Bravida Holding AB (publ) (BRAV) Earnings Call Transcript & Summary

Good morning, everyone, and welcome to this presentation of our Q2 report 2025. I will start with some highlights or overall general numbers for Bravida. We are in close to 200 different places in the Nordics, 14,000 employees and we had in 2024 close to SEK 30 billion in sales. 84,000 customers that are served by 350 branches creates a very stable business, in business model that we think is very positive. My name is Mattias Johansson, Group President and CEO of Bravida. And today, for the first time, I have Petra Vranjes, welcome to Bravida. Maybe you want to say something.

Thank you, Mattias. And yes, absolutely. So I've been here for a little bit more than a month now, and I have to say that I'm super proud to be a part of Bravida team. But the first thing that appealed to me with Bravida, it was the long-term view that the business is taking. And that combined with the sustainability engagement is super important to me. And especially in the marketplace that we are today, which is everything else uncertain. So I have a long experience in the finance, finance leadership and management mostly in telecom, right, I've come from a long line of telecom jobs in Ericsson and Intellia, but we also work with large projects, large complex projects and services in those markets as well. And well, I've been working both in Sweden and abroad. So I've been dragging my family around into the world. We have been located in Russia, in Moscow, working with these countries. Really difficult to understand now when we look at what's happening in that part of the market and of the world, we've been located in U.S., working with a big telecom operator in U.S. and Mexico and lots of things happening in the U.S. market as well. But this experience that I've gotten really have given me a sense that business is not that different in different locations and markets. But on the other hand, it's also very different because we also have ways of working, ways of living. We have cultures, we have all of this, which brings us strength and opportunities. And with Bravida being present in the Nordic markets and having so many locations, the 350 branches in so many locations, that appeals to me. It appeals to me to work in the footprint and to get to understand what are our strengths and what are our opportunities, what can we do better in those markets. In this month, we've been traveling. You and I, we have been to Norway. We have been to Denmark. We have been to southern part of Sweden. We haven't been to Finland yet. We haven't been to the northern part of Sweden; really looking forward to getting there. But of course, I met the teams, I have met the business segment heads. I have met their teams. They have helped me to feel welcoming to Bravida. They have helped me to start understanding the business. And I think what I'm seeing is a lot of professionalism, a lot of skill. We really, really have a good crew good customer engagement, good focus on the customers, the dialogues that are happening out there, I really want to support that, right? So all the skills that we are seeing is excellent. I think we have another gear to put in, but when it comes to the scale, right? So if we could combine the scale and skill being the entrepreneur in the local market, and leveraging on the large company that we are, that's really where I want to make a difference. So as the Bravida CFO and my team, we're thinking, we want to be part of creating a foundation where we can continue having this open dialogue. So supporting with information flow, with structure so that we can help the business continue with the internal and external dialogues and of course, we want to work with governance so that we can put the gear in and get to the scale as well. So that's really what I'm looking forward to. And I'll say like this, I feel super, super humble, welcome and [Foreign Language], as we say in Swedish, so up and running. And I want to thank everybody for bringing me on board.

Yes. Great. Welcome to Petra, and we are super excited as well. You will hear more from Petra in a few minutes. Thank you, Petra. And I can tell you that Petra will add another dimension to me, to the management team, to the whole Bravida to help us develop Bravida to the next level. So really looking forward to that. So with that, going into the Q2 highlights, as you probably have seen already, we are still facing a quite tough market. And that means that we are presenting a lower sales, the net sale is down 9%. And we have communicated and said in the report that this is a balance we need to have because we want to have a balance between the margin and the risk exposure. Coming back to that later. The order intake increased though with 9% and the order backlog increased with close to SEK 1.3 billion in the quarter and fantastic to see that the margin improved to 5.4%. And being able to improve the margin when you are declining the top line is very good as I see it, and is a result of our restrictive project selectiveness, cost control, better production and mix between different types of projects and customers. Cash flow is negatively 80% cash conversion, and we see a net debt at 1.4x EBITDA in the second quarter, the last 12 months. Happy to announce that the LTIFR is decreasing with 12%. And the decrease in that number is good. We are improving the numbers to 5.2. And it's mainly driven by Sweden and Norway, already well below the group target. And in total, we are below the group target as well. And we also have reduced the CO2 emissions in the last 12 months with 15% close to. You can see a big drop in the installation sales compared to the services, which is as expected. If we look at the bridge regarding the sales, you see that we have some currency effects now, a pity when Denmark is improving, that currency is impacting negatively, but that is just how it is. We see that M&A adds SEK 92 million in sales. And then you see SEK 612 million in negative organic growth, and that is divided from, you can say, SEK 100 million is coming from closing down different cost units and branches in south part of Sweden, we also had some tough comps in Norway. So we have a very high production last year in this quarter. But of course, the market is impacting this as or in combination with our own selectiveness regarding what type of projects customers were choosing to work with. On the other hand, that is giving a better margin. Talking about the margin and EBITA, you see that we have increased the margin from 4.5% to 5.4%. And again, I think this is impressive to be able to do that improvement in this type of market when we are losing volumes. The main part is coming from the improvement in Denmark that we have been communicating a lot around. But it's also, of course, very -- it's good to see that we are meeting the things we have said and planned internally in Denmark. The Danish team are working hard, and we can also see the result of this. The other part of this is that we have been selecting what type of customers we are working together with, but also what type of projects and the pricing we have set in the orders we have been winning there for the last 12 months. We see that the margins in the orders we have won, the previous quarters is on okay level or quite good level. So we've been able to improve the margins in the order backlog the last quarter despite the fact that we have a decline in the market. And that is to get back to the focus on margin over volume. Other things that is impacting the margin is, of course, that we have had a really good cost control. We have been able to lower the cost, both in absolute numbers as well as in relative terms compared to the top line, which is really, really good for everyone, from everyone in the organization. And then we can see some better productivity in the execution, we are -- in the projects we are delivering to the customers as well. All in all, you see the biggest basis points improvements in Denmark, we have some small improvement in Sweden and slightly more in Norway than we are struggling in Finland. And the Finnish market is still probably the toughest market we have in the Nordics. And it will be the same in the coming quarters, I think but we are very selective. We are saying no thank you to projects because they are too low prices. But there is some increased activity in the market where we see some more discussions with customers. And external forecast regarding the markets in all countries say that it will be a bit unstable in the last part of '25, but will most likely be improved in '26 and '27. If we look a bit at the order intake as well, you can see that the order intake increased 9% year-over-year. The order intake increased in Denmark but decreased in all other countries. To the left, you can see that we had an order intake at SEK 8.1 billion. And actually, that is the second highest order intake in any single quarter we've had in Bravida. If we look -- you know we have a seasonality in this industry and in this business as well. So if we just look at the second quarter, this is actually the highest order intake we have had in the second quarter, which seems to be part of some kind of turnaround in the market because we can see that the margins in the new orders we have taken is at the same level as previous quarters or actually slightly a bit better. When we look at the order backlog, it increased with close to SEK 1.3 billion in the quarter, mainly driven by Denmark, but also Norway is adding to that. We are still struggling in Sweden and Finland, activity side not high. It's better. It's improved. I take away, it's not high. It's better than before. So maybe that is the first sign of change in the market. But let's see what's happening in the coming quarters. But order backlog, as we have said many quarters before, the margin in the order backlog is okay or slightly better than before. Of course, we wanted to have somewhat higher order backlog, but the market is what it is. And again, we want to have a balance between the risk exposure and the new orders we are winning. ESG, today 40% of all 8,500 vehicles are electrical driven. That is something we have worked with for many, many years, and that also shows in the numbers. The LTM numbers for the CO2 emissions is down 15%. And if we compare -- compared to 2020 and adjust for the growth we've had, we're actually down 40%, which I think is fantastic. And also a thing that customers more and more are looking at going forward. As I said before, decreasing number of injuries, which is really good for all our employees. And we are now at 5.2%. We see an improvement in Finland as well as in Sweden. Sweden Norway has quite low numbers from before, but now we see some improvement in Finland as well. And Finland and Denmark is the countries that we need to improve to get even lower on this KPI. Science-based target has approved Bravida emission reduction targets. The climate targets are absolute emission targets for Scope 1 and 2 and an engagement targets for Bravida's Scope 3 emissions. That is something we press released a couple of weeks ago as well. Regarding acquisitions, we have done 1 acquisition in the second quarter, adding SEK 350 million -- close to SEK 350 million in annual sales. In the beginning of Q3, we have done another acquisition in Finland, adding SEK 45 million annually. And there are interesting M&A discussions ongoing. But I think it's fair to say that when we are discussing with targets, we can see that it's demanding to find good enough targets because the market we are impacted by is also -- have also impacted companies we want to buy. And quite often, a lot, lot more. We see in some cases, that earnings is going down or that the order backlog is not healthy enough for us to buy. So again, we have discussions ongoing, a bit more tricky to find targets we want to buy. We have the balance sheet to support future acquisition, and we will do it when we think it's a smart idea to do it. So by that, I hand over to Petra, who will take you through the different countries. So please.

Thank you, Mattias. So we will start looking at Sweden and the second quarter of '25. And net sales in Sweden came in on SEK 3.4 billion that is a decrease of 9%, 10% organically, and then we add back 1% for the recent acquisition that Mattias was talking about. That acquisition will bring us approximately SEK 350 million on an annual basis. So sales down A lot of the impact is due to soft market in the southern part of Sweden. So we are strict on our strategy to go for margin before volume and that brings us a bit down on the project selections when we enter into new contracts. But we have also done restructuring measurements for nonprofitable branches in Sweden. This was done in the latter half of last year, so second half of last year, but it's an impact on the year-over-year comparison. The closure of the branches that were nonprofitable has impacted top line, however, stabilized the margin and it's helping Sweden to come in on an EBITA of 6.1%, which is up 10 basis points. When we look at the services sales, it is decreasing with 7% and installation sales with 11% in the Swedish market. So order intake, a lot of discussion on order intake this quarter, and we're really looking forward to all the order intake that we are reporting in the quarter. In Sweden, we have a negative development of 13% year-over-year. However, sequentially, Sweden is also showing a stable order intake with a minus SEK 24 million, which is neglectable, not mentioning that. So that's the Swedish market. I also want to say that in Sweden, we are now seeing the service sales ratio bumping up 1 percentage point going to 49%. If we go for the Danish market, Danish market was performing strongly in the quarter and came in on SEK 1.8 billion in sales. We have seen an organic growth of 6% in the Danish market. And then we have an FX effect, which brings us down 5%. So Denmark is showing an EBIT and improved the EBITA margin and here, we have had quite significant improvement ongoing the new business that is coming on in Denmark is coming in with good margins. And the nonprofitable business or low profitability business that we have had in the books is gradually decreasing in volume. So EBITA margin of 4.3% compared to 0.1% year-over-year. The order intake in Denmark is up 78%. And it's largely explained by one big order. Of course, Denmark has a lot of order intake that is coming in, in the quarter as well. But one big order in an industry company is coming in and really increasing the order intake for the quarter, the backlog is increasing with SEK 1.1 billion. So Danish market really performing on its best side. We are, to Mattias' point, expecting that the Danish market will continue improvements in the second half of the year as well. Going for Norway, so the Norwegian market came in on a revenue of SEK 1.3 billion. Also Norway was impacted by an FX of 5% and but altogether, the organic growth is showing a negative number of 13%. Totally, that makes a negative 18% in Norway. In Norway, we are comparatively seeing a big decline partially because of the very good production and high production in Q2 in 2024, where a number of projects had a high production. Growth in installation business, negative 27% and it's then explained with the installation going down year-over-year due to high production in Q2 '24. Services business is down 10% and that brings the Norwegian ratio of services to 59% of the sales, which is quite high. Norway is also showing a good improvement in the EBITA margin despite the decline in top line and have been working on both getting the unadjusted margin for projects on a good level as well as decreasing the administrative costs. So 5.9% for the EBITA margin. Order intake unchanged in the quarter, and the order backlog is improving for Norway with SEK 143 million sequentially. And then we go to Finland, which came in on the top line on SEK 0.6 billion, and Finland is showing a growth of negative 15%. We have a soft market in Finland and are selective in what contracts we are taking. So there is ongoing tenders and discussions. However, we are selective not to get nonprofitable business in. And we can also see that Finland is doing a good job on securing that the -- that they are having the right organization to the market and the market development. So the EBITA margin comes in on 2.7%. Which is a decrease from last year, however, a very good stabilizing of the EBITA margin, considering the market situation they are in. Organic growth -- sorry, order intake is decreasing 7% year-over-year. But also here, we are seeing a sequentially unchanged order, and it's a stable market in that sense. So just touching on the cash flow and operating cash flow then. So as Mattias was saying, we are down on the cash flow -- cash conversion to 80%. We do have some puts and takes with accounts receivables going down -- going up and accounts payables going down and some other movements. However, the main explanation to the cash situation is one large contract that we are having, which has built up contractual assets, it's nothing strange or odd. There are milestones that need to be ticked off before billing can be done in collection. We are expecting that to happen in the second half of the year. Then touching briefly on our financial positions. So with the cash balance, term loans and revolving credits, commercial papers leasing, we have a net debt of SEK 3.1 billion in the quarter, and that then brings the net debt to EBITDA margin to 1.4. So that is what I had on the cash situation, and I'm handing over to Mattias for bringing us back on to the market outlook.

Thank you, Petra, for that gift. I think the market outlook is something everyone is interested in, of course. And I think you can say overall, the market have stabilized even if it's still tough market. It has stopped to go down. It is most stable today than it was previous time I was standing here and discussed. And we think that the service activity continues to be stable. The service part, where we have some smaller projects, for example, renovation of offices, et cetera, when someone is leaving a building for signing new contract and the tenants have to move in a new -- or the owner have to move -- have to move in, a new tenant, then there are changes to be made. And I think that activity will most likely go up a bit. That has been down for a while. Of course, we see continued challenges in the installation, and there are definitely variations between the different geographies. As we have seen, Denmark -- marketing Denmark seems to be fantastic. It is in some places, but also in Denmark, we are struggling in some areas as well as we are in Sweden and Norway, where we have some great places and some other places where the market is very, very low. There are though favorable areas that we still continue to see a good demand within and that, of course, infrastructure, defense facilities, some parts of the industry investments and civil engineering. And that gives us, and I think maybe a company to Bravida better opportunities than the average company in the sector because we have the knowledge, we have the resources. We are in the places where those projects are going to be built. We also have the competencies from the first part of the change, the design. We have the management capacity, and we have a lot of resources we can help our customers and help them deliver quality and the services in the time they are expecting. In this market, we will absolutely retain our focus on margin over volume because that is so important, you have heard me say that so many times. And the reason is, it still chances to grow in this business, of course, but that means that you need to participate in a price competition that we think is silly or not good enough. I think we have shown in the last 5, 6, I don't know how many quarters we have had a tough market that we have been able to be selective, but also continue to deliver margin that is stable even if the top line is declining. So we will continue the focus on margin over volume, absolutely. And the market will -- due to external companies who are experts in this area, they say that the market will probably be pretty much the same in the last 2 quarters of this year, but then we expect the market to pick up in '26 and '27. And in some areas, actually, the forecast is that they will pick up quite a lot. But let's see what happens. That's too early to say. A summary of the second quarter '25. Sales is down 9%. Installation is down 12%. Service quite stable, even if we have lost some small projects on the service side as well. We have a negative organic growth at 8%. We are growing from acquisitions, increased order intake in Denmark year-over-year. Order backlog is increasing in Denmark and Norway. And remember what I said about the order intake in the second quarter, it is the second highest we ever had. So I think that is showing something at least in a tough market. Improved EBIT, improved margin, fantastic when we are facing this tough market condition, and it is a combination of being selective of contracts we're entering into a good, great cost control. good productivity, but also a better pricing and better contracts, especially in Denmark, and that is the results we're seeing now. We see an improved EBITA margin in all countries, except for Finland, so Sweden, Norway and Denmark are improving the margin. And then we have cash conversion at 80%. Petra just told you that we have some milestones we need to reach before we can invoice the sum of money that actually take the cash conversion back to the same level as last quarter, and that is expected to happen during the coming 2 quarters. On the ESG side, we are improving the LTIFR number and we are improving the CO2 emissions. And then finally, we are improving the EPS with 13%. So with that, Petra and I, Petra, for the first time, open up for Q&A session, and let's see how we can handle this together, but I think we will manage quite okay. Let's see.

I think we will. You will.

We will together.

[Operator Instructions] The next question comes from Carl Ragnerstam from Nordea.

It's Carl here from Nordea. A couple of questions. So firstly, Mattias, you're guiding for quite some substantial uptick in activity in the market, of course, on a quotation basis. But we've heard rumors before that it's a fairly okay quotation level, right? But customers has not really been ready to push the button to really getting those firm orders. So do you see that the customers are more willing to sort of push the button today to -- for you to get firm orders? Or is it any difference here in the quotation and uptick you're talking about compared to before?

Yes. I think just to make everyone understand your question, Carl, what we have said before. I think we started in the last phase of last year, we said that a better activity in the market regarding tenders, et cetera, in November, December, beginning of January. Then when President Trump were elected and started to discuss about all the tariffs, et cetera, that activity were paused for a couple, 2 to 3 months. Now we can see that activity is coming back again. And I would say -- I will say that it's slightly better or quite more often, they are pushing at the bottom, as you said, because it's -- it has proved a bit, not a lot, but activity is back again, and now it seems like more projects is going to start. A small difference, not a big difference. But I think you understand me correctly that it has changed a bit to the -- a bit to the positive side, yes.

That's very good to hear. And also looking -- of course, I know that you have a high degree of variable costs that you've obviously shown in your resilience. But with the backlog sort of down now to SEK 8.3 billion versus SEK 10 billion last year. I mean, to what extent do you need to do more SG&A sort of measures or cuts in order to sort of, yes, sustain a decent margin with lower volumes, I guess, in Sweden than I'm talking about.

Yes, interesting question. And I think, the honest answer is we don't know how much, but we know that we are working on it. And I think we have shown this quarter what we have done enough. And I think I mentioned, we have actually both in absolute numbers and in relative numbers actually taking out cost that is one reason why we can present a solid margin. But of course, both me and Petra, we will continue to work on the cost side. And as you know, Carl, it's 2 different types of costs. you have the SG&A cost centrally, as you can say. And then you have some administrative costs locally that you need or direct cost as well, that you need to adjust if the local demand is increasing or decreasing. And that is part of our business model. And that is -- you are asking and discussing that more in a market like this. But that is something we are discussing even when we have a really good market because in a good market we still some places where we are underperforming, et cetera. So this is part of our daily management work, management job to do to make sure that we are adjusting cost. So to your questions, how much? I don't know. But will we work on it? Absolutely.

Okay. So you feel comfortable in maintaining the Swedish margin despite the backlog being quite a lower than entering the sort of mid-'25 and onwards?

Yes. And I also think that we have done a lot already that is the reason why we can present a solid margin in Q2. And maybe we need to do more. But absolutely, in some places, we have to do more because we know we are managing this company not out of the SEK 8 billion in order backlog on Swedish level. We are managing this company because we have all integrated the same platform depending on the order backlog, they have in Ystad, or Falkenberg or Kiruna, north part of Sweden. So that is something we are working on daily.

And on Denmark, another step in the right direction of margin improvements, clearly. Would you say that the biggest steps are done, meaning that reaching the 5% or even above. Will it take a bit longer time from here and maybe be into '26 or mid-'26. Or what is your sense of -- or what is the route to the 5% from here, would you say, of course, you're still facing deliveries of some tough margin projects, right? But yes, could you give some flavor into, yes, how sure you are that you'll reach the 5% in the foreseeable future here.

And I guess you're talking about Denmark now, Carl, that's how I should...

Yes, Denmark.

No, but I think we have done a lot in Denmark, starting with December, January '24, I think it was when I was an interim. And then Christian came in 1st of May in '24. And so we have done a lot since then. And Christian and his team has done a fantastic job. So first, we have started -- we have changed a lot of the management, we have changed, as you know, the why -- how we are pricing our bids and that means both in terms of risk, but also what type of ambition we have in the margin in both service and projects we have much better self-confidence in the Danish organization today because we have seen that even if we have increased the prices, both on margins as well as on risk, we still are winning a lot of projects. We -- in combination with a changed pricing strategy and a new management team, we have also -- Christian and his team has driven tough work regarding the loyalty to our Bravida Way, the way of working, but also how we follow up the business, steer it. And this is what we can see today in an improved margin. We also have a much, much more customer focus, we are working together with the customers. And we can see that the customers are more happy with our way of acting with the delivery. They are more keen on working together with us today than they were 15 to 30 months ago. So now we are winning the right contracts to the right customers. So now it's more the next phase is up to us to show that also can have a solid execution. So the path to 5% is better contracts, better way of working, better management and fewer problem projects that we have to deliver upon. So -- and we are stating -- I'm stating in the report that we will be close to 5% and earlier I have said around 4.5%, I think. And that means that we are a bit more positive about the Danish organization and their performance today than we have been before, so yes.

The next question comes from Johan Lönnqvist Sundén from DNB Carnegie.

First one is on installation volumes. Just curious to hear how you think your order backlog, when it will be activated because now, we see that installation order backlog as a relation to LTM installation sales is up quite a bit and bit above 1. At what point do you believe you should be able to start growing installation volumes again?

Yes, that is a guidance that we normally don't give. But the big part of the order backlog increase coming from Denmark is starting not immediately. But I think you can say that, that is quite normal. It's not very long project. That will start in this year. So you can say that the new orders are not projects that will start very far ahead. It will start, yes, as a normal projects normally do coming into our portfolio. So it's not long projects that will start very, very late. It is quite many that starts right away, you can say. One example, for example, we have in Norway, where we have some good order intake as well. That has already started. So it is a mix.

But you don't dare to call one group...

No, but the last report we had, we said that we are not expecting positive growth this year. We still think that we will struggle a bit on the growth side for the rest of '25, but it will be more normal, more stabilized than before. But again, the margin is more important. I'm more relaxed to be able to present a margin improvement for you today than I had been to have had a growth expansion at the same time as we have lost our margin side because that means future problems instead.

Just maybe a follow-up to Carl's previous question on Denmark. You're quite clear on your guidance on full year margins. How much of a plateau phase do you think '26 will be for Denmark?

That is an internal discussion as well. No, but as we can see a fantastic improvement from the Danish team, of course, but I think we should be a bit cautious regarding '26 as well because we are not a tech company. We are in a very mature market where prices is quite stable. We can improve our execution even more in Denmark, of course, as a mix between good and bad projects can improve and will improve. So I think I say what I've said before, '25 is a year of transition, you can say, '26 will be better than '25, but I don't think it will take us to -- you can't draw the line, continue to line up in '26. But I expect an improvement in '26, of course. But let's come back to that. Let's deliver on '25 before.

Excellent. And my final question is a little bit on the dispute you have in Denmark and Norway. Just to have an update on timing, what to expect for those 2 dispute that will be finalized during '25 if there and potential cash inflow, when that can happen?

No changes actually. The Norwegian one will come up in September. I think it's the second half of September, and will be discussed in September and October. So we won't -- I don't think we will have a result in Q3 for that one. But we will most likely know in the beginning of Q4, the result of that. And cash flow wise, I think that will come in, in this year as well. Denmark, the small one in Denmark is also up for arbitration in Q4. I think it was quite late in Q4. That means that we'll most likely have a result in Q4, but no cash impact until beginning of '26, I guess. That's the best estimate we can give today. But otherwise, nothing new. There has been some discussion with the Norwegian customers that actually, it gives us a bit more confidence than we had before, but nothing really new.

And if we stay on the cash flow and kind of -- you talk about milestone payments on a big infrastructure project. When do you expect you're passing the milestone needed for you to send the invoice?

So it's one of the big infrastructure projects that is working out according to plan. So it's actually going as contracted. We have been working for a long period on advanced payments. We have had a good cash inflow for a long time period in this specific project and contract. Now we have come into the part where we are executing on securing milestones for getting the billing and invoicing out. And we're expecting that, that will come in the second half of the year. We're actually expecting that part will come into Q3 and then in Q4. So that is according to the plan. Quite a lot of buildup in the assets, but that's how it goes in the large projects.

So a pretty strong cash flow in second half of this year, should be expected, it seems like.

Well, to tell you honestly, I would have to know how the cash flow looked like because you're probably going to compare, we're all going to compare with last year. So I can't really say that.

But I think it's...

But we're expecting cash in from that project, absolutely.

And also, we have quite many big projects, large projects now where we have had a lot of pre-invoicing or will have pre-invoicing and those projects also impacting the history a bit. So it's not as normal as before, but we have been quite successful in negotiating good contracts, et cetera. So -- but we expect -- we have a target at around 100% cash conversion, and that is what we try to deliver upon.

And we're expecting an improvement from today, absolutely.

[Operator Instructions] There are no more questions at this time. So I hand the conference back to the speakers for any closing comments.

Thank you. We know there is a lot of companies reporting today, and maybe there are some vacations as well or maybe it's because we -- you can find all the answers in the report, I don't know. But again, a tough market, but I'm so happy to be able to present an improved margin, improved increased earnings, EPS up to 13%, and that is a result of hard work in many places from many people within Bravida. So I want to say, thank you to all employees. Thank you to all customers. Thank you to Petra for the first report together with me. It feels fantastic to have Petra on my side. And with that, we say thank you and wish you all a great summer.

Yes. Thank you, and have a great summer.