Q2 2026 Cambi ASA Earnings Call

August 19, 2026

Speaker #2: The order backlog increased to around NOK 1.5 billion, driven by new contracts in Norway, India, and New Zealand. Revenue and EBITDA were lower than last year, as several large technology projects are approaching completion.

Speaker #2: The lower margin is mainly due to the contract mix. Technology accounted for a smaller share of revenue this quarter, and is the main explanation for the lower margin.

Speaker #2: We also paid a dividend of NOK 0.30 per share in May. MOTS will come back to the financial details later in the presentation. In the second quarter, we secured three important contracts across three markets: In India, Cambi signed a contract with NCC Limited—this is not to be confused with, nothing to do with the Swedish NCC; today, it's a pure Indian listed company—for two THP systems at the Malad wastewater treatment plant in Mumbai.

Per Lillebø: In India, Cambi signed a contract with NCC Limited. This is not to be confused with and nothing to do with the Swedish NCC. It is a pure Indian-listed company for two THP systems at the Malad Wastewater Treatment Plant in Mumbai. The contract follows the letter of intent announced in January, and part of the equipment will be manufactured locally in India. In New Zealand, we signed an engineering contract with Watercare for two THP systems at Rosedale in Auckland. Manufacturing will commence upon a notice to proceed, which we do not expect to receive for at least another 12 months. Finally, in Norway, Grøn Vekst renewed its biosolids handling contract with Bergen Municipality. The new agreement runs for five years with option for three additional years and is Grøn Vekst's largest contract to date. All in all, a very good quarter for new business for both technology and solutions.

Speaker #2: The contract follows the letter of intent announced in January, and part of the equipment will be manufactured locally in India. In New Zealand, we signed an engineering contract with Watercare for two THP systems at Rosedale in Auckland.

Speaker #2: Manufacturing will commence upon a notice to proceed, which we do not expect to receive for at least another 12 months. Finally, in Norway, Grønvex renewed its biosolids handling contract with Bergen Municipality. The new agreement runs for five years, with options for three additional years, and is Grønvex's largest contract to date.

Speaker #2: So, all in all, a very good quarter for new business for both Technology and Solutions. Moving to the next slide: project execution remained high during the second quarter. Three projects moved to the next delivery stage, and Safi in Morocco entered operation, becoming our first municipal THP reference in Africa.

Per Lillebø: Move to the next slide. Project execution remained high during the Q2. Three projects moved to the next delivery stage. Safi in Morocco entered operation, becoming our first municipal THP reference in Africa. Palma de Mallorca and Santiago de Compostela both completed manufacturing, were delivered to their respective sites, and moved into installation. Installation activity was also high. Installation was completed on the three US projects in San Francisco, Louisville, and Honolulu, as well as at Tuas in Singapore. I would also like to mention that Cambi has now successfully recovered all custom duties paid on imports of THP equipment into the US, and all associated risk has now been eliminated. Together with Perth and Wellington, six projects were ready to move into commissioning at quarter end, subject to the clients being ready on their sites.

Speaker #2: Palma de Mallorca and Santiago de Compostela both completed manufacturing, were delivered to their respective sites, and moved into installation. Installation activity was also high: installation was completed on the three U.S.

Speaker #2: Projects in San Francisco, Louisville, and Honolulu, as well as two of us in Singapore. I would also like to mention that Cambi has now successfully recovered all customs duties paid on imports of THP equipment into the U.S.

Speaker #2: All associated risk is now being eliminated. Together with Perth and Wellington, six projects were ready to move into commissioning at quarter end, subject to the clients being ready on their sites.

Speaker #2: Commissioning also continued at Frederikstad in Norway, while installation progressed well at Veaas in Oslo. Our engineering teams were also busy with the projects signed in the spring in the UK and with the new projects in Mumbai and Auckland.

Per Lillebø: Commissioning also continued at Fredrikstad in Norway, while installation progressed well at Veas in Oslo. Our engineering teams were also busy with a project signed in the spring in the UK and with the new projects in Mumbai and Auckland. We also started a paid engineering study for a potential project in South America. Move to the next slide. I like showing this map to illustrate our project delivery capabilities across the globe. We have 17 THP projects at different stages of delivery across Europe, the Americas, and Asia Pacific, from engineering through to commissioning. Just looking at the map, you will see that we have a project in Honolulu and another one in New Zealand, so it is really a widespread activity. It demonstrates our ability to deliver around the globe. Next slide. This is CNP CYCLES that also had a busy quarter on project execution.

Speaker #2: We also started a paid engineering study for a potential project in South America. Move to the next slide. Now, I'd like to show this map to illustrate our project delivery capabilities across the globe.

Speaker #2: We have 17 THP projects at different stages of delivery across Europe, the Americas, and Asia Pacific, from engineering through to commissioning. Just looking at the map, you can see that we have a project in Honolulu and another one in New Zealand.

Speaker #2: So it's really a widespread activity, so it demonstrates our ability to deliver around the globe. Next slide. This is CMP Cycles, which also had a busy quarter on project execution.

Speaker #2: The systems for Amerish in Germany and Salvator in Italy completed manufacturing and factory testing, and were delivered and installed during the quarter. Several other projects also recorded good progress, while others are waiting for client site readiness to continue.

Per Lillebø: The systems for Emmerich in Germany and Salvatronda in Italy completed manufacturing and factory testing and were delivered and installed during the quarter. Several other projects also recorded good progress, while others are waiting for client sites' readiness to continue. Sorry, a bit too far. Services remained active across maintenance, upgrades, and leasing for the Oxford THP leasing project. Manufacturing was completed during the quarter and the project is awaiting readiness for delivery. Maintenance activity was high, particularly in the UK, and we completed our first full shutdown maintenance assignment at the Norwegian THP facility. The upgrades pipeline also continued to develop with visibility projects in the UK and the Netherlands. Grøn Vekst delivered a stable Q2 through the seasonal peak. Bulk soil sales were around 102,000 tons, close to the level in the same quarter last year, and production and deliveries proceeded without material disruptions.

Speaker #2: Sorry, a bit too far. Services remained active across maintenance, upgrades, and leasing. For the Oxford THP leasing project, manufacturing was completed during the quarter, and the project is awaiting readiness for delivery.

Speaker #2: Maintenance activity was high, particularly in the UK, and we completed our first full shutdown maintenance assignment at the Norwegian THP facility. The upgrades pipeline also continued to develop, with visibility on projects in the UK and the Netherlands.

Speaker #2: Grønvex delivered a stable second quarter through the seasonal peak. Bulk soil sales were around 102,000 tons, close to the level in the same quarter last year.

Speaker #2: And production and deliveries proceeded without material disruptions. The existing biosolids and garden waste contracts also performed as planned. More importantly, Grønvex has restored profitability after a period of loss-making operations.

Speaker #2: We focus—the focus now remains on continued efficient soil production, disciplined site management, and cost control in the company. One soil production site was closed during the quarter. The business model is very flexible in Grønvex, with local partners used for soil production.

Per Lillebø: The existing biosolids and garden waste contracts also performed as planned. More importantly, Grøn Vekst has restored profitability after a period of loss-making operations. The focus now remains on continued efficient soil production, disciplined site management, and cost control in the company. One soil production site was closed during the quarter. The business model is very flexible in Grøn Vekst, with local partners used for soil production, so sites can be established or closed relatively quickly and at a limited cost. We continue to work on reducing land lease costs and disposing of assets no longer needed following the closure of the soil bagging facility and the exit from the soil retail business. Since the end of Q2 in July, we signed a small upgrades contract with Celtic Anglian Water at the Ringsend Wastewater Treatment Plant in Dublin, Ireland. Looking ahead, the UK remains our strongest net to our market.

Speaker #2: So, sites can be established or closed relatively quickly and at a limited cost. We continue to work on reducing land lease costs and disposing of assets no longer needed following the closure of the soil bagging facility.

Speaker #2: And the exit from the soil retail business. Since the end of the second quarter, in July, we signed a small upgrades contract with Celtic Anglian Water at the Ringsend wastewater treatment plant in Dublin, Ireland.

Speaker #2: Looking ahead, the UK remains our strongest near-term market. The current investment cycle runs through 2030, and several water utilities are planning, or have already started, making investments.

Speaker #2: That creates opportunities for new THP systems, upgrades, and services. In India, we continue to build the organization and our local delivery capabilities. We are moving into new offices in Pune, south of Mumbai.

Per Lillebø: The current investment cycle runs through 2030 and several water utilities are planning or already undertaking investments. That creates opportunities for new THP systems, upgrades, and services. In India, we continue to build the organization and our local delivery capabilities. We are moving into new offices in Pune, south of Mumbai. We are now pursuing opportunities beyond Mumbai. The engineering contract in New Zealand and the paid engineering work in South America are examples of interesting new opportunities. As always, the timing of larger construction contracts is always difficult to predict and remains largely outside our control. The order backlog gives us good visibility on future activity, but based on the current outlook, we still expect the 2026 operating profit to be lower than in 2025. At the same time, we remain confident in a long-term growth outlook for the business.

Speaker #2: We are now pursuing opportunities beyond Mumbai. The engineering contract in New Zealand and the paid engineering work in South America are examples of interesting new opportunities.

Speaker #2: As always, the timing of larger construction contracts is difficult to predict, and it remains largely outside our control. The order backlog gives us good visibility on future activity.

Speaker #2: But based on the current outlook, we still expect the 2026 operating profit to be lower than in 2025. At the same time, we remain confident in the long-term growth outlook for the business.

Speaker #2: And with that, I will hand over to Mads for the financial review. Yeah.

Speaker #1: Thank you, Peter. Good morning, everyone.

Per Lillebø: And with that, I will hand over to Mats for the financial review. Yeah.

Speaker #3: I will now take you through the financials for the second quarter. Let me start with some financial highlights. Revenue in Q2 was 265 million, and EBITDA was 26 million, with a lower contribution from both the technology and the solutions segments.

Mats Tristan Tjemsland: Thank you, Per. Good morning, everyone. I will now take you through the financials for Q2. Let me start with some financial highlights. Revenue in Q2 was NOK 265 million, and EBITDA was NOK 26 million, with a lower contribution from both the Technology and the Solutions segment. Operating cash flow was strong at NOK 156 million, driven by milestone payments received from ongoing construction contracts. Order intake was NOK 554 million due to several new contract awards. The order backlog increased to NOK 1.5 billion and provides good visibility for future activity levels, as mentioned. Finally, also an ordinary dividend was paid during the quarter of NOK 0.30 per share. Let's take a look at the consolidated income statement. Revenue of NOK 265 million was down 22% from NOK 342 million in Q2 last year. Gross margin was 44% compared to 49% last year.

Speaker #3: Operating cash flow was strong at NOK 156 million, driven by milestone payments received from ongoing construction contracts. Order intake was NOK 554 million due to several new contract awards.

Speaker #3: The order backlog increased to NOK 1.5 billion and provides good visibility for future activity levels, as mentioned. Finally, an ordinary dividend was also paid during the quarter of 30 øre per share.

Speaker #3: So, let's take a look at the consolidated income statement. Revenue of $265 million was down 22% from $342 million in Q2 last year. Gross margin was 44%, compared to 49% last year.

Speaker #3: The reported gross margin is impacted by the segment mix, where the lower-margin Solution segment contributed more this quarter than the same quarter last year.

Speaker #3: I will comment on the activity mix within the segments shortly. Payroll expenses were broadly unchanged, and operating expenses were NOK 91 million, compared with NOK 94 million in the same quarter last year.

Mats Tristan Tjemsland: The reported gross margin is impacted by the segment mix, where the lower margin Solutions segment contributed more this quarter than the same quarter last year. I will comment on the activity mix within the segments shortly. Payroll expenses were broadly unchanged, and operating expenses were NOK 91 million, compared with NOK 94 million in the same quarter last year. EBITDA was NOK 26 million, corresponding to a margin of 10%. This compares with NOK 75 million and a margin of 22% last year. The reduction is mainly from lower gross margin generation. Depreciation and amortization were NOK 5 million, in line with the same quarter last year. Net financial items were +NOK 3 million. Last year, this number was a very high NOK 35 million, mainly due to securing a large portion of ongoing US contracts. Profit before tax was NOK 23 million, and net profit was NOK 18 million. Moving on to the Technology segment.

Speaker #3: EBITDA was $26 million, corresponding to a margin of 10%. This compares with $75 million and a margin of 22% last year. The reduction is mainly from lower gross margin generation.

Speaker #3: Depreciation and amortization were $5 million, in line with the same quarter last year. Net financial items were positive $3 million. Last year, this number was a very high $35 million, mainly due to securing a large portion of ongoing US contracts.

Speaker #3: Profit before tax was $30.23 million, and net profit was $18 million. Moving on to the Technology segment, revenue was $169 million in the quarter. This is up from $119 million in Q1, but down from $243 million in Q2 last year.

Speaker #3: The year-on-year decrease mainly reflects that several large construction contracts are close to completion, with limited revenue left to recognize. In addition, the newly signed contracts are still in early execution phases.

Mats Tristan Tjemsland: Revenue was NOK 169 million in the quarter. This is up from NOK 190 million in Q1, but down from NOK 243 million in Q2 last year. The year-on-year decrease mainly reflects that several large construction contracts are close to completion, with limited revenue left to recognize. In addition, the newly signed contracts are still in early execution phases. Gross margin was 48%, compared to 52% last year, but significantly down from the last quarter. As I mentioned last quarter, the mix within the Technology segment can vary quite significantly depending on projects, and we still have some ongoing EPC projects which typically have a lower margin than core THP deliveries. It is also worth mentioning that CNP CYCLES is now included in the Technology segment. In addition, FX effects also contribute to the reported figures in NOK. Operating expenses were NOK 73 million, compared to NOK 75 million last year.

Speaker #3: Gross margin was 48% compared to 52% last year, and significantly down from the last quarter. As I mentioned last quarter, the mix within the technology segment can vary quite significantly depending on projects, and we still have some ongoing EPC projects, which typically have a lower margin than core THP deliveries.

Speaker #3: It's also worth mentioning that CNP cycles are now included in the Technology segment. In addition, FX impacts also contribute to the reported figures in NOOC.

Speaker #3: Operating expenses were $73 million compared to $75 million last year. Costs remained broadly stable, but now, as I mentioned, also include CNP cycles. EBITDA was $8 million compared with $50 million last year, mainly due to lower revenue recognition.

Speaker #3: Let's take a look at the Solutions segment. Revenue was NOK 96 million, broadly in line with NOK 98 million in Q2 last year, and well above the level in Q1.

Mats Tristan Tjemsland: Costs remained broadly stable, but now, as I mentioned, also including CNP CYCLES. EBITDA was NOK 8 million compared with NOK 50 million last year, mainly due to lower revenue recognition. Let's take a look at the Solutions segment. Revenue was NOK 96 million, broadly in line with NOK 98 million in Q2 last year and well above the level in Q1. Q2 is a high activity period for both sub-segments, services and Grøn Vekst. The gross margin was 38% compared to 44% last year. The lower margin mainly reflects the revenue mix, with lower activity on THP upgrades and higher activity for Grøn Vekst compared to the same quarter last year. Operating expenses were NOK 18 million, unchanged from last year, and the measures implemented in Grøn Vekst have continued to optimize the cost base. EBITDA was NOK 18 million compared with NOK 25 million last year, corresponding to a margin of 19%.

Speaker #3: Q2 is a high activity period for both sub-segments: services and GranTek. The gross margin was 38%, compared to 44% last year. The lower margin mainly reflects the revenue mix, with lower activity on THP upgrades and higher activity for GranTek.

Speaker #3: Compared to the same quarter last year, operating expenses were $18 million, unchanged from last year, and the measures implemented in Q2 have continued to optimize the cost base.

Speaker #3: EBITDA was $18 million, compared with $25 million last year, corresponding to a margin of 19%. The focus remains on efficient operations, cost control, and continued focus on the core business.

Speaker #3: Moving on to the order intake. As mentioned, order intake was NOK 554 million in Q2, compared with NOK 102 million in the same quarter last year.

Mats Tristan Tjemsland: The focus remains on efficient operations, cost control and continued focus on the core business. Moving on to the order intake. As mentioned, order intake was NOK 554 million in Q2 compared with NOK 102 million in the same quarter last year. Technology order intake was NOK 238 million and includes the contracts mentioned by Per just earlier. Solutions order intake was NOK 315 million, and the main contributor was the renewed biosolids handling contract in Bergen. As usual, the order intake also includes spare parts, soil sales and services contracts, variation orders and so on, that are not announced on the stock exchange or are below the threshold. Overall, it was very good activity level in the order intake for both segments. Let's have a look at the order backlog. The backlog ended at NOK 1.5 billion.

Speaker #3: Technology order intake was 238 million, and includes the contracts mentioned by Per just earlier. Solutions order intake was 315 million, and the main contributor was the renewed biosolids handling contract in Bergen.

Speaker #3: As usual, the order intake also includes spare parts, soil sales, service contracts, variation orders, and so on, that are not announced on the stock exchange or are below the threshold.

Speaker #3: So overall, it was a very good activity level in the order intake for both segments. Let's have a look at the order backlog.

Speaker #3: The backlog ended at $1.5 billion. This is 58% higher than at the end of Q2 last year and also a clear increase from the end of Q1.

Speaker #3: The technology backlog was NOK 836 million, up 20% from one year ago. In Q2 last year, CNP Cycles was not included. Currency movements increased the technology backlog by around NOK 9 million during the quarter, compared to the previous quarter.

Mats Tristan Tjemsland: This is 58% higher than the end of Q2 last year, and also a clear increase from the end of Q1. The Technology backlog was NOK 836 million, up 20% from one year ago. In Q2 last year, CNP CYCLES was not included. Currency movements increased the Technology backlog by around NOK 9 million during the quarter compared to the previous quarter. The Solutions backlog was NOK 643 million, compared with NOK 242 million a year ago. The increase mainly comes from Grøn Vekst's long-term contracts. As mentioned last quarter, the large biosolids handling contract that Grøn Vekst was awarded in Western Norway is not included in our reported order backlog because the contract was awarded to a JV in which Cambi recognizes its share of the net result. Let's have a look at the order backlog distribution.

Speaker #3: The solutions backlog was $643 million, compared with $242 million a year ago. The increase mainly comes from Grantek's long-term contracts. And as mentioned last quarter, the large biosolids handling contract that Grantek was awarded in Western Norway is not included in our reported order backlog, because the contract was awarded to a JV in which Cambi can only recognize its share of the net result.

Speaker #3: Let's have a look at the order backlog distribution. Around 25% of the current backlog is expected to be delivered during the second half of 2026.

Speaker #3: A further 29% is expected in 2027, and the remaining 46% is expected in 2028 and beyond. A large part of this longer-term backlog comes from Grant Text's biosolids handling contract, including options.

Speaker #3: It's also important to note that around 25% of the current backlog is conditional. This mainly relates to the extension options in grant text, as I just mentioned, but also THP contracts which have a formal notice with them.

Mats Tristan Tjemsland: Around 25% of the current backlog is expected to be delivered during the second half of 2026. A further 29% is expected in 2027, and the remaining 46% is expected in 2028 and beyond. A large part of this longer term backlog comes from Grøn Vekst biosolids handling contract, including options. It's also important to note that around 25% of the current backlog is conditional. This mainly relates to the extension options in Grøn Vekst, as I just mentioned, but also THP contracts which have a formal notice to proceed with manufacturing. As mentioned before, Grøn Vekst have historically been awarded the options and they have been exercised. Looking at currencies, half of the backlog is in Norwegian kroner and the remaining half is split in euros, British pounds with smaller amounts in US dollars and Indian rupees.

Speaker #3: And as mentioned before, grant text have historically been awarded the options, and they have been exercised. Looking at currencies, half of the backlog is in Norwegian kroner, and the remaining half is split between euros, British pounds, with smaller amounts in US dollars and Indian rupees.

Speaker #3: And currency movements continue to affect the reported figures in Norwegian kroner. Let's move to the balance sheet. Cash position increased to NOK 388 million at the end of the quarter.

Speaker #3: This is up from 282 million at the end of Q1 and reflects strong cash flow generation during the quarter. Accounts receivable were 124 million, significantly down from 287 million in the same quarter last year.

Mats Tristan Tjemsland: Currency movements continue to affect the reported figures in Norwegian kroner. Let's move to the balance sheet. Cash position increased to NOK 388 million at the end of the quarter. This is up from NOK 282 million at the end of Q1 and reflects a strong cash flow generation during the quarter. Accounts receivable were NOK 124 million, significantly down from NOK 287 million in the same quarter last year. Earned but not invoiced project revenue decreased from NOK 244 million in Q1 to NOK 157 million in Q2, but is up from the same quarter last year. At the same time, accrued project costs, provisions, and deferred revenue increased to NOK 153 million, which is the same level as the same quarter last year, but up from the previous quarter. Cambi continues to have a very strong balance sheet and no long-term debt. Let's take a look at cash flow.

Speaker #3: Earned but not invoiced project revenue decreased from NOK 244 million in Q1 to NOK 157 million in Q2, but is up from the same quarter last year.

Speaker #3: At the same time, accrued project costs, provisions, and deferred revenue increased to 153 million, which is the same level as the same quarter last year, but up from the previous quarter.

Speaker #3: Can we continue to have a very strong balance sheet and no long-term debt? Let's take a look at cash flow. Operating cash flow was strong at $156 million in Q2, compared with $108 million last year.

Speaker #3: The main driver was project-related milestone payments from customers, as I mentioned earlier. Financing cash flow was minus 48 million, which is related to the dividend paid in May.

Speaker #3: Overall, cash increased by a net €106 million during the quarter, and ended at €388 million. Before moving on, a short comment on dividends. The annual general meeting approved an ordinary cash dividend of €30 per share, which was also paid in May, with a total of €48 million, as I mentioned.

Mats Tristan Tjemsland: Operating cash flow was strong at NOK 156 million in Q2, compared with NOK 108 million last year. The main driver was project-related milestone payments from customers, as I mentioned earlier. Financing cash flow was -NOK 48 million, which is related to the dividend paid in May. Overall, cash increased by net NOK 106 million during the quarter and ended at NOK 388 million. Before moving on, a short comment on dividends. The annual general meeting approved an ordinary cash dividend of NOK 0.30 per share, which was also paid in May with a total of NOK 48 million, as I mentioned. As we mentioned last quarter, the board has been authorized to declare additional dividends based on the 2025 results. Any additional dividend will depend on project milestones, our financial position, and capital needs for investment growth. With that, we are ready to move to the Q&A session.

Speaker #3: And to mention, last quarter the Board was authorized to declare additional dividends based on the 2025 results. Any additional dividend will depend on project milestones, our financial position, and capital needs for investment growth.

Speaker #3: And with that, we are ready to move to the Q&A session.

Speaker #1: We're still in dialogue.

Speaker #2: So, yeah, thank you. Thank you, Per and Mats. We'll now move to the Q&A session. Questions can still be submitted via the QR code or the link on the screen.

Speaker #2: We have one question so far, so hurry up and send in your questions while we answer this one. I think the question is best addressed to Per, and it is about the expected timing of the remaining awards under the UK AMP8 asset investment cycle.

Speaker #1: Well, it is a relatively large investment. This is a large investment cycle program that has been, to say, awarded or allowed for the wastewater treatment companies.

Per Lillebø: We are still in dialogue with

[Company Representative] (Cambi): So, yeah. Thank you, Per and Mats Tristan. We'll now move to the Q&A session. Questions can still be submitted via the QR code or link on the screen. We have one question so far, so hurry up and send questions while we answer this one. I think the question is best addressed to Per, and it is about the expected timing of the remaining awards under the UK AMP8 asset investment cycle.

Speaker #1: So we do expect more contracts in the UK, both with the upgrade of existing older plants, but also at new plants. But, as usual, it's not possible for us to say anything about the timing—that is out of our control.

Speaker #1: But the program will run until 2030, so there is still definitely time for more contracts to be awarded. That's what I can say.

Per Lillebø: Well, it is a relatively large investment. This is a large investment cycle program that has been, you could say, awarded or allowed for the wastewater treatment companies. So we do expect more contracts in the UK, both within upgrade of existing older plants, but also at new plants. But as usual, it is impossible for us to say anything about the timing. That is out of our control. But the program will run until 2030, so there is still definitely time for more contracts to be awarded. That is what I can say.

Speaker #2: Thank you, Per. I do not see any other questions, so I think we will conclude here for today.

Speaker #1: Yeah.

Speaker #2: Thanks to everyone who has joined us and stayed all the way. A recording and transcript of the webcast will be made available on the investor portal later today.

Speaker #2: Any follow-up questions can be directed to the Investor Relations team. Thank you, and have a good day.

[Company Representative] (Cambi): Thank you, Per. I do not see any other questions, so I think we will conclude here then for today.

Per Lillebø: Yeah.

[Company Representative] (Cambi): Thanks to everyone who has joined us and stayed all the way. A recording and transcript of the webcast will be made available on the investor portal later today, and any follow-up questions can be directed to the investor relations team. Thank you, and have a good day.

Per Lillebø: Thank you all for listening.

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Q2 2026 Cambi ASA Earnings Call

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