Welcome to WeSports Group Q4 call for 2026. For the first part of the conference call, the participants will be in listen-only mode. During the question- and- answer session, participants are able to ask questions by dialing pound key five on their telephone keypad. I will hand the conference over to CEO, Ted Sporre. Please go ahead.
Welcome to this Q4 and full year 2025 release presentation for WeSports Group. I'm happy to look back at a year that has again proven our model with strong performance in the different WeSports companies. My name is Ted Sporre, I'm the Group CEO. With me today, I have our CFO, Tim Holmlund Meier, our Group CEO and Co-founder, Niklas Hammar, will also join for the Q&A later. We will start by an introduction to WeSports Group. I will give a summary of the fourth quarter, as well as a business update, where I give some more depth to Q4 and put the full year into perspective. After that, Tim will give a financial update before I conclude with key takeaways.
We will finalize with a regular Q&A, which will be moderated by our operator, so please follow the instructions to ask questions via the provided dial-in details when we get there. To set the scene, WeSports Group is the leading Nordic specialist group in sports and leisure equipment. We own leading specialist retailers and product brands with a focus on accelerating their growth and profitability. We have built leading market positions in the most attractive sport categories, selectively focusing on categories that are equipment-heavy and fragmented, enabling us to consolidate and build a profitable position. Our specialist model is very different from the large sport chains, with more focus on expertise and assortment and a high share of owned and controlled quality brands.
We operate in a large Nordic sports and leisure consumer market worth over SEK 80 billion, and on top of that, there is significant more market to capture in B2B and outside Nordics. Growth in this market is supported by long-term health and wellness megatrends, while at the same time, AI, and also the continued shift to online, are creating the most informed consumer ever, increasingly favoring our specialist position. The WeSports stores and brands are leading and well-recognized by customers in their respective sport, including, for example, Cykelkraft, the largest online bike shop in Sweden; RunningXpert, the largest specialist running retailer in the Nordics and also actually one of the largest in Europe; as well as the iconic brand, Tretorn, which is expanding from their strong base in rubber boots and tennis.
Looking on the right-hand side, the group reported net sales of SEK 3,073 million in 2025, with an adjusted EBITDA of SEK 187 million, which we'll get back to. We have been growing almost 30% on average the last years. We are proud to share that we have more than 130 championship medals won by employees in the group, which is a testament of the competitiveness that is a clear part of our culture. Our financial targets are to reach net sales of SEK 10 billion by 2031, an adjusted EBITDA of 7%-8% in the medium term, and also with a net debt of 1x-2x in relation to the last 12 months, EBITDA, adjusted for leasing.
We have a proven strategy and a model that essentially combines the four areas you can see here on the slide. Through vertical integration and a growing share of own quality brands, we strengthen margins and secure strong customer experience. We combine strong organic growth with a disciplined M&A strategy to quickly grow into the leading position in each sport. We also run a decentralized model that preserves an owner mentality with a lean group structure that keeps costs low and accountability high. This is, by the way, also something that extends to the group level, where management is heavily invested and the founders are still the largest owners of the company. As the fourth and final point, by leveraging scale and systematically sharing best practices across the group, we unlock concrete synergies, not theoretical synergies. Let's have a look at the quarter and the general business update.
Looking at the Q4 numbers, it's fair to say that we ended a great year on a high note, managing to again prove our ability to win share with our specialist model. Net sales amounted to SEK 901 million, which is an increase with 34% versus last year. We drove 15% organic growth. We had a strong campaign period. We delivered a good performance in B2B, where, for instance, our floorball and paddle brand, Oxdog, and Thevea with Tretorn, stood out positively during the last part of the year. The adjusted EBITDA increased significantly to SEK 45 million for the quarter, corresponding to an adjusted EBITDA margin of 4.8%. Adjusted gross margin improved to 36.3% versus 33.4% last year.
In short, the margin increase was driven by margin discipline in the campaign period, Sportsmaster and Thevea Brands Group becoming part of the group, being especially strong as companies during Q4, an increased share of owned and controlled brands, and also as a whole, a leverage in our model where we have strong cost control and we've managed to gain scale effects, which Tim will also show in more detail when we come to the financial part. Cash flow from operating activities amounted to SEK 100 million in the period, a result of successful inventory management as such. We ended the quarter with a net cash position. Overall, these results showcase the continued strength of our model, gradually and steadily transforming a higher share of our sales to the bottom line. Operational highlights from Q4 include the campaign period, where we succeeded with a focused and very early preparation.
Together with a good performance from own brands, this also paid off in terms of growth and being able to keep a balanced discounting strategy. Aligned with our M&A model, we have also increased our ownership share in several group companies. This is a clear example of our acquisition strategy, where we gradually increase our ownership in profitable specialist companies with leading market positions, while at the same time ensuring that the entrepreneur's commitments and the years and years of expertise that all of these entrepreneurs have in the sport remain central. In addition, if you take a step back, this also illustrates our approach to capital allocation. First, investing in companies that we know well, and then progressively increasing our ownership as value creation is confirmed.
A clear Q4 highlight was also the announcement of our acquisition of NordicaGolf, a leading Nordic specialist in customized golf equipment. Golf in itself is an equipment-heavy sport and a perfect fit to our strategy with a very strong momentum in Sweden and the Nordics. NordicaGolf is a strong company with great leadership that will contribute positively to our EBITDA margins. Simply put, a great platform for us to expand into a new sport. As a final Q4 highlight, it is impossible not to mention our listing on Nasdaq First North Growth Market in December. While this in itself is, of course, a milestone for every company, we see this as more as a starting point that enables us to accelerate our strategy further. Taking a step back and looking at the full 2025, we can summarize another year of high growth and record profitability.
Net sales amounted to SEK 3,073 million, which is a growth of 31% versus last year. Growth again, over 30%, both for the quarter and for the full year. We are especially proud that we continue to manage this growth while delivering an adjusted EBITDA of SEK 187 million, going above 6% adjusted EBITDA margin for the year. Also acknowledging the fact that the margin has been higher in each quarter of 2025 than 2024. This clearly means to me also that we're progressing well towards the target we have of 7%-8% adjusted EBITDA margin. Together with strong organic growth, M&A is a key driver of our growth and also a core strength of our group.
At the end of 2025, we had announced 40 acquisitions in total from the start. A few examples from the year include, as you can see here to the right, Sportsmaster within fitness, SkiCom within skiing, Beny Local, which is a provider of benefit bikes, where there are strong synergies in cross-selling also with the rest of the cycle assortment in the group, and NordicaGolf, as we just talked about. We are highly disciplined in our M&A, and we've learned also over the years what actually matter. In summary, one can say that we target companies with the potential to achieve sustainable profitability and category leadership within the certain sport.
It is very important also that the team has a strong cultural alignment in terms of the ambition, in terms of growth and profitability, what they see in front of themselves. We do not compromise with the valuations. As for any acquisition-intensive company, both the cultural aspect and the valuation is key. With around 7,000 companies within sports and leisure in the Nordics, there are hundreds of potential targets for us for the years to come. Before I hand over to Tim, who will go more into financial details, it is important to mention that we enter 2026 from a position of strength, both financially and operationally. First of all, we have a robust balance sheet from the listing and a strong cash flow, which gives us financial flexibility.
We're confident that the model that we're driving is the right way to build the strongest and ultimately most profitable position in each of the sports we're in. For us, it's not really a question of reinventing something, it is a question of execution. To represent the current run rate from which we start 2026, we also share illustrative figures that reflect the full year effect of all acquisitions completed to date. Had all subsidiaries been owned since the start of the year, net sales would have reached around SEK 3,790 million, which is to be compared then to the SEK 3,073 million that we report with an adjusted EBITDA of around SEK 220 million.
We also see a strong tailwind from the long-term sports and health trend, no matter if we talk about the interesting running clubs, which I guess no one has really missed, or when it comes to the interest in skiing during this Olympic winter. While I leave to others to speculate on interest rates and other consumer factors, it is a fact that we, as WeSports, have a trend of significant growth regardless of economic climates. We outgrew the market by 4%, also in 2025, and plan to continue this habit going forward. I hand over to you, Tim, for the financial update.
Thank you, Ted. Good morning, everyone. I will start by walking you through our financial performance for the fourth quarter and the full year, followed by profitability, cash flow, and end up with our financial position. Let me begin with net sales. Net sales in the fourth quarter reached SEK 901 million, representing a growth of 34% compared to the same quarter last year. Importantly, organic growth was also solid at 15%, demonstrating continued strength in the underlying business. Looking at the main drivers in the quarter, we can see that running continued to perform very well. We saw sustained high demand, followed by a successful assortment strategy and strong customer engagement. Another driver was within B2B, with great performance in Oxdog and strong contributions from our recent acquisitions, Thevea and Sportsmaster.
These businesses are developing according to plan and are contributing positively to both growth and margins, with a high proportion of owned and controlled brands. We also continue to gain market share within bikes, reflecting our competitive positioning and our ability to capture demand in this market environment. Looking at the full year, net sales increased by 31%. Organic growth amounted to 22%, representing a healthy balance between organic expansion and acquired growth, and confirming the strength and scalability of our platform. As Ted mentioned, if we add the impact of the recent acquisitions, we have had a turnover of almost SEK 3.8 billion, which is our base when moving into 2026. Let's walk through the gross margin and the cost development.
Our adjusted gross margin amounted to 36.3% in the fourth quarter, which is 2.9% improvement from last year. For the full year, adjusted gross margin remained stable, with a solid margin development, with two quarters in a row showing increased margins. This improvement was both driven by an increased share of owned and controlled brands and a disciplined and balanced approach to discounting during the campaign period, supporting both sales performance and margin quality. We also saw a positive contributions from acquisitions, particularly in the fourth quarter, where the margin profile of acquired businesses is structurally strong. On the cost side, we continued to see clear benefits from scale and strong cost control. As sales increase, we are achieving good operational leverage across the organization.
Personnel cost as a percentage of sales decreased by 0.1 percentage point in the quarter and by 0.9 percentage points for the full year, reflecting improved efficiency and scalability. Other external expenses, including among others, marketing, fulfillment, and postage, decreased significantly as a percentage of sales, down 2.6 percentage points in the quarter and 1.3 percentage points for the full year. This demonstrates our ability to support growth while simultaneously improving cost efficiency, which brings us to the earnings. Adjusted EBITDA for the fourth quarter amounted to SEK 45 million, compared to SEK 3 million in the same period last year. This corresponds to an adjusted EBITDA margin of 4.8%, a significant improvement from 0.5% last year.
Items affecting comparability amounted to SEK 9.2 million in the quarter, of which SEK 7.5 million were directly related to IPO costs. These are non-recurring items related to our listing process and do not reflect the underlying performance of the business. For the full year, adjusted EBITDA amounted to SEK 187 million, compared to SEK 109 million last year. This corresponds to an adjusted EBITDA margin of 6.1%, which is up from 7.4%, representing a clear step up in profitability. Let's run to cash flow and working capital. We saw a decrease in working capital during the quarter, mainly driven by successful inventory management during the campaign season, improvements in accounts receivable, and a seasonal effect from the acquired entities.
Cash conversion in relation to EBITDA adjusted for leasing was strong during the year, with an adjusted cash conversion of above 79%, which we consider a high level given our strong growth. One key driver to this is our asset-light business, with just 0.7% maintenance CapEx in relation to sales for the full year, which corresponds to a decrease of 0.4% compared to last year. A strong cash generation remains a key part of our business model and provides important financial flexibility going forward. Which brings us to our financial position. At year-round, our net debt to EBITDA, adjusted for leasing, stood at - 0.9x , meaning we have a net cash position. This, together with the credit facilities, provides a flexibility when moving into 2026.
Overall, this places us in a solid financial position with a combination of improved earnings, organic growth, enhanced cash generation, together with a low leverage and available liquidity, it provides a robust platform for continued investments. Back to you, Ted.
Thanks a lot for your attention this morning. Before we head to the Q&A, I will leave you with my three main takeaways. We have delivered new record numbers, more than 30% sales growth, and an adjusted EBITDA margin over 6% for the year. We have continued our successful path of acquisitions, with a very interesting list of potential targets going forward in the Nordics. I'm confident that we have built the right foundation to execute towards our targets, fueled also by what is very clearly a resilient trend in sports and health. Overall, a record-breaking year. Thanks to all coworkers in WeSports, shareholders, customers, and partners. Let's open up for questions.
If you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key 6 on your telephone keypad. The next question comes from Benjamin Wahlstedt, from ABG Sundal Collier. Please go ahead.
Good morning, guys. I have three questions for you, but I'll take them one by one. First of all, I was wondering if you could give some additional color on the gross margin development, year on year, please. Could you try to build a bridge in terms of mix effect from M&A, private label, and perhaps better handling of campaigns, please?
Yes. Thank you, Benjamin. As you say, it's been a mix. New companies that change the mix is one. That is a strong, important part, as well as a discipline in how we manage margins also during the campaign periods, and also an increased proportion of owned and controlled brands. We do not report individual companies separately in that regard, but it is a mix.
Right, there's no way for you to give us a rough indication of, you know, the significance of each part?
I would say it's a combination, in that regard. No further data on exact mix.
All right. I noticed well that you've booked other income of close to SEK 20 million here in Q4. I was wondering what is this related to, please?
Well, the higher other income during this year is mainly driven by a repayment concerning one of the companies for a historical cost. In other words, it's a conversation that was regulated in the original SPA that they would be responsible for, and it's met by a corresponding cost further down in the P&L.
All right, there's no EBITDA impact from this repayment?
A minor, but not any substantial effect.
Okay. Thank you. Then I was wondering if you could say anything at all about current trading. On the one hand, I'm thinking you should have a pretty good view of Q1. And as well, I guess in Q4, you state that your best categories are running and biking, perhaps two sports you don't do very much when it's snowy out. Anything you can say about current trading is helpful.
No, I think the first thing I can say is that over a full year, we're well diversified when it comes to different sports and different seasonal patterns. If we look at the winter so far, I think it's been good for all types of sports trading, that we have this type of winter and clear seasons. It's been positive also for us, especially in our ski-focused companies and our winter-focused companies, given the weather. Looking at March and the end of the quarter, that will be decisive for the quarterly outcome, especially in bikes and running, as you say.
All right. Perfect. I think those were all my questions for now. Thank you very much.
Thank you.
Yep.
The next question comes from Emanuel Jansson from Danske Bank. Please go ahead.
Good morning, it's Ted, Tim, and Niklas. A couple of questions from my side. First, regarding the acquisition of Thevea Brands , could you perhaps comment on what specifically is driving the strong sales we have seen in this quarter? Or should we just view it as a part of a, of consolidating the numbers into WeSports? Also, regarding the acquisition multiple here, it appears as from my point of view, that the acquisition multiple has been higher than your target range of 5x-7x EBITDA. Is there any context or detail you can provide regarding that?
I think if we start with the, with the first question, I would say for Thevea , the fourth quarter as a whole, and December, are generally good sales quarters for Thevea , we saw that clearly also this year. We don't report individual companies separately, but it's been a strong end of the year for Thevea, definitely. It's also strengthening the mix that we have between B2B and B2C, so that is good because it brings us even more stability going forward. In terms of what has been driving Thevea, I mean, it's very clear that they are successful in the shift that they're making gradually from also extending from their traditional rubber boots and tennis products towards also other types of products.
They are very successful in that, and we're also assuming that that success will continue in the same way during this year and the coming years. It's a very exciting journey with Thevea in that regard.
I could comment, Ted, on the second question from you there regarding the multiple. It is within our previously communicated range between 5x-7x EBITDA, which is typical for us, and also we typically don't disclose the individual detailed terms per acquisition, but it is in line with our strategic focus on how we do acquisitions.
Okay, perfect. Thank you very much. I assume then that we should assume quite high or quite good possibility then from Thevea in terms of margins than looking at the multiple. Just coming back then to what Benjamin also mentioned about the outlook, I mean, the start of 2026, I mean, it's been a very cold and snowy beginning to the year.
I assume that we should not view this as a negative aspect for you guys regarding skiing and Nordic cross-skiing, et cetera, or how should we expect this to affect your big categories, such as within bike and running, for example, heading into Q1, where you, I think you have year-over-year, quite tough comparable figures, at least in Q1?
Yeah. No, it's a, it's a good question, and, as we said before, what I would say there is I think it's good for all types of sport trading companies, including ours, that you have clear seasons like this. Of course, our ski-focused companies are benefiting from the weather, but when you have clear seasons, that is over the full year benefiting us as well. March and the end of the quarter will, of course, be very important for running and bikes, as you mentioned. Overall, I would say also, if you look at 2025, which has been a very strong year, but we also, I think, shown clearly that we're coming closer in a good way towards the more long-term financial targets that we have. Nothing has changed in our model, so we count on 2026 continuing also in the same way with that type of strength.
Perfect. Thank you for clarifying that. Just moving on to the acquisition then of NordicaGolf, how should we look at the seasonal patterns for this business? Additionally, you feel that the portfolio is now complete within the golf category, or are you looking for further acquisitions, or how fragmented is this category compared to biking and running, for example?
Maybe if I start with the seasonal patterns, Niklas, and then you can also elaborate on how we see golf going forward. If you look on the seasonal patterns, I would say, as you would expect with golf, Q1 is not the largest quarter. You have Q2 and Q3, which are the strongest ones, and then the campaign period during Q4 is also important. In that order, I would say. Q2 and Q3, the strongest ones, then Q4, and then Q1 is the weaker quarter.
I can continue there. Also, Ted, perhaps worth mentioning is, since we are building our sport business based on specialists, it's also good to take away, I would say, both for running and cycling and golf, which are you know, typically not the Q4 or Q1 heavy types of sports. If you are among the best specialists, you do have a quite quite good customer base who comes with repetitive business in terms of parts and accessories, and since we're also a online business, it's a lot about starting customer journeys. Q4 and Q1, I would say also for these kind of non-winter sports are important and positive for us. What was the second question?
Please repeat that regarding NordicaGolf.
Yeah, do you see potential to add more acquisitions within the category?
Yes. Okay.
How fragmented is this market? Yeah.
The golf market is a, it's a big, very big market. It is, it is less fragmented than other sports that we are in. Given that, there are still a lot of opportunities also when you look at the M&A in, within this sport. It's not. There are opportunities also in golf, I would say, to further consolidate down the line. For now, our ambition is to really do a good job together with the NordicaGolf team to integrate them well into WeSports and start to see synergies, both the direct synergies and to build them as part of the platform now.
Thank you. Understood, Niklas. Maybe last question then. Primarily Swedish business with sports, can you maybe give us some colors on how the different regions developed in this quarter, or how you see the market in general is performing? We saw Sportindex in Sweden was quite weak here in the fourth quarter, maybe some more colors on that, please.
Yes, absolutely. I think one important thing to take away here is also if you refer to Sportindex, that if you look at the segments that we are targeting, the specialist segment, it's something that we see growing quicker than the average markets, and also the online segment, which we also saw, I think, in the environment, for instance, that was growing significantly more than the overall market. We have the benefit of being in those segments and focusing on those segments that are actually growing the fastest.
Without going into too much detail on speculating on interest rate and the strength of the consumer in 2026, what we can see clearly is that there is a continued strength in the trend of interest in sports and health. That is something that is very much apparent also when we talk with our companies and in the different categories. I would say from that perspective, I very much look forward to 2026, independent of where the consumer sentiment ends up. Also adding to that, and I think that is clear also from the presentation we just gave, that independent of the economic state, WeSports has been able to deliver significantly above the market growth, and that's nothing that we aim to change. We wanna continue that, of course.
Also to mention something about the regions that we pinpoint. We have roughly 55% sales in Sweden, followed by Norway, Denmark, of around 11% of sales, and Finland around 12%-13%. You can say that we have 90% of our sales within the Nordics, with the majority being in Sweden when looking at the full year.
Yeah, can you provide us some performance in the other countries besides those, besides Sweden?
Normally, when we look at our business, we actually look at it more company by company. If you look at it from a profit development perspective, the most important thing is the own and control brands. That is what we look most at actually, rather than country by country. Of course, we see that it's interesting, and I think if you look at the overall market in the other countries, it's similar as to Sweden, that there is a clear trend that specialists are gaining share, driving also a different type of assortment. Also, the trends that we see in terms of social media, AI, and so on, that are making the consumers also in the full Nordics, more knowledgeable before they make this type of purchase. That is something that is benefiting us in the whole of the Nordics in the same way as in Sweden, I would say.
Perfect. Thank you very much, Ted. That was all of my questions for now. Thank you very much.
Thank you.
Thanks.
The next question comes from Victor Hansen from DNB Carnegie Investment Bank. Please go ahead.
Thank you, operator. Good morning, gentlemen. A couple of follow-ups from me. Firstly, I'm trying to understand the organic margin development. You have the M&A specification in the report for the full year of 2025 in terms of M&A results contribution, but could you share any details on Q4 specifically, in terms of EBITDA contribution from M&A?
As we said before, it's been a balanced mix. I think there's three things. One is the fact that we're adding companies that are strong in Q4, and that is an important effect. The second one is that the way that we've been managing the margins during Q4 this year has been much more balanced than we've been doing before, and that's been positive also for the gross margin. The third one is owned and controlled brands, where we're gradually increasing our share, which we aim to do going forward as well.
Also, I think as you showed, Tim, if you look on the margin as a whole, when it comes down to the adjusted EBITDA, what we're managing to do gradually is that the share of personnel costs and our operational cost is going down gradually in relation to sales. Those four factors together is something that is bringing the margin that we got in Q4.
Yeah. Okay. Second question. I noticed that the minority's share of net profit seems very large. Are there any specific dynamics in here in Q4, or would you say that these levels are fair going forward?
I mean, if you look at the minority share of the profit, it's of course, based on the ownership during the full year or the full quarter, which, you know, has increased during the latter part of the year. If we look at it now, we own just about 75% of the EBITDA, when we apply the ownership on the last 12 months. It is and it shall be an increasing level going forward, and the what we can see in the P&L now reflects how the ownership has been during the year.
Okay.
It looks, the level that you see in Q4 is lower than what it is actually going forward as well.
Yeah.
Makes sense. Final question. You released working capital here, despite the very strong organic growth. Could you remind us of the seasonalities during a year for you in terms of working capital?
I mean, the working capital will fluctuate during the year, and since we're a group that has somewhat seasonal effects when it comes to purchases and so forth, we will have increased working capital during the, so to say, classic purchase seasons before the actual sales season starts. Meaning that usually we have a often a higher working capital build up during, for instance, Q1 and Q3, and then we have a better or a decline in working capital during the other quarters. We are impacted by the seasonal effects when it comes to working capital.
One could also add there, if you look at the cash conversion as a share of adjusted EBITDA, adjusted leasing, we aim to be in the range between 60%-80%. Of course, with the ambition to be on the upper range as we manage specifically now in 2025. But as you say, Tim, we're also realistic that we'll fluctuate between quarters and years.
Yeah.
That's also what we need to do to build the growth that we want to do going forward. The cash flow that we see now is very strong and also a good base for the continued M&A, together with the balance sheet that we have. That's something that is a very good foundation for how we start 2026.
Yeah, of course, and I'm always also looking at the other KPIs, such as inventory turnover and the return on capital employed or EBITDA, divided by core working capital. We can see that all those points in the right direction, and indicates that we are actually getting better and better to work with our resources, which of course, will also refer and spill over to the cash generation possibilities going forward, and meaning that we will end up in the target that Ted said.
Okay. I have one more question. If you could give us any details on average order value development versus orders in Q4? If we break down the 15% organic growth, what are the drivers here in terms of price and volume? Thanks.
I think that's a good question. I don't think we have the specific breakdown of that, but I don't think it's a clear price driver that is driving this development, but we can look further at that as well. It's clear that this is not only driven by price in that regard.
Okay. Sounds good. Thank you. That's all for me.
Thank you.
As a reminder, if you wish to ask a question, please dial pound key 5 on your telephone keypad. The next question comes from Daniel Schmidt from Danske Bank. Please go ahead.
Yes, good morning, Ted, Tim, and Niklas . Just a question from me as well. What do you think? What's your guesstimate or what's your forecast in terms of cash out commitment for 2026 related to earn-out payments and minority options?
I mean, looking at the minority options per year, it was SEK 128 million, and we had then continued earn-outs of SEK 82.6 million. Of this, we had short-term earn-outs payable during this year of around SEK 27.2 million. I mean, that's the, that's the base that we see when we look at the minority options and continuing to earn-outs. We avoid to speculate on the nominal value of long-term options in earn-outs, so we tend to focus on the short term, which we see in those figures.
SEK 27 million is, sort of what you should promise cash out for 2026, as you see it right now?
That's correct.
Yeah. Would you give any indication of 2027 as well?
Not at this moment. I won't, don't want to speculate on that.
Okay. Okay, guys. Thank you.
Thanks.
There are no more questions at this time, I hand the conference back to the speakers for any closing comments.
I think thank you for those questions. To summarize, I think we have seen a quarter that is, again, confirming essentially that our business model is working exactly in the way that we want it to. We look forward to 2026 with a strong foundation, both financially and operationally. We see again that we have a strong balance sheet, we have strong cash flows. We also have essentially a sports and health trend that is benefiting us, especially as specialists. We see that the model that we drive with the combination of business development and M&A is actually very successful. I think that's the closing comments I would give for this. Looking forward to the rest of 2026.