Okay. I think that we can start the meeting. I will put on the recording, and the recording will be available after the call. Welcome to Hiab's Q1 2026 pre-silent call. Today's call will be hosted by our CFO, Mikko Puolakka. After Mikko's brief recap, and then we have time for a Q&A session. Please use the raise hand function to ask a question, and I will also take questions from the telephone lines. With that, over to you, Mikko.
Thank you, Aki, and good afternoon also from my side, ladies and gentlemen. Quick recap on our latest results. If we start from order intake, our 2025 order intake was around 1.5 with the constant currency, so flat compared to actually to 2023 and 2024 years. The delivery equipment orders declined in the U.S. while lifting equipment and services orders continued to grow. Our order book was EUR 534 million at the end of December 2025. This represents approximately two to five months of sales, depending product category.
I would say that these are normal lead times for our type of business, so kind of normal supply chain. Overall, our orders decline came from Americas and more specifically from the U.S. market. This development in the U.S. is very much due to the continuously changing tariff landscape during 2025. This has caused especially customers who are serving consumer businesses to delay their investment decisions. We see in the U.S. some customers have delayed equipment replacements a bit beyond the typical replacement intervals especially in the short cycle equipment like in tail lifts. However, we do not expect the U.S. demand to decline further going forward. In EMEA, on the other hand, has continued, t he positive development has continued in 2025.
EMEA was almost offsetting the U.S. decline if we look at the full year performance. We have seen, for example, in Germany, a positive development in customer activity in 2025. Our APAC business grew 10% in 2025. However, of course, due to this, its limited size also not able to compensate fully the U.S. impact. For us, APAC is more or less or mainly Australia, Japan and South Korea. When we look at sales, our sales declined 6% due to lower starting order book for 2025 combined with the low order intake, especially in the U.S., as mentioned already earlier.
Our service sales continued to grow 3% in constant currencies in full year 2025 and amounting to EUR 469 million for the full year. The services growth came from recurring services like spare parts and maintenance while installation services declined due to the lower equipment order book. Services continued to grow also in Americas, indicating that despite this equipment order decline, customers continue to use equipment actively and require services like spare parts and maintenance. Like in orders, also the sales decline came primarily from Americas and again, more specifically from the U.S. market due to the low customer activity since the introduction of the tariffs, i.e. since late Q1 2025.
Our eco portfolio sales continue to grow, and eco portfolio orders and sales, they include solutions like Electric Power Take-Off, variable pumps and electric truck-mounted forklifts, which all help customers to reduce energy consumption and as a side product also the emissions. Eco portfolio includes also spare parts, which help our customers to extend the life of the Hiab lifting and delivery equipment. When we look at the comparable operating profit, that was for the full year EUR 213 million, or 13.7%. Despite the 6% sales decline, profitability remained on a solid level due to actually multiple drivers. We did component cost savings during 2025 that helped to protect our sales margins.
We have been also successfully mitigating the tariff impacts with the surcharges which we have implemented during 2025. We have been also looking at supply chain changes or implementing supply chain changes to also reduce the tariff impact. We have had also a positive effect from higher share of services, as services has higher EBIT margin compared to the equipment business. On top of all this, we had EUR 20 million cost savings program, which we launched in late 2024, also to protect the profitability during 2025. Now the operative ROCE was 30.8%, and basically that was supported by improving capital efficiency, especially by having higher inventory and accounts receivables turnover. Let me summarize the key points from quarter four.
Overall, we see EMEA market improving as described earlier. In the U.S., the customer activity is expected to follow similar kind of patterns what we saw in the second half of 2025. We reached the all-time high comparable operating profit margin in 2025, despite the 6% sales decline. For 2026, we have a cost savings program, which targets to another EUR 20 million lower costs compared to 2025. This EUR 20 million is the cost savings impact for this year. Our strategic ambition is unchanged. We want to grow 7% in the average per annum over the cycle, reach 60% comparable operating profit by 2028, and then maintain operative ROCE above 25%. If we look our 2025 cash generation, that has remained strong.
We had a EUR 209 million net cash position in December 2025, and this of course provides a very solid foundation during these turbulent times, and will also support our inorganic growth ambitions. Few notes about the announcements during quarter one 2026. We will move to a new organization from April 1st, 2026 onwards, so actually tomorrow. This is also contributing to the EUR 20 million cost savings program. We will have less organizational layers, better scalability, for example, to absorb acquisitions. We will have more complete end-to-end profit and loss accountability for the three business areas. With that, clearer accountability, we will have also better agility to adapt to changing situations.
Two-thirds of this year's cost savings come from personnel cost savings. We plan to reduce 480 roles. This reduction includes also our ZEPRO tail lift manufacturing move from Visby, Gotland in Sweden to our largest factory in Stargard in Poland. We forecast to book overall EUR 30 million restructuring costs for the cost savings program, and EUR 5 million of this was booked already in 2025. These costs will be reported as items affecting comparability, i.e., below the comparable operating profit. We held our annual general meeting last week on 24th of March here in Helsinki, and the AGM approved the dividend payment of EUR 1.17 per B share. This represents a 50% dividend payout and is in total EUR 75 million.
We have also closed the ING Cranes acquisition in Brazil in the beginning of 2026. ING is a EUR 50 million revenue company with roughly 250 employees. We have not announced any bigger customer deals so far in quarter one 2026, which is quite typical for our business. Last but not least, the outlook for 2026. So this outlook is based on a couple of assumptions. Like I mentioned already earlier, we anticipate that the EMEA market should continue to improve like it did in 2025 as well as APAC. For the U.S. demand, at least we expect that it has remained stable during the last three quarters.
We anticipate that the trade tensions are still expected to cause uncertainty around our customers' investment decisions. If we look at the last 12 months, rolling order intake has been roughly on the level of EUR 1.5 billion, and we start the year 2026 with a EUR 140 million lower order book compared to 2025. This outlook also incorporates the EUR 20 million cost savings for 2026. This would be visible mainly in the reporting segments, and especially in the second half of this year as we have still some works council negotiations ongoing. For the group administration costs, full year 2025 is a good base level for the cost estimations.
I would like to, however, note that we are also doing some system development to simplify our processes in order to get further efficiency improvements, and this is expected to increase our group administration costs by EUR 5 million, mainly in the second half of this year. Based on these recently mentioned assumptions, we estimate that the 2026 comparable operating profit exceeds 13%. As in the previous years, this is the floor level, so we have told the businesses that also more can be executed. This concludes the summary, and then I believe we can move to questions.
Thank you, Mikko. We have already one eager hand up, so with that, over to you, Tom Skogman. Please go ahead.
Hello, can you hear me now?
Yes.
Yes.
Good. Starting off with Americas, we have seen very strong truck orders in January and February, and to my understanding, you ordered the crane to the truck either simultaneously or within a couple of weeks from the truck order. Basically, have you seen a very strong pickup early this year in the U.S.?
Yes. It's true that the truck orders have been on a good level in the first two months. However, I can't say yet that we would have seen that directly in our order intake. Some of these higher truck orders are in Class 8, which not all have our type of equipment. In general, I would say that if this kind of good tendency would continue, most probably that would be also at some point of time then more visible in our order intake. So far, not in a let's say a notable manner.
It depends a little bit on the product category. In the tail lifts, the lead times are much shorter than the truck lead times currently.
Sometimes in tail lifts, the ordering chains might be quite long. There is the bodybuilder, which might place the order to the dealer, and then the dealer places the order to the truck OEM. There are a few steps in that process.
How long is the lead time then, you know, from short to long lead time from the truck order typically?
It can be some 12-15 weeks. Our product, for example, this kind of tail lift what you see here, if we have them in stock, we can deliver in a few weeks. Typically from the order to the delivery, it could be 6-8 weeks, yeah.
Sorry, you said 12-15 weeks from the truck order until the Hiab order or delivery?
Hiab delivery, I would say.
In the U.S., a lot of things are of course ongoing. Would you say that your customers use private credit, that you would see some negative impact from what's going on with private credit?
I would say quite many customers are using different kind of leasing alternatives, not only in the U.S. but also in Europe. It's the leasing companies who are typically quite often in between there.
What is your experience from history when you have a peak in gas and diesel prices? Of course, it impacts the end consumer, but also the profitability of your customers, you know, when they have one cost item going through the roof at the moment. What is the experience?
I have not been in the company long enough to have this kind of extremely high, let's say, gasoline prices or oil prices. Yes, it would be true that it would impact our end customers' daily operating costs. I would say that these customers would be passing these higher costs on to their end customers, at least with some delay. Some of the logistics companies could pass that with one month notice to the end customers.
In Europe, have you seen any disturbance from the Middle East crisis somehow on customer behavior? I mean, you have a short cycle business, so there might be some signs?
At least so far, we have not seen customers changing their behavior. I think, like in many industries, customers might be in the wait-and-see mode, to see that, how long this situation will last.
How large is Middle East sales for you?
Very, very, small.
Perhaps on acquisitions, so what is happening? I mean, is money burning in the pocket a bit more and more for you? Or, I mean, not many deals have been announced so far, so. It should be a good time to close deals when markets are at pretty low levels for you, so.
Yes. We have, I would say several M&A opportunities in the pipeline or at work at the moment. It's extremely difficult to predict the timing of kind of closure of this kind of M&A cases. Some of them, or many of them are privately held companies, so sometimes it can be a longer process to get aligned with the potential seller. All in all, like we have said also earlier, in addition to the dividend payments, we see that there are very good opportunities in our sector to invest in carefully considered M&As where the target companies might be good equipment companies, but might be lacking, for example, suitable service business due to the focus. These kind of companies, we could integrate them as a part of our 3,000+ service locations.
Okay. Thank you.
Thank you.
Thank you, Tom. Next in line is Antti Kansanen from SEB. Please go ahead.
Yeah. Thanks, guys, for taking my questions. I wanna start, continue with the same theme as Tom regarding kind of the U.S. Are you seeing? 'Cause I mean, you've been talking about kind of the U.S. clients being hesitant to invest, and there's multiple reasons, and they've been postponing the leases. Have you seen any kind of changes on the cost of leasing trucks? In a sense, the rates have moved a little bit. Is it becoming more expensive for your clients to kind of renew their fleets? I mean, at the same time, fuel prices are up, so maybe they get some operational improvements as well. But does this impact kind of your business in any way?
I mean, of course, the truck companies have been increasing also their prices during 2025 due to the tariffs. We have been also introducing the tariff surcharge for our product. That can impact our customer decisions. I would say that it has been, to our understanding, more the question of this ever-changing or continuously changing tariff landscape, which is making our customers. It's quite easy to postpone the decision by a few months, wait and see how the tariff regulations will change. There was also this unclarity in the U.S. about the environmental regulations, and that has been more or less clarified. That's partially most probably reflected partially also in this truck ordering in the first part of this year.
Coming back to why wouldn't we kind of I appreciate that it's mainly Class 8 and you don't maybe have a big exposure on it, but why would your demand deviate that much from the strong truck orders that we've seen so far? Is there a reason why exactly your clients would kind of behave differently than, let's say, the long-haulage freight or whatever is driving the demand?
Yeah. I mean, we have also, for example, these kind of rental companies in our customer portfolio. They are quite strict with their investment policies and following quite a lot fleet utilization rates. T he utilization rates have been, let's say, if we think Ryder and Penske, some of them publish also their utilization rates. Those have been, let's say below 75%. They are just sweating the assets. When the utilization increases, then they move to the investment side. They utilize, for example, these kind of products, what we have here in the picture. I would say that in the U.S., there are perhaps a bit two types of customer behaviors in this kind of products like tail lifts, which are very short cycle, short delivery lead times, and often serving the retail shops or kind of direct retail consumption.
Those have been perhaps more severely impacted compared to, for example, truck-mounted forklifts or loader cranes, which are used, for example, also to home improvement, construction activities, poultry, waste collection, and that kind of industries. There basically that kind of products, our customers have not been perhaps adjusting their purchasing behaviors as kind of drastically as they have done for the tail lifts.
Okay. Kind of your commentary has been for a while that you're not expecting the U.S. kind of demand to further deteriorate. Just kind of how do you kind of what do you look at when you are making this statement? Is it more like backward-looking what you are seeing in your actual customer behavior? It's some type of a forecast that you make going forward?
It's basically based on the information what we get, of course, from those multiple customer discussions what we continuously have, about their investment plans, the kind of bodybuilders' outlooks or kind of what they are indicating to us and that kind of signals. Of course, it's difficult to predict that, where the second half of this year would be. At least, i n a short term, at least, when we were setting the outlook for this year and, when we were characterizing the Americas market or the North America market development, at least we anticipated that the first half of this year should be more or less on the similar kind of level what we saw in the second half of last year.
Also backward-looking, if you think about 2025. We saw the decline in the first half and then the situation on month-over-month basis stabilizing during the second half of the year, not declining further month-over-month.
Yeah.
Okay. Last one from me, a little bit of a different topic, which is cost inflation, and I mean especially among your European suppliers. I mean, obviously there's now a threat that the energy costs and energy prices in Europe especially will again go up. Any kind of early indications from your suppliers? I mean, you don't have a direct kind of big exposure to energy, but maybe your suppliers have more. How do you, Mikko, look at it from cost inflation point of view later this year, or are you hearing anything from your key suppliers?
There are basically two elements I would say. One is this, transportation cost. When something, some components are shipped to us or we ship our products then to our customers. This kind of logistics costs, at some point of time, if this, Iran, crisis or war would persist and the high oil prices would persist, then we would, most probably, need to add a kind of a transportation surcharge to customers. The other element is the component cost because, also the higher energy cost, will impact, then the component cost, and that will also drive, inflation.
For that purpose, we have of course our sourcing actions which are aiming at getting component cost savings and offsetting hopefully at least as much as possible these potential component cost increases. The net impact of course, if that's adverse for us, we would have to move also that to customer pricing.
Like, what's the pricing currently? I mean, are you doing price increases as we speak, like?
No. No, at the moment, no.
Okay. All right. Thank you.
Thank you, Antti. Next, Mikael Doepel from Nordea. Please go ahead.
Yep. Thank you very much. Sorry about the voice here. A couple of just brief follow-ups on the previous questions to start with. First on the last one, which logistics cost, how much is that of your total or as a share of revenues, logistics costs?
We have not disclosed that, it's of course the component cost and the direct labor, those are the biggest cost items in our cost of goods sold. Like I mentioned earlier, for example, during COVID time, we have taken that kind of approach that we are transparent to our customers when it comes to the transportation cost. If there is big volatility in the transportation cost, there is a possibility to include a logistics surcharge to the customer invoice. The component cost and then the direct labor cost, those are clearly the absolutely largest cost items.
Okay, on the Middle East point, you say that the share of sales is small. I mean, is that like below 1% of your total sales, or how should we think about it?
I would say it does not move the needle. We have some smaller importers in the Middle East. It will not change the overall picture.
Okay. Coming back to the U.S. then, which is a bit puzzling, at least for me. I guess on your first comment on the rental customer, I mean, you mentioned those, and that makes of course sense, right? If their utilization rates are low, they might not invest in the fleet, right? But how big share of your total customers in the U.S. are what you call rental customers. Is it half? Is it 60, 50? I mean, just to get us a feel because it's a bit puzzling, you know, because what we see in the market is that not only the heavy Class 8, you know, it is moving up. I'm looking at the smaller light vehicles as well are also moving up in the U.S., for example, in terms of ordering.
Also listening to some of your peers, it sounds like things are moving upwards, but you are saying it's looking fairly flattish. Just trying to understand a bit better what the dynamics are here really.
Yeah. For example, in this kind of product, what we have here in the picture, tail lifts, the rental customers are an important customer group for us. In other product types like loader cranes, demountables, t ruck-mounted forklifts, it's perhaps a bit more these direct customers, fleet owners, single truck owners. Like I said in the beginning of the Q&A session, there is some lead time from the truck order to our order. The coming months, order intake for the truck order if it continues, hopefully it can have a positive impact on our order intake as well. At least at the moment, after two months, it's too early to say that. Our order intake over three months that our order intake in the U.S. based on these truck orders would be very different from what we have seen in the second half last year.
Okay. Just to be clear on that lead time, so I also was under the understanding, as Tom said previously, that there is really not much of a lead time between the truck order and your order, maybe just a few weeks. You're saying there is a lead time now from the truck order to your order. Do you have an average to give us for that? I mean, is it usually, you know, a month or maybe couple of weeks or any indication?
Yes. It varies from the product category to product category. This kind of tail lifts what we again have in this picture, there is the body builder. The builder places the order to the dealer, and the dealer places then the order to the truck OEM. There it's perhaps a bit longer. While, for example, if we have our own installation workshop or the dealer, then for the truck-mounted forklift or loader crane, then I would say that those truck orders and our loader crane or truck-mounted forklift or demountable order happens quite close to each other.
Just a final one on this topic. Sorry to nag on this, but would you say has there been any change to the market shares in the beginning of this year? Would you say that you have been winning or losing? Do you have any kind of market intelligence on that, either in the U.S. or Europe?
At least based on our kind of win-loss statistics, we have been stable in the market. No changes in the market shares.
That goes both for the U.S. and Europe?
Correct, yes.
Okay. That's very clear. Thank you. Just the final, and then I'll pass it on. On the service growth, I mean, looking at your orders in 2025, actually quite impressive growth given the still fairly challenging markets. I think organically up by, you know, high mid-single digits or so. Obviously, we saw some slowdown towards the end of the year. How do you think about the service or the aftermarket growth into 2026? What are the key levers to keep that business growing?
I mean, we are continuously and very deterministic working on increasing the number of connected fleet, which is clearly above 50,000 equipment at the moment. Then the other one is selling the maintenance contracts, which is roughly 25,000 at the end of last year. These are basically the key levers for us to tie our arms around the installed base and kind of get the customers to come to us or to our dealers to buy the service, the spare parts and the maintenance services. I don't think we will have any kind of completely new initiatives, but it's very much prudently executing on these couple of key levers.
Okay. Where are your share capture rates, by the way, nowadays? Have you given a number for where it is now in 2025?
It was approximately 47%, so we have still got roughly 5% units until 2028 what we should be gaining.
All right. Good. Thank you very much.
Thank you.
Thank you, Mikael. Let's now take follow-up from Antti. Please go ahead.
Thanks. Wanted to still follow up on the U.S. situation. I mean, aside from the market situation, I mean, it's one of the growth targets for you, and you've been talking about that you're a bit regional, and you want to expand it. Could you maybe highlight a little bit what was done in 2025, whether it's a number of distributor partners, whether it's a number of service shops, kind of initiatives to kind of expand your footprint that you could actually grow in a, let's say, a flattish market? Or then if the market come back, it's actually a bigger opportunity for you than before? Or is it too early to kind of talk about these things?
I would say that now we have, in 2024, we had more or less no dealers in the U.S. except for the Princeton brand. Now we have 16 dealers for the U.S. With these 16 dealers, I would say that we are covering perhaps not all white spots, but huge part of those previously identified white spots. It's fair to say that not all dealers are yet fully on board. It requires training both for the dealers' sales organization, but also for the service organization, as well as how to use the various kinds of digital tools what we have to support sales and servicing activity.
I would say that there is now a good premise for covering those previous white spaces, especially in the central and western part of the U.S. Some of the dealers have been already having a quite nice order intake. We have not disclosed the size of that order intake, but some of them are more advanced and some are still fairly recently signed dealership contracts, so it will take still some time before they are fully kind of up and running.
I mean, is there any way to kind of provide any magnitude on how big is 16 dealers, given that you haven't had a dealer model before? I mean, compared to the business that you've done directly, is 16 dealers very marginal impact when they are fully up and running, or is it a substantial increase all else equal?
Yeah, we have not disclosed that how many new locations or service points or sales points we have received through those. I mean, if you just imagine the U.S. map and think that with let's say EUR 550 million-EUR 650 million of North American revenues, we have been mainly covering through our own sales and service organization. Now we are basically in the eastern part of the U.S., and now we are really adding lots of sales and service power for the central and western part. Several tens of millions of euros, but of course it takes time before those dealers have then kind of covered their, let's say, 100 miles radius or whatever the radius is to the customer base, and then make active sales.
Do you have any kind of exclusivity that you have with the dealers or are they selling kind of directly competitive products as well? How, kind of, how do you incentivize them to really go out and push the new product that they have gotten from you?
Yeah. They sell only our product. They of course have other products in their offering. They can be Caterpillar dealers, John Deere dealers, but not competing products to our offering. Basically they get a certain margin for the sold products. The biggest kind of revenue and profit potential they have in the maintenance services which they would do on behalf of us.
You would provide the parts, and they would do kind of the-
Correct
Manual labor. Okay, thanks.
Thank you, Antti. I think we have a follow-up from Tom. Please go ahead.
Yes, sure. Perhaps did I understand correctly that you said you got sales of several tens of millions euros last year from dealers, basically?
No, that's the potential. We have not disclosed how much we have got sales through the new dealers in 2025. The expectation is of course that when we are covering a vast area of the central and western part of the U.S., that at some point of time these dealers should generate a very decent revenue for us. It's good to remember that many of them are still fairly new to our business.
Today or last year it was less than EUR 10 million of sales that came from this, or is that's correct?
That we have not disclosed how much.
Yeah. Perhaps, you know, I would just like to understand a bit better still these lead times. You say in the different product categories, so we don't draw any wrong conclusions. In tail lifts it's like 12 -15 weeks often. What about these other products? What is it in loader cranes and demountables?
If we look at just our own lead times from the time when we get the order from the customer to the time we deliver. It's the longest in loader cranes, where we can talk sometimes about 4-5 months. It's the shortest in tail lifts, where we can talk about 8-9 weeks.
Of course, the customer, what they need to do is to match the truck and the equipment delivery. Basically, when they get the truck order, they get the delivery date, and then they know when they need to order our equipment based on our lead times in the products.
Yeah.
If we have a short lead time, then they don't need to place the order immediately. If we are only a couple of weeks shorter than the truck OEM, then they need to place the order.
Yeah. All in all, I would say that we are, in most of the cases, shorter than the truck lead time.
What you're trying to say is that there's typically 12-15 weeks lead time from the truck order until you get your order for a tail lift. In other products, it's typically only 2-5 weeks then because of the longer delivery times.
Yes.
Perhaps a bit on the tariffs at the moment. You know, because what is the tariff you know that you pay when you import right now, so we don't understand it wrongly. Isn't it so that you have a benefit now in many products, you know, that you make in the U.S. that others import, so you should gain market share at the moment?
Yeah. There are different kind of tariffs. IEEPA tariffs were doomed, or the court said that they are illegal. There are now these other tariffs, which are on the level of 10% flat. On top of that, there is the steel tariff, which is 50% for the steel components or components containing steel. There are a couple of tariffs which are impacting our products, and these tariffs we have fully reflected in our customer tariff surcharges. If the tariffs change up or down, then we adjust our surcharge.
What comes to our competitiveness, it is true that we have more assembly operations in the U.S. compared to many of our European competitors. We have also local sourcing. We have increased the local sourcing, as I mentioned also earlier, to mitigate some of these tariff impacts. I would say that we are against the competition. We are nicely positioned in the market. Definitely not worse than the competition.
In what products would you say that you have a clearly bigger U.S. footprint in manufacturing than competitors?
Well, these kind of tail lifts, what we have in the picture, more or less all U.S.-sold tail lifts are assembled in the U.S. Some of the components come from the U.S. or the USMCA region. But there are also electronics and some components which are still cheaper to source from outside the U.S., even with the tariffs. Our truck-mounted forklifts. Most of the truck-mounted forklifts which are sold in the U.S. are assembled in the U.S. Loader cranes are exported from Europe. The U.S. cable-hoisted demountable products are assembled and manufactured in the U.S., while then the kind of European MULTILIFT products are exported from the EU.
You have more U.S.-based manufacturing than competitors, probably in tail lifts. Competitors has it as well, but it's really about truck-mounted forklifts and in part of demountables where you have more U.S.-based competition than or U.S.-based manufacturing than competitors have.
Yeah. I would say that in the U.S., in tail lifts, there is the Maxon. Maxon, which is number one competitor or the largest player in the market. We come as a number two there. Then there are other European competitors who do not have assembly operations in the U.S.
Okay. Thank you.
Thank you, Tom. We have our next follow-up from Mikael Doepel. Please go ahead.
Yes. Thank you. Just a very brief follow-up. I was starting to think about the sales mix in the U.S. within the equipment business. Is there anything you can say about that? I mean, in terms of how big of the total is tail lifts, what is loader cranes in a typical year? Just to get a sense of, you know, what the mix looks like in terms of revenues in the U.S.
That we have not disclosed, but we have said that this overall Hiab equipment order intake and sales decline is coming from the delivery equipment, which kind of shows that, for example, tail lifts and truck-mounted forklifts are a sizable product categories in our Americas business. Yeah, also in North America.
We have said that proportionally, delivery solutions in a typical year have a higher share in the U.S. over Europe. In Europe, we typically have a higher share of lifting solutions than in the U.S.
Cool. Okay. That's clear. Thank you very much.
Thank you so much. I don't see any hands up, but maybe if you have any question from the telephone lines. I don't hear any questions, so it's our pleasure to hold the call. Thank you for the interest. We will publish our first quarter results on the 24th of April, so stay tuned. Thank you.
Thank you.