Welcome to Delysia Group's presentation of the fourth quarter results. My name is Thea Guldbrandsøy, VP Investor Relations, and I will be hosting the Q&A later on.

Feel free to submit your questions during the presentation on the webcast platform, and then we will address the questions in the end. Before we begin, we would like to show you a short video of our operations.

We are very proud to announce the acquisition of Kirirom, and by that securing a fully integrated value chain from fruit sourcing and production in Cambodia to delivered finished products to our retail customers in Europe. Let's have a short look at the video.

Everything begins with the fruit. While most dried fruit brands buy their products in bulk, we start at the very beginning with the soil, the trees, and the farmers.

To deliver consistent quality, we own the process from field to shelf. Quality is monitored continuously before products are shipped to markets around the world.

Scale meets precision. Planning meets execution.

Fruit is our ingredient, and with perfectly sun-ripened fruit, we're changing the snack category. We grow taste.

We grow the category. We grow the next global bestseller in modern snacking.

With that, I would like to introduce our Group CEO, Jan Storli Eriksen, who will walk you through the presentation of the fourth quarter results.

Welcome everybody. The revenue of the fourth quarter 2025 came in at approximately 153 million.

That is up from 80 million on the previous quarter, with an increase of approximately 91%. If we look at the revenue we have so far in January and February, these two months already exceeding the entire revenue we had in the fourth quarter, with part of revenue planned in December moved to January.

For the full year, we achieved approximately 640 million in turnover, up from 266 million previous year. That's an increase of 140%.

If we go to adjusted EBIT, that came in at approximately 12 million, up from 5 million previous quarter. We had extraordinary airfreight in the quarter of 10 million, leading to an EBIT margin of 7.7% in the quarter versus 6% the previous quarter.

For the full year, we achieved 93 million in adjusted EBIT with 14 million compared to 14 million the previous quarter. That's an increase of approximately 600%.

The adjusted EBIT here is only adjusted for one-off IPO cost and legal expenses related to the acquisition of Kirirom. I will go and look on operational highlights, but also want to mention before that, we are having a net profit of approximately 50 million for the quarter, and we are planning a dividend on that of 4.60 per share, with ex-dividend date the 16th of March, which is approximately half of the profit we made in 2025.

For the operational highlights, I would emphasize two topics. We improved our capacity of the product range Dippys during the quarter.

Dippys is our fruit that is semi-dipped in chocolate. This will gradually provide more revenue during the first quarter and the second quarter, with the full impact in the third quarter of this year.

We also secured a trade finance agreement of 320 million with Nordea, and that will materially reduce our interest expenses, with the full effect from the second quarter of 2026. The adjusted EBIT margin for 2025 came in at approximately 15%, up from 5% previous year.

The increase in EBIT margin is due to increase in revenue resulting in economy of scale. This is also our target going forward.

We plan on working on generating more and more revenue, and an increased revenue, and then doing so work on improving our EBIT margin. Let's look on the revenue forecast for 2026.

Delysia operating three reporting segments: Nordics, Pan-Europe, and Asia. For the Nordics, we are expecting revenue of approximately 810 million.

For Pan-Europe, we have a range of 50 to 100 million. For Asia segment, we are expecting approximately 50 million.

Our plan is to conclude the acquisition of Kirirom during the second quarter, and from the third quarter the Kirirom company will also add further revenue and margin to the group. After we have provided the third quarterly result operating as one quarter together and gained the full information and experience of running the company as a unit, we will provide an more comprehensive outlook on both margin and revenue after that.

The revenue outlook here are based on a dried mango volume of approximately 4,500 ton, and that is excluding external customers of Kirirom. Last, we are maintaining our dividend policy, and now the first plan dividend to be distributed in March, and after second quarter and the first half year we are planning to distribute another dividend based on half of the profit in the first half year, most likely in the timing around August or September this year.

This is also our strategy as a company, that we are focusing on reinvesting half of the profit to provide further growth and maintain profitable growth, and at the same time distribute dividends. Let's go and look on a more update on the company and operational update.

Delysia is increasing its market share across all Nordic countries. Here we're looking on different markets in the Nordics, and NielsenIQ have different definitions on how that they define the dried fruit categories.

In all the categories, as you can see, we are increasing our market share, both in the quarter and year-over-year. Delysia is also driving the growth in these categories.

You can see here in Norway, we grew the category with almost 86%, in Finland 62%, in Denmark 51%, and in Finland almost 40%. We're expanding these categories in such a pace that we are expanding them beyond being dried fruit categories, meaning we are stepping into snacks by building a new, better choice category.

Discipline focus on four growth pillars are supporting driving Delysia into a leading player within the better choice snacking category. Those pillars are, of course, number one, taste, constant innovation, and our industrial platform, and that leading to strong retail partnerships.

Now we can go and look more on how we're operating on those four pillars. Sunshine Delights is premium quality, and we control every critical process to ensure consistent taste and quality.

Some people look at, for example, mango as a generic commodity. We don't do that.

We pursue that as something we have to produce with love and dedication, and that's starting with fully ripened fruit supported by contract farming. These are resulting to very good numbers, and we can see here from a research with Extreme Insights with around 4,000 participants in the age group of 15 to 65, where the conclusion are a very strong preference and repeat purchase intention once consumer try the product from the Sunshine Delights brand one time.

It's almost so good results that they have one-on-one correlation, meaning if you try the product one time, you're very likely to buy the product again. Delysia is recognizing our revenue when we are selling our products to the retailers.

However, the underlying performance for our company are when the consumers buy the product out of store. Here we can look on units sold out of stores in major retail stores in the Nordics with data from NielsenIQ.

In the fourth quarter 2025, 4.3 million units were bought out of the Nordic major retailers, compared to 2.5 million the previous quarter. Year-over-year, we did 17.5 million units out of the stores, compared to 8.3 million the previous quarter.

That's more than doubling units sold in the Nordics in 2025. That also prove our ability to compete in traditional snacking category.

Otherwise, we would not have achieved these good numbers of retail sales. If you look on NielsenIQ here, Delysia is ranking in snacks, and not looking at the dried fruit category, now we're looking at the snack category.

Our dried mango here are in top 10 in Norway and Sweden and top 15 in Denmark. In Sweden, we actually top three if you combine with 100 g and 200 g, only beaten by Cheez Doodles and sour cream potato chips.

The brand Sunshine Delights is top 10 in all the countries: Norway, Sweden, and Denmark. We are unifying all our products now under one strong brand, Sunshine Delights, and then we keep innovating under that brand, targeting everyday snacking for the mass market.

On the left side here, you can see our existing bestsellers in store. Our target now is to get our dried mango with chocolate-dipped up also among top 10 in snacks.

We had capacity constraints. We couldn't supply enough to meet market demand.

That will now be eased during the first quarter, second quarter, and the full effect in the third quarter. Our target here is to get that product up in top 10 in the snack.

We also launched three more products in Q4, and we are planning further product development to be launched in 2026. We are relaunching our flavored dates.

We are further innovating with our product range Dippys, which is fruit semi-dipped in chocolate, and also exciting and new flavors within our product concept Fruit Fusion. The target here is to develop products that also will be in the top 10 into the snack category.

Maybe not all of them, but get more and more product into that top 10 segment. Let's look on our industrial platform.

In-house production platform are providing us a long-term competitive advantage for large scales rollout of both existing and new product innovations. Kirirom provides Delysia with an industrial base to scale everyday snacks to the mass market, and here we are also targeting a global mass market.

If we look on the facilities of Kirirom, it consisting of 50,000 square meter standing on 490,000 square meter of land, employing around 3,600 people. This provides out a capacity of 12,000 ton of dried mango and 48 million Dippys bags in annual capacity from the second quarter.

We have two impacts of that. Since we now don't have any capacity constraints anymore, this enables Delysia for first time to increase investments in sales and marketing both in the Nordics and internationally.

The other impact of the factory, as I mentioned, is that we can innovate with our innovation lab in Oslo, and then we can scale that innovation effectively with a tailor-made production line with big enough scale serving the mass market. You can see from the picture here of producing mango with semi-dipped in chocolate, where we now have built eight lines producing that output, which will employ around 600 people full-time.

That platform is making Delysia well equipped to capture demand from confectionery and snack market and benefiting on that process from economy of scale. I will give you one example here.

We have a capacity of 12,000 ton dried mango. We're only utilizing 4,500 ton for the Delysia brand, Sunshine Delights, and that's marked as green.

Let's say, for example, we were able to increase the green to 12,000 ton and utilize the full factory for our own brand. That would make group revenue exceed NOK 2.4 billion without investment in further equipment and buildings, and by doing so in that process, benefiting from economy of scale and improved margin.

However, on the picture in the middle, you can see the size of our land, 490,000 square meter, where we have plenty of space to further invest in building and equipment. Just by focusing on utilizing this platform and just a little bit tapping into this massive global snacking market, we are targeting to achieve utilizing the full capacity and then expand our company.

In Europe, the focus is to replicate the Nordic success by building distribution in a combination with having local sales offices as well as working with distributors. On the right side here, you can see the development in Morrisons.

We launched the products in Morrisons in the beginning of January 2025, and we had an increase here in 500%. That's an organic increase, and we would not have achieved that increase unless we had strong repeat purchase.

When people try the product one time, they will buy the product again. It takes time to build up the sales and the recognition of the brand.

Our strategy here is to gain more distribution, and during the fourth quarter we have made great progress by gaining 1,000 stores in Switzerland with Coop, Otto's, and Volg. We also had a commercial breakthrough with Rewe, where we got a listing in 500 stores.

Rewe is one of the major German retailers, and we can then grow steady from there. In Netherlands, we have got distribution 130 stores in Dirk, and we are doing very well in Italy with 600 stores in a lot of retailers.

Of course, it takes time to build recognition for our product and get that effect like you see with Morrisons. Our plan here is to make Europe our main growth engine from 2027, and this year focusing on getting more and more distribution facilities, get traction of the brand, and get the growth in 2027.

We are working on proof of concepts in Spain and Portugal, France, and China. In China now, we have our one of our biggest offices with more than 20 people.

Here we also now are building our own sales team targeting retailers in China. In France, we're doing tests, for example, with Carrefour in about 20 stores in Paris.

Based on results in those stores, we can further go into maybe gain more regional central listings within that retailer. Kirirom also providing us access to international customers, both in Japan and in US.

In US, we are supplying Costco. Costco has audited Kirirom, and Kirirom is an Costco-approved supplier and manufacturing their brand Kirkland.

This gives us an interesting reference for the US market. For first time now, our company will exhibit on the massive exhibition in Las Vegas in May called Sweets & Snacks, where we now have got a 40 square meter stand to present our brand, Sunshine Delights.

Nordic remain our main growth market, and that is supported by strong partnerships with retailers, and that is key for securing wide retail coverage and good placings in store. They are continuing strengthening those retail partnerships by focusing on enhanced commercial agreements, sales agents, and also focusing on convenience and trade customers.

The aim we have here is to create the most profitable square meter in the store, which build the base for that good partnership. I will now go through financial data, and I will go through them on a little bit highlight basis, in more broad terms, and quickly go through that, and we can also continue with Q&A after that.

If you look on revenue here by operating segments, you can see that Sweden is our biggest market in the Nordic, and also a market that grew from 87 million in '24 to 250 million in 2025, followed by Norway and Denmark. Pan-Europe is quite small in 2025, only with 16.7 million, but here we have now a range and outlook for this year between 50 to 100 million.

Our gross profit margin remains stable around 33% both in '24 and 2025. Here our target is, as I mentioned earlier, is to scale our revenue, benefiting from a healthy gross profit margin, providing economy of scale, and by doing so targeting to improve our EBIT margin.

Our adjusted EBIT here, as you can see for the year, improved from 5% to 15%, and that's an example of economy of scale by increasing revenue for growing that margin from 5% to 15% for 2025. This is our consolidated statement for financial position.

Delysia has a quite simple balance sheets. We have mainly current assets, almost 600 million, and our assets are basically cash in the bank, receivables, or inventories.

We do not have any long-term debt, our current liabilities here mostly relates to trade finance, such as payable or prepayments for products. The cash flow from operating activities was negative 30 million in 2025.

That's due to increase in sales revenue. We grew from 266 million to almost 640 million in the year.

That means we had to keep more products in stock and have more receivables. Now with the new trade finance agreement with Nordea at 320 million, we're working on converting a large part of the sales and the EBIT into cash so we can maintain our dividend policy and both invest part of that in growth and profitable growth, and also distribute dividends.

Cash at the 31st of December were 263 264 million. Let's go over to the Q&A session.

Thank you, Jan, for the presentation. We will now continue to the Q&A, and I would like to introduce Dag Skipperud Johansen, who is the CEO of Delysia Norway, and he will also participate in the Q&A.

Welcome to Dag.

Thank you, Thea. I'm Dag.

Thank you for having me, and I'm looking forward to attend this Q&A.

Yes. We can begin with the first question.

On your 2026 revenue guidance, how strong is your visibility, and what supports your confidence?

We can go to look on the slide here for the outlook slide. First, we are giving outlook on revenue here on our reporting segments: Nordics, Pan-Europe, and Asia.

This is not a guarantee for revenue that we will achieve for the year. However, we have spent a quite comprehensive work on estimating those numbers.

It's a combination of Nielsen data, planned campaigns that we have with chains, listings that we have, run rate that we see, and of course target that we are working on achieving. The purpose of giving this outlook is that we are trying to be transparent, what we believe we can achieve, we also want to share with the market so we're sitting on the same information.

Next questions about Kirirom. What are their biggest customers?

If we scroll down to the slide here on international clients, Kirirom are producing for a private label for Costco, a brand called Kirkland. They also producing for AEON and Kobe in Japan, which are major retailers in Japan.

Costco is the largest external client they're producing for, except, of course, Delysia, right, which are the majority of the volume, but with other external client, Costco is the biggest customer they produce for. Then

there's a question to the gross margin fall from 37.7% to 31.3% in the quarter. Is the fall structural or temporary?

This is due to airfreight. Now the production volumes are growing massively—

Dippys is our chocolate-dipped fruit. Mango semi-dipped in chocolate.

Yeah. Now that production volumes are growing massively, and we will take more and more containers by sea, and then at the end stop flying at all.

A

new question here: what would the margin be if you used all your capacity and had revenues of NOK 2.4 billion?

We can look here on the slide here. As I mentioned in my presentation just now, we have a capacity of 12,000 ton of dried mango.

Delysia are utilizing 4,500 ton of that. We can invest now in sales and marketing and grow more and more sales, both in the Nordics and internationally, as well there's also a question coming about what can we do in the United States.

As I mentioned just now, we are exhibiting in United States presenting our Sunshine Delights brands for the first time to US retailers. We're just trying to tap a little bit into the huge market of confectionery and snack.

When we can scale the company, everything's about scaling revenue on our operating costs and get leverage and get economy of scale, and that's the purpose. We have had around 15% EBIT margin in 2025, and now target is to try to improve that through economy of scale.

It's a little bit hard to say exactly on a number, a figure, how we can do that, but that's the aim of the company, to improve that through economy of scale by utilizing full capacity.

Next question: has Kirirom been consolidated in your financials? How much did it contribute?

No, we are trying to conclude the transaction of Kirirom in June, end of second quarter, and we will have the consolidation in the third quarter. From the third quarter, they will provide revenue from the external clients, not for internal revenue, of course, but we get the margin on the whole revenue, also our own margin.

When we acquire Kirirom, we also gain access to our internal margin. That will be, of course, consolidated.

Then we will run and report that in the third quarter as a group, and then we gain experience of how to operate, and we can come back with further information on outlook after we have run together the whole third quarter and gained experience on operating like a consolidated group.

Then there's also a questions on synergies of Kirirom.

I think that's a very good question because it's a lot of synergies when we group the company together. The synergies here span much more widely.

We have our Shanghai office. We have about 10 to two people in Shanghai.

They are now getting linked very closely with Kirirom. For example, when we are expanding our capacity at Kirirom, we are tailor-making lines and production.

China will provide equipment and technology to Kirirom in combination with their engineering department. We're linking our engineers in Shanghai with engineers in Kirirom so they work together.

There are synergies in sales. We are making a matrix on Salesforce, where the sales people in Kirirom working international are working together with our sales people in Europe.

We go on exhibitions together. We are combining and in good, strong industrial platform and skillset in farming, sourcing, with our lab in Oslo as well.

Kirirom, as I mentioned in my CEO letter, have a lot of natural ingredients and other resources in Cambodia that we can utilize for further innovations. We did not mention exactly what we're planning.

That's something we are working on. We'll come back to that later.

It's a lot of opportunities here when you're grouping together the skillset they have and the skillset we have and making a uniform, strong company together. It's a very, very beautiful thing that we are creating.

Then

there's another question on Kirirom and the capacity: how much of the free capacity will you be using this year?

That's for 2026, that's already answered on the first slide on the outlook, we are utilizing 4,500 ton of the dried mango capacity. Then, of course, a part of that will be sent over to the next production building, where we are producing our dipped mango in chocolate, and also a lot of new innovations coming in our pipeline for innovations on Dippys.

We have with us some taste samples today, we'll present that to some people. We go further on with setting up our production lines there for other products as well.

As you can see here on our innovation slides, we are having product development that will be launched in 2026. For example, we are going to launch our flavored dates.

We set up the production line for dates at Kirirom, where it now can take in dates exactly from farms that we know into the factory. We have automatic line for taking out the stone of the dates.

We have full automatic line further on for making flavors with the dates, which meaning we can transfer technology and formulation from our innovation lab to the factory, sourcing the ingredients from our Shanghai office into the factory, and utilizing benefits of launching dates there. We're utilizing the factory, all capabilities of the factory are being utilized in terms of making better choice snacking.

Yes. Another question on Rewe Group.

You have announced a commercial agreement with Rewe Group with a potential rollout in June 2026. What do you mean by a potential rollout?

What conditions need to be met for this to be implemented across all their stores?

I will just change this microphone and I'll come back. Let's change that one first.

I throw away the older one. Here you go.

Can you hear me now? Is this one back on?

Yep.

Good.

You want me to read the question again?

I can repeat the question again for Rewe there.

Yeah. You have announced a commercial agreement with Rewe Group with a potential rollout in June 2026.

What do you mean by potential rollout, and what conditions need to be met for this to be implemented across all their stores?

We have got listings of four SKUs in Rewe. Among them is, of course, mango 100 g, it's our chocolate-dipped mango, is also Fruit Fusion.

We will have the distribution first in 500 stores. Normally, when international retailers in Europe launching products, they start normally with a selected number of stores, for example 500.

Then they see the rate of sales and the tracking there. Therefore, it's very, very important for us to work towards what we achieved here with Morrisons in UK.

You start in a number of stores, you have to show the market that you have good rate of sales. You have to generate a profitable square meter in the store by having repeat purchase orders.

Starting distributing in 500 stores, if sales works very good, that open up for further expansions. I think Rewe has more than—what is it, 6,000 stores, Dag?

It's a major, innovative German retailer. Starting with 500 stores is a good starting point.

That when you see here on Europe, we have proof of concepts market. For example, in Carrefour, now we are making a test in Paris in around 20 grocery stores.

That make the base further for getting a listing maybe in 300 stores. Then further from there, you can go to another region.

They're rolling it out step by step, which is also very good for us because we need time to produce the products and ship it. It's quite massive if you supply 6,000 stores immediately.

It's a step-to-step rollout plan.

Thank you. Then there's a question to the Nordic market and whether this is transitioning into a more mature phase in the near term.

What do you think, Dag, about that?

Of course, the Scandinavian market is our most mature markets, but Jan, you also shared some numbers in your presentation, we are growing month by month. Now, I don't think we are seeing the top for any of our products yet.

No, and also we can see that we have engaged into more joint marketing agreements. That's the first time we ever did that, right?

Yeah.

We also see

that

our rate of sales in every single store we're listing is increasing day by day and month by month, yeah. We're still a growing company, and all our products are—

Also keep in mind, I think we did not have mango dipped, which we believe has the potential to become among top 10 in the snack together with mango, maybe even exceed our dried mango. We did not have capacity to supply the demand.

We under-supplied as well in both particularly in the last quarters of this year we underperformed.

Yeah.

That's also something that can be taken off the potential when you have the capacity. Then we also unifying under one brand, which a lot of consumers did not know that our mango dipped maybe were part of Sunshine Delights range.

We're relaunching our dates now with a new date, where you're going in with the Khalas dates. It's a very clear taste of coffee and caramel.

We are the first company relaunching with Khalas dates, both as a single pack and with flavored dates under Sunshine Delights. I think that we can get the effect from having the brand.

The market see connection that we are one brand. That can enhance potential and new product launches, capacity on mango dipped.

Yeah.

I think we have replied to the question.

Then

there are a few questions on the gross profit and how that will look forward on a normalized gross profit. You mentioned the airfreight of 10 million and the write-down in Iran of 1.5.

The question is basically, how do you view normalized gross profit going forward?

We can see the gross profit is here stable in 20. It's a little bit difficult to when you're a company like we are, right, growing at this pace and developing a business so fast, it's a little bit difficult to monitor a company performance just by month by month or maybe even that quarter to that quarter.

You have to look in a little bit more time span. It takes time to supply the product, it takes time to get orders, one order can move from a month to another.

We are working with almost 1,000 containers, three containers per day. It's a lot of volume.

You can see on the gross margin for '24, it's around 33%, and for '25 is also 33%. Over the last two years, we have had 33% gross margin.

That's a healthy gross margin. It's not high, it's not low, it's a healthy gross margin.

Kirirom now, of course, will be incorporated from the third quarter. We make the gross margin be as a group that we have the tree and we have the store, we have the margin from the farm to the store.

Then we are trying to scale the volume of sales by that and reach economy of scale, which our target and aim then is to deliver better and better EBIT margin and convert that EBIT to free cash, which make us have the strategy of both providing dividends and profitable growth. Then

there's a question on the opex. Opex more than doubled to NOK 136 million in 2025, yet the disclosure on what this was spent on is vague: personnel, sales agents, warehousing, product development, and marketing.

Can you provide a more granular breakdown so investor can assess whether this spending is truly scalable or simply growing in line with revenue?

It is operating expenses for the full year at 100 million and the employee benefits. As revenue came in at 640 million, cost of goods reduced, employees 32 million, other operating expenses.

Our operating expenses in 2025 was high. What we have done in 2025 is two major things.

We went public on the main list of Oslo Stock Exchange, which is involving a lot of cost relating to doing an IPO. In addition to that, we bought a major company like Kirirom, which is almost the same size as ourselves, and there's of course cost connected with doing that.

We have a lot of consultants, legal, financial consultants supporting and working with us as we're scaling the company. As long as we becoming more mature set company and we can have more of the staffing in-house, you can see our employee, we paid more actually in consultants than we paid in employee benefits and expenses.

The target is to have more and more of the resources in-house, scaling our organization together with the founders, employ more people, build system, build structure, make it a brand, make the company not depending on consultants or single individuals, also make it a system and a structure that run as a machine, and scaling revenue on that with a scalable product. We have one bag, we have 12 languages, we have a uniform, good taste, we have contract farming, and just scale that product.

By doing so, we working on achieving economy of scale. It has been challenging to grow with the pace, going public at the main list, acquiring a company, with all the governance and requirements by law that we have to comply with.

That costs money. Then

there's another question here: how do you plan to cope if you get in a situation again with too much demand for your capacity?

We have now for first time now, I think if you look here on the slide back here, it's good questions coming up. Now it's better questions than we got in the beginning, Thea.

Let's look here on the slide for Kirirom, right? If we go back here to the Kirirom slide.

We for first time now, right, and that's the question was asked previously: what are the synergies by having Kirirom and the brand combining together? Obviously, we want to maneuver that growth we do, we want to standardize the products, we want to standardize the taste, and we want to grow.

The factory and the brand linked together makes a very powerful alliance. We control the full value chain from tree to farmer, which makes us a very good base for partnership with retailers.

We can supply and control quality like nobody can. Thirdly, when Kirirom, for example, also work with their third-party clients, as we contributing the majority of the revenue, we're also quite strong in negotiating with, for example, other external clients of Kirirom.

It makes a strength together. We can also utilize the capacity, tailor-make the capacity as a group by plan.

We have quarterly meetings together, we make forecasts together, we look on this now in a much more different, integrated way. A real synergy of this grouping together make us able to plan and tailor-make capacity in a much more comprehensive way than we ever did before.

I hope that we're not coming in that situation anymore. We relied on third-party suppliers, and we had massive growth.

Then we relied on that third-party company to make investments on their own based on our growth. That's a challenging thing for them to do.

When we are now linked together as a group, and Daley Sean, who established Kirirom, now become shareholder of Delysia Group, we are in the same boat. We all want to make money for the shareholders together.

It's unifying the whole thing in a complete new way just to address that question on capacity. It's one of the major reasons why we decided to integrate the company and had that plan for four years.

Thank you, Jan. I think we should begin to wrap up, but let's do one last question.

Are there any plans to transition the Kirirom factory from manual labor to a more automated production process?

That's something we're also working on, and we are looking on that as well. We are more and more automatic when it comes, for example, to packing the product.

Packing product is automatic. When it comes to producing the mango-dipped chocolate, we looked at automatic lines for that, and we tried and saw on the results, but in order to create the quality we want, it require that to be hand-dipped in order to make it the right amount of the chocolate, to make it the right amount of the taste.

Otherwise, it will be if a machine did it, it would look different, it wouldn't be as delicate and good. We want to be the best in what we do, it requires some hand-craft production there.

When it comes to cutting the mango skin off, we have tried a lot of equipment, and that's possible to do, but mango has different sizes, it's not so easy. We are constantly working with all the engineering and the best equipment producers in China, with them and the factory as a integrated company.

With our Shanghai office, which is our major office, we have more than 20 people in Shanghai, and they're supporting and looking on this optional. That's also one benefit of being a group.

It's easier for us to make investments together and decide, 'Okay, let's invest in new automatic lines here versus having direct labor,' for example. It is fruit, and it is manual, and that's one of the benefits of being in Cambodia as well.

We are creating work for labor who needs work.

It's important.

We have also changed Kirirom from being a seasonal company, having just labor during season of mango, now we are working year-round. We're doing a lot of efforts in creating work and labor and having access to qualified labor at competitive cost, having sizable land where we can expand and build, having equipment and engineering from China coming in, is enabling us creating a very, very powerful engine in terms of production and innovation for mass-scale rollout on everyday snacking.

Thank you. Then I think we should wrap up.

Yeah. Thank you very much for joining this live presentation, and if you have any more questions, just feel free to email Thea at our company, VP Investor Relations.