Good morning, and welcome to DFDS's Q4 and full-year 2025 conference call. I am, as usually, joined here by Karen Boesen, our CFO, and Søren Brøndholt, our head of IR.

Our headline for the annual report is Turning Point Ahead, as our financial performance started to turn around in Q4 2025, and this was followed up by a solid January result. This is reassuring, and a key theme for this call is to take a closer look at the actions implemented that will secure the 2026 progress and turning point.

Also reassuring is the high level of customer loyalty we've seen throughout 2025. Our customer satisfaction scores are trending well above industry standards in both ferry and logistics.

With the turning points, with the customer loyalty, we have a strong foundation in our network and for our people to navigate DFDS through the challenges we've seen in '25, and to deliver a different level of financial performance in 2026. Let's start with a closer look at our turning points on slide 3.

Headline: Turning Point Reached End of Tough 2025 Actions Implemented for 2026 Recovery. It was indeed a tough 2025.

Results were below expectations. Focus areas proved more challenging than expected.

We experienced margin pressure across our network from a competitive, low-growth market environment. The inflationary cost pressure post-COVID and war continued through '25.

Our new concession route startup in Jersey was also slightly more challenging than expected. On this background, we'll talk about our 2026 expectations.

We do call 2026 a turning point. The actions implemented during 2025 will underpin the change of level in 2026.

Let me talk through some of those with the main impacts. Logistics Boost projects, we saw a delay of the impact in '25, especially Q1 and Q2, but gained traction Q3 and Q4, and we'll see the full-year impact of these actions.

On freight ferry pricing, general through the system, we have had strong focus during the last couple of months of '25 to get increases in place. In the larger areas, Baltic, North Sea, Channel, we've seen more success with this than in the last couple of years.

We have now ramped up the operation in Jersey. All agreements are in place, and we'll see the full-year impact of this operation, including a full summer season, which will significantly improve our results compared to 2025.

In the Mediterranean, throughout 2025, we took various measures, but the real turning point was in September, when we launched a new pricing model, and at the same time, during Q4, redelivered some of our chartered-in vessels to significantly reduce cost while still being able to serve our customers. Then, of course, in November, we launched our cost reduction program that, when it comes to the people part with 400 positions reduced, was implemented during Q4.

Then there's a light blue square here with test turnaround progression. We have seen a lot of actions taken during '25 due to the backdrop of the Turkish economy, the Turkish foreign exchange ratio, the intransparency in the ferry market.

The turnaround has been more challenging than expected. We will continue to see benefits or improvements in '26 due to some accounting that we can cover on a different time.

It will not show in the P&L necessarily strongly, but cash flow-wise, there's another strong improvement versus '25. All in all, five areas where the actions have been implemented, where the benefits are showing in Q4 and in January, and then one large area of focus as well, but where there's still hard work, of course, in front of us.

Turning to page 5, talking a little bit about Q4. Competitive market environment continued.

Flat markets in Northern Europe and a very soft UK. Türkiye, headwind from inflation reduction policy.

Good growth continued in Morocco, Tunisia, Egypt. Passenger volumes muted, but we managed to increase on-board spending to compensate partly for this.

On the three focus areas, the Logistics Boost projects continued progress as expected. You'll see that in some of the numbers from Karen in a minute.

The Mediterranean adaptation worked, and we delivered a positive result in Q4 in the ferry business in the Mediterranean. Test turnaround continued focus on operations, organization, and commercial development.

Q4 earnings: the Ferry Division, underlying results improved, driven by Mediterranean. Logistics Division's underlying results similarly improved when adjusted for one-offs.

Cash flow boosted strongly by working capital initiatives and a ferry sales. We reported 97 million one-off redundancy costs in connection with our cost savings program.

With this, I will, on page 6, hand over to Karen for more details on the numbers.

Thank you, Torben, and good morning, everyone on the call. I'm going to start with Q4 and then move on to full-year numbers.

Looking at page 6, we're looking at revenue in Q4 2025, where we are more or less flat. It's 1% up.

However, organic growth was negative. It was minus 3%.

This is driven by, as Torben mentioned, a slower passenger markets. We also have a reduction in logistics, which is driven by closure of certain activities in order to improve overall profitability of the area.

Then obviously, we have the revenue increase coming from the Ekol acquisition, which has full quarterly effect in Q4 2025 from BU Test. However, slightly offset by the loss of the sale of the Oslo-Copenhagen route.

Overall, 100 million up in revenue, 1%. Moving on to the next page, page 7, our Q4 income statement.

Just highlighting a few numbers: an EBITDA of 705 million, which is 5% down compared to same quarter last year; a slightly increase in depreciations, mainly coming from the addition of BU Test, 9% up on depreciation, which takes us then to an EBIT of minus 62, which is the quarterly EBIT reported today; and then if we move further down in the P&L, you will see that our finance costs compared to same quarter last year was slightly lower, and so was the interest cost. This is driven both by a lower debt, about 1 billion--0.8 billion less in debt--and then also driven by lower floating rates.

Moving on to the next page, page 8, where we are comparing the reported EBIT of minus 62 by the two divisions to the underlying actual performance, referring back to Torben's intro about how we see underlying improvements year-on-year in the two divisions. If we look at ferry first on the top right corner, we have the reported result of ferry of 50 million.

Coming from last year, there's some reductions in the rest of the network, but you also see an underlying improvement in the Mediterranean of 49 million in the quarter, which takes us overall to a level above the earnings of Q4 2024. Similarly, if we look at logistics, reported earnings or EBIT of minus 29 versus minus 30 in the same quarter in 2024.

However, if we take out the one-offs and BU Test, then we see an underlying improvement of the like-for-like network of 43 million. Again, here an underlying improvement year-on-year when you compare like-for-like.

Overall, these are the signs that indicates that we are reaching the turning point of our challenging performance. Then moving on to full year 2025, now looking at slide 10.

Here, we see an overall growth in revenue of 4%. It is below what we originally guided, but it is still in line with the latest guidance that we came with.

It's 4% up due to the addition of BU Test, of course, and then subtracted with the sale of the Oslo ferries and other adjustments. Organic growth again was negative, driven by freight ferry and also by logistics, same reasons as I explained for Q4.

Moving on to the next slide, which is our full-year income statement, slide 11. Again, highlighting the growth in the revenue of 4%; the loss in the EBITDA of 16% down to an EBITDA of 3.7 billion; a depreciation increase of 13%, again with the addition of BU Test, and then we also have the constructive loss of the ferries in Landia in the beginning of the year, and also here takes a write-down, that it's offset by a larger income elsewhere in the P&L; then taking us to the reported EBIT of 520 today, which is obviously significantly down compared to last year; same issues on the financing costs lower than last year, driven by debt reduction and lower floating rates, and then we have some FX losses that goes the other way.

Overall, the profit after tax is a negative 425 million for the year. If turning to slide 12, looking at the EBIT per division, again, first we compare of course to our previous performance, which is a disappointing picture that we knew we are there, but that's in line with expectations, unfortunately.

The route changes and so forth has also impacted overall our performance this year. Overall, ferry is down with more than 700 million to an EBIT of 791 million.

Logistics is down 243 million to an EBIT of minus 30. Again, this is driven by the BU Test, which we have already reported as loss-making, the existing businesses is offsetting that loss.

Ultimately, and then we have a slight change in the corporate cost, which is mainly driven to the redundancy cost that we took in Q4. That's the bridge from last year to this year's EBIT.

Turning to slide 13, the cash flow. If we focus on the full year, then overall a good operating cash flow compared to the decline in earnings that we have.

We have operating CapEx of 1.2 billion, offset by a net income from purchase and sale of ferries. We purchased one and sold two, so that has an overall positive impact of 246 million, taking the net CapEx to just below 1 billion; a free cash flow of 2.3, and then adjusted for acquisitions, we are then at an adjusted free cash flow of 1.2 billion for the year.

This is a lot driven by, as we have said also, by our working capital initiatives, and obviously of our also discipline in terms of CapEx spent in the year. Turning to the last page in my section, we're then addressing our capital structure, the development in our capital structure, our debt ratio over the years.

Overall, we end 2025 with an equity ratio of 36%. That is up 1% compared to 2024.

We have a debt-to-equity ratio of 52 to 48. That is also improved compared to 2024, where the debt was 55 to 45.

Then on our debt-to-earnings ratio, our net interest-bearing debt to EBITDA, we are ending the year at 4.1. This is a slight increase compared to end 2024.

However, as you will know when you follow the quarters over the course of 2025, we have been higher over the quarters, and therefore we're content with at least reducing here by the end of the year, and we will reduce further into 2026. The reduction is driven by a decrease in net interest-bearing debt of 1.9 billion compared to 2024, which is partly offsetting the lower earnings in the year.

We also put a little box here showing our expectations for 2026, 2025, and a mid-term revision of our target range from 2.5 to 2.3, which we can come back to if necessary. With that, I will leave the word back to Torben.

Moving to Green and Great Place to Work on page 16, our CO2 emissions were further reduced during 2025, trying to basically be quicker in the terminals and spend more time on the water, and of course investing in fuel reduction initiatives. We've further increased the number of of environmentally friendly equipment on the land side with trucks and and trailers, increased our solar energy production, increased women in management positions, and made significant improvements on our both landside- and sea-based safety when measured on lost time injury frequency.

Very pleased with that, and ESG continues to be on the agenda of of DFDS if if anybody were in in doubt. Moving to page 18 and 2026 focus areas, sorry, 2025 focus areas.

We had the three focus areas: Logistics Boost projects, adapting Mediterranean, and turnaround of Türkiye and Europe South. Logistics Boost projects, we already mentioned in in Q3--Q2 and especially in Q3, that the turning points were were met, the the focus worked.

The adaptation in the Mediterranean, we've now seen in in Q4. We're making money again in that area, and we'll see further significant improvements during '26.

Then the one that is slightly delayed is the turnaround of the Türkiye and Europe South business. If we deep dive a little bit into this: the Logistics Boost projects, we've talked about eight projects that needed turnaround.

Seven of those are now profitable and also do well on other metrics. We do have one domestic Danish business that that still creates challenges, but with significant improvements versus '24, but not quite there yet.

We continue with this model. We will not report necessarily externally as much in '26 about this, but a lot of actions have been taken to make our logistics business a more focused and a less complex business, and we'll continue that work.

Internally, the team that runs the Boost projects continue to to monitor the different entities and and move resources according to to performance across our network. Mediterranean adaptation showing results on page 20: As there was a new competitive situation from September '24, and markets continues to to rebalance and and adapt to to the new situation, of course also taking into account that the Turkish economy is is not as strong growing as strong as it as it has.

What we have done is that on our own corridor, we reduced capacity by three ferries. Driven through this, Mediterranean into a positive EBIT result in Q4, also helped by the new pricing model that was launched in September and that will take further traction in in 2026.

The market was up by 2%--2.4% in in '25, driven by especially the ferry market growth as the lower pricing picture converted trailers from road to to ferry. For DFDS, there is the the picture is: road 49%, and then from from the ferry market, we are about two-thirds of the market, and and competitors carry the remaining third of the volumes.

Of course, the the the share of the competition on the on the Trieste market is is larger than than the overall competitive share of the market. Moving to page 21: Not a secret, and we've talked about it a while, the test turnaround progressing at a slower pace than targeted.

We've done major network rightsizing, we've done major organizational changes, and seen improvements from that, but of course we need to continuously to make sure that the size of our fleet and organization matches the the market. Good news is that we see much stronger commercial traction than than previously, with a more transparent far- ferry market reemerging, but also a a more competitive offering in the market is is securing that we now start gaining volume, whereas we previously were net losing volumes.

Martin Gade, who was both head of the BU Test and part of the EMT, have or is leaving DFDS, and and we have worked to find replacement that that soon will be will be announced externally. Moving to page 23 for outlook and priorities: The outlook of our EBIT reflects the turning point and the the underlying turning points that will secure the improvement.

On revenue, still a low-growth network that that we operate in, except for for North Africa, around level on the revenue side. A significant improvement of of EBIT from the 520 that Karen went through to a a range of 800 to 1,100, and the drivers are the ones I talked through before: RPM, rate increases across the network, Mediterranean capacity reduction, Jersey full-year impact on the ferry side, and then on logistics, full-year impact from the Logistics Boost projects and progression on the test turnaround.

Then, of course, the cost reduction program that impacts the the full group that we launched in November, and and when it comes at least with the reduction of of employees, have implemented already. The adjusted free cash flow that was 1.2 billion in '25 will be above zero, and the the difference to to '25 is that on our working capital, we we launched a a factoring program in in '25, and that that we cannot further increase, and and we also had some some sale of of assets that kept our CapEx down.

A positive adjusted free cash flow despite an EBIT level of of 800 to 1,100 and CapEx of 1,700. Priorities '26 and '24: continued organic growth focus, and then deliver on these turning points that I've walked through; strong focus on cash flow, both working capital and capital discipline--Karen is the master of both of those; and then the green transition, we are on track to deliver on our 2030 goals, and with the EU regulatory framework, this is also financially a rewarding thing to do; and then we are committed to continue to deliver on our diversity targets.

With this, over for for questions.

Yes, good morning, Torben and Karen. Thank you for taking my question.

The first one is on your guidance and the different building blocks how you get to the 800 to 1.1 billion DKK in EBIT for '26. This year, you report 520, and you have a cost program which should generate 300 million, which should get us to the lower end of the guidance range.

Then you also talk about the price increases that should also have a positive impact. Looking at the deltas, and then there will only be maximum of 300 million positive delta from increasing prices in the Mediterranean region and the rest of the logistics business.

Please elaborate on if there's anything I've missed in there and why guidance looks as it is.

Thank you for the question, Ulrik. I think we have these five primary blocks delivering probably most of them triple-digit impact.

If you take one like our savings program and say that's 300 already, then of course it doesn't look very ambitious. Reality is, of course, that part of that 300 million is spent on inflationary pressure and other cost increases around the system.

We think we have come up with a achievable range. Our credibility is maybe a little low after last year where we did not deliver the promises.

We've spent a little time on this call to explain that the five elements are things that have already happened and where we can already see end of Q4 and also in January that the results are coming in. Then we have felt that this range is a prudent level.

It is, after all, close to a doubling of our '25 result, at least the upper end of the range. We're very comfortable with this range and very comfortable that we can deliver it also.

That's great. Then perhaps if we look a bit further, obviously 2026 is supposed to be a transition year, 2027 we should see an additional uplift in earnings.

If you can just again elaborate a bit on the building blocks, because Test obviously that should improve, but what about the rest of the business? Again, back to the building blocks you also have for '26.

How much more could we hope for 2027? If you can quantify, it would be great, but some wording would be also.

I think it's prudent here in February '26 to talk about '26, and then as we start delivering some quarterly results, we can start to speculate about what then the further uplift in '27 will be. There will be an uplift, obviously, that would be the ambition.

We all know that Test is not where it needs to be, and also the other areas, of course, but for now, I think let's focus on '26 and our ability to deliver on the range we've put out.

That's fair. Then my final question here is on the ferry Med development.

If we go back to Q4 2024, you reported a negative EBIT impact from the increased competition in the region of 225 million. Now this quarter, it's positive by 49.

If I add these two numbers up, I get to a minus 175 million versus before Grimaldi entered the region. If I compare that number to what you reported in Q2 last year, then the negative impact from Grimaldi entering, that was 181.

That doesn't seem like a huge improvement in Q4 last year versus Q2 last year. Q2 last year, that was before your price increases kicked in.

Just some flavor on why didn't it improve even more in Q4 versus what you saw in Q2 before the price increases? Perhaps

maybe I'm getting slow, Ulrik, but that was a lot of comparison numbers. During Q4, what happened was that the September price increases, or maybe I should say the price model, was put in place.

Some of the customers, some of the significant customers, had commitments already for how '25 pricing should look. The full impact of that comes from Q1 '26, where maybe one customer is still on an old system, but where the rest is now in this new system.

Furthermore, it was during Q4, in October and November, that we redelivered the last two vessels. Part of the improvement is also to match the demand with the supply in our system.

You didn't see the full impact in Q4. If that's what you're challenging, we fully agree.

You will see further impact as we move forward. I don't think I here without a calculator can comment on your comparison then to the Q2, but we can maybe take that offline, or you can take that offline with Søren, and we can dwell into it.

You are right, you've not seen the full impact in Q4 from these initiatives.

Understood. Thank you.

Morning. Thank you for taking my questions as well.

A follow-up on Ulrik's. I won't mention as many numbers, perhaps, but as Ulrik pointed out, last year, you think you communicated that you made a loss around 200, 250 million in the fourth quarter in Mediterranean, and just to get it clear, the slide 8 that you have, which is the bridge, is that an uplift of 49 or is it a positive income of 49 million in the fourth quarter?

There's quite a big difference between those two if it's an uplift or actually a positive EBIT.

The 49 is an uplift.

It's an uplift from minus 250 in Q4 last year in Mediterranean?

No. You have these huge numbers that you float around.

I don't recall the 250. We had a significant negative impact Q4 '24 versus Q4 '23.

We did not have a loss of 250 in Q4 '24. I think the 250 sounds a little bit on the high end.

What we are saying now is, with this uplift of 49, Q4 is a positive result in the Med. We never lost 200 million in a quarter in the Med.

Okay. All right, thank you for clarifying.

Then on logistics, if I can read your slides correctly, then Tess have lost around 275 million on a full year '25. Then, of course, you have these one-off items related here in the fourth quarter.

What should we expect for Tess of an earnings uplift in '26?

As you can see in my slides, we have a slightly lighter blue on that one on page 3. This is because the uplift that we are talking about in '26 versus '25 is primarily coming from the five other squares on page 3.

Tess continues to be in a difficult spot. We will show underlying improvements in the operation of also more than a three-digit number in millions, but accounting-wise, some PPA adjustments and other go against us, we will not see it in the EBIT side.

Cash flow side, we are improving. That's, of course, not satisfactory.

However, we have come up with a guidance for '26 that is very much based on delivering on things that we have already implemented. That's why we're focusing on the full-year impact of Boost, the full-year impact of the actions in BU Med, the freight ferry pricing, the Jersey full year, and the cost reduction program.

It's things that we have already done. It's things that we can already see in December and particularly in January that are working.

You can call it a sore point. It's a focus area obviously, but we will not here be able to guarantee an EBIT improvement of any significance over what you referred to there.

Okay. Then just a few housekeeping questions on the CapEx guidance for '26.

You write in the notes that it excludes Straat. If it comes, if it's approved, how much will that be?

240 million. DKK.

Okay. Of course.

Then, one of my favorite subjects is on the CGU assumptions. I have to ask you because you're still assuming a 35% EBIT CAGR from '26 to '30 in logistics.

That's not significantly down from what you assumed last year, and given the development that we've seen throughout last year. Also now, Torben, you mentioned that we shouldn't expect to see any material improvement in Tess.

How can you assume an EBIT CAGR of 35% in your CGU for logistics over a five-year period?

I think overall, Lars, it probably merits at some point a conversation also about your other assumptions in what you put out some weeks ago. Overall, we have other areas that improves a lot.

As we had a very challenging continent situation in 2025 with foot-and-mouth disease and other issues with redundancy costs and so forth. There is other areas that drives when you come from a very low, almost negative, right, then there's other areas that drives that growth.

We have also done some close-down of activities also in our Danish businesses, right? Yeah.

You have a comment on it on page 40 in the annual report. How should I read that other than there is a just massive uncertainty?

Are you talking about our impairment disclosures?

Yes. Yes,

but we are being quite transparent about in our sensitivity analysis as well in the notes, right, that we are where we are in our impairment. We have a more conservative underlying business case lying for the logistics than we had last year.

Obviously also with the poorer performance this year, the headroom is less, and this is why we are disclosing this the way we are.

On a five-year horizon, Lars, of course, Tess is also contributing to this CAGR. Now you asked specifically about '26, right?

Yeah.

Lars, I think it's a good question. It's a fair question.

We've obviously spent time with auditors, with the business, and there is no impairment, and we are confident with the assumptions that have been applied to reach that conclusion. Then we'll just have to, I guess, take it from there as we move forward.

Happy to have a more detailed discussion, of course, with you at a different time.

I'm sorry to go into the details. Just

the last one is

on the credit ratings. It's, if I don't recall it correctly, it's Scope and then S&P that you use.

Is

the dialogue Only Scope.

Only Scope.

Only Scope. Sorry, then.

They're fine with a two-year period before you get below the 3.5 times?

Yes, so far. We're obviously in a not very frequent, but regular dialogue with them.

Obviously with the release of our annual report today, we're going to have a new conversation with them. Far, we are keeping a negative outlook, but staying investment grade.

Okay. All right, thank you.

Thank you, Lars.

Hi, hello. Perhaps a more general question, but obviously we had January ferry volumes today as well, and I think it showed some constructive momentum, particularly on a passenger side, perhaps showing growth for the first time since February last year.

I was sort of wondering if you could share any color with us, what do you expect in terms of volume development over this quarter or this year?

Yes, we did announce the January volumes. Of course, in general, if you exclude North Africa and to a certain extent Turkey where we see some recovery, of course we are still in a low-growth area with Baltics, North Sea, Channel, and on the logistics side.

We have seen some signs of recovery with, for example, the Swedish manufacturing sector, and Sweden has just historically proven to be quite a good first-mover point of things recovering across Europe. Of course, we have a large Sweden exposure.

The volumes that we see look okay. No strong growth, but at least compared to what we had expected, we're seeing the volumes coming.

Of course, the weather has been a little tough, which has meant also some cancellations and stuff. Looking through that, it looks okay.

On the passenger side, 2025 was tough in many markets. We compensated by more on-board spending, and there we also expect to see some uplift in 2026.

Again, with the current economies, it's not going to be game-changing, and that's why in the turning points, we focused a little bit on we're taking out cost, making sure we don't have too much capacity, and this is not just in the Med, this is of course also reducing sailings in other markets where we can do it, and then on getting pricing up for freight customers, and working even harder on the on-board spend where we have some good momentum also on some of the routes where we haven't seen it before.

Thank you.

Welcome.

Yes, thank you for taking my follow-up questions. Just following up on the impairment testing.

In 2024 annual report in the note, it says that if there is a decrease in the annual EBIT of 10.7% per annum between '26 and '29, that, if it was above that, then you should do a write-down of some sorts. I guess 2025, the original guidance of our logistics on EBIT was 300 million.

In 2026, it's 50 to 150, which is a decline much higher than the 10%. Obviously, I know that there can be a rebound, but still, just some more comments because I also see that you have declined or changed the goodwill from logistics section to ferry, whether that has an impact on the way we look at the impairment testing.

Thank you.

Thank you, Ulrik. To answer your last question first: Obviously, with moving more than a billion from logistics CGU to the ferry freight CGU, there's obviously a billion less on the balance sheet for the logistics CGU.

Yes, that has an impact. This is done because the value of the Ekol acquisition to a large extent sits with both entities, right, to both divisions, this is to reflect that.

That means that, obviously, the book value is less. Coming back to your other question, again, as Torben said, we have done our projections.

I also mentioned they're more conservative than what we had last year. We have done our testing, we've discussed it with the auditors, we've discussed it with the board, and the conclusion is that there is no impairment.

Understood. Then final question here is on your green CapEx levels.

At the CMD back in 2023, you outlined a CapEx plan which in some years should reach more than 3 billion per year towards the end of the decade. Just some comments on whether these are still fair numbers to apply, or if something has changed.

Maybe Karen can come back on the numbers then, but I think we have obviously had to review our tonnage plan given our current performance. We've also grown wiser in terms of the green transformation, what is required, and what can be handled in different ways.

We are reworking this. There will still be CapEx obviously for newbuildings, but it will look differently than what you saw in '23, and this will also impact the levels.

We can see that we can do some conversions instead of newbuildings as one element. I think we can be a little smarter and give a little more guidance when we get to Q1 or Q2 on this, as we are also reworking this internally at the moment.

Karen, I don't know if you want to add anything.

No, but that's exactly right. Obviously due to the drop in earnings, we have to constantly look at our plan, and then as our normal planning cycle, we are then doing an overall update of our longer term now in the coming quarters, and we'll discuss that with the board and so forth before we can start saying anything new about it.

Our replacement plan is, of course, something that we constantly look at, and that includes moving to more greener fuel in the vessels.

What I hear is it's probably going to be less than 3 billion in some of those years if you say you can do it smarter and other ways.

Yes, I think we already mentioned that we've seen that, for example, on the Channel, that the electrification there is probably going to happen through conversion of existing vessels rather than newbuildings, it will be lower values than you've seen before.

Understood. Thank you so much.

Hi Karen. Sorry, staying with my favorite subject, which is goodwill.

When you acquired Ekol, if I recall it correctly, out of the roughly 1.8 billion that you paid for it, I think most of that was source before, not all, but goodwill. Back then, I think that you allocated around 1.2 or 1.1 billion to the Ferry Division and around 600-ish in the logistics at time of the acquisition.

With the movement of goodwill from logistics into more goodwill into the Ferry Division, are there any goodwill left from Ekol in the Logistics Division?

That's the same.

It's the same. The transaction did not happen at year-end.

It happened before Q1. That's what I'm referring back to.

Sorry.

When we closed the year, last year 2024, all the goodwill from the Ekol acquisition sat with logistics.

Thank you. Sorry for that.

No, but so it's the same 1.1 billion that we had disclosed before.

Yes,

exactly. Yeah.

Yes.

Thank you very much. Let me just wrap up.

Thank you very much for good participation, good questions. Some of them we may have to, as mentioned, take offline for more details.

We've tried to demonstrate that we believe we have actions in place that have already been taken that will produce the results that will support our 2026 guidance. Hopefully we gave you further comfort around that during the call.

Thank you very much for joining the call, and thank you very much for your questions. Have a continued good day.

Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for joining, and have a pleasant day.

Goodbye.