Earnings call transcript: Skarn Companies Q2 2025 revenue miss impacts stock

Skarn Companies reported its Q2 2025 earnings, revealing a revenue shortfall that contributed to a notable decline in its stock price. The company posted revenue of 8.5 billion DKK, missing the forecast of 8.78 billion DKK. This miss, amid market volatility, led to a 7.67% drop in the stock price of Schouw & Co., a key player in the group, closing at 590 DKK.

Key Takeaways

• Skarn Companies’ revenue fell short of expectations, coming in at 8.5 billion DKK.
• Schouw & Co.’s stock price dropped by 7.67% following the earnings release.
• Strong cash flow and reduced debt were positive financial highlights.
• Innovation and volume growth in BioMar were emphasized as future growth drivers.
• Market volatility and soft demand in key segments were noted as challenges.

Company Performance

Skarn Companies experienced a challenging quarter, with revenue declining by 2% year-over-year. Despite this, the company maintained a strong cash flow of 442 million USD and reduced its net interest-bearing debt by 1.3 billion DKK. BioMar, a division of Skarn, achieved a 14% volume growth, highlighting the company’s focus on expanding its market share and innovation across segments.

Financial Highlights

• Revenue: 8.5 billion DKK, a 2% decrease year-over-year.
• EBITDA: 6 million DKK, down 4% from the previous year.
• Strong cash flow: 442 million USD.
• Net interest-bearing debt reduced by 1.3 billion DKK.

Market Reaction

The stock price of Schouw & Co. fell by 7.67% to 590 DKK, reflecting investor concerns over the revenue miss and ongoing market volatility. The decline positions the stock closer to its 52-week low of 521 DKK, indicating a challenging period for the company in the eyes of investors.

Outlook & Guidance

Skarn Companies remains optimistic about the second half of the year, projecting a full-year EBITDA between 2.83 billion and 3.09 billion DKK. The company highlighted a solid order backlog and expects strong performance across segments, despite acknowledging one-off costs of approximately 100 million DKK. InvestingPro data shows a Fair Financial Health score of 2.22, with liquid assets exceeding short-term obligations, supporting the company’s positive outlook. Access the full Pro Research Report, available for 1,400+ top stocks, for deeper insights into Skarn’s financial position and growth potential.

Executive Commentary

Executives emphasized the company’s resilience amid market challenges. "We expect a very strong second half with continued volume growth," said a company presenter, indicating confidence in future performance. Another executive noted, "Companies have been more accustomed to how the situation really is now, new normal," suggesting an adaptation to current market conditions.

Risks and Challenges

• Market volatility remains a significant concern, impacting investor sentiment.
• Soft demand in automotive and construction segments could hinder growth.
• The potential Mobi transaction introduces uncertainty.
• One-off costs may affect short-term financial performance.
• Global economic conditions and supply chain disruptions pose ongoing risks.

Q&A

During the earnings call, analysts inquired about the company’s strategies to navigate market volatility and enhance efficiency. Skarn Companies responded by highlighting its focus on innovation and operational optimization, particularly in its BioMar and GPV divisions. Analysts also questioned the potential market share growth in China and Chile, to which the company expressed cautious optimism.

Full transcript - Schouw & Co. (SCHO) Q2 2025:

Company Presenter/Executive, Skarn Companies: Welcome to Skarn Companies second quarter presentation twenty ’25. I will take you through as usual all our companies first, give a little update on on the group at at last and then take you through each of the companies. We will open up for questions when, as usual, has been through the presentation. Looking at SCOAN company in general, we had yet another satisfactory quarter in a very turbulent and difficult market situation. Really has been that uncertainty still persists.

Intense competition has been all over the markets and we see this as the new normal for the time being. All our companies has they have really taken strong measures to mitigate and secure our long term expectations. Strong company’s top line was 2% down to DKK 8,500,000,000.0 in the quarter. EBITDA was as expected also down 4% to DKK $7.00 6,000,000. The quarter was impacted of several one off costs.

Our cash flow was again very strong and came out at $442,000,000. Our net interest bearing debts year on year is now down 1,300,000,000.0. GORN company continues the evaluation of a potential IPO of Biomar. We have now set a banking syndicate together. They have been established.

They are supposed to run the IPO if we are going to do it. It’s if we do it, it’s decided that it could happen in the 2026. But, of course, we have volatile markets and a lot of things is going on, but the intention is still to float and we are investigated how the value would be of that. From Biomar and then from Skohn Company and then on to Biomar, let me just correct and say, think I said the 2026 with the intended IPO is, of course, 2026. So on that note, let me just continue into Biomark.

Continue Biomark continued to perform very well and deliver on the decided volume strategy. Top line was down 1% to 970,000,000.00. However, volume increased 14% to 382,000 tonnes over the quarter, especially salmon and shrimp segments were building the volume for the quarter. EBITDA also as expected down 3% to SEK349 million. EBITDA was driven by sale of more standard products and of course also of taking new contracts.

We also had a one off gain from the acquisition of the Let’s See operation in Norway of million. The working capital in Biomar really were reduced significantly and is now down to DKK 1,700,000,000.0. Also very nice to see that our new tech segment really deliver strong growth, especially as the one company, AG1, delivered strong growth and solid profitability over the quarter and really looking also into exciting opportunities in future. Biomar expects a very strong second half with continued volume growth. Customer and contracts, they are in place for driving a strong 2025.

So the guidance for Biomar is narrow. Turnover now expected to be 16,300,000,000.0 to 17,000,000,000. EBITDA now in the range of 1,490,000,000.00 to 1,570,000,000.00. Of course, we have full focus on driving volume, getting the margins in place and also utilizing the very innovative platform and products that the BioMar they are having. So we expect a solid EBITDA maybe in the upper end of the range.

From Biomar moving on to GPV. GPV’s markets continued to be volatile. However, I think also we have seen the first signals of increased demand. Top line, as expected, a little bit down 2% to billion. However, EBITDA was up 8% to DKK155 million.

Here, we really saw a general effect from efficiency uplift and also good customer mix. GPV, they have been doing a lot of work on their footprint, the global footprint and supply chain, and we are now in the phase of finalizing a lot of these footprint decisions. We are relocating. We are rightsizing activities to improve efficiency, and we have also adjusted structure and staff accordingly. TPV, they are building on a very strong and promising sales pipeline.

Guidance is narrow top line now expected to be DKK 8,700,000,000.0 to DKK 9,200,000,000.0. Here also we will see and expect further one off costs to the rightsizing and footprint decisions of around DKK30 million. But including that, our EBITDA expect to be DKK600 million to DKK650 million for the year. So moving on to Heidraus Begma. HydroSpecma really continues their very positive development and delivers a very solid profitability.

Top line was up 5% in the quarter to $826,000,000. So a really strong and good development that was driven by our global OEM segment and also the Nordic IAM segment. We have especially experienced very good activity within two segments, defense and marine. EBITDA also came up 9% to 96,000,000 for the quarter. Here, we really benefited from strong commercial excellence and all the supply chain optimizations that we have been doing or HydroSpecma have been doing over some time.

Also here, we had one off cost to facilitate relocations. HydroSpecMath really plans for future growth. They are finalizing relocation to what we call best cost countries. They are consolidating our two Chinese factories into one, and they are pushing very hard to develop attractive segments. Guidance uplift based on Q1 and Q2, solid performance.

Top line now expected to be DKK 3,000,000,000 to DKK 3,200,000,000.0 and EBITDA around DKK $360,000,000 to DKK $390,000,000. This guidance includes one off costs of expected level of DKK 30,000,000 to DKK 35,000,000. Moving on from, hyperspectma into BAW Automotive where we see a totally different picture for that company. BAW continues to face very fierce competition and combined with a soft demand. Top line was down 11% to $484,000,000, and especially the brake caliper segment drove volumes down.

EBITDA, of course, also down 66% to 20,000,000. Here, we experienced general pressure on margins but also increased salary costs increasing quite a lot in Poland. Also, have to say we have taken over the quarter one off cost of CHF 11,000,000 compared to quarter two twenty twenty four, where we had a positive one off impact of CHF 10,000,000. So they have really planned strong mitigations to change the development. We have defined a new operating and strategic plan for the company.

We call it Refined for Future and expect this plan to drive EUR 100,000,000 profit uplift over the coming two years. A lot of things is going on, relocation, streamlining of footprint. We announced that we have acquired a company in Tunisia, best cost country, etcetera. We have a new management team in front to to really front that plan and drive it over the coming year. Is downgrading EBITDA also because of the plans and the cost combined with the Refined for Future plan.

So we had downgrade top line now expected to be 2,000,000,000 to 2,200,000,000.0 EBITDA around NOK 100,000,000 to NOK 130,000,000. In this guidance, we expect the one off cost to accommodate the Refined for Future plan of NOK 14,000,000. Moving on to Fibrotech’s Personal Care, they delivered better than expected. Top line decreased 13% to $426,000,000. Good to see that our European segment, European market really continues to be very stable.

Our U. S. Print business is doing very well. EBITDA, in spite of top line down, was up 7% to 48,000,000. Here, we saw a rather positive raw material development, but also had a gain from efficiency and good operational activities.

Fiat FiberTex Personal Care setting up for future. Our Asian market, as we have elaborated on several locations, it’s still challenged but slowly recovering. Maybe we are seeing some opportunities there. We are driving very hard on innovation and focusing niche markets in the Asian area. And we are building a platform for capacity utilization in Malaysia, especially because we are doing a lot of innovation and new product development.

Guidance uplift for Fibrotech’s Personal Care, top line expected to be NOK 1,500,000,000.0 to NOK 1,700,000,000.0 and EBITDA now 160 to 118,000,000,000. So in general, Fibrotech Personal Care developed more positive than we expected when we went into the year. Finalizing the the walkthrough of the companies with Fibrotech and non bones. Fibrotech and non bones finally see tailwind on The US markets that really had a positive impact on Fibrotracion and Rooms top line, however, down 3% to DKK581 million, but especially more or less driven everything by exchange rates. We see soft demand from large segments as auto and construction in Europe, but then we have this good development in U.

S. EBITDA down 2% to EUR 57,000,000. Positive here is that The U. S. Still build is in a buildup phase, but with a very solid profitability improvement and also looking good for future.

Margin mix a little bit different due to lower activity in some of the larger European segments. Finn is building on their capacity platform and also on the added value products. They are doing a lot of innovation and R and D. Large investments in production facilities is now set to deliver. We have a very attractive innovation pipeline and we see increasing demand from our global customers.

Full year guidance largely unchanged. Top line adjusted slightly to 200,000,000.0 to $2,400,000,000 and EBITDA maintained in the range of 200,000,000 to $230,000,000. So concluding on this company walkthrough looking at the guidance at large. Full year guidance narrowed despite volatility, uncertainties, a lot of things is going out there going on out there in the markets. But I think we have, from our management teams, done a lot to mitigate this uncertainty.

EBITDA now are expected to be DKK 2,830,000,000.00 to DKK 3,090,000,000.00. And in this guidance, we have included one off costs of around 100,000,000 to accommodate all the mitigation plans. Some key drivers for our positive outlook, we expect strong second half. We have solid order backlog that supports our guidance. And there we see and have contingency plans at hand in all our operating companies.

So, on that note, let me open up for questions. Emil, welcome.

Emil, Analyst: Taking the questions. I will, we’ll start with a broader question on the, the overall business environment. So similar to last quarter, you you highlighted uncertainty and volatility from the geopolitical situation. Maybe if you could start by providing some additional comments on how the customer demand buying patterns buying patterns have developed through q two in light of that? What what are customers telling you?

Are they taking a cautious stance in in some areas, or has sentiment actually improved as as certain areas have become more clear? Any color on that would be be useful.

Company Presenter/Executive, Skarn Companies: Yeah. Think, Emil, that as a caution has softened up a little bit in several of our companies. We see customers pushing more for orders, demanding more. But of course, things we are in a period where things are moved suddenly all by a sudden from one month to the other. But in general, we see that companies get more used to the volatility and say, okay, of course, we need to develop and continue and so on.

So I think or not think we see a little more positive outlook from some of our large global customers. Of course, they are concerned as usually, but I think also our backlog supports that we have a slightly more positive view on the world and on future. Maybe, as I said, companies have been more accustomed to how the situation really is now, new normal.

Emil, Analyst: Okay. And have you experienced any difference between large customers, small customers? Any any insight to that?

Company Presenter/Executive, Skarn Companies: Yeah. I I wouldn’t say so as of course, if you look at let’s just take HydroSpecma as example. There we see our smaller segments, industrial aftermarket customers in The Nordics, a little bit more positive. We also see some segments more positive as a defense, marine. Then in the fiber text and drones, we have seen the automotive segment, especially in Europe, being a little bit soft, but still asking in for for more more volume demanding more.

So so in in the broader picture, I I more see that people start or companies start to say, okay. We also need to to develop for future and get them more used to the situation now.

Emil, Analyst: Okay. Thank you. Moving on with a few questions on biomass. So Yeah. You reported fifth 14% volume growth year on year with double digit growth across all three segments, but but this was offset by lower raw material prices and and customer mix.

So Yep. Maybe looking at given the the strong biomass growth we have seen recently both in Norway and Chile, it provides a solid base for continued volume growth. So maybe if you could elaborate on your expectation for pricing and customer mix for the last two quarters. Will they continue to offset the potentially continued volume growth, or or how should we review that part?

Company Presenter/Executive, Skarn Companies: No. I think you should read it. As I also said, we have had and we elaborated also on that last year that we had a very, very strong 2024 with Biomar. Also, we had all the good things all things going in the good direction for us and so on. We also said maybe we have been a little bit too low on volume and and and we started up a volume strategy to utilize production efficiency more.

And we are pursuing on that strategy. We got the volume as we wanted. And then I think also I said that over the last two quarters, we have seen more moving into standard products and so on because biological situation, things like that has been good. We have we expect a very strong second half. You’ll also look at the figures and say, okay.

We need to deliver a strong second half, and we have volume. We have contracts. We have raw material positions to deliver on that.

Emil, Analyst: That’s very clear. Thank you. So so the mentioned effect from a from a customer mix with higher volumes toward large customers, Did that in in isolation have any impact on margins in in the quarter? And what or was that change in mix already anticipated? Because I asked because the narrowed full year guidance still implies the same midpoint EBITDA margins margin as in your previous guidance.

So is there any effect on margin from the change in customer mix in in the quarter?

Company Presenter/Executive, Skarn Companies: Yeah. Of course, we have seen a a little effect on auto. There there’s there’s a product mix effect that is difficult, of course, to put an exact figure on. There’s been the raw materials. Then, of course, also we have negotiated new contracts.

We have moved in some countries, let’s just take Ecuador’s example, into larger customers. We have discussed that over some years that we when we acquired our Ecuadorian business, we had a lot of small customers and we needed to move the business into having these larger customers. And that we, of course, see an effect of that we are into to to a larger customers, but also then risks are much lower. So it’s a combination.

Emil, Analyst: K. I’ll move on with a with a few questions on the GPV before I jump back in the in the line. So, you you have mentioned that demand remains soft but showing relative improvement versus q one. So should we view this as the start of the turning point you expect materializing in in the second half of the year? And and maybe if you could provide a a comment on current trading.

So has the improvement continued so far in in q three?

Company Presenter/Executive, Skarn Companies: What we have seen so far, yes, it has improved. It’s slowly step by step, but I think we are also saying here that we see the first signals of increasing demand. We see customers more positive future. Of course, a lot of things is still stop and go because what happens on the tariff side into The US and so on. But, yeah, we see slightly recovery and expect that to continue.

And we have a a very attractive pipeline, both new customers, but also with the projects from old customers that they really want to to put a put into action.

Emil, Analyst: Okay. And and by this time of the year, assume you have a a very good visibility on the order book for the remainder of of the year. So so how does the segment mix compared compared with a year ago? Are there any segments that is now weighting more in the overall mix you you can share some insights too?

Company Presenter/Executive, Skarn Companies: Yeah. To be honest, no. We we don’t see really that some segments are sticking out more than others. I have to say that our Chinese business is doing very, very well. We have a strong position in China into Chinese customers and into Chinese railway and other customers that have been doing super well.

But we still over the over across markets and customers, see this small first signals of positive, yeah, sentiment to say it like that.

Emil, Analyst: Okay. And the China effect, is that can that be related to the trade tensions? Or how how do No. You

Company Presenter/Executive, Skarn Companies: Not at all. It’s internally China. We have a strong market position also in China. Yeah.

Emil, Analyst: Perfect. Thank you very much. I will jump Thank back in the

Company Presenter/Executive, Skarn Companies: you very much, Min. Wei from SEB. Welcome.

Wei, Analyst, SEB: Hi, Wei from SEB. Thank you for taking my question. I have two questions, two one at a time. Firstly, I just want to follow-up on the BioMar EBITDA margin. I mean, the midpoint of the guidance range is indicating 9.1%, but you only delivered 7.5%.

If my calculation is correct, and then you probably need to do a around 10% EBITDA margin in the second half, which would be the historic high level or re historical record level. So what would be the the margin drivers on and and could you please elaborate a bit more? You have mentioned a bit in the in the previously.

Company Presenter/Executive, Skarn Companies: Yes. As the margin drivers volume running efficiency high, as I also said, we have we expect to and the need to deliver a strong second half and that’s also what we guide on. So volume will be a strong driver. Customer mix, of course, but also efficiency along the supply chain. You can move a lot more on into the logistics and things like that.

So it’s a combination of internally efficiency, our supplies change efficiency, and then of course also utilizing the raw material basket and mix to optimize on our recipes, which is very important also for Biomark.

Wei, Analyst, SEB: So is it fair to assume that you do expect an EBITDA margin for the second half could be more than 10%?

Company Presenter/Executive, Skarn Companies: We don’t comment on EBITDA margin so far. A lot of things will be going on. But of course, we need to drive volume, etcetera, and the guidance is based on these things.

Wei, Analyst, SEB: Okay. Fair enough. And then could you also comment a bit on the FX impacts in the second half given the big change in the U. S. Dollar?

BioMar has quite a lot of US dollar exposure. I know it’s not 100% neutral on EBITDA impact.

Company Presenter/Executive, Skarn Companies: We have not taken any significant adjustments into our guidance on US dollar.

Wei, Analyst, SEB: Do you expect any impact from currency change?

Company Presenter/Executive, Skarn Companies: Not really. Nope. We can hedge and mix and so on. So we don’t really expect any real exchange. Of course, things can go totally down, etcetera, but we we don’t expect that as we see it yet.

Wei, Analyst, SEB: Okay. Thank you. I’ll jump back to the Thank

Company Presenter/Executive, Skarn Companies: you very much. Welcome.

Klaus, Analyst: Thank you. Yeah. Also a few questions from my side. And this first question is a congratulations with a very positive trend within biomass network capital. Know this has been a many years long effort that is starting to pay off.

Do you see additional potential from this point?

Company Presenter/Executive, Skarn Companies: As to be honest, we we we really, keep focused on it, Klaus, and and and I think it really, in Biomar, it’s it’s a strong focus. And across the board in SCO, it has really, really put a lot of focus on it. And I think everyone really starts to see that, okay, if we continue to push and push and push, it will have effects. So, yeah, there will still be potential. But, of course, all you know, if activity levels are increasing and so on, then things will happen.

But we we push hard for it still. We’re not we’re not at the end.

Klaus, Analyst: Sounds good. Then secondly, the biomass product mix. You mentioned this move from a more specialty fee to more commodity fee due to the situation, I guess, especially in Norway. But I guess you’re also pushing the other way back as the profitability is better. So maybe could you put some more color to what do you expect especially in the second half?

Is it the same mix as you had last year’s second half? Or yes, that will help understanding the guidance a bit better.

Company Presenter/Executive, Skarn Companies: Yes. And so we of course, we always base, our our guidance on a normal year if we don’t see anything, exploding. So guidance now is based on a normal farming year, of course, you know, up and downs and some, but we we have not taken into to account that a lot of biological things would happen. We’re knocking wood on that also. So so it’s it’s it’s based on a normal farming year then with a good good volume, we see biomass quite attractive.

And then, of course, also running, as we have discussed many times, our commercial excellence, the way we go to market, the way we work with the customers to get them on more efficient diets and things like that. So that’s what we have been doing, Klaus.

Klaus, Analyst: Okay. Then moving to both. So this core adjustment you did in Q2, do you have you seen additional adjustments here in Q3? What should we expect for the second half that might be embedded in the guidance?

Company Presenter/Executive, Skarn Companies: Yes. We don’t see any not huge core regulations. But what you see is also we expect 40,000,001 offs to a lot of things going on. We already took 11 of these in June, and then we will relocate, we will close down, we will do a lot of things and and and and and also both relocate factories, but also relocate product groups and things like that. So that’s what’s in in the guidance.

Klaus, Analyst: Because this is will be my second question regarding both that you have minus 11,000,000 from the core adjustment, which I guess was not embedded in your guidance. And now you’re talking 30,000,000,000, 40,000,000,000 from restructuring costs, where the impact will probably mostly be for next year. And yet you are only, actually, downgrading your your your EBITDA guidance by this 50,000,000 $4,050,000,000. And we also talk about intensified pricing environment. So it quite quite impressive that it doesn’t hit your profitability more fearful.

Company Presenter/Executive, Skarn Companies: Yeah. But we will also and I think that’s a very relevant and good question. And of course, to be honest, has been also a concern we have been discussing a lot. But we see efficiency when we do these relocations, when we move. I think also you remember, Klaus, that we acquired this company in Tunisia where we are relocating a lot of products from other sites coming in with much lower cost base on that.

Our cost base in Poland really exploded last year, not because of bad efficiency, but because of minority wages in Poland from a law point of view should be increased. So it increased 30% and so so. So we are we we that’s what we are going to benefit from.

Klaus, Analyst: Okay. And then the the the last question goes to personal care. Yeah. You know, very surprisingly, I would say, at least for me, that you start to see improvement in in Asia. So what is actually driving that that improvement?

Company Presenter/Executive, Skarn Companies: Yeah. To be 100% clear, it’s not that we see things exploding in a positive direction in Asia, but we see small signs. Two things. One is that a lot of our our key customers, they really coming back knocking the door and saying, okay. Maybe we move too much too fast because you are a quality supplier.

You we can rely on you and so on. So we see a positive effect of being having been in the market for so many years and work with the the largest customers. That’s one thing. Other thing is that we are really into innovation, and we have a new product in in the making. We are not disclosing it 100% yet, but a very interesting new product.

We are running tests and trials on it, and hopefully, could really also change things in Asia. So that’s what we are on.

Klaus, Analyst: So these key customers are coming back. I guess you have lost the volumes for them, but they are realizing that they can’t be too price aggressive and using lower quality alternative as a, you know, way to to push down prices? Yeah. Think Or is this a volume gain you you you you’re

Company Presenter/Executive, Skarn Companies: Of course, there’s also a volume gain, but it is also this, that that sometimes, you know, things just happens too fast, then customers, they also have quality requirements, delivery, security, and a lot of things. So it’s a combination of many things we are seeing cloud. But I think, really, because we have been in the market for so many years, we we we feel small uptake on this. Yeah.

Klaus, Analyst: Okay. Great. That was all from my side. Thanks so much.

Company Presenter/Executive, Skarn Companies: Thank you, Klaus. Seems that there are no more yes. We have Emile. I can see. Yep.

Emile, you’re welcome.

Emil, Analyst: Yes. Just thank you. Just one last question from from my side on on Biomar. So just going back to the higher volumes, which is tilted towards last customers. I assume that’s part of your effort to recover volumes and potentially regain some market shares after a few years with with strong focus on profitability rather than than growth.

And can you confirm if you have regained some market share during the the first half of the year?

Company Presenter/Executive, Skarn Companies: We have I think we have stabilized our market share, and then we will see into second half that we will we will grow our market share, especially in China in Chile, sorry, we will see a market share uplift. So you’re right. And it has been a clear strategy now also to get more volume, not to go crazy on volume and then keep our commercial excellence focused when we get the volume. So we have learned a lot over the last years on how to handle larger contracts.

Emil, Analyst: Perfect. That’s clear. Thank you very much.

Company Presenter/Executive, Skarn Companies: Thank you very much, Minh. K. Now we see yeah. We have Klaus. Are you

Klaus, Analyst: Yeah. You did last one. Yeah. Of course. Movi.

Company Presenter/Executive, Skarn Companies: Yeah.

Klaus, Analyst: Any thoughts, comments, thinking around that potential transaction?

Company Presenter/Executive, Skarn Companies: As just very open and very frank, of course, Mobi is a a big big animal in the Norwegian market and and everyone in in salmon business feed, etcetera, of course, is looking into. We don’t we’re not disclosing anything. We the and and things has been not moving. So let’s see what happens. We are we are

Klaus, Analyst: looking at

Company Presenter/Executive, Skarn Companies: everyone else. So that’s, yeah, that’s where it is. There’s nothing new on on that to be very specific close. Yeah.

Klaus, Analyst: But does things move on, or it’s now just totally quiet?

Company Presenter/Executive, Skarn Companies: As I said from my chair, it’s it’s rather quiet. Yeah.

Klaus, Analyst: Okay. Yeah. Alright. That’s from was all from my side. Thanks.

Company Presenter/Executive, Skarn Companies: Okay, Claus. Thanks a lot. Okay. Now I think we don’t see any further questions. So thanks a lot to everyone for listening and and asking questions and good weekend from.

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