Good morning everyone, and most welcome to the AddLife third quarter presentation. We will take you through the third quarter today, and then you will have opportunity to ask questions.

After the call and after the Q&A session, you will have the opportunity to stay on to watch a brief video. Normally these videos are about one of our companies in the group.

This time around, since it's a special year for AddLife, we're celebrating 10 years as an independent company, we have a brief video talking about our history with our roots that go actually 120 years back from Bergman & Beving and Addtech and so on, and it describes our entrepreneurial and decentralized business model that has been so powerful for us. Let's now get going.

The positive development that we have seen in the company for some time now continued in the third quarter. On top of that, we also saw an increased acquisition activity.

Sales increased by 7%, supported by organic momentum, but also acquired growth. Margins strengthened overall, up to 11.5%, a strong increase on the Labtech side, and a minor decrease on the Medtech side, but still quite stable, I would say.

Operating cash flow improved significantly, and we saw that overall sales was really in a positive trend. Advanced products continue to help us grow and improve margins, and we added new products to the portfolio during the quarter.

We had a little bit of fewer instrument deliveries during the summer months, which is quite normal, and the ongoing healthcare dispute that we saw in Spain held us back somewhat. We saw stable development in the Nordics, good growth in UK and Ireland, and also in Eastern Europe, a continued strong development.

We're really pleased to note that acquisition activity has really increased. We completed the Unicam acquisition during the quarter, and in October, we completed the acquisition of Lenan.

Revenue growth in the quarter was 7%. Organic growth was 4%, assuming we adjust for the endoscopy business, and acquired growth contributed with additional 3%.

Organic growth of 4% reflect market growth. In Labtech, we had 2%, following a very strong Q3 last year with 9% organic growth, and Medtech had 5% organic growth.

The adjusted EBITA increased with 11%. This is of course supported by organic growth, mainly driven by increased gross margins, and acquisitions contributing with 8%.

Adjusted EBITA exclude contingent considerations, and the earn-out has been revaluated, and in some cases, it has gone up, in some cases it has gone down, and there's a positive net of 32 million over the profit and loss. Revenue increased with 7%.

Underlying organic growth was 4%, and acquired growth was 3%. Gross margin continue to increase.

In this quarter, it was 1 percentage point. This is driven both by price management in the companies, but also by higher share of advanced products contributing with a higher gross margin.

In the quarter, we had unusually high operating expenses. This is due to growth investments into the companies, advanced products being one of them, but also of course operating expenses relating to acquired companies and costs relating to acquisitions.

Extraordinary items is the contingent considerations. Then the adjusted EBITA margin increased to 11.5, and profit before tax was up 61%.

EBITA margin has clearly improved over the past years. Year to date, we were at 12.2 compared to 11.9 last year.

The Labtech margin, that was 12.9, a clear year-on-year improvement, mainly driven by stronger gross margins improvements in the companies and the addition of acquisitions. Medtech margin was 11.3, slightly below last year, but also here, we see continued positive margin development in selected areas.

Margin expansion remain a top financial priority for us. Operating cash flow increased with 62% in the quarter, and the improvements was mainly and primarily driven by lower working capital tied up.

Cash conversion remained strong, above 100%, and working capital efficiency is a continued focus going forward. Operating cash flow was 236, and working capital was negative 58.

Working capital was impacted by collection of accounts receivables, payments of account payables, and also inventory increased slightly. This is partly driven by the introduction of new products, but probably we also have a small build up entering the fourth quarter and the last quarter of the year.

Inventory represented 18% of sales, which is slightly higher compared to the 17 we saw in the first half of the year. Acquisitions relates to Unicam.

Looking at the net debt, it was slightly up in the quarter. This was impacted by FX translations, and that had an impact of 91 million in the quarter.

When we talk about net debt, we include bank loans, lease liabilities, contingent considerations, pension liabilities, the provisions, and then we deduct cash. After quarter end, the bank facilities has been refinanced.

It's a three-year term, and there's a two one-year extension options in addition. Leverage was at 2.5, which is below the ambition of being at 3 or below.

Net debt to equity ratio was 0.8, and since a year back, the balance sheet supports both organic and acquisition-driven growth. With that, I will hand over to Fredrik again.

Labtech had a strong quarter in Q3. The growth was 7%, and with a quite significant acquired addition of 5%.

EBITA margin improved significantly to 12.9 compared to 11.2 in the corresponding quarter of last year. Diagnostics remained stable and strong, I would say, and research activity was seasonally a little bit lower during summer, which is a pattern we normally see.

Eastern Europe continued to show strong development, supported by investment in advanced technology. Then we're quite happy with the fact that Unicam was added to the mix towards the end of the quarter.

This is a great company that strengthens our position further in Southern Europe. Medtech also had a strong quarter, with a good growth and an addition of acquired growth as well.

EBITA margin was slightly lower, 11.3 versus 11.6 in the corresponding quarter of last year. Nordics delivered a really good growth, while Spain was still affected by the ongoing healthcare dispute that we have seen now for some time.

UK activity improved, with higher surgical volumes and the delivery of capital goods that were ordered in the previous quarter that we highlighted at that time. We're really pleased to see that those deliveries are indeed happening.

Home care continued to develop well, further strengthened by the acquisition of Lenan after the closure of the quarter. This is also very much in line with the strategy that we have communicated.

Moving on to the acquisitions. Very warm welcome to Unicam.

We're happy to welcome them to the team and to the AddLife family. This is a Portuguese company focusing on advanced analytical laboratory equipment, primarily in the areas of chromatography, spectrometry, and microwave technology.

They are really well renowned in the market for a super strong technical and clinical and application service. This fits really well into the model that we have.

This will of course become part of the Labtech business. In October, we were very pleased to complete the acquisition of Lenan, a company that will become part of the home care business.

Lenan is a family-owned company with manufacturing of high-quality stainless steel products. They have a strong position in the German market and other markets in Central and Eastern Europe.

They are a very nice addition to the home care business. We wish the Lenan team a warm welcome to the AddLife family.

Decentralization and entrepreneurship is really part of the AddLife's DNA, as many of and you can also see if you decide to stay on to watch the video after the Q&A session. It is a powerful model, and it is something we're living really in our day-to-day activity.

I want to give you a few examples of what we have recently done. MBA, a successful company in Spain and Portugal, have created three specialized divisions to drive their respective product portfolio.

That has proven to be extremely successful. In Healthcare 21, we have organized in country-specific organizations, and we have created specialized commercial divisions with a high level of autonomy.

Finally, in Advision, we have removed a significant group function and really, again, decentralized decision-making and responsibility to the local entities. All of these measures have been very successful in efficiency and drive and agility.

What are in summary the benefits of our decentralized model? I think it makes us agile and efficient.

The subsidiaries have the freedom to act quickly and work efficiently, close to customers and suppliers. That's very important.

Also in M&A, we can really use our deep market knowledge, and have a higher capacity for acquisitions. The acquisition work has been delegated to the business unit leaders, and they own the acquisition funnel, and they are supported by the experienced advisers, as well as the subsidiary resources.

Finally, decentralization certainly attracts and retains talent. It helps us give opportunity for people to develop and evolve.

It also attracts individuals, and also last but not least, is very attractive to potential acquisition targets that we are in dialogue with. Decentralization has been a part of our model for 120 years now, and it's still a very powerful piece of the AddLife DNA.

Moving on to a summary and outlook. We do see continued consistent positive development, and that's fantastic.

Sales, earnings, operating cash flow developed well in the quarter. We see stable development in the Nordics, good growth in UK and Ireland, and strong development in Eastern Europe.

We are continuing to introduce and drive advanced products, and I'm pleased to note that we have during the quarter added important product portfolios to the mix. The decentralized model continues to support efficiency and agility, and it helps us drive acquisition, attract, develop, and retain talent.

Finally, we're pleased to note that we are seeing an increased acquisition activity, and we have been for a while, and continue to strengthen resources in that area, we can expect a continued high acquisition activity going forward. With that, we open up for questions.

Everyone, I think we are ready for questions, and we have Albin, I think you raised the hand first, please go ahead Albin, and please don't forget to unmute.

All right, can you hear me?

Yes, we can.

Nice, thanks for taking my questions here. Just wanted to start off with the decentralized stuff you mentioned in the Advision and other.

Of course, this is something that you believe in long term, but is it possible to quantify the direct effect of those measures you expect in the coming quarters?

That's a great question. I think it is a very powerful model and something we do continuously, not only when we make acquisitions, but also how we take care of the companies we already have.

I don't think we can quantify exactly the impact of it. I think in Advision, it clearly led to a significant cost reduction.

That was absolutely so. I think probably the most important factor is an increased responsibility, an increased drive, increased efficiency among the companies and the divisions that are given that extra trust, to speak.

I think that's harder to measure, but it's very tangible and it's very clear. Motivation, drive, speed, customer focus, we all know that's important, but it's hard to measure, I would say.

Sorry if we can't give you a firm number on that, but I think it's clearly helping us reduce cost, and more importantly, drive more business.

All right, fair enough. Then just how much of the operating costs here is resources for new advanced products, like M&A team build up and transaction costs?

I think Christina said something about it, but yeah, if you can split the OpEx growth. Also quantify maybe what's normal.

I'd say the main increase in the quarter is relating to sales employees, definitely, for sure. I think that looking at the gross margin that has increased with 1 percentage point, really driven by the addition of advanced products with higher margins, that also reflects on the OpEx.

That is the majority. We are building the organization to be able to handle those more advanced products, and also the addition of new product portfolios.

Sometimes you need to add the resources before you really have seen the sales, which is the case a bit in this quarter then, yeah, I would say sales-driven, definitely.

That's clear. Then just the last one from me.

Italy, down from 170 to 141 in sales here in Q3. What happened in Italy?

Is it timing or structural, or yeah?

I would say timing. I think we have a lot of research-related business in Italy.

We are selling normally quite a lot of advanced instruments there. That normally slows down a little bit in the summer months.

That happened this year as well. Then I think has also been a little bit of an effect of EU funding and so on that has been high at a certain period and now a little bit lower.

A mix of those two, I would say, but nothing alarming. It's a stable and solid business we have there.

Great. That's all for me.

Thanks for taking my questions.

Thank you.

Thank you very much. Let's move on.

I think we have Gustav here, are you ready for us?

Yes, good morning. Can you hear me?

Good

morning. Good

morning.

Perfect. I thought maybe just to build a bit more on the decentralization you've done here on the platforms, but maybe can you talk a bit about the changes to the M&A organization?

How does it look now compared to five years ago, and then also should we expect more deals to be closed internally now than previously?

Yes, I think we should expect more deals that we are able to find ourselves through the organization. I think we have gone from responsibility more centralized for the M&A to a clearer responsibility with the business unit leaders.

Each business unit leader is driving their own acquisition agenda, and of course they are closer to the business. They are quite knowledgeable in their respective fields, they drive it.

They have the ability to find good targets. They have the ability to really assess the quality of the targets as well, and they find them, they're good at that, and then when the acquisition happens, they are the ones responsible for taking care of it going forward as well.

That's quite important. That's an important dynamic.

Then of course they do get support from their respective companies, of course, to go out and find companies and assess them. We have also introduced a group of senior advisers, people who have worked for us in the past as CEOs and business unit leaders.

They support the work of identifying, contacting, assessing companies, they work also together with the business unit leader. Then on top of that, we have been building up the transaction capability, we have two people working on transactions purely and closely then together with the business unit leaders.

In addition to that, we are adding even more resource on the lead generation side, our proactive approach to analyze markets, identify potential targets, contact them on our own, to speak, so that the vast majority of the companies that we are in process with are indeed exclusive dialogues, and many times companies we have found ourselves. We expect that to continue and become even stronger probably with the continued strengthening of the M&A activity.

Now each business unit has the funnel of their own, there's more manpower and more manpower close to the market.

Now that's very helpful. Can we just get some sense of the current pipeline now compared to one year ago?

I think the pipeline looks quite good, and it is more like four or five different pipelines, right? That makes it more resilient, more deep, many more companies, more dialogues continuously ongoing.

That works well.

Perfect. Then just moving on to Medtech, is it possible to give a bit more color on the slightly softer margin?

Is that mainly due to the strikes in Spain, and also the slightly weaker performance in one of the subsidiaries that drove the sort of positive one-offs, or are there anything else?

No, I think it's partly of course that we were in the middle of the summer months. Then we normally see less activity, and that's primarily in elective surgery, so that kind of slows us down a little bit.

At the same time, we have been building resources for the increased share of advanced products, right? We had taken on a little bit extra cost to support those more advanced products.

Of course, we are happy to see that the gross margin is coming up in both business areas, it's working, to speak. Of course, when you have that little extra cost and then slightly lower volume during the summer months, that has a little bit of a negative impact on the margins, but it's not nothing that we are worried about over the long term.

I think we see it more of an investment for future growth in high-margin areas.

Perfect. I'll get back in line.

Thank you.

All right, thank you very much. Then we have Sten.

Are you ready for us?

Yes. Good morning.

Thank you for taking my questions. I'm happy to hear you talk about future margin improvements, and I guess you have elaborated a little bit on it, but could we perhaps go back to some of the drivers here?

What's the scope and timeline for this? Is this from internal work, or is it from recently acquired companies you expect to drive these improvements?

Or where can we find the drivers for future margin improvements? Also a little bit maybe on the timeline.

Is this gradually over the coming years, or yeah, if you could give us some color on that would be very helpful. Thank you.

Thank you. We always work with margin improvements, cost reduction, efficiency improvements, cutting out low-margin products, and so on.

That's kind of day-to-day business, right? On top of that, I think there are three major areas where we can see margin improvements going forward.

One is there are a handful or two of companies that are maybe not performing at the level that we want them to, we have targeted programs for them. I'm really pleased to note that that's really making some nice progress.

We are seeing clear and tangible and long-term results of that, so that's quite positive. Then we touched upon advanced products, right?

We don't stick to products that are becoming commoditized or under margin pressure. We cut them out, but we replace them with advanced products that really have a chance to alter the way the healthcare system is working to improve efficiency, and that aligns very well with value-based procurement and so on that's being emphasized in many countries.

Adding new and advanced products increases the gross margin. That's evident in the numbers.

It also requires us to be able to support the customer at the clinic, at the lab to make it work in their hands. That makes us a trusted partner, right, but there's a cost associated with it.

I think that's another one clearly. Then of course acquisitions.

We are pleased to note that the acquisitions we have made over the past few years have all been at margin levels clearly above the group average, absolutely they are contributing to margin increase as well. Day-to-day efficiency measures, and then focusing on those few companies that are not quite at the level we want them to be, adding new products, and acquisitions with high margins.

That's the formula we're working on, and I think we're seeing results of it, but it can vary a little bit quarter to quarter, but the long-term trend is clearly there. I hope that was an answer to your questions, Sten, or...

Sure. No, absolutely.

Thank you very much. Would it be possible to sort of quantify the share of the business today?

I guess we have seen the home care business now it's I guess not diluted to the margins, but would it be possible to quantify the amount of companies in terms of sales that are not performing according to your expectation?

Yes, it would be.

Yeah.

Do you want to say that?

Yes, I think we talked about when we had the CMD three years ago.

At least.

At least, yeah. Then we have this matrix where we have profit or working cap and then EBITA margin.

If you're down in the left-hand corner based on our total revenue, I think we were at around 25%. Now that has gone down.

End of '25, it was around 20%, and that is of course progressing and improving year-on-year. It's not only that you go out of the box, which is a 10% EBITA margin and 45% profit or working cap, it might also be that you move inside of that box, of course, and then the aim is to have everyone up in the right-hand corner.

Yes, so that percentage of revenue has come down over the years, and we are continuing to work on that push them out of that one.

Yes, good progress, but there's more work to do.

Yes.

Perfect. Thank you very much.

All right, thank you. Good question.

Simo, are you ready for us?

I am, and hopefully you're ready for me.

Yes, we are.

If we go back to Medtech and talk a bit about the margin, I think you made it relatively clear that the investments you're making there is maybe diluting it a bit in the quarter, but you also highlight that you converted these equipment or capital equipment in the UK, which you talked about before. Can you help us understand the possible positive effect that came from that?

Yes, I think in the previous quarter, we talked about the fact that even though the start of the year had been a bit slow in UK, we did see capital orders increase. Capital sales had been quite slow in the first half of the year.

We saw those orders starting to come in, and we were pleased to know that many of those deliveries actually did happen now in Q3. That's a good sign, and of course it helps sales and margins as well.

Then on top of that, of course, number of surgical procedures is normally a bit low during the summer months, but there was a positive trend in surgical procedures performed in UK, so that's also a positive sign. The waiting lists are still long and they are not coming down, but procedures performed increased a little bit.

I think it's a more positive environment in the UK right now compared to what we saw earlier in the year, we're pleased to note that, of course. I can't give you a fact number how much it's each of those factors, but clearly improvement is there and a little bit more optimistic outlook.

Did that answer your question? Yes.

Yes, this was a good answer. Following up on that, would you say that the order book of these capital equipments are normalized now towards the UK?

I would say so. I think it looks better, and order books in general are healthy.

Good. You mentioned that activity also improved in September.

I interpret that the trend during the quarter, to say, was good. Can you give some more color on that?

Was it very broad or were there particular areas that stood out? Of course, you highlighted the geographies, but...

I think the activity is normally lower in primarily research and in elective surgery during the summer, and so lower activity there as expected, I would say. We did emphasize that order intake had improved during September, you would expect that, but it's also good to see it in the numbers.

I want to refrain from picking out special countries or companies where we saw that trend, but it's clearly a general trend in both business areas.

Very good. Just one final one for me in Labtech.

The margin was quite strong. Of course, you have a good contribution from M&A.

Would you say that there's anything standing out, to say, in the quarter, or is this just a fair underlying margin?

Nothing of the kind of one-time impact type, really. I think it's the things that we have talked about in the past.

It's that we have been winning tenders and the impact of that, it takes a while to fully materialize, installation of instruments, gradual pickup of sales, that is still there. Addition of new products, we're pleased to note that we took on some significant product portfolios during the quarter, and that had a partial impact during the quarter, and we expect to do more of that.

I think we have great positions and we are an attractive partner to suppliers. Then of course finally, acquisitions clearly are improving the margins in Labtech and Medtech, but I think it's even more pronounced on the Labtech side.

To that, we can add the continuous improvements in a few of the companies.

Yeah. That's a good point.

We also in Eastern Europe, we saw a continued very healthy development, we're pleased with that. I think it reflects two things, really.

It reflects quite buoyant underlying demand in Eastern Europe. The economies are growing nicely, increased investment in healthcare and research, but also a long-term effort to work with the companies in question to evolve, improve efficiency, add new products, raise margins, and that has really worked really well.

Very good. Thank you for taking my questions.

Thank you so much. Let's move on.

We have Charles raising his hand, we're ready for you.

Hi, thanks for taking the question. Charles Weston from RBC.

Two, please. Back on to acquisitions again.

You talked about the acceleration being largely, I think, driven sort of by self-help, more efforts on your part, and I was wondering whether there has been anything changing in the minds of the vendors themselves. Is there anything from their side, perhaps across Europe, that might have accelerated their desire to exit?

Great question. I wouldn't say anything dramatically changing.

I do think that what we see oftentimes is people do see the value of belonging to a group that could be a nice peer group of competent people for exchanges of experience and learning from each other. I think people really do value that.

Sometimes we can be supportive in a transition period for a company where they want to grow further, they want to take on new product groups or new geographies. Then they oftentimes feel there's a benefit of having connections within a group that can help support that growth, since we've done it many times before.

I think it's more of the same, really. What we find is these oftentimes very competent, very knowledgeable, very proud entrepreneurs, they tend to like what we have to offer, the support, but still light-touch and the decentralized model.

I think, yeah, it's attractive to them. Nothing drastically changing, I wouldn't say, but continuing on a good logic.

I hope that was an answer to your question, Charles.

It was. My second question, please, is just on regional observations.

You mentioned Spain is still tough. Is that normalizing now, or improving?

You said there was an improvement in elective procedures in the UK. Are there any other regions where you're seeing any meaningful changes in activity?

Cautious optimism over UK, like you correctly stated. Spain, we do have the strikes or labor dispute, that's been ongoing.

It's been a little bit calmer during the summer months, of course, but I think the underlying issue is not resolved, I think we will probably see more strikes in the coming months, I'm afraid. That does stand out a little bit, and that of course has an impact on surgical procedures performed.

Again, those patients are not going away. They still need that surgical procedure, over time, we hope and think they will be getting it as they need.

It's a bit of a shorter-term effect, but it should be resolved and move on to this in future, we hope. I think UK and Spain, positive like I mentioned, Eastern Europe is going quite well, fairly stable in the Nordics.

I think those would be the geography-related comments at this point. Anything you'd like to add to that?

No, thank you. Covered the most part.

Covered the most part.

Yeah.

Great. Thank you very much.

That's it for me.

All right, thank you Charles. We have Albin, right?

Yes, good morning. Can you hear me?

Can hear you. Good morning.

Great,

great, thank you. Maybe tying into previous questions about the margins in the Labtech segment, which looked really, really strong, and as stated, I guess M&A is one part of that bucket on the improvement year-to-year, but considering the quite still low organic top-line contribution, there is very high operating leverage still on the organic side of that.

Is it possible to split that between kind of what is improving suboptimal units within Labtech and what is kind of incrementally better business from an already solid base, if you understand? What is the kind of this tender wins that you've gotten that are kind of improving the overall quality, and what is kind of helping the problem childs, and what is the M&A contribution on a year-to-year basis, if it's possible to split that?

The M&A contribution we can kind of more clearly describe. Do you want to speak to that maybe, Christina?

If you look in the report, you will see the revenue from acquired companies, and also reading under the section with acquisitions, then you can see that EBITA margin contribution for all acquired companies is above 30%, clearly acquisitions is contributing, and that's both in Medtech and Labtech. Now, so

that is one we can fairly well quantify. The others are a little bit more tricky to split up, to speak, but I think it's really a combination of continuing to build on what the product portfolio we have and winning more business with it, given the trust that we have built over time with the customers as a solid partner, right?

That's one piece of it, and we talked in the past of a number of bigger tenders won, primarily in Scandinavia. Then again, it's also a constant addition of new products that we either start to build up the market acceptance for, or in some cases, we take over complete portfolios including team members, and that has also happened in the quarter.

I think I would refrain from trying to put them in different buckets and quantifying the number in each bucket, but all of those three are indeed contributing, and they of course feed from each other in a way, because if we are a trusted partner in established products, well, a supplier that's considering a change in their commercial model will of course look at that and see that we are a trusted partner, we would be a good home for an additional product portfolio. It kind of interlinks in a way.

Great, great, thank you. Perhaps relating a bit to the M&A organization and M&A in general, over the past years, you've been a bit hindered in the magnitude of deals you've been able to complete, but you've in my eyes at least picked out what seems to be very good companies, and this year as well especially.

Now, if we play with the idea that leverage comes down towards Q4, and that you're able to perhaps acquire more to a double-digit end of contribution, should we expect you to kind of be able to find equally as qualitative companies, or will you have to be able to kind of trim on the quality somewhat? How should we look on those dynamics as you pick up the pace in the total contribution as well, compared to the quality of the companies you acquire?

That's a great question, and we are quite picky, to be frank. We would rather say no than go ahead with something if we think it doesn't really match our criteria or the way we like the businesses to be.

We will continue to be picky. We are picky, and we will continue to be picky.

I would say also that more and more we have had more to choose from as we've become better in building pipelines. It is a long-term work, right, but as we become better at that, improving processes, strengthening the team, the organization getting more used to that way of working, the list of companies that we are in discussions with is growing, we have more to choose from now than we've had in the past.

I don't think that we should lower the threshold, to speak, and I don't think we have to either, we continue to be picky, and we're optimistic, and we're building the resources to handle more.

Great. Thank you so much.

I think that was all for me. Thank you so much.

Yeah.

All right, we have Christian raising his hand as well.

Hi. Thanks for taking the question.

I suppose it's Christian Glennie with Stifel. Within the Medtech business, any particular segments within that that are of particular note, both in terms of attractiveness in terms of growth, but then also in terms of the M&A piece in terms of where you think you want the strategy there in terms of is it about segments, or is it maybe geographies and things that you're more focused on?

It's more segments, really, because we have listed a number of segments for home care and for hospital that we think are particularly attractive, and that list is fairly long. It's around four subsegments for home care and about 10-15 for hospital.

We have outlined those with some and that can be found in our annual reports and so on. They are all characterized by being relatively advanced, meaning that it's not a me-too product.

It's a clearly differentiated product. It's a product that actually help the healthcare system to become more efficient, if it's handling more surgical procedures with the surgery team you have, or if it's allowing patients to stay at home for longer and not burden the hospitals and so on with the help of various technologies that can adapt the home.

That's kind of the underlying theme: advanced products, improving the efficiency of the healthcare system, but requiring strong support, customization, and so on. That's the underlying theme.

We look for those, and that's where we like to grow both organically and through acquisitions. I don't know if that was an answer to your question, Christian, is there something more you would want to follow up on there?

No, no, that's helpful. Thank you.

Good. Good.

With that, I think we're starting to wrap up. Are there any more questions you would like to ask?

Please raise your hand. If not, you're more than welcome to call or email us after the call as well.

With that, I think let's wrap up, and thanks for spending a few minutes with us here. If you have a few more minutes still, we do encourage you to watch the video that describes the history of our business model going 10 years back, but actually to the roots already 120 years ago.

You'll find entrepreneurship and decentralization being key themes. Thank you, and talk soon.

Bye.

Thank you.