Thank you very much, Mac. Great to be back.

Thank you very much. All right.

At first, we start with a little short introduction of I-Tech, right? The space that we're operating is the maritime space, right, the maritime industry and industrial shipping.

We typically pose this question, what if 1/3 of the global fleet of 110,000 commercial vessels were using 36% more fuel than needed, even for a day? What would that mean for operating costs and emissions?

This is actually then data from our studies of in-docking performance of ships coming in after 5 years at sea, the picture is this bad. There is much to be done actually to target biofouling going forward, and it has huge costs.

I-Tech's solution is called Selektope, and it is originally a pharmaceutical ingredient that has been developed as an antifouling substance. It has a unique property to help stop hard fouling and, more particularly, barnacles.

This helps the ship operators to reduce their emissions to air, to help to protect the sensitive marine ecosystems from the transfer of marine invasive species, and also reduce the emissions to the ocean because Selektope is highly effective and efficient, you need very small concentration. I-Tech today then, we have a unique technology.

We are focusing on building intellectual property and formulation know-how around using Selektope and also new solutions now going forward. We are asset-light in the sense that our production is outsourced, and we estimate that our penetration is quite low still, 3,500 vessels out of the commercial fleet of 110,000 vessels.

Our customers are the major antifouling coating producers, the coating companies, and there are actually nine major companies then, representing more than 95% of the addressable market. We work, of course, closely with all of them.

If we look at I-Tech's journey since its IPO in 2018, it has been a growth journey, essentially, right? We have grown nearly 30% year-on-year, and we see also that then until Quarter 3 this year, we are continuing the growth journey.

It's really nice to see that the use of Selektope is continuously increasing. Then we dive into the Q3 results.

This, I can say, then, that the organic growth continues, essentially, right? If we look at sales or currency-adjusted growth, it is 18% versus Q3 last year.

We see then that year-to-date sales grow with all our major customers, which is great to see. It's a little bit lower sales done than the previous record quarter, which was last quarter, Q2, but still a very good quarter overall by our standards.

Looking a little bit into the numbers, then. Net sales in SEK grew by 19% and reached 48.8 million.

The gross margin continued to improve or be more stable at a high level, 60% versus 57% last year, right? EBITDA rose by 16% to 15.1 million, and EBIT then by 20% to 13.3 million.

Operating cash flow was lower this quarter than the corresponding quarter last year. However, this is an effect mainly due to skewed accounts receivables, because we had a very low sales quarter in Q2 2025.

The operating cash flow we're seeing now in this period is more resembling, you could say, how it should be, right? The cash balance continues to grow, and we have now 177 million year-to-date.

Okay. Looking at the geographical spread of sales then, year-to-date, we can see that Korea continues to cement its number one position.

So, 41- 46% of our sales year-to-date has gone to Korea, 27% to Japan, 21% to China, 3% to Singapore, and also 3% to Europe, right? That is the sales split that we're looking at now.

We see continuously strong development from all the Asian markets here. Growth, you could say, in Q3 have been driven a lot by both South Korea and China.

To summarize the quarter, then, yeah, 18% organic sales growth, still very good momentum here. I think the diversification continues.

We see higher growth rates with our smaller customers, which is positive, we are becoming sort of less dependent on number one or the biggest customer. The margins, we are very happy to see that we've been able to maintain really high gross margins, despite the turbulence that has been, you could say, with raw material prices this year, and that we continue to have a strong result in EBITDA and EBIT percentage.

All in all, we are very satisfied with the results. Now we come to the outlook.

You have heard me talk also in the previous quarters this year about the market and sort of that we are in, you could say, a mini boom at the moment, right? Just sort of zooming in from the bigger picture, there are around 2,000 new vessels being built every year, and there are around 20,000 service events or drydockings where ship come into service and where they apply a fresh layer of paint.

China represents more than 60% of the drydocking market and nearly 60% of the new vessels. China continues to expand their number one position in the market, meaning that is also one of the key markets for I-Tech for securing additional and future growth.

If we look at the market as such then, this year, I think the closure of the Strait of Hormuz, right, has meant, you could say, that the loss of volume here has been able to be mitigated by alternative routes and sources, right? In fact, what has been the consequences is that, you could say, the availability of ships or vessels have decreased, prices have gone up, right?

We do see, however, that overall, seaborne trade has actually gone up the year year-on-year, right, by 1.1%. The charter rates, which is then sort of the price you have to pay to ship goods, has increased 61%, sort of the overall indexes year-to-year.

We see also then a very active ordering of new ships, right? That is up 33% on the full year 2025.

Means that we have seen a tremendous bump, and that is actually shown also in the top graph here to the right, right? You see that expected deliveries have increased for the years to come, which is of course good, you could say, from an I-Tech perspective.

There will be more ships built that need a new fresh layer of antifouling coating, right? We also see that the shipyard output has increased by 14% year-to-date, right?

We often talk about the shipyards being full or at their capacity, but we also see that they continuously expand their capacity. Of course, the elevated fuel costs continue really to underscore the value of a premium antifouling solution.

All in all, you could say the macros are quite positive for antifouling coatings. We also note, you could say, an increase in the number of repair events, and this is of course quite linked to the available fleet and their service schedules.

It's all in all, a very positive view. All right.

Now we come to the regulatory part. I'm really glad to have brought with me another fantastic I-Tech employee for this session.

I will hand over now to Cecilia Ohlauson, Head of Regulatory Affairs & Sustainability.

Thank you, Markus. As most of Selektope has been going through a re-registration process in Europe for the approval as a antifouling biocide.

This has been a long process. Selektope has been discussed several times by the Standing Committee on Biocidal Products.

What's been happening this quarter is that there was a meeting in June with the Standing Committee where a draft proposal for non-renewal of Selektope was discussed. Following that meeting, it was decided that a vote would take place.

In the meeting in September, Selektope was not discussed. Following that meeting, a written procedure for voting was launched to the member states, and that is currently ongoing.

The voting is running from the 7th to the 21st of October. As we also indicated before, the approval for Selektope currently expires by the end of this year.

Selektope is not the only antifouling biocide under pressure in Europe. We as I-Tech has tried to draw attention to this problem for several years now.

Finally, I would say the European maritime industry is also waking up. With the support of Biocides for Europe and CEPE, a petition has been launched to activate industry in Europe and highlight the risk that we're facing of losing efficient antifouling.

To date, there are 30 organizations, companies, similar that have signed, some very influential trade associations have signed, but also shipyards, paint manufacturers, ship owners. The intention is to send this letter to the member states, but also to European Commission, to European Parliament, etc., to really highlight the risk that we are facing here.

What would be the consequence if Selektope is not approved in EU? What could the impact be?

If we look at how Selektope can be used, there is very few limitations, actually. What is the limitation is that paint containing Selektope cannot be placed on the European market, hence you can't sell paint containing Selektope within EU.

Another limitation is that treated articles cannot be traded within EU. What does that mean?

A ship is considered a treated article under the BPR. A ship treated with Selektope-containing paint cannot be sold to an EU-based owner for EU use.

It is quite small limitation. Roughly, 5% of the addressable market would be impacted, while 95% can continue as usual.

Port calls in EU are continues to be acceptable, trading sort of traveling in EU water is continued to be approved. There's a very small limitation here, actually.

Yes.

Thank you very much, Cecilia. All right.

Then we move ahead to the business development pipeline. We had a press release yesterday that we will come back to in just a few seconds.

We can say that we are very much actively working on our opportunity pipeline at the moment. As we have talked about here numerous times, we're looking at what complimenting technologies and products we can bring to our existing customers, and that could be other active ingredients, that could be complimenting technology such as binder technologies, etc., that we have talked about earlier as well.

In addition to complimentary products and technologies, we are looking at adjacent markets. Other marine markets that have really big challenges with biofouling, and here, aquaculture and the yacht market are in our focus, as you know.

Then, shifting gear and talking about the recent acquisition, it's actually a license agreement that we have signed with a company called Titanium Technology. It's a Spanish startup company, sort of similar in profile to what I-Tech looked like 25 years ago.

They have actually tested and proved the value of their technology in a number of pilot tests already. Of course, they would highly benefit from an experienced partner like I-Tech in terms of commercializing their technology.

We have then signed a worldwide exclusive license to commercialize their technology within aquaculture. What is their technology, then, in essence, right?

They are working with titanium surfaces. The innovation that they have found is that if you use an electronic control system and you apply a certain type of current or yeah, electricity to the titanium material in a sort of a varying pattern, that really limits the ability for microorganisms to settle onto the surface.

This is mainly, you could say, an electrochemical effect. You have the charge, surface charge, and the pH at the surface that is varying.

This is preventing species to settle, it's not a biocide-containing technology per se. What this enables then is to create really fouling-resistant structures.

For aquaculture, this would mean much smoother operations, right? If you not have no fouling, that means that you can have better water flow, you have more oxygen and less pathogens coming in to the species that you're growing.

This means that you can reduce significantly the maintenance that is today applied to clean and remove biofouling from underwater surfaces. The really big benefit here, and I think also to the value of both this technology and the ones that we talked about at last quarterly report, is that improved animal welfare and the yield really, that biofouling actually calls sickness and death among the species that you're growing.

Here you have a chance to really improve the yield, which is, of course, a massive economic impact as well for the farm. With this type of technology, you could also envision a much lower environmental impact, since this is an electrical signal, and it's not a release of chemicals to the environment.

All in all, we're quite excited. We also brought to you some pictures today to show you how the technology has been validated today.

These are actually four different pilot validation studies. What you see here furthest to the left is actually a big water tank that is used to evaporate liquefied natural gas.

Here, you can see the technology then really applied as big sheets of titanium aluminum to keep fouling from growing on the inside of the tank. The second picture is actually a pipe, and you can see on the outside of the pipe, you have a lot of fouling, on the inside where you have the active titanium surface, it's actually completely clean.

Same goes for the third picture, maybe a little bit difficult to see here, but this is a grate, so that sort of filters and gives a basic filtration for the water. Also, the picture number four in the bottom there is a separate grate.

You can see in the frames how much biofouling you have, and also on the top part here of the grate, how much biofouling you have, and how clean the underwater surface titanium area is, right? We have seen, and it has been proven to work really technically.

Of course, what remains now is to prove the commercial validity of this technology for various aquaculture applications. Here, there is really the benefit of I-Tech and Titanium Technologies working together then going forward.

That was a brief overview of the Q3 results. Coming now to the business outlook, we are continuing to work very actively with the business development pipeline and the opportunity pipeline, we can foresee additional strategic partnerships going forward.

As you heard from Sissi, we remain very active on the advocacy side, both linked to the European Union market, but also the U.S. and other markets going forward.

That's another focus area. Of course, the business development now to really make these new interesting technologies fly and to get them out to customers to test them.

All in all, a quite busy time ahead for I-Tech. Right.

Then I think the spontaneous application that you would think for is of course for an antifouling solution for a naval ship, right? To my knowledge, there are no products today that are really specifically targeting the naval segment, but of course there is nothing, you could say, blocking any of our customers to promote products for naval application.

Yes. Hello.

A couple of questions from me. Sales, as you said, it was still a very strong quarter.

You had 18% organic growth, but it was still down a bit sequentially. What would you sort of say, what drove that sequential decline?

Is it just simply put, order timing, anything on customer inventory levels, anything else, or how should we sort of think of Q4?

Yes. Lara, as we point out, I think, at many quarterly reports, right, our sales do vary quite a bit between various months, right?

You could say, if one order ends up on one or the other side of a quarter, right, it can actually have a big impact. We have few customers that place rather big orders, right?

We tend to say, it's natural variation. I think, overall, we see with Q3 that the growth momentum we've seen this year is continuing, right?

Of course, Q2, we had very easy comparables, right, to last year, etc. There is the element of natural variation.

I would say that that sort of is the predominant effect here. Yeah.

Very clear. You mentioned the turbulence in raw material prices and the costs that you flagged earlier this year.

They haven't really materialized, we cannot see that in the gross margin. What would you say is the current situation for your key raw materials?

Do you still sort of see a risk of higher prices going ahead? To what extent can you sort of pass this on to your customers?

I think there are two things here. I think the worry is, you could say, for I-Tech's margins, but I think the worry is also for our customers, right, to be able to obtain the appropriate amount of raw materials to produce their products.

I think, in the start of Q2, there was really a worry amongst some of our bigger customers, right, because of the disruption of Hormuz, etc., will we be able to source enough raw material to meet the demand, right? That was really a question, you could say, in the start of Q2.

We see that that has sort of settled a little bit now, availability is not a problem. You could say, raw material prices have sort of stabilized at an elevated level, right?

You could say that I-Tech had to take action as well during Q2, right, to adjust prices and, of course, work with our suppliers, right, to mitigate the effect. I think, we are quite happy and proud of being able to keep our good gross margin, right, also in Q3.

Obviously you touched on this a bit. You had a very strong gross margin of 60% this quarter.

Should we sort of see this as a sustainable level going forward?

This is definitely our, you could say, target, right, to keep it at a higher level. However, it will vary, right, as we know, between the mix between different quarters, etc.

Plus minus 2% 2 percentage points, I think, is reasonable, right? It is our clear intention to keep the good margin.

Okay. Also on the operating cost side, you had some license fees and costs related to the acquisition of the aquaculture technology.

On the license fee side, is that something that will be recurring? Basically.

Yes.

It will be a recurring license fee going forward and the level, you could say, is performance-based as well. Depending on the success.

Okay. Also on your aquaculture technology, still very early, can you give some sort of indication timeline when you think this will start generating some revenue?

Yeah. Let's start with the technology then, the bio-based additive that we released, you could say, before last quarter.

I think that has progressed nicely now. We have set up an internal validation project to look at the performance.

We are actively speaking to prospect customers here. It's really difficult to say how far away sales is.

As I think we indicated, within a few years, it should be reasonable, if the technology really matches the requirement and delivers on the promises, right? That it shouldn't be unreasonable to say within a few years, Lara, for this technology.

In terms of the new license agreement with Titanium Technology, it's very much early days, right? We need to focus now on building pilots to prove the value for aquaculture, right?

Sort of you see the pilot test that the technology seems to be working really well, right, sort of to prevent fouling. This has to be proven then in a commercial aquaculture application as well, so that's where we are now.

Of course, we are preparing a plan for different applications to validate the performance, right? It's really too soon to say when will we have sales and what is the absolute potential, right, that we're going for here.

Okay. Obviously you mentioned that you're building pilots to prove the value.

Would you say on the commercial ship side, part of the reason for the penetration taking a long time, or whatever you would call it, is that you have to test on a drydocking period of 5 years. How does that cycle look on the aquaculture side?

We talked about that a little bit last quarter as well. I think the good thing with aquaculture is that qualification periods are generally much shorter, right?

I think this is one of the advantages of the aquaculture market, right? That, you could say, the time to market is significantly reduced compared to our traditional antifouling segments, right?

Hence, it's also why it's, part of the attractive properties of this adjacent market.

Just on the cost side, what type of costs should we expect for these technologies? That, obviously, it's very early.

Should we expect elevated R&D costs? Will this be expensed or maybe capitalized?

No, you should expect us to continue to invest in our organization, right? To be able to take care of these new technologies and to really develop and commercialize them, right, we need of course resources to do that.

However, knowing I-Tech, we will do this in a cautious manner, right? Also to balance, you could say, yeah, costs and what we are able to deliver in the projects, right?

You should expect a continuously prudent increase of our cost expenditure.

Yes. If we move on a bit to the EU regulatory process, as Cecilia mentioned, the approval expires at the end of this year.

In an event if the vote is negative, are there any sort of transition periods for selling or using existing stock that actually contains Selektope? When will the actual restrictions take full effect?

Yes, I can take that question. You will have a 180-day transition period when you can sell whatever is available, what you have in stock, etc.

Of course, the 180 days starts from when the decision comes into force, not immediately when it's announced in that case. There will be some transition time.

Yeah. I understand it's hard for you to know when a decision will come, but the voting is until, I think you said, 17th of October.

Do you expect a decision from that or do you expect an announcement from that outcome shortly thereafter, or

Yes.

What's the sort of timeline?

Yeah. The voting runs until the 21st of October.

Then,

normally, a decision will be announced within 1 or 2 weeks, but there is no really fixed deadline for the announcement. Whatever the outcome is, we're in the hands of the European Commission.

Also, there's the need for the signature, right? It doesn't become law until von der Leyen has signed.

No.

Yes.

Okay. In other words, it could take longer.

Yes.

Okay. Just this final one from me.

You mentioned in previous quarters that you wanted to conduct a EOGRT study. Is there an update on this?

We are currently looking into several different CROs or Clinical Research Organizations that could run the study. Since this is a difficult study to run, there isn't that many laboratories that are capable, especially then using Selektope, since it is a sedative and it is a long study.

You need to be extra mindful to make sure that whatever effects you might see are due to the relevant endpoints, or due to the relevant effects, and not sedation per se. It is a little bit complicated, but hopefully, we should have sort of a starting time and a CRO in place within this year.

Okay. You're still fairly confident that you will conduct this study, or is it still a question of you're going to conduct it or not?

Of course, we have said that we plan to run the study. Of course, it will also be dependent on the timeline when the study could actually be started.

I think that will be something that we need to take into consideration.

Okay. Thank you.

That was all from my end. Thank you very much.

To my knowledge, we haven't really seen any new launch or any product being paused during Q3.

No. I think it's back to Laura's question again.

We have few customers that place rather big orders, right? The pattern varies between months.

It really matters, you could say, in what quarter a certain order ends, right? That's the main reason for the fluctuation.

A substantial part in Q3, because that has been the picture, you could say, throughout Q1, Q2, and Q3. I think we talked about this already in Q1 that they recovered much quicker than we anticipated, right?

I think it's reassuring to say that that momentum has kept, you could say, through Q1, through Q2, and Q3, right? Of course, last year, they were buying very little in Q2, Q3, right?

Of course, a big part of the contribution comes from the second-biggest customer.

Yeah. In general, the stocking effect is quite minimal for our type of business.

Selektope is a very expensive raw material. It's not something that you want to sit on.

Paint manufacturing is a just-in-time business, right? However, our customers do need to build stock of their own product to be able to service the service of the drydocking market, right?

I would say that, since the growth has sort of accelerated early on in the year and has maintained, you could say, the level throughout Quarter 1, 2, and 3, right, it's as a more sustainable level, right? That's what you can say.

I would say, mainly order timing. It could also be related to their production planning.

That number, I unfortunately don't have with me today.

You have expenses then related to our acquisitions, right, and the license agreement. I will not go into detail, you could say, how much they are individually.

The acquisition that we announced in August, it's a one-off, right? It's an acquisition of a technology and so that's essentially how you could view that.

The license agreement, as I was mentioning, this is a recurring license fee, a yearly license fee. Overall, it is success-based, it will only increase if we are very successful with sales.

Both of them are for aquaculture.

Yes. Right, right.

Because there is a question here,

I will not go into those details.

TAM?

Okay. That one, I am, unfortunately, if they could provide some clarity.

Competition could you read the question again?

Okay. Aquaculture, you could say, it's a competitive market, right?

We're talking about food production here, right? Of course, margins, in general, are slim.

However, biofouling is a major challenge for them, right? As I was saying also in the presentation today, the impact it has on yield is quite dramatic, right?

You can imagine if you improve the yield with a few percentage points, that has huge value for an aquaculture farm, right? Actually, it's that value, of course, that if we can help to enable this additional value, it's an opportunity for us and for our products, right?

I cannot comment really on Q4, right? It's not forward-looking, yeah.

As I was mentioning, repair rate or sort of the number of ships that goes into repair is very much decided, you could say, but how many ships you have, that was built, you could say, 5 years or serviced 5 years ago, right? That has a natural variation rather than you can say it's high economic activity, right?

The ships have to go into maintenance after 5 years, it's simply a function of the number of ships that are supposed to go into drydock, right? We merely had it to illustrate that there is really, you could say, an upward momentum and, a high activity in shipyards overall,

It won't affect us that quickly, right? I think, these ships that are being ordered now, they will be coated in approximately 3 years, right?

It's that sort of time lag that we have, right? Of course, then in 3, 4 years, we hopefully will see an uptick then for the VLCC.

They have increased this year, right, because and we talked about that in earlier quarter as well, we have invested in our organization. All in all, we've added three FTEs this year, right, on top of sort of the level we had last year.

Yes. Approximately, yes, yeah.

I think there are many solutions, you could say, competing for this space, right? We talked, I think, earlier about silicone coatings as being sort of a rather new if you talk about in shipping terms, right, a new technology that is taking market share.

A lot of people are talking about sort of proactive and reactive cleaning as an alternative to antifouling. We cannot really see that there's an alternative technology that is massively gaining momentum.

I think, antifouling coatings is really the key technology that you need to create sort of the preconditions of keeping your ship hull clean.

We don't know exactly when a possible negative decision comes into force. I would, based on other substances that have faced similar challenges, I would say likely within this year.

Then, we have the 180-day grace period, so that is then affecting both antifouling coatings, paints, and then vessels that are placed on the European market.

Yeah. We of course keep a very close dialogue with our customers, right?

What Sissi showed you today was sort of a snapshot of what we expect to be the consequences of a non-renewal, right? Of course, we keep a close dialogue to support our customers.

There are many questions that today, when will this happen, what is the grace period, etc., right? It's really key for us to be very close to the customers.

We have, you could say, an ambitious communication plan for this autumn and into next year as well, right? On one hand and of course, to inform them about the process, but also then, if there should be a negative decision, what are the implications for you?

That's the plan really to stay close to our customers.

That is a very, very tricky question, I would say. Patents are very important, but you also have other things, right, that really defines your stickiness.

I think the regulatory approvals is clearly one thing as well, right, on top of the patents that give you stickiness. I think also, in our case, we have patents, you could say.

Of course, the original patent for using Selektope as an antifouling biocide that has expired. There are a number of formulations patents, there are production patents, etc., right?

We also recently filed new patents for Selektope containing products, right? Of course, we try to keep an ambitious sort of agenda of strengthening the IP going forward.

It's really difficult to say, the terminal valuewise, is that really linked to the patent? I think it's linked to the overall market and of course what potential decisions competitors may take in the future, right, and how they then enter the market, etc., right?

Now, at the moment, Selektope is our only product, right? We just recently acquired these technologies, right?

We have, you could say, also on top of these external technologies, we have internal product developments that will be launched hopefully also within, you could say, the coming 1 to 2 years. Then, these new technologies, as I was mentioning, the biological derived additive, also within the coming years, it's difficult to say exactly, right?

So, 2 to 3 years potentially. With Titanium Technology, it's too soon to say.

Definitely, the ambition is that I-Tech will have more products, you could say, to base our growth on going forward. As you can see then, right, we clearly take concrete steps to make this happen at the moment.

Yeah. We try to assess, you could say, how much of our Selektope sales goes into new-build versus drydocking.

It's quite easy with the South Korean market, because South Korea is a new-building market. There is not much service happening there, right?

We know that our sales that goes to Korea is mainly or predominantly into new-build, right? Japan is a little bit different, it's more 50/50.

Then, as you could see with China, right, it's also close to 50/50, right? We assess that still around 60% of Selektope sales goes into new-build, 40% to the service market.

Again, to grow in the service segment is also linked for us to grow in China, right? This is the number one service market that we need to really address better going forward.

Yes.

Year-to-date. Year-to-date.

Last year, I believe it was 4, and the year before that, it was only 2, 3, right? It varies a little bit.

It has grown, you could say, this year, right? Yeah.

[cough] Right,

Oh, that is a very difficult question. There have been meeting notes from the meeting taking place in June, which indicate that there are member states that do not agree with the current development where EU has proposed a non-approval.

It is very difficult to say. I remain hopeful, [laughter] which I think you might need to be in regulatory affairs in general.

I don't want to speculate.

To add some color to that, I think what Sissi is saying, we tend to see that the member states tend to vote in accordance with the proposal from Europe, right, which then you could say speaks to our disadvantage. As Cecilia was mentioning then, a number of states have at least voiced concerns here, right?

To my understanding, it only takes four member states to vote no to this proposal for there to be a blocking minority, which means that then there is not a yes, and they cannot actually implement the legislation. Of course, we remain very hopeful that there will be four European member states that actually do recognize the value, right, going forward.

Again, we shouldn't stand here speculating.

What are normal for a growth company, right? We do identify ourselves as a growth company, but of course everybody asks me, how much growth will you deliver?

What is your plan for the individual year, right? We do not release that externally, unfortunately, right?

We identify ourselves as a growth company. We want to deliver, you could say, more than double-digit growth, right?

That's definitely our target. To say exactly how much that growth will be year-on-year is difficult because of the industry that we're in and the variations we see from customers, right?

Typically, we have this variation seen between months and quarters, right? What happened last year was the second-biggest customer coming back and say, "No, we revise our forecast for the year," right?

That, despite the fact that we grew very nicely with the biggest customer, CMP, and all the other customers, right, we had really good growth numbers last year. However, that was completely drowned by the negative effect of the second-biggest customer.

We are dependent on the development of our customers, right, going forward, and it does vary.

Yes. To our understanding, we're not allowed to, being listed or noted on Nasdaq First North.

However, there is a proposal to change this regulation, right? Sort of we are awaiting that.

If that happens, you could say, before the end of this year, then of course we have another tool, you could say, to address, you could say, the value share with our shareholders, right, going forward.

We hear both requests, right? I would say, many people of course love dividend, but some feel that it's better spent money to do share buybacks.

Let's look at doing both, right, and what makes sense, I think.

It is to invest in the business, right? As we said, the business development opportunity, the pipelines, we need to preserve cash, you could say, for regulatory approvals, quite costly.

Also to invest in our operations going forward, right? Definitely, we will be looking at how can we give more of this back to the shareholders, right?

There's no point in sort of having a too-high buffer neither, right?

Not to my knowledge, but we hope it should be. It's one of the innovations that we are sort of slowly, but surely, bringing to the market.

I don't have the exact figures, but I think you can compare, you could say, I-Tech's external spending before 2023 and now, right? You can see the difference, right?

It is quite costly exercise, right?

Thank you very much.

Thank you.