Hello, and warm welcome to Enersense's Q3 result webcast. My name is Liisi Tamminen from Enersense's Investor Relations, and with me here I have our CEO, Kari Sundbäck, and CFO, Janne-Elof Cavander. We will start today with the Q3 highlights and then go into financial review by our CFO. In the end, we will also take a look at Q4 and our way forward. We will also have good time for questions and answers, so please write your questions already during the presentations in the box on your screen. Now I would like to give speech to Kari and Q3 highlights. Thank you, Liisi. Welcome on my behalf as well. I will start with our Q3 highlights. We delivered strong growth in the third quarter. Our revenue increased by 14% on a comparable basis. Our adjusted EBITDA declined, mainly due to a low market activity in Estonia and a slower-than-expected ramp-up of a large project, the Aquatech project. Going forward, we maintain our guidance, as we expect a strong quarter four. Key figures from Q3, our comparable revenue came out at EUR 87 million, which is 13.9% more than a year ago, Q3. Our adjusted EBITDA was at EUR 5.5 million, which is a 6.4% adjusted EBITDA margin. Our cash flow was slightly on the negative side, EUR 3.5 million better than in the comparison period, and our net debt is at a particularly low level compared to a year ago at EUR 16.5 million. Our revenue indeed increased. A year ago, we still had some revenue from units sold or discontinued. Since, we landed at EUR 87 million. Inside the company, between the business units, there are notable differences in the development compared to last year. The Power business unit, our largest business unit, grew by 68% compared to Q3 last year, and I am very pleased with that. The Energy Transition business unit decreased by 40%. Now, it is good to understand that in the Energy Transition business, we have completely renewed the project portfolio, and the portfolio we had a year ago is now replaced practically by this large Aquatech project. The service business is stable and growing in the Energy Transition business unit as well. In Connectivity, we decreased by 19% compared to Q3 last year on the back of a smaller project portfolio. When we compare the development of Q3 to the full year 2025 in terms of revenue split, we see on the left-hand side the growth in Power. The relative share of Power increased by 16 percentage points at the expense of minus 12 percentage points in Energy Transition due to the renewal of the project portfolio there, and minus 4 percentage points in Connectivity. The same Power growth and Power projects growth is visible in the middle, with the share of projects now in Q3 being 6.1 percentage points larger than a year ago. In the geographical regions, we see that it is Power projects, and in particular Power projects in Finland, that grew the most, namely high-voltage line and substation and battery energy storage projects, which brought the bulk of the growth in Q3, and hence the share of Finland grew at the expense of the share of other Nordic countries and the Baltics. In our new orders in Q3, I am very pleased with the content of the orders because we progressed in data centers and in our digital services, in line with our strategy. in August, we signed a contract to deliver a high-voltage substation to atNorth in Kouvola, in Finland. We signed several maintenance agreements, notably one with Fingrid for their substations and with a solar park customer, Alight, and there we progress well with our digital services, the way we use drone and analytics to then direct the effort, the maintenance work in the field. In the Connectivity business unit as well, we signed multiple mobile and fixed network contracts, both in Finland and in the Baltics. Many of them related to data centers, so the trunk network connections, fiber connections to data centers. The order book is on a solid level. It did decrease in Q3, but it is on a solid level supporting our growth. The order book came out at EUR 318 million at the end of Q3, and after Q3, in the five weeks that have gone by since, we have had an order intake of approximately EUR 30 million. Our order accumulation is not linear, and October and the first week of November have been particularly good with EUR 30 million of order intake. Describing that a bit more, you also see how our strategy is playing out here. Just this week, we announced two power line projects for E.ON in Sweden, supporting data center demand. We announced recently a contract to expand a substation and battery energy storage capacity for a renewable energy company in Finland worth EUR 10 million. We are upgrading substations not only in Finland, but also in Latvia. We are expanding our maintenance services with Fingrid. This is a scope expansion to so-called secondary systems in substations in northern and western Finland. Also, as another industry first for everybody, Enersense is the first to have an O&M partnership for a small nuclear heating pilot in Helsinki. Steady Energy is building in Helen facilities in Salmisaari, Helsinki, a pilot plant for nuclear heating of the district heating, and we are partnering with them for operations and maintenance of it. We are also engaging early with our customers, as is the purpose in solutions business. We are not just delivering high-voltage lines. We are partnering with Elering, the TSO in Estonia, to design a new type of towers that Elering will deploy in the coming years. In addition to this, I am particularly pleased by the quotation volume across the three business units and the quality of the sales pipeline. We have progressed well in both aspects in our quotations during the year. Now, I will hand over for a while to Janne and then come back. Okay. Good afternoon from my side as well. Very pleased to present our Q3 financials here. Let's start with revenue. Really happy to state here that our comparable revenue increased by 14% during the third quarter of the year. We ended the quarter at EUR 87.1 million in comparable revenue when we exclude the units sold or discontinued during 2025. Last year, our revenue was EUR 76.4 million, and now for this particular quarter, we generated strong growth in the Power business unit, driven by very good activity, especially in Finland. Energy Transition business unit has been through a complete revamp of its project business, which impacted still this quarter on top line with a EUR 6.8 million lower amount of revenue compared to the comparison figures here. The Connectivity business unit, there we saw a EUR 4.9 million decrease in revenue. All in all, EUR 10.7 million up from previous quarter, which equals 14%. Moving on to adjusted EBITDA for the quarter. Here we have a bit mixed bag of messages inside the bridge here. This quarter, we generated EUR 5.5 million of adjusted EBITDA. Last year, which was an exceptionally good quarter, we posted EUR 9.3 million. When we look at our different business units and their contributions here, let's start with Power. Power's earnings were flat against the comparison period. That was driven to a large extent by Estonia. The market activity in Estonia has decreased significantly this year. We started restructuring measures in the month of June in Estonia and rebased basically the infrastructure and personnel in the country, the new level of market activity and volume. Without Estonia, Power would actually have grown by EUR 900,000 during the third quarter here. Energy Transition business, we have a large project in the northern part of Sweden with Aquatech. This project started later than was in our planning for this year. The project is now on a good phase, but it started late, and as a consequence of that, the Energy Transition business posted a EUR 2.3 million lower result, lower earnings for this quarter. Moving on to Connectivity business unit. Here we had a smaller project portfolio this quarter compared to last year, and therefore, and a result of that, we generated EUR 1.9 million less earnings in that business unit. On the admin side, we have had high cost control and high cost scrutiny throughout the year this year, and we have here lower expenses, which generates a EUR 400,000 positive swing against the comparison figures. All in all, EUR 5.5 million adjusted EBITDA for this quarter. Big impacts, as said, from Estonia and the Energy Transition project named here. Let's move on to have a look on our different business units. Let's start with Power, which is our largest business unit. First of all, as you can see on the left-hand side of the page, our comparable revenue significantly increased and grew during the quarter. Our revenue was EUR 55.2 million. We had especially good revenue in the quarter from the high-voltage line and substation businesses in Finland, and also on the top line, Estonia had an adverse impact. On adjusted EBITDA basis, we were significantly higher compared to the previous three quarters. We were at EUR 4.1 million on adjusted EBITDA basis, which is flat against previous year. Here, as mentioned, Estonia had a large impact. Without Estonia, as said, we would have grown also the underlying earnings for the quarter. Moving on to Energy Transition business. This was impacted largely by the late start of the Aquatech project, and as a result of that, our comparable revenue for the quarter was EUR 10.3 million. A year ago, first of all, we had some units that were sold or discontinued, which took the revenue last year above EUR 20 million. In addition to that, in the project business, the project part of Energy Transition business, the composition and the mix of projects were different from this year. We have completely changed and renewed our project business in this BU and been very selective of the project that we enter to. As a result of that transition and that change and that turnaround, revenue now was on a lower base for the third quarter. As a result of this slower start of this project, we had a minor EUR 100,000 negative adjusted EBITDA for this quarter. Moving on, finally, to Connectivity business unit. In this business unit, we generated EUR 21.5 million of revenue for the third quarter, which is lower than on the comparison period. This comes mainly from the fact that out on the market, there is lower demand and lower activity in the FTTH business, fiber to the home business. Also, we had a smaller project portfolio in this business unit, which drew down the revenue compared to last year. Also, mainly due to these two reasons, the earnings and adjusted EBITDA were lower this quarter than in the comparison period. On a very positive note, our service business grew in Connectivity. Looking at our funding structure and our balance sheet, I am really happy to report that our net debt was on EUR 16.5 million for the quarter, which is on a good level. Seasonally, in the third quarter, we have negative cash flow, and our cash flow from operational cash flow perspective was minus EUR 3.5 million during the quarter, which obviously drove a small increase in the net debt. Overall, we are satisfied with the level of net debt at this time of the year. If we look at our credit metrics, leverage was on a good level for the quarter, north of 1x. Net gearing increased slightly, and equity ratio decreased slightly, mainly due to net profit of the group. Those are also very much in compliance with our financing agreements, and all covenants were obviously met for the quarter. I move on to Kari on way forward. Thank you, Janne. Before going to Q4, a reminder of the market we are operating in. Last year, we refocused Enersense into growing markets. These are markets where, first of all, electricity consumption is expected to double, namely in Finland and in Sweden, in a range of 10-15 years, and that increases investment in electricity grids and balancing battery energy storage solutions. The telecommunications networks are being strengthened to cater for larger data volumes, and the need for data capacity and efficiency increases. Data center investments are accelerating, requiring reliable electricity and data infrastructure and solutions for cooling and for heat recovery. The industrial energy transition is advancing. In Q3, several significant investment decisions were taken in our markets, which take the market forward. We had, in Q3, very positive progress in delivering our strategy. We are more and more working in a solution business mode, and engaging early with our customers to design solutions for their needs and opportunities. For example, it shows in early engagement with data center customers in pre-designing their power solutions before the actual tendering for them starts. We have improved now. We reached an important milestone in Q3 in our capability to offer digital service solutions. Our digital service stack is now complete, from sensors to analytics to the field service management solution in the hands of our technicians. We are also growing our operations and maintenance business with new contracts, where we will benefit from new type of value provided to customers with these digital solutions. All this aims, this digitalization, at putting our people in a better position to serve customers. More accurate data on what needs to be done in the field at an accurate time helps us to plan the visits, combine more visits, and provide a better service level to our customers and more value. Great progress in here. We are also, during Q4 now, opening our new remote service center operations, which will be based in Pori, and this brings us the capability to offer higher quality of remote center services to all of the business units and different types of customers. We keep our guidance unchanged. This has been the same from the beginning of the year, so we estimate the adjusted EBITDA to be between EUR 19 million and EUR 23 million this year, and we keep it. We expect a strong Q4 for Enersense. With this, we finish the presentation part, and we move on to your comments and questions. Thank you. Thank you for the audience for good questions. We have quite a few questions on the order book development, so let's start with those. First of all, the order book declined, so what is your view? Is there enough of order book and demand to keep Enersense in the growth path? Yes, there is enough of both. True, the order book declined in Q3, but it is at a healthy level to support our growth. As I mentioned in the presentation also, the level and the quality of quotations is particularly good now. It has improved throughout the year, so we can expect good things for the order book growth going forward. Yes. One more detailed question on the Power segment's order book. It declined by EUR 55 million from Q2, although you say that the focus on data centers was reflected in the order book. What was the main driver behind the decline in the Power BU? High turnover, which eats the order book. Secondly, the order book or the order intake does not go linearly. True, it declined in Q3, but since after Q3, we have recorded a significant order intake also in Power. Yes. Related to that, we say that we have had a EUR 30 million order intake after Q3. Do you consider that as a good and significant order intake in five weeks, even though the order book is also declining at the same time with the turnover? That is a good rhythm. The level and the quality of quotations is increasing all the time, so I expect the rhythm to improve further. That is a good rhythm to support our growth. Good. How confident are you that the current sales pipeline will be sufficient to keep next year's revenue at least at its current level? Are there any major new projects on the horizon that could drive significant growth? I am very confident, and yes, there are. Good. More news later on that. Also a question on the Aquatech project, which is worth EUR 30 million. Is it still included in the Energy Transition order book in Q3? Yes, that's where it is, in Energy Transition. It's a contract that entered the order book in June, so it takes some time to deliver it. Yes. But the whole EUR 30 million, it's not- No, it's consumed, of course, at the same pace as we deliver. Yes. It will take time before EUR 30 million is delivered. Yes. When will the Aquatech project be ready? That will be next year. Yes. Then moving on from order book to adjusting items affecting comparability. Janne, how long do you expect that the strategy program and the ERP will continue keeping adjustment items? Yeah. First of all, for the ERP project, our activity has increased somewhat there, and obviously we are doing the ERP project to drive business efficiencies and being able to serve our customers better in the future after project has been finalized. That work is now at quite, I would say, intense pace as of today, and that will continue next year. That's a line that we will continue to see in our one-off items. Then for the strategy-related items, as we earlier announced, the Value Uplift program ended at the end of June this year. We have some smaller strategy-related projects ongoing in the group, but to a minor extent. So kind of this strategy-related one-off expenses will be on a considerably decreasing path going forward. Yes, good. Then a question to Kari and relating more general question on data centers. How do you see that the latest discussions on regulations are affecting data center investments in Finland, and how is it affecting Enersense? I think Finland is reacting very well to a high demand in data centers. There is more than 100 announced projects, and we are working on a selected few of them. There may be some change in timing of those projects which do not yet have their Fingrid grid connection agreement by the end of the year, because the rules change or evolve from January onwards. Some timing differences will be there, but the basic health of the projects, the investment decisions, the building permits, which are key for the project to move forward in the cases we target, are there. Then the grid connection timing may experience some change from the end of the year onwards. Yes. But the investments are accelerating. They are at a very high level, so it is a large market. It is a very active market. Okay, thank you. Then a question to Janne. Non-core EBITDA was minus EUR 0.8 million, and was there something else than just the losses from P2X Solutions related to this? Yeah, so the question refers to the adjustment items. The adjustment items, non-core EBITDA for the period came from a closed business line that we had in Enersense. So that's the source of this adjustment for this quarter. Thank you. Then Kari, in Energy Transition's market, greenfield investments progressed a bit more slowly, and the decision-making was postponed in some projects. Could you give a bit more color on this, and how do you estimate this will develop in the next 12 months? I estimate it will develop favorably. We also see projects moving, a bit more so in our close markets in Sweden than in Finland, but Finland also is progressing in a few key large projects. So, from the perspective of addressable market for Enersense, that market is good. Yes, good. Then, let's continue with the renewable energy business. We stated in the report that we have refocused our offering towards renewable energy customers. So, maybe some comments on this. What was the reasoning behind this, and what we are targeting now? Yeah. There's several types of solutions that we can deliver to renewable projects. The refocusing is to focus even more on our best, our most competitive solutions for them, namely battery energy storage solutions, both the construction and the maintenance, substations, the local grids for wind and solar parks. At the expense of the where we have reduced focus or cut focus is the balance of plant, the civil works, if you will, around the plant, which are a market which has a lot of players, less attractive margin than these solutions I mentioned first, where our competitiveness is particularly strong. Yes, thank you. Then a question on interest expenses. They have been relatively high during this year, so should we expect the same level for the next year as well? Yeah, so we posted north of EUR 5 million for finance expenses now for the first three quarters of the year. Around EUR 1 million of that is related to impairment or mark-to-market valuations of financial assets that we have in the balance sheet. So if you exclude that, our financing expenses from loans, leasing, guarantees, et cetera, is a bit north of EUR 1 million per quarter, and that's kind of the level that we expect to see now. Good. Then Kari, when do you expect the investments in digital business to have a visible impact in the P&L, and what are the main drivers? Does it affect both pricing and utilizations, or beyond these? We know that they will have a visible impact from next year onwards already. What is particularly pleasing is that that is contributing to all of the business units. Can you repeat the second part of the question? Sorry. Will the investments and the digital business, new kind of solutions, does it affect also the pricing and the utilization? Typically, the contract with the customer changes. It is a different delivery type. It is a different value we provide to customers. If I just give an example, when we move from traditional calendar-based maintenance to condition-based maintenance, in the traditional model, what we sell is a certain amount and type of preventive maintenance visits, typically combined by a service level agreement for coming to fix something when something breaks down in a network or a plant. In condition-based maintenance, what we typically sell is outcome. We may sell availability or uptime, and then we take care of the necessary service events inside that larger responsibility commitment towards the customer. So the value of the contract may be more because our responsibility is greater for the outcome we provide to customers. Yes. The pricing model is totally different. Absolutely. Yeah. Then we have one more question for the Q3, sorry, Q4, which you are guiding as a strong. To what extent can we read that across to the 2027 earnings level? Will the Q4 earnings level have an impact also on the 2027? Well, the large drivers that we have in Q4 in each of the business units remain there for next year and onwards. In Power business, large projects, building the grid, high voltage lines, substations, both for the grid and data centers, battery energy storage solutions, together with maintenance. In Energy Transition, this large Aquatech project is gaining pace. The project will continue over the year shift. In Connectivity, that is a business where seasonality plays a big role, and now we are aiming for a strong finish in the fiber construction, which then will be halted at some stage of the winter for some time. Typically in Q1, that is a quiet business. In Q4, there is a final stretch of the year before the soil freezes. Yes. Thank you. Those were all the questions that we had so far, but please stay in touch with us. You can find our contact details on enersense.com, and next time we will have the webcast for the financial statements bulletin on 17th of February next year. Thank you. Thank you.