Ferronordic AB (publ)

Thank you. This is Lars Kroneljusson here and welcome to the report on our first quarter of 2025. And if we can press... oh sorry. And we call the report Steady Despite Uncertainty and obviously there is increased uncertainty in our markets and in our industry we will obviously come back to that. And despite that uncertainty our revenue actually increased by 3% to 1.2 billion Swedish kronor. However, we saw a decline in gross profits and that was partly due to revenue and product mix. And selling and administrative costs came down and that was partly thanks to cost reduction that we have entered upon and lower sales commissions. So we had an operating results which decreased to 13 million which was mainly a result of the lower gross margin. We also had net debt that decreased to 1.8 billion. If we go to the next slide, clearly there is an uncertainty on the tariffs and the fiscal policy in the US which obviously is also then in itself spreading over to Germany to an already weak market in Germany. We should however say that despite this uncertainty the mood among our customers in the US remains very good. However, the deal is still on high levels of machines and inventory and in the rental fleets. So mainly thanks to a robust service and parts business that we have our underlying business remained stable. If we look at the market, the US construction equipment market declined 5% in Q1. Our sales of new equipment and sales from the rental fleet decreased by 6% in units. In Germany the truck market continued to decrease and decreased by 28% actually during the quarter. Whereas our sales of new trucks decreased by 6% and then we obviously took market shares in Germany. One very positive thing in Germany is that we continue to reduce the inventory. The inventory is now 59% lower than in the end of Q1 2024. Many of you remember that we had an issue with too high inventory which was a result of the supply disturbances that came under but mainly after Covid which resulted in a far too high inventory in Germany which we have worked very hard to reduce. We are now in a situation which is very much better than previously. It's also good to see that our electrical truck business, the rental business we have in Germany continue to contribute positively during the quarter. Also our cost run rate in Germany is in line with our cost reduction targets. In Kazakhstan our sales of new machines increased to 28 units. Also in Kazakhstan we have in the last year worked very hard to reduce inventory. That came from similar reasons as in Germany and we are actually now 68% lower inventory than a year ago. Quickly then on group summary financials Erik will go into more details but the US revenue was up 9%, German revenue down 9%, Kazakhstan revenue plus 26%. In terms of operating profit we had a decrease in the US from a very very strong first quarter last year from 60 million to 48 million. An increase in Germany from minus 12 to minus 9 and an increase in Kazakhstan from minus 3 to plus 1. Obviously with the foreign exchange effects that we saw on mainly the US dollars our net income then decreased very very much to 150 million. Similarly as our debt is mainly also in the same currencies as our assets it also decreased mainly due to repayment of loans but also currency translation effects. Still 30% equity to total assets and the book equity of 1 billion 372 million Swedish kronor. Some more highlights from the US. The market for larger construction equipment which is our main segment declined by 5% as I said. In our sales area and the decline was 8% mainly driven by lower sales of wheel excavators. We had then a decrease of 6% in units. We saw a good increase in sales of crawler excavators and wheel loaders. However there were partly fleet deals with lower gross margins. So we sold 71 new units, 20 used units and we had 30 units that converted to sales from our rental fleet. Good thing to see that the demand for service and parts is continuing to be good and our parts business and service business was largely stable. And very importantly in April we launched a new CRM system which will form the basis for the implementation of our automatic lead generation system. Also in the US in the future which we hope will bring a good use in mainly the aftermarket but also in sales where we can be more proactive. And understanding customers needs from telematics of the machines and basically sell more in the aftermarket mainly which is very very positive. And we continue to make investments and work on branding and marketing. If we move to Germany we see a market that remains challenging. Obviously the market was down 28%. However government spending plans now lead to optimism actually. In Germany in our area we saw a decrease by 20% and the area then represented 90% of the total German market. Our own sales as I said decreased by only if we in brackets 6% and by 15% then to 221 million in revenue. And it's obviously good to see that we're keeping up sales and it's very very important for the future that we have a population that we can continue to service. Also in the future which is obviously the key to reach profitability in Germany. And we saw in the quarter continued good demand for our service and parts. And in fact as we talked about before we could have sold more service and parts if we had more qualified mechanics. We saw some good traction actually in recruiting mechanics so that shows positive and should have had a positive impact on our ability to catch that demand going forward here. So that's looking good. And another very positive thing obviously is that our inventory is now more or less in line with where we want it to be. And coming from a year ago it's a very very big difference in the inventory numbers. So we can compare the numbers then from the end of Q1-24 we have 519 million SEC and now we're down to close to 200. So I think it's a good work done there on the inventory clean out basically we can call it. Take the next slide please. Go to Kazakhstan. The market continues to grow in Kazakhstan. However we estimate it grew by 37 percent from a relatively low level however in Q1-24. Kazakhstan sees growth in the mining and construction sectors and we see at least plan we see some actual also but plan very much spending on infrastructure notably on the road network in Kazakhstan. And also then as I said we continue to reduce our inventory and we've taken it down from with 68 percent year on year to 80 million in the end of Q1-25. And we obviously then had a big increase in unit sales from a very low Q1-25. Slightly lower of a parts and service sales however but the total revenue increased by 26 percent in Kazakhstan. And we look up of the US network. You know you most of you know this where we are in the US. We've been there now for a year and a quarter more or less and in November 23 we acquired 100 percent of shares in Road Equipment Company. Which is one of the largest distributors of all the CE in North America. They also have very strong other brands such as Hitachi, Sanlick, Lincoln, Crane and Birmingham. And obviously US is the world's second largest market for construction equipment with substantive infrastructure investment programs. And clearly again there's a lot of talk about the US tariffs etc. etc. But we see we continue to see very positive attitude from our customers. There is still strong demand for aggregates for the infrastructure investments needs that are there. And as you can see from the numbers the business is going on quite nicely still. In Germany we have a network that looks like this. We have 20 outlets in Germany and we are the biggest private dealer for Volvo and Renault trucks in Germany. And in Kazakhstan we are strategically placed in the main hubs of business activity in our industry in Kazakhstan. So by that I hand over to Erik for some more numbers and economic development please.

Thank you very much Lars. I start as I usually do with macroeconomic overview and market context. So US growing 2 percent year on year but we did see a quarter on quarter decline. And that is very much driven it appears by imports ahead of the tariff announcements and uncertainty around trade policy that that that followed. Looking to full year we're seeing forecasts between 1.6 1.8 a bit wider range than typical which reflects I think the uncertainty that that forecasters face. Core inflation also uncertainty about how a trade and fiscal policies will affect but currently at 2.6. The trajectory of that will of course have impact on the next item here which is the Fed funds rate which affects us and it affects our customers when they borrow to do business in the US. But it is lower and there is an expectation that we will continue to see rates trending down in the United States. Looking at Germany year on year again we see a negative. Germany has struggled again. We have two years to consecutive years of negative growth. But we did have quarter on quarter positive developments and we know that the newly formed government has promised investment plans in defense in infrastructure that it is believed could stimulate and spur a recovery in the German economy. That said current consensus forecasts around flat 0 percent growth inflation at 2.2 probably some room for inflation come lower and maybe for the ECB to go lower there as well. Kazakhstan grows strongly and we see again there is growth in construction in mining and the government is spending as Lars mentioned on infrastructure and notably on the road network. Inflation slightly higher and that has resulted in the central bank raising rates. So liquidity availability of funding is an important factor for our customers given the high rates that you have in Kazakhstan. It is a limiting factor in our sector we feel and again to the customers that we speak to. So that's on the top level. So to say I move on to our income statement in Q1. To the left of this table you will see the comparative period last year for each market and for the group and to your right you have the current reporting period. Total revenue quite stable compared to last year. I mean this is the first quarter when we report full quarter for year on year for the US business in Q4. Mind you it was only really December when we compared year over year but in first quarter we have we have full quarters for all segments. And again show relatively than a stable revenue year on year. The distribution between the segments almost two thirds being the US 63 percent one third Germany and then then Kazakhstan at 4 percent in the quarter. Between revenue streams 57 percent on equipment and trucks and then 37 on the important aftermarket which again is a stabilizing factor in an environmental heightened uncertainty when customers may be more hesitant to renew fleets and make capex decisions. They still need to run and maintain their current fleets. And six percent other mind you that's mainly rental income or rental revenue that we have there. Gross profit down 15 percent and margin gross margin decrease by 3.4 percent mainly drive driven by the US segment partly by a reclassification that I will give you some headlines on so you understand what what's how we reflect things slightly differently in 2025 and what the impact is there. Similarly as GNA decreased 11 percent that's partly due to cost cuts it's partly due to lower sales commissions but also reflective of these reclassifications that we had year on year. As a percentage of revenue as GNA declined to 16.2 percent operating margin stood at 1.1 percent and the operating profit at 13 million Swedish and net income a big hit from our foreign assets there. The parent company holding loans in or loans to the respective segments in Germany and in the US. So the Swedish Krona between the opening and closing dates strengthening significantly against both the US dollars and the euro had that effect. So out of the 150 million 129 was due to foreign exchange rate effects with that I move over to the balance sheet. And again here you will have the comparative period last year and also so you can see quarter on quarter comparison and towards year end you have Q4 in the table to your left there and also we separate the US. And that's something we did last year and continue to do this year to show what the segment contribution is. If we start looking at the property plant and equipment we are higher year on year despite one can say against the foreign exchange effect that we have in the first quarter. And that's much driven by the growth and an increase in the rental fleet in the US and to a much smaller extent to the rental fleet in Germany. In Kazakhstan networking capital has come down and that's driven much by the lower lower inventories that we have to some extent receivable as well. But Lars mentioned 68 percent lower on total inventory mind you that includes the parts and oils etc. as well. But the main bulk of it is of course the equipment. And that's a year on year comparison mind you so to first quarter of last year. Germany also lower networking capital. This is put in relation to last 12 months revenue and here again inventories lower and receivables also. So what the big move is on inventories where we did work hard last year to to try to reduce the inventory we had left from from previous periods and indeed to some extent all the way back from from covid effects the pandemic. Fifty nine percent cut in total inventory in Germany year on year and that's reflected in the lower working capital and the capital tied up in inventory in the US. And that's also a slight decrease quarter on quarter partly driven by a forex effects and net debt declined 152 and that's both due to repayments that we've done but also again to foreign exchange and our equity assets was was flat quarter on quarter. And with that I move on to the next slide which is slightly technical but to make sure that that we explained here that we did have a reclassification in the first quarter of this year versus the first quarter of last year. And that is in the US segment. There is no impact on operating profit but there has been reclassifications from other income to revenue and also of general and administrative costs to COGS cost of goods sold. The latter for example refers to something like when mechanics are not billing when they are not working where the US has treated this as a administrative cost whereas we in our group results have it as a COGS cost of goods sold. So that's been reclassified and this slide it's also on page eight of the report serves to show in the 2024 adjusted column which you have to the right of the pink column here. You can show what 2024 would have looked like on a like for like basis and here you can see that the change in gross margin is then smaller. It is still a negative development of 3.4 percent which then is the underlying effect and that is much driven by a product mix. So that's what I'd like to say on that slide and again do find more information also in the report on page eight. In terms of EBIT movement year on year just to illustrate we see that the US is again lower than last year. First quarter of 2024 was a very strong quarter in our US segment. Germany is up slightly year on year. The market if we look at the equipment sale is not there yet. We do hope again that the economy will pick up and that that will provide a boost to the market as well. However our aftermarket remains firm as you can see in our segment report. So largely flat year on year despite some weakness in the economy and then again our cost efforts that we did last year has also lowered the operating leverage. So to see say for us providing a more resilient organization in Germany. Kazakhstan in a way a reverse story there. We have continued to reduce inventory and put machines into the market and despite putting an extra effort on getting machines out to reduce inventory we still have had positive results in the equipment sales. The aftermarket was lower than last year in Kazakhstan. However we do hope for that to pick up in the subsequent quarters. Slightly higher group cost due to professional services than last year which lands the business at an EBIT of 13 million compared to the 21 we saw in the same period last year. The group NAV illustrating where our assets are versus our liabilities. You will see cash equivalents and then our receivables inventory and we separate out the rental fleet in the US particularly here to illustrate where that stands in the balance of the asset side. And then we have our property plant and equipment. So here you would have our workshops and also fixtures and fittings mainly but also things like the carpools, the vehicles that are mechanics and technicians work when they operate. Yes I think I will move on to our financial objectives which I think are familiar to many returning listeners. We stay firm on our long term goals to double our revenue and to reach a higher operating margin above 6 percent and to work down our net debt debita to below three times over a year. So we are in a business cycle and with that Lars I want to pass back to you for something on the outlook before we go into Q&A with the audience. Thank

you. And despite the current uncertainty we remain optimistic about our US business and the long term opportunities there. We see demand supported by a dynamic economy and a significant need to upgrade the country's infrastructure. We currently have no information about major infrastructure projects in our sales area in the US being cancelled or postponed and we see opportunities to further develop and expand our business in the US. The German economy remains weak and as you know we've taken steps to reduce costs and make our organization and balance sheet more resilient. And we are confident that the aftermarket demand that we see will remain strong and we're optimistic about the long term potential of the German market as well as the opportunities and the mobility and sustainable transport solution. And on top of that recently announced government spending plans could accelerate a well needed recovery in Germany. And Kazakhstan represents a minor part of the group's operation and we continue to see good opportunities in the market. So by that I'm handing over for questions and answers please.

Yes hello. I'd like to start off with a question on the US business where you mentioned the gross margin was down even after sort of factoring in the reclassification of OPEX and COGS and you mentioned the worst mix effect being the main reason. Would you say that that was a particularly bad mix in Q1 that should improve ahead or what's the status there?

I think as we write, hi there Adrian by the way, I think as we write we still see a deal as having high inventory and that of course creates a pressure on the margins. And we also had as I mentioned some bigger fleet deals with lower margins. So hopefully that is not a recurring issue but it's difficult to predict at the moment but it's mainly a factor of those two issues really. I think it's also fair to say that we had a

strong quarter in Q1, 24. Yeah and it's

a product mix as well. In Q1 last year we sold very many articulating supporters to private customers, this year we sold many we loaded to public customers. I should be quite clear about it.

Okay, understood. And then on the net debt, I mean it's good to see it sort of start trending down but also cash flow has been very volatile from quarter to quarter so can you give us any sort of outlook comments on whether you feel confident that the leverage ratio will continue down in coming quarters as well?

I think Adrian, I mean we're clear on how we want to drive the balance sheet and I think it's been quite clear what we've done and especially in Germany and Kazakhstan. So there we have taken down the working capital and that goes to pay down the debt that is used to fund the inventory. We want to, as we communicate in our financial objectives, to bring down the overall leverage and then I think looking quarter on quarter it depends on movements that we have especially in working capital, that is the big swing factor. But the direction is there Adrian.

And perhaps a bit of a detail oriented question on the debt. Given that a majority of your operations are now in the US, is it fair to assume that the majority of the debt is also denominated in dollars because in that case it could come down by a hundred million plus in Q2 on just the translation effects. Is that a reasonable assumption? I

think it is a reasonable assumption. The majority of the external debt is in US dollars for sure. Yes.

Okay, thanks. And then finally perhaps a question for Lars, a bigger picture. Can you say a few words about the decision to step down as CEO and whether that's tied to any strategic shifts in the company or whether we should expect things to remain more or less unchanged?

Well, as an executive chairman, provided that the AGM will vote for that this afternoon, clearly I would focus more on the strategic issues. I think the strategy we have remains, but it will allow me to spend more time on that, which is very good. So I'm really looking forward to that and relations with customers and relations with suppliers, but mainly strategic issues. So I hope that the AGM will vote for that today.

Okay. In that case, thank you for answering my question. That's all for me.

Thank you Adrian.

The next question comes from Anders Akerblom from Nordia. Please go ahead.

Yes. Hi. Good morning, Lars and Eric. Thank you for taking my questions. I have two questions on the gross margin. Just firstly following up on the previous question. It would be interesting to hear how large share of this gross margin contraction that stemmed from the fleet deals that you mentioned in the US. Is it roughly half of it or how should, and I mean, of course, the underlying contractions.

Maybe I'll try that one, Lars. I think, Anders, you know, we're cautious on giving guidance. And I think trying to pin out precisely which transaction and product contributes to what is probably not going to be helpful for you or the market. I think what's fair to say is that, as Lars has also suggested, on the one hand, we have a market in the US where there is at least slightly heightened inventory levels, combined with a heightened uncertainty, given the macroeconomic situation. Although again, sentiment as we feel it is strong. And then we have a situation where in this quarter, as we write in the report, we have more sales of excavators and wheel loaders in these fleet deals, which typically come bigger deals with smaller margins for each unit. And on the one hand, that for this quarter this year, and then if we look year on year, so going back to first quarter 2024, then we had a strong quarter given by again, a lot of big machines, a lot of articulated haulers in more private transactions with smaller customers, so not fleet deals. So I probably, I mean, for you to look at that, this was probably maybe lower than one might typically expect. It will depend on again, how a product makes and market will develop going forward. And that's that Q4 2024 was a strong quarter from a product mix point of view.

That makes sense. Appreciate the clarification. And on the gross margin going forward, I know you're cautious to guide, but just in terms of your relative position in the market, it would be interesting to hear if you think you will perhaps need to be more aggressive on pricing just structurally and make some trade offs on the margins in order to gain or potentially even maintain your market share in the future. In the US, how should one sort of think about that?

Well, Anders, I don't think we answered that. I mean, this is a day to day business. Clearly, we want to see a continued high market share between good margins and so forth. I think the US team has done a great job in doing so. And some quarters when you have different product mixes and different can change up and down. But we don't see a change in the way we do business at all. I mean, that there is no point in doing that. So we will continue to do what we have done. There will be swings ups and downs between what levels there are in the market of inventories and product mixes and customer mixes, etc. But no overall change in our go to market strategy.

Okay. And finally, if I may just in Germany, of course, with US truck sales declining quite significantly compared to the new unit sales, it would be interesting to hear you just elaborate a bit on the demand dynamics here. I'm impacting that. Sorry, I can't hear you. Can you

hear me now? Yes, yes. Okay, sorry. No, clearly, I mean, we have even communicated that we saw strong uptick in the order intake last year. And we see, we see that being realized in Q1 in terms of deliveries. So relative to the market, which is declining very much, we obviously then take market shares. And for us, it's extremely important to do so and not to lose sales in truck business, not so much for for the truck business in itself, but to make sure that we have a population of trucks going forward, which we which we can then service in the aftermarket. So I think it's a sign of that we're getting stronger in Germany and that we customers trust us, even in downturns. And that is something we see clearly in in the aftermarket and service and parts where we actually have a strong demand. And as I said, we could have sold more in service and parts if we had more qualified mechanics. So it's, it's a thing that I think it's a sign I think that we're getting stronger in Germany. And I think it's a very good sign.

Really. Did I understand correctly? You also asked about the used fleet or used or did I misunderstand you there? Yeah, specifically.

No, you didn't. Oh,

okay. Yeah, so I think, I mean, if that's I think it's more reflective of our strategy than all markets dynamics there on the used side. I mean, our decision has been to really try to work towards a tighter balance sheet and higher capital turnover in Germany. And we continue to do that. And that includes also the used fleet or used inventory we keep. We want to keep that really as tight as possible and turn it as quickly as possible. So we have taken the scale of the used inventory we keep down. And that's the objective to continue to keep it tight, but then try to make sure that we can turn it more quickly so we can get back to revenue levels without keeping more inventory on the balance sheet.

That makes sense. Thank you. Thank you very much both for taking my questions and Lars best of luck in what I assume will be your new role after this afternoon. So thank you both.

Thank you. Thank you.

No more questions at this time. So I hand the conference back to the speakers for any closing comments.

All right, we have got some questions from on the email. And I think one one question which is missing out. Which is important and I think a lot of you might wonder and it's not easy to answer it to be honest. I lost it here. You can read it.

Yeah, there is a question about something we say in the report. And there is a quote of that all OEM so original equipment manufacturers of construction equipment have parts of their product ranges manufactured abroad and are likely to be impacted by any potential tariffs. Can you provide some more color on this? Have the OEMs that you represent or their competitors communicated anything on how they will react to the new situation? Do you expect that prices on equipment will go up? And will it be significant?

Yeah, I mean, it is clear that that we are working in a global industry and all OEMs, regardless of their nationality or global companies, with global supply chains and all are affected of potential tariffs. And I don't think we can say that anybody is more or less affected than anybody else. And clearly, any tariff that will be imposed or is imposed or have been imposed or may be imposed or might be revoked or whatever it is, will have an impact on the end price for customers. It will end up there. That is clear. Now, the question for us is how will our competitive situation look like? And again, I don't think we're in a worse competitive situation than anybody else, which is a good thing because everybody are global. Everybody will, of course, review the situation and change maybe to a certain extent with the supply chain. But that doesn't happen often. So I think the uncertainty around it is there for sure. Any positive increases that might be there will eventually be moved forward in the value chain, which is what happens in any value chain, I suppose. So I think that's the answer related to that question, which I think everybody is on everybody's mind. That's very simple. Have we seen anything? Has anybody communicated anything at the moment? No, not yet. I think it's a wait and see situation for most companies. But the most important thing is that there is still demand out there and our customers are quite optimistic about the future. And that's a good thing.

Thank you, Lars. There is from the same person, there is another question about further two questions, which I think are related. The first one is with regards to the stock price performance and related to initiatives on the one hand on the group cost side and on the other hand, looking at Germany, where there has been an initiative again on reducing capital tied up and costs. But are we considering further actions? And I would say, I mean, in this forum on this kind of call that, yes, I mean, we are looking at both and constantly. But I mean, going into details on particular initiatives is probably not sort of the forum here. We are constantly looking at how we can make both the top organization and the business in Germany and for that matter in Kazakhstan as well and in the US more efficient. I think when we did the cost cuts in Germany last year, we spent a lot of time looking, as we've also written about, to how we can cut back administrative costs. Costs that are not generating revenue without impacting that revenue. So cutting the costs without hurting and if possible, of course, improving the sales organization, both when it comes to trucks in Germany, equipment in other markets, but the very important aftermarket business. So the technicians selling service and parts. So that's a very generic answer. I know, but I think that's what we can say here. At that point, it also goes into another question about how we want to create value over the next one to three years from another investor. And here, I think, again, I can refer to what we said in our on our capital markets day and the material we produced for that. That's how we want to drive the business going forward to create value for our shareholders and stakeholders more broadly. With that, I have also some more concrete questions from one investor here in the audience. Is it possible to separate service and spare parts business in the upcoming reports? It is possible, but I do think that we feel we have a good balance of detail in the reports and that we also provide information on the level that is useful for the market for investors. I think, I mean, also, if you see changes otherwise in the distribution of those two quarter on quarter, I'm not sure it's helpful because it's probably driven by single period effects and transactions. So I think maybe more possibility would be that that one takes a look at the distribution of the two rather than going into constant reporting of that. Second question from the same person selling trucks is is obviously a complex business with relatively low margins, but some risk in carrying stock. And the question is, and I think more maybe for you, Lars, is it possible for us to take more part of the value chain, so to say, to paint customized trucks, go into truck washing, all these the add ons, the superstructures, all that part of the value chain?

Yes, clearly, that's an opportunity that we have at the moment to also combine that with the question that was before, if we need a stronger market for trucks. Germany, we need to make sure that we cover first of all the demand in the aftermarket, and that's the main driver of stability. And that's our focus at the moment. And then we can add when we get there. And for that, actually, we don't need a strong market. We just need to get make sure that we have enough trucks out there for the coming years. We need to be able to ourselves to make to be able to service them. As we all know, it is in the service and parts business where when which is the driver for the for the for the profitability. Now, when we have made sure that we cover that tomorrow, we can we can obviously move into and make additional services for trucks clearly.

Absolutely. Thank you, Lars. I think the next one is I'll pass to you as well. It's it's regarding to the immobility or transport as a service business in Germany, any update we can provide on that. And maybe in this related swing, there is a follow up question on how investors should look at the e truck rental business if it's working inventory or a business contributing in itself. So is it more like in the US where we carry a rental fleet to convert and sell or is it more a going rental business, especially for the e trucks?

The e rental business in Germany is a business in itself where where we are renting out e trucks to customers and would like to continue to have them in our fleet. And it's not only an issue of renting them out, but it's also to gather information about how these trucks are being used, how they're working to be able to become even more competitive and professional in in the business in general. So that's a that's an additional benefit that we get from from the e rental as such. So it's not like our US inventory, which is which is a way to go to market to sell equipment to rent them out first and then and then convert them as it's called. It's more a rent to rent business in Germany, which is which, as we said, is contributing nicely to our bottom line. As for e-mobility, we don't have any update to give at this stage. Sorry, e-mobility services.

I think that's it. I hope I missed questions online. I don't have more questions. So if no one who wants to raise something, then I pass back to the host. Although given that the host pass back for us for conclusion, I think we're probably closing up here. So thank you very much, everybody, for attending and for taking interest in Fair Nordic. You can reach us at our investor email or call us if you have follow up questions or other specific questions for us. Thank you very much and hope to talk to you next. Thank you. Bye.