Thank you operator, and good afternoon everyone. Slide two, please. Today's presentation will be conducted by myself, Peter Kjellberg, CEO at CDON, and our new CFO, Thomas Pehrsson. Slide three, please. The agenda for today contains a quick introduction to CDON, followed by a Q1 update. Thomas will then present our financial performance, and I will end the presentation with a summary and an overview of our priorities going forward. After that, we will open up for the Q&A session. Slide four, please. Let me first give a quick introduction to CDON. Slide five, please. Globally, more than 50% of all e-commerce goes through marketplaces. This has resulted in that in Europe, the majority of the market-leading companies within e-commerce are marketplaces. CDON is the leading Nordic marketplace.
We have attractive products at the best prices enabled through our marketplace business model in the Nordic markets with 360 marketing on a modern scalable platform to loyal customers. We offer approximately 12 million products in core categories on our site. It's everything from simple everyday products to premium capital goods, well-known and respected brands like Apple, Samsung, Lego, et cetera. We have about 1,500 active merchants operating on one or several of the Nordic markets. Sweden is our biggest market, but we aim to grow on all Nordic markets. We work with integrated campaigns with focused messaging spread across multiple points of customer contact. The brand CDON is very well known. CDON has the highest brand awareness in the Nordics compared to our closest marketplace competitor.
We have stronger overall levels throughout the brand funnel, and we manage to convert a higher share of consumers in the lower funnel. We have today about 90 million visits per year and 2 million active customers. It's impressive numbers, but our scalable platform is prepared and designed for further product merchant and customer growth. Slide six, please. I think this slide sums up our offering in a very good way. Our aim is to become the starting point of shopping in the Nordics and the sales engine for merchants. To the consumers, we offer the widest assortment in one place at the best prices with a great customer experience, including a single checkout and convenient delivery. To the merchant, we give access to millions of consumers with an improved customer experience and access to tech and to data. Next slide, please.
In the next slides, we will go through a summary of the quarter. Slide eight, please. During the first quarter CDON Marketplace GMV grew by 4%. We are performing better than the Swedish e-commerce market as a whole, which decreased by 4% in January, 17% in February, and 17% in March compared with the same months of last year. Altogether, the market decreased by 13% during Q1. I think this showcases strength in our business model and the attractiveness of our offering. Electronics was the category with the largest decrease in the overall markets, about 25%. Electronics is one of our core categories, and we grew 11% in the quarter. Net sales for CDON Marketplace increased by 10%. Our strategy is to phase out 1P sales and prioritize our 3P business.
The decrease of CDON Retail's net sales by 33% is therefore according to our plan. Our gross margin increased by 11.2 percentage points to 47.7%. In the quarter, we laid the foundation for our growth journey, and we took significant costs to keep up speed. Costs were related to recruitments aiming to strengthen the management team, the interim management leaving early Q1, our projects related to our brand repositioning, the incentive program for key employees, and acquisition costs related to Commerce 8 and Xales. We estimate that 10 million SEK of the costs are of one-off nature. To keep a high transformation pace, we have engaged a number of consultants who will gradually be replaced by our regular employees during Q2 and Q3.
We expect the higher cost level to partly continue in Q2, and to be phased out from there. While we have challenging market environment, we also have significant room for improvement in our own market acquisition processes within SEM, SEO, and CRM. The digital marketing function has been strengthened, and we have intense focus on this area. All this is fundamental to be able to generate a positive operating cash flow in the foreseeable future. Slide nine, please. I'm very happy to announce that the group management now are complete. During the quarter, we got Thomas Pehrsson on board as Chief Financial Officer, Madeleine Söder as Chief Customer Officer, and Magnus Nanne as Chief People Officer. All are experienced and senior leaders with great track records. I'm also glad to welcome our new Head of Technology, Martin Lundgren, who started in February.
It's very satisfying to see that our internal work with creating Malmö's best workplace starting to get results, that our ENPS score continues to develop in a positive trend. We have launched a long-term incentive program for CDON's management team and management of subsidiaries. The purpose of the proposed program is to create strong incentives for management to drive the long-term performance of CDON, to attract and retain key competence, and to align the interest of the participant with the shareholders' interest. Slide 10, please. Our rebranding project progresses according to plan. The ambition is to develop CDON into a loved brand in the Nordic markets. A loved brand has more loyal consumers, increased pricing power, more advocates, and lower consumer acquisition costs, not to mention the ability to attract better talents.
We are definitely looking forward to launch a more relevant and differentiated CDON brand towards the Nordic shoppers and merchants during the latter part of this year. Slide 11, please. We are currently adding more resources to improve the capacity and structure of the marketplace assortment. This is according to our growth strategy, winning the home, which includes the prioritized categories of electronics, home and garden, health and beauty, sports and outdoor, toys and books. This will have a very positive impact on the customer experience on our site and the loyalty of our customers. In a turbulent world, consumer needs and behavior will shift over time. The wide assortment of CDON Marketplace makes it less vulnerable if demand shifts within a certain category. With 12 million available products we do have a unique opportunity to fast curate assortment and campaigns.
The new category prepping products, I think, is a very good example, where we clearly showed our ability to act swiftly on a growing need. In a matter of hours did we curate an assortment of prepping products and made it available online to our customers. I foresee that we will act a lot more like this going forward, quicker, more proactive, more agile. Slide 12, please. During the quarter, the number of selling merchants on CDON Marketplace increased to 1,529 merchants. It's an increase by 13% compared with last year. The first step toward our increased Nordic presence has been taken in Norway, where we expect positive effects during Q2. Denmark and Finland will follow during the second half of the year. We have optimized the complete sales process towards merchants during the first quarter.
Our lead identification efforts are now focused on the need assessments of winning the home categories. We have improved the segmentation of the Nordic merchant market, and the implementation of sales for CRM system is now ready to support efficient follow-up of every merchant account. Our new business-to-business marketing team will ensure that we reach and attract more merchants than ever before in all four markets. Our new international partner sales team onboarded two major European aggregators during Q1, making it easier for European brand owners and retailers to reach the Nordic market through our platform. Next slide, please. We have released a feature for subscription. Releasing monthly subscriptions on CDON+ is a first step in the direction for enabling subscriptions to selected products in certain categories. It will be further extended to more products in other categories going forward.
Improved implementation of CDON Buy Box with CDON's unique identifier is taking our Buy Box functionality to the next level regarding user experience. This functionality will result in an improvement in SEO, as we will only send our best version of a selected product from CDON to search engines and price comparison sites. The customer value of this feature will be that customers will be able to see all of the same products on a single page, with the most attractive ones having been placed directly on the page without needing an extra click to reach them. To increase consumer touch points and also brand visibility, of course, we have developed a native CDON mobile app.
With this, we will find an easy way to connect with our customers and introduce a new traffic channel as approximately 80% of our customers use their mobile device for purchases. We are right now testing the functionality with the focus groups. For better user experience when it comes to product recommendations on front and product pages, we have started an implementation with a third-party product. The goal is to personalize the front page for each individual customer and make it more easy and more personalized to find similar products related to what the customer is looking at. An incremental improvement to product data was made during Q4 with a categorization technology delivered by Shopit. During the first quarter, 99% of CDON's 12 million SKUs have got enhanced categorization and product data.
This results in a higher conversion rate and an improved on-site customer experience. With the improved product data, traffic acquisition through SEO and SEM will be more efficient and cost-effective going forward. We have started a number of activities to improve traffic and increase funnel and conversion. The results of the work will show later this year. Our customer loyalty program, CDON+, was relaunched in Q4. It's developing according to plan, and we work continuously to improve the program. We grew the number of members during Q1 by 165%. Next slide, please. Now, I would like to give the word to Thomas to present the financial performance.
Thank you, Peter. I am pleased to present my first report as CFO at CDON. I've been with the company since the beginning of March, so it has been around six weeks so far. Let's move to the financial performance. Next slide, please. Group income statement. Despite a market that decreased during the first quarter, CDON Marketplace GMV grew by 4%. Together with increased commission levels, this led to gross profit, which was 12% higher than the corresponding period last year. According to plan, we are phasing out our retail business, and as a consequence of that, the net sales and gross profit for this segment decreased. Because we have been investing in activities for future growth, such as marketing, product categorization, and attracting key resources, we have recognized higher expenses, specifically in this quarter, compared to the same period last year.
This means a lower EBITDA than the first quarter last year. However, now we are building for future growth. Next slide, please. Group balance sheet. Last year, we acquired shares in the associated company Shopit, as well as a majority stake in Xales and Commerce 8. Our fixed assets have increased compared to the same period last year. As I said, we are phasing out our retail business, and this leads to a lower inventory. The total equity is higher than end of first quarter last year due to the rights issue that took place in the third quarter of last year. Next slide, please. Group cash flow statement. We recognize the lower operating result versus the same period last year, mainly due to specific initiatives to enable growth.
However, due to an improved working capital with regards to decreased short-term liabilities versus last year, we're ending up with an improved cash flow versus the same period last year. The operating loss together with a decrease in operating liabilities, however, means the negative cash flow for the period. Next slide, please. Thank you, and over to you again, Peter.
Thank you, Thomas. Next slide, please. To sum a Q1 up, we grew 4% during the quarter, despite challenging underlying market. We show growth in our core categories, like in electronics. In the quarter, we laid foundation for our growth journey. We took significant costs to keep up speed. We expect a higher cost level to partly continue into Q2, but to be phased out from there. We have now a complete and competent management team in place. The repositioning of CDON progresses according to plan. The number of selling merchants on CDON Marketplace increased with 13% during Q1. Our Norway expansion is ready to be launched. The digital marketing function has been strengthened, and we have intense focus on this area.
99% of CDON's 12 million SKUs have been enhanced with categorization and product data, resulting in higher conversion rate and improved on-site customer experience. Next slide, please. We have a lot of activities going on to continue to develop CDON's business. It's a mix of course, short-term, long-term initiatives, that goes on in our daily work. But we also have a very clear set of priorities that we shall deliver upon. We will strengthen the perception and the attractiveness of the CDON brand. We will deliver a better customer experience that we are doing today. We will win the homes with our core categories. We will expand the number of merchants in the Nordic region. We will develop additional revenue streams, and we will become the best place to work in the Malmö region. Next slide, please. Thank you all for listening.
With that, I would like to open up to the Q&A. Next slide, please.
Thank you. And if you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. There will just be a brief pause while any questions are being registered.
Our first question comes from the line of Brad Hathaway from Far View. Please go ahead.
Hi, Peter. Thank you for a very informative report. I wanted to dig a little bit into the SEO and SEM and traffic issues. Specifically, kind of as you mentioned, the challenges in the past with categorization and duplicate pages and where you're at with that kind of now. You mentioned the stuff on categorization, but I'm curious, you know, with all those things that have hampered SEO and SEM, how the progress has been and how you see the potential impact of that progress on traffic, going forward.
We know we don't give predictions on future traffic reports. We had a Q1 where we had a decrease of 10%, which was 5% due to technical issues related to last year. Then, of course, the lower market demand was also impacting us. We have put this as our, I would say, probably highest priority among many priorities to fix the digital marketing issues. There's a lot of investments and projects going on now, focusing on increasing both the paid and non-paid traffic going forward.
Okay. I'm not necessarily asking for specific numbers here. I'm just curious, kind of more qualitatively. You know, my understanding is it's, you know, Google has challenges when there are duplicate pages and challenges when the categorization is bad, and that hurts traffic and continued to kind of hurt it recently because it hadn't been fixed until very recently. Is that a fair assessment?
That is, of course, an ongoing work, Brad. As I said, we have categorized 99% now, so I can't say anything else than it's work in progress, Brad.
Okay, great. Obviously, CDON+ seems to have good growth there. Is there anything you can say about, I guess, the behavior of customers on CDON+ and how it kind of differs from your other customers at this point?
I mean, we grew CDON+ from quite a small level, to be very honest. This is super interesting for us, of course, because you have in between, like, four to five times higher purchase volume from our members than the average other consumer.
Got it. Four to five times higher pur-
Mm-hmm.
Almost a little closer to kind of habitual purchasing. Okay. Great. Excellent. Well, thank you very much. Looking forward to seeing the expansions into the other Nordics and the new brand later this year. Thanks. Thank you for all the efforts.
Thank you.
The next question comes from the line of Niklas Szieger from SEB. Please go ahead.
Thanks, operator. Good afternoon, everybody. My first question will be on the take rate. I guess, just thinking out loud, to be honest, but I guess, because of the weaker main category sales within electronics, that's probably a main driver for the take rate, ultimately. My follow-up question is if you could give us any idea of what you're thinking in terms of underlying changes to or development in the take rate going forward, if you understand the question. To separate the question into mix versus the sort of active strategic changes to the way you charge commissions, please.
Could you specify it a little bit, what you mean?
We can't hear you, Peter.
Can you hear me now?
Now it's much better.
Oh, thank you. Sorry for that. Could you specify it a little bit what you're after?
Sure, sure. My question is really, since electronics sales are typically big-ticket items, the commissions or take rates are rather low compared to the average mix. Is that a fair assumption?
Yes.
I can't hear you.
Yes, it's a fair assumption.
Yes, yes. My question is really, how should we look upon the gross margin development in this quarter, given that I understand most likely that, a significant explanation for the substantial increase year-on-year in gross margins is probably because of mix effects in your GMV, right? My question is, can you confirm that? Secondly, my question is how do you look upon, in more fundamental terms, where your take rate should be going forward? Is there any discussions internally to try to charge a higher commission, or, is the market not there yet, et cetera? Some kind of discussion around the take rate would be very appreciated. Thank you.
We have actually adjusted our commission rates during last year. As I foresee it now, I don't see that we will adjust it more during this year.
Okay. All right. Last year it was lowered, right? Or actually, well, at least the outcome was lower than in 2020. Should we contemplate that these levels are not gonna change from a structural point of view going forward? Is that what you're saying, Peter?
No, it's a mix question. It's all related to the product mix.
It is mix, right. Then my follow-up question is, do you see any reason to change your take rate given Amazon, given the competitive environment, given the market, any other reason to actually change the take rate other than mix in 2022 onwards?
Not as we can foresee now, no.
Okay. Okay. Thank you very much. Sorry for complicating the question. My final question, if I may, goes to the partly, I guess, investment driven cost development in Q1. Now, if we assume that you have, say, SEK 10-ish million in costs that not necessarily gonna reappear in the upcoming quarters, or in Q1 next year, still, how should we look upon the need for actually taking on more costs and growing costs in Q2 onwards as well, apart from the SEK 10 million if I may say so?
Thomas.
Apart from the SEK 10 million, as you say, those were more of a one-off character, as you see. If you look ahead, we are not giving, as you know, we're not giving the financial projections for the future. It wouldn't be at a higher level than today, as we also state in the quarterly report.
Mm-hmm. Just so I understand this, Thomas. In this quarter, adjusting for the SEK 10 million, right, you would still have a SEK 10 million basically cost increase, excluding D&A, right? Are you saying that the most probable outcome is another SEK 10 million increase per quarter for the rest of the year, or should we expect rather flattish cost development? Is there a particular need that you see to hire more people, invest in more stuff, et cetera, as you have been doing now for quite some time?
As we state in the quarterly report, it's in Q1 and partly in Q2, we are investing for future growth. That's it as we see it right now.
Okay. Got it. All right. Thanks for taking these questions.
Mm-hmm.
The next question comes from the line of Adam Wyden from ADW Capital. Please go ahead.
Hey, guys, can you hear me all right?
Yes. Good morning, Adam.
Good. Well, look, this is a little bit of a follow-up on the SEB guys. I mean, the easiest way to have costs not to matter is to grow GMV 50% with a 95% gross margin. I mean, costs aren't gonna matter too much. I mean, look, truly, no, all kidding aside, truly spectacular result. You know, you guys, you know, the market, you know, was down whatever 13%, consumer trends was down 25%, you grew GMV 4% on the higher gross margin. You're clearly, you know, showing that you can beat the market. If we look back at the evolution of this company, I mean, it historically grew 50%-60%, you know, against a market backdrop of 10%-15%.
Now, obviously, you know, we all remember, you know, that we had a platform transition, which was in the same quarter last year, this first quarter last year, against a 25% growth in the market, and so clearly a tough comp from last year. As you look ahead, you know, do you have increasing confidence or, I mean, do you have confidence that, you know, once Nordic e-commerce begins to grow at 10%-15% again, that, you know, you can replicate the result that you replicated in this quarter vis-a-vis, you know, doing demonstrably better than the market? I mean, because, look, this is clearly an exceptional result in lieu of the market, but the market's not gonna be down 13% for the rest of the time.
I mean, e-commerce in the Nordics has grown 10%-15%. I mean, how do you think about the inverse of this quarter?
As you know, I can't predict or comment on the future. I think it's important to look upon why did we accomplish the 4% as it is now. I think what we are very good at is to have some kind of real-time understanding of the market needs. Then we can immediately push the right merchants so we get the right corresponding assortment to that need. I think that is really a strength in our business model. With the marketplace as we have today-
Right.
With +1,500 merchants, we can always assure that we have available products. That is really the strength in our business. I think also now with the new category team, it's not really in place yet, but we start to get there. I think what you see is a little bit of effect of the new category team that we have set up. I think it's the way now we do marketing and category marketing in another way than we've done before. Now we're just scratching the surface. This will be much better going forward. But you can already see that effect. I think if we can still utilize more than the rest, the possibility of the power of the marketplace. I foresee that we will continue. I think we have...
As shown before, we have the building blocks. It's quite fantastic. We have 12 million products. We have 1,500 merchants. We are the Nordic marketplace leader. We have 90 million visitors. We have 2 million customers. We have the highest brand awareness, and we have an experience. As I said before, we have been around now a couple of years. We have a very experienced organization. Now we're putting in the next gear. We're taking this to the next level. We are launching a stronger brand positioning. We will get more loyal customers. We will increase our pricing power. We will get more advocates. We will have lower acquisition costs going forward.
Also, not to mention, as I said before, it will get us better to get more talents into the organization. For sure, we will create a better customer experience going forward. I mean, before purchase, during purchase, after purchase, all that will be in place. We are improving our offering. That is, we're doing now. We have already said, as I said, you saw the light version of the category setup, but we are really now improving our offering. We are focusing on our core categories in winning the home. We are expanding our merchant base, really focused now on the Nordic markets. As I said before, a little bit vaguely to Brad, but really we are putting a lot of focus right now on digital marketing.
Of course, we are looking into growing additional revenue streams. I think with the starting point, with all those building blocks, with the power of the marketplace in good times and bad times, and now with all the initiatives we are doing, I think really we are doing the right things to create growth. Both-
Okay.
You will see the take-
So far, yeah. The follow-up question, this is very quick. That was very helpful. Thank you, Peter. No, but my follow-up question is if you think about the ingredients of GMV, or sorry, of gross margin, right? It's take rate, it's products, it's basket size, and you know, merchants as a function of product. You know, at least based on our internal data, we're not that penetrated within Nordic merchants. You know, I think we have 1,500 merchants, and we've seen varying, you know, estimates, you know, anywhere from, you know, I'd say 30,000 merchants to 50,000 to 100,000 merchants.
I mean, you know, merchants are such a key part of the ingredient because, you know, merchants basically give you more product. When people, you know, if people, you know, if they go to Google SEO or SEM, and they search for something, you know, obviously, you know, we're gonna get to the top of the funnel or at least have a shot to if we have the product. More importantly, if they're on the site, you know, and they're already buying something, having those other products allows them to increase their basket size. We think that merchants and products are really vital ingredient to the formula. Can you talk a little bit about, you know, the new countries and sort of the initiatives you've had and what your ambition around merchant growth is?
Yes, of course. As I mentioned, we have, I wouldn't say reorganized the sales organization, but we have quite optimized the complete process towards the merchants. That was launched now during the first quarter. We have improved the segmentation, and we have now built our lead identification, again, on focusing on winning the home. We have a much more efficient follow-up on every merchant account. We have built a new business-to-business marketing organization, we are all now contacting and establishing a relationship going forward with more merchants than we've ever done before. That will. I can't say volumes at this point. If that doesn't create a result, then I don't know what to do actually. Of course, this will get a better result.
I can't give you an actual number. You will see the Norway results start to be created already during Q2. When we have established Norway, we'll continue with Denmark and Finland during autumn.
Right. Okay, good. That's it for me. Congratulations, guys. I look forward to seeing the app and all the rebranding initiatives in the back half of the year.
Got it.
We have one more question from the line of David Lee from Lizard Investors. Please go ahead.
Great. Thanks for taking my question. Just I have a couple of questions, first being just the market weakness. Can you just talk about is this the data that you guys are using that paints a very different picture versus the overall e-commerce growth? Because, you know, because I think in most countries, e-commerce is still growing, right? But it's very surprised to see the Nordic e-commerce growth was continuing to decline. Obviously, the decline is decelerating. You know, just talk a little bit about that. Like, how is this different versus some of the other statistics if they're showing consistent decline as well?
This is the official data representing that f rom the Swedish officials. It actually came yesterday. We had a decrease then of, I think it was 4% in January, 7% in February, and then an additional 17% in March, given the 13% in Q1. That is the way we have it here right now.
Okay. This is for Sweden or this is for the entire Nordic?
This is for Sweden.
This is for Sweden. Okay. On the gross profit dollars, you know, it looks like just the first quarter where you guys are seeing gross profit dollar recovery driven by take rate. Can you just talk a little bit about the dynamic over there? What are you guys specifically doing? Is it simply increasing pricing? Is it or maybe just a mix shift as well? 'Cause I didn't get this earlier from the call. Maybe just explain a little bit about that and, you know, how should we think about sort of the gross profit dollar projection going forward.
Hi, it's Thomas. I think if you look at the overall gross profit and gross margin, you could say that the mix of us selling more through the CDON Marketplace and less from the CDON Retail, which we are phasing out, that is one reason. The other one is the higher commission levels that we were speaking about earlier during the call. Those two factors are the main factors for the higher gross margin in this quarter compared to the previous year.
Okay. On a higher commission rate, like where is the value at now? Like just, you know, like where the merchants are getting for a higher commission rate. Is this mostly from the existing merchants, or is it just from the new merchant sign up paying a higher price than before? What's the dynamic in terms of the merchant rates, or if there's a mix impact in there?
Yeah, as we said before, it's very much due to the product mix price higher, but it's also if you're looking back last year, we have lower commissions on purpose that we were allowing them able to sell more. That's one reason, having more normal levels now, but it's also a mix factor between what products we are selling that makes up the higher commission. As we said before, we don't see any reason for that not going forward in the same level.
How should we think about sort of going forward on this? You know, obviously, GMV in itself has no meaning, you know, gross profit dollars is the real money that you guys can put in the pocket. Like, how do you guys look at sort of driving gross profit, growth, going forward? Is there more room to push this, commission rate, or is there more features? You know, obviously, advertising a little bit far away, right? Or this is, you know, this is kinda something we should kinda expect going forward as a base rate.
Not really predict or talk about the future of the financials, but as said, commission levels as they are now, but the mix could always change. As Peter were mentioning before with all the initiatives we are doing right now with the organization, the digital marketing and so on, of course, we are aiming for being more effective and getting out more sales to that, but we can't predict any more exact figures.
Just on a mix impact, like, you're saying the mix, the products with a higher commission, can you just talk about what categories are we talking about exactly? You know, are these like, you know, it seems like the impact is obviously very, very significant.
We don't comment on specific products or merchants or their profitability for us-
Okay.
Sorry.
Maybe. Let me ask the question differently. Is there perhaps, like when you came into the business, you realized the commission rate was, maybe not under commission, but you feel like you guys were undercharging the merchants, for the network you guys are offering to them. Is there element of such?
Don't think I really got your question. Peter, take on this.
No. My question is when you came into the business, you know, the commission rate, is it possible as well that the commission rate perhaps was, you know, you guys were undercharging the merchants, that some of it is perhaps just simply a price increase driven by, I don't know, now you have an excuse on inflation. I'm just kinda curious what that might be.
I think that's impossible to say. Of course, every company is trying to increase their margins in one sense or another. If we were too low-
Okay.
Going into the business, hard to say. I think it's possible.
Okay. Maybe just talk about the traffic. I know someone asked this earlier, I didn't quite catch that. When should we start seeing sort of traffic normalization, and, you know, versus, you know, whatever you guys are doing on SEO, in general? Like, is there a timeline for that?
No, as I said, it's on our highest point of the radar, and we're working on it very diligently right now. As you know, you will see, it takes time to get effect sometimes of it. We think we will get better effect over time. I think that is everything we can just say right now.
Okay. By the way, has the compensation since you joined—your compensation incentives—already been disclosed? Or, you know, how should we... 'cause I don't see any annual report. You know, if you can comment a little bit about, you know, how you're being incentivized for driving the business. Peter?
It's Thomas here. We don't do any comment about specific salary or internal incentives. The only one that are official is the management team's incentives that you can see in the press release earlier.
That one, yeah.
Yeah. Of course, there will be a new one that also is mentioned in the press release for the annual general meeting, which will be the May 11. There will be a decision at that time. It's also stated in our investor relations page. More specifically than that, we can't talk about right now.
Okay. All right, cool. Thanks.
As there are no further questions, I will hand it back to the speakers.
I say thank you all. I say also thank you to Thomas sitting beside me. I'm looking forward to see you then next quarter again. Thank you.
This now concludes our conference call. Thank you all for attending. You may now disconnect your line.