Good afternoon, everyone who is watching us today. Let's begin with the webinar introducing Infortar Group financial results of fourth quarter 2024. My name is Kadri Laanvee. I am an investor relations manager at Infortar, and joining me today to provide an overview of Infortar activities and results is the Managing Director, Martti Talgre. We will start with an overview of our activities and key events in fourth quarter 2024, and then after the presentation, we'll answer the questions sent to us. If anyone is watching now and wants to ask a question, please use the Q&A button at Teams. We will not disclose the names of the questioners, so no need to worry about that. Today's presentation will be recorded and made available later on the Infortar website. Let's start with an overview, and first I will hand over to our Managing Director, Martti Talgre.
Good afternoon, and thank you, Kadri. So I kick this off from here. Good afternoon, dear Infortar shareholders and investors. When we listed our shares back at the end of 2023, we promised to deliver growth, and I think growth is something that we have managed to deliver. Infortar has grown into one of the largest investment companies in the Baltics and the largest privately owned company in Estonia. Our activities are focused on three main sectors: maritime transportation, energy, and real estate. Our investment in maritime transportation is predominantly Tallink Group, where we grew our shareholding to 68.5% last summer. I think Tallink hardly needs an introduction. In our view, it's a very strong company. It's a household name in the Baltic Sea area, and it's a leading maritime transportation operator on the Baltic Sea.
Tallink has nicely put the pandemic behind itself and is now paying a stable and solid dividend, which we are very happy about. Our main investment in the energy sector is Elenger Group, which we rebranded in December from Eesti Gaas to Elenger Group, so we are operating under this brand name now in all countries, and over the nine years when we have been owning Eesti Gaas, the company has grown into the largest privately owned energy company in the Baltic-Finnish region, which has now delivered sales of more than EUR 1 billion for three years in a row. The growth, of course, hasn't come from Estonia because Estonia is a relatively small market, but has come from international expansion, both in the energy sales segment, but also in the infra segment where we have made lots of investments recently.
And then the third pillar of what we have in our portfolio is our real estate portfolio, which is predominantly Tallinn and around Tallinn, so as of now, we are owning approximately 141,000 sq m of different properties. That makes us one of the largest property owners in the region, and we have recently grown that quite a bit. I think that when we started and launched our IPO process, we had about 90,000 sq m in our books. Now it's 141, and then when we also count into the portfolio the ongoing construction projects, then we are closing already to 180,000 sq m, but I'll come back to the details in a later stage. The year as such, last year, 2024, was very good, very successful, and having lots of records for us, so we managed to almost double our asset base.
So it was about Euro 1.4 billion a year ago, and now it stands for Euro 2.7 billion. We also managed to grow our revenue quite a bit from Euro 1.1 billion- Euro 1.4 billion, which represents a 26% increase. But what is important to point out here is that not all our investments from last year are not counting in yet here because we acquired Tallink in August, and the Polish transaction was closed at the end of December. So none of the sales or profitability from that company is not consolidated into our numbers. We also had quite a big hike in our equity, which went from Euro 820 million- Euro 1.2 billion. So quite a big growth. And then having more than 6,200 employees makes us one of the largest employers in the region as well.
I think that the share price development has been quite good over the last year. So we started from Euro 26 per share, and now it's close to Euro 49. So it's a very good performance. But when we go to the main keywords or main activities from last year, so it was a very investment-heavy year for Infortar. So last year, our total investments were close to Euro 280 million. And if you look at the two last years combined, then actually the number is close to Euro 500 million already. So that, of course, has impacted our portfolio a lot and has impacted our numbers a lot. So the revenue is up quite a bit. We, as I said already, [saw a] quarter-on-quarter increase, but you are going to see the full effect of those acquisitions later on during this year.
When we talk about those main investments, the most important, of course, was the increase of our stake in Tallink. Back in 2015, 10 years ago, we owned only 36% of Tallink, and now 68.5% makes us by far the largest shareholder in Tallink. Our focus is continuously on the growth. Last year, I already mentioned the Polish transaction and Tallink transaction. On top of that, what we did was that we acquired one of the largest dairy farms in Estonia, the majority stake there. We invested into another printing company. We continued with real estate developments. We hit the ground to start construction of the new biomethane investment. Actually, it has been a very investment-heavy year for us. When we talk about our subsegments, maritime transportation had a very decent result last year.
I think bearing in mind the challenging macro situation in general, we are happy with the results that Tallink delivered. I think that Tallink's strong financial position and reasonable leverage gives confidence that Tallink can continue with the dividend payments. Now for two years a row, they have paid EUR 0.06 per share. There was, during the COVID and then for a few years after COVID, a period where Tallink needed to really restructure the company and then wasn't capable to pay dividends. But as of now, we believe that Tallink's financial position is very strong and solid. When it comes to the energy segment, then it was also a year full of activities. The most important one, of course, was the acquisition of EWE Polska from a German energy company, EWE. We will rename the company shortly into Elenger Polska.
All our energy companies will then operate under the same brand name in all countries we are working in. What we are really proud of is the way how our infra business was performing. Gaso, Gaasivõrk in Estonia, and also actually EWE was delivering very strong and solid financial performance last year. When it comes to energy sales, we had approximately 16% growth in the sales volumes, but at the same time, the last year was financially more challenging than the previous months, especially the fourth quarter when the mild winter and quite the pressure on the prices reduced our profitability from the energy sales segment. Last but not least, for the energy segment, we discontinued utilization of Eesti Gaas as a brand in Estonia. Eesti Gaas in Estonia is now also called Elenger.
That means that in all countries, we are operating under the same brand going forward. Regarding real estate, which is the smallest segment we have, we still are happy with the performance. It's solid and sound. It delivers strong and stable cash flow. We have been also investing the portfolio, as I mentioned before, or increasing the portfolio, as I mentioned before. The Rimi Logistics Center, what has been now under construction for two years, is now completed, and the tenant will start operating that quite shortly. We also signed at the end of last year a new agreement to build and lease the premises last summer for a new do-it-yourself store for Depo, one of the leading do-it-yourself chains in the Baltic countries. Again, a transaction that we are happy and proud of.
And when we talk about our engineering companies, then they have been delivering also good results. So the Pärnu Bridge project is going according to schedule and plans and should be completed by June this year. And also, we have managed to participate and win tenders in Rail Baltica. So a very active and good year. So when we move to the next slide, so here you see the share price performance of Infortar during the last year or since IPO, which was end of 2023. So as year 2024 was a successful one for Infortar, I think the same could be said for Infortar shareholders. So the share price is significantly up. We have been the best performer in the main list of the Baltic stock exchanges.
And what is also good to see here is that the different activities or different transactions what we have done have really impacted the performance of our share as well. So, Kadri.
Thank you, Martti. So I will guide you through the numbers. So on the screen, we are displaying the full-year financial results for 2024 and compared with 2023 along with Q4 data. The group's consolidated revenue reached EUR 1,372 million. In August 2024, Tallink Group was fully consolidated into our results, contributing to revenue increase. And also, in the fourth quarter, some expenses increased due to this Tallink consolidation. So it's not that Infortar expenses have increased as a separate consolidation group. And in terms of profitability, Q4 2024 was a little bit weaker in our key business segments compared to the previous year. Tallink Q4 results are already being commented by their management board. Regarding Elenger Group Q4, it was impacted, had some impact from the warmer winter period this year. But also, we have some one-offs there.
So each year, Infortar's real estate portfolio is reevaluated, and this impact was around EUR 7 million. And also, we paid income tax around EUR 9 million. So regarding fourth quarter, those two one-offs could also be taken into account. But despite the challenging fourth quarter, the overall annual results remained strong with a net profit of EUR 175 million. And when comparing to 2023, which included a one-off revaluation impact from Gaso, our results are actually good. As of year-end, the book value per share has increased to EUR 43, reflecting 67% growth in addition to dividends. So we believe our shareholders should be happy with these results. And our total assets have grown significantly, mainly due to the consolidation of EWE Polska alongside with Tallink. At year-end, our cash balance was EUR 168 million, and equities to that EUR 1.2 billion. Liabilities have also increased due to large investments in 2024.
But investment loans to EBITDA ratio of 3.0 is still solid, and we are really good with it. So to conclude, 2024 was another year of strong investments. Yet we still delivered solid financial results and enabled us to also pay dividends to investors. I will now give the word back to Martti to explain further about the dividends and main business segments.
Thank you, Kadri. So I continue from here. So today, together with publishing our 2024 results, we also made the proposal for dividend payment public. So we are proposing to pay EUR 3 per share dividend also in 2025 for year 2024. So just a short recap that the Infortar dividend policy says that we are going to pay EUR 1 per share as an ordinary dividend. Then we have promised to pass through all dividends what Tallink is paying to Infortar. And then depending on the financial result and also the investment pipeline, then we might propose an additional dividend. So altogether, this year, we are paying an ordinary dividend of EUR 1. Then Tallink pass-through is now EUR 1.5 because we have increased our stake in Tallink quite a bit. So last year, it was a little bit less than EUR 1. Now it's EUR 1.5.
Then we added an additional dividend of EUR 0.50. So altogether, our dividend proposal for year 2024 is EUR 3, which in total makes about EUR 61 million. I think that's the largest dividend payment for the companies listed in Tallinn Stock Exchange as of today, as also last year. According to our dividend policy, we are paying dividends in two shares. First part will be paid out this year in July and the second one in December. The dates will be published later, I think, when we are going to propose things for AGM meeting. The dividend payment reflects approximately 35% as a payout ratio when we look at our reported profit. When we look at the profit that we make from our continuous businesses, then it's rather about two-thirds. When we look at the share price end of the year, then the yield is approximately 7%.
So I think quite solid numbers. Now, when I move forward to the segment, so I start from maritime transportation. That means Tallink. So Tallink is now our largest part of the balance sheet and actually was the very first investment what we made when Infortar was established back in 1997. So we like Tallink as an investment. Tallink has really demonstrated a very solid performance, especially after the recovery from COVID. So year 2024 wasn't as strong as 2023. But at the same time, when we look at the macroeconomic situation, then I think that we are and the other shareholders as well should be happy with the outcome and the result of 2024. When we look at the main characters of Tallink, I think I won't go much into the operational details because that's pretty much unchanged.
I kind of go through the reasons why we like the company and why we lean into that. Tallink has a very strong market position. Tallink has a very strong balance sheet and very strong capitalization. When we look at the leverage of the company, over the last years, Tallink has reduced their leverage quite a bit, both in absolute terms by repaying loans as well from the ratio point of view. Tallink leverage is right now approximately three times EBITDA, which I think is strong and solid, bearing in mind that they own all their assets. I think that the strong balance sheet and reasonable leverage really gives a confidence of the ongoing dividend payments from Tallink side as well.
And I think that from Infortar shareholders' point of view, you already feel that in your pocket that we have increased the stake in Tallink. So the dividend pass-through is now Euro 1.5 versus Euro 1 a year ago. Regarding the seasonality of Tallink, Tallink results are very seasonal. And then I think also when you look at the consolidated numbers for Infortar, that's important to bear this in mind that we started firstly, Tallink delivers most of their strong results during the summer quarters, so second and third quarter, especially June, July, August. And when you look at the consolidated numbers of Infortar, then actually we started the consolidation of Tallink numbers from August. That's why July and June numbers are not included in our sales nor in our EBITDA or profitability numbers.
But all in all, I think that if we compare the results of Tallink versus 2023, then we see a little bit weaker numbers here. But at the same time, when we compare the performance against pre-COVID Tallink, actually Tallink is delivering stronger results. Now moving forward to energy, this is the second largest investment we have in our book. We have really grown the company over those nine years when we have been owning Eesti Gaas or now Elenger. We have grown that quite a bit. Initially, it was a local Estonian gas retailer and then local distribution grid owner. But as of today, we have really developed into a regional leader, the largest privately owned energy company in the Baltic-Finnish region. When we just look at the businesses, what we do within energy is that Infortar in general likes diversification.
And that's something what we have done in our energy segment as well. So actually, our energy business consists of three pillars. From sales point of view, the largest pillar is the energy sales. So that's something what we are doing in the Baltic countries plus Finland plus Poland plus Germany. We are serving more than 65,000 customers, predominantly B2B customers. We sell them natural gas, power, and also biogas. And with the recent acquisition in Poland, we have significantly improved our footprint in the Polish energy sales market as well. During the recent or previous years, especially 2022, the energy sales was really delivering the results of our energy segment. But since then, we have diversified our energy business quite a bit. So we have made lots of investments into increasing the energy infrastructure segment. So back in 2022, we actually had just the Estonian gas distribution grid.
But since then, we have made the acquisition in Latvia and now also the acquisition in Poland. So altogether, back in 2022, we had about 1,600 km of gas pipelines, and now the number is close to 10,000 km. The regulated asset base at that point of time was approximately EUR 60 million, and nowadays, it's more than close to EUR 500 million. So there has been a big increase in that field. And also, we have invested into the LNG capabilities, both with bunkering vessel and semi-trailers, what we use for onshore LNG installations. And when it comes to energy production, the focus is renewable energy production. The biggest interest there is the biomethane production, but also the solar. And we completed two new solar parks in Latvia last year, so in Nīca and Mārupe.
And also, we started the construction of the new biomethane plant in Estonia near Pärnu, near that dairy farm we invested into. And we have quite a big pipeline there as well to continue working with. So when we look at the keywords and results of the energy segment last year, so firstly, we delivered a strong additional energy sales, so 16% growth year on year. So as of now, we have approximately 24% market share in the Baltic-Finnish natural gas market. So that makes us the largest player in that market. When we talk about results, then what we are really happy about is the very strong performance of the infra segment. So if you remember, back in 2022, 2023, the infra business in general was quite severely hit by the gas crisis. But now it has really recovered and delivered the record results ever.
At the same time, the results from energy sales were not on the level we had during the previous years, especially the Q4, where actually the mild winter pressure on the prices really reduced the profitability. The key event for our energy segment last year was the acquisition of the Polish business, the EWE acquisition. So we paid EUR 112 million for the company. And I think that it's a reasonable price what we paid for the company. And also, last but not least, we have been using since 2019 the brand Elenger in foreign markets. And beginning of December last year, we also rebranded our Estonian energy operations to Elenger Group. Eesti Gaas stands for Estonia and Gas, and the Elenger Group has really developed over the years. So it really made sense to start using the same brand name in all countries.
So a few words about our Polish new subsidiary as well. What is important to point out here is that as we closed the transaction end of December last year, then only the assets and liabilities are consolidated into Infortar Group results 2024. But when it comes to sales and profitability and EBITDA, this is not consolidated yet. So that's something to bear in mind as well when we look at the energy segment results last year. But the EWE Polska business, what we acquired, is a very strongly regulated business as well. As a big part of the business is regulated infra business in the western part of Poland. I think it gives us a very solid foundation to start the growth in Poland as well in the future.
So right now, they are, I think, the second largest independent energy seller in the Polish market, but definitely with our ambition to grow. So when we look at the acquisition price and compare that with the EBITDA, I think it's a good transaction, very typical Infortar transaction. Now, moving forward to real estate. So real estate, we altogether own 18 properties nowadays. It gives us a very strong and solid cash flow. The portfolio as such is very focused on Tallink. So if you move to the next slide, then as you see, it's diversified between different sectors. So we have offices, we have hotels, we have logistics centers, and a number of other projects as well.
Over the years, we have demonstrated a nice growth in the asset valuations as well, although during the past two years, we have revalued downwards the assets because of the reduction of the yields in Estonian real estate market, so last year, the impact from here was Euro 7 million negative, but all in all, I think that what's important is the cash flow generation, and both sales and net operating income have demonstrated a nice growth trend, and also the EBITDA what we're generating from the real estate portfolio, and also what's important to bear in mind is that we are not only holding the portfolio, we are also growing that, so as I mentioned, there is another ongoing project in portfolio, but actually, we are also having a very strong and solid engineering team in our group.
So we actually built our own properties, but we are also a leading player when it comes to infrastructure investments. So we are building district heating pipes, we are building gas pipelines, biogas plants, bridge in Pärnu, power grids, etc., etc. We have also won quite a large piece in Rail Baltica project close to Tallink. So happy for the engineering team what we have as well. And now to wrap this up, so Infortar's goal has been always to build a company which is crisis resistant. And we always are looking for growth. So we believe that if the company doesn't grow, then actually we really can't attract good talent, we can't grow the value of the shareholders. And that's why the expansion and growth are really having a very, very important role in our group.
So I think that when you look back at the past two years, the close to Euro 500 million of new investments really demonstrate that we are not just talking, but we are really delivering as well. I think that our success is really basing on our ability to adapt. So we are agile, we are actively looking into new investment opportunities, and we are actively looking into synergies between our investments. So although we are one of the largest companies in the region nowadays, then it really doesn't mean that we are slow. So we can make very fast decisions. So our decision-making process is fast and efficient. And when it comes to acquisitions and large investments, so that's something what we are really used to. So we are joking, it's like business as usual for us.
We believe that our strong and solid portfolio with strong cash flow enables us to pay solid dividend and then to continue growing the business when going forward. I would stop it here. I see we have a few questions, so let's try to take those.
Yes, thank you, Martti. We have received questions and promised to answer them. We will prioritize answering the questions that were sent to us before the start of the webinar. Let's start. First question. What are Infortar's plans in the future? Will you expand your business in 2025? And can you name the area of activity or country?
No, firstly, when it comes to the plans and ideas and investments, then that's something what we can talk about when things are clear, and then we do that through the stock exchange system.
So that means that right now, I cannot give you any answers, but definitely, our goal is to continue to grow. I think that for the company like us, we see interesting investment potential. So we will definitely let you know when we have something concrete on the table.
Okay. So what about the company's valuation? Will you gain at some point being Euro 2 billion company?
Of course. We want to grow, and we want to grow the shareholder value as well. So that's what we are working on day and night. But eventually, I think that it all depends on the macro situation, how that develops, how ongoing businesses will develop, and of course, which additional things and investments we can do. I think that we've seen that historically as well, that growth as such doesn't come by itself.
So you need to work for that, you need to expand, you need to go into new geographies, you need to make CapEx, you need to acquire companies. So I think we have a very strong foundation to deliver that. So positive on that front.
Thank you. So let's move to energy segment then. Last year, natural gas price was mostly underpriced. The energy segment sold approximately 18.4 TWh of energy and 15.9 TWh in 2023, yet earned EBITDA of only Euro 77 million compared to last year when it was Euro 136. Could you please help us understand what went wrong? Was it the hedging, accounting, or anything else?
No, I start from the back that when it comes to hedging or accounting, nothing went wrong. So we don't take any price risks, what we have said before as well.
I think that predominantly the years 2022 and 2023, when it comes to energy sales, one of those subsegments we have in energy, those were really very high-risk years. But at the same time, if you managed to mitigate the risks, you could have a very strong result. And that's what we delivered as well. I think that end of 2024 was challenging, especially in energy retail or energy sales because the weather was warm, the price pressure was high. So that impacted our profitability. But that's something what we also a little bit foresaw, and that was the reason why we really started to diversify our energy business as well. So as of now, more than half of our EBITDA generated in infra segment, which is in assets, a regulated stable cash flow. And if you look at our EBITDA in energy last year, EUR 77 million.
So, what's important to bear in mind is that it doesn't yet include anything from Poland. So all in all, I think that kind of the comparison base back in 2022, 2023 in energy sales where we had the gas crisis, we had the Baltic connector incident. So all those impacted us, created risks, but created also opportunities. So all in all, we are not fully happy with the result last year, but I think that it's kind of more normalized level.
Thank you. Next question. Can you move up, please? Yeah. How many LNG shipments do you expect to bring to the region this year? So I can answer this myself because this is actually something we bring out each quarter under the quarter overview in our quarterly report. And usually, we publish the last quarter shipments, meaning that each quarter how many ships we managed to deliver.
So we don't give out any projections for now.
Yeah. I think maybe just a high-level comment is that what we've seen is that this winter is significantly milder. And also the gas prices this year are higher than they were last year. So that has impacted the gas consumption in the region. So I don't say anything about our plans, but in general, we don't believe that the gas consumption in the region grows this year. Do you expect LNG trade to restore its profitability in 2025? No, I think that Infortar is always working hard to make sure that all the business lines are strongly profitable. So again, don't give out any projections, but we believe that the gas as such is an important part of the energy mix, and it has to be sold.
All those businesses, if there is someone selling, then you need to make money as well.
Yes. So let's move forward. Long-term target to sell 20 GWh of energy by the end of 2026. Any chance that after the acquisition of EWE Polska and certain renaissance of fossil fuel?
I think this 20 GWh target is something what we have maybe sometimes communicated in general. Infortar's business logic is profitability. So volumes are not actually something what we are driven. But definitely, being part of the Polish market, which is four or five times bigger than the Baltic-Finnish market, definitely helps us to grow our volumes and profitability as well. So all in all, I think that our focus very much is everywhere on profitability. So volume as such is not something what we are after.
Thank you.
The company's market share decreased in Q4 2024 to 20.8% in Finnish Baltic gas market. Is it possible to name who you lost the market share to? For example, was it Gasum?
I don't know. I think that actually most probably our energy team will get this information together based on the public information sometime Q2. But unfortunately, kind of data about the market shares or how large is the market share of different players is not available.
Are you witnessing any long-lasting change in the competitive landscape of Finnish Baltic gas market?
No, I don't think so. I think that all the players are here. The fact is that in looking from this point of view, that do we foresee that there would be added competition from some international players? I'm rather skeptical because it's quite a unique market. It's relatively small.
It's quite nicely connected, but four different countries. So I think that the players in the market will pretty much stay the same. So we don't foresee changes there.
Okay. So we have a long question, but I try to shorten it a bit. Does your earlier statement still hold that you take no speculative position in energy trading and that you hedge all positions immediately? Does that mean that decline in energy segment sales really do reflect only declines in energy consumption demand due to warmer winter climate?
What I can confirm here is that we still and we will hold the position that we don't speculate with the energy prices. So we don't have open positions. So when the prices go up and prices go down, so that doesn't have a direct impact from our positions.
Predominantly, what we have seen is the pressure on the margins, and that has impacted the profitability. I think that when you compare the previous years, then those were not kind of standard regular years. I think the volatility was significantly higher at those years, and also the margins were higher. So the negative impact predominantly has come from the pressure on the margins.
So somewhat the situation has been stabilized in the gas market, and we are happy to fight for our each client and have this normal market situation. So we have a question about the Ukraine war and its impacts on when the war ends to Infortar. Have you seen already some changes in customer or supplier behavior, or do you see fast return to business as usual in relation to Russian natural resources?
No, it's a billion-dollar question, basically what's asked there.
But I think that we believe that one of the core strengths of Infortar is our capability to be agile. So when the war started, I think we were the first who managed to kind of change, find the new sources for deliveries. I think that right now, you always have to play with different scenarios, understand what will be the impacts if you happen to be in those different scenarios. So that's what we are continuously working with. But I think that as of now, we don't see any impacts there. I think in this region, as of now, all the gas, what is sold, the molecules are imported from Western countries, Norway, U.S. There is no Russian gas in the market as of now. But of course, we follow this very carefully, that what is changing.
I think what's pretty sure is that there will be changes in the future as well in which direction. We don't know. That's why we believe that our capability to be agile is a good t
hing. We have proved it over the years as well that we are very agile. Regarding the energy sales forecast, is the outlook brighter, the same, or weaker compared to last year? Again, we can't comment any forecasts, but I don't know. Have you something to add?
Maybe I could just say that 2024 was more challenging than 2022, 2023 from the performance point of view. At the same time, all the risks what we faced back in 2022, 2023 were on totally different level.
I think what we have really done and what you see from our acquisitions as well is that when back in 2022, most of the money was made in energy sales. So now we have reinvested the money we have earned into building a portfolio of interests, which deliver us a stable and solid cash flow, which is kind of not dependent on the market situation, but it's very stable and solid and predictable. So I think that's maybe the most important thing that when we have the Polish business in the portfolio as well, I think that the variability of the energy sector should be so much less in the future.
And now moving to our construction and engineering segment, do you plan to stay only in Estonia or Baltics, or do you plan to build infrastructure across all markets you are currently in?
I think there is no yes or no answer here. It very much depends on the projects. But I think the experience we have is that when you enter into the new market, you should do that on a step-by-step basis. You need to get to know the market, how it operates, what are the risks. So I don't foresee that we would take any really large-scale projects in some new countries in a short time frame. But definitely, we have ambition. I think we have a very strong team. I think that the Pärnu bridge project, for example, it's really a true engineering marvel you can see. So when we can use that know-how in a good way, we would definitely consider that. But as of now, the focus is predominantly on our home market, Estonia.
And also the other segment that was profitable from segment reporting. So last question.
What are the next real estate projects in the pipeline?
Yeah. Again, questions what we can't give a detailed or clear answer. So again, when it comes to real estate, we were actively looking around. We look at the projects which have a strong tenant, long-term lease agreements. So those are the things we would like to add into our portfolio. But as of now, nothing clear or concrete to report.
Thank you, Martti, and thank you also everyone who watched and listened to us today, and also to those who will watch us later. If you have any questions about Infortar as an investment, you can always contact me via email or by phone. This is all for today. Thank you and bye.