VNV Global AB (publ)

All right. Welcome to BNB Global's first quarter 2025 report conference call. On the call today, we have Per Billot, CEO, Dennis Mohamed, Investment Manager, and myself, Björn von Syrsch, the CFO of the company. I will start with a brief intro to the quarter and then I'll follow up with a quick run through of the financial highlights and the main drivers of the NAV movements during the quarter. Following that, we'll do a portfolio rundown led by Per and with the help of Dennis. And with that, I'll hand over to you, Per. Before that, I just want to remind everyone, if you want to ask a question, use the Zoom Q&A function, and we'll address those towards the end. Per, please go ahead.

Thank you. I'll flip some slides here. Yeah. So welcome, everyone. Thanks, Bjorn. And it's sort of an uneventful quarter. We're down two and a half percent in dollar terms. Bjorn will go through the details of how sort of that development stacks up. It's sort of, we'll be speaking later, about this over the course of the day and earlier, but it's sort of, you know, obviously the sector we've been, we are in sort of had that big sort of move COVID years. And then on the back of the Ukraine war caps costs going up, sort of big move down, big move up, big move down. And it's sort of from, it's reminiscent from earlier sort of booms and busts, if you will, that, you know, it takes a little, you know, it takes a little time to sort of, to sort of gather, you know, a new momentum to go up again. But it feels like we're, we're in that sort of phase where it's sort of bumbling along at the bottom. I don't, I don't know, famous last words and everything, but that's certainly, I think it's fair to say that that's, that's, that's certainly how, what it feels like right now. So sort of a flattish quarter, of course, macro wise, a ton of stuff that's going on. And, and, And to the extent that you sort of see us and the sector or part of the capital markets that we are involved in as high risk, I mean, and that's somewhat debatable, I think. I mean, as we'll show later, as we've shown before, 80% of the portfolio's earnings are positive, EBITDA positive. So, of course, once upon a time, those companies were very young and did not make money, but they do make money now. So it's, I guess, at least lower risk portfolio than it was or other portfolios which are not earnings positive, income positive. But nevertheless, you know, when there's volatility in the world, I guess it's fair to, you know, that high-risk assets sort of get sort of not prioritized. And of course, there's a lot of movement in the world with the stuff that's going on in the US and the big currencies and big asset classes moving around very sort of violently. So from that perspective, I guess, you know, we're somewhat affected, but given that the portfolio is sort of earnings positive, then it's, you know, it's not like, you know, one of our larger holdings sort of absolutely needs to access capital markets now and capital, you know, capital markets seem sort of open, but to the extent that they are not, and certainly IPOs here in Stockholm, for example, or Swedish-based companies, I should say, have been sort of postponing their IPOs. So, At least there may be some activity around our part of capital markets, but when IPOs get pushed off, it's a sign that they're somewhat closed. So it doesn't really affect us. Excuse me. So the other thing we've been trying to highlight is that... that the fall in the dollar doesn't affect the portfolio as such. Most of our portfolio, if you look at our NAV and you weight the portfolio on the back of the NAV or the revenues, most of our revenue, so to say, is in euros. It's 40% in euros. And then we got some pounds and and shekels, etc. And it's only sub 10% that is in US dollars. So not a big effect there. We, of course, have this big chunk of cash coming our way on the get transactions. I'll come back to that when we talked about get. But really, apart from the sort of, if the dollar is going to go down by half, if that movement is very violent, then of course, all capital markets will stop for a while. But But if that's a smooth sort of, you know, if the dollar depreciates over in a smoother way, then our portfolio at large is not that affected. Anyway, that's a long winding intro to some stuff that seems sort of very topical around capital markets in general, but not specifically. So we'll come back to more details. And on that detail note, Bjorn, let's go over to... to our balance sheets and NAV movements here.

Sure. And as Perry showed on the previous slide, so NAV was 5.7 billion SEK or 570 million dollars as per end of March. And this corresponds to now per share of some 43.36 crowns down 11.17 percent in SEK and down 2.5 in dollars. So the FX moving during the quarter. And this decline, a small decline in dollar terms of the NAV is mainly driven by BlaBlaCore, our largest holding, as well as FX, and then somewhat cushioned by Voi, who's moved the opposite direction upwards on the upside. Cash equivalence, cash and cash equivalence as of March 31 stood at some $13.6 million compared to $15.7 at the year end. And a big mover here, borrowings, which is our outstanding 850 million SEIC outstanding bond. That increased to $84.7 million asset Q1 compared to $77 million asset year end. And highlighting here also that we're currently still trading at large discount to NAV 60% plus. And if you move to the next slide, Just highlighting the top companies here. So BlaBlaCar was down 8% driven by lower peer multiples and continued headwinds in France related to the energy savings certificates, which Per mentioned in the MD intro. BlaBlaCar represents approximately 14.7 crowns per share or 34% of the NAV. VOI, on the other hand, moved upwards. The valuation moved higher because, I mean, driven by strongly operational metrics, also slightly higher peer multiples. And VOI is approximately 8.46 per crowns and some 20% of the NAV. Get, again, remains flat, still valid on the basis of the ongoing transaction, which I think Per will touch upon later on. And the deal, again, is still under review by the Israeli Competition Authority, and Get represents on 6.4 crowns per share, or 15% of the NIV, at this transaction. And in total, these three largest holdings, Blablacar, Voi and Get represent just under 70% of the total NAV. Below those, there's little absolute movements, some larger relative movements in the portfolio. But I thought I'll skip that and go into specific holds in the Q&A if relevant. But with that, I'll hand over to Per and Dennis who will go through a summary of the larger holdings and developments during the quarter.

So, as Björn said, we still trade at a 60% plus discount. And I guess it's maybe more art than science. What's the background to that? I mean, certainly maybe, certainly sort of the mood around this sort of You know, the tech sector outside AI and outside sort of the big, big traded names is still somber. And again, sort of bumbling around at the bottom, I think, as this may be NAV development and sort of the discount NAV shows. But another another. point I think to mention that we usually mention is that if you look at us from afar you probably think that you're looking at a portfolio that's not profitable but as we've shown that has changed materially over these past couple of years and also over the last year so 81% of the portfolio is EBITDA positive and which includes an EBIT positive boy, again, the only sort of part of our portfolio where one should talk about EBIT because they own and depreciate these scooters. So this should not be a reason that we have sort of a portfolio that craves a lot of cash. So you're left with sort of sentiment around the sector overall, you know, small cap, liquidity, all of that. But also the big sort of cash outflows, of course, paying back our debt. That debt now matures in the autumn of 2027. And again, we'll come back to that when we talk about GET as the sort of source of funding to pay down the debt in the near term. But the portfolio at large is a very familiar sort of picture. I think, yeah, Bjorn went through the actual holdings here. So nothing really new. We thought we'd sort of concentrate on the larger names. uh so first out blah blah cars not not that much to sort of talk about in this quarter we've taken out these um energy saving certificates the long distance ones uh because there's some short distance too but the long distance ones are gone uh from our model and uh and um Yeah, they've been gone for so long now, so we don't calculate with them as any value. They may come back. They should come back. But the current sort of political atmosphere in France is so focused on the budget, and so this sort of... product or focus on climate at large, I think it's fair to say, becomes very secondary. Now there's, you know, who knows how long this government lasts. And someone said there was talk about new elections in the autumn. But anyway, we, you know, if they come back, that'll be upside to our model. We've taken them out. And The company's sort of growth in Europe is sort of... nothing to write home about. Growth in emerging markets is something very much to write home about. That's very, very strong. We're excited about that. And that's sort of the real driver of the long-term value here, of course, the marketplace for long-distance travel. In fact, the sort of energy savings certificate, that income stream is sort of a buy monetization value. It's a nice extra. It has been a nice extra. It has been a nice extra in France. Well, in Spain, it's just starting. So it still is a nice extra. But the real value is, of course, monetizing the marketplace as such. And that's growing very healthily, especially in emerging markets. One other thing that I think is especially relevant to BlaBlaCar is that if we're now heading into sort of a lower growth cycle or maybe even a recession in some parts of the world, then this product, as many of ours in the portfolio, are nearly of a counter cyclical sort of nature where BlaBlaCar specifically is very much about cost sharing. So and when times are tough, you want to save more or save costs more, more proper English, share the cost of petrol for a long distance car ride. We extracted some numbers from the company and highlighted them in the report that during the course of 2024 alone, there's like 500 and I think it was $540 million or euros saved by the passengers of BlaBlaCar. And so there's an element of counter-cyclicality around BlaBlaCar, which I think is important to note when we're facing sort of maybe slower economic growth at large. Otherwise, I mean, even though if there's not so much to report about at BlaBlaCar in this quarter, we remain very sort of excited. And I think one figure that's just stood out when I... when we put it into our report, is that we're expecting 150 million passengers on this platform during the course of 2025. So, you know, you can sort of sense an enormous, enormous amount of activity at the company. Second out is Voi, and Dennis is ready to sort of update you all on Voi.

Thank you, Per. Yeah, as I believe most of you know, Voi is the leading marketing ability operator in Europe. In Q1, we were up by roughly 9%, as Bjorn mentioned, driven by a combination of multiples, FX, and underlying company performance. As a reminder, the company closed 2024 with roughly 133 million euros in net revenue, reflecting almost 13% growth on top line year over year, with accelerated growth in Q4, which came in at roughly 33% growth year over year. They also closed the year with 17.2 million in adjusted EBITDA. And for the first time in the company's history, slightly positive adjusted EBIT at around 100,000 euros, which we expect to grow coming into 2025. During the fourth quarter, they also, as we've already talked about, raised a 50 million euro bond, which enables non-dilutive growth financing for growth CapEx. But it also means that we will only be able to report the company's financial performance with a three-month lag. So their Q1 report is due to come out the last week of May. So we will be able to share those numbers in our Q2 report. But we will also, of course, when that report is out, issue a press release to make you aware of those numbers. So in this quarterly report, we don't have the Q1 figures to share as of yet. However, Q1 was strong in terms of at least tender performance, we can say. Two contracts to highlight are one in Oslo. Oslo is one of the best markets for shared market mobility globally. And the new contract, which they recently won or they won during the first quarter of this year, saw fleet size doubling, the contract length doubling and the operational area tripling versus the previous contract. And Voi won the contract, came in number one of all applicants. We think this is great news, not only because Voi now gets to continue to operate in Oslo, which is an even better city, than ever before, but we also think it serves as a good example of the general direction of regulations in Europe, where the few operators that remain get a more favorable operating environment, essentially. The other contract to mention is for all Stockholmers who are shareholders of VMV, that Voi also won a e-bike contract in Stockholm. It's been quite a few years since we had a functioning e-bike scheme in Stockholm, and we're very happy that Voi was one of the two operators selected to operate that one. If we flip to the next slide, Per, you've already seen this slide before, but as you know, in the last couple of years, Foy has been on quite a journey, both in terms of growth, which you see on the far left graph, which showcases revenues, but also in terms of margin. You see the vehicle profit margin going from 31% in 2020 to to 57% in 2024. This is essentially the gross margin of the business. And I think this has, in combination with more frugal mindset on HQ costs, has led to an adjusted EBITDA margin of 13%. And I think we need to go back. If it's if it margin as of last year, driven by improved vehicles, more optimized for shared market mobility with a longer lifetime and improved operations as well. Looking forward into 2025 and beyond, we expect a higher growth rate than the one from last year at around 13%. uh driven to a large degree by by the uh the growth capex that's enabled by the bond as mentioned but also by the underlying growth in in in in the shared marketability market uh in europe i think that's it on boy thanks and then the third out uh is get uh where of course yeah the transaction is this thing to talk about uh we um yeah

We're really in the final stages. I think the last sort of communication, we're really in the final stages of this transaction, whereby I think the last thing you saw from us where we updated you that the ICA is fairly important. Competitive authorities, the antitrust over there, had sort of issued a list of concerns over the merger, whereby this parking app, Pango, buys Gett. ride hailing so very intuitively not an issue for competition whereas parking and ride hailing are two very different businesses but nevertheless there's some concerns around that merger and we're in the process now of addressing those concerns. And I say we, but it's not really we, it's more, of course, the buyer, Pango, that is addressing the concerns of the antitrust authorities. I think it's fair to describe that people around the table are are very positive that this transaction will close, that one will be able to address concerns, these concerns put on the table by the ICA. And that's very intuitive, sort of very easy to understand, I guess. I guess you'll all wonder why it's taken this long, and I think you're not alone in that. But I guess the point is that now, as we have said, that we expect this to close in the second quarter. We're in the second quarter, and really the timetable around this is really a few weeks left on the transaction, where we... when we read the sentiment around the table, we think it will close. Given that it hasn't closed yet, you'll wonder, so what happens if it doesn't close? And if it doesn't close, it's really not... A bad scenario, in some cases, even a good scenario, because obviously the sort of $83 million that's heading our way, 70 now and then 13 over a few years, is in dollars. And that's a currency that, I mean, I'm not good at sort of forecasting currencies, but if I read what everyone's saying, the dollar seems to be heading down significantly. So, and obviously the company generates its revenues in British pounds and mostly in shekels in Israel. So, not dollars. So, there's a disconnect there. Also, the company is in good shape. It's generating cash. The cash pile at the company's... balance sheet is increasing. And so if this transaction does not close, we still expect it to close and us communicating around this in the next couple of weeks. But if it doesn't close, we expect the company to be in a position to to sort of upstream dividends to its shareholders where we own, well, just under half to quite a large degree, where a meaningful sort of degree for us in relation to our paying down our debt and still then retaining the same sort of Ownership in a company that that really is doing well and that maybe also has upside from the price which we have signed to sell it at. So if I don't don't get me wrong, I, I, I, I, I, we we expect this to close soon. That's the sentiment that we read around the table on the transaction. And we are in the sort of very, very final innings stages of this transaction. We expect to sort of know in the next couple of weeks. But if it's in the unlikely scenario, I should say that it doesn't close, I don't there's very likely both liquidity coming our way and potentially also upside. So there's, of course, you know, there's risk with everything. You know, Israel is, of course, in a very volatile part of the world. It's still at war, etc., etc. So that's the counterbalance against this upside. But it's, yeah, it's a good plan B. Yeah, I think that sort of covers Get. And last week, we sort of in this report, highlighted a little bit around Newman because it's grown to become quite a large part of our position. Dennis spent a lot of time around Newman. So I think you're best. Could you walk us through the latest stuff on Newman?

Sure.

As I believe most of you know, Newman is a health platform specializing today on obesity and personalized healthcare. Their history has had a lot of focus on male health issues, such as erectile dysfunctions, hair loss. But they have now evolved into a unisex brand, really, much driven by their weight loss offering centered around GLP-1 treatments, which has driven significant growth in the past two years. To date, Newman has treated over 100,000 patients for obesity, with over 60% of those being female patients. The company has had a very strong start to 2025, with revenues going close to 200% year over year. In the first couple of months of 25, this is on the back of a 2024 that grew roughly 130% for the full year. So just to give you a picture of the growth here, and they are EBITDA positive since last year as well. In this quarter, we're carrying it roughly flat versus the previous quarter. I believe it's down 1% in our NIDI.

Good. Thank you, Dennis and Bjorn. So I think that gets us to Q&A. Bjorn, do you want to walk us through how we... Sure.

Again, if you want to ask a question, this is the Q&A function. Or raise your hand. I will try some live questions as well. I think we have one or two from Ramil at Danske Bank. I'll open your mic now. If you're there, Ramil, please go ahead.

I'm here, guys. Can you hear me?

Yeah.

Amazing. Just trying to wrap my head around this Get transaction. First off, just a clarification. Have you had any opportunity of sort of leaving the table at any point, sort of included in the initial contract you wrote with the buyers?

No, I mean, no, we're still governed by an SBA, which is signed and done, basically. But it doesn't live forever. And that's the end of that SBA sort of coincides now. by planning with the end of the sort of interactions with the antitrust over there. So we're bound by that SBA for another few weeks.

Okay, so I'll apologize because I don't know what an SPA is in this context.

SPA is a sale and purchase agreement. So we've signed an agreement to sell the whole company to the buyer. And that agreement is nothing that buyer or seller can exit from. But it doesn't last forever if it doesn't close, if you see what I mean.

Okay, so if competition authorities haven't, or put it this way, the buyers and the competition authorities haven't agreed on concessions, you are allowed to leave the table, so to say, at some point.

Exactly.

And when is that time?

We haven't communicated the exact date, but it's well within this second quarter.

Okay. Because just looking at these numbers you've provided on Get, I mean, you're selling it at 10 times CBT, including earnouts that will be paid out over a three-year period. So, And it is the de facto sort of market leader in quite developed markets. Do you see my point? I mean, are you really pushing for this to go through? I know it's a very candid question, but trying to understand it here.

No, Ramil, I mean, it's a very valid sort of topic. And believe me, it's something that's been sort of discussed here. But, you know, we did sell this. I mean, it's a year ago even where we sort of signed this. And we were, of course, and rightly so, I think, very focused on selling assets from the portfolio in order to sort of pay down the debt. We don't think that... Debt is, I mean, our financial strategy is to fund our work with equity, not debt. And we've used that as a bridge to an exit. And of course, we had a couple of exits that didn't work out during sort of the volatility that we saw a few years ago. So I think that I absolutely stand behind that and feel that that was the right thing to do. Of course, we signed this agreement at the price point. we sold it at the agreement during a period when Israel and the war was in a more sort of violent phase than now. So that's of course developed to the positive. We hope it stays positive. But I think it was the right thing to do to sell it at the price we sold it at. But should the ICA not want to approve this within the timeframe of the SBA, then it's an asset that we're at this stage very happy to keep on owning. But I also feel that if it now gets concluded, which we think it will, then it allows us to move beyond debt, which I think has positive implications for our balance sheet, of course, but also how we're viewed, the threat of paying down the debt and how do you fund that. Again, more art than science, but I feel that that that's sort of a drag on where we trade in relation to NAV. So it would be good to have that behind us. And although the price was negotiated a year ago and the company is doing well, I really think that that will be positive for how we value the portfolio at large and can sort of move beyond that. But it's not... But it's absolutely not the end of the world if it doesn't happen because we will be able to upstream dividends and without going into exact sizes because that's not been decided yet, of course, because we're living under this SBA. I really feel that we can do sort of – we can with dividends alone sort of materially reduce our debt and then sell the company a few years down the road before this sort of bond matures well within – the time frame of the remaining duration of this bond so yeah so it's yeah we're still under this SBA that's good we think it will be concluded if it doesn't there's probably upside to be gained here. Sorry, I started babbling on so much.

No, no, it's good. Because it sounds like the end of the world is perhaps, well, we're closer to the end of the world if the deal closes at current terms than if it didn't to you in terms of shareholder value creation. But just to get this very clear, and you did allude to it on the presentation, but you're not willing to give any concessions to the competition authorities to get the deal through, i.e. sort of give away more of your upside here. So it's up to the buyer to make sure that the deal goes through here.

Yeah, yeah. It's not for us to make concessions to the antitrust authorities. It's for the buyer to make concessions. I mean, we just own Get. And then I think the antitrust, the competition authorities... have you know as as we expressed in that press release they have raised concerns if you combine get with this parking app called pango i.e the buyer that's the issue so it's so it's the owner of pango which will then ultimately be the owner of get that has to sort of has to address these concerns with concessions or you speak about remedies etc that's the It's really on them. It's not really on us to do anything, if that makes any sense to you.

Yeah, it does. Okay, thank you. And then maybe two more questions, if I may, on the general portfolio. What kind of path to value crystallization do you see during 2025 outside of guests? Are there any assets you... believe you could sort of exit or partially exit to prove the values here?

Well, there are We're in the process of doing some exits in some smaller positions. And you could call it more as a sort of cleaning up of the portfolio. There's a bunch of smaller stuff that's doing well and that we are going to be able to exit. And in a similar sort of fashion to the tail end of last year where we sold also some smaller positions and that gave us cash and maybe not enormous cash, if you compare it to the overall NAV, but still material cash for our liquidity right now and addressing that. And so I expect it to be that there'll be sort of a movement of liquidity in a positive way to us, which we will then, provided that we're out of debt be able to sort of use to buy back stock, for example. I don't really expect any sort of IPOs to happen in any of our companies during the course of 2025. I think in a year's time, in the middle of 26, there could be a whole sort of roast of IPOs. Maybe it's still a touch early. It all depends on how the world's looking, of course. There's some IPOs that have been postponed of sort of big Swedish names. Klarna, of course. But... But it's sort of more sort of IPOs and that kind of sort of proving up of the NAV is more like a year away. But having said that, of course, we do see that Parts of the portfolio, I mean, a big chunk of the portfolio is doing quite well and may be raising money for aggressive purposes and hence at valuations which are... And we think we have our portfolio pretty much at where it should be, the NAV. The auditors listening to this call will say that we're exactly at the right value. But there's always a plus and there's a minus. But I think we're roughly fair. So what I'm trying to say is that there could be sort of... I wouldn't rule out that there's sections in some of the portfolio names where... these companies raise money to grow faster or what have you, at valuations where we are sort of happy to be diluted because they're around the NAV levels. And that will also be helpful for these companies or helpful for us because they'll prove up the NAV. Nothing is sort of, I mean, we obviously... Can't talk about anything until it's done. And so we will talk about that when it's done. But those kind of transactions, I wouldn't rule out. But they wouldn't necessarily be listings. That's probably more like a year away.

That's very clear. And then maybe a final one for Dennis on Newman. Do you see any regulatory risk pertaining to the fact that GLP-1 prescription methodologies are being questioned somewhat in media and whatnot?

I think that differs from geography to geography in the UK. As far as I'm aware, there hasn't been any questioning in terms of the prevalence of the drug and the usage of the drug. Obviously, it's still pretty novel, right? And studies are being made as we speak. Most of them are coming out very positive. Obviously, there will be Questions around side effects, which might impact that further down the line. The risk is not zero that regulations might impact Newman, but the current outlook is pretty good. There's some stuff specifically in the UK around how these drugs can be prescribed. And what kind of interaction is required between the prescriber and the patient. And this is something that can, we view it as a positive if it actually is enforced in the UK. So making it a bit more stringent compared to what it was last year. But yeah, it's massively growing. It's very early days. It's not a zero risk event that regulations would impact this, but so far in the UK, it's looking quite well.

It's very clear. Thank you, Dennis, Bjorn, and Harry for taking the questions.

Thank you. We'll move forward with some of the other questions. First, I can take one short one on the debt position. So the debt, as I mentioned, increased from $77 million to $85 million over the quarter. And that has everything to do with that the debt, the bond is denominated in S.E.K., So SDK appreciated quite a lot during the quarter versus the dollar. And after reporting dollars, it's increased. So it's just FX. And then moving on from that, we have a question from Ina Juppsson at SCB. In the annual report, you mentioned that the top five holdings were growing by 25% on average in 2025. has the current macro volatility changed at outlook or do you still see that type of growth and, you know, which of the top five holdings, uh, main contributors are growing the fastest currently?

Uh, yes, I, I wouldn't say that that outlook has changed due to the macro, maybe even on the point around blah, blah car counter cyclicality that it's maybe even changed for the better. Uh, but, um, but it's maybe a little bit too early to say if it's really sort of growing faster because of counter cyclical sort of elements to it. But, but we do see, I mean, the two standouts here are the ones that was covered is, is, is void is, is growing faster than where we're, where we expected it to grow even now in the first quarter. And, and, you know, there, you know, as Dennis mentioned, there's a, they did raise capital and there's some, there's a, there's a, there's a lag between when you raise the capital, you do the orders and you get to sort of the equipment down to the streets and they can earn money. So we still have that somewhat ahead of us. And, and so that's exciting. And then of course Newman and yeah. Yeah. GP1 being sort of maybe a novel product in many ways and maybe sort of the institutional part of capital markets doesn't feel it's been around long enough to sort of really give it full value. Certainly not in sort of the platform place around it like Newman or HIMSS, because these companies, I mean, I'm not the expert on HIMSS, but Newman is growing exponentially. A lot. And the regulator sort of wins or the overall sort of sentiment, at least sort of on a, I don't know what you say, on a clinical sort of level, you see it's like these products are having more health benefits than, you know, so it's going sort of in a positive direction rather than, than I think what people are afraid about, that there are some side effects, et cetera, that will sort of start to sort of limit the usage of it. It's more, the wind seems to be more positive, but it's a young product. So it doesn't get sort of that full value that you would if you, whilst you were growing as they are. Sorry, long winding answer. But the short answer is, I think that still stands and maybe there's even a push to the upside.

If I may add there, Per, I think it's also worth highlighting between BlaBlaCar, Housing Anywhere, and Voi. These are quite seasonal businesses with high season coming in Q2, Q3. So I think the jury isn't really out yet. We'll know the outcome rather towards end of year. But to Per's point, I don't think the outlook has changed with Q1 data alone, which is worth highlighting that they have the majority of their revenues coming in the coming two quarters.

Good. And then there's a follow-up question on GET here. In the unlikely event that the GET transaction does not close, can you provide some color at all around the quantum of the expected distribution you think you can receive from the company?

It's a little early to get into those kind of details because there's a Well, number one, the company has a larger cash position on its balance sheet. And I think a large chunk of that can be distributed pretty quickly. But that would get you like, you know, 20-25% of the exit price, if you will. But then as you make this sort of balance sheet, 20-25% is it? Yeah, something like that. Call it 15-20%. I mean, something like that. But then you have a balance sheet that's very... Inefficient in that there's no debt, it's obviously cash flow positive business and that kind of situation, that kind of balance sheet, that kind of company should be able to sort of to hold and service quite a lot of debt to, you know, for equity holders to sort of to maximize their value. So, so there should be, there should be more sort of dividend streams stemming from sort of a more efficient balance sheet. So, but it's a little too early to go into the exact details, but a material amount. So, so yeah, I mean, you get the picture if this thing doesn't close. And again, I think we'll close, but if it doesn't, I, it feels pretty good.

Good. And then there's some other questions that we already covered. I think we've walked through the questions we've received. So with that, I'll leave it to you to say some final remarks.

Some final remarks, Bjorn. Yes, that's good. I think we have our AGM on the 14th of May. Please come to that. If you're around, or I think one can log in. Can one log in? But anyway, the AGM, you're all welcome. That's here in Stockholm. The next quarterly, Dennis has kindly informed me, that's on the 17th of July. 17th of July, yeah. So we'll do this kind of exercise again for the second quarter. By then... We won't talk about Get anymore. It will be done or it will be still with us. And then we'll talk about Get. But anyway, you get the picture. And then I don't think we've set the dates in stone, but we are. We like to. We think, we hope it's useful to have capital market stays. And we are planning one again this year, sort of sketchily planned for mid-September in London. And that may move around a little bit also geography-wise. But 16th, 17th of September is what we have in pencil in our calendar. So, yeah, hopefully we can sort of, firm that up and get that into your calendars and ink and then see you there. Anyway, so thanks. You know where to reach us if there's anything we can help you with in the meantime. Thank you.