The negative momentum continued in the third quarter with a decline in revenues of -19% Y/Y and -2% Q/Q. The negative development was mainly driven by the B2B segment. The B2C segment, on the other hand, impressed with stable growth and a strong All-Time-High EBITDA margin of 12%. GiG´s finances are under control despite its challenging situation. With changes in management completed, the company can now focus more on its core business. More efficient use of resources should lower OpEx, while a better showing by GiG Core, Media, and Rizk would pave the way for a turnaround over the next 12 months. We have made some changes to our estimates. However, the fair value remains at SEK 13 (13) per share in Base case.