Welcome to VNV Global's third quarter 2025 report conference call. On the call today, we have Per Brilioth, CEO, Dennis Mohammad, Investment Manager, and myself, Björn von Sivers, CFO of the company. I'll start with the high-level numbers of the report. Following that, we'll start with the portfolio overview that Per will run. As a reminder, in the end, we'll open up for Q&A, and easiest to do that in the Q&A function here in Zoom. We'll address those questions towards the end. Let's start with the numbers for the quarter. As per September 30th, our NAV stood at $587 million or $4.52 per share, which is down roughly 1.1% in dollars over the quarter. In SEK terms, NAV is about SEK 5.5 billion or SEK 42.5 per share, down 2% from the previous quarter.
For the nine-month period, NAV is up in dollar terms 2% but down close to 13% in SEK given the large FX movements during the year. If you move to the next slide, Per, we have an investment portfolio that amounted to $652 million, consisting of roughly $581 million in investments and $71 million in cash and cash equivalents as per quarter end. Borrowings totaled roughly $91 million as per September 30th, but we'll come back to that a little bit later. As you see here in the slide, we continue to trade at a material discount to the NAV. The share price of yesterday was around SEK 23.60 per share, implying a 44% discount to NAV. I could highlight here that during the quarter before the blackout period, we did repurchase approximately 1 million shares before heading into the blackout period.
If we move to the next slide, just a short section on the main contributors to the fair value change. The largest company continues to be BlaBlaCar, valued at $184 million. Our position, model-based valuation, down 8% over the quarter or roughly $15 million. VOI, also model-based valuation, is valued at $137 million, up 7% or $9 million during the quarter. Numan is valued at $37 million, based on transactions, so flat. HousingAnywhere, valued at $36 million, model-based valuation, down roughly 11% over the quarter or $4.3 million. Breadfast on transaction-based, $30 million, so flat. Finally, of the six top companies, Bukalapak Direct, valued at $27.8 million based on a model, which is up roughly 18% over the quarter. All in all, these six names represent close to SEK 33 per share in aggregate or approximately 77% of the NAV.
If we move to the next slide, finally, before handing over to Per, I thought given the plenty of developments in early Q4, we thought to highlight the cash and debt movements post-quarter ending. Again, we ended up Q3 with $71 million in cash. Post-quarter ending, we received $9 million from the TISE exit and are expecting the remaining sort of $26 million related to the Gett transaction shortly. On October 3, we also completed the partial bond redemption of roughly $8.46 million, resulting in a sort of adjusted or pro forma cash position of $61 million that will take us to a positive net cash balance of approximately $16 million. With that, I thought I'd hand over to Per to go through the main developments and portfolio companies during the quarter. Go ahead, Per.
Thanks, Björn. Picking up on that, what you see on the left-hand side here is the actual portfolio as of the actual end of the quarter. The one on the right looks pretty much exactly the same, but that has all these adjustments that Björn just went through, including paying down half the bond. $16 million of net cash now, which feels great. We've finally gotten out of this sort of debt overhang that we've had, and we move into a new investment phase, which we're all very excited about. I will touch upon these main constituents on the portfolio in this call. BlaBlaCar, VOI, Numan, I think also Breadfast. There's not much to say about HousingAnywhere, but I'd use this sort of landing page to just say that housing down 11% is driven a lot by Airbnb.
As you know, HousingAnywhere is like an Airbnb type of business in Europe, but in contrast to Airbnb, which is sort of weekends and one-week holidays kind of thing, this is more medium-term rentals in Europe. Airbnb is just a very good peer, but for whatever reason, hasn't done so well of late in the stock market. It's had some impact on the parts of our portfolio, BlaBlaCar too, but housing especially. Housing in general is doing fine. New management, I think we've talked about that before, which we're very excited about, and they're getting ready to produce some serious growth there, which will be very exciting. The portfolio, as Björn talked to you about, carries an NAV, which has our shares trading at like a 44% discount.
We move into a new investment phase, and there's just nothing better that we can invest into than the portfolio that we know so well and that we're so bullish about, even from the NAV level. If you can buy that at sort of 45%, 44%, 40%- 50% discount, it's very hard to find anything that matches that. When we did get this cash, taking us to net cash, we did restart this buyback program that we've been such large participants in over these past decade or so, and that feels really good. A million shares, around a million shares bought back before we went into the blackout, and that continues now that we're out of the blackout. It's difficult to pinpoint down why this discount is there. In some ways, we think it's great because it's a good opportunity for us to invest our shareholders' cash in.
One thing maybe was the debt. The debt is now behind us, with net cash. I mean, we pay down half the bond and the other half remains, but we have cash to pay that down, so we're in net cash. Maybe the news of that just takes a little while to work itself into the market. We also think this kind of discount in our minds may be reflective of a situation which is stressed for something, maybe stressed for cash. Maybe there's a portfolio that's in need of cash. That's not our portfolio. This portfolio is roughly 80% of it is EBITDA positive. We carry VOI in this figure here with an EBIT positive. We talked about that before. You need to talk about EBIT and VOI.
The rest of the portfolio does not depreciate and carry these fixed assets that VOI does, so you can talk about EBITDA. This is down somewhat when we've taken Gett out of the portfolio, but it's roughly the same. It's just a few percentage points below 80. This is not a portfolio that is in dire need of large cash investments just to maintain our ownership in these companies. On the contrary, it's a portfolio that over these past years and continues to be profitable, and beyond that, also a very growing profitability. We showed this at the CMB, and we'd like to just remind people that the growth in the portfolio, and this is at the revenue level, is accelerating. Between 2024 and 2025, you're looking at 40%+ growth. This shows you our pro rata of the top six companies.
In fact, and we don't have that here, but if we allow ourselves to, with the very sustained projections, look two years out, the earnings growth profile of these companies has grown to a level where if you compare our pro rata of these six companies' EBITDA, EBIT for VOI, and you compare that to the market value of VNV Global, you're looking at trading at an earnings multiple of 10 for these six companies. Then you get the rest, the remaining 50 companies or so, for free. These companies are not worth zero. These are, you know, they may be smaller stakes compared to BlaBlaCar, VOI, Numan, et cetera, but Flow, as you know, raised money at $1 billion from General Atlantic. Aura just made a big round. Ovoco is Europe's leading car marketplace of spare parts for cars, et cetera, et cetera, et cetera.
TISE, we just sold to eBay. This portfolio, which you get for free if you think, you know, with a multiple of 10, is really not, you know, it's a portfolio that's very much alive and doing quite well. Also back to this sort of, yeah, it's difficult to value unlisted assets when there are no perfect peers in the listed market. Within this sort of the rest of the portfolio kind of notion that we're talking about now, we have had also markups over this last period where, I mean, there's been transactions in these three names, for example, which have been at a material sort of higher mark than where we were carrying them at. TISE was for cash and exit to eBay. Juv, the company that's disrupting the hair color industry, as we know, big EUR 100 billion sort of industry. Juv is disrupting that.
They'd raised money at a material uptick from where we had it. Aura, of course, we have a very small stake in this wearable, huge wearable company, but they did raise money and they raised it at a large sort of premium to where we were carrying it. It's good that we're, you know, we think there's upside in our NAV. Just a few points on BlaBlaCar. We sort of, a reminder, I think everyone knows what this is, but one way to look at this is that it's a marketplace for long-distance travel. There's a supply of cars, but also buses, and in some smaller way, but also trains. All suppliers of long-distance sort of means of travel. They meet a very, very fragmented demand base that is looking to sort of travel long-term.
I think those of you who have sort of followed us for a while, I think you'll recognize this picture, which I think is especially good. This is if you come to the BlaBlaCar office, this is sort of in the entrance. Every little dot here shows you basically a BlaBlaCar trip happening. You can see that across Europe, of course, with a heavy sort of emphasis on France, there's just a lot of activity going on. Importantly, also in the emerging markets, we've sort of highlighted India here, where you can see patches of large activity, especially in the north, Mexico, but also Brazil, especially along the coastline. We don't show Turkey on this map, but there's just 150 million passengers in 2025.
I mean, we haven't closed this year, but we're looking at that kind of figure, which then is sort of the calc of that this is every second five empty seats are filled. It's a fascinating thought. The other thing that's important to remember in BlaBlaCar is the sort of premium service that they sell. In some routes, there's increasing competition from city center to city center. At some parts of the year, you can find cheap tickets to go by train, for example, from Paris to Madrid. Now, those train tickets are probably below cost. I don't know how sustainable they are, but I think it's worth, for us, to double-click on the fact that BlaBlaCar is not city center to city center. As you see on this picture, it's from [Cricque], which is this little town outside Rouen.
It's a trip from that little town outside Rouen to Orvault, which is a little town outside Nantes. If you take a BlaBlaCar carpool product, it takes three and a half hours, costs you EUR 25. Your alternative is this four-stopover journey. You have to take the bus into Rouen, the bus into Paris, Metro inside of Paris to go from Saint-Lazare to Montparnasse, train down to Nantes, and then another bus to Orvault. It takes six hours, costs four times more. This is why I've been using this service of late just to get re-engaged with it. This is what the customers of this company love so much. It's cheaper and it's just so much more convenient. Just summing up, there's not that much going on around BlaBlaCar in the quarter. We marked it down a little bit. Multiples were down. Our peer group multiples were down.
Airbnb is, of course, a very logical contributor to how we mark this. As I was talking about earlier today, it's also where, and we'll come back to VOI. VOI is growing and it's growing in money, revenues, and earnings. At BlaBlaCar, there's an enormous amount of growth happening, but it's not growth that transforms itself into money and revenues and earnings over these next 12 months. We look out in the next 12 months. Brazil and India, which we show here, contribute a lot to this enormous growth of passengers. Passengers grow when there's enough liquidity on the marketplace. This enormous GMV that you have in just these two markets will allow the marketplace to start to monetize. This not only grows in revenues, but it grows in revenues that fall directly down to the bottom line.
This being marked down does not mean that we're less enthusiastic about the prospects of this company. As we go forward and as these unmonetized markets, which carry a GMV to the order of a quarter of a billion dollars, as that starts to be monetized, we'll see the market, the growth will transform itself into something that you can pick up in a financial model over the next 12 months, which doesn't capture all the stuff that's going on at the company today. With that, I thought if Dennis, if you could take us through a few words on what's going on at VOI.
Yes. Thank you. Thank you, Per. VOI's had a very strong performance this year with, as Per alluded to, you know, revenue growth accelerating while margins have expanded significantly, which I'll get to in a minute. Looking at the VNV valuation in Q3, our EV/EBITDA model is up on VOI this quarter, while the peer group multiple is actually down. As a reminder, the pre-discount multiple, which you find in the report, sits at 14.4 times next 12 months EBITDA, and then we always take a 10%- 30% discount, so the multiple in use is not higher than 13 times next 12 months EBITDA for VOI. The company's strong performance has increased the outlook, and our model is therefore up around 7% in Q3 for VOI.
This improved outlook is, I should say, further confirmed by the EUR 40 million bond tap, which the company completed a few weeks ago, which is funding 2026 vehicle CAPEX. The bonds were placed above par at a price of 104.75% of the normal amount, which corresponds to roughly 500 basis points until maturity, given that the original framework carries a floating interest rate of three months' Euribor plus 675 basis points per year. The EUR 40 million will be used to buy new e-bikes and e-scooters for 2026. In Q3, the company continued to win tenders in cities such as Edinburgh, Essex, and Glasgow, and a couple more. Perhaps most importantly, and as Per alluded to in the management director intro to the report, we have now launched the e-bike offering in Paris.
Paris is a tender we won earlier this year, but as of October 1st, VOI is now operational with the e-bikes in Paris. Just within two weeks, Paris is already a top 10 city for VOI, and we expect it to become the company's largest city with double-digit millions of euros in revenue contribution. We're very happy not only about the win, but also about the very strong start in Paris. Last on this slide, as you can see on the right-hand side of this slide, VOI actually yesterday announced that they have reached 400 million rides since inception. It took the company roughly eight months to get to the first 1 million rides. I was working at VOI at the time, so I witnessed it firsthand.
It then took around three and a half years to reach the first 100 million rides, and VOI has now completed the last 100 million rides in less than a year. Really compounding at its finest, as you can see on the rightmost graph here. If we switch to the next slide, what is very encouraging is that this growth in usage is also reflected in the P&L. As seen in the leftmost graph, revenue growth has accelerated significantly. In the last 12 months, ending Q3 of 2025, VOI has delivered around EUR 160.5 million of net revenue, driven by an increase in the fleet size, which you can see on the line graph to that graph, but also an increased revenue generation per vehicle. We're actually generating more, if you will, like same-store sales, despite increasing the fleet quite significantly.
The company has grown this top line while expanding the vehicle profit margin. This is the second graph that you're seeing on this slide. This is the margin after charging, logistics, and repair costs, essentially the gross margin of the business, which now sits at 59%. An improvement that's driven by both improved vehicles, but also just continuing to hone operational excellence at VOI, and heavy usage of data in everything from predictive maintenance to fleet allocation decisions to make sure the fleet is where the users are at all times. We're also seeing a significant increase in the adjusted EBITDA, growing to EUR 28.3 million, which is approximately 17.3% margin in the last 12 months, primarily driven by the fact that central overheads have essentially remained flat. I think they're even down a bit, despite this growth on top line, really showing the operational leverage in VOI.
Looking at EBIT, or adjusted EBIT, the company has delivered around EUR 5 million of adjusted EBIT, at a roughly 3% margin in the last 12 months. We're seeing this margin expanding significantly year- over- year as well. This was negative in the previous LTM period. The last thing to highlight on VOI, which is not shown on this slide, is that cash flow from operations grew roughly 67% in Q3 alone this year, reaching an all-time high of EUR 19.8 million of positive cash flows. One should remember this is a seasonal business with Q3 being the seasonally strongest quarter, but it is very encouraging to see VOI delivering almost EUR 20 million of cash flows in a single quarter and a real sign of strength for VOI. That was all I had on VOI, but I think I'll continue with a couple of words on Numan.
As a reminder, Numan is a U.K.-based digital health platform offering personalized care on one digital platform. They do everything from clinical guidance, medication, and supplements. I would say the biggest therapeutic area today is weight loss, primarily through GLP-1 medications and has been for the past two to three years. Operational momentum remains very strong at Numan. The company grew around 130% last year with positive EBITDA and is on track to deliver similar growth in 2025, also with positive EBITDA. Looking over the last two years, you're looking at more than 5x growth on top line for this business. As already covered last quarter, they secured around $60 million of financing in Q2, consisting of both an equity round led by Big Pie Ventures and a growth debt facility from HSBC Bank.
With the new funds raised, the company is now looking at investing into their platform and diversifying revenues and expanding their footprint. In Q3, VNV Global values its stake in Numan on the back of this transaction. As a heads up, since the transaction is denominated in Great British Pounds, our USD mark of Numan is down around 2% this quarter, but this is driven solely by FX movements. On a GBP basis, the valuation is unchanged since it is on a transaction. Last, during the quarter, just worth highlighting, Eli Lilly increased their prices on their GLP-1 products. While this at least initially created some volatility in the market, the impact on Numan has been quite limited, and we're happy to see that the company is trading in line with their ambitious budget year to date. That's it for me.
Finally, a few words from Breadfast from Björn.
Yes, so Breadfast, as a reminder, is our investment in the leading brand for online groceries and household essentials in Egypt. The company is continuing to grow really, really well, accelerating growth as of sort of August here, 2025. They were at the annualized gross transaction value, sort of gross revenue of $119 million. The top right graph here shows that GTV development over the last few years in constant dollars. More importantly, this development is coupled with improving unit economics. The below graph to the bottom right is the average store EBITDA or contribution margin three, as they call it. Here from sort of an average 3% profitability level, it's increased by just the more efficient on costs and operational efficiencies to 10%.
Breadfast also raised an additional $10 million during the summer from EBRD as part of their larger Series B2 funding round that, you know, kicked off earlier this year. Also, an interesting and very exciting development is that they in early October launched their fintech offering more broadly with the Breadfast Card, which is a sort of prepaid debit card, which will allow their users to use the Breadfast platform also outside Breadfast's core offering. We're super excited about the company, and they continue to sort of go from a clearer to clearer path, coupled also with a more stable macro now in Egypt. Very exciting. Over the quarter, we valued this on the basis of this recent transaction at $30 million. With that, I thought I'd hand back to you, Per.
Yeah, I think that sort of concludes what we'd sort of talk about. We can move to Q&A. Björn, do you want to remind people again how that sort of works?
Yeah, sure. As I said in the beginning, please use the Q&A function here in Zoom. I will try to go through the questions one by one. I'll start with one here. Are there any of your current portfolio companies where there are upcoming funding rounds that you would consider it attractive to participate in and to increase your exposure?
In the larger ones here, there are no funding rounds really sort of planned right now. That's really not that relevant. In the smaller ones, there will be the odd one. We think that's where we would participate, but those check sizes are really, really quite limited. For the size that sort of matters, it's not really sort of on the table. It leaves us with the cash liquidity to sort of buy back stock instead.
Given that you're now in a positive net cash position, would you say that you're still focused on divestments and exits, or will that activity slow down going forward to more investing?
Yeah. I mean, there are some things in the portfolio which might lead to more exits, but it's not really driven by us. It's more if a company gets taken out, like, you know, like TISE, for example. I mean, we were not sort of TISE marketplace growing very well. We, you know, good company and everything. eBay came in and bought the whole company at a way above our mark, way above our mark. In terms of where in relation to the mark, it was all good. They may still do a very good deal out of that. There's some stuff like that still going on in the portfolio here and there, but it's not that we are actively pushing anything out. The big exits that we've done that completed this transformation from being in debt to now being in net cash was essentially Gett and Boozy.
We still think that those two exits were done at decent return profiles for us and decent marks. Also, both of them were done around NAV. Yeah. Anyway, sorry. The short answer is that there's no exit that we're going to announce on Monday.
Thank you. There are a few questions here on BlaBlaCar. The first one, do you have any sort of timeline on the monetization in the newer markets such as Brazil and India, which has been in the media as of late?
No, I mean, the monetization, first out of Brazil is sort of starting now, but as we remember also from monetizing other marketplaces in emerging markets, it sort of starts small and then it increases over time. One can also monetize this route and not that route and this region and not that region, all depending on where liquidity is at a level where it becomes so conducive and good to monetize. If you'd ask me for a timeline when those markets are fully monetized, sort of fully monetized as maybe carpooling in France, which we're looking at like a take rate of 30% in some, that's on some, yeah, 25%- 30%. Then you're looking at, definitely, I mean, that's probably like four or five years out. In the meantime, the emerging market GMV, which is today a quarter of a billion dollars, will be much, much higher.
If monetization starts today, monetization can still start much earlier than that. When you reach take rates that are similar to France, it'll take a few years. As we go over 2026, when we talk again quarter by quarter, Q4 2025 and then into 2026, I would endeavor to say that you'll have much more visibility on how this has started, et cetera. We emerging markets, we have a lot of experience from emerging markets and see that marketplaces in emerging markets can be monetized in ways that are very similar to developed markets. That's certainly the case for classifieds. Now BlaBlaCar is sort of a frontier product. We only see how excellence in monetization looks like in France. That market is, of course, solely operated by BlaBlaCar. There's no listed peer to point at.
If you're within the company, you see that this has a fantastic potential to monetize very well. We feel that, and know from experience, that one should be no stranger to monetizing emerging markets in similar fashions to developed markets. Within the portfolio, we have one country that is monetized and that is generating very large revenues and earnings for BlaBlaCar, and that's Turkey. So Obilet in Turkey is, that's probably like a $400 million or $500 million value if you'd sell that company today. Will Brazil and India be $500 million? I mean, they'll be much, much more if you give it a few years. Huge potential there. Sorry, I'm rambling on way off the question. Let's talk about another question.
Yeah, also sort of a final question that we received from a few participants here on BlaBlaCar as well is if we could provide some additional color on the sort of markdown over the quarter of 8%. What's the primary driver behind that valuation change?
It's a mix of Airbnb type of companies being down. I think Airbnb is a big, it's a very natural sort of peer to look at sharing economy, travel. For those of you who follow that market closely, you'll see that that's sort of not been, I mean, that's down over the quarter, this last quarter. The other one is still sort of adjusting the company, especially in Europe, to, you know, a little, you know, we're in an adjustment period basically to where we see sort of growth and look like in Europe. It varies a little bit from quarter- to- quarter, that outlook. Once those adjustments are down, then we really see sort of the pick, you know, potential for pickup in sort of growth and activity. We expect the company to show strong EBITDA this year.
We expect that EBITDA to grow significantly the next year and to grow significantly the year after that. That kind of growth will work itself out, will work itself sort of into the way this company is valued as well, I'm sure.
Thank you. Is there any additional color you can provide around a potential IPO or when VOI becomes ready to go to public markets or similar?
Sure, sure. Yes. Now VOI is sort of internally ready for an IPO, has been for quite a while. It's really run like a public company. Of course, you can even say that it is, I mean, it is a public company today since their bonds are listed and they produce quarterly accounts to the requirements of the stock exchange here in Sweden. They are ready to list their equity, but they don't have to list their equity. They're funding themselves well in the debt market. It's turned a bit positive. I think it's fair to assume that VOI will list itself if it makes a lot of sense for them funding-wise. The way I see it is that what we have ahead of us is supposedly an IPO of their biggest competitor, Lime.
Now Lime has been talked about IPO of lime on Monday for the past 10 years, not two years, or so, 18 months maybe. There's been a lot of talk, but it's never happened. From what we understand, Paris is a big market also for them. The renewal or loss of their license in Paris, which worked out to be a renewal, I think would have been an important thing to have behind you if you wanted to go to public markets. Now that that's done, and they're still, I mean, it's basically VOI and Lime and one more in Paris. You can see across Europe, it's basically VOI fighting Lime and the other way around. With that behind you, there is now much more noise about an IPO of Lime.
If Lime IPOs and that becomes a successful IPO, giving them access to a certain cost of capital, it's fair to assume that the part of the industry that is ready to IPO will also IPO to get the same cost of capital. A successful IPO of Lime could be something that accelerates an IPO of VOI. That's just me. We own 20% of the company. There are lots of other voices around that. I think that's the way to look at it. VOI doesn't have to IPO. It controls its own destiny. It can fund itself in the bond market and in the private equity markets. We'll just look out and see if Lime IPOs and how that IPO goes. That'll be interesting.
Thanks. We have another question here on buybacks. Now with a bit more liquidity on our hands, how do you see buybacks going forward?
I think you should assume that we will do buybacks like we've done in the past. I mean, we've bought back and distributed like $750 million over the past 10 or so years, mainly through buybacks. If you've sort of seen how we've done it over the years, we haven't changed the stock. We've bought, you know, on down days and picked up here and there. We're not doing this to sort of set the price of the stock. We're just using the opportunity that the market's giving us where we can sort of buy this portfolio, which we love, and where we think there's a significant return profile at very reasonable risk. From the NAV level, if you could buy that at a 40% or so discount, it's just hard to resist as an investment opportunity.
Yeah, get cash coming in, us moving to net cash, sort of restarted a buyback sort of period. We bought back about $1 million going into the blackout of this report, and we'll get going again now. There's nothing that we've communicated, and you know, there's nothing, you know, we're not going to, you know, it's not that if we're going to buy back X amount of dollars or X amount of shares until Monday or next year or something, we'll just be very optimistic about it. Right now, there's nothing sort of material that we can do better than to buy back our own stock.
Thank you. I think we touched upon essentially all questions, but one final here. That is if you can pick one or two of your smaller holdings today that you think have the potential to become a new VOI in the portfolio and a meaningful contributor, which would you highlight?
If that sort of excludes the ones that show up on a pie graph like this, because it's difficult to choose amongst your children. I mean, we actually think BlaBlaCar has a fantastic potential. I know we're sort of, it's been a tough few years with all these sort of environmentally related revenues getting out of their mix, et cetera, et cetera. If you exclude those, we have a few companies in this other part of the portfolio. One that stands out is actually, and we've talked about it before, I think they've been part of our CMDs in the past. You should look at Alva, which is like an HR tech company here. They're based in Sweden. It's run by some Avito alumnus and some others. Management is just excellent. We think they are very, very capable.
They're very, very focused on their product here, which is basically LinkedIn 2.0. A CV is a crude way to sort of find the best employee, and for the best employee to find the job. They have a new way of doing that, which we think has got a lot of potential. That'd be one to pick up on. We'll also make a note to make sure that they maybe present at the next CMD. We actually thought that not in these quarterly reports, not only have you listened to us three, but that we'd also maybe make some room for people like Alva, for example, to talk about shortly, in a condensed way, what they do and what's important for the next 12 months, et cetera, et cetera. I think that'd be interesting. Anyway, I'll pick Alva amongst all the children. Yeah.
Great. Thank you. I think we've sort of touched upon all questions. If we missed one, please reach out offline. You know where to find us. Any final remarks, Per?
No. Thank you, everyone. Björn, Dennis, and everyone listening in. We'll see you around. Yep.
Thank you.
Thank you.