Hi. Good afternoon. Good morning, dear investors, dear participants. I hope you can see and hear us well. Glad to have you here in our Q3 interim presentation. It is me, Aavo Kärmas here together. I'm CEO of Enefit Green, together with. Hi. My name is Veiko Räim, CFO of Enefit Green. Happy to have you. Let's do, so, that. We will go through the presentation we have prepared for you, and then we will take questions later. You can ask your questions in the chat, and then also later sending them to an email address of investor@enefitgreen.ee. We certainly will reply all or answer all your questions. Before we kick off, just a short summary of how we've been doing so far. First of all, we're happy to say that 21st of October was the date when exactly we have been in Tallinn Stock Exchange for one year and still been growing also in Q3. As we announced our revised strategy back this June, we said that actually we see more opportunities for growth and we expect to grow Enefit Green capacity by 4x by the end of 2026. I'm happy to say that in Q3 we've been on track with that. We have laid the cornerstones for four of our wind farms in Lithuania, Estonia and Finland, which are currently under construction, and also continued with construction of three solar parks. Totally we've been investing around EUR 80 million in Q3. Last but not least, we have also added additional capacity to our pipeline. Just to mention here that we have acquired Tootsi Wind Farm from Eesti Energia, 74 MW onshore wind and also additional 200 MW of solar projects in Estonia. But we will elaborate on all of that a bit later on. There are a few things which are impacting our business, and then certainly the one most important is a power price. Here you can see what the power prices were in Q3 in all countries around the Baltic Sea. The conclusion is that still the prices remained high, even higher than in Q2 this year, and we all know the reasons. Basically the main reason still was the high gas prices. We saw a peak prices back in August. Currently we're seeing that the prices have been dropping due to warmer weather for this period of time. Also there is enough gas what the countries have actually already bought. One would ask us that how do we see that what the power price or power prices outlook would look like in Q4 this year? It is really difficult to say. I mean, it depends on many things. That of course what the gas prices will be in Q4, how the weather will be in Q4. Still we see that the power prices will be high and quite volatile also in Q4. Second topic which has an impact on our business is everything what is happening around the regulatory issues. Here it's quite a busy slide. I will not go through all the topics here. You can read everything from our report. What we've seen that many of or most of our countries have taken different regulatory initiatives in order to push fast development of renewables. Maybe the important thing to point out from this slide is actually at the end of September, the EU energy ministers have agreed to have a cap for market revenues at EUR 180 per MWh. It is left for the countries to decide what the exact measures will be, and then the countries or member states should establish their position by the end of this year for 1st of December. Those measures will be in place from 1st of December until 30th of June next year. Also in around April, European Commission also, has a, maybe reveal on the market, review what has happened with the power prices meanwhile, and there is option also to kind of prolong those measures. What we know as of today is that Estonia and Latvia have announced to European Commission that they would not use a measure for companies who actually will invest into renewables. Those amounts which are they have gained with higher prices than 180 MW. We don't know. Lithuania has not revealed or announced its official position yet. As far as Poland is concerned, there is a draft of a regulation which says that those measures or price cap measures will not apply to production units with a capacity less than 1 MW or production units which have been awarded with CFD, Contract for Difference prices, previously. As Enefit Green does not have a bigger production unit than 1 MW, and all our production units are awarded with CFD, we do not see any impact for our Polish operations. As far as Finland is concerned, in Finland, we do not know exactly the state's position, but as we don't have any operations in Finland as of today, there is also no impact on our Finnish business as well. Maybe last thing to point out or highlight from the slide is that what we have also announced before via stock exchanges that in September the court in Estonia has accepted or satisfied the claimant's request for interim protection order. It's all about our Purtse wind farm construction. We have, of course, officially replied and asked for removal of this order. We are very sure that I mean we are currently constructing a wind farm according to a building permit, so that we are absolutely sure that we have not done anything which is not in accordance with the law or building permits. If we move on, the last thing which has an impact on our business is always wind or wind speed, to be more precise. As most of our electricity is produced from wind farms, wind speed is really crucial. As you can see from the slide that in Estonia, the wind speed in the third quarter was the lowest in the last three years. I mean, if you compare different quarters, it has been even lower than Q2, which is usually kind of the lowest period of the year. Certainly had an impact on our results from Estonian wind farms. In Lithuania also, wind speed in Q3 was slightly below the results from the last two years. This is, we just had to admit or show as a fact, and there's nothing we can do on that. What we can do is have a good availability of our production units. When it comes to wind farms, when there is a low wind, we always use those times for maintenance of our wind farms in order to be ready for windy season. In Estonia, availability of wind farms was more or less on the same level as last year, around 95%. In Lithuania it was lower. It was 92.9%, and it was due to major maintenance in two of our wind farms, Šilutė and Sudenai, for the reason I just said before, to use those less windy times for maintenance. When you go to availability of CHP, CHPs, we see a very sharp or significant decline compared to Q2 and also compared to Q3 last year. It was mainly due to our five-week stoppage in our Iru CHP Power Plant. We needed to change superheater in Iru Power Plant. We planned five weeks for that operation. I'm happy to say that actually we managed to do works actually one and a half days even faster. Our team and all our partners were working 24/7, almost 45 weeks in order to bring it back to operations and before the heating season starts. As of today, I mean, it has been back in operations, I think, from October 13th, if my memory serves me right. I can tell you that since that, the Iru has been operating in 100% availability. This is very good news. Solar and wind farms availability has remained in a high level as usual, almost 100%. Now if we move on to our development pipeline. We have said that by 2026 we expect to grow four times, meaning that our electrical capacity will be around 1,900 MW. Here you can see how we've been doing so far. We expect that by the end of 2023, our operational capacity will be 646 MW. The projects which have already received final investment decision, the capacity is around 840 MW. The total capacity will be by the end of next year, roughly 1,500 MW. If we move on to our projects which are currently under construction. Four wind farms and then three solar parks. Basically what we can say is that everything is going according to our regional plans. The projects under construction, maybe the only thing to highlight from here is Šilalė II wind farm, where we have shifted the COD date by two months to quarter two next year. There are two reasons. We have not been able to connect the turbines to main grid in time due to different reasons. The second thing was that there was damage of one tower section for one of the turbines. We will anyway start to produce electricity already in December with six of our turbines, and then going forward when the new turbines will be ready. All in all, the whole annual capacity, electrical, or actually capacity is 700 GWh for both projects under construction, meaning annual consumption of 200,000 households. Now if we have a closer look to our near-term pipeline, what we expect to make investment decision this year and then also next year. Those have been marked with those yellow-orange bars here. Let me guide you through very quickly here. We expect to make investment decision for Kelmė, Sopi - Tootsi wind farms and Estonia PV this year, meaning basically during next one and a half months. We have conducted all the tenders. We're still validating the offers for the turbine supplies and also for construction. Expect to announce the winners quite soon in order to make investment decision this year. That the total capacity of those four projects is around 318 MW, and those are followed by investment decision on projects next year, starting with Sopi PV. Here you see that the capacity is quite sizable. It is more than 300, strongly, more than 300 MW of solar and onshore wind. Saying that, we expect that by the end of next year, our total capacity under construction and then the operating is around 1,500 MW. What has changed compared to Q2 here on that picture? First of all, you cannot see the projects, the Strzałkowo 40 MW solar project in Poland. Why? It is just because that in August we have signed a agreement with distribution system operator. Which says that we will reinforce the network latest by mid of 2025. We of course expected it to happen faster. Basically we have moved this project a bit further, but it still remains in our long-term pipeline. Second thing to highlight is a Kelmė II project. Previously we had the capacity up to 100 MW, now it is up to 90 MW. It's just because of approval of environmental impact assessment report. Then I'm really happy to say that we have also added a new projects to our near-term pipeline, which we have not shown before. Those are two solar projects in Estonia with total capacity around 127 MW, Seinäjoki and Rendra, which we expect to make a investment decision second half of next year. When it comes to our long-term pipeline, basically no news here. Still our long-term pipeline of onshore wind and solar has remained in a level of 1,300 MW, mostly with projects from the Baltics. We also have moved forward with offshore projects that Liivi is currently, you know, growing. Different studies are ongoing in the Liivi project. We also expect that for Hiiumaa at the end of this year, we know that what will be the way of planning or method of planning the state will use for getting offshore wind planned also for Hiiumaa area. Saying that, all in all, we expect that around 2030-ish, beginning 2030-ish, our capacity can reach up to 4,900 MW. This was all I wanted to share with you, and I'm happy to give it over to Veiko Räim, who will now elaborate more on our results. Thank you. Q3 completed. As Aavo mentioned, the production levels were lower than last year, both due to wind and availability. You can see that our electricity production went to 889 GWh of power produced, and the heat production reduced to 84 GWh of heat produced. As the power prices were supporting the revenues then, actually the average price we earned from our power produced and sold was EUR 205 per MW. Less than the market prices that we were showing, but as our part of our production was still under the feed-in tariff literally, and then there's also logical development there. In terms of financial results, revenues, EBITDA and net profits, strong performance. We'll be speaking a bit more about it on the next slides. Finally, in addition to the highlights already mentioned by Aavo regarding the acquisition of new projects, we also signed quite a lot of new power purchase agreements to sell our power and hedge our power price for up to ten years in this quarter. It was even 3.1 TWh hours. We'll be spending a few minutes on that as well. Revenue growth first of all. Again, high electricity prices impacting mostly wind and CHP segments in Estonia and Latvia, slightly also in Lithuania. Total revenues grew by EUR 23.9 million to EUR 60 million and a bit above that. This is the main feature in the wind and CHP segments. Actually second main feature in the CHP segment is pellet sales volume. There we had one shipment which in last year went at the end of June. It went in beginning of July this year. It boosts the revenues of CHPs in Q3, but of course, in case one looks at the nine months in combination then the impact is much less significant. Finally, solar segment also very visible this quarter, and in addition to good performance and power prices, then actually we also had a one-off event, where we exited from the turnkey solutions for smallest customers. As we exited that part of the business, we also sold off our inventory, and it boosted the revenues while not having much impact on EBITDA in Q3. If we turn to our profitability measures, EBITDA grew by EUR 7.2 million to EUR 32.7 million, 28% growth year-on-year. Again, higher power price is of course benefiting us, EUR 14.7 million positive impact. We're looking at together with power production reduction due to the lower wind and Iru maintenance, a combined effect from power side around EUR 10 million, a bit above that. Secondly, where we do see the pellet revenues coming in was the CHP pellet production unit. On the other hand, it has been accompanied by higher variable expenses as biomass prices have been increasing and also electricity costs in that segment are higher. Finally, the Iru impact, what we have mentioned now, five weeks of break then actually reduced Iru EBITDA compared to last year same period by EUR 0.6 million. This also held us back a bit from profitability side. Fixed expenses growing, we acknowledge that. There is new team members that we brought on board, and there's a bit more in development side especially, and there is a bit more also the general inflation and pressure coming through to our results. Although we know the growth remains moderate. We'll keep an eye on that. If we now go into the segments, then the wind segment, biggest one that we have. Of course, the revenue or production reduction was quite sizable here, mainly in Estonia. Even quarter of our production was lost, if you want to call it that, compared to last year. In terms of how the revenues got boosted then, I mean, you can see that in Estonia, the big reduction in production actually came with much higher price. That actually gave a positive impact on revenues. On the other hand, in Lithuania, the small reduction came with the small increase of price, and actually that meant that revenues from Lithuania remained reasonably flat. On Lithuania, I'd like to highlight that over the course of this quarter, we exited from the feed-in tariff systems and actually paired these operating wind farms with longer term PPAs. Essentially we extended the revenue security for these operating assets by a few years and actually receive a higher price. In that way, we managed to get a bit of uplift from the power prices as well, and we expect more from next quarters. Finally, revenues, EBITDA, EUR 8.3 million higher, EUR 4.8 million higher. Perhaps, final point to mention is the operating expenses that we bring out on a quarterly basis in the sort of middle lower part of the screen. There it's good to see that it's roughly still unchanged compared to last year, small growth. In Q3, even a bit, you know, EUR 100 more per MW, I should say, on a quarterly basis. Of course, as the inflation and pressures are within the economy and some of our agreements are also linked with certain indexes, then there we expect to see upside in the coming quarters. If we turn to coal generation segment, production reduction from Iru reduced operations this quarter. Revenues higher by even 88%, mainly on the back of the higher pellet sales as mentioned, and also power, higher power price as mentioned. This is the really key feature behind the EBITDA performance, which was EUR 2.3 million higher. Altogether, Iru impact EUR 0.6 million as already mentioned, compared to last year. In solar segment, production was higher. Very good weather conditions we had this summer, July, August, September. The power price in Estonia had a positive impact. Less so in Poland where our production is under the contracts for differences. Here also you can see in the left bottom side the total revenues being boosted by solar services revenues, and EUR 3.2 million of that was due to the one-off sales of Broc ēni. This is one-off impact, not much to do with EBITDA. Essentially the EBITDA performance strongly from the production results and higher power prices. After all is said and done, what is the bottom line? We had 50% higher net profit in Q3, so we are happy with the result. It is EUR 0.09 per share, so reasonably good compared to last year. Finance costs and income taxes were lower, so that's that has helped us a bit. If we now translate this into the return world, then return on equity is 16.8% and return on invested capital 15% this quarter were very strong. These we're very happy about. In terms of cash flows, was also quite important that strong operating cash flows we had over the quarter, so 30% higher than last year, pretty much like EBITDA performance. On the other hand, we invested around EUR 80 million, as already highlighted. EUR 67.4 million went to the wind farms on the construction being Šilalė II, Akmenė and Tolpanvaara all supports, which is the smaller amount, and then the acquisition of Tootsi Wind Farm for EUR 26.9 million also making up the balance. Finally, we also had almost EUR 12 million of CapEx into solar segment, so that all visible in this quarter. As the operating cash flow was performing well, then of course, we had also support from, to fund the investment from internal cash flow quite well this quarter. Financing cash flow quite sizable, you can see, and I'll speak a bit more on next slide, but we took out our loans to have a healthy cash position at the end of the quarter. Altogether, we took out EUR 130 million of investment loans this quarter. At the end of the quarter, outstanding loan balance EUR 274.9 million. Really the net debt to EBITDA level that we have is 0.7x. There is still ample room for growth, and we will be expecting to utilize that over the coming quarters. What we have also seen is, of course, the drifting upwards of the EURIBOR rates. Our average effective interest rate that we pay on our loans has also increased from 1.3% to 1.96%. There is a silver lining here because, of course, the 60% of our current outstanding debt is already with fixed interest rates, so we are not as exposed to EURIBOR increases from that portion. The rest, which is not EURIBOR fixed, it's due at the end of 2023. We will look to refinance that ahead of the maturity as well. I think that is pretty much it. What we have here. Also important part of our operation is our portfolio hedging. Makes sense to spend a bit of time here. During the quarter, new contracts we signed was over 3 TWh of power, and actually up to 10 years and with a price average of EUR 124 per MWh. The quarter was very beneficial to signing new long-term agreements from our side, the highest prices we've seen. If one takes together our total portfolio from 2022 up to 2032 when our final contracts run out, then we have almost 10 TWh of power being sold forward. Compared to our current production, which is 1.2 TWh, it's almost 10 years worth of production. But of course, as our production grows, then this is a smaller percentage. Also to highlight perhaps here is that the recent quarter hedging has also brought our average portfolio hedge price higher. It's now today around EUR 272.5 per MWh. If maybe finally one looks at 2023 as the next year, then on the graph you can see that we expect to have 1.5 TWh of production, which combines both operating and the under construction parks on the left-hand side, so green and dark blue bars. Then on the right-hand side, you can see that we've signed actually 953 GWh of power purchase agreements against that. If one compares that and adds in also the feed-in tariffs that we have, it's actually around 67% of our production is hedged with fixed price for 2023. If one digs deep enough in our interim report, then you can also see that it's hedged at EUR 86 per MWh in the grid above. The light white bar on the top of the blue and yellow bars is really to do with the feed-in premium in Estonia, where we receive the market price and the feed-in premium on top. Lot of numbers on this one, but I think they're not. I think without further ado, back to Aavo to sum up. Yeah. Thanks, Veiko. How to summarize the Q3? With one word, I think still good to see that we are on track. What we have said in order to grow 4x our capacity. We have acquired, you know, few projects during Q3. We are in line with projects under construction. Of course, we would expect it. We'd be more happy to have more wind, but this is something we couldn't do. At the same time, we're able to maintain our assets. All in all, as Veiko showed, we are happy with the results. Here I would like to also say thank you to all our 60,000 investors who've been on this journey with us, and then also say good thanks to our team for their work and contribution in Q3 going forward. Thank you. Thank you once again joining us, and that was all we wanted to show. Now we are ready to take your questions. I see that here are few. First question is about this possible price cap in Estonia in Q3 could not affect Enefit Green's wind power if earnings are reinvested to renewables, but does that include Iru Power Plant? As I said, that exact measures will be worked out by the end of this year. So we. When we see exactly that what will be Estonia's position, but we will kind of assess the total power generation of Enefit Green and how much average price has been calculated. I mean, what is period of a calculation and so on, so forth. After seeing a first draft of Estonian measures, I think we can formulate also our positions regarding Euro. What is the current wind power PPA markets price level for long-term contracts? I'll take that. As we have signed agreements in this quarter for 7-10 years length, right? We have been able to secure these at EUR 124 per MW on average. Of course, this starts from 2022, and it goes until 2032. Sorry, it starts from 2023 and goes to 2032. This is the period, and in case you're a wind developer, you probably not have immediate power to sell. In case you have, that is the level we have realized. Charles, I see, is asking. Charles, what is the projected net activity by the end of 2023? Yeah, depends on the EBITDA of 2023, I guess. This is quite a volatile measure in our business given that our exposure to power prices is quite high. I mean, we will see this increasing. I mean, we have it currently 0.7x as shown. We've said that as we go through the investment cycle then we are likely to see it to grow to 4x-5x times, maybe a bit above. I think we'll be roughly halfway there by the end of 2023. But once again, this actually depends on the EBITDA that we'll have next year. I think the next one is from Pasi. It's also to you. Hello to Pasi. Have you had any margining or cash collateral issues regarding the power price movements? No, we haven't. We sell our power forward using physical agreements, which are not collateralized. Actually, we don't really need to post collateral against the market price movements. Okay, there is another question from Charles. Do your investment plans include anything beyond wind and solar assets, e.g., CHP, storage, anything else? What about acquisitions? Any other markets than current considered? Very good question. Yeah, I mean, we have said that during the strategic period, we see most of our growth coming from onshore wind and solar, not from CHP. Yes, storage is something we are actually looking into very, very closely. To that, I can only say that some of our new solar projects, which are currently, you know, in different development phases already take into account also the storage as well. We also do look very closely or actually plan to develop so-called hybrid solutions in all our home markets. At that, basically, it is wind, solar, and storage connected to the same connection points in order to exhaust the most of connection capacity. About acquisitions, yes. We are, I mean, interested, of course, to acquire different pre-developed projects, as we did also last quarter with 200 MW of PV or solar in Estonia, was a good example of that. We said that our development strategy foresees that we are mostly focusing on greenfield developments or acquisition of pre-developed AI projects. We are not looking so much on acquisition of operational assets. What about geography? No, I mean, next four or five years, we do not foresee that expansion of our activities to other markets because, as we showed, the high power prices in Baltic Sea region also demonstrate that here is not enough renewable capacity in this region. Taking into account all the national climate goals and renewable goals, we see a lot of opportunities also to grow our business here in Finland, Baltics, and Finland. Pasi. Next one from Pasi. Was 2023 power hedging price of EUR 86 per MWh for the whole group? Indeed. This is actually the average price of all our signed power purchase agreements or power sales agreements for 2023. If you draw back to one slide, then you can see that it was 953 GWh here on the yellow bar in 2023. EUR 86 per MWh is the average for all these agreements. That being then part of it being Estonian power, part of it Lithuanian power, but this is the total. Okay. There is question from Pavels. Why no wind or solar projects in Latvia in the pipeline? Yes, we are not in our near-term pipeline, but if I scroll back to our long-term pipeline. Here you can see that there is also Latvian flag represented in our long-term development pipeline. Those are projects which we want to expect to reach the investment decision after 2023. We have projects also in Latvia for onshore wind and then solar. As we are in early development stage at the moment, we cannot disclose exact capacities and names because the long-term pipeline is very dynamic by its nature so that the projects, you know, can be moved forward, can move back. Some projects may drop off a table, some projects can come in, and so on and so forth. As Latvia is one of our home markets, we certainly will develop renewable projects for Latvia as well because we all know that Latvia has a huge potential, because it has a huge potential. Latvia's renewable generation has been basically based on hydro. Latvia has also set out that by 2030, they expect that there should be additional 800 MW of wind. Of course, they have not specified how much of offshore or how much of onshore, but still taking into account the Latvia's location, long coastline, very good wind conditions, very strong grid, so there is a huge potential to develop renewables in Latvia. Yeah, Pavels: You are relying on PPAs in your development. What about regional competitors and information on their strategy, as government support schemes are not there anymore? Indeed, the old support schemes where there were feed-in tariffs and sizable subsidies on top of the market price have not been there for a while. What we do see is that Estonian government is actually holding auctions for the essentially price floor. This has been very popular in Estonia when we looked at I think the first results were in June this year. Mm-hmm. Also Green received part of it, but actually it was very popular with the solar developers. We know that the Estonian government is willing to have another round of CfD auctions, right, 650 GWh beginning of next year. In addition, the 2024 and 2025, additional roughly 1 TWh being combined to be auctioned. I think this is really the new world in a way where the governments, if they want to kind of support and find ways how to stimulate the additional development, will have to offer some sort of price floor because essentially it is just for protection during the years when there is too much power or too little demand. What PPA does is actually in parallel, allowing also the private market participants, buyers of power for longer term to actually go for the procurement and hedge their costs, so to speak, and actually these two worlds work very well together. I think our competitors, we see them active on these Estonian government auctions or for the price floor. We've seen them also active in the PPA market. I think everybody is using really the same tools to manage their risks. You see that there is no more questions. But yeah, as I said, feel free to contact also us any time you like, so we'll answer all your questions. Thanks again for joining us today, and hope to see you soon. Thank you very much. Have a good one. Yeah, bye.