Good morning, everybody, and welcome to this Caverion call on our Q3 release. My name is Milena Hæggström. I'm head of IR here at Caverion. We are actually today, for the first time in a year, live with a physical audience here in Helsinki. Good to see so many faces here and welcome to you also virtually. As you know, we have a new CEO, Jacob Götzsche. He will soon introduce himself. Before we start, I would like to remind you of our upcoming capital markets day. It's on the tenth of May, so please save the date in your calendars, and we will get more information about that published closer to the date. Today's presentation will be held by our CEO, Jacob, and our CFO, Martti Ala-Härkönen. You may also ask questions over the conference call and internet. Now please welcome Jacob. Thank you very much, Milena, and also good morning from my side. As Milena said, my name is Jacob Götzsche, and I'm the new CEO of Caverion from ninth of August this year. Some of you maybe know me already, but for those of you who has not met me before, just a little bit about my background. I have been working in this industry for more than 20 years in several different leadership positions, focusing on leading team, creating high performance teams, driving performance. I also have a vast experience with M&A, and also within the 11 countries Caverion is operating within. After starting in my position, my first impression is that Caverion has a huge market. We have clear opportunities and possibilities in a growing market. Our people have great skills and capabilities throughout the divisions. I'm together with the team, working on updating our future strategy until 2025, and we expect to finalize this during the first half of 2022. With these words, let me jump into the Q3 presentation. As Milena said, I'll share that with Martti, and it will take about 30 minutes, and then we will open up for Q&A afterwards. Here we have the agenda for today. We have four topics. We will start with the market we are operating in, then we will continue with our group development and what has happened during the quarter with our recent order, our revenue development. Then Martti will join the stage and take the financial, talk about our profitability, our cash flow, our working capital, a little bit more in details, and then also talk about our strong liquidity that remains strong in the quarter. Finally, I will have a short close with our current status on our guidelines. That's the topics for the next half an hour. Before going into the details, I would like to start by highlighting three key points of the quarter. First of all, we are extremely proud that we are able to increase our order backlog with more than 16% compared to previous year. It both goes for service and projects, with more than 15% and more than 17% in projects. I have to say I'm also very satisfied with our profitability improvement. It continued in the quarter as we planned. These two things combined gives us a very good trust that we have a solid foundation for profitable growth in the future. If we then go to the next slide and look into where are we operating? How is the market going right now? During the third quarter, as you all know, the Delta variant of the corona pandemic is still impacting business operations negatively. Particularly, we saw in the first two months, in July and August, the summer months, that it was still hit by corona. The operating environment in our space has started to improve by the end of the quarter. It's of course not only our fault, but it's because, as you can see, the broad coverage of the corona vaccinations, it start to improve in our 11 countries. Having said that, looking across the board, we are still a little bit cautious because we had thought we had been out of the pandemic for a period, and then it came up again. If you look at the numbers across the countries, we are not there yet. How will it evolve during the winter? We don't know. We are still a little bit cautious on this one. During the first nine months of the year, our market had been impacted by increasing material prices, and there has also been some supply shortages and delays in some areas. I think we have been quite good at proactively taking various measures to optimize the supply chain and manage pricing. That's well done by our procurement team and our operations. We're really pleased. We have continued to increase our share in service to approximately 2/3 of our revenue that we have also stated in our strategy that is our target. We have seen increased investment activities among several customers and in the segments in the second quarter, such as in the industrial shutdowns that was postponed from last year to this year. In projects, the market has, however, still continued on a lower level in the first nine months. Although there were clear signs of market stabilization as of the end of Q2. In Q3, the market demand gradually picked up also in projects, while the stimulus packages have not really materialized as we can see right now. We have also been quite selective in what projects to take on because of the uncertainty, et cetera. In general, we are quite positive that the demand will pick up both in service and in projects during the rest of 2021, and also going forward. I think I have to. We'll take the next slide. If you then look at the economic sentiment and the construction confidence, as you can see here on the slide, that was issued in September 2021. In general, the economies where we are playing is doing pretty fine. There's still a lot of uncertainty, as I said before, but if you look at the graph, we can see a clear uplift on these leading indicators from our main operating countries from where we were at deepest with the COVID-19. If you then combine it with what I said before, with our very healthy order backlog and also our expectation to the stimulus packages, then we are in a quite good place. I'll come back to how we see the stimulus packages. What we are also very pleased about is that the stimulus packages that is discussed on a European level, but also a national level, is directed towards sustainability. That means enabling smart buildings and smart cities, that is exactly where we focus. Now, I will talk a little bit, how did the group then develop. Here is a summary of Q3. As I have said a few times now, we are pretty proud of the order backlog that it grew with 16.1%. It's nearly all-time high, and our revenue in Q3 was lower than expected. It amounted to EUR 494 million. It was down by 4.2% and an organic growth of -4.6%. As I said before, and alluded to, we reached a service revenue of 2/3 of our revenue, nearly in line with our strategic targets. We are pleased about that, and that is also what we have set as strategic targets earlier. As I started to say, we continue to improve our profitability in Q3, and our adjusted EBIT of EUR 21.5 million and a margin of 4.4% was a continuation of the first two quarters in accordance with our plans. Also okay from a company point of view. Our cash flow, it was lower in the first nine months of the year. However, in the third quarter, our cash flow improved significantly from EUR -28 million negative last year to minus 10. An improvement in the quarter, like for like, with a minus, with EUR +18 million. We have to remember that our LTM cash conversion is still 96%, which is not bad at all in our business. Martti will come back to our cash flow and liquidity position later, but I have to say we remain strong, as you can see here, and our leverage is still at a very low level, and we are pleased with that. We also continue to develop our strategy and execute on the strategy and build our capabilities and competencies so we are even better to serve our customers. As you see here on the screen on the right lower corner, we completed three acquisitions in a quarter, which will give us a stronger position to serve our customer. Let's have a closer look at the order backlog. It ended at EUR 1,889.7 million by the end of the quarter, up by 16.1%. That is really good because that's the future known production that we are looking at here that will take our profitable growth going forward. If you look at comparable exchange rates, it's a little bit lower, 14.5%, but even at a very good level. You maybe remember that we had to divest part of the Maintpartner acquisition. This we of course did, as was requested by competition authorities, and the order of that divestment is not included here. The positive news here is also that it was both service and projects that increased in the order backlog. 15.2 for service and 17.2 for projects. A really good mix. We are still improving in both service and projects. If you then compare to the end of last quarter, we also grew with 5.6%. That is really something to be pleased about. Now we have been talking a little bit about the numbers and how we are doing from a financial point of view. Now I will try to show you what are we actually doing out there every day with our nearly 15,000 people. We are very pleased to share three example of our recent contracts. I think they illustrate our capabilities and competence to serve our customers in different segments, with different services, and with different projects in a true partnership with our customers. If you look at the first one, it's a real good example of what we call PPP projects, public-private partnerships. This is for two educational campuses for the city of Vienna in Austria. This will be a partner for 25 years with a life cycle project. We will provide sustainable daycare and school facilities for over 1,900 kids every day. Here we are guaranteeing the building conditions for 25 years, including operational and technical maintenance of the campuses during the period. On top of that, we will deliver energy optimization through sustainable energy generation system with geothermal energy and heat pumps, which is quite popular right now. The second one is down the same alley. Here we are providing building automation, one of the smart techs, an electrical and HVAC system for new wastewater treatment plant in Tampere in Finland. The project is a significant environmental investment in the region, and it will create infrastructure for the wastewater treatment for the coming 100 years. This is really important for the area. As you can imagine here, it's very essential to focus on safety by meeting very strict requirements for the ventilation of the underground spaces. The value of this agreement is approximately EUR 41 million. On the right side, you see the third case, which we are also really proud of. It's a project contract for a new hospital building, RWTH Aachen University Hospital in Germany. The value of this contract is approximately EUR 20 million, and here we will install 4,700 data points for building automation. Our customer will also receive an energy-efficient building that will meet today's and the future requirements of such building. At the same time, we are providing optimal foundation for ideal healing environment, which is the purpose of a hospital, of course, for the patients. We will also, on top of that, have a modern learning space for students and also very important, a safe and efficient, comfortable working environment for the employees, so they feel well treated in the hospital. I'm really proud of showing these examples because that's what all our nearly 15,000 people are doing day in and day out. It really shows the great potential in the market that we are focusing on, and that we are able to deliver very technical high-level solutions to our customers. Now, we will go into the numbers again, and that's very important. The numbers comes from what I just showed, what we are doing every day. As I said before, our turnover for the Q3 was EUR 493.7 million, down by 4.2% from previous year and with a negative organic growth of -4.6%. The service was nearly flat, only with a small minor negative organic growth, while the projects was -11.7% in Q3. This was, as I said before, a combination of the impact in our space of the corona and the demand, and also that we are much more selective in what projects to take on. Thirdly, as you saw with our order backlog, it takes some time because they start up, materialize, and that's just part of our business. In the graph, you also see below the first nine months of the turnover and our revenue increased in Norway, which we are pleased about. It remained flat in Sweden and Germany, and in the rest of the countries and divisions, it decreased with variations. We had a good progress with our strategy, and we had talked about our order backlog, which is very important for a company like Caverion, because that's where we will create the profitable growth going forward. We are continuing to focus on improving our operations, while we are also hunting for profitable growth and trying to increase our interaction with the customers. Customers always comes first, and if we can expand the wallet with the customer, we will be even more successful. We have still a significant potential in pricing, in our productivity, in our procurement, and also utilizing our data in a more efficient way, and at the same time optimizing and transforming our operating model. As you saw with the PPP contracts in Austria, we have seen an increased interest towards these life cycle projects that will make Caverion a technical and operational partner for many years. Because the customer wants more efficient solution, they want predictability, and they also want to show a sustainability commitment in the environment and to their customers. Therefore, we have also continued to invest in our organic growth. It goes for technology and digital platform capabilities, as well in our smart tech and other business platform, both organically and via M&A. That leads me to the next page, where we will show what we have done within acquisitions. We are continuing to expand our capabilities and competencies across the piece. That means, why are we doing it? We want to serve our customers in more spaces in the countries, but also to be able to deliver more services and more projects to the same customer. The first example here is GTS in Austria. It's a well-known company in Austria for building automation, which is a smart technology area where we already have deep competencies. The company has approximately 40 employees that we are very happy to welcome to Caverion. The second acquisition is in Sweden, RPH Linc, also a very interesting company. It's a system integrator in the area of electrical security, focusing on high-end solution for enterprises and multi-site customers and the public sector. The revenue of RPH Linc was about EUR 3 million. This is also something that we, together with our security competencies in other countries, can leverage further going down the road. The last company acquired is a small clean room specialist company called Felcon. It's based in Vienna in Austria. It's providing design, construction, installation, validation, as well as technical services among others. It's where we are already very strong in Vienna, and that will just increase our capabilities and competencies to serve in the greater Vienna area. Very important. This is an example of what we are doing to increase our platform to fuel our profitable growth going forward. The last slide from my side, you have seen some of these slides before in our quarterly releases. The reason why we show this is, this is very important to us. It's close to our heart. It's included in our purpose. We want to be part of saving this planet. We want to deliver sustainability to our customers. Therefore, this is just a reminder of what we have showed you before. This is what we expect of the national and the EU program, and they will push the demand also in our area, so we will be able to deliver even more of our services going forward. Increasing the awareness of sustainability is supported by, I said, by EU regulation and national regulation. It's setting higher targets and action for energy efficiency and CO2, that it will be reduced and neutral over time. A very important factor here is also the society. It's not only legislation, and you maybe also feel it yourself. The end users in general wants more reduction in the CO2. We want our kids to have a planet to live on and a more friendly built environment. It is around 30% of the CO2 emission, so we have a significant role to play here, both for the planet, for our kids, and whoever is our stakeholders. There's a lot of new legislation here on this page. There's the Energy Performance of Buildings Directive, which has been passed by EU, requires all new buildings from 2021 to be nearly zero CO2 emission. That's very good news for us. Then we have the Fit for 55 climate package and then the Renovation Wave Strategy. This is important for us because our countries, they can benefit from EU and the stimulus packages towards the sustainability, and thereby we, by the EU, they want to reduce by 55% compared to 1999 in 2030. You know 55%, that's a significant decrease. That will again double the annual energy renovation rate of residential and non-residential by this initiative they also have. That's exactly what we are focusing with our services and our projects. All in all, I believe we are well positioned to capture the opportunities created by both the regulators, but also very important by the end users. We are putting our efforts to develop our offer and also our solution to meet this demand also in the future. Ending by a very hot topic, I will hand over to Martti now and give the stage to you, Martti. Yes, thank you, Jacob, and good morning also on my behalf. Before going to our profitability, let me also comment very shortly on the economic environment. Like Jacob already stated, the operating environment started to improve at the end of the third quarter, and this was due to the broad coverage of the COVID-19 vaccinations. Still the Delta variant, as we know it, of the COVID-19 pandemic impacted the business operations negatively, particularly in the first two months of the third quarter. While there are still certain risks related to COVID, the monetary and fiscal policies currently in place, they are of course clearly supporting an economic recovery going forward. I want to re-highlight what Jacob already went through, but that our order backlog reached a very high level at the end of September. It increased by over 16% from last year and by 5.6% from the end of the second quarter. If I compare to the second quarter, then at that time, our order backlog was up by 2.8%, but now it was 16.1%. Like Jacob already highlighted, this was very visible now also in projects with services OB up by 15.2% and projects order backlog by 17.2%. If you look forward, we expect market demand to be overall positive in services and to improve also in projects during the end of the year. This is assuming a successful outcome from the ongoing COVID vaccination programs and no significant unforeseen setbacks. Increased material prices and longer delivery times may, however, still affect particularly the development of the projects business. At the same time, the sustainability trend continues to grow stronger around us. Like Jacob well highlighted, the digitalization and sustainability mega trends, they are in many ways favorable to Caverion, and we believe they will increase demand for our offerings in the future. Let us then take a look at our profitability. The main issue here is that the profitability improvement trend in the third quarter, as well as in the first nine months of this year, that follows our plans. Our third quarter adjusted EBITDA improved to EUR 21.5 million, and the EBITDA margin was 4.4% versus 4.1% a year earlier of revenue. For the first nine months, our adjusted EBITDA improved to EUR 57.6 million versus EUR 38.1 million a year earlier. There's a notable improvement of 51% year-on-year. The EBITDA margin was 3.7%, 1.3 percentage points up in terms of from revenue. Our EBITDA in the third quarter was EUR 17.7 million or 3.6% of revenue versus 3.4% a year earlier. The restructurings completed in the fourth quarter of last year had a positive impact on our cost base in the third quarter. We said at the end of last year that the resulting savings will be at least EUR 25 million for this year, and we are very much clearly following that track. Overall, positive progress has continued in our divisions Industry, Germany, Norway and Sweden. Both services and projects have improved their profitability year to date. In services, the performance continued overall on a strong level year to date. There was a minor negative impact, though, from increased material prices in the third quarter. We continued to see an increased interest towards those parts of our life cycle offerings that help customers make their operations more efficient and predictable, as well as to improve their sustainability. In projects, we continued to deploy best practices and to improve our business performance. The market demand started to pick up in projects following the stabilization seen in the second quarter. In the third quarter, we continued to improve our projects profitability. We have so far coped well with the increase in material prices affecting particularly our projects business. The finalization of the last remaining major risk project will continue until the end of the year. Looking forward, we expect market demand to pick up in the next few years, and we strongly believe in our purpose to enable building performance and people's well-being in smart and sustainable built environments. Let us then turn to our cash flow development. Our operating cash flow before financial and tax item was EUR 27.1 million in the first nine months, and the cash conversion was 96.4%. Versus 138.2% a year earlier. Our financial target level is 100%, so on a last 12-month basis, we are still very close to our target level, which is a good achievement. Our cash flow was, however, lower in the first nine months of the year compared to a year earlier. This was particularly due to our working capital, which was impacted by higher receivables, lower advanced payments from new projects, while existing older projects are in a cash-consuming phase. However, if one looks at the graph on the right-hand side, Caverion has typically had the strongest cash flow in the fourth quarter of the year, and that is also my expectation this year. Our capital expenditure was EUR 20.8 million in the first nine months of this year, with IT investments being EUR 5.6 million, and other investments, including acquisitions, EUR 15.2 million. Like Jacob already mentioned, we closed three bolt-on acquisitions in the area of Smart Technologies in the third quarter, two in Austria and one in Sweden. Going forward, we are actively looking for further acquisitions. Actually just recently, at the end of last week, we announced on a small bolt-on acquisition in Germany, which is in the area of cooling business for us. As we have stated many times, an important contributor to our cash flow generation has been that we've been able to decrease our working capital in recent years. At the end of the third quarter, the group's working capital was EUR -101.7 million, slightly improved from the end of September last year when it was EUR -94.5 million in the comparison quarter. Looking at the picture, we can see that there are typically quarterly swings in the level of working capital. This was visible also last year. The change in working capital has, however, been about EUR -61 million in the first nine months of the year, impacting negatively our cash flow. I expect us to clearly improve on this front in the fourth quarter. Looking at the overall picture, we have completed significant and successful actions since 2018 to improve the level of our working capital, and we are happy with the current level of -5% LTM revenue at the end of the third quarter. If you look at the level of working capital by division, we have, in most divisions, continued the good efforts to improve the working capital levels. As we can see, at the end of the third quarter, there were improvements in the level of working capital in a year-on-year comparison in all divisions except for Norway, Finland, and Germany. A few words on financing. On this slide, we show our debt maturity structure at the end of the third quarter. Overall, our financing situation is very stable. Our net debt, including lease liabilities, amounted to EUR 185 million at the end of September, or EUR 56 million, excluding the IFRS 16 lease liabilities. EUR 55.3 million a year earlier, so about the same level. Our bank loan facilities mature in February 2023, consisting of a term loan of EUR 50 million and an unutilized revolving credit facility of EUR 100 million. Our EUR 75 million senior unsecured four-year bond matures in March 2023. It is now in our plans to refinance our facilities in a natural sequence during the next couple of quarters. Our EUR 35 million hybrid bond has the first call date in May 2023. As we know, a hybrid bond is treated as equity in the IFRS financial statements. This slide summarizes our financial position at the end of September. Overall, our liquidity position is strong, and our leverage is at a low level. Our financial covenant is based on the ratio of the group's net debt to EBITDA, and it shall not exceed the level of 3.5 x. Our net debt to EBITDA ratio was 0.9 x at the end of the third quarter, 0.8 x a year earlier. The confirmed calculation principles exclude the effects of the IFRS 16 standard and contain also certain other adjustments. Our cash and cash equivalents were EUR 81.5 million at the end of September. In addition, we had undrawn revolving credit facilities amounting to EUR 100 million and an undrawn overdraft facility amounting to EUR 90 million. I'd like to summarize that our strong liquidity position and our low leverage level, they will give us firing power for future M&A. Like I stated earlier, we continue to actively search for suitable acquisitions in the fourth quarter of this year. I will close here and hand it back to Jacob, who will continue to summarize our guidance. Thank you very much, Martti. Here's our current status of our guidelines. As you have seen in the presentation, we keep our guidelines for this year, where we say in 2021, Caverion's group adjusted EBIT will grow compared to 2020, where we delivered EUR 60.6 million. Just a small reminder that we paid out dividend earlier this year. With these words, and thank you to Martti, we will conclude our presentations and open up for Q&A. Thank you. If you wish to ask a question at this time, please press star one on your telephone keypad. Please ensure the mute function on your telephone is switched off to allow your signal to reach our equipment. Again, please press star one to ask a question. We will now take our first question from Robin Nyberg from Carnegie. Please go ahead. Hello. It's Robin Nyberg from Carnegie. Can you hear me? Yes. Yes, we can. Good. Okay. I have three questions. You have been able to improve the profitability over the last years gradually, but you still have some underperforming areas. Do you see a need to ramp down part of the business in order to get the revenue base to a more healthier level? Thank you for the question. First of all, we are not commenting on any ramp down in any shape or form. Secondly, what we have done until now is that we are trying to execute on our strategic priorities, as you saw with the bolt-on acquisition. We think about customers comes first. So how do we serve our customers in a better way? This we do with our 15,000 employees, with our technology and digitalization, with our sustainability to say, "How can we serve our customers' purpose?" Therefore, we have already been selective in the projects we take on, and that's the reason why you saw a little bit more than 11% negative growth in projects. If we will have any updates in respect of our 11 countries, we will let you know by announcements. We will also, as we said before, have a capital market day in May, and we are launching our updated strategy in first half of 2022. All right. Thank you. Second question. Looking at the governance structure, it seems that Caverion's business is somewhat more centrally steered compared to some of your peers. Do you see a need to make the business a bit more decentralized? Can you repeat the first thing? I didn't get that, the first part of your questions. Yeah, sure. Some of your peers, they have a little bit more. Yeah. decentralized structure than you have. Do you see a need to change that in Caverion to make the business a bit more decentralized? I'll refer to what I said before. We have put a strategy in the market where we are focusing. We have 11 countries. That's where we focus right now. If we are going to change our operating model, we will of course announce it to the market. Right now, we are executing on the strategy that we have agreed with the board and the management team, and I'm quite proud of the development, especially within our Smart Technologies capabilities in the way that the customer sees us as a valued partner. Has it been different quarters because of corona? Yes. We strongly believe we will come out of the corona crisis even stronger and the triangle of our people, our digital solution, the transparency with the technology, and that we are able to help our customers with their purpose and their sustainability agenda. This is the way we are going to focus going forward. All right. Fair enough. Finally, could you please summarize, let's say, three main aspects that will help you to get the profitability to the target level? There's of course many aspects in our business. What I will add is leadership. It's motivation. Keep our people and improve our skills and capabilities. As Matti was also alluding to, it's of course ensure that we keep track of our material prices, and Matti can give a little bit more into that. So far we have been able to cope with that. It's all the time to be efficient, be on our toes, talk to our customers, be close to the customers. If we know what the customers wants, then we can also deliver it. That's the main purpose in our business. We are a people business. We have to be close to our customers, and then we have to deliver a little bit more. Then there's a huge demand for the sustainability services and projects that we can deliver. You saw the three examples, all with a huge sustainability touch on. I don't know, Martti, if you will comment a little bit on also what we will do in efficiency and. Efficiency improvement is an ongoing. We have done a lot on the area of performance management. Robin, you asked about the decentralization. Definitely I can say that our aim is that we are further strengthening the kind of the importance of the local units and how they are following their business to empower and authorize them to really succeed in their own market areas. Jacob, you mentioned material prices. As we stated in our report, we didn't see any major impact overall as viewed from the group level in the material prices in the third quarter. Actually, if you look at the materials and supplies, which is a direct cost for external services, they are actually a bit down compared to a year ago. Of course, our revenue is also a bit down. We mentioned that in the services area, there was a minor negative impact. In one of our contract types, where we are mainly getting supplies from the wholesalers, there we could see a minor negative impact in the margin, which is something you cannot sort of guarantee and buy beforehand. That magnitude was still minor, but with a certain impact. That was on the service business side. All right. Thank you, Jacob and Martti. That's all from me. Thank you. You're welcome. Thank you. We will now take our next question from Anssi Kiviniemi from SEB. Please go ahead. Hi, guys. It's Anssi from SEB, and thanks for taking the questions, and also, Jacob, it's good to see you finally there on stage. I have- Thank you. A couple of questions still left. I will take them one by one. First of all, looking at sales in Q3, I mean, sales growth, organic decline, is there some kind of a timing impact why Q3 was that lower perhaps that you were assuming? I mean, Martti highlighted that the first two months were kind of softish due to the fact that there's COVID impact. But do you see any other kind of timing impacts or postponements or starts or anything like that visible in the result? Thank you for the question. First of all, it's of course difficult for us to look into the future and talk about how the market. You can say if we look two years back, it was much more transparent how the market was reacting, because we all know that we are impacted by bad news from Corona, and then people start to say, "Okay, let's wait." The good thing we can see, and as we also said a few times today, our order backlog, which is very important in our industry, is all-time high. This means we have a strong belief that we will grow going forward. We will focus on profitable growth. We believe we have the business platform, we have the capabilities, and what we hear from the customer, they really appreciate that we have our own people also to do the work and that we have the capabilities. Can we say something about how the fluctuations between quarters will be? If we could, we would love to do it, but we keep our guidance, and that's what we stick to. I don't know, Martti, if you have anything else to. Maybe to add that on the project side, the new projects that we now got into the order backlog, definitely their impact is not yet. It typically takes a couple of quarters before they materialize. Still in the project side, our revenue was down 11.2%. We are sort of finalizing the old ones, and it takes a while before the impact to the or in the order backlog is visible then in the revenue. There is a certain time impact. Perhaps a little bit of impact from this Delta variant, although we don't want to go into that. You know, compared to last year, in the summer, like in Finland, we had, like, zero cases, more or less. Everything was open, and there were some bend in demand, actually, from the second quarter of last year into the third quarter of last year. Now we had in the summer a little bit of that impact. There are certain timing issues there as well. Okay, thanks for that. The second question is then on order book and a kind of big jump in it. That basically indicates that there's a clear pickup in momentum in order intake. Kind of could you elaborate a bit on where did the new orders come from? What kind of orders they are? Which regions? Kind of what are the trends that you are seeing in the increase in order book? Thanks. I think in general, we don't comment on where the orders come from and what type. But as we said, if you look at the numbers, it's equally split, nearly the increase between projects and between service. That's in line with what we would like to have, 2/3 within service and 1/3 within projects. You can say the good news is that it's not unbalanced development of our order backlog, but it's a very balanced order backlog. When we then drill down in each country or each division or area, you know, sometimes it's like it's not that we have seen something specifically popping up. Of course, we can feel the demand in the market with the EV charging station, sustainability. Can we replace an HVAC to reduce the CO2 emission from F-gases? To more environmentally friendly, where you are immediately reduced by 40%-50%. Of course there is a demand, but to say specifically where that we are not disclosing in our quarterly reporting. Maybe to add that, regarding the order backlog increase like we were commenting earlier, it typically takes a couple of quarters before it realizes. It's often actually a bit more than just one quarter. When you sign, you book it in the backlog, maybe the project works or the long-term maintenance contract starts after a couple of quarters. That's very typical in our business. Okay, thanks for that. On profitability and cost, Martti, you highlighted that there are input costs that were higher and that impacted some parts of the service business. Could you elaborate a bit on what are the contracts? What type of contracts this impacts your service business? And could you elaborate a bit on the scale? Are we talking about a couple of millions or are we talking about hundreds of thousands, or what's the scale kind of roughly speaking? Thanks. Yeah, the magnitude is just in a low couple of millions, potential impact or that what we have been tracking. It comes from this sort of what we call this ad hoc requests. When we do minor renovation works based on contracts at the bottom, they'll be typically sourced from the wholesalers. Of course, our target is to deploy price lists every areas we can, but there are certain contractual types where this is not because we have a contract at the bottom. There is, there's a little bit of impact, but I would still say it's minor at scale. Last year, you initiated the last legs of the Fit program, cost savings. Could you give us some kind of indications how much they supported the Q3 result? Thanks. Well, we don't state per quarter. Maybe you would like to know the run rate. I can say that we are following the run rate, and I can say what we have stated earlier that we are clearly following the plan, which is at least EUR 25 million of reduction in cost base this year versus last year. If you look at some of the figures where you should be able to track issues, so although of course our focus is on people, but we did certain restructuring, and if you compare to the end of the third quarter of last year when sort of this started our headcount is down by 876 employees, that's 5.6%. There were already some reductions in the fourth quarter. If you compare to the end of the year, it's 390 or 2.6% lower. You can also compare that despite that our revenues in the first nine months were down by EUR 21.5 million or 1.4 percentage points, we have improved our adjusted EBIT by almost EUR 20 million by 1.3 percentage points. You could look at the quarter. You can see in the quarter the employee expenses are down by EUR 5.2 million. If you look at the first nine months, our other operating expenses are down by EUR 8.6 million. Of course, there are certain quarterly swings, but I think most important that we think we are really following the plan. Plus, as we have stated earlier, we have done certain investments into the area of smart technology into certain competencies that should help us then. As we can see, we are happy with the order backlog increase, so helping us going forward, strengthen our position. We also have to say, of course, the Fit program is very important, and we promised that to you guys, also internally. What we're also focusing on is again expanding our capabilities to serve the customers. That's where our profit, our growth, and cash come from. Very important to expand here and invest in where we can going forward, also be a partner to our customers. We track it, and I'll say, Martti, well done to you. You have very tight control on the finances. We are also very much focusing on efficiency, productivity, how do we become more reliable and more value to our customers? Because that's where we create our value. Okay, that's all for me. Thank you very much. Thank you. Thank you. As a reminder to ask a question, please press star one. We will now take the next question from Matias from Danske Bank. Please go ahead. Hi. Hi everybody, it's Matias from Danske. Can you hear me? Yes. Great. I have two questions left. The first is, you said that COVID-19 impacted your performance in July, August. Can you be more specific on how did it impact? Was it on revenues or on cost side? We cannot be more specific, but we can say that on the bottom line, I think we are pretty much in line with what we promised at 4.4% in margin. We had lower turnover, and it of course drops on the nominal EBITA, which has a consequence. I think we are pretty okay in absorbing our fixed cost even though that we were lower on the top line. It's not always easy, so I had to give a little bit of appraisal here to the organization to cope with our fixed cost that you can't adjust short term. Secondly, it's just the sentiment and can I say this or this, but I think you feel it yourself. You know, if you go order a car, it takes eight, 12 months before they were giving you the day after. There is this, all these sentiments in the market that we are not in control of. We can just again allude to our order backlog is very strong. Of course, would we have loved that some of these projects was in Q3. The good news is they will come in a later quarter. As Martti also alluded to, it's important for us to start it up where we are in control, where the customer is in control, so we can control the projects and the service we are delivering. Therefore, we just saw a soft market in July, August. It was holiday months. There was still a lot of uncertainty. As Martti said, we are not hiding behind Corona. We have also been selective in where do we do projects, et cetera. Will we do that going forward? Yes, we will. We will also be selective in what projects do we go into. If there's very high risk in the project, we will not take it, even though that it would support our growth. Having said that, we stick to our strategic targets on a long-term growth above 4%. Okay. Thank you. I have follow-up question to answer this question on the revenue decline, particularly in services. You said that in Q3 last year, the revenue was maybe quite high due to pent-up demand. Was Q4 also supported by the same trend? Or do you expect service revenue to catch up in Q4 driven by the order backlog? I can take the first one. I think, what we have said is that the service revenue was only slightly negative compared to last year, so it was basically flat. I think quite well done compared to last year. In respect of Q4, I'll have to hand it over to you, Martti. No, I would not like to give a forecast for the individual services and projects. What I said that order backlog is up. We are saying that we expect also the pickup in demand supported by the stimulus and so forth, going forward. It depends on how we do the project start, then the backlog issues, what we have in the backlog in the fourth quarter or not. If I look a little bit further from there, I mean, I think we have very good opportunity for growth, sustainable, profitable growth. That will be our target. Still, if you look at Matias, at the services being sort of flat in the third quarter, we are growing more than 7%. Maybe one should combine those two quarters and look them as a combined second to third quarter because there are different impacts from Corona between the two quarters. Okay. Thank you, Martti. That was helpful. That was all from my side. Thank you very much. We will now take our next question from Olli Koponen from Inderes. Please go ahead. Yeah. Hello. It's Olli Koponen from Inderes, and thank you for taking my questions. I have a few questions left. Actually, these questions from my colleagues. First, just to follow up on the revenue questions we have had, and especially now on the project business side. The revenue was down there over 10%. Should we expect the revenue level to increase in the future, or is the level still going down? Do you like see good enough projects for you to take in the market? And to follow up on that, can you just give any info on when should we expect the revenue and demand to really pick up in that business area? Thank you for the question. I think, I'll allude to what I already said, that our order backlog within projects was 17.2% increase. That indicates that the demand for projects is there. As we also said that we are not in control of what quarter the project will start up, and therefore it's difficult for us to project when it will hit the P&L. The most important for us is that the order backlog within projects increased significantly to 17.2%. So it is all-time high, so therefore I would say that's what we can say about our guidance for the next quarters and for next year. Okay. Thank you. Just a follow-up question on the business, the project business side. Can you comment at what level your profitability is there at the moment, like for example, on a scale of one to five? When should we start to see some material improvements there on the profitability? Okay. Unfortunately, we don't comment on the services and project profitability separately, but what we have qualitatively addressed. Firstly, we are improving in projects versus last year. We are fine. We will finalize the last remaining risk project by the end of this year. The project business overall, I would say that it's definitely not in the levels of the profitability. It's positively, but little bit positive. We have a major opportunity still to move on that front forward. I think this is the amount what we have said. Regarding service, we have said that we are happy with the strong performance, meeting our target levels on an overall scale. I think it's very important to add that we have a very diligent process and tender audit going through big projects. That's of course on the back of the bad experience we have had in the past. Really pleased about the way we look at the big projects and also how we try to involve everybody in the company to look at the risk and returns. When you do projects, there's no risk without a return. Therefore, it's just balancing the projects that we believe the risk is something we can take on and that we can also see a good return. A very good structured and a well-done process in the company, and that will bring us forward with structures and processes inside the company. Maybe only I could still add to your earlier question on the revenue level. In order to reach the higher than 4% organic growth target, I think it's quite clear that we would need the support of the projects. We have, for quite a long period of time, had a declining trend in the revenue level of the projects business, putting that into order. Now when we got finally growth there in the order backlog, that's important. Still, we have continued to be selective. We have tried to describe early our overall target that we would like also that business to definitely stabilize, and then hopefully there could be also some growth when the new project starts, so when we can get the impact from the backlog. Of course, like we are seeing, like 11.2% still down when we are now finalizing more from the old stuff, old projects, that is hitting our revenue. Okay. Thank you for the clarifications. I don't have any further questions. Thank you. Thank you very much. Thank you. There are no further questions in the queue. Thank you. We will now continue with the webcast audience questions and with analyst questions also. The first one is coming from Markku Moilanen at OP. It's on revenue. Revenue came down double-digit figures in Industry Denmark and in other countries. Can you give some background for this development? How should we read this in comparison with growing order backlog? As we already said that, when you talk about industry, it's part of our overall development in the order backlog. Industry is developing like the other ones. In Denmark, we have been much more selective in the projects because we believe we had to get down to more medium-sized projects. That's the reason why you see a drop in Denmark. Overall, across the piece, as I said before, the order backlog is increasing. We have an extremely strong team in industry. I myself visited a customer last week, Fortum, and we can say really good capabilities, competencies, really good management team. Elena and the team are really trucking ahead. No soft things for us. Again, we are talking projects, we are talking customers who wants to start. We have to stick to what we said before. Our order backlog is strong, and when it comes into play, it will also hit our revenue. Thank you. Continuing with the question from Markku Moilanen, about the material costs as discussed, but how do you see them affecting group profitability in Q4? Are the costs still increasing or have you seen stabilization already? Have you been able to push the higher cost prices? I would say also allude to what Martti said before. First of all, I would give some credit to our procurement organization, both in our central function but also locally. We are on top of the prices. They move every day. We're seeing some categories are stabilizing, even with a little bit drop. You can also see in steel, aluminum, they continue their rally. What do we do to mitigate it? We do with transparency, update of our price list as frequent as we can. Of course, when we have longer-term contracts projects, you have to think risk/reward. If we have subcontractors, do we then pass on the price and material risk? It's very much about a process. Where in the process do you have a risk? Do you digest it down to single pieces and then control it? I would say Matti and the team and procurement, they have done a stunning job here to be in control. Where are we? The last slides I saw, I have to say, we are managing it so far. Touch wood. We will also try our best to manage it going forward. As I said before, we stick to our guidance, and that's also in respect of Q4. Thank you. A follow-on question from Markku Moilanen regarding guidance. You are currently under EUR 10 million behind full-year adjusted EBIT figure for 2020. Do you see some uncertainties regarding a Q4 profit development? I wouldn't say any specific what we have been underlying and going through here. On the contrary, like we have said regarding services, the market outlook seems to be sort of strengthening. Also a little bit, there's more positive outlook definitely in projects. There are always risks, but nothing that we haven't discussed here. Thank you. Now we have no more webcast audience questions, so, over to the live audience here in Helsinki. Do we have any questions here? Jussi Koskinen. About the strategy. Only strategy we know is one that was created for years 2021-2023. Is it still valid, any adjustments to that, let's say, old strategy? As we haven't announced the new one, it's of course still valid, and that's our cockpit, what we are driving towards. As I have also said internally and what we are discussing with the board, we will update the strategy. It will be an evolution and not a revolution. We will continue our Fit for Growth. We will continue to focus on the customers. I think the best testimony of that our strategy works is of course that we can deliver growth, we can deliver the EBIT that we have promised and also our cash flow. Very important that we can show you example of how we get relevant to our customers and to the market. No revolution. We believe we are in a good spot, and we still want to save the planet, and we still want to improve the sustainability and building automation. The reason why I'm saying that is there's a trend that I cannot change. Nobody can change. We can try to change the climate and that we want, but megatrends we can't change. The change in the megatrends to more people in the cities, more people in the built environment, the automation, the well-being of people. You all know it. I compare it to when you walk in the door, you want to have a nice day. The controlling of the climate, the security and safety of people in a building is very important. We are in a very nice area of Europe, but you can see the trend coming. We become more and more people, and therefore we also have the mega trends supporting us. Therefore, we think still the current strategy is very valid, and we will of course update that. We would like also to elaborate on that on the Capital Market Day. Thank you. Last one, about the profitability. These things, efficiency, pricing, procurement, they are quite generic. Any more specific thing how to improve productivity? You get what you measure, and therefore focus, priority and leadership. That's the key to success in my leadership book. This means that we have a very good Power BI. We have very good tools to measure our profitability. When you look at our P&L, then you can look at some big cost lines. We have our people, which is very important. That's the asset. We have material cost, direct cost, which is very important. Of course, Matti and myself, we will focus on these lines. That is part of our earnings. Therefore, productivity, can we take out waste in the process from when we have the purchase order until we deliver a project? That is the way to do it. Therefore, you know, we want to learn from the best in class in the industry, but also from other companies, because the agility of systems, the way we operate is changing every day. With procurement, it's structure, processes and compliance to how we can create better benefits to our customers but also to us. You know, it's not rocket science, but it's every day focusing on the details and then become better in execution. That's the reason why we are here as leaders. We have to execute on our strategy that the board has said, This is what you have to execute on. Thank you. Anything you want to add or? No. Do we have any more live questions here? If not, this concludes our webcast for today. Thank you all for joining. I would also say thank you very much to the people showing up here and all the people online. I look forward to meet you face to face, going around. Anyhow, thank you very much for taking the time. Thank you. Thank you.