Renato has written a comment on the frigate contract Saab received. 
Saab announced that it has signed an agreement with TKMS to supply combat systems, composite structures, and sensors for four of the German Navy’s new frigates. The value of the order is approximately SEK 8.7 billion, and deliveries are scheduled for 2029–2032. We consider it moderately positive. It expands Saab’s long-term relationship with Germany, brings in a new reference customer for the export of Naval business combat systems, and includes an option right. However, in our view, the short- and medium-term financial impact is limited. The order, signed the day before tomorrow’s Q2 report, will be booked in the Q3 order intake rather than Q2. We expect it to slightly raise our medium-term forecasts, but the impact on our valuation is minor.