TF Bank AB (publ)

Good morning and welcome to today's broadcast. It was brought to us by TF Bank, which presents its second report for 2025. Our presenters are the CEO, Joakim Jansson, and CFO, Mikael Mehmutter. After the presentation, we open up for a Q&A. If you call in and want to ask a question, press star 9 to raise your hand, and then star 6 to activate a sound when you get the word. You can also write in written questions via the form. And now to you, Joakim and Mikael, please. Thank you very much.

We are happy to be able to present the second quarter of 2025. And we are now closing a quarter that is characterized by a controlled growth. Where we have once again managed to strengthen our margins. And in general, we see a stable credit quality despite the uncertainty in our environment. The growth in the local budget was collectively 5%. Summarizing the quarter's activities, we get a good cost control, a final operational result of 195 million kronor. That is 24% better than the corresponding period last year. And above all, the segment is a credit card that drives the EPS growth at the concern level. What is pleasing is that the revenues grow faster than the costs, and if we compare it with how it looked a year ago, the KU rate continues to improve, which shows that the business model scales well. Under the quarter, we see a stable credit quality. What you have to keep in mind when you analyze the credit loss rate is that TS Bank is under strong change, both in the form of business mix and geographical mix. We have talked about this many times before, that the shift towards credit cards makes the credit loss level a little higher, but the margin is still stronger, even stronger. And you can also see that in this quarter, where our operating margins have increased even more. En extraordinär händelse som har varit är att den ordinarie bolagsstämman i juni beslutade om en extraordinär utdelning om 5 kronor som också har utgått under juni månad. Vi kan bläddra. Den här visar tillväxten i låneboken segment för segment i lokal valuta. Ser man på helheten så var kvartalets organiska tillväxt 5%, ger och njer 20%. Kreditkort som är TF Banks tillväxtmotor växte med 10% under kvartalet och 43% year on year. E-commerce backade med 1% under kvartalet, year on year med 4%. Minstens ska ses i ljuset av att vi pausat nyförsäljning i verksamheterna i Polen och Baltikum sedan tidigare. Och också med anledning av den positiva tillväxt vi nu har framför oss med anledning av att vi har anslutit nya handlare. Vi återkommer till det senare. Consumer lending is growing by 2% during the quarter in local currency and 8% year-on-year. Here we can see market to market. Let's start with Germany, which is geographically at the core of our growing credit card business. We have seen a strong demand for the bank's credit card. We expect a strong growth in the coming quarter. Germany is now almost a quarter of the bank's loan book. In the German market, at the end of last year, we have launched our credit offer within our e-commerce offer. Initially, we are targeting Nordic traders. During the quarter, we have established a collaboration with German RatePay, which allows us to offer their invoices and solutions in our cash register. This means that we get a complete offer earlier than what would have been the case, and there are also large actors in the German market. Vi har också under kvartalet lanserat konsumtionslån i den tyska marknaden. Och såklart har den marknaden stor potential. Men som alltid när vi lanserar en ny marknad gör vi det med försiktighet och uthållighet. E-handelslösningarna fortsätter att växa i Norge. Vi tecknade tidigare år avtal med Brandstallgrupp och det ger en stark grund för vår norska verksamhet att kunna bli partner med en sån stark e-handelsplattform. Och vi ser fortsatt ett förbättrat resultat i kreditkortsverksamheten och konsumtionslånedelen i Norge. Vilket är viktigt i och med att Norge är vårt handelsstörsta land. I övrigt i Norden så är det full fokus på att upprätthålla lönsamheten och kreditkvaliteten i konsumtionslåneaffären. Och vi har fortsatt styrt kapital åt andra håll. Och det är ju tydligt med anledning av vår tillväxt i kreditkortsverksamheten. Samma lönsamhetsfokus som i Norden gäller för Estland, Lettland och Litauen. Och i alla tre länder är kreditkvaliteten stabil. Och vi arbetar med att optimera portföljen för att upprätthålla det starka resultatet. I Österrike ser vi att kreditkortsverksamheten utvecklas på ett bra sätt. Och det är såklart en mindre marknad än den tyska, men förutsättningarna att bedriva- Lönsam verksamhet i Österrike är stark faktiskt. Till och med kanske starkare än i Tyskland när den är väl utbyggd. Såklart en mycket mindre marknad. I Danmark som är en av våra nyaste marknader, där känner vi oss som tidigare nu trygga med kreditkvaliteten och där skalar affären nu väl. Det tar ett par år som det brukar göra för oss, men vi är nu i en ny fas och skalar upp verksamheten i snabbare takt. När vi kan hitta rätt kund till rimlig kostnad. And as before, we have established credit cards in Spain and Italy. And it's a start on a longer journey to learn about these markets that are big and interesting from a longer perspective. As always, you have to keep in mind that we went into Germany in 2017 with credit cards and started scaling that business three, four years later. So it's the sustainability that exists in our business. Can we turn the page? Ja, här har vi segment för segment att börja med credit cards. Och där kan man ju konstatera att vi närmar oss en milstolpe när låneportföljen i segmentet närmar sig 10 miljarder. Den underliggande verksamheten i segmentet växer med 43% jämfört med samma period föregående år. And this quarter is primarily about growth in the German and Austrian markets. We continue to grow in the form of a number of newly issued cards. We now have 355,000 active cards in Germany, which is an increase of 41% compared to previous years. And in the segment as a whole, we have 414,000 active cards. We also see a strongly improved K-Italian segment. It shows that the credit card business scales well. And just when the business grows so much, the end result of the scale is very valuable to us. And this hits through the entire bank. And last year, we also launched the product in Spain and Italy. And we are now in five markets. Can we browse? Within the e-commerce segment... So har vi i slutet av förra året och under början av detta tecknat avtal med flera stora handlare. Och som sagt Brandstad Grupp, Norges ledande e-handlare inom sitt segment. Och vi har också ett avtal på plats med Bagarna Kocken. Och genom implementeringen av de här nya affärerna i vår teknik så säkras en god tillväxt under de kommande åren. Och för att ge perspektiv på det hela så har vi förväntat transaktionsvolym på –på de här affärerna som uppgår till 2,7 miljarder– –att jämföra med hela segmentets transaktionsvolym– –för närvarande på 6,8 miljarder. Allt det här översätts ju inte till kreditvolym– –men det ger ändå en indikation på– –hur pass viktiga de här handlarna är för oss. Den negativa tillväxten i segmentet beror såklart på att handeln har haft en tuff period men också en effekt av att vi senast i Baltikum pausade nya affärer i början av förra året. Och som sagt så finns vi nu i den tyska marknaden och med nya partners vilket kompletterar vårt nordiska erbjudande på ett väldigt fint sätt. Kan vi bläddra blått. Och som sagt då i segmentet consumer lending har vi haft en kontrollerad tillväxtakt fortsatt med fokus på att försvara marginaler. Vi ser framför oss ökade tillväxtmöjligheter i den danska marknaden, och marknaden där går från klarhet till klarhet. Extra roligt också att resultatet i den norska marknaden fortsätter att förbättras. Erbjudandet finns också nu på plats i den tyska marknaden, och segmentet levererar starkt beaktat pressade marginaler i flera marknader. Och med det så kan jag lämna över till Mikael för den fortsatta presentationen.

Toppen, tack så mycket Jocke. Yes, vi har bläddrat blad där ja. Tittar vi först på våra rörelseintäkter så kan vi se att dessa uppgifter är 690 miljoner under andra kvartalet. Det är 16 procent högre än motsvarande kvartal i fjol. Den främsta drivkraften som Joakim också inne på är tillväxten för låneportföljen i segmentet credit cards. Men jag vill också här nämna att våra finansieringskostnader har minskat något i Q2 som en följd av räntesänkningarna vi också har sett under kvartalet från ECB. If we look at the credit losses, they went up to 235 million under the second quarter. The credit loss level went up to 4.5% and was affected by a mix effect due to our growing segment. Credit cards have a higher income margin and a higher credit loss level than other segments. Tittar vi vidare på vår riskjusterade marginal så kan vi se att den trendade upp något det senaste året och under kvartalet uppgick den till 8,7 procentenheter och det kan vi jämföra med 8,2 i Q2 för 2024. Förbättringen är främst relaterad till den positiva trenden för den riskjusterade marginalen som vi ser i segmentet credit cards. Vi kan bläddra sidan. If we look further at the bank's moving costs, we can see that these have increased by 10% to 260 million during the second quarter. The company's KU value at 37.7% is about 2% lower than Q2 2024. This shows on scale in our business model. Och som ni också kan se i diagrammet är KU-talet för segmentet credit cards 32% det senaste kvartalet. Och den positiva trenden för segmentets KU-tal beror framförallt på skalförledningarna i affärsmodellen och även en ökad automatisering av våra processer. If we look at our second segment, e-commerce solutions, we see that we have a KU rate of up to 61% in Q2. I would also say that the KU rate for e-commerce solutions has increased somewhat in recent years, which is mainly explained by a declining loan portfolio that gives somewhat lower income. If we look further at our third segment, consumer lending, we see a KU rate of 33% in the quarter. It is in line with the corresponding quarter last year. We can move on. Joakim already mentioned this, but we can look further at the bank's moving results. It increased by 24% to 195 million under the second quarter. The driving force behind the growth year-on-year is the strong development of the credit card segment. The quarterly profit per share increased to SEK 6.72, compared to SEK 5.43, as we saw in the corresponding period last year. Jag vill säga, precis som Joakim nämnde också, lönsamheten är stark i Q2 och avkastningen på låneportföljen som uppgick till 2,8 procentenheter är faktiskt hela 40 punkter högre än samma period förra året. Efter avgiftaren av drygt... 80% of the shares in RDM in December 2024. At the same time, we have significantly more capital in the bank, which means that the discount on e-capital has decreased somewhat if you compare it with previous years. That is why I think it is better to look at profitability through the key to the discount on loan portfolios, in order to get the most accurate picture of the company's improved profitability. We can move on. And then we look at our segment and start with credit cards. There we had a turnover that increased to 96 million in Q2, which is a whole 85% higher than the previous quarter of 2024. Here it is above all higher revenues from the growing loan portfolio, but also increasing risk-based margins and scale distributions, which also means that we see a lower KU number. All of this contributed to a drop in the interest rate, which increased to 3.2% in the quarter. If we look at the corresponding figure in 2024, it was 2.3%, which is a strong improvement in this segment. We can move on and look at our second segment, e-commerce solution, where the turnover result rose to 23 million in the second quarter, which is 3% higher than Q2 2024. And here it is above all lower credit losses that contribute to the increase in the result. Segmentets avkastning på låneförföljen har förbättrats till 2,9% i Q2, vilket kan jämföras med 2,5% i samma period föregående år. Den höjda lönsamheten förklaras av en stigande riskjusterad marginal för segmenten det senaste året, skulle jag vilja säga. Vi kan bläddra vidare. Och så tittar vi på vårt tredje segment, consumer lending. Här ser vi ett rörelseresultat på 76 miljoner i Q2, vilket är 9 procentenheter lägre än motsvarande kvartal 2024. Nedgången är bland annat relaterad till svaga siffror för portföljen som är pausad för nytäckning av lån och ett något lägre räntenetto i Finland till följd av de senaste tre ECB-sänkningarna, som ännu inte fått motsvarande genomslag på vår fundingkostnad, men det kommer över tid. Despite this, we see a very good drop in the loan portfolio and for the segment, with a 2.6% drop for the quarter. We can move on to the bank's financing and liquidity. Here we see that the loan in Germany is still our leading source of financing, with a balance of 16.8 billion. The loan in the Netherlands has continued to increase, with a balance of 4.2 billion based on Q2. Andelen fast räntegående har minskat något i kvartalet och uppgår nu till 52 %. Vår tillgängliga likviditetsreserv uppgick till 16 % av inlåningsbalansen vid utgången av Q2, vilket är något lägre än tidigare kvartal och helt enligt vår plan. The majority of liquidity, which we talked about earlier, is also placed in state debt changes with an annual period of up to 12 months, as well as on the overnight account with some larger Nordic banks. If we look at the LCR and NSFR levels, we see that the LCR level has increased by 230%, and the NSFR level has increased by 113% in Q2. Both key figures are positively affected by a somewhat higher percentage of state debt changes in our liquidity reserves that we have made during the quarter. And the net spending ratio is also positively affected by the fact that we have reduced the share of the loan by somewhat during the quarter as well. We can therefore move on. And then we look a little bit at our capital relations. So we can see that the bank has a primary capital relation of 14.2 percent, a primary capital relation of 15.5 and the total capital relation of 17.4 at the beginning of the quarter. Jag skulle säga att förändringen under kvartalet har varit ganska små och kärnprimärkapitalrelationen ligger därmed fortfarande ungefär två procentenheter högre än de senaste årens nivåer, vilket skapar utrymme för vår framtida lånebokstillväxt, vilket naturligtvis är mycket positivt. i utgången av Q2 har våra kapitalrelationer då en betydande ett betydande avstånd till det regulatoriska kapitalkron på samtliga tre nivåer och som jag också nämnde i samband med Q1-prestationen så har Finansinspektionen beslutat att vår pelare 2 vägledning är 0 % av riskexponeringsbeloppet och det innebär ju också att vi nu har en god visibilitet om vår framtida kapitalplanering. Därmed lämnar jag tillbaka till dig Joakim.

When we now look ahead, we continue to drive the bank with discipline with the aim of our new financial goals. The focus is pan-European and Germany is our largest market. We work further to develop new markets, but above all we focus on scaling the business now in Denmark and Austria. Under 2025, we are also prepared to develop our new partnerships with a number of major traders, which will drive the growth for us. Vi arbetar på att utveckla vår bolagsstruktur och vi har sedan tidigare anpassat organisationen och förberedde för konstruktionslåneverksamheten i ett eget bolag, kreditmarknadsbolaget TF Bank Nordic. Det här är allt för att hålla fokus på den här affären när en allt större del av bankens verksamhet är utanför Norden och inom kreditkort och betalningar. In addition, we prepare the business to be able to operate outside the European Union through a license in the United Kingdom. But it is a very early process and also a very different establishment process for us, because it requires authority. So in that background, patience and endurance are really required, as always when we establish a new country. But it is a signal that we are building competence in new markets on the side of Spain and Italy. And as I have stated in previous quarters, it is not these markets that will contribute to this generation of financial goals as far as the future of 2027 is concerned. But it is a preparation for our future as a pan-European platform. Summa summarum can be stated that even if we are in a changing environment with geopolitical tensions and possible trade hindrances, we are positive about the development of the coming quarter. And with that we can move on to questions and answers.

Thank you so much for that presentation, Joakim and Mikael. And just now we opened up for a Q&A. And if you call in, press star 9 to raise your hand and then star 6 to turn on the microphone when you hear the word. And first of all, the word to Emil Jonsson from DNB, wherever you have the word.

Thank you very much. Good morning. I'm going to start with a question on this. You mentioned that you are open to growing outside of the EU. Now we are in Great Britain, but based on how you formulated it, I interpret it as that you are open to going outside of Europe. Is that a rightful interpretation?

No, we look selectively at country by country. And now we have stuck with the UK, which unfortunately is outside the EU due to Brexit. And I also think that you should be incredibly humble when you establish yourself in new markets that differ from where you have previously been active. And I think you have to be very... We have to be careful and take it step by step. I usually say that if we manage to get started in the UK, and we do get started there, it takes the authorities to start with, but then you have to look ahead if you are very successful there. But that's not even for the next generation's financial goals, but for the future. We choose to communicate this, because it's... It is a change in our business if we get approval and start using it. And we have staff in the UK who support us in our European business. And that is also a big reason to be there, because the credit card expertise in the British market is very large and it is in some parts a little before the European one. And then to have employees in the UK who work and support our business in the mainland, so to speak, That's very good.

And then we have also taken into account the country's application in the UK. I also wanted to ask, what is the reason that you have not prioritized the UK before? And has it changed in recent times with the fact that it is now an attractive market to enter?

No, we have had a lot of problems with a number of European markets. There have been different phases in the development of the company. I think we should be successful and stable in Germany before we get into an even bigger market. So from that perspective, we need a few more years in the company, since we're growing so fast and establishing our business. There's so much happening in the company, so from that perspective, a book has to be divided into chapters. And so it is in that case.

Okay, that sounds fair. It also looks like we will probably soon get another rate reduction from ECB. Have you noticed anything that it has become more difficult to compare the effect on the interest rates in any segment at all? Do you see any competition somewhere?

I think it's the segment that is most affected by consumer loans. And overall, we feel good about interest rates in the whole. Because our funding cost decreases faster than our exchange rate in the bank. There are some markets that react a little differently. And it's especially visible in the consumer loan segment. But both credit cards and e-commerce businesses are, on the exchange rate side, relatively insensitive to interest rates. Men det är individuellt i varje land och i varje produktområde hur produkterna är utformade.

Jag antar att det är fair att säga att consumer lending just nu är det minst prioriterade segmentet. Så vad är anledningen till att ni sätter upp ny consumer lending i Tyskland?

No, it's not that consumer lending is the least prioritized. We put a lot of focus on that business, build companies around it, focus a lot. We have an incredibly good business there. But we follow, when we allocate capital, we follow quite slavishly our assessment of what we can create best for risk-based taxation. And then, when the tomb rolls around from time to time, then the outfall is in a certain way. And right now it has been so, sequentially, that we see better views outside the north and outside the consumer lending segment. But it can be the other way around. You can never know that. But... Så det är helt enkelt så att vi säkerställer hela tiden på att skydda vår riskosterade marginal. Och då är vi mer defensiva.

I'd like to add that we're still talking about a portfolio that generates 2.6% if you look at the loan portfolio. If I translate that to return on equity, it's a bit of 22-23%. The market is incredibly important for us and we focus on it a lot. But as Joakim said, we have a privilege to be able to divide the capital on so many different markets. And right now, of course, we have divided it a lot on the credit card side.

A question on e-commerce. I know that you have these new partnerships that you are going to kick in. But apart from that, what do you see as drivers for the volume of transactions during the second half of the year? What is it that speaks for or against that growth should come up?

I think the situation in the trade sector that we work in, we are a little tilted towards fashion. It has been tough during the past year, I would say. Det är bara att ta handen och kolla på de siffrorna. Då handlar det om vilket konjunkturmönster vi befinner oss i och hushållens köpkraft och tillförsiktning för framtiden. And then you can see that there are hopes due to interest rate drops that it will go up. But it is an extended process. It has turned out to be. And there are several with me who have believed that the conjecture should turn faster than it does. När man blickar framåt så ser det ju positivt ut ändå konjunkturmässigt. Så det finns väl en möjlighet att konsumtionen ökar.

But then it is also an incredibly strong signal value that we can also get this type of volume as Brandstahl and Bagen & Kocken. It is still 2.7 billion in transaction volume. So that will help us incredibly well in growth both in Q3, Q4 and certainly up into Q1 as well. So incredibly strong of the segment.

Thank you. A few questions about capital and then I'm done. When you formulate that you want to have more than 150 bps to the capital demand, how much more? Are we talking about 20 bps, 50 bps, 100 bps? How should we interpret that?

We are doing a capital planning based on how we see the business in the future. Then we are in an extraordinary situation now. We are between step 1 and step 2 in the transaction around RDM. So we have to see how we handle that situation. Right now we have the opportunity to grow quite a lot with the capital situation we have. So we will see when we have completed these parts, how the board sees our capital planning. But you can see that this is more capital than we usually hold. But the situation would not have arisen if we had not made this transaction.

One last question. I understand that this is really a question for the board, but considering the capital relations and that you generar mer och mer kapital. Finns det någonting som talar emot att ni skulle börja med en ordinarie utdelning det här året?

Det är så pass mekaniskt att vi kliver upp till styrelsen och presenterar vad vi tror om verksamheten de kommande åren. Nu har vi ett antal nya finansiella mål som gäller fram till 2027. Utifrån det så gör styrelsen en bedömning över vår utdelningspolicy Utifrån vår utdelningspolicy hur utdelningen ska bli Det är väldigt svårt att säga om vad de kommer att säga Men jag tror helt och hållet det beror på Vilken lönsamhet vi lyckas leverera i verksamheten över tid Vilken tillväxt vi har i kontra den Det är den balansen vi måste hålla hela tiden Så det är väl en fördelning av kassaflöden över tid?

Det var allt från min sida, men tack så mycket.

Dålade vår ordet till Patrik Braterius från ABG, varsågod du har ordet.

God morgon, kan ni höra mig? Perfekt. Yes, några frågor från min sida också. Om vi börjar med det här samarbetet som ni lyfter fram på Brandstadsgrupp och Bagaren och Kocken. Ni skriver ju ut en förväntad transaktionsvolym, men kan ni hjälpa oss att bryta ner vad ni förväntar er att det här ska innebära i lånevolym de kommande åren?

I can do it super simply and say that about the mix that I see for the two trades, it is actually that 15% of this transaction volume should reasonably over time hit the balances. That has helped a lot.

Very good. Thank you very much. Then we have that with us. And then the second question concerns Great Britain, which we discussed a little here on the call earlier. Men kan ni tala lite mer om potentialen ni ser där? För att om man har lyssnat på andra aktörer så har man ju, i alla fall jag har fått känslan av att det är en marknad där vi ser oerhört tuff konkurrens. Där det är både fintechs, neobanker och andra större banker konkurrerar på den här marknaden vilket trycker ner marginalen. Men vad är det ni ser då för potential som gör att ni är intresserade av den geografin? before some other geographies in central Europe, for example.

No, but it's as usual. When we look at new markets, we look at the market size, we look at the margins, we look at what competitors can do. But it's also like that. I can just draw a direct parallel to when the bank went into Germany in 2017. If you look at the history of Nordic banks that are entering the German market, you can see that the German market is broken with strong local banks and so on. And it's incredibly difficult for foreign actors. The other thing you have to note is that Germany is enormously large for TF Bank, but TF Bank is not as large for Germany. And that means that we just need to find a small segment of the market where we have the ability to find the right customer, then it's big for us. So from that perspective, you can take those two different perspectives. And the third perspective I think you should take, this is an application process. This can end up in the long run. We already have staff in the UK who support our European business. So... Vi får återkomma till det senare när vi har kommit närmare mål kring vad vi ser och vad vi ska göra i den marknaden. Det är fortfarande väldigt tidigt.

Men som uppföljningsfråga, vad får man en känsla av? Vad snackar vi om årliga kostnader som är i Storbritannien? Är det några miljoner vi snackar om eller hur stor del av kostnadsbasen är det här?

Yes, but here and now the application costs money. But you should see it as if we have chosen to postpone a part of our normal business in the UK. And instead of recruiting in Germany, we have chosen to do it in the UK. And that's because of the competence that exists in that market. So it's more like this, you should see our investment in that. Then at the top of it, we have made an application.

Yes, sounds great. If we...

I'm going to zoom in on credit cards, which is the segment that is going very well for you. But to get a deeper understanding, you are operating on five different markets that you are lifting up. Can you help us to, for increased understanding, help to break down how to think about credit quality in these different markets? How do you see it? Which of these countries has the best credit quality, respectively the worst? How do the risk-adjusted margins look in the respective countries? I understand that you don't need to break down on a detail level, but you can talk a little more in round flanges so you get a feeling of how these different countries differ and challenges the respective opportunities you see in these countries.

I think we have to start by stating that we are different ages in different countries. And we become more sophisticated over time. And then you can state that in Norway we have been very long. We have a fairly mature business. We can market it very well. In Germany we have been since 2017. And... And we're starting to get to know that market quite well, so we're delivering good results there as well. Good margins, we know what we're doing. We've been in Austria for maybe two or three years now, in terms of our development, compared to Germany. And that's because it's been a smaller market and we've had a lot of focus on Germany. Now we're focusing more on Austria and cultivating ourselves. And I mean, when it comes to Spain and Italy, we're just toddlers. So we've hardly been able to get away with it. So from that perspective, it's very difficult for us to talk about the respective markets. On the other hand, you can see that we can just look at our own business and see that we see opportunities from our niche and what we do to create good and create a good risk-adjusted return in all our modern markets. And depending on which customer segment you find in that market, in order to get rid of the risk-adjusted margin, the credit quality can be a little different. But it can also be a result of us finding that niche in that market. That's why it's hard to talk about us in general. We are not a big bank that smokes off the entire market. We work selectively all the time and optimize our algorithms to find the right customer at the right price. So that was a non-answer to your interesting question. Very good.

Thank you. And as a last question, a little follow-up question that Emil asked, but maybe... How do you think about that?

We have a financial goal that we are working towards. Of course, the growth rate in the crown pipe will increase over time by getting bigger. But I think we are quite reasonable about doing the same thing tomorrow as we did yesterday. But you can see that the bigger we get, the bigger we have to get every day. In the crown pipe, so to speak. So from that perspective, we are constantly trying to do more and more. Och det är ju för att kunna upprätthålla en tillväxttakt som är i linje ungefär med vår rentabilitet.

Okej, ja men det är fair. Då förväntar jag mig inte att den ska accelerera procentuellt jämfört med vad vi har sett historiskt. Med det sagt så har jag inga mer frågor. Tack Patrik.

Tack för det. Då avslutar vi dagens frågestund. Då lämnar jag ordet till dig, Joakim, för några avslutande ord.

Jag vill tacka för uppmärksamheten och jag önskar en riktigt trevlig sommar.