Thank you so much, and welcome to Ambea's presentation of the fourth quarter 2025. I'm Mark Jensen, CEO, and with me today is Benno Eliasson, CFO.

We will start with a brief overview and our growth drivers, and then Benno will take you through the financials and business areas before we wrap up with concluding remarks and Q&A. Ambea is the leading care provider in the Nordics, with operations across Sweden, Norway, Denmark, and Finland.

We operate through strong brands and business areas covering elderly care, social care, and staffing and competence solutions. This breadth and scale create resilience and long-term growth potential.

In 2025, we reached over 16 billion SEK in sales and delivered an adjusted EBITA margin of 9.6% on group level, and we continue to grow through both organic expansion and acquisitions. Let's go straight to the highlights of the fourth quarter.

Quarter four was characterized by strong growth and continued investments to support future growth, which I will come back to. Net sales increased by 15%, mainly driven by acquisitions, but also solid organic growth.

We continue to build our pipeline of new care places and expand capacity in Vardaga and Nytida, while Validia strengthened its positions through acquisitions in child welfare services. At group level, adjusted EBITA amounted to 347 million SEK, with an adjusted EBITA margin of 8.3%.

Let's look at our future growth. Organic growth is a cornerstone of our strategy, and the demand for care continues to rise across the Nordics.

We have almost 1,700 care places in our pipeline, which is an industry-leading number in the Nordic care sector. During the quarter, we added new contracts and expanded our own management pipeline.

Vardaga signed two new contracts for new nursing homes in this quarter, contributing to 150 new care places in the Stockholm area, and totally in the second half of 2025, we signed six new nursing homes. Nytida added new assisting living and daily activity capacity, and Stendi also expanded through new contracts and increased capacity.

Looking ahead, we have a strong number of planned openings across our business areas during the coming 12 months, almost 500 new care places to be opened, which supports continued growth and improved economies of scale. In a mid-term perspective, Vardaga alone will in the next 5 years employ another 2,000 qualified care workers as assistant nurses, nurses, and operational managers, as our organic pipeline materializes.

This is why we continue to develop and invest in our workplaces, our work environment, leadership, and development and career opportunities. More about that later in the presentation.

We will now have a look at acquired growth. Acquisitions are important complements to organic growth, and we have maintained a high level of M&A activity with a focus on bolt-on acquisitions.

During the quarter, Validia expanded through two strategic acquisitions and entered child welfare services, a new subsegment, strengthening our Finnish platform and adding 210 million SEK in annual net sales. Nytida also completed a bolt-on acquisition aligned with our strategy.

We continue to see an active pipeline, and we remain selective, focusing on quality assets, strong operational fit, and value creation through integration. Let's have a closer look at revenue growth on the next slide.

Revenue growth remains above our long-term target, driven primarily by strong acquired growth combined with solid organic development. This reflects the strength of our business model.

We grow by improved occupancy, expanding capacity in our existing operations, signing contracts for new care units, and by successfully integrating acquisitions. Overall, this creates a balanced and sustainable growth profile.

At the core of our model is quality in care, strong local leadership, and long-term partnerships with educational institutions, which I will talk about on the following slides. The satisfaction level of our care receivers and their loved ones are of the utmost importance to us.

In quarter four, we continue to receive strong results from care receiver surveys carried out in all four Nordic countries. The foundation of high quality is our employees.

In our latest eNPS survey, where we ask our employees whether they would recommend Ambea as an employer, we continue to see a strong result of +26. It is particularly pleasing that Validia participated in the survey for the first time and achieved its highest eNPS score ever.

During the quarter, Validia has continued to strengthen its long-term skills supply. Collaboration with vocational schools and universities has been deepened to create clear pathways into care professions, for example through mentoring programs.

You can read more about our quality and sustainability work in the quarterly report. I would like to highlight two other initiatives that will support Ambea's continued future growth.

During the quarter, we launched a new group-wide and value-based leadership framework, designed to strengthen our leadership across the organization. The new model establishes a common Nordic standard for leadership and strengthens our ability to lead in a complex and regulated care environment.

This model is as a start brought to life through two new leadership programs, Leader Impact and Next Horizon. Leader Impact focuses on operational leaders closest to care delivery, strengthening execution, change capability, and day-to-day leadership quality.

Next Horizon, developed together with the Stockholm School of Economics, builds long-term strategic and cross-border leadership capability at senior levels. Strong leadership is a key driver of care quality, employee satisfaction, and operational stability.

Just as importantly, leadership capability is a prerequisite for growth. Opening new care homes requires strong, ready leaders.

Our ability to develop leaders internally is therefore a key enabler of scalable growth and an important factor in attracting top leadership talent to Ambea, supporting our growth pipeline. Today, we have more than 1,050 physical workplaces spread across a large geography in four countries.

A distributed organization with many different workplaces requires strong leadership to withhold and further develop a good and attractive work environment for our care workers. This is why we continue to develop and invest in our leadership across the entire organization as a core strategic priority.

Now turning to care concept development. During the quarter, we also launched our strengthened care core offering in elderly care through a renewed and improved version of Den Goda Dagen, our care model for residential elderly care.

The extensive update is directly aligned with the new Swedish Social Services Act, which raises requirements on evidence-based and structured care delivery. To ensure rapid and consistent execution, we launched the new model at a national management conference with all Vardaga's operational managers, creating clear ownership and alignment across the organization.

Besides workplace information and on-the-job training, we have also introduced web-based training to support implementation at scale, giving all employees practical, standardized guidance in daily care delivery, and importantly, this makes the model scalable and transferable. The same concept is now being prepared for rollout in Altiden in Denmark, adjusted to Danish elderly care legislation and national culture, demonstrating that Den Goda Dagen is a robust platform for residential elderly care across markets.

Overall, this strengthens compliance, consistency, and long-term quality, while supporting scalable growth in our core residential elderly care segment. During 2026, we will continue to strengthen communication around Den Goda Dagen to existing and new care receivers, their relatives, and our customers in the municipalities.

Now I will hand over the presentation to Benno, who will provide a financial overview of our performance this quarter.

Thank you, Mark. Net sales grew with 15% and were primarily driven by the acquisition of Validia, but we also saw solid contributions from Nytida and Vardaga.

The good growth we have seen in recent quarters continued, driven both by acquisitions and organic growth in Nytida and Vardaga. Validia added 410 million SEK to the net sales, which is almost 6% higher than last quarter.

Stendi and Altiden faced a headwind in SEK of 5-6% because of the strong Swedish currency. They both showed steady growth in local currency.

Turning to EBITA, this slide shows how the different business areas have contributed to the adjusted EBITA of the group. The acquisition of Validia, of course, affected EBITA.

From seasonality point of view, Q4 is a slightly softer quarter for Validia, but still added 32 million to the group. Stendi faced very tough comparisons, with 30 million in positive one-offs last year, as well as decreased underlying EBITA, and on top of that, the currency headwind.

Total decrease in SEK was 54 million SEK. Nytida continued the EBITA growth with with expanded capacity and higher margins.

This quarter, Nytida added 23 million SEK more to the group EBITA. Adjusted EBITA in total increased by 1% to 347 million SEK, and adjusted EBITA margin in the group was 8.3%, down 1.2 percentage points from last year's exceptionally strong Q4 of 9.5%.

Cash flow: operating cash flow continued to increase during the quarter, supported by strong profitability and good working capital management. Our operating cash flow increased by 19% and amounted to 1 billion 40 million in the quarter.

This is the first time we exceed 1 billion SEK in a single quarter, and cash conversion is now again over 95% rolling 12. Again, this shows that the underlying cash flow is very strong, and we had some softer cash flow quarters in the beginning of the year with negative one-off effects affecting cash flow.

This slide show the visualization the way from EBITDA excluding IFRS 16 down to the free cash flow post tax. We are now back at rolling 12 numbers above 800 million and expect that to increase further in the coming quarters when the one-off effects of the Validia acquisition and the settlement of the old Norwegian dispute is out of the rolling 12 numbers.

The solid cash conversion gives us both flexibility and strength to continue investing in quality and growth. Now to the utilization of the cash flow.

This is how we have used this year's generated 824 million in free cash flow. 185 million was distributed to our shareholders as dividend, 1 billion 268 million SEK was spent on the four acquisitions, and and 485 million SEK was spent on the share buyback programs.

Net debt has increased by 1 billion 160 million SEK, of course driven by the strategic acquisition of Validia, which mainly was financed by external loans. The increased debt has led to increased leverage from 1.7 times EBITDA to 2.3 times, still with much headroom to our financial target of below 3.25 times.

Now to the earnings per share. This slide shows the strong development of our earnings and dividend per share over the years.

Reported earnings per share, EPS, increased 10% this year and have a compound annual growth rate of 33% since 2021. The proposed dividend per share, DPS, of 2.65 SEK gives an increase from last year of 20% and and a compound annual growth rate since 2021 of 23%.

The positive development in earnings and dividend per share is mostly due to the strong underlying earnings development, but is also positively affected by the share buyback programs conducted the last years. On that positive note, we continue to the overview of our six business areas in the fourth quarter, and as usually starting with Nytida.

Net sales increased by 6%, driven by both acquisitions and startup units. EBITA rose by 19% to 144 million SEK compared to 121 last year, thanks to the continued good performance in previously completed acquisitions, together with improved occupancy for startup units and some adjustment made in the service portfolio.

We have continued to adapt our service offerings in favor of those services with expected higher demand going for forward, as well as successfully adjusting capacity to meet the changing demand. During the quarter during the quarter, we have acquired four units from [unclear] with a total annual turnover of 45 million SEK and opened one new facility with 38 care places, supporting continued growth.

Then turning to Swedish elderly care, Vardaga. Vardaga continues to deliver solid growth.

Net sales increased by 7%, driven by higher occupancy in both new and existing facilities, and by the Avasta acquisition. Sales in own management grew by 9%, reaching 977 million SEK in due to the higher occupancy in new as well as established nursing homes, and net sales in contract management also increased.

EBITA decreased by 4% to 117 million SEK, mainly due to the higher startup costs from more openings than last year and costs related to planned openings in early 2026. For the quarter, the EBITA margin was 8.3% versus 9.3% in the same quarter last year, and for the full year, we reached a total margin of 9.5%, and for mature units, the EBITA margin was 11%.

During the quarter, we opened one new nursing home in Nynäshamn with 50 care places and increased capacity in one existing nursing home in Nacka by 38 care places. On the next slide, we turn to our business area in Norway, an overview of Stendi.

Stendi had a weaker quarter. Occupancy fluctuated in the quarter and negatively impacted profitability.

In local currency, net sales increased by 4%, but in SEK, net sales decreased by 1%. EBITA amounted to 39 million SEK, and the margin declined to 4.7%.

The earnings performance was partly due to the lower and more fluctuating occupancy, which could not be fully offset by lower personnel costs. This reflects also the fact that the comparative period benefited from one-off effects which led to exceptionally strong Q4 2024.

Taking that last year's positive one-off of 30 million into consideration, the Q4 EBITA margin was 2.8 percentage points lower this year, and at least 1 percentage point in margin represent temporary costs in this quarter, which means that the underlying performance is closer to last year than what you see in these reported numbers. Stendi continues to adjust capacity to match shifts in demand and to protect profitability over time.

Now to our Finnish business area, Validia. Validia is reported as a new business area from second quarter and has been consolidated in Ambea's accounts from April 1st, 2025.

Validia had a solid performance in the fourth quarter, and net sales amounted to 410 million, up 6% from the third quarter, and EBITA reached 32 million SEK, corresponding to a margin of 7.8%, which also reflects a seasonality season a seasonality slightly weaker quarter. This quarter also included transaction, startup, and integration costs related to the recently compared completed acquisitions and the establishment of a new subsegment.

This means that the underlying margin is somewhat higher than the reported margin in the quarter with more than 1 percentage point. The entry into a new subsegment, child welfare services, through two acquisitions with an annual turnover of 210 million SEK, will strengthen the platform and support continued growth.

Furthermore, the the integration of Validia into Ambea was completed during the quarter. No further integration costs are expected.

We will continue to create growth in Finland through new establishments, both on acquisitions and continued development of the existing operations. Now take a look at Altiden.

Altiden delivered stable performance, with growth in local currency driven by higher occupancy across both elderly and social care. Net sales increased by 6% in local currency.

In SEK in the SEK, however, net sales were flattish and in line with last year. Net sales in own management increased by 10% in local currency.

The decline in contract management was due to the termination of one social care contract. The profitability improves continuous improvement continues.

This quarter, EBITA increased to 11 million SEK, corresponding to a margin of 3.3%, up from three up from 3.0 last year. The new national elderly care legislation, effective 1st of July this year, enables expansion of own managed nursing homes, and we are evaluating several opportunities to sign contracts for new nursing homes.

Finally, Klara. Klara saw lower net sales due to weaker demand across several services.

Net sales decreased by 8% to 97 million SEK. Historically the historically strong supply of nurses in the labor market has led to some customers to employ their own staff instead of purchasing external services from companies like Klara.

EBITA amounted to 12 million SEK, with a margin of 12.4% compared to 10.4 last year. The good margin development reflects cost adjustments and continued focus on profitability, even in the even in a softer market environment.

With that, back to you, Mark.

Thank you so much, Benno. Our financial targets remain as we drive profitable growth, strong margins, and disciplined leverage.

We remain committed to consistently deliver on all three financial targets. In Q4, we delivered on our targets, supported by our growth strategy, cash generation, and active capital allocation.

The rolling 12-month growth rate is now at 13%, which is above our growth target, thanks to the high pace in acquisitions and good organic growth. Profitability landed at 9.6%, which is above the target of 9.5%, but also reflects the significant investments we have made in the quarter.

Our leverage is down to a ratio of 2.3 times net debt to EBITDA, well below our target of 3.25 times. We have in the quarter secured a new financing agreement with committed financing of 5 billion SEK, and thus have the financial capacity to engage in the right bolt-on acquisitions.

To summarize the fourth quarter and the year: we continue to grow and invest for the future, we have an industry-leading pipeline, an active M&A agenda, and we continue to strengthen our Nordic platform. Our focus remains on care quality, leadership, and operational performance, enabling us to grow and add new care places, creating shareholder value as well as value to society.

Before we open for questions, I would like to provide an outlook into 2026. We remain focused on growth and further strengthening our market position.

Investments in our operational structure support a higher pace of openings and continued market share gains. Our already industry-leading pipeline will further expand across countries and business areas, and we will see more bolt-on acquisitions.

At the same time, we maintain an active capital management through dividends and share buybacks, aligned with our policy and financial position. The board proposes a dividend of 2.65 SEK per share, an increase of 20% compared to last year's dividend.

The dividend is in line with our dividend policy and adjusted from items affecting comparability. Given the company's strong financial position and cash flow, the board has decided to implement another share buyback program of 2 million shares.

As a team, we are committed to make the world a better place one person at a time and be a positive force in Nordic care. Our 41,000 employees are solving important tasks to people and society every day, and I'm proud of their work and strong achievements.

This concludes our presentation, and we will now open for questions.

Good morning, guys. You mentioned now in the end, Mark, you're investing in your operational structure, and in the report you also write about this a bit more, in investments in IT and training and so forth.

Could you give any flavor and guidance on the cost effect of these investments and sort of how we should view them on a run-rate basis?

The cost effects I cannot give guidance on, but I can say that based on the strong pipeline we have for organic growth, and also the entry into Finland as a new market in 2025 and our continued growth through acquisitions and greenfield in Finland, we need to invest in our structure to make sure that we can grow with quality, and also that we have attractive workplaces with good infrastructure and good leaders as we need more care workers in the years to come, and we want to be the most attractive employer in the sector in order to be able to achieve and get competent staff. We can also say that the investments will not impact our financial targets.

We're still committed to deliver an EBITA margin of 9.5%, as I mentioned when we went through the financial targets, I think that's the way you should view it.

Great. On Vardaga, as you mentioned, you are sort of entering into a growth phase, and looking in your pipeline for Vardaga, you have a higher degree of new openings and own openings in the coming years.

Should we view maybe the margin for 2026 to be roughly flat, as the pipeline seems to be quite similarly higher than '25 for both '26, '27, and '28, or how should we view the margin development in Vardaga for the coming years?

I could take that. In Vardaga, we have three openings in the later part of 2025 and three new to come in the beginning of '26 now, short term, it means in the first quarters, it will probably hurt the margins a bit.

Over time, that will of course come back when these nursing homes are up-ramped, to speak. Then in the pipeline, we have a lot of openings in the later part of '27 and in 2028, so that is what you can see a bit midterm and that will of course at that time also affect the margin.

Over time, of course, this will strengthen the margin in Vardaga when all these are up-ramped.

Clear. On final question on Stendi, then.

You're mentioning now that you're sort of right-sizing to demand. Can we expect cost efficiencies, or how should we view this, and the margin effect ahead?

There will be some operational improvements, of course, as we adjust to demand. We have over the last 3-4 years been looking also at our portfolio of care homes in Norway, trying to get into a different structure of slightly larger and operationally effective care homes.

We will continue that journey while we adjust capacity to demand. There will be some operational improvements, of course, also as a part of that journey.

Great. Thanks, guys.

Thank you.

Yes. Good morning, guys.

Just a question on M&A. So 2025 has been quite active M&A year with quite strong momentum.

Given that your leverage now is under control and below your target, can we expect bolt-on acquisitions at a similar pace during '26? Is it still Validia and Nytida where you have the strongest pipeline going ahead?

We will continue to be active in the M&A market in 2026. We're looking across markets, actually, for quality acquisitions.

We are quite picky on the targets, we're always looking for quality with good operational performance. That, of course, narrows the field somewhat.

We're looking in all markets for those acquisitions. We will be active in 2026.

In 2025, of course, we had the large acquisition of Validia in Finland. Will there be such a large acquisition also coming in 2026?

I cannot say. We will focus on bolt-ons, as we said.

We also believe that we are in a good financial position, this is absolutely possible. The strongest pipeline is, as you also mention, is in Nytida, the Nytida segment, and for Validia in Finland.

We have an active pipeline in all countries, and we're looking into all business areas except from Klara.

Okay. I see.

Also, another one on Validia. Is it possible to break down the 20 million integration costs, or can you give any more detail on that one?

This is the planned integration that we planned when we made the large acquisition. It's IT, it's a lot of different change of contracts that we have, it's a mix of a lot of things that we have concluded a little bit earlier than we said.

That is why maybe the number is a little bit higher than maybe was communicated before. We are doing it in a rapid time, now Validia is ready to take on new acquisitions and are no longer dependent of a lot of Ambea integration, to speak.

Thank you. No more questions from me.

Thank you. Four questions, hope that's okay.

The first one, coming back to Vardaga margin, sorry for that. Do you think it's reasonable to believe you could actually keep margin flat in Vardaga despite the negative impact here starting off the year?

There is a possibility, of course, but we should expect a little bit lower margin in the beginning of the year. Then depending on how fast these new nursing homes are ramped up, the margins will probably improve during the year.

If that is going to be fully in line in the full year, it's a little bit hard to say, of course.

Could you comment on how occupancy have developed for the three you opened now already, and what type of contracts you have in yeah, maybe all of them, if this is contracts that has the possibility to fill up quickly?

We opened three in the later part of 2025, and we actually have already opened two now in January, February in 2026. There's one of them who is already full, and we have this type of contract where we have the occupancy guarantee where the municipality has filled it up.

Then there is a mix of all this. If you take all the five together, they are up-ramping according to plan, at least according to plan or even a little bit better.

We are satisfied with that. As it's a lot of differences between different market situation in different municipalities, it could vary a lot, these ramp-up times.

Hi, guys. Good morning.

A couple of questions for me, please. Could we just get some more color here on what the reason behind the weaker occupancy rate in Stendi is during the quarter?

Also, you mentioned here in the CEO letter that the demand was stabilizing towards the year-end. Could we expect, or could you give any sort of trading update here into January and February in this year as well?

I can comment on the occupancy in quarter four, for sure. Where we see the fluctuating occupancy is in social care for adults.

Child care is stable and performing well. We have seen differences in the demand from municipalities in social care for adults over the majority of 2025, and that has been fluctuating up and down quite a lot.

The fluctuations are particularly hurting in a market like Norway because you have one move out in one part of the country and you have a move in maybe some weeks later in the next part of the country. As you have quite high demands on competency amongst staff, you need to be sure that you match the staff to the demand, and also you don't want to get rid of the staff too fast, because then you will not be able to welcome new care receivers.

You need to balance this in a good way and to make sure that you have both the right competency and the geographical mix in the right way, and that is sometimes a bit tricky to manage, and you hold onto staff a little too long and these kinds of things. The fluctuations are making it operationally difficult to meet the targets from a financial point of view.

As we are focused on quality of care, of course we need to make sure that we're fulfilling all the demands from our customers, but also from legislation, and we're keeping all competency demands and everything in line. That gives the impact to margins in that segment, which is a large segment to us in Norway.

We saw a more stabilized situation towards the end of the year, and that situation has continued into the beginning of 2026, but we would like to see demand pick up a bit in this particular segment over the coming quarters for us to improve margins, as we plan to.

Excellent, thanks for that color. Another follow-up question here I guess is, should we expect, I guess, continued normalization down to perhaps 7% or 8% in terms of margins, or what would you need to do to reach sort of double digits margins again here in Stendi?

We have not spoken about double-digit margins in Stendi. We have said previously that we believe that mid- to long-term sustainable level is 8% to 9% EBITA margin.

We are now a bit below, but we believe we can get back to that range for sure, maybe not this year, but in the midterm. We plan and expect to see improved margins during 2026, but that will probably come a little later in the year.

In order to achieve that, we would need to continue to work on operational efficiencies, which we're doing, and we would also need to see occupancy pick up a bit in the segment for adult care, as I just mentioned.

Right. Two more questions if that's okay.

One here regarding the leadership training and the Nordic quality management system, etc. I think there was a question before about the cost, but could we perhaps discuss a bit the investments here into the top line?

Do you think this can have some effect on the top line, or is this merely only to stay competitive in the market?

This is to stay competitive, but it's also in order to grow with quality. When you grow, you have a company of this size, which is so people-intensive...

[unclear]

Can you hear me?

Yes.

I think I lost you. Can you hear me?

I can hear you. Can you hear me now?

Oh, yeah. We're back.

We're back. Sorry.

Yes, the investments into leadership and people are important with the growth pipeline that we have. Remember that we have a growth target of 8% to 10% per year, which we are now overachieving, and which we are committed to deliver year-in, year-out.

That means a lot of new people coming into our business, and we'll have to conduct training. It's a lot of new managers coming in, and it's a lot of existing managers that we need to build in our own pipeline.

The investments that we are making are simply to make sure that we can grow with quality in line with our targets.

Okay. I'll stop there.

Thank you very much, guys.

Thank you.

I was cut off for some reason. A few more if that's okay.

Is it possible to quantify the number of openings in Vardaga 2027, 2028 as the plans are now?

We have on our website, we have the expected opening dates for Vardaga for all the care homes that we have in the pipeline. Sometimes they move a bit from quarter to quarter depending on construction times and different permits, building permits and so on, the further out we get, the more likely it is that there will be some moving in between quarters, which could move an opening from one quarter to another, from one year to another.

I don't have it top of mind, but the information we have is on the website, and I can come back to you, Kristofer, with more details.

I could check there as well. Then there've been a lot of discussions here during the call about the investments that seems to have been quite significant.

Is it possible to quantify this in any way and just compare with Q4 last year and how much this have impacted the overall group margin?

I answered a similar question, maybe that was when you were offline, but we have said that the investments are definitely more significant than they were in quarter four last year. We went through some of the examples here, not all of them, but some of the examples we went through in the presentation.

We also have quite significant investments in our IT structure, infrastructure upgrades, we are investing in cybersecurity, we are investing in a new Nordic quality management system, and this is also to enable growing at high pace with quality in all parts of the business. Sometimes the investments they're not always coming in smooth with the same amount every month because you have some launches and some things that are happening, and this particular quarter there were quite a lot of things happening.

We're not planning this to impact our financial target or our margin target of 9.5%, so that's for sure.

Do you expect similar level of investments here in the next coming quarters and 2026 as a whole?

No, but we are expecting of course continuous investments in the business, and that's also why we have not guided any higher margin target, because we believe that the importance here is to grow with quality, it's to fulfill all new legislation and demands that are coming in. That's quite extensive these recent years.

There's the new Social Services Act in Sweden, which has required quite a lot of changes in Nytida, now also in Vardaga, to make sure that we are updated, fully compliant, and on top of things. There's the new elderly care legislation last July in Denmark, which also puts additional requirements on us, and overall, society is just putting more demands on us, and we need to make sure that we can fulfill them and can fulfill them with quality.

As we grow, and keeping that high pace of growth, delivering consistently on our margin target is what we plan to do, with a controlled leverage in line also with our financial target. Yes, you should expect investments to continue, but not investments that would impact our financial targets as communicated.

That's clear. My last question, could you just repeat what you said about the new financing package?

Yes, we have a new financing package negotiated and in place, and maybe Benno, you...

We have a so-called committed finance agreement of 5 billion SEK in multiple currencies that is increased from 4 million the last 3-year period. There's also an option, a so-called accordion, to expand that with 1.5 million more in that 3+1+1 year period.

Is this just replacing what you have had before, or something new?

It's replaced the one we had before, and it comes with more volume. We had, as said, 4 billion in the previous, now we have 5 billion with an option of expansion of 1.5 billion still over that.

Great, thank you very much.

Thank you.

Thank you so much, and thank you all for joining us today and for your continued interest in Ambea. The report for the first quarter will be published on the May the 7th, 2026, I wish you all a nice day.

Stay safe and healthy.