Thank you very much, and thank you all for joining this quarterly result webcast. Before we dive into the quarterly numbers—and please, operator, if you can take slide number two here—before we dive into the quarterly numbers, let me start by saying that we are very pleased with the strategic steps that we have been announcing on January 14th.

We are now a truly strong Nordic kitchen powerhouse. With the divestment of our UK operations, we can fully focus on our market-leading brands, such as HTH, Marbodal, Sigdal, Invita, etc.

These are brands with exceptionally strong market positions and structurally high margins. At the same time, we are strengthening our balance sheet through a new share issue, and by renegotiating our existing credit facilities on significantly improved terms.

We have also initiated a reorganization of the business to adapt to a future without the UK operations, but also to give our brands the ability to act more swiftly in the marketplace and unlock opportunities for cost-saving going forward. The cost for this program was recorded as item affecting comparability in Q4, and is currently being implemented.

As of the result for Q4 then, we are very encouraged to see volume growth returning to our sales after substantial volume decline that has lasted for 12 consecutive quarters. The positive volume growth contributed to 3% organic growth in the quarter.

Volumes are still at historically low levels, but the positive trend is creating stronger momentum in the organization, and we are seeing much higher activity across the project market in general. Judging by these indicators, it is likely that we will see growth starting to pick up more materially in the second half of the year, but we will need to come back on that one in the next quarter.

Our gross margin improved slightly year-over-year, driven by higher average order values and stronger mix. Supply chain productivity was somewhat softer in the quarter, mainly as a result of higher transport cost, something that will also be mitigated and addressed with our consolidated supply chain.

SG&A cost was broadly in line with last year as we're now facing tougher comparables. However, and having said that, as we embark on the new organizational structure, we expect to have further cost reduction materializing in the second half of '26.

All together, this meant that EBIT improved slightly compared to last year, and despite currency headwind of about 10 million Swedish kronas. Cash flow was weaker in the quarter compared to last year, mainly due to timing with exceptionally strong cash flow in Q3, but also because of payments related to several major machine investments that were concluded in Q4.

However, on a full-year basis, as we will see a bit later, the picture is strong. Our operational cash flow improved by 250 million in 2025.

We then will complete the share rights issue to fix our balance sheet. We will also have the advantage of lower interest rate cost and significantly reduced investments needs as we head into 2026.

If we can take the next slide, please. I will just briefly now walk you through the key benefits of these major initiatives that we have.

For you that would like it more of a deep dive, please see our webcast on January 14th, where we provided more details than I will cover today. You will find the webcast available on our home page, nobia.com.

The divestment of the UK operation has been signed with Alterra Partners, and we're expected to close this transaction by the first half of 2026. It will be a big reduction of our debt-related leasing cost, primarily related to the store network of 750 million.

The transaction may result in a consideration. To get to the leverage financial profile, we are issuing a share rights issue amounting to 1.5 billion, which is fully guaranteed by our main shareholders.

We expect to complete this during Q1 2026, and Robert will come back on that a little bit later today as well. As I said, we will have improved financial terms with our newly negotiated refinancing, which will be a 2.5 billion revolving credit facilities with our current lenders that have been partnering with us for a very long time now.

This will also give us normalized, market-based covenant structures. Finally, the launch of cost reduction initiative.

We will also address that a little bit later today. Please, let's go to next slide, which is slide number four, and it's a wrap-up of 2025.

To say the least, 2025 was another eventful year for Nobia, in which we made several important strategic decisions while also maintaining a strong focus on driving margin expansion. Although we are not satisfied with 5% margin, which we have in this new constellation, we do believe that we have built solid momentum as we head into 2026.

In '25, our volumes continue to decline, mainly due to historically low residential construction activity across the Nordics. To counter this, we delivered growth in our B2C business and improved average order values, which helped us sustain gross margins despite the volume pressure.

We also took important steps towards a consolidated supply chain and managed to right-size our production units to the lower volumes, with the result of a broadly flat gross margin compared to last year. We have also significantly reduced SG&A, offsetting inflationary headwinds through targeted cost-out activities, staff reductions, and strict discipline in overall spending.

As a result of these cost improvements, we now operate with considerably slimmer and more agile organization, providing a strong foundation for the future. Adjusted EBIT came in at 299, which is an improvement of roughly 140 million compared to last year.

Cash flow from our operating activities for the year totaled 490 million SEK, which is also stronger than last year on the back of better earnings and favorable working capital developments. As we turn to the next page, this is a pro forma for the Nordic and the group costs, which will remain in the business.

Historically, you can see that we have operated this business entity—which is now Nobia going forward—at margins north of 10%, and we are fully committed to return to those levels. If you turn your head to '22 to '25, this is a period where we lost more than 40% of our volume and 2.5 billion Swedish kronas top line.

Again, after 12 consecutive quarters of negative volume development, it's encouraging to finally see growth in the fourth quarter. Hopefully, this marks the beginning of a gradual recovery.

Regardless of this, and how quickly the recovery unfolds, we remain committed, as I said, even at these volume levels, to drive margin expansion in line with our financial targets. We also have proven that we can deliver margin improvements in this environment, just as we have—and you can see—over the last 2 years.

Also, now with the new opportunities that arise from focusing entirely on Nordic kitchen business, we believe we have a solid platform to do so. Then, if we take next page, please, I will just lead you through the strategy we have with unleashing brand potential through a dedicated Nordic kitchen business.

If you can please take slide number seven. It's a somewhat busy slide, but it illustrates how we are positioned within the kitchen market.

As you can see, our sweet spot and core is the mass-premium segment, where we hold a significant share thanks to our well-established brands. Our success in this segment is driven by four key factors: a strong and distinctive brand proposition; a proven partnership model with franchisees and builder merchants built and refined over generations with what I would say is the best-capitalized store network in the Nordics.

We have also, with our recent investments, fit ourselves in a position where we have a highly efficient manufacturing operation with scale and harmonized product platform. Our people and our partners have a very long and impressive know-how in kitchen designs and consolidation of kitchens at high speeds, which is critical in this space.

Together, I strongly believe these elements give us an exceptionally strong foundation. On top of this, we are also expanding into adjacent kitchen segments and dipping our toes a little bit.

For example, we have developed partnerships with electronic retailers, e-commerce platforms, and other trade channels where we offer a simpler yet functional product range, and we can go into that as we go ahead. Slide number eight, please.

This is how we define our strategy, and we will also later on in the year come back to giving more information regarding these different pillars. We split it in three strategic priorities and two enablers.

The strategic priorities are: extracting the HTH full potential; capitalize on our country-leading brands with strong customer intimacy in B2B; and realizing the potential of a consolidated supply network. We will have the strategic enablers, which is to drive efficiency through complexity reduction, which we are addressing, and a recovering Nordic kitchen market.

If we take the next slide, slide number nine, just a little more voice-over of our transformation in supply chain, because this is one of the most important pillars we have going forward, to fully transform our supply chain. We will move from a fragmented setup, which you have to the left, where we had the brands having a specific factory with specific product range, and in some cases, even more factories in the same countries, to a much more harmonized situation where we have a supply chain that supports all the different brands.

This transformation will bring a wide range of benefits, which you will see on the right-hand side here. It will lower our unit cost, where we have the ambition of lowering conversion cost by 30%.

We can do very efficient mass-customization at high speed with flexible automation. The delivery precision will be second to none, automatic tracking of on-time in-full, which is so important in our B2B business.

Sustainability leadership, a thing for the future, and where we are already excelling at, and we will just become even better. Then we will continue to evolve in our product performance and designs.

If we move to slide 10, I will just give an update on where we are in this supply chain transformation. Firstly, we now have a harmonized and efficient product range that stretches across all our brands.

Where we once had 50 shades of white, we now have one white, the Nobia white. When we identify strong design elements that resonate well with the market, we can scale them across multiple brands and channels in a highly efficient way.

Secondly, during the fourth quarter, we consolidated our Finnish manufacturing into our Danish site in Ølgod, significant benefits both in terms of efficiency and from a product range perspective. Thirdly, and maybe most importantly, we inaugurated our state-of-the-art manufacturing facility in Jönköping in Q4 with over 2,000 customers visiting us over 2 days.

Nobia Park now serves as a main producer and the hub for the Nordic network of components and flat-pack products. Last year, we also began shipping Marbodal products from the site, and those deliveries have been ramping up steadily since the inauguration.

In line with our long-term plan for this and budget, we still have additional investment to make in the factory of approximately 200 million Swedish kronas to continue increasing capacity and improving process flows. All in all, we have taken huge steps forward in our supply chain transformation, yet more work remains to be done.

Our priority now is to continue to push forward and gradually introduce more volume, and over time also more brands, into both Nobia Park and Ølgod. Throughout this process, we will ensure that all new flows are continuously optimized across the network.

In the fourth quarter, we incurred 30 million Swedish kronas transition-related cost, referred to as double-running cost in our books. For 2026, we expect the transitional cost for these supply chain activities to be somewhat lower than the levels we have seen in '25, with a phasing weighted slightly more toward the beginning of the year.

With that, I hand over to our CFO, Robert Belkic, to update everybody on the cost reduction initiatives that we have ongoing.

Yeah. Thank you, Kristoffer.

If we can move to slide 11. Giving you some more details then on the cost reduction initiative that we announced on the 14th of January.

What we said was we are posting items affecting comparability of 122 million SEK recognized then in Q4. The bulk of this IAC cost relates to then cost reduction initiative designed to further decentralize the decision-making within Nobia, clarify the roles and the responsibilities after the divestment of UK operations, increase the agility and the speed to capture growth opportunities, reduce the complexity and the matrix organizations to minimize overhead cost.

What we are expecting with this initiative is that we will have a run rate cost savings of approximately 80 million SEK starting from Q3 2026. Another piece of this IACs of 122 million is then the, as Kristoffer alluded to, the double-line cost for transition of volume from Tidaholm to Nobia Park.

31 million is part of the 122 million IACs in Q4 of 2025. With that, I hand over to you again, Kristoffer.

Thank you, Robert. Next slide, slide 12, is just a update of the market and the market forecast.

This relates to the housing starts that we see in the different Nordic countries. Where we stand today, we still haven't received the Q4 update from the statistics on '25.

However, our forecast is that the dwellings now gradually seem to increase. You see the same pattern in all the different countries, whereas we have had a strong decline in number of dwellings being started, but in '25, in all countries, we see a gradual improvement of the housing starts.

It should be added here that for Nobia to deliver the kitchens to these housing starts would take about 12 to 18 months before we come into the project, as we have one of the products that come in at the last point in this. We do foresee a recovery eventually, and again coming back to potential in the second half of '26, we see it materialize at a somewhat higher speed.

Now over to you again, Robert.

Yes. Thank you, Kristoffer.

If we, yeah, look at some more details around the financial performance of Q4 2025, and if we can then move to slide number 14, please. A snapshot from the Nordic region in Q4 2025.

We saw pretty much flat sales, 1.4 billion, compared to the corresponding quarter last year. Organic, which then translate into an organic growth of 3%.

What we saw then in the quarter was that the project and trade segment had slightly improvement in the quarter. If we look at the adjusted gross margin, it increased to 37% versus 36.7% same corresponding quarter last year, an improvement with 0.3 percentage points.

SG&A pretty much flat as well, 314 million versus 319. EBIT in absolute terms, 110 million, also flat, and then a slight improvement in the EBIT margin, 7.9% versus 7.8%.

If we then look at the items affecting comparability in the Nordic region, it amounted to 110 million SEK, and then once again, primarily then related to the cost reduction initiatives to ensure that the organizational structure is aligned with the needs of the business going forward. If we then move to the next slide, slide 16, looking at the financial position of Nobia.

Looking first at the investments within Nobia Park in the quarter, it amounted to 48 million SEK. As Kristoffer alluded to, remaining investments for 2026 is estimated to around 200 million SEK.

If we look at the financial net debt in the quarter, and for the full year, we had a financial net debt of 2.8 billion SEK, which is then an increase of roughly 600 million compared to end of December 2024. Then also reiterating what we said on the financial position when it comes to what we announced on the 14th of January, we are amending and extending our current revolving credit facilities.

We are launching a fully guaranteed share rights issue of 1.5 billion SEK, with singling out some of the important dates in the indicative timetable. So 11th of February is the publication of the final terms of the rights issue.

18th of February, we have the Extraordinary General Meeting. The subscription period lasts between 24th of February and 11th of March.

Then 17th of March, announcement of the final outcome is planned. With that, I hand over to you again, Kristoffer, to conclude this presentation.

Yeah. Thank you very much, Robert.

Just to conclude and summarize, we know our priorities going forward, and we now have to complete these programs that we have talked about: the UK divestment, the share issue, the new terms with the lenders, and the cost-out initiatives. This will put us in a very good spot for the true Nordic kitchen powerhouse Nobia, and to drive progress towards our long-term financial targets, where we look at coming back to growth, 3% to 5% within our financial targets.

We look at coming back to our profitability of about 10%. We look at coming back to a better financing position over a little bit of time here, 2.5 in leverage.

Eventually, as our financials strengthen, also come back to our dividend policy of more than 40% of our profits. We will do this through leveraging our leading Nordic market position.

We have a fantastic brand in HTH that has a very strong momentum, and we will continue to extract the full potential of HTH. We also have country-leading brands with strong relationships with B2B, where they have had partnerships over generations, and we will continue to capitalize on these fantastic brands.

We also now have a well-invested new supply chain network, where we still have a bit of transitions between volumes and factories, but we have a very highly efficient supply chain to support our brands going forward, which we very much look forward to. Then we will continue to drive efficiency through complexity reduction, and we do so through our harmonized product platform we have talked about, and we do so through the cost reduction initiatives that we have initiated in the beginning of this year.

Last but not least, eventually, we believe the market growth will recover, and then we will be very well positioned with a strong foundation to also deliver on that growth. With that, a very exciting future for Nobia, and we look forward to any questions that might be.

Yes. Thank you so much.

Can you hear me?

Yeah. Hi, Sofia.

Great. Hi.

A couple of questions from my side. Just to clarify, the items affecting comparability of 110 million related to the Nordics, I calculate that 50 million is related to UK.

Just if you can clarify, why is it recognized within the Nordic and not as a central cost?

Yeah. Sofia, if you can all the questions, or we'll come back on answering those.

The one related to the posting of the 50 million in the Nordics.

Yes.

If we can take that after.

Yeah. Can you hear me?

We can hear you.

Yes.

I'm not sure we fully understand, we're looking at each other here, we don't fully understand the question. If we can come back to that after the call, yeah.

After the call. Okay.

You also expect a transfer of production from Tidaholm to Jönköping. When do you expect that to be finalized?

Can we expect that it will continue to be 30 million in non-recurring costs until that is ready?

Yeah. Again, we now do a lot of transition across the entirety of the supply chain, it's not just the transition between Tidaholm and Jönköping, but also between the other legacy sites and Jönköping.

We expect the transitional cost to be slightly less in 2026 than in 2025 in order to complete these volume shifts.

Okay. Yeah.

Maybe we'll just another question then. During the CMD in 2023, you mentioned an EBITDA run rate of 1 billion as a return of the investment of Jönköping, and you highlighted that 300 million was related to cost efficiency and 200 million related to harmonized platform, and you touch a little bit on that during the presentation.

Can you give some color on when and how much of these returns will be reflected perhaps during 2026 or rather in '27 and 2028?

Yeah. Those numbers were related to kind of normalized volume situation,

and

currently, we have quite a lot less volume. Again, coming back to, we have 40% lower in volume.

I think from a value perspective, it's of course related to sales as well. However, when it comes to margin expansion, we will still have some transition to do during this year, and we expect gradually margin improvements coming in from 2027 and onwards.

Of course, the moment we get the volume going as well, we will strive and we will reach also our target for the long term, which has been a 3, 3.5 percentage points improvement over time. Again, it requires obviously stronger volumes as well.

Yeah. Okay.

Yes. Overall, what would you say is a sustainable gross margin for the Nordic business if we look just perhaps mid-term then?

If we look 2027, would you say that it's closer to 37%, 38%, or what is your expectations on gross margin here?

We would never gone out with a specific kind of gross margin target, but I must say that I'm very pleased with how the organization has handled this quite tough situation with the volume decline, because we managed to hold on, and it's been extremely important for us to be disciplined with the gross margins, and we managed, despite the volume decline, to hold on to fairly okay gross margins still. This is also without the improvements we will get from a completely automated manufacturing in Jönköping.

Obviously, we will see margin expansion coming through from a gross margin perspective. Again, a driver for higher gross margin would also be volumes coming back, so that we get better leverage on our assets within both Jönköping, but also the other legacy sites.

We are extremely disciplined with gross margins, and we continue to be very disciplined with it. Again, hopefully at some point with a recovery of the market, that would also help us in that regards.

Yeah. Okay.

Thank you. A question on CapEx.

What remaining CapEx do you have after the finalization of the Jönköping factory, for example, ERP systems or other product facilities? Maybe if you could guide on percentage level of sales or in absolute numbers what you expect beyond the Jönköping factory.

Yeah.

Yeah. After we're done with the Jönköping factory, our normalized CapEx levels, we go back to roughly the same levels that we have had for this entity, to say, historically, which is definitely on a considerably lower level, about 2% to 4%, tracking about 2% to 4%.

The investment need that we had before in multiple sites, we don't have anymore. It will

be

weighted slightly higher towards, if needed to, towards also this commercial side. However, we don't intend to, and we don't need to, have any CapEx programs after we have completed Jönköping.

Okay. Can you say anything of your current production capacity for the whole Nordics in terms of utilization rate so we get a sense of that?

Going ahead, are you looking at closing down more facilities, or do you expect to perhaps increase volumes through new customer relations to reduce overcapacity, or potential overcapacity?

Yeah. We have obviously available capacity now with both the new factory and with quite low volumes in the legacy systems as well.

That's one of the reasons why we also took the opportunity to close the Finnish factory, for example, and in a way of improving that situation. The transition now of the volumes between the factories utterly important for us.

Historically, we manufactured absolute everything in all factories we had in the Nordics. We're now going over to a system where we specialize the factories we have, and Nobia Park will be the central of this kind of equation, to say.

They will be able to handle a lot of different flows, Ølgod probably as well to a little bit lesser extent, and then the rest will be highly specialized in a specific process, you could say.

Okay. Final question.

A lot of questions here, but

no worries.

I just noticed that other central costs was perhaps quite high in Q4, or relatively high, 38 million. I was thinking, given the divestment to UK, what do you expect this cost to come down to during '26, '27?

Like we said, the cost program that we initiate now is also to adjust to the carve-out of the UK. Obviously, we still had UK in the books in Q4, and it will take a little bit of time to complete this reorganization that we have embarked on.

We expect 80 million Swedish kronas run rate savings from Q3 in '26. It will not entirely be from the group costs, to say.

It's a net across the group.

Okay. That was all from me.

Thank you.

Thank you.

Good morning, and thank you for taking my questions. You mentioned 200 million remaining investment in Jönköping among others to increase capacity.

Can you talk a little bit more about what capacity you're targeting compared to previous normalized levels or what kind of increase compared to where we are now you're talking about? Then a follow-up question: is this to be able to serve new customer segments or new product groups?

What is the capacity utilization that you are expecting ahead?

Yeah. Hi, Marcela.

Thank you. When we say increase capacity, it's not above the capacity that we have once communicated for Nobia Park.

We are still expecting to manufacture almost 1,000 around 1,000 kitchens a day in that factory when we're up and running fully. There's certain processes that we didn't bring in first to begin with, the a little bit more complex customized processes, and that's all being developed now basically.

That's the remaining investment, and that's, again, in line with both plan and budget. In terms of capacity, yeah, we have free capacity.

It comes back to Sofia's question there on the capacity in the network. We have available capacity in obviously Nobia Park as we are moving over volume to Nobia Park.

We do have available capacity to some extent also in the other legacy sites. With these different transitions, we will also have available capacity to bring in more business as we go along, both in terms of we want to strengthen our market position and gain share, primarily in B2C as we have already very high B2B market shares.

Of course, we also intend to improve our B2B business. We expect to need to have that capacity free for that expansion.

It could also be other opportunities that you were alluding to, both within, as I said, we're dipping our toes in the other segments where we have seen some opportunities. Eventually, not now, but eventually, there might be other partnerships that we will build around that supply chain as well.

Right.

Thank you. Then a question regarding the competitive situation in your key markets in the Nordics.

How are you perceiving your competitors? Are they aggressive?

Are they targeting consumers and the same consumer groups as you are? Would you be able to use some of the available capacity that you have maybe to produce for other players?

There there has not been any new entrants in the market these last couple of years. I think every company has had every kitchen company has had fairly tough times, and there's been available capacity from existing players in the market.

We have kept good market share, we have kept our market share in B2B, and we have gained market shares in B2C by being more aggressive and and pooling resources over to B2C. That's something that we will definitely continue to do.

Historically, we didn't really also have capacity in the system. With Jönköping, we think we both we both have the capacity and we definitely have the the product specification to to drive more customization and at higher speed.

We will be very difficult to compete with going forward. I also think that I'm I'm very proud of the brands we have.

They have done a lot of good things during quite difficult times in terms of proposition, the product ranging, etc., and not the least on on new designs. I feel we are really well positioned for for B2C growth as well.

Again, if anything, there's been more of the the smaller It's been quite fragmented in the slightly higher price points, and we've seen a lot of those players disappear from the market. It's been our clear intention to drive drive up average order values by introducing more premium products to the market and also to to add items to the basket to to increase the basket size.

Again, I think our colleagues have done a tremendous job in the market to do that. With a new organizational structure, that that is to enable even further kind of and faster growth in that segment.

You mentioned previously that you have been disciplined with gross margins, saying now introducing more premium products. The previous guidance regarding operational leverage that with the new factory in Jönköping, you could achieve 3.5 percentage point higher EBITDA margin compared to previous levels in the Nordics, are you confident on that, or do you even think that might be even better with better volumes and better capacity utilization?

I'm confident that when we are done with this transition and we see the market coming back slightly, I'm confident that we will reach those targets. What I see now is a very efficient supply chain structure being formatted, to say.

Of course, again, we talked about the EBITDA as value, it's also based on slightly higher volumes than what you have now in the Nordic market. In terms of efficiency, we're there where we should be with this new setup.

Again, we still have the full transformation to be completed, to say. As we have also communicated we will move in HTH volumes to Jönköping in order to realize that benefits in gross margins, which we're also looking into in the plan.

Thank you. That was my

Sorry.

Please continue.

No, I was also saying also the consolidation now that has been enabled with consolidating the Finnish factory into Denmark, these things help also on the gross margin, and that was not even in the original plan, to say. It's an opportunity that we have taken, and I think the team has done well to incorporate Finland business into the Danish organization.

That's the type of activity we will continue to drive performance with.

Thank you. That was my final question.

Thank you.

Thank you.

Hi, guys. Good morning, Kristoffer and Robert.

Adrian Elmlund here from Nordea. I just have a few questions, please.

First off, could we get some sort of update here on the capacity utilization on Nobia Park? Kind of where are we now?

Are you in line with your previous expectations on where you should be up and running now? Also, if your kind of market recovery expectations there that was on the slides hold, when do you expect Nobia Park to have achieved sort of maximum capacity?

How long would that take?

A lot of questions in one, but again, Nobia Park is expected to do about 1,000 kitchens a day, and we're far from 1,000 kitchens a day. That would have basically taking the whole volume in the Nordics for when the market volumes were normalized, or let's say, it would have taken about 65% in the normalized market of the volumes in the Nordics.

That's not where we're at. We're progressing on moving over the old volumes from Tidaholm factory to Jönköping or Nobia Park.

At the same time, we have progressed slightly ahead of plan on the component manufacturing, Nobia Park is supplying components across the estate. When it comes to assembled kitchens and rigid kitchens, there's a lot more capacity, but we're still operating the legacy factory in Tidaholm, and the transition is about to happen as we speak as well.

There's a lot of things to be done when everything is completely in place. Again, that also involves moving HTH volume over to Nobia Park.

Then we've done some things in a little bit different sequence, where we have closed the Finnish factory to utilize the available capacity in the Danish network.

Right. Okay.

Could we have any kind of timetable on Tidaholm, or we'll see that maybe in the next quarterly report?

Yeah. Again, we will have the transition cost, during 2026, which will be slightly less than in '25, and that goes for the entire network, to say.

In terms of Tidaholm, we're gradually moving out of that site, and that will continue with as high pace as we can, and mainly leading to higher pace towards now in the beginning of '26.

Okay. Another question here on kind of the expansion strategy here with HTH.

Trying to figure out kind of what the strategy look here in practice, and I'm trying to figure out as well how you will manage the kind of brand portfolio going forward here. Should we expect that you continue operating the brands that you have now across kind of the full price spectrum, or will you move down to more premium or the mass-premium or kind of move away from the economy segment with Superfront, or will you keep things as is?

I will try to answer short. I can get lengthy on this, but HTH has a quite wide variety of products, and they are very strong in the mid, the sweet spot of the mass-premium segment.

We will both continue to expand the sales distribution footprint for HTH. Finland has been an important market.

Now when we close the Finnish factory, we will introduce more franchises across the entire Nordics, and for us, HTH is a true pan-Nordic brand. They have the ability to stretch upwards, and we know with good design, there's also higher average order values to be had in the higher price points, and we believe that we have that opportunity with HTH.

Actually, HTH is a little bit different position in the different countries, we see the higher price points across some of the markets to be very attractive. We don't foresee that our existing brands that are in the mass-premium will stretch downwards towards the low-end segments.

That's absolutely not going to happen. Again, it's to protect our sweet spot, our gross margins, and provide beautiful kitchens to consumers.

HTH will be further developed to that strong brand across the Nordics. Then we have local brands like Sigdal, Marbodal, which have a segment of the countries where they are extremely strong.

Take Marbodal, for example, we have 200 sales distribution points through builder merchants, and we have a product assortment that is fit for that customer. That's one of our core customers, and they are doing extremely well.

With Nobia Park, we will introduce slightly more advanced product portfolio for this type of customer to both have them selling the kitchens in a more efficient way, but also having them gaining market share against other type of competitors. It's a little bit different strategy than from HTH, and that's why we also believe that these brands do not compete at some regards, they compete in the local markets, but they also have different proposition in the local markets.

Again, I

can get lengthy,

if I answered your question there.

Right. Sorry.

Kind of a quick follow-up to that. What I was trying to allude, should we have some mix effect going forward?

Should HTH drive better product mix for you in the future going ahead given this strategy?

Not HTH as such, but it's important again to drive average order values for us, and that would be for all the brands. Just by having one brand grow in front of the other, that wouldn't drive any specific kind of mix shifts for us.

Fair enough. Last question here.

You usually don't guide, but could we have any sort of trading update here for January?

Like you said, we unfortunately cannot give you that type of update.

Okay. Then that was all for me.

Thank you very much.

Thank you.

Okay. Thank you very much, and thank you for all the good questions.

We really enjoy speaking about kitchens, and we hope to hear from you soon again. Thank you.