Morning and welcome to the presentation of Adtraction's second quarter r esults. You are listening to Andreas Hagström, our CFO, and my name is Simon Gustafson. I'm the CEO and founder of Adtraction. If you have any questions, please post them in the chat tool that you hopefully can see in front of you. Let's get started with the performance in the second quarter. We are obviously not happy with our performance in the second quarter. Gross profit dropped by 2.6%, and we wanted to grow. We said in the beginning of the year that we expected growth, then April happened. In April, we delivered a lot lower sales than expected, both in the finance vertical and in the e-commerce vertical. We saw a recovery in May and June. May and June were substantially better months than April, but that was not enough to end up with growth.
Adjusted for currency effects, we're fairly close to zero, but that is still not good enough. We need to grow. Let us continue and discuss what's going on. I think an important thing here is that Adtraction remains profitable. We're not performing, but we're still delivering an operating profit of SEK 9.4 million, which is in line with what we delivered the same quarter last year. I would characterize the e-commerce vertical as stable. We grew by 8.6%. Of course, that growth is helped by acquired gross profit from Adrecord, but we also saw a small organic growth in May and June. Finance was weak or even very weak. We saw a negative growth of almost 18%. We think that this is a market trend. We've seen a weak market for everyone who's involved in selling new consumer credits across all of Europe.
I will comment a little bit more on this in a minute. Cash flow was lower for the quarter. That is in a way unsurprising. We cannot keep delivering a cash flow that is greater than EBITDA over time. I think the way to look at this is to look at the cash flow of rolling 12 months, which Andreas will help us do. We've also said that we expect a small negative growth in the third quarter. The reason is that that's exactly how the quarter started. The finance vertical is not performing and e-commerce is looking stable. We are seeing some M&A opportunities, and I think the angle or the background is a little bit different than before. I'm going to talk about that later on in the presentation.
We're, of course, getting a lot of questions about AI and how that is impacting our business, and we will share some thoughts about that and see if that helps anyone. You may remember that in the last quarterly presentation, we said that we wanted to track more. We always want to track more, and I will give a little bit of a background in this presentation what we mean by that and what it is that we're doing and intend to do. The things that we have focused on in the second quarter are the following. We want to get back to growth. You are probably getting tired of hearing this, and so are we. The only way to fix that is to actually get back to growth, and this is what we intend to do.
We have spent a lot of time and resources on our new CRM system, and that may not sound like a big thing, but it really is because that will fundamentally change the way that we work with new sales, with account management, and also actually how we cooperate internationally. We're going to make it much easier to work cross-border between our different markets. We have also, on the tech side, spent a lot of time on updating tracking. Some of those updates have already been implemented, and some of them will be implemented in the third quarter. We're also happy to report that there will be a new great partner platform for our partners, and that's going to be launched in a couple of months. We spent a lot of time and effort on making that one great. Let us talk a little bit more about finance.
Our view is that we have seen weak markets in general with lower demand and a lower number of loans approved. I think our view is that this applies to anyone who's trying to sell new credits or new loans in this market. Of course, there is some regulatory uncertainty, and by that we mean that there's a regulatory uncertainty in Sweden. We have seen some new laws being passed, and our basic view is that the Swedish market, the Swedish finance market is not doing well right now, but that is actually not because of the new regulation. We see sort of the same development across Europe. We also think that Adtraction's big clients, both loan providers and brokers, actually will get the license that is required. They will get that license, and we've already seen that happen.
For example, Adtraction's client Brixo got a banking license just a few weeks ago, and we expect other quality companies to go the same path. We think that loan providers and brokers will adjust. There will be fewer players, but the volumes will probably not go down. That is our basic assessment. I will also say that we remain committed to this vertical because we can provide great value to brands and partners. We've done that for many years, and we'll keep doing that. We're also convinced that the market will grow over time, and we're also thinking that change leads to innovation. We are going to see some new setups, some new services being deployed in the market, and of course, Adtraction is also looking at a new solution to face the regulatory changes.
E-commerce saw a very challenging 2024, and I think you can see that in this graph. We grew basically every year until the end of 2023. In 2024, we've seen a flat development. I think it looks a little bit better now. We see fewer accounts being closed or paused. We have seen some strong account wins that are not reflected in our results yet, and we also see a slightly more optimistic outlook from brands. That means that they're a little bit more willing to do things. This is still very far from a booming market, of course. We're still far from a booming macro environment, which is also reflected in our numbers. If we look at the combined picture here, it looks like things have stabilized a little bit. We get the same picture if we look at sales and add rolling 12 months.
It looks like things have stabilized, and the same goes for gross profit. Things are not really changing here. I think that before we see a turnaround, we need a stronger market for consumer credits, and we honestly do not know when that will happen. In the meantime, we're doing what we can to find growth where we can find it. What is changing, though, is the internet. The internet is changing, and what I mean by that is that I think that probably everyone in this call is using one or several of these services. Some of us use more than one service, and the reason that we do that, of course, is that they provide a great value and are super useful. These services are also seeing a great growth in terms of number of users.
What is not clear, though, is exactly what their business model will be. It's not possible to buy ads or traffic from these players yet, at least not at scale when it comes to these specific AI models and AI services. To me, it's clear that they are facing some interesting challenges. Either they stick to whatever the AI thinks is the best answer, or they introduce paid results, and they risk compromising the quality of service, sort of what happened to Google. It is going to be very interesting to follow what it is that they will do. What we have seen so far is that companies are experimenting with different things. We have read about ChatGPT seeking to get paid for conversions, which, by the way, is a great business model in our view.
We know that Perplexity, which, by the way, is not big in Europe at all, is experimenting with ads. Of course, it is not far-fetched to think that Meta will have many ads-based solutions. My personal guess, for whatever that is worth, is that we'll see a different business model emerge here. I think it is sort of important to remember in this context that when Google was at its peak, enjoyed the most dominating position, we think that they had around 30% of global ad spend. That is a massive number, but it is still very far from 70%. We think that there will still be a broad portfolio of advertising solutions going forward. There are problems with the emergence of AI. One of the core problems here is that AI is taking content from content sites without really sending any users back.
That puts the content sites in a strange position because they're delivering great content, they're not getting users, and there's fewer ways to monetize their content. This actually is a problem that the industry needs to solve. We've seen some deals between the AI companies and media houses, but there probably needs to be a more profound solution to solve this problem. This is not Adtraction's job, of course, to solve. We are more concerned about our own traffic and what's happening to Adtraction's traffic. That's what we like to think about, and that's what is important to us. I think the first thing that we should point out here is that Adtraction does not rely on one traffic source. We rely on an innovative network of traffic sources. We rely on an innovative network of partners. Partners are indeed showing up in the AI results.
If you ask ChatGPT certain questions, for sure, the partner sites are there. We have seen partner sites also in Google AI Overview. For us, it's difficult to know to what extent partners actually are getting traffic from these services, but I think it's very encouraging to see that they are showing up there, and it's encouraging to see that partners are following the development. This makes me sort of hopeful for the future. What's important right now is Adtraction's traffic. Did we, like Wikipedia and some other sites, lose a lot of traffic, or what's going on? The answer is that no, we didn't lose traffic. This shows an index number of clicks. We're starting in the beginning of 2021, and then we're seeing what's happening with our clicks. It turns out that they're more than stable. Traffic is growing. This data set is not perfect.
There's always going to be some bot clicks in the data set that make it impossible to clean things up entirely. I think what's important here is the general trend that we're growing. The number of clicks is growing, and our model is still working out from that point of view. What also is growing is the number of conversions. Here we're looking at conversions both in terms of leads and sales. Those are the two types of conversions that you see in our platform, and we actually see a very nice increase here also. To summarize, we have not seen a drop in traffic or conversions. The traffic is there, and tracking obviously works. By this data, you can obviously draw some implicit conclusions. One important conclusion is that the average commission per transaction has decreased because both the number of transactions and the number of clicks have increased.
It sort of follows that the commission has decreased because gross profit has decreased a little bit. Our view is that this is a reflection of the macro environment, and this will change over time. Let's talk a little bit about tracking and how that is working out. We said something about that in the last report, and we just want to clarify perhaps what we mean and what it is that we're doing. First, I want to say a few basics about our model. Obviously, it makes sense for a brand to pay for conversions. That's the cornerstone of our business model. Yes, if a brand pays for conversions, they will get even more conversions. Let's say that a partner sends traffic to meds, and meds is paying for conversions. Of course, the partner will continue to send traffic to meds, and they will continue to get paid.
It is sort of a self-reinforcing model that's great and working out exactly as it should. Yes, tracking can be automatically updated when something needs to be fixed. Tracking can be automatically updated, and there's also a number of other nice features with tracking. There is an opportunity for brands to validate sales. There is an automated return handling and all sorts of good stuff that makes the model work. The world is not perfect. Here are some challenges that we see with tracking and that we're trying to address. The first problem is not a huge one, but it's something that pops up maybe once a month or so. This is about the different realities presented by GA4, Google's analytics tool, and Adtraction and other networks.
The problem in a nutshell is this: we send an invoice to a brand of X transactions, and then the brand will take a look in their GA4, and they will see, there's only Y transactions here. The question is, why are you sending an invoice with X when you should send an invoice with Y? That's the question to us. That question has a really simple answer. We are, of course, not basing our invoicing on what's happening in GA4. They are measuring a different thing. We are measuring or basing our invoicing on what's happening in our platform because this is also what it says in our agreement. What we do is we simply explain this to the brands, and typically, they understand. We may need to spend a little bit of time explaining why there is a difference between GA4 and what we measure.
I will not dig into the details here, but if you're interested in that, you can read an article. You can scan the QR code, maybe click the link. You should be able to click the link when it's posted on the site, or you can Google it if, of course, anyone is still Googling things. Let's go to a slightly more challenging problem, and that's what we call tracking gaps. Tracking gaps occur because the tracking code is not executed for one reason or another. It doesn't help that we can automatically update the tracking code under certain circumstances if the code is not executed. The code should not decide itself whether it's executed or not. That's really up to the brand. The brand should decide if and when the code is executed. Under certain conditions, actually, the code is not executed the way that it should be.
The first one is when the brand is making certain consent settings and certain GTM settings. Then our code may not be executed. We're also seeing examples of aggressive deduplication. Our agreement says that under certain conditions, our code should be executed, and perhaps a brand thinks that, hey, this user came from Facebook or whatever, so let's deduplicate and let's not execute Adtraction's code, even though it should be executed according to the agreement. The third problem is probably the smallest one out of this, and that is redirect to apps. Some e-commerce companies prefer to send their users to apps, and it's well known that tracking works a lot worse in apps for different reasons. I would also say that this is not a huge problem because there's some self-adjusting mechanism in our platform.
If a brand is not converting good enough, then partners will simply send their traffic elsewhere. The model is still working out. There are self-adjusting mechanisms in the platform. Of course, some brands are simply great brands, and they get traffic anyway, and then we need to make sure that things are right. I also think there are some consequences of a tracking environment that's less than perfect. For example, short-term sales may be underestimated, which means that partners and Adtraction may not be fairly compensated. Of course, we need to fix this. Longer term, the brand may perceive the channel as less valuable. If the brand thinks that we are sending fewer conversions than we actually are sending, that is a problem long term when you're comparing different channels. Fortunately, there are some beautiful solutions. I think the GA4 problem is fairly straightforward.
We already have a solution in place where we can provide additional data for GA4 if that is requested by brands. In most cases, they don't need that, but if they want it, we can provide some more data for GA4. We will introduce a lot more transparency regarding tracking data for each tracked transaction. The brand will know a lot more about the tracking for each transaction. This will be implemented within a couple of months. For the other problems, the tracking gaps, we have two options. The first option is to always fire Adtraction's code no matter what happens, and then we can do our job. Of course, we should do that in a consent-friendly manner and make sure that we follow GDPR in every way. If the brand, for some reason, is not firing the code, then there needs to be different ways to compensate.
This is a fairly big project that we're working on. We will not finalize this project in Q3, but we will for sure start in Q3. We think that these things together will have a positive impact on gross profit and sales, but this is not something that happens overnight. This is sort of a long-term project because some of these things need to be implemented manually. It's important that tracking is working out for the reasons that I have mentioned. We go back to the question about how we will grow, and you will recognize these slides if you have watched our presentations before. The main objective for us is to grow with our existing base of brands and partners. That is the most important thing to us. We do that by providing a great service and providing great value to partners and brands.
This is the core business idea of Adtraction. We also want to increase market share. We have been trying to grow in Europe for many years. We have seen some growth, but we want to achieve a lot more. Probably, we will need to do more M&A in Europe to speed things up a little bit, but we are also going to keep working to grow organically. We want to grab the Google budgets. I have talked about that many times before. It doesn't make sense for a brand to spend too much on Google, especially now. I would argue that in many ways, Google's model is under threat. You cannot be certain that Google will be able to deliver what they have delivered before with all the changes going on. We want to do M&A in new markets.
One thing that we have understood now is that our business is becoming more complex. Maintaining and developing a platform is a lot more complex. Historically, when we've acquired a company, the reason has been that the founder perhaps wanted to do an exit or partial exit or wanted to be part of a bigger team and saw other synergies, and it was exciting to do a deal like that. Now we see opportunities where smaller companies have platforms that are simply not performing in this market. They don't have the resources to update the platform, and they really need to update the platform or they will be left behind. We think there are some opportunities there. We will see what happens. We normally talk about the number of employees, and the big picture here is this. This chart looks almost a little bit random, I think, but it's not.
What happened was that we did the IPO towards the end of 2021. We started hiring a lot of people. Then we acquired Adrecord. The number of employees increased. We faced a more difficult market, and the number of employees was reduced until last year when we started growing again. We added a few people through acquisitions, and then all of a sudden we see a drop in Q2. I think that this drop is more or less random. A lot of things happen at the same time. We have already hired a lot of new people. Actually, I would expect some continued growth here going forward, not a massive growth, but we will continue to add a few employees here and there. The cost base per quarter is something that we, of course, follow closely.
We need to know what the cost base is, and we need to know what the gross profit is so that we know that we make an operating profit each month. We're trying to keep the control over the cost so that we always make a profit. What we're facing now is a situation where the cost is about SEK 1 million lower than the same quarter last year. With that, I will turn the mic to Andreas for a couple of slides.
Thank you, Simon. Looking at the numbers from the second quarter, starting with the net sales, we have SEK 263.8 million. That's a negative growth of 5%. We will also comment a little bit on FX in this presentation as it's been quite volatile, and we've received a few questions from investors lately. We can see that it's slight negative effects on the growth rates, and we would have a negative growth rate of 2% if we would have had fixed rates. Looking at gross profit, we have SEK 51.5 million. That's a negative growth of 3%. You can assume the same thing regarding FX here. It would be slightly less with fixed rates. I will also comment a little bit on acquired versus organic growth when we get to the verticals. The profitability and EBITDA at SEK 9.4 million. That's a decrease of 4%.
We have maintained the same margin as last year, 3.6%, and that we have been able to do through lowering the total cost base despite having acquired Adrecord and added to the total cost base by doing so. We also limit the FX exposure on our profitability, and we do that by getting paid and paying partners in local currencies and also paying our operating expenses on the local markets with the local currencies. Thereby, we have a little bit of a shield towards fluctuations on the currency market, and you should expect the fluctuations on the currencies to have limited effects on the profitability in Adtraction. The adjusted net result per share is at SEK 0.43. That's a decrease by 7%, a little bit more in the EBITDA, and the reason for that is differences in the financial items between the quarters.
The verticals, starting with e-commerce, we have SEK 31.4 million in gross profit. That's an 8% growth. We can see growth on most markets. We have previously said that it's hard to say an exact number on organic versus acquired growth when we have migrated the client base. That is true, but we can say that we would have had a slight positive organic growth in e-commerce, excluding acquisition, and then the rest of the growth is acquired. The finance vertical, SEK 19.4 million in gross profit. That's a negative growth of 18%. We can see a general negative growth across markets with a couple of exceptions on smaller markets. The vertical other, everything that is not in the Adtraction platform, we have SEK 0.7 million in gross profit. Comes to geographies, starting with Nordics, we have SEK 38.6 million in gross profit. It's a 1% negative growth.
This is also where you see the effects of the acquisition of Adrecord . I can also say that the trends within e-commerce and finance are similar between Nordics and Europe. They're positive in e-commerce and negative for finance. In Europe, we have EUR 12.9 million in gross profit, and that is a negative growth of 7%. When it comes to cash flow, we can see that we had three consecutive quarters with amazing cash flow, looking at the operating cash flow, followed by the second quarter in 2025. The reason for this is that we've worked really hard on improving processes when it comes to invoicing and getting paid, and that has given very good results. The reason for it being negative in the second quarter here is seasonality effects and that the partner payments from these process enhancements are bigger.
You can instead look at the operating cash flow from a rolling 12 perspective to see the effects on these process enhancements, and we're actually at a historical high when it comes to operating cash flow. Breaking down the cash flow to its different components, starting with operating cash flow at SEK -13 million. That is due to previously stated bigger partner payments and the seasonality effects. We have investing activities of SEK -0.2 million, finance activities of SEK 16.6 million. That is the first tranche of dividend payment. That gives us a total cash flow of SEK -29.7 million in the quarter. We can see that the net cash position has grown from SEK 93 million to SEK 100 million in the last 12 months despite having acquired Adrecord and made two conscious dividend payments. Nearby, I give the mic back to you, Simon.
Thank you, Andreas. I just want to reiterate some of the goals that we have and what we're working towards. Obviously, we're about growth, profitability, and cash flow. I think we've done a decent job when it comes to profitability and cash flow, not so much when it comes to growth. I also think that we need to be a European network. The next step for us is to strengthen our presence in Europe and continue to do things in Europe. We also want to serve a wider range of clients. We have talked about that before. We are building great solutions for smaller clients, and we will talk more about that going forward. We also want to be a leading consolidator. I think that Adtraction has been involved in most of the transactions that have happened in our space.
We have made four, we've bought four companies. There has been one recently that we did not acquire, and that's Bell Boom. That was actually a German company that was in a very unsound financial position, and we perceived that as a little bit too risky. We did look at it, but we didn't choose to move forward with it because we felt that the transaction structure was a little bit too risky. What's happening now is that, again, we're focusing to get back to growth. We're implementing that new CRM system and the new playbook. We're implementing the new tracking opportunities, sorry, the new tracking solutions, and we are looking at M&A again. Of course, I want to say something about Bundler. Bundler is a subsidiary, still very small, but it's doing great and exciting deals.
Like I said in the report, we expect to talk more about that in the next year, actually. With that said, we have received a number of questions. We'll get started with that. First, what is the name of the new CMS? I'm guessing that we mean CRM, and that is Salesforce, which is, of course, a huge company, and we're implementing some great solutions, we think. Can you share some examples of previous periods when you faced challenges in terms of the finance vertical? I think the biggest thing was clearly COVID. When that happened, we saw a huge drop initially, and then the recovery was a little bit quicker than we've seen now. Now it's been prolonged, but I also think that we're facing a very special situation in the world.
Other than that, we've seen shorter drops throughout the years, but nothing like the one that we currently are experiencing. Another question is, you've reduced staff by seven employees. What roles have been cut, and was this a deliberate strategic decision? This is a mix of things. Some people left us, and we wish that they hadn't. That's going to happen for any company of our size. In other cases, we made agreements with people to leave. If something is not working out, we try to fix that. I would say that it's more or less a coincidence that a lot of things happen in the same quarter. We already have hired a lot of new people, and we expect to get back to growth. Most of the people who left us, if I remember correctly, were account managers and partner managers.
Do you see the M&A market starting to be more active, or is it still as cold as in the previous quarter? I think it's a little bit more active. We're constantly probing people and asking if they want to talk to us, and now it turns out that some people want to talk to us. We'll go ahead and do that, and we'll see what that leads to. You previously used a fair amount of shares in acquisitions. Now that you have SEK 100 million in cash and no debt, how do you view optimal finance structure for future acquisitions? Please remember that in the Adrecord thing, which we did last year, that was a 100% cash transaction. Konext was a cash transaction, and then we borrowed a little bit for.
We have made small loans that we have actually very fast amortized after the acquisition.
Yeah. The only transaction where we used shares was Adrecord because Adrecord was sizable. It depends on the size of the company that we're acquiring. If it's a, we prefer to use cash. I think our first priority would be our own cash position. Our second priority would be debt, and if we have to, we'll use shares. I don't, that is a little bit less likely, I would say. Can you comment on the performance of the finance vertical at the beginning of Q3 and whether there are any indications that the sequential decline is nearing the bottom? This is, of course, the key question here. What I did say was that we saw a small negative growth in Q3, the start of Q3. What's going on there is that we're growing e-commerce and we're not growing finance.
We're seeing a better development than we saw in April, of course. April was super, super bad. Maybe April was the bottom and maybe we're recovering. I honestly don't know. I don't want to speculate here, but I'm fairly confident that this will not go on forever. My personal feeling is perhaps that this is some sort of bottoming that we're seeing now and we have seen, but I honestly don't know. Here's a question about e-com. E-com stable at the beginning of Q3, stable as zero or stabilizing, growing at the same rate as in Q2. It's the same situation as in Q2. We're seeing growth for e-com. We have a few more questions. Here's a question about Google AI Overview and how that is impacting traffic.
I think we have answered that to some extent, obviously not in a perfect way, but my sense is that Google AI Overview is not impacting things a lot. Like I've shown, our traffic is still there. We have a question about the effect of the law that we've seen in Sweden and what impact we will see on the gross profit. Like I said before, we are not doing well in the finance vertical in Sweden, but I don't think that is primarily related to the new legislation because we've seen an interest rate cap, but companies seem to be adjusting to that. The question is what will happen next year, next summer when you need the banking license. Our assumption is that all our big customers will get that license.
I think that some of the big brokers have actually publicly confirmed that they will go ahead and get the license, and it would not make sense for them to not get the license. They can probably pay a few million, strengthen their organization, and get the license. We think that the market will keep going, of course, even after the new legislation has been fully introduced. Here's a question about the number of employees again. Is the current number of employees sustainable, or should we expect growth? We should actually expect growth. Like I've said before, we already hired a lot of new people. Are there any seasonal effects within the finance vertical, and if so, why? The big trends are that typically January is a good month. We see a drop during the spring, and we see a little bit better performance during July and August.
These patterns are not as clear in a weak market like that, but somehow they're still around. There are local effects. For example, in the Swedish market, tax returns in April and June, I think, will impact the need for borrowing. There are some seasonal effects, but they're a little bit less pronounced in a weak market like that. Is the small uptick in gross profit in other segments an outlier, or should we expect that segment to continue to grow? I would expect that segment to continue to grow, and I'm sure we'll talk more about that going forward. I would actually be surprised if that segment is not growing, but not at a super rapid pace, but we should see continuous growth there. Here's a good question. A couple of years ago, Adtraction made greenfield expansions into Italy and France. How have those expansions developed? Are they profitable?
No, they're not profitable. I think that we've seen some good development there. We have great teams, but things are a little bit slower than we hoped. I think it's a little bit more difficult to start these things in a weak market like we did. We are long-term, though, and we are convinced that we will be successful in those markets going forward. The teams are fairly small. It's just a handful of people, but I will say that we're not comfortable launching new markets until we're profitable in our current markets. Here's a tricky one. How far away would you say that Adtraction is from making the next acquisition? If it were up to us, we'd do one very soon. It's not always up to us. People need to understand that it's a good idea to sell to us.
Within a year, I think that we've made more M&A. When it comes to the finance vertical, is the decline primarily driven by less revenues from a handful of significant clients or more broad-based? I would say that it's broad-based. This is basically across the client base that we're seeing drops. Of course, there are exceptions. Some clients are performing very nicely, but I would say that it's a broad-based drop. It would also be interesting to hear how different subcategories and markets within the vertical are performing. I guess that goes for e-com because e-com, there are a lot of different categories, and the performance greatly varies. I actually agree that that would be good to report a little bit on that to give an extra flavor of what's going on in e-commerce, and we just need to find a good way of doing it.
We will not do it in this report, but the question is noted. We have a final question here, I think. Are we looking at any new vertical? We're constantly looking at new verticals. This is how we look at things at Adtraction. We report two verticals. One is finance, and one is e-commerce. E-commerce is basically everything that is not a finance product. We're excited to start new verticals and new things at all times. A good way to get a sense for that is actually to look in our platform and see what types of brands we have and what types of brands we're adding. There's constantly happening stuff. This person is saying that it's not fun to see the finance vertical shrink quarter after quarter. I couldn't agree more. This is something that we're working on and that we're trying to fix.
The same person is saying that it's ethically questionable to sell expensive loans to people in financial distress. I strongly disagree with that comment because here we're making an assumption that everyone who's getting a loan is in financial distress, and that's not how the market works. In Western Europe, we have a loan-based economy, and the market needs to supply those loans. Every single loan provider is reporting to different regulatory bodies and so on. Some consumers demand loans, and then there's going to be companies who sell those loans, and we help consumers make better choices. I have a very different view of the finance market here. Let's see if there are any more questions. How is the finance vertical distributed across countries? Are certain markets significantly larger than others? If so, how large are the biggest geographic markets?
We're not doing finance in certain markets, whereas finance is very important in other markets. The general picture is that in all Nordic countries, finance is fairly important to us or very important, not in all countries, but we have a big finance gross profit in all Nordic countries. Finance is also very important in Spain. The Nordic countries and Spain are the markets that have the biggest impact on our finance performance. We also have strong finance offering in the Netherlands and Germany. We're doing some things in Italy, France, and Poland. In the U.K. and Switzerland, we do not have any finance offering to speak of because the market structure is different there. These are the questions that we had for today. To summarize things, I would like to say that Adtraction is profitable. We're seeing a better development in e-commerce
Finance is still challenging, and that needs to turn before we see a better development. My view is that this is a market thing, that everyone who's trying to sell new credits is impacted by this. We are very active in trying to find good solutions for our partners and brands, and long-term , we know that this strategy works. That's it for today. Thank you very much. See you next quarter.