Boneo owners are seven of the largest real estate brokerage companies in Sweden. What is the market structure for real estate brokerages in terms of market shares and the power they have at a local and national level? Could you elaborate?

The seven owners of Boneo collectively hold around 40% market share of Swedish transactions. Annually, there are approximately 180,000 to 200,000 listings in the Swedish market. It's a long-tail market, with the 10 largest brokerage companies in Sweden accounting for about 80% of the listings. There are around 400 different brokerage companies in Sweden, but the 80/20 rule applies here, where the largest 10 account for 80% of the listings.

Boneo owners are seven of the largest real estate brokerage companies in Sweden. What is the market structure for real estate brokerages in terms of market shares and the power they have at a local and national level? Could you elaborate?

Of these top 10, we have about seven using Boneo. We don't have the number one market leader, Fastighetsbyrån, nor do we have number three, Svensk Fastighetsförmedling. Number two, Länsförsäkringar, is an owner of Boneo. Even though we are owned by seven of the largest brokerage companies in Sweden, we have around 180 to 200 other brokerage companies using Boneo. However, those add to the volume only marginally. To really capture a large volume of listings, you need the top 10 or top 15 brokerage companies. Otherwise, it's more just a margin.

Why are you missing the other three, especially the first and third ones, when you have seven out of the top 10, which comprise about 80% of the market?

For Svensk Fastighetsförmedling, the situation is similar but even more political. The chairman, Håkan Hellström, is also on the board of directors of Hemnet and personally owns shares in Hemnet worth around 12 to 30 million SEK. He has a vested interest in not jeopardizing Hemnet's position. This is an unspoken truth in the business, where it's known that he prioritizes his interests over the brokerage's interests. As a result, he has no interest in doing anything that might jeopardize Hemnet.