Thank you, and welcome to all of you, and thanks for showing interest in this call, following our announcement this morning, that we have signed an agreement to divest our business area, the Wheel Systems, to Yokohama. Using the presentation, which is on our webpage as guidance throughout the call, I will start off with some general comments, Peter here, and then Fredrik will support me with some of the figure slides and then summing up with the Q&A session. Turning to the presentation, first page, New Horizons for Trelleborg. This was the heading for our capital market day beginning of December, and now we're announcing a further kind of revision of the horizon while we're divesting the business area Trelleborg Wheel Systems.
Turning to page two, we feel the acceleration of our journey. That is definitely, we feel it. I mean, with this is a move towards becoming an even more specialized company, and although we are very happy with the development of Wheel Systems the last few years, and basically also happy with the position to have in the market, we nevertheless see that this is, let's say, a step towards a more coherent Trelleborg, a more, let's say, value adding Trelleborg. With our overall ambition, as we state here, growing Trelleborg into the world's foremost engineered polymer solutions company in our selected industries. We are not gonna be everywhere, and we're not gonna be offering all kinds of solutions, but definitely we wanna be considered as the best guys offering engineered polymer solutions. That is kind of the overall heading. Turning then to page three.
Accelerating our journey, I already comment on that. This divestiture is a steps towards a more focused Trelleborg, get back and quickly turning to page four to comment more on this. I mean, the rationale behind the deal, I mean, or when we are, let's say, closing this deal in a few months, then we will have a remaining Trelleborg with this more profitable, with a higher margin, less cyclical. I mean, we have been exposed to the cycle, especially in the agricultural side. We're just going a little bit up and down, and also in that respect, also more exposed to raw material and then also creating a more better sustainability profile for the remainder of Trelleborg. Get back and comment and give you some more flavor on that later as well.
Also, we'd already commented, I mean, with this, let's say beyond Trelleborg Wheel Systems, we will have a more coherent portfolio with a lot of our products, actually single sourced. I mean, with this overall guidance that we have a function of cost in our product, which is good pricing power and a very, let's say, sticky customer base, and let's say long-term journeys with all customers where we develop solutions, develop products very much together with our customers.
I mean, this is the business model that we're gonna have going forward, and also drivers will be more business drivers for the business will be more coherent as well, where we have, let's say, much more similarities, which makes it a bit easier to understand Trelleborg and also easier for you guys following our share to better understand kind of the underlying drivers for the company. We feel this will make a more, once again, more coherent Trelleborg and easier to understand and also easier to follow.
Of course, I mean, when we get this money, this gonna be further strengthening an already strong balance sheet and then creating a lot of opportunities for us to move further on our journey to add new interesting businesses, not only kind of in existing focus areas, but also of course opening up opportunities also to widen our scope a little bit. We have to finish off. We wouldn't have sold this business unless we have also seen the valuation as attractive. I'll get back and comment on that as well. I mean, so it's not kind of a discounted away the business, a forceful sell in any way. We simply went into these discussions with a very firm idea on the valuation, and we managed to get it at that level or even slightly above our initial target.
Turning to page five. It is on this slide. Just a few comments on Wheel Systems. I trust all of you know it, but I mean, just to put a little bit more in perspective and why this has been an interesting asset. We are the global leader. Trelleborg Wheel Systems is the global leader in what's it called specialty tires. We are a top three position globally in agricultural tires, probably a top two position in material handling, and these two businesses is probably more than 80% of the business of Wheel Systems. Then we have some small niche activities related to construction tires and some two-wheeler business. It's definitely a very nice strategic position, a very nice position in the market.
If you look at the overall tire industry, most of the bigger tire players are far heavier into on the road tires, which are in passenger car tires and truck tires. These are kind of a building block for a lot of the tire companies to kind of supplement their offer and get more a full tire offer. Although, I mean, of course, with completely different customers and completely different drivers for these segments compared to the trucks and the cars, but nevertheless, it is tires. There are some joint synergies to be created in purchasing and probably also in the manufacturing space, while all of them has to recognize that it is a different business compared to the other tire businesses.
That means also by us being global and global leading in this segment, and of course it's been a nice building block for a lot of tire companies who wants to create a more wider offer. Then at the end, we finished off this discussion with Yokohama. Yokohama went along with this, but of course, this would have been a good fit also for other tire companies, once again, if they had an interest to really have a complete offer for tires. This is really where we're coming from. It's a global business, while most of the businesses within these specialty tires at the moment is more kind of regional players. That is also where Wheel Systems sticks out compared to other.
In all, that means that we got a good value out of it and good interest when we decided to start to entertain these kind of discussions. Turning to page 6. I mean, as you know, I mean, Wheel Systems today is some 30% of our sales and some 22% of the profits or the EBIT. So that is the figures which you can read. Turning quickly down to page 7 to discuss a little bit also about the offer as such. We believe it's an attractive valuation. We believe it's at the very top end of all the kind of tire valuations that's been around.
We think the offer recognizes that Wheel Systems is once again the, let's say, global leader in the segment and also recognizing that we are on a way to journey to this 15%+ margin. That means that looking at the valuations, we are talking here 21 figures, but I mean, 13 times operational EBITDA, and we're going north of 17 times 2021 EBIT. Then, of course, you can discuss also what is the multiples on 2022. 2022 is, as you know, a little bit tricky now with this Ukraine-Russian situation, and that is why we decided to go for this. Yokohama has created their own opinions on 2022. I mean, we don't really discuss in that way.
That is why we're referring to the figures for 2021, and that means that the purchase price comes up to EUR 2.1 billion, which we round off to SEK 22 billion. We're now with SEK 21.7 billion as of today, but you also know that there's a kind of a volatility also in the exchange rates here. That is why we decided to communicate in that way. Of course, cash and debt-free. There is also a very minor part of this 2.13%, slightly below 3%, which is linked to the 2022 performance of Wheel Systems. Of course, also, as I already commented on before closing, there is some approvals from authorities needed to close this. We do not expect any problems.
In this deal, it also, let's say there is no way of Yokohama backing out of this because of comments from authorities. Once again, we see that there's very limited risk that this actually end up being any discussions in that area. It means also with the current calculations, as we know, we need to get back to you when we have the closing account in place. We do expect this to create a capital gain in the range of SEK 6 billion. This is kind of the deal that is done, signed this morning. Once again, I mean, we expect this to take some 3-6 months before we get to the closing of this.
Leaving that and moving on a little bit more to page 8, the Trelleborg post the transaction. Of course, now this is pro forma figures, and they have to be updated, but we will do our best to guide you through this. Turning to page 9. I mean, as the group is today, then without, of course, you know, Trelleborg Sealing Solutions, Trelleborg Industrial Solutions, where also on the Capital Markets, nothing changed from the Capital Markets they had beginning of December. We say there are different strategies for each business within Trelleborg, and that is also valid for this. Although we still maintain for Sealing Solutions, very happy with the position and basically focus being scale up and accelerate both through organic efforts, but also to continue to add on acquisitions, potentially also widening the scope or offer a little bit.
Trelleborg Industrial Solutions is still on a kind of a value journey. There is businesses here where we would like to continue to improve the profitability. While also our bits and pieces business solutions, we're very happy with the current position, and we will potentially also scout for acquisitions to strengthen already good positions. Nevertheless, the overall target at the moment for Trelleborg Industrial Solutions is what we call climbing the value ladder and thereby kind of increasing the margin somewhat before getting back to a full focus on growth. This is kind of the overall comment. Then I hand over to Fredrik to guide us a little bit through the figures on page 10. Please, Fredrik. Thank you, Peter. Let's look at some details post the transaction.
If we start with sales, you can see that it will almost be a 50/50 split, going forward between Sealing Solutions and TIS. Sealing will be slightly larger if you use the pro forma for 2021. If we then look at it from an EBIT point of view, two-thirds of the EBIT going forward will come from Sealing Solutions, and around one-third will come from Industrial Solutions. If we look at the sales CAGR since 2017 up to 2021, you will see that the new group will have a 5% CAGR on the top line, and EBIT should have increased by 7% for the corresponding period.
If we then turn to page eleven, look at it from a margin point of view, you can also see the average margin here for the same period should have been 0.9 percentage points higher. If we're looking in for 2021, the actual should have been 16.4% for the new group. Also looking at return on capital employed, you can see that the pro forma for the new group should have been 15.1% in 2021 and 2.2 percentage points higher on average during 2017-2021. If we then turn to page twelve and look at the split from a geographical point of view, you will see that Europe will now be around 50% of the sales, North America 25%, and Asia 25%.
Therefore, if you look from an industry point of view, you can find out that health and medical is approximately 10% of the new Trelleborg. Aerospace will be another 10%. Light vehicles will be around 15%. The remaining part, which is 65%, will be diversified industries. If we then move on to page 13, of course, we will come to a net cash position when this transaction is closed. Our main focus here is of course to accelerating the growth that Peter mentioned through organic investments and acquisitions. Of course, we have the share buyback and where we have announced today that we will start the buyback program next week.
Of course, depending on how the acquisitions and other organic investment is developing, we of course also in the toolbox have a possible share redemption after closing of the transaction. That's just early discussions.
Yeah.
By that, I hand back the microphone to Peter.
Great. Thanks, Fredrik. Turning to page 14, where we're a leading sustainability leader in our industry. We do recognize that we are active with rubber and polymers, which is kind of an oil derivative in certain dimensions. But we still feel that we are very well off in sustainability, a good starting point, and we are well-recognized for the way we work in these areas, and we still keep this kind of overall net zero vision for 2035. But this deal also immediately improves, especially the CO2 footprint substantially. Already commented on that Wheel Systems stands for some 30% of the sales, but actually, close to two-thirds of the CO2 emissions. That is kind of immediately the profile will change dramatically.
We will get back to you with more comments on this and more updated. I mean, an early heads-up that the sustainability profile of Trelleborg will change dramatically following this transaction. Of course, we also then immediately will kind of meet our objectives for 2025, which we commented on also let's say last year. This is also something we need to get back to you here when the deal is closed and kind of refresh and basically update our objectives in relation to sustainability. Once again, dramatically improving our sustainability profile by making this deal. Finally, before opening up for questions, some closing remarks. I mean, we feel the heading here, growing Trelleborg into the world's foremost engineered polymer solutions company in our selected industries.
We, with some drivers, we talk a lot internally about this a function of cost, and we also want to be basically single sourced and work very closely together with our customers. We feel that following the divestiture of Wheel Systems, we will get this, let's say position more coherent and create a better overall kind of overall position for Trelleborg. Also immediately, I mean, we get higher, as Fredrik already stated, more profitable and also less cyclical. Also, as I already commented myself, improved business profile and more profitable relates to the margin, but also in a way the returns will get better also with the remainder of Trelleborg.
We are, as I already commented as well several times, we are getting a more coherent portfolio with similar business models and also some more similarity in drivers. We will not be exposed to this sometimes. I mean, although very interesting segment of agriculture, but it's more cyclical and more, let's say, influenced also by in certain cases with political decisions, which is sometimes difficult to foresee. Following these divestitures, of course, as also Fredrik commented on our balance sheet will get a lot stronger, and we'll get into a positive cash situation, which means that, I mean, we're gonna have a lot of power just to increase also organic efforts, CapEx, in order to organically improve our positions and organically grow into more interesting segments, but of course also adding capacity to make acquisitions.
That is also an area which is exciting for us and an area which we feel that we are well-positioned to do some good things. We also feel, of course, that is, let's say, our opinion, but we think also the transaction visualizes some of the embedded value in Trelleborg. I don't think that it will fully recognize the value of Wheel Systems and then also we shouldn't hide that in certain discussions with investors and analysts, we do feel that this tire connection we have had in Trelleborg has also been that we've pulled into being, let's say, peer comparisons. We don't think it's fully fair to Trelleborg being compared to a kind of car tire manufacturers and truck tire manufacturers.
We do feel that this transaction shows both the, let's say, the higher value in Wheel Systems compared to maybe the expectations or the views in the market, but it will also show that the remainder of Trelleborg is actually a very nice company, and that should also, we believe, be better recognized also in the valuation and thereby creating value for our shareholders.
Finally, of course, use of proceeds and this will trigger a revision of our financial targets, but that is something that we have to get back to later and comment more on. We still have to recognize that the closed deal is still some 3-6 months ahead of us, and we will get back in due time and comment and be more clear on these areas. There, I think we want to end there, turning to page 16 and then opening up for Q&A. Please go ahead, guys.
Thank you. There will be a brief pause while questions are being registered. Our first question comes from Klas Bergelind with Citi. Please go ahead.
Yes. Hi. Hi, Peter and Fredrik. It's Klas at Citi. Good to see that you managed to pull this off. I have a couple of questions. First, can we talk about potential dissynergies and if there are any tax implications at all? I don't think there is any margin impact from stranded costs, et cetera, but I just want to make sure your performance margin doesn't suggest any cost impact, but still wanted to ask. I'll start there.
Yeah. No, I mean, the synergies, of course, there is some synergies in the raw materials, but we feel even without, let's say, wheel system, we're still going to be very big in our industry, and we don't, let's say, we don't expect to get less interest for, from the suppliers. We are still very big in our industry, even though it was bigger before. There is some, let's say, minor raw materials where we kind of will potentially we'd be exposed to some dissynergies, but also there, we have an agreement that we're going to continue to work together and we're going to continue to phase out.
We do not expect that to be any, let's say, any impact in a way. There could be some very minor, but we think we have ways around that, and we're going to solve that. We don't expect that to happen. With regard to tax rate, Fredrik, I mean, there's nothing really changing in that.
No major change. If you link to the transaction as such, I think the question was, your question, Klas, that would be just a small tax cost, and that is included in the SEK net gain of SEK 6 billion.
It's a tax-free divestiture in a way. Of course, there's some legal restructuring. There is some kind of one-time tax cost, but that is negligible in the total scheme of things.
Okay, very good. My second one is on the proceeds, and as you rightly say, there are several options here, buyback, M&A, organic, redemption. Yes, on the potential redemption, would that be a preferred option over an expansion of the current buyback program that you start today? Could you talk a little bit about M&A a little bit more? Would you prefer another CGS type size deal in higher growth segments? Or are you keen to do more bolt-ons? Thank you.
If we start with potentially increasing the buyback program, that will be a challenge due to the safe harbor regulation where you have limitation how much of the daily volume you can buy back. I will say if we are at the SEK 3 billion level, we are starting to get close to the limit. If we need to do something more, it will be something else than the share buyback.
That is why we commented on redemption. The redemption is the next step there.
Yeah. Yeah.
Well, we have to be clear on that nothing is decided, but and nothing is kind of being prepared. This is something that simply we have to look at.
Yeah.
Then, of course, but nevertheless, the focus is on acquisitions, of course. I mean, if you ask, we don't foresee. There are a few targets which are bigger out there, but they are not for sale at the moment. We foresee that it's gonna be more bolt-on type of acquisitions. That said, I think it could still be EUR 1 billion deal. Not billion euro, but billion SEK deals. But it's not gonna be one big bang. That is not the way we foresee it at the moment.
Thank you.
Our next question comes from Hampus Engellau with Handelsbanken. Please go ahead.
Thank you very much. First, I must say, Fredrik, that you have a fantastic poker face from our talks yesterday. Anyway. So, I won't be playing poker with you anyway. Could you talk a little bit about the profitability gap between Industrial and Sealing and how you're expecting to close that gap? I guess a follow-up question to that is, of course, if we should expect any further divestments of parts of Industrial Solutions to get closer to Sealing Solutions as there is a quite big gap there.
Yeah. I mean, I don't think it is a given that we should close the gap. I mean, we have to look at the individual businesses. I mean, we say we want to increase the margin of Industrial Solutions. We don't believe that's gonna happen through further divestitures. It's simply gonna be happening with improving of the business. The objective, to be very open about that, is not to close the gap. If we can get, let's say, Industrial Solutions a few percentage points up, then it's gonna be good, and we think we can do that by pushing in the areas of higher profitability in Industrial Solutions and potentially also make a few acquisitions there to move it up a little bit.
The current objective is not to get Industrial Solutions to 20%+. While we have to also recognize for Sealing Solutions, we are probably on the very high-end stability in that segment. So there is more that maybe grow with, and I shouldn't say sacrifice the margin, but it will be if we wanna do any bigger acquisitions, that area is gonna be a challenge to buy at this close to kind of 25%, the EBIT margin. So that is something we are balancing, and we are not really looking at as a kind of an individual business areas. We're looking at the group.
I mean, now of course with this, we're pushing up the margin on the group level, and if we can do slightly more acquisitions in Sealing, then we think the group margin could continue to go up. We need to get back to comment on that, and we will get back to comment on that, what the objective is when we are getting closer to a closing of this deal. Of course, we need to revise the financial targets, and we need to give you some other guidance on the future for the full group. Once again, we want to close this deal first, and we would like to get it done.
We would like to get the money in our pockets, and then we are very ready to discuss what the next steps will be. Once again, it's not really an ambition to get Industrial Solutions up to 20%, at least not at the moment, an ambition to get Industrial Solutions up to 20%+ EBIT margin.
I guess we'll come back to what will be a fair level for Industrial. In terms of bolt-on acquisitions, and Alf, you highlighted SEK 1 billion acquisitions, would it be possible to maybe discuss any end markets that would be of interest? I'm not talking about. I know that you made some efforts in healthcare and food and beverage, and those are typically growing markets, but if you can
Yeah, I mean, there's no hiding at the moment. We want to grow healthcare and medical, we want to grow aerospace, and then we have a few other specialty segments. We talk a lot about automation now, robotics and all these kind of areas surrounding that with a lot of, let's say, electrification. We have quite a few target segments. I mean, so we are working in a few areas, but also some niche we are, there's a high-end chemical sealing. There is a few niches. As you know, in Sealing Solutions, we are active in some 40 sub-segments, and several of those segments is interesting, but some of them is not that big. If we want to grow, it's really size-wise, it's probably automation.
We talk about the healthcare and medical, we talk about aerospace. These are kind of probably the bigger areas we'll be targeting at the moment. I don't know, Fredrik, if I'm forgetting anything. I think this is the overall heading. Then we have also some more engineered materials as well. We'll be working as well into kind of move into some more, how should I say, specialty materials. We're just then supplementing more from a widening of scope into those areas and actually maybe not less opening up completely new businesses, but more adding more value to already existing contacts. I don't know whether that's sufficient. We can have a longer conversation about that afterwards.
Yeah, I mean, we won't go really into details, but fair enough. Thanks so much.
Our next question comes from Erik Golrang with SEB. Please go ahead.
Thank you. I've three questions, and the first one is to follow up on the use of proceeds. Do I read you right as if you're perhaps willing to sit on quite a strong balance sheet for a longer period if you see there are good deals to be done, but you just don't know the timing of them, rather than you sort of deciding in mid-summer here that, "Okay, we didn't find anything big immediately, so we'll do a redemption"? The second program is on the buyback authorization from today. It covers the period up through the first quarter report, and the amount is limited to SEK 400 million. Could you just sort of elaborate how you plan to authorize and plan for buybacks from here? The third question is, will you discontinue Wheel Systems already in the first quarter numbers?
Yeah. I mean, I understand.
Report.
Yeah. Thanks, Erik. I mean, I understand the curiosity on the proceeds and how to use it. I mean, we want to get back and comment on that. I don't really wanna, let's say, give any timeframe at the moment for that. Of course, we don't expect to wait only for three months and then decide. I mean, it's definitely gonna be longer. If you talk, let's say, one or two years, I mean, we have to get back and then talk about that. It's probably the timeframe that we're looking at the moment. Of course, as you say, if we see there is good acquisition prospects, I mean, that will also be kind of influencing the way we look at it. For sure, we will not decide in three months. Let's put it like that.
Yeah.
Share buybacks, that's more a formality because, I mean, we can only have the mandate up to the AGM because we need to make a new decision at the next AGM. That is why that is commented on that. The intention is simply to prolong, and we can only do this due to this, as Fredrik commented more on the safe harbor, that is the value. For sure, that is more a formality that it needs a new decision at the AGM.
There is nothing that has changed.
Yeah.
What we have earlier communicated with the SEK 2 billion-SEK 3 billion still stands.
Yeah. The third question, what was that about, Erik?
It will be an asset to report as Assets held for sale. That is correct, Erik. We will report Wheel Systems as Assets held for sale in the first quarter re-report. We will also send out new pro forma or restate the numbers by end of next week.
That's in the press release.
Very clear.
That's also part of the press release.
Yep. Thank you. Our next question comes from Agnieszka Vilela with Nordea. Please go ahead.
Thank you. You mentioned that you do not expect much of the synergies after the divestment of Wheel, but could you comment on whether you expect any separation and carve-out costs related to this divestment?
There will be some legal, let's say tax issues when we do some of that. I mean, once again, in the total scheme of things it is negligible. I mean, that is included also in the calculation on the capital gain here. I mean, it's not really anything meaningful to be honest in that respect. Of course, there will be some few hundred million euros SEK. I mean, that's something like that for the tax. I mean, very negligible in the total.
few hundred million SEK, not euro.
No, SEK 100 million. I said euro, but I mean few 100 million SEK on this one, and that is still to be. That's one, again, it's included in the comments here. It's nothing, let's say, in excess in out-
All right. It's quite negligible.
Yeah.
Great. Looking at Yokohama's assumptions, obviously they're their own assumptions, but they expect Wheel Systems 2022 EBITDA to be at EUR 230 million. Is this the hurdle that you have for the earn out payment?
We don't want to comment on that. The earn out is arranged in a particular way, but we do expect that we have a good position to get the, let's say, the earn out. That is kind of. Of course, there is with some uncertainty related to Ukraine and Russia, and we don't know that we have not been really involved in their estimates here. This is something that they are decided to comment, and exactly what is behind that, we don't know. It's not directly linked to the earn out in that respect.
The last question from me. Peter, you mentioned that you don't expect any troubles to get the authorization from authorities for that deal. If you can just confirm that, and then also I think you mentioned that Yokohama cannot really walk away from the deal. You can elaborate on that.
Yeah, no, because I mean, the positions here, we are strong in our business, we are strong. You've got the different segments. If you take the smaller one, material handling, Yokohama is basically only present in Japan, and they are not present outside. So that is kind of no deal for us. For agriculture, they have a position today through their Indian company called Alliance ATG, but that is kind of seen as, how should I say, a budget brand, which is kind of selling to different channels and selling in different markets. Also there, we are far more global. They are more focused on a little bit in Asia, a little bit in India, where we are not that strong.
They are also selling to different channels, both in Europe and North America. We think it's overlapping businesses, and it's not really the competition is not with them. Could be individual small countries where they look at in different ways, but overall, we cannot see. Of course, this has been also checked before. There have been legal opinions on this, and the firm conclusion from this is that there will not be an issue. It's more a matter of timing because some authorities is fairly slow in getting a response, and that is why we have. We do not expect it to be any problems in terms of kind of decisions. It's more, let's say, a challenge to get the approvals in place and the timing for those.
Fantastic. Thank you.
As a reminder, if you do wish to ask a question, please press zero one on your telephone keypad. Our next question comes from Douglas Lindahl with DNB Markets. Please go ahead.
Thank you. I have two questions. First, I guess you touched on it for Industrial Solutions, but do you see any reason or logic to maybe split that business up further? Yeah, start with that one.
Not really. I mean, there is different positions, but targeting the same kind of end markets is the same way of selling. There are some different positions. We need to strengthen a few positions and potentially also continue to improve the structure on a few. Overall, I mean, we still have good positions, and we are kind of more profitable than our direct competitors, and it's more that we need to continue to push that margin up. If we can push that up a few percentage points, then I think we are in a kind of world-class profitability also in that area. That is not really on the agenda at the moment.
Of course, I mean, things can always happen, but once again, I mean, we don't really see any reason to go down that route.
Okay. This reporting will basically be the one that we can stick to for some time now. Coming back to Sealing, we touched a bit on M&A, but can you elaborate a little bit on the CapEx potential you see for Sealing Solutions?
Yeah. I mean, we're running. We have been fairly high the last few years on moving basically from 3% to 5%. We say in this 5%, there are a few sizable acquisitions. Now we're buying, let's say. We are investing in a new logistics center for basically the world, especially for Europe. That is kind of triggering. We are also expanding a few basically expanding capacity in a few areas. What we see at the moment is that we are on a high level. We do not. I mean, I think it's well invested, Sealing Solutions. I think without giving any firm guidance, maybe I'll get back to that. We talk some three between 3% and potentially 4% in a high year.
We think that we have a good CapEx level, and we are having less expansion possibilities to do. We do see that we need to expand capacity a little bit in Asia. We do see also that we have some capacity issues in a few areas. But in the total scheme of things, that's not going to be a major CapEx. So we don't see that changing in a way. We think we are running at a very good level if we keep this between kind of 3%-5%. With 5% being a very high year what we had last year, and we probably this year are also going to be in that area. That is kind of an extraordinary high CapEx.
Understood. Thank you very much.
At this time, we have no further questions. I will now hand back the word to our speakers.
Great. Thank you. Thanks for the interest. I mean, if there is any follow-up questions, of course, I'm available. Fredrik is available, and especially Christofer is available if you want to have some further elaborations on this. Otherwise, yeah, speak to you in a few weeks when we are announcing our results for the running quarter. Happy to be back and then have a conversation with you. I trust then we will get back also to discuss this subject. Now for us, it's back to run the business and to make sure that we manage this, let's say, both opportunities and challenges that we see in the market at the moment, which we feel confident that we're going to do in a good way. Thanks a lot, and speak to you soon.