Good morning, everyone, and thank you for joining us on today's Scandi Standard Interim Report for the third quarter, 2026. My name is Drew, and I will be the operator on the call today. Following the prepared remarks, we will hold a Q&A session. If you would like to ask a question during that time, please press star followed by one on your telephone keypad. To withdraw your question, it is star followed by two. With that, it is my pleasure to hand over to Jonas Tunestål, CEO, to begin. Please go ahead when you are ready.
Thank you. Good morning, everyone, and welcome to this presentation of Scandi Standard's result for Q3 2026. My name is Jonas Tunestål, and I am the CEO and Managing Director of Scandi Standard, and I am pleased to have Fredrik Sylwan, our CFO, by my side today. I am also glad to report a strong growth and result in the quarter. Next slide, please. In Q3 2026, we see a strong progress toward our financial targets. We see 8% growth in net sales and strong demand. We see an 18% increase in adjusted EBIT, and that gives us a margin of 5.4%. That is due to that we continue to climb the value ladder in ready-to-cook. That is our main business. We also see a strong underlying improvement in our ready-to-eat business. It is a result of our improvement programs and that are continuing with full force.
I also want to remind you all of that Q3 is the seasonal strongest quarter. Then, during the period, we have made a ready-to-eat acquisition of Glenhaven Foods, and we bought it for SEK 1.4 billion , and that will strengthen our European position with breaded products. Glenhaven Foods has a focus on the Irish and the U.K. retail clients, and it is partly financed by an oversubscribed capital increase of around SEK 400 million . Next slide, please. Before going further into the results of the quarter, I would like to spend a minute on Glenhaven Foods. We completed acquisition in the first half of October, so it is not in the Q3 figures. Glenhaven builds on a strong retail position of Scandi Standard in Ireland and provides some bridgehead into the U.K. retail market.
We are the ready-to-cook market leader in Ireland today, and this gives us the ready-to-eat leadership in Ireland as well. The acquisition also brings a strong management team with a track record of profitable growth and well-invested sites with capacity headroom. The capacity headroom is almost 50%. We bought it at around 8.2 x EBIT, and we expect the deal to add more than 10% of EPS on a 2025 basis, and that including the impact of the capital increase and finance costs. We are very pleased to welcome the Glenhaven team to Scandi Standard, and we look forward to driving the business further. Next slide, please. Moving back to the quarterly results and the reason why we see a strong demand, it is related to these three value drivers for chicken: responsible, safe, and nutritious; convenient, versatile, and tasteful; and affordable because it is sustainable.
Next slide, please. Here you can see the strong historical and ongoing consumer trend for chicken. On the graph on the right-hand side, you can see the long-term growth in chicken benefiting from substitutions from other proteins like pork and beef. As you can see, we're estimating a 3% volume CAGR in the Nordics and Ireland. Next slide, please. One of these three value drivers is affordability, and it is benefiting from other proteins just because it is sustainable and affordable. Price has always been important for consumers, and the focus has increased even more in the current environment of high food prices. Beef prices are at a high level and are expensive, which chicken is benefiting from, but also the long-term trend of switching protein from red meat to poultry.
Chicken is affordable in all segments, and that gives us further opportunities to drive long-term volume and value creation. We see further opportunities to drive more value out of chicken due to its affordability relative to peers. As you can see on the right-hand side in the diagram. Next slide, please. On this slide, we want to present our EBIT per kg measure. EBIT per kg is a good measurement of value creation for our business. Q3 2026 adjusted EBIT per kg was SEK 2.72 , compared to SEK 2.36 last year, which is an increase of 15%. In Q3, as mentioned before, a season of our strongest quarter, but we have a positive momentum towards reaching our 2027 targets. In the different colors you can see in the diagram, you can see development in the different segments.
Note the increased significance of ready-to-eat. Next slide, please. This table shows the reconciliation of our segments. Strong net sales growth in most of the markets, strong EBIT contribution from ready-to-cook, and note the improved results from ready-to-eat. As always, we want to remind you that the category other includes our ingredients business and our corporate costs. Next slide, please. Here you can see a summary of our sustainability scorecard. We are, as one of the few poultry producers, transparent on multiple parameters. Q3 shows a mixed result with several areas showing improvement. The slightly higher CO2 emissions was impacted by the use of supplementary energy sources at some of our production sites, repairs of our most efficient equipment, as well as the ramp-up of activity in some of our newer sites.
For LTI, this is an area with continuing high focus. Next slide, please. Now we move into ready-to-cook, and we see a strong demand and improved profitability, 5% increase in net sales, and we see strong demand across geographies and channels. We have 3% increase in chicken produced, what we call the grill weight, 7% increase in EBIT. That gives us an EBIT of SEK 170 million compared to SEK 159 million last year, and an EBIT margin of 5.6% compared to 5.5% last year. We're also well-prepared to tackle the increased feed prices, so organization is on high alert. Regular price adjustment with retailers to adjust for changes in input cost is now something that we have good processes for, and we're also hedging our input cost in our internal feed production. Next slide, please. This shows the development in feed.
We have been seeing rising feed prices for some quarters. We are also seeing increased prices of feed raw material, which will gradually lead to further increased feed prices to our farmers. The expected volatility is driven by the Ukraine war. That is also uncertainty about fertilizer from components from the Middle East and also supply and the ongoing effects of the El Niño. O ur organization is well prepared to tackle this through price increases to our customers. We also, as always, want to highlight that feed cost is one-third of our cost base, and also that the short production cycle compared to other proteins enable us to be more agile in our supply chain. Also, important thing to remind you of is that poultry is the most efficient protein.
You need 1.5 kg feed to 1 kg chicken, compared to pork that needs 3.5 kg and beef that needs 7 kg to 1 kg. Next slide, please. When we move over to export, we see strong performance in our export markets. We see fairly stable price achievement during 2026, despite this reduced chicken commodity prices. They are reduced due to increased supply of poultry, especially in Poland, and that is putting the export prices down. We also see, on the other hand, possible mitigation through the current EU import restrictions on Brazilian chicken. T he import is closed at the moment, and let us see when it will be open again. W e also have an internal, and this is our aim to further decommoditize our export sales.
That is having the long-term partnership with customers, and it is about optimized S&OP, sales operational planning, and also the acquisitions and the growth that we have in ready-to-eat that will integrate and make benefit of our raw material in ready-to-cook into our ready-to-eat plant. Next slide, please. On this slide, you can see the channel development in more detail. Through this detail, you can notice the increase in both retail and food service in the quarter. In general, we are seeing a strong demand in most of our markets in the quarter. Next slide, please. This slide is to remind you on the strong market position in all our five home markets and the countries are highly consolidated. These markets have large hurdles for new entrants.
They can individually be regarded as semi-closed markets due to the strong consumer preference for domestic produce. Due to our strong market position, our own supply decisions have a meaningful impact on the market balance, which has proven to be a strong instrument in periods with volatile markets. Note that each market, however, also includes consumer segments less sensitive to provenance. Next slide, please. On this slide, you can see our ready-to-cook plants. We want to state out a note that 11 million chickens in Lithuania is just one shift. If the market has a positive momentum, we have a possibility to scale up with another shift and double the production. The next slide, please. Now we move over to ready-to-eat, and we see further improvement and a positive seasonal impact.
We have 25% growth in net sales, driven by demand in both food service and retail. We have an EBIT margin of 6.2% compared to 2.4% last year, and that is due to successful price increases, new product launches with accretive margins, and improved capacity planning that drives higher margin volumes. They also have a seasonal impact. We have summer commercial initiatives that exceeded our expectations in food service. Now with acquisition of Glenhaven, we have a program to take advantage of the strong skill set from Glenhaven into our total business. We also have a cost-efficient startup of Factory C in the Netherlands, during Q4. I will get back to that later. Next slide, please. Here you can see it in figures.
It is, of course, very encouraging to see the strong growth in food service after a period of weak demand in ready-to-eat in the previous years. The growth in the retail channel continues also to be very strong. Ready-to-eat will be an important long-term tool on developing EBIT per kg, more specifically to increase the value of our protein. Next slide, please. This slide is a reminder of the strong historical organic growth in ready-to-eat business the last 10 years, and I am confident that it will continue the trend. There are two main type of businesses. Two-thirds is a breaded product, European market, and 1/3 is an integrated local business in Sweden, Norway and Finland. It gives us a high return on capital employed. Throughout the latest years, an average EBIT margin is about 6%.
Now in the quarter, we have 6.2% and that shows the potential of actually getting the margins back and increase them from that. It has a low capital employed compared to ready-to-cook. Also important to note, as you all remember, we lost some continental contract in 2023, but as you can see in this graph, we are now above the historical peak of 2022 on a rolling 12-month basis. Next slide, please. We are expecting a healthy market growth in Europe over the coming years. There are market players divided into tiers. We have the European players, the regional players, and the local players. Scandi Standard has been a large regional player, with 36,000 tons of product weight in 2024, about 5% European market share. T he production platform has not been competitive to the top tier.
We saw some stagnant market after COVID-19 and the inflation, and we also saw some European overcapacity. W e see now a close to 100 kt market growth that is expected to 2030. Next slide, please. That is also the reason why we could get the possibility to buy the Oosterwolde plant that was acquired in Q1 2025 in idle state. There were fire in Factory B, under previous ownership. W e started the production in Factory A in Q3 2025 after refurbishment. That increased our capacity, for our kebab products, that has a really good growth and where we have outgrown our previous capacity. Now Factory C, the big factory, are being prepared for Q4 2026 trial runs. Actually, to be pretty clear, we are doing our first commercial production this week, on the first big line.
It is a small amount of volumes to get all the certificates, but we are going commercial now in Factory C. In Factory C, they have two of Europe's most largest and most efficient breaded product lines, with a capacity of 50,000 annual tons. This is one of the few with advanced form product capability. This factory is tailored to meet the criteria of the largest clients. Together with a filled up Farre and now with production capacity in Oosterwolde and Glenhaven Foods with room for increased capacity, that represents a significant growth platform for Scandi Standard for the future. Next slide, please. This slide shows our processing plants. As you can see, they are divided into two different sections.
We have the plants that are focused on European frozen breaded market, the big plants, and then we have the plants that are focused on convenient products for our home markets, Norway, Sweden, and Finland. Next slide, please, and I will hand over to the CFO, Fredrik Sylwan.
Thank you, Jonas, and good morning everyone. Q3 was another strong quarter with continued growth in both sales and profitability. Q3 was actually our strongest quarter ever. Net sales increased by 8% to just north of SEK 4 billion, supported by continued growth demand, as well as price and mix improvements. Adjusted EBIT increased by 18% to SEK 220 million, lifting the adjusted EBIT margin up 40 basis points to 5.4%. The improvement reflects operational efficiency and better capacity utilization, as well as clearer impact from customer price adjustments, especially in ready-to-eat. Non-comparable items amounted to SEK 15 million and relate to transaction costs for the Glenhaven Foods acquisition. R eported EBIT is therefore SEK 205 million. Finance net was broadly stable at SEK 38 million. Higher interest expense on increased debt was offset by FX.
The effective tax rate increased to approximately 22%, mainly because deferred tax assets on tax losses were not recognized and due to the country mix. Income for the period increased to SEK 131 million, and adjusted earnings per share rose by 20% to SEK 2.19. Feed efficiency remained stable at a strong 1.48, and the LTI rate was 24.6, so up 0.2 versus last year. LTI remains an important focus area, particularly in RTE. Next slide, please. Our balance sheet was somewhat distorted at the end of the third quarter as we had received the settlement on our SEK 400 million capital increase, but we had not yet settled the upfront payment for the acquisition of Glenhaven, which was two-thirds of the transaction value, which took place on October 9th.
Average capital employed increased to almost SEK 5.6 billion from SEK 4.7 billion, reflecting acquisitions and continued investments in capacity and efficiency. Even with this increase, adjusted return on capital employed improved by 130 basis points to 13.1%. Average equity increased just north of SEK 3 billion from SEK 2.6 million. The rights issue added almost SEK 400 million to equity after transaction costs and supports the financing of Glenhaven Foods while preserving financial flexibility. Return on equity improved by 270 basis points to 14.7%, supported by stronger earnings generation. The equity ratio strengthened to 37.3% from just shy of 34%, mainly driven by the rights issue, partly offset by the second installment of the dividend distribution. Overall, the figures demonstrate the continued balance between growth investment, improved returns, and capital discipline. Next slide, please.
We had strong cash generation in the quarter. Net interest bearing debt was down almost SEK 460 million . Operating cash flow amounted to almost SEK 220 million , so up from SEK 189 million last year, supported by SEK 66 million working capital inflow. Net CapEx at SEK 170 million focused on capacity and efficiency. Main drivers were linked to the hatchery in Lithuania, acquired earlier this year, and final investments in Factory C before startup. The rights issue was successful and strengthened our financial flexibility with almost SEK 400 million , as said earlier. Leverage was reduced to 1.7, which is well below the 2.5 target. A dividend of SEK 3.30 per share is now fully paid. Next slide, please.
The higher working capital versus Q3 last year was primarily driven by our strong organic growth and acquisitions of farms. Inventory is up 20% versus year-end and 35% year-on-year, driven by seasonality, increased activity, and acquisitions. Receivables are up 5% year-on-year, which is below the sales growth of 8%, indicating continued discipline collections. Payables are up 8% year-on-year, providing a partial offset to higher inventory and receivables. The decrease in other comes mainly from VAT and other accrued expenses.
Adjusted working capital landed at 5.4% of rolling 12-month sales, which is below the 6% target. As always, we have continued focus on inventory optimization and cash conversion. Next slide, please. We expect CapEx of about SEK 680 million during 2026. Year-to-date, CapEx spend is almost SEK 550 million, including the purchase of the former leased processing plant, Valla, in Sweden during the second quarter, leaving approximately SEK 130 million for the fourth quarter. The main remaining investment priorities are increased farming capacity in Lithuania, debottlenecking and capability improvements, and completion of Factory C in the Netherlands.
We expect working capital to increase during the fourth quarter, including the addition of Glenhaven Foods into the group's capital base following consolidation from October 9th, as well as the ramp-up of Factory C. This will be partly offset by the release of seasonal inventory. Total financing cost to reported net debt is expected to be around 7%, but please note that the financing costs include leasing, factoring, and vendor financing elements that are not recorded in net debt.
Following our refinancing earlier this year, we have an attractive interest rate on bank debt of approximately 4%, including the effect of our interest rate swaps. The blended effective tax rate is expected to be approximately 20%. Next slide, please. During the quarter, we finalized the five-year sustainability-linked financing package with our four existing relationship banks. The total committed facilities increased from approximately EUR 290 million- EUR 450 million .
The agreement also includes an option to increase the facilities up to another EUR 150 million , providing additional flexibility for organic and strategic growth. Commercial terms improved while the covenant structure remains prudent. Leverage below 4, an ICR above 3.5, and the leverage covenant includes flexibility for a temporary increase in connection with acquisition and steps down to 3.0 from the fourth anniversary. The refinancing extends our maturity profile, strengthens liquidity, and retains our ambitious sustainability-linked framework. Overall, the new financing together with the rights issue, gives us a stronger and more flexible platform to integrate Glenhaven Foods, continue investing in the business, and pursue future growth opportunities. Next slide, please, and back to you, Jonas.
Thank you, Fredrik. Next, I would like to talk about our cornerstones and our license to operate. You have seen this before. It is these four pillars about increasing the value of our protein. With that, we mean that we want to take out the most value of the fantastic protein that we have. We call it climbing the poultry ladder, and it is about having the right yield, the right customers, and the right products on the market to actually value it as much value as possible. Then we have ramp up the efficiency. That is important for us to actually have efficiency throughout the whole value chain. That actually starts with the parent stock, the feed, the birds, the farmers, and also how we are able to process it as efficiently as possible.
If we combine those two and doing good work there, we will climb the value ladder and be able to improve the results. It can sound very simple, but for us, these four cornerstones are super important in our daily work. Then, of course, we want an integrated sustainability. Sustainability in everything we do because we know that great sustainability and great efficiency are tightly linked together, and we do this best as one team, better together. Let's move. Next slide. Then we can take the next slide again. On this slide, I want to remind you of our 2027 targets. It is getting closer. Here on the right-hand side, you can see the targets.
We are expecting strong growth over the coming years, and we have set the target to 5%-7% of net sales growth and EBIT margin of 6%, and then return on capital employed of 15%. We want to reduce our CO2 emissions of 42% and have an antibiotic use below 1%. Then our LTI below 15 and our employer satisfaction above 75. These targets is something that we have focused on the whole strategy period, and we feel comfortable that we are moving and setting these targets in 2027. Next slide, please. As a reminder, on this slide, you can see that our structured effort is resulting in recognition in form of improved ESG ratings.
We have an A in the CDP rating for climate, and there is only a few companies that have achieved an A- rating, and even smaller group that has an A rating. These high scores reflect our standards and the sustainable nature of our business. Next slide, please. On this slide, we once again want to show our EBIT per kg. EBIT per kg is a good measurement of the value creation in our business. There is a clear road map to reaching our 2027 goal of SEK 3 per kg, and that is by climbing the value ladder that I talked about in our four pillars. It is about balanced supply, it is about increased consumer convenience, it is about utilizing our branding opportunity, and it is about utilizing further potential in our ingredients business.
This together with another pillar, we increase the efficiency in our value chain, and that is optimized sustainability metrics, organizational performance, production standardization, automation and supply chain standardization and increased collaboration in the value chain, because it is a value chain that is linked together. If we move into next slide and sum this up. We can say a strong growth and margin improvement. We have a strength and demand trend.
Ready-to-cook is climbing the value ladder. Ready-to-eat, we have set the margin recovery. We are prepared to tackle volatility in input costs. We are focused on developing our European RTE platform, and we have the main building blocks in place and the capacity to actually double our throughput. We are well-positioned to reach our EBIT per kg target of SEK 3 in 2027. With that, I hand over to Q&A. Thank you very much.
Thank you. We will now start today's Q&A session. If you would like to ask a question, please press star followed by one on your telephone keypad, and to withdraw your question, it is star followed by two. Our first question today comes from Daniel Schmidt from Danske Bank. Your line is now open. Please go ahead.
G ood morning, Jonas and Fredrik. Hope you can hear me.
Morning.
A couple of questions from me. Given the volatility that we've seen in soft commodities, and you mentioned it yourself, of course, when it comes to feed prices, the importance of that, but it also sounds like you're much more prepared for adjusting prices related to feed. Could you give any example? I know that's much more part of your daily discussions with customers, it sounds like. Could you give any examples of what you've really changed to get to that position, compared to when you came into the company, Jonas?
Yeah, there are different ways of working in different countries. I f we take where we have our own feed mill, it is about hedging the raw material into our feed plants, so we actually have the length of the hedge at the same length at the time to actually change the prices into retailers. We will never speculate and have short hedgings. We never hedge shorter than we know that we can put the prices forward. That is one important thing. Where we do not have our own feed production, it's more about linking and have this discussion with the retailers and the farmers, so we link that discussion together. For example, we can look at the feed prices in September for the coming quarter, and then the farmer can decide if he want to hedge or if he want to go on spot.
If he want to go on spot, then it's his ups and downs or she's, her. W e set the prices in September, and then we agree that with the customer and put those prices in. We neutralize the feed prices up and downs. That is example of how we work, because we're really on top of this to actually pull it through, because it's something that it's hard to predict and it's hard to do anything about in terms of efficiency. That's why we want to have this as transparent as possible and don't speculate.
Is it harder to get to that position in ready-to-eat, given that you've been in a situation where you've been wanting to raise prices, but it's been a lead time until those have been realized? Is that a different environment?
Yeah, it is quicker. It's more transparent and easy to change or easy, but it's more transparent to the feed prices in ready-to-cook than it is in ready-to-eat. It comes with a delay. W e have this continuous focus, and that's one of the reasons why you see the margin recovery in ready-to-eat this quarter.
What do you expect going forward? Will there be further needs to lift prices in ready-to-eat, given what you're seeing right now?
It is, as they say, the SEK 10,000 question. It's hard to know where the feed prices go, but if you ask me to guess, we see so much uncertainty, so in the short term, we see that there will be feed price increases for the coming quarter and forward. On the other hand, that is due to Ukraine war, that there are not that much grain that comes out of Russia and Ukraine. On the other hand, there's a lot of cheap grain laying in Ukraine and Russia. I f the war continues or not, no one knows. That will have a huge impact on where the feed prices will go. Another thing is about what will the effects be of the upcoming effects of the El Niño. We don't see that much yet.
On the other hand, there's the discussion about the fertilizer price that has increased. Will the farmer use less fertilizer? That will have an effect that the grains will yield less. Or will they change type of production from wheat to soy, because you need less fertilizer on soy than you need on wheat. Then maybe soy price will go down and wheat will go up. Everyone is speculating. No one knows.
Our most important focus is that when we see the price changes, we are really ahead of them, so we actually can put those prices forward. Because at the end of the day, we know that the poultry protein is the most efficient protein with the best conversion rate of feed. For us, it's about not getting squeezed. High feed prices actually gives us more and more competitive advantage compared to other proteins. T he risk is always that you can be squeezed in the meantime, and that is our focus to not being squeezed.
Talking about affordability, you have updated us continuously, and it's of course a well-known fact that chicken is well-suited when it comes to affordability, and you have the slide in your pack, but it's not updated since Q2 2025, if I read the slide correctly. Could you give some, sort of shed some light on what you think about affordability in 2026 versus other proteins? Has the gap even widened further, or what's happened?
Yes. Since that update, I would say that it has widened further when it comes to beef prices. We have seen beef prices gone through the roof. We've also seen high pork prices. Lately, though, we have seen pork prices decreased a lot, but we see continuous high beef prices. Maybe a slightly decrease, but continuous high. We will update this one in the beginning of next year to have a better updated picture. S ince then it has increased a lot and then decreased a little bit lately. That's how it is.
Yeah. All right. Just maybe a last question, and I think you got the question earlier today in media regarding fish farmers now using poultry to feed their salmon in Norway. It is my understanding you are part of the supply base. Has that been something that you have been surprised about, or has this been existing for a while, or what is the development there? Is this really a new customer group for you, or is this something that you had for some time?
Yeah, it is. In terms of the Norwegian salmon industry, that is a new customer for us. We have been selling to other fish industries due to different regulations. This is a new customer for us, and it is a good customer for us because our rendering plant is in Northern Jutland in Denmark. I think it is placed in the right geography, and we have this rendering plant as a joint venture with BHJ and our competitor in Denmark, and there we are sourcing from our Swedish plant and our Danish plant. This is a new customer group, and that is positive. A good customer group and a new welcome customer for Farmfood, and we will benefit from that.
Okay. Thank you. I will leave the floor open for other questions.
Thank you, Daniel.
Thank you. As a reminder, if you would like to ask a question, please press star followed by one on your telephone keypad now. To withdraw your question, it is star followed by two. We will pause for just a moment to allow any further questions to come in. We have a follow-up from Daniel Schmidt. Your line is now open. Please proceed with your question.
Okay. I might as well continue, given there is no others asking questions. How big of an opportunity is this, Jonas, you think, when it comes to the Norwegian salmon industry?
It is material for Farmfood, but it is not material for Scandi Standard as such. Then it is a little bit about how long will it be, and that is, of course, also linked to what the feed prices will be and the availability for the Norwegian salmon industry. I look upon that it is a new customer group for Farmfood, and that is good for us, and we want to develop that business further. Then I think it will hopefully be a long-term client for us that can be a part of the sales in Farmfood. Let us see where it will end. I think it is a new customer, and that is long-term good for Farmfood and good for the offals that we send out of Kronfågel and Aars in Denmark.
Yeah, all right. You also mentioned the import restrictions on Brazilian chicken being a possible mitigation when it comes to the export market, I assume. What are you seeing there lately, and is there any sort of reason to believe that that current restriction is going to be lifted anytime soon?
Yeah, what has happened is that the difference. They were closed down last year as well, but that was with no pre-warning. Now, this time, they said that they have not fulfilled the things that EU demands, so they will close them down, and they told the market that in May, I think. April, May, that. A ll the importers imported a lot of volume from Brazil to fill up the stocks, and then they closed down. N ow there are stocks that actually will reach, I think that it will reach to year-end. I f it is reopened before year-end, the market impact will be fairly low, I think. There is a new meeting in EU in November where they will bring this question up. There is a possibility that it gets reopened November.
I f it doesn't get reopened then it will be another meeting, I think, after new year and so on. There have come some positive signals that they may reopen it, but we are not sure if that's from lobbyists or if that is something to actually take into account. The short answer will be that there has been no effects now because they've built up stock. If it continues to be closed off after new year, I think we will see some effects during the spring.
Yeah. Okay, thank you. That is all for me.
Thank you.
Thank you. As a final reminder, if you would like to ask a question on today's call, please press star followed by one on your telephone keypad now. It seems like we have no further questions in the queue at this time, so I will hand back over to Jonas for closing comments.
Yes, then I just want to say thank you very much for listening in. With that said, we close down this session. Thank you very much.
Thank you very much.