Earnings call transcript: Nimbus Group Q2 2025 sees revenue dip, stock falls

Nimbus Group AB reported its second-quarter earnings for 2025, revealing a decline in sales and profitability. The company’s stock reacted negatively, dropping by 2.63% to 14.8 SEK in pre-market trading. The decrease in sales and earnings was attributed to currency fluctuations and lower production volumes, despite improved operating cash flow. According to InvestingPro data, the company, with a market capitalization of $38.37 million, has shown a positive YTD return of 10.02%, though it currently faces challenges with weak gross profit margins and rapid cash burn.

Key Takeaways

• Q2 sales fell by 8% year-over-year to 571 million SEK.
• EBITDA decreased significantly from 45 million SEK to 25 million SEK.
• Gross margin declined by 3.7 percentage points to 11.9%.
• The stock price dropped by 2.63% in pre-market trading.
• The company initiated a cost reduction program targeting 20 million SEK in quarterly savings.

Company Performance

Nimbus Group’s performance in Q2 2025 reflected challenges in the global boat market, with sales declining by 8% compared to the previous year. Despite the downturn, the company managed to improve its operating cash flow to 90 million SEK from 79 million SEK last year. The decline in EBITDA and gross margin was primarily due to currency fluctuations and reduced production volumes. Nimbus has positioned itself better than the industry average, focusing on premium branding and expanding its dealership network.

Financial Highlights

• Revenue: 571 million SEK, down 8% year-over-year
• EBITDA: 25 million SEK, down from 45 million SEK
• Gross Margin: 11.9%, down 3.7 percentage points
• Operating Cash Flow: 90 million SEK, up from 79 million SEK

Market Reaction

Nimbus Group’s stock price fell by 2.63% to 14.8 SEK following the earnings release. The stock has been trading between a 52-week high of 27 SEK and a low of 13.05 SEK. The current decline reflects investor concerns over the company’s reduced profitability and sales figures, despite positive cash flow developments. The broader market for boat manufacturers is also facing uncertainty due to global economic conditions. InvestingPro subscribers have access to 8 additional key insights about Nimbus Group, including detailed valuation metrics and growth projections. Get the full picture with the comprehensive Pro Research Report, available for over 1,400 US stocks.

Outlook & Guidance

Looking forward, Nimbus Group is targeting approximately 10% growth over the business cycle and aims for an EBITDA margin of 10%. The company expects revenue to increase from Q3 onwards as market conditions stabilize. Additionally, there is potential for a significant sale of boats to the Swedish Armed Forces in 2026, which could bolster future revenue.

Executive Commentary

CEO Jan Erik Lindstrom expressed confidence in the company’s financial targets, stating, "We truly believe that this is a correct financial target for us, but we need some help then, of course, from the market." He also noted, "We have reached the bottom and now are starting the next journey," indicating optimism for future recovery. CFO Rasmus Alvheimr added, "The underlying margin on the business is still very good," highlighting internal strengths despite external challenges.

Risks and Challenges

• Currency fluctuations impacting profitability.
• Global economic uncertainty affecting market demand.
• Potential supply chain disruptions from geopolitical tensions.
• Tariff debates causing customer hesitancy.
• Competition from other premium boat manufacturers.

Q&A

During the earnings call, analysts inquired about the expected improvement in gross margins as inventory issues resolve. Management indicated that currency effects are being managed through price list adjustments, and order intake in North America and Europe shows positive signs, with approximately 70% of order growth driven by organic market improvement.

Full transcript - Nimbus Group AB (BOAT) Q2 2025:

Conference Moderator: Welcome to the Nimbus Q2 Presentation. Now I will hand the conference over to the CEO, Jan Erik Lindstrom CFO, Rasmus Alvheimr and Head of Investor Relations, Gunnella Omen. Please go ahead.

Jan Erik Lindstrom, CEO, Nimbus Group: Thank you, and welcome. Nimbus Group, the quarter two report. And if we start with Slide three. Business update for the second quarter. The sales amounted to SEK571 million, down by 8% compared to last year.

But despite this decrease, we by that knows that we performed actually better than the industry as a whole. We had during the quarter a negative impact from the currency development by SEK 10,000,000, mainly U. S. Dollar, which also then, of course, impacted the EBITDA together then with this volume decrease. So we ended up with an EBITDA of SEK 25,000,000 compared then to SEK 45,000,000 last year.

During the quarter and also before that, we have had a focus on the stock release and we can say then the net working capital in general. We have been quite successful, but then we also had some small impacts on the margin because of this. On the other side then, the order intake for the quarter was actually then higher than before SEK $356,000,000 compared with SEK $341,000,000. As said, better than last year, but we will get back to that later on in the presentation. More or less the same sentence as last time, the tariff situation fuels uncertainty and hesitancy among customers.

And we saw this especially at the beginning of the quarter, and that is actually also where you can track the sales that we had to decrease. After that, it has been quite good in the quarter then. But of course, then the big obstacle then as for us, as for many others then, is still that we is not fully predictable even if this mental play is starting to calm down, which is good. At the end of last year, we initiated then a cost reduction program, and this has then started to have effect. And it will then this impact will increase quarter for quarter further on now.

But despite this cost reduction, we have continued then to invest in the market presence and actually then also product development. But this market presence then has given us then that we have established a couple of new marketplaces in locations, as we say here, North America, Europe and Asia. And this we will, of course, gain from further on. And actually, if you then look at the rolling 12, the picture will be even brighter, so to say. We have had a lot of new dealerships around the world during this last twelve months.

So it’s a good work done by the people involved in this work. And finally, on this page, of course, Corpio. This project is going according to plan and will actually then be finished during quarter three. It may be some small topics that will take some more time, but that will not affect the result or the cash. It it will be more administrative or legal, I should say.

If we then switch page. Same more or less the same as as we always show you. This is the English group then, a short reminder then of who we are. Founded in 1968, and that is actually fifty seven years ago. So we have a long experience, and we also have a long history of international trade.

So already in 1970, we started to export our products. And this is important because for us export is more or less daily business, which is important then. And since then, where we was a single brand or a monobrand, we have developed to our nowadays true house of premium brands then. And you actually find them at the below here on this slide there. We have Flipper also there.

And you may think, didn’t they sell that? And we did, but we can still use the name for a period of time. That’s the reason we still because we are selling still Flipper. I will not mention everything on this slide, but at the end you find twenty twenty five May, new organizational structure implemented, and this is a big thing for us. And if we look from an internal perspective, it will make us more efficient and also focused on our core business.

And if we look upon it externally, it’s our belief that it will be easier to follow and understand our business. If we then switch page. Then we come to commercial sales. And this new organization I was talking about, you can actually see that we have three business legs. We have the commercial sales, which I will then present for you now.

We have the retail sales that Rasmus will talk about later on here. And we also then have the operation and and operations there in there there you find the the boat building, both by our own, but also the outsourced. And that is then more or less included in everything we do. But if we then look at the commercial sales, sales dropped 8%, similar as for the group. Still small numbers and more coincident, I should say.

It’s not that many boats we’re talking about. Important for us is that we see then more activity and we are closer to a done deal. And the proof of that then may be then that, as we say here, the improved order intake in North America. And if we look below in the chart, you can see then that North America has a big jump up from the order intake perspective. But let’s not forget about Europe.

Europe has struggled for, I should say, two years now. And even if it’s done from blue figures, we actually have doubled the order intake in Europe. And this is a really good sign for us. And the order intake takes us to the order book. And actually, chart we have in front of us on the right side below, you see that more or less the whole picture is affected by the pandemic.

And that’s a pity because it makes it different to relate to something here, and we we can call it real then or or a normal business. So I prefer then to to talk about the right hand side of this picture. And we have talked about this before during the quarters about this normalization, and we we then clearly see that now. We have the same pattern in the order book, and we also then have this shorter order book that we have talked about before. The supply and the demand is closer to each other, as simple as that.

And then, of course, talking about the order book, only confirmed orders with prepayment in the order book, and that’s also one thing that we implemented later on. So it also affects then the comparability in this chart. The order from the Swedish Armed Forces is not included then, only the pre series as before. But during the autumn now, we will know more in what tax time this will be produced and then sold to the forces. And then, of course, it will show up then in the order book accordingly.

Net sales, I will not talk a lot about that. It’s more or less in pair. As I said before, it’s small differences and and more or less than it’s very few boats that differ. So the important thing for us is that it it has stabilized. And our opinion is that we have reached the bottom and actually are now going upwards again.

And with that, I leave to Rasmus.

Rasmus Alvheimr, CFO, Nimbus Group: Thank you, Jan Erik. And then we continue with the retail sales development. The second quarter is a seasonally important quarter for the retail business because of the domination in The Nordics. For reference, the second quarter last year represented 56% of the annual sales. So that is an important quarter.

Having that said, the sales decreased by 8% in the quarter to $274,000,000. And this is due to a softer market situation and also in combination with a bit of unfavorable weather conditions in Scandinavia, which has affected sales on both own brands and traded and used boats. We saw that the positive former trend since the second quarter twenty twenty four was affected by the escalated tariff debate that Jan Erik mentioned earlier that ended up in March, April. And that had a negative impact on the sales, especially the first half of the quarter. In total, the sales of own brand was down 4% and traded and used book was down 11%.

The order intake turned down by 29% to 148,000,000 versus SEK $2.00 9,000,000 last year. And the order book amounted to SEK 28,000,000 versus SEK 35,000,000 last year. The fact that the order book now is low in June is driven by seasonality effect with lots of deliveries in the period and falloffs than normal business cycle. So this is not strange. Then we move on with the P and L.

And net sales in the second quarter amounted to SEK $571,000,000, as I said, which is down 8% since last year, $723,000,000. And the META amounted to SEK 25,000,000 versus SEK 45,000,000 last year. The gross margin reached 11.9%, which is down 3.7 percentage points. The gross margin is still affected by customer absorption effects from low production and low sales volume, but also from this change U. S.

Tariffs of SEK 1,000,000 and from exchange rate fluctuations by SEK 10,000,000 in relation to last year. The currency effect is mostly referring to U. S. Dollars. Adjusted for those tariffs and currency effects, the gross margin reached 13.9%.

The gross margin was also affected, as Jon Erik mentioned earlier, from those supporting activities to reduce stock level of Finnish boats. So that has also had some impact, of course. OpEx amounted to 42,000,000, which tends up in a cost reduction of 19% since last year. The gross savings are higher, but investments to strengthen the sales organizations reduces the net savings. More savings initiatives are ongoing, which will gradually have effect from the third quarter.

Regarding the restructuring provision in Finland, the outcome in the period was slightly higher than expected. In the third quarter, we expect to be able to sum up the closing costs, including the outcome of the Primo deal. The remaining reserve in the third quarter is 13,000,000 and SEK 6,000,000 was reversed in the second quarter. The finance net amounted to minus 27,000,000, and this is mostly driven by currency effect from intercompany balances amounting to about 20,000,000. Also, this effect comes from the US dollar.

Then we move on to the net working capital and cash flow. Operating cash flow in the period improved and amounted to 90,000,000 versus SEK 79,000,000 last year. Net working capital amounted to SEK $664,000,000, which is down SEK 77,000,000 since the first quarter. And the change refers to less inventory of SEK 129,000,000, driven by both seasonality effects, but also from those supporting marketing activities. Overall, we can say that the buying lead times are longer due to market uncertainty that pushes inventory release forward in both the retail sales and commercial sales business.

But on the positive side, we can also say that the measures implemented to adapt production volumes to the demand now has started to give the intended effect and that the net working capital decreases. We see that happening gradually now. Available cash included unused limit amounted to $299,000,000 versus 77,000,000 last year and $237,000,000 in the first quarter. And with that, I leave the word to you, Jan Erik.

Jan Erik Lindstrom, CEO, Nimbus Group: Yes. And then finally then, our financial targets. And actually, they are exactly the same. We have the same target. We want to have a growth of about 10% over business cycle.

On the midterm, we want to have an EBITDA margin of 10%. Our capital structure, no financial debt unless it’s property, for example. And we, of course, want to have a dividend. So dividend policy says 30% if everything else is is standing in in the right manner. And we truly believe that this is a correct financial target for us, but we need some help then, of course, from from the market.

But a lot of other things is now in place for the future. And with that, I actually leave to Gunilla.

Gunnella Omen, Head of Investor Relations, Nimbus Group: Yes. And we open up for questions. Please go ahead.

Conference Moderator: The next question comes from Henrik Christiansen from DNB Carnegie. Please go ahead.

Henrik Christiansen, Analyst, DNB Carnegie: Yes. Good morning, gentlemen. A couple of questions for me. I’ll start on the gross margin development. How should we think going forward on that?

And how does it look in the order book? And then also, how do you work with price in this volatile FX environment that we currently have?

Jan Erik Lindstrom, CEO, Nimbus Group: You can start, Prasnas.

Rasmus Alvheimr, CFO, Nimbus Group: If I start off then, the gross margin in the quarter was, as we said, a bit affected by bit of one offs to reduce this reduce the stock levels. And going forward, of course, we see that this will this will this is an effect that will be reduced. And but important here is that the underlying margin on on in the business is still very good. We see that boats delivered in accordance with order book, those we sell in accordance with what we expect to sell. So what we expect to see is that the gross margin will improve going forward.

So this is a temporary temporary drawback, so to say. I’m not sure if you want me to fill in anything here.

Jan Erik Lindstrom, CEO, Nimbus Group: You you covered it pretty pretty much. But so so the the gross margin is, of course, affected by by this that we we’re selling out, you can call it, under value boats. In the order book, you find the premium, and that is premium has a higher margin from the start, so to say. So of course, we will see an increase of the margin going further on. But also, asked about I think, if I heard you right, you asked about the price adjustments.

And if you look, I think it’s related then maybe to the U. S. Dollar and the tariffs. And we are compensate in our price list for this. So this currency effects we’re talking about, it’s it’s other things than than related to this.

I don’t know if I was or or if if we answered your questions there, Henrik, but please We

Rasmus Alvheimr, CFO, Nimbus Group: can also fill in there maybe that maybe I should also fill in there, Hendrik, about what we said also regarding the cost under absorption because now we have reduced the production significantly, which, of course, also reduces the cost side and causes less variance in the production. So this will improve the gross margin itself also, but only to a certain level because volumes needs to be increased to be able to get full scale, of course.

Henrik Christiansen, Analyst, DNB Carnegie: Perfect. Great. And then another question here on the order book. I mean, you’ve seen a stabilization here now in the last quarters. Is there an impact there from FX as well that you revalue the order book?

That’s the first one. And then related to that, very strong sales order intake in North America and Europe as well for that matter. I mean could you give some color on what’s driven by new dealerships added? And what’s driven by like for like sales, if you will?

Rasmus Alvheimr, CFO, Nimbus Group: If I start off with how we treat the currency, we reevaluate the currency in the order book. So here, we have the sort of a negative effect in the order book, so to say. So so that is that is how we do it. And if you wish to comment on anything on about new dealers.

Jan Erik Lindstrom, CEO, Nimbus Group: No. But yes, your second question there. Of course, it’s driven by the fact that we onboard more dealerships because they will then buy a certain amount of boats. But we also see then not that it increases the retail sales per dealership, so to say, but we have more dealerships. So the retail sales follows in the same pattern, so to say.

But it is, of course, also the fact that we onboard dealerships.

Henrik Christiansen, Analyst, DNB Carnegie: So just so I understand that. So the underlying order book development is better than what you report, of course, because you have this negative currency effect that brings down the SEK value of the

Rasmus Alvheimr, CFO, Nimbus Group: That is correct. Correct. That is correct.

Henrik Christiansen, Analyst, DNB Carnegie: And then if if you say that the improvement is a 100, what is roughly, what is driven by new dealership and what’s driven by organic growth, if you will? So is the growth driven by new dealers only? Or is there a share that’s actually driven that markets are improving organically as well? Or we’re still waiting for that?

Rasmus Alvheimr, CFO, Nimbus Group: I would say that the organic growth is higher than maybe this is 70%, I would say, is driven by organic growth and rest is driven by new deal issues. Yeah. Excellent.

Henrik Christiansen, Analyst, DNB Carnegie: And then my final question here is on the dealer inventory situation. You talked about that in the past that dealers has been quite cautious in taking on inventories. And you said that you do well versus competitors. You elaborate a bit about that? Why are you doing better than competitors as well?

The

Jan Erik Lindstrom, CEO, Nimbus Group: situation is more or less the same. We can see that we’re talking about U. S. For example. We can see that the U.

S. Dealership, the stock levels then is improving. It’s more you can call it then the normalization. In Europe, it’s still very low activity on that side, which meaning that we have more or less than had the stock as a boat builder. And that’s not correct, of course.

The good part of that is when the market gets a little bit more activity, as we have talked about, meaning that the dealerships doesn’t have the boat, which means that they will order it from us. And I I think that’s actually what we see now in the order increasing order intake. And that is a good sign. Then, of course, we prefer that the dealerships has a relevant number of boats in their stock. In the Nordic countries, should say also it’s a big part of our business.

And we have normalized the situation, so to say. So so now maybe not everyone, but but most of the dealerships has has a relevant stock of works. It’s more demonstration of Very good. Nordics.

Henrik Christiansen, Analyst, DNB Carnegie: You for answering the questions. And, Jan Erik, I wish you a very happy retirement.

Jan Erik Lindstrom, CEO, Nimbus Group: Thank you.

Henrik Christiansen, Analyst, DNB Carnegie: Thank you for that.

Jan Erik Lindstrom, CEO, Nimbus Group: I will still be an owner. So I will follow closely.

Conference Moderator: The next question comes from Emil Nystet from DNB Carnegie. Please go ahead.

Emil Nystet, Analyst, DNB Carnegie: Good morning. Emile Neistat from DNB Carnegie. I have just a couple of questions for you. First, I was wondering about the cost cuts that you announced. Could you please expand a bit on these measures?

What are you doing and perhaps the estimated effect on earnings that you mentioned from Q3 onwards?

Jan Erik Lindstrom, CEO, Nimbus Group: And just to be clear, you said the cost reduction program, the cost out?

Emil Nystet, Analyst, DNB Carnegie: Yeah, exactly.

Jan Erik Lindstrom, CEO, Nimbus Group: Yes. Okay. But to put it simple, we have choose not to be too specific, so to say. But if we have done an organization and we are expecting maybe the the sales level of, say, 2.4 billions or something like that, and we see a softer market, then, of course, we we need them to adjust, and that we did already last year. Now we get, you can say, more specific.

A big part of this is related to the value boats that we are ending, our part of that in the industry. And that means then also that that we take you can say that we take the opportunity then to streamline the company to be this premium company that we wish to be. And talking about levels then, we the target is then approximately 20,000,000 per quarter in saved costs now, to give you a figure. Rolling 12.

Henrik Christiansen, Analyst, DNB Carnegie: Perfect.

Emil Nystet, Analyst, DNB Carnegie: Yes. Thanks. Then my second question, you touched upon it briefly, but your operating cash flow held up quite well considering your margins and as you mentioned, due to reduced inventories. Could you please give us some color on inventory levels moving forward? What we can expect regarding inventory releases and so on?

Jan Erik Lindstrom, CEO, Nimbus Group: We had done as a target actually then since it has already happened, we can talk about it. But we wanted this demand and the supply to meet. And from the beginning at that point, we are in the during the autumn twenty twenty four, we saw that this could happen before the summer. Then we had a softer market than expected due to the global politics and economics. And especially then, as I said, at the beginning of quarter two, that made this point where they meet, so to say, to be a bit further on then.

And actually, it will happen then during quarter three. And what we have done then is, of course, that we have reduced our own capacity. We are then closing, for example, then the Kopio plant. We are reducing production or have reduced production, I should say, more or less in all our sites and quite severe them. And by that, we’re starting to sell them from the stock, simple as that.

So the demand is slightly higher than we actually have the capacity to build for at the moment. So that is the simple tactics behind it.

Rasmus Alvheimr, CFO, Nimbus Group: Exactly. And to fill in there, if you if you look backwards, the first half of twenty twenty five, we have we come from a position where we still have produced more boats than what we could sell. So now we have changed this, and we are, as we can see, gradually reducing the inventory levels. And according to our plan, we expect to do so we expect to get the biggest impact now from the fourth quarter, which Jeanne mentioned. So this this is in line what we have predicted, so to say.

But it it is, of course, very hard to tell exactly what the levels will be, but we follow the plan that we made in the beginning of the year right now.

Emil Nystet, Analyst, DNB Carnegie: Perfect. That’s that’s all for me. Thanks.

Henrik Christiansen, Analyst, DNB Carnegie: Okay. Thank you. Thank you.

Conference Moderator: There are no more questions at this time. So I hand the conference back to the speakers for any written questions and closing comments.

Gunnella Omen, Head of Investor Relations, Nimbus Group: Yes. And we have quite a lot of written questions, all from your leadership. So I’ll take one at a time. He says, great to see the reduction in net working capital. How do you see the level dev developing going forward, including the Bella flipper sale?

Rasmus Alvheimr, CFO, Nimbus Group: That is related to the last question we talked about a bit. So I I would say that that goes back to the previous question.

Jan Erik Lindstrom, CEO, Nimbus Group: Same same answer.

Rasmus Alvheimr, CFO, Nimbus Group: Same answer. Cool. And if we fill in with regarding the the Creamo deal with the Bell and Flipper, this is also expected to to happen, as Janjirik mentioned before, during the third quarter. So those effects will be not that dramatic, I would say, in the quarter.

Gunnella Omen, Head of Investor Relations, Nimbus Group: Okay. And and you also asked about the restructuring program. Will they cover the reserve that you have covered the expected cost for q three? No more one offs expected in q three?

Rasmus Alvheimr, CFO, Nimbus Group: According to our estimates, we are well covered, but always when it comes to these kind of items, you you can be surprised, but we have done the best estimate we can. So it is our belief that we are correctly positioned in accordance with what the outcome will be. But the outcome is also dependent on what happens when some of the stock boats related to the Creamo deal. So this is connected. But we believe that we are well positioned in the in the reserve.

Gunnella Omen, Head of Investor Relations, Nimbus Group: Good. So I also asked regarding your comments on revenues being at the bottom. I think you said that now, Generic also, that you see increases coming forward. So he asks if that implies that you expect year on year revenue increase from Q3 and onwards.

Jan Erik Lindstrom, CEO, Nimbus Group: The simple answer is then, of course, yes. That is what we see. That’s the signs that we are building or, so to say, we can call it, forecast then. Then, of course, we have seen talking about a lot about the predictability, which is important for all of us, but maybe especially when you’re a producing company. And and we really need that.

And we have seen during, I should say, especially the the the late one and a half year now that we are we are affected by things that happens globally today, which differs then, of course, if we look quite many years back. But still, it’s immediately that you can see that the business process slows down and sometimes then quite severe then. But it is our belief and fairly confident that we have reached the bottom, and we now are starting the next journey, so to say, afterwards.

Gunnella Omen, Head of Investor Relations, Nimbus Group: Great. And he wonders about the sell sales in in The US. How is the sell in versus the sell through to dealers?

Jan Erik Lindstrom, CEO, Nimbus Group: It is good statistics in U. S. And what we see is that soft market as we see in Europe, U. S. Reached that point a bit later than we did.

And my guess is that, that is a picture we will see at least for this year then. 2026 will most probably then follow the pattern that we have seen in Europe during ’25. It’s hard to to look through it, so to say. It’s it’s it’s tough to predict because it’s so dependent on so many things, but the business climate tells me that. So I think that’s what I can answer on that one.

Rasmus Alvheimr, CFO, Nimbus Group: Do you want

Gunnella Omen, Head of Investor Relations, Nimbus Group: to add

Jan Erik Lindstrom, CEO, Nimbus Group: something? Mhmm. And

Gunnella Omen, Head of Investor Relations, Nimbus Group: then he wonders about the the sale of boats to the Swedish arms Forces. Will that be start started in 2026?

Jan Erik Lindstrom, CEO, Nimbus Group: Absolutely. And we don’t have it in the order book, but, of course, it’s in a good order, so to say. The only thing we are waiting for now, as I said, is the delivery schedule. And there is a lot of discussions ongoing. And the plan I can say that the plan is slightly more positive than the original one that we signed.

But again, we are not there yet. But during the autumn, we will know much more about this.

Gunnella Omen, Head of Investor Relations, Nimbus Group: Great. And then his last question is regarding the Nimbus brand of sales in The US. What share of sales in the quarter was non US produced Nimbus boats?

Rasmus Alvheimr, CFO, Nimbus Group: That was a very low percentage. Edgewater and the Nimbus is the absolutely dominating brands. So non Nimbus or Edgewater boat branded boats or

Gunnella Omen, Head of Investor Relations, Nimbus Group: very, the Nimbus branded, but not produced in The US, I think.

Rasmus Alvheimr, CFO, Nimbus Group: Okay. Ah, okay.

Jan Erik Lindstrom, CEO, Nimbus Group: The the Edgewater had a strong strong quarter, But at the same time, it was quite we don’t follow this figure, as you understand. But we sold quite good of the smaller and it’s the smaller numbers that are built in U. S. Grasmus is checking.

Rasmus Alvheimr, CFO, Nimbus Group: So please I don’t have the figures in front of me, unfortunately. But it’s it’s still a good portion on smaller.

Jan Erik Lindstrom, CEO, Nimbus Group: Yeah. Yeah. But it’s still a good portion produced in Europe because, for example, we started to sell the four ninety five during quarter one in US, and that has started really well, and we have sold a couple more of them. We still haven’t delivered that many. I think it’s maybe three that is delivered to US, but that, of course, affects also.

It’s the bottom line.

Rasmus Alvheimr, CFO, Nimbus Group: Yeah. That’s right.

Gunnella Omen, Head of Investor Relations, Nimbus Group: Okay then. That was all the questions that we had. So I really would like to thank you all and remind you that our third quarter report will be issued on the October 23. So thank you, and thank you, Jan Erik and Rasmus.

Henrik Christiansen, Analyst, DNB Carnegie: Thank you. Thank you.

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