# Paradox Interactive Ab - ...if just one more expansion
**URL:** https://forum.inderes.com/t/paradox-interactive-ab-jos-viela-yksi-lisaosa/5213
**Category:** Osakkeet
**Tags:** paradox-interactive, ruotsalaisosakkeet, paradox
**Created:** [May 12, 2020, 7:44am UTC](https://forum.inderes.com/t/paradox-interactive-ab-jos-viela-yksi-lisaosa/5213 "2020-05-12T07:44:39Z")
**Posts on this page:** 18
**Page:** 32
### Author:  [@Korville](https://forum.inderes.com/u/Korville)
#### Post date: [August 24, 2026, 9:57am UTC](https://forum.inderes.com/t/paradox-interactive-ab-jos-viela-yksi-lisaosa/5213/635 "2026-08-24T09:57:56Z")
Investment company Spiltan Invest, half of whose portfolio is in Paradox, is scraping historic lows, and its stock price relative to its net asset value is at a discount of over 30%. Paradox went up, but the discount just stayed. After following the situation for a while, I swapped half of my Paradox holdings for Spiltan. Sweden should do well! Insiders are buying, companies are buying back their own shares, wandering around aimlessly has subsided, and Paradox is now focusing on its strengths.
---
### Author:  [@supremegod](https://forum.inderes.com/u/supremegod)
#### Post date: [August 25, 2026, 7:25pm UTC](https://forum.inderes.com/t/paradox-interactive-ab-jos-viela-yksi-lisaosa/5213/636 "2026-08-25T19:25:37Z")
> **[Afterworld Steamissä](https://store.steampowered.com/app/4920230/Afterworld/)**
>
> Lead a tribe of survivors, rediscover ancient technology, manage wasteland settlements and wage wars of conquest and political struggle in Afterworld, an original post-apocalyptic survival grand strategy game from Paradox Development Studio, the...
Afterworld’s Steam store page is now open, where you can also check out the trailer in advance.
> **[Client Challenge](https://forum.paradoxplaza.com/forum/developer-diary/afterworld-dev-diary-1-afterworld-the-vision.1938948/)**
And the first dev diary where the project is discussed a bit:
> I have been wanting to make a post apocalyptic game for ages
>
> […]
>
> I think the setting is a perfect mix of the procedural sides of Stellaris and the historical sides of our other games - it’s a world you know and are familiar with, but changed, twisted, and with interesting lore to discover and learn about. I have also wanted to work on something a bit darker and grittier that explores humans in extreme situations - which is a perfect fit for the apocalypse.
…almost Stellaris 2? 👉 👈
---
### Author:  [@supremegod](https://forum.inderes.com/u/supremegod)
#### Post date: [August 25, 2026, 8:22pm UTC](https://forum.inderes.com/t/paradox-interactive-ab-jos-viela-yksi-lisaosa/5213/637 "2026-08-25T20:22:21Z")
[ ](https://www.youtube.com/watch?v=mfBg8TQQrCQ)
> **[LEGO® Skylines Steamissä](https://store.steampowered.com/app/1573550/LEGO_Skylines/)**
>
> LEGO® Skylines -pelissä rakennat jotakin, jota vain sinä voit rakentaa. Tässä mukautettavassa kaupunginrakennuspelissä valintasi herättävät suurkaupungin eloon. Luo jotakin suurta tai paneudu yksityiskohtiin. Ei ohjeita. Rajoittamattomasti tilaa. Ja...
And a trailer and store page for Lego Cities Skylines. No release date for this one either. Developed by Iceflake as one might expect.
It will also be released for all consoles.
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### Author:  [@poutapilvia](https://forum.inderes.com/u/poutapilvia)
#### Post date: [August 26, 2026, 4:37am UTC](https://forum.inderes.com/t/paradox-interactive-ab-jos-viela-yksi-lisaosa/5213/638 "2026-08-26T04:37:26Z")
Transport Fever 3 also got a release trailer! Launching in a month, on September 29th.
[ ](https://www.youtube.com/watch?v=Hcgff2-44rU)
> **[Osta Transport Fever 3 ennakkoon Steamistä](https://store.steampowered.com/app/3493540/Transport_Fever_3/)**
>
> Transport Fever 3, perimmäinen kuljetusmoguli, palaa – suurempana, syvempänä ja dynaamisempana kuin koskaan. Rakenna reitit, jotka muuttavat maailmaa maalla, merellä ja ilmassa yli vuosisadan kehittyvien kuljetusvaihtoehtojen avulla. Suunnittele ja...
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### Author:  [@Fundamies](https://forum.inderes.com/u/Fundamies)
#### Post date: [August 26, 2026, 6:35am UTC](https://forum.inderes.com/t/paradox-interactive-ab-jos-viela-yksi-lisaosa/5213/639 "2026-08-26T06:35:28Z")
A couple of highlights from Afterworld’s Steam page:
> a Grand Strategy Game that is easy to learn but difficult to survive.
> As your nation expands, your experience will shift from a small-scale, approachable beginning into a Grand Strategy as rich and complex as you have come to expect from Paradox games.
On paper, this sounds really good to my ears. I think they are pursuing the exact right goal here: making a game that is easy to get into (even for those who aren’t familiar with Paradox games), but still has depth.
Execution is what matters, though. I’m buying the idea in any case.
---
### Author:  [@poutapilvia](https://forum.inderes.com/u/poutapilvia)
#### Post date: [August 26, 2026, 7:35am UTC](https://forum.inderes.com/t/paradox-interactive-ab-jos-viela-yksi-lisaosa/5213/640 "2026-08-26T07:35:27Z")
> [@supremegod](#):
>
> And a trailer and store page for Lego Cities Skylines. No release timeframe for this one either. Developed by Iceflake, as one might expect.
There was quite a lot to digest for a single day, but I started with LEGO Skylines (LS). The first video about the making of the game was released:
[ ](https://www.youtube.com/watch?v=6aUoMlqUVJA)
Some highlights:
- Iceflake has been working on the game for about _five years_.
- No word on the release date.
- A quick glimpse of the game map at the end of the video. The text “story” is visible in the upper field, so could the game offer a story mode in addition to sandbox style..? Might appeal to a younger player base maybe 🤔:
My own thoughts:
- Now that it’s confirmed Iceflake is producing both LS and CS2, you’d think there would be plenty of synergies in their development.
- LS aims to expand from “casual gaming” towards children and families with its cheerful and childlike style. This is a natural direction in my opinion, and improves Paradox’s chances of expanding its player base. After all, older historical games are fighting over the same finite player pool.
- LEGO has unique marketing muscle, which will certainly be utilized.
- As discussed earlier, Iceflake is now owned by Paradox, so Paradox benefits even more from the success of the entire game series.
To finish, some proper tinfoil-hatting:
In recent years, LEGO has strongly expanded its media partnerships with other brands. There is a Sauron’s Tower in LEGO form, a Death Star from Star Wars, and a Cristiano Ronaldo built from LEGOs.
If and when Paradox starts working on expansions for the game, would a Lord of the Rings themed expansion, for example, be out of the question? A player could build a LEGO Mordor, or a LEGO Shire?
In my opinion, the game’s natural expansion possibilities are huge, and so is its potential - even bigger than Life by You (Afterworld)?
---
### Author:  [@Mzazz](https://forum.inderes.com/u/Mzazz)
#### Post date: [August 26, 2026, 7:54am UTC](https://forum.inderes.com/t/paradox-interactive-ab-jos-viela-yksi-lisaosa/5213/641 "2026-08-26T07:54:09Z")
Totally lost with these, but let’s say some LEGO Mordor expansion is produced, how are game deals like this usually structured? Does Paradox take all the risk while profits are shared, or is the risk shared as well? Are you basically just buying the LEGO and LOTR IPs, or is there usually a deeper partnership?
It always sounds terribly good, but what actually ends up in hand?
And maybe the focus shouldn’t be right now specifically on LEGO and LOTR, but in general.
---
### Author:  [@Verneri\_Pulkkinen](https://forum.inderes.com/u/Verneri_Pulkkinen)
#### Post date: [August 31, 2026, 12:01pm UTC](https://forum.inderes.com/t/paradox-interactive-ab-jos-viela-yksi-lisaosa/5213/642 "2026-08-31T12:01:24Z")
> [@Mzazz](#):
>
> Todella hukassa näiden kanssa mutta sanotaan että tuotetaan joku LEGO-mordor lisäosa, miten yleensä tällaiset pelidiilit rakennetaan? Jääkö koko riski Paradoxille mutta tuotto jaetaan, vai jaetaanko myös riski? Ostetaanko periaattessa vaan LEGO ja LOTR ip:eet vai onko yleensä syvempi yhteistyö?
Hard to say, deals can be structured in so many different ways. For example, in this case, Lego has clearly lent its brand for Paradox to use, but Cities Skylines is an IP owned by Paradox. What happens when these are put in the same bowl and whipped together? Lego likely gets a cut of the sales, but surely Paradox as the developer and publisher also gets a good chunk. One can only speculate.
And if there’s going to be Lego Mordor, then Lego and the powers controlling Tolkien’s IP are both involved, making it even more complicated. 😃
* * *
Based on the latest information, the development list of Paradox’s 8 slightly larger games is now mapped out pretty well:
-PA 2 whenever it finally gets out of “development hell”
-Lego Skylines new IP
-Afterworld new IP
-Transport Fever 3
Which would still leave room for HoI 5, possibly Stellaris 2, etc.
The gaming market is brutal, but hopefully the company can pull a few successes out of these. 😉 On top of the old ones selling well, too.
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### Author:  [@Akee](https://forum.inderes.com/u/Akee)
#### Post date: [August 31, 2026, 12:24pm UTC](https://forum.inderes.com/t/paradox-interactive-ab-jos-viela-yksi-lisaosa/5213/643 "2026-08-31T12:24:23Z")
> [@Verneri\_Pulkkinen](#):
>
> > [@Mzazz](#):
> >
> > Totally lost with these, but let’s say some LEGO Mordor DLC is produced, how are game deals like this usually structured? Does the entire risk stay with Paradox while the profit is shared, or is the risk shared as well? Are they essentially just buying the LEGO and LOTR IPs, or is there usually a deeper partnership?
>
> Hard to say, deals can be so varied. For example, in this case, Lego has clearly lent its brand for Paradox to use, but Cities Skylines is an IP owned by Paradox. What happens when these are put in the same bowl and whisked together? Lego probably gets a slice of the sales, but surely Paradox as the developer and publisher also gets a good share. One can only speculate.
In Insomniac’s leaks a couple of years ago, the licensing of the Marvel IP (e.g., Spider-Man, Wolverine) went by a net revenue share agreement running at 10-20% on digital base copies. For DLCs/add-ons, the license fee increased to, if I recall correctly, about 20-25% of net sales.
I would think LEGO could go with similar terms, given it’s a big, well-known, attractive IP. This is purely speculation, of course. However, I don’t believe a single cent flows from LEGO towards Paradox.
---
### Author:  [@supremegod](https://forum.inderes.com/u/supremegod)
#### Post date: [September 2, 2026, 6:58am UTC](https://forum.inderes.com/t/paradox-interactive-ab-jos-viela-yksi-lisaosa/5213/644 "2026-09-02T06:58:08Z")
[ ](https://www.youtube.com/watch?v=PVHQ69H64vw)
[00:00](https://www.youtube.com/watch?v=PVHQ69H64vw) Intro
[01:11](https://www.youtube.com/watch?v=PVHQ69H64vw&t=71s) What is Afterworld? (Mechanics & Lore Primer)
[03:23](https://www.youtube.com/watch?v=PVHQ69H64vw&t=203s) Afterworld Is A SHORT Game! (Game length & Game Design)
[06:01](https://www.youtube.com/watch?v=PVHQ69H64vw&t=361s) The First Phase of the Game (Migration, Onboarding & Immersion)
[12:50](https://www.youtube.com/watch?v=PVHQ69H64vw&t=770s) The Second Phase of the Game (Society-Forming, Supply Chains & Settling Down)
[20:20](https://www.youtube.com/watch?v=PVHQ69H64vw&t=1220s) The Third Phase of the Game (Destinies & Empire-Building)
[26:52](https://www.youtube.com/watch?v=PVHQ69H64vw&t=1612s) So, who is this game for? (Conclusions)
Some influencers got to test the _alpha_ at Paradox’s office on Paradox’s dime.
Afterworld is not a cross between Victoria and EU, nor is it Stellaris, though you can catch a slight whiff of it in there. Between the lines, I read that this could be a GSG-lite, which could work as a good gateway into Paradox’s GSG world.
[https://x.com/ProudBavaria/status/2094851460739522976](https://x.com/ProudBavaria/status/2094851460739522976)
---
### Author:  [@supremegod](https://forum.inderes.com/u/supremegod)
#### Post date: [September 3, 2026, 7:05am UTC](https://forum.inderes.com/t/paradox-interactive-ab-jos-viela-yksi-lisaosa/5213/645 "2026-09-03T07:05:13Z")
> **[LEGO Skylines is shaping up like a truly cosy time sink dream - hands-on |...](https://www.respec.net/preview/182-lego-skylines-shaping-up-like-truly-cosy-time-sink-dream-hands-on)**
>
> LEGO Skylines does exactly what you’d expect it to do, and that’s okay. In fact, it’s brilliant.
First hands-on impressions of Lego Skylines have been shared, and this also sounds quite good! We certainly have some really interesting times ahead of us!
> I was excited by last week’s announcement at Gamescom already, but I was even more thrilled to get an almost immediate invite to check out an early build of the game, which pretty much instantly lived up to my hopes.
>
> […]
>
> My short preview of the game was split between two save files: a new one constructing my own burgeoning city from scratch and another tooling tooling around a metropolis that had been provided by the developers so we could experience the late game. Each of these segments provides a different flavor, but the broad lesson is the same: this game is cosy as.
>
> This primarily manifests as a greater emphasis on making things look beautiful - or indeed, because this is Lego, making them feel cute, unique, or even outright random. There’s perhaps less of a focus on the macro minutiae of a city - less worrying about traffic flow, about crime, about sewage and waste removal. Some of these mechanics exist, but the pressures are clearly reduced.
>
> […]
>
> Oh, and one last thing for those among you who are LEGO sickos who may have been wondering about this - the buildings in LEGO Skylines are not official LEGO buildings. […] all of this has been designed more or less from scratch for this game.
---
### Author:  [@Korville](https://forum.inderes.com/u/Korville)
#### Post date: [September 3, 2026, 9:17am UTC](https://forum.inderes.com/t/paradox-interactive-ab-jos-viela-yksi-lisaosa/5213/646 "2026-09-03T09:17:34Z")
I expect something truly big from this. The game is already made, the game mechanics exist. The risk is low. The most important thing is that the game looks and feels like a Lego city.
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### Author:  [@Verneri\_Pulkkinen](https://forum.inderes.com/u/Verneri_Pulkkinen)
#### Post date: [September 3, 2026, 9:23am UTC](https://forum.inderes.com/t/paradox-interactive-ab-jos-viela-yksi-lisaosa/5213/647 "2026-09-03T09:23:32Z")
> [@Korville](#):
>
> Riski on matala.
You shouldn’t say things like that in the gaming market until you have the numbers in black and white. 😃
I do agree with others in the thread that both Lego and the Aftermath game are looking really good. But only at release will you truly see what comes out. And since Paradox’s games continue to change even after launch, the initial first impression can be deceiving, as happened recently with EU V. 😃
---
### Author:  [@supremegod](https://forum.inderes.com/u/supremegod)
#### Post date: [September 4, 2026, 5:14am UTC](https://forum.inderes.com/t/paradox-interactive-ab-jos-viela-yksi-lisaosa/5213/648 "2026-09-04T05:14:12Z")
[https://www.gamespot.com/articles/long-delayed-prison-architect-2-gets-exciting-update-after-two-years-of-mostly-silence/](https://www.gamespot.com/articles/long-delayed-prison-architect-2-gets-exciting-update-after-two-years-of-mostly-silence/)
Oho. Prison Architect 2 has also woken up from hibernation and players are invited to a closed beta.
Things are moving fast at the Stockholm office now, as news about pretty much everything is coming out.
> The [sign-up sheet](https://docs.google.com/forms/d/e/1FAIpQLSdbYUyKHRR46WulUbmTzZ0l3UHIQIP3qeW1XIIG9TqJwp9rPA/viewform), which is now closed, asks a few different questions of potential testers. The most important is if they are willing to sign an NDA, so don’t expect news to come out of the closed beta.
I had already written this project off since the road has been so rocky.
---
### Author:  [@Vichy](https://forum.inderes.com/u/Vichy)
#### Post date: [September 23, 2026, 1:55pm UTC](https://forum.inderes.com/t/paradox-interactive-ab-jos-viela-yksi-lisaosa/5213/649 "2026-09-23T13:55:19Z")
EU V [player counts](https://steamdb.info/app/3450310/charts/) vs EU IV [player counts](https://steamdb.info/app/236850/charts/) tell a worrying story ahead of the 1-year anniversary. As someone who has also spent 4,000 hours on number four and is getting a bit tired of it, I wish V could be brought into a state where it’s at least worth trying. But given that the prices for these games (base game + DLCs) are quite steep, and they require quite a bit of learning, it’s hard to bother switching over if the product isn’t in proper shape. I’ve also noticed that many EU streamers have jumped back to playing IV…
---
### Author:  [@Verneri\_Pulkkinen](https://forum.inderes.com/u/Verneri_Pulkkinen)
#### Post date: [September 28, 2026, 10:48am UTC](https://forum.inderes.com/t/paradox-interactive-ab-jos-viela-yksi-lisaosa/5213/650 "2026-09-28T10:48:26Z")
A small piece of news for Paradox, but the mobile game studio Playrion, acquired in 2020, has been sold to Trophy Games for 2.25 million euros plus additional revenue-based earn-outs over the coming years. Since Paradox mainly focuses on PC and console games.
> Trophy Games will pay Paradox an upfront cash consideration of MEUR 2.25 and a deferred consideration in the form of a net revenue-based earn-out over three years following closing. Paradox acquired Playrion in 2020. At group level the excess value related to the acquisition has previously been fully amortised.
I took a peek at Paradox’s Q3 2020 report. The purchase price wasn’t stated directly, but the company “invested in subsidiaries” over 80 MSEK, which is about ~8 million euros…
> **[Paradox Interactive sells Playrion to Trophy Games - Paradox Interactive](https://www.paradoxinteractive.com/media/press-releases/paradox-interactive/paradox-interactive-sells-playrion-to-trophy-games)**
>
> Paradox Interactive is a world leading PC games publisher known for games such as Cities: Skylines, Europa Universalis and Crusader Kings.
---
### Author:  [@supremegod](https://forum.inderes.com/u/supremegod)
#### Post date: [October 29, 2026, 7:02am UTC](https://forum.inderes.com/t/paradox-interactive-ab-jos-viela-yksi-lisaosa/5213/651 "2026-10-29T07:02:34Z")
> **[Interim report January - September 2026 - Inderes](https://www.inderes.fi/releases/interim-report-january-september-2026-17)**
>
> THIRD QUARTER Revenues amounted to MSEK 456 (MSEK 395), an increase of 15% compared to the same period last year. Operating profit amounted to MSEK 142 (MSEK 112), an increase of 27%. Profit...
**THIRD QUARTER**
- Revenues amounted to MSEK 456 (MSEK 395), an increase of 15% compared to the same period last year.
- Operating profit amounted to MSEK 142 (MSEK 112), an increase of 27%.
- Profit after financial items amounted to MSEK 146 (MSEK 116), and profit after tax amounted to MSEK 127 (MSEK 93).
- Cash flow from operating activities amounted to MSEK 197 (MSEK 195), and cash flow from investing activities amounted to MSEK -160 (MSEK -182).
- Earnings per share before dilution amounted to SEK 1.21 (SEK 0.88) and after dilution to SEK 1.21 (SEK 0.88).
- Revenues for the quarter are primarily attributable to Age of Wonders 4, Cities: Skylines, Cities: Skylines II, Crusader Kings III, Hearts of Iron IV, Stellaris, Transport Fever 3 and Victoria 3.
**FIRST NINE MONTHS**
- Revenues amounted to MSEK 1,411 (MSEK 1,317), an increase of 7% compared to the same period last year.
- Operating profit amounted to MSEK 425 (MSEK 391), an increase of 9%.
- Profit after financial items amounted to MSEK 440 (MSEK 409), and profit after tax amounted to MSEK 362 (MSEK 327).
- Cash flow from operating activities amounted to MSEK 610 (MSEK 723), and cash flow from investing activities amounted to MSEK -450 (MSEK -607).
- Earnings per share before dilution amounted to SEK 3.43 (SEK 3.09) and after dilution to SEK 3.43 (SEK 3.09).
**SIGNIFICANT EVENTS THIRD QUARTER**
- The new game Transport Fever 3, developed by Urban Games, was released for PC and consoles.
- New downloadable content was released for games during the period: Feeding the Future to Surviving Mars: Relaunched and By God Alone to Crusader Kings III.
- Steam Summer Sale was held during the period, offering discounts across a large part of the game catalogue.
- During the quarter, 1,221,425 own shares were repurchased for a total amount of MSEK 178 as part of the company’s share repurchase program.
- The new games Afterworld, developed by Paradox Development Studio, and LEGO® Skylines, developed by Iceflake Studios, were announced.
- Paradox Interactive sold its subsidiary Playrion to Trophy Games. The sale resulted in a gain of MSEK 40, which was recognised in other operating income as part of operating profit.
**COMMENTS BY THE CEO**
The third quarter was marked by few releases that came late in the period. This means that it was above all sales from our wider catalogue that carried the quarter. That is how our third quarters often look. What matters is that we build games over time that players want to return to and that keep selling for many years. On that note, we announced two new games during the quarter and released one.
At Gamescom we carried out our largest marketing effort to date. We announced the grand strategy game Afterworld and the city builder LEGO® Skylines, and we opened the preorder campaign for Transport Fever 3.
Afterworld and LEGO® Skylines are both developed in house and were given a very warm reception by players. That is a good start, even if a great deal of work remains before the games are ready for release. These titles also show where we want to place the bulk of our resources: on our own games, in genres we know well, with teams that have worked closely with our players for a long time. That is where we have the best conditions for building games our fans want to return to for many years.
Transport Fever 3 released at the end of the quarter and sales are in line with our expectations. The reception has been good, and Urban Games has developed a game we are glad to publish.
The deal differs from how we usually work. We normally want to own the brands we publish and to enter the project earlier in development. For Transport Fever 3 we saw good reasons to make an exception. It is a good and engaging game with an audience that overlaps with our own. The capital is also tied up for a relatively short period, while we see the possibility of revenues over many years. We will continue to be selective with deals of this kind, but this one we look forward to developing together with Urban Games.
During the quarter we also sold the mobile games studio Playrion, which gave an additional contribution to the result. The sale follows the direction we have chosen for Paradox. We are concentrating our resources on the platforms, genres and franchises where we have the deepest knowledge and see the best opportunities over the long term. That also means we have to choose what not to do.
A period with more releases now lies ahead. The Crusader Kings III team, for example, is preparing for the year’s big release, Silk & Silver, following a strong launch of By God Alone in the quarter. We also announced expansion passes for Age of Wonders 4 and Cities: Skylines II during the quarter, with a great deal of content to come. For Cities: Skylines II these will be Iceflake Studios’ first paid expansions. We are happy that the game is now in a place where we can work with larger content additions. We look forward to putting them in players’ hands later this year
---
### Author:  [@Korville](https://forum.inderes.com/u/Korville)
#### Post date: [October 29, 2026, 10:02am UTC](https://forum.inderes.com/t/paradox-interactive-ab-jos-viela-yksi-lisaosa/5213/652 "2026-10-29T10:02:13Z")
1. People were afraid Transport Fever would flop, so the market is relieved by the good sales. In my opinion, the game is quite mediocre, and hardly any long tail can be expected.
2. They even made a profit from selling Playrion, and got rid of the mobile game market, where Paradox’s model has no business being.
3. Personally, I’m eagerly awaiting LEGO: Cities and believe it will hit the jackpot.
4. Earnings will only continue to grow over the winter.
PS. Just for fun, I bought Spiltan Invest, which holds a large stake in Paradox, but also all kinds of other junk like compounders, small caps, and Swedish real estate. At Paradox’s price, you get this other slag practically thrown in for free, even if I wrote down their book value by 50–100%. The CEO has amusing delusions of grandeur about being Sweden’s Buffett, but the discount is real at 10–35%.
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