Thank you very much, and welcome also from from our side. My name is Øyvind Oanes, I'm the CEO of Morrow Bank, and with me as always, I have Eirik Holtedahl, the bank's CFO.

As you heard, we will start as usual with with a presentation, and obviously open up for for questions at the end of the presentation or after the presentation. Let me start by flipping to the first page.

Looking back at our first quarter as a Swedish bank, it feels like ages ago that we we moved the bank from Norway to Sweden, but it was actually in in the first quarter. This is the first report then as a Swedish as a Swedish bank.

Overall, looking at at the results and what we have delivered in the first quarter, I am actually very happy with with the quarter. In addition to to the numbers that you see on this page, sort of the the the main KPIs, financial KPIs for for the quarter, we have delivered on some very important, transformative, strategic initiatives for the bank in the quarter.

Let's look at some of the the numbers here first related to the quarter. We we saw strong organic growth in the quarter.

We reported a a growth of 7%. Looking at year-on-year, we we grew around 23%, we we continue to deliver good growth, organic growth, in the quarter, now reporting a a total loan book of 18 billion Swedish kronor.

As you can see to the right-hand side of this page, it's fairly evenly distributed now across Sweden, Finland, and and Norway. Profit before tax came in at 87 million Swedish kronor.

That's roughly up 10% versus the comparable quarter of Q1 last year, which again is a a solid result we believe. As I said, the the what for us, the the even more important things that happened in the quarter was actually some of those strategic initiatives that we have been speaking about for for for a couple of years now in terms of securing level playing field for the bank with our Swedish peers, as in moving the bank from Norway to Sweden, activating our Swedish banking license, and actually then becoming then a a fully licensed Swedish bank.

In addition, we also moved, as as most of you would know, we moved our our listing from the stock exchange in Oslo to the main list of of Stockholm or in in Stockholm of Nasdaq. This is also an important move as it does indeed strengthen our our access to the to the Nordics' largest capital markets, which we will were about to tap into as we as we go forward now and look at the the other big strategic things that happened in the market with with the announcement of our acquisition of MedMera Bank.

Again, maybe one step back, when we when we move the bank to or one of the main reasons why we move the bank from Norway to Sweden was to, as I said, secure level playing field also in terms of the regulatory environment. What that actually means is that we have now a set of different regulatory requirements also when it comes to to capital requirements.

When we became a Swedish bank, we managed to free up quite a lot of capital. We talked about our our excess capital for for a few quarters now.

That excess capital is now, in the same quarter as we we actually managed to free that up, deployed directly into a very strong strategic acquisition with with MedMera Bank. What MedMera Bank will do to the combined bank going forward is to actually increase our loan book by by around 65%, which again then will take our our lending book post-integration of of MedMera to close to 30 billion, which will kind of position us in the in the top as a top three player within consumer loans in in the Nordics.

As I alluded to, we will be tapping into the capital market with with a a new share issue. We're currently planning to to do that in June alongside with with issuing of both AT1 and Tier 2 bonds.

We'll come back to that in a in a minute. With the integration or the acquisition of MedMera Bank, we have we have lifted our medium-term ambition in terms of of EPS growth, and we're quite confident when we're now communicating an ambition to to more than doubling the EPS by 2028.

Looking at some of the other KPIs across this page, you would see I already mentioned we grew year-on-year by 23% organically. We had a cost-income ratio of roughly 25% if you take out some of the the one-off costs related to both moving the bank to Sweden as well as acquiring, or the process leading up to to announcing the acquisition of MedMera Bank.

Eirik will come back to that in a minute. Looking at our credit risk and loan loss levels, we've always communicated that we have a target to be somewhere between 4, 4.5%, which is also where we have been the last few quarters.

We came in with a solid 4.1% loan loss ratio for for the quarter. Earnings per share is a mathematical thing obviously, but came in then at 0.26 or 26 öre for the for the quarter.

Now moving on for those of you a bit new to to the case, what what is it that actually Morrow Bank does? We we are a a focused product specialist within the Nordic consumer lending sector.

We provide consumer loans, credit lines, credit cards, and also savings and deposit accounts across the Nordics. Our typical customer would be somewhere in the 35 to 50-year-old, have above-average income, and the the the loans that we give out would typically be around an average of 150,000, 160,000 kronor, again, typically used for a type of home improvements, a new kitchen, refurbishing the bathroom, even some used car in in terms of how how the customers use the their loans from us.

Looking at the market we target, and the market for unsecured lending across the Nordics, and when I say Nordics, I refer to Sweden, Norway, and Finland, is around 600 billion Swedish kronor. It's a large market for unsecured credit.

As I said, we, with the acquisition of MedMera Bank, we will be at around 30 billion in terms of our own loan book, which then translates to a 4.5, 5% market share. Still, it's a good market share, but still quite quite a bit of room to grow within our existing products and and markets.

Now taking a bit of a sort of longer perspective, looking at the the journey that we've been through with the bank, also a bit repetition here for for those of you who know us well, but we we know that there are quite a few new interested parties listening in to to our calls now as we've moved to to Sweden. Taking a bit sort of historic view, the bank was initially listed in in Oslo back in 2017, had some good growth in the start, went a bit sort of sideways, especially during the the pandemic, but since now about four four years, we have restarted quite a bit around the bank.

We have built a very scalable banking platform, which is then demonstrated by the fact that we have almost doubled our lending book. We have in also done managed to take on acquired volume through acquisition of performing portfolios.

We've done very much around sort of building a much more scalable platform, which then enables us to to deliver strong growth in terms of of lending, but as we will see on the next page, also very strong results in terms of actual returns. Now, we put now MedMera, the acquisition of MedMera, as well on this page.

That is a we would see a a strategic, natural next step. We have always been talking about the fact that size matters in in this sector.

That's why we've had so much focus on on growing the bank over the last few years, both organically and inorganically, and also a lot of focus obviously on doing that as profitably as possible and as efficient from a cost perspective as possible. Now, MedMera will will be a a leap step forward for us where we we add on about 65%, as I alluded to on on the previous page, in terms of lending book growth when we when we complete that acquisition.

That's a natural next step on our growth and development journey. As I said, we we one thing is to deliver lending growth and and growing our our lending book to close to 30 billion with with MedMera.

If we look back at the same period and look at what we have also managed to then deliver in terms of of bottom-line results, here illustrated by earnings per share, we see that we have definitely outperformed the market also in terms of earnings per share development with a CAGR of 42% over the last three years versus a peer average around 15. That is obviously then, as I said, driven by the fact that we've seen a very strong loan book growth.

We have managed to also do three acquisitions during the period of a total around three 3 billion Swedish kronor that we've added on to to that growth, as well as worked very hard on on on streamlining and building this scalable banking platform, taking the cost-income ratio from far above 40% in 2022 to now or around or or just under 25% as we reported for the quarter, again, demonstrating this scalability where we are able to to grow organically, grow inorganically through acquisitions without adding too much cost to the platform. Obviously, the results is then that we are able to deliver a a fairly strong EPS growth over the reporting period.

Now, I guess with everything that's happening in in the world, we we need to say something about the macroeconomic environment across the Nordics and and the outlook, and here represented by by the Nordea's economic outlook and and their numbers. Obviously, we all look out the same window and see that there's a lot going on in the world and a lot of uncertainty.

I think we're we're lucky to operate and and live in in the Nordics where we currently see a a stable outlook across the macroeconomic KPIs that matter most for our type of business. That's represented here through looking at growth.

GDP growth is there is a positive outlook for for the markets overall with with about a 2% growth. Growth is definitely good for our business.

That means that demand will will stay strong, demand for our type of of products to finance some of what drives the growth. We look positively on on on the growth growth outlook.

Interest rates, we we we obviously have three different markets. Sweden and the euro area moving fairly fairly aligned, whereas Norway continue to to be quite a bit above on on interest rates.

What we have seen historically is that when interest rates go up, we are able to to compensate that through through interest rate adjustments on our on our products. The the fact that even even in Norway, it was announced a 25-basis-point increase in in interest rates last week, we we don't we don't we're not too concerned about that.

We we do believe that we'll over time manage to to even that out. Euro and and Swedish interest rates also moving slightly up, but with these levels, we are quite confident that we will be able to protect our margins over time.

Unemployment, this is for for many industries and definitely for our industry as well a an an important factor to monitor closely. Unemployment over time obviously could, if unemployment goes up, could impair some of our customers' ability to to repay their loans.

There again, on on the outlook, we we do see a stable to actually somewhat positive trend in in Sweden and and Finland on unemployment. Again, this is this is the picture today.

Things could definitely develop globally, and things could sort of also impact the the real macroeconomic environment in in the Nordics over time. As we we see it now, and basically based on the feedback that we that we or the data that we that we have, we are we're not concerned about sort of the macro at the moment.

We believe it's a fairly stable environment for our type of business. Now, the the we actually believe that the biggest thing with that happened in in the first quarter was the acquisition or the announced acquisition of MedMera Bank.

We'll we'll we'll spend a few pages on on that together with Eirik. We have we've been out obviously talking quite a bit about that in the market.

Again, as I said, we know there are quite a few new people listening in today. Let's recap a bit on why we believe the acquisition of MedMera Bank is a is a very important and transformative strategic move for the bank.

Now, I guess you know I've already alluded to some of this, but the the acquisition of MedMera Bank is a natural continuation of our M&A strategy. Over the last year and a half, two years, we we've gone into the market and done some M&A.

We have we have had focus on Sweden already. We have acquired performing portfolios, here represented by the the three acquisitions: Cleo, Luna, and and Moank, of total 3 billion Swedish kronor that has lifted our our growth and had a a very good and solid impact on our overall KPIs.

That made us actually quite confident to now go into the market and do our largest largest acquisition to date with with MedMera. Obviously, slightly different.

The three first acquisitions were portfolios, performing portfolios that we acquired. The way we managed to onboard that and and make that actually accretive to our overall business performance made us quite confident now to go in and and do a bigger thing with with the acquisition of a of a full bank.

MedMera Bank, we'll come back to to that in in a minute, what what is MedMera Bank, but what it will do to our to our performance is is lift our size by about 65%, as I alluded to on on the previous page, in terms of lending balance sheet, as well as as bottom-line results. Again, a a very important strategic move for the bank.

Now, I think it's it's important also to say a few things about what what is MedMera, and why does that present a a an attractive strategic fit to us. MedMera Bank operates largely in the same segment as us.

It's unsecured lending, but I'll come back to there there's still some some some differences. We tried to sort of lay that out in on that page.

It is, as I said, a a market we know, Sweden. It is a a segment we know, unsecured credit.

What what MedMera has built is a pure Swedish bank and a Swedish presence. We have we have moved our bank from Norway to Sweden.

What MedMera gives us is obviously a larger, deeper, broader Swedish footprint, and solidifies our solidifies our our presence in the market. Morrow Bank, as has presence across Sweden, Finland, and Norway.

We are broader in terms of of market reach, but MedMera deeper in terms of the penetration into the Swedish market, which is a strategically important market for for us. We both We both provide consumer loans.

Morrow Bank does have credit cards in addition. That obviously presents a a potential opportunity as we get access to MedMera customer base.

Looking a bit at segments, this is important as well. Even if we we target or we operate with in the same market with roughly the same products, we have been targeting slightly different segments.

We can call the MedMera targeting more against the the prime consumer lending target, whereas we have been focusing mostly at Morrow towards what we call near-prime segment. Adding MedMera to to our mix will broaden the reach also in terms of segments in in in our sector, especially in Sweden.

That's reflected again with the next couple of parameters here. When you look at the average interest rate, they they price lower, we price somewhat higher, here represented by 6% and 10%.

Again, what matters most in in this industry is obviously the risk-adjusted margins. We look at credit losses at Morrow Bank, as we just reported, around 4%, whereas the risk appetite's been lower in MedMera, and and they've been operating with a with a risk appetite around 2%.

Again, that's just illustrating that we have been targeting slightly different segments. Combining these two banks together, it's very important to understand as well, we will continue to operate MedMera, the MedMera value proposition, the brand as is, and with the intention then to broaden our footprint in in Sweden and organically grow both in terms of Morrow and and MedMera.

With that, Eirik, you can take over and talk a little bit about the numbers at around Morrow.

Yes. Or

MedMera.

Thank you, Øyvind. Exactly, into the numbers.

The nice thing with MedMera is that it adds substantial size to us, and you can see it here. Based on our 2025 figures, our combined total income would actually have been almost 2 billion Swedish kronor.

If we're looking forward into 2028, we will continue to grow both banks' loan books, and thereby also, we should see a further lift on the total income line. Now as to the opex, there are clearly synergies between the two banks.

We are looking at a couple of different alternatives as to how to achieve them, but what they have in common is that they both will expectedly give us synergies or cost reductions in 2028 that will be around 150 million Swedish kronor or more. If you combine that, you can see that with a larger loan balance and lower cost base, we will see that we will be at a cost-income ratio which will be down to 20%, and which is obviously better than both banks are today.

Now bringing that into the bottom-line performance on the bank, you can see that with this increase in both scale as well as a relative cost reduction, we will now target a return on target equity which will exceed 20% when we come towards the end of 2028. This also will translate to an earnings per share which in 2025 was 1.1 Swedish krona per share for Morrow Bank.

On a combined basis, this will be now more than doubled. You can do the math, you can see that there is plenty of space above more than doubling.

Finally, combining the bank, and with the capital or with the financing, which I will come to very shortly, you can see that this will also optimize our capital structure with a CET1 ratio in 2028 of 13%, which we believe is, given our requirements and the risk we are operating with, is pretty much an optimal level. The total capital ratio will be 17%.

Now looking at the financing structure of MedMera, we are paying 1.96 billion Swedish kronor for MedMera Bank with an expected closing in early July this year. We're financing that by having issued 392 million kronor worth of shares to the seller.

We are raising around 600 million kronor as new equity. We're planning to do that in June, basically a few weeks from now.

As well as leveraging the possibility to issue bonds and thereby not diluting the shareholders, that's around 500 million kronor. Finally, from spare capital that we have, coming to that as well, we will also be spending 470 million Swedish kronor.

In a way here, you can see that we are financing a deal which is amounting to 2 billion kronor with just new share issue and dilution of the shareholders of only 1 billion kronor. In a way, this will be accretive to the shareholders in the bank.

Now from this prospective view of MedMera and Morrow Bank combined, we will take a retrospective view on how Q1 was on the financial side for Morrow Bank on a solo basis. Now starting with the normal loan growth, even if we are being spending quite a bit of time on MedMera in this quarter, and obviously now going forward, we still have maintained the growth.

As Øyvind has described earlier, our loan book ended at 18.1 billion Swedish kronor, that's up 1.2 billion or 7% during the quarter. We were a little bit helped here by the foreign exchange in the sense that the Norwegian krone in particular became stronger towards the Swedish.

Also here, we had a good demand from our customers, and that also enabled most of the growth. Year-on-year, we have increased by 3.2 billion on consumer loans and almost 200 million on credit cards.

We have announced an NPL sale of non-performing loans in the second in the first quarter we announced it. This has taken now place in April.

It is included in the gross figures you see here, because that is as of March 31st, but in April, that has gone on our loan books. As we know, this was an accretive sale, and also this will improve our asset quality as well as the capital ratios.

Going forward, we will continue with our organic growth, and we also will, as Øyvind has said, if there are opportunities on M&A, we will also look at that. Now on the margin side, we're seeing that it's a bit of a more combined picture.

The yield on the performing loan has gone down quarter, if you look from the last year's quarter to this one. It was fairly stable versus the Q4, but this is a result of the overall decreasing rates in the market, which is also impacting us.

However, what has also impacted us this quarter is the fact that we had to increase our funding cost, and it's more on technical side. Most of the loan growth that took place in Norway, and as you know there, the Norwegian rates are much higher, they're double more or less than what they are in Sweden and Finland, and as such, we need to raise more deposits to fund that.

In addition, we have an accounting technicality. When we moved to Sweden on the 2nd of January, we needed to convert our equity from Norwegian kroner to Swedish kronor.

That implied that we needed to replace the funding of Norwegian loans with customer deposits instead of equity. As I mentioned, the rate on the Norwegian kroner is high, twice as the Swedish kronor, and that has also impacted our funding rate.

Finally, we needed to raise more Norwegian kroner as well as Swedish kronor because we need to fund the MedMera acquisition, and that has led us to us being more aggressive in the deposit market, thereby increasing our rates, and that has also contributed to a high rate. We have now achieved this liquidity build-up, and we're therefore softening our rates actually in both the Norwegian kronor and the Swedish market, despite the increase in the Norwegian krone underlying rate.

As one word on the Norwegian underlying rate, yes, that has increased now. It was announced last week that the Bank of Norway, the Central Bank of Norway, increased the rates.

We have also increased the rates on most of our Norwegian customers. We have announced that, and that is also taking place with the normal warning times, that will be effective as of July.

Or one more thing here, when we look at MedMera, as we have seen earlier, the yields on the MedMera loans are lower. That will also contribute to a lower lending rate, but it will also give a lower deposit rate because we're now funding that in Swedish kronor.

As also seen, the risk-adjusted margin will be protected because loan losses on the MedMera loans are lower. On the total income side, combining the loan balance growth as well as the net interest margin and other items, you can see that we had an increase year-on-year of 11%, and where also the other income was 22 million.

As usual, that is net fees and gains on securities and certificates, and also the commissions, as you can see here. On the opex side, we're seeing that we had a slight nominal increase in this quarter here.

That is compared to last quarter, and that is essentially driven by the fact that we have spent quite a bit of resources on the MedMera acquisition, as well as on overlay from the move to Sweden. The last thing we announced when we presented our Q4 figures that we had cost related to that from the move to Sweden, and now on top of that, we have cost related to the acquisition of MedMera.

In total, we have one-offs here of 13.5 million kronor, basically we're down to roughly 90 million kronor in underlying opex. Also, we had a small hit by the FX because most of our costs are still in Norwegian kroner, and as the Norwegian krone strengthened, that also had an effect of roughly 2 million kronor.

Overall, we're having a good cost discipline, our cost base is stable, the cost-income ratio is a little less than 25% when you exclude the one-off. As said earlier here, combined with MedMera, we are looking towards going down towards 20% once integration has been completed and when we've grown a bit further.

Now as to the loan loss side, we're delivering where we basically have been guiding. We have been guiding that we probably would be between 4 to 4.5% in loan losses.

We landed this quarter at 4.1%, which we're quite happy with, slightly up from previous quarter of 3.9, but again, first quarter in consumer finance is usually a bit softer than the remaining quarters. In essence here, the loan loss picture is stable.

When we add in the MedMera, you can see that the low risk of the relatively large MedMera portfolio will bring down our average loan loss ratio, and we would have in 2025 on a combined basis had a loan loss rate of 3.2%. Now combining these factors, total income growth, costs, and loan losses, you see that we have an increase in the pre-tax profit to 87 million kronor year-on-year.

Now, as you know here, we also had 13.5 million in one-off investments, and if you disregard that, we would have been above 100 million kronor. The after-tax now with the one-offs is 68 million kronor, an earnings per share of 0.26, and a return on equity is 10.7%, or as we like to talk about, the return on target equity, we'll come to that in one slide, 14% almost, demonstrating that we are essentially spending our capital wise and growing our business well.

Going forward, we will more than double the EPS. That's what the expectations are, given the increase in income and the cost improvements and loan loss development, and also thereby achieving a combined return on target equity above 20% when we come to the end of 2028.

Finally, a word on our capital situation. As you can see here on the blue part of the bar, that is the CET1 requirement.

You can see that moving from Norway to Sweden has given us a nice decrease in the requirement. At the same time, the overall CET1 ratio has decreased.

That is because we're actually growing quite healthily. We had a 23% increase in our loan book growth year-on-year, as well as we made a dividend payment in 2025.

Therefore, our total capital ratio has decreased, but given the fact that we now have lower capital requirements, you can see that our headroom has increased from 5.4% to 5.7%. Of course, as mentioned earlier, we will employ quite a bit of that on the MedMera acquisition.

With that in mind, we maintain our view on capital allocation. Number one, organic growth; two, accretive loan portfolio acquisition as they occur from time to time, with MedMera being a very good example of that; and then three, once we pass that, if we have something left, we will return it to the shareholders.

Obviously, as we announced, given the MedMera transaction, we're raising capital, we did not pay a dividend in 2026.

Thank you so much, Eirik. Before summing up and opening up for questions, let me just fly by on this page where we're quite competitive at the bank, and we like to compare ourselves to our peers and stretch ourselves towards the best in class.

Just quickly on the table here, we've sort of used this page for some time now. As you would see, we're now at 18 18 billion loan book, peer average slightly higher than that, driven by one big player in the space, I won't mention the name.

Maybe more importantly, if we look at growth then in terms of the loan book, we see that the last three years, we've delivered a CAGR growth of 24% in terms of loan growth, whereas the peer average is around 15%. Cost-income ratio continued to be very, very strong at Morrow Bank, and as we heard from Eirik, we haven't stopped here.

We continue to work that towards 20% over time, even if it does represent if not best in class, we're not far off. EPS growth, again, I had a separate page on that earlier in the presentation.

Looking at that also and benchmarking that against peers, we do outperform. We have delivered an EPS growth average of 42% over the last three years.

Again, what we've seen by moving the bank to Sweden, we have secured level playing field with our peers. Now this is a fair comparison, Swedish bank to most of the other Swedish banks, and we still continue to perform or outperform when we compare.

Now, last page today, it was a longer presentation because we had much to talk about, especially around our M&A and the announced acquisition of MedMera. Let me try and summarize.

As I said initially, a very exciting quarter for the bank, a transformative quarter for the bank where the fact that we free up capital as we now have redomiciled and listed on Nasdaq Stockholm, we did get lower capital requirements and hence freeing up capital that we can deploy into accretive M&A, which we already did in the first quarter with the announced acquisition of MedMera Bank, that will lift our loan book by 65%, and also as we've seen through the presentation, improve our financial KPIs significantly. Looking at the more sort of in-quarter performance, we see that we continue to deliver strong organic growth with about 7%, 23% year-on-year.

There is a continued healthy demand for our products across the Nordics. We're optimistic that we can continue to deliver on our growth trajectory.

Last but not least, when looking a bit further out, especially also taking in the MedMera acquisition, we believe that our ambition to deliver return on target equity above 20% and in the medium-long term, that is by end of 2028, we're now even more confident that we will be able to deliver that with the M&A initiatives. Last but not least, what that will actually do is to continue to grow our EPS and more than double our EPS, we believe, by end of 2028.

That's all we had in terms of presentation. I guess we will now take some questions.

To put it this way, the seller of MedMera, Kooperativa Förbundet, will have a new share issue as part of the settlement, we don't need to pay cash for that, for 392 million Swedish kronor. That is already agreed.

We're also planning to raise another 600 million kronor. This will most likely be taking place as a so-called private placement where we're seeking out larger investors.

There we will raise the amount. Again here, this acquisition is what we consider accretive.

We're paying two we're getting a company which is valued at 2 billion kronor of book value, and we're only paying 1 billion kronor for it in equity.

That's to the whole year. More than 100%, and more than 100%, I would like to add.

To start with the last part of the question, now in 2026 and 2027, those will be transformative periods, meaning that we will probably not see as much synergies. There will be spending the time and money in order to rearrange our business.

As to 2020 end of 2028, when we have achieved this transformation, there will be efficiencies arising from the combination that mean we will see more efficiency in relation to employees, we will need less employees to perform the same job. We will have efficiencies related to the fact that we will having less systems, less overheads, less costs, less administration, etc.

It's a combined of all those items.

To put it this way, we did not give any guidance now for ourselves. That was the guidance that we have given, that was before the MedMera acquisition, and that was on a solo basis for Morrow Bank.

Obviously, when you combine MedMera and Morrow Bank, we will provide a new guiding. It will, by all accounts, be lower given the risk of the MedMera transaction, but we have not as such given a formal guiding.

The 3.2% is a pro forma for the 2025 combined.

Good question. I think the question relates to a page that we didn't bring up, but it's in the appendix, and we talked about the various scenarios previously in terms of what we could deliver in a scenario where all excess capital go to dividend, we take it out of the bank, versus if we deploy to accretive growth.

Now we basically taken all the excess capital that we had, yeah, we'll bring it up, the page. You jumped over it.

There you go.

Sorry.

Again, with the acquisition of MedMera, we're obviously getting much closer to scenario B. We do believe that both banks have the potential to grow organically going forward.

Obviously, we will be generating excess capital as we go along, and Eirik communicated our capital priority that remains the same. If we do see accretive M&A as in buying or acquiring performing portfolios, we will deploy capital against that.

The more we deploy of the excess capital towards accretive growth, the more we will realize against what is an illustration on this page labeled scenario B. We're executing on a scenario B rather than a scenario A, especially with such a large acquisition as we've seen this quarter.

It obviously depends a little bit in terms of how the placement will be priced, but rule of thumb, I think the amount of shares will increase by roughly 30%.

Very good question. Again, I think what we have demonstrated over the last few years is that we have been able to to deploy the the capital available to growth to where we see the best returns.

We have we have had a focus on the Norwegian, especially the Norwegian refinancing market the last year, almost the year autumn into this year. We've seen we've seen good results out of that.

We've seen that competition has picked up a bit in in in Norway recently, and we've seen nice growth again in in Finland. With the MedMera acquisition, we obviously, as I said, triple our our lending our lending book in Sweden, and and can broaden also the segment reach in in Sweden.

I should also say that with the MedMera transaction, we also get an exclusive distribution agreement with Coop to sell our type of products to their to their membership base of of 4 million customers. I do think we will see more growth in in Sweden going forward, especially as we onboard MedMera.

Both Finland and Norway remains, important market for us, and we will deploy capital always where we see the, call it the best bank for the bucks.

Good question. We have given our capital allocation priorities.

Now we're raising capital in order to acquire MedMera, we will be quite well set in terms of capital for that. Should our development after the acquisition of MedMera just be on an organic base, there could be a room for to make a dividend payment in 2027.

However, there are many unknown variables at this time, meaning that we need to see how the MedMera acquisition lands. There could be also other opportunities.

It could also be that the market prospects for growth are better. This will be a decision that we will have to look at in early 2027.

If I remember correctly, we have about five 5 billion Norwegian kroner in Norwegian deposits. The 0.25%, there is a 12.5 million kroner if I do my math correctly here on the fly on an annual basis pretax.

If you're alluding to the rate that was increased by Bank of Norway, we were already quite well-placed on the competitive scale when we look at the others. If the others now increase, we'll probably be at the same rate.

There's not necessarily given that we will see an increase in the funding rate in Norway going forward. Again, this will be driven by the market.

Thank you very much.