Good morning and welcome to the first quarter 2025 presentation for the Norwegian Group. My name is Jesper Hatletveit, and I am the VP of Investor Relations here at Norwegian. Today's presentation will be held by our CEO, Geir Karlsen, and our CFO, Hans-Jørgen Wibstad. It will be followed by a Q&A from the audience and the web. Please go ahead, Geir.
Thank you, Jesper. Good morning to all of you. Also, good morning to everybody listening in online. I know it's quite a few of you. It's a beautiful day. It's May. It's nice weather outside. I just saw that we had 91% on time yesterday, so things are working. We're well into the summer season. Let's talk a little bit about the first quarter. The first quarter is, as we all know, the weakest quarter in the year. It's the low season. It's always good to get out of the low season, and we are out of the low season. It ended with a negative EBIT of NOK 611 million. We spent the time wisely in the quarter and purchased 10 aircraft. That is, 10 aircraft we are already flying. We have actually been flying these aircraft since they were new.
We are using our strong financial position to do these acquisitions. We are booking a gain of NOK 590 million in the quarter. More importantly, we are also reducing the cost of these aircraft on a recurring basis for the years to come with approximately NOK 200 million a year. Due to the purchase of these aircraft, the CASK is also down 11% year- on- year. Viderø, which I will come back to in more detail, had a challenging quarter operationally. A lot of bad weather has a consequence on the cost side. We will come back to that. We are continuing to have a strong financial position, NOK 10.5 billion in liquidity. That is after we have purchased the 10 aircraft. We are in the final stages of raising financing for these aircraft at very attractive terms.
The demand, when we have been asking the banks and the leasing community, is for more than 80 aircraft. We are an attractive counterpart when it comes to financing these days. We are continuing to do well on operational excellence. The on-time performance, which is extremely important for us, has been improving month by month during the year. We had also a good year in a good month in April. NPS score above 50, which is really, really good. Very pleased about it. It is good regardless of who you are comparing ourselves to. We are continuing also to win prizes, the Freddy Awards. We took four wins, one of them best customer care, which is very nice to see. As we say in Norwegian, why connect when you can fly direct?
We are the Nordic airline with by far the most direct connections from the Nordics to Europe. We are continuing to win market share on the corporate side. Very exciting also to finally be able to bring on Reitan Retail as a co-owner and partner in Spain. I will get back to that. The 10 aircraft, as I had mentioned, Boeing is ramping up production. Finally, they are producing more aircraft than they have done in a while. We have already taken three aircraft this year. We are about to take delivery of the fourth aircraft during the next days and a couple of weeks. The forecast on growth is 3% for 2025, the same as we said last time. We are coming out of two years and a quarter with massive growth.
We are getting down to low single-digit growth for the next couple of quarters, which I think is a good thing. Now we are well away into the summer season. I'll give you some more details on Program X today and with the targets that we have set coming out of 2026. And 2025 from now on will be to harvest from the investments that we have done previously, both in a new distribution platform, the acquisition of Viderø, and the capacity we have invested into during the last months and the winter season that we will take the full benefit of now into the summer. We have used the macro environment in order to build on our hedges. Have in mind that both on FX and on fuel, the tailwind we have had has really kicked into effect starting from March in reality.
On FX, now on fuel, sorry, I think the quarter ended with approximately the same fuel price as it started with some fluctuation during the quarter. The tailwind kicked in first of all from March and April. Passenger numbers, 5.1 million passengers, 7% up year- on- year. Load factor, 82.5%. Viderø, well done. Viderø, close to 70% load. Capacity growth, 16%, punctuality 81.9%, and regularity 99.2%. We would like the punctuality to be 85%. That is the target. We would like the regularity to be in the 99.5-99.6% level. All in all, quite well done in the quarter. Looking at the first quarter, we came into the quarter with 16% growth. That is quite significant into the low season period. January was 23% up compared to January 2024, February 14%, March 13%. Still, we carried 4.2 million passengers, up 5% year- on- year.
We have invested into new destinations. We have invested into what we call winter warm destinations like the Dubais, like the Egypts. They have actually been performing quite well. That is also the main reason why the sector length is increasing during the quarter. To be honest, you know, I think when you look at the first quarter, both on load and on yield, it came out lower than what we anticipated. It came out lower than compared to what we hoped for. It is a slower quarter. Part of the reason is, I would say, more than normal bad weather conditions. We have a little bit too many cancellations. We have a little bit too many delays. These issues are creating costs, increased costs, both on the crew side, on the handling side, etcetera
The quarter, I think, to be fair, came out a little bit softer than what we hoped for. That said, as you can see, we are including April here as well, 83.6% load. The yields due to Easter, obviously, are coming pretty nicely up. Easter for us was a good Easter with an extremely high on time and extremely high regularity over the peak Easter with 99.9% regularity, which we are very happy about. April unit revenue, 18% up year- on- year, obviously mainly due to the Easter. Again, we are coming from our first quarter into the second quarter where the growth compared to last year is coming down to very low single- digits, meaning 1%. We are well placed to go into the summer season as such. I'll come back to the booking figures a little bit later.
Looking at Widerøe, Widerøe had an even more challenging winter weather-wise than what we had in Norwegian. I think it's fair to say that it was worse than the normal as well, even for Widerøe. Many cancellations due to weather, many delays. This adds cost on the crew side. It adds cost on the ground handling side. There is normally more overtime. Not at least, care and compensation costs are going up. That has been a challenging quarter. The flip side of that is that the demand in the network that Widerøe is flying is really looking promising. There's nothing wrong with the demand. They carried over 900,000 passengers, 17% up year- on- year. Load factors increased to 70%. We did expect the load factor to increase on the PSO routes. More nicely to see, it also increases on the commercial side of the Widerøe.
The interlinear traffic between Norwegian and Viderø, up 46% year- on- year. If you compare the figures from 2023, before we took over Viderø and today, the increase is close to 70%. There is no doubt about the fact that we are actually taking more or less all of the growth in passengers in Viderø into the interlining flow between us and Viderø. That is really promising. When Viderø came out of Q1 into April, things changed. The operation is much more smoothly. Definitely less cancellations, less delays, and also less technical issues partly because of the weather situation and the fact that you are into the summer season. Load factors up 8% this point and the passengers 6% up.
We also saw that Widerøe had two record days in April where they had a record number of passengers during a single day, which also shows that there is nothing wrong with the demand. This is something that we expect to continue as well into the next weeks and months. Looking at the revenues, ticket revenues in Widerøe into the summer, it is 12% up compared to the same period last year. Both load and yields are up compared to last year. Also for Widerøe, the summer is looking very promising. On Norwegian, seven-day rolling sales on the top left corner. As you can see in March and April, you see the Easter effect in 2023 and 2024. If you look very carefully, you can see that the Easter in 2024 performed better than in 2023.
You have the low point that is higher and the high point that is approximately on the same level. Easter was a really good Easter for us this year. We like Easter to be in April because then the summer program is up, is in its way. Normally you increase the capacity quite massively when you head into April. The bookings we are seeing are very diversified across both destinations and travel months. As I said, now it is all about harvesting on the investments we have done in the route network into the fleet, the capacity increase. We are all ready for what looks like a good summer. Looking at the booked revenue on the top right side, you can see that we bypassed 2024 a while ago. We are moving really ahead or away from the 2019 curve.
If we look at the bookings for the summer season, meaning May to, let's say, August, September, we have approximately 2% more seats for sale this summer than last year. We have sold 7% more seats than last year. This converts into approximately 300,000 seats that we have sold more this year compared to last year. We do not really see any signs on the macro situation around us when it comes to bookings. If you look at the specific months going forward into, let's say, the summer and into the fall, all months are up on load today compared to last year. All months are up on RASK. The yields for the period is flattish. I think that's what we can say.
What's very nice to see is that if you look at the specific months and you look at the relative performance, we are seeing that June in particular is performing well and actually the best of the months. That is nice to see because what we saw, as you remember last year, is that when we headed into the second half of May and into June, you saw a softening in demand. We had to use price to stimulate bookings and load. We do not see that picture as per today. Hopefully that will also stay as it is through the next weeks. All in all, I think the bookings are looking good for the summer, slightly better actually than last year. Spain, very exciting. We launched it in November last year, as you remember.
We have been fighting with Reitan Retail now for, I think, close to two years. Finally, we were able to find an agreement with them. They are now coming in as a co-partner and a co-owner in Spain. Reitan Retail, with the brands mentioned here, Rema 1000, Narvesen, 7-Eleven, and Uno-X in Norway, is what I would call the dream partner for Spain. This is exactly the partner we need into this platform. They are serving more than 2 million customers every day. This is exactly the volume that we have been looking for. I think it is going to be very exciting to see how we can continue to develop this platform together with Reitan and together with Strawberry. So far, 1.2 million customers have been earning Spar, close to 9 million transactions. NOK 1.6 billion Spar has as per today been earned.
Spain has been working hard also to onboard other partners. This is first of all what you call earned partners. As per today, they have close to 100 partners already lined up. The fact that we have now onboarded Reitan is a game changer, as I see it, for the months and years to come. Hopefully, we can make sure that they get online live when all the IT functions have come in place by the end of this year. Hans-Jørgen.
Thank you, Geir. Good morning, everyone. I will go through the figures in somewhat more detail as normal. We will do a deep dive into the first quarter for Norwegian. As you already know, group revenues came in at NOK 6.6 billion, which is up a nice 7% from last year, with Viderø contributing with a strong growth at NOK 1.8 billion.
The capacity, the ASK was up 16% for Norwegian, which is a good figure. Geir mentioned that. The impact, the unit revenue and the overall result for the quarter was heavily impacted by the Easter effect. I will come back to that quite a bit as we move forward. The unit revenue was down 11% year- over- year partially due to the Easter effect and partially also due to a 10% increase in stage length, which also obviously impacts the unit revenue. Ancillary, NOK 190 per pax, which is a nice increase of 10% year- over- year. The group EBIT came in at NOK 611 million, as mentioned before, with Norwegian coming in at NOK 568 million and Viderø coming in at NOK 43 million negative. The result is heavily impacted by two particular factors briefly mentioned earlier.
One is the acquisition, the really, really good acquisition of two 10-used aircraft. As a consequence of that, we reversed previously recorded lease liabilities of NOK 589 million. It is a non-recurring effect. That is one particular impact. Also, we saw at the end of the month in March, the strengthening of the Norwegian kroner versus the US dollar, which had an impact of NOK 227 million positive. Coincidentally, this is pretty much the same as we had a negative impact in the fourth quarter. In some sense, it was a reversal of the negative impact in the fourth quarter of last year. Unit cost, as mentioned earlier, was down 11% versus last year year- over- year at NOK 0.54, which is nice to see the figure coming down.
It is important to note that NOK 0.08 out of that is due to the acquisition of the aircraft. Adjusting for that, the cost level for first quarter 2025 versus first quarter 2024 is up EUR 1 or 1.5%. We are quite happy in the overall scheme of things to limit the underlying increase to 1.5%. Balance sheet, as mentioned earlier, coming out with a solid and robust balance sheet, also taking into account that we did finance the 10 aircraft with cash. We are well underway in the process of securing the financing for those 10 aircraft as we move into the summer. No worries about that. We are also happy to see that the net interest bearing debt has improved NOK 0.7 billion or NOK 700 million versus the same period last year, reflecting that we as a business are performing robustly.
That translates into our balance sheet. Taking a further deep dive into the revenue development, we can see that the revenue overall for Norwegian increased by NOK 181 million between the first quarter and the second, sorry, between the first quarter 2024 and the first quarter 2025. Obviously, Easter has a very material impact on that, which did impact the yield, which has a negative deviation versus the yield impact of that is NOK 458 million. The load factor also somewhat decreased 2.3 percentage points. Of course, with the increased volume, had a positive impact, which leaves us with a revenue for Norwegian at NOK 4.8 billion. With a very solid and strong revenue increase from Widerøe, ending at NOK 1.7 billion. With a total revenue for Norwegian Group at NOK 6.6 billion.
Looking further into the EBIT, it's important to kind of make a deep dive into that to understand the figure, also reflecting on the Easter impact. We have estimated the Easter impact in isolation to be about NOK 400 million. It is really important to look at the calendar. I think both shareholders and analysts are well aware of that. On the revenue side is the RASK and yield, RASK and load factor, which is NOK 170 million. Although the fuel price dropped between the first quarter last year and this year in a good way, we also had additional costs related to the ETS quotas and also the additional cost on the fuel. It was really flattish overall despite sort of the underlying cost decrease. We also have the inflation effect.
We did talk about that in the last quarter, that there are some particular inflationary effects for the quarter, in particular relating to the airport and ATC charges, Euro Control, and those sort of things. Also, the fact, as mentioned earlier, that the impact of the improved or the weaker US dollar did not really have much of an impact in the first quarter, except in March. This is why this has a negative impact in the quarter of NOK 332 million. We are very happy to see that the impact of the initiatives that we put in place and also the scale effect has a positive impact in the quarter of NOK 268 million. We are extremely happy to see these initiatives. We will come back to Program X in a minute, seeing that in the numbers.
The other impact on the EBIT, obviously, other lens and losses and gains relating to the translation effects, depreciation impacted heavily by the reversal of the cost relating to the leases on the aircraft that we acquired. That is an improvement of NOK 418 million, which then leads to a Q1 result for Norwegian of NOK 568 million. The result for Viderø, as briefly mentioned earlier, came in at NOK 43 million on EBIT, slightly lower than we had kind of anticipated. That is largely due to the always difficult, challenging weather for Viderø in the winter, this year particularly challenging with all the add-on costs on overtime, customer services, rebookings, et cetera., et cetera. Viderø came in at - NOK 43 million, slightly below last year. With the group EBIT at - NOK 611 million. I think we have been through largely the really big effects on the P&L.
We recognize the operating revenues at NOK 6.5-6.6 billion. Personnel expenses up as expected due to higher production, but also the union and salary increases that we talked about in previous quarters. Aviation fuel up partially because of the lower ETS quotas. Also, the mix-in on the SAF mandate, which also has an impact, total impact negative on that is NOK 80 million, but that is also as expected. We have the increase in ATC, Euro Control, and airport charges from year-end impacting the increase of 35% in the aircraft ATC charges. You will see on the OLG, as we call it, other loss and gains. You will see the material impact of the strengthening of the Norwegian kroner towards the end of the quarter. On the aircraft lease depreciation authorization, material impact of this one-off effect from the acquisition of the 10 aircraft.
As mentioned earlier, it is important. It's not only a one-off effect. It's also an impact on a recurring basis of about NOK 200 million per year as we move forward. It is a really, really good investment by Norwegian. Balance sheet, as mentioned earlier, impacted by the acquisition of the aircraft, as well as we taking delivery of three new aircraft from Boeing on leasing, leased aircraft, increasing the total assets or tangible assets to NOK 21.1 billion. Also happy to see that the cash and the cash equivalent, despite us paying cash for these 10 aircraft, is at a very stable level. Financial investments also going from NOK 1 billion at the outset in the autumn of last year to NOK 1.035 billion, reflecting the yield on those particular investments.
Another thing to note, which is pretty important to watch, is the air traffic settlement liabilities that is pre-booked, that what we have sold, going up 12% year- over- year, reflecting that we have good sales. We have a good order book, so to say, on the backload of orders or sales, but also a small particular effect relating to the Easter. The air traffic liabilities is up by about NOK 1 billion compared with last year, reflecting, as I said, more sold tickets. That interest bearing debt flat versus the end of previous quarter. I think we talked about the various components here, obviously impacted also by the U.S. dollar-NOK translation effects. As mentioned earlier, we are well underway in the financing of the 10 aircraft, and that will go through during the summer. Next week, we have the annual general meeting.
We have already NOK 860 million set aside for the dividend fund. The board has proposed to the shareholder meeting another EUR 60 million to be added to the dividend fund to be used either as dividend or as repurchase of shares or convertible bonds. At the moment, as we all know, we are not allowed to distribute this dividend, but it is something we are, as mentioned earlier, continuously exploring opportunities to do that. The latest, of course, will be next year, but we are hoping and working towards whether we will also be able to distribute dividend this year. Cash flow, just to finalize, ticket prepayment up, as mentioned, coming up very nicely compared with last same quarter last year. +NOK 3.8 billion in the quarter. Operating activities negative with NOK 500 million. Of course, significant investment activity, NOK 3 billion, reflecting the acquisition of the 10 aircraft.
Of course, the majority of the NOK 3 billion being that. Ordinary financing activities, repayment of debt, which is effectively leasing debt for the most part, effects impact. We are closing the quarter with NOK 9.4 billion in cash plus the financial investments of NOK 1 billion. We are placing the excess liquidity on bank deposits at good rates, as well as money market funds as before. We have the NOK 1 billion in fixed income fund. So far this year, we have yielded more than 5% on these investments. Happy to see that we have prepaid, as before, NOK 3.3 billion of the Boeing order. We have very limited additional prepayments during 2025, NOK 100 million. During this year, we also have the option to an option for another NOK 30 million.
It will be that is excluding the potential exercise of the option to which there is no decision that has been taken. On the existing orders, it is limited to NOK 100 million for this year. That is a good situation to be in, given that we have very significant prepayments already.
Okay. Thank you. Okay. Let's talk a little bit about the fleet. First of all, and most importantly, we have secured the capacity we need for the upcoming summer. We are missing one aircraft, which is supposed to deliver, I think, next week. Then we have the capacity we need. Boeing has been really ramping up the production. We have, as I said, taken delivery of three aircraft so far. We do expect to get 8, 7, 8, 9 aircraft more during the year.
Most of them are then coming into the late summer and into the fall. Today, we have 88 aircraft heading into the end of 2025 and into 2026. The fleet will consist of 95-96 aircraft as it looks today. The order that we have on 50 aircraft is also starting to deliver as it looks today by the end of this year. That is exciting. We also have a big decision coming up. We have to take that decision within September this year on whether we are going to declare the options for another 30 aircraft or not. As it looks today, we will declare the option. The 10 aircraft has been covered. We have financed 25 of the 50 already at terms that we have never seen in Norwegian before, meaning very good, attractive terms.
The OEMs, Boeing and Airbus, are still having their issues. Boeing, not at a production level as per today compared to what they would like to be. They are in the 20s on 737 a month. The target is high 30s, and they are on their way. At the same time, we still have the issues on the Airbus 320s and the Pratt & Whitney engines. There are hundreds of aircraft globally today grounded due to those issues. That means there is less capacity coming into the market compared to how it should be, meaning it will support the market and the yields that we have been seeing for a while. Those yields will most likely continue also for the next months and, as I see it, the couple of next years probably. There are discussions around tariffs, potential tariffs.
As per today, there is no tariffs. Do we have a risk of tariffs hitting the airline industry? Yes. It is a little bit early to say how it could affect us. There are many kind of scenarios that we are considering. We are very much on top of the situation. Obviously, the whole industry is discussing these days, not at least the OEMs. We will just have to see how this develops down the road. We feel that we are pretty well protected on the escalation clauses with Boeing. Obviously, we have mentioned that before. It is, again, a little bit early to say how this is going to turn out. Program X. This time, I would like to give some information on targets that we have set.
What we have disclosing today is that we have set the target, which is going to be a run rate coming out of 2026, where the target is to deliver a profit improvement in excess of NOK 1 billion. That is on the basis of the profitability that we had in 2024. It does not include the macro effects like the FX and the fuel. This is improving the underlying operation, the running of the airline. This is first of all in Norwegian. What effects Viderø can obtain on the targets they have set will come on top of this. This is going to take us, if we can deliver on it, into a sustainable EBIT margin that will be competitive towards the best airlines in Europe. That is the target.
It's a difficult one, but we have put in a lot of resources throughout the whole organization in order to do it. What we have done so far, just a few examples, on-time performance is important on so many levels. It's very important towards our customers, but it's also very important on actually running the airline efficiently. It's very costly to not be on time. On-time is also by far the most important thing for our customers when we ask, and thereby it's massive. Viderøe synergies is well underway. We have already taken out quite a lot of synergies. Some of them are already mentioned. More will come into this summer season and into the fall when we are also going live with a new distribution platform in Norwegian, which also gives us the ability to do proper interlining.
The first company, obviously, we will interline properly with will be Widerøe. I have still a goal that this can happen during the summer. We are very close to going live with the whole platform as we speak. The 10 aircraft we bought is also part of this Program X. That is NOK 200 million recurring cost savings for the years to come. Just an example of how we are working. The areas that we are focusing on, this new distribution platform, mentioned interlining and potential partnership with other airlines, is also something that we are working on considering. Asset performance, the purchase of the 10 aircraft is an example. Could there be other potential transactions like that? Yes, which we will definitely act on if they occur.
It comes to the whole maintenance cycles when we have an asset, how we maintain it, when we maintain it. We have been successful during the last couple of years pushing the heavy maintenance more into the winter season compared to earlier. Fuel consumption, one thing is the fuel we are actually buying. Another one is how much fuel we are actually burning when we are flying and not when we are flying. And how much do we pay to actually get the fuel from the tanks into the wings? There are opportunities there for cost savings. Crew efficiency is a big one. We have been performing better over the last year on efficiency when it comes to the crew.
There is more to gain also to the benefit of the crew with better quality of the rosters, less changes, and a better work-life balance in a crew, which also benefits in the end the crew and the customer service that we are able to offer. A general cost reduction is absolutely a focus. That is an ongoing battle on all items. Very happy to see that even if we have cost increases on many of the P&L lines, we have been able to take out cost savings as well on other lines to try to mitigate on the cost that we are seeing increasing in the market. Efficiency through digitalization, automation is definitely artificial intelligence. There is also an area.
I would also like to say that on the excess of NOK 1 billion number we are disclosing today, the majority of that is going to be covered by cost savings and not revenue increases. This is going to be a battle on costs for 2025 and also for 2026. This is the run rate coming out of 2026 we are talking about. That was Program X. Outlook, capacity growth 3%. That is the same as last time. Now we are getting into three quarters where we are not really growing. As you can see, we have a slight decrease in capacity in Q4 planned compared to last year. Last quarter, we guided on CASK ex fuel at single- digit. Now we are narrowing it a little bit, saying it is going to be mid single- digit % increase in CASK.
Just to wrap it up, we are sitting here now in a situation where we have ended a low season. We are way into the summer season. The bookings, as mentioned, are looking quite promising. We have the aircraft that we need. We have the fantastic crew that we have in Norwegian all in place for the summer. We are all ready. Now it is all about execution and to make sure that this is going to be an even better summer than what we saw last year. Remember the final words, why connect when you can fly direct? Thank you.
Okay. We will then move to some, if you guys can go over here to the right again. Yeah. We will move on to some questions. We will start with questions from the audience. If there are any, please raise your hand. Very shy. Shy audience today. We'll start with questions from the web then. We'll start with Willem-Arthen Vasco from DB Markets. Can you comment on the competitive landscape in the Nordics? How do you see industry capacity growth for the summer?
I think that the competitive landscape has been stable for quite a while. I think the changes we have seen, let's say the last six to nine months, is obviously all the capacity flying up north, but at least to Tromsø. 30-35 direct routes out of Tromsø now internationally, 10-15 different airlines. That is a change. We have also seen a change in Denmark just recently where some, at least one airline has pulled out of a couple of destinations. Other than that, I think the competitive landscape is stable, I would say. Not much happening.
Okay. Moving on to another question from Willem-Arthen. Status of future Boeing deliveries if we look beyond the one aircraft that is due to come in May?
As I mentioned, we do expect to get one more. That is what we need for the summer. We believe we will get probably eight more during the year, which will take us up to 95 aircraft next year. If we should say that something has happened recently with Boeing, it is actually that the delivery schedule has moved slightly to the left, meaning that we will probably get aircraft a little bit earlier than what we thought just two, three months ago.
Okay. Moving on then to questions from Andrew Lobenberg in Barclays. Looking at Norwegian, we had a very strong increase in stage length, in average sector length in the wintertime. What happens to that when we move into the summer now?
It will stay more or less as it was last year, where we are flying, let's say, less domestic and even more down to the Mediterranean. That will be probably the same development as you have seen the last couple of summers.
Basically going from what we had in the winter of around 10% stage length increase down to around low single- digits.
Yes. Yes.
Moving on to a question about labor relations. Let's say that we had some labor tensions last year with the pilot and on the technical side. How do you view labor relations now? What is the status of potential pay talks going forward?
It is correct that we had some tensions. We had a lot of CBA negotiations last year throughout the whole network, not only here in Norway. This year, it's very stable.
We don't see any risk of any issues for this summer season.
Okay. Moving on to another question on labor relations. There is a bit of tensions over in Finland and with Finnair. Do we see any gains in our trading from the problems they are having?
Yes.
Okay. And then we go for a final question from the web, which is from Thomas Harfield. Congratulations with the Q1 results. Are there any plans on starting up Spennbank? As everyone remembers, Bank Norwegian was a very valuable and successful venture ship.
It's 100% correct. Bank Norwegian was a huge success. And we have a good relationship with Bank Norwegian today. Are we going to kind of have more like a financial services part of Spenn going forward? Yes, we are.
Okay. That concludes the sessions from the web. I'll ask if there are any other questions from the audience.
There seems not to be. We'll conclude the session there. Thank you very much.
Thank you.
Thank you.