Good afternoon, everybody, and a warm welcome to the Caverion Capital Markets Day. Great to see such a large audience here, physically and also online. My name is Milena Hæggström. I'm the head of IR here at Caverion, and I will be the moderator for today. As published yesterday, we published our updated strategy focusing on sustainable growth, and we will today also discuss our financial targets. Our focus will be very much on our differentiation and our four strategic themes. A more detailed agenda can be seen here, and the presenters today are our CEO, Jacob Götzsche, Kari Sundbäck, our head of services, solutions, digital, and strategy, and Riitta Palomäki, our interim CFO. Before the coffee break, we will also make a deep dive into our business focus areas and showcase examples in these areas. This session will be hosted by our Head of Strategy, Niko Koivuniemi, and our case examples will be presented by a team of Alexander Selke, head of projects from Germany, Laura Karotie, head of managed services from Finland, and Kari Aalto, head of design and advisory services from industry. Some practical instructions. In Caverion, we always focus on safety first, so the nearest exit is behind you. In case of emergency, please follow our colleagues, who will guide you with further instructions. Please also note that this session will be recorded and also the audience may be visible on this video. The recording will be made available on our website after the event. We will have three Q&A sessions, first one after the first two presenters, one just before the coffee break, and one after the closing remarks. Please also note that you can also post webcast questions throughout the day. Those questions will be visible to our IR team only, and we will present them to the speakers during these Q&A sessions. Finally, before we close the day, we would very much like you to take a moment to answer a very short feedback questionnaire found on the last page of our presentation. Please also note that this presentation will give forward-looking statements, so please also notice our disclaimer here relating to those. Now please welcome our CEO, Jacob Götzsche, who will continue from here. Thank you very much, Milena. Also good afternoon and welcome also on my behalf. I know it's pretty scary, and I was talking to some of you guys during lunch that it's not on a Teams meeting. Sorry for that. It's a physical face-to-face, but I hope you will bear with me and that it's a little bit scary to stand up here in front of real people. Anyhow, I'm delighted to see so many and have you here today to give you a walkthrough of our updated strategy until the end of 2025. I have now been in the company for nine months. I've been focusing, of course, getting around, get to know the company. What does our customer say about it? What are we standing on as a company with all our competencies and capabilities? Of course, I've been around in the divisions to meet all our employees and all our leaders. I have to say it has been amazing nine months, and even the sun is shining today, so what can I wish for more than this? I have to say, I'm deeply impressed about what we are able to deliver in Caverion. What have impressed me most is the capabilities and competencies that we have in the company, and that broad range of capabilities within projects and within services. Just to mention a few, we are building hospitals, we are supporting in the Helsinki University Hospital, where we have put more than 1,000 kilometers of wires and cables to rescue people. We support in clean room in Austria with pharma customers. We are running and managing PPP contracts, life cycle contracts for the courts in Denmark. We install EV charging all over Norway, also expanding to other countries, and you will see the customer later today. We have it all and you will see more details when our dear experts will come up and show quite amazing stories. On top of that, we have a real purpose, and we can really act on the climate agenda, and we want in Caverion to be part of this saving the planet by real actions. As a CEO, the company both speaks to my brain, but it certainly also speaks to my heart and to our employees and our leaders. I'm really proud to be here in front of you because the entire management team is here today, and I also have some really good experts here to help us out to show you what is Caverion all about. Today, it's of course about our updated strategy, but it's also about showing you and giving you the trust as investor, that we will deliver on our strategic targets until 2025. We will show you the markets, we will show you the potential that we clearly see, but also the opportunities supported by the mega trends, the pull from the end users. We are committed to deliver on our targets, creating stakeholder and shareholder value during the period to be an attractive company to support, but certainly also to invest in. This we want to do by sustainable growth through clear differentiation. Yesterday, we published the updated strategy until the end of 2025, focusing on sustainable growth. Sustainable growth for us means that we build and grow the company to support our business short term, medium term, and long term, but again, in a sustainable way, built stone by stone. We want to be seen as a reliable and transparent partner that can deliver in the entire process from the design, from the advisory, from the execution, from the maintenance along the life cycle. We want to be part of the entire value chain in our business to enable performance and people's well-being in smart and sustainable build environment and in industries. Here are the key points that I want to focus on today. Firstly, we will talk about why are we ready for sustainable growth. Secondly, we also want to increase the share of the high-end solution business. We will focus on our base and smart disciplines, but we will also move up the ladder. You'll also hear why, because that have a spillover effect on the entire business. The market and the mega trends, they're supporting us. I think during the pandemic, our business has also proven to be quite resilient. Now also, with the unfortunate war, it's still moving ahead. The good news is that market we are operating is very fragmented with a lot of room to grow and also via acquisitions. Finally, we believe we have built a clear differentiation from our competitors based on our business focus and our winning capabilities. What do we actually mean by differentiation? We are technical project and service company with a vast offering, as I just mentioned, and we want to cover the entire value chain from the design, advisory, execution, planning, and also being on site doing what the customers want us to do. If they want us to manage it across the life cycle, like schools in educational places in Vienna and in Austria, then we would also love to do that. Is it courts in Denmark? This is what we believe differentiates us from our competitors. Today, my colleagues will show what we mean by this and show customer success stories in the divisions, in the countries where it's really where we do the work. To deliver on our strategy and our strategic targets, we need leaders, we need management, we need execution. On the next slide, you will see the management team that are committed and capable of delivering on the updated strategy. I'm really proud of this team, you see up here. This is the team that have to motivate every day our more than 14,000 people, and hopefully one day we will not be 14,000, but 28,000. Who knows? This takes leadership. As you know, Caverion is all about people who build performance every day, and it needs strong motivational leadership. Before going into the strategy in more detail, I would like to introduce the team here today. We have the entire GMB, and I hope some of you have also spoken to them during the launch. We have on the right side, as Milena also alluded to, we have our expert and good colleagues here who will go a little bit deeper into what is it actually we do on a day-to-day basis. Last but not least, we are happy to welcome our new CFO, Mikko Kettunen, who will join Caverion latest by end of November. What is Caverion all about? On this slide, you see, Caverion at a glance. Caverion is all about people. We are more than 14,000 people who every day bring our purpose to life. We want to enable performance and people's well-being in smart and sustainable built environment. That we do every day for more than 30,000 properties. Out of them, more than 10,000 we are also monitoring digital. We have a geographical split in more than 10 people with 225 locations, and that we strongly believe give us a competitive advantage because we see more and more cross-border contracts, and here we are present in both Northern and in Central Europe. The way we operate is we operate with local management teams who knows the market, who knows the customers, who knows what is going on, but is also able to connect the dots to the group and to our international and global customers that we are also serving. Our service mix has come to a point where we are very satisfied with two-thirds of service and one-third of project. If we go to the next slide, we can see the broad range of services that we do. As I said before, we have a vast offering of services that we can offer to our different competitors. We provide technical services from the base to the smart to the managed services and up in the higher end, where we both advise, we design, and we help the customers to say, "Okay, what's next going on?" That's what we, as I said before, believe is making a difference. Below these boxes, there is tons of different services that we do. If you look at our website, you'll also see a lot of different business cases, and sometimes I really get impressed, oh, can we also do this? This we strongly believe is a competitive advantage also going forward in our business. Then on top of that, we also generate more recurring revenue through our advisory, engineering, and digital solutions, as SmartView, remote monitoring and IoT and artificial intelligence. Kari Sundbäck, he will tell more about that we are basically a company that is using IoT and artificial intelligence. If we then go to the next slide where we have, our market. Here you can see we are playing in a very fragmented market. We are up against nearly everybody, so there's both big players, there are small players. The good thing is that we are a very versatile company, and we are present in nearly all the business lines. As I said before, from the start to the end, we are industrial services, technical maintenance, installation, managed services, advisory, digital, et cetera, et cetera. Why am I mentioning all this again? Because we believe it is a competitive advantage. At least that's what the customer tells us. What we are just showing here is the market is growing. There's a lot of potential. There's a lot of room for growing. If we go to the next one. As I started to say, we believe we are ready for growth, and we believe we are ready for sustainable, profitable growth. We have made good progress towards our financial targets since we launched it in the CMD in November 2019. On the slide, you can see the targets and the outcome over the years. Our performance has continuously improved though our top line has stayed flat. Below that, we have to remember two years of Corona, and now we also have some disturbances in the market with the war. However, if you go one step below, you can see that there is a reason why the top line has stayed flat. Our service business have grown and grown every year, and also in Q1 it was 4.4% growth, where the company in totality was growing 2.4%. Why is that? That's because it's a deliberate choice based on the experience from the past. We would like to be selective and cautious with the projects we take in. That's the reason why we have had this flattish turnover that stayed at the same level. It's also to be added that we divested the Russian business by the end of this year. If you look at the cash conversion, very good, solid, around our aim, sometimes above, or slightly below, but a very asset-light company with a very good cash generation. Our profitability has improved year-on-year. We are not at the 5.5% yet, but we will get there, and we have made good progress. Our leverage has stayed very low, around the 1.1, and it's clearly below the 2.5 as our target. That gives us a lot of firing power to develop the company, add more of acquisitions, and invest in growing. Going forward, we believe that the mega trends will support our growth strategy. On this slide, you look, you see the mega trends supporting our business. If we go to the next one. There's nothing new in this, and everybody talks about mega trends. Unfortunately, the war has put it even more in focus. Sustainability, changing to different ways of heating your houses, your plants, et cetera. It's really sad with the war, but it is just putting even more security. We are living in northern Europe and in central Europe, where we have been a little bit protected. Security, the stomach of the building, surveillance, it's coming more, and we can see the demand from our customers. Basically, it's good news that the mega trend is also expanding our market and will continue to help us to grow. When we look at our strategy and our strategy journey on next slide, you could argue it has taken a little bit time to get to where we are. Yes, you're right. Maybe we were a little bit too ambitious in 2014 and asked for more than 10% growth. Then we had the Fit for Growth phase, where we shaped the company to get it ready to have the capabilities, to have the leadership team to execute. We are now where we think we can execute, and we can create growth. That's the reason why we believe in sustainable, profitable growth. If you look at the next slide, our sustainable growth strategy will be guided by this house. I know it's a little bit busy slide, but it will guide us through the period. Our strategy is built on differentiation from the other market participants. We will focus on growing the business in a sustainable and profitable way. We will focus on building differentiating capabilities and solutions that make the environment we build around us more energy efficient. It need to be more resource efficient, healthier, safer, and also better for the end users to work in, live in, learn in. Our differentiation is that we create this sustainable impact for every customer with the solution we design and deliver. We need to do it reliable and transparent so people can see what they pay for, and we have to do it every time. You'll soon hear from the other Kari Sundbäck, who is sitting over here, about our differentiation and our winning capabilities. Niko will take us through with the experts what is the business focus we will focus on during the period with some customer examples. I will start just to high level introduce you to our strategic themes on the next slide. As said in Q4, where I already alluded to it, we have four strategic themes. It's our people, it's our digital solution with the transparency and measurement, it's sustainability. These three together, we strongly believe will give the added value to our customers. At least that's what they tell us. These four themes will connect the previous strategy period to the new strategy period. That's the reason why we are saying this is not a revolution, it's a evolution. People is the most important asset. You all know that there's lack of people everywhere. We want to attract, retain, and develop our people and ensure we have the best building performance culture, so people want to work with us. Culture eats strategy for breakfast, and our culture is really, really important when we talk about people. We have our digitalization, and that is becoming more and more important. People want to have the transparency. They want to see the measurement and also supporting their green agenda to put it into their sustainability accounts. Here we have a role to play, and it's so close to our purpose that we're really happy that we can also support in this area. It is just gaining more traction. You see today you can get funds where you also have a measurement linked to your sustainability. It is a driver. All of these three things we try in an operational model that is focused on the customer. Everything we do should touch a customer. That's the reason why we have also changed our way we work together, both in the GMB, in the company, and Kari, he will show more about our center of expertise and our center of excellence, how we wanna group them going forward on the back of the customer. As Milena started to say, safety is the most important. It's also the most important for our employees, but certainly also for our customers and stakeholders. Safety is part of our working culture. On the next slide, you can see that we have done a really good work here. I'm really happy to say that we have gone from a high level to a very low level, benchmarked in our industry. Will we continue? Yes. We have a target of getting below 2. Every incident is one too much, but we will continue to decrease the incidents. In addition to that, when you talk about sustainability and ESG, human rights, diversity, equal pay, and all the normal stuff, this is of course also something that we are very much focusing on. We are luckily in Northern Europe and Central Europe, where in general, these principles are applied easily. If we then look at our suppliers, the same principles should also go for them. Today, 66% have signed up to it, and we have a target to get above 90% in 2025. If we then go to people, as I said, this is the most important, and I cannot emphasize it enough because it is our capabilities, it is our customers, it is our competencies, and it is our face to the customers. Luckily, our internal measurement is also supporting that, and that is something we will continue to work on. If we then go to our digital solutions, the demand is to get the cities more smart. They need to be more connected. You all know it today. If you can't connect with your smartphone, then something is wrong. Sorry, can we turn on the tele here? Therefore, it is extremely important that we connect all the things, that we can measure it, and that the digital is connecting to the buildings. As I started to show, out of the 30,000 buildings, 10,000 of them are connected via digital solutions. There's a small technical problem. You know, we are a technical company, so maybe we should be able to fix it, but let's see. That's what always happen. At least we have power here. That's the good news, and you hopefully also have a coffee. Anyhow, let's continue to sustainability. Sustainability is, of course, extremely important today. It goes without saying it has an impact of. Will you change the slides or where are we? We are dead here? I'm still alive, but the technology is not working as it should be. We have no slides. No, you have slides there. What slide are we on now? We are on the sustainability. Good. Let's continue. That's the fun part of this. It's just high level. As I said before, ESG is of course very important and it's also very important for us. As I said before, it is so close to our purpose. We want to have sustainable buildings. It is in our DNA, it is in our culture that we can make an impact. We are highly committed. We have signed up for the science-based targets, UN Global Compact. We are all the places, and we will work continuously to reduce our handprint versus the footprint, where we are 2x today, and we have a goal to be more than 10 times handprint versus footprint. Last but not least, the customer who pays our bills, who ensure that we are a company that can grow. If you go to the customer page, what you look at here is that we also showed that in Q1, is that the good news is the customer like to work with us. Our net promoter score has increased in all the divisions last year. Why is that important? Happy customer, happy employees, happy shareholders. That's just the way it works, because if we have happy customers, we can sell more to them, we can sell more services, and we are closer to the customers, and hopefully they stay more years with us. That's also what you will hear later today, some customer that has stayed more than 20 years. We will continue to emphasize and put even more focus on the customer. On the slide, you can see what the customer says about us. The most important is that our scores and ranking is above 90%. You can also see that we are quite diverse in the segments we are playing, and that of course, also dilute the risk. That's even more diluted when we think about the country risk being in 10 countries. If we go to the next slide, where we can look at our markets and our growth plans in detail, what are we going to do and how will we develop? On the next slide, you can see that we are intending to grow a little bit more in the higher end of the value chain with our advisory and design and in the managed service. It's also a pull from the market asking us to deliver more here. We will grow in all four disciplines shown here over the next strategy period. If we look at the opportunities in the market on the next slide, then you can see, and you can see that Caverion is so small in a huge market with tons of opportunities and a lot of potential. When you start to have 30% in one market, then you start to think about you have critical mass, and then you can see there's 1%, then you can do the math yourself. How are we then going to support this? We are going to support it by acquisitions that you will see on the next slide. As I said before, focus on high end. We also demonstrated it last week by acquiring this Wind Controller that is for managing and optimizing windmills and wind parks. Here we will also utilize that across the countries, and as you would know yourself, wind parks and windmills are quite a increasing area. It's also showing that we will commit to do whatever we do within the sustainability. It will be a disciplined M&A, it will be structured, and it will be based on the division roadmaps, so it fits in: do we have a white space or do we need to add more capabilities. Based on all this work, we have updated our strategic financial targets until 2025. As you have maybe seen yesterday, we have a cash conversion of 100%, that's unchanged. Our profitability, we want to be above 5.5%, and somebody could ask, "Will you then stop there?" No, but that's the target for 2025. It's only three and a half year ahead of us. We wanna grow 3%-4%, and then we have introduced a new thing. We want to have a target of 2%-3% acquisitive growth over the period per year. Debt leverage, same 2.5, but with a change in the calculation method, so you can do the calculation yourself based on the official numbers and not based on the agreements we have with the lending party, parties. Payout ratio, 50%, no changes here. Moving to the next slide, what is it that will then take us there? This is a few actions, but the most important is we will grow by our differentiation in the market and to serve the customers in many ways. That's where we think from the start to the end, that is what will differentiate us. As I said before, a little bit more focus in the high end of the value chain to ensure we can cover the entire process. That will also give us more recurring revenue. As you will see, Kari talk about later, digital, IoT, et cetera, it ties the customer closer to us, and it will give us more recurring business. The most important is, of course, that all the things we do go to the bottom line, so we increase our earnings and thereby also our cash flow. We need to leverage our scale. We need to leverage also operational and financially because we are ten countries, so there is scale. We, of course, need to look at how can we help by being more efficient, more productivity in our company, and also with the pricing. Because that's really important operational measure. I always look at it as a lean process, how can we take the waste out from when we get the order till we deliver? In this process, how can we take the waste out in this process? Of course, being together as a group, we also have some procurement power. We have leverage on our IT and digital transformation. We don't need to invent the wheel in all countries. Here we also see some potential during the next strategy period. Kari will come back to how can we then also share expertise. When we have an EV concept in Norway, how can we follow the customer all the way down in Europe? Because that's exactly what he wants with the same cross-concept, and he wants to talk to Knut and say, "Listen, Knut, you need to deliver. Why are you not delivering in Denmark or Sweden or wherever it is?" That's what we see that follow us across borders. Last but not least, most important, we have the leadership team that is committed to deliver on the strategy and these targets. We have a very positive company culture where there's smiling people every day that really want to make a difference and are proud of what we are doing. With these words, this ends my presentation, and I will now hand over to Kari Sundbäck, who will show what we really mean by this differentiation and our winning capabilities. Kari Sundbäck? Thank you, Jacob. Pleased to meet you all today here in the room and online. Jacob already told about our business focus, and you'll hear more about it from Nico, and Laura, and Alex, and Kari after this session. I will now talk of our differentiation. We've been working on updating this strategy for quite a while, and at one point, we took an important decision. We decided that what defines Caverion going forward is how our customers see and value our differentiation. We wanted to simply, spell out why is it that a customer would choose Caverion, and to base our differentiation on that. Our differentiation. We create sustainable impact for every customer with the solutions we design and deliver reliably and transparently every time. We operate a high volume installation and maintenance business. What we deliver is produced right in our customer's premises with thousands of Caverion colleagues leaving a personal touch. As an example, on any given day, we deliver some 3,000 service orders in our maintenance business. What we're aiming for in that environment is simply that the Caverion person would be experienced by our customer as the one working most reliably and most transparently. We do what's needed and what was ordered. We do what we say, and then we say what we did. I've been meeting with a number of customers who say that that's what they most need of their installation and maintenance partner to gain their trust. We're in a people business, and our customers need to trust us, and this is what they ask of us, reliable and transparent. Secondly, as the requirements for sustainability increase and technology progresses and brings more opportunities, our customers need the right partner to bring them solutions to their opportunities and their challenges. This industry is characterized by a divide between those who design and those who deliver. We will be the ones the customers choose because we can do both. We're better at designing because we know how the design is installed and maintained, and we know how it is delivered, installed or maintained because we have in-house knowledge on how it is designed. As we do both, we become better at this time and time again. More repetition, more learning all the time. As you'll hear later on from the other Kari on stage today, Kari Aalto, we made great progress on this combination of designing and delivering. Customers appreciate us for our insights and knowledge on both design and delivery. Differentiation is something that needs to be built. It's built in a focused manner over multiple years. Then it becomes inbuilt, and it becomes hard to beat. We are building our differentiation by focusing on four winning capabilities. These winning capabilities are multi-year development areas, the areas in which we make our capabilities develop the most during this strategy period. The first of the winning capabilities is operational excellence in the field. When you think of that high volume efficiency business we run, installations and maintenance, we need to put our people into such a position that they work in focused roles and they have the tools and the support to serve our customers properly. As an example, we give them support and tools on the supply chain side for the easiness and timeliness to find the right materials and spares so that and support from other colleagues so that those in the field in customer premises can focus on the customer and doing the work that needs to be done on-site. A significant part of the development actions in this area is centered around the digital solutions that help our people serve customers. At the same time, this field digitalization is driven with a continuous focus on efficiency improvements. Our customers expect of us expertise and delivering on agreed commitments and service levels. We wanna focus on having the best experts in the right places. Most of our delivery is run by our own employees, and we have put in place focused plans to grow close to our customers, attracting, growing, and hiring the right expert. Let me give you an example of these winning capabilities in action already today. With PostNord, since 2020, we entered into a long-term facility management partnership in the Nordics, covering 130 of their sites in three countries. To give an order of magnitude of what this represents as a daily business, we deliver some 30,000 service orders annually as part of our service delivery. We are able to serve PostNord internationally under the same agreement, providing the same agreed service levels, making it also more efficient for them to manage their facilities. They originally chose us because of our self-delivery capability across the countries and across all of their sites in each of the countries. We have then matched our footprint. We have continued to grow where they are to provide that wide range of multidisciplined services at a consistent high quality. That's what we agreed upon originally, and that's what we have delivered. Because we are Caverion, we do something more. We have worked together with PostNord on digitalizing the processes, bringing PostNord insights on their facilities with Caverion SmartView and turning those insights into advice, especially on energy efficiency. You'll hear that pattern repeat all the time. We deliver on the reliable and transparent installation maintenance, and then we add more. Continuing with the winning capabilities, specifically in the solutions business, customer-centric solutions. A solution by default is designed with a customer, it is defined with a customer, it is developed with a customer. But like Jacob already said, what we're putting focus on is once we find such a winning solution with a customer, is how can we repeat that same value for the same customer across their footprint elsewhere and for other customers. If you think of the example there, the picture with the electric vehicle charging, it's an example we're using a couple of times. In Norway, we have developed a solution which focuses on the uptime for our customer Recharge, from whom you'll hear later on. Uptime, timeliness of service, adapting the service to the usage of the end customer, and ultimately peace of mind for the customer. Finally, the segment expertise and commercial excellence. When you think of the different segments we operate in, there are different types of customers also. A single building owner may have different requirements from somebody running an infrastructure operation, maybe a municipality, somebody who owns a factory, or somebody who runs a power plant. We are continuing to developing specialization into these customer segments, including the commercial excellence needed. Our industry team is already set up according to customer segments and expertise areas to deliver on this. These capabilities to differentiate by both designing and delivering can also be complemented by acquisitions. Let me give you two recent examples of this. What does it mean to be able to both design and deliver solutions to our customers? The first case is from Denmark and the recent acquisition of DI-Teknik. DI-Teknik employs some 185 experts, and they have experience since 25 years in the area of industrial automation and industrial electrification. They operate as a full service provider from design, dimensioning, programming, to installation and maintenance in industrial automation, IT, and electrification. Now we, Caverion, we were already strong in that last part, the installation and maintenance in Denmark. Now with the acquisition of this capability, we cover the full chain, so we're able to design and deliver. In Finland, our industry team has done a number of acquisitions with the same logic. The most recent one was announced just last week, the acquisition of Wind Controller. Wind Controller is the leading technical consultant and service provider for the Finnish wind power industry. We are already in that energy sector before the acquisition. We've been installing and maintaining a number of substations. Now we add specific expertise in wind power, which starts from the capability to design, engineer, and then deliver. Again, the same pattern, differentiating by being able to design and deliver. This is how we build our differentiation with the winning capabilities. Jacob introduced our strategic themes, and I wanna now dive a bit deeper into two of them, digitalization and sustainability. Our approach to digitalization too starts from the customer. Why is it that we do this? It is essentially to bring uptime, timeliness of service, and peace of mind to our customers. I'll describe this through just one example, and Kari will tell another example in just a while. If you look at the icon, the green one down there, infrastructure and this EV charging. Nowadays, we, Caverion, we're installing and maintaining quite a few of EV chargers, and so do many other companies. What is it that we do differently? Well, on top of that installation and maintenance, we connect the chargers to a digital platform in order to be able to run advanced analytics on their usage and their condition. We turn these analytics into insight, actionable insight, with Caverion SmartView, our digital solution. That allows us to provide remote services such as Help Desk, smart dispatching, and mobile technicians. With a very practical example with our customer Recharge in Norway, we noticed that some of the chargers at some stations are used very differently from how they are originally designed and engineered for. Shorter charging sessions, much more frequent during a day. Now, as we've connected them to our platform and our analytics and SmartView, we're able to notice this, so we're adapting our service with the aim of ensuring uptime, so we service them more frequently. Again, we're able to install and maintain like many other people, but then the Caverion differentiator comes from turning this into uptime, and timeliness, and peace of mind to our customers. What it brings to our business then is an addition. In addition to that original installation and the one-time revenue, we add another revenue stream, which is a monthly fee for each cable connected to our platform and under monitoring. In turn, that then means the capability to run that uptime service. It brings more installation and maintenance. This is an important change, an important addition to the transactional one-time nature of our business. Continuing on with sustainability. In line with our purpose of enabling performance and people's well-being in smart and sustainable built environment, we have structured our sustainability actions into four areas, which are caring for our people, ensuring sustainable value chain operations, increasing our positive carbon handprint, and decreasing our own carbon footprint. We defined these four clear sustainability areas, and targets, and KPIs for each of these targets, back in 2020 at our sustainability event, and we have since communicated on their progress latest in the Q4 update. Today, I wanna focus on the environmental part, the ratio of handprint to footprint. As Jacob already said, at the end of last year, we reached a ratio of two times, so our positive handprint was twice our own carbon footprint. The target is to get to five times by the end of 2025, and ten times by 2030. Now, this wouldn't be possible if we were only installing and delivering. This requires a solutions approach. This requires the capability to design and deliver, not only deliver. I'll give you two examples of this, the positive handprint, starting from that, and then one in footprint. The first one is from Finland, called Kuopion Kuntolaakso in Kuopio, Eastern Finland, where we have a 20-year life cycle contract. It covers a swimming center and an ice stadium. What we've done, and we're doing it during a 20-year maintenance contract, is that the energy flows of the swimming center and the ice stadium are circulated to maintain optimal climate conditions in both. The extra heat we generate from the ice stadium is used to heat the swimming center. We have pushed the concept further in the other case. This one covers. It's also in Finland. It covers some 80 retail properties of Osuuskauppa Arina in the Oulu area in Finland. It's a cooperation between the retail chain, Osuuskauppa Arina, the Oulu City energy company, Oulun Energia, and Caverion. We have developed and designed a solution utilizing the condensation heat from all those refrigerator systems in 80 retail stores to feed it back to the district heating grid. Not just between a few buildings, but back to the district heating grid. This enhances the efficiency of the district heating grid by 5% and reduces the CO2 emissions by some 10%. Again, that's a prime example of designing and delivering an innovative solution focused on sustainable impact. Now we have packaged it, we have productized it, we're capable of doing that in Finland, elsewhere, and with other customers. Now, on the footprint side, the largest lever here is our own fleet, car fleet. We have some 5,500 vehicles, 4,500 service vans with which we operate our service. We're driving the emissions of that car fleet as fast as possible to zero during that, this strategy period. We're committed to the science-based targets across our full value chain and the SBT principles. This car fleet is a key component in footprint. For the new service vans orders. 4,500 of them in our fleet. We go for fully electric vehicles as of this year in cities as default, meaning most of our fleet. We have the same approach for new passenger car orders. Fully electric vehicles in the Nordics ordered from this year on. In Central Europe, because of the market conditions, we need to take a slightly less fast approach, so 50% from this year on and gradually increasing during the period. The final thing, Jacob alluded to that also, is how we develop our operating model to deliver on this solutions business. There are two key targets we are combining, two essential notions. We operate a very local business, mostly. We wanna be strong in our local presence close to our customers. In addition to that, we have a model for a common build-up and sharing of expertise in solutions business. Like the example of this retail chain repeating that same solution across our footprint, or the EV charging customer solution providing uptime for operators of EV charging in the market. We're basing this on common centers of expertise, which are based where we have developed the solutions and the expertise with our customers. The EV charging expertise could be in Norway, and the one for that retail chain in Finland, and so on, shared with everyone else across our locations. When you think of a city, there's a number of players. Caverion is strong there, but we're able to bring in expertise which is hard to beat. We will complete the description of our strategy and the strategy house with our business focus in a while, in the next section. Before that, we will have the first Q&A of the day. Would you, Milena and Jacob, please join me here? Thank you, Jacob and Kari. We will now open up for questions. We take the first set of questions here among the live audience. Please go ahead. We have a question at least here. Thank you. Olli Koponen from Inderes. I have a few questions here, and first is mainly about growth and market environment. Can you explain where in particular you see growth opportunities if we look at your kind of business areas that you highlighted in the slide 10? There was industrial services, technical installation, and on the right side, the advisory part. Where exactly do you see kind of most growth opportunities there? You can first talk about the organic side and then the kind of non-organic side. As you know, we are not giving any guidance of specific areas of the targets. We have an overall target of 3%-4% organic growth. However, having said that, a lot of the services are interlinked. If we have a designer advisory, we often can also do some of the installation job or do some of the other parts. It is linked. Sometimes we are only doing installation, we are only doing the base services, but then we also have a PPP contract where all the services where projects is linked together. We will not give any guidance on is there more growth in one area, but as we also said, we will focus to grow even more as we go higher up, as we don't have that big a share compared to in the lower end with our base and smart technologies. Okay. Thank you. On non-organic growth, there has been a lot of consolidation in the Nordics, especially in your area, while Caverion has been in this kind of fit phase. How do you kind of differentiate yourself in the market as a partner for the companies that you are acquiring? First of all, I think it's coming back to what I said about culture. What we also see when we connect with the sellers, it's very much about do they like to be part of the Caverion family? Do they believe in our leadership, and do they believe in what we say? Often people sell their baby. A lot of the people who sell to us, they want to continue, either as regional managers, subject matter experts, et cetera. For example, the one we did in Denmark, I also met the sellers. They wanted to see me. They wanted to see what are we standing for. The same goes for Wind Controller or some of the other ones. They want to see top management. They want to feel the culture. Plus, the consolidation is both industrial in our area, but it's also private equity. We believe we have something that we can add because what we hear from the sellers is also they maybe have this area of services or projects. We also have the rest, so they can serve their customer better, and some of them simply need. They see a need to go together with somebody who is bigger, so they are not losing the customer because they cannot deliver, for example, this end. We also see that as part of the rationale. We try to go for finding the candidates ourselves so we don't end up in an auction where it's just the highest price that wins. a question about divisions. You didn't really mention those, but you had in this fit phase kind of divisions that were doing kind of poorly. I would just like to know what kind of fit phase are your divisions right now? Are they kind of fit for growth, or do you see kind of problems there or room for improvement in your different divisions? If you allow me, then, Riitta, she has a slide later where she will go a little bit deeper into where do we think that the individual divisions are. We will note it down, your question, and then after Riitta's session, then, if it's still applicable, then we will of course take it. Ella, maybe you can write it down. Okay. Thanks. I have also a question about the financial targets, but do we need to ask it later or now or? Go ahead. Your profitability target is the same as before, but the timeline is now kind of until the year 2025. Do you kind of internally expect to hit this level before this 2025, or is this kind of the roadmap we should expect that it's gonna be achieved at the end of 2025? I think it's an excellent question. First of all, we have of course also discussed it internally because some of you would maybe to be frank say it frankly be disappointed. Why are you only 5.5? It's just prolonging. You know what? We need to walk the talk. The only thing that can convince you guys is to deliver. We have it's been improving, but we have not reached the 5.5. Will we stop when we come to the 5.5? Do we target more? Yes, of course. We want to be the company that outperform everybody, otherwise we should not be here. Our target for now is to do at least 5.5% in 2025. Okay. Thank you. That's all for me for now. Thank you. Thank you. Do we have any more live questions here among the audience? Yes, we do. Over here. Maybe before going into that, I would just like to remind the online viewers that you can still post questions for this Q&A session online. We have 100 people online joining us today. Please go ahead. All right. Thank you very much for the good presentation. Samuel Wilhelmsson from Nordea Markets. You mentioned people and your focus on people several times during your speech. How would you assess the availability of skilled labor in the market in general at the moment? From what kind of quantity are you focusing now on to attracting the right talent? I don't think Caverion different to a lot of other companies asking the question, where is all the people? Where are they going? Where are they actually? As a quite newcomer, only being around for nine months, what have surprised me positively is really the culture. After some tough years that we cannot shy away from, the seniority, the loyalty that people have, but also the energy, I think that creates the culture that we can also attract new people. Because we have 14,000 ambassadors, and I know it's easy to say from up here, but I really sincerely believe it from my heart that we can make a difference. Therefore, I think we can get more people. Do we need to work with it? Do we need to educate? Do we need to farm them ourself? Yes. Because if you have to go and get them from the market every time, plus there's the huge advantage of educating people themselves, then they have the Caverion heart, and they are loyal, and they stay longer. Is it a challenge for everybody? Yes. Is it the reason why people is one of the four themes? Yes, because it is something we need to focus on. It is something we are discussing. But I can tell you, if you look at the leaders in the management team, they are all extremely good people leaders, and they are very motivational. And the way I evaluate all the guys reporting to me, would I like to work for them? Because if I don't want to work for them, then nobody else would like to work for them. I'm really proud of that, and that is what will take us to the next level. Will it be easy? No. There's no free lunch in our world, unfortunately. All right. Excellent answer. Thank you. Welcome. I just wanted to talk first of all, I have one question regarding digital solutions, which obviously you highlight here and are important. Where do you stand out on that side when it comes to competition? Can you give some examples about that and what your competitive edges are? I'll give the first one and then I'll hand over to Kari. With my background then I can say the difference is that it works. And a lot of people say they have it but here it actually works. And what Kari showed with the Pasnoa is they actually for the first time have the transparency. They actually can see that we are delivering what we have promised. And that's the difference. I'm not talking about other companies I'm just talking about my experience, it works. We can put it ontop of the building automation and we can get out of data. And when you go to these guys looking at IoT and artificial intelligence you get pretty surprised at what they are actually ready or able to do. So I have to say I can thank you and sincerely it works. And that's what makes the difference. So if I may just compliment this is not new for us. We have been building this competence and the Caverion approach to this for years. So our automation, the digital platform, the advanced analytics, and the insight on top of that with the Caverion Smart view. And we are now getting to a point where we can really leverage it but we have a strong in-house team that has been building this for years. And now we are starting to see the usage for it and demand. And that's also one of the things that, as I also showed, that now we also need to harvest the synergies and get it to the bottom line so we can also see the fruits of all the investments we have done and that we are working on. Okay thank you Hi, Miikka Karppi from Danske. A concern in the sort of this digital offer you mentioned, and an analytic tools. Are the customers willing to pay for extra for that service, or is it just a must-have to have in your offer? I think it's both yes and no and of course we are selling recurring business, and we are not giving anything away for free. On the other hand, you also need to think about what is compelling argument towards customers? How can you keep them close so they stay with you? And there I think our smart view is one of the things that will keep the cutomer close to you. And we also know in our industry, surprises are often not nice because it can be a plant going down, and that means profit. It can be district heating that you don't want to stop producing heat because then you know that it's all over etcetera, etcetera, etcetera. Or in Helsinki University Hospital, you want to be sure that it is working so it is what you make of it that makes it interesting and value adding such that customers want o pay for it. So there's not a whole lot of people in the world who want to keep on staring at KPIs on a digital screen It is the insight you create out of that and how you turn that into services such as the help desk and the smart dispatching and the value add you bring to close from just data to analytics to insight to service. So it's a whole package,, increasingly customers are willing to go for it. Thank you and I think we will now take one more question from the audience. Thank you. I think we will now take one more question from the online and then continue with the show. A question from Chris Lunde about acquisitions and our targets, what we are looking for. You foresee 2%-3% annual growth in the next years via acquisitions. What kind of companies and competencies are you looking for, and what is an ideal size of a company? I don't think there's a certain size that we would go for. The most important is that it fits to our strategy. This means it can be a white spot in the middle of Sweden or in Sweden where we need to service an existing customer, and we don't have the capabilities. It can be EUR 1 million, it can be EUR 5 million. It can also be in Denmark, where we buy a DI-Teknik that is a little bit bigger, where we get a lot of new competencies. We strengthen our capability in the greater Copenhagen area, and we add something to our flagship customers. It's probably in between. We go for something that fits into the country strategy roadmap. We have made a top-down strategy, but we have also made a bottom-up for all the seven divisions, so we know exactly where is a white spot, where do we need to add capabilities, and where not to do anything. That's equally important. Prioritize, focus, and simplify. Thank you, Jacob. Now we are ready for our next session that will cover our business focus areas, and it is led by our Head of Strategy, Niko Koivuniemi, who will introduce you to the team. Great. Thank you. Thank you, Milena. Thanks to Jacob and Kari as well. As you heard there from Jacob and Kari earlier, we are ready for sustainable growth. Second, we increase the share of our solutions business and grow organically and both by balanced M&A. Third, definitely not least, we continue building that clear differentiation from our competition. Now, how we do it in very concrete business term is through investing in these selected business focal areas. Now, in the previous strategy period, we were able to reach the level of having two-thirds of our revenues derived from our service business. That's a healthy level, as you heard from Jacob earlier. That's something we intend to continue on going forward. Also in the strategy period, the goal for shaping our business portfolio is to grow the proportional part of the service business in our portfolio. Now, the way we do it is by these three business focal areas in investing them. In investing in outstanding installation and maintenance throughout our regions and disciplines, in investing in having services along the life cycle, and by adding value through advisory, engineering, and digital solutions to the customers. Now starting as you would in building a house, starting always from the foundations or from the bottom, for our outstanding installation and maintenance throughout our regions and disciplines. First, for us to succeed in other growth areas, we need to have a balanced base business in the right locations and with the right people. Now this will mean both training and upskilling our employees, new recruitments, and also those bolt-on acquisitions in selected areas, like you heard from Jacob there. If we have those white spots, we fill them. Second, we will continue building a base for those higher value-added solutions by having a stellar installation and maintenance capability across the disciplines and across the regions, close to our customers. Now to boost this, we will accelerate our smart tech capabilities and competencies throughout the regions. Thus, the acquisitions we intend to weigh on the smart disciplines in this area. Of course, not forgetting also when we find those lucrative cases in the base disciplines as well. Now, let's watch a customer testimonial of our capability to deliver that outstanding installation and maintenance. The example comes from Norway, a company called Recharge, an electric vehicle recharging provider, predominantly working in Norway and Sweden. With that, to the video, please. Yeah, I must say that the engagement, that's unique. I have never seen that within any company that I've worked with before. That's really unique. I'm the Chief Operating Officer of Recharge. Recharge is the biggest charge point operator in the Nordics. The e-mobility market in Norway is increasing very quickly. The sale of new cars, fully electric, is at more than 85%. When we are installing infrastructure, we cannot keep up with the sales. For Recharge, sustainability is a crucial part. I mean, the higher cause for why we are doing what we are doing is the climate change. ESG, environmental, social, and governance, is extremely important for us. Also to continue to invest in charging infrastructure and to attract capital. Caverion is supporting us with project engineering, installation, and also site management for a new installation. We are also using Caverion for all our service and field work, maintenance and operations. Recharge has worked with a lot of different players in the industry. Caverion has showed themselves to be trustworthy partner and really pursued the partnership model where Caverion has been actively working to cooperate with Recharge to solve our KPIs. I think it is important for a partner to realize that charging infrastructure is critical infrastructure. If it doesn't work, there's some individual or some family that might miss appointments, and you add a lot of stress if you have charging infrastructure that is not working. It's very important that our partner cares about our end customer. Like you saw there, being the most reliable and transparent installation and maintenance company for our customers, growing with the customers. Sometimes our customers grow so fast it's hard to keep the pace, like you saw just there. Again, in a nutshell, what this focus area is about. First being the most reliable and transparent by being able to provide our customers that sustainable added value through our operations and by providing the peace of mind and easiness through our capable, skilled, multidisciplinary, and tech-agnostic installation and maintenance capability. Now, without further ado, I would like to warmly welcome Mr. Alexander Selke, the head of our German project business, to tell you more on what this outstanding installation and maintenance means on our day-to-day business. Alex, the floor is yours. Thank you, Niko. Good afternoon, ladies and gentlemen, in room and online, of course. I'm Alexander Selke. I'm the Head of Business Unit Projects in Germany. Please allow me a few words on the German business, on the German market and projects before I will come back to the Recharge case that we just saw. In Germany, we are among the top five building technology providers in the market. We have a portfolio in projects of approximately 80-100 projects per year, with an average project size ranging from EUR 500,000 to EUR 30 million. Some projects are even bigger, but on average. It has a running time of six months up to three years for a typical project that we have. We have private customers, we have public customers. Public customers such as universities, hospitals, governmental buildings, infrastructure projects like airports, train central stations and so on and so forth. Of course we have private customers such as, for instance, Henkel, MTU, just to name some of the industry. We have pharma and healthcare customers. We have project developers for real estate, for typical multi-use buildings, for shopping malls, for offices. Yeah, and further. Just to give an example of what we are talking about in the German market. In the next couple of minutes, I'm going to show how we differentiate and how we create value for the customer, and how we will grow up in the value chain to become a solution provider by adding competencies. Well, how we can enable this? With the outstanding installation and maintenance throughout our regions and disciplines that we have. The customer voice and the customer case of Recharge that we just saw with the COO, Morgan Lind, giving us a statement on why he was satisfied with Caverion. It is value that we provide. It is outstanding installation, it is maintenance that we provide for them, and we provide economic value. Because we have the skilled people which provide the quality, the flexibility to serve in the technical installation, but also in the maintenance. Further, it's sustainability that we provide. On the one hand, for Recharge, building up the EV charging infrastructure. On the other hand, we also provide a contribution into the reduction of greenhouse gas emissions. So this is what we can bring in with our expertise, with our installation and maintenance on the sustainability as well. Thirdly, it's also innovation. This we have heard in Mr. Kari Sundbäck's presentation earlier. With our digital platform, Caverion SmartView, we have also supported Recharge in analyzing the data of the charging stations on the charging behavior, charging times, to optimize the maintenance of these charging stations, which further reduces risk and cost for Recharge in the operation of the infrastructure. This is definitely a positive benefit out of it. Let me give you another example from the German market. We have a very loyal customer out of aviation aerospace industry in Germany, whom we serve since approximately two decades now. We started in the early 2000s on a small production facility as technical maintenance provider, and we grew with them to new locations. They expanded production capacity, and we stayed with them as technical maintenance provider. We went into shift work with them. We have our people with them. We have 24/7 alert service with them and so on. What makes it so interesting is that beginning of the year, we signed for the projects business a two-digit million EUR contract for a new build with them. It's a new production facility. It's the next generation of production. It's a critical and crucial project for the company, and they trust us because we have built up the trust over the past two decades as Caverion. The trust is based, again, on value that we provide. It's economic value based on our people, our flexibility, the quality, how we serve the customer. It's also sustainability. For this new build project with the customer, during the kickoff meeting, they asked us, "Please, you have to stay close with us in the design phase of the project because you have the expertise of execution, so you can give us input on how to optimize design, if you see something, reduce re-engineering loops, that the project continues. And secondly, please bring in your service people at an early stage because you will get the project for the technical maintenance later on, the production building. Bring in your people with your expertise for the handover, for smooth handover, for fine-tuning of the building technologies that you have installed, that we can have a smooth handover, reduce the running time of the project, but on the other hand, reduce energy consumption because you are the experts. Like this, we give, again, on sustainability, a good input to the customer. Innovation, because again, with this customer, and we have the reference out of the history with the customer, we have applied the digital platform, Caverion SmartView, with energy and data analytics, predictive analytics, to help the customer to keep uptime, to reduce the risk and cost and operation. We help them to reduce energy consumption for the production facilities, reduce CO2 output, and so on and so forth. A facility running rather than having a ventilation being shut down or a cooling unit being shut down due to something that has been broken because of missing preventive maintenance. This is still basic projects business, meaning basic technologies business. Now let me show you how we will grow up in the value chain to become a solutions provider. It means that in projects we move from basic technologies and subcontracting towards being a solution provider. What does it mean? I first have to explain a little bit what you see on this slide. What is base disciplines? What are smart disciplines? We start on the bottom on efficiency business. Base disciplines are basically heating, sanitation, ventilation, air technologies as mechanical disciplines. You can even consider electrical installations like this. Smart disciplines, we consider building automation, security systems, cooling, because cooling has a certain traction in the market as well. These are more smart disciplines as we consider those. To give you more feeling what we are talking about in technical disciplines. For instance, in base disciplines, it means that in an office building we install 22,000 square, 18 kilometers of water piping throughout the building. It means that at the gigafactory for where there are clean rooms, we have to install more than 1,000 fan units for ventilation, to give some examples of what we are talking about. Maybe the last one, that we have four cooling units with a total cooling capacity of four megawatts in the building or on top of the building. This is what we do in base technologies and base disciplines. These all have in common that basically there's high competition in the market because there are lots of players in the market. The margins are based on the high competition, of course, not the highest ones. They are lower than in other segments, and our influencing power is less. Why? Because usually we get detailed drawings, buy the equipment, deliver the equipment, install and commission it, and hand over to the customer and hopefully get a service contract out of it. Anyhow, this base load is important for us and we will continue our growth in competencies because we see definitely a need and a different maturity throughout the divisions or the countries where we are, that the base disciplines we need, especially in electrical competencies, in building automation competencies, this is part of the organic growth that we are focusing. On the other hand, disciplines like heating and cooling, which will become more and more important, not only because of the energy prices and availability of resources. It's also the Energy Performance of Buildings Directive and the regulations we face, which will pressure into more efficient heating systems like heat pumps, like cogeneration refrigerants, the F-gas Regulation. Definitely this is market opportunities for Caverion in base disciplines and smart disciplines. It's efficiency business as we call it. If we grow in the value chain, this means that we need more design and engineering competencies as well by educating our own people, by partnering up with designers or even thinking about an acquisition of a design company could be. This doesn't mean, but this can leverage further market for us. Because in design and build projects, we would step in at an earlier phase, meaning that the detailed design phase is with us and we have more influencing power, thus on the project, on the customer. We have seen it also as references that we have more profitable projects out of design and build projects which went successfully. Of course, stepping in at even an earlier stage with our design and engineering competences would mean that we could be with the customers in the project development phase. Meaning that even in basic design, we would be able to provide our services, our solutions. We are close with the customer from the beginning, from the development of the project until the execution, because we come from execution and we have the experience. This would give us definitely more in the beginning, but also it means that there's less competition in the market. This we see as our opportunities to grow in the value chain. We have successfully done it in the past. We have successful design and build projects. We have PPP projects, and we can prove this with references. Let me summarize in brief. With our outstanding installation and maintenance throughout the regions and disciplines, we provide economic value. With the digital platform, SmartView, we can leverage data on energy energetic analytics, predictive analytics, and thus reduce risk and cost and operation for the customers. Thirdly, moving up in the value chain from this base technologies and subcontracting business to become a solution provider, we will generate profitable growth and have a higher visibility on the market with the. I hand over to Niko. Thanks, Alex. Thanks. Perfect. Okay, here we heard on what it means for us to invest in having outstanding installation and maintenance capability throughout our regions and disciplines. Our next business focal area is called services along the life cycle. What we seek to do is to seek growth from our existing strong position as a provider of facility management services across our geography. Meaning those medium to large contracts where we help our customers manage their built assets technical performance, an area where our strong technical capabilities do play a key role, as you just heard. Second, with our customers growing our property management business, where we even more holistically help our customers manage those built assets. Third, definitely not last, what we aim to do is to leverage our presence as a trusted facility management operator provider with our customers in generating both additional installation and maintenance where we together grow and succeed with our customers. Let's now watch another customer testimonial video, this time coming from Technopolis, where our business relationship started with a more limited scope, then growing and gradually adding more value to this key customer through bringing more advice by identifying opportunities for their assets on a continuous basis. Caverion is a great partner when it comes to life cycle operations of our buildings. Technopolis is the best place for work, and we are 40-year-old company and customers. Our focus is customer satisfaction. Well, it's of course that everything that we do has to work as promised and even beyond. We are also aiming strongly that our services are seamless and very transparent. Well, we were seeking for a new maintenance partner, and Caverion offered us uniform service model fitting almost all our location for future growth. The latest example is from Stockholm, where Technopolis bought campus last year and where Caverion was able to provide their services with very short notice. Well, the initial agreement in 2019 covered 5 campuses in three different countries, and at the moment it's covering 9 campus. Improving operational quality and results and costs and our sustainability targets, but also supporting us greatly in investment planning and execution. Well, we are really working as a one team in every our campus and this is a seamless and flexible cooperation, and it's working towards our common goal. Okay. Not to sound too repetitive, but as you saw also in this customer testimonial, where our success comes from is from growing together with our customers with those solutions we design and deliver reliably and transparently every time. All right. I'd now like to warmly welcome the head of our managed services and divisions. Thank you, Niko. Good afternoon, ladies and gentlemen. I'll tell you more about the services along the life cycle, and I will actually use Kesko as a tangible example of a customer within this space. First, a little bit more about the managed services here in Finland. As Niko in Finland, what we deliver within this business is we do property management, we provide energy and sustainability advisory, we have digital services, as already discussed during today, and we also have 24/7 remote services and help desk. Square meters under our management. What this means in practice is that we have a team of property managers in a nationwide organization, and they take care of the properties from Helsinki up until Kolari. We also have more than 4,000 buildings connected to our remote services. Within these managed services, we play a very central role to the customers, and we are actually the ones who within the building. This means that we are very critical to our customers. It also means that it's actually sometimes quite difficult for the customers to leave us. That you can actually see when you look at the average length of our relationships with our customers, which even on average is more than 10 years. Kesko example more than that, with the Kesko, we have a relationship starting already over two decades ago. Now I will jump a little bit more into Kesko. Many of us in the room, especially the Finns, are actually the customers of Kesko and the end users of Kesko and buy some sporting clothes and renovate our homes. Kesko is the third-largest retailer in the Nordics, and they actually have almost 2,000 stores across the Nordics. The biggest market for them is here in Finland, where they have more than 1,300 stores whole country. Kesko has been one of the early movers when it comes to sustainability. They have been doing a lot of investment and put a lot of focus into sustainability already over years, and that's the most sustainable grocery company. What does it then mean, you know, working for Kesko as a service provider? They have quite demanding customer needs. However, actually many of those are similar to this Technopolis example that we saw, but a little bit in a different context. What's important for Kesko is, of course, that there are, you know, no disturbances to the daily operations. You can think yourself, you know, if you go to visit the grocery store with the sliding door which isn't working. You can guess that that will have an immediate impact on the satisfaction of the end users as well as on the sales for that specific store. Another important need that they have is that their store network is that we need to be able to help them with one way of operating across the whole of the country. For example, when we are doing an annual electrical maintenance works, you know, there are certain procedures that need to take place in every single store. We document one way, and actually the customer is able to see it with the Caverion SmartView, you know, the progress of our works. As a third thing, which is very important for Kesko is sustainability targets also going forward. For us, of course, it means that there are a lot of services needed from us. For example, we have a project management team which is constantly running hundreds of projects just in order to ensure that the energy efficiency of the stores is improving. Let's then jump on to the next slide, you know, to talk more about our journey of Kesko and Caverion. In case. Kesko outsourced the technical maintenance and the property management to Caverion. Ever since, we have had the evolving partnership with Kesko, and as you can see on the path, you know, a lot of services have been developed to ensure that we are staying relevant for Kesko and matching. Full of examples on the services that we are providing them is for example our 24/7 help desk and remote services. Basically every single service order which is taking place in Kesko stores is run and managed with our help desk. Kesko can see it with the Caverion SmartView, and we are in the role to make sure that, you know, these things, service orders get managed. Another example, which I actually already mentioned, is related to the project management team in order to match the needs that they currently have related to sustainability. One of the recent things that we are currently working with Kesko is to further develop the smart and digital solutions for Kesko. As already said, Kesko's buildings have been connected to our remote services already for years, but now we are taking a full benefit of analytics into this service, which basically means that challenges with the building technology systems and in the end Kesko is getting a benefit in it, for example, as an energy efficiency. It's very important to have customers like Kesko because they constantly push us to develop, and actually the things that we develop here are then further leveraged also across all the other managed services customers. For example, in Kesko's case, we are able to leverage this retail segment expertise that we are developing here also across the other countries. While this, you know, relationship has already lasted for two decades, you know, there's always potential for further services for us. We know that our customers are operating in an ever regulation coming from the European Union, and that is actually pushing the retail stores to modernize their cooling systems. Now you have seen these two examples, Technopolis and Kesko. Both of them reflect very well the possibilities that we have within our customer base for services along the life cycle. We start with the base delivery, then we ensure that we are doing it in a reliable and transparent, the more value add solutions over time. Thank you. Thanks, Laura. There, as you saw, Laura crystallized, I think, very well on what it means for us to be a solution provider providing those services along the life cycle. Last but not least, the third in adding value through advisory engineering and digital solutions. Firstly, we will continue building expertise that brings us to a position of being able to deliver sustainable impact by being able to both design and deliver those building technical solutions to our customers. Second, our main focal area in upping the advisory capability will be in improving the energy efficiency and sustainability. That there is a market for this, that the market is growing, the mega trends support us, the recent very unfortunate world events also boost this trend, and that we are also well-positioned to serve our customers in this market segment and in this offering area. Third, our advisory and engineering operations will be able to take part in projects and services execution from Kari earlier. Now, one of these areas of offering where we want to be known as a key player is in the Smart Readiness Indicator solution. For this, we will show our next case study video. A building is a sum of its structures, technology, users, and usage. To help mitigate and adapt to climate change, smarter technologies are being added all the time. We need a way to get a better overall understanding of the building, including its smart capabilities. We need to understand just how digitally advanced our buildings really are. That's where the Caverion SRI comes in. SRI stands for Smart Readiness Indicator, and it's an EU standard method of rating a building's readiness to perform three key functions. 1, to optimize energy occupant, and 3, to adapt to signals from the grid. The outcome of the evaluation is a number on a scale from 1 to 100. Building owners and occupants are able to understand the current smart readiness of the building, how it compares to other buildings, and what value implications it has for them. This information is valuable, but it's a bit like going to the doctor and getting a diagnosis without the treatment plan. Caverion SRI not only provides you with the building assessment, we also give you a roadmap for the future. We create a recommendation plan for what investments to make and when to make them. Knowing when, where, and how to make improvements to your building means that you have a predictable and practical strategy to meet your sustainability targets, increasing the building's value as a financial asset, and making it more attractive for occupants. It's our focus on not just the analyzing and consultancy phase, but also on the delivery and upkeep of the systems. We believe that it's important that both the customers and us as providers have the intent to execute. In many cases, our deliveries also include multi-year service contracts. We prefer to stay with our customers long time or long-term. This way, we get a continuous stream of experiences and develop a deeper understanding of both what the customer additions. It enables us to iterate our processes and develop our solutions based on this information that the solutions we have provided, they work, they are correctly maintained, as well as they deliver the outcome we have promised them. As you saw in that video insert, we do offer interesting solutions for our building technology customers. As you will hear next, our advisory engineering and digital solutions are even more sophisticated in industrial processes. Now for that, let me invite our last, but definitely not least, expert on the stage, Mr. Kari Aalto, Head of Design and Advisory Services of our industry division. Kari, go ahead. Kari Aalto. I am very passionate about making industry smart. Let's take first a few highlights from our industry operations. We have over 4 GW of electricity production under our control. We have also more than 400,000 data points processed by our advanced analytics as we speak. Industrial advisory and a team of 200 experts working on that. How do we add value through advisory services? First of all, we have the services for industrial life cycle, meaning that we are close to our clients, provide engineering and project management services for the daily operations. That's the important thing. We are focused on value engineering. We do some selective detail engineering assignments as well, but we are not trying to compete in the big ones. Instead, we are focusing on the studies, pre-engineering phases, and life cycle solutions. As a second, we have services to increase our clients' process reliability. We are a maintenance company as a background, so we know this stuff. We have set up development using various analysis and models to improve our clients' process reliability. It creates also very nice synergies. We use this as part of our own production when it comes to our own maintenance agreements, and we also sell it as consultants to our other customers. It's a true spearhead product. There is always room to improve when it comes to the door opener for our other services as well. As third part, we have the digital solutions for industry, meaning Caverion Intelligence portfolio. There we have combined artificial intelligence, machine learning solutions, industrial IoT, and advanced analytics. We have a highly educated team that is having competencies, for example, in analytics and programming. Important thing here is that it's not product development. This is a real business that we have been delivering for over five years now. As well, we use this in our own production, and also sell it as a service to the other customers. When you combine all these three, that's what creates a unique approach we have. We have a really strong foundation in the maintenance excellence and high-end digital solutions. Our target is to improve our clients' performance, sustainability and performance. We took a decision approximately one year ago to invest in industrial advisory. In the starting phase, we had approximately 130 experts around our organization. We took them together, we gave them a common target. We have approximately 200 experts in 12 different locations, and we are working really hard to be the most attractive employer in order to boost our organic growth even further. We want to be our clients' first choice for engineering, project management, and advisory services. A few words about Caverion Intelligence portfolio. Our target is to improve and we do it by using, for example, artificial intelligence, analytics, machine learning, and advanced analytics. In a typical case, we use our clients' online process data, we enrich it with industrial IoT, with analytics, and then as an outcome, we provide very nice visualized findings for data-driven decision making. Our solution is using 24/7 analytics, but it's managed by our experts. The nice thing here is under operations in the day shift only. By using these services, you can reduce your plant downtime up to 40%. If you take a case example from a power plant, the turbines or generators doesn't fail often. When they do, the consequences are really severe. You have a loss et cetera. Think that you could get an indications two weeks ahead before the unexpected downtime. You have two weeks to order the spares, prepare for the maintenance, and even in the best case, do the maintenance during the operations if it's related to some auxiliary system that would ultimately cause the downtime. As you can see from the slide, we have very many reference customers for this product. Part of them has been on our journey from since the beginning. Caverion Intelligence is not limited by the borders. We have the core team here in Finland, but we have assignments ongoing internationally all the time. It's a commercial product and over five years track record. By using Caverion Intelligence, you can transform your business into truly data-driven minds. Thank you. Now I hand over to Niko. Perfect. Thank you, Kari. I will be short and concise here as we're also trying to catch up a bit on our timing. Okay, once more fed by our service business. Within this strategy period, we intend to grow the portion of the solutions business in our portfolio. More customer stickiness, more recurring revenue, higher value-added services. With that, I would like to invite both Milena and our experts, Laura, Alex, Kari, back on stage for a short Q&A. Let's now open up for questions here among the live audience. Do we have any questions for the team over here? Yes. Thank you. Anssi Raussi from SEB. About the project business, you say that you want to be a solutions provider, and at least to me this sounds like more complex world like engineering and project management. Could you maybe describe a bit your pricing in these kind of projects and how you take project risks into account nowadays? Of course, I understand that you want to be a maintenance partner as well, but still. Can I answer? Yeah. Well, on the pricing, of course, we will not disclose, but, as I've said before, it means that we grow in the value chain with design and build and PPP projects. It's not that we are not able to do it or haven't done it before, but of course, if you want to get a bigger share of the market, we need to increase in the competences and resources. Yeah, we have a good record on this as well. To continue on this, you will be adding to your old competencies or will there be something new provisions or just thinking about the project risks? Maybe I can take it. Yeah. Yeah. All in all, by and large, nothing new. Something new for each region where we operate in as our service offering differs a fair bit between the different regions. As one company, nothing new. Maybe I can add even a word, and I refer back to what Mr. Götzsche mentioned before. Of course, it has to fit to our strategy in the countries, but the overall strategy of Caverion, and it can be complementing white spots, it can be complementing competencies, which might be due to a different maturity that we have in the divisions. Okay. Do we have any more questions? Seems like we do not have, and on the online side, we don't have any questions either. I think we can now have a short break, coffee break of 15 minutes. Let's be back at 20 past. To energize us into the coffee break, we will show you one more video. It's a case from Porsche, a cooperation that we have in Norway. Please. Hi, my name is Henrik Fauske, and I am the ePerformance Manager at Porsche Norway. ePerformance is our term for taking the e-mobility a step further. Taycan, which is our first all-electric sports car, stood for over 90% of our total sales last year. You could definitely say we are a part of the electric future. Parallel to the development of Taycan, high-performance charging system. For us in Norway, Caverion plays a huge part in this. In our tender process, we were searching for a partner that could install this charging system at all our dealers in Norway. Caverion stood out with excellent knowledge in charging systems, and they were also able to do the same type of installation at all dealers, regardless of location. To ensure this, we sent our best e-mobility technician so that we will install the Recharge network into the Porsche AG specifications. The experience with Caverion so far has been great. I would especially highlight the communication and effectiveness of the company. When we have a problem, let's say that the charges are down due to technical issues, Caverion has been fast on site. They are quick and thorough in their communication, and the reports have also been strict on how things should be done. They have also given credits to Caverion for great reporting. Okay, welcome back from the coffee break. Next up, we will have a presentation by our interim CFO, Riitta Palomäki, on our sustainable growth in financial terms. Welcome, Riitta. Thank you, Milena. I hope that you all have enjoyed your coffee, and you are now ready to hear how everything what you have heard or what has been presented until now, how that reflects to financial content. I will cover three topics in my presentation. Firstly, we are fit to grow. We strongly believe in our capability to reach the next level of profitability and our final. Secondly, the previous strategy, the focus was very much on performance management. In our business, this is key even going forward. We operate in a asset-light cash flow business, and we must always focus on cash and working capital management. Strict cost control and especially on project management. I will discuss what this means to us in practice. Finally, I will close my presentation, so in the upcoming strategic period. Especially, I want to draw your attention to our M&A focus, which is strengthened from the previous strategy period. Let's start with the brief update on where we are with our fit for growth status. A brief overview of our financial development 2021. We had a strong order backlog at the end of 2021, and that will support our growth ambitions during 2022. We also, our adjusted EBITDA improved by almost 45%, especially due to strong performance in services. Our targeted cash conversion was almost our target 100%, being 91 at 2021. To keep in mind that we had at the end of 2021, and we still have, a very low leverage level and strong liquidity position. This means that we have a good basis for M&A. If we look at a little bit longer perspective on our figures, you can see that our performance has continuously improved during the past years. We have been able to grow in the services business, and that is now almost one or two-thirds of our total revenue, which is our target. This share has been actually increasing almost, so that provides us with a fixed, more recurring type of revenue streams to run the business. At the same time, we have been quite selective in our project business. This is, and more or less we will continue with this approach from now on. This good development also, you can see that also in our cash flow and working capital improvement in line with our strategies since 2017. You can see the figures here, seeing the working capital going down nicely and the cash flow up. Then I come to this question earlier presented here about what's happening within our divisions. As you all know, we don't disclose any profitability figures for our divisions. But here I try to illustrate a little bit some examples. If we look at Denmark, you can see that we have clearly improved there. The business here today is smaller than it used to be in earlier days, but that is healthy business. If you remember, Jacob was earlier telling about this nice M&A case in Denmark during this year, DI-Teknik, that is supporting our Danish which is a big market and where we actually saw some challenges, very heavy challenges in the past on the profitability of our project business. We are now getting in control of that today. You can see that not still in green figures, but we are going to the right way and the projects are much more better controlled, and I will come back to that a bit later. Industry also, the business mainly here in Finland and then partly in Poland, that has been improving quite nicely. Within this illustrative picture, you can see that the situation today is quite much better than it was some time ago, couple of years ago. A recap of our new financial targets, which Jacob already presented, but I think it's good to repeat that. You can see that the cash flow and profitability targets are as they used to be, no changes there. But we have divided this growth, new organic revenue growth, which is 3%-4%. Then we have an M&A target separately, which is 2%-3% during this strategic period. The leverage target have been kept on the same level to under 2.5, but I would point out that there is a small change in the calculation model, so it's more transparent with taking a calculation from reported figures. The other targets are unchanged, and also the dividend policy is intact. Here is some illustrative picture also about how we are planning to improve our profitability during this new strategic period. If we start with this 4.1%, which was the part from the waterfall from the left-hand side. We are expecting to improve our profitability through growth in base and smart disciplines, which we heard about earlier in the expert presentations. We also want to go into a higher valued value-added business through having operational leverage and improved process efficiency. Also includes growth and improvement in productivity. We target also to have fixed costs leverage when we are growing and cost savings through sourcing and purchasing. Of course, a significant effect is also expected through or from further IT and digital transformation. We have done that already, but we will continue that better profitability from our M&A activities. You can see a lot of, kind of, lot of actions and which have been taken to kind of get to this 5.5% or more profitability. Keeping in mind also that this is not the end, as I think Jacob already mentioned earlier today, this is the strategic period that we have today, but then we can continue from there. I would like to move a little bit more to the operational excellence and tell you what it means to us. You have heard a lot of that already today. First of all, we are a very labor-intensive company, so our personnel expense is about 40% of our cost base. It is also the biggest revenue driver during the past years of kind of getting down this cost base of our total cost base. You can see the percentages of how much is the cost base from the revenues. There is a clear decrease. We strive for operational excellence in everything what we do, and we focus on productivity improvements and aim transforming procurement to supply operations. We have already worked quite a lot with this during the past years, and we have been improving our efficiency already. The revenue OpEx of the group revenue has been coming down almost 6 percentage points during these years. This work will continue, and we will become more resilient than what we have today. We have to be effective and lean in cost to kind of manage these situations. We have also I would like to tell you a little bit about this turnaround in our project business, because as mentioned earlier, that has been a headache for us during the past years. Here you can see some of the key actions what has been taken. We have been quite selective with our projects. We have implemented projects performance management, and we have improved our project management and project managers kind of training and getting more projects. We have also quite nicely managed our project portfolio, and we are slightly moving up with the value chain. Having said, you know, telling all this, what we have done in order to improve the project management project business, I have to remind you that we have a lot of projects ongoing all the time, as you could see, I think, in Alex's presentation only on the term there. We have a lot of ongoing, and there's always. What I'm trying to tell you here now is that we are having controls, we are having project management systems which really kind of control the risk what we are taking with then going into the new projects. That will help us also in improving our profitability, going forward. I would say that our project business today, it is a healthy base, and it's ready to make its part of the strategic period. This is just to illustrate also that what has happened with these projects and kind of you can see that, 2017, it was quite ugly figures there, and now we have been coming down and of these major risk projects are today under control. Keeping in mind that of course there are smaller things, pluses and minuses. Some projects go even better than planned. My presentation to kind of summarize that how we are going to what are we going to do with our capital allocation. There are of course several ways how we can create more investment capacity, and you have been hearing about that. Capital allocation principles, they more or less what they were earlier, so no big changes there. We will use the capital what we have for, of course, investments in our organic growth. We will distribute dividends, and then we will have also funds enough to kind of go forward with our M&A ambitions, what we have stated here. Here you can see ending of this meeting, and I just want to point out that there are so many opportunities in the market to do these M&As, and that we are still very small in many markets, so a lot to do in order to growth. Here are some cases what we have already done, and there you can see already during this year we have done several acquisitions, and I'm sure during 2018 until now we have acquired companies totaling EUR 260 million of revenues and over 2,000 employees. That work will continue. Okay. To summarize what our updated strategy means in financial context, I want to say we are fit to growth today, and we strive for operational excellence in everything what we are doing, efficiency and M&A focus. Now I would like to hand over to Jacob to summarize the key points of our strategy. Please. You can see it's very easy if you just do as Riitta says, then we will deliver. Here is our strategy house that we have talked about earlier today, and also during the strategy period. It will guide us. It will help us to prioritize. Focus and simplify. What Riitta have just shown on the EBITDA bridge will also come to life and hit the numbers, and that we are also able to deliver on our strategic goals and ambitions. That's the day, and end up with a Q&A. First, a wrap-up slide. These are the key points that we have discussed today, as Riitta also just alluded to. It's very important for us that you have the feeling that we are ready for sustainable growth with an emphasis on profitable. Secondly, we will invest in solutions business, and we will grow both organically and by balanced and structured M&A. Finally, we will continue to build a clear differentiation from our competitors, and I think what Kari showed is a clear differentiation in the market based on our business focus areas and our winning capabilities. It's not to recap and recap and recap, but when you go home from this day, we know there is parameters that can drive the value creation, and it is these parameters. By the end of the day, there's a lot of other holistic things that we are working with, diversity, safety, as we have shown you. All of these things are equally important because it's no coincidence that people is first. It is of course very important, but it's often more difficult to put it into boxes like this. It is, of course, that these parameters we will be measured on and that we are also using as a guiding star in our company. Just to end by saying that our target rate will remain as we have said. We wanna grow compared to our turnover in 2021. We want to increase our EBITDA compared to 2021, the adjusted. Then, as you know, on the annual general meeting on the 28th of March, it was decided to pay out EUR 0.17 per share. I hope this session has given you some insight to why it's worth to invest in Caverion. Before we end up with the Q&A, let me close up and let me summarize the key points of our investment story as we see it and that we think is relevant. Is it really worth to look at Caverion? I strongly believe we have a great purpose, and today everything is driven by purpose. I strongly believe we have the culture to support the sustainable growth. We are in a very lucky situation that we are operating in a huge market with a lot of potential, supported and pushed in a good way by the green agenda. We have a broad range of services, solutions to offer to our customers, and I hope you got a little bit the feeling of what we are offering. We have the ability that Laura was also showing with Kesko. It is possible to grow with our customers. Maybe it takes 20 years, but they stay with us. We have the digital tools and the existing people shop with us and don't shop somewhere else. Really, really important, I hope you have talked to some of them here today, and I'm really proud of the team. We have the leaders, we have the management, we have the people who can execute on this strategy. This means not only the strategy, but also deliver on the strategic financial targets we now deliver on them. On top of them, we don't invest in big production plants. We are asset light. If you invest, the cash flow also comes out. We generate a cash conversion of around 100%. I would like to wrap up and say we are 100% committed to deliver on this. Last but not least, CEO have given you the trust that we will deliver on our strategic targets. That was what I started to say. We need to gain your trust because it has not been granted the last years. We really want to have the trust with you and that you can see what we say is also what we deliver, and we walk the talk. I hope we have given you a little bit insight, new updated strategy, and that you can also, when you go back, see, yes, these guys, they will be able to create stakeholder value and also shareholder value by the end of the day. That was the words from me and from the team, and I would really say thank you very much to all the presenters. Ready for Q&A. Thank you, Jacob, and let's also invite Riitta and Kari here on stage. Let's open up for questions. Do we have any among the live audience? On the project business, you said you have done kind of this turnaround there, but is there still room for improvement there in the turnaround, or is there kind of a profitability improvement gonna come from increasing volumes over the project business going forward? I strongly believe that we still have room for improvement. Of course, there's also a volume gain. When we have a head of a Germany project, we only need one, and of course, when we get more volume, then we will also of course get the efficiency gain. For me, it's important also to say when you saw the EBITDA bridge where it was saying growing, by growing we also mean productivity. We are measuring all the time of what is our productivity. Of course, how that these big write-downs of projects, that's our aim as a management. There will always be good and bad projects, but we maybe one out of 100 there will be a small dip, but then the other 99 will be doing excellent. It's our job to avoid that we have the write-downs that you have seen, Riitta showed the last five years. This is the reason why we have changed our procedures. We have tender audits, we have categorized the tenders, and also it's all the time to think about there's always a risk, otherwise there's no reward. I don't have to explain to you. We just need to manage the risk and know what we are doing. That I think we have become much better at, and that's what I have strong belief in our competent leaders, but also structure, processes, et cetera. Because control is better to ensure that. That long answer was yes. I'm not finished, so. Yes, you are happy. Yes. Thank you very much. Just last question about the higher margin businesses that you said that you're gonna acquire or grow in higher margin businesses. Can you tell some examples about those higher margin businesses and what kind of scale are you looking in those businesses as we go forward? That we have got some business that is higher in the value chain. I also see it as a combination. If you look at Kesko example, which I think is an excellent example, we start not only because the graph was going like this. We maybe start with the installation and base, then we move up the ladder. They trust us. We add the digital tools, et cetera. Is it easier when we talk about it and nobody really knows what it is? We have IoT, RT, artificial intelligence guys who can work with the big data and give it back to the customer. We all know that there is a higher margin. Maybe it's not the volume basis. We will continue relentless to focus on our base business. It's a. Also there was a question, okay, now are you then going into more risky design, et cetera? No. We just enter higher in the value chain, but we are not going to be a 5,000 engineering company that takes enormous risk. We will stay put to what we have. There's just some places where we don't have the in-house competencies to serve the customer. That was also a long answer. No, we will not take more risk. Thank you. You wanna add something, Kari? Yeah, maybe if I could add, Jacob. It's related to the question from the guest from SEB earlier on. Does it mean more risk? It's actually the opposite, the reason for projects is not because of volume, but because of the value and the quality of growth. This design and engineering when it comes to projects is twofold. It's either the engineering of the technical solution itself, but it's also the project engineering. Anticipating, planning ourselves how it is installed and how it is maintained. It's actually done also to de-risk the delivery rather than just delivering on something that others have designed. Thank you. And if I may still- Yes, yes. The example of Kari is actually that Kari said earlier that, you know, no, we're not aiming to become the company that designs a whole plant, but we're the experts in lifecycle operation. That very specific knowledge which others don't have. Great. Let's move on. Do we have any more questions? Yes. Thank you. Anssi Raussi from SEB again. About your organic growth target of 3%-4% annually, what kind of pieces you were looking at here? Like, I'm talking about volume, pricing between services and projects. I mean, your order backlog was something like plus 20% year-over-year in Q1 this year. Isn't it kind of good starting point? You can say that, as we also said at both Q4 and here in Q1, our order backlog, as a guiding principle comes into play with 50% a year close to EUR 1.9 billion. You can divide by two, and you say, "Okay, there's still something we have to deliver every year." You can say, yes, we are on a good track. 3%-4% we still think is a decent number if you think about two years of corona, uncertainty in the market, with the war, et cetera. Going to deliver more, we will come out with a new guidance. It's just very important to emphasize, like Kari also said, we are not going to take more risk just to create organic growth. I've said it before, we could easily have 20% growth every year. There's something called the bottom line. We want to have a connection between our organic growth and increasing the margin, and not tying up more in our working capital than we get people to pay for what we do. Of the business could be still services, yeah, in terms of. Yes. Okay. Thank you. Do we have more live audience questions? If not, we can move over to the online questions and the first. Mission to differentiate with broadness and quality of your services and projects, you should be able to get at least some premium in pricing. It seems that this has not been the case at all in the history since profitability is and has been clearly lower than many of your peers' profitability. How can you improve your pricing power, particularly in current strong cost inflation environment? It's a very good question. The first thing is to say that if you look at our profitability over the last five years, and Ritita also showed it. She will also be able to see that we have been taken down in our profit level with the enormous writedowns. This we are trying to control, and that will automatically increase our profitability. On the pricing, I can look down here because I have all the division heads sitting here. They are working with it every day, and it's going hand in hand with our supply chain. We are in a good way. We are working with it. There's a lot of uncertainty in the market so far, and I have to say, I think we have been pretty good at mitigating it so far, and we are working close with the customer. That all comes also back to our loyalty scores and our scores for the customer. If you have good customers, you can work with them, you can help them. Corona, war, whatever. If you help them, they. Thank you, Jacob. Let's move on to another question from online from Robin Newberry. It's a quite long one, so bear with me. Could you talk about the incentive structure for project managers on the local level, and do you aim to make changes to that setup? Complex projects has in the past been an issue for Caverion. What makes you confident this time in growing over there? Let's pause there and continue. Yeah, I can repeat myself. We are not going to take more risk. We have a procedure internally where if it's a bigger size of a project, the group management is involved. As I also said to somebody else, I'm so pleased to see it's recurring customers. We have big projects. It was the same customer. We know them. We know it's not a complex. It's something we have done. The last question is, of course, always, is the risk and reward balanced? If it's not balanced, then we say no. The reward structure has not been changed. We have tried to align it, but we are not incentivizing people just to grow. It need to go to the bottom line, and cash is king. Today, we have the buying power, we have the funding. Basically, of course, we need to serve our banks who are about that, but we have the freedom that we can pay our employees next month, the month after, and the month after. That is really a competitive advantage that people know we pay the salary. We haven't changed the reward structure, and we are not going to take additional risk without a reward. Thank you. Let's continue still with this, question from Robin. Are you able to increase prices and compensate for the higher costs, or will there be a negative impact on margins in the short term? I think our procurement team has done a stunning job. Again, I can repeat myself and say it's also up to our good operators who has a close contact to the customer, and I think the customers has played along because it's not only us. In some cases we say no, but we also see a willingness to share the pain with the customers. So far, I think our result in Q1 also demonstrated that we have been able to cope with it. Do we have supply chain challenges like everybody else? Yes, but so far so good. Thank you. Any multiples, and if you have seen competition increasing for M&A? We are not talking about the multiple. We are not disclosing them. In some cases we are neither disclosing the purchase price. In general, my main philosophy is that I would rather pay for a quality company than going for a low multiple with a turnaround. People can demonstrate that there is some concepts, there is value that we can build on, then I would rather prefer to pay for that. We are not only looking at the multiple, we are also looking at what will the company bring us. We looked at the Wind Controller company before. It's obvious for us it will create growth internally. We will buy the company, grow on that, export it to other divisions. Of course we're also looking at our own multiples. We are not a tech company where we have a 30x multiple. So of course we look at the multiple. Quality of earnings, that's very important. Okay, thank you. This was all the questions we had for today. The time is 3:00 P.M., so this concludes our call. If you would be so kind to fill in the form. We have this feedback form with the QR code there. It would be very helpful as to improve our IR communications going forward. Thank you all for joining. Thank you very much for coming and showing up. Perfect timing.