Good morning, everybody, and welcome to this news conference on Caverion's first half results. My name is Milena Hæggström, I'm the head of investor relations here at Caverion. Today, we are reporting from the sunny Helsinki with a live audience. Nice to see many faces here. The presentation today will be held by our CEO, Jacob Götzsche, and our Interim CFO, Riitta Palomäki. Please go ahead, Jacob. Thank you, Milena. Good morning also on my behalf. I will share this morning's presentation with our CFO, Riitta. It will take around 30 minutes. We have four topics on the agenda for today. I will start with the market update, then I will continue with our group development during the period, including our financials and order backlog. I will give you a little bit status on Corona and the sickness related to that. We have continued our executions on acquisitions to expand our capabilities and competencies of our business platform. Riitta, will cover the third topic, which is our profitability, cash flow, and financing a little bit more in detail. Finally, I will close up as usual with our guidance for 2022. Before getting into the detailed presentation, I would like to highlight four key points of Q2. Our business continued to be resilient also in these very uncertain times due to the war in Ukraine and continued higher sickness levels due to Corona. The second thing is, we continued to expand our business platform via acquisition. Thirdly, we improved our order backlog and now also realized organic revenue growth, which was 4% during Q2, which we are of course pleased about. I'm also really satisfied that our profitability continued to improve during Q2. Our adjusted EBIT was up by 16% from previous year with a margin of 4%. All in all, this supports our sustainable, profitable growth strategy, and it's a good start of our new strategy period. Let's have a look at the market, how it develops, and how it has developed during the second quarter. In Q2, the Corona pandemic continued to have an impact on the operating environment. The effect of the pandemic gradually start to ease off during the second quarter. However, by the end of the quarter, the number of infection again increased, and we all know there's a new variants in play. Of course, we had to operate within this environment. As a result of the Ukraine crisis, the geopolitical tension was reflected as weakened economic sentiment in the EU during the first half of 2022. As we all know, inflation accelerated during the first half, and the cost inflation related to material prices, increasing fuel costs, this continued to impact our market, but also the building technology market in general. There's also been some supply shortages and delays in some areas, but we have been able to proactively take various measures to optimize the supply chain and also to manage the pricing. We have also partly covered the additional cost by efficiency and optimization. Despite these challenges in the operating environment and the cost inflation, then rising interest, our performance in Q2 was solid. As you can see in the picture, we had further growth in our service, and as we have said in previous quarters, our service share is now around 2/3 of our turnover, and our projects is around 1/3. This is in line with our strategic ambition. When we then look at the economic environment that we are operating in, and you have seen this graph before, the sentiment and the construction confidence indicators issued by European Commission in June 2022, you can see that there was an uplift for many months until March, and then due to the Ukraine crisis, then it has dropped towards the end of June. However, we still expect the underlying demand to be overall positive in service and projects during 2022. This is supported by healthy order backlog and also our expectation to the stimulus packages. We are pleased that a significant amount of the economic stimulus packages that has been discussed on European level will support our business, especially in the energy optimization and the reduction of fossil fuel consumption. This, together with a reduced delivery of gas to many countries, is accelerating the green transition. Also driven by the lack of energy sources. As mentioned previously, we still believe, and we also see a pull from our customers and end users to make their built environment more environmentally friendly. This has an even bigger impact on our activities. This will also support the sustainable investment enabling smart buildings and cities, and this is exactly the area where our strategic focus are, and where we expect to benefit from in the future, and we also have seen in Q2. Now I'll talk a little bit about the group's development during the second quarter. Here you see our slide of the highlights of the quarter boiled into one slide. Our order backlog was up by 6.6% from the end of June 2021, driven by both service and projects with a growth of 4.3% and 9.8% respectively. Our revenue in Q2 was EUR 577 million, up by 5.9% compared to the same period previous year. As I said before, we had our organic growth of 4.7% for the quarter. We are pleased about service growth, which was up by 7.7% and the projects was up by 2.5%. Again, service accounted for nearly 2/3 of the turnover. We continue to improve our profitability and reaching an EBITDA of EUR 22.9 million up by 16%, resulting in adjusted EBIT margin of 4% of our revenue. Earnings per share was EUR 0.09 per share, up EUR 0.03 compared to last year. Our operating cash flow before financials and tax items decreased by EUR 5.9 million to minus EUR 9.3 million. Our last twelve months cash conversion, which is our ability to turn our earnings into cash, was 81.3%, which is slightly better than last year, same period. We still see a strong cash inflow from the underlying business, and we have a solid financial position and a low leverage with a net debt to adjusted EBITDA of 1.5. Riitta, will come more into that later in this presentation. Of other events to mention, we continue our focus, as we also said at the Capital Markets Day, on expanding our capabilities and competencies in line with our strategic priorities, and we closed four acquisitions. We acquired the Danish company DI-Teknik, which brings additional capabilities within automation and especially within industrial automation, which we are very pleased about. In the industry division, we closed two acquisition a company called Wind Controller and another company called WT-Service in Finland. Furthermore, we acquired a company in Norway called Kaldt og Varmt. I will introduce these acquisitions a little bit more in detail in a minute. This is Caverion in a nutshell in as a high-level summary of what happened in Q2. We also published our updated sustainability growth strategy during the period, which I will shortly introduce on the next slide. The key points on our updated strategy is built on differentiation. This is our strategy house for the upcoming period, as we also showed on the Capital Markets Day. It focus on growing the business in a sustainable and profitable way. It's focused and built on differentiating capabilities and solutions that make the environment we build around us more energy efficient, more resource efficient and healthier, safer and better for the people who live there, learn, and work in the built environment every day. Our differentiation is that we want to create sustainable impact for every customer with the solution we design and deliver, but we also want to do it reliably and transparent every time. We have already taken additional value-added measures to deploy our strategic ambitions and deliver to our customers. Of course, there will be more to come in this strategy period. Let's have a look at our people in Caverion, which is the key to success for us. At the end of June, we employed slightly over 14,600 employees. You have to remember the drop in employees is partly due to the divestment of Russia last year with the 400 former colleagues. Due to Corona and other sicknesses, especially, you know, influenza and flu, which was a consequence of us opening the society in many countries. On the back of a closed society with Corona, then we open up and we saw more of a pandemic on flu and whatever have you. Our sick leave levels increased significantly in 2022 compared to previous period. It was nearly double up in many countries. The effects, as I said before, of the pandemic gradually started to ease off in the start of the second quarter. However, we have seen a slight increase in the infections towards the end of the quarter, and we can maybe also expect a little bit after the summer, where people have been a little bit more social than before, that there will be an increase. However, this is the new normal. Corona is here, we are getting used to it, and we are taking the measures, and we are planning accordingly. I think we showed also in Q2 that we are able to plan and deliver despite Corona. We have, of course, taken many extra actions to protect our employees due to the Corona situation, as safety always comes first for our employees. Our accident frequency rate was 4.5 in June. It was a little bit up versus last year, but it's still at a very good level. However, we continue to improve, we continue to develop and keep safety as our top priority. We also hired a new Group Head of Safety, Thomas Jensen, who brings us a lot of experience and fresh blood into the company. Let's have a closer look at our order backlog. As you know, the order backlog is a very important measure for us in Caverion, and it grew strongly both in service and project. It has been growing with a 6.6% year-on-year to EUR 1.9 billion at the end of June. The order backlog increased by 4.3% in service and 9.8% in projects compared to June last year. As you maybe remember in our financial statement of 2021, we said that our order backlog was split approximately 50% within the next 12 months and 50%, for the years to come after these 12 months. It is still a good proxy of our order backlog. More than 50% of our service and our revenue is recurring service and maintenance work, as the service part accounts for approximately 2/3 of our group turnover. More and more of our business and more and more of our turnover is recurring. EUR 1 million, and as I said before, it was up by 5.9%. We are unfortunately negatively impacted by currency exchange rate of EUR 3.3 million, mainly negative impact from Swedish Krona and a little positive effect from the Norwegian Krone. That's life. The good news is the organic growth was 4.7% and all of acquisitions, and it's net of the divestment of Russia, which was circa 0.7%. That's a net of both these. You know, we announced that in December. During the first half, our turnover was EUR 1.105 billion, up by 4.2%, and with a solid organic growth of 3.6%. The revenue of service increased and was EUR 380 million, up by 7.7%, and the project was EUR 196.4 million, up by 2.5%. If you look at the graph on the left, you can see that many of our divisions also had an increase in revenue. We can say Austria, Denmark, Finland, Germany i ndustry, and Sweden. I have to remember to highlight that when you look at the other column, then you say, "Why has it dropped?" It's, of course, due to the divestment of Russia. Let's have a look at some of our customers. Organic growth comes with customers. We are really pleased to show some of our customers here. Of course, there's many more. Customers and customer experience is, of course, our top priority. That's key to continue to deliver organic growth is we keep our customers happy. To ensure that we have these customers, we need our great colleagues to serve them. The first one is a good example of our capabilities in providing sustainable, smart, and reliable solutions through our customized building technology for two well-known industries. We have MTU Aero Engines AG cooling and Axel Springer, et cetera. In the second case, we have DB Schenker for the 18 properties across Finland with a total of 260,000 square meters. It's big buildings. All most of these buildings are already equipped with solar panel, geothermal energy and green asphalt. Our contract covers the technical maintenance of the building, energy and remote digital tool supports reaching the energy saving targets, and provides tool for efficient reporting. This, of course, supports the customer. We have the municipality of Halmstad, Halland in Sweden, where we are trying to help them with their energy performance improvement. Sourcing of the municipality's public buildings to create an overall picture and map of the energy efficiency potential. We have an option to proceed with the implementation, but we just need to agree the measures, and then we will guarantee the reduced energy consumption to the customer. As I said before, we continued to expand our capabilities in line with our strategic priorities. We closed four acquisitions in Q2. First, we had this DI-Teknik in Denmark, which is a major step for the Danish division, but it's also a major step. We have the Finnish Wind Controller company, and you can, of course, imagine wind is quite hot, so it's a good place to get into and add competencies. We have an industrial service specialist, WT-Service, in Finland, and then [Kaldt og Varmt] in Norway, as I said before. Furthermore, we are pleased that we signed the acquisition and also closed it. The PORREAL Group in Austria, it's a company with a huge technical game changer also in Austria in that market, and it was closed this week. We are really happy to welcome our new colleagues with expertise and seniority they can bring to Caverion, but also vice versa. Caverion can also bring some new services and projects to their customers, and that's a reason why it's a good fit with these companies. We will continue, as we said at the Capital Markets Day and competencies, all with the purpose to fuel our ability to serve the customers and grow with them. We are continuously working with a healthy pipeline in this area, and we will continue to look at that. I will now hand over to Riitta, who will take us through the financials. Thank you, Jacob, and good morning also on my behalf. Before going to our development during the period. As a result of the Ukraine crisis and a continued corona impact, the inflation accelerated during H1. The cost inflation related to material prices, including fuel costs, continued to impact also our market. The key measures for managing this situation include price increases, increased clauses in tenders and agreements covering material, labor, and fuel costs. In services, the market development demand and general investment activity remained positive. As highlighted also by Jacob earlier, through the customer cases, we have continued to see a general increasing interest for services and energy management advisory service, what we have, driven by regulations and the expected governmental EU stimulus packages, supporting investments in clean growth. In projects, the market demand remained also stable during the first half of 2022. The market was impacted, however, by increases in material prices, delays in decision-making environment. Like Jacob, commented already, our order backlog improved both in services and projects compared to last year. All this supports a solid continuation for us for this year. Let's now take a look at our profitability development in Q2 2022. Our Q2 adjusted EBITDA improved to EUR 22.9 million. That is an improvement about 16%, and the respective margin was 4% of the revenues. The corresponding margin year before in Q2 2021 was 3.6%. Both business units, services and projects, improved their performance, both in Q2 and H1, EUR 1.4 million, up by 19% and it was about 3.7% of revenues. The EBITDA was impacted only by one item, transaction costs related to the acquisitions that we have made during the quarter, and that was amounting EUR 1.5 million. The H1 adjusted EBITDA was up about 12% and amounted to EUR 40.3 million with a margin of 3%. We expect the underlying demand to be overall positive in both services and projects during 2022. We strongly believe that in our purpose to enable building performance and people's well-being in smart and sustainable built environments. The digitalization and sustainability mega trends are in many ways favorable to Caverion and believed to increase demand for our offerings also in the future. Now let's turn to our cap. Our operating cash flow was 29.7 million in H1, the last twelve months cash conversion, as also mentioned by Jacob earlier, was 80.3%, with a small improvement from the end of June 2021. As explained already in Q1, we had the cash flow was negatively impacted by a payment of EUR 8.8 million, which is relating to. The payment was done in Q1 in 2022, and thus impacting our H1 cash flow. The change of working capital was minus EUR 28 million. Our cross capital expenditure or non-current assets including acquisitions was EUR 38 million, a lot more than last year when it was only EUR 7.1 million. T otaled about EUR 4.6 million, which is. Our other investments, including acquisitions, amounted. Acquired five acquisitions in H1, and that was, like Jacob already mentioned, these cases, Wind Controller and WT-Service in Finland, and then a Norwegian company called Kaldt og Varmt. Frödéns in Sweden was already acquired in January 2022, thus being in the first quarter figures. Going, as Jacob also said, going forward, we are actively looking for new further acquisitions during 2022 already, and then also after that. Of course, if we are going to do these acquisitions, we need cash for that. Important contributor to our cash flow is our ability to decrease our working capital. The trend during past years has been quite nice. At the end of June this year, our working capital amounted to minus EUR 1.7 million. Looking at the, if you look at the picture and go back a little bit, you can see that typically there are some fluctuations during the seasons, during the quarters. Into Q2 2022, our working capital was impacted by projects being in a cash-consuming phase. Looking at the overall picture here, we have completed significant and successful actions since 2018 to improve the level of our working capital. Our Q2 working capital last twelve months sales. Finally, some few words about financing. On this slide, you can see our debt maturity structure at the end of the quarter, no big changes there, and overall, our financial situation is quite stable. We issued a new EUR 75 million, we also kind of made a tender of it for our earlier EUR 27 million bond maturing in March 2023 and resulting in a EUR 21.5 million acceptance level. This transaction extended our maturity of our debt. The old partially redeemed bond matures in 2023, and there is only EUR 3.5 million nominal value remaining there. We renewed our credit facilities in December 2021, and they consist of a EUR 100 million term loan, and these both mature in 2058. Our EUR 35 million hybrid loan has the first call date in May 2023. At the end of the H1, our interest-bearing debt amounted to EUR 215 million. Excluding the lease liabilities, the debt was EUR 78 million. The last year comparison figure was about EUR 24 million. The net debt was impacted, of course, by the investments in acquisitions, with a negative cash flow of EUR 28 million, which I mentioned earlier, and of EUR 23 million in Q2. We have a low leverage level, and you can see the kind of position at the end of June. In this slide, our net debt divided by adjusted EBITDA was 1.5 times at the end of Q2, which is quite below under the financial target we have of 2.5. Our external loans are of course subject to some covenants, which are also related to net debt to EBITDA that our facility agreements state there are some adjustments there. At the end of the Q2, we were compliant with this financial covenant, so no worries there. Our cash and cash equivalents were about EUR 58 million at the end of June. To summarize, our low leverage level will give us firepower for the future M&A. As said earlier, we continue actively to search for suitable acquisitions. I will ask Jacob, to talk about the guidance for this year. Thank you, Riitta. Let me wrap up here. We published our guidance on the 10th of February, and it remains valid. In 2022, Caverion's group revenue and adjusted EBITDA will grow compared to 2021. I just want to say there has been a lot of uncertainty due to corona pandemic. In our operating environment is the invasion of Ukraine by Russia. The expected impacts and risk of the crisis on our business have been described in more detail in our first half year 2022 report. I strongly believe during the first quarter we have shown that we are able to mitigate and work in these challenging times and still improve our business. Therefore, we stay confident that we can continue our positive development and implementation of our strategy. This concludes our presentation, and now we are ready for questions, and I will hand over to Milena, and ask Riitta to join me. Thank you, Jacob, and we are now ready for the live audience questions first. Please, if you have any, we have a microphone here. Hi. Mika Karppinen from Danske Bank. Two questions. Could you describe the sort of tendering activity in the markets and what kind of new project development pipeline you have? You need to say the first again, I couldn't hear it. Can you have the sound a little bit higher? Concerning the tendering activities. Yes. A new project development pipeline, could you describe that a bit in more detail? Concerning the sort of the service market, Corona has still been impacting the sort of the service business to some extent. Is there still a lot pent-up demand left in the service markets? Or how would you describe the sort of the service market activity compared to the normal situation? What's the level nowadays? Very good question. You can say our order backlog shows that our activity is still going on. It's at a high level, +EUR 1.9 billion. I would say our biggest challenge is not the projects, it's to ensure that we have the right people to execute on it. We don't see any challenges or any drop in the order backlog right now. For the service, it's the same. We showed also with 7.7% growth that our service business is really going well and growing, and there's a huge demand. We have to remember when we look at the indicators, construction indicators, they are dropping a little bit next year, but we still have tons of buildings, millions of buildings out there that need to be refurbished and made more energy efficient. Unfortunately, I also said it in Q1, the war and the circumstances are also supporting that energy is even more on the agenda, and that is, of course, also the space where we are playing. Hi. I'm Pauli Lohi from Inderes. First I'd like to ask about the profitability. There was a lot of challenges coming from the environment, cost inflations and, lots of sickness leave. How were you able to improve your profitability margins anyway? It's of course teamwork, and it's hard work from all our employees. It's of course what I call good operations. It's about planning. It's of course, as we have also said earlier, to have a procurement that is up to speed with the material prices. We also have to say that we saw some of the material prices dropping by the end of the quarter. There is a little bit coming down. Of course you can look at fuel prices. If you want to put diesel or gasoline in your car, it's doubled in many countries. You can't get electric cars. Even though we launched a program to get more and more electric cars, it's with 12 or 16, 18, 24 months delivery time. Of course, as you can see in our sustainability report, we use around 8 million liters per year. If you then double that, then you can calculate the cost yourself. I would say that I think our operators has been extremely good at being on the ball when we bid for something, ensure we have the right prices. As I have also said before, it's not only us, it's the entire industry. Yeah, if I may add, you know, looking at what these price increases and the cost inflation has actually that happened during 2022. It started already earlier, if you look at the graphs. I can say that, you know, the Caverion people, they were very kind of quick to understand the situation and react to that. So that helps now. So that we have been able to kind of see and mitigate these things also in a longer term, which now we can see in our profits. I would like to add to Jacob's comments that it's also that we have seen, because this is a general problem or challenge, we have seen that the customers are sometimes very understanding. We have long-term customer relationships so that they know that the fuel costs are going up, and they see. It's also has been a little bit easier to discuss about the pricing towards the customers. That helps. Thank you. My second question is regarding the project sales in terms of growth again. Do you see this as a turning point for the segment sales development, or should we still expect some volatility? We are not saying anything about the future in neither service or projects. I would stick to what I've said before. We are still selective. We are still cautious with what kind of projects we take. Of course, if you have an area or a business unit called projects, then of course the aim is to grow it. We would rather say no than say yes if it's comes with a risk. The answer is we are still selective and cautious. Thank you. Can you hear me? Yes. Jussi Koskinen. How about our growth opportunities in Germany? Our market share is just 1% in there. What we could do in long-term to take a remarkably bigger share of German market? Thank you for the question. Of course, Germany is on our agenda and the books are full, and we are doing our utmost to support the Germans. Still, again, we want to do it step by step, because there's tons of companies. Then you also have to remember, the German market is not that consolidated. If you look at the companies down there and the size of the market, there is big players, but there's not these huge players. You're right, there's tons of opportunities for us, but we also want to play it right. Because we have also seen in the past that we were not in control in Germany, and now we have built up an organization and a division that is in control and know what they are doing, and we are not jeopardizing that with unnecessary growth. But it looks good. If I again may add, as from the CFO point of view and being responsible for the risk management also. The German market, yes, you're quite correct, it's huge, and we have very small portion of that today. It is also a very different market compared to the, let's say, Nordic countries from the kind of building industry practices and so on. We need to be, as Jacob said, I think that we don't want to take any additional risk just trying to grow a lot there because. Then in the long run, I think there's a lot of opportunities. I like the kind of principle what we have, that we are careful, even if that's a big market, because it's so different. We also have to look at Germany in regions. Yeah. Because it's a there's a big difference between north and south. Therefore we are very much also looking on a regional strategy for Germany to see where is it we wanna play. We have good momentum. Thank you. I think we are now ready to move on to the conference call questions. Over to the operator, please. Thank you. If you do wish to ask a question, please press zero one on your telephone keypad now. We have a question from the line of Svante Krokfors from Nordea. Please go ahead. Thank you, and good morning, Jacob, Riitta, and Milena. Thank you for the presentation. A couple of questions. First one, coming back a bit to Pauli's question about the margin improvement. Can you perhaps open a bit more on the sources there? For example, is it also relating to, I mean, old non-risk projects being faded out? Should I? Yeah. You could say our improvement is a continuation of what you have seen in the previous quarters. It's of course also that we are cautious about the new projects and therefore we have not reported big write-downs as you have seen on projects. In projects, there will always be write-downs, but it's not in a significance that we have thought that we should report about it. Secondly, I think there's a good momentum in the company. Also, if you remember the graph we showed at the Capital Markets Day about how we wanna steadily improve our EBITDA, and that's what we have promised in our strategy, and that's what we are executing on. We are turning every euro into trying to turn it down to the profit, and that's what we are continuing. We have a good team in place. We have good customers, and as Riitta also said before, good suppliers and customers supporting our employees to be able to deliver. That's what you have seen in Q2. I don't know if you have something to add. No, that was. Of course, coming back to the question from before, selective cautiousness with the projects. Okay. Thank you. That's clear. Regarding the order backlog, still growing nicely, but also down a bit from the Q1 when growth was 20%. Is it only tough comps, or do you also see some change in customer behavior due to the environment? It's a really good question, Svante. We are down 2%, you're right, and I knew you would ask about it, so thank you for that. We just see the seasonality. There's nothing saying that our order backlog is going south. Okay. That's clear. I mean, you mentioned that the order backlogs roughly 50% come in in the next 12 months, and the remaining are 50% after that. The part that comes after that, has there been any significant change in the maturity which comes from life cycle projects, for example? No. No. There's no changes. Okay. That's. Thank you. You have been quite active in M&A, which is positive. You haven't disclosed the prices of the acquisitions, but given the change in your net debt, adjusting for change in working capital, you still pay some sort of multiples for those, but could you elaborate a bit on how the pricing environment has changed recently? Now we are not part of all deals, but what we see in the market, and we try not to go in to too many auction processes, but we try to find the companies that fit to our culture and fit to our platform, because that's why where one plus one gets three, so we can both leverage what we get but also add something to the company we buy, because then it gets more successful. Of course, we have seen with the inflation and the increasing interest rates, there is also a little bit drop in the multiples. However, the good companies cost what a good company cost, and we are still going for quality companies where we add something to our organization. We would not start this multiple arbitrage to buy something just because it has a lower multiple compared to Caverion. No way. We are looking at what are we buying, what will they deliver on the bottom line afterwards, and what will they deliver of cash flow. Most important, what people, what knowledge do they bring in so we can leverage it in our organization? I don't know if you have something. Yeah, I think that was. We are still very, very diligent in what we buy. It sounds like you're doing M&A not based on incoming calls, but outbound calls, if I put it that way. That's correct. We will have. The last one. Yes. Continue. Sorry. Yeah, no. Please continue if you want to elaborate on that. No, no, it's fine. It's fine. Yeah, no. The last one only on the sick leaves. Did that have a material impact on Q2 or H1? On financial impact. Yeah. As I think I have said earlier also, that the sick leaves have actually kind of two-fold impact in our P&L. First of all, when people are sick, they are, you know, not working in our projects, so we have so-called unallocated cost in the P&L. Especially this is, of course, what I'm talking relating to service business. Projects are a little bit different story. And then also in some worst cases, I would say that we are also losing a little bit the sales because even top line, because, you know, there are not men or ladies available to do the jobs. So that has also an impact. So yes, it has a kind of an impact. We wouldn't take it up here unless it had a material impact on our P&L. As Jacob, said it, we had a kind of double sick leave figure for sick leaves in some countries during this first half year. It has. We are talking about millions in EUR. That was also the reason why I ended up to say that, still, during these conditions, I think it has been a solid quarter. I think it's also to have an acceptance internally and say, "We all hope that corona would go away. We all hope that sickness would be even lower, but it's not." Then we can continue to tell you, yeah, corona is there, the sick leave, you know that already, but then it's better to plan accordingly and then execute on that, and that's what we are doing. Unfortunately, it's still around, and we would love it to go away because then we could have more work, and our people can come to work, and we will do more business. That's what we cross our fingers, but we can't change the world, so we just need to operate here. Okay, thanks. Last question. In the beginning, Jacob, you mentioned that or my understanding was that employees even is a constraint for your growth. Is that the correct interpretation, that the demand is still that good that you rather could have more people than less. It's correct. It's spot on what you say. Okay, thanks. That's all from me. Thank you. Thank you. As there are no further questions, I'll hand it back to the speakers. Thank you. Let's continue with the webcast questions. Coming from Markku Moilanen at OP. Did you provide a lot of these ad hoc services in Q2, which usually have been very profitable for Caverion? Did those services boost your margins, or is the adjusted EBITDA margin on a sustainable level? We don't have a specification of our ad hoc work. Therefore, I cannot answer the question on the profit margin. There has not been something special in Q2 highlighting that something extraordinary. Sorry. That something extraordinary have boosted our profit in Q2 that I know of. Yeah. I actually was looking at not only for this H1 or Q2, but also the recent past years. It is. The changes are immaterial, so they were percentage-wise from the total revenue. We don't see that kind of a boost in ad hoc services. Okay. Thank you. This was all the questions online, so thank you all for your participation. Before we end, then I would like to say thank you very much, Riitta. Thank you. Because Riitta, I assume it's your last investor presentation with me. Correct. It has been a pleasure and thank you very much. It has been a huge support. Thank you so much, Riitta. Thank you. Next time you will have Mikko Kettunen here. Yeah. Kind of permanent CFO doing this. Thank you so much. Thank you, Jacob. Thank you.