Relays published Q4 and full year 2025 figures this morning, and with me here is the company's new CEO Kristian Gebauer, talking about last year and Relays as a company, but Kristians, this is your first interview on Interest TV. Can you tell us something about yourself? Yes, thank you. I'm happy to do that. So, you know, I've been spending the last 20 years in the industry, kind of growing and developing and building great companies. So this role, where I have the opportunity to work with a great platform, like 2025, 30 great companies, depending on how you see it, with good potential and continuously going into new acquisitions, it's really a perfect match for me, as I believe. I've been working as a president for the last five years in Ratos, which is a listed kind of similar company to Relays, but a little bit more spread in terms of focus. There I've been working on scaling and developing businesses in the decentralized model. I really believe in the decentralized model. I think that's the best way to get accountability, energy, development in the businesses, where they are running their business in the best way that they think, depending on the market, depending on the customer behavior, depending on how competitors are behaving. And they are able to navigate into that. We are agreeing on common long-term goals and what we should achieve, and they are kind of doing the job. And I've seen so much good energy and good development coming out of that model. So that's really something that I'm happy that Relays is also doing. And I started off back in the days at Toyota, which is in the automotive industry. So this is kind of closing the circle. Now I'm back in this environment and I'm really happy about that. You've been at Relays some one month now. What has been your focus during the past few weeks and what kind of observations have you done on Relays? I think before you can make a statement and talk, you have to listen. So my focus has been to meet with our companies as many as possible. That is continuing. And I'm meeting with key people in the companies, as well as the colleagues in the central organization and the business area heads. It has been a thrilling experience. We have really great companies out there, great people, good culture. We have some things that I think we can even further enhance, of course. The full potential is not yet realized. I think it's something about focusing on EBITDA growth and capital efficiency that we have been doing. But there has also been other kind of focus areas that maybe these two are not been in the absolute focus. And I think now creating the culture that these two are the ones that are important for us to continue to create great shareholder value is something that can make and will make a difference going forward. And also the capital allocation. So I think that we have allocated capital and today we have capital allocated to some places where it maybe doesn't give the best kind of returns. And therefore we will redistribute that capital to other places where I think we can get better returns. So that's also something that we are working and going to work hard on during 2026 and the years to come. Yeah, you to some extent answered my next question, but I'll take the latter part of it, which was if you think about the decentralized model and the culture now that Relays has, do you think this group is ready to be scaled, let's say, double the current size or does it require working also on these topics? I think there is a good culture. I think we can further enhance the decentralized model and that is part of what we're doing in the kind of strategy update to think about how we can even further strengthen that model. But the basics are there and during 2026 we will do the kind of fine-tuning and then for the years to come we are ready to take the next growth phase. Then let's go back shortly to Q4 2025 and the full year 2025 figures. What's your take on Relays financial performance? I think we are doing in terms of top line in line with market to a big extent. We have some pockets of strong growth. We have some other parts of the business that are more impacted by the soft market conditions. But I think we are doing the best we can in the market that we are operating in. When it comes to the margin in the fourth quarter and full year, my view and my feeling is that we are not fully satisfied with that situation. And we are committed to work on, as I said, EBITDA growth will lead to an increased margin in the end. Capital efficiency will also improve these measurements. So we are committed to during 2026 and the years to come to have a really strong focus on that and we are all in the same boat and all kind of going in the same direction in the team. So I'm really happy about that. So the focus is clear on this side. Then quickly on your strategy work. Relays has been working on a new strategy for some time. You've obviously come in as a new role for a short period. But can you elaborate some of or help us understand what are the key focus areas you're working on in the strategy work? Yeah, I think the strategy that we have been running has proven to be successful. I think the team has done a great work during the last five years to create value for the shareholders. Now it's about fine tuning. It's about going into the value creation model more in detail. See how can we take the things that we are already doing today to the next level and maybe implementing some new things about how we run the business, how we follow up the business, how we work with the companies. So that we can for the third time increase the EBITDA and get a higher return on the capital that we employ and allocate the capital. So that's I think about it. And in connection with the value creation model for me, the decentralized model comes hand in hand. So that will also be part of what we are looking at. When it comes to the market, I think we are operating on a very attractive market for a company like Relays Group. So that's what we will continue to do. And there's something to build on then in terms of financial performance. Absolutely. I believe we haven't realized the full potential yet. There is a higher EBITDA opportunity in the group today. Then lastly, let's have a quick word on the market environment where you are operating currently. How does 2026 look for Relays Group? I wish I could tell you. We have been thinking that the market should pick up during 2025. Looking at the Q4 now, I don't think we have seen that pick up yet. We believe that we still see positive signs and we are still optimistic and think that the market will pick up. But hope is not a strategy, right? So even if it doesn't happen, we will execute and create value. So we are ready for any scenario, so to say, when it comes to the market. Looking forward for the market to pick up. Let's hope the economy helps us. Yes. Thank you Christian for this interview and best of luck for 2026. Thank you.