Eolus Vind AB (publ)

Welcome to the Aeolus Q2 2025 earnings call. For the first part of the conference call, the 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 the speakers, CEO Per Whittleson and CFO Katharina Pearson. Please go ahead.

A warm welcome to this presentation of Eolus results for the second quarter of 2025. Your presenters today will be myself, Pervi Thorsson, CEO, and Katarina Persson, CFO. Eolus is the leading pure-play developer shaping the future of renewable energy. Please note that we during the second quarter changed the company name from Eolus Vind to just Eolus to reflect that our business targets several renewable techniques and energy storage. We are positioned to take advantage of the structural growth in renewable electricity demand resulting from the worldwide electrification and decarbonization trends. We apply our PurePlay business model to create value efficiently in every step of developing our diversified 26 gigawatt portfolio of onshore and offshore wind, solar PV and battery energy storage projects across six different markets. Leading energy investors, PPA off-takers and OEMs trust our 35 years of proven experience executing and optimizing market leading energy assets. I will begin with a walkthrough of the Q2 highlights and give an update on our portfolio. Katarina will follow with a closer look at the financials and I will then conclude the presentation with our review on the near-term outlook before we move to Q&A. And I'm now turning to page 5 in the presentation. This quarter we delivered 364 million SEK net sales with an operating loss of 74 million SEK. Despite the positive contribution of the PINVA transaction provisions following a decrease expected project margin in the POM project due to a delay caused a loss for the quarter. There are also some negative effects affecting the operating profit but where we have a positive effect in the financial items. EULUS business models leads to large quarter-to-quarter swings in revenues and earnings since transactions are timed to market demand, buyer needs, permitting milestones and grid connections. And this means that quarterly estimates are inherently uncertain. And even analysts who know our projects well face a challenge in predicting in which specific quarter a handover will close or how deals are structured. So annual numbers matter much more. value creation and financial performance are best measured on a rolling 12-month or longer cycle basis where the effects of timing even out more. So consensus should be read with this in mind and previews provide a useful benchmark but they should not be over interpreted as precise short-term forecasts. Katarina will go into more detail on the numbers later in the presentation. We're moving to page six, showing our product portfolio that is the core of our value creation, covering more than 26 gigawatts of projects diversified across markets, technologies and level of maturity. And we added more than a half a gigawatt of projects during the quarter and made good progress in existing projects overall. And one particularly interesting addition is land secured for battery energy storage in southeastern Sweden. It is an early stage 100 MW BES positioned in a good connection spot in SE4, which could provide supporting services to the national and regional grid. So we're excited to finally bring our experience in grid scale best projects to the Swedish markets. We move to page seven. So in the second quarter and thereafter, we showed resilience despite soft market conditions regarding new transactions. We sold the 147 megawatt Pinova project to Latvenego. That is our first project in the Latvian market and construction started immediately after the transaction was concluded. After the quarter, we also sold the project Fageråsen, which is a joint venture with Dalarvind that was sold to OX2. that offloaded significant upcoming grid connection commitments, releasing resources to recycle into further project development. There is a persistently slow market for projects in Northern Europe and therefore PPAs are becoming an increasingly important attractor. Regarding the POM, the project and the delay, the project has reached a degree of completion of 85% at the end of the quarter. And therefore the anticipated completion and handover is delayed from Q2 and expected to be completed and handed over during the second half of 2025. The project is fully constructed. As of today, commissioning has been performed. There are some final tests and some final approval from the authorities before we can hand it over. It is like... 200 million euro project when it comes to CAPEX. So of course any delays late in the project has an impact on project margins. with negative impact on expected project margin and consequently also Q2 operating profit due to the provisions made. But important to emphasize that POM remains a profitable project overall from start to finish. So we have adjusted the remaining expected cash flow contribution down to 10 million US dollars. Regarding refinancing, 550 million seniors secured green bond issue successfully closed despite bond market turbulence during the spring. And in addition to that 175 million SEK revolving credit facility and up to a billion SEK project finance facility signed in this refinancing package. This increases our flexibility and gives us more flexibility flexibility and for taking on our larger portfolio. We turn to page eight. Our progress in the value creation pipeline continued steadily in the second quarter, except for the delay of POM. We have almost 1.5 gigawatt of value in mature projects that we aim to realize over the coming three years. Fogelås, Boab and Dollebo, the construction proceeded according to plan. We have made continued progress on securing a PPA for the projects and are in exclusive negotiations and this ppa would lock in long-term revenues and strengthen the commercial attractiveness of the of the projects the next u.s battery project rocoseca is proceeding in line with the with plans we have the secured equipment suppliers with the appropriate clauses handling potential changes in trade tariffs and we have made good progress on negotiating a tolling agreement which is the equivalent to a PPA for a best project. Foggråsen was sold to OX2 after the quarter and OX2 assumes all rights and obligations of the project and will continue development with the support of EULUS and Dalarvind. CAPEX reimbursements and significant additional payments to EULUS are conditional on regulatory approvals and subsequent financial investment decisions from the buyer. We flip to page nine, looking now at the overall portfolio development. We added a net 675 MW to our development portfolio in Q2, with new projects in the US making up the largest part of the increase. Pneuma proceeded to construction and we removed the divested US solar and PV project Centennial Flats from the late stage portfolio. But remaining expected revenue from that projects are included in the order backlog. And changes in the portfolio are overall in line with our strategic focus on prioritizing value creation. On page 10, I'll end this section with a look at the progress towards our financial goals for 2025 to 2027. negative operating profit in q2 puts us at the 90 million sec cumulative ebit so that's somewhat below the track to towards the the 2027 total target uh return on uh equity uh is at 19% measuring the rolling 12 months period and our equity to asset ratio remains high at 59%. I'll now hand over to our CFO, Katarina Persson, for a walkthrough of the quarter's financials.

Thank you Per and hi everyone joining the call today and I start on page 12. Our net sales for second quarter amounted to 364 million SEK yielding an operating profit of minus 74 million SEK and earnings per share of 1.51 SEK. At the close of the quarter, our equity to asset ratio stood at 59%, and compared to 2024, our sales increased, but our profit decreased in Q2. Turning to page 13, we have some overall guidance to reading our statements, reiterating some points made by Per earlier in the presentation. As a pure play developer, our revenues derive mainly from large product sales. This means key reporting figures can be lumpy and vary widely between reporting periods. EBIT will rise considerably in the quarter of divestment and construction management revenue recognition. And we capitalise project costs on our balance sheet under projects under development, projects under construction and advance payment to suppliers. And project CAPEX for equipment and construction services increase the working capital significantly when we build on our own books. And then working capital is then rapidly reversed when we divest project with high capitalised CAPEX like home in Q1 2025. And our net debt position is similarly affected. It increases with product cash outflow and use of construction credit in products that are under construction, and then decreases as the product debt is either amortized from proceeds or transferred to a new owner when the product is divested. Generally, we advise investors to analyze our business over longer periods, rolling 12 months can capture the full investment and sales cycles. Nevertheless, I'll go through the changes in quarter to quarter numbers for the purpose of clarity. And just remember that this quarter on quarter analysis is not all indicative of a run rate. And on slide 14, we show change in the operating profit between Q1 and Q2 2025. And last quarter, we divested POM at 75% degree of completion. So there was a large and expected decrease in revenue in our second quarter. And underneath this change, revenue recognition from POM and proceeds from PINVA, Share Purchase Agreement, made a positive contribution. And POM revenue recognition contributed with 10% progression in the quarter, going to 85% in total. And correspondingly, the level of cost flowing through our income statement was much lower too compared to Q1. What this change masks is the negative contribution of the provisions made due to the delay to POM and lower expected project margin. But all in all, we reached a negative 74 million SEK operating profit for the second quarter. But on a rolling 12-month basis, the operating profit was 433 million SEK in 42 years. And next slide, looking at the balance sheet on the asset side, we opened the quarter with total assets amounting to 2,841,000,000 SEK and ended at 2,843,000,000 SEK. And that's a minor net increase of 2,000,000 SEK. The changes during quarter to quarter are due mainly to investments in Frågelås, Dollebro and Boa and transfer of Pinnabat to Latvinaga. And projects under construction increased by 325 million SEK. And that's also mostly due to the construction complex. We invested a net of 40 million SEK in development portfolio value creation, even as the Pinova project left the balance sheet. And advanced payments accounts receivable decreased and transfer the PIN of our product to Latvanago. On the equity and liability side of the balance sheet, there was a slight net decrease in total equity due to negative operating profit and the refinance increasing current interest bearing liabilities. Accounts payable decreased as we settled CapEx payments in Fogelås dollar bill billboard and at the end of second quarter our equity to asset ratio amounted to 59%. Turning to cash flow on page 17. Opening cash balance for the quarter was 200 million SEK and closing cash balance was 152 million SEK. Operating profit, tax and interest payments contributed negatively to operating cash flow before changes in working capital. And then investments in Ferrobilas, Doyle and Gobroa contributed to an increase in the working capital per quarter. Net flows from financing activities was dominated by refinancing and bond proceeds and amounted to plus 278 million SEK. but also includes payout of dividends during the quarter of 19 million sector shareholders. Finally, looking at projects under construction on slide 18, home has progressed to 85% degree of completion. P&V has been added at 0% degree of completion following the sale in Q2. And for the PNVAR project, the project management agreement differs somewhat from our usual construction management agreement, mainly that Aeolus does not view any downside construction risk. And PNVAR revenue will therefore be recognized based on predetermined milestones and project management service applied as the project progresses. And then handing it back to Per for a comment on the near-term outlook. Thank you.

Thank you, Katarina. I've now turned to page 20 of the presentation. We will continue to focus on advancing sales for Fogelås dollar bow and bow up, since we have a lot of deployed capital into those projects. In total, they have a capex of between 1.4 and 1.5 billion SEK. We are making good progress on PPA connected to the projects, which will lock in long-term revenue and significantly de-risking operating cash flows. Our late stage Roca Seca best project in Nevada will continue to make progress during Q3. We will focus on securing a tolling agreement and to advance the sales process for the project. Of course, in the US, our team is working around the clock to mitigate the delay, complete commissioning and handover of POM to our customer. In the value creation portfolio, we will continue to balance investment toward prioritized projects, market and technologies in line with our business plan. Overall, we will pay close attention to our financial position and optimize sources and uses to current market conditions while aiming to reduce the corporate net debt. Our new construction credit facility opens up opportunities to deploy non-recourse debt in mature construction projects going forward when deemed attractive. Thank you for listening. We will now proceed to Q&A.

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.

Hi, Laura here from ABG. You mentioned that the delay in the POM project, reduce your operating profit in the quarter, is it possible to quantify the effect of the provisions on EBIT?

Hi, Laura. According to the report, we expect an overall profit margin of the project of 10 million US dollars. We have then accounted for a degree of completion of 85% so far.

Just to clarify, the remaining 10 million US dollars you're expecting to be paid out is project margins, it's not reimbursement for project costs.

That is expected remaining cash flow and since we are accounting for according to the degree of completion method, we have already accounted for 85% of the expected project margin. so we have a larger expected cash flow coming than a remaining project margin.

Okay great thank you and just a question on the dollar before we lost when can we expect these to be divested and do you expect to sell the project as a turnkey project since you've already started construction?

Yes, the sales process is ongoing. It's been for quite a while. So that, of course, shows that the market is soft. All projects are constructed. All of them have now produce their first kilowatt hour of the power. So we are of course looking to conclude that transaction as soon as possible during the autumn. which would free up a lot of cash to both reduce our net debt and to give us opportunities to invest in the upcoming pipelines.

Great. Thank you. And a question on Roca Seca. It's a similar project to POM. Should we expect a similar strategy as POM, that you would construct the project and then sell it during or after completion? Or how does it seem to be on that side?

We are looking to do an earlier sale to sell project rights, so we're looking to secure non-recourse project finance to and to sell the project much earlier than the POM project with a more limited construction scope for EOLUS and to secure the tax equity part of it along with the transaction.

Okay, great. That was all from my end. Thank you very much.

Thanks. The next question comes from Marcus from Privet.

Please go ahead.

I think that could be me.

Marcus here. Can you hear me? Yes. So I have plenty of questions. And unless you have plenty of American investors on the line, I prefer to ask. to both ask the questions in Swedish and the answers in Swedish if possible. Is that okay? Yes. Yes, okay for us. So if you look at ROCASECA, as you mentioned, as the previous question was about, you see it as a strategic change where you want to reduce the risk with maybe a lower margin than to take on POM, which then looked very promising with a big win, which now has sunk in quite dramatic ways, Saker sker projektet eller är det bara Tillfälligheter som gör att ni vill gå lite mer Lättare på balansräkningen när ni råkar säcka?

Man kan naturligtvis vara efterklok när det gäller POM eller se att vi Som det utvecklades så fick vi inte tillräckligt betalt för Risken Men Huvudspåret är ju Att have as asset-light businesses as possible, so that we are ready to accept a lower expected project margin if it can be significantly more risk-reduced.

So actually the strategy remains the same as before, but in some cases, as you have said earlier, Vissa gånger behöver man ta på sig lite rit för det kanske är värt det och att det finns inga andra alternativ då. Så POEM, det får vi acceptera, det har varit. Om vi tittar på POEM då, är det just att tidslinjen inte riktigt höll och som gjorde att projektet blev mindre lönsamt? Fanns det någon form av straffavgift eller snarare att man inte fick en bonus för att man hann klart till tid? Kan du berätta lite mer om POEM och vad som gick lite snett där nu?

Ja, det är en kombination kan man säga. Det är ungefär 2 miljarder kronor i CAPEX så naturligtvis kapitalkostnaderna är ju stora om det blir förseningar utan att det finns motsvarande intäkter från drift av anläggningen. Det var väl egentligen Dels en underleverantör som var EPC-contractorn som blev försenad. Under drifttagandefasen så upptäcktes det en gasläcka på sajten av utsläpp av Någon gas från marken som behövde åtgärdas och som ledde till ett par veckors förseningar där man var tvungen att avbryta de här testerna och det tar ytterligare lite tid att rampa upp igen efter det. Och slutligen några myndighetsgodkännande som har tagit, som har då för drifttagning och slutgodkännande av anläggningen som har tagit längre tid, längre handläggningstider än än förväntat. Till detta kommer då förändringarna när det gäller investment tax credit där vi genom förseningen and lost a certain upside, one could say.

Many failures that you may not be able to control properly. Then we get to know it. Fageråsen, do you have a feeling when the buyer wants to make it when it can mean income for you?

We expect to be able to maintain the next milestone under

In the later part of 2025?

Yes, and we expect, if all goes well, investment decisions in 2026 and that the project will be completed in 2027, later part.

But for your part, if I understand correctly, the biggest income for the project would be in the end of 2025?

The next milestone is the repayment of our lower costs, so it would not give any greater results in 2025.

No, the next milestone is 2025, but the big revenues may be in 2026 or 2027.

Yes.

The hub you mentioned of 100 megawatts here in Sweden. När kan man tänka sig att det ska kunna komma in i böckerna? Är det som sagt tidigt skede och hur tidigt kan det vara innan det kan bli verklighet? Kommer du att kunna ha någonting som påverkar er treåriga business plan?

Ja, förhoppningsvis. Det som tidigt skedde, det är en väldigt intressant lokalisering för ett stort batteriprojekt som skulle kunna betyda mycket för elnätet i regionen. Det går generellt sett fortare att utveckla den typen av projekt än om vi ska jämföra med vindprojekt. Så att om projektet utvecklas väl så är det inte omöjligt att det skulle kunna That it is a coming project that could be included in this three-year business plan.

Great, thank you. If you look at the slide number 12, it has nicely shown how to get to the plan. Now it becomes very busy. You may be a little behind the budget. The previous budget Känner ni er ändå trygga om att det ni har i pipeline nu skulle kunna göra att ni ligger enligt ledningsplanen då om vi rullar fram till fyra kvartal? Eller bör man se det här som någon större form av varning eller att det blir svårare att nå på grund av POM?

Är det här felet?

POM är... Vi är nu sex månader in eller åtta månader in på treårsplanen så det är tidigt att säga naturligtvis. På med en, översett över treårsperioden begränsad del skulle jag säga. Men naturligtvis, vi ser på Boab, Dollebo, Fågelås att The transaction market is weaker. Of course, one can expect that it will take longer. The risk that it will affect margins. And we must of course adapt to the market situation. Make sure to keep costs down. work with project sales and revenues to meet this.

And just the weaker Swedish market is something that is well known and the stock market has increased because it is a tough market because the shares have been weak for a long time despite very strong profits and reports. How do you see it? Can it be difficult to for your Swedish projects that you put more on pause or just as you mentioned, more internal things you will do differently? It would be interesting to hear, because I think that's something that the market is very interested in, to see how you can attack this weaker market even at maybe one to two, three hours of time, since the market looks to be ready to fight.

When it comes to Sweden, there is a lot of focus on projects in southern Sweden. Fokus på de mest prioriterade projekten och de ligger i södra Sverige och det har varit en strategi sedan lång tid för EU i Sverige att ha fokus på projekt i SE3 and SE4, Stockholm, Gothenburg and south, where the need for electricity is greater and where the electricity prices are highest and where the opportunities for additional services in the electricity network are greater. This focus and the priorities are further strengthened. And also measures to extend the time for projects that are not top-priority now. So that they can meet when the market turns upwards. And of course continued optimization of the project to get higher and higher capacity factors when it comes to wind power and also even more focused on hybrid facilities. Combinations of wind and solar and battery to make projects that are more valuable for the electricity system and therefore for the market and our customers with more even production.

You seem to have good potential. That's something I haven't seen before. That's why I ask the question about the hub. It seems to be more and more common man bygger kombinerade projekt. Ligger ni bra till där, positionerade, om det blir fler och fler batterisol och flintprojekt tillsammans?

Ja, det skulle jag säga att vi har god potential för det.

Min sista fråga, det är runt aktieåterköp som ni har mandat enligt stämman sedan tidigare, men där så här långt har väl kassan helt enkelt lyckats av nya, större utbyggnader för att kunna komma i mål med projekten. Om, kan ni göra någon form av skiss eller prognos för kommande 12 månader framåt, när det ska kunna vara aktuellt? Vad ser ni behöver komma in i boken eller i kassan för att ni ska känna er bekväma att göra de här aktieåterköpen?

Yes, the board has the mandate. The capital bond at the moment is high, especially in Boab, Dollebo, Fågelås, which is almost 1.5 billion in total CAPEX. And even if we can loan the project with the debt financing to 50-60% is a substantial amount of profit. So I would say that it is to sell them, get all the money and if we manage to Sälja enligt plan, inte dra på stor kapitalbindning i de kommande projekten. Det är det som är nyckeln för styrelsen.

Vilket av de kommande projekten skulle kunna vara det som binder mycket kapital om man tittar på det kommande året? Är ni lättare i kommande projekt eller finns det något som ändå sannolikt kommer att sluka en del av det kapital som frigörs?

Rock-a-secka is the next project if we would not have succeeded with the strategy to sell early or not to get enough credit in the ongoing banking negotiations. That is what I see that could bind capital.

Rock-a-secka, sorry that was your last question. Do you see any impact on the tariffs and the tumult that was caused by Trump during the war?

The uncertainty is of course unfortunate and difficult to plan for. When it comes to Roca Seca, there is a awareness on the American market of it as well. flexibla tullklausuler i både leverantörsavtalen och i det PPAt eller tolling agreement som vi håller på att förhandla fram som ska hålla inom The next question comes from Orjin Rodian from DNB Carnjei.

Please go ahead.

Yes, hello everyone. Most of my questions have been answered, but can you elaborate a little bit more on the poem situation? Would you claim that this was very specific to this project, or should we make any read-throughs to other U.S. projects?

What do you think?

It's mainly, of course, the life of a project developer, that all risks cannot be so easily put to the investor or other parties. Of course, there are learnings for us. uh in the in the management and for and in our jewish part of the of the organization to continue to uh to try to limit the these risks um of course they are uh uh there are specific project specific reasons forest as this gas emission and the delayed final permits but mainly it is when the project size are that large like 200 million euro the projects the interest costs in the late phases amounts to easily gets to really large amounts that have impact on the margins

Okay, thank you. And final question on Fogelås, Boabdolabo. When do you think production is at full speed and do you think that is the key trigger to get this project sold or is it anything else that could be an obstacle in the process?

Yes, we expect the projects to be in full commercial operation at the end of October, I would say. And the key trigger for the sales process is definitely to conclude the pay as produced PPA that is under exclusive negotiation.

Okay, thank you very much. Thank you, Arjan.

The next question comes from Eric Oberg from DNB Carnegie. Please go ahead.

Hi, thanks for taking my questions. Eric Oberg from DNB Carnegie, credit research. Following up on Oregon's last question there with regards to the three onshore wind parks, if you hold them until completion, what's the remaining project equity that Evelus needs to provide to bring those three wind farms until completion, which you can't draw from the new construction level facility?

With the PPA in place, I would say that we could have like 60% bank debt leverage of the 1.4, 1.5 billion SEC. The remaining is then equity that comes in both in in in the form of true equity and the use of the bond bond proceeds and we have until until today until today uh there are roughly 1.2 billion sec deployed in the um accumulated in the in the two projects in the three three projects

But sorry, following up on that one, in the balance sheet, we see the book value of projects on the construction, and that is around 600 million, right?

Well, we said what we have deployed so far, that's numbers during August included as well.

And in the balance sheet, it splits between the two lines with different headings.

construction and advance payments to suppliers. You should add those two together.

Got it. But with that said, how much project equity do you need to invest to bring them until completion?

From end of the July Rough, end of June I mean. 150 million SEK or so.

Something between 150 and 200.

Okay, thanks. Given the somewhat weaker divestment market tied to those projects, do you consider to sort of change your approach here to actually build them on your own books? when those projects seem to be harder than expected to sell? I mean, risks seem to be a bit higher and you're not fully compensated for it. How do you go about that?

It is our general aim to sell earlier to reduce constructing risk, but we also need sometimes to de-risk projects more and to be able to secure the PPAs, for instance. But our general aim is to sell earlier to have investors finance the construction. But the construction facility that we now have gives us the optionality to proceed through construction as well if we deem that a better path.

Okay. On POM, when did you conclude that the project was about to be delayed?

It was late June, I would say, and the beginning of July when these issues at site appeared.

Okay, thanks. I think this question was asked before, but I didn't grasp the answer. But what was the provision recognized in Q2 related to POM?

We don't announce that direct number.

But we have said that we have a negative result due in Q3. on a bit level that's replaced to the home project.

So we've adjusted the total expected margin for the project to roughly 10 million US dollars and accounted for 85 percent of that accumulated until Q2 then and since we have had recognized a higher expected margin in Q2 we had to make those provisions in Q2 so Rough numbers, it has impacted like minus 50 million SEK in Q2.

Okay, thanks. I think you touched upon this as well earlier in the call, but what was the revenue recognition related to PNVA now in Q2?

The full contract, the selling of the shares was accounted for and the remaining to be accounted for is the deferred payments connected to that agreement and also the services we will provide under the project management agreement.

Yes, but how much?

revenues were recognized in Q2 and what's remaining of the share purchase agreements and once again I would say that the full contract has been accounted for the share purchase agreement but we have a couple of deferred payments that will account for smaller parts during 2025 and then when the project reaches operation expected to happen in 2027.

And none of those are possible to quantify in any way.

Rough numbers once again here. We have recognized a project margin of roughly 50 million SEK for the PNVA so far in Q2.

Okay, thanks. And what's the size of the project management agreement tied to PNVA?

The project management agreement compared to the other projects, it is much more limited scope, quite low revenues and very limited risks for us. So the main revenues and project margins will come from additional payments from the share purchase agreement as milestones are achieved.

And the largest one is when the project is completed?

Yes, expected in 2027.

Okay, and the more limited project management agreement scope, should we see that as a template going forward as well? I mean, this contract management agreement has been a great P&L driver historically. Should we see the more limited approach here and, well, less risk as well as the new template, or is this a one-off?

It's... It's another tool in the toolbox suitable for more limited risk exposures. But I expect that we will see both contract structures going forward depending on the risk appetite both on the customer side and on our side. But this Pinova, it's a large project in a very small market in Latvia. The customer is the state-owned utility. So it was definitely a structure that fitted well for that project.

Okay, thanks all for my side.

Thanks.

There are no more questions at this time, so I hand the conference back to the speakers for any written questions and closing comments.

So this is Harald Cavalli Bjorkman, Investor Relations Manager at Eolus. We have a very limited amount of time left on the webcast, so I'd please ask you to get in touch with me via email or by telephone. If you feel that there are any further questions you'd like to ask, I'd be happy to help you resolve those. My contact details are available in the press release and in the report itself. Handing it back to Per here.

Yes. Thank you, Harald.

And thank you all for joining the conference call. And I just wish you all a nice day. Thank you. Bye.