Q2 2026 Synsam AB (publ) Earnings Call - Q&A

August 21, 2026

Speaker #1: Welcome, everyone, to Synsam Group's Q&A session as we release the interim report for the second quarter of 2026 this morning. My name is Frida Lehm, and I'm Head of Investor Relations at Synsam Group and the moderator for this Q&A.

Frida Leim: Welcome everyone to Synsam Group's Q&A session as we release the interim report for the second quarter 2026 this morning. My name is Frida Leim, and I am Head of Investor Relations at Synsam Group and the moderator of this Q&A. I am joined by our CFO, Per Hedblom, and our CCO, Jimmy Engström in the studio. If you are watching the webcast live, you can submit your question using a question box on the webcast page. We have our analyst from Citi joining us. I would like to welcome and hand over to Yang Ying.

Speaker #1: I'm joined by our CFO, Per Jedom, and our CCO, Jimmy Engström, in the studio. If you're watching the webcast live, you can submit your question using the question box on the webcast page.

Speaker #1: We have our analyst from Citi joining us, so I would like to welcome and hand over to Yang Ying.

Yang Ying: Thank you, Frida. Good morning, everyone. Thank you for having us on the call again. You know how I always like to start my question list. My first question is if you have any comment on the broad consumer sentiment or the purchasing behavior through the course of Q2, and specifically it would be helpful if you could compare it to what we saw in Q1.

Giang Nguyen: Thank you, Frida. Good morning, everyone. Thank you for having us on the call again. You know how I always like to start my question list. My first question is if you have any comment on the broad consumer sentiment or the purchasing behavior through the course of Q2, and specifically it would be helpful if you could compare it to what we saw in Q1.

Speaker #2: Thank you, Frida. Good morning, everyone. Thank you for having me on the call again. You know how I always like to start my question list.

Speaker #2: My first question is: do you have any comments on the broad consumer sentiment or purchasing behavior through the course of Q2, and specifically, it would be helpful if you could compare it to what we saw in Q1, please.

Speaker #3: Yes. If we compare to the previous quarter, we see somewhat more positive consumer sentiment across all markets, really.

Per Hedblom: Yes, if we compare to previous quarter, we see somewhat more positive consumer sentiment across all markets, really.

Yang Ying: Would you say that this improvement has continued into the early part of Q3?

Speaker #2: And would you say that this improvement has continued in the early part of Q3?

Giang Nguyen: Would you say that this improvement has continued into the early part of Q3?

Per Hedblom: We see general improvement from Q2 and onwards, yes.

Speaker #3: We see general improvement from Q2 and onwards, yes.

Speaker #2: Okay, that's helpful. And since we're now right towards the end of the seminar, I just want to mention that we have had a very warm summer in Europe.

Yang Ying: Okay. That's helpful. Since we are now right towards the end of the summer, but we have had a very warm summer in Europe. Could you talk about what potential impact we could expect in terms of the sales of sun in the quarter?

Giang Nguyen: Okay. That's helpful. Since we are now right towards the end of the summer, but we have had a very warm summer in Europe. Could you talk about what potential impact we could expect in terms of the sales of sun in the quarter?

Speaker #2: Could you talk about what potential impact we could expect in terms of the sales of Sun in the quarter?

Speaker #3: Yeah, the sunglasses season has been, as you say, also relatively warm and hot in Sweden, and we have seen good development also in that category.

Per Hedblom: Yeah. The sunglass season has been, as you say, also relatively warm and hot in Sweden, and we have seen a good development also in that category.

Speaker #2: Okay. I want to then ask specifically about Denmark. I read in the press release that you called out 390 basis points of contribution to organic growth from changes to the handling of returns.

Yang Ying: Okay. I want to then ask specifically about Denmark. I read in the press release that you called out 390 basis points of contribution to organic growth from changes to the handling of returns. Maybe can you give us a little bit more details around the changes and what kind of positive impact do you expect in the coming quarters?

Giang Nguyen: Okay. I want to then ask specifically about Denmark. I read in the press release that you called out 390 basis points of contribution to organic growth from changes to the handling of returns. Maybe can you give us a little bit more details around the changes and what kind of positive impact do you expect in the coming quarters?

Speaker #2: Maybe you can give us a little bit more detail around the changes, and what kind of positive impact you expect in the coming quarters?

Per Hedblom: I think we described that quite extensively in Q1, but it is a technical change in how we account for Synsam Lifestyle when customers hand in their spectacles, which technically improves sales and reduces gross margin, basically. We are quite open with that in the report. That effect came in Q1 and will continue every quarter during 2026. Of course, continue next year as well, but then we compare same quarter by quarter.

Speaker #3: I think we described that quite extensively in Q1, but it's a technical change in how we account for lifestyle when customers hand in their spectacles.

Speaker #3: Which technically improves sales and reduces gross margin, basically. And we are quite open with that in the report. That effect came in Q1 and will continue every quarter during '26.

Speaker #3: And our course continues next year as well, but then we compare the same quarter by quarter.

Speaker #2: Yes. Do you expect a similar magnitude of positive benefits for Q2 in Q3 and Q4?

Yang Ying: Do you expect a similar magnitude of positive benefits in Q2, in Q3, and Q4?

Giang Nguyen: Do you expect a similar magnitude of positive benefits in Q2, in Q3, and Q4?

Speaker #3: I don't want to give any forecast, but it's the same technical effect that will affect Q4—in Q3 and Q4, as in Q1 and Q2.

Per Hedblom: I don't want to give any forecast, but it is the same technical effect that will affect Q3 and Q4 as in Q1 and Q2.

Speaker #2: Okay, that is very clear. And just looking at the different regions, I think you have had—in three regions. But in Finland, it felt slightly short of consensus expectations.

Yang Ying: Okay. That is very clear. Just looking at the different regions, I think you have had in three regions, but in Finland it felt slightly short of consensus expectations. Can you give us a little more color on the dynamics in Finland and how do you expect this to trend going forward?

Giang Nguyen: Okay. That is very clear. Just looking at the different regions, I think you have had in three regions, but in Finland it felt slightly short of consensus expectations. Can you give us a little more color on the dynamics in Finland and how do you expect this to trend going forward?

Speaker #2: Can you give us a little more color on the dynamics in Finland, and how do you expect this to trend going forward?

Speaker #3: Well, yeah. I mean, we have good growth in Finland, and we are taking market share. That's very important to underline. In the quarter, we had a somewhat lower gross margin.

Per Hedblom: Well, we have good growth in Finland and we are taking market share, and that is very important to underline. In the quarter, we had somewhat lower gross margin, and we of course have an ambition to be focused on the gross margin very much, but it was somewhat lower in Q2. Also, personnel costs were somewhat too high in Q2, which we are looking at very closely. So we are confident that our ambitions are the right ones in Finland. We have a growth strategy in Finland. Goal is to be number one.

Speaker #3: And we have, of course, an ambition to be focused on the gross margin very much, but it is also somewhat lower in Q2. And also, personnel costs were somewhat too high in Q2, which we are looking at very closely.

Speaker #3: So we're confident that our ambitions are the right ones in Finland, and we have a growth strategy in Finland. The goal is to be number one.

Yang Ying: I also noticed that you called out the personnel cost. Is there anything extraordinary here? Is there anything similar that you are seeing in terms of pressures in other countries, or is it just a Finland topic?

Speaker #2: And yeah, I also noticed that you called out the personnel cost. Is there anything extraordinary here? And is there anything similar that you're seeing in terms of pressures in other countries, or is it just a Finland topic?

Giang Nguyen: I also noticed that you called out the personnel cost. Is there anything extraordinary here? Is there anything similar that you are seeing in terms of pressures in other countries, or is it just a Finland topic?

Speaker #3: No, it's more of a calibration issue. I mean, when they grow very fast, you need to ensure that you have enough personnel in the stores, and that needs to be calibrated very closely.

Per Hedblom: No, it is more a calibration issue. When you grow very fast, you need to ensure that you have enough personnel in the stores, and that need to be calibrated very closely. We are looking at that. So a little bit too much people in the stores, which is easily handled.

Speaker #3: And we're looking at that. So, a little bit too many people in the stores, which is easily handled.

Speaker #2: Okay, that's clear. So we talked about Finland, we talked about Denmark. I wanted to touch upon Norway. I saw in the press release you called out planned marketing spend.

Yang Ying: Okay, that is clear. So we have talked Finland, we have talked Denmark. I wanted to touch upon Norway. I saw in the press release you called out planned marketing spend.

Giang Nguyen: Okay, that is clear. So we have talked Finland, we have talked Denmark. I wanted to touch upon Norway. I saw in the press release you called out planned marketing spend. I just want to confirm that this is related to the exclusive partnership that you have with Haaland, and is there any sort of increase in marketing spend that you are also expecting in Q3?

Speaker #2: I just wanted to confirm that this is related to the exclusive partnership that you have with Haaland, and is there any sort of increase in marketing spend that you're also expecting in Q3?

Yang Ying: I just want to confirm that this is related to the exclusive partnership that you have with Haaland, and is there any sort of increase in marketing spend that you are also expecting in Q3?

Speaker #3: Well, first and foremost, I mean, we have increased our efforts and increased marketing throughout the Group, especially in Norway. So, it's not just Norway, but especially in Norway.

Per Hedblom: Well, first and foremost, we have increased our force and increased marketing throughout the group, especially in Norway. It is not just Norway, but especially Norway, and that has given positive effects, I would say. It is very important to underline that the traffic and the attention we got from these initiatives have been very positive, but increased market spend, especially in Norway. We are looking at sort of quarter by quarter on what marketing spend which is optimal. I cannot give a forecast, but if we see that increased market spend will add to sales and give a good net benefit, we will continue to do that. That is something we evaluate continuously.

Speaker #3: And that has given positive effects, I would say. So, it's very important to underline that the traffic and the attention we got from these initiatives have been very positive.

Speaker #3: But increased market spend, especially in Norway. And we're looking at it quarter by quarter to determine what marketing spend is optimal. So I can give a forecast, but if we see that increased market spend will add to sales and give a good net benefit, we will continue to do that.

Speaker #3: But that's something we sort of evaluate continuously.

Speaker #2: Thank you. And can I confirm whether you already saw better sales performance as a result of this campaign already in Q2, or is it something where you incurred costs in Q2, but you're expecting to see benefits in the coming quarters?

Yang Ying: Thank you. Can I confirm whether you already saw better sales performance as a result of this campaign already in Q2? Or is it something that you incurred cost in Q2, but you are expecting to see benefits in the coming quarters?

Giang Nguyen: Thank you. Can I confirm whether you already saw better sales performance as a result of this campaign already in Q2? Or is it something that you incurred cost in Q2, but you are expecting to see benefits in the coming quarters?

Per Hedblom: We saw benefits from our initiatives in Q2 on sales.

Speaker #3: We saw benefits from our initiatives in Q2 on sales.

Speaker #2: Okay. You also mentioned that this partnership increased the awareness of Synsam and Synsam's offering to a new target audience. Could you maybe elaborate on the characteristics of this new audience that it has brought to the group?

Yang Ying: Okay. You also mentioned that this partnership increased the awareness of Synsam and Synsam's offering to new target audience. Could you maybe elaborate on what the characteristics of this new audience that it has bring to the group?

Giang Nguyen: Okay. You also mentioned that this partnership increased the awareness of Synsam and Synsam's offering to new target audience. Could you maybe elaborate on what the characteristics of this new audience that it has bring to the group?

Speaker #3: No, I think I mean, there was a World Cup. Erling Haaland was one of the biggest stars. We had this campaign, and we have the partnership with him.

Per Hedblom: There was a FIFA World Cup. Erling Haaland was one of the biggest stars. We had this campaign, and we have the partnership with him. That in general gave a broad attention to Synsam across all our markets, I would say. But of course, families, kids, and young, and in general, a very broad attention to this campaign and to Synsam.

Speaker #3: And that, in general, gave a broad attention to Synsam, I would say. But of course, families, kids, and young people. And in general, a very broad attention.

Speaker #3: To this campaign and to Synsam.

Speaker #2: Okay. You also mentioned that you are now starting to have online sales in selected European countries. So I presume this is outside of the usual four countries where you operate. Can you provide a bit more color around this?

Yang Ying: Okay. You also mentioned that you are now starting to sell just online sales in selected European countries, so I presume outside of the usual four countries that you operate. Can you provide a bit more color around this? Is it strictly within the context of this partnership, or is it a direction of travel that we should expect to see Synsam expand more on?

Giang Nguyen: Okay. You also mentioned that you are now starting to sell just online sales in selected European countries, so I presume outside of the usual four countries that you operate. Can you provide a bit more color around this? Is it strictly within the context of this partnership, or is it a direction of travel that we should expect to see Synsam expand more on?

Speaker #2: Is it related— is it strictly within the context of this partnership, or is it a direction of travel that we should expect to see Synsam expand more on?

Speaker #3: Well, we are testing, as we mentioned in the press release, online sales in six markets in Europe outside of the Nordics. And it's a test.

Per Hedblom: We are testing, as we have mentioned in press release, online sales in six markets in Europe, outside Nordics. It is a test, and we are evaluating that continuously, the sale of Haaland frames. So, in due time, we will evaluate this pilot, I would say, regarding online sales outside Nordics.

Speaker #3: And we are evaluating that continuously. The sale of Haaland frames. So, in due time, we will evaluate this pilot, I would say, regarding online sales outside the Nordics.

Speaker #2: Okay, we'll keep a lookout for that. I also wanted to ask about the other cost line item, which was, I think, minus $28 million this quarter.

Yang Ying: Okay. We will keep a look out for that. I also wanted to ask about the other cost line item, which was, I think, -SEK 28 million this quarter. You called out the inventory revaluation. Is it something that we should be expecting to see in the coming quarters? How should we think about this?

Giang Nguyen: Okay. We will keep a look out for that. I also wanted to ask about the other cost line item, which was, I think, -SEK 28 million this quarter. You called out the inventory revaluation. Is it something that we should be expecting to see in the coming quarters? How should we think about this?

Speaker #2: You called out the inventory revaluation. Is it something that we should be expecting to see in the coming quarters? How should we think about this?

Speaker #3: Inventory—I don't think we talked about the evaluation. I mean, internal profit occurs when we sell frames from our own central warehouse to the stores.

Per Hedblom: I do not think we talked about revaluation. Internal profit occur when we sell frames from our own central warehouse to the stores and we build up inventory in the stores, then need to compensate that additional profit with a reduction. That is sort of internal profit. That effect, if I recall right, was SEK 13 million more negative than last year, and that is an effect of inventory buildup, basically. So that makes up a large part of the total increase in negative effect from -SEK 5 million to SEK 28 million centrally. Then we have some additional market cost and other costs in that item.

Speaker #3: And we build up inventory in the stores. Then we need to compensate that additional profit with a reduction. That's sort of internal profit. That effect, if I recall right, was SEK 13 million more negative.

Speaker #3: ...than last year. And that's an effect of inventory buildup, basically. So, that makes up a large part of the total increase in negative effect from minus 5 to 28, centrally.

Speaker #3: Then we have some additional market costs and other costs in that item.

Yang Ying: I am just thinking how best to look at this topic going forward. How should we approach the modeling of this?

Giang Nguyen: I am just thinking how best to look at this topic going forward. How should we approach the modeling of this?

Speaker #2: And is this—I'm just thinking how best to sort of look at this topic going forward. How should we approach the modeling of this?

Speaker #3: Well, I mean, in Q2 generally, we now have quite a large inventory buildup due to several factors, which occurred at the same time.

Per Hedblom: Well, in Q2 generally, now we have a quite large inventory build-up due to several factors, which came in at the same time. But generally in Q2, we have an inventory build-up ahead of the sun season, which tend to create some internal profit effects in Q2. These should not be as big in other quarters.

Speaker #3: But generally, in Q2, we have an inventory buildup ahead of the sun season, which tends to create some internal profit effects in Q2. These should not be as big in other quarters.

Speaker #2: Okay, that's really helpful, thank you. And I suppose maybe a question in terms of the product mix. I saw you called out a positive sales mix.

Yang Ying: Okay, that is really helpful. Thank you. I suppose maybe a question in terms of the product mix. I saw you called out positive sales mix in some countries, but in Finland, for example, I think you touched upon this earlier when we talked gross margin, you talk about unfavorable sales mix. Is there any particular purchasing trends that is happening in Finland that you are seeing, and how should we be thinking about this in the coming quarters?

Giang Nguyen: Okay, that is really helpful. Thank you. I suppose maybe a question in terms of the product mix. I saw you called out positive sales mix in some countries, but in Finland, for example, I think you touched upon this earlier when we talked gross margin, you talk about unfavorable sales mix. Is there any particular purchasing trends that is happening in Finland that you are seeing, and how should we be thinking about this in the coming quarters?

Speaker #2: In some countries, but in Finland, for example—and I think you touched upon this earlier when we talked about gross margin—you talk about unfavorable sales mix.

Speaker #2: Are there any particular purchasing trends happening in Finland that you are seeing? And how should we be thinking about this in the coming quarters?

Speaker #3: No, I think we are focusing on the gross margin and the EBIT margin in Finland. So, it's a continuous work to ensure that we get good effects from our initiatives.

Per Hedblom: No, I think we are focusing on the gross margin and the EBIT margin in Finland. So it is a continuous work on ensuring that we get good effects on our initiatives. Generally in the group, the largest mix effect in the group in this quarter in total was the increase in prolongings for Synsam Lifestyle, which give a positive effect on gross margin.

Speaker #3: Generally in the group, the largest mix effect in the group in this quarter in total was the increase in prolongings for Lifestyle.

Speaker #3: Which gives a positive effect on gross margin.

Speaker #2: Okay, that's clear. And I feel like we touch upon this topic every other quarter, but when I look at the churn rate—and you have a time series in the press release—it looks like it has consistently picked up over the last several quarters.

Yang Ying: Okay, that is clear. I feel like we touch upon this topic every other quarters, but when I look at the churn rate and you have a time series in the press release, it looks like it has consistently picked up over the last several quarters. I understand also that the Synsam Lifestyle install base also growing, so it could be partly that, but anything you can comment on to shed light on this growing trend in terms of churn rates?

Giang Nguyen: Okay, that is clear. I feel like we touch upon this topic every other quarters, but when I look at the churn rate and you have a time series in the press release, it looks like it has consistently picked up over the last several quarters. I understand also that the Synsam Lifestyle install base also growing, so it could be partly that, but anything you can comment on to shed light on this growing trend in terms of churn rates?

Speaker #2: I understand also that the Lifestyle install base is also growing, so it could be partly that. But is there anything you can comment on to shed light on this growing trend in terms of churn rate?

Speaker #3: Well, if you look at the quarter compared to Q1, it's a very small increase, so it's quite stable in the group. Important note: it's also important to note that we have a stable, slightly improving situation.

Per Hedblom: Well, if you look compared to Q1, it is a very small increase, so it is quite stable in the group. Important note, it is also important note that we have a stable, slightly improving situation in Sweden. So we see the churn is quite stable right now in Q2 at a group level, and improvement in Sweden. You want to add, Jimmy?

Speaker #3: In Sweden. So, we see the churn is quite stable right now in Q2 at a group level, and there's improvement in Sweden. Do you want to add, Jimmy?

Jimmy Engström: No. Exactly.

Speaker #1: No. Exactly. And.

Speaker #2: Yeah, I think it's—yeah, sorry.

Yang Ying: Yeah, I think it's. Yeah, sorry.

Giang Nguyen: Yeah, I think it's. Yeah, sorry.

Speaker #3: No, also Denmark. I would say compared to the first quarter.

Jimmy Engström: No, also Denmark, I would say, compared to Q1.

Speaker #2: Okay, yeah, that is clear. I think I was more asking from the angle of, if you looked at the churn rates every single quarter since sort of Q2 2003, it has been relatively stable, yes.

Yang Ying: Okay. Yeah, that is clear. I think I was more asking from the angle of, if you looked at the churn rates every single quarter since Q2 2003, it has been relatively stable, yes. But there is a slight gradual uptick over time. I think the question was coming more from that angle.

Giang Nguyen: Okay. Yeah, that is clear. I think I was more asking from the angle of, if you looked at the churn rates every single quarter since Q2 2003, it has been relatively stable, yes. But there is a slight gradual uptick over time. I think the question was coming more from that angle.

Speaker #2: But there is a slight, gradual uptake over time. So, I think the question was coming more from that angle.

Per Hedblom: Sorry, please. Could you repeat the question so we understand it?

Speaker #3: So sorry. Could you please repeat the question so we understand it?

Speaker #2: Yeah. So if you look at there's this in the press release, you also shows the quarterly churn rates since 2023. And you could see that sort of from around the sub-2 level sub-2% level in 2023, we are now around the 3% level for the group today.

Yang Ying: Yeah. If you look at, in the press release, it also shows the quarterly churn rates

Giang Nguyen: Yeah. If you look at, in the press release, it also shows the quarterly churn rates

Per Hedblom: Yeah

Yang Ying: since 2023.

Giang Nguyen: since 2023.

Per Hedblom: Yes.

Yang Ying: You could see that from around the sub 2% level in 2023, we are now around the 3% level for the group today. The question was around whether that is a trend that we should continue to see, and what would explain that?

Giang Nguyen: You could see that from around the sub 2% level in 2023, we are now around the 3% level for the group today. The question was around whether that is a trend that we should continue to see, and what would explain that?

Speaker #2: So the question was around whether that is a trend that we should continue to see, and what would explain that?

Speaker #3: No, I mean, our focus is to stabilize the churn, and I think we have achieved that in Sweden. Whether we will achieve that in all countries in the group, we cannot commit to today.

Per Hedblom: No, our focus is to stabilize the churn. I think we have achieved that in Sweden. Whether we will achieve that in all countries in the group, we cannot commit to today. We do have programs, such as win-back programs, et cetera, to ensure that we keep churn on a stable level. We cannot give a forecast. That is too early.

Speaker #3: But I mean, we do have programs such as win-back programs, etc., to ensure that we keep churn at a stable level. But we cannot give a forecast.

Speaker #3: That's too early.

Speaker #2: Okay, that's helpful. And I think I only have one last question to ask. And maybe this is for Jimmy: AI glasses being sold in your stores.

Yang Ying: Okay, that is helpful. I think I only have one last question to ask, and maybe this is for Jimmy. AI Eyewear being sold in your stores.

Giang Nguyen: Okay, that is helpful. I think I only have one last question to ask, and maybe this is for Jimmy. AI Eyewear being sold in your stores. Maybe it is good to have a comment on how is it going today and how is it trending versus your expectations.

Speaker #2: Maybe it's good to have a comment on how it's going today and how it is trending versus your expectations?

Yang Ying: Maybe it is good to have a comment on how is it going today and how is it trending versus your expectations.

Speaker #3: Yeah. I mean, there is a gradual increase in the interest. And we mentioned also in the report that we see a strong development for smart glasses.

Jimmy Engström: Yeah. There is a gradual interest, and we mentioned also in the report that we see a strong development for smart glasses, which is in line actually with our expectations, I would say.

Speaker #3: And it's—which is in line, actually, with our expectations, I would say.

Speaker #2: Are there any specific characteristics among customers who purchase AI glasses that you have noticed?

Yang Ying: Is there any specific characteristics to the customer that purchase AI Eyewear that you have noticed?

Giang Nguyen: Is there any specific characteristics to the customer that purchase AI Eyewear that you have noticed?

Speaker #3: No, I mean, this is, of course, a new area, and it's sort of a growing niche still. And we see that there are people of all ages.

Jimmy Engström: No. This is of course a new area, and it is a growing niche still. We see that there are people on all ages and both men and women are buying. Initially, there was a bit more men, middle-aged. But now also we see this becoming more popular also with other demographic segments.

Speaker #3: And both men and women are buying. Initially, there were a bit more men, middle-aged. But now we also see this becoming more popular with other demographic segments as well.

Speaker #2: That's really interesting to hear. Thank you. Frieda, I think that brings me to the end of my question list for today.

Yang Ying: That is really interesting to hear. Thank you. Frida, I think that takes me to the end of my questions today.

Giang Nguyen: That is really interesting to hear. Thank you. Frida, I think that takes me to the end of my questions today.

Speaker #1: Great. Thank you, Jan. So, it's time to start wrapping up. But before we close, Pan, do you have anything you would like to add?

Frida Leim: Great. Thank you, Yang Ying. It is time to start wrapping up. Before we close, Per and Jimmy, anything you would like to add?

Speaker #3: No, I think we can summarize that. We see that we are well positioned for the future. In Q2, we delivered strong growth, improved operating profit, and continued strong cash flow.

Jimmy Engström: No, I think we can summarize that we see that we are well-positioned for the future. In Q2, we delivered strong growth, improved operating profit, and continued strong cash flow. We have seen some increases in market shares in the Nordics. We had an organic growth of close to 10%. Synsam Lifestyle subscription grew by close to 17% in the quarter and now has 782,000 customers. We look positively to the future.

Speaker #3: We see some increases in market shares in the Nordics, and we had organic growth of close to 10%. And since some lifestyle subscriptions grew by close to 17% in the quarter.

Speaker #3: And now has 782,000 customers. So we look positively to the future.

Speaker #1: Thank you. A big thank you to Pan and Jimmy. I would also like to thank our analyst, of course, and everyone who has joined this webcast.

Frida Leim: Thank you. Big thank you to Per and Jimmy. I would also like to thank our analysts, of course, and everyone who has joined this webcast. If you have a question we have not answered today, please send the question to the email address below and we will make sure it gets answered. Thank you for joining us and see you next time.

Speaker #1: If you have a question we have not answered today, please send the question to the email address below, and make sure it gets answered.

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