Earnings call transcript: Gentian Diagnostics Q2 2025 sees stock drop 7.89%

Gentian Diagnostics reported its Q2 2025 earnings, revealing a 14% year-over-year increase in sales to 43.6 million NOK. Despite this growth, the company's stock declined by 7.89% following the announcement, closing at 58.4 NOK, down from the previous close of 63.4 NOK. The decline in stock price appears influenced by operational challenges and a significant drop in gross margin. According to InvestingPro data, the company maintains a market capitalization of $46.41 million and has shown resilient performance with a 5.75% total return over the past year.

Key Takeaways

• Sales in the US market nearly tripled, indicating strong international growth.
• The company faced production issues, impacting its gross margin.
• EBITDA decreased, highlighting financial pressures despite revenue growth.

Company Performance

Gentian Diagnostics demonstrated robust sales growth in Q2 2025, particularly in the US market, which saw a 156% increase. However, the company experienced operational setbacks, including production issues and raw material complications. These challenges contributed to a lower gross margin and a decline in EBITDA compared to the previous year.

Financial Highlights

• Q2 Sales: 43.6 million NOK (14% growth year-over-year)
• First Half Sales: 88.1 million NOK (15% total growth, 13% organic)
• EBITDA: 1.7 million CHF (down from previous year)
• Gross Margin: Dropped to 44% (from 64% in Q1)
• Cash Position: 80 million NOK
• Equity Ratio: 85%

Market Reaction

Gentian Diagnostics' stock fell by 7.89% in pre-market trading, reflecting investor concerns over the company's operational challenges and reduced gross margin. The stock's performance is now closer to its 52-week low, indicating a cautious market sentiment.

Outlook & Guidance

The company aims to achieve gross margins of 55-60% in the coming quarters and plans to launch its NT proBNP assay for research use in H2 2024, with a commercial launch targeted for 2026. Gentian is also focusing on expanding its presence in the US market and exploring new product developments in the second half of 2024.

Executive Commentary

CEO Matti Heijnenen stated, "We are a commercial phase company, a fast-growing company, and also a profitable company." He also emphasized the potential of their NT proBNP assay, which could "enable detection of biomarkers previously unavailable on clinical chemistry analyzers."

Risks and Challenges

• Production issues and raw material complications could continue to affect performance.
• The significant drop in gross margin may impact profitability.
• Macroeconomic pressures and competitive dynamics in the diagnostics market pose ongoing risks.

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Q&A

During the earnings call, analysts inquired about the company's US market growth strategy and sought clarification on the resolution of production issues. The management reiterated their commitment to addressing these challenges and maintaining a flexible dividend policy based on growth investment needs.

Full transcript - Gentian Diagnostics AS (GENT) Q2 2025:

Matti Heijnenen, CEO, Gentian Diagnostics: Okay. Very good July and summer morning, everyone, and welcome to Gentian's quarter two twenty twenty five results presentation. My name is Matti Heijnenen. I'm the CEO of the company, and I will be today presenting the quarter two update with our CFO, Njau Kind. And it's 09:00, so let's start the presentation.

So, Gentian, quick updates, but not too long. We have quite a lot to to actually talk today about the results and nice updates. So I will be a bit shorter today with the company updates. So Gentian, as as you know, is a medtech company that is targeting a large 2,200,000,000.0 serviceable market and dollars, which is growing on average 5% to 10% per year. We have a very appealing value proposition for our customers, both end users and commercial partners.

We operate with a focused strategy on Petya and clinical chemistry platform, and we have a lean business model that we can choose how to commercialize our products. We have industry leading capabilities in house and especially we have strong focus on R and D and our operations. And we are also putting a lot of focus on the commercial organization going forward. We are, as you can see from the graph on the left hand side, a commercial phase company, a fast growing company, and also a profitable company. We built everything we do here in MOS and other sites, obviously, on high quality standards, And we have also strong focus, and we work based on the ESG principles.

And as you know, we are listed in the your next OSLO first. We focus at the moment on three key disease areas: inflammation and infection, kidney disease, and heart failure. We have five established products, and cystatin c is the the kidney disease marker. Canine or doc CRP is used for used for PET or and PET analysis for infections. Estal, it's the fecal cull protecting, one of our two cull protecting products, and and that is commercialized together with Esthela through our Swiss partner, Bierman, and that is used to diagnose inflammation in the bowel and especially for the IBD disease.

RBP, retinal binding protein, is quite recent addition, which is in the market sensing, and we are having some discussions about commercialization of that as well. Then we have calprotecting as gCal, which is targeting plasma and serum samples. And we are in the market development, really generating data and increasing awareness both in infectious diseases and also inflammatory auto inflammatory diseases like rheumatoid arthritis. And then we will talk more today again about our heart failure marker, NT proBNP, and give you a bit deeper update about the development. We have four key pillars for long term growth, and below you see also two profitability KPI targets that we are following.

So obviously, the best way to grow the company is to maximize the sales of existing products, and that is something we are doing and will have a lot focus also going forward. And positive thing is that all our products, they have a lot of room to grow. As said, we need to prove and deliver the clinical relevance of g gal and then bring NT proBNP to the market. Obviously, don't want to stop here, so we are constantly looking at the market, discussing with our commercial partners, end users and updating our list of future products. And we want to bring a steady state of new products to the market.

And we will also talk today a little bit about the technological improvements available. And then, of course, through the lean business model, in addition to going directly to customers or using distributors, we want to secure at least one new contract with the key global or regional IBD players per year. And then you see the gross margin and EBITDA margin targets on the slide. But without further ado, let's go to the Q2 results and highlights. So we had, after a very strong Q1, when we look at the top line, the revenue, we had another very strong quarter.

But then our EBITDA, we said last time that the Q1 was a quarter when everything went perfectly and there was no hiccups anywhere. This time in Q2, we had some one off production and raw material issues that impacted our gross margin and EBITDA, and Njar will explain more about that to you soon. If we look at the numbers, we recorded sales of million, which was almost as high as Q1, and Q1 was the highest quarter ever for Gentian. And this quarter represents 14% growth over last year. One of the highlights, but there will be many, was especially our sales growth in The U.

S. So compared to last year's Q2, we grew almost 100 well, 156%, so almost three times the sales. EBITDA was CHF 1,700,000.0 for the quarter, and that was down from the previous year. And gross margin dropped this time to 44%. Other highlights, if we look the first two quarters, so the first half of the year, our sales were 88,100,000.0, which is a nice growth of 15% compared to last year and 13% organic growth.

Cstat in C, I will talk more about that later, but it was again the key growth driver, growing 31% over the previous year, same time, and we can already now start to be quite confident that those supply issues that we and it's no, sorry, not supply issues, the value based pricing tendering issues we experienced last year in China, they seem to be now over and we are really returning towards a normalized supply situation. In addition to quarterly growth, our business in U. S. Almost doubled in first half compared to last year, And we keep adding a good number of new customers every month. EBITDA full year number, 15,700,000 versus CHF 11,600,000 last year.

So overall, taking the two quarters together, we are doing well and we are on track. Then I will end the presentation with a little bit deeper NT proBNP update. But as highlights and summary, I can say that after choosing the total NT proBNP as our strategic choice for the product, we completed further calibration adjustments on several instruments. We tested more clinical samples, and also we secured access and signed a contract to secure access to new patient cohorts that support our regulatory submission plan aiming for 2026 commercial launch as communicated earlier. With this one, I hand over to Njal, and then I come back to do the product and r and d updates later.

So now over to you.

Niall Tin, CFO, Gentian Diagnostics: Thank you, Marty. Good morning. I will take you through the financials. My name is Niall Tin. I'm the CFO of Garantan Diagnostics.

So this morning, we announced sales of 43,600,000.0 NOK for the for the second quarter and 88,100,000.0 for the first half. For the second quarter, this corresponds to a sales growth of 14%, and for the first half, 15%. Sales has been driven primarily by sister team c where we have had very strong sales both in Asia and in The US. Geographically, you can see that The US, we report sales of 7,200,000.0 NOK compared to 2,800,000.0 last year. However, we need to make a small adjustment here due to the fact that one of our customers changed their warehouse from Europe to The US.

So The US sales is influenced in the second quarter by 2,800,000 being shifted from Europe to The US. If we adjust for that, growth in The US in the second quarter was 57%. And year to date, it is 43%. So still growing quite well in The US. Europe, making the same adjustment.

We had then 3% growth in the second quarter and 6% growth year to date. As Matti also explained, Asia is doing quite well. We had issues last year with the introduction of value based pricing in in The US. No. In sorry, in China.

But that has been our partner in China has done a good job and kept their volumes. So we now see that sales is is back on track. So good growth in China with with 42% compared to second quarter last year and 36% year to date. As you can see on the bottom table on the slide, Cistha TNC then shows a growth of 38 31% in the quarter and 25% year to date. FCOM Turbo has had a soft quarter, but year to date, it's it's essentially flat compared to to last year.

Nothing will convert to be back to that in in in the product presentation. For third party products, we've had a quite strong quarter and and also a decent first half year with 39% growth on the quarter and 24% on year to date. In the other category where we group the lower volume products, we see very good growth with 31, 32% both from the quarter and year to date. So all in all, all products except F. UltraVogue shows good growth in the quarter and also year to date.

Shifting to the cost. On the on the quarterly side, you will always see that there are some variations, especially in in r and d expenses. But year to date, we have we have a cost increase of 3% to 4% on on these different groups. And that corresponds well to the general increase in cost level, for instance, in personnel cost and also the general cost level that that that we see. So underlying, we there there there is no significant increase in cost.

Now as I'm sure many of you have already noticed, we we report a drop in gross margin to 44% this quarter, and we have to go, let's say, more than than one year back to to find similar figures. We come from 64% in in the first quarter. That was a quarter where everything went smoothly. Everything went as it should. And now in the second quarter, we have had some production issues.

These are issues related to raw materials where the raw materials start to behave differently when set into production. That has resulted in, first of all, that our raw material consumption has increased, but also that we have produced certain lots of one of the significant products we have, which which had to be which unfortunately had to be scrapped. And that, of course, is is literally speaking a cost that that has gone down the drain. These issues that we experienced occurred in April and May. June is back to to stable production.

So we believe that this is an an a situation which seems at the moment to be to be resolved. And we believe that that unless something surfaces again, we should return to gross margins of 55 to to to 60% quite quickly. Looking then at the at the EBITDA, if we look at the margin, EBITDA margin margin year to date, it's 18%. That is also quite good. It's it's in fact a better EBITDA than we had at the same period last year where we had 11.6.

And of course, second quarter EBITDA of 1,700,000.0 is below our level of ambition. And we will work hard to improve that in the coming the coming quarters. On the balance sheet side, we we report cash position of 80,000,000. That is basically the same cash position or a million lower than what we had in quarter two last year. But what is important here is that during this period, we have returned 6,200,000.0 back to the shareholders through a a dividend.

So all in all, the the financial position of the company also then with an equity ratio 85% remains solid. We'll come back to we have a question regarding dividends a little bit later in the q and a here, I see. That wraps it up for me. Please, if you have any questions, use the questions box or the questions function that is embedded on this webcast, and we will try to answer it out. Let me get back to the q and a session.

Now for a product update, I I leave you back with with Marty. Thank you.

Matti Heijnenen, CEO, Gentian Diagnostics: Thank you, Jan. And so let's go a little bit deeper in key product or product groups and and look at the drivers or the performance. So since that you see, we have already repeated a couple of times, had a very good quarter. And the graph on the left hand side actually shows nicely the dip we experienced last year, especially Q3 was extremely soft. But as you can see, we have had two, I would say, well, extremely, but very nice quarters this year.

So Q1, Q2, both €17,000,000 almost €18,000,000 the first quarter and record quarters for this product. And what is also nice is that the growth comes from several geographies. So it's US, China, but also South Korea that are delivering the growth. We delivered almost, well, CHF 9,400,000.0 to Asia in Q2. And also looking a little bit forward, I'm happy to share that we have already a very solid order book for this quarter Q3 in our hands.

So we can expect cystatin C to keep performing very well. We have said and we have US as a focused area, and Cystatin C is obviously the key product over there. And we have invested more headcount to US and also we are improving and intensifying our collaboration with the commercial partners in The US. And they have been really pleased actually with our activities and proposals, how to drive our mutual interest and business. And as a result of this, we have already again added this year 31 new System PC customers in The US.

Obviously, none of them are probably yet delivering at the maximum. So adding these new customers and of course we don't stop here. The team keeps doing the good work every day and week over there. We can expect a nice sales growth from The U. S.

As well based on this customer base. And ESCOT Turbo, like Niao said, actually, all other products or product groups have a very good or had a very good quarter two. This time, Efgalturva was the one that did not perform as we or our partner, Boorman, expected. As you see, especially the Q4, but also Q1, they were good and strong quarters. But now in Q2, the sales dropped 15% compared to last year.

Still that CHF 13,000,000 level is not bad if you look back, but of course, it is not according to the growth expectations. We have had discussions and dialogue as always with Wilman, and it looks like that this was an effect, still kind of carryover effect from the stocking that happened in Q4, Q1 in couple of regions for various reasons and also some delayed phasing of orders that were expected in Q2. Still, overall, the outlook for 25% remains unchanged. And we also do know that there are new distribution agreements signed. The Beckmann agreement from Bilmann was announced earlier, and they are working hard on others.

And we know that these new partners should start contributing to sales already in the second half of the year. So overall, despite the softer quarter than expected, we believe that EFCAL is still on track to our expectations in 2025. The other products category, which consists of CCRP, Esthela, GCAL and RBB, performed extremely well. Record high sales, 7,100,000.0, growth of 32% compared to last year, same quarter. And especially F.

Pela and CCRP are experiencing both quarters this year, a very strong growth, high double digit growth compared to last year. GCAL had a strong Q1. Q2 was a bit softer, but overall, taking together the first half, GCAL is also making good progress year to date. Then our third party products. So the Nordic sales team addressing directly the end users had also actually a record month, 6,400,000.

Again, growth almost to close to 40%, 38% quarter to quarter growth from last year. And again, this is based actually on increased customer base. So the team is in addition to Norway and Sweden, good job adding new customers from Finland. And also we are working now more in Denmark and have some preliminary indications there for future business. And also the testing volumes are actually growing and contributing to the sales growth.

And again, we did add actually new resource or headcount last year to our Nordic team, leading the sales team, and looks like the investment, and again, intensive presence is paying off. And another way to look the regional growth, you can compare the quarter to quarter regional sales on the left hand side. And I would say the two clear highlights here, and despite that warehouse shift that was communicated, is that our focus area to grow U. S. Sales is clearly working well.

You can see that we are moving from roughly NOK 2,000,000 per quarter sales now even up to NOK 7,200,000.0 this quarter. And those new customers added, so 31 for System PC and actually four other customers for CCRP, that is really promising for the future growth. And also, you can clearly see the recovery in sales to Asia. So China is back on track and and our business in South Korea is even growing. Europe, the impact is twofold.

It is the the shift of of the warehouse and but then also Hefkal being such a big product for us and having a soft quarter that impacted our European sales in Q2. With this one, we conclude the sales and financials and product slide. And now I actually, due to the holiday season, I put on my r and d hat and give you an r and d update. Before we go to NT proBNP, let's look other r and d stuff here. I have on the left hand side three updates to you, and and then also I and we can talk a little bit more about the R and D spend, and and we have done a breakdown of that because there has been some questions and discussion what is the R and D spending going forward.

But let's start with the updates. So we have communicated to you earlier that we are or we have a early stage development project that is done together or in collaboration and for one of the key global IVD players. And that project actually progressed still really well. We have again done good progress there and moving nicely to the end of proof of concept phase and getting ready to move that product to the optimization phase. And I can tell you that the customer that actually at the moment we yet cannot disclose has been extremely happy

Then importantly and very interesting update, like I said, we don't only focus on finding new products, but also we are looking how to improve the technological platforms and sensitivity of the assays. And we have started some time ago and now increased substantially focus and resources behind an exploration project of next generation technology platform. This early work that is now being done in our research center in Gothenburg is actually showing really promising results, and it holds a promise of detection capabilities that might be substantially below those achievable with traditional turbidimetric methods at the moment. And what does it mean in practice is that it potentially could enable us to enter or bring in biomarkers that have been formally not available for any clinical chemistry analyzer platforms. And if this works as the plan is, that could be really breakthrough may be stronger at this point, but very promising outlook for the future.

In addition, we are and we did revisit in Q2 our pipeline candidate list. At the moment, and again, to the first two bullet points, that collaboration project is moving on so well and quickly, and also due to the promising results for the technological projects, we have put resources behind these two when NT proBNP starts to be a bit more less demanding for the research team. So we have the product list ready, but we will kind of the need to make the decision for the next product is not necessarily today here, but we will do that during the second half of the year and whenever we can free resources, the next project will kick off. Then we have traditionally reported r and d spend as one number, the total number on the bottom line. But it is actually important if one wants to understand how we use that money, So we did a breakdown of of it.

So if you look at the middle line, which says pipeline development, that is something that's in the in the narrow way of considering r and d spend, so the new product development. That line, 4,100,000 now in q two, represents that. But we do also include in the total r and d spend something we call technical and clinical support, And and that can be both for products that are under development, but also for products that are already marketed. And that means, for example, generating new or additional clinical data to support registration, to support guidelines, to gain interest from partners, or that can be, for example, application validation work that we do for our customers. For example, to get our analytes on a new platform or instrument.

So that all is also actually included in the total r and d spent. And in addition, there's the capitalized development expenses per quarter. So we hope this opens up and explains a little bit better the total number and how we use that money. So good news and exciting news. At the moment, we can't say more, like I said, about the collaboration project or about this technology investigation.

But when we can, we obviously will will give you an update, but we are really excited about those. Then I conclude the presentation by talking a little bit about NT proBNP and and where we are now. So about NT proBNP, first of all, it is a biomarker that measuring that measuring it actually helps to support the diagnosis of heart failure. Our dentin assay has two important features. First of all, it will be the first test of its kind available on high throughput analyzers, so on clinical chemistry analyzers, and and as such should increase the the productivity and reduce overall cost.

So nobody else has been able to actually bring or convert this test from existing platforms to clinical chemistry. But secondly, the target molecule NT proBNP actually is glycosylated, and that means that there are sugar structures added to the peptide, and that is unpredictable and individual and can change over time. Existing assays actually use antibodies that bind to the areas where the glycosylation happens. And the theory is, and there's more than theory actually behind it, that the glycosylation may interfere with the binding, and hence these assays may not actually detect the total, the full NT proBNP in the sample. In our case, actually, we selected antibodies that bind to areas that are not interfered by the glycosylation.

And this brings the promise that we can first of all, we measure the total NC proBNP, and that can have potentially clinical benefits in some underserved patient subgroups like, for example, obese patients, which may be at the moment underdiagnosed. This is has been a well known fact, but because there hasn't been a real solution, it it hasn't been so much in focus. But but now it's our job and the the scientific community helping us and potentially some partners to prove that clinically that this also is a benefit to patients and the doctor. So where are we at the moment? So as you remember, last time we updated you about the important strategic decision where we chose really to focus on the total NT proBNP assay format.

During the second quarter, then we quickly jumped on and started to move this product or assay format forward. We completed further calibrator adjustments and and we used and measured clinical samples on three key clinical analyzer platforms. So so we are already testing and and adapting and optimizing our test on on different three different analyzers from three different partners. And this refined calibration actually yielded on enhanced precision at low and light concentrations, which is important for the the cutoffs and and interpretation of the results. There were some instrument alignment challenges.

They were resolved during q two. Also very important is the stability of our reagents. And now we can say that the key reagents and calibrator components demonstrate long term stability, both real time and in accelerated testing. So again, very important step towards getting the product ready for registration. And then, as I said, we also signed a new contract and securing access to new and larger clinical patient cohorts that will support our regulatory strategy and submission.

And with the preparation of all this and the IVD dossier, which is progressing on schedule, the project overall remains well positioned to enter its final validation phase now in the second half of the year. And also, we can confirm our previously communicated timelines that we aim to launch the product, which is ready for research use only in second half of the year. And also, we are aiming, depending on the regulatory timelines, for commercial launch, IVDR launch in 2026. So all in all, after the key decision, we have done the job required and we are moving on as planned to launch this important product. And how to summarize this quarter, I would say, as you saw, actually all the other products or product groups except EFCAL had an extremely good top line performance.

And quarterly, we had a second very strong quarter for this year. Overall, our EBITDA and gross margin are still on nice level, although these hiccups that happened in April, May, as Njar explained. But importantly, and I just want to restate that one that they seem to be one off. They happen once in a while. Of course, we try to improve and avoid those in the future, but that's not something we expect or should impact our coming quarters.

So overall, we are on track growing our business and meeting our and hopefully also your expectations. With this one, that was all we plan to to present to you, and now it's time to check any questions.

Niall Tin, CFO, Gentian Diagnostics: Alright. So I'm trying to moderate. There's not a lot of questions in yet. So this is the opportunity to use the questions box in the application to post questions if you have any. We have a little bit of questions here.

I think we we can circle back to the to The US market and, you know, with the growth that we now are seeing, and I would say with two people, it's it's rather a a a venture over there. And how do we think about further, let's say, additions or growth in The US? Could you give some flavor on that? So,

Matti Heijnenen, CEO, Gentian Diagnostics: yes, we well, the results look good. At the moment, we have been able to to fulfill the needs of our partners, but but we are discussing actually already adding potentially one headcount for more technical sales, helping to to adapt and and get the labs started with our assay so that our sales people, business development people could really focus on finding new customers and closing the deals. So slowly, not too quickly, but absolutely it looks like we can grow our presence there. But also I want to really reiterate the importance of improved collaboration with our partners. There has been already certain steps we have taken together that has made the collaboration much more efficient.

So that's something we should do first. And now again in a couple of weeks time in the ADLM Congress, we are having discussions with these partners how to further improve our collaboration and how to potentially actually carbon copy that model to Europe as well.

Niall Tin, CFO, Gentian Diagnostics: Alright. Thank you. Coming a question in there on, let's say, the performance issues that we have had in in the production during the quarter. And and and the first one is more when we became aware of of of the situation and what steps we took to understand and and resolve the situation. Well, the production issues themselves, you become aware of quite quickly.

I'll answer to this as I'm also quite involved in the production here. But the financial consequences takes a little bit longer time to estimate and understand. And, of course, when you have production issues, you try to, let's say, to solve the production issues so that you have a sellable product. That is the first thing you do. So you try to work and rework.

And then it is the, let's say, ultimate decision is when you have to scrap, And that comes quite late in that troubleshooting process. And the second question is why did the problem last for so long? April, May. It's in fact in our process. It's not that is not particularly long to make a lot from start to finish.

So our product can take up to three months. So two thirds of that time being then in a problem and this relates primarily to one product. All the other products have run run well. That is that is that that's basically the explanation here. And the third one is is is

So today, you are in Moss, Mati, and normally, we tend to see her a lot around the office as well. Yeah. I'm

Matti Heijnenen, CEO, Gentian Diagnostics: I am I I have been most of the time actually here in Moss. I have apartment here. But, of course, due to the family reasons, I I tried to spend some weekends and time back in Finland also. But I'm I'm present as much as needed. And I I think what we could also yeah.

Maybe you could say some words about the robustness of production and the scale and control projects we are running. So in order to to make everything more scalable and robust going forward.

Niall Tin, CFO, Gentian Diagnostics: Yeah. So so as as as a growth company, we we always try to to be one or two steps ahead of the of of of, let's say, the actual development. So one of the items we are looking at, and we call that scale and control, is to look at with increasing volumes, what kind of changes do we need to do to our production setup and our production processes. And that is an ongoing program. This is not what has caused the issues, we believe, this time around.

But sometimes when you do changes so scale up in production, you might get also production issues. But that's not what we think so far has caused the problems we had last quarter. It's more related to quality issues on the raw materials. I have another question coming in here relates to the dividend policy. So obviously, you have noticed that we paid dividends for the first time in May.

And the question is regarding the dividend policy. Now we stated the dividend policy in our annual report and being in the situation where we are with being a growth company, being at the early stages of cash flow generation, it's quite flexible type dividend policy, but it says that we seek to pay annual dividends depending on the financial capacity and financing need to support future growth. And when we speak about financing needs to support future growth, please remember we are an innovative company. There are a lot of ideas passing through, let's say, this company continuously. And some of those ideas may turn out to be profitable, and then we will invest in them.

So this would always be a trade off between the cash generated and the need to finance growth projects. That was a decent answer to that. We have no other questions on on the list for the moment. So so then it's time to wish you all, at least from my side, a a good summer, and

Matti Heijnenen, CEO, Gentian Diagnostics: I will let Martin round off. But, yes, thank you. Thank you, Niall, for presenting and helping us here and me. And so this concludes the the quarter two twenty twenty five Gentian presentation. We wish you all a very nice and especially Nordics finally warm summer, hopefully, and we will see you again when we present our q three results later this year.

So thank you, and and goodbye.

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