Good afternoon, everyone, and a warm welcome to this September 2026 investor presentation for Hemnet Group on the back of this morning's announcements. My name is Jonas Gustafsson, and I am the Group CEO of Hemnet. With me here on my side at our headquarters in Stockholm, I have our Chief Financial Officer, Peter Messner, and our Head of Investor Relations, Ludvig Segelmark. During today's session, we will go through the presentation that was attached to this morning's press release and published on our website. After the presentation, there will be opportunities to ask questions during a Q&A session. Today's presentation will be moderated by our operator, so please follow the operator's instructions to ask questions through the provided dial-in details. With that, let's get started. We can skip the agenda and go straight to today's announcement on slide four, please. This morning, we announced that we are taking decisive steps to reinforce our market position and build a stronger Hemnet going forward. The strategic plan contains a number of levers, so let's break those down into different components. Number one and first of all, we are introducing free entry-level listings formats to gather the complete public market inventory into a single user-centered search experience on Hemnet. We are also simplifying and improving the paid package structure. Number two and secondly, we are updating our compensation model for real estate agent offices, introducing a simplified and more predictable structure for commission that focus on paid listing conversion. Number three and thirdly, we are streamlining our operations to build a faster, leaner and more agile Hemnet. This is expected to yield annualized cost savings of approximately SEK 80 million-SEK 85 million. We will break down all these different components separately in today's session. Let's start by providing a bit of background and context. Please move to slide six. First of all, Hemnet is uniquely positioned in the Swedish property market. We have superior traffic and superior reach compared to our competitors, and we are bigger than number two in the market. This is a market and brand position that we built over the last 25 years. Our market position also means that we have access to more and better data than anyone else in the market, on which we are able to build an even stronger platform going forward, not at least through the use of AI. We have also a unique position in the market, thanks to our agent relationships. Hemnet was founded by a real estate agent more than 25 years ago, and we continue to engage and work with the real estate agent community in Sweden every single day. Most of all, Hemnet has a platform that works. Sellers and agents all know that if you want to sell a property in Sweden, buying a Hemnet ad is the most effective way to do it. With that said, let's turn to slide seven, please. The Swedish property market has changed in the past years, and Hemnet needs to adapt with it. We have seen new market dynamics with longer sales cycles and weak price development. This has caused more sellers to sell before they buy, rather than the opposite way around. This has driven new consumer behaviors where more properties are sold earlier in the sales cycle and before they reach Hemnet. Meanwhile, competing platforms have gained traction by presenting a more holistic view of the market. In addition, new technology is effectively changing the way we work and enabling us to bring more and better products to our user in a much faster way. Next slide, please. So again, while our core model remains strong, it is also clear that the market has changed. Our ambition is that Hemnet should be a part of every step of the journey for every property transaction. A key part of that is having all relevant listings on our platform. That takes us to the next slide. With the number one traffic position and exceptional brand awareness, Hemnet has an unmatched position in the Swedish property search. However, our core value proposition relies on gathering all buyers and sellers in one marketplace, providing a complete overview for the entire market. We recognize that this has not been the case currently, and that the market has evolved faster than we have adapted. We are now taking decisive action to address this. Going forward, Hemnet will aim to have all publicly available listings from the beginning of the transaction life cycle. In this expanded ecosystem of free and paid listings, standing out becomes even more valuable, and Hemnet's paid packages will remain the natural choice for sellers seeking to maximize exposure, higher bidding activity, and the best possible sales outcome. By combining audience leadership with supply leadership, we are strengthening our platform to create an unrivaled user experience for buyers, sellers, and real estate agents. Now, let us dive into what that looks like in practice. Can we please move to slide number 11? We are expanding our platform to gather all publicly available listings into a single unified search experience. We are doing that by introducing two new entry-level listing formats, a free entry-level option for real estate agents paired with automatically aggregated listings. In practice, this means that all publicly available listings will be made available on Hemnet going forward. With all listings available on Hemnet, we reinforce our position as Sweden's leading property portal, simplifying the search process for home seekers while maximizing visibility for sellers and agents. In connection with the launch, we are also simplifying and strengthening our package structure, where Hemnet Bas will replace Hemnet Plus, incorporating all features and visible of Plus into Bas at a Bas price point. The product design is steered to balance value with clear upgrade incentives for high intent sellers and agents to reduce paid listing cannibalization over time. Just as today, upgrading to a paid marketing package will remain the most effective way to reach Hemnet's full buyer audience, create maximum interest, and ensure a successful transaction. Next slide, please. So what does this mean for our platform? First, we are moving to have approximately 55% of all published listing at the given time to aiming to have all publicly available listings on Hemnet. This will mean that we will move from being the number one platform in Sweden on traffic and reach to being the number one property platform of traffic, reach, and supply. We will continue to focus on high intent sellers and by becoming the single source platform for all new properties that come to the market with high intent sellers prioritized. We increase the value of our paid listing packages. Over time, our ambition is to build the world's best property platform. Hemnet has a unique market position and a business model in an international context, and with the update that is announced to date, we are taking steps to significantly improve the product. Going forward, we will be even better positioned to take more product innovation to the market and further improve the user experience at a much more rapid pace. With the new model, we create even stronger alignment with real estate agents and remove all barriers to list on Hemnet from day one. We are also strengthening our platform for all advertisement partners and ensuring that we become an even stronger platform with growing reach and impressions. Let's turn to slide 13, please. Hemnet will continue to offer differentiated paid packages for sellers on the platform with clear upgrade incentives. Already on the platform today, we see an incredibly strong demand for our paid listing packages with more than 75% of our sellers choosing to upgrade their listings to bigger, more value-adding packages. By becoming a single source platform for all the new properties that come to the market, we will further increase the value of our paid listing packages for both sellers and buyers. Paid listings will rank the highest in search results, have larger and more photos, and improve visibility on the platform, which increases the chances of a successful outcome with a higher price and a shorter selling time. Paid listings will also have richer details and more functionalities, both on the seller and the buyer side. For agents, a paid listing will also give more visibility for the agent, driving more seller leads. Maintaining and even increasing the value of our paid listing is of the highest importance for us, and we will monitor user behavior to ensure that we continue to see a strong conversion to bigger packages going forward. Slide 14, please. With all publicly available listings on Hemnet, we reinforce our position as Sweden's number one property portal. With this move, we will be able to increase the number of listings available on Hemnet by more than 70%. By reinforcing our position as the number one place for buyers, sellers, and agents, we are in a better position to drive continued growth with a superior product across the full property life cycle. With more listings on the platform, we will have direct relationship with significantly more sellers across the sales cycle, enabling for upselling of value-adding services across the seller journey. Further strengthening the value on our platform by increasing both total eyeballs and the number of objects will strengthen the value of our paid listings and present further ARPA growth drivers over time. Growing traffic and engagement on Hemnet is also a key driver of B2B revenues, as impression is the main currency for display sales, and we know that there is a strong relationship between the number of listings on the platform and the number of sessions and in turn, impressions that we can generate for our partners. Lastly, as we strengthen our network effects and reaffirm our position, we can continue to build out our new features and expand our value proposition to cover the full property life cycle. With that, let's move to the compensation model on slide 16, and I will hand over to Peter Messner. Thank you, Jonas, and good afternoon also from my end. As announced today, we are also updating and simplifying our compensation model to real estate agent firms to be fully aligned with the newly introduced listing structure. The new model has a simple and clean structure. Every agent recommendation that leads to paid package will account for a commission, and that is new, including the Hemnet Bas package. We have kept the basic administration fee untouched, which means that all agents will be compensated at a fixed SEK 600 administration fee per published paid listing as before. In total, that means that agents will have better incentives to recommend the best possible package for every seller, given a basic admin fee when no recommendation is given, and a commission for every recommendation that leads to paid package. Finally, we will introduce a cap of SEK 4,000, including the admin fee per published paid listing and agent compensation, to enable for a sustainable compensation model over time. Let's take a closer look on the next slide for how the model works. As a start, for real estate agent offices that have a general cooperation agreement with Hemnet in place, each public paid listing will generate a SEK 600 administration fee in the same way as it does today. In addition, the new compensation model will generate a commission of either 20% or 30% of revenue generated per paid listing, depending on the chosen package and subject to an agent recommendation for a paid package. Per published paid listing, there is a SEK 4,000 commission cap, including the admin fee, to ensure the model is sustainable in the long term. What's the total effective compensation that Hemnet can expect from the new model? Well, that of course depends on the conversion to the various paid listing packages and the share of agents that recommend those various packages. With that, let's turn to slide 19 and the final component of today's announcement, which is the organizational streamlining. What we announced today is a streamlining of our operations to build a faster, leaner, and more agile organization in order to unlock further growth potential and to support this new strategic phase for the company. By streamlining operations, modernizing workflows, and shortening decision paths, Hemnet will be better positioned to accelerate product innovation and ultimately improve the customer experience of our offering. The restructuring program is estimated to deliver annualized savings of between SEK 80 million- SEK 85 million as compared to the expenses run rate as of the second quarter of 2026, with full run rate effect on costs expected during first half of 2027. The program is expected to reduce the number of employees from 184 at the end of the second quarter 2026 to roughly 115 employees. Taking into account natural attrition and the phase-out of consultants, which happened now during the third quarter, approximately 50 employees are expected to be directly affected. Kindly note that all these changes are subject to customer trade union negotiations. We expect one-time restructuring charges of SEK 30 million-SEK 35 million, which will be recognized as an item affecting comparability on the Group's income statement now in the fourth quarter 2026. While this is obviously a very tough decision to take, in particular as it means parting ways with highly valued and talented colleagues, it is a responsible step to ensure Hemnet has the speed, agility, and focus required to continue investing in product innovation and customer value. With that, let's move to slide 21. I hand back to Jonas for a summary of today's session. Thanks a lot, Peter. To wrap it up and to summarize. First of all, we take bold and decisive steps to restore Hemnet as the most efficient and powerful property platform for buyers, sellers, and agents. Number two, we strengthen our market position through a superior combination of traffic leadership and listing supply leadership. Number three, we roll out the new, simplified, and more sustainable compensation model that is better aligned with Hemnet's new listing structure. Number four, we streamline our operations to build a faster, leaner, and more agile organization that is better positioned to accelerate product innovation and improve customer experience. All in all, today's announcement and the measures we are taking mean that Hemnet will reinforce its position as Sweden's number one property portal while unlocking growth opportunities for many years to come. With that, we conclude our presentation. We will open up for questions. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Georg Attling from Pareto Securities. Please go ahead. Good afternoon, both of you. I have a couple of questions, if I may. Starting with the penetration of free listings and your expectations here. I am sure you have done the scenario analysis. Wondering of your base case for how many of the listings will be free, please. I'll take that one. Good morning. Good afternoon, Georg Attling. We are launching a completely new product. We have various tools to ensure that we maintain a high paid listing penetration, and the most obvious one is what Peter referred to and spoke about. We are changing the compensation model in a way to ensure that paid listing becomes the number one component and the number one incentive. Second to that, when we launch this new product, we will obviously monitor this in real time, and there is a lot of different components that we can ensure to change and adopt given the development. I think that is the sort of the short-term answer. If you take a more longer-term view, it is obvious for us that with the changes that we are doing today, we will get more traffic, we will get higher audience. The actual value to differentiate in a more crowded marketplace and a more crowded property portal becomes even more important. I think that is how we resonate around it. Okay. And just on how these free listings will look, is it a good starting point to look at the under the radar listing? They are also free to just get a feel for how it will look on the platform, or will it be different? Basically, essentially, what we are launching, Georg, is two different free alternatives. You will have the ones where agent has the opportunity to upload as there. They will be stronger than the aggregated listings. The aggregated listings would have limited information and one picture, whereas a free uploaded listing will come with more pictures and slightly more content. It is clear to us, and that is why I think the comparison to OnTheMarket is not 100% fair. I think the clear distinction is that the level between a paid and a non-paid listing. But there is a clear ladder driven from where you start from the bottom, which would be the aggregated listings. But we have a strong belief that the free uploaded listings will take a quite large share compared to that. Whereas, the importance of differentiating and having paid listings remains very strong. Okay. That is clear. Just a final question on the commission cap. So if that cap had been in place over the last 12 months, how much lower would the effective commission rate have been? It will be just slightly lower if everything else would be equal. That is just a modeling question, which I fully understand from you, Georg. The key item, however, is if you think forward and what Jonas indicated and what we said now during the session is, this is not an exercise to lower the commission. The exercise here is to align the commission model with the change in the listing structure and to have a very clear incentive for all the agents out there to recommend paid packages. With that, it is absolutely possible, and that is what we would like to see, that agents actually earn more. So there is not necessarily in the mid to long term any effect on that effective commission model. But if, based on your question, you apply the same model and simply the effect of the cap on the last 12 months, then you would end up slightly below that. Okay. Bottom line here, I guess, is that your hope is that commission comes up as a share of paid listings. Because that means the penetration is high, right? Yeah, that would mean the penetration is higher. What we are saying, and you can easily calculate, not easily, maybe you can calculate from a cap perspective, but the point is that what we want to incentivize here is a clear behavior to recommend paid packages. That can drive the compensation in real terms, in absolute terms for agents upwards as compared to today, in particular, because the Bas package is now part of the recommendation that also allows for a commission. In absolute terms, we could end up in a very slightly higher commission than today, but that is rather theoretical than practical. Your long-term view should probably be that you are in the same area of a commission, of an effective commission model than we are today. Okay. That is clear. Thank you. Thanks, Georg. Thank you. The next question comes from Marcus Diebel from JPM. Please go ahead. Hi, everyone. You're clearly approaching to tackle the USP competitor. My question is how you actually want to make sure that the free listings that you're getting will eventually also transform into paid listings. What are the measurements and what are the early hopes for this? Is it just about getting about 45% of the free listings and making sure that the traffic comes to your side? Or do you have something in place that you also think these free listings will turn? Because the experience so far has been slightly different. That would be my question, how you drive this. You kind of answered this in terms of cannibalization. You don't expect current paid listings or the share of paid listings to cannibalize and go down as a result. Just to clarify. Hi, Marcus. On the first one, I think in a marketplace and in a property portal where we will get more listings, I think the key component here is that the need for differentiating becomes even more important. I would go back to the core beliefs on Hemnet. When you are selling your property, it's the largest private transaction that you typically do in life. Ensuring that you maximize the value, ensuring that you reduce the lead time to the largest extent that you can holds true very much to this. Because the way our product features in the different packages, whether it's free or whether it's paid, is that the paid packages will have a superior ranking and a better product experience. Meaning that the rationale to invest basically stays strong. In terms of cannibalization, what we're seeing is that in terms of potential impact, this is something we're launching the product here now in a couple of weeks' time. We're confident that we have a number of different tools to impact a potential cannibalization, and we can steer it in real time. I think one thing that I'm 100% convinced of is that the product that we will launch on day two will not look exactly the same on day two. This is all about optimizing as we roll it out, and ensuring that we get to the right level. Hopefully, that's helpful, Marcus. Yeah. Okay. Yeah. Thank you. The next question comes from Eirik Rafdal from DNB Carnegie. Please go ahead. Yes. Hi, guys. Thanks for taking my questions. I have got a couple, so I will do them one at a time, if that is okay. If we look at the, you can call it the scraping functionality or the aggregated listings, will you do this from day one, or will you allow the agents a grace period to get free listings which are controlled by them onto the site? If you are not planning to plug the inventory gap from day one, how long do you expect it to take? That is my first question. Simple answer on your first question, Eirik. We are planning to get all the listings by day one. We are planning not only to close the gap, but also ensure that we have more listings than our competitors on day one. That is very clear. Thanks. Second question, also on the free tier. How easy or hard is it for the brokers to control that free listing? Is that done in the same publication platform as regular Hemnet listings are handled? Also quite a straightforward answer, Eirik, on your second question. It will be the same publication flow. We will use the same platform. The key for us here is that obviously, and why we would benefit from having uploaded free listings, is that when the agent is uploading a free listing, we would obviously get a digital relationship, meaning that from that second, we could also start poking the customer and ensure that we can drive upsell. That is also why the free uploaded listing comes with benefits from our perspective, compared to a potentially aggregated listings where you wouldn't have the same sort of digital relationship. Yep. That makes a ton of sense. Thanks. Also, sorry, just two more questions. Can you just run through the ad renewal feature and how this will look on a free listing controlled by agents? A free listing and a Bas listing? Eirik, could you please repeat that question? You dropped out a bit. Yeah, sorry. On ad renewal, or free renewal, which has been a tremendous success for at least Premium, how will this, you can say free renewal or just renewal functionality or feature work on the different tiers going forward? When we roll it out, per your point, there is an included renewal feature in our Hemnet Premium and in our Hemnet Max listings. That will remain the same. The new Bas listing will not have that specific renewal feature. There's no differences compared to today. And obviously, the renewed Hemnet Premium and Hemnet Max listings would be premiering free listings. That's the entire sorting flow that I think we laid out in the presentation. The renewal feature will remain the same, and a strong USP for our higher tier packages. That's very clear. And just one last one from me, and I'll jump back in the queue. If you plug the volume differential from day one, at least in our book, this becomes kind of an engagement game. What are your plans for product innovation, UX updates, app improvements, and how does that resonate with the cost out that you're planning for now? We have a lot of things that we're going to do in terms of UX and in terms of product innovation. I don't want to go into too much specific details on those things, but we have very ambitious plans. In terms of the organizational streamlining that we're doing, one thing that is very clear and that has become very clear over the past 18 months is that AI is a super powerful tool to improve productivity. I think if we look back at this, and I know I've been mentioning these numbers a few times in the past as well, but if we look at the code that we generated in December 2025, roughly 20% was enabled by an AI. That is closer to 90%, so nine zero, today. I think that significant leap that we've taken in leveraging AI will ensure that we can continue to drive product innovation to a large extent. Then in terms of UI and UX, I think there's quite some work to be done also by removing certain things to simplify the user experience that we would benefit from. I feel confident that we will continue to drive and even accelerate that development. That's great. Thanks for taking my questions. I guess I'll jump back in the queue. Thanks, Eirik. The next question comes from Yulia Kazakovtseva from UBS. Please go ahead. Yes. Hi, everyone, and thank you for my questions. This is Yulia from UBS. I have a couple of questions if that's okay. My first one would be on the new compensation model, which now assumes a SEK 4,000 cap per listing. How sensitive you think is the penetration of Premium and Max packages could be as a result of this cap introduction? Or in other words, based on, I presume you've done some preliminary communications interactions with agents, do you think that the cap may actually lead to a decreased proportion of Premium in the mix going forward and potentially maybe limit Max penetration? My second question would be on savings, which you expect in Q4. If you have those calculations, that would be great if you could share with us. Peter, you want to take both those questions? Yes, I can take those. Hi, Yulia. Nice to meet you here on the call. On the compensation model and the capping and that impact in particularly on Premium. It's a lot of theoretical questions that you have. What can happen, in what way, and how can it impact that? I think the way how we think around this is the key is that we want to drive, as I mentioned earlier on a related question, we want to drive behavior and therefore compensate the right behavior to really market and recommend paid packages. That is the key. If we take a look at the current data where you understand our Premium package is a very strong package in the overall mix, we wouldn't expect a change or any significant impact just because of having a cap in the overall compensation model. Because ultimately, the key also for an agent is not what is the commission necessarily in absolute terms that is coming back. What is the right thing to recommend to the seller of the property in order to make the best possible deal? So that is always the most important question here, and that is not affected at all. The second item here is in terms of that mix. We are simplifying the structure of all the paid packages by taking away the fourth item in the current structure, which is the Plus package, or it's the second-largest package after Bas and just below Premium and then Max. By that, upgrading the Bas package with that functionality and value of the previous Plus package at the price point of the Bas package. That is a major upgrade for Bas that in particular will help the overall conversion from not paid to paid. So we will have to see how that is really going to impact exactly from day one. As Jonas mentioned, we have all the tools, all the monitoring in place to also act in real time. But I wouldn't expect any major impact on the Premium one as to your question. On the cost savings when it comes to Q4, you should think like that. We have roughly 50 employees being now directly impacted, as stated in the press release and now in our deck. What we will offer is obviously a package to these people, and the analyzed cost savings is not only in relation to the 50 people, the SEK 80 million-SEK 85 million, but that is the difference between the number of employees at the end of Q2, the 184, towards the target state of roughly 115. That would translate in a couple of months that we would offer, or that is estimated now as an overall compensation that we would take as restructuring costs in Q4, and that would land at roughly SEK 30 million-SEK 35 million. Okay. Thank you. Maybe just as an extension to the first question. You mentioned that the main aim of the new model is to, again, incentivize agents to recommend high-tier packages. Apologies if I missed something, but why you think the current compensation model is not working for this purpose? Do you think it is too complex for agents, or is there any other reason? Yeah, there are other reasons. Firstly, the incentive for agents is not higher paid packages but paid packages in general, and that includes a recommendation for the Bas package. The current incentive model is much more complicated in terms of a step model, and it takes into consideration the difference or the share of the value-added services, which currently is the Plus, Premium, and Max package, as compared to the total amount of paid packages, including Bas. Because of the change that we are making here, that the Bas package is included in the recommendations and also accounts for a compensation, that in itself already requires that the compensation model is adjusted. Then the incentive shall drive that agents obviously see a greater benefit of not using free, but really any paid product. In that, you have a certain conversion mix between Bas and then in the new world without Plus, Premium, and Max. Okay. Thank you. The next question comes from Andrew Ross from Barclays. Please go ahead. Great. Good afternoon, guys. Thanks for taking my questions. First one is on pricing. As a part of these changes, how should we think about what you are going to do with listing prices over the next 12 months as you embed this? Should we assume that there won't be any increases in like-for-like pricing? That's the first question. The second one is to come back on the headcount reduction that you touched on now. Obviously, as a percentage of your organization, the amount of heads being reduced is really large. I hear you around operational efficiency view from AI and from simplification. It will be helpful just to get a bit more color on how you are going to mitigate the risks, both from a cultural and an operational perspective from such a size of headcount reduction. Thanks. Good afternoon, Andrew. I will take the first question and also the second one. It's a bit difficult to hear your second one, but I will try to answer it, and then you guide me if I misunderstood anything. In terms of pricing, I think at the end of the day, what will matter for Hemnet is to ensure that we continue to drive ARPL growth. As you know, kicking in an open door, that entails and includes multiple different factors. We will continue to work on the conversion, obviously towards our higher-tier packages being a key component. But also, I think even more importantly from a revenue perspective, is to ensure that we can get a higher share of paid listings. I do not want to specifically comment anything on the expected list price development of the coming 12 months. But that is something that we will get back to, just following the procedures that we have always had. The second question, Andrew, in terms of the organization, to your point, one thing is that AI and the technical development and various tools will help us be more efficient. I think as important, also related to this, is that what we have done over the last months is to review our entire organizational setup and our entire operating model. I think we have seen that the way of working and the way we have structured our operations can be simplified. So by unlocking that structure and creating clear accountability, and also different size of the various teams that work in product innovation, we feel confident that we can maintain and even accelerate our productivity going forward. From a cultural perspective, obviously, today has been a tough day, goes without saying. It is not the first time an organization will go through a significant restructuring and reorganization. On the flip side, we are doing something that is fantastic for the business over time. I think closing the supply gap, that has been a challenge. Combining a supply leadership with a traffic leadership creates a lot of opportunities that I am very happy to bring the new team on board. So I think in terms of culture and motivation, I think combined with the restructuring, we are doing a lot of great things that will definitely help us to improve also going forward. Thank you. The next question comes from Annabel Hames from Deutsche Bank. Please go ahead. Hi. Afternoon. Just two questions from me. The first is, what's the reasoning behind the Premium and Max commission being the same percentage despite Max penetration being low since launch? The second is, in terms of the agent partnership compensation model you launched in Q4 last year, is it fair to assume that has now been scrapped? Good afternoon, Annabel. In terms of the Max penetration, we have some challenges in hearing here, so just guide us if we miss hearing the various questions. In terms of the Max penetration, yes, it's been low. We are still at low single digits. I think what we've seen over the last months is especially on the back of Sell first, pay later, and that rollout, that has started to increase. I think now also with the new proposition, we will move from four different packages into three. It will be a clearer differentiation between the various packages. That's something that we will continue to work on. Going back to the previous question that Andrew had, ARPL growth is also key as we move ahead and going forward. In terms of the second question on, can you repeat that, please? Yeah. It was based on the agent partnership compensation model you had announced in Q4 2025. Is it fair to say that's now been scrapped? The agent partnership as part of the strategic partnerships, that has not been scrapped. I think the main clarification there is that potentially would drive your question is that the various components there, paid listings, is obviously the key component rather than total listings when you look at those different buckets where the strategic partners could benefit from a compensation. It will not be changed. Okay. Thank you. The next question comes from Doyinsola Ojo from Citi. Please go ahead. The next question comes from Nikola Kalanoski from ABG Sundal Collier. Please go ahead. Hey, gentlemen, just a few quick ones from me. I guess they're more combination questions that have been asked before, but maybe just worth summarizing a few details. How do you think about, just conceptually, how have you thought about the balance between creating this free listing tier that's good enough to win back traffic from Booli, say, permanent, not to use that word, while not cannibalizing too much on the Bas tier, for example? Am I thinking about this in the wrong way? I mean, conceptually, hi, Nikola. Conceptually, I think you're absolutely right. I think, most importantly from our perspective, is to find the right balance. I think Frank to say that what we will launch by late October is something that we continue need to optimize and continue the change. It is important for us to figure out what will be required to get back the traffic. That's something that's highly important. But I think also on that note, I think the value of having a paid package when you get more traffic and more users, that implicitly would come from more listings, is something that sort of it's offsetting that risk, if you see what I mean. Yeah, that makes total sense. I guess when you have a more balanced ecosystem that trends more towards one player rather than a couple, that value increases. That helps. Thank you very much. Maybe just on something you mentioned, that you will do this tweaking and experimenting with the products as you roll them out and get live data. This is also maybe just a conceptual question, but could this potentially also apply to the compensation model in the future if you find that it is worth tweaking it as you go? That, okay, maybe what you introduced today is not perfect, but you find a solution that is better, that it is also potentially something you could do. Or is it just that, I mean, you obviously tweaked the compensation model before, or is it just in relation to products that you will be thinking this way? I think, Nikola, conceptually, it is a brilliant idea. I think our main belief here is that paid listing and the conversion to paid listing becomes an absolute critical KPI to follow. That is why we want to ensure that the compensation model incentives is aligned with that. I think that is something that we should stick with. But in terms of the various components, I think we have proven in the past that we are ready to change the compensation model and adjust it. The various levels, the caps, is something that we could work on. I mean, it is a contract that we have with all the franchise owners or close to all the franchise owners, and that would require one-month notice ahead of any change. But with that said, that is a super strong operational and financial tool that we have. Something that we continuously work on and try to optimize. But now we are starting in this end, and I feel quite comfortable that this is absolutely the right thing to do. All right, perfect. All that makes sense. Thank you very much. That is all for me. Thanks, Nikola. The next question comes from Yulia Kazakovtseva from UBS. Please go ahead. Yes, thank you for taking my follow-up question. Using this opportunity to speak with you, I just wanted to ask if you can update us on under the radar listings, how many of them have published in the first three months, and what proportion of them is incremental in your view? Thank you. I fully heard it right, under the radar listings. The rollout of under the radar listing is a part of Q3, and we will not be able to comment on items related on Q3 earnings today. We have a Q3 update call in three weeks' time. With that said, we're quite pleased with the rollout so far. It's important to highlight that under the radar listings are different from a new free tier that we are announcing today. We would need to revert back on that on the 22nd. Got it. Thank you very much. The next question comes from Rasmus Engberg from Kepler Cheuvreux. Please go ahead. Yes, hi guys. Thanks for taking my question. Just one remaining. I mean, top-down, is this an investment that will bear fruit in the longer term, or is it an incrementally positive thing right away? I mean, we are announcing a combination of various things, right? I think the OpEx reductions will definitely kick in directly. As we have tried to lay it out, we feel confident that we have different tools to ensure that we avoid cannibalization. This is something that we need to work on in real time. Over time, this is definitely the right thing to do. We need to close the supply gap. We will have the muscles to continue to invest in our product. We will have the muscles to continue to invest in marketing to ensure that we win. Thank you. That is exactly what I thought. Thanks. There are no more questions at this time. I hand the conference back to the speakers for any closing comments. With that, first of all, thank you everyone for joining this call today. Thanks a lot for your interest and questions. Also, we know that we sent this announcement this morning with a short notice, so very much appreciated from our perspective to get the chance to talk it through. That is all for us now, and we hope that you will tune in on the 22nd of October when we will present our results for the third quarter. Thank you and goodbye. With that, we conclude today's session.