Alligo (Stockholm:ALLIGO B) Q2 2026 Earnings Call

0:00 Hi and welcome everyone to this presentation then of Alligo's second quarter results for 2026. Last time you met Alligo in this context, it was I think the fifty first consecutive report by my predecessor, Klein Ullenwieck. And I just want to start by thanking Klein for a long lasting fantastic effort to form this company ALLIGO and also for handing over a well managed company for the rest of us now to continue to develop. My name is Samit Alterborg, new then CEO obviously from June 1 and today I will present the second quarter together with our CFO and Deputy CEO, Erian Diesenborn Berdandberg.

0:46 So let's get going. As always, what we will do, we will give a brief on Alligo as a company and then some highlights for the second quarter, an update on a few specific initiatives that we are running before Erian takes us through the financials more in detail and then we sum up with an outlook for the remainder of the year. But to start then, Alligo, as I believe most of us know, a leading player in workwear, personal protection, tools and supplies across the Nordic Region. We do roughly or slightly below SEK10 billion revenue, we employ around 2,500 employees and currently operate from two thirty four stores. And anyone with a good memory may remember that when we reported Q1 we talked about two thirty nine stores.

1:38 So since then, we have closed two stores in Finland as part of the efficiency program that we are running there and we have also combined a few stores in big cities in Sweden. This is more, you could say, an ongoing natural evolution of the footprint that we have. Revenue wise, majority of course coming from Sweden, even more so the profit where Sweden is very strong. And there is one key driver to keep in focus here when you look on the revenue and that's the share of own brands that we sell to our customers. We are currently at roughly 18% and this is the main driver for profit in our business.

2:22 So that's about Alligo. And then we normally talk about Alligo as an integrated Nordic business with roughly 80% of our sales is coming from one common platform and shared functions across that platform. And this is an effort that has been done in many years to combine a lot of entities into this platform and then we now operate on the same IT systems, ERP systems, BI, etc. And we have really glued together, you could say, all of our backbone, which brings us a lot of opportunities both through the data transparency, so we can now see everything across and we can learn from each other and spread best practice. And of course, it also generates a lot of efficiencies.

3:09 So where we are now, I would say this is a lot about just leveraging all the opportunities fully that comes from the integrated business that we now run.

3:23 Sales channels also important and as you can see on the right side, the then integrated business we have roughly 32% of our sales from our stores and our store network and roughly 30% from our various digital channels. And then in addition, we are operating a few, we call them industry stores. Those are more or less more pop up stores at industry location, construction sites, etcetera, where something temporarily is happening and where it makes sense to be present locally. But it's also a store we will close down whenever that project or whatever it completed. In addition to the integrated business, we also have a number of non integrated companies and they represent roughly 22% of our sales.

4:12 I think it's around 35 companies right now and we have acquired them over time in selected, you could say, product and technology niches or areas where they come with strong expertise. And for me this is a perfect mix. So we have a strong core with the integrated companies that we then build on and add these selected technology areas which are adjacent in the sense that some parts of the product range may overlap, but they also come with a much stronger and broader product range in their niche. Some customers may overlap, but they also come with a new customer base and of course they bring a lot of expertise to us.

4:57 So all in all, it really strengthens our position on the market, makes us even more relevant and it also enables us to leverage platform again where we can find both cost synergies, procurement synergies and an ability to cross sell. So a really good mix of a strong core in the integrated business and with some flavors then from these non integrated companies. And we try to operate these companies in groups. So currently we run a few groups then that are bigger. Product media you know about, welding we have built quite recently, eight companies now. We are also strong within batteries and we have another set of companies as well that is performing really well for us. So, let's move on and then we're going to talk about some highlights for this second quarter.

5:53 And if we start with macroeconomics, and we are all aware of the exciting geopolitical situation that of course brings uncertainty to many companies. We have said before that it has limited direct impact on ALLIGO and that statement still stands. And my reflection coming in you is that we have probably learned well over time how to maneuver risks in the supply chain and fluctuations in raw material prices, in a really good way. Because what we see now is very few or very low impact from this situation and that's very positive of course for us overall. If we look on the market, we call the market in The Nordics right now stable, but we also see that it's uneven across the segments or the countries.

6:44 Starting with Sweden, it's definitely a stable market overall in the sense that it's not declining any longer, which it has done for a few years as we all know, but it's not growing rapidly either. So it's really kind of on par month by month or with maybe a little positive signs going into some type of positive trend. But what we do see is some areas or we call them pockets of growth in various sectors. Defence industry is obvious and there we have succeeded well historically. Data center is also a pocket of growth that we can tap into. So there are such areas which is positive even if market overall is still stable. If we look in Norway, we could apply the same kind of stability as in Sweden, but you could almost argue that there are pockets of growth that is instead pockets of decline, which is of course a bit tough.

7:41 Oil and gas being the most obvious one. A few years ago, there was a lot of incentives by the state in Norway to build out energy capabilities around oil and gas and several investment projects started. Of course, we and many others have benefited from good business in those projects over the years, and now they are more or less completed, so coming back a bit to normal levels. And therefore, we see overall then a decline in the oil and gas market. If we go to Finland, a bit more positive. Definitely a continued recovery. It's supported by manufacturing and small and mid time customers and here we see a market which have probably left the bottom and is now gradually moving upwards.

8:31 So that is positive. Overall customers remain cautious. Basket sizes are limited. They buy only what they plan to buy. And of course that puts also somewhat the pressure on our sales. So given this macroeconomic situation and the market situation, of course you have to apply a very proactive management and I think Alligo has done that for many years now. This productivity stretches from everything but in sales and pricing to all cost elements. We will continue to do that in the same way as we have done in the past, maybe even with some new flavors that we will talk about as we move along. And finally then our delivery capacity or capability.

9:16 Again, we don't see any big impact right now from the uncertainty in the geopolitics. And if we look in our supply chain and deliveries, there are no major disruptions, hardly any disruptions to be honest. So surprisingly strong and really a limited impact so far from the situation in The Middle East, which is again very positive for us. So now moving into the actual results for the second quarter and starting to say we are very happy with the quarter that we are now reporting based on a revenue growth of 5.7%. It comes from various drivers and Nirin will talk a bit more about this, but it's a mix of organic growth, acquisition driven, also some FX effect and the positive calendar.

10:08 But add an improving gross margin to this growth and of course you get a very nice effect on EBITDA. This is a scale business and then we can see 30% improvement in EBITDA, which we're of course very satisfied with. That brings up the margin heavily, as you can see, up to 7.2 and the operating cash flow is more than twice than Q2 last year. So overall, again, we think there are many positives in our second quarter. And of course, as always, there are also things that we want to work on and improve even further. If we take the highlights, so from a sales perspective, we talked about defense still driving a lot of sales in a positive way and we have also seen a stabilization over time in our store traffic, a majority then coming from small and mid sized customers. This is very good for us.

11:06 We see positively that our share of owned brands is increasing, and if you look on the total picture here with the non integrated companies taking a bit of a bigger share of the total business, you could think that the own brands would actually decrease. That will be kind of the expectation. But we are succeeding well, specifically with Workwear, and therefore we see a higher share of our own brands, which is a good driver for profit.

11:37 If we look into operations, we have executed cost reductions in the second quarter in Finland as part of the restructuring program we are running there and they have fallen out well. We also, as always, should say continue to optimize our assortment and pricing strategy. We need to stay relevant to customers in relation to price level, but of course also secure our own profitability and that we do continuously. And then we have also been working throughout the year on an area of improvement for us, which is the capital efficiency and we have reduced inventory levels according to our plan and see positive developments also there. On the acquisition side, we actually talked already presentation on two new acquisitions, but they took place in the second quarter.

12:27 We are happy to welcome FET and Robot Technikis Molland AB and Sesteksbartini Kalmar AB to our portfolio of FETs companies and we are also now completing the footprint, you can say, in the Southern part of Sweden in a very nice way with good geographical coverage. The two companies combined an annual revenue of slightly above SEK50 million. And now into the updates, and we said that we will look a bit more in detail on two things, starting with Tools Finland. And I know you have seen this update before. It relates to the efficiency program that we are running in Finland and we are happy to see good progress in many aspects of this program.

13:16 During the quarter, we have closed two stores and we have also almost at least completed the sales out of two quite large customers and luckily also then been able to replace those customers and that revenue with other customers instead, which has been a very positive development for our margin. And you can see the numbers on the right side. The EBITDA margin going up in Finland and Shellno brands developing well. So again, overall very happy with the work the team has done with Hokan indeed, and we look forward to continue to monitor their progress as we move along. Another deep dive we want to do is into our new service solution that we call ReCare.

14:04 And this is a solution for workloads that includes the laundry service, the logistics around that and also the ability to repair or reuse clothes on behalf of our customers and of course recycle them when they can no longer be used. There is a clear business logic here and I'm really happy to see that we have launched this service. Alligo is really strong in Workwear, but specifically towards smaller and mid sized customers, but of course our strong product range would fit really well also to big industries and big customers overall, But this is the ticket that is needed to come into that type of business. Because the big industries, they want to have a solution where they not only buy the clothes, but where they also can launder them and the whole logistics of getting the right kind of clothing back and forth to the user in a controlled way.

14:58 And again, the ability to repair and reuse the clothes. So now we have this in place and we are super happy then to talk with customers and open up new possibilities to expand our workwear offering.

15:14 And if we look a little bit on how it's going, it's now launched across The Nordics and we have gone from pilot projects into an established offering that is functioning well. It's a clear demand. We have dialogue with a lot of customers around this. The sales cycle is a bit long, so it takes time before we build the customer base, but very confident that this will be a driver of growth and profit for us in the long run. We also brought a few kind of classic customer examples here. Swisslog and SES Energy are industrial companies in automation and in services. And we have another manufacturing customer in Finland that we just signed for this solution. And as you can see, starts somewhere when you have around 100 employees and then stretches upwards.

16:03 Then it fits well and it's a very logical thing to buy and utilize clothes in this way. So looking forward to talk more about Re Care in the long run and how that business is developing.

16:18 So now we move over to Irene and talk more about the financials. Thank you. And as Somaal mentioned, we delivered a strong quarter with organic growth, improved profitability, stronger cash flow and continued decreased leverage. It was actually the third consecutive quarter with organic growth and the fourth quarter with improved results.

16:44 Revenue increased by 5.7% in the quarter supported by organic growth of 1.3%, acquisition related growth of one point four percent and one additional trading day and a positive currency effect. The market remained stable but uneven across segments. We achieved organic growth in Sweden and Finland, while the demand in the oil and gas segment in Norway remained weaker. EBITDA reached 187,000,000, representing an improvement of NOK 43,000,000 or plus 30 percent. The increase was due to improved results in Sweden and Finland and was driven by higher volumes, improved gross margin and cost reduction. EBITDA In addition, earnings were positively impacted by a 9,000,000 from the release of contingent consideration liabilities as certain performance targets were not achieved.

17:44 The corresponding amount last year was 4,000,000. The gross margin improvement compared to last year was driven by active sales and resource management, including a higher share of own brand sales and more favorable customer mix and a stronger stake against US dollars.

18:02 And this was partly offset by increased contribution from Finland where the gross margin levels are lower. And this is a business slide, but as you can see, Sweden has the highest share of SMEs and own brands followed by Norway, whilst Finland has the lowest. And this directly correlates with profitability in each market. The higher the shares, the greater the profitability.

18:27 And the lower gray boxes show the share of all brands within the integrated business. And as shown, this share has increased across all countries driven by higher sales of workwear and PPE in all countries, which positively impacted the trading gross margin. Moving on to some highlights of each market's development in Q2. When it comes to Freedom, total revenues increased by 3.7% driven by both organic and acquisition related growth. Organic growth was primarily driven by direct sales and the non integrated business, I. E. Welding and battery, while store sales remained stable. Growth in direct sales was driven by increased demand from larger manufacturing customers as well as customers in the defense industry.

19:19 And EBITDA improved as a result of higher volumes, a stronger gross margin and cost savings. Revenue in Norway increased, supported by currency effects and acquisition related growth, partly offset by negative organic growth. And the decline was mainly attributable to weaker demand in the oil and gas segment, which began to slow down during the second half of twenty twenty five. EBITDA was in line with last year as weaker oil and gas volumes were partially offset by higher margin volumes in other customer segments. Several initiatives are underway to increase sales activity, strengthen margins for active sales and assortment management and improve operational efficiency.

20:08 When it comes to Finland, sales continued to recover among larger industrial customers supported by improved store sales. And this development more than offset the impact of the two larger customer relationships that have now largely been phased out.

20:27 And as Simon mentioned, the efficiency program in Finland is progressing according to plan and has strengthened operational execution across the business. And EBITDA improved during the quarter driven by higher volumes and the ongoing realization of cost savings.

20:48 Operating cash flow improved compared with last year, driven by higher EBITDA and lower working capital. Inventory levels continue to decline following strong sales of workwear and PPE during the quarter. And while our capital efficiency initiatives continue to contribute positively in Q2, there is still room for improvement. Our ambition is to reduce net working capital as a percentage sales from the current 28% to 24%, which was the level achieved in 2022.

21:25 When it comes to investing activities during the quarter that mainly related to organic investments, the acquisition of the two welding companies and also earn out payments. And the CapEx to depreciation ratio was 0.8 on a rolling twelve month basis. Financing activities primarily relate to the amortization of the revolving credit facility and leasing liabilities and also dividend payments. When it comes to leasing amortization, that was higher than the normal level in Q2 and lower than normal level in Q1 due to some lease payments being deferred from Q1 to Q2.

22:11 However, for the first half of the year, the total leasing amortization remains at a normal level. Net debt decreased however, during the second quarter as strong operating cash flow more than offset the recent acquisitions of the two welding companies, as well as dividend and earn out payments during the period.

22:38 Leverage continued to improve in Q2, supported by both higher EBITDA and lower net debt. And the net debt to EBITDA ratio was 2.1 at the end of the quarter compared to 2.5 at year end, which is well below our financial target. Our covenants relate to interest coverage and equity asset ratios. And all these covenants were fulfilled at the end of the period with good headroom before reaching the threshold. And as mentioned earlier, we also recently refinanced the business and currently have available cash and unutilized credit facilities of close to 2,000,000,000.

23:26 And combined with healthy operating cash flow, this provide us with a strong financial position and the capacity to continue investing in organic growth and capitalize on attractive acquisition opportunities. Handling over to you, Samos, for summary and outlook. Yes, thank you. So to summarize, again saying this was for us a positive quarter. We are happy with the 30% uplift in EBITDA, the stronger cash flow and also that we continue to grow organically. We are also happy with the recovery progressing well in Finland, and we are doing all of this despite then that our customers still remain cautious and the demand focus on their daily needs.

24:20 Positive Q2. And if we then look a little bit ahead for the second half, it's important to remind ourselves of our leading market position supported by this compelling offer that we have, which we

24:37 very much believe is relevant also as we move along. This is a sales focused industry and a sales focused company and we will continue to do so. And sales will very much be focusing on both broadening the customer base, so bringing in new customers to us, but also cross sell all our products across all the companies and the entities we have. This has always been a focus for Alligo and will definitely continue and then we will add a few more flavors to it as we move along. There is also a potential in Alligo to enhance execution, both in how we drive cost initiatives and growth initiatives part of our acquisitions. And we will work on this as we move along during the second half.

25:23 And then of course, important to mention, we will also shift a bit focus on our common efforts towards Norway, which has a little bit less of growth and improvement than the rest of the countries. So focus of Norway here in the coming months. And that's it from us now. Now we shift over to questions. Thank

26:00 you. Thank you. We are now going to proceed with our first question. And the questions come from the line of Corio Hanbaugh Nouveer from DNB Carnegie. Please ask your question. Yes. Good morning, Samuel and Niri, and thank you for the extensive start up of this call and a couple of questions to follow-up on that. Finland obviously stands out in the quarter when you're looking at the margin improvement. And do you see establishing that operation on a sustainably higher level or was there some sort of additional things that helped you in Q2 there?

27:00 So if we look to Finland, as you say, we are very positive about the progress we have had in the efficiency program and how it's developing. There is always some element you could say of one off or bigger customer deals or whatever that impacts a quarter. But on the other hand, we actually see quite strong momentum across the customer base. So I would not say that it's kind of linked to one off as a whole. It's rather a good progress overall. Nothing really is exceptional standing out. Looking at Patria, is that now up to what you would see as a normal kind of take rate during a quarter? Yes, I think so. It fluctuates monthly, but that business is growing continuously.

27:50 So we will grow together with Patria in the future. Excellent. And Norway, I noticed that the small acquisition you did had a negative contribution in the quarter. Is that seasonality in that operation or is something else happening there? There is well noticed, there is a strong seasonality in that acquisition. It's pretty much based on very high sale around the Christmas season. So this has been the pattern of that company before and it's obviously the pattern also this year. And when you look at the Swedish operation, you still talk about, say, good traffic, but maybe not getting the basket size up. Do you feel that, say, more recent sales initiatives are starting to gain more traction because it feels like there is a more of a general kind of positive appeal in the Swedish market at least?

28:53 Yes and no. Definitely lots have been done in the sales arena to both of course generate new and more customers, but also of course creating assortment and campaigns, etcetera, to fill the basket even more. I think we're doing a lot of good activities, but from our perspective, customers are still cautious. They are quite specific on their needs and they tend to feel only them. So that is probably the same as it has been for quite some time. Sounds very similar. And Irene, looking at the earn outs in the quarter, is that higher speed or is that the annual adjustment that we saw coming through normally in Q2, or is this a high rate coming through in the rest of the year as well?

29:40 Yes. We had a positive effect in Q2 last year of 4,000,000, and it turned out to be 9,000,000 in this quarter. Oh, sorry. I need to rephrase that. Thought more about the cash flow impact, twenty two million that went out in Yeah. That was earn out payment that was actually paid out. Exactly, but then looking forward into the next couple of quarters, are there similar amounts coming or is this the annual impact coming through in Q2? Yeah, we have some more earn out payments, but it will be on a lower level.

30:31 Samuel, just looking at say your first view coming into the company, it's a good description already. But when you compare to your previous employer and the kind of same type of decentralized setup, do you see any low hanging fruits that could be implemented in the Alligo model compared to what you are used to? Good question, obviously. I've taken the opportunity as new to travel around and been both to Norway and Sweden, visiting stores, customers, our logistics centers, So and of course meeting a lot of people. Really nice and positive with high energy across.

31:18 As you say, there are many similarities in the business models as such is a bit different with the decentralized setup as a whole. And we touched on it a little bit. You can steer sales in many different ways in this type of context. And I think here, we will add some new flavors as we move along, to how we prioritize and how we steer our sales efforts. You can also optimize a lot how you work with execution and how you get benefits out from various initiatives in this type of decentralized organization and that we will also work on as we move along. And I think we can improve a few steps there. And then it's all about a lot in this company is about winning the local market.

32:05 So being best in town and the one the customers in that specific city want to buy their inventories from. So of course, we can always also develop that model and strengthen ourselves even further. But that we will work on as we move along. Just to get a feel for it, when you now traveled around, how many cities would you feel where you have met the management team that has already established that kind of position, and how many are work in progress? I mean, it's I mean, just to be honest, it's a mix. But to be honest, I'm seeing many places where I'm confident that we have a lot of the ingredients in place and where we really have a strong position locally, we know the customers really well and we are appreciated for what we do in our services.

32:53 So I think we have a lot of good examples of where we want to do and then of course there are a few as well that we can improve. Fair enough. That's the reflection. No, no, no, I guess I wouldn't get a number out of you, so that's fair. Just one of the things that obviously has been a key part of the growth story going back has been the acquisition based growth and building up the non integrated business to a large extent. Do you see the same potential for that and do you see, say, an acquisition pipeline that could support it in the near term? If you take the broader picture, I definitely see a potential as we talked about them strengthening our position with these technology areas, where we have this nice kind of party overlap of products and customers, but we also add a lot of product range and customers that we can cross sell on.

33:48 And we can utilize our scale and synergies across the group. So super positive on that way to complement our core business. And then in terms of pipeline, I don't think we comment on ongoing discussions in that sense, but definitely there are opportunities on the market and we will continue to pursue them and maybe accelerate that a little bit as we move along. Sounds very good and good luck out there and all the best. Thank you. Thank you. Thank you. We are now going to proceed with our next question. And the questions come from the line of Henrik Hinzev from ABG Sundar Collier. Please ask your question. Hi, this is Henrik at ABG.

34:36 So I was wondering if I could maybe get your view on the bridge and time line to get to the 10% margin target that the group has. Oh, I think I hand that question over to you, Lianne. Yeah. Of course, the financial targets are still there, and are progressing and moving in the right direction. But of course, it's difficult to say when we will reach the financial target. We need the market to recover a little bit. But as you have seen in this quarter, we have a strong operating leverage.

35:22 So when we gain volumes, we will have a good impact on the EBITA margin. So if we get a little bit help from market, we will reach the financial targets at some point in time. But that also means that Sweden needs to be at a 12% margin and Norway and Finland need to be around seven seven to and 8% to add up to 10 to a 10% margin, which is our financial target.

36:15 With some more volumes and the market recover, we will be there and we were almost there in 2023 when we reached 9%. And just to clarify on Finland, you had a much improved margin in the quarter. And I think, in general, H1 of Finland has turned out better than we sort of expected than maybe what you communicated before that. So I'm just wondering, just to clarify, is this a reasonable margin level to expect in the near term or is there anything that maybe means we shouldn't extrapolate it?

37:03 But if I should comment on that, as we have said, the program is progressing as it should and they are doing really well. And we also see the Finnish market a bit more positively than the others right now. It's a bit ahead of the curve. So with that said, I think there is reason to believe that we will continue to deliver quite strong in Finland. And exactly what happens, let's see how we move along. Okay, very good. And in Norway, we may have maybe the opposite development, but it's coming a bit weaker than we hoped for. So I'm just wondering if you could mention any specific actions that are being taken to reverse that trend. I mean, it's an interesting situation in Norway. Obviously, as we said, oil and gas have been a big source of business for the last couple of years in, I think, the Norwegian society overall.

38:03 And we knew, of course, also that some of those projects would come to an end and phase out. So we've been working heavily in parallel to broaden that customer base, to work with the smaller construction companies and also bigger construction companies, etc, and been running quite some initiatives. And we have actually mitigated quite a bit of the drop from oil and gas with other customers. So it is positive if you look on everything but oil and gas, and that's a good start. Anyway then, the market is, as we said, stable. It doesn't bring us any additional benefits. We have to sort of say solve it ourselves by winning market and winning market share. And I think the team is progressing well with a lot of initiatives, but we definitely need to make sure that that continues to fall out well, so that we regain momentum as a whole.

38:58 Okay, thank you. And just one small detailed question on the numbers. In the adjusted EBITDA figure, do you adjust for the revalued contingent additional purchase considerations or not? No. It's not contingent deductible. Okay. Thank you. If you wish to ask a question via the webcast, please type them in the question box and click submit. There are no further questions on the phone line, so I'll hand over to Samuel Alterborg for the written questions. Thank you. Yes. We have actually three questions from Emmanuel Johnson at Danske Bank. So we'll start with the first one.

39:50 Store sales in Sweden are described as stable but not growing. What are these specific initiatives to transform stability into positive organic growth, particularly within the SME segment? Yeah, starting there. And it's right, and this is a lot of the core you could say in our business and also in our profitability. So very much focused on SME customers and to the store channel in Sweden. To be specific, this is all about sales and how we meet with the customers and how we secure that they are relevant in terms of assortment and pricing and also to some extent the campaigns we run. And there is a number of initiatives currently ongoing, which is a bit targeted then to various segment groups, that could be industry or constructions, etc.

40:46 And where we try to be as relevant as possible, both getting our own brands out with clothes and workwear and protection, but also the full portfolio to that customer base. And more or less repeating what we said before, it's two things that need to happen. One is of course to broaden the customer base to get more customers in, and secondly, to cross sell on existing customers so that they really utilize the full assortment. And there are initiatives ongoing for both those two opportunities. Thank you. The next question from Emanel is regarding Finland, where two larger customer relationships have been phased out and the cost structure has been adapted. How much volume was lost in those relationships?

41:33 I think that we have communicated, that it's around €10,000,000 on an annual basis. We're Yeah. Off roughly a bit more than half is phased out now during the first half of the Yeah. Still some remains, but the majority phased out and has been then recovered by other customer relationships. Yes. And then the final question from What is your general view of organic sales growth possibilities in the near term? Impressive earnings growth despite low volume. So if we start with the general view of organic sales growth the short term, so it's all about hard work.

42:28 We don't see that the market will help us. And and and to be to be frank, we should have a model where we win market share and and win business, so to say, regardless of where the market is going. And then it's always nice if it's going upwards rather than downwards. But the focus for us is to always be more relevant than before to our customers. And that takes time. It's a big effort, when we talk about small customers that we generate in and even if we do that well, of course, you build that base gradually. So in the short perspective, continuing as is and of course pushing as much as possible. But we should also be honest and say that it is a gradual uplift of the customer base that we should expect.

43:17 And then the second part there about the earnings, I take that more as a comment. Yeah, I think so. And I can only agree. And so that were all the questions from the online, recent questions. So, Samu, please go ahead with your remarks. So then let's summarize. And I think the key thing here to remember, which we also bring with us, it's a positive quarter overall. We are happy again with the development of our EBITDA. We are happy with how our cash flow is developing very strongly and that we still have organic growth despite the stable market conditions that we face.

44:03 So we bring that with us and continue to push into the second half of the year. And with that said, I only want to also take the opportunity to wish everyone a nice summer holiday and look forward to see you again, back in August.