of course hope that you get the chance to enjoy our wide portfolio of confectionery products during many joyful occasions. Have a very nice summer and thank you very much for joining us today.