GN Store Nord A/S ($GN)

Hello, everyone, and welcome to this conference call in relation to GN's announced sale of our Hearing business to Amplifon. Participating in today's call is our Chair of the Board of Directors, Jukka Pertola; Group CEO, Peter Karlstromer; Group CFO, Soren Jelert; and myself, Rune Sandager, Head of Investor Relations. After the presentation, we will turn to a Q&A session. The presentation is already uploaded on gn.com. And with that, I'm happy to hand over to Jukka for some introductory remarks about the transaction.

Thank you, Rune. And also from my side, a warm welcome to everybody for this conference call, which is in connection with the -- for us, at least, very exciting news, which we have announced today. As you know, we have agreed to sell the Hearing business to Amplifon for a total consideration of DKK 17 billion. With this transaction, we are creating a global integrated leader in audiology with benefits for our patients, partners, employees and shareholders. And for the remaining GN business, this is a very good opportunity to become a more focused technology innovation leader with attractive opportunities across markets in enterprise, gaming and defense. Fundamentally, the transaction will unlock a strong balance sheet, which enables continued investment to support the business while allowing for shareholder returns. All in all, we are very satisfied with the outcome of this transaction. Before Peter and Soren, we'll dive into further details of the transaction, let me provide you with some important context for the process leading up to this. While we have significantly strengthened our strategic focus and execution capabilities across the group during the last few years. We have also received several unsolicited expressions of [ interest ]. In line with our fiduciary duties, we have, of course, assessed any such proposals as appropriate. One of these proposals came from Amplifon. They came forward with a financially and strategically compelling proposal, combined with a high degree of deal certainty. After extensive deliberation and a thoroughful evaluation and assessment process, the Board of Directors, together with executive management unanimously decided to pursue and accept the proposal from Amplifon. We are convinced that this transaction is the best long-term interest of GN, our shareholders as well as the Hearing business. The agreement delivers significant future value creation potential for both organizations. First of all, it creates an industry-leading player in global audiology while transforming GN into a more focused technology company, well positioned to further grow in large audio and video peripherals market. And we are confident that the transaction and steps ahead will be beneficial to our customers, employees and shareholders. With this introduction, I will hand over to Peter and Soren, who will take you through the transaction and the impact on the 2 businesses in more detail. So over to you, Peter.

Thank you so much, Jukka. This is indeed a historic day for us at GN. Today, we are seizing the opportunity to create the global leader in audiology together with Amplifon, while we also, at the same time, further strengthening GN's position in the large audio and video peripherals markets, creating a more focused technology-driven innovation leader with a lot of opportunities ahead. So before going into the strategic value of the transaction, let me just remind us all of what we are creating and many of you know, of course, this very well. Our Hearing business have done a fantastic job the last few years where we have been growing faster than the market for 4 years in a row, thanks to the great technology we have and recently with the success of ReSound Vivia. In '25, the business generated DKK 7.2 billion and delivered a healthy margin. This was achieved with a help of more than 5,000 employees across the world. On the other side of this transaction, Amplifon is the world's largest hearing aid retailer with around 15,000 employees and present in around 10,000 locations worldwide. In '25, they delivered total revenue of almost DKK 18 billion and had an adjusted EBITDA of DKK 4 billion. Over the years, we have developed a strong relationship with Amplifon, so we know them very well. We are confident that the -- we are confident that we, with this will be part of a responsible and trusted industry leader and this will secure the long-term future success of our Hearing business, its customers, partners, employees and also that this is very beneficial to our shareholders. If we look at the combination of GN Hearing business and Amplifon, we are creating a fully integrated global leader in audiology. Together, we will offer comprehensive solutions to both audiology professionals and patients by combining the hearing technology leadership with high-quality innovative hearing care. The combined entity will employ more than 700 R&D professionals and hold close to 3,000 patents. This will also serve as a powerful growth platform with more than 20,000 employees, serving customers in more than 100 countries worldwide. Following the closing, GN will have an ownership of around 16% of the current outstanding shares in Amplifon, which allow us to retain some upside also from the strong strategic value proposition of the transaction. With that, let me go through a little bit of the details. The transaction values the Hearing business at DKK 17 billion on a cash and debt-free basis. This will be delivered in DKK 2.6 billion in cash and 56 million shares in Amplifon, corresponding to DKK 4.4 billion based on the share price closed Friday evening. Practically, as you know, Amplifon is listed on Euronext Milan. Part of the transaction, GN will be granted a Board seat in Amplifon following the close, which we expect to happen towards the end of this year. With that summary, let's move to the next slide and the process of what this means for GN. First, we need to recognize that we have quite a lot of work to do to deliver a smooth and cost-efficient carve-out of the Hearing business over the coming period this year. In summary, the following is included in the transaction. More than 5,500 employees globally, the brands ReSound, Beltone and some other hearing brands plus the Beltone network partnership, all here in product IP, R&D, manufacturing and operations, including our manufacturing sites, support functions and IT to ensure a fully functioning Hearing business. Please note though that the transaction does not include the current financial investment in Nations Benefits. Certain shared services support functions by GN will continue to be provided on a temporary basis following the closing of the transaction via customary transitional service agreements between us and Amplifon. While we're executing the carve-out, we remain committed to drive success in GN and our key capabilities remain intact. We are now focused on setting up GN for future success with growth and profitability expansion. We have strong positions in attractive markets and distinct core capabilities to further build our future on. GN is and continues to be a technology leader with distinct capabilities in audio and video peripherals. We have strong positions in several attractive markets and significant growth opportunities to benefit from. We have deep expertise in some processing and low-power edge AI and also world-class design and product-making skills. In addition to our technology leadership, we have established strong premium brands appreciated by many customers for its innovation, design and performance. We also have a cost-efficient global channel reach. We have a leading 2-tier business-to-business channel in Enterprise and a strong retail channel in Gaming. This allows us a very strong global reach to serve existing and new customers worldwide. A top priority of GN in the last couple of years has been to drive a scalable and diversified supply chain to ensure the operational flexibility needed. We have that now in place, and our production volume is exceeding 20 million per year, which makes us a large player for several of our important manufacturing partners also in this next era. In summary, we have a lot to build upon as we further shape our future. Let me further expand and reflect on this and highlight and remind ourselves on our positions in our markets. We have a leading innovative position with an enterprise headset, and we are a strong challenger with audio and video room equipment. Today, Jabra is the go-to brand for professional headsets and 80% of the Fortune 100 companies are Jabra users. Our latest Evolve3 product launch is addressing many of the needs evolving from the return to office and voice-led AI trends, while also having an appealing design and comfort we believe that we have a strong position to capture further market share and grow in the market. We have recently launched our premium products and have more launches, as many of you know, planned June -- for the rest of this year. For our audio and video meeting room equipment, we consider Jabra to be a strong challenger, as we've just completed our portfolio offering. We're now able to cater for large meeting rooms and thereby completing our offering for all type of meeting rooms. For our FalCom business, we have a strong product portfolio and pipeline, and we're now focused on scaling up our commercial success. In many ways, '25 was a breakthrough year for FalCom, and we're excited to further build this business. In the gaming market, SteelSeries have equipped and supported gamers with premium industry-first innovation for 25 years, providing them an unrivaled competitive advantage when they're playing games, underpinning the strong brand value and proposition of SteelSeries. We have somewhere between 3 million and 4 million active users. And in terms of market share, we're the #1 in premium headsets, #3 in keyboard and mice. We expect to be able to capture more market shares due to our best-in-class innovation and an exciting product road map for '26 and beyond. All in all, we're very excited about our innovation-leading portfolio and product road map that provides GN with plenty of opportunities to capture significant market shares in the years to come, especially now when we can focus even more on the winning in this attractive market, with a healthier balance sheet and more flexibility. So if we look now on the business we have following the transaction, our revenue breaks down into approximately 60% enterprise headset, 30% gaming devices and around 5% in meeting room equipment, frontline workers and FalCom. And all of these we see as growth opportunities. These businesses are well diversified across geographies, with Europe as our largest market, but we also have significant presence in both North America and rest of the world. We aim to grow broadly across these product categories and geographies to maintain a diversified business. We will also have an opportunity over time to enter new product categories in audio and video peripherals. This, as mentioned, in support of an agile and scalable supply chain with more than 20 million products produced yearly. If we look at the financials in total, this adds to revenue close to DKK 10 billion and a pro forma EBITDA of around DKK 1.1 billion. And with that, I'm happy to hand it over to Soren for an update on the intended use of proceeds and our financial guidance.

Thank you, Peter. As stated in the announcement, the initial proceeds from this transaction is DKK 12.6 billion and will exceed GN's current net interest-bearing debt of DKK 8.6 billion. Let me outline how we, high level intend to allocate these funds to maximize value and deliver a strong return to our shareholders. Our capital allocation principles are the following: firstly, we plan to significantly reduce debt, thereby lowering financial leverage and strengthening our capital structure to preserve financial flexibility; secondly, we will continue to invest in our opportunities, enabling us to drive market share gains and thereby growth and margin expansion over time; thirdly, the proceeds naturally also allow us to resume shareholder distribution following a few years where this has not been possible. Now let's move to next slide and the impact of our financial guidance. As a consequence of the transaction, the Hearing business will be classified as discontinued operations. Our revenue guidance therefore only reflects the Enterprise and Gaming divisions, for which we totally expect organic revenue growth of 2% to 8% in 2026. This is based on unchanged divisional assumptions of 0% to 6% organic revenue growth in Enterprise and 7% to 13% organic revenue growth in Gaming. To drive the necessary changes of this significant transaction, GN will incur certain one-off costs, including, but not limited to, transactions and carve-out costs, which will naturally impact group EBITDA in 2026. We will naturally provide you with more details about the process on an ongoing basis. And once we have established a stand-alone operating system structure, we expect to reintroduce profitability guidance for our group. As a natural consequence of the transaction, we also suspend our long-term financial targets. That said, our ambition is to drive strong profitable long-term growth remains unchanged, and GN is in a strong position to deliver healthy growth, strong profitability and an attractive cash conversion. Finally, and to preempt many of your expected questions, we plan to host a Capital Markets Day following closing of the transaction. At the Capital Market Day, we expect to cover, amongst others, the future strategy of GN, long-term financial targets, capital allocation policy, including further clarifications and distribution of excess capital to shareholders. We appreciate your understanding that we will wait to share this information until we can be more precise and specific. And with that, I'm happy to hand you back to Rune.

Thank you, Jukka, Peter and Soren for the updates. That was the end of the presentation. I will hand over to the operator for the Q&A. [Operator Instructions].

[Operator Instructions] Our first question comes from Carsten Lønborg Madsen from Danske Bank.

Yes. Excellent. I was just hoping that you, again, could maybe explain some of the differences that are in the way you report the EBITDA from this business and the way Amplifon has reported it in their slides? And then second -- I'll wait for my second question.

Yes, thank you. As you can see, we have reported out on an EBITDA line, that is the way we look at the business as it would have been had we still been the owner. So that is, of course, fundamentally the very important to understand. So that is a more fully loaded EBITDA that we report out on. In a process like this, then, of course, you go through a number of items where you then have to agree on what is coming to the other side's P&L and also how do they look at the performance on '25. And that is what we have tried to quantify in the bottom in one of the footnotes in the announcement to this DKK 230 million. So that is the way. And then I will, of course, leave it to Amplifon to discuss how they're then looking upon theirs. So for us, the numbers up here is a fully loaded basically. And then in a process like this, it's about what are they taking over and also what are [ there ] in terms of earnings discussions when you are going through a business transaction like this? So this is the way we've structured it.

Okay. Then in terms the bidding process or the -- or what has been going on here. Has there been a formal bidding process or is it more in sort of stuff that has taken place over time [ as you write ]?

Carsten, it's Peter here. I think as Jukka said in his opening, this has been a period of course, over a longer period of time where our Board has received offers and have together with us and management evaluated several incoming offers and propositions in line with its responsibilities. This discussion here, as Jukka highlighted, started around 6 months. And our Board found this to be financially very attractive and also attractive because of this deal certainty and then have decided to pursue this transaction. And this is what has led to the announcement today.

The next question comes from Andjela Bozinovic from BNP Paribas.

The first question may be just in general. So you've integrated GN to become a one GN company and you have received around like DKK 600 million in synergies throughout this process. So what can we expect in terms of these synergies for the businesses that we have left? And just in general, why did you decide to sell the Hearing business now? And the second question, just on your shareholder approval since you're no longer a health care company, but more like a pure-play in technology. Regarding the approval from your main shareholders because, for example, the demand foundation they normally invest in health care companies. So just interested if you expect any changes here.

Thank you so much. I think it's actually a few questions that perhaps several of you have. So let me take them here one by one. The One GN focus and what we have done in the last few years have been beneficial in many ways for us as a group. And you mentioned the DKK 600 million, we did DKK 400 million in the first year, and then we said we would do also a healthy improvement in the coming 2 years. And I would say, we've broadly delivered in line with what we said. So we are very pleased with that. A lot of what we have been undergoing is to strengthen the capabilities in the company. So capabilities in the supply chain and operations and also some of the core R&D initiatives. And initially, it was also about some more low-hanging cost reduction. I think all that has benefited us very well as a group. And in many ways, we do believe that we would have a successful future to continue as a one GN. So I think that -- I don't see this as a change of direction because we have not seen the progress we wanted. We were actually quite pleased about a lot of that progress. But we have, of course, acted here on an opportunity that presented itself. It needed to be evaluated at that point in time. You're asking also about the timing. I mean you don't get these opportunities, I mean, at any point in time, it was around 6 months ago, they started. We are mindful about that the hearing market is going through a period of slightly lower growth than what's normal. But as you also know, we have been able to outgrow the market. And we do believe today that we are getting a good valuation for our business that's beneficial to our shareholders. And by that, a very shareholder value creation and also that the future direction we're setting up will yield further value for our shareholders. So that's how we led to making the decision hereafter in 10, 6 months with a lot of considerations trying to take all facts available into account, essentially. And then you're asking here a bit about the approvals and what our main shareholder will do? We, of course, respect a lot that any decision any shareholders will do at this point in time. But this has been a decision by our Board where I think they have really tried to factor in what's good for our shareholder base broadly, of course.

Next question comes from Jack Reynolds-Clark from RBC Capital Markets.

A couple for me, please. The first, I appreciate it's kind of somewhat front run your Capital Markets Day, but if you could share any detail about kind of what you expect to or kind of how you expect to mobilize the excess capital to drive increased growth and higher margin in the Enterprise and Gaming units? And do you see opportunities for M&A or are there kind of other things that you expect to spend money on? And then do you expect to sell down your 16% stake in Amplifon over time?

Yes. Thank you for the question. And you're, of course, absolutely right that we are in a situation we have created with this sale that we are capable of bringing down our debt. And for sure, by that measure, go beyond our leverage ratio of 2.0x. And that leaves us with some opportunities that we, of course, would like to explore here until we meet you at Capital Markets Day and then lay out the fundamental of where we would like to invest and also how we would like to deploy excess cash to our shareholders. So this is still our fundamental process that we are now going into. So we have not a specific as it called out in that sense at all. It's more a clear structured [ CapEx ] plan we now have where we look at the opportunities, combined with our ambition to also pay back money to the shareholders and that will come over the fall.

So for the second question here, part of the transaction, as you highlighted, we are becoming a shareholder of Amplifon. Let me first say that we very much believe in the value creation of this transaction for us as GN, but also for the success of the combined entity. And as such, we very much believe strategically that this will be a very successful company with good prospects for value creation over time. We -- as often in these type of deals, it involves some period of lockup. After that, you will likely see us to take decisions on what to do with our shareholding. But given that the new focus of the company, you should expect us over time to reduce that shareholding, but we'll do that in a very responsible way and in a way that is good for our shareholders.

Next question comes from Veronika Dubajova from Citi.

I'll keep it to 2. The first one is just on any concerns, you have antitrust review and what your expectations are here in terms of what the European Commission might be looking at and likewise for the SEC, and whether there are any provisions or contingencies in the deal related to the inability for Amplifon to secure antitrust approval? So that would be my first question. And then my second question is just short-term disruption. Obviously, it's quite a long time for the transaction to close. You still have to keep producing and selling hearing aids and presumably also progressing on your innovation road map. And so I'm just curious sort of how we should be thinking about your desire and ability to mitigate any near-term synergies and disruption from the business, from the pending transaction.

Thank you for your questions here. If we look on the regulatory risks involved here or you can see the likelihood of an approval, we have factored this in a very significant way, we've thinking of this thoroughly and it's been very much part of our Board's decision also to believe this is a good deal, not only because of its value, but also the deal certainty. I don't want to go into individual markets. So anyway, we need to have the process run its way, but our holistic assessment is that this should be doable. It is a vertical integration. We are not competitors in any way or form, but the process needs to run its way. I would say that any, I mean, risks in this, of course, also covered by, what you should we say, sound contractual obligations. I don't want to go into the details of it. But we do believe that, first of all, that this should be doable and of course, have make sure we put together an agreement that is also protecting GN in a good way here. Then the disruption. We are very, very aware of this. This is very important for us to manage. I think this is something we need to achieve through leadership. We need to make sure our teams stay very focused on this. I do think it helps that our people, I think already today, we talked to many, many of them. They feel job security is high. They feel needed in this new company. I mean, as you know, Amplifon is not a manufacturer of a hearing aid. So I think everyone sees that we are needed for the future success of the company. There are even some that are actually quite excited about the transaction to be part of creating the industry leaders. So I actually think that will help us a lot to keep the workforce staying very motivated to deliver what they need to do here in the period also until closing. But we have a lot of focus on it. And I'm not overly worried, but I agree with you, it's a priority to make sure it's not becoming a distraction.

And can you maybe touch upon how you're going to carve out the R&D function given the move to one GN? And that's my final question.

No. Thank you. I do believe that the absolute majority of R&D people working with our hearing aids are already in a dedicated function. So I would say that, that is very clear where they're going. There's been some shared teams, primarily in more long-term research and similar and they would be going through it very carefully to -- in a balanced way assess how can we make sure that we are transferring a research team that's still very capable and also retaining a research function with GN that's capable. What helps us a bit is that 2 years ago before GN, we actually had 2 separate research function, and we have continued to invest in it. So I think we have strong capabilities for both sides of the transaction also after it's completed.

The next question comes from Niels Granholm-Leth from DNB Carnegie.

Now perhaps this is a question for Jukka. So do you think that the Supervisory Board has lived up to your fiduciary obligations in terms of investigating all opportunities available out there? And don't you think that an EGM would be needed for the shareholders to decide on such a big decision for the future of GN? And then secondly, could you talk about the breakup fee that would have to be paid if this deal was rejected for something else?

Yes, thank you. So we have, of course, looked very carefully at all possible options, and I can confidently say that from a transaction certainty point of view, from a risk point of view and in the strategic and financial perspective, the offer from Amplifon is the best long-term interest to our shareholders as well as for the Hearing business. So we have very carefully look at all the options. That's for sure. And...

What if you receive a high bid?

Well, I can leave that to Peter.

So on that -- and we try to be very clear on that in the announcement here today, this is a definitive agreement and such is an agreement, that's signed. There, of course, are some provisions related to successfully closing, but it is a definitive agreement that we entered in here today.

So could you confirm that there is a breakup fee to be paid if this deal is abandoned for something else?

We don't like to go into the details of the agreement, but I can just reiterate and say, you should think about this as a definitive agreement.

The next question comes from Rula Martinien from Jefferies.

It's Martinien Rula from Jefferies. I would have 2 questions, please, and the first one relates to pretty much circling back to Andjela's and Veronika's and questions around the potential for dis-synergies. I would like you to confirm whether we should expect any impact on the cadence of the expected product launches in all of the 3 divisions that were expected for this year? Still on the topic of potential for dis-synergies, could you comment on whether some sort of innovation-related partnership with Amplifon could be on the table pretty much like the one you had in place with Cochlear? And the second question would be on the share that you will have in Amplifon. Could you elaborate a bit on what's the purpose of retaining a share in the business? And circling back to Jack's question on the vesting period and so on, what are the terms for the period of lock-up?

Thank you so much. If we look on the dis-synergies, when it comes to the core innovation, we are not worried about that. We have taken a lot of care, I mean, in the last few months to really think through how to do this well. And as I highlighted earlier on the previous question, when it comes to R&D, most of our teams are working in a dedicated team per division. And we'll, of course, stay with a respective division here also after the transaction. I think where we've been having some more consideration is around some of the research team. But think about this, these are more like teams working on initiatives that have an outlook of 5-plus years. So it's definitely nothing that will impact the short-term product launches, anything like that. It's more what we're caring about is to ensure that we have the right capability to continue to drive this 5-plus years initiative forward in a good way. And it is very important, so I don't want to diminish it, but we're not worried about this creating a disruption. It's more to really make sure that we have a strong team there. So we're, of course, reassessing that also. So that's the case after the transaction. When it comes to innovation partnerships, I think it's too early to conclude that. But of course, we have a lot of relationships on a senior level, but even more so, of course, on a more detailed level now between our R&D teams and so on. So that could be possible. These are noncompeting businesses. And I think that if there would be merit for it, we would be very willing to explore it. As we often talked about in our strategy, we believe in partnerships. Cochlear is a good example, but we also have a lot of other type of partnerships. We think it's a good way to work together to achieve more and would be very open to do that here also. And then the final part of your question, you're asking about the shares. I mean, the reason we're coming as a shareholder here in Amplifon, it is part of the transaction. I think this is a cash-rich transaction. It's the majority of the transaction value comes through cash, but a portion also comes through shares. And we don't mind that because we actually believe that this will be a very successful company. But as I said before, we're not seeing ourselves as a long-term shareholder. There will be a lockup period for a period of time and then we will evaluate our options in terms of what's best for our shareholders. The exact time we -- for the lockup, we don't like to disclose, but think about it as a normal lockup period, nothing extraordinary around it.

The next question comes from David Adlington from JPMorgan.

You mentioned in the release, it's a taxable transaction. I just wondered what the likely -- any likely tax liabilities might be? Secondly, it sounds like there's no requirement for a shareholder approval, but I'm just wondering if under Danish law shareholders might be able to challenge that in the court. And then just finally, you mentioned some interest in, obviously, the Hearing business over the last few years. I just wondered if you had any similar interest in the audio business?

This is Soren. And just to speak to you, whether it is a -- it is -- we can confirm that it is a taxable transaction basically, to your question.

So just to follow up, what sort of tax liability you might be looking at here?

We are not commenting on that, as we speak.

Okay. And it comes to the agreement, I figure coming back to what I said before, we have, of course, been going through this in detail with both financial and legal advisers to make sure that this transaction is made in appropriate way, of course, following all applicable laws and responsibilities of our Board and us as a company. What we have entered is what we are describing as a definitive agreement, and with that, meaning that this is something we signed and that we are committed to. And then there are, of course, details around that, but we do not intend to disclose all the details of the contract in that way. But again, think about it as a definitive agreement. I think it's the best way to describe it. Then the final question you have here on the audio businesses. We are not commenting on any kind of interest on our business, if a Board do not assess it to be something worthwhile to pursue. So no real comments I will say. But I can confirm that the main interest and dialogue over the years have clearly been around the Hearing business.

The next question comes from Susannah Ludwig from Bernstein.

I have 2. I guess, first, I wanted to confirm, [ wallet ] deal is being completed, will you continue to report growth in divisional profit for the Hearing aid business or will you no longer be giving detailed reporting, given it's going to be in discontinued operations? And then second, you noted that deal certainty was one of the things that made this offer attractive versus others. Was that deal certainty just from the fact that there was no horizontal overlap with the Amplifon or was there another piece driving the greater deal certainty versus other bidders?

Yes, I'll take the first one. And as we called out also in the presentation, we will be reporting the Hearing business as discontinued business, and we'll come back to the details around that. But as a starting point, it will be reported as a discontinued business.

And then for the deal certainty, most of the considerations have been around the regulatory part. It is where I think our Board really have done a lot of work to make sure that we have that part of the valuation criteria since it's so important and can also cause a lot of disruption if that is prolonged or difficult. But we have also looked on other aspects of deal certainty. And here, I think the financial is relevant to just make sure that our shareholders have certain in terms of the financial side of the transaction, in terms of, of course, to getting our -- both our cash proportion and equity proportion delivered in a safe and secure way to our shareholders. And there is a very good certainty around that also.

We have a follow-up question from Andjela Bozinovic from BNP Paribas.

I just wanted to check if you can remind us of the synergies that you have with like within the Enterprise and Gaming businesses and FalCom as well? Should we think that you might be even looking to sell one of these businesses? Or like can you point us to where do you plan to put most of your investments in the ongoing business among these that you have left?

Thanks a lot. And this will be a -- the things we will elaborate at length on the Capital Market Day. So we promise to get back with a lot of clarity on how we see the future on building the growth of the group across the different type of opportunities. I can say that we have a healthy level of synergies across Enterprise and Gaming and FalCom. It's mostly in the supply chain, but also some on the R&D side. So that is something that are clearly very good synergies. What's a bit different for the 3 business is a go-to-market, the different go-to-market route for the 3 businesses. But there's a healthy proportion of synergies that we benefit from going forward. Where we see the opportunities? I think we have opportunities in each and 1 of them in a very attractive way, but this is really the work with our [indiscernible] through very carefully with our strengthened balance sheet, where do we think the most promising opportunities are for how to really shape the company going forward. And that is what we look forward to come back with at the Capital Markets Day. But it's opportunity-rich, that's the way I would summarize it.

Ladies and gentlemen, that was the last question. I would now like to turn the conference back over to the company for any closing remarks.

Thank you very much, operator, and thank you, everybody joining on the call today.