Good morning and welcome to the presentation of Adtraction's 2024 results, Q4 results, and presentation of a little bit of an outlook for Q1 and Q2. If you have any questions, please post them online, and we will do our best to answer them in the Q&A session right after the presentation. Please leave your email if you want us to get back to you in case we do not have a chance to answer your question. We founded Adtraction in 2007. We developed our proprietary platform for 18 to 24 months, and then we launched the service in 2009. In the first couple of years, we were only active in Sweden, but fairly soon our services were requested also in our neighboring countries. We started by establishing an office in Finland in 2014. We had a local team, a local company, a local office, and above all, local relationships.
This worked out great, so we used the Finnish experience as a blueprint in the rest of Europe, and we're currently present in 12 different markets with local presence and local relationships. In 2021, we listed our company on Nasdaq First North. One of the main reasons for doing that was that we wanted to do more M&A. I think that most people would agree that the past three years or so have been challenging from an M&A point of view, but we have still managed to acquire two companies: Adservice in 2023 and Adrecord in 2024. Before we were listed, we acquired Connects in Switzerland and Digital Advisor in Denmark. I would say that we are by far the most active acquirer in our industry, and we're also far from done when it comes to M&A.
I will comment upon the M&A situation a little later on in the presentation. Also, I would like to highlight that our focus now is to get back to growth, and an important part of that is, of course, to grow in Europe. The short story of the Q4 and 2024 is this: we have seen a weak market, especially in the Nordics, and Nordics is Adtraction's home market. That is 75% of our gross profits. When we have negative growth in the Nordics, we will also have negative growth for the group. We have performed better in Europe, I would say. Adtraction remains profitable. We deliver a healthy EBITDA, and we also have very strong cash flow.
The board of directors has suggested a dividend of SEK 2 per share for the year, and I think that this is pretty good considering that we have acquired a company in the year. Our EBIT is actually lower than the last year, so this is a testament to the strength of our balance sheet and our ability to generate cash flow. I would also like to remind everyone that we did divest Klara Lån in March last year, and this still impacts our growth rates, of course, and I will illustrate that a bit later on in the presentation. Our focus now is super clear, super clear. We need to get back to growth, and we currently expect that to happen in the Q2 of 2025.
In my opinion, the markets have picked up a little bit, and we think it's a realistic assessment to see growth in the Q2 of 2025. Adtraction is interested in growth, profitability, and cash flows, and by now, everyone should know that we have not performed when it comes to growth. Sales in the Q4 dropped by 8%. Gross profit dropped also by 8%. When gross profit drops, EBITDA will typically drop even more because we have fixed costs to cover. EBITDA in the quarter dropped by 28%. Cash flow was very strong. Andreas will talk a little bit more about that. We don't expect to have this cash flow every quarter, of course. That will fluctuate a little bit, but what we do know is that over time, we will convert a significant share of EBITDA to cash flow.
The dividend again, SEK 2 per share, and that will be paid in two tranches. The first one is expected to be paid in April, and the second tranche in October. Of course, this is subject to the approval of the shareholders' meeting in April. Let us take a little bit of a look at 2024 and what's been going on here. Here's a graph that shows the sales development of Adtraction, and there are two things that stand out here, I think. The first one is that we've grown every single year since we started the company, except for 2024. When you look at this graph, you can see it still looks like Adtraction has growth momentum. I believe that we do, but obviously, we need to demonstrate that by returning to growth on a quarterly basis. This slide shows the gross profit.
The decline in gross profit is less dramatic than it is for sales, and it's even less dramatic if we add back Klara Lån , which was divested. If we divest the business, of course, that's going to impact our growth rates going forward. If we add back Klara Lån here, then the development from a gross profit point of view looks almost stable. Please remember that internally, we are much more concerned about gross profit than we are about sales because gross profit is money that belongs to the company and the company's shareholders. Summarizing 2024, it looks like this. We had sales of SEK 1.2 billion, a gross profit of SEK 230 million, EBITDA of SEK 50 million, and actually amazing cash flows of SEK 50 million. This is a quick summary of the Q4 and 2024.
Andreas will dig into the details of the Q4 in a minute. First, I'd just like to share my worldview a little bit. We have two major insights that I have talked about before, and I want to reiterate those insights and talk a little bit more about that. The first insight is that many brands rely too heavily on the big platforms. By big platforms, we mean Google, Meta, and to some extent, Amazon. Relying on a single supplier for customer acquisition or a single customer is always a super risky business, but it's even more risky if the supplier is a monopolist. I'll get back to this in a moment. Our view is that partner marketing is needed here. Partner marketing is a great way to diversify your business.
We, of course, talk to our customers at all times, and we like to ask them, "So what share of your traffic do you get from Google?" we ask. They often say around 60%, and to me, that actually does not make sense at all. Getting 60% of your traffic from Google is a risky proposition, and here is why. Google is a monopolist. They have a 90% market share on search, and they are especially powerful on product search. Sure, maybe that is changing with ChatGPT and other platforms, but we really have not seen that yet. Google is a monopolist, but what is more? They behave like a monopolist. If you ask a random e-commerce company, "What has happened to your Google invoice in the past four or five years?" they will say, "You know what?
My Google invoice keeps increasing without a corresponding increase in the value provided by Google." The invoice increases a lot more than the number of clicks or number of transactions. This is how a monopolist behaves. They have pricing power, and they will continue to increase prices as long as they can. I think that there are other problems with Google also. We see that maybe they do not like a certain vertical, then they make sure that that vertical stops receiving traffic. In the past couple of months, we have seen that happen to certain types of sites provided by big media houses. Google decides that these types of sites should not get traffic, and that is what happens. This is a risky proposition. It is risky to rely on Google for traffic when they behave like this. I am not saying that it is always happening.
Obviously, Google is providing a great service. That's why people use them, but I am saying that it is a super risky proposition. In the graph that we see here, this customer gets 10% of their customers from partner marketing. A much better idea is to get around 25% from partner marketing. A lot of our customers do exactly that, and this is a much better way to distribute risk. There is another aspect of the platform companies that I like to highlight, and that is privacy. Partner marketing, not only Adtraction, but all partner marketing companies are great from a privacy perspective. The reason we say that is that whenever a transaction happens at an e-commerce company, we only ask for two things. We ask for order value, and we ask for order number. The order number can actually be anything.
It can be a randomized number. We essentially do not know who our customer's customer is, and we also do not want to know that. We do not need to know that to deliver our service. Partner marketing is great from a privacy point of view. Of course, we need to comply with GDPR. We need to have privacy policies. We need to have data transfer agreements and so on. Typically, this is a fairly uncomplicated process. My personal view, just to be clear on this, is that a lot of companies who do not really handle sensitive information spend far too much time on this. They spend far too much time on this. Small e-commerce companies need to have GDPR policies, even though they perhaps do not manage sensitive information at all. In the meantime, the true privacy villains continue to do whatever they want.
I think you can guess who the true privacy villains are. I'll get back to that in a minute. First, I want to comment on another thing, and that is stuff that the EU is doing when it comes to cookie consent and so on. In the last few years, we've seen the whole internet in the European Union go crazy with cookie consent requirements. I think that it's totally crazy to build a whole infrastructure under the assumption that people don't understand how cookies work. If you don't like cookies, erase them from your browser and get on with your life. The fact is that cookies are needed for a good user experience, and the European Union is just making life more complicated. Of course, we can deal with this, and we do deal with this.
I'm just very impressed by how the European Union is handling these matters. Perhaps we should focus on building companies rather than creating a complicated regulatory environment. I actually think that the European Union is missing the goal here also when it comes to privacy. I said before that partner marketing is privacy-friendly. It truly is. As a reminder, we get order value and order number when a transaction happens. Facebook, and you can take a look at their site. There's something called the Facebook Pixel. Facebook wants e-commerce companies to report the following information when a transaction happens. Let's say that I go ahead and buy a toothbrush somewhere. I want to get a toothbrush. Facebook would like to know my email address, my phone number, my first name, my last name, my gender, my date of birth, my city, my state, my zip code.
This is, of course, totally unreasonable. I just want a toothbrush. I don't need Facebook to have all of this information, and the e-commerce company just wants to sell a toothbrush. They are also not helped by giving this information to Facebook. I think this is actually quite crazy. The reason that Facebook can do this is that it's pretty easy for them to get a consent. Users will give consent and tell Facebook that they can do whatever they want to, basically, and that's what they do. Google and Facebook know everything about us, and they want to know some more. Why am I talking about this? I'm talking about it because if I were an e-commerce company, I would be a little bit careful to share data with Facebook and Google.
Google also knows everything about pricing, and they adapt their own pricing to grab as much as they can from the e-commerce company's margin. This is my opinion, and I truly stand by this. To summarize, it's a good idea to not work too much with these companies because it's a risky proposition, and it's also not good at all from a privacy point of view. We have very strong views on this. Summarizing this section up a little bit, partner marketing is complex, and optimization is needed. This is our core message. This is what we've been saying for a while. Therefore, Adtraction is needed. The core features of partner marketing is that users only, or sorry, e-commerce companies only pay for sales and actual order, and they can expand their reach. They can reach audiences that they cannot reach without partner marketing.
They can be seen on sites that they cannot be seen on without partner marketing. These are the core features. Pay for results and expand your reach. If I were a CMO or Head of Sales or something at an e-commerce company and I had understood that it's a great idea to do partner marketing, these are the factors I would look at when choosing networks. There are many good networks out there, and I would look at these factors. How do I optimize my program or campaign? How do I make sure that I get the right volume at the right price, and how do I make sure that I have the right mix of partners? How do I make sure that I only work with quality partners, with great sites and great content?
How can I make sure that I get the distribution that I need, that I reach the consumers that I need to reach in the markets that I need to work with? Obviously, Adtraction has answers to all of these questions. The number one answer is that we work with active partnership management. This is the way to make sure that we get the right volume at the right price. This optimization is what our account managers and partner managers do all day. It requires knowledge and a lot of information to get this right. We get it right all the time because we are sitting in the flow of information. It is also important to work with quality partners. Each partner and each site is manually approved before we allow them in our network. Finally, we have the idea of local presence and European reach.
We think that relationships are local, so we need to be local to really optimize relationships. We have done something a little bit different this year. Adtraction is the Nordic market leader, and the way we think is that it is our responsibility to serve basically all customers, all e-commerce companies, also smaller ones. Adrecord has a great track record of providing an amazing service to small and mid-size e-commerce companies, and Adrecord fits perfectly at Adtraction. What is happening now is that we are broadening our servicing offering, and we will also work with smaller advertisers. One of the things that is important to understand here is that for smaller advertisers, it is possible to automate the service to a greater extent and have a little bit of less emphasis on active partnership management.
What we're doing now is that we're implementing this in Sweden and the Nordics, and then we're rolling it out in Europe later on. This is a bit of a change in our strategy, and we think it makes sense to address the entire market. We stick to our financial goals. We want to grow by 20%. We want to have an EBITDA margin of 7%, and we should pay a dividend of 30%-60%. We are actually paying a little bit higher dividend this year, and that's because cash flows are very strong and because we have a strong balance sheet. It's also, of course, related to, I would say, the lack of M&A activity that we see, and I'll get back to that in a little while here.
This is our growth rate the last couple of years, and we've consistently beaten our sales goal, and then we are clearly not doing that in 2024. Again, this is our top priority for next year. Looking at gross profit and breaking things down a little bit, we are losing gross profit because of divestments. Then we're adding a little bit of gross profit from M&A. That is Adtraction. We are growing, or rather not growing. We have negative growth of minus 8% in existing markets. I think it's interesting to talk about the number of employees because that tells us a couple of things. First of all, this is the single most important cost item for Adtraction, and it also tells us something about the direction of the business.
You will see a slight increase in the number of employees here in the Q4 , and this is mainly related, or actually only related to the acquisition of Adrecord. We added, I think, around nine employees. Here is the cost base per quarter. We said before that that is going to be fairly stable even after acquiring Adrecord. I think this holds true. We had restructuring costs of SEK 3 million in the quarter, and that is related to layoffs. Adjusting for that, costs were SEK 44 million, and that includes SEK 2 million that is related to Adrecord. That is the cost base, and EBITDA margin was not great this year. It is not that bad either. It is sort of at the same levels that we have seen before, but obviously, we have higher ambitions.
I will note that the margin was a little bit higher in the Q4 , and this is an effect of the fact that gross profit typically is higher in the Q4 , whereas the cost base is essentially the same. Now Andreas will dig in a little bit deeper to the Q4 .
All right. We start with net sales, which ends up at SEK 344 million in the quarter, and that's a negative growth of 8%. Looking at gross profit, we have SEK 66 million. Also here, negative growth of 8%. If we were to look at only the core business, the platform, so to say, we have slightly less negative growth of 3%. Here we also include Adrecord. We can also look at our gross margin, which has been stable for five consecutive quarters, slightly above 19%.
We also expect this to be true going into 2025. Looking at EBITDA, SEK 18.4 million is a decrease of 28% and an EBITDA margin of 5.3%. The higher decrease in EBITDA than in growth rates, of course, is due to our operating leverage. However, when we get back to growth, which we expect to do in 2025, we will again start to enjoy the fruits of our operating leverage. Simon also mentioned that the cost base has been stable. The minor increase we have seen in the Q4 is due to the acquisition of Adrecord, which added SEK 2 million, and the one-off items mentioned of SEK 2.7 million. Looking at adjusted net result per share, it is at SEK 0.93, which is a decrease of 27%. Turning to verticals and starting with the e-commerce vertical, we can see that gross profit is at par with last year, SEK 43 million.
We can also see that Adtraction contributes with 9% to the growth of this vertical. We also grow on 7 out of 12 markets. What's really interesting to see here is that we have growth on really important markets like the Norwegian market, where we can see both organically and acquired growth. Maybe even more importantly, we have only slight negative growth on the Swedish market and positive growth when we add the acquired growth. Of course, it's important that the bigger markets grow if we're going to get back to growth. We have good momentum here. In the finance vertical, we can see SEK 22.3 million. That's a decrease with 8%, and here we grow on 2 out of 12 markets.
In the other vertical, we can see the results of the divestment of Klara Lån , and now we only have SEK 0.3 million in gross profit outside of our core business, the platform. Turning to geographies, starting with the Nordics, we can see SEK 49.5 million in gross profit. That is a negative growth of 11%. Looking at the core business again, we can see less negative growth of 5%, and we grow on two out of four markets. It is the previously mentioned Norwegian and Swedish markets. Turning to Europe, we have SEK 16.3 million in gross profit. That is 3% growth. Here we grow on three out of eight markets. Looking at the operating cash flow in the blue bars here in a longer period, you can see that the seasonality is also true in the Q4 of 2024. We have a really good result here.
Also good to look at is that the process improvements that we started with in Q3 and have continued to work on in Q4 and Q1 of 2025 has also given good results. We expect good results also here in Q1 2025. Breaking down the cash flow to its different components, starting with operating cash flow, as previously mentioned, really good result, SEK 30.5 million in operating cash flow. Investing activities, here we can see an outflow of SEK 24 million. That is the result of the acquisition of Adrecord. In the financing activities, we have paid dividend of SEK 16.6 million to the shareholders of Adtraction Group. Meanwhile, also receiving the last dividend from Klara Lån , who in the quarter of SEK 2 million. This gives us a total cash flow of minus SEK 8 million in the quarter.
Despite having made an acquisition and paying dividend, we have a really strong net cash position of SEK 107 million ending the year. This also gives comfort to the board of directors to propose and maintain the dividend of SEK 2 in the quarter. Sorry, for this year. I end the financial part of the presentation with a snapshot of Klara Lån 's contribution to the EBITDA. We can see that Klara Lån had a meaningful contribution to the growth rates. However, when we look at the profitability, it was around 1% of the total EBITDA of the year of 2023.
Thank you, Andreas. We are just going to comment on a new regulation for consumer credits that is being implemented in the Swedish market. Of course, consumer credits is an important product for Adtraction, and we are good at delivering customers.
The big picture here is that I am not very concerned about these regulatory changes. The reason is that this is not a huge part of our gross profit. In a worst-case scenario, we can lose a couple of percentage points of gross profit, but I am not certain that that will happen, actually. Let me comment on the laws that are already put in place or will be put in place, and then there is also a proposed new law. Starting in January, interest deductions are being gradually phased out. That means that interest costs are not tax-deductible anymore. We actually have not seen a big impact from this regulation. Maybe there will be. We do not know, but currently, it does not look like it has a big impact. In March, bigger changes will be implemented.
We see an interest rate cap of 20% and also a cost cap. Obviously, we have talked to our customers about this, and it seems like most companies will simply adapt. They will change their credit scoring. They will change their offering and continue to offer credits to consumers. My personal guess is that we will not see a big drop in credit volumes as a result of this regulation. I may be wrong about that, of course, but that's my personal estimate. What I do know is that the maximum negative effect for Adtraction is a couple of percentage points of gross profit. There is another strange animal on the scene here. The government has proposed that if you are lending money to consumers, you need to be a bank. I am saying that this is a strange animal for a couple of reasons.
First of all, the bank license is a heavy one. The reason that a bank license is heavy is because it deals with consumer deposits. People actually take their money and give them to banks. Obviously, consumer needs protection, and we need heavy regulation. The weird thing here is that we are not seeing problems on the deposit side of things. We are seeing problems on the lending side of things, according to the government. The government is proposing a legislation that mainly deals with deposits. To me, this is a little bit strange, and I am not sure that they are addressing the real problems in a proper way.
A better way to look at this would be to look at the lending side of things and impose even stricter regulation and stricter rules, and also have a better supervision of that side of things. Better supervision is needed. I probably disagree with these measures, but again, it doesn't matter what I think. We just need to adapt. I think the strangest feature of the new proposed law is this. If you're a broker, that is, if you're Lendo or Enklare, who are great customers of Adtraction, you all of a sudden need a banking license here. This is clearly absolutely disproportionate. An analogy here would be this. Let's say that I take the subway to work every morning, and all of a sudden, I need a pilot's license to jump on the subway. This is essentially what the government is saying.
Brokers are fundamentally a very, very different business from banks. That's not what they do. They don't lend money. They don't receive deposits. They are experts at managing leads. We have a number of great customers who are brokers, and we hope that we will continue to have a great relationship with them. Of course, there is some uncertainty regarding this law. What is not uncertain, though, is this. As long as there is a demand for consumer credits, there will also be a supply of consumer credits. Adtraction has an important role to play when it comes to matching consumers with the loan providers. That's the fundamental truth of this business. We will keep working at that. Finance and consumer credits remain important, and we want to be there, and we want to be there and in e-commerce.
I hope that message is clear from our side. I have said earlier in the presentation that the M&A market is fairly tough right now. Yes, we did a transaction last year that was because Adtraction had managed to deliver growth, and they were in a good position to sell their company in 2024. I am guessing that there is going to be few sellers on the back of 2024 numbers. If you have delivered negative growth, you probably do not want to sell your company. You want to sell your company when there is better momentum. There is not a lot of activity in the market right now. Another challenge right now is that one of the things, one of the advantages of being listed is that typically you should trade at a higher multiple than privately owned targets. That is probably not the case right now.
I'm not going to comment on Adtraction's valuation, but what I do see is that there's not a multiple arbitrage to make. We will wait a little bit until there are better opportunities for us. I think there actually will be more opportunities when the market recovers because this market needs some consolidation. I don't think it makes sense to only work in one market when there are so many cross-border opportunities. There is certainly room for more international players in Europe and in other places. Finally, I want to comment a little bit on the outlook here. I think it's important to understand that Q1 2024 is the last quarter that we own Klara Lån . When we look back and look at growth rates, that will still include Klara Lån also for Q1. In Q1, we will also do a record migration.
A lot of that work is already done. I am not certain that we will finalize the migration in Q1, but it certainly looks like that. That means that we will not report Adrecord separately going forward. Starting in Q2, it looks like everything that we report will be organic. That is perhaps good to know. Thanks to the acquisition of Adrecord, we have a broader advertiser portfolio and a broader service offering. I am really, really looking forward to see how that will develop. We will be able to do more things now. Internally, we talk about back-to-growth. This is the main goal for 2025. We have said that Q1, growth-wise, is going to be in line with Q4. We have to remember that everything was pretty good up until Q1 last year.
Q1 2024 was fairly strong, and then Q2, Q3, and Q4 were weaker. What we said in the report and what I reiterate now is that we expect to get back to growth in the Q2 . This is our current assumption, and I believe that this will happen. This was the presentation. I know that we have a few questions, so we'll try to get into those. I will answer some questions, and Andreas will answer some questions. We're doing this on volley a little bit, so please excuse us if there's a pause here and there. The first question is to Andreas. If you exclude the number of added employees from the Adrecord acquisition, how did the number of employees change from Q3? His answer is three to four people in Adtraction excluding Adrecord.
That means that we added, I think we said before that we added nine people from Adrecord, and that means that three or four people left Adtraction, right? Yeah. You have announced one-off costs linked to layoffs in Q3 and Q4. Are you planning to continue with this in Q1?
The layoffs will be done. We've taken the costs for now in Q4. We do not expect the cost of these proportions to be happening again in 2025. Any minor posts like this will not be posted in the reports. Yeah, no, we do not expect this to reiterate or get back in 2025.
Yep. All right. Of course, the reason that this happened was that we had bigger costs, and going forward, we will not have bigger costs like that.
Here is a question that I can actually answer because I listened to you, Andreas. In the cash flow statement, there is a received dividend of SEK 2 million, and this is from Klara Lån . That was part of the deal with Klara Lån that some of the shareholders' equity that was sitting on Klara Lån 's balance sheet would be paid to Adtraction. We have a few questions from the activity feed. The first one is, "Hi, you founded and run a great company for almost 20 years. What is driving you to continue building this?" Thank you. It is not 20 years. It is only 17. We need to go for a couple of more years. There is a lot of stuff that we need to do.
What is fun to us is that this company is constantly developing, and we see an opportunity to continue to create value. We know where we're going. I guess the main reason here is that we simply enjoy what we're doing. Thanks for that question. Is the SEK 2 million cost related to Adrecord included in the total SEK 2.7 million restructuring cost? I think that we're talking about different things here. Please correct me if I'm wrong, Andreas.
I can answer that, really. SEK 2 million is the cost base of Adrecord. That will be recurring in the future as well. The SEK 2.7 million we're talking about here is due to layoffs in Adtraction. Those are not related. It is really SEK 2 million plus SEK 2.7 million.
Thank you. Here is someone who says that it's nice to hear our input on Google and Meta. Thank you.
I'm happy that you're listening. Here's a conclusion, which I actually agree with to some extent. Basically, what you're saying is that your customers are bad at using your services. What are you doing to increase the spending for your customers? Also, how much sales do you think partner marketing can be in three to five years? I'm not going to do a forecast of that because it's difficult when you don't even know the base number. What I can say is that this is the message that we bring to advertisers. We talk about their Google spend. We talk about whether that is reasonable or not. Some people actually think it's, yeah, we spend 63% on Google, and we're planning to increase that to 75%. I, as a CEO, would never, ever run a company like that.
I think it's, I don't want to say insane, but I really question that strategy. It's much better to diversify. You're right, dear questioner. It's totally our job to talk about this. I think that our industry colleagues should talk about this too because it's not a dominating position like this. It's not good. If you get back to growth during 2025, will you be understaffed or can you handle increased volumes with your current headcount? The main idea is that we can handle current volumes with our current headcount. With that said, we have started hiring a little bit here and there, and I expect that to continue. It's not going to be anything like the massive changes that we did in 2022. We think that we can manage this stuff basically with the people that we have. Here's a tricky one.
Roughly how many possible acquisition opportunities are there in Europe for Adtraction? Realistically, depending on if you look at the core business, the core network business, I think there are five or six very attractive companies out there. The question is, are they for sale? We want to buy them. There are other opportunities. We can do stuff in the influencer space. There are other types of services that we can buy. We are not limited to only acquiring networks, even if that is our main strategy. We have a couple of other questions that I will try to address here. This is a good question that I love because it highlights the strength of our business model. Historically, how have your partners adapted to new conditions when something changes? For example, Google becomes dominating. How do partners adapt to that?
I guess what's underlying this question here is, how would partners adapt to ChatGPT and other stuff like that? Partners are great at doing this. They're super innovative. They're often small and quite flexible. We've seen these transitions happen many times before. That something changes in the market and our partners are there and they're grabbing that traffic and they're delivering that traffic to advertisers. This is actually one of the things that I love with our business model. A follow-up question there is that, can you see that your partners are getting traffic from the AI search engines? The honest answer is that it's not yet. This is not a significant part of our business. I'm sure that it will happen. We are monitoring this, but it's currently not happening. Finally, there's a question about migration.
You have done a number of migrations historically, and you have started the migration of Adrecord. How comfortable are you today doing this stuff compared to how it was before? I would say that we have a team that is just amazing at doing this. That does not include myself, but it is a team that is just amazing at doing migrations. I would say that we are experts. We are experts, and we are very confident in our ability to get this right. We are good at balancing risks and automating stuff. I actually think that the team is so good at this that I consider it an easy process. That is, of course, easy for me to say, but this is how good they are. All right. Thanks for those questions. I think that is it. Thank you, everyone who joined the call, and thanks for posting questions.
That is it for us. Thank you very much, and goodbye.