TF Bank AB (publ)

Hello and welcome to today's broadcast with Avarna Bank. We have with us VD Joakim Jansson and CFO Mikael Meomutter, who will present the first reports for 2026. After the presentation, open up for a Q&A, so call in, kindly press 9 to raise your hand and 6 to turn on the microphone. You can also write in written questions via the form. And with that, I'll leave the floor to you.

Thank you very much. Good morning everyone. Vi stänger nu det första kvartalet 2026 och som ni har sett från pressmeddelandet den 9 april gör vi det som Avarda. Vi kommer ägna lite tid i den här presentationen att presentera namnbytet. Genom att ha bytt namn till Avarda så tydliggör vi bolagets verksamhetsförändring. För oss så är namnbytet inte en kosmetisk förändring utan det är ett uttryck för vår strategiska förflyttning. För oss är namnet av Varda nära förklippat med att utveckla, bredda och expandera, vilket väl speglar bolagets framåtanda. Och för oss innebär namnbygget en bestämd riktning framåt. Att vara ständigt tillgänglig för våra kunder med kundanpassade betalningsbar och lånelösningar när helst kunderna behöver det. Det förändrar inte vår roll som investeringsobjekt. Vårt löfte till våra ägare är fortsatt tydligt. Vi ska kombinera hög kundnytta med stark tillväxt och uthållig lönsamhet och därigenom skapa långsiktigt värde. Detta är och har varit kärnan i vår strategi och det är det som också vägleder vår utveckling framöver. Vi kan bläddra. Några nyheter i samband med denna rapport. To clarify our strategic shift, we focus to a greater extent on how value per customer is created over time. We therefore complete the training with a number of new KPIs, as you can see in this picture, as a number of active customers and revenue per customer. Against this background, we also change the segment training according to the press release that was sent out last week. We go from product-based training to a structure that to a greater extent reflects how customers use our services. It means a previous division between the new segment, Everyday Finance, where we build long-term, continuous relationships related to the customer's daily economy, and the segment, Consumer Lending, which meets the customer's credit needs at any given time. And Everyday Finance consists of the previous segments, Credit Cards and E-Commerce Solutions. The background to these two changes is as follows. We now have half a million active short customers and we continue to grow rapidly. This means that our app becomes an all-important point of interaction with our customers, which makes it possible for us to build a daily relationship with our customers. Within Everyday Finance, we also run business for short-term payments in an ever-growing development on a joint technical platform, which strengthens our ability to be present on a daily basis in our customers' economic lives. Therefore, we now also add important KPIs that underlie our overarching financial goal, profitability on our own capital. And as you can see here on this picture, we have about 3.4 million users. Of which about 500,000 are users of our app, which right now is equivalent to the number of active short customers. And we are now developing the app to our primary meeting place for our end customers. In the past year, we have seen an increase of 28% of active short customers, which also has access to our app. And these copies testify to Avarida's range. but also about growth in our market position. And where we think that the number of users of the app describes what conditions we have in the future to broaden customer relations over time. In the quarter, we also have an average income per customer of 970 kronor per year, which is significant in terms of the ability to create income from our growing customer base. Om vi nu ser på det första kvartalets affärsutveckling, tjänetecknas det av en kontrollerad tillväxt, där vi lyckats ytterligare stärka våra marginaler. Risk- och stödmarginal är 8,9%, vilket är en ökning med 30 punkter, jämfört med samma period föregående år. Och i ett bolag som var Varda, som så länge har haft så stark tillväxt, vittnar just den höga och stabila risk- och stödmarginalen om kvaliteten i den tillväxten. Kan vi bläddra blått? Vad är då kvartalets nyckelpunkter? Som ni har hört så kommer vi vid ett nytt företag, Snavarda. Det speglar förflyttningen som vi har gjort sedan börsintroduktionen 2016 och är en del av vår förflyttning till en europeisk leverantör av betalning, spar och lånelösningar. Vi flyttar oss mot att bygga relationer med kunder som dagligen använder våra tjänster. But, as I said earlier, this shift or change of company name is not a fault of the curve when it comes to our investment lift. Our overall goal and mindset is to find growth where profitability exists, not to be led by the will to grow in a given market, but to optimise the business all the time. There is a bit left, but the tools have partly changed. Årets första kvartal speglar just detta. Rentabiliteten på eget kapital uppgår till 26,1%. Med en tillväxt i lokal valuta på sammanlagt 3%. Kvartalet vittnar om en stabil tillväxt. Underliggande var januari och februari mer dämpat, medan mars på flera punkter var en rekordmånad för vår affärsutveckling. Det innebär också att med en stark marsmånad kommer vi nu in i andra kvartalet som har vardat med motorn gående på alla cylindrar. Låneportföljen har ökat med 21 % jämfört med motsvarande period föregående år. Vi kommer återkomma hur det står mot våra uppställda finansiella mål. Summerar man kvartalets aktiviteter får vi ett slutligt operativt resultat på 245 miljoner kronor, vilket är 30 % bättre än motsvarande period föregående år. Intäkterna växer snabbare än kostnaderna även detta kvartal. Vi ser ett förbättrat kvartal på cirka 35 procent. Cirka 2 procenten är bättre än motsvarande period föregående år. I det här fallet när vi växer så mycket är just slutsatsen om den här skalbarheten extra värdefull. Kapitalrelationen är stark. Med en kapitalrelation på 16,3 procent överstiger vi med bred marginal både externa och interna riktlinjer. Kan vi bredda sidan. Här stannar vi upp och ser på kvartalets utveckling och hur det står sig i jämförelse med det finansiella mål som har varit att styrelsen ställde upp 2025. Vi kan då konstatera att utvecklingen går i takt mot målet om 35 miljarder i utlåningsvolym vid utgången av 2027. Det med en rentabilitet som med bred marginal överstiger 20% och med marginal gentemot uppställda kapitalmål. Vi kan bläddra igenom. Here we show the growth in the loan book segment by segment in the local currency. If we start with the whole, the quarter's organic growth was 3% and gives and gives 20%. Everyday Finance, which is the bank's growth engine, grew with 4% in the quarter and 35% gives and gives. The first quarter is seasonally a weaker quarter, usually. So även i år, men som jag påpekade tidigare stod utvecklingen fart i mars, som på många sätt var en rekordmånad för oss. Consumer lending minskade med 2% under kvartalet i lokalvaluta, men ökade 2% year on year. Vi kan bläddra. Tittar vi marknad till marknad så kan vi göra ett nedstamp i Tyskland, som geografiskt är kärnan i den växande delen av bankens kreditkortsverksamhet. We have seen a strong demand for the bank's credit card. March was, as I said, a record month in many ways. And we expect a strong growth in the coming quarter. Germany is now over 40% of the bank's loan book. And as you know, we have launched our e-commerce offer in the German market at the end of 2024. We focus primarily on Nordic traders, but we also have a number of local customers. In Germany we have also launched a consumer loan in 2025, and of course the German market also has potential in this area. But as always when we launch new markets, as we have done here in the e-commerce offer and consumer loans, we do it with caution and perseverance. Even Austria is a very exciting market for us. We see that the credit card business is developing in a good way. Of course a smaller market than in Germany, but the conditions for us to operate a profitable business in Austria are good. and our profit development is strong. Even in the Norwegian market, we see a good development, and even there we are in place with all our offers. Everyday Finance, consisting of the credit card business, is developing strongly together with e-commerce solutions, where we have launched a number of new traders earlier this quarter. Now we look at segment by segment and start with Everyday Finance. Here we can see that the loan portfolio in the segment exceeds 15 billion. Den underliggande verksamheten växer med 35% jämfört med samma period föregående år. Och det är ju då just marknaden i Tyskland och Österrike som driver tillväxten i segmentet. Och ser man på den underliggande verksamheten så fortsätter vi växa i form av antal nyutgivna kort. Momentum är fortsatt starkt i affären med över 70 000 kort utgivna under kvartalet. This gives strong conditions to increase the number of active gap users, i.e. active cards, and we now have 429,000 active card users in Germany, an increase of 28% compared to previous years. Also the volume of transactions is an important indicator for the segment, as this is partly converted to credit volume. And then you can see that the volume of transactions during the quarter rose to 10.5 billion, an increase of 34% compared to the same period previous years. And that indicates that the underlying growth of the business is good and that our customers use our services daily in line with the segment's intentions and is a good prediction for future growth in the loan book. Now we turn to the side. In the consumer lending segment we have a loan portfolio that has exceeded 9 billion, an increase of 2% compared to the same quarter last year. The quarter is characterized by a controlled new loan with a focus on defending margins. And it is reflected in the new loan that went up to 1.4 billion, which is a decrease of 4% compared to the same period last year. The segment delivers strong profitability, ensuring pressed margins in several markets. The offer is now in place in the German and Danish markets since last year. Germany and Denmark are developing according to a plan and can be expected for a large part of the growth in the segment in the future. Planen är att fortsätta verka under varumärket TF Bank för konsumtionslån och verksamheten när vi möter kunden utanför våra egna mötesplatser.

Nu Mikael, får du ta vidare. Tack så mycket. Om vi då bläddrar så kan vi först titta på våra rörelseindetekter. Så kan vi se att dessa uppgifter är 827 miljoner under första kvartalet, vilket är 24 procentenheter högre än motsvarande kvartal förra året. Even this quarter, the main driving force is the growth in the loan portfolio for German credit cards, but I would also like to mention that our financing costs have decreased somewhat during Q1, which of course has affected the net profit positively. It is also worth pointing out, just as Joakim mentioned earlier, that the loan growth came late in Q1 and therefore the turnover has been affected by something negative. If we look further at our credit losses, we saw 290 million under the first quarter. The credit loss level has risen to 4.8, and this 90% affects, as before, that German credit cards become an increasingly large part of the company. And it has both a higher credit loss level and a higher income margin, so it's worth taking with you. If we look further at our risk-adjusted margin, we see that it was stable at 8.9% in Q1. If we compare that to the previous year, it has increased by 30 points. We can look at the paper. If we look further at the bank's moving costs, we can see that these increased by 17% to 292 million under the first quarter. Koncernets KY-tal, precis som Joakim nämnde, landade på 35, vilket är 2 procenten lägre än i Q1 föregående år, vilket jag tycker visar på en god skalbarhet i vår affär. And as you can see in the diagram, the KU rate is in the segment Everyday Finance, 37% in the last quarter. And the positive trend for the KU rate depends primarily on scale for our growing credit course business, but also that we actually have a higher degree of increased automated processes. If we look further at the second segment, Consumer Lending, we see that the KU rate went up to 31% in Q1, which is about the same level as we had last year. If we look at our movement results, as Joakim also mentioned, it increased by 30% to 245 million during the first quarter. The driving force behind the interest rate gap year-on-year is mainly the strong development of our German credit cards. During the quarter, we have also eliminated the remaining R&D stocks, according to the share loan agreement that we had with Myntra and R&DM. Detta medför en positiv effekt om ungefär 22 miljoner, vilket innebär att kvartalets vinst före skatt uppgick till 267 miljoner och vinsten per aktie i kvartalet ökade därmed med 47 procent genom det. Tittar vi vidare på bankens avkastning på det egna kapitalet så uppgick det till 26 procentenheter, men exklusive ingångseffekter så uppgick den justerade avkastningen på eget kapital till 24 procent. Lönsamheten har ökat det senaste året och ligger väl i linje med våra finansiella lönsamhetsmål trots att vi har betydligt mer eget kapital än vad kapitalmålet kräver. Om vi mäter mot en mer normaliserad nivå av eget kapital så ser vi en avkastning exklusive engångseffekter kring 30% under kvartalet. Vi kan bläddra. If we look further at the segment, we start with our new segment, Everyday Finance, and here we see that we have a turnover result that increased to 167 million in Q1, which is 61% higher than the same quarter last year. And here it is above all higher income from the growing loan portfolio in Germany, the share shares and also as I mentioned a lower KIT and also an increasing risk margin that together contributes to the segment's drop in the loan portfolio increased to 3.5% in Q1. And if you do it to normalize the drop in e-capital, it goes up to about 35% for the segment. We can browse. And we look a little bit at the consumer lending segment, we see a turnover result that rose to 77 million in Q1, which is 8% lower than the previous quarter. Here is the credit loss level segment, which increased to 3.2% in Q1. And here I would also just point out that the figures have been affected somewhat negatively by the fact that we have had a relatively increased revenue on old loans in Poland. That figure was about 5 million in this quarter. If we look at the depreciation of the loan portfolio for Segmentis, it went up to 2.6% and that corresponds to a normalized depreciation of equity by about 24%, which is strong. We can move on and look a little bit at the financing and liquidity. Here we see that it is housing loans in Germany that is still our clearly largest financing source with a balance of 18.8 billion in the loan balance based on Q1. And the largest market for loans is the Netherlands, with a balance of 4.3. And the total loan amount of the company is now about 45% of the account with a fixed interest rate at the beginning of the quarter. I would also like to mention that in December and January we had quite large declines in the fixed interest rate account, which could be replaced with a slightly cheaper loan, which then affects our financing costs in Q1 positively. But towards the end of the quarter, however, we have had to adjust some of our loan interest rates as a result of the conflict that we have seen in the Middle East. If we look at our available liquidity reserves, then it went up to 17% of the loan balance at the beginning of Q1, which is about the same level as we saw in Q4. Most of the liquidity is, as before, quarter placed in state-owned companies with a running time of up to 12 months. as well as overnight accounts with some larger Nordic banks. We can move on and take a look at our capital relations. We can see that the key primary capital relation increased to 13.2, the primary capital relation increased to 14.4, and the total capital relation level, as Joakim mentioned, increased to 16.3 at the start of the quarter. And here I would like to mention that the capital reduction has increased during the quarter as a result of the sale of existing Redem-cash and also the amortization of a company loan of 366 million, which will be transferred to the first issuance of Redem-cash in December 2024. And I would also like to remind you that our capital reduction in Q1 is burdened by the fact that we are now withdrawing the capital base for foreseeable exchange payments. The withdrawal amounted to about 50% of the net profit for 2026. This level is based on the requirements according to the Capital Debt Regulation, which means that we will add our share for 2025. In terms of money, I can also mention that the withdrawal amounted to about 100 million, which corresponds to about 0.5% of the bank's capital regulations, which you can also see in the stretched lines on the performance in the stack. Men även med detta avdrag så har samtliga våra kapitalrelationer fortsatt ett betydande avstånd till de regulatoriska kraven och vi har även ett betryggande avstånd till vårt kapitalmål som innebär att vi ska ligga 2,5% enheter över det regulatoriska kapitalkrav på samtliga nivåer. Och med det lämnar jag tillbaka ordet till dig, Joakim.

Tack. Och när vi nu blickar framåt så gör vi det som har varit det där. And this is no crime against the curve that we have to continue to drive the business with discipline, with focus on our financial goals. Our focus is pan-European with Germany as the largest market. Also, when we look forward, we still see a great demand for our offer. The majority of growth, as I said, will come into the German market. We see a number of other markets that are very interesting, but if we look forward to the coming quarter, Germany is completely dependent on our growth. All products are in place in Germany and we now have about 400,000 to 500,000 active short customers in Germany who use our app. And now, as I said earlier, when we have come halfway to one million German customers, there can be a way to complete the core of our model by looking for deeper relations with existing customers. And so far, we have mainly done one thing or had one solution for one customer. But now, as Avarda, we are taking a step towards a new logic. We are preparing ourselves for the next step. So being Avarda has not been a question of changing the name of the existing business, but builds on the connection to the business that we have been working on for a long time and where customer relations become more and more important for us. And with a large customer base that constantly carries our main customer meeting place, there are conditions for it to become an even greater part of the customer's daily economic life. And with that background, we have gathered the strength of the organization within the short-term payments. The purpose is to create a joint technical platform that can respond to the customer's promise to always be available to the customer with our solutions when the customer would like it. And this change will, as I said, not be decisive for this generation of financial goals. We do that now, quarter by quarter. But the change lays the foundation for the next generation. The ability to drive a high profit growth through loan growth, as we have always done, is complemented by the ability to be accessible and adapt services to customers' daily economic lives. With that, we conclude this quarterly report and move on to Q&A.

Thank you for that presentation, Joakim and Mikael. And now it's time for Q&A. If you call, press star 9, raise your hand, and star 6, put on your microphone when you get the word. And we'll start with Patrik Platelius from ABG. Please, you have the word.

Hello, can you hear me? Yes, of course. Oh, that's good. The technology works. Good morning. Yes, some questions from my side to start with. It has been a bit uncertain on the macro front. Do you see that this has any impact on your loan demand or on credit losses? I don't see much of it in the Q1 report here, but I think that if it would possibly continue or deteriorate, do you see that it can also spill over to you? Hur tänker ni kring detta?

Det är alltid svårt att säga om framtiden men man kan vittna om historien. Då har vi tidigare kvartal och också det här kvartalet har vi en upplevelse av att underliggande så är hushållens osäkerhet lite högre än normalt vilket gör att That the space to invest is a bit disappointing and that the savings rate is a bit higher than normal. And that means that we have a little dampened underlying growth in the normal customer behavior. And we see that also during this quarter. But what we see and our handling of this is that we have been able to continue to build En bra tillväxt både när det gäller antal aktiva kunder men också att få till en bra utveckling när det gäller att översätta transaktionsvolym till lånevolym. På det sättet så har vi visat att vi har en förmåga att kunna upprätthålla ett bra affärstryck trots att hushållen upplever osäkerhet. It's hard to say what the future holds, but so far we have managed to maintain momentum in a good way. When it comes to credit quality, we have an increased level when it comes to both reservations and payment levels this quarter. It's a normal season, especially in January and February. After Christmas, it often tends to be an increased level. And it has been clear here this year, and it's mostly about the north, I think. But it's always a season in it. I wouldn't say it's worse than normal, but it's a normal season variation. So that's how we look at it. And when we look forward macro-wise, given that you can't talk about the geopolitical uncertainty, so then we have a pretty positive outlook in the future. But we don't know what will happen with energy prices and other supply chains that can be cut off from what is happening.

Thank you. In February, in the monthly statistics, you wrote that you reduced a company loan by 366 million. Kan ni utveckla vad det här var? Finns det fler av liknande lån som ni ska amortera här kortsiktigt eller längre fram?

Tjena Patrik, Mikael här. Jag kan svara. Nej, utan det var ju en engångsdel. Det var ju en transaktion som hade med när vi sålde bolaget Rediem. So it was a loan that we had to those who, according to the shareholder agreement, would be paid back in this way. And there are no other exponents against companies. And we have not thought of starting with company exponents either. So it was a one-off effect, so to speak. So the loan was repaid.

That's good. That's what I suspected, but I don't want to guess. Then we got some new KPIs in the presentation today. Have you... Har ni spikat ner några målsättningar på vad ni vill nå längre fram här, exempelvis på antal kunder eller intäkt per kund? Finns det några sådana målsättningar som vi kan förhålla oss till?

När det gäller antal kunder och speciellt antal aktiva kortkunder som har vår akt, That's our main key word when it comes to that dimension and there I think you get to back up a bit and see how we have managed to develop Kortaffären. And then, in extension, it is about the value you can create when you have the customer in the app and then it is revenue per customer. I would rather say that it is the product of the number of customers and revenue per customer that is the important key word for us, of course. I think there is no single goal for each of them that you can have in the long run. You have to be very opportunistic even there and make sure to keep down the acquisition costs for new customers and then look at the conditions from the customer you have to put the customer on additional revenue-surfing services. So no goal has been set is the short answer.

Okay, thank you very much. That was all from me.

Då lämnar vi över ordet till Emil Jonsson från DNB Carnegie. Varsågod, du har ordet. Vi går då Emil, here you go. Let's move on to Björn from SEB. Here you go, you have the floor.

Thank you very much. First, you were a little bit into it now, but on the consumer loan segment, the credit losses go up 20% year-on-year. You talked a little about the season effect and so on, Joakim. Portföljen har ju bara vuxit runt 3%. Ska vi se på det här som att det här är en one-off eller kan vi vänta oss att det är ett svagare sentiment på den här sidan så att vi därför ska förvänta oss lite högre kreditförluster kommande kvartal också?

It's a seasonal mix that has been a part of the Nordic market. We have no view that it will continue at a higher level. Our best view is that the loss level will go down a bit. It's always hard to say about it. har varit svåra månader för hushållen som vi upplever det i de nordiska marknaderna.

Är det något särskilt av länderna som stiger ut särskilt, eller är det alla?

Nej, det är genomgående. Man måste veta att i vår portfölj, vår största marknad, är Norge fullt av Finland och sedan Sverige. Det är det diktande medelvärdet av det. Men den norska ekonomin är oftast hyfsat robust. So it is in Sweden and Finland mainly. But also in Norway there has been a little more movement than normal.

Okay, thanks. And then you talk about this with Everyday Finance and the app and so on, that you want to deepen the relationship. Should we read it as if you want to launch salary accounts, account solutions and savings products as well? Or how should you look at

You can think of it in the form of new products, but you can also think of it in the form that existing products can be decomposed in their components. That is, a credit card is actually an account, a card and a loan facility. With the possibility of positive and negative results on the account. So that's one part of it all. And you can also think in several dimensions about the possibility of having your own customer meeting place. It's not unique. It's common for all banks that there are connections, of course, to acquisition costs that are lower in your own channel in the long run. It can also be linked to small variations in the direct channel can make it possible to reduce the investment costs. Så det är många dimensioner man kan tänka sig. Nya intäktsben, man kan tänka sig lägre finansieringskostnader, man kan tänka sig lägre kostnader för kundaktivering. Utan att förespegla framtida produkter och arbetssätt så vill jag bara framhålla att med en stark direktkanal, vilket verkligen inte är något nytt, så ökar förutsättningarna att jobba med större bredd mot befintliga kunder och skapa ökade sätt att öka sin riskjusterade marginal.

And the last question then, through this consolidation of the segment, so now you have in principle not mentioned income at all during the withdrawal. How are we going to see, and you also mentioned that you had some new agreements for a few quarters ago, so then I read that you have not had any new big agreements this quarter either. How are we going to see that leg, so to speak, within the segment in the future?

It is a very important part of the business, because it is a partner-driven business that is an incredibly important customer acquisition channel for us. This also gives a large breadth in the business when it comes to customer acquisition. and give us access to data and so on. And a partnership with other partners that have a large retail network. It's a prioritized business. However, it hasn't been decisive for our financial development from quarter to quarter, because Det är en mindre del resultatmässigt av banken och också balansen är mindre. Men däremot för vårt arbetssätt och vårt tekniska kunnande och vårt nätverk så är den oerhört viktig. Det är själva kärnan i vardagen.

Tack så mycket.

Vi provar att ge ordet igen till Emil Jonsson från DW Carnegie och en välpåminnelse att slå stjärna 6 för att aktivera din telefon. Varsågod Emil, du har ordet.

So there, now I hope that the technology is with us.

Yes, we heard Emil.

Great, good morning. I was going to ask, the number of employees was up about 12% in the quarter compared to last year. Are you waiting for about the same increase in the future, or is there any reason to believe that it should be higher than that, or lower than that? How do you think? Yes, it is...

If you want to analyze how many employees we have, you also have to keep track of some different things. For example, in what extent we choose to put out services in our operational business, as opposed to doing it ourselves. The same applies to all our IT development, business development. And we have a strategy to try to do more ourselves. And that means that we have a natural increase on the side of that we grow the business with the number of employees. When it comes to the number of employees, business processes and IT development, it is very difficult to predict in the future. We know that the efficiency per employee will increase and increase with the help of new tools. We are trying to bring all the knowledge we can. Att bygga humankapital med effektiva anställda som kan göra mer med hjälp av verktyg och så vidare. Det är svårare än någonsin att sia om den planen framöver.

Kan ni säga någonting om vilka funktioner inom banken som har ökat mest i bemanning?

Insourcing, om man pratar om det. In-source, we do more of the operational work. We almost only do in-house now, unlike a few years ago. Our IT development has improved a lot when it comes to in-sourcing. We basically go from an outsourced business to an in-sourced business, but we still have to do that.

And just to add to that, that was one of the major reasons why we had that, where you see that personal increase, so that you don't really see that in the cost increase, as we then insource the personnel that comes in a different row, quite simply. So that was one of the major reasons why it was so relatively more people than normal, then, who came in and became FTR.

Okay. That sounds logical. I was also going to ask... fortsätta på e-commerce. Om man skulle ha tittat utifrån förra segmentrapporteringen och liksom brytit ut förra e-commerce-benet, då om man liksom räknar baklänges, så lär ju räntan efteråt där ha varit ungefär oförändrat year on year, trots att transaktionsvolumen är upp i runda slänga 30% från förra året. Skulle ni kunna ge någon liksom djupare förklaring av vad det beror på när vi ändå har haft three quarters of powerful growth in transaction volumes, which means that it does not seem to reflect so much in revenues.

I can answer. Now we have a segment where we put together what we previously had, credit card and e-commerce, so we will not answer those specific questions. But I can say that your assumption is probably not entirely true if you actually look at the interest rate margin in the old segment. But in general, you can look at transaction volumes as if, now that we have prepared transaction volumes, For all those segments, one should think that if the volume of transactions increases by about 30%, then the balance will also increase by about 30%. That's what we see. What we can also guide on is that the volume of transactions between 75-80% of the new one will be balance. Now I'm talking about the volume of transactions for the entire everyday finance. So there you have a guide in front of you.

Okay, one last question.

When it comes to the payment market in the north, there are several things that happen. As I said earlier, there is a difference between different traders, how customers use different payment methods, but also how you work with different credit solutions. But then there is also payment... The payments in the Nordic markets have also changed. Not just in Europe, but in the whole of Europe when it comes to account-to-account payments. So there is a change in the market. So that means that conversion rates are not constant over time. Then credit solutions are also built into these payment solutions, these new payment solutions. So there is no constant in this. It will develop... All the time in the payment market, but the customer need is the same, that we at certain times connect a loan to a payment, that we buy in case we want a loan. And that's where we want to be present.

It will always vary. Okay, thanks. One last question. Could you give a... update on what the status is in the UK and what the near-term plan is there?

Yes, we are now starting to enter a normal market launch. As always, we will start on a small scale. And then it's about starting to test the market. So it's a more normal process that is taking place now, as it has always been launched. What has been abnormal is that we have needed a company with its own license. What is also special in the UK is that they do not have a EU regulatory body, which means that on the operational side, you need to make some special solutions that will be specific to the UK in our platform. Men vi är väl förberedda och vi går emot att under året börja testa produkten i marknaden.

Det var alla frågor som jag hade från min sida. Tack så mycket.

Tack Emil.

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

Tack för uppmärksamheten och önskar er en spännande rapportsäsong. Tack så mycket.