Hello, and welcome to Acast's earnings call for the Q3 2026 interim report. Joining us today are our CEO, Greg Glenday, and CFO, Anders Hägg, both in Stockholm.
You are welcome to submit questions throughout the presentation using the form next to the stream, and we will raise the questions during the Q&A held after the presentation. I would now like to start by handing over to our CEO, Greg Glenday. Greg, the floor is yours.
Thank you very much, LP. Good to see everybody. I am glad you are here for our Q3 interim report at Acast. Hopefully by now you are familiar with our famous flywheel. This is our visual representation of our business, and quite simply, we start with our creators. We look for the greatest creators in the world. Those creators generate audiences, those audiences attract advertisers, and bigger advertisers create a meritocracy in the creator economy.
We think this flywheel has really served us well the last couple of years, and Acast, we really focus on the people and the technology in the middle. One of the questions that we get pretty often are, we would like a little more detail on the stuff in the middle, the people and the technology. I thought today I would do a little bit of a quick tour around our tech stack.
From a creator perspective, we have one connected platform powering every stage of the creator journey. We think about our Creator Hub as everything from the minute they create the episode; how seamless, how easy is it to upload video, audio? How are the tools? How does that work? How do we get that out into the marketplace? Then, how do they manage the business? Where do they put the ad markers, our ad management systems? Then real-time revenue dashboards and analytics. Essentially managing their business on the Acast platform. From end to end for the creator, we have tools that help them run their businesses. You can think about our ad platform the same way. It is an end-to-end toolkit for podcast advertising, all in one place.
From campaign creation to Smart Recommendations as to which audiences or shows to buy, and then to take a very manual process and put that all through our platform with AdCollab. All of this is underpinned by Podchaser, our wholly-owned data ecosystem within Acast. When we think about Podchaser is a great freestanding business that we use in the marketplace. But it also, we use this data to underpin all of the technology I just showed you. For example, if we have a large advertiser that is interested in F1, we might have a dozen shows that specifically talk about F1 in their title and the name of the show, what the topic is.
Those are very obvious. But by using Podchaser and Smart Recommendations, we can surface over 300 shows. Maybe it is a comedy show that happens to talk about F1.
There's lots of different ways to use Podchaser to create more context for brands. Acast remains the best place for creators to build and monetize their shows. We have premium publishers like TED, Perfect Day, The Washington Post, and Le Monde, big independent shows. Then where we see real value is in the long-tail niche audiences. By using our technology that I've just demonstrated, we can aggregate these audiences and make a very fragmented podcast economy easier for advertisers to work with.
We think about premium talent, exclusive big shows, and then long-tail niche audiences. Acast is the world's largest pure-play independent podcast company. As we've spoken about the last few quarters, Acast has a very unique place in the market. When we think about Australia, New Zealand, France, Germany, each of our local markets has a different set of competitors in their market.
None of those competitors truly competes with us globally. When you think about podcasting, it's a borderless medium. We think the fact that Acast is in all these markets is a real differentiator for us. Now for the Q3 results.
The financial highlights for Q3 2026 show 25% sales growth with 18% organic, 10% adjusted EBITDA margin, and 6% adjusted EBIT margin. We have record revenue, record margins, and our growth is translating into profit. When I look at year-to-date, January through September, we have 25% sales growth, 26% organic, 7% EBITDA margin, and 4% adjusted EBIT margin. Profitable growth, adjusted EBIT of 88 million SEK versus negative 15 million SEK last year at this time. As I discussed earlier, Acast is really powered by our people and our technology. I wanted to acknowledge two key hires we made in Q3.
We hired Liv Sandberg from TikTok to join as EVP Europe, and Mark Bulling from WPP to join us in the U.K. as VP of product. I'm going to take a little bit of a deep dive into our Podcast Pulse research in just a moment, and we're going to talk about our acquisition of Backyard Ventures in Austin, Texas.
This is our third year doing what we call Podcast Pulse. It's a year-long research study that we spend a lot of time on. We release in the fall, and it's now become a bit of an industry standard. This is the third one we did. This is the largest one. We did it in 13 markets with 4,300 global respondents, and we partner with a third-party research company called Differentology to give us a little bit of credibility. Couple of key points from this study.
Listen or watch. Last year in 2025, when we first did this question, we kind of thought video was going to overtake audio. If you look at 2025 to 2026, the one thing that really stood out was the margins have become compressed and the middle has become larger. Increasingly, our bet that podcasting is going to be bimodal, both audio and video, is proving to be correct. If you see, we grew 11.3 points in consumers saying that they both listen and watch podcasts. The margins, people who only watch and only listen, are getting smaller, and increasingly people are doing both. One thing that really jumped out to us is the story travels, so does the audience. 63% of people have started a podcast in one format and finished in another.
Very surprisingly, 75% of those people have switched an app or platform to do it. If you think about that, the key in technology is to try and avoid as much friction as possible, and the fact that 75% of people are stopping in one platform, finding their spot in another platform just to switch from audio to video and back and forth, we think that our bet on HLS video, where you can seamlessly do that, is proving to be correct. Also, 88% follow podcast creators somewhere other than the podcast itself, and 43% of people expect to follow creators across more platforms in the next few years. That could be Reddit, it could be newsletters, it could be Kit partnerships, it could be YouTube, it could be a live event. We found this to be really interesting.
We've asked this question now three years in a row: who are the most trusted sources for brand and product recommendations? We saw a huge leap for podcasters, while journalists, YouTubers, and social media influencers have all declined. All this culminated with our Q3 acquisition of Backyard Ventures out of Austin, Texas. Backyard Ventures is 200 premium creators with a focus on omni-channel, including things like newsletters and social. Those 200 creators will now benefit from the Acast sales infrastructure and technology, and we also get a beachhead in the very important creator economy market of Austin, Texas. Welcome, Backyard Ventures. Now I'll turn it over to Anders to talk a little bit more about the financials in detail.
Thank you, Greg, and good morning, everyone. Let me walk you through the key financial metrics for Q3 2026. Listeners views reached 1.155 billion in the quarter, up 4% year-over-year. That's an acceleration from 2% growth we had in Q2 this year. Average revenue per listen or view increased 20% year-over-year to 0.69 SEK. That's in line with the record level we reached in Q2. So we have held the step-up in monetization while growing volume. As always, our focus is on the value of each listen and view, not volume alone. Net sales reached 802 million SEK in Q3, up 25% year-over-year. That's our highest-ever quarterly revenue, above the previous record of 776 million SEK in Q2. Organic growth was 18%.
The difference reflects acquisitions contributing 32 million SEK, of which Backyard Ventures, 28 million and Wake Word Studios, 4 million, and also a modest positive FX effect. Backyard is included from the middle of August, so this is the first time you see it in our numbers. Gross profit increased 25% to 314 million SEK, also a new quarterly record. Gross margin was 39%, in line with Q3 last year, as gross profit grew in line with net sales. Margin has held at 39%-40% in every quarter except Q1, which is seasonally lower at 37%. Looking at our segments, North America is now our largest segment with net sales of 384 million SEK up 54%. Organic growth in North America was 41%. As we just mentioned, in August, we acquired Backyard Ventures, which contributed 28 million SEK in the quarter, and there was also a small FX effect.
Contribution profit almost doubled to 72 million SEK, and contribution margin expanded to 19% from 16% a year ago. North America accounted for the large majority of the group's 160 million SEK net sales increase. Europe grew 5%, with 3% organic growth to 362 million SEK. That is a more modest quarter after 25% in Q2 for two reasons. First, Europe is up against a tough comparator. It grew 27% in Q3 last year, our strongest European quarter of 2025. Second, Q2 this year was unusually strong, partly supported by advertiser activity around the World Cup. Contribution profit was stable at 78 million SEK with a margin of 21%. So profitability held while growth normalized. Other markets grew 18% with 12% organic growth, and contribution margin improved to 15% from 11%.
All in all, strong momentum in North America, a steadier Europe after a strong Q2 and against a tough comparator, and margin expansion in both North America and other markets. At group level, adjusted EBIT came in at 52 million SEK, a 6% margin and our highest ever. That compares to 18 million SEK and 3% a year ago, so almost tripling the absolute EBIT and doubling the margin. Adjusted EBITDA margin was also a record at 10%. The improvement reflects continued revenue growth combined with operating leverage across the cost base. On a last-12-months basis, adjusted EBIT reached 129 million SEK, up from 2 million SEK a year ago, with the margin at 4%, up from 0%. For the first nine months this year, adjusted EBIT was 88 million SEK, compared to minus 15 million SEK last year.
Operating cash flow for Q3 was 22 million SEK, compared to 20 million SEK last year. The underlying picture is stronger, and cash flow before working capital was 83 million SEK, up from 26 million SEK. Working capital was an outflow of 62 million SEK, compared to 6 million last year, and this is mainly a timing effect. We paid the creators in Q3 for the record Q2 sales. Operating cash flow for the first nine months was 111 million SEK, compared to minus 5 million SEK last year. On a last 12 months basis, it is 178 million SEK. We closed the quarter with a cash position of 479 million SEK, giving us the flexibility to continue investing behind our growth strategy. With that, I will hand it back to Greg for closing remarks. Over to you, Greg.
Thank you, Anders. The key takeaways, another record revenue quarter. North America is now our largest segment. Omnichannel is accelerating, and we have recorded record profitability. Thank you.
Thank you. We will now start the live portion of the call, the Q&A. Please use the message box below, and we will put the questions to Greg and Anders. Starting off with a number of questions from Andreas Olsen at Carnegie. Do you see any change in advertiser behavior going into the second half of 2026 and into 2027, besides the evolution to omnichannel strategy? Also, what does it mean more concretely for you given this change, and what is the biggest challenge for you, both from a marketing perspective and a technology perspective?
Thanks, Andreas. I will take this one. It is a great question. Omnichannel is not a thing that advertisers call us up and say, "Hey, we would like to buy omnichannel." What is happening now is they are realizing that podcast creators are building these communities that they want to participate in. What is interesting is we are getting brands that are not saying, "Hey, we want to buy impressions in podcasting." They want to surround a creator's community.
A good example might be we have a show in the U.S. called "The Best One Yet," "TBOY," two finance guys. We actually have a sponsorship on that show for Liquid I.V. because they do a run club. Whenever they go to a new city, they do a run club. So you can do things like sponsorships for live events that sort of start in a podcast and then move to the real world.
So we are excited about omnichannel. It is not a thing that people buy, but it is a community that they tap into, if that makes sense.
Great. Another question from Andreas. What is the main hurdle for you to convince advertisers to allocate more spending to podcasts versus other channels?
Well, the good news is we know the hurdles. The main one is fragmentation and confusion. I think any frontier market like this, I think podcasting is still evolving with the advertisers, so the biggest hurdle is just solving their problems. That's what we've been doing for the last couple of years, spending time with big brands, figuring out what they need to be able to participate in our industry. We know we can drive outcomes for them. We can sell soft drinks. We can sell cars. We can sell movie tickets. So it's just a matter of connecting the dots and solving the transactional problems that the larger advertisers have.
Another one, what type of investments do you need to do in order to be prepared for this omnichannel evolution? Not really a new shift, so what is left for you to solve or deal with?
Kind of a similar answer. We've been laying these train tracks for the last couple of years. We've been making these investments. A good example is we started our work with Apple HLS, I think 22 months ago. So we've been making these investments, and now it's time to harvest the results.
What does it mean for Acast that more and more video platforms, such as Netflix, for instance, that are not really advertiser-funded offerings, offer more and more podcasts? How do you see the risk that the funding of podcasts becomes more and more revenue share-based, sort of sharing subscription revenue rather than advertiser-funded?
It's a good question. It's also not a major concern for us. We've watched the last couple of years. I think a lot of companies, and this is not a shot at Netflix specifically at all, but I think a lot of media companies look at podcasting as a pretty easy way to make money. If you're Netflix or Amazon Prime and you're creating content, it can be very expensive. If a show that you paid a lot of money to produce is not a hit, that can be a disaster. You look at podcasting, and you can fund a couple of hundred podcasts and hope for a hit. I think people think it's easy to do. It really isn't. We've seen some people try and then back away from podcasting.
As far as subscriptions, our belief is because of the way the podcast community works, it's much more of a meritocracy for listening and viewing. I know most people have dozens and dozens of podcasts that they go in and out of. I think there's a little bit of subscription fatigue with the streamers, and I think the same thing is going to happen with podcasting. I don't see a world where somebody's paying several bucks a month for 60 podcasts. We think it's going to be an ad-supported medium, and it's going to be a meritocracy to hold onto your audience. You have to earn it.
Great. You've accelerated the number of listens growth in the quarter. Is that from the acquisitions, or have you expanded the footprint organically also?
Good question. I think it's a combination of both. We have a new Head of Content this year in Jenny Kaplan that came to us through the Wonder Media acquisition two years ago. We've really been focused on using our Podchaser data, bringing all the tools we have at Acast to bear, not just on the ad community, but on our creator community, and how we think about acquiring new shows and new listens. Growing listens isn't necessarily a priority, as we've been talking about the last few quarters. We want to get better at selling the inventory we have. It's exciting when both of those things happen in the same quarter.
Now we have a few questions from Martin Wahlström at SB1 Markets. Any impact from the Spotify skip ahead button, CPM pressure, skip rates increasing, et cetera? Do you see an elevated risk in relations with Spotify and others related to this?
No. In fact, we reached out. This news broke, I think, the Friday before a big podcast week in New York City, where we were asked about this on stage quite often. So it dominated the news. We think it's a non-issue. We actually supported Spotify in the trades because I think the story got a little bit overblown. Podcasting was born with a skip button. From day one, on every platform, you've been able to skip ahead, and we've still created a really, really high-value platform for advertisers. So we think this was not really a news story. Everyone's going to experiment with different things. But, again, you've got to hold your audience. People have always been able to skip ads, and we still drive great outcomes. So we think not much of a story.
Again, I've said this before, but our relationship with Spotify has never been better. I think as we've focused on what we're focusing on and they've focused on what they're focusing on, we've become even better partners, so probably as strong as the relationship has ever been.
Opex growth adjusted of -11% year-on-year, a slight pickup from H1, but still distinctly lower than top line. Any comments on costs into Q4?
Yes. Thanks for that question, Martin. The increase is mainly driven by a high number of employees through both acquisition and new hires. Wake Word and Backyard Ventures added 33 FTEs. We will keep on investing in sales and product capacity, but at a pace materially slower than revenue growth. We do not really guide on cost by quarter, but historically, Q4 has been our seasonally strongest quarter.
Any additional comments on the Backyard contribution in the quarter? Happy, not happy, expectations going forward, and does it compare to the rest of the business in terms of seasonality?
Yes, we are extremely happy. I think it is easy to buy companies. It is hard to assimilate them properly. Matt Cisneros and John and Kevin, they have built an amazing team. We call them, it is now Acast Austin, so now it is a regional hub. We have spent the last several months assimilating them into the business. So it is going really well. They have got regional relationships that Acast did not have. They are experts in selling newsletters, baked-in YouTube, things that we were getting better at, and vice versa. They were looking at building technology over the next few years.
We have been able to accelerate that. So their 200 creators are benefiting from Acast data and technology, and we are benefiting from their regional expertise, newsletters, and YouTube. So it has been great. They have a wonderful culture, and we could not be happier.
Questions from Derek Laliberté. Europe's organic growth slowed quite sharply to 3% from 26% in Q2. You mentioned tougher comparisons and the World Cup-related advertising activity in Q2. Could you elaborate on how much of the slowdown reflects these factors versus underlying demand? Are there any particular markets driving the weakness, such as the U.K.?
Sure. I think either one of us can take this. The comps in Europe, both Q2 for us, Q2 2026, and Q3 of last year made for difficult comps. I think the World Cup is not an excuse. I just think it is a massive gravitational pull in the marketplace. A lot of money gets absorbed in Q2, and we were the beneficiary of some of that.
The summer is kind of the activation. I think anytime you have a World Cup, particularly in the U.S., there was a lot of interest around it. We see, again, not Acast looking forward, but we see the ad community in Europe seems to be, from all the prognosticators, that the ad community has returned in Q4. Looks like it is back to normal, and Q3 was a bit of a blip for Europe.
Looking beyond the quarterly volatility, how would you characterize the underlying demand environment in Europe currently? Have you seen any changes in advertiser behavior or bookings entering Q4, and should we expect growth to recover towards the level seen earlier this year?
I think that is the same answer. Not Acast specific, but the general theme in the market seems to be that Q3 was an anomaly. Q4 is back to normal.
North America accelerated to 41% organic growth from 37% in Q2, which is particularly impressive given the tougher comparisons. Could you elaborate on what is driving the acceleration? Are you seeing stronger underlying market demand, continued share gains, or improved monetization?
I am happy to say it is all of the above. I think in the presentation you heard me talk about our technology and our people. I think North America in particular, we have amazing leadership that has been building relationships with the ad community at an extremely high level.
I think because we are global, we are spending a lot of time with global decision-makers at the holdcos, with clients directly. It is a matter of how many and how often can we get there. We talk a lot about revenue-generating activities and having people out in the marketplace with solutions for advertisers, and there is no end in sight. There is lots and lots of upside for us in doing that. So I think it is the people. Laura Hagen is our EVP who runs North America now with fantastic senior relationships. Then our technology. We are just making it easier to buy.
Podcasting for 15 years was extremely difficult to purchase, and we have just made it easier and easier to do. We have been using our data and Acast Intelligence to get a lot smarter with matching brands to more shows. All of those things just create a real flywheel of momentum.
Minimum revenue guarantees have increased quite significantly this year. Is this mainly a function of winning more premium inventory and expanding the network, or are you seeing increased competition for content?
Yeah, I will take this one. I am very passionate about MGs. I think it is a temporary thing in the marketplace, very similar to subscriptions. I do not think the idea that podcast communities really fit into this model. But with that said, that is the way the world works now, and we have gotten much better at reading the signals.
I think MGs are dangerous if you do not have data and you do not know the risks, but MGs are really not dangerous at all if you have an idea that the show is going to continue to grow. We can read data signals a lot better than we ever could in the past. So we know what sells, we know what is going to generate demand in the marketplace, and that is the kind of content we go after. So we are just getting much more precise.
Second part to the question, should we expect this to affect gross margins going forward?
Yeah. Thanks for that question. No, the product mix is more skewed towards sponsored host-read versus non-MG, which may impact margin. Just to build on what Greg said, I think we also have nowadays an extremely disciplined approach when it comes to MGs too, just to make sure that we sort of enter into the right contract that makes sense for us from a financial standpoint as well.
Another question from Martin Wahlström at SB1 Markets. Working capital movement's negative. Reversal in Q4 to be expected?
Well, as you said, in Q3 we saw a higher outflow, and related to creator payment as an effect of a strong Q2. Also alongside other supplier payments. We don't guide forward on quarter by quarter, but historically, Q4 has brought a positive working capital effect.
A question from Peter Trigarszky. When you look at the details of your U.S. business, what split do you have of national versus regional ads? What potential are you targeting with stronger local presence, like with the establishment in Austin?
Great. We don't break out national, local, and regional, but the question is great because, again, as we grow, we're looking at large brands and doing things at scale for brand building. There's also lots of regional dollars out there, regional and local. Our self-serve portal has been really good for agencies and clients that are in cities where we may not send a salesperson to Tampa, Florida, but there are a couple of ad agencies there that activate through our self-serve portal. We're really excited about that. Austin has become essentially a national hub, too. There are agencies there. There are big brands like YETI. There are a lot of brands that emanate from there that are actually national buys as well.
Between our self-serve portal, programmatic, direct response, and omni-channel, we feel like we cover brand building all the way down to smaller local and regional buys when we have the audience for it.
Another question from Martin at SB1 Markets. Is YouTube now in the listens and views figure?
No, our figures only include HLS views and listens, and RSS listens. In August, YouTube changed how they count views. We would rather wait until the industry standards are aligned rather than report a number that we might have to restate later on.
Questions from Olivia Venancio at Barclays. Can you give some context on why listens are not going up, and how you think about pricing power going forward?
Well, listens are going up, so that is good. As I have said before, we have a lot of supply. We have unsold inventory, and we have a long tail of smaller shows that we can activate against. We have really tried to focus on bringing more demand, selling the stuff we have, higher sell-through rates, and working on that. We are very happy to grow audience, but it is not a priority. We can grow with the supply that we have at the moment.
How should I think about the split between videos in driving ARPLV?
It's still much more L than V, and I think that's okay. Again, everyone always talks about Wayne Gretzky, skate where the puck is going, not where it is. I think we maybe got there a few minutes early to where the puck is going. We're excited. We've been working on this. We have close to 1,000 shows, I believe now, on HLS. Again, it's still smaller compared to our scale that we've built over the years for listening. But as both advertisers, audience members, and creators are demanding more and more video, we'll be there. So it's still smaller for now, but it's exciting and it's growing.
Lastly, can you talk through the opportunity you see in Europe, given the new EVP hire?
Oh, wonderful. That's a great question. Thank you. We're really excited about the new hires. Liv Sandberg in particular. We actually had dinner last night, and she's really excited to start in Q1. We've never had a European leader before, and I think being able to pull all of the strategies together, and to get somebody to come from a place like TikTok. If you think about Liv's career, 13 years as the CEO of Starcom in the Nordics, and then moving to a place like Facebook and then moving to TikTok and then Acast, seems like a natural progression. We're hoping Liv's right. She's been at the forefront of sea changes in the industry. So, I think she saw something in us that we saw in her as a leader.
To couple North America, Laura Hagen, with Liv in Europe, we think that's going to be an incredibly strong senior leadership team across those markets. So very excited about Liv starting with us in January.
From Peter Trigarszky, can you give some insight to the Wake Word Studios acquisition, performance versus plans, and what is needed for making the company profitable?
Yeah, thanks, Peter. As you know, Wake Word Studios was acquired last year in December for a nominal consideration of €2. It was loss-making, and it was accounted for as a bargain purchase. But the strategic logic is the same as for Wonder Media Network. We bring local expertise into our sales process and ad tech, so creators get access to global demand. The value will largely come from synergies in Germany. So not necessarily in the acquired company, but bringing that capability in-house to the existing German business. So, that might not be fully reflected in the numbers, but in the overall German numbers, I would say.
A question from Christian Marino, have you seen an increase in ad spend ahead of U.S. midterm elections?
Yes. I think that's part of the driver. It's obviously a very competitive midterm election. I voted before I got on the plane. But, yeah, we see that, and it also creates demand in other categories because it eats up a lot of inventory in different parts of the funnel. So, absolutely, it's injected more revenue into the market.
And some more questions from Olivia Venancio at Barclays. With the acceleration of AI, do you see any risks to ARPLV coming down in the programmatic business as that becomes more commoditized?
That is an awesome question. No, and I think programmatic for us has been great. The pricing in programmatic, it is a kind of a misnomer that there is pricing pressure in programmatic. A lot of our programmatic are PMPs or programmatic guaranteed revenue, so we can drive good CPMs against that as well.
We are pretty excited about more programmatic. Then using AI, what we are excited about inside our products. A good example, I talked about Podchaser and how we use that data to generate better outcomes. Think about if we have a brand that wants to participate in F1, and we have about a dozen shows that have F1 in the title. Clumsily, obviously, we are going to put that brand into those F1 shows. But we have over 300 shows that talk about F1. It is not in the title.
It may be a comedy show, but they talk about F1 regularly. We are able to use that. So now, for that same brand, we can expose them to 300 shows that might make sense around the context. That is Podchaser built into Acast Intelligence using that AI to help us target better programmatically and direct. We are really excited about that.
Great. Then another question from Olivia, and this is our final question of the stream. How should I think about bespoke offerings in this case? Remind me, have you expanded into short clips and reels? With Netflix and YouTube, how should we think about where you need to invest more or need to push harder?
Great. This is a great final question. Not to get philosophical here, but we should think about this like the old business school analogy of the railroad companies not realizing that they were in transportation and cargo and thinking they were in the railroad business and losing out to the automotives and the airplanes. It is the same thing with us. We are in the audience community business.
We do not care if it is RSS, if it is HLS, if it is live events, if it is YouTube. We have these communities. We did an exercise recently that I thought was really fun. We took 200 shows and tried to match the audience communities. These are inside jokes. If you listen to TBOY, for example, the show I just mentioned, their audience members call themselves the YETIs because it is The Best One Yet. There are hundreds of these communities.
They do not care how they are exposed to these creators, but they have a relationship with these creators. It is less about how the audience gets to the content and more about what happens when they do. We are pretty bullish on that we are in the community-building business. I think the creator economy is a much bigger and more interesting place than the podcast economy, and we think we have a really good argument that all podcasters are creators and not all creators are podcasters. We believe that the creator economy is a fair place for us to play. Getting a 10% share in that is a $5 billion business versus a 10% share in podcasting would be $500 million. We are excited about playing in that larger pool.
Great. Thank you to everyone who has listened in or watched. Our next report is the year-end report for 2026, which will be released on the 11th of February 2027, and you are welcome, of course, to join us for that presentation. In the meantime, follow us on investors.acast.com to sign up for press releases, news, and financial reports, or in our Acast newsroom, or of course, listen or watch our results as a podcast. Thank you and goodbye.