Earnings call transcript: Soiltech Q2 2025 revenue surges 61%, stock rises

Soiltech ASA reported a record high Q2 2025 revenue of NOK 112 million, marking a 61% increase year-on-year. The company also saw a significant rise in EBITDA and profit before tax. Following the earnings announcement, Soiltech’s stock price increased by 3.23% to NOK 64, reflecting positive investor sentiment. According to InvestingPro data, the company has demonstrated impressive momentum with a 34.78% year-to-date return, though it currently trades at levels suggesting weak profit margins.

Key Takeaways

• Soiltech achieved record Q2 revenue of NOK 112 million, up 61% year-on-year.
• EBITDA adjusted rose by 87% to NOK 26 million.
• Profit before tax increased to NOK 12 million from NOK 3 million in Q2 2024.
• Stock price rose by 3.23% following the earnings announcement.

Company Performance

Soiltech’s performance in Q2 2025 was marked by substantial growth, with revenue reaching NOK 112 million, a 61% increase compared to the same quarter last year. The company’s EBITDA adjusted grew by 87% to NOK 26 million, reflecting improved operational efficiency. The profit before tax also saw a notable rise to NOK 12 million, up from NOK 3 million in Q2 2024. Soiltech’s strategic focus on automation and digitalization in waste handling has contributed to its robust financial results.

Financial Highlights

• Revenue: NOK 112 million, up 61% year-on-year
• EBITDA adjusted: NOK 26 million, up 87% year-on-year
• EBITDA margin: 24%, up from 20% in Q2 2024
• Profit before tax: NOK 12 million, up from NOK 3 million in Q2 2024

Earnings vs. Forecast

The earnings call did not provide specific EPS figures, but the significant year-on-year revenue and profit growth indicate strong performance. The record revenue of NOK 112 million surpassed the revenue forecast of NOK 89 million, marking a substantial beat.

Market Reaction

Following the earnings announcement, Soiltech’s stock price rose by 3.23% to NOK 64. This increase reflects positive investor sentiment, driven by the company’s strong financial results and strategic initiatives. The stock is trading closer to its 52-week high of NOK 68, indicating confidence in Soiltech’s growth prospects. InvestingPro data shows analysts maintain a bullish stance, with a consensus target price of $7.24, suggesting potential upside. Get access to detailed valuation metrics and 12+ additional ProTips for Soiltech with an InvestingPro subscription.

Outlook & Guidance

Soiltech is targeting a long-term 50/50 revenue split between Norwegian and international markets, with continued growth expected in 2026. The company is exploring opportunities in the Middle East, including Saudi Arabia, and plans to allocate new investment loans primarily to its solid waste management business.

Executive Commentary

CEO Jan Erik Twertros emphasized Soiltech’s innovative approach: "We are the innovators. That’s what we get feedback from our clients." He also highlighted the high activity on the tendering side and the company’s strategic use of resources: "We want to use our money in a smart way."

Risks and Challenges

• Market Saturation: As Soiltech expands internationally, it may face challenges in penetrating new markets.
• Economic Conditions: Fluctuations in global economic conditions could impact demand for waste management services.
• Technological Advancements: Keeping pace with technological changes is crucial for maintaining competitive advantage.

Q&A

During the Q&A session, analysts inquired about the impact of AI implementation on workforce requirements. Soiltech noted that AI could reduce manning needs, aligning with its focus on automation. The company also discussed its tax loss carry-forward of NOK 125 million from a 2022 acquisition, which could provide future tax benefits.

Full transcript - Soiltech ASA (STECH) Q2 2025:

Nikolay, Moderator: Yes. Good morning all, and thank you for joining this presentation of Soltek second quarter results for 2025. Soltek announced a strong quarter this morning with strong performance across all key financial metrics. Presenting today will be Jan Erik Twertros, the company’s CEO, and joining him, Tove Wessel, the CFO. My name is Nikolay, and I will have the pleasure of moderating this session.

Please note that if you have any questions to the management, use the chat function at the bottom of the screen, and we will get back to them during the Q and A session after presentation. So with that said, I’ll leave the word over to you, Jan Erik and Tove.

Tove Wessel, CFO, Soltek: Good morning, everyone. Before we begin, I would like to remind all parties that some of the statements we will be making today are forward looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. Our comments today also include non IFRS financial measures. Additional details and reconciliations to the most directly comparable IFRS financial measures can be found on our second quarter press release, which is on our website.

With that, I will turn the call over to Jan Erik.

Jan Erik Twertros, CEO, Soltek: Thank you, Tova, and welcome everybody and thank you for listening in. We have a disclaimer, which is important to note. Then I think we can move on to the highlights. As Nikolay said, it’s correct. We had a very strong quarter.

We’re very happy for that. We’re getting very good reception from our clients on our technologies, which is very promising. And I feel that the market is strong. The outlook is good, so we have some very exciting times ahead of us. But now let’s let’s turn on to to this quarter.

Tori will go through in more details the numbers later on, but I’ll take you through some of the the the key, key, metrics here. The revenues, in the second quarter was a 112,000,000, which obviously is a record high. We have never been at those levels. We are have been at 86,000,000, which we were in last quarter. So this is a strong increase.

We had EBITDA adjusted of 26,000,000, and we had a profit before tax of DKK 12,000,000. I would say if I would have the options to have the that we’ve had a fantastic performance by by our team, by the people, you know, working in the field, offshore and also on the support team, onshore to handle this very high activity, really. And if you compare to last quarter, we’ve had an exceptional sequential growth. We had the growth of 30% in the revenues, 44% in EBITDA adjusted and also 71% increase in profit before tax compared to the last quarter. And these are significant numbers.

And when we’re having this kind of high activity, even in the growth company, you know, and we have experience have been experienced to having, a strong growth all long time, this was a little bit extraordinary. And it puts an extra toll on the field personnel and, in particular, on on those personnel that are, you know, can I say, specialists in in our company? So, obviously, when you have a high activity like this, they also incur high operating costs in the quarter in in absolute numbers. But I think the the the good thing here is that we expect these costs to go down in the next quarter once we are kind of normalizing, the level of operations. All load operation is expected to be high also in in the next quarters.

Something we have been focusing a lot on is the scale effects in in Soltech, and we managed to, demonstrate the scale effects in our onshore support team, the product managers and the ACSecure and other support organization by keeping the SG and A cost flat compared to, last quarter. And I think we’ll see very positive effects of this factor when we continue to grow our business. One other point which I will pinpoint now is the refinancing that we did now in the quarter and also expansion of the bank facilities. And we managed to do that, that we believe, attractive terms. Thore will go through this later on.

And the important thing about this is that this enable us to do investments ahead of time. We can say that we have to make speculative investments as we say, and we need to figure out where our clients, what what are the needs, and in order to position ourselves to take advantage of these market opportunities. And being a lean and mean company, we are able to act fast on the opportunities, which has always been good for us, and we see that are a lot of opportunities for for SORTEG going forward. We we do continue to invest in in our technologies, in new equipment, and because we see that there is continued growth potential and also in the personnel. We we have been able to recruit some very talented people lately in our of onshore off offshore operations with long long experience.

This is very important for us to continue to provide a good service because a good service is what we live off. You know, we we are not better than the last job that we did. And, also, onshore, we are we’re looking at increasing staff on the sales side and business development side, and I hope that we’ll be able to provide some good news and good names on that in not so far away. So let’s move on to the status of the operations. Yes.

Some of the operational highlights. Definitely, we have been focusing a lot in Salt Lake on on two projects lately, you know, the startup of the Barns and and Deep Sea Bolster. The startup there has been good. These projects are well underway. Across the line, we had 100% commercial uptime on all projects, which we are very happy with.

This is definitely our target. And, and then if there’s some interesting trends, if you compare, the kind of the segments, we see that, the fluid treatment, which is kind of where Socetix started out with, you know, cleaning water and and enabling the reuse of the water, it accounts for 50% of our revenues. While we’re seeing that, the solid waste management business, which is strategically important for us, is growing its share. So it’s not fifty fifty, but it’s, it’s coming up to 44% now, which and and we expect that although we’ll see that fluid treatment will increase continue to increase in absolute figures, the solar waste management business will probably go, above 50%, at some point. Looking at the geo markets, we we have a very strong position in in the Norwegian market.

It it accounts for 8% of our revenues. International is is doing the rest. We have a plan to increase our international activities going forward, so we expect that the the active international portion will will increase, for sure. We talked about, early on also on our short term transfer concept, which is really designed at tailor make projects for each project or each week. And this is something that has been very, very received by our clients.

And in this matter, we are focusing a lot on automation and digital digitalization on the waste handling, which is enabling our client with a higher drilling speed, which is important for them. Meaning, we can take care of higher volumes of cuttings, enabling them to drill faster, and also reducing the risk for accidents in the process. So we have a safer operations is key. And in the end, this reduces the operating cost for for the client. There’s also optimization of manning as as a part of the the cost element.

So that’s, that’s the operational highlights. Contract status, let’s go, through that one. We we’re very proud of the the contact stage that we have. We have a very solid counterparties. Definitely, when you’re in Norway, you like to have a a good relationship with Equinor.

We continue to deliver a lot of services to them on many projects, which is key for us. We also hope to to continue to increase the volume with Equinor under the long term framework we have with them, which is on 02/20 no. 02/2034. The system with them is that they have two year options going on. So, they they the contract is extended with, with the two years.

So now it’s on the fixed term is until, the second quarter, ’26, and then we expect this to be extended over in in the New Year. Other than that, we have fantastic relationship with Odfjell Drilling, with Noble Drilling, with Trans Ocean, Northern Ocean, and Shelf Drilling. So, with all of these companies, we continue to have, close communication with them, reuse to see, you know, highlights and not so many lowlights and how we can improve with them. This is the key to continue to to grow our business. And, obviously, we like to deliver the full portfolio to all of these clients.

So moving on to the next slide, we we in the international side, we have fortunate that we have long term contracts on the top here with Wintershall, Odfjell, and ONB, Pietro. We have shorter term contracts with the Brazilian Resolute. We still keep them in because we think there’s a chance that these rigs could could get back and have new contracts. They’re hot stacked, so, we think there could be an opportunity today for them to to come back. The Barnes project is very interesting.

It’s in the Black Sea. We have the full portfolio of services there, and this is a good way to demonstrate, to other clients the capability of Solta. So, having said that, I think, it’s time to turn a little bit closer to the numbers. So I’ll leave the word to you, Tove.

Tove Wessel, CFO, Soltek: Thank you. I’m very excited to take you through Soyrtec’s strong performance this quarter. We are very proud to report a record high Q2 with revenue of 112,000,000, up 61% year on year. The strong performance in the quarter was mainly driven by the start of operations of TransOcean Barrens and Deep Sea Volsda and high activity within project specific onshore waste handling. We categorized our services into segments with two of those accounting for approximately 94% of our total revenue this quarter.

Fluid treatment with the STT accounted for 50% of the revenue compared to NOK61 million in Q2 twenty twenty four. However, in absolute numbers, it increased from NOK42 million to NOK52 million. Solid waste handling stood for 44% of the revenue, a significant increase from NOK24 million in the same quarter last year. This is in line with our strategy to increase this business. Additionally, project specific onshore waste handling, which is a part of the solid waste handling segment accounted for 6% of our total revenue this quarter.

Please note that level of activity on onshore waste handling will vary from quarter to quarter. We see this as a market with future potential. Our strategic focus on growing the solid waste management business, while maintaining a strong position within fluid treatment is paying off. Moving on to the EBITDA adjusted, this came in with million, up 87% year on year. The adjusted EBITDA margin was 24%, up from 20% in Q2 twenty twenty four.

This is much due to the scale effects in the onshore support organization, as we managed to keep the SG and A cost flat, giving an SG and A margin of 14% compared to 17% in the same period in 2024. A strong growth in the revenue in the quarter has put an extra toll on our field personnel, leading to high operating costs as Jan Erik mentioned in the quarter. We have continued with recruitment and onboarding of field personnel during the quarter. However, overtime cost has occurred during the mobilization and startup of major projects, fast translation warrants and Deep Sea Volster. These extra costs are expected to go down in the next quarters.

We had a profit before tax in Q2 of NOK12 million, up from NOK3 million in Q2 twenty twenty four. Profit before tax margin was 11%, up from 4% in Q2 last year. This is a result of the high activity in the quarter. Moving on to the half year results, we achieved record high half year 2025 revenue of million, up 57% year on year. This increase was primarily driven by significant demand for our solid waste handling services, which accounts for most of this growth.

A strong EBITDA adjusted of NOK45 million, up 86% year on year with an EBITDA margin of 23%, up 4% year on year. The profit before tax was NOK19 million compared to NOK6 million in the same period in 2024. Now how has this growth in 2025 compared to historical numbers? We have included a couple of interesting graphs showing the strong development since 2019. Here you will see that the compound annual growth rate was 32% on the revenue over the last six years and 41% in EBITDA adjusted over the last six years.

If we now move on to the next slide, we have already covered the key numbers on the income statement, so we move on to the balance sheet. Our equity ratio remains strong at 41%. The reduction from Q1 is due to the inclusion of new financial lease agreements for investment in the cuttings transfer tanks on PSV. This was delivered in Q2 twenty twenty five. Now let’s look at some of the key financial metrics.

Earnings per share was 1.18 in the quarter and 1.84 year to date. Return on capital employed was 15 percent. When calculating the return on capital employed, we have taken operating profit, added adjustments, added merger and IPO costs, which happened in ’24. And then taken over the last twelve months, divided by total assets minus current liabilities. The net EBITDA ratio as the end of Q2 was 2.6, well within our covenants ratio.

In 2025, if we move over to the liquidity and the cash flow, we generated million of cash flow from operations. Cash outflow from investing activities was NOK28 million, mainly for investments in solid waste handling equipment. Cash flow from financing activities consisting of interest and installment was minus NOK11 million. We also have the drawdown on the loan facility of NOK10 million during the quarter. This gives a net cash flow in the period of zero.

Net interest bearing debt came to NOK212 million in Q2 compared to NOK163 million at the end of Q1. And the increase is mainly due to this new financial lease agreement for investments in the both transfer tanks. Now moving on to the refinancing of the debt facilities that was announced in June, July. I will take you through the main terms and conditions. And you can also see the table with all the details.

We have had a very competitive refinancing process, attracting strong interest from leading banks. Four banks participated in the final round. With this new facility from Sparbank to Sjernoge, we have a total facility of CHF411 million. Split in four facilities, three ordinary bank facilities and one leasing facility. The duration of the loan facilities is three years with a ten year repayment profile.

Previously, we had a seven year repayment profile. For the existing leasing agreement, we had a seven year repayment profile. We now got this extended with additional three years, meaning that for the last leasing agreements, we have up to ten years repayment profile. Also the margins we’re very satisfied with. The interest is three months Nebo plus 180 basis points, down from two fifty basis points on the existing agreements.

The leasing agreement is three months NEBO plus two twenty five basis points, down from three twenty five basis points. We see this refinancing and the process as a vote of confidence from the banks. Notably, there were only minor differences between all proposals that we received. Thank you for your attention. I will now hand it back to Jan Erik for discussion on the outlook.

Jan Erik Twertros, CEO, Soltek: Thank you, Trevor. Yeah. This is the this is the final final slide before we take a question. We touched upon the outlook in in in the previous presentation or or earlier in this presentation. The outlook is is very strong for for Soltek.

We are receiving fantastic feedback in the market, and we see that there is a high activity on on the tendering side. So to put it shortly, I’m very optimistic about the outlook, and I think that we will continue to gain market shares as we have done historically. The 30% sequential growth that we saw in this quarter, of course, underpins the strength of our business model. So we’re very happy to see that. And we also expect that activity levels to be high in in the February ’25, although maybe at the somewhat lower level than q two, primarily due to that the transition between contracts and also that we had, high onshore waste, managed waste handling costs income, in the second quarter.

And this will vary from quarter to quarter. But the market strong market drivers remain intact, and the outlook for 2026 and beyond is very strong, highly positive. If you look at the markets, Norway, the Norwegian market is very robust. We see that, there is a strong demand for our solutions. We think, we’ll be able to grow our business, in Norway by focusing on selling in our services, across the projects that we have.

International, there is definitely, demands, increasing demand for for cost effective, sustainable waste management solutions. And this is driven not only by tighter regulations, but also that this can contribute to lower cost. So we we we we are in in dialogue with the clients also in in the and other clients also in the international side. We are going to focus we’re gonna have a targeted growth, and we’d like to focus on the markets where we see that the time to market is short and that we see is is a market where where clients are willing to pay for our services. So you need to prioritize the markets that you’re going into, and we are in that phase now.

But all in all, Outlook is very, very good. Thank you.

Nikolay, Moderator: All right. That concludes the presentation of the results, and we’ll now move over to the q and a session. As a reminder, if you have any questions, post them through the q and a chat function, and we will try to cover as many as possible. So starting off, I think it’s a question directed to towards you, Tove. Are there any tax losses within the Soltec Group that can be carried forward and used against future profits before tax?

If so, how much? You’re on mute, Tove.

Tove Wessel, CFO, Soltek: We have two sources actually coming from the for loss carry forward. We have not, let’s say, have any losses that has that has accumulated, but we have done one acquisition in 2022 of Sovota. There, there was a loss carryforward of NOK125 million. This is recognized in the accounting books. As of now, the remaining of that is approximately 100.

Also, we did a merger with Ocean Team last year. They also had a huge loss carryforward of 1,600,000.0. Out of the prudent principle according to IFRS, this is not recognized in the accounting books, but it is recognized in the textbooks.

Nikolay, Moderator: Alright. Very good. Moving on. I think this is best directed towards you, Jan Erik. Can future development and implementation of AI in the company services decrease the demand for increasing demand power in the company?

Jan Erik Twertros, CEO, Soltek: I think the answer to that is definitely yes. This is something that we, it’s on high on our priority list. We are working with the the concept, smart transfer, which includes remote operations, and we have already implemented that system on one rig, Transocean Barns for Transocean, who’s working for Equinor. And we’re also looking into other projects where we can implement that. And as we said, we can see that there are first of all, we are in the phase where we are now.

We are managing the operations on Spieslag and from the operations room on the rig. So meaning when we do the waste, handling on that rig, we are able to monitor all the waste streams on the rig and all we are weighing all the cuttings, for example, before they go into the tanks and after they go into the tanks and when it’s being offloaded. So, instead of having physical inspections, we get all the signals, into us. And we’ve seen that, by doing that, we have been able to reduce the manning involved in the process with 50%. But also, are able to monitor to have have much more data on maintenance and effectiveness, which is also is is valuable for us and for clients.

So I think, definitely, that’s something if you wanna stay competitive, you need to involve AI and remote control systems in your operations.

Tove Wessel, CFO, Soltek: Just a small adjustment. This was on TransOcean Spitzweig and not Pansocean Vaas?

Jan Erik Twertros, CEO, Soltek: Yeah. Correct.

Nikolay, Moderator: Alright. Yep. Very good. So here is a question in multiple parts. I believe it’s best directed towards you again, Jan Erik.

How do you see possibilities for contract opportunities in international markets in general? Can we expect contracts in The Middle East? And do you think future growth will come internationally? Or should we expect that North Sea will be the main market for you in the foreseeable future?

Jan Erik Twertros, CEO, Soltek: I think to answer the last part first, I think that we’ll be that we have we are in a strong growth path, you know, in in Norway and Europe. But I think longer term, we’ll see that, we’ll probably have, in my head, like, fifty fifty international and and, and Norway. And then even longer term, it’ll be more international than we have in Norway. So that’s our target. We see a lot of opportunities internationally.

We had so strong growth, I mean, with critical projects in Norway that we have focused a lot on Norway to make sure that we have a good performance. But now we’re starting to see opportunities. Middle East, as mentioned, yes, we have an ambition to take our part of that market. We are still in the process in selected markets down there, including Saudi. These are projects that are taking some time, but we have we’re already well into these processes.

So the ambition is clearly that we will be able to you know, announce activities in in The Middle East. And yes. So I think you need to look at Soltek as as a global company while we need to recognize that we are just starting now. I think now we have some we have reached a kind of a critical stage. We we are, you know, accepted by by our clients.

We have a name. You know, we have had the branding of Salt Lake. So we’re getting a lot of good feedback. We are getting interest from from the clients. And like I said in the beginning, the key is to focus on areas where which are profitable, you know, and which the lead times are shorter.

So so that’s our focus. And we wanna make or use our money in a smart way. So we we we’ll we’re looking at at certain markets. I don’t wanna go in in detail other than Middle East, and and then we hope fully that we will be able to deploy the contacts, you know, whether during ’26 in in these markets.

Nikolay, Moderator: Alright. Very well. A tax a tax question. So, Tove, directed at you. Is it fair to say that due to the large investments made, the effective tax rate will be less than 22% used based on the use of declining balance method?

Tove Wessel, CFO, Soltek: I can I agree to that?

Nikolay, Moderator: Alright. And then over to contracts, also, Deep Sea Antai and Noble Resolute expired in the second quarter. What is the turnover related to these contracts?

Jan Erik Twertros, CEO, Soltek: Can I just say before Tor answers that that, you know, Ursula Bank’s share is is expired temporarily because they are going to electrify the platform? So, there will be no drilling activities for one year. So we expect to come back, you know, once this process is is start finished. You know? And then for the other, as I said in the beginning, we these things are are stacked, but we hope that they get the contact, and then we believe that we’ll be on board again.

So over to you, Thore, if you can say something about the the total volumes of this.

Tove Wessel, CFO, Soltek: I’m not sure if we want to go into specific numbers, but if you can repeat the question again, Nikolay.

Nikolay, Moderator: Yeah. Sure. Contracts also concerned, Ypsi Yantai and Noble Resolute expired in the second quarter. What is the turnover related to these contracts?

Jan Erik Twertros, CEO, Soltek: Maybe we can we can say something about approximate numbers on the total revenues in in combined total.

Tove Wessel, CFO, Soltek: Yeah. I can overall, I would say that a monthly revenue of approximately 2 ish million for those three.

Nikolay, Moderator: Per in total or per contract?

Tove Wessel, CFO, Soltek: In total.

Nikolay, Moderator: In total. Okay.

Tove Wessel, CFO, Soltek: Yeah. Two plus, a little bit plus maybe. Yeah.

Nikolay, Moderator: Perfect. Thank you. So next question regarding the new 150,000,000 investment loan facility, have you made any initial plans for how to allocate funds?

Jan Erik Twertros, CEO, Soltek: Yes, we have. And I think that we’ll see that currently most of that will be going into the solid waste management business.

Nikolay, Moderator: Okay. Thank you. Perfect. And then there are two questions, more general questions related to to business strategy. So how do you think about scaling the business, and what is your approach to achieving that?

How do you and how do you view M and A as part of your growth strategy?

Jan Erik Twertros, CEO, Soltek: Regarding M and A, we are seeing currently so many growth opportunities in our business. So that I think the priority will be to grow organically going forward. I think when it comes to international attempts and scalability, this is definitely something I think we were able to do. We we we we have a kind of, if you look at at, Norway, we’ll always be kind of the the core team of specialists. And then you wanna when you do go international, you wanna do it in in a smart way so that you don’t add on on, you can say, administrative resources too much.

So I think we we’ve seen that even on the projects we’ve had so far now, we we had the model where we have very little overhead, you know, outside of Norway. And we have some field personnel outside, but very limited. So we we have established a a very lean model when it come to internationalization. I think, for example, if you look at Middle East, if we get, traction on larger volumes, we’ll definitely have a, kind of, say, a country presence in in that region, you know, that we can, that can organize the local business. But I see that we have made huge investments in strong capacity human wise and and equipment wise in in Norway.

So I think that, we we we see that there will be I personally believe there will be strong scale scaling effects while going international.

Nikolay, Moderator: Alright. Great. And then, there is a final question. And, just a reminder, if you have any questions, to the management, please just post them through the q and a chat function, and I will, I will, read them out loud. And then for the final question here, looking ahead to 2026, how do you expect growth to compare with 2025?

Do you see a similar trajectory or something more moderate or higher growth? Or

Jan Erik Twertros, CEO, Soltek: Well, it’s a good question. We see that it will continue to be a growth going forward. We said historically that we believe that our target is to kind of have a 20% growth, you know, each year. I think we we had this year, we will have a growth, maybe, I don’t know, around 35 or something percent, which is on a high base, which is it’s a very good number. So, I don’t want to go into details on on numbers.

You have to look into the crystal ball, and it of course, it’s a good point point really that the quality the the for quarter to quarter, the revenue and the value, you know, will vary, you know, a little bit, but the trend is is definitely increasing. And I believe that when when we have a a stronger base now, a stronger client base and and, you know, also a a a full complete service base, that would give us opportunities to see good growth in ’26 and beyond.

Nikolay, Moderator: Perfect, Jan Erik. Thank you. So I think we reached the end of the questions, and I just want to say thank you all for contributing. And thank you for letting us host your quarterly presentation. And with that, I’ll leave the word back to you, Jan Erik, for some concluding remarks.

Jan Erik Twertros, CEO, Soltek: Thank you for for hosting this this presentation. I we I think it it was good. Thanks for all the questions. You know, thanks for for attending, and I can just summarize by saying that, you know, we’re very excited about all the opportunities that that we see, in particular with the the feedback that we we we’re getting from our clients. And I feel that SORTECH, by being a specialized waste management company, we are making a difference.

We are the innovators. That’s what we get feedback from our clients. That’s what they like, and we will continue to be in innovative. And I think by by that way, we’ll also be able to create values for our shareholders. So that is my concluding remark here.

Nikolay, Moderator: Alright. Perfect. I think we’ll end it there then. Thank you all.

Jan Erik Twertros, CEO, Soltek: Thank you.

Tove Wessel, CFO, Soltek: Bye.

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