Good afternoon and welcome everyone to this webcast with a presentation of the Q3 2026 report from Columbus that was published this morning. Today's presentation will also have highlights from Columbus' new strategy, ASTRA 29, which was also announced this morning. In the first part of the presentation, you will be in a listen-only mode, which will be followed by a Q&A session.
During the Q&A session, and if you are dialed in by phone, you will be able to ask questions verbally by pressing pound or hashtag followed by five on your phone's keypad. If you are watching this webcast online through a browser, you can ask your written questions in the chat below. With that, I will hand over to CEO, Søren Krogh Knudsen, and CFO, Brian Iversen, from Columbus. Please go ahead.
Thank you very much, Rasmus, and welcome everybody from me as well. Yes, as Rasmus just talked you through, we have an agenda planned for you. First, I will just give you 30 seconds to, 10 seconds to read through the disclaimer. The agenda, again, looks as follows. We will start with a financial and operational highlights section presented by me, and then Brian will go into a bit more details, both on the financial performance on Q3 and the financial outlook.
Then I will take over again and present an initial overview for you of the ASTRA 29 strategy, which we will be pursuing for the next three years. Then we will conclude with a questions and answers session.
In Q3, we saw an increase of 6% in revenue, which was the second quarter of growth since we took a dip, as some of you that are followers know, that we had a 2025 where we did not produce a combined growth for the company. So that is positive. We have chosen here to highlight our biggest business unit, Dynamics, that returned to 8% of growth quarter-over-quarter, primarily actually driven by continued strong performance in Norway, but also in the U.S.
Our EBITDA adjusted for other operating expenses improved significantly in Q3 2026, and we reached a margin of 10.3%, reflecting the impact of the strong growth and also improved efficiency and general cost awareness. The details about the improved efficiency will follow on the next slides.
As well, overall, the efficiency reached 62% in Q3 of 2026, which is a pretty solid improvement over Q3 2025, where we were at 58%. It is worth noticing also that Q3, the calendar quarter Q3, which is the weakest quarter of consulting companies due to summer holidays in July and August. So we have the Danish holidays, as some of you are aware of, are primarily in July, but for many of our other markets, the most heavy holiday month is August.
Cash flow from operations increased by DKK 48 million, so from DKK 7 million to DKK 55 million. Again, underpinning the soundness of the business and also relatively tight control of customer payment terms. We have previously commented on that our pursuit of very large corporations as customers, they generally have longer payment terms, so that tends to drive up our debtor accounting. But we can see here that it is very sound.
The majority of this is basically changes in working capital, but we also see a significant increase in cash contribution from operations as well. I will go into the market and operational highlights, and the first thing I just wanted to show you here is this is the last time you will be seeing me and Brian here from our headquarters in Ballerup.
We are moving our headquarters after almost 19 years here in Ballerup. We are moving into a new office in Nordhavn. Our official opening will be on November 16th, and our main driver for moving the headquarter is getting closer to a bigger talent base, but also closer to some of our clients. We felt the need to get closer to the center of the city.
Offices are almost ready, but as you can imagine, some of our teams are working quite hectically on making sure it is ready for the big opening on November 16th. Going back to the improving momentum, here we have a graphical illustration of the dip that we took, starting in 2024 and then bottoming out in 2025, and then how we have returned to growth.
Of course, the final results of Q4 remains to be seen, but given that October has passed, we still see a decent development in our activity levels going forward. We have conducted a performance exercise in the past quarter, in Q3, which basically aims to achieve broadly three things. We have done the adjustment partly to strengthen our operational efficiency.
We have also done it to align, where necessary, competencies with capacities that spread across business lines, but also across geographies, and partly also because we know what capability demands our new strategy drives, and therefore we have made a number of changes as well. Overall, this has been impacting a little bit more than 80 of our employees, and the cost provision taken in Q3 was approximately DKK 20 million. Brian , I will hand over to you for the more details.
Yes. Thank you, Søren. I will just run through, as normally, Q3 numbers, firstly from our service revenue per business line. Overall, as I mentioned, we grew 6%, which is good, strong growth in Q3. By far, the biggest contributor, also our biggest business line, is Dynamics, which grew with 8%.
Second quarter that they are into a positive growth momentum, and we are happy to see that, especially Norway, as Søren mentioned, U.S. is driving it very strongly, b ut we also see some of the other markets slowly picking up. M3, flat development. Although they ended the quarter in a good manner, we still looked into some weak months in the beginning of Q3 during the summer holiday season.
Digital Commerce, here, as we have talked about for some quarters now, we continue to see some hard headwind out there, especially in our Norwegian market and Danish market, as we have seen for some months or quarters. We continue to have high focus on how to turn it into a positive. It is a tough market, especially Commerce area.
Data & AI continue with a strong growth of 27%, and we continue to invest heavily in this business line, as you can see on the next slide. We are happy to see the strong momentum and ask for the services that we deliver in all corners of our countries and in every business line where they chip in. We move to the contribution margin, our very important KPI from our business line side.
Overall, we improved it from the same quarter last year from 19% to 21%. But again, here we have taken the majority of our provisions for the restructuring we made in our businesses. So adjusted for that, it will be close to 26%. We are happy to see that our bottom line and our profitability is increasing, and we definitely seen that here in Q3, and we are confident we will continue to see that in Q4.
So that is good to see that some of the medicine we have taken the past quarters is actually supporting us very well here. Again, the biggest driver here is Dynamics, and of course, it linked very well to our efficiency, the bottom line growth from 20% to 27% margin. M3, which you remember had a flat development, is down roughly 7%, but actually, adjusted for the redundancy that they have taken a big chunk of in the restructuring of the business, they are actually on par with Q3 from last year.
Here again, we expect that to be back in the 20s from Q4. Data & AI, just to comment on that one, at the end, as I mentioned, we continue to invest both in new employees, training, and Agent in a Day, and different stuff that we are doing towards our clients and customers. That is a long-term investment that we have decided to take here, and that is very important also for the rest of the business lines. Good. Service revenue per country, as we also measure on.
Here, you can see, although Sweden is still down, it is not as much as it used to be. We start to see some light at the end of the tunnel, although it is still a challenging market, especially for our Dynamics business, whereas M3 is actually having a very strong momentum at the moment, and we also expect that to continue the coming quarters. Some big wins, although it takes quite some time to get them up in speed.
Denmark, still a challenge, and we still work hard on it. That is down with 9% quarter-over-quarter. U.K. has continued the growth pattern, a bit more modest in Q3, but we continue to invest over there in different business lines, especially AI, Data & AI, and M3.
Then as you can see, Norway is really jumping up again this quarter, and that is back on some very big wins in the Dynamics 365 business line. U.S. also is back in growth. They've been there for some quarters already, and that's actually a slight shift from M3 to Dynamics. It's good to have two strong legs over there now. Of course, it's still relatively small, so some big changes in contract can move it Q-over-Q.
That's all for the deep dive. We do it a bit faster this quarter, as we also have the strategy on the agenda. I would like to close off my input with our outlook, which we already announced back in October. The 22nd of October, we announced or adjusted the outlook. We narrowed the organic growth from 0%-5% to 2%-3%.
Overall for the year, we are back in growth, and that you can see already really starting here in Q3. Our EBITDA margin, which were around outlook previously from 8%-10%, is now approximately 6%. A big impact here is, of course, the restructuring that also impacted overall for the year of more than 1 percentage point in, let's say, additional costs for that exercise that we are confident that will overall improve the company going forward. That's the new outlook for the year. As mentioned, that was out the 22nd of October. Good. Then I'll hand back to you, Søren.
Thank you, Brian. We'll take the combined questions from you at the end, both for the financial results and also for the following slides on strategy. We'll take everything there at the end. Let me introduce to you our new strategy called ASTRA 29. Always funny to work with the naming of new strategies.
We've chosen the ASTRA, which obviously refers to a star, because compared to if we look back only three years, we found that the market was in fact a little bit more routine-driven. We knew the dynamics of the market very well. I think it's very important in our new strategy that we are prepared to do some exploration as the market really develops into new revenue drivers, and actually some of the old revenue drivers will cease to exist or will be minimized.
It's meant to symbolize our readiness to commence on this exploration and development journey. Before we do it, I think we should take a brief look at the outgoing strategy, New Heights, which has been with us since 2024. We do see the New Heights strategy as having been very successful for us in terms of growing the operating model, the capabilities of honing in on the very specific customer segments that we wanted to grow more than anything else in Columbus.
The external market conditions were tougher than initially expected. Just to mention a few, I would say definitely start with the tariff complications, but also interest rates have been wreaking a bit of havoc and also other things. Some of them definitely out of our control, some of them we have done our very best to take control of.
We see the New Heights still as setting a very good foundation for us going into ASTRA 29, and this strategy is really designed to build further on the position that we've built and further increase the position that Columbus takes as an agentic operating partner for our customers. If you see it like that, I think New Heights was very much about winning this position as trusted advisors for the chosen ICP customer segment, which we succeeded in.
ASTRA 29 is about further developing our position within the existing customer mass, but also for new customers to take additional areas of responsibility as an operating partner going way beyond the ERP systems where we, for most of our customers, started our journey. A testament to that this foundation is in place, I would see this slide as.
Worth noticing that now we're up to about 90% of revenue in 2026, but presumably also in 2027, will come from customers that were already with us from the previous year. This year, 90% of revenue is driven by customers that were already Columbus customers in 2025, and so on. We've also conducted a pretty rigorous evaluation of our technology partners.
I've just mentioned our two largest partners here, to ensure that we are basically tied into an ecosystem which we see as a winning proposition to customers. It was quite clear to us early on that Microsoft had the necessary strategic bets in place to fulfill that role.
Lately, we've also been very impressed with some of the strategies that Infor, the parent company of M3, have presented to us in terms of how they will infuse AI and automation enablement into their platform and how they will open them up to the customer's technology ecosystem. We're actually seeing it as a big strength that we have a very, very long, unbroken history of partnership with particularly these two vendors, but there are also other smaller vendors that we take with us on this journey.
That exercise is complete, and we feel very secure about the strategic direction of our partners. It should also be noted that this is not a strategy that when launched to also our employees today will have to be started from scratch. This is a development that we've seen exemplified here by the growth in Data & AI.
I could also have shown a longer list of projects driven by M3, driven by Dynamics, which is leaning heavily into the strategy that we now fully pursue and build into our delivery methodology in a more structured way in the new strategy. Further, we found it informative for you to see this slide. There's quite a lot of speculation as to whether the market for big corporate enterprise system will cease growing.
That wouldn't in itself mean that Columbus grows more or less, but it's just, is the market for ERP systems specifically, has it started to decline? It's just worth noticing that the market actually continues to grow in our traditional business, whereas some other SaaS platforms may experience a little bit of a downturn. We're still seeing an increased spending towards having these future-proof ERP platforms that has the necessary AI enablement.
We are actually still in our classic business operation experiencing market growth, which we can then tap into. Our customers clearly, very, very clearly, and we are way beyond that point, have recognized the huge potential of this technology. I realize that on a daily basis, you will see a little bit of back and forward in terms of maturity of AI technology, and that is completely fine.
There is no doubt from a corporation level that this has huge potential, and this potential needs to be harvested for every one of our customers to remain fully competitive in the coming years. What is also clear after some years of perhaps a notion of that this is going to be very easy to implement, even going to the point where it almost implements itself, et cetera, I think it has become fully clear for all customers that it is, as always, a very, very complex transformation consisting of many different activities.
There is a technology architecture, there is security architecture, data architecture, there is governance within the company, there is a hybrid organization with agentic entities working alongside human colleagues.
There is a cost issue, which is very apparent in these months. You are basically seeing a huge increase in IT operating cost, which will then need to be offset elsewhere for this to make a good business case. The conclusion is that for companies to succeed on this mission, it is very necessary to have a very highly capable partner to drive that transformation to success.
Clearly, our ambition is to be that partner, to build on the trust that we have within the organizations. We have it both in the IT and technology divisions, but also in the business functional areas. We want to use that to build, run, and evolve these mission-critical systems that we have always done, but also expand into much broader operating responsibilities for these customers.
I will just talk a little bit to the left side first here, and I think it is important for everybody to recognize that IT spend as a percentage of overall OpEx in companies is about to increase. The overall IT spend is mainly driven now by, if we say token consumption, will increase, and therefore significant value will have to be produced, and we are not actually yet at that stage where I think many companies would declare that they have a positive business case on that. That remains to come, actually.
You can see on the right side here that spending towards platforms since 2024 has increased fourfold to make sure that all the platforms are AI-enabled. Let me move to the next slide. Just start here on the right side of the next slide. You can also see that the same companies that have then undertaken this investment, 88% of them are now saying that they are definitely using AI in some shape or form in at least one business function. I think this is almost outdated the second it is written, going towards 100.
But the same companies will say that they are capturing, o nly 6% of them will say that they are capturing more than 5% of EBIT improvement from it. That is clearly a value gap that has to be closed in the next three years, which are the three years of our strategy period, by a much more structural approach to infusing this technology in the organizations.
Moving to the left side here of the chart, it speaks a little bit about how we and our competitors deliver projects. This shows you how the technology works, that we are already seeing this compression of hours that we spend on delivering a program for a customer.
Typically, a program would be the full implementation of a new core system, 20%-40%, and then we have broken it up, or McKinsey and BCG has broken it up by subcategories here, configuration, documentation, requirements, but also particularly testing. You see a very, very high degree of delivery compression. So we basically can do much more with less hours.
In terms of how we plan to win in this changing market, which has changed and continues to change fast, we have broken it into three columns, which I will just explain to you today, and then there is more information to follow as we launch the strategy fully in our organization. Pillar A is very much about modernizing and continuing to drive efficiency across our existing service portfolio. This is already ongoing and has been ongoing. The compression I just showed you is very, very real.
It is simply a full-on necessity for us to do that to remain cost-competitive towards our customers. The B pillar takes a completely different offset and is something that we have also developed over the past years, where we do not start with an offset in our traditional strongholds of ERP or commerce systems.
We start from a business process perspective and work essentially by identifying with the customer the heaviest cross-functional business processes they have. We look for automation potential.
Typically, it is not that different from what we have seen previously, is we look for the high frequency, we look for the low complexity processes first, with a relatively simple to determine decision fallout. It is still the same thing that we are going for. We can go into much more complex ones as well, but there is no reason to start where it is more complex.
So we start with high potential, low complexity, and then we work our way through it. As we do this work, we touch a multitude of platforms that we do not normally work with, and that is why we say we are broadening our responsibility into this full agentic partner. We need to manage across all the platforms any business process demands to have this position for the customer.
It is simply not viable for anybody to say, w e will take the ERP part of it, or, "we will take the warehouse management part of it, or, we will do. You cannot optimize a business process like that. So we need to assume the full responsibility for both setting it up and doing the operating on a lifetime basis afterwards. C is concerned with an expansion, I would almost say downwards, into a different technology layer.
We see an interconnectivity of platforms driven also again by AI, which means that we are, for many different reasons, coming closer to different, more production proximity systems, I would say. So warehouse management systems, transport management systems, manufacturing execution systems are much more present for us today, and we are expanding our role into, first of all, securing interconnectivity between our core platforms and those. It is actually relatively immature still, I think.
E ventually, potentially also taking over some of the operating partner roles for these new platforms. I think we will see warehouse management systems being the first one to take off here already in 2027. We have made some interesting partnerships, and we have landed the first customers on this side of the- Good. Are we on time? Yeah. Super. A little bit on the change of the commercial model.
As I said, we need to accelerate the speed of which we can deliver projects and basically get through to a go-live stage for our customers, and we have done that. It also means we can do more with less hours, but it also means, as we have talked about previously, that sometimes time is not the most appropriate measure of value, both for us and for the customer, because we are essentially trying to use as little time as possible, of course, to deliver the desired outcome.
So we are currently undergoing a pretty big exercise to, I would say, both to reprice, but also to change the commercial terms and conditions to something where the efficiency gains that we are delivering on a daily basis is split in an appropriate way between us and our customers.
Whereas if we stay on purely time and material, the risk is for us that we are just passing on fully the advantage to the customer, and for the customer, the risk would be that we have no incentive to deliver quicker. So it is not good for either of us. So we are seeing a very, very rapid change in the commercial agreements we operate on with the customer, a nd it typically is expressed by more phases being done on a fixed price.
We do Augmented Delivery models. We also start to experiment with some really advanced, I would say, outcome-based delivery models. They are more complicated and still more rare for us. We are trying to drive some of this ourselves, and partly we want to make sure that we are just ready for new market standards, because we appreciate we are not going to be the ones solely setting the market standards.
There are very big providers globally that will probably be the main determinants of the sort of globally readily accepted terms and conditions going forward. So we both drive changes from within, but we are also just monitoring closely, especially in the U.S., which tends to be a good indicator of where the terms and conditions change first, and then we are ready to adapt and to implement them as they become obvious to us.
Essentially, what we are trying to do here is to retain a good part of the value or the incremental value delivered, and then obviously sharing that value as well with the customers. Time and material still remains a big component for us, but if we only use that, and it has been by far the dominant invoicing driver for us, we think that there is a risk in that. We are currently driving through that change.
This one, for those that have been following us, I would just say it remains broadly unchanged. We added life sciences in the past strategy period, and we see that as very successful, so we continue and we continue to double down. We have a lot of customer wins within that one. We continue with that focus on customers that are right below the global S&P 500, so they are still very large corporations with thousands of employees in many countries. We stay within the industry verticals so that we can talk the industry language.
We fully understand what is going on at our customers, the regulation, the value chains that they are a part of. Geography-wise, there will be some changes. I would say we are getting increasingly comfortable with the development in our German market in the past strategy period. We have opened the Dynamics practice.
Previously, we only had M3 there. We like what we are seeing, and we want to explore that further. We also have some investments in getting fully established for some of our market units in the U.K. Particularly, we are making some investments into M3, building out M3 U.K. now, a big existing market, which we, in collaboration with Infor, again, the parent company, think it is necessary for another big partner to join that market to mature it. It is a joint effort, I would say. Those are some of the changes we see there.
In terms of targets we set ourselves, we want to reach within the next strategy period the goal of DKK 2 billion in revenue, up from we had a full year result of DKK 1.6 billion last year. We also want to increase our EBITDA to DKK 300 million, up all the way from DKK 113 million in 2025.
That is very stark increase and very ambitious, but we have also been impacted, as you saw on that dot plot of growth, that 2025 was not a great year for us, and even the beginning of 2026. Now we are starting to see the performance levels of EBITDA performance that we are coming in with, and as represented by the results here, and also what we will show you in Q4, and then we want to increase that going further.
Strategically, we have set an ambition of increasing the recurring revenue, and there are specific reasons for that, but a lot of the- It is very high frequency work with many of our customers, so it is not like you come by once every two years and deliver a big project. We work with them on a daily basis, and that lends itself well to having a recurring agreement that covers the majority of some of the things, and then you build with time and material and fixed price projects for larger efforts on top of the recurring value.
But it is a strategic indicator for us to see that one growing to approximately 20% of the recurring revenue. Good. With that, I think we have eight minutes for questions, and we will then want to open up for questions, Rasmus.
Thank you very much, Søren and Brian. Yes, we are now ready for the Q&A session. Just to repeat that you can get in line to ask questions by pushing the pound key or hashtag followed by five on your phone's touchpad if you are dialed in by phone. Should you wish to withdraw from the line, you can push pound key or hashtag followed by six.
If you are watching this webcast online through a browser, you can ask your written questions in the chat below. We kindly ask you to limit yourself to a maximum of two questions at a time before joining back at the queue again. Thank you. We have Michael Friis from HC Andersen Capital here with a few questions. Please go ahead, Michael.
Thank you. Regarding your new strategy and how much of the EBITDA improvement should come from where, I guess the delivery model, the AI efficiency is a part of it. Are you also carrying a part of the New Heights, the former strategy, I mean higher prices and so on? Or is everything coming from this changed world with the new delivery model? Are you carrying in some of the, you can say, the efficiency parts you also had in the New Heights? If you can elaborate a little bit on the moving parts on this EBITDA improvement.
Okay. Thank you, Michael. Very good question, but also a bit broad. Let me see how much I can cover here. We are definitely carrying something from the old strategy period into the new. I think the best way of expressing that is still by the efficiency, which has improved. We just showed you 64, sorry, 62 for this quarter versus 58 for last year. This is still suppressed by the 80 employees that remain on our list.
As we go into Q4, you will see that number changing further upwards. Also, in general, that we are just seeing a better business momentum. I think that the EBITDA performance we come in with, it would be misleading to look at the 2025 number as the indicator of our starting point.
Perfect.
That being said, we can also have another indicator, and which I would say is that currently we are delivering more revenue than last year, obviously, but with significantly fewer people. That is also an indicator of the margin spread that we can achieve when we decouple sort of this one-to-one relation in consulting that has always been that, in order to have more revenue, you need to deliver one more hour, and that will give you one more hour of both cost and revenue.
We are seeing a real good possibility there now to do something which is IP-based, some pre-packaged deliveries, some productized deliveries. Also, some pre-packaged agentic configurations that customers will then pay for in a different way than just the time spent on developing it. It makes great sense for us and for Columbus. Like I say, it is a value-sharing exercise that we need to go into, which is then what is driven by the new strategy.
Regarding orchestration, which is a part of your strategy, I often understand that as picking the right model and the right for the customer . Do you feel limited by your partnerships, or are your partners, A.K.A. Microsoft, so big that they have whatever you need to orchestrate good for your customers?
Yeah. Okay, two things. This is also a great question, Michael, but also if we were to elaborate fully, it becomes- There are many aspects. We are definitely not limited by the LLMs . T hat is not an issue at all, I would say. I think what is now maturing quickly, and that has been slightly limiting, is to have a more structured connection between the various AI platforms and traditional data repositories or systems that the companies are operating and continue to operate.
The standardization of that has now been achieved for a while, and the interfaces are being opened. I see that limitation as disappearing very rapidly for us, but also for everybody else. It was something that needed to be addressed for the ecosystem to fully evolve. Then one further aspect on this agentic partner, which is very top of mind for us and our customers right now, is the management of cost.
Everybody is just talking about efficiency gains right now, but all companies are now seeing, I know this because Brian tells me all the time, what our token consumption is and what the increased cost on this specific line item is compared to next year. That development, even though it is now starting to become significant, that is a development that has only begun.
For our customers, this will be a significant cost for them going forward and needs to be managed carefully. The lock-in effects have to be thought through, the discount schemes, how to basically ensure that i f a provider takes unfair advantage of their position, how do you replace them with another so that you are not caught in an unsustainable cost scenario? It is a job for us to help our customers achieve those contractual terms with their technology providers, which in turn are then also our technology partners. So we have a role in that.
Perfect. I will jump back in the line.
Thank you.
Thank you. There are no more in line for verbal questions, but we can do a couple of written questions here. There is one in terms of revenue. Which revenue streams do you expect to phase out, and could you give some examples of the new revenue streams?
Yeah. I think the best way of explaining this is essentially to look at the compression chart that I provided earlier in the presentation. The more compression, the less value we can derive from that, and the more we need to automate it. That will result in a lower revenue stream. But that could be something like basic integration configuration work, which is sort of a semi-technical task that we've been doing a lot of previously. That is just heavily assisted now by AI. It could also be, let me say, something like documentation.
At the end of a very large program, we will always deliver a very comprehensive documentation package of the system setup delivered, which would typically take us a long time to produce, and also to do the comparison between that and the originally agreed scope with customer , and then highlight all the changes and where they were agreed with the customers and the reasons why any changes to the original plan was made. It is also an example of an activity which is tenfold reduced for us.
Activities that will increase, just two brief ones, I would say, the process optimization. The introduction of a structured process optimization program assisted by the agentic capabilities of the systems is a great growth driver for us. But also something as simple as what traditionally is simply referred to as change management.
The technology is readily available, and everything seems easy, but big corporations like us, but our customers tend to be a lot bigger than us, you still need to agree on the operating setup going forward. You still need to agree on how we do things, what are the rules, how does the operating system work?
You need to get all the employees on board with that. You need to sunset the old ways of working. You need to monitor the benefit you are getting from it, if it is as desired, et cetera. So it is the change management, the OCM part of it, which we have always had, but we see a big increase in that part of it as well.
Thank you. Another question, which also seems to be the last question here on the chat is, would the company SCALES, which is a subsidiary of NNIT, and they are looking to divest this company, be of interest to you, and do you think a sale could trigger further consolidation in the market?
Yeah, I am not going to comment on that very specifically. I think it is worth noting, I am just going to point out a fact without commenting on any probabilities. I just think it is worth noting that SCALES is operating, to the best of my knowledge, almost solely on the Danish market. Columbus, as you have just seen in the presentation that we went through, we have a much broader global presence.
So there is not a one-to-one comparison between SCALES and the way Columbus is set up, although I recognize that SCALES operates within exactly one of the areas that Columbus is on as well. But I am not going to comment on whether it is interesting or whether it could start a consolidation in the market.
Thank you very much. There seems to be no further questions, so I will leave the word to management for a final remark.
All right, thank you. I just want to thank everybody for joining, and stay tuned for more news. We look very much forward to presenting again to you in Q4, and I think we have pointed out a few things we want to succeed with, which we will report back to you on as we present the Q4 and full year findings.
Thank you. By that, we will end the call.