Earnings call transcript: Big Mac Group sees Q1 2025 sales rise

In the first quarter of 2025, Big Mac Group (BMG) reported a notable increase in sales and profitability, as revealed in their recent earnings call. The company’s net sales rose by 7.2% compared to the same period last year, with like-for-like sales up by 7.6%. Despite the challenging economic environment, BMG managed to improve its EBITDA margin and reduce its net debt to EBITDA ratio. Currently trading at $26.07, the stock has shown resilience with a 2.1% gain over the past week, though it remains near its 52-week high of $27.81. According to InvestingPro analysis, BMG maintains a "FAIR" financial health rating with a score of 2.09, suggesting stable operational performance.

Key Takeaways

• Net sales increased by 7.2% year-over-year.
• EBITDA margin improved by 5.4 percentage points.
• Strong cash flow of 751 million from operations.
• Stock declined by 4.78% in pre-market trading.
• Focus on expanding modular building options and e-commerce.

Company Performance

Big Mac Group’s performance in Q1 2025 shows resilience in a recovering market. The company capitalized on improving macroeconomic conditions, including normalizing inflation and recovering consumer sentiment. BMG’s strategic focus on enhancing its product offerings and operational efficiencies contributed to its financial gains, positioning it well against competitors in the discount retail sector.

Financial Highlights

• Revenue: Increased by 7.2% compared to Q1 last year.
• EBITDA: Improved by 39 million, with a margin of -11.7%.
• Net debt to EBITDA ratio: Reduced from 3.2 to 1.8.
• Cash flow from operations: 751 million.

Outlook & Guidance

Looking forward, Big Mac Group is preparing for the peak season in the second and third quarters. The company plans to enhance its customer offerings and explore selective store expansions. With a market capitalization of $7.82 million, BMG aims to leverage its strong cash position to capitalize on commercial investments and maintain its cost discipline and logistics efficiency. InvestingPro data reveals that the company is expected to grow its net income this year, with analysts projecting continued profitability. For deeper insights into BMG’s growth potential and comprehensive analysis, investors can access the detailed Pro Research Report, available exclusively to InvestingPro subscribers.

Executive Commentary

CEO Carl Sandlund emphasized the company’s growth trajectory, stating, "We continue to increase both sales and profitability in the first quarter of twenty twenty five." CFO Helena Lauthorst highlighted the company’s financial strength, noting, "Our strong cash generation supports our financial position and provides us with the flexibility to act when opportunities provide."

Risks and Challenges

• Potential supply chain disruptions could impact inventory management.
• Market saturation in key regions may limit growth opportunities.
• Economic uncertainties could affect consumer spending patterns.
• Competitive pressures from other discount retailers.
• Regulatory changes in Nordic markets could pose compliance challenges.

Q&A

During the earnings call, analysts inquired about the company’s market growth expectations and gross margin improvements. BMG executives attributed margin gains to optimized purchasing terms and a high-margin product mix. Questions also addressed potential mergers and acquisitions as growth levers, with BMG indicating openness to strategic opportunities. With average daily trading volume of 0.04M USD and a strong free cash flow yield according to InvestingPro analysis, the company appears well-positioned for strategic growth initiatives. Subscribers to InvestingPro can access 8 additional key insights and detailed valuation metrics to make more informed investment decisions.

Full transcript - Byggmax Group AB (BMAX) Q1 2025:

Operator: Hello. And welcome everyone to the Big Mac’s interim report q one twenty twenty five. My name is Becky, and I’ll be your operator today. During the presentation, you can register a question by pressing star followed by one on your keypad. If you change your mind, please press followed by 2.

I’ll now hand it to your host, Carl Sanderland, CEO of Big Mac, to begin. Please go ahead.

Carl Sandlund, CEO, Big Mac Group: Thank you. Thank you very much. And again, welcome to this conference call where we will present Big Mac Group’s report for the first quarter of twenty twenty five. As you heard, I’m Carl Sandlund, the CEO of Big Mac. And with me is also Helena Lauthorst, our CFO.

And as usual, the presentation is available on our website, and we will try to guide you to the correct page during this call. And I will I will start with a brief business update, And after that, again, I will walk you through the q one financials. And as you heard, once the presentations are finished, we will open up the floor for any questions from you. But with that, I think we start. So let’s go to page number two in the presentation.

And as you see, we started the first quarter of twenty twenty five, like how we concluded ’24 with increased sales compared to the year before and with a strong gross margin. And together this meant that we continued to improve our profitability. Our net sales increased by 7.2% compared to the first quarter last year. The like for like sales is up 7.6%. We have more customers, and we see that categories related to larger indoor projects developed in a in a positive way during the quarter.

The the sales development was quite similar in Sweden and in the rest of The Nordic. So so quite similar sales in in those two different areas. We have a high gross margin in the quarter and several reason for this. One is that the malls have been filtered towards products with high margin. Another fact is that our financial stability has enabled us to to really optimize purchasing terms, both when it comes to to order placement and payment.

And in addition, we see that improvements within our e com when it comes to to freight and logistics impact the the the margin positively. The first quarter of the year is for our low season, and it’s it’s with one of our smallest of the year. However, profitability continued for the fourth consecutive quarter to improve, and the EBITDA is 39,000,000 better than the same quarter last year. And as you’ve seen, over the last year, in addition in addition to to improve results, we continue to strengthen the balance sheet. We reduced our net debt and leverage.

Net debt over EBITDA was 1.8 at the end of the quarter, down from 3.2 the same time a year ago. So overall, our efforts to build a strong platform failed, which enabled us to have full focus ahead, and and we are well prepared for a new high season. Before getting into more details on slide three, we have an overview for those who may not know us that well. We were founded back in 1993, and today, we have 211 stores across four Nordic markets. We have a strong selection of products for home renovation and maintenance, primarily for consumers.

We offer everything from building materials, paint, tiles, flooring, and more. And we have a in store assortment, which is a whole high smart online solutions where we provide an even wider range, but also home delivery of of heavy building materials and customer product. We are a two discount retailer, and, of course, we are offering the best price that requires maintaining the lowest possible cost, which is something that’s really part of our DNA and also in our store design, which are not only a key operational cost load, but also ensures efficient shopping experience, which our customers highly appreciate. In addition to the Bidmax brand, we have right right clients in Norway focusing on And it’s going to be more of which offers products in building a home and garden, such as conservatories and and greenhouses.

I think part of our our DNA is is our culture and and values. We have a very very high employee employee engagement, something that enables us to to quickly buy change and and make improvements to strength our organization and and also key driver for for our customer satisfaction. On page on page four, you see that we size wise. It’s a 6,000,000,000 tech company. We delivered 272,000,000 in EBITA the last four quarters and EBITA margin of 4.5.

We have a very efficient business model with high cash generation and and this is seen in a in a strong cash flow, 751,000,000 from operating activities in the last four quarters. And we really believe in the combination of of online and stores, and we have a successful mix of the two. And currently, we have about 90% of our total sales to our online sales channels. On page five, you have you have some macro context. And if you have heard us saying before, after steep decline in 2022 and a challenging ’23, we began to see improvement of macro factors during last year, ’24, with inflation back to more normal levels and and also reduced interest rates.

And this has resulted in in gradual improvement consumer sentiment. And it is encouraging to see that how transactions develop in the right direction and that real wages seem to show an upward momentum because of those are historical drivers for renovation projects. And then overall, I I I would say that customer customer behavior showed a more typical pattern in in q one. We have more customers than last year. They are returning to to the physical stores, and we see the largest growth during late afternoon and and and weekends.

And and as mentioned in the beginning, we also experienced that the the customer to greater degree bought products in categories related to to larger projects in the quarter. But we, of course, follow this development carefully and to position ourselves in in in the best possible way. Page six. Those of you who know us know that over this two past years, we have focused on on a couple of of areas, primarily to strengthen the balance sheet, to secure operational excellence, and to continue to improve our customer offering. And this focus has really established a strong foundation to build for.

We have managed to reduce our cost from an already low level, and we have strengthened our balance sheet significantly. And and this enables us to have full focus ahead in in all parts of the organization. We have operational flexibility needed to meet the high season and and growing demand. And then from this foundation, we we continue to work our toward our long term targets. We have a clear roadmap where we will secure a strong customer focus with continuous improvement and enhancement of our offering.

We will make sure to capitalize on on the commercial investments made. More and upgrade the stores have significant significantly amplified our revenue potential. And finally, we are we are a discount retailer and efficiency is an important part of of us and our DNA. And we will continue to leverage our cost position and secure scale in stores and and logistics. And and and during q one, all our entities have made their outlook to to really prepare for the coming high season.

And on on the next couple of slides, we will show you some examples of all the efforts made in q one to be prepared for the future. And start with it’s seven inventory and availability of products. Well, you know that optimizing inventory has been a key focus area for us for for a long time. And and later we have analyzed the tires workman to ensure even more detail than before, the right inventory level for each and every product. And this has resulted that we have been able to increase the levels for the most important product while we have reduced products with with with lower demand.

And we have put a lot of effort into securing a small buildup of inventory for the season resulting in good product availability and a well stocked stores, Actually, better than before. So even though our total inventory level is lower than last year, our actual assortment is at the higher level than it than it was a year ago. Page eight illustrates how we have prepared our stores for a season because as always, we aim to improve our store experience. One account is to check out. The last couple of years, we have implemented more service stations.

This makes the experience more efficient and frees up time for our staff to to focus on the customer for them. And those checkout areas have been further involved with improved functionality and visualization to make to make things even easier for for our customers. In addition, ahead of of this system, almost half of the stores have been rearranged to better visualize visualize our assortment. And and the store layout and customer flow have been changed and we we work with lower store shelves to make it easier for the customers to navigate on prime products. Again, everything to to secure a smooth and and easy shopping experience for the customers.

And also during this time of the year, we will send in a new entry to our stores at our company and and further improve that introduction and also make sure that we can assist our customers even better. We have implemented a new training program or or app. And and going forward, all employees, both new and existing, will use this this app to continuously update with with assortment and offer. So lot of effort to secure that our stores are in best possible shape, and it’s truly encouraging to see that we continue to maintain a a very high customer satisfaction in the store. I have on the coming system, we also have a range of new products that will be introduced.

See page nine for some examples. We continue to develop our model in house and software. We have added more options and then the customers can choose both types of design, but they can also add lots, foundation, isolate, and metal sandwich roofing. And and together with possibilities for for garage door working glass panels, pretty wide of in terms of use of of the houses. We have also expanded our private label range of greenhouses and conservatory conservatories with with several new products that are ready for for this system.

And finally, branding on the visual identity of some of the private label products have been updated to to modernize both the look and feel. And overall, the aim is to create an attractive offering of course and also to further reinforce the price perception. Before before handing over to Yana and and the financial, just a few words on ecom on page number 10. Well, we we continue providing our major order offering online. The latest addition is to use sub sites for for garden buildings.

And the major order offering now covers pane, doors, windows, some canopies, and and more. And then it’s an example of how to use strength in in different parts of the group in in a in a way. Another example of of utilizing group synergies is Denmark, where we have merged some of our sites. And by doing so, we increased efficiency while being able to provide a strong customer support. And finally, we have also made changes to to the logistics or or lost mile delivery.

We have a new setup to to go better control of transportation sales. And the aim is to improve our planning capabilities and and also to increase efficiency. And this has resulted in improved freight results. And and with better control over resource utilization, we also strengthen our ability to efficiently handle increased volumes going forward. To to sum up, our efforts in the quarter quarter have really focused on laying the groundwork for the upcoming peak season from continuing to to strengthen our customer offering to ensuring well stocked stores while leveraging our cost position and economies of scale.

And with that, over to Helena and and more q one financials.

Helena Lauthorst, CFO, Big Mac Group: Thank you, Carl, and good morning, everyone. We are now on slide 11 where I will start with an overview of sales and profitability development over recent quarter. We delivered another quarter of top line growth with sales increasing by 7.2% compared to q one last year. The growth was driven by both Sweden and our other Nordic markets. At the end of q one, we operated 211 stores, the same number as last year, meaning nearly all of the growth was organic.

It is also worth noting that we face the negative currency effect of 0.7%, primarily due to the weaker NOK. This marks our second consecutive quarter of sales growth and our fourth consecutive quarter of improved profitability. Clear time that our strategy is delivering results in a demanding market environment. On next slide, as mentioned, we continue to improve the availability in stores through a strict inventory management with prioritized volume on key products. This has helped us to better meet customer demand and contributed to the increase in sales in this quarter, one of our smaller quarters.

Of course, gross margin continue to strengthen supported by efficient sourcing, a favorable product mix, and then executed e commerce logistics. Altogether, we have delivered profitable growth through increased sales while also improving gross margin. On slide 13, EBITDA improved by 39,000,000 in the quarter as illustrated on this slide. The improvement was driven by a mix of higher sales volumes and gross margin improvement supported by continued cost discipline. Volume growth contributed $625,000,000, gross margin improvement 10,000,000, and other revenues contributed with 9,000,000, mainly from fixed assets, disposals, and currency effects related to inventory ordering.

On the cost side, we have remained disciplined. Our cost structure is designed to support scalability, efficiency improvements in both stores and administration have allowed us to scale as volume grow. On the store portfolio inflation, the store portfolio rent is accounted for as depreciation under IFRS 16. And the inflation has been offset by moderate investment level and depreciation is lowered by 2,000,000 versus the same period last year. EBITDA improved to minus 109,000,000, a margin of 11,700,000 negative margin of 11.7%, a margin improvement of 5.4 percentage points.

And as said, this is a fourth consecutive quarter of profitability improvement underlying that we are delivering not just growth, but profitable growth even in this challenging environment. We have, in addition, continue to generate a strong cash flow that is presented on page 14. Cash flow from operating activities over the last ten months amounted to 751,000,000, reflecting an improved profitability, affecting working capital management and disciplined investment. In this quarter, we increased inventory levels in preparation for peak season while maintaining efficient use of supplier payment terms. This resulted in a controlled impact on working capital movement.

We continue to invest prudently while ensuring operation and readiness. Our strong cash generation supports our financial position and provides us with the flexibility to act when opportunities provide. This is saying that strong cash generation remains the key strength. And finally, on slide 15, we have the net debt position. We have sustained decrease in net debt.

Our net debt to EBITDA ratio improved significantly to 1.8 times, down from 3.2 times last year, well below our financial target of two and a half and a half times. This marks a substantial improvement and reflects the impact of focused execution of and disciplined capital allocation. We also maintain strong long term relations with our banks. We are well within our leverage target. And as of q one, we had 700,000,000 in available committed credit facility providing us with flexibility going forward.

With that, I hand it back to Carl before we move on to our question.

Carl Sandlund, CEO, Big Mac Group: Thank you, Lena. And please move to slide 16, our key messages again. We continue to increase both sales and profitability in the first quarter of twenty twenty five. Sales was up more than 7% in the quarter. And as you heard, in addition, we strengthened our balance sheet and leverage ratio is now down to 1.8 from 3.2 last year.

And last year’s strategic efforts have really secured a strong platform, which enables us to have full focus to have we have the operational flexibility to meet a growing demand. And this is exemplified by well stocked stores and the ability to optimize purchasing and replenishment. And and going forward, we will continue to improve our customer offering. We will strive to to capitalize on our commercial investments and drive volume in our store network. And we will leverage our cost position and and logistics efficiency.

And during this, the first quarter of the year, we have put a lot of effort throughout the entire organization to make sure that we are ready for for the peak season. And we are well prepared, and and our highly motivated employees, they already ready to to welcome more customers to the different amounts ahead. And with that, thank you for your attention, and we are now happy to take your questions. So so let’s let’s open up the floor.

Operator: Perfect. Thank you. If you wish to ask a question, please press star followed by one on your telephone keypad now. If for any reason you want to remove your question from the queue, please press star followed by 2. When preparing to ask your question, please ensure your device is unmuted locally.

Our first question is from Benjamin Wildstead from ABG. Your line is now open. Please go ahead.

Carl Sandlund, CEO, Big Mac Group: Thank you very much, and good morning. I was wondering what are your thoughts on market growth in q one. We know January and February grew by average of 9% according to Sweden statistics. Is that a likely level for March as well, do you think? Good morning, Benjamin.

Well, when it comes to to the to the market growth, we we haven’t seen the statistics for March so far. Guess it was already in in a couple of weeks. We have we have an Easter last year that might impact some of the carriers. I’m not sure. But that you know, it’s a it’s a small quarter, and and I wouldn’t say that the the different month of the quarter difference too much when it comes to the underlying market.

Perfect. Thank you. I was also wondering about your other income other operating income, which grew by almost 10,000,000 year on year. I was wondering if you could give some additional color on what drove this change, please.

Helena Lauthorst, CFO, Big Mac Group: Yes. This is there’s some fixed asset disposals that are accounted for as under revenues. And then we have the current impact in this quarter where this quarter is well, we are not quite exposed to purchasing from euro and the dollar. But this quarter before high season, we have quite a material volume coming in and that is the revaluation of those invoices.

Carl Sandlund, CEO, Big Mac Group: Perfect. Thank you. Your gross margin improved year on year again. Could you give us a a rough idea of what part of the improvement is operational? What part is early purchasing?

And what part is cash discounts, please? Well, as I said, the the the gross margin is driven by by several factors. One, just to repeat repeat them. But one is is that our financial stability has enabled us to really optimize the purchasing terms both when it comes to to order placement and and payment. We have ordered and paid early.

And we have built stock of our own important products. Furthermore, demand in the quarter have been more weighted towards the the high margin product than than usual. And then finally, in addition, we we have made improvements to to e com freight where we have in towards the control tower and and thereby better have a better optimization of of the lost mine kind of push. So so multiple factors contributing to the to that outcome. The fact it’s hard to to pay the exact allocation between those three.

So but those three are are the main drivers behind the the higher margin. Perfect. Thank you. And and that was that was actually quite a good segue to my final question. In the CEO statement, you mentioned a better consumer demand better mix driven by consumer demand.

I was wondering what what products are you referring to here, please? I’ve heard better in this quarter than than previously. Well, we we saw during the quarter, as we mentioned, that we have a positive development of of the indoor renovation project. So so that’s one part of it. We also saw that the the the rather warm and mild weather also resulted in a in a lower rate of of energy products.

So so I guess those two are the main, you know, when it comes to to the market and towards high margin products. Perfect. Thank you. That’s all for me for now. Thank you.

Operator: Thank you. Our next question comes from Nicholas Ackman from Carnegie. Your line is now open. Please go ahead.

Carl Sandlund, CEO, Big Mac Group: Thank you. Yes. Just two questions from my end. Firstly, on expansion, you have no store openings now. What do you see in terms of future potential?

And I’m thinking more when the market kinda normalizes when you see consumption resuming. Are you expecting to to resume store openings and to what magnitude? Are you looking at coming back to where you were in terms of expansion kind of pre COVID levels? Or are you pretty pleased with the portfolio that you have today? Well, thank you, Nicholas.

Well, our our overrating strategies remain unchanged. We will continue to to drive profitable growth and aim to to outpace the market. And store probably is is one of the levers to to to secure this. And then the pace of of number of new stores varies both with with market conditions, but also where we are in our sort of cycle when it comes to to the to the store portfolio. And as you said, right now, at the moment, we see a slower rate of store openings, and and we see also a significant potential to increase volume and sales within our existing store network, which is a priority right now.

But but our ambition is to to make sure that even more customers have convenient access to an affordable low discount retailer when it comes to building materials, I. E. More Big Mac stores. We actually will open guess we will send out more information within to work. A new tour in Stockholm during q two.

And in q one, we also opened a new showroom, a co located showroom Big Mac in the in the sorry. It’s called the Big Warrior showroom in the Big Mac store in in Article. So it’s not that it’s completely still, but but we continue to to strengthen our store network. Very clear. Thank you.

Second question is on NA. You have done a few acquisitions in the past decade. And first of all, which of these would you argue in hindsight has been the most successful? And and secondly, what do you see in terms of further m and a potential? Is that a a key strategy for you as well?

Well, thank you. I think the the the the m and a acquisitions we made during twenty twenty to twenty two followed the two year strategy. They should either add the geography market or category, say, product category. So so those were were, you know, well thought through strategic investments that strengthen our overall customer offering. So so we’re pleased with them.

When when it comes to to to, you know, future growth, I mean, we should we will secure to maintain continued profitable growth. And we have a a some different levers for this. Where one is, of course, have a high customer focus and and and develop our assortment. Another is to to continue to halt our sales channels, making sales both in stores and and and our e com channels very smooth and efficient. And three, we have expansion optimization of of the store portfolio.

And then number four is, you know, automate selective add on acquisition. So so this is this is four levers we have to to secure future growth. So m and a is something, you know, a separate growth strategy, but an integrated part of of tools that we can use if we find it, you know, attractive for for securing and profitable growth going forward. Very good. Thank you very much.

Thanks.

Operator: Thank you. As a reminder, to ask a question, it is star followed by one on your telephone keypad. Our next question comes from Egil Dahl from Bevlengard. Your line is now open. Please go ahead.

Carl Sandlund, CEO, Big Mac Group: Hello, Carl and Helena. My question is about new products and mix and also customer demand. In your presentation, you have you are mentioning modular buildings, cellular and greenhouses. And, of course, these are expensive products. What are your expectations for q one q two and q three for these products?

How is that affecting margins? And also, do you see in general how the development of the basket customer basket? Thank you. Thank you, Egill. Well, as you as you listen, we have a couple of of interesting product use in in the portfolio.

And then, of course, you know, when looking at the total sales, those won’t have a large effect on on sales in this high season. But but it shows that we all the time try to improve the the the assortment, to find new things, to make sure that we we have news in in in the product portfolio and also, you know, making sure to to have a trackable to track label things. So I I would say it’s it’s more, you know, to make sure that we are always then stay relevant when it comes to customer demand and phone rather than having a huge effect during during the quarter to come. When when it comes to customer demand, when when that as we we mentioned, right, that we saw during q one that we saw a positive effect when it comes to demand for the little bit larger renovation projects indoor, which was good to see. And and I guess that, you know, more house transactions and and lower inflation also reduced interest rates in Sweden.

They’ve not been always so far. It’s also, you know, traditional drivers for for demand going forward. And then, of course, all is hard to know, predict the future. Right? So so we need to really stay stay on top of things and and make adjustments to to the market position.

Alright. Thank you, Carl. And and also your expectation for general bucket going forward? The general bucket meaning in size of bucket or Yeah. Yeah.

Exactly. The customer bucket size. No. But but, you know, it’s I think it’s hard to tell. It’s hard to predict the future.

So, you know, I I I won’t give you an overnight talk to expect after that or or on the forecast. But but I think, you know, the important thing for us is to always, you know, adjust and and adapt to to the existing market. And I think that is something that we have shown that we have really been able to do during the last two years of the ride. The market has changed a lot. And we have been able to adjust and adapt and and see the fourth consecutive quarter of of increased profitability.

Thank you very much. Thank you.

Operator: Thank you. Our next question is from Esther Langsam from SD WAN Markets. Your line is now open. Please go ahead.

Carl Sandlund, CEO, Big Mac Group: Hi there. Hi, Helena and and Carl. Just wanted to to to ask a question about your strategic inventory buildup. And is is this something that you’ve earlier now this year compared to the previous years? And is that I was wondering if that’s driven by expectations that the highest season in Q2 is is earlier in the quarter given a a relatively mild weather?

Thank you, Efel. Well, we always build up the inventory for that for the high season. You know, q two and q three is is where we have the highest demand for our core product. So so during the first month of the year, it’s always about building up the inventory to to the right level. What we’ve been able to do this year is due to the financial stability that we have secured, it’s that we have been able to build up earlier.

We have also paid earlier, which has a good effect when it comes to to to our purchasing terms. So so I would say that, you know, we always fill up this time of the year, but due to the or thanks to the to the strong stability financial stability that we have, we can do it in a more optimal way. And we have put a lot of attention in throughout the entire organization to make sure that we order the right product at the right time and also make sure that we have the the best purchasing terms for for this. That’s one thing. And the other thing is that we have even more detail than before looking at the inventory, the top level of each and every product to make sure that we have a lot of products so that we are well stocked with a lot of products in our stores when it comes to the product that we foresee a high demand now during the when the when we see the high season coming and and the more the outdoor project season.

So I I would say, you know, make make it’s not about, you know, total demand necessarily, but but broader and optimization to to the strong cash position that we have. Okay. We can always adjust what’s going forward because we, you know, we take order every day. Yes. Yes.

That that makes sense. Thank you very much. We we we do hear though from from from competitors of yours in in Norway that the sales have started very strong in in in second quarter and accelerated from from March. So so it’s good to have a nice inventory ahead of this season. Just on on on that as well, your suppliers announced any pricing increases now from from April 1?

Is that something that you’ve communicated? No. We haven’t communicated anything about about us. I guess, let me know. So I’ll just go up and down, then it has to be a limit of all time.

It’s it’s been up and normal. We haven’t communicated anything in special round this this year. Okay. Thank you. That’s that’s all for me.

Thank you very much. Thank you. Thank

Operator: you. We currently have no further questions. So I’ll hand back to Carl for closing remarks.

Carl Sandlund, CEO, Big Mac Group: Well, thanks a lot for for participation and and also for for your questions. And with that, we wish you a happy Easter and a wonderful spring. And as not before, we are looking forward to meeting you again after our second quarter of twenty twenty five. Thank you.

Operator: This concludes today’s call. You may now disconnect your line.

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