Tokmanni Group Oyj (TOKMAN) Earnings Call Transcript & Summary

Good morning, everyone, and welcome to Tokmanni Group's half year financial review and this webcast. My name is Sampo Päällysaho, and I have started in this position as a group CEO July 6. Of course, it's my fifth week, which we are closing today together. During my first weeks, I had the privilege to visit our stores and DCs here in Finland as well as in Sweden and in Denmark. It gave me a good understanding how do the stores, markets and customers look like. And of course, that will be also one part of my presentation today, and it has been noted in the release earlier today as well. Our today's agenda, like usually, is actually covering Q2 in brief, our key figures and performance and as well our view about the future. We are closing the session together with questions and answers. By the way, this photo is from Sotkamo, which I took on Tuesday this week. This store is actually started to be renewed, and it will have one of the Everest pay stores in the near future. When we look today at Tokmanni Group of companies, we do see that we have a strong footprint here in Finland, while we have 208 Tokmanni stores, 34 Click Shoes stores. And when we look further to Sweden and Denmark, we can see that Dollar store already has today 142 stores. And it is a remarkable store network from south to north. And we have entered to Denmark, where we today have 12 big Dollar stores. Out of those 12 stores, I have already had a chance to visit 10 stores, both from Copenhagen to and also the central part and northern part of Finland. In this slide, it's remarkable to say that our shared product is already today 6,700 compared to previous figure, 2,800. And we can see that this common offer is well introduced in all markets. We can also see that our private label share grew from 25.1% up to 26.3%. And this is also something which I consider a big step in our assortment and offer. When we look ahead about from this map, we can also see that we are almost reaching 400 stores in Nordics, out of which 242 in Finland, 154 in Dollar Store segment, which then covers Sweden and Denmark. On the bottom right corner, you will also see that in Q2 compared to previous, we have opened 5 new stores. Tokmanni Group as a group of companies and consolidated performance is also something which we wanted to share this morning. Our revenue grew by 3.3%, up to EUR 457.7 million. And this is actually thanks to low price program in all markets as well as good successes in spring and summer season. Sales has been increasing in both segments, Tokmanni as well as Dollar stores, and this is thanks to higher footfall and higher average basket size. And we do see that our comparable EBIT is in line with the comparison period. Of course, you also see a modest decline. And this is, of course -- this is because of Dollar Store segment's operating expenses increased, and they increased due to the new store openings and ongoing various development projects. Cash flow for the quarter was EUR 45.7 million. When we look to Tokmanni segment, it's also a pleasure to present the figures from Finland saying that revenue continued to grow. Revenue grew up to EUR 329.6 million, which also means 2.3%. Like mentioned earlier, customer visits continued to grow. And this is also what we can see that customers are looking for a value-for-money shopping approach, which Tokmanni gives a strong position and strong opportunity. Seasonal demand, especially garden products supported our revenue growth. And what we can see when we see the market comparison, our non-grocery products, especially apparels continued to grow faster than the market in general. We can see that our digitalization gives us a room further improvement. This is actually getting to know the customer even better, giving tools to the employees and decision-making is strongly supported by data-driven information, which also gives a further improvement in operational development. Our customer loyalty club, Tokmanni Klubi, grew in Finland. Now already today, we have 1.6 million registered members. These members for us are actually really valuable. They visit our stores more often and they also buy more. So of course, we are willing to develop Klubi even further. In Finland, our operating cost -- operating expenses were very well in control. And we can do -- we do see that our comparable EBIT continued to grow, additional EUR 1.5 million up to EUR 22.3 million as a sum. And of course, this is something which we should be all proud of. Let's have a look for the next title in my presentation. When we look to Finland, of course, it's also with a curiosity to follow how EUROSPAR is performing. And already today, we have opened 6 stores according to our plans, and we are continuing to open new stores. Those new stores will be actually vital from our perspective because then we have more than -- we are actually reaching 10 or even 11 stores by the end of the year, which gives us a room to study about the development activities. But as well, we do see that these EUROSPAR stores have actually given a chance for the stores to grow in footfall and also in average basket. This week, I also visited Esalmi store, which is Northeast Finland, and the store actually was really ready to meet the customers. And one of the products which I could see customers came to seek were hamburgers. Hamburgers are sort of a well-known product according to EUROSPAR concept. And we've been treating people in Esalmi, especially during the lunch hours with a huge amount of hamburgers sold. Looking back to Sweden and returning back to Sweden and Denmark, we also can see that revenue grew pretty strong, 7.7%, up to 130.2%. And also, we can see that the common assortment gives us a top line sales growth and the sales actually grew, especially in drinks, coffee, toys, party, and I would be saying barbecuing, even though in my slide, it says grilling. And these were actually well treated by the customers as well our common campaigns, which have taken place every second week in Sweden as well as in Denmark. And the common assortment, we have now taken up to 6,700 SKUs, which is a strong evidence from the customer perception, but as well also from the procurement perspective that this is the right way to take the action steps also in upcoming months and assortment periods. And our pilot stores, which we were mentioning in the report, one in Jüterbog, that's called Coler, and second store in Westerhus called Erikslund are both well treated by the customers. I have had a chance to visit both of these stores, and I can see that the stores are highly maintained in a good commercial level, employees really willing to meet the customers and customer baskets are big, which is, of course, good news from our perspective. Our comparable EBIT, though declined during Q2 in Dollarstore segment. And like mentioned earlier, this is mainly due to investments made for the new store openings as well as development initiatives, which are -- which increased the operating expenses. Pretty soon, Tapio, as our CFO, will be also coming here. And when we were preparing this presentation for you, we actually thought that it will be essential to share with you that during past 12 months, we have opened 11 stores. These 11 stores actually have contributed positively to our revenue and EBIT impact has been neutral, which is also good news as a retailer who has entered into a Swedish and Danish retail market. Those stores opened in Sweden being 8, additional 3 stores opened in Denmark are such, of course, which have been partially done at the early stages with the old store format. But when we look to the latest store openings, such as Kiruna and Helsingborg Valla, they already have the extended assortment. And therefore, we also treat and follow them with a high interest. And especially in Kiruna, we can see that the store coverage area is wide because we are there with another retailers in the same retail park and people in Northern Sweden are actually visiting this shopping mall or retail park with a high interest. When the store was opened, huge queues took place. And of course, now when the summer season is ending, we have a high interest to see what will be our store coverage area. I assume it will be more than an hour's drive to the store. It might be up to 90 minutes. What else? I do see that these stores, actually, all the photos what we have here, I have taken personally during my trips. And I can actually see that we are well known. We have a pretty nice -- we had a nice footfall during the summertime and all kind of people were visiting us. It might have been mom and daughter. It might have been a worker. It might have been in the whole family. And in many cases, people were still having a summer holiday mode. So people were also buying all seasonal articles, not only in Finland, but as well as in Sweden and in Denmark. In the previous quarterly reviews, Mika, as my predecessor and Tapio have been talking about Dollarstore turnaround. And I think it's good for you to know where are we today. And we really can see that the concept and assortment renewal has actually boosted our top line sales. And the pilot stores, especially Collard and Erikslund are showing even higher performance. When we look to the marketing efforts, instead of just opening the stores, we are also inviting customers to visit our stores, which has highly increased our footfall and campaign effectiveness. Common assortment makes really sense while we can see that it brings in sourcing efficiencies, but it also gives us a further improvement for gross margin in the near future. Like-for-like customer visits turned positive in June. And our basket grew by 4.2%, and that's dollar store segment, meaning Sweden and then Denmark. As further we look, it is essential that we continue to work with harmonized systems, harmonized processes, ways of working, which also brings us a good understanding how we can support from Finland our operations in Sweden and in Denmark, but also vice versa. We are definitely learning about the seasonalities, and we are also learning that it's not only 4 seasons like in Finland, Southern part of Finland, Southern part of Sweden as well as Denmark hardly have any winter nowadays, which we also need to balance in the upcoming seasons. When I look to Sweden and store network development, I also want to highlight that we have started and we will actually concentrate that each and every store in Sweden will concentrate for productivity and profitability. When we are opening new stores in Sweden, we will pay attention that they are -- they have a good match to our existing store network, and we also give them a room to improve. But necessity to point out, productivity and profitability in each and every store in Sweden. We also do see that there's a room for further room to open new stores in Denmark, which we are also taking into our agenda. opposite direction. Now this is the slide which I was looking after. It's actually the leaflets, which I have carried in my backpack to Finland. It shows well that we have a common leaflet procedure. And why do we have a common leaflet procedure? We also have a common steering for commercial calendar. This commercial calendar takes into account common seasonalities in each market, but it's essential that we also pay attention for the local seasonalities because markets do differ. When there's a common season, it can be sourced together, it can be negotiated together. we can have the volume and logistics together, giving us a room to have the even more competitive retail pricing, but further to improve our gross margin in each and every store as well in each and every market. And this procedure is definitely giving us a good figures already today and in upcoming weeks. Now I think it's time for Tapio to join me. And when you join me, I have chosen you a photo. This photo is from Fredrikhaven in Denmark. It's yours. So here you are.

Excellent. Thank you, Sampo. So good morning on my behalf as well. So let's go through the numbers a little bit more in detail. So as Sampo mentioned, we had good growth in the quarter with total group revenue growing by 3.3%. And if you take into account, especially the fact that last year, Easter was in the second quarter and this year, most of the Easter sales, of course, occurred during the first quarter, this growth was actually very good. And the total revenue added up to EUR 457.7 million. Also, our like-for-like revenue grew by 0.3%, which is always great to see. And our comparable gross profit also increased albeit slightly to EUR 158.5 million, and our comparable gross margin declined slightly to 34.6%. And as Sampo already mentioned, our comparable EBIT was pretty much on par with last year at EUR 21 million. And our cash flow for the quarter was also very good at EUR 45.7 million. And if you remember, last year, we had an exceptionally good cash flow in the second quarter due to the very poor cash flow last year in the first quarter. So the EUR 45.7 million, although EUR 30 million less than last year is actually a very good level in itself as well. Then looking at the revenue composition. So of course, Tokmanni segment still makes up a large majority of the revenue. And there, we had a revenue increase of 2.3% in the Tokmanni segment. And the Dollarstore segment's revenue increased by 6.4% in local currencies. So that's about a percentage, a little bit more or less than in euro terms and reached EUR 130.2 million. Then when we look at our product mix, so in the Tokmanni segment, the product mix was essentially flat compared to a year ago at 54.4% of groceries and non-groceries at 45.6%. Whereas in DollarStore during the second quarter, the share of groceries grew slightly from a year ago. And that was really driven by the fact, if you remember, we were talking about the introduction of, let's say, new products into Dollarstore segment during the second quarter, and a lot of those were actually grocery products and high sellers. So that definitely helped our sales in the grocery side of DollarStore during the second quarter, hence, the increase. When you look at our private labels, also there, very positive development. And this was again very much driven by the fact that on the Dollar Store side, the Tokmanni Group private label sales increased, and that's again driven by the common assortment. Like Sampo mentioned, it was over 6,000 during the second quarter, up from slightly below 3,000 a year ago. And you can see our private labels there. We have many private labels that we take good care of. Then when we look at our gross profit. So in the second quarter, we managed to increase our absolute gross profit by EUR 800,000 to EUR 158.5 million. And this is, of course, important because it is the absolute gross profit that then pays for all our bills. So even though the comparable gross margin declined slightly, we are still very happy that we had a positive gross profit development during the second quarter. And also, if you look at it on a half year basis, we managed to increase the gross profit by a little bit more than EUR 5 million during the first half. So good news, but of course, the gross profit margin or gross margin declined slightly, and that's really due to the campaigning that we have been doing during the second quarter, this cheapest in Finland and also similar campaigns in Sweden and Denmark, They, of course, have helped the footfall and sales, but been, of course, slightly negative impact on the gross profit margin. Then on our operating expenses. So as Sampo said, we've had good control of our operating expenses, and I'm very happy to note that also in Dollarstore now we managed to decrease the ratio of comparable operating expenses to sales. And this is, let's say, a very good trend that we plan to continue also in the future. So growing the sales, of course, means that we can see this declining trend as we control the OpEx very carefully. And the personnel expenses, 14.1% of revenue, and you can see actually a slight decline to a year ago. And this is also noting that we have, in fact, 11 more stores than we had a year ago. And also, we've had the, let's say, statutory raises last year in the second quarter. So those combined, the efficiency or the slight reduction in personnel expenses is coming from the operating efficiency steps we have taken during the past 12 months, especially in the store operations, but also, of course, in the logistics and warehouses. And also, we've been very careful with the head office staff as well. And on the Tokmanni segment side, the comparable operating expenses declined by 1.2 percentage points of revenue. That's a very significant decline. And actually, they are now on the level of Q2 2023. And on the Dollarstore side, still clearly higher, but again, down from a year ago to 26% of revenue and totaling EUR 33.8 million. So a growth of EUR 2 million or EUR 1.9 million to be exact. And that, again, given the fact that we have, I think, 8 new stores in the Dollar Store segment. So a very good result there as well. Then looking at our comparable EBIT. So again, the group EBIT pretty much flat compared to a year ago at EUR 21 million. And Tokmanni segment managed to improve clearly our EBIT from a year ago to EUR 22.3 million, and the EBIT margin also improved to 6.8 percentage points during the second quarter. Whereas in DollarStore, even though we did see very positive signs, especially towards the end of the quarter, driven by the increase in the assortment that we did. We were still clearly below last year, so EUR 2 million below last year, and the EBIT margin was slightly negative at 0.3% for Dollarstore segment. Then our inventory management. And obviously, inventory is our largest asset if you exclude the IFRS 16 lease agreements. So we've been able to take very good care of that also during this quarter. And the total value of inventory is about EUR 20 million less than a year ago. Of course, you need to remember that, that does include the extra EUR 12 million inventory write-down that we did for Dollarstore that is not included in the comparable figures. But even if you add that back, we're still below last year's level. And if you look at the, let's say, figures, you can see that, let's say, over the past 6 quarters, we have seen a sort of declining trend in the total inventory, which is, of course, we're very happy with that trend, and that obviously helps also very much with the cash flow. And on the Tokmanni side, again, we are EUR 16 million below in inventory, and that's a very good achievement and the total inventory value was EUR 312.3 million. And on Dollar Store side, it is also below last year, but again, that is including the EUR 12 million write-down. So excluding that, it will be some EUR 10 million above last year. But still, if you take into account all the increase in the assortment and the new stores, it's a pretty decent achievement. Looking at our financing. Again, a large part of our total net debt is this IFRS 16 lease agreements. But if you look at the, let's say, the bank loans and the existing bond, we have been able to -- over the last 5 quarters, we've been able to quite steadily pay down the actual bank debt and the combination with the bond loan. So it peaked in the first quarter of 2025 at EUR 365.3 million. And now we're down to below EUR 300 million of that debt at EUR 293.4 million. And of course, as we continue to expand, the lease liabilities continues to creep up. So we are at the moment at EUR 617.7 million in the lease liabilities. Then our net debt to comparable EBITDA, which is our only bank covenant. We are, let's say, managing it quite well in my mind. And at the moment, the EBIT -- or the net debt comparable EBITDA, including the IFRS 16 lease liabilities is 4.11%, and excluding 3.6%. And if you remember, our long-term target, which is to keep that ratio below 2.25 at year-end. Of course, there's still some way to go, but I do see that we will be quite close to that figure. We might not quite get there, but we will be very, very close to that figure in any case. Then about our cash flow. As mentioned, the first quarter cash flow was quite good. If you, let's say, last year was quite exceptional due to the first quarter poor performance. And if you look at it on a half year basis, you can see that we're still clearly ahead of last year and the year before that at EUR 31.9 million of positive cash flow for the first quarter. And that's a very good result. And again, that has been driven by the efficient management of net working capital, both the accounts payable as well as the inventories, obviously. Then finally, my part concludes with the capital expenditure. And as you can see here, we have about EUR 8.2 million in the second quarter of capital expenditure, well in line with last year. And also, if you look at the first half in total, EUR 13.6 million in total. And we are well on track to, let's say, reach roughly the EUR 30 million, give or take, a few million in capital expenditure for the full year. So with that, I invite Sampo back on stage to talk a little bit about the plans going forward.

Thanks, Tapio. Pleasure to see you presenting the figures. When we look ahead, I think you have already changed my slide, which is good. It is actually really, really important to see that the actions taken already first half of this calendar year and second quarter has been delivering higher footfall, stronger average basket as well as you can see, we have stores in a pretty good or even in excellent commercial shape, which gives us a really steady situation to continue. We have stores, we have commercial standards. We have employees who are willing to meet these customers. And that's from my perspective as a retailer is a strong statement. No matter if you go to northern part of Finland, central part of Sweden, middle part of Denmark. These are the concept criterias they should be filing. Nice to visit. You tend to have a shopping list, but you also bought something more. And that makes us as a retailer happy. One of the topics which we have pointed out and sent a separate release also this morning concerns cooperation with SPAR. Last week, I had the privilege to meet our counterparts in Netherlands. And we can really see that there's a fruitful discussion and the real retail understanding in Netherlands, which is in our advantage. SPAR has multiple store concepts, and we have decided to work under E-SPAR trademark. That concerns Finland. In Finland, we have already introduced approximately 200 SKUs of different SPAR private label products. And starting latter part of the autumn, we will be introducing SPAR products also in Sweden. And when we do that one, actually, we also will be increasing frequency for a customer visit instead of only having the seasonalities, investment articles but we also will be bringing in products like you see here, spaghetti or Olive oil, which you need on a weekly basis. And this will be actually something very big for our Dollar store operation as well. Clamming has started, and I would be saying before the Christmas trade or even hopefully already October, November, these SKUs will be launched and introduced for the Swedish customers. When we look to the top sellers in Finland, of course, it's granulated sugar. It's a quality pasta. It's biscuits, hand soap, canned tuna overseas as well as chocolate products. These are not in the volume order. They are just in a sudden order, but I would be saying that Finnish customers tend to buy these products on a weekly and biweekly basis. photo on this slide is one of the most tiny distribution centers. It's from pro. And I'm really proud to see how our DC operations in Määa as well as pro are driven. We have highly skilled people, highly driven efficiency, but also we have happy employees. And this is something which gives us a room to take additional action steps. When we have DC and our value chain in our hand, we can also work on customers' behalf. We are there to provide low prices, wide assortment and easy shopping experience, no matter in which store, in which country you are visiting our stores. Our preparations for Christmas trade are well progressing and autumn trade is already here. Next week, schools are starting in Finland or has even started in central part of Finland this week. And same applies to Sweden and Denmark. And it's really important that we are ready to meet the young boys and girls who are entering to the school who want to buy the accessories, but also are looking for a backpack. We have a continued focus on strengthening the market positions for Tokmanni, Dollar Store and Big Dollar. At today, we do not see that the geopolitical uncertainty would be making any hurdles for us. We have a good position when it concerns product availability, maintaining supply chain, and we are well upfront with the seasonal preparations. So from that perspective, we don't see any clouds in the skies. We rather see a pretty bright skies from our sake. We have also started our strategy process. And this strategy process involves all of our 3 markets. And it's also important for me that it's not only the executive management team working in this manner. We are involving our markets. And in 2 weeks' time, no, in 1.5 weeks' time, we are also meeting with our leaders here in Finland, and it's actually a group of 80, even 90 persons gathering together, seeing where we are today, what kind of challenges we have had, what do we want to achieve. And then we are really rolling our strategy process, which we will be sharing with you then later, not yet in August or in September. Did we have something else to mention here?

[indiscernible] Thanks.

Then let's move ahead. Yes, good. Also, we are delighted to inform that we have new members joining group's executive team. Ulrika, a Swedish citizen, is joining us already first of September. Ulrika will take a role as a Strategy and Transformation Officer. And in the past, she has worked, for example, for OKQ8 as well as Mekonomen, and I know her well from the Clas Ohlson times. And we are really welcoming her to take over this really important role, not only for the strategy process, but also executing, implementing and following that the most important milestones will be fulfilled. We are also inviting Martin to join us. Martin will take over role as a Managing Director for Dollar Store's Tech segment, meaning Sweden and Denmark, and he will be joining us from Flying Tiger. He will be here on the 1st of November onwards. With these 2 new members, we are actually also in a milestone from the Finnish sake. Instead of having a Finnish as a language spoken, it also means that we are shifting into English in the group's executive team. Both Ulrika and Martin will have their offices in Kista. But at the same time, I do believe that especially Ulrika will be visiting headquarters in Mäenlä, if not on a weekly basis, on a biweekly basis. Will you take the guidance or shall I take it?

You can take it.

I can take it. Okay. As noted already, we do keep our guidance for 2026 unchanged. We do expect our revenue to be in between EUR 1.78 billion to EUR 1.8 EUR 1.78 billion. Isn't that correct? Yes. Good. And comparable EBIT, we also expect to be in between EUR 85 million to EUR 105 million. And closing this session being prepared for the Q&A, you can also see the Klubi sign, which I mentioned earlier, 1.6 million members, registered members already here in Finland, which makes us happy.

Time for a Q&A. Please raise your hand, and we will try to give a momentum for each and every one of you. I can see that Arttu Heikura, you are the first one. So please.

It's Arttu Heikura from Inderes. Nice to meet you, Sampo, for the first time. And I have a few questions. First off, can you quantify how large was the impact of Easter to your revenue growth in Q2?

Yes, it's not -- there's, of course, not exact science. There's weather and everything else, but we estimate it to be between 1 and 2 percentage points in the, let's say, shift between Q1 and Q2. But as I said, again, there's no scientific right answer there, but that's the best estimate we have.

All right. And I guess that your plans on expanding the Swedish network has somewhat changed. So how many stores are you planning to open in Sweden during the next few years?

It's a really good question. Annual planning for '27 has started. And if I give you a precise figure, it's not the reality. I can see that our store network today is fulfilling most of the populated cities and towns in Sweden. And therefore, I was also saying that any new store in Sweden needs to be carefully calculated because we do not have a situation that we open a store next to already existing store and the cannibalization effect turns to be too big. There will be new stores, but limited amount of new stores in Sweden.

Okay. And then a question about the Dollar stores concept and assortment renewal program. And compared to your previous plans, how you made -- have you made some changes in the amount or characteristics of SKUs that you will be renewed in the Dollar Store?

Thanks, Arttu. I think the biggest topic in the presentation today was actually to show that we have gained already 6,700 common SKUs in between segments, which gives us a room to improve logistics, room to improve purchasing terms and also room to improve gross margin, not only in Dollar Store segment, but also in Finland. When we look for the periods behind and upcoming seasonal periods, there is a clear plan to introduce new SKUs also now during the autumn time in Sweden. It might be small domestic appliances or electric articles. It might be SPAR products, like mentioned earlier. And yes, it will be hundreds of new SKUs for this autumn time. And third wave also taking place right after the Christmas trade. So already today, in the existing climate, our assortment in Sweden is the widest when we compare us to another variety discount retailers. And we will make it as our competitive advantage in Sweden.

And are you planning to do this in the all Dollarstore stores?

Yes, at least partially, Art. There might be a situation where there's an even wider assortment in chosen stores, but each and every store will be asking and will be requiring new SKUs to be better in the -- to meet our customer expectations.

Okay. Then a question regarding Dollarstore inventory write-downs. What kind of products have you or you will be write down? And yes, that was my question.

The write-down is really -- it's a one-off item, and it really allows us to, let's say, going forward, allows us to show the, let's say, true underlying profitability because as Sampo said, we are introducing a lot of new SKUs. And therefore, we have to clear out some of the old stuff as well. So when we clear that old stuff out, whether just probably not removing that much, but it's mostly selling in a very low price to get rid of it or maybe even selling to some third parties part of that. But whatever we decide to do, then we can use the let's say, EUR 12 million write-off to offset that so that we can show the, let's say, underlying profitability going forward for Dollarstore.

Yes. And then what gives you confidence in achieving the current guidance given that your EBIT is approximately EUR 3 million behind last year and the Dollarstore like-for-like footfall was still in decline.

Will you take that one, Tapio?

I can take it and you can fill that. I can start. Of course, we have several positive signs both in the general economy as well as in our own operations. So when we did the, let's say, enlargement in the May time frame of the Dollarstore assortment, we clearly saw a pickup in sales, and that gives us confidence that the more we add to the product assortment, the more sales we can generate from the same amount of customers. Also, we've been doing a lot of marketing activities in Dollarstore trying out different things, whether it's radio commercials or the leaflet and so on. So that has resulted in improved footfall. And also, as Sampo said, the basket size at Dollarstore has clearly increased. So we do see several levers that are pushing up the sales, which, again, is the #1 thing we need to improve in the Dollar stores is the sales per square meter or sales per store, whatever you use the metric, but that's the key thing we're trying to achieve, so increase the sales of the existing store network. So we do have positive signs there. And also in Finland, we do see positive signs in general economy also people might be willing to spend a little bit more. So you see that in the marketplace with, for example, the K Group now doing slightly better than the S Group, and that's really showing that consumers are willing to spend a bit more money. Of course, it's good for us as well that consumers are willing to spend more. So we plan to take more than our fair share of the wallet sort of opening for consumers.

I think my last question -- yes, please. Go ahead. Go ahead.

No, I was just about to say that I'm not going to fulfill anything more because you also took the Finland into account. And that 1 I was curiously following that. You also remember our biggest market and segment in this discussion.

So Art, you have 1 more question, please.