Swedencare AB (publ) (SECARE) Earnings Call Transcript & Summary

I think we'll start. I will try to do this without microphone. Can you hear me in the back? So, okay. A warm welcome to all of you. Great to be here. And this is actually our first Capital Markets Day ever, and we're getting closer to our anniversary. We've been a public company since 2016, 14th of June. So we thought that we better have one before 10 years have gone. So that's the main reason. No. But fantastic to see so many here. So we actually had to close the people joining. And I would like to start by thanking Danske Bank for letting us use this -- their facilities. Excellent to be here. And later on, when we have Q&A, Jonathan from Danske Bank will be the moderator. So we would like to have questions at the end. We have set aside, like, half an hour for that. But a small quick one, you can do, but otherwise, we would prefer summing it up at the end of this session. So the day today is really focusing on a bit more in-depth in our different business segments and our different brands. So we have gathered all of the group management leaders here and also Geoff Granger, who's responsible for NaturVet brand. And so we will have a packed afternoon. There will be a short coffee break, but please be back -- I will remind you to be back at that set out time at 3:35. So let's start. A small introduction of Swedencare. Most of you know the story, but I will just go through it. We are an animal health company focusing on non-prescriptive products, focusing on supplements and dermatology products. We have offices in 9 countries, and we've had a, let's say, a growth journey, both organically and with M&A. And that story I will present a bit more about. We have roughly 600 employees, equal men and women, and we have had a strategy to focus a lot on our own manufacturing. That was a key issue for us at the beginning of COVID, you all remember those problems with supply. So we changed our strategy a bit at that point of time because we were worried of not getting products. So we're really happy to have a strong footprint, both in North America and in Europe with manufacturing. And in Europe, we have manufacturing both within the EU in Ireland and also in the U.K. A couple of years ago, we were a bit worried about the Brexit regulations. It was supposed to be very complicated to ship our type of products if there was animal origin in them between EU and the U.K. Fortunately, that didn't happen, but we're still happy to have 2 different manufacturing sites in Europe. We have lots of brands in the group. Some of them are focusing on a specific channel, veterinary, pet retail or online. And a couple of the brands that we have are focusing on all of those 3 channels. As I said, we've been very active with M&A, made 14 acquisitions since June 2020. We are a global company with a presence in North America and Europe, but we sell in over 70 markets with our legacy brand, ProDen PlaqueOff that I will describe a bit more later on. The market where we are at. This is referring to U.S. numbers, but you could say that you have the same trend in Europe, same trend in Asia. U.S. is basically twice the size of Europe. And then if you take Asia, it's more or less the size of Europe, but growing faster than Europe. So the tailwinds really underlying for pet supplements is really the humanization of pets. People live a lot closer with their pets, treat them often better than their own children, really taking good care of them, wanting to give them the same opportunity for a long and happy life and really to try to avoid issues -- health issues going forward. So that's really both from a, let's say, caring perspective, but also from the perspective of, as you all know, the veterinarian bills are -- have had a real inflation in the last 10 years. So from a cost perspective, it's also very good to take care of your pets well. And in most countries in the world, you don't have that much insurance for your pets, like we do in Sweden and the Nordics and a couple of other markets. But otherwise, pet insurance is still a very virgin market. The spend per pet keeps on going up. So it's the -- for every generation that comes of new pet owners, they are inclined to spend a bit more than the generation before. Why is that? I don't really know. But it's a trend that every generation, Gen Z, Y, or whatever you call them. It's really that the new pet owners, they are like both spending more on pet food, spending more on accessories and definitely are being more interested in pet supplements. So the -- you see the trend here of yearly CAGR. It's been roughly 20% from going from 2019 to 2024. And going forward, it's around high single digit is expected. So basically, this goes to 2028. But by 2030, it's roughly twice the value that it had in '24. And also the trend for supplements, just the actual usage is projected to go to 38% of the pet owners in 2028. 2020 was 12%. I haven't really seen any new numbers, but I'm guessing it's somewhere closer to 20% now in 2026. And it's also the actual usage of supplements for humans. That's really -- I read some article about, in the U.S., plus 80% of Americans take some sort of supplement daily. And of course, the value is that you -- how you treat yourself, then you want to take the same good care of your pet. So that's really the trend that's been ongoing. And Geoff will go more in depth in the U.S. market later on. Online is our fastest-growing channel and also for the market as a whole. It's a very convenient product to be ordering online. Size of the products are normally fairly small. And it's also, I mean, repetitive usage. So I mean, it's -- the subscription format is really, really appreciated. And of course, as we as product owners, we like to have the subscribing customers. So we have very high subscription models. We sell mainly online through online platforms like Amazon, Chewy. In Europe, Zooplus. In Asia, Alibaba and whatever they're called. So it's really -- we don't get -- we get numbers of the percentage of how much subscription they have on our products, but we don't get the direct access to the consumer. So that's why also we have entered, let's say, a new strategy for a couple of our brands that we are building up more and more D2C where our own web shops selling directly to end consumers. That's important for us, not so much from a profitability perspective, but really to getting the relationship with our end customers. That's really important, getting more knowledge about them, what they prefer, we can utilize them in testing some products. So that's something we are actively building up for a couple of our brands, not all of them. And just looking at why online is preferred or growing a lot more. It's, of course, a lot easier to market directly to all of the pet owners, social media, Instagram, TikTok, you name it, not always selling directly on those, but really, really leveraging the potential of reaching lots of pet owners at the same time. Also utilizing influencers, presenting our products that's really important, and that's really a strong focus for us. It's always difficult to know which one is going to be hit and which one is going to be a flop. You need to try with lots of different influencers and just getting the right angle. And then really to be able to test and different types of marketing. I'm really -- we like the whole, let's say, mail order strategy, testing different campaigns to see which ones are effective for different groups. And then when we have tested, then we go all in and start to market more heavily on the successful ones. So we really like that strategy. Short history about us. And just -- I won't mention all of this, but it was really the idea of Swedencare and the actual product ProDen PlaqueOff was in early '70s. The founder didn't make so much out of it until the, let's say, end of the 1990s. And when it started off as a human product, we still sell that human product in Sweden primarily. And -- but no focus from us. That's the only human product that we have on the market. We have hundreds of other products all over the world, but for pets. But human product, we like to keep the, let's say, original product. But it really took off when they turned it into a pet product. The main reason for that is that the dog owners in early 2000, most of them, of course, didn't brush their dog's teeth. And now, let's say, a bit higher percentage brush daily the dogs or cats teeth, but it's still around under 10% of dog and cat owners that do that. So we really recommend do brush your pet's teeth every day. That's, of course, the best way of keeping the teeth sound and healthy. But ProDen PlaqueOff is good, let's say, alternative. So it was really that they tested out on a few dogs so that it worked and then started selling it as a powder product. And it took off. And myself came into the business together with Hakan Svanberg, Johan Bergdahl sitting over here and Pam Armstrong, our former Chairman, 2 former Chairmen. And we bought it in 2014 and saw that it had enormous potential at that point of time, $2 million of sales, sold in 15, 20 countries. We saw a great potential for the product, and I will show the numbers about that later on. But we decided to go public in 2016, brought in roughly EUR 4.5 million, acquired an Irish company, both with a brand and manufacturing capabilities. And from there on, we made some smaller acquisitions between 2016 and 2020. We actually missed out on a couple of very interesting acquisitions. And in 2020, we got the opportunity to buy one of those that we had missed out, and that was Stratford. Brian Nugent is here and will present the veterinary market in the U.S. And from there on, we were very active with acquisitions. So we have had strategy of -- we had -- early on, we had a strategy of acquiring companies in the U.S., the world's biggest market. And we bought dermatology products companies. We bought some manufacturing companies with the main one is Vetio. John Kane is here also to present today about the production capabilities and strategy we have in Swedencare. And we have always tried to acquire companies that bring something new to the group, so we can utilize their knowledge, their capacity and most importantly, the product offering to other brands in the group. So we have widened our offering year-by-year basically. And we have a small part of our business that's Rx products. We don't sell a labeled product on the market ourselves, but we have manufacturing and development capabilities of Rx. And we added a bit more Rx products last year was a company in U.K., a compounding business. It's a very special business, selling off-label products but pharmaceutical products. So we have started to enter a bit more into pharmaceuticals. It's a very interesting area. But the leap -- to take the next leap going into registered product, label product, that's a bigger leap. And let's see if we will do that later on in the coming years, not decided. I'm going to introduce a bit about ProDen PlaqueOff. As I said, started off with a patient, it was a dentist, Dr. Sune Wikner. He noticed that a patient had better teeth, some years when that patient came to him and other times, it was worse, and he couldn't understand why. He asked the patient, do you only brush teeth every other year? No, I don't. I brushed twice a day, but still, there's a difference. And he asked that patient and where he came from and he had relatives on the Atlantic Coast. And Sune went there and saw that particular village, they -- all of the restaurants served algae-based salad before dinner. So he started making his own small clinicals and came to the conclusion that it must be this algae called Ascophyllum nodosum that has an effect. And that was the case. And then over the years, there was some refinement of the actual process of it, drying, et cetera. But it's really just by coincidence. So today, sold in 72 markets. The Malmo office opened in 2000, with 2 employees. Those 2 employees are still working with us, responsible for international sales and business development. And it's been a fantastic success story. We are now -- this is one of our brands and products that are sold in all of the different channels. Of course, online is the biggest right now, but we're present in the veterinary channel. We're present in the pet retail channels, and it keeps on growing. So we are -- even though we have more and more competition within the oral care space, ProDen PlaqueOff keeps on distancing itself on most markets. So here's the last 10 years, you can see the growth of revenue in million SEK (MSEK), so 10x in 10 years. 2.5x since 2020. And last year, we had 29% organic growth. So it's really has become our biggest brand in the group, and we keep on expanding. Cats is a very important new, let's say, growth market for pets and cats are a bit more tricky when giving supplements. They are more finicky. So you really have to work with the palatability. So we have launched a couple of different products and have just launched a creme product that's been very well received on the market. Daily dosage, easy to give, 9 out of 10 cats accepted. So we do expect a strong year 2026 for ProDen PlaqueOff as well. And it's -- I would say that's a strategy for us as a group. We are definitely looking into more cat offerings for all of our group companies. And that was my introduction. Now over to John.

Thank you, Hakan. Thank you all for attending today. It's my pleasure to be here. Again, my name is John Kane. I'm the Production Director within Swedencare. And I'll talk today, we have 2 expansion projects going on in -- okay, I'll try this. Is that better? Okay. We have 2 production expansions going on in North America and Canada. I'm going to be speaking about that for Rx products, specifically sterile drugs and then in Jupiter, Florida for treats and other liquids. So we'll go through some of that. I'll talk about the markets that we -- the addressable markets, some of the criteria for us to invest capital, the story of Vetio and within following the acquisition almost 5 years ago, Swedencare has been a great investor in capabilities, and we've had a number of expansions, and we always try to have an anchor customer, whether that's internal supply or an external sponsor that's there waiting for the product, and we've always had that. And then we always try to address large addressable markets with high growth potential, and that's what you'll see in these new categories. So I'll talk about those, and then I'll talk about specifically pharma, an area where it's one of the high-growth areas for Swedencare as a CMO, but also with Summit Vet, which is one of the group companies. Starting with the -- what's called the production or manufacturing group within Swedencare, you can see the circle around Vetio U.K. was actually acquired in 2022, rebranded. It was Custom Vet Products. Vetio Ireland was a historical Swedencare site that we rebranded as Vetio in Waterford. And then Vetio North and South. North, all Rx, all drug development and manufacturing, the only facility that does that, in Montreal and then Vetio South in Jupiter, Florida that supplies a lot of the Swedencare businesses. And then Swedencare USA in Houston, Texas, those 5 entities are part of what makes up the production entity. What is not included, and Geoff Granger is here today is the NaturVet business in Southern California, which does its own manufacturing. So that's not part of this discussion. But as you can see on the bottom, we are in pharma, supplements, topicals, really in all of the core product categories that Swedencare markets. So we have, as Hakan said in the previous slide, 90% capability to produce. And once this expansion in Florida is done, we'll be able to supply all products purchased by Swedencare. Globally, we're still very strong external as contract manufacturing. We're doing 72% of our revenue comes from companies outside of Swedencare. So that allows the Vetio entity to maintain a high degree of competitiveness. We have to be competitive on quality, on cost. We have a number of competitors around the world in different categories. And by maintaining the Vetio brand on its own, we can stay somewhat independent, but also offer all of those capabilities in-house to Swedencare. And then by channel, the revenue is pretty well split between retail, that's both brick-and-mortar and online and veterinary. We have, of course, in Vetio North, which is Rx, that's all through the veterinary channel. But elsewhere, a lot of the growth has been in retail because of soft chews, supplements and the topical liquids, a lot of people that tend to be buying online. So we've seen a lot of growth in that area. So first, starting with what is Swedencare's core market, pet supplements and treats. So at the top, you'll see the Swedencare logo, that's where Swedencare markets these products. And then at the bottom, the Vetio logo where we have manufacturing capabilities. So with supplements, our core market, Vetio has operations in 3 countries and each of which is constantly growing the pipeline and looking at investment. We operate the same technology to make soft chews, which is the most popular dosage form and across those sites. And in the U.S., by far, soft chews are the dominant format to give to pets as they are treats and we're seeing throughout Europe and the U.K., that dosage form is the most popular new form for products. So we're certainly enjoying a very strong pipeline in our U.K. and Ireland facilities to supply soft chews. And that's been a really nice benefit of having manufacturing in the U.S. and here in Europe, we have the same process. So global customers like working with us because we can make the same product around the world with maybe minor ingredient changes. But that's been a nice value driver for large global brands. And then functional treats and just the treats category in general, whether it be functional treats with nutraceuticals, which would be like a larger form for supplements or nutritional products, that's also a high-growth area. Both of these market segments are growing 6% to 8-plus percent a year. And Hakanmentioned the drivers, the growth drivers, which we've all heard. But really, the innovation trends favor these formats because what we're seeing is a delivery system that can deliver several active ingredients. People are looking at people that give their pets treats, whether they want to choose between supplements or treats, we can capture either of those by having both capabilities. I'll get into the details of the projects a bit, but the treats project is underway in our Florida location, and we'll be manufacturing fourth quarter this year for internal supply around the world. And then we'll be piggybacking on that in the U.K. to follow. Once we get the process established in Florida, we'll have a line either in the U.K. or Ireland, perhaps even both at one point. In the liquids category across animal health, you have on the left, OTC products. These are either medicated dermatology and grooming products, some sold through the vet channel, some sold through online. And then also, you have the Rx products to the right. So in the topicals and oral liquids category, certainly a smaller market, a more niche market within the pet industry. We have in our Florida, U.S.A., location, a very market leadership position with all of the vet companies that use us for contract manufacturing. So we have quite a lot of business with our sister companies. This is a strong category. But as you can see, somewhat limited growth opportunities compared to the market sizes of the other two. The benefit we have through the Montreal expansion is we're getting into sterile liquids, but then also in Florida with our expansion, we'll be able to make Rx non-steriles, which is a bigger category, which gives us cross-selling opportunities from development with our Canadian team and transferring that technology into the U.S., we already have interest from customers and RFPs that we can pursue. So we have lots of demand for these categories. In the sterile liquids category, it's the largest liquid delivery format. And the reason for that with high growth is because these can only be administered in the veterinary clinic or hospital. So veterinarians like -- with the vet industry losing some share to online and retail, this is a way for them to gain control of those therapeutics. And so we definitely see demand for that. We've contemplated investing in this in the past, but we've prioritized other investments expansions that we've had. But the time was we had an opportunity with a large global customer that really wanted us to be in this category. So we signed an agreement with them and then commenced the project. And that project, we're underway with some development revenues and expect to do some pre-commercialization manufacturing early next year. In solid dosage formats, you have Rx products, tablets, which we're all familiar with. They are the most popular dosage form. It's a $10 billion global market. We have a very rich pipeline. We do manufacturing of those today in Canada, and we have a very rich pipeline of not only development projects, which, as you know, from a drug approval process have to get approved, whether it's through FDA, EMA or Health Canada. But we also have quite a number of projects that we call technology transfers. And that is where a customer is not happy with their current CMO or for some reason, they need to re-site a product, find a new manufacturer for a product that's already been approved. Those, as you can imagine, are the best type of projects. There's already a captive demand. They don't go through an approval process. And so we're able to build as we quote them for the actual tech transfer work and then we have the commercial volume. So we have a number of those that will be going through our Canadian operation and very pleased with the reception that we've had since we built that site. And then on the right, soft chews. Again, a very popular dosage format. But in the vet Rx space, they tend to be limited to the blockbuster drugs. These are the Apoquel, the NexGard, the Heartgard, all of these large -- some of them billion-dollar drug products under Merck or Boehringer Ingelheim or such. They have a lot -- most of these companies have their own intellectual property, which is a big barrier to entry. So it's very difficult for people to get into that space. We're fortunate that we have our own patented technology, globally patented in around the world. So we were able to take on, we have about 6 development projects with partners to develop generic products for those big blockbusters that start coming off patent in the next coming years. So we have development revenue around those, and then we'll have manufacturing revenue when those get approved. So we have, in the solid dosage area where we have the most business today, we have quite a toolbox of technologies, the patent for the soft chew and then our own line of veterinary-grade palatants, which have to carry a drug master file with FDA. So these have to be approved through a rigorous quality and compliance process. And we use those in our own products, and then we also sell those at a very high price to other companies. So we have a lot of technology in this area to offer folks. And this is one where we're not spending investment money today because we have the assets, but it's a very good -- it's a good part of our future revenue. So a little bit on each expansion, what we call Vetio South, our U.S. Florida operation. The picture there is the back of the building. We're in a technology park where about, we have 2 buildings. There's one about a kilometer away from that one that we own, where we have our historic liquids building. That building, we will be selling once we complete the expansion. It will be a 12,500-square-meter expansion in this building, which is probably about 2/3 of that building will occupy when we're complete. And between the -- what we expect to sell of the facility, the real estate value, we can manage the CapEx, the net CapEx down to a relatively small number. And as I said, we have the capability to manage -- to make for Swedencare, the dental bones product around the world. So that's -- and then a CMO opportunity for the rest of the industry in a growing space. The facility itself will have -- we're in it today making nutritional supplements, and then we'll have the Treats facility as part of that supplement and treat food facility. And then the liquids facility, as I mentioned, will be moved over and we'll be at a quality class where now we can make Rx, what's called non-sterile liquids, which I mentioned in a previous slide. So that is what's really critical around that is it gives us a whole new growth platform for liquids. And for our animal health pharma customers that do business with our Canadian operation, they've been wanting another player in this space. So we have another cross-selling opportunity to do developments in Canada and manufacturing in Florida. So it's a really powerful -- this site gives us a lot of different capabilities that we didn't have. And then in Canada, in Montreal, you're looking at our facility where we occupy both ends of this building. And as we've expanded over the years, we're coming -- we're encroaching on our neighbors as they leave, we're taking up their space. The expansion here is within our own walls. So it's just equipment and a suite that we're building for sterile. This project has been going on with a large global customer. And as I said earlier, we're billing them for development revenues for proof-of-concept batches and whatnot. And then we expect this project to be online next year and have a pipeline of RFPs that will follow. So really with these 2 expansions, we really have capability to supply virtually every dosage form. So really operating across really large markets. We have anchor customers, both internal and external and lots of growth opportunities. And as you saw from previous slides, a lot of revenue capacity in all of these facilities. So really excited about that. Talk a little bit about pharma because that's not a segment that you hear a lot about in Swedencare because obviously, most of our revenue there is external with Vetio. And -- but we'll talk a little bit about Summit Vet, which Hakanintroduced earlier. But our development pipeline, Vetio is reputed to be a premier development company in the industry. So whereas a Merck or Zoetis or CEVA or Dechra does a lot of their own development, they don't all do their own development. So they farm that out on a contract basis. And we have the best reputation for that in the industry, and we get paid to do that work. And while that work can sometimes be lumpy, we offset that as we get drug approvals for the recurring revenue of manufacturing. But at the time, we have the largest backlog of R&D projects, so across dosage forms. So very, very strong revenue year-to-date. We're off to a great start this year and project more and more projects coming in. And then with manufacturing, we obviously have, as I mentioned, tech transfers. So as those things go into the plant, that's only going to grow our manufacturing operation. And then to follow on to that is sterile fill. So really, we'll have a complete suite of capabilities we can offer. The other thing that's -- we talk -- you hear a lot about supplements, treats, things driving growth in the pet industry. And those drivers are really the same in the pharma side, but there are some others. There's a real appetite for R&D investment amongst the majors, the large animal health, global animal health companies that I mentioned. But there's also quite a number of start-up companies in veterinary pharma and biotech that are trying to take oftentimes a proven API, an active pharmaceutical ingredient that treats, let's say, liver disease, kidney disease, all of the things that are already being used for humans around the world and repurpose that for use in animal drugs. We have several of those clients. We've had successful developments where products have launched, and then we have a pipeline now of some of those very same things. So this is a recurring theme. We see a lot of that, these crossover drugs. And then we have some massive blockbusters coming off. So we have some clients that -- some of which are not animal health companies. These are human generic companies that have woken up to the fact that now that these larger markets, these larger files are coming available, they want to get into animal health. So they're coming to us for the development because we have the specialization around animal health. So that's one of the things -- another thing driving our development pipeline. And then finally, Summit Vet. Summit Vet was acquired over two years ago in the U.K. Summit's been off to a nice start. We really like that business of making specials, which is like a bulk compounding pharmacy, addressing market needs, niches that don't exist when a drug is off market or is on back order or certain pets need specific flavors or need specific strengths. Summit really fills that gap and is a really nice, high-margin, high-growth business. We're really excited because one of the first things we did was introduce them to the Vetio soft chew technology. So now in addition to the U.K., Ireland, Canada, where we do drug development, soft chew and then Florida, this will be our fifth manufacturing site within Swedencare that has the Vetio IP, and they're rolling out products. They've had 4 or 5 products on stability that will be released for sale in Q3. So we'll have a market leadership position there, first to market with the soft chew dosage form, already been audited by the VMD in the U.K. They've approved sort of the category classification of soft chew, which is new to the U.K., which is fantastic. So you'll be hearing about that more, but we're really excited about the future with Summit. And between Vetio North and Summit Vet, a nice part of pharma that should have some nice growth in the coming years. So now I'll introduce Brian Nugent.

Hello. I'm Brian Nugent. I am the Chief Commercial Officer for Swedencare North America with specific oversight of our U.S. and Canadian veterinary markets and our online operations, specifically PetMD. And before I start, I want to get a little participation from you, the audience. So specifically, I would ask, if you have a dog at your house or you own a dog, I'd like you to raise your hand and just keep it up for a second. Okay. Not too many, all right. Does anybody have a cat, raise your hand. Okay. If you have a dog or cat and you do not administer PlaqueOff to that dog or cat, I'd like you to raise your hand. Okay. Good. I think we've got a quorum here. This is great. So I want to introduce the veterinary team, but what I'd like to point out is we have a lot of different veterinary brands. As Hakan mentioned, we did a lot of acquisitions. And with those acquisitions came specific brands. A lot of those brands had legacy relationships or contracts with various distributors. And I can say right now is the first time in the 6 years that I've been with Swedencare, where we have one team now efficiently controlling the sales, the marketing and the operations of all of the veterinary brands. And so it's a nice thing. And it was not like that a year ago. It was much different 2 years ago, and it was nothing like that 5 years ago. I'd like to also just read our mission statement real quick. Our mission is to be the leader in the advocacy and innovation to the veterinary community by providing premier products, practical business solutions that support the growth, profits and success of veterinary practices. And we'll dive into that a little bit later, but it's an important part of our culture. On the top, you'll see our distribution partners. And there's only 3 national distributors in the states that's left. 5 years ago, there was probably 6 or 7. 10 years ago, over 10. 20 years ago, when I got into the industry, there was well over 20 national distributors. So there's been a massive amount of consolidation. Each brand, as I said prior, is linked or tied in some way to one of those distributors. So if you look in the middle, MWI, who's the largest distributor globally, but also in the U.S., they handle our Stratford line, our Rx Vitamins line, our VetClassics and a ProDen Dental Care line, which is essentially a PlaqueOff line that we've labeled and created specifically for the vet industry. And we'll touch on that for sure. Patterson is aligned with Animal Pharm and Covetrus has the ProDen line, of course, and the VetClassics line. Interesting to note, MWI and Covetrus in February announced a merger that if it passes regulatory approval, you'll have now one entity controlling 70% of the U.S. market. So we'll see. It will be interesting to see if that passes regulatory approval. They feel very confident, obviously, that they'll do it. But it's going to be interesting because then you'll just have 2 national distributors in the U.S. So it's going to create a little bit of a turmoil, I think, for some brands that have linked themselves. We feel that we're well prepared for that with the relationships that we have in place. Quarter 1, we grew at a -- quarter 1 '26 versus '25, we grew at a 13% rate. That was more than 2x that of our competitors. And I'm going to walk through a little bit about how that happened and why that happened. It wasn't by accident. It's something that we started 3 years ago, 2 years ago. And a lot of our competitors in this space, we're looking at 5%, 6%. And we'll kind of dive into how that happened and strategically why it happened. But also, almost more importantly, I wanted to share with you, when we say our veterinary community, yes, we do sell to vets ultimately, and we ultimately have products going to pet owners, but it all starts with our relationship with distributors and it kind of flows down. So veterinarians, there's approximately 25,000 in the U.S. That industry, and I think Hakanalluded to it and so did John, there's a little bit of headwinds, and there has been for the last couple of years. And the consolidation amongst veterinary hospitals has had some significant impact. I was just discussing -- where's Daniel, but I think with Daniel, how the consolidation is occurring, when the baby boomers became veterinarians, they started retiring 15, 10 years ago. And so right now, 99% of retiring vets in the U.S. are men. 99% of graduating veterinarians from school are women. And there's a huge kind of shift of the paradigm occurring, specifically within veterinarians. Veterinarians who are retiring are realizing I can sell the land for more than I can maybe sell my practice, right? So they're selling to corporate groups. They're getting a quick transaction out of the way. They don't have a lot -- they have veterinarians that want to work for them that are associated veterinarians that don't have ownership, but they don't necessarily want to take ownership of that practice on a go-forward basis. So it's an interesting time that veterinarians who are stepping out of the marketplace are not necessarily finding a veterinarian to sell to. Veterinary distributors, there's a massive shift happening. So historically, a brand or a manufacturer would go to a distributor and they would pay them margin to represent their brand, to sell their brand. And right now, you've got a number -- a significant number of large companies taking a different approach. They are going direct to the veterinary clinics. So they're making a bet. And that bet is, can I grow quicker, faster by going direct to the vet, taking that margin that I'm no longer giving the vet and investing it in a massive sales team. So maybe hiring 10 reps, 50 reps, 70 reps, upwards of 125 in some of our competitors' cases. So it will be really interesting to see how that plays out. It's a big gamble. It could have a big reward or it could not pay off at all. I mentioned the consolidation that's occurring. You've got a #1 and #2. If that gets approved, they're supposed to get approved in Q4. It will be super interesting to see what those companies do, because they didn't know when they announced that they were doing this strategy, they didn't realize this consolidation was going to occur. You also have a trend of veterinary clinics ordering online. And I saw this about 10, 15 years ago, the distributors when they would have -- a lot of them are public companies and when they would represent their earnings, they would be happy to announce that 20% -- we've hit a 20% number of clinics that are ordering online. The challenge with that now, I think that they're facing is so many of those clinics are ordering online that you lose the relationship, right? So no longer is the vet picking up the phone and calling their rep that they've known for 15 or 20 years. Yes, it's very efficient to order online, but they're ordering online, and it's done. So you're losing that one-on-one contact. So it's something that they've got to really see through. And there's a couple of ways where we bring value to help them overcome this. And then ultimately, pet owners, a lot of price sensitivity. They're changing. They're driving the purchasing habits, the consumer habits. And I think COVID was the big driver in this, right? And so a lot of pet parents became veterinarians during COVID. They didn't go to vet school. They went to Google. And they say, itchy dog, scratchy dog, dogs shaking its head, ears inflamed. And they think what they're doing is finding solutions. They're going to Amazon and Chewy ordering product. I don't know that, that's -- and you get that the next day. And so -- but is it the right product? Are they administering it correctly? And so that's something we'll have to keep looking at. Veterinarians are facing a decrease in vet visits now for the fourth year in a row. So post-COVID, you've got less people coming in the door. What that means, you have less products going out the door, less services happening. Interestingly enough, the way vets are squeaking out growth is by charging more. So ultimately, what is that? It's a taxation on the compliant customers that are coming in by charging them more because to make up for the loss of business for customers who aren't coming back as much. So it's something that if you look at core inflation, which is around 3% in 2025, vets charged almost 7% more than they did the previous year. So almost more than 2x inflation. What we do is, again, we focus on value. Value to us is not selling a cheaper product that can be sold less expensive. It's selling a better product. And specifically, how we do that is we sell -- and this is a big change of the mindset, but we sell and had to sell the vet on the concept of it's okay to make money. It's okay to charge more for a premium product that's under your label. And we're going to dive into this right now. Obviously, with John just mentioning manufacturing, it's important to say one of our advantages is a quick go-to-market strategy, moving through R&D quicker than an outside company can do. And we're improving on that, and we've got some more improvement to do. Distribution, I said times are changing. Only 3 left right now. There might be 2 left at the end of the year. And again, what the key to us is not helping them sell more at a race to 0. So don't sell more for less money, sell the same you're selling now and make more money. And it's really a challenge sometimes to go to a distributor and let them know, it's okay to make money. It's okay to have a premium product under your label. And of course, pet owners, they're driving it all. They're driving the purchasing habits. It used to be -- it was very difficult for pet owners to go around the vet. Post-COVID, they found it out. They went on Amazon. My mom is a perfect example. She never would have ordered a dog product without going to the vet. But during COVID, clinics were closed. So what did she do? She ordered online, and it came 3 hours later. And she said, this is convenient and she continues that habit. And this is our model. So this is how we started seeing growth. This process started 3 years ago. And Hakanand Jenny, God bless them, they had to hear from me, it's going to happen. It's going to happen, it's going to happen. And it finally did. So thanks for the -- I guess, the trust in that process and the strategy. So this is what historically has happened. We go to a distributor, we say, this is our brand. We're going to negotiate and pay you margin for distributing that brand, right? Then manufacturers like ourselves and other brands that we compete with said, we want to give you your private label. So keep selling our stuff, we'll give you a private label. If our product is here in quality and price, we're going to give you a product that's here. It's inferior. But you can sell it at a 10% or 15% discount, right? And so veterinarians said, yes, that sounds pretty good. I'll just sell on price. That's not a good long-term strategy in a market that's struggling a little bit. What we started 3 years ago was saying, no, no, no. We'll keep doing this, and we'll keep doing this for you. But we want you to sell a premier product. We want to give you a product that's better than what the industry has, right? That can go up against any of the brand leaders, but only if you charge a premium for it. And that's going to allow you to have value to your vet clinics. And the vet clinics are going to have value to the pet owners because we have to check every single box to make this work, this relationship work. And, this is what it looks like. So this is our traditional line. This is the legacy private label. Same product, by the way, in all of the packaging. This is a veterinarian-specific private -- our distributor's specific private label that we provide. And this is what we started selling 2 or 3 years ago. And it took 2.5 years to sell that concept to the distributor. They're not used to making money. It's uncomfortable for them to realize, I don't have to sell on price. I can actually charge more for something that is better. Yes, you can. And finally, we secured a contract with MWI in the beginning of this year. And we're just starting to see the fruits of that labor, and we're just starting to see those products start to trickle out. This is a good snapshot to show. So Animal Pharm, which is with Patterson, we actually got that signed last year for this upgraded version, and those products started selling. So in Q1, we had growth on that private label brand of 54%. So we're starting to see -- yes, our theory was right. If you do this, if you take this leap with us, you're going to see growth, and we're going to see growth, and you're going to give value to the veterinarians. MWI -- and by the way, this is only with one product launching in Q1. There's 40 SKUs that we're doing this with across distribution. MWI, which is our biggest customer and the biggest distributor, we just shipped out in Q1, partial of one order because they take time. They have to get regulatory approval internally. Products have to come from manufacturing, and they had growth of 35%. Since Q1, we've now shipped out 2 other products. I think we have 7 or 8 that will be in Q3 and the remaining ones will be in Q4. So again, these are premier products that are going under private label to the distributor where we actually make equal to or more margin than we do on our own brand. So we're not diluting it, right? It's all accretive. And this brings me to our last slide. And I think this is important, too. Traditionally, initially, PlaqueOff was always sold in the retail environment. And that kind of posed a challenge for vets because they would introduce it to a client and they would ultimately find it on Amazon, on Chewy, in Petco and PetSmart, and they would lose that customer, right? And so to them, it was like, yes, we love the product. It works very well. The problem is once we do our job, the veterinarian, it works so well if the customer finds it somewhere else, that's more convenient for them. So in 2024, we created a line called ProDen Dental Care which is a private -- basically a private label PlaqueOff. And if you could see the label up close, it says powered by PlaqueOff. So it's the exclusive line to vets. And so for us, it's a significant investment into growing ProDen PlaqueOff but with a twist, giving the vets a brand that only exists in their ecosystem. So you'll never find this in Walmart. You would never find this in Petco or PetSmart. So we're giving them something. Again, this is how we add value to our veterinary community. And in '25, we saw a modest 30% growth. Now we're starting to see it really pay. So in Q1 '26 versus '25, we saw 86% growth in this line, and it's starting to really gain traction. So that being said, I'm going to pass this over to Geoff. I look forward to your questions. I do want to say it's fantastic to do these events in real life. And I've seen a lot of you on computer screens for the last few years, but it really reminds you of how great it is to bring everybody together. So thank you.

So I would like to attempt to not speak with the microphone. Can you guys hear me? Or would you prefer -- okay. All right. If I go down, you go from there. So all right. So, let's -- I'm Geoff Granger, CEO of NaturVet. I've been leading our Southern California-based operation for a little over 2 years now. We are a manufacturer of pet supplements and other pet care solutions. But our primary focus is scaling our flagship brand, NaturVet. Before I dig into the presentation, I thought it would make sense to share a 3-minute video with you that highlights the really tremendous strides and initiatives we put in place over the last year. And I think it will go a long way in kind of as I start touching on those things in the presentation, kind of will help make a little more sense out of all that. So let's go here. Can we hear? Cannot hear anything? It's just music. [Presentation]

All right. If you even need me now. I think we told the whole story there. So we're going to bust this presentation out to 3 segments. So kind of the umbrella of evolving in a hypercompetitive space. We've done a lot, but we need to continue to do more, to continue to reestablish our authority in the category and continue to grow and grab share. So firstly, I want to talk through our key accomplishments and a lot of what you just saw in the video touched on that. Again, I use this phrase a lot. We've set the table for meaningful and sustained growth. But all along the way, we're always looking at the latest insights. And the way we're integrating the insights into this presentation is kind of as we've done all these things, and now we're like, okay, not quite where I need it to be, what do we need to do differently? What do we need to learn? So digging into the market insights to inform our future -- our short to midterm strategy, and that's the third portion, which is talking about what did we learn from the insights and what else are we doing to drive sustainable and meaningful growth in the brand. So, all right. So we're going to start with key accomplishments. And I always throw this one in here because I think it's super important because I don't think if we do this right, it's going to matter. And it all starts with culture. And a couple of things that we're very proud of is, number one is really strengthening our employee sentiment. And I tell this story all the time is when I came in, in August of '23, one of the first questions I asked was I talked to our HR lead, and I said, do we do a global employee sentiment survey or whatever. And she said, "Yes, Swedencare just did one about a month prior." The results just came in. Let's take a look at them. And the big metric that we look at there is the employee Net Promoter Score, eNPS. And we had in that survey, a 33 eNPS. And total Swedencare was a 41. So we were lagging where we needed to be. We were lagging our parent company, and we had a lot of work to do there. So we jumped in, in the weeks, months and years following. We did a lot of structural changes. We communicated differently. We added new processes, and we also changed overall personnel as well, right? That was a big part of it. We took the survey in January, February of 2025, so around a year ago, and our employee Net Promoter Score improved by 20 points to 53. Anything 50 or above is considered excellent. What's really the key with that is that our employee participation in 2023 was only 64% and went up to 85%. So a lot of times that participation jumps up. That doesn't always help your employee Net Promoter Score. So we got over the 50, again, considered excellent. Our aspiration now is 70, which is considered world-class. So I just -- I always like to start with this because I think that's super meaningful because if we don't have the right people, a bunch of happy people who want to be there and want to grow the business, I don't think we're going to win. Next 2 things are really key leadership changes. And so about a year ago, we brought in a new Chief Operations Officer. It was probably the most qualified operations leader that we've had in the company with 25-plus years of experience across manufacturing, aerospace and industrial sectors. And what really set him apart is he came with multiple certifications that are essential for running our operation and bringing in new processes, eliminating waste. And when I say eliminating waste, it's actual -- time is waste. So compressing timelines allows us to have more time to make products, more bandwidth to make products, more capacity and then ultimately boosting efficiency. So there's a certification, I think it's fairly global Lean Six Sigma and he's black belt in that. And basically his mindset is efficiency and capacity and running and setting the table for sustainable growth. So super excited to have Erik Thomas on board. And then much newer change was to our commercial leadership, running our sales and our marketing organization. And that's Kristi Murphy, and she came on in just March of this year. And we had -- again, you saw the accomplishments. We got distributions expanded. It's not quite where we needed to be. And so we needed to get a new commercial leader in place. We brought Kristi on. Kristi has 30-plus years of pet-specific experience. Literally, her first job was as a clerk in a Petco and she doesn't like to tell that story because they do the math on the age and all that, but 30 years in the pet industry. And 2 things that she brings with her is, one is she's been within large companies, Mars Petcare being one of them, midsized companies and then small-size and start-up companies. We actually were able to recruit her from a start-up company that she had gotten a really good place. And lastly, she brings with her, which is super important, existing long-term relationships with our retail partners, which is super important as we continue to build those partnerships and relationships with new partners that we may not be doing business with. And then next accomplishment, positioning our flagship brand, positioning NaturVet for growth. So we did completely refresh the brand a year ago. We launched it. We revealed it in March of '23 at the trade show at Global Pet Expo, but ultimately didn't start really transitioning the product out to the new packaging until we got in the back half of last year. At that same time, we activated our marketing campaign as well. We call it the Step Ahead Proactive Pet Care campaign. And again, we do that. And I think Hakantalked about this earlier, the gap between human usage and supplements and pet administration supplements is massive. So at a minimum, we want to try and track those consumers that are not already in the category, but along the way, we'll take some from our competitors as well. So secured celebrity influencer and veterinary partnerships. You saw some of that in the video. And then we activated this across social digital and influencer media. And then the most important part of this right in the middle is, we committed to expanding distribution a couple of years ago. And we did that. And we are in -- as of the H2 of last year, we're in the #1 U.S. pharmacy chain, CVS -- 1,100 CVS stores, the #1 pet care seller, PetSmart. You might say, well, you're in PetSmart. Yes, we had some PlaqueOff in there, and we had some home and yard stuff, but we never had core NaturVet supplements in there. So we're now in PetSmart, and we're in the #1 U.S. retailer, which is Walmart in 19 SKUs and up to 1,700 stores. And then we've got some regional grocery as well. So we got the distribution in there. And going back to the marketing, we didn't really have a marketing engine. So even last year, the last 6 to 8 months is the first time we really marketed and we have a marketing team, and we're doing 360 degree campaigns. So a lot of exciting things. A lot of that happened in the second half. And now we're ready. We've set the stage for growth. Lastly, we can't do any of the above. You got to have a good culture. you got to expand your brand, but you also need to make sure you're supporting that scale appropriately with operations. And so we did 2 things that it was called out in the video as well as we finally had an ERP, enterprise resource planning system, the ERP, put in place, which allows all of our internal segments to speak with each other and most importantly, it enables us to make real-time data-driven decisions. So boosting efficiency and reducing costs along the way. So that happened in October. That was table stakes to being able to set us up for scale. And then last, we had SQF certification, which just happened in April. Safe Quality Food is a GFSI-approved globally recognized certification. It's all about prioritizing food safety for manufacturing operations. And this is a certification that much of our competition still does not have. So this gives us an edge. And so it ultimately expands our market access. And specifically, I'll be a little vague on this, but there is a major club customer who we have secured a private label program for that will be shipping in the near future. We would never have been able to do that if we didn't have the SQF certification. So this sets us up to be able to expand appropriately. Okay. All right. So we did a lot, right? And along the way, some of that stuff is not quite where we thought it would be. So we've got to understand what do we still need to work on? How has the market -- how the market dynamics shifted and what shifts do we need to make and how do we need to continue to evolve, right? So total U.S. pet supplement category is in the $3 billion range, forecast about 6% to 8% annual growth. I think Hakansaid 7% to 10%. So it's in that range. E-commerce remains the dominant channel. It's been the dominant channel for a while, but it's now consistently over 80% with Amazon being the vast majority of that and our competitors really treating Amazon as a primary marketing channel. Food drug mass is the highest growth segment across the channels at up over double digits, about 15%, 16%. Walmart is the biggest growth segment growth retailer within that at a 20% and around 50% of the share. Pet Specialty is an interesting channel. It's the most mature channel. It's the most mature channel for us. And it's been the most kind of stagnant channel. It's been up a little bit one quarter, flat, down another quarter. And that is a channel that has a lot of struggles within it. And what has happened is the retailers are trying to find a solve for it and they're just kind of adding brands in there. But they're not necessarily rationalizing or editing and they're creating what is already a massively confusing category, making it even more confusing. And I'll talk more about this channel in a second. Growing brands, they're getting focused on how they're marketing. They're focusing marketing spend on fewer SKUs, higher conversion content and again, leveraging Amazon as a primary marketing channel. And then in terms of how innovation and product is being informed, Hakantalked about this, human trends, human trends, human trends is informing that innovation. Cat is also a big place to innovate as well because while both cat and dog are growing, cat is growing exponentially more than dog is growing. It's a smaller piece of the pie, much smaller, but it's growing, okay? So that's what we learned. What are we doing about it? So Amazon. So e-commerce, biggest channel out there, right? We're a little underpenetrated in that. And the way we're going to grow our share there is to continue to maximize Amazon business. We had a little bit of stumbles with Amazon with some growing pains that were a product of some of the changes we made, and we're now back on track. So about a year ago, we moved our management of our Amazon business from a third-party partner internally to PetMD, the other U.S. subsidiary to run that business. At that time, we had -- we expanded distribution, so went to Walmart and other places. And we also, at the end of this year, issued a MAP and price increase. And those things altogether created some challenging dynamics around map enforcement. And you had some new accounts that came in and they weren't enforced -- they weren't abiding by our map. We had to work -- we had to address that because once they go down, everybody goes down. So it's a little fragile. We also, at the same time, unauthorized seller proliferation. We call it rogue sellers. And then we had an inconsistent site experience post the rebrand, right? We had a bunch of white packaging still with this beautiful new blue packaging. And so -- and you had a mix of it out there in front of the customer. So map not being enforced, inconsistent site experience. Actions. So we've really partnered with the retailers. We've got the new retailers that came in, we've got them in line and they're abiding by our map now. For rogue sellers, we have a hard fix in place there. We have rolled out Amazon Transparency, which is where you put a special barcode on anything that goes to Amazon. So if something comes under NaturVet to Amazon, it doesn't have the QR code or the barcode on it, they're not selling it. So that's how we're addressing the rogue sellers, and we've pretty much eradicated them. And then a storefront refresh, we've just made the decision, let's get the blue packaging, let's get the new messaging out there. And even if we have some older packaging out there, we have a little tile that says, "Hey, we're transitioning. So let's tell one story. What are the results? Map violations are down by over 50%. I would actually say that's more around 60% to 70% now. Buy Box recovery. I didn't talk about it in here. That's the big thing. You don't have that lowest price, you lose the Buy Box. So when you go on the site, that's not what's hitting you in the face in terms of you want to buy NaturVet. So we are now back to winning the Buy Box because we have MAP being enforced. And then most importantly, we're seeing steady year-over-year consumption, so customer POS growth over the last, I'd say, 6 to 8 weeks. Next steps further improve MAP enforcement. We're continuing to expand Transparency rollout, but we have already -- we've already rolled out Transparency to the vast majority of our volume. So we're in a good place there, but we'll continue to roll it out. We're going to have 15 SKUs of new innovation that we're actively launching as I speak on the site, which I'll talk about in a second. And then Amazon continues to be part of our -- evaluating our broader marketing strategy, okay? Because as I say, as goes Amazon goes the whole operation. All right. So we talked about the biggest piece of e-commerce and we talked about the biggest piece of food drug mass. So when we secured the Walmart placement, that was very exciting, big feather in the hat, not quite seeing the consumption we would like to see. So we're up to 1,700 locations around 19 items max. So we're really targeting marketing. And again, we just built our marketing engine about a year ago or less than a year ago. We're really rethinking. We're doing a hyper focus, almost like a pilot, I would say, on Walmart and hyper focusing these activities to see if we can drive up adoption of the brand. So what I have on the right here is what you call the marketing funnel. So a lot of marketing drives awareness. And I'll be honest with you, a lot of the stuff you saw in that video, it's a lot of awareness driving, right? But it's not necessarily pushing them into consideration or usage and preference is the loyalty segment of this upside down triangle. And so we're pivoting to get more consideration and usage tactics in there, and we're doing that right now with Walmart. And the big focus is targeted digital display, Walmart Connect and then the connected TV, OTT, the streaming that we're doing. And all those things have call to action elements to them to push this button, save here, and that falls more into this consideration usage. Additionally, instead of focusing on a category or a bunch of different items, we're focusing on hero items, so really 4 items. So these last 2 bullets here, how are we doing? And so with 3 of the 4 hero items, the week-over-week, the run rate trend has increased significantly, up about 50% to 60% versus the prior trend. And then we are now beating competition across not just across awareness, consideration and usage. We have a brand health metric that we run monthly, we subscribe to, and it helps us tell by at total and by retailer, what are we doing here versus our competition? And where do we rank here? Where do we rank here? And where do we rank here? 100 basis points above competition in Walmart. Going in, we were below 100 basis points above the competition scores, 200 basis points above the competition scores in usage and preference we're right on at the same percent, but we were markedly below before we did this. So as I said earlier, it's kind of like a lab. It's a test. And so how do we scale this over our larger operation? So scaled Walmart model. Our big focus areas are brand clarity, one message, one tagline and the hero item focus. Again, we have a lot of messages out there. We have 'we care so much, we make it ourselves'. We have 'the power of pawsome pets', and we've kind of pulled all that back, and we're currently working with a third party to kind of fine-tune our go-forward marketing strategy and messaging, but we're going to one consistent messaging and a big part of that was showing up consistently with the new packaging on site as well. A full funnel focus, right? We're looking at all aspects of that triangle. We did a lot of really exciting awareness stuff, but we've got to drive the consideration, we've got to drive the usage and drive loyalty at the preference level. Amazon unlocking that to be a growth engine for all channels as goes Amazon goes the whole operation. One truth. So when we launched all of our marketing tactics 6, 8 months ago, we had KPIs. We were making the KPIs, but we weren't getting the consumption and the consumer POS growth that we said. So there's something wrong there. And it's a real-world conversation to say, "Hey, I'm hitting all of my KPIs". So we were doing something wrong. So we're really rethinking how we're measuring. And if we hit those KPIs, then that means we should be growing and we should be hitting our financial aspirations. So we'll totally be working that. And then category leadership, we did a really good job over the last couple of years on what we call thought leadership. We were bringing data to the market that was not available to the retailers. I can say that firsthand when I was at Petco for 11 years, and I had supplements for a big chunk of that, nobody could tell me what the size of the prize was. Nobody could tell me what the share was or what my share was. Where I was leaking or what the size of the market was. And so we've done a good job with that. Now we're trying -- now we're broadening our relationships with the retailers to help them make the right decisions for their shelf. And like I said earlier, in Pet Specialty, it is a knife fight right now, and you have a lot -- you kind of have finite shelf space, but you have all these brands coming in. And so we are really partnering with them to help make decisions for the category, which ultimately will benefit us. All right. And then let's talk Pet Specialty. So the other channel, again, Pet Specialty is especially important to us. So it's 13% of the share for the whole market. It's 38% of our share, right? And that's not a mistake. That's where we grew up, right? That's where we were. But as we look to reinvest in food drug mass, which is the highest growing channel or in e-commerce, which is by far the biggest channel, we have to rethink how we're investing within Pet Specialty, but we still have to win because it's still a big, huge part of our business. And so improve, invest and partner within improved, revitalizing core assortments and accelerating innovation and adoption. I'll talk about that in a second. And that's all about earning more facings, improving our shelf presence and reestablishing our category. Invest again, because we need to make sure we're investing in food drug mass. And we're investing in e-commerce. We have to be very deliberate about how we invest in the Pet Specialty channel. And so through quadrant analysis, we're saying, you know what, this particular pet specialty retailer, they don't believe in the category anymore. They're not -- and in general, they're losing -- they're closing stores, and they're not who we want to be investing in. So those are folks in the past, we had peanut-butter investing. We're saying, no, we're not going to invest in you anymore. But these other guys, the Petcos and the PetSmarts and the Tractor Supplies, we're all in on investing with them, right? And then partner. And this one is interesting because this is specific to private label. So we also see private label. But hey, Geoff, you just said your primary objective is to grow NaturVet. It is. But what we found is that where we can have collaboration on private label with partners who have our NaturVet brand, that creates a stronger bond and a stronger collaboration model. And what we've also found is there may be some retailers that we can't quite get into with NaturVet just yet, but we're able to get into them with private label. And again, there was a major club customer we recently had some success with. And that ultimately is a path to having a bigger environment that is not only private label but the NaturVet brand as well. So that's our approach for those channels. Two more slides. We talked about product a lot, right? And what did I say at the -- when we talk about the insights, what's informing insights, it's human trends. And so the 2 new innovations in dog that we launched this year are directly informed by human trends. First one is dual action, which takes 2 key need states. And we did a lot of third-party work directly with consumer feedback to understand what are the need states that make the most sense. But the concept came out of going to a target and you're looking at Centrum, a big brand in the States. And this is the exact concept that they're doing. So the example here is immunity and longevity. We have an immunity and anti-inflammation, and we have a gut and an allergy. And even the packaging kind of has human inspiration like what you've seen. So we're launching that, and we're launching what we call targeted care, which is a double-click kind of humanization of the existing key need states. So what you see here is muscle. That's a double click of hip and joint. There's one called beauty. That's a double-click on skin and coat. And then we have a dental product that is all about managing the oral microbiome and also creating whole body health in doing that. And then we don't want to forget about cats, right, because they're growing exponentially higher than dogs in sales. So we had 9 formulas that were combined formulas and dog and cat formulas. And I don't think -- when I say this, this isn't a revelation, but cat parents don't want dog formulas. They want cat formulas and they want formulas that are specifically formulated for their cats. So we took those 9 formulas. Those still exist, but we stripped out the cat portion of it. We actually reformulated. It wasn't just, hey, let's slap a new label on it. We reformulated it, added even more beneficial elements to it to benefit cats. And that's what we're launching this year as well, and that's 9 SKUs. We call that our Feline Forward initiative. Now innovation is where we go a lot, like that's the exciting part of product. But this middle part is the most important part, in my opinion, and that's core assortment revitalization. And that's -- so you're doing your innovation over here, but you're also constantly evolving your existing assortment. And you're doing that through elevating the formulas you're saying, I think we can increase the active levels here. I think we can reduce inactives here, which some would consider to be fillers. Hey, let's make sure that we have natural preservatives. And the big part of it is palatability. Let's have the best palatability because if you look at the entry into the category, palatability is one of the #1 elements like, "Will my pet eat this?" And so we -- without getting too much detail, later this year, we will have product out there. We've been working with a third-party palatability house and a legal partner. We'll have product out in the market that will have specific palatability claims. Our competitors are not doing that right now. They've done it on their sites and stuff and then they call it off because they're not doing it right. We're doing it right. And that's -- and again, that's one of the #1 entries into the category is will my pet eat it. So I think we have some exciting things happening there. And that's within our core assortment. And then lastly, our product road map. I think one of the challenges in the past is we've kind of addressed -- we would address innovation with what are we doing this year? Okay. Well, what are we doing next year? But we weren't connecting it all. We didn't have a full journey mapped out. And so we're really fortifying our long-term product strategy. That's 5-plus years. It's actively being done by our R&D team at this point in time, and we'll have more to share on that down the road. And lastly, like I talked about earlier, we're doing a lot of things. But if we're not setting operations up for, we're doing that starting at the end of this quarter, beginning of third quarter, we're kind of prototyping it. We're going to pilot it, see what it does, and then we will look to scale it in 2027 and beyond. And you know what that's going to do, right? That's going to drive efficiency, increase our capacity and then ultimately reduce costs. Lean manufacturing, I talked earlier, Erik Thomas, our Chief Operating Officer. He was the first operations lead we had in our company that had the pedigree. He's got the pedigree. He's got the certifications. And so he since trained his entire manufacturing team on these practices. And so these are things that will result in reducing excess inventory, improving our cash flow and ultimately tying in with our supply chain team. And on that note, a couple of years back when I got here, we had a purchasing group and the purchasing group reported into R&D, but they really didn't have a direct connection to manufacturing. Well, they're buying all the raw materials in the packaging. You got to have that connection. And so once Erik came on board, we moved purchasing into him. It became a true supply chain organization. And then their focus is strategic sourcing with long-term agreements in place. We weren't experiencing savings. We are now meaningful cost savings, improved payment terms, ultimately optimizing our working capital. And we're doing all this under a framework of stringent supplier governance, meaning there are KPIs that we're measuring. And if you're not standing up to those, if you're late, if you don't have the highest quality, then we move on to the next guy. And that is all tied directly into our manufacturing organization. All right. I think next, we are going to have a break. Sorry, I was standing in your way. I was trying to get through standing in the way of the coffee. Yes. So right. Thank you. Appreciate it. Thank you.

Was quite complex. And we wanted to do something that both drives our business and does good. And that has been our guiding light is trying to keep it as non-complex as possible, but at the same time, it needs to do something good. And as we're growing, the expectations are turning up a little bit, not only from consumers, but also from investors and customers. And so our sustainability work really focused on what matters. We started out actually in 2024, but in 2025, we moved into really doing the dual materiality analysis. And these are the results that we came to. These are the focus areas. So circular economy, waste and resource efficiency, trying to decrease the impact that we have on the world surrounding us. And then I know Geoff talked about it, but it is a guiding light in the company is making sure that people want to. We want to attract the best talent. And there are several different parts of that, but employee well-being and safety is definitely one of the main factors there, improving the working environment and also skills development. We see that, that is something that we can offer, and we see that something that our talents seek. And then I would say, most importantly, we need to sell safe products. Our products need to be of the best quality, and they need to be safe for the consumer to trust -- to put their trust in us to help them with their pets well-being. And all of this boils into having a corporate culture and a responsible governance that makes sure that we follow these guiding principles. So having all the different ethical guidelines and compliance transparency and a strong corporate culture. And as you can see, our employee Net Promoter Score is quite high. The benchmark -- it's difficult to find benchmark numbers for our specific sector, but it does look like it's in the 30s, and we had a 44. So once we looked at the focus areas, we did a lot of both internal and external discussions, and these were the topics where we set targets. By decreasing our footprint, we want to focus more on shifting to fossil-free electricity. Our baseline is quite good, but that can be improved. And our target is to reach 90% by 2035. Decreasing our waste. It is a little bit more complex. So this year, we are working really on finding a baseline number and making sure that all of the different subsidiaries and countries measure the same thing. We do the same thing. So this year, we're focusing on getting the quantitative targets set. The employee engagement, as I mentioned, 44% is really high. If you try to find benchmark numbers in life science, pharma, pet food industry and that sector, 30% and up is excellent, but we don't want to just be excellent. And we want this to be high. And if it's not measured, well, it kind of gets out of focus a bit. So maintaining a really high employee engagement rate is truly important for us. I don't think anyone has been unaware of the macro changes that are happening right now, shifts in what talent is needed and how -- I mean, let's face it, everyone was talking about how AI is going to either enhance us or maybe shift everything. We still know and believe that the human talent is the core of it. And being able to attract the right talent and making sure that we retain the right talent and develop the right talent, we believe that we can continue to be competitive at the level that we are going forward. Health and safety, the benchmark in Sweden for the manufacturing industry is around 5, so lost time injury frequency rate is how many injuries happen during a year that has a loss of day afterwards, not counting the day of the injury. So the injury is severe enough that somebody is missing a day of work the next day at least. And we haven't -- the 3-year rolling average is 5, and we want to bring that down to 3.5 by 2031. And then last but not least, the product safety, 0, and it should always be 0. That's our target. And it feels like is it a hygiene factor or something like that? Again, as it is one of our -- well, most important targets and what we build our business on, that needs to be a focus. Even if it's 0, we've had 0 forever, it should continue to be 0, and we need to keep that focus on it. Last year, there is a little asterisks. Last year, we had an incident, which I would say it's good because we don't really have that many incidents, but there was an incident that really required us to put our processes in place and kind of [ tweak ] test for the Swedes out there to do a little pressure testing on it. And it worked really good. We conducted the investigation and it was concluded. It was a handling error by the customer and it wasn't a product issue. So these targets and what we want them to do is really guide us going forward in making sure that we are the company that you can trust, the company that investors can trust, the company that customers can trust, the company that pets can trust. So the targets, looking at the targets, how they will help us to do practical improvements. It's all about using the synergy of the group. It starts with dialogue and discussion between the different sectors and different companies. And just by doing that, we already found a couple of efficiencies. So looking forward, we want to make sure that we do have less production waste. It's both good for the environment and it's good financially for the company. People and safety, I can't reiterate that enough, but having the right talent, maintaining and developing the right talent is really Alpha and Omega for a company like us. And we are building that structure to be able to do that. And we already see that now in our recruitment of new colleagues that when talking about the strong corporate culture we have, it is something that helps us when they're deciding on maybe between a couple of employees, future employees. And product safety, it's strengthening the traceability and all the way down to the suppliers, making sure that the suppliers adhere to the code of conduct and that we do the audits to ensure that the documentation of materials and everything is in place because, again, it's -- the customers look at us for their trust, and we are those gatekeepers, making sure that the products are safe. And how it is then embedded in the governance, it starts with the Board. The Board has the ultimate responsibility. Executive management team owns the ongoing sustainability work and priorities. And then together, we develop that. It's not something that is just static. We will continue to develop that for the time to come. So it's really focusing on the material topics where we feel that we are -- we can make an impact, but it also strengthen and builds resiliency for our company. Next phase will be, of course, to continue to improve the data quality, strengthen site level execution and making sure that we continue to embed these targets into the day-to-day just by living it. All right. And then let's shift hats. Now we're talking about EU and or Europe and U.K., Amazon and pet retail. We jokingly say, and then this could be a 30-second presentation, what happens in the U.S. comes here a couple of years later, done. That's the presentation. So now you know what's going to happen in Europe because it's happened in the U.S. But jokes aside, there is a lot of truth into that. When it comes to the pet and especially in the pet care segment, the U.S. is a couple of years ahead of us in the trends and the shifts. As we talked previously, the soft chews is a dominant format to give to your pets for your dogs and cats when it comes to new pet supplements. And in Europe, it's still emerging. It's emerging quite fast, but it's been the dominant in the U.S. for quite a couple of years now. And the same thing with the online shopping. Amazon is huge in the U.S. and Chewy, and it's starting to shift that way too in Europe. And usually, it starts in the U.K. When we're looking at the strategy we have in Europe, it's very much -- we look at the local, so local route to market and a position, but also a shared digital growth engine. We have a strong momentum right now. The growth in Q1, 21% Main growth drivers have been the dental products and online. We see additional contribution from the vet sector with Innovet in Italy with new product launches and a strong growth there in Q1. And while the current growth is strong, we still see different building blocks where we can elevate that going into the rest of the year and the years to come. Europe is a very large pet market and is moving at a strong growth rate of -- predicted growth rate of around 8% CAGR for the years to come. And looking at the digital shift, it's moving stronger and stronger towards the online. That's the fastest moving segment for the supplement sector. And this is something that we're seeing. We're seeing more and more interest from customers that historically have not showed as much interest in the supplement. So large retail chains and also the online retailers are now looking to add more of our products into their listings. It's a little bit different depending on what country you're looking at. The U.K., we have a full omnichannel presence from the veterinary to the retail to online, while the other -- like the more south you go, the market looks a little bit more fragmented. In Italy, we have a very strong history with Innovet being a vet influenced model. And the same, we have that in the U.K., too, while in France, Spain, Greece and the Nordics, we're looking at -- we have smaller local teams and we're building it with the online channel and focus there and leverage that. Germany is one of the markets which is a huge market, but we have been basically nonexistent. We've had a very small footprint there. But we're going to talk a little bit about that and how we believe that we're going to increase that share substantially in the years to come. The U.K. vet market has had a big thing happening over the last 2 years. They've done a competitive market investigation from the government in the veterinary market. And basically, in very short, they concluded it's just too expensive. It's not transparent enough. Something needs to happen. And they're putting legislation in place to make sure that transparency increases. They're even doing price caps on some of the products, which is forcing the whole model there to shift towards preventative care a little bit. So for Nutraceuticals, it's really a positive thing, the outcome from this investigation. And we think that our brands, nutravet and ProDen PlaqueOff is really well positioned for that. We have a long history in the U.K. with practitioner-led credibility. So we worked -- we have products that are targeted for the veterinary sector, very much clinically oriented branding and condition-based formulas. -- and have a long relationship with them. Continuing looking at how we're developing that is making sure that we continue to have that sector, but also talk a little bit more towards the end consumers and not only the veterinarians. So making sure that the end consumers are also aware of these -- of the products and what we offer. And looking at the digital practitioner education platform we're developing or have developed and just launched, it's still maintaining and building that strong relationship with the veterinarians. So on the vet sector, we have a good strong standing leg in the U.K. And then looking at the more straight to consumer or direct-to-consumer or consumer-led leg that we have, we're focusing a lot more on really telling the story directly to the consumers by different online channels, but Amazon is definitely the biggest one. Previously, we were on a vendor. Vendor is online Amazon capacity is that Amazon basically does everything. We just ship in our products and they sell the products for us and they set the prices. They do basically everything. And in 2024, we shifted over where we took over a seller, which gave us a lot more control of everything. And I think if we're looking at the graphs, it was a very successful shift that we did. We built in-house capacity, try to get best-in-class talent to manage the channel. And so far, it has -- the growth has outpaced the market and looking to 2026, we are very confident that we can maintain that growth that we're seeing there. We also see one of the things that we heard a little bit, well, if you're Amazon, if you're aggressive there, it's going to hurt the brands with retailers because they don't want to compete with Amazon. Well, I'm happy to say that this year, we've had a long relationship with Pets at Home with one product, and they've had, I think, 3 SKUs so far, don't quote me on that. And now they're bringing in a ton load of new SKUs because they see how -- what positive momentum we have. So it doesn't disrupt that channel. It builds, it builds. It builds awareness, it builds demand. And this in-house capability we have enables us to move faster across other marketplaces too. I don't think anyone here in Sweden would have thought eBay is a marketplace where you can sell pet supplements, but we're successfully selling good volumes on eBay because we have -- we can leverage the knowledge that we have in that in-house team. And this is something we can then leverage to other markets. So last year, we moved over to trying to replicate the U.K. model across the other European markets. And we see positive momentum there, too. So Spain moved from vendor to seller in the second half of 2025. And if we're looking at Q1, the share -- we see that the traditional channels growing quite nicely and the Amazon channel is growing really, really strong. Again, consumers don't care. They're omnichannel. They're searching for information and pricing point everywhere, and we need to be omnipresent and own that narrative. And the online channel insights gives us a chance to also be faster at reading the market dynamics, trends and changing consumer behavior. Germany is -- I said I was going to come back to Germany. It's really the market where we see a positive momentum. And now we're getting contacts from major pet retailers who are interested in introducing our products into their stores. And that's really -- I would say it's not just what we're doing online, but it definitely has a big contributing factor to that. We have mainly -- we have several brands in Europe, but these are the ones we're focusing our efforts to on the years to come going forward. ProDen PlaqueOff is the leading dental brand. And there is still a lot we can do there. If we're looking at, yes, it's our biggest product, but it's still a very low -- relatively low market adoption. It should be even if we come up to 15% of pet parents start using ProDen PlaqueOff, that has a significant uplift for us in sales. So there is definitely room for growth there. Germany is untapped. In Germany, they use dental sprays to basically cover up the bad breath. But the dental sprays don't really do anything. That's -- those are the leading products for oral health in Germany. So -- and we -- as I mentioned, we do see a growing interest and awareness for our products there. What we can also see is over 80% retention rate after 12 months once they buy a ProDen PlaqueOff product. That is very much unheard of in subscription-based models for -- well, unless maybe a Netflix subscription or something like that. But for -- in our line -- in our segment, it is really, really good. And then we do range extensions. This year, we launched the Creme for cats, which has been very well taken by the market. And we also noticed that we're also getting broad listings with current retail customers. One other customer we're seeing is in the U.S., we've been in Walmart, some more the grocer or big box stores. And we're seeing that trend also in Europe where it's not just pet real pet specialty stores, retailers that are starting to list or listing these products, but also getting interest from retailers, regular grocery retailers or other retailers. NaturVet by Swedencare is -- there is different in formulations between legal compliancy between Europe and the U.S. So we can't just take the great American products we have and just launch them in Europe. We need to be compliant to European regulations. So we worked hard with staying true to the format and what has built NaturVet so successful in the U.S. and adapted to the European market. Again, we have a great track record on Amazon. So when we're launching these in Europe, we benefit from that. We have tens of thousands, if not hundreds of thousands of positive reviews for these products. And as we're trying to stay as true as possible to the U.S. products, we can get benefit from that. We're also seeing -- we're seeing that the soft chew adaptation in Europe is growing very strongly. For the U.K. market, we ourselves saw a 57% growth during Q1 this year versus last year. And then as Geoff said, palatability, we've worked really hard, and we've done palatability testing on these with 94% to 100% results, which is also really, really good. So it means once they buy it, the pets will love it, the dogs will love it and then they will continue buying it. For the veterinary segment, we have nutravet and Innovet. -- talked before about the nutravet and the U.K. shift towards preventative care. But nutravet is also doing direct-to-consumer sales on their website. So it's sales through clinics, veterinary segment, they have vet select products. And then there is a consumer variation of that product available on the nutravet website. And there is no real conflict with that. Sometimes they start with the consumer product and then go, they want a stronger, maybe a more clinical product and then move to the veterinary product and buy a path for the veterinarian. Innovet is -- has a really, really strong standing in Italy, and we're trying to build that and use that and build that across Europe, mainly through an online launch in the rest of Europe during H2 this year. And it has a strong presence in major channels in Italy, which we think that it's possible to translate that to the online sales to it. They have also a strong basis with reviews in Italy on Amazon, which can be used because there it is the exact same product, but being sold in new markets, so we can utilize those strong reviews that we have there. This year also, we did try something new, the Fast-Track innovation. Since we now have, I would say, a really, really strong in-house D2C team focusing on Amazon and other marketplaces. We have a really strong sales channel. We also have this in the pipeline in the back. We have R&D, we have production. Let's utilize that and move -- try to see if we can move faster. So we had a product where we went from idea to execution in 3 months. It's still a little bit slow. We can improve that. But historically, very fast for a company like us. And it's just been a fantastic result. We pinpointed a space in the market where there was a lot of demand, but not that many options available for the consumer. So we offer -- we launched the product there in late December, and it has quickly jumped up to being top 10 -- one of our top 10 best-selling products on Amazon. Are we going to be able to replicate this with every product? No. But our goal is to launch 10 new products with this Fast-Track innovation concept during this year. And our internal target for success rate is 25%. And we do believe that this is -- we see -- if we were looking at the competitive market as the pet supplements market segment is growing in Europe, there are several companies and brands out there that are pure D2C and are really aggressive in trying to capture market shares. They don't have what we have. And somewhere here, that's where we're going to -- we are a lot better. But with the D2C capabilities we have, we also have strength here. So we have the full channel strength. And then last but not least, what would the presentation be without talking about AI? It's 2026. Yes, finally, somebody talks about AI and new technology. And for our -- but it is, it's crucial, and we need to share what we're doing in this because our products are basically -- they are -- that's why AI was invented basically. I'm saying that as a joke, but it is -- even if it's not a high-value product like a new car or a new boat or anything like that, it has a high emotional value. It's again, we're talking about trust and safety. You want to make the right choice for your pet. And looking at now, we're talking about veterinary costs going up being quite expensive. You're spending -- you want to make sure your pet gets the right thing. We see that shifts coming towards our sector where you start -- you do your kind of medical research on AI. AI is getting better. Probably if we -- I'm not going to do a show of hands, but if I would have asked how many here has asked AI for your own health concerns, we probably have most of hands coming up where, oh, my knees are hurting or my back is I'm at that age now. So my knees are hurting. I don't know why I woke up, it really hurts and explain the symptoms. That's happening right now within the pet industry or pet segment, and it's just going to increase. We take this seriously. We have the proven digital capabilities and adaptability at our company. We did a little bit of a pilot test here to see how we could increase and capture the pet parent out there who is looking for certain areas within pet health and can we capture them? And I think this is working with AI. And then finally, we found the magic sauce. Looking forward in 2 to 3 years from now, this is my personal belief that most of the user journeys will involve your -- some sort of generative or answer engine result in making that decision. And we are doing everything that we can to be well prepared and strong in that sector. So yes, just a summary slide, good tailwind in the European segment, but we think that we can accelerate that even stronger. Our digital capabilities outpace market. We're going to roll out NaturVet by Swedencare in Europe and already have a lot of good interest there. New product innovation is not losing to the D2C actors who are really fast and have that as a bit of specialty. We have the strong standing and strong historical background and the full channel capabilities. And then, yes, the retail is also shifting. So we're building the retail capabilities to and making sure that we continue to being the leading supplier or provider of pet supplements in Europe. Thank you.

I'll also try to speak without the microphone. I think. We'll see if it works. Okay. I don't have to introduce myself. I'm sure you all know me. I will take the opportunity to talk more about our financial targets, which we published in December 17 last year. There's 4 of them. We will focus on the 2 top ones. And many of the former speakers have, of course, discussed already the big opportunities we have in the group in order to reach these. But if we spoke about the double-digit organic growth, first of all, we have gone from the market growth. Hakanspoke about this, about the whole humanization of pets. It's not called pet owners. It's now pet parents. People are spending more money on their pet. And of course, they live longer. And just like humans, they get these age-related issues, which our products can, of course, help with. In addition to that, there is some significant growth drivers, which actually all my colleagues have covered. So we will go through them a little bit. Amazon, D2C and other online. Laszlo has talked about this. There's huge potential in this market. Amazon is right now about 40% of our sales. There's lots of potential. And of course, there was another initiative that we did last year when we also acquired the NaturVet Amazon account. We got pharma. Pharma is about 10% of our revenue at the moment. And just like John spoke about, there's also great potential. The development and the manufacturing site that we have in Montreal has a pipeline, which is stronger than ever. And in addition to that, we also spoke about the sterile capabilities, which, of course, is also going to participate to the growth. We got the big box, which Geoff spoke about. This is, for us, a completely new channel since last year. We are now in this channel with Walmart and some other ones. And Geoff also touched on some private label opportunities that are coming up. So NaturVet, both the company and the brand has really laid a really good groundwork for this. Then we got the product portfolio expansion and innovation. This is something that Laszlo talked about. We are quite unique in our group, how fast we can launch products and how quickly we take advantage of new formats and innovation. We have production sites both in Europe and in the U.S., which help us with this. And of course, we have -- we are present in about 70 countries and in all channels. So of course, we can continue to take our brands, expanding them into new geographical areas and of course, with brands into new selected channels. And then there are price opportunities. Of course, production has been impacted by price with raw materials, et cetera, which we have pushed to the external customers. But except for that, our other external customers, we've actually been quite prudent when it comes to price increases in the past. So we see an opportunity in the coming years to increase the price as we are having a higher brand awareness and we're becoming a bigger brand. We have also seen this. And actually, we have done a couple of, let's say, tests. You can see that with AI and also with Amazon, where we've been increasing the price, which had no impact on the volume. So this is also an opportunity for our organic growth. If we move over to the second big target, which is to improve our profitability, we are targeting to move over to a 23% operating EBIT or 26% operating EBITDA. This will be done continuously over the period. And there is, of course, drivers for this as well. I would say the main one is that we have an organization which can deliver significantly higher growth, basically the growth that we've been talking about all afternoon. We can do this without very much increasing the numbers of employees, for example. Our platform, the production, et cetera, has been invested in, in the last few years to carry significantly higher growth. With that said, when we work with Amazon, we have, of course, cost linked with that. So that part of external costs will continue to grow. But when it comes to personnel, and we also have a fixed platform of cost, that will drive and improve our operating leverage. We have cost control. We have been working quite a lot in the last few years with the group in order to work on, let's say, common purchasing. With higher volume, there's, of course, more automation. Geoff also touched on that when it comes to NaturVet, but higher automation and also price will, of course, come with that. We got pharma. I already spoke about that a little bit, that pharma is one of the areas where we expect to have higher growth. Pharma is also one of the areas which have higher margin than the rest of the group. So that, of course, is also going to bring to higher profitability. And then synergies, efficiencies and rationales. We have coming from a very -- like a phase of lots of acquisition, and now we have in the last few years, worked a lot more with integration. So just like Brian spoke about. In the past, we have had several brands working side by side. We are now integrating that into more of one organization. And the same thing with purchasing and other admin tasks. We are now much more working between the -- or in the group with the synergies on that. And the last 2 targets is dividend. We have, as you probably know, a very strong cash flow in the group, and we are able to make the necessary investment for growing the company at the same time as we can amortize down our external loans and also pay dividend to our shareholders. And our ambition is, of course, to continue to do that with an increasing every year as we have since we started. And then last but not least, our net debt to EBITDA, we want this to go -- this ratio to go below 2.0. In Q1 last year, we were at 2.0. Then we acquired Summit, and we also brought this Amazon account in-house. So that brought it up to 2.9, and we are now at 2.8. But this ratio decreases more or less quarter-by-quarter if we don't do any big acquisitions. So that's how we will get to the 2.0 -- that's our financial targets. And I think Hakanis going to move over to speak about our priorities and strategy for the coming year.

Yes. Thank you so much, Jenny and all of the other speakers. I'm just going to sum it up here. I mean, these last 2 years, '24 and '25, we've had 9% organic growth. And as Jenny said, our target is definitely double digit. And we feel that the last 2 years, we've done lots of preparations and have had some challenges, but we are seeing the end of the tunnel there. So we definitely are -- should be looked at and should be expected to be a fast-growing company with high profitability. We've always had that. And even though we're not happy with 9%, I mean, it is above market, but we will definitely try to have '26 better and going forward. So we started the year with 11% organic growth, and hopefully, that can continue. So we are -- and also we have done lots of, let's say, focusing on the offering like Brian and Geoff explained and also Laszlo . So I mean, we are evaluating all of our brands. We are evaluating the organization, how we approach the market. And it's definitely -- we feel that we have a good setup going forward. Where we see opportunities going forward, where we're not so present as we would like to is, of course, new markets. Asia and South America has been growing percentage-wise, good for us the last year, but of course, from a lower base. So we are looking -- actively looking to enhance that. I'm going to China next week and discussing some opportunities there. China is a challenging market when it comes to products with lots of different ingredients. It's very tough to get them in there. So we are looking for some partnerships with manufacturing there. The only product we really have in China is ProDen PlaqueOff, and that's really taking off this year again. We had a tremendous growth up until COVID and then COVID hit and that just made the markets a bit strange in China, and it's taken some years to come back. But now we are really seeing a very solid growth numbers in China. Continue to work with operational efficiencies, definitely and in production and supply chain, also looking at where we can optimize as John described, we have presence in a couple of different places in the U.S. and it might be going forward, we will, let's say, look if we can perhaps have a bit fewer, at least the smaller ones, perhaps integrate them in some of our other sites. We and the market, we see online definitely as the future for pet supplements. I mean it's a very convenient way of ordering the product and the pet owners very much looking for advice and what to do in the market and then linked to be able to order the products, then of course, you do that. So I mean, we do focus on online on most of our, let's say, marketing activities. And when it comes to M&A, I often get lots of questions about M&A. But as I said, the M&A, we have always wanted to add new features to our group, and that's a bit more challenging with the broad offering that we have. So I think that we will continue the path that we've had the last couple of years, a bit slower when it comes to acquisitions. But of course, looking at new geographies is always interesting, but it could also be that we choose to start greenfield in some markets out in Asia from a very small setup. So Swedencare, how I see it, poised for growth, profitability and shareholder value. That's the focus from me and for the rest of the Board and the organization. So I mean, we will -- we have always tried to keep the entrepreneurial mindset, a recipe for success, like the Fast-Track that Laszlo presented and no other company in the business are having a project like that. So -- and they don't have the capabilities of doing it either. So I'm really focused of keeping that mindset, and it's good to show here also the group leaders here have been on board for when we acquired companies that they led, we have had a few transitions due to retirement. But otherwise, people -- I'm really happy with our -- when we do make M&A, I mean we really scrutinize that the management and the people joining us, they understand how we work. They understand what we can help with. But we really want them to keep the, let's say, same tempo, same -- just us helping them to grow even further. And I think we've created a very fruitful environment, lots of, let's say, decisions made down in the group, the different group companies. They know their markets best. I don't pedal with the details when it comes to that. And just as long as we grow in the same way and make some strategic decisions, it's definitely the people out there that knows the market best, and they should make the decisions. Full value chain, that's also important for us, not only from a margin perspective, but quality and also from, let's say, end customer perception or not end customers, let's say, retail customer perception. I mean I've noticed more and more and I get the feedback from all of our group companies that one highlight for us definitely is that we make our products ourselves. That means that we control quality. That means we control the ingredients. That means if something is wrong, then it's our responsibility. And we can also move faster when it comes to supply to our customers. If you're utilizing a third party, then there's always different discussions if something happens, the brand owner or the manufacturer, whose fault was it or whatever. But we feel that it's a feature that our customers appreciate a lot and there has been more discussions about that the last, I would say, 2 years. Strong growth in market and Swedencare brands will grow stronger due to brand-led approach and strategic marketing. We're really focused on having cost-efficient marketing that should lead to growth, of course, that's always why you do it. But I mean, we are more focused on, let's say, short-term growth than just keep on having brand-building exercises because brand-building exercises is always very challenging to really know when you're going to get the payoff. You can't ignore it, but we do focus on direct marketing. And then it's the big shift like we've been talking about the pet parents, I mean, that will only continue in the next 5 to 10 years. The proactive care focus from pet parents definitely will just continue to grow. And the premiumization and humanization that we've talked about a lot about that. And then I also like to highlight that like Jenny talked about the pricing opportunity, it is really like we are very proud of all the products that we sell out to the market. It's good ingredients. It's only products that we see that they have, let's say, clinical evidence or an effect. So we do not put out any products on the market that we don't feel are at the premium range. But for some of our brands and some of our -- we do have, let's say, good, better, best. So we have, I mean, brands that are very, let's say, cost efficient, but still very good products. Global opportunities, like I said, Asia, South America, very interesting markets, Brazil, Argentina, Chile, lots of interesting things happening there. Asia has been the talk of the town for many years, but it's -- I mean, South Korea and Japan, mature markets, but it's the same, let's say, concept there that supplements are more in demand than before. So if the general, let's say, pet markets are growing around 5%, the supplement market is growing faster even in those markets. And China, I do expect China to -- it has really bounced back for us for our ProDen PlaqueOff, but the market as a whole. It's been a couple of strange years when the Chinese consumers tested new products. They're not as loyal as European and American customers, but we now see a trend. I spoke to Chinese partner yesterday and said there's a shift there as well that the Chinese pet owners, they are becoming -- they see trends that they are becoming more loyal, not only testing new products all the time. Still a very fragmented market. Of course, possibility to acquire growth and capture manufacturing synergies and drive distribution. That's focus from us. And we do get lots of offerings and contacts. But as I said, we're very picky. And there hasn't been that much M&A activities last 2 years. And that's more from a valuation perspective that sellers are expecting a lot higher multiples than the market is ready to offer right now. Us included, I mean, many, many public companies, they are trading at really low -- historically low multiples looking at this sector. And of course, it is a bit challenging to convince someone to sell at a lower multiple than that. But there has -- I think there is a tendency that there will be some more transaction going forward, at least in '27, a couple of PE-owned groups starting to end of their session as an owner. So let's see what happens when it comes to the multiples. And then utilize the strong cash flow for growth, M&A and dividend. And as some of you may have noticed during the last AGM, we got the authorization to do buyback of shares as well. So that is something that the Board will consider when we feel that the timing is right. And with that, I would like to ask my colleague -- yes, I will open up for Q&A. Well, absolutely. But -- so I would ask my colleagues to come up here. And also, I would like to introduce our new Chairman, Thomas Eklund, who has been on the Board since 2016. Okay. And here's Jonathan from Danske Bank -- the moderator.

My name is Jonathan, and I'm working as an equity research analyst here at Danske Bank. And I think it's nice that all of you are here. So I think I'll start off with a couple of questions. [Operator Instructions]. So maybe start off, I think one of your slides showed really nice growth of ProDen for all these years. I think the sales CAGR has been north of 20%. So could you maybe just try to explain sort of the main reasons for this growth. Has there been any strategic drivers or any key choices that has made this growth possible?

Yes. I would say that sometimes you really can't explain why it's been so tremendously successful. I mean, I think, of course, if you look at the trends, oral care is high interest for pet owners. The -- when we launched ProDen PlaqueOff, it's kind of a strange product. You sprinkle a little powder over the food and the teeth gets better. I mean, stop plaque formation and it's soften tartar. So it is a complicated product to convince someone to buy. But the main reason why we've been successful is that products work for most pets and definitely more than 90% have success, and that continues the continual, let's say, buy of the products from the pet owners. So -- and really, the basis for the growth of ProDen PlaqueOff was really that started off, as I said, very, very strange, complicated -- a bit complicated product to understand. But being sold out at the dog expos from a small stand, pet owners started using it, started recommending it. It was long before Internet. So I mean, it was really pet owners recommending their friends and family to buy the product and also that the veterinarians that were very skeptical in the beginning, they saw, hey, this product works. So we started off -- on most markets, we started off really to distribute through the veterinary channel. So -- and then we made the right decisions in some, let's say, like I said, some, I mean, brand-building activities, but still at a very low level compared to many competitors. And then just in some markets, you just get the it factor and ProDen PlaqueOff has definitely gotten that. And also, we've been successful in widening the product range because different pet parents like to administer a different way. So I think we've been very strategically good there and have had a good plan to enter new type of product every 2 to 3 years.

I think you touched a bit on it, but Swedencare is not the typical compounder that just leaves everything decentralized. Could you maybe tell us a bit on how you work with this? Has ProDen in any way benefited from the other companies, some mergers and acquisitions in any way?

Absolutely. Often I get questions about, why did you buy different companies? You could have just kept on growing the ProDen PlaqueOff. That wouldn't have happened because many of the companies that's represented here, group companies, they have actually contributed to a new channel, a new market and in ways that we would never been able to grow. So it's really, I mean, Pet MD with our online sales in the U.S., NaturVet organization with us entering into the big pet retailers like PetSmart and Petco, we will perhaps have come in there eventually, but I mean, definitely speeded things up. So I think ProDen PlaqueOff is really -- it's good that it is the, let's say, original brand and it's really a testimony of our strategy that the whole group is helping out on ProDen PlaqueOff, not the whole, but I mean, many of our group companies are involved in this. And like Brian having a different brand for veterinary channel and ProDen DentalCare, it's the same products, but growing now.

Anything you would like to add, giving the North American business side?

I think Hakan hinted on it. I think also the wide expansion of that product line. So starting with powder, right, and then going to having bones and dental bites and now soft chews, that really helps expand. Some people don't like a top dressing for the dog food, for example. They like the reward aspect of giving a treat to their pet. So now you're taking care of the pet health and you're giving it a treat that makes you feel double good.

Okay. Interesting. And maybe, John, Vetio that operates across, I mean, pharma, OTC, different product categories. If you just had to choose which of these product categories you see the most potential in -- is there any special ones just looking at growth in the future?

Great question. Hard to pick ones. I think they both have great opportunities. Maybe starting with sterile and pharma. The sterile fill, it's quite a growing category. There's a lot of demand. When you look at human sterile fill, a lot of that capacity has been taken with vaccines and the demand for human drugs. So the human sterile companies that do animal health, it's more limited. So therefore, a pure animal health player comes in as a very powerful player. So we can have some cross-selling opportunities, and that's very exciting. But on the other hand, when I look at the expansion we're doing in Florida, we have yet another capability strategically to supply within Swedencare. We've been contemplating this expansion for 2 or 3 years, looking at different sites, and we chose Vetio South in Florida. And that expansion with having the captive production allows us to also revive our liquids facility, which was needing some -- a bit of a facelift, but also now has the benefit of being able to do nonsterile liquids. So we're really getting like 3 new dosage forms with these 2 expansions. So lots going on, of course, lots to manage, but very exciting. I think the headline is that it's always more fun to work with your colleagues, but we have a complete -- probably the most complete range of capabilities as a CDMO in animal health because we're not only in the pharma side, but we're also on the OTC side. And there really are -- there isn't another company outside of Vetio that does that broad spectrum of capabilities. So we're really excited.

Interesting. Anyone in the crowd? Yes, please.

I have a question, if I may. Johan Fred from SEB. Maybe directed to Jenny initially. On your margin targets, is there any way you could maybe quantify the contribution from each of the initiatives that you just mentioned to help us bridge the gap to the 26% operating margin target?

No. And the order of it is not the order of it should be. I mean operating leverage is definitely one of them. As I said, we have a group that can -- is built on these kinds of targets that we're going to reach. So I would say operating leverage, absolutely, but pharma would also -- I know, we have not split it up or we have not communicated this in which quarter and how much it's going to be.

But do you have a clear vision in mind sort of you know the contribution?

We know the contribution of [indiscernible].

So you have a plan?

Yes. We have a plan.

And on sort of the scalability, what percentage of your total OpEx would you say is fixed versus scale?

Well, personnel is quite -- well, of course, of the production that goes into the gross margin. But if you look at the personnel, that's quite fixed. If you take the external cost, half of it is probably [ leave ] Amazon at the moment and marketing. I would say maybe around 30% is covered the fixed category of the external cost.

Including personnel?

No, excluding personnel. Personnel is separate part.

And the final one before I sort of jump back into the [ she war ]. In terms of the pricing opportunity to fully essentially realize the value of the overall product, what kind of numbers are you thinking here?

I'll pass that on.

I would say that normally, we have -- if you say the market at least in Europe and U.S. is -- I mean, you raise your prices with inflation and 2%, 3%. And I would say that we have an opportunity to at least add another 2%, 3% on our products in general, I would say. And like on Amazon, it's often that you increase it a bit more, not do it as often, it's kind of round numbers. You raise it $1 or something.

[ Plumen ]?

Yes. Can I push into last? So if you look at the online sort of success in Europe versus U.S., that's sort of 2 completely different stories. So what are you doing differently in Europe versus the U.S. and why they're so successful in one group? Yes, really not that bad?

I wouldn't say it's different. The U.S. has made great strides. So we have to separate a little bit. So in Europe, we're very much still ProDen PlaqueOff. So if we isolate ProDen PlaqueOff in the U.S., we have a success. But the European market is -- I would say it's really just making sure that the big shift we did from going from vendor to seller and getting the right people on board for that. But we're learning from each other. In the U.S., we raised prices and sales increased. It's one of these classic textbook examples, when somebody went on holiday and they miss the person responsible for store misread and said, well, oh, it's 2 for 1. No, let's increase the prices by 2, and they sold out of all the necklaces. We see the same thing in Europe and the U.S. So it's a premium product. Competition is different in the different markets. The U.K. also has a kind of a little bit of underlying demand that's in there that we were able to capture. The U.K. is a lot more forward than the more south you go. So that's going to be exciting for us. We see really positive trends in Spain to replicate the whole U.K. model. And the signs are really positive. So very long-winded answer for short. The U.S. capabilities are good, but it's a broader portfolio of products, which the mix probably -- and now we're going to launch NaturVet by Swedencare, relaunch on Amazon. And maybe it will be a tremendous success. It will be a success. But will it be the same level as ProDen PlaqueOff? That's our target. That's what we're hoping for.

Yes. And I would add also that the competition in the U.S. is, I mean, at least 5x in Europe when it comes to this space, even more. So it's really a lot more cost in taking market share in the U.S.

If I may ask, does that create different unit economics for you when you're sort of growing in Europe compared to the U.S. online? Laszlo, do you have -- see anything?

Not really. It's -- we're starting from a smaller base in Europe. So it does have a bigger effect.

Yes. It's percentage growth versus margin contribution, the way to look at it as well.

On expanding production, do you feel like you have the right capacity in place now to take advantage of...

Let's start with the mic. So let's see. Is it on? Perfect. So I think the question was on product capacity and...

Specifically related to production.

Yes. So production capacity.

Yes. Thank you. Yes, we have plenty of capacity now with the product lines that we produce. With these expansions, we'll have even more, which is -- you remember from the slide, it is about 72% external. So it allows us to build capacity to have good external supply, but then also have plenty for ourselves. So we'll have the physical space as well to grow into. I put some numbers on the revenue capacity, and that's at the CDMO or CMO level. You can apply that by a factor of 4 to get to the end-use market revenue. So the short answer is yes. We are building in the right capacity across those supplements globally, treats eventually globally, but starting in the U.S. and then liquids already in the U.S. I didn't quite mention in the slide that we're starting to do more work in liquids over in our U.K. business. So we'll expand that portfolio as well.

And on pet retail, when should we start to see the operating leverage from the -- or monetization from the opportunities there?

Maybe I'll try to repeat the question, I guess. Or do you want to try with the mic as...

Pet retail monetizing on that opportunity, when should we start to see the real inflection point in operating leverage from that?

So just to make sure I understand and talk through a lot of things we're working, especially in NaturVet, it's a big part of the portfolio. A lot of things we're working on, we start seeing that growth. I would say Q3, Q4, we start to see a benefit of that. I also want to piggyback on the question that John answered is we also have leveraging our scale, but we're creating even more scale with all the operational maintenance that we're going through and all the efficiencies and waste elimination. That's again, everything I talked about was very much about setting the stage for scale. And we believe we'll start to see [indiscernible].

Yes. And then just commenting on pet retail Europe. I mean, like Laszlo presented, we have a very low market share and products out there in pet retail. So that will change this year as well.

Okay. Any more questions? Perfect, Adrian -- maybe you speak up.

Adrian Elmlund from Nordea. A couple of questions, please. Just first, maybe words you, Thomas, regarding or to the end point that you had regarding share buybacks. Is this kind of a new on the Board's perspective? Like is this something that you're eyeing more towards compared to past M&A? [indiscernible] valuation also is lower now in the sector as a whole. But on the prior side, it seems to be a bit higher than you want us to be.

I think I can add also in the past -- okay. In the past, I had a question if this buyback suggestion is instead of dividend. So I can take that one at once. So how we are thinking about it is that -- and this is not a forecast. I'm just looking about that history. We have had very stable dividends. We have increased them every single year except one when we did a major acquisition. So that is still the fundamental. And you have heard Hakan's plans that we are aiming at the double-digit growth and increased margins. It should be room to continue that development of dividends. And buyback is like an extra to have in the toolbox. At the moment, we feel we are a little bit limited. First of all, there is like this legislation where you're supposed to be in the -- on the main list and there is a proposal to actually include companies on the first north to be allowed to do a buyback. So we have to wait that, and we also would like to see a decrease, maybe not at 2.0x EBITDA, but at least the net debt is at least aiming in that direction. And then at every specific point in time, we just have to do what we think will have the -- bring the highest value to the shareholders. If you find acquisitions that are strategically right and at the right price, I think we would prefer that. But if they are too high or we can't find them and we have excess capital, then we would use the share buybacks instead. So that's how we will look at it.

So you basically just increased your flexibility.

We have increased our flexibility with long extra tool, with the toolbox.

And you're not planning to change the main listing to the NASDAQ?

Maybe Jenny should answer that question.

But it's something that we've been talking about a few years. It's more about when the timing is right. It's been quite a lot of focus on acquisitions, as you know, in the past. So again, it's something that we are discussing.

So we have decided that we have a plan to do it. It's just a matter of time when we will do it. And of course, it's a priority list that we always been below some other things in priority.

May I have another question to you, Laszlo. I think you said that Europe lags U.S. prior period. And learning from that, I guess, what should you do? What shouldn't you have done in the U.S.? What did you learn from the U.S.? Like how do you sort of what you thought it to handle the market sort of. Did you get my question?

Yes. No, I think what we're doing right now is really leveraging online that has been a theme previously, how aggressive do we want to be in the direct-to-consumer sales because will it hurt our other relationships? And seeing in the U.S., especially the last couple of years, how we have built a really good and strong direct-to-consumer channel. We're doing the same thing in Europe. And the good thing in Europe is I'm sad to say it, we don't have the same breadth and legacy. So it's even -- we can do it even at an accelerated rate without risking of hurting our, so to say, legacy customers or legacy segments.

Are you talking about some cannibalization?

That was one of the things that were -- was kind of being considered that's how aggressive can we be because we'll cannibalize, but we haven't seen that. As you saw on the graphs for the U.K. and Spain, both the traditional channels are growing at a lower CAGR. The CAGR for everything else at online in the U.K. was 5%, 6%, I think, the last 5-year CAGR. And online was 30.5%. So it's difficult -- there is no cannibalization. The market is big enough that we need to really utilize all the channels and be as aggressive as we can. That's the learning we have.

Sorry -- yes, I can just add something and then -- no, just what we have learned, for example, I mean, a couple of years ago, 3, 4 years ago, it was very much talk in the U.S. about CBD products. So I mean everyone was supposed to have CBD products, and that was a new way of calming pets down, and there were lots of brands going after that. And that's something we've learned that didn't really happen in the U.S., and we won't focus on that in Europe because there were lots of talk about that in Europe as well. We must look into a regulatory framework. Can we introduce these products? And that was basically a flop in the U.S. after a couple of years. So we learned that.

It's always a one-for-one also. So for example, in the U.S., especially in the Southeast, it's a very warm humid environment. So you sell a lot of dermatology products. Even during our winter, when it drops to 70 degrees in Florida, you have everybody out walking their dog, right? And they're getting into things, the dogs are outside, they're getting fungal infections. They're getting bacterial infections. You don't see that in the U.K. And so by changing trade information, what we realized quickly is that we're not going to sell the same amount of medicated ear wipes, for example, in the U.K. that we would in the United States because the climates are just different. Of course, ProDen DentalCare and things, those are going to be universal, right, health care, but certain products that are very specifically targeted towards a condition are not going to sell equally in one continent or one area versus the other.

And then you'll get one more answer to that. From the production segment, it's a really interesting opportunity for us. So in Europe, you have a fragmented base of CMOs. So whether it's a shampoo or whether it's supplements, these are tend to be made by companies that do human products. So you have historically tablets, capsules, various powders, things like that or shampoos that are made by a cosmetics company. You don't have a lot of pure-play animal health CMOs. But here we have Vetio in the U.K. and Ireland. We have a very strong pipeline for our soft chews using the technology that I explained as patented earlier. And we have external customers that compete with Swedencare that are coming to us because they can't go anywhere else. So we're looking at how do we take our head start in Europe and really stay out in front because you don't -- some of the people that are doing supplements come from pet food. They bring a different perspective. And we have a really great pipeline and a really great opportunity. We're trying to understand how do we seize that and really get out and stay out in front. Sorry, one last thing I would say. This is an exciting area. So I mentioned the soft chew. We talked about, and I think all of us have talked about the emergence of soft chews as the most popular dosage form, talked about Summit Vet, introducing those as drug product specials. That's -- they're the first to market there. So that's another way that I think through Swedencare, through all of its subsidiaries, you're going to see soft chews across the brands, across the units and really trying to establish a leadership position there through what NaturVet does through what Vetio does and then all the marketing companies.

So maybe a question to you, Thomas, or is there a rep from Symrise here? Can you talk about the relationship, how you develop them? I guess, what has it entailed?

I can start. Symrise has been an owner and now is the larger owner for quite some time. They have been very supportive and active helping us develop. So we have a very good relationship in that respect. And when it comes to cooperation, we don't have a lot of corporations. So we basically see them as an active, very dedicated and helpful large owner. And I think we should add to that when we did the last acquisitions of NaturVet and Vetio, they were the largest investor in both these rounds. So they actually helped us do this quite large acquisitions on top of that. Do anyone from Symrise want to add anything? [indiscernible], do you want to add anything to this question?

It's a very good operation cooperation for us. This segment is very important. The [indiscernible] and the health are very difficult, doing fine. So we really believe on the [indiscernible], and this is why we invest in [indiscernible].

Laszlo, I guess you're the youngest one here. So you're the AI man. And I think -- I mean, everyone is saying that AI is fundamentally changing their business in some ways. And it sounds like it's changing how customers find products. Does this create pressure on you to maybe diversify your ways of finding customers? Could it be social media? Could you maybe shed some more light on that, please?

Yes. So this is -- I'm very passionate about it. But actually, we are well positioned. What AI is doing is what Google started and AI will perfect it. It's making sure that the right information reaches the right customer. The thing with Google and SEO and ancillary, you can game it. Social media, you can game. You can create content that position yourself in a better light than maybe what you are. AI keeps you to the truth. What AI and especially with generative AI, but also answer engine AI will do is it will connect the right person with the right information. And that means that if you make products that contribute to pet's health, you need to make them sure that it's high-quality products, it's safe and it has efficacy. You can't game -- you will not be able to game AI with that. AI will -- that's the whole deal with the AI. So looking at Swedencare, what we talked about today, we own the full supply chain. We work at premium, high-quality products, different segments for different, if you would say, affordability or what you want to call it. But in the end, we want to be having the best product at each price point for each category and each format. And then, of course, you have to be able to communicate that in the right way. Right now, there is -- it's everything with FAQs and schematics and whatnot to make sure that the AI indexes you and reads the right information, but AI will evolve. And looking 2, 3 years from now, the core thing we need to do is make sure that we continue focusing on making the best products. And that will make us better positioned than copycats or me-too products that -- or brands that do not have the same level of control throughout the supply chain as we have.

And Thomas, you're the new Chairman of Board. Could you tell us a bit on your initial takes joining the Board here? I think you've met some of the management team. Could you tell us a bit more?

I have to correct the question. I haven't been the new Chairman of the Board, but I have been on the Board since before the IPO, so more than 10 years. I am new to this but what really stood out and attracted me from the beginning, and it hasn't changed over these 10 years is that I think that we are working in a very attractive market. It's both a high-growth market and very fragmented market. And then on top of that, we have our model of working where we are keeping companies a little bit independent, pushing down decisions as close as you can to the customers and keeping entrepreneurs. And these 2 things in combination make us riding on the 7% growth, taking some market share every year from competition. And on top of that, we can do acquisition because the market is very fragmented. So for me, that is like a very good combination of things to have.

Fully satisfied with how the Walmart launch went. And you -- in your opinion, what went wrong and what could it be done, Nugent?

I think there's skin in the game on 2 sides. So I think Walmart, when they did the reset in Q3, added a ton of brands at one time, ours included. And they didn't do -- they didn't really do a ton of editing around that. So they made a very confusing category, even more confusing. And they kind of get with a lot of the best specialty retailer you're dealing with. They just kind of throw things up the wall, right? So they -- every conversation we've had with Walmart is they're very pleased with the relationship with us and they're very good at it and they understand the trajectory of what's happening. They understand the challenges that they have on their end to solve, which is simplifying the messaging to the consumer in a very confusing category. And that goes back to what I talked about when I got into being like that category leader is and the conversations we're having with them, they're embracing it. Their brands are a lot bigger than us. They are Walmart and the other retailers, but they don't seem to be as interested as partnering with them, and they've chosen not to be as vers a market the details of the category. And so the skin of the game that we have would be around -- a lot of it would be how we market it. And I would also say how we level set expectations as well. I was convinced that we get it up to 1,700 stores. I think 12 -- 19 SKUs in total, 12 of them were in 1,700 stores. My belief and my team's belief was that's going to be a spigot that's going to turn on quickly. And we didn't necessarily do a ton of marketing at the launch to drive that deeper level beyond awareness, and that's something we're focusing on right now. So -- but I think a big part of it. The other part of it is we launched a lot of SKUs, like I'm excited about making SKUs as well as about center stores. That's a lot of SKUs, and that's a lot of stories that are being told in the consumer. And so we're currently in discussions with them to potentially focus the assortment. And then obviously, our messaging would be -- would coincide with that as well. And that's why I [indiscernible].

Okay. Perfect. So time is running out. I think we sadly do not have more time for questions now. But we're, of course, we have 1 more hour after this. So Hakan, maybe you want to say some closing remarks.

Yes. Thank you so much for this event. I hope you have gained a lot more knowledge about Swedencare and are as excited as I am of the future of Swedencare. And we have one more -- yes, we have -- for those who are interested, we have goody bags down there with some of our products as on the information sheet. So please take them when going out. And we also have a gathering below, third floor -- first -- down in the entrance, where we have some drinks and we can continue discussions down there. Thank you.