Norion Bank AB

Welcome to Nordenbanks kultrapport 2025. My name is Martin Ostman and I am the CEO. With me in regular order is our CFO, Peter Olsson. Let's start with page 2, which is the summary of the quarter. Q3, summer months, relatively calm, calmer than it usually is, I have felt this quarter. Still so much interest Men ändå lite mindre aktivitet det här kvartalet. Återigen, 2-3 månader är sommarmånader. Där har vi förklaringen. Om vi tittar lite på siffrorna längst upp till vänster. Vi har en lånebok som uppgår till 49 miljarder. Intäkterna uppgår till 919 miljoner. Vi har ett KOE-tal som landar på 30. Rörelseinstitutet. Uppgav till 434 miljoner och det är en ökning med 10 procent. Kastning med kapital uppgav till 14 procent. Det är 40 prickar ner jämfört med samma kapitalfrörende år. Det kräver lite exercis för att förklara de här 40 prickarnas minskning och det kommer Peter prata lite närmare om längre in i presentationen. Vi har också emitterat en T2 under kvartalet på 500 miljoner. Vi landar på en total kapitalrelation på 18,1. Vi hade 16,5 föregående kvartal, så vi landar på 18,1 nu. Kärnprimer ökar från 15,4 till 16,1. Vi har på avsikt att göra ett nyt autoköpsprogram upp till 500 miljoner kronor. Det har vi ett bemyndigande från stämman sedan tidigare. Det som krävs nu är att vi får godkänt av Finansinspektionen. Det är det som är kvar. Men som sagt, vi har intention att göra det. Värt att kapa. is now fully integrated in our Wally solution, our Payments solution. We have talked about it before, but it is fully integrated and is part of Wally since September this quarter. Then finally a summary of the quarter, a little short. We go to page 3 and then we can talk a little, as we usually do, over and around our different business areas, starting with the business segment. The summer period is relatively calm. The stock is decreasing a little. What is decreasing here is factoring, which is decreasing by about 400 million, and it is a seasonal effect that we usually see in this quarter. Movement driving thus increases by 200 million kronor. Good competition situation, especially in Sweden and Finland. Compared to this quarter with Q3 2014, the stock increases by 2% and the income mark by 5%. If we look at the beginning of this quarter in Q4, the end of Q3, the end of Q4, there is a lot of customer dialogue, a lot of interest, so we see a relatively good Q4 ahead of us. Q4 is usually a quarter when people want to do business before the year changes, so we see a Q4 ahead of us at the pace we expect, a little better than than for the second quarter. A little bit about how our customers are doing. We can say that in the first half of the year, in 2025, we saw that of course fewer customers who have problems paying the rents, fewer who ask for amortization, the customers are doing better, we saw in the first half of the year, and it continues including this quarter. So the first nine months are a clear improvement in general, if you compare it to the first three quarters of 2024. This quarter we have actually had one customer, a company customer in Norway. We have had some challenges and therefore we choose to reserve up on this specific customer and that is why you see an increase in the reserve rates in step 2. We go from 3.3 in Q2 to 5.5 now. And despite this, we have a total reserve rate of 1.7 on the entire bank. Apart from that, there are not that many things to talk about. There are no major changes, neither in the sales or average business. Yoga Africa Split, there are no major changes either. So there is not much more to talk about in the business part. So let's move on to page four and to the last one. We said in Q2 an increased competition from the major banks, another risk appetite. Was it? It continues at least at the beginning of this year. The big companies have a high risk appetite. We choose to focus on profitability. We don't want to increase the cost of lower margins. We choose to put a balance sheet where we have had a better risk-based reduction this quarter, which we will get to a little later. The competition situation in Sweden is not really the same in the rest of the Nordic countries. In the last month, we have seen a decrease in competition, which was a little harder at the beginning of the quarter. It has decreased at the end of Q3 and the beginning of Q4. If we compare with Q3 2024, the stock is decreasing by 7% as you can see, while our revenue increases by 8%. Det är bra. Egentligen inte heller så mycket att orda om. Det är ungefär samma geografiska splitter i samma branscher vi är aktiva inom. Och snittlån och duration är ungefär detsamma som vi har sett förra kvartalet. Vi kan gå vidare till sidan fem och så fortsätter vi prata lite mer kring fastigheter. Väldigt små förändringar. Seniorendelen ökar lite. Junioren går från 37 till 36. LTV på senioren ökar lite. Väldigt små förändringar både på andel senior och LTV-nivå. If we look at the market values this quarter, it is down somewhere between 2-4%. It is mainly the cash flow generating office facilities that are negatively affected. Housing facilities and that segment continue to develop positively. Volumes step 2 and 3 are relatively unchanged. I had hoped that we could have some improvements this quarter. Men det går enligt plan. Det tar lite längre tid än vad vi hade förväntat oss. Däremot så ser vi fortsatt goda förhoppningar och förutsättningar att minska volymerna i steg tre och två kommande kvartal. Vi går in på sidan sex och så tittar vi på privat. Väldigt bra kvartal för Private also this quarter. Here we see a clearly better competition. We have seen the last quarter, it continues into this in Q3. We increase the stock with over 500 million between Q2 and Q3. If we compare a little longer period compared to this quarter with Q3 2024, we increase the stock by 11% and revenue increases by 20%. We continue to run our own flow channels and you know that this is our best risk reduction. We have a lower purchase cost and lower clip losses over time. Customers stay longer as well, so we see very good signs that Omställningen vi gjorde här i kreditgivning egentligen 2019-2020, det börjar verkligen ge resultat, vilket är väldigt, väldigt glädjande. Vad har vi mer att säga? Vi kan kort. Vi har nu 100 000 kort. Väldigt bra. Vi vill få fart på vår kortverksamhet. Det är en början. Nu har vi möjlighet att fortsätta att växa och expandera kortverksamheten. Privat som helhet är väldigt bra, både privatplan och kort. Even there, a little bit about how the customers are doing. But we also saw that in the first half of the year, 25 was a clear improvement. It continues into that quarter, so the first nine months in 2025 compared to the same period in 2024. Clearly fewer customers who go to the cash register. Much fewer who are challenged to pay their rents. You are not in the same situation at all. The trend has continued into this quarter and we see somewhere between the last 12 and 15 months. There we have seen improvements and it also applies to this quarter and it is very, very positive. We can go to page 7 and end with Wall-E. A fantastic quarter. The volume of transactions in this quarter goes up to almost 5 billion. In the same period last year, we had volume of transactions at 4.4 billion, so we see an increase of 13 percent. If we look at the first quarter of 2025 against the same period last year, we grow by over 20 percent. The market, I would say, Now we don't have an official strategy for September, but even in August, it's a few percent up, so that we take market shares, our payment box is doing very well. This is the ninth quarter, where we have seen a double growth in transaction volumes. The loan book increases by almost 25 percent compared to Q3 24 and Q3 25. Over 6 million active customers, so Payments continues to develop very positively. As we say, this is also a business that benefits the bank's total profitability. It is a good contribution to the bank's total profitability. We have a lot of new traders this quarter. We continue to have a very strong pipeline with new traders, so I think we have a En otroligt bra situation och ytterligare ett väldigt starkt kvartal i vad Payments-lösning går i. Väldigt, väldigt bra. Med det lämnar jag över till Peter och sidan åtta.

Tack för det. Vi börjar med intäkterna. De uppgår till 919 miljoner här under det tredje kvartalet. The previous year, they were 895, so that's an increase of 3% year on year. And during the corresponding period, the stock is up by 1%. So we strengthen our NIM. It goes from 6.7 to 6.8% here now in Q3. And as you can see on this side, it is difficult to compare both with With Q1 and Q2, Q1 we had, as you know, a lot of retroactive interest payments and Q2 we always have a positive season effect that comes in. So a good underlying development and as I said, we strengthen the index from 6.7 to 6.8%. We move on to page 9. Let's take a look at the volume. It is reported at 6.8% and we continue to be conservative in our way of handling the volumes we have within stage 3, especially on the property side. This is to illustrate what the underlying volume would have been if we had imported these volumes that are there. The effect would have been about 70 points, so the number had risen to 7.4% instead of 6.8. So there are 70 points that are missing during this quarter. There are small changes compared to what we saw in Q2, but we have still come down from the top levels that we saw during in the later part of 2024, and this is partly driven by the fact that we have reduced the volume, but also that we have a lower interest rate now, which means that there is less money that is missing. We go to page 10, we break down the number in a little more detail, as I said, 6.8% here under Q3. And then we look at the green line that is the yield, that is to say our total price increase against the customers, it continues to go down. And that is driven by gradually lower interest rates, a lower general interest rate and the special effects that I mentioned earlier in both Q1 and Q2. So completely according to expectations regarding that development. The same applies to the lower line, which is our funding costs. They have continued to drop, just as we said when we sat here in connection with the presentation for the second quarter, we said that it is our expectation that they will continue to drop. but not really at the pace we saw during Q2, and that is exactly what we have seen during this quarter. So a stable and good underlying development, even on the part components, depending on our total numbers. On page 11, we talk about funding and liquidity. We continue to strengthen our regulatory liquidity measures. An LCR of 404 continues to rise, and so does the NSFR, which now rises to 126%. Here you can see a strong shift over the past year. It was here in connection with Q3 2024 that FFI came up with its new legal stance on how to handle loan platforms. And we have been working actively during the past year, both with the structure of our financing and also the amount of financing. So 126% is a stable and good level and we really do not want to increase from the level we are at now. We can go to page 12. As I said, it is partly the structure of liquidity that I have worked with, but also the amount of liquidity. The big shift, you see on the graph here, we did it under Q4 and Q1 actually, and after that we have continued to be quite unchanged when it comes to the amount of liquidity, so the strengthening under This quarter, when it comes to NSFR, is driven by the liquidity structure rather than the amount of funding that we have taken in. And even here, we have goals. We have no ambitions to increase from the current levels. We go to page 13. Let's take a look at our segment. We start with the company segment. Martin was actually talking about it earlier. A small stock decrease. We go from 11.2 to 11.0 billion under the quarter, but actually small changes and the decrease is mainly driven by factoring. During the past year, the loan stock is up by about 2% and the revenues during the same period is up by 5%. A stable and good underlying development. We can see here in the Q3 that the NIM has decreased somewhat from 7.2% to 6.7%. This is no underlying price pressure or any drama that we see in the market, but it is more of a technical effect due to these factoring flows and the timing of these factoring flows. So that's nothing we're worried about. We both hope and believe that it will bounce back to a more normal level when we look forward. We go to page 14, the property segment. As I said, a little calmer development. The stock is down with about 1.1 billion here in Q3. As we can see in the last year, the volumes are down by 7%, but the revenues during the same period are up by 8%, up to 285 million here now in Q3. The explanation for this, you can actually see it on the chart that goes during the last year from 4.7 to 5.3% and this is where we see the absolute majority of the effect that I talked about earlier, that is to say how we handle the cash counting for the volumes we have in step 3 and the effect that I said earlier has decreased during the last year and that is why we have höjt marginalen och ökat intäkterna under det senaste året inom fastighetssegmentet. Vi går till sidan 15, Consumer. En fantastiskt bra utveckling. Volymerna är upp. with a little over SEK 500 million during this quarter. This is a fully organic increase. It was during Q2 when we closed the acquisition of DNB's war portfolio, so the increase we see here during Q3 is fully organic. Even the revenues have developed well. As I said, the stock is up by 11% over the past year. The revenues are up by 20%, so a very good momentum. And as you can see here, we have strengthened the NIM from 7.2% to 7.9%. We have succeeded with the change we have made in the private sector. The new loan we are making is a very attractive risk reward. We have a good risk-adjusted withdrawal. And as Martin mentioned earlier, the customers are getting better and better, which I will come back to later. We go to page 16. We look at Wally. Also here, a very good development. Martin talked about the volume of transactions. Even the loan stock is then up with almost 500 million under the quarter. And then we have closed the acquisition, as I said, of Verco Kauppa, which contributed with about 350 million under the quarter. Lånestocken är upp med 23% year on year. Även intäkterna utvecklas väl. 134 miljoner här under Q3, upp med 11% year on year. Som ni ser så upprätthåller vi en väldigt bra och attraktiv totalintäktsmarginal. Det här i förhållande till den begränsade kapitalbindningen som vi har inom det här segmentet gör som sagt att is a very profitable and good deal for us and it clearly contributes to increasing the general exchange rate for the bank as a whole. We go to page 17, talk a little about costs. They go up to 275 million here now under QT. It is an increase from 247 million in the corresponding period last year, up by a little over 10%. Then we should remember that, as we have talked about earlier, when we have talked about volume changes and so, it is the private segment and Wall-E that which is the strongest for us right now. And within these segments, we have a lot of volume-based, a lot of mobile costs that contribute to the total cost increase. And beyond that, just as we have talked about many times before, we have made a lot of investments in the organization and we also carry out some strategic investments just within Volley to strengthen the position more in the future. To sum it all up, 275 million SEK and a 30% KI ratio. Compared to the second quarter, which was 292 million SEK, we always have a positive seasonal effect on the costs during Q3. It is around 20-25 million SEK. And in other words, there are small changes in the underlying cost mass if you compare Q2 with Q3. We go to page 18 and talk about waste-reserves. We have total waste-reserves of 209 million under Q3. That corresponds to 1.7%. Real estate, very small movements, very small need for reserve under Q3. It is a single commitment within the business segment that Martin was talking about earlier that drives up the reservations there. On the private side, as I said, we notice an increasingly better payment pattern, fewer and fewer customers who get such reminders. We have talked about this during a few quarters now, and it's really the same pattern that keeps improving more and more, so that fewer customers who receive such invoices and cash transfers gradually continue to decrease, which is very positive for us. On the other hand, we continue to be conservative, just as usual. The level of reservation, stage 3 private, goes up to 59.8%, and we have strengthened it by almost 5% compared to the corresponding period last year. Since 2019, summing it all up, we have a turnover of 434 million. That's up by 10% compared to the previous year, so a very good increase in that. We have a drop in our own capital that goes up to 14.9%. It is down somewhat, 14.4% in Q3 2024. This is mainly explained by the fact that we have about 900 million more in our own capital in the bank. We have generated interest after tax of about 1.4 billion and we have bought back shares for 500 million. However, as we will see on the next slide, our core-primary capital relationship is unchanged now compared to one year ago. And these are the negative effects from the introduction of Basel IV, which we talked about. If we had not had those effects and the constant capital growth, then Return on Equity would have been about 1% higher during this quarter. We go to page 20 and look a little more at the capital coverage in detail. We have a core-primary capital relationship that goes up to 16.1%. It is almost unchanged compared to what we saw in Q4 last year. However, it is a strong increase with about 70 points here under Q3 compared to what was reported in Q2. And as I said, the volumes are low in combination with a strong underlying result, which of course means that we strengthen and accumulate capital. And we have also received some clarifications from EBA regarding just interpretations regarding Basel IV and for our part here, it is primarily about how to risk some off-balance sheet positions. This effect contributes positively for us with somewhere around 30-40 points during this quarter. As Martin said, we have also issued T2 capital of 500 million under Q3. It makes an effect of about 90 points, so that the total capital coverage is strengthened from 16.5% by Q2 to 18.1% now. This means that we have very strong capital buffers. The total capital coverage level is about 510 points. This will be set in relation to our financial goal of constantly maintaining between 2 to 400 points. Therefore, we have made a decision to start another resale program. We will start it, as Martin said, as soon as FI has given its permission to do so. The 500 million will have an effect on about 90 points. It is also a very good and strong capital position, which makes it possible for more resale programs. Det var det jag hade tänkt säga. Så då går vi till sidan 21 och jag lämnar tillbaka till Martin.

Utmärkt. Stort tack, Petter. Vi summerar kvartalet lite. Återigen, sommarmånaderna ganska lugnt på vissa delar. Vi ser ju ett klart ökat intresse här på företagsdelen och även factoring. Vi ser ju att storföretagen börjar ha en annan investeringsvilja. När vi satt här i Q1-Q2, where there was a lot of discussion about inflation back and forth. There was a little less activity and we see that the desire to invest is back. So it's very exciting. Fixed housing has been used in a slightly different competitive situation, even though we think it has eased towards the end of the quarter. We have to focus on när vi pratar fastigheter att minska steg 2 och steg 3 och det finns som sagt fastighetsmarknaden är ju mycket mer riskvillig så att säga just nu. Det finns ju ett helt annat intresse än vad vi satt här för ett och ett halvt år sedan så att vi har goda förhoppningar och förutsättningar att fortsätta minska volymerna i steg 2 och steg 3. Privat, ett väldigt bra kvartal igen. Det är en Good competition situation for us. We have the opportunity to create good and risky withdrawals. We maintain margins and do not take risks, but we are very pleased with the risk profile that we have made major changes in the bank. We are also very pleased with the fact that we now have a card business that we will continue to focus on and increase the share of cards even in the future. So private is good in all ways. Wall-E is again an incredible quarter. We have seen it in the ninth quarter with increased double-digit volume increases. We have a very good position in Wall-E. It is again a business that benefits the bank's total withdrawal and brings in some capital for us, so we are very pleased with the quarter. Som sagt en aktivitet och intresse vid affärer här som vi tror kommer att ses i Q4. Q4 brukar vara ett kvartal där kunder vill göra affärer innan årsskiftet. Vi fortsätter reservera på konservativa nivåer. Vi fortsätter stärka våra reserveringsgrader på privat så att vi fortsätter vår konservativa väg i kreditförlustreserningar. Vi har en väldigt bra kapitalsituation. Därför väljer vi att, som vi har nämnt innan, både jag och Peter, att göra ett autoköpsprogram när vi har alla tillstånd och plats. Och även efter autoköpsprogrammet så tycker vi att vi har en bra kapitalsituation. Och vi är nöjda att vi har under det här kvartalet emitterat en T2-obligation. på förskola villkor. Vi är nu där med ett kvartal, det här kvartalet. Så med det öppnar vi upp för frågor och tack för att ni lyssnade.

Under frågestunden kan deltagarna ställa frågor genom att trycka fyrkant 5 på sin telefon. Om du vill dra tillbaka din fråga, vänligen tryck fyrkant 6. Nästa fråga kommer ifrån Emil Jonsson från DNV Carnegie. Varsågod.

Tjena, tack så mycket. Jag tänkte börja fråga på räntemarginalen i corporate segmentet som var nedlätt i kvartalet. Could you elaborate a bit on how this works with what you said about the factoring outflow? Did the factoring outflow happen at the end of the quarter that led to the change in the interest margin, or is it higher than NIMH underlying the factoring, or how did it work?

But it's quite similar to NIM, if we start there. So it's more of a timing question, as I mentioned before. And it's actually like this, that these are very short periods when we are buying invoices. And it's actually that the flows were very high at the end of the second quarter. So it becomes a question of incoming and outgoing balance, which makes the factoring volumes high at the entrance of the quarter, but we also get very little revenue, so it has nothing to do with a price pressure on the underlying product or something like that, but it is a timing effect of when during the quarter these flows arise.

And on the property loan, the fact that you did not issue more Is it mostly due to competition from the major banks or is it mostly due to the lack of demand from the company?

What was the last question? You had two questions. What was it due to? One, competition. What was the last one?

But you had another question. Does it mostly depend on competition or on the fact that the company hasn't had enough demand?

There is demand, mostly on competition. We are reducing about one billion and some parts of that we are happy that the customer has solved. We can also say that, but the first answer is more than competitiveness. We choose not to follow along and waste on the margin. The major banks have had a completely different risk appetite, at least in the beginning of this quarter, easier now. But again, just because we are losing volume, in this case with the property, we are quite satisfied with the volume we have lost. A larger part of it, I can say that.

Okay. And if you look into the end of the year, would you be able to highlight where in the business you see the greatest potential and also on the other side, if something were to go worse, what would it most likely be?

Well, I think if we look ahead, it's hard to see, but I can say that if you start to look at companies, there, as I said, the factoring decreases by 400. It's a seasonal effect. It's usually like that in Q3. Movement credits increase by 200, so it's a little bit down. But where I think we have, if we look now, where we have a lot of customer dialogues and We have a lot of customer logs and a lot of interest in corporate loans. In general, Norden. And we also have factoring. Then it comes in Q1-26. It takes some time to build volumes. You may not see it in Q4, but where we have the most activity right now is in the corporate segment. Corporate loans, factoring for factoring will probably play a role on the other side at the end of the year. Wall-E is Q4. Wall-E is their quarter, as they say. It will go very strong there. We don't see any... If we look at private, we don't see that the competitiveness will increase in Q4 in private. But if we have the same strong growth in Q3, that's a good question. But above all, the business part and Wall-E, if we look at Q4.

Was that the answer to your question? Okay, and... If there is something that could go worse, what do you think it would most likely be?

No, I don't think it's something that goes worse, but I think the strongest is the business part and Wall-E. Then I don't see that it's something that goes particularly badly in that way, but less good than the others. I think what will stand out is the company and Wall-E. Wall-E, I'm always in the Q4, because it's their I think if you look at what we have in the pipeline now, then it is mostly corporate loans and factoring. I feel that something would go bad, by definition bad, but I think that companies and Wall-E are doing relatively well.

Alright. I would also like to end with Wall-E. You mentioned ...strategic initiatives, without mentioning anything competitive. Could you tell us what type of initiatives?

Kundansvar och utveckla produkten. Det är en kombination av kundansvariga som har kundkontakt med befintliga och nya kunder. Det är också teknisk utveckling. Så det är en kombination av både kundansvariga och produktutvecklare inom IT. Vi ser att vi har ett väldigt bra momentum i Wall-E. Vi lägger en del resurser, pengar och tid på det. Det har vi gjort under hela året och det gör vi i det här kvartalet också.

En sista fråga på Wall-E. Det finns ganska många betallösningar på marknaden. Varför väljer handlare att gå över till just Wall-E?

There are a few different reasons. I like that we have a Nordic perspective. We are in the Nordic, we have no ambitions to go outside. Not right now, but as I said, if someone wants to trade in Germany, France or Italy, we will of course help. We like that. We like that the solution is simple. That we develop a product for each customer, not a standardized product. Relationship banking. You like to have a customer service that follows all the way. You like that. It's a relationship. And then we also have a little usb to be able to have the customer both as a supplier on Wall-E and do a business step or vice versa. Det är de som vi egentligen får fridla kring. Och så gillar de vår tekniska lösning. De gillar lösning. Man tycker den är smidig, den är bra, den är effektiv. Så.

Okej, tydligt. Det var alla frågor från min sida. Okej, tack så mycket.

Nästa fråga kommer ifrån Patrik Brattilus från App. Varsågod.

Thank you. Good afternoon. Can you hear me?

Yes.

Perfect. I thought we could start with the resale program before we jump into other questions. You presented that you want to buy back 500 million. The classic is that many banks present a share or resale proposal in Q4. You are still very well capitalized. Should you expect this to be the Q4 proposal that came a quarter earlier? Or is there room for maybe something more to be presented next quarter? How should you think here?

Hi, Bertelius. The events are on the way here, I hear. Yes, always. I know, you're right. But how do you interpret it? Now we have finished one, since earlier. We will launch a new one now. And again, this is now, when we have conditions in place. We don't see anything strange that we would get. Men jag tycker såhär att ja, vi har en bra kapitalsituation även efter de 500. Det känns lite att vi kan återkomma till den frågan. Men du har ju rätt att vi har en bra kapacitet att göra någonting vidare också. Men låt oss återkomma till det när vi är där. Thank you. If we continue with the capitalization,

It is very strong and you are very positive about Wall-E and you have been there for several quarters. But the loan book of the total group is quite small. How do you see accelerating M&A within that segment further with the attractive yield economy that you see within that area?

We are open to everything that benefits customers and shareholders. Can we do something that is good for the customers and the customers themselves? We are open to that. What we are doing now is that we have a very good plan for Wall-E and we follow it. We think that we increase the volume of transactions, we take new traders, the customers are satisfied. We have a product that is good, absolutely good, which is primarily a balanced, calculated product. So if we do something further forward or not, it depends. But of course, we are open to doing good business that benefits the customers.

I understand. Thank you. And as a last question here, you mentioned Cote and that you had a little higher ambitions there. We have heard from other competitors in the space about how they see the German market as very attractive and very large and where you can take market shares and at the same time to a good profitability. How do you think about the geographical expansion within just Cote?

It is our dear colleagues at TF who have been very good here in Germany. To start with, we go from 25,000 to 100,000 cards. What we think is good is a complement to the private loans. We have more products in the private segment. We like that. What we also like is that we have a system that we didn't have before. We have customer responsibility in the segment that we didn't have before. We have a lot of collaboration partners. inom kort som vi inte hade innan. Så vi har en helt annan grund att stå på nu som gör att vi kan växa det. Sen hur fort, det vet jag inte, men vi har helt andra förutsättningar och en helt annan ambitionsnivå. Sen hur fort det går, det vet jag inte. Tyskland kommer inte vara vårt första område. Vi kommer att ha Norden som fokus. Sen kan det finnas någon samarbetspartner som vill att vi agerar i Tyskland. Så kan det bli. Men vi har helt andra förutsättningar att gasa en kortaffär. Det har vi som ambition att göra, men fortfarande på ett lönsamt och ansvarigt sätt som vi alltid gör. Det ska vara lönsamhet, men gärna lönsam tillväxt.

Okej, jag förstår. Stort tack, det var allt från mig.

Next question comes from Björn Olsson from CEP, please go ahead.

Good morning, I was just going to double click on the property side. You were talking about it yourself that it is hard-pressed, we hear the same from our property guys, that both the bond market and the banks are very active there. At the same time, Wouldn't it be more of a structural effect if the market reopened for higher competition over time? Can it be that the market becomes less and less attractive to you? Or do you think this is just a... You mentioned that it's starting to get better at the end, but it feels like it's structurally going to be like this now.

Yes, hello Björn, welcome. We don't believe that. We have seen this before, where big banks have some volume goals and want to fill some books. And you have a risk appetite that we don't have. We are already starting to see that it has eased. We are starting to see that The customers want to do business. If we hadn't seen this easiness at the end of Q3, especially at the beginning of Q4, then I might not have been able to say what I'm saying. But I think we already see an easiness. An easiness in the competition situation. So I don't think it's a structural shame. I think it will always exist. finnas en plats för oss. Sen så återigen, vi vill inte pruta på lönsamheten. Vi har tagit det lugnt det här kvartalet. Som vi sa, vissa av fastighetsengagemangen som vi hade har vi varit glada för att ha löst. Så att en stockminskning behöver inte på definition vara dålig. I det här fallet är vi nöjda med en del av minskningen. Och vi tror återigen att Den konkurrenskraften vi så i början av Q3, de första två månaderna, och lite i Q3, den har lättat redan faktiskt. Och sen är det så att det är mest i Sverige vi har sett det, inte i de andra nordiska länderna egentligen. Jag vet inte om du har svar på frågan Björn, eller hur du kände?

Jo, men hyfsat. Vi kan ta samma på företagssidan. Ni nämner ju att å andra sidan tar det fart. Is that really, with the inverted logic, is it then a, what shall I say, a trick effect that the uncertainty has been laid, so now you will have a little higher activity in H2, but then it goes back a little in 2026, or how should you look at the company's demand side?

Björn, what we saw here was mostly that the cash flow chaos was somewhere in March-April. Then we noticed that the activity and demand and the willingness to invest in companies was very low. And I understand that. If I were to run a company, I wouldn't know what would happen. Why should I invest? So I think people are used to the cash flows. The interest rates have dropped. Man har inte uppdämt behov. Så jag tror att företagsdelen är nog den som, vad ska man säga, upptäcker demand. Man har inte investerat på ett tag, nu vågar man göra det. ... ... ... ... ... ... on a completely different level than we were in Q1 and Q2 when it was a bit of a stock market chaos. And then Q4 is often a quarter where you see that customers want to do business in the year shift. So I think companies, it's probably a bit of an increased need. The interest rates have dropped. You are a little less afraid of the underworld because you are used to stocks and other things.

A bit of a catching up effect.

And a little less uncertainty.

Last question, on the M&A side, there are also some consolidations on the consumer loan side. A previously mentioned competitor to you, you announced earlier this week that they are budgeting their Nordic consumer loan part. How do you see the acquisition in that segment?

No, but again, as we got back to Wally from Patrik and the questions, of course, we are always interested in being able to do a good business. Whether it's private or Wally, we have a pretty low capital buffer, so we have the opportunity to do it. But it should feel right. It should be good. And that's where we are now with private är vi ju nog mer intresserade av att bygga själva. Alltså vi har ju 97 procent av vår privatland och 9,7 av 10 vi gör i Sverige. Vi har ju börjat titta lite på Finland så jag tror att Finland är väl det vi har börjat titta på. Jag tror vi kan göra det själva från scratch. and do it in peace and build it with our own credit, with our own cards, our own staff. We have been very good lately in the private sector. I think it's more of a copy-paste to Finland, for example, to begin with. There is Denmark, but to do it based on how we have done it in the future in Sweden, rather than buy a big stock. Then you should not say no, because if it's a good deal, then we are open to it, if it's good for customers and shareholders.

Amen. Good.

Thank you.