good position to move forward from. And also adjusted operating profit, strong development there, 3.4 million as opposed to 0.9 in the comparison quarter a year ago, coming in at 8.8%. In terms of the margin. Also a very significant improvement to the 3.9% we had a year ago. I think is particularly pleasing as well is that we maintain the book-to-bill at close to 1. Or, of course, we'd like to see it being even higher. But close to 1 in this exceptional quarter. So even so that we pushed through €38 million of revenue, we were able to increase the order intake also by 42%. So coming in at close to the amount of the revenue, I think that's a particularly strong performance in this very good quarter all in all. The main growth drivers in the quarter were energy, the customer energy customer industry, where we had a contribution from both wind, both glass fiber-based products and carbon fiber-based products. And then also from conductor core, which belongs to the energy customer industry. Also defense, which is included in our other customer industries showed very strong growth figures, increasing by 112% to the comparison period. Also, you know, with all this, a reasonably good net cash flow from operating activities, €2.1 million in the quarter compared to approximately €2 million negative in the comparison period. So I think all in all, really a good showcase from the whole team. Mikko, if you want to go to the numbers now, then take you through the be used in a minute. Yes. Okay, you take Syslon first. Yeah, let me take Syslon first. So as many of you know, one of the highlights we had in the quarter was the announcement of the continuation of the relationship we have with Syslon Energy Limited. As you may know, they are a leading turbine— wind turbine manufacturer based in India. We had started working with them already a couple of years ago, doing the R&D and product development with them and the certification and validation of the product. If you recall, in the spring of 2025, we announced a, at the time, larger order from them. They were not named at that time. It's a $10 million order under which we started the commercial deliveries from them as we were ramping up volumes in our fairly new India factory. Now, in September, we were able to extend and enlarge that collaboration into a multi-year agreement with them. Which is a wallet share-based agreement, which offers us a total volume potential of almost €100 million. So This is a contract that we will start delivering under, and it will take us through Q1 of 2029. As I mentioned, we have a close forecasting procedure with the customer, so we can expect, or we know what to expect over this period. However, it's not insured, the full volume. So it depends either way whether the customers almost business develops favorably, we might actually see a little bit more than the deal potential we're stating here. If it doesn't, then we might see a little bit less. However, we are fairly confident in the value, and we are fully investing and getting ready to deliver at least this amount that we see here on the screen. What I also want to mention is, which is important from us, from a commercial rigor perspective, that we have a price adjustment mechanism in the agreement, so that we've been able to shield ourselves from significant changes in most like, or the most exposed area, of course, is the inbound raw materials. So that's kind of the biggest risk which we've taken care of. in good collaboration with the customer. And we, as we go along, we'll keep adjusting the price to fit the current situation in the market. So I think all in all, a very good achievement from the team. I think this is a milestone in the hard work that we have been doing and a milestone in the continuation of that hard work as we expand the collaboration with Oslon and with other customers also for the India factory. And with that, Mikko, over to you for the numbers. Thanks. And yes, it's very happy to be going through this set of numbers. I'll take a couple of highlights on this slide. Yeah, well, revenue growth 60%, obviously that is a highlight. EBIT 670% up. The unadjusted one or adjusted one, it's still 264% up. So quite pleasing numbers to report. If we look at something, why we say that Q3 was exceptionally strong, but it was strong overall. And when we look at our seasonality patterns, As can be seen from below the graphs, order intake strongest so far for the year, €38 million of order intake. Typically, actually, Q3 is a weaker one. In '24-'25, Q3 was the weakest of all the quarters. Similarly, for revenue, 2 past years and traditionally as well, Q3 has been the weakest quarter. So it is quite pleasing to be able to deliver this sort of growth, especially in this quarter. Going into a bit more detail, Lauri, if you take the next slide on order intake. So 42% growth. Paul mentioned book-to-bill was at 1. So with strong order intake matching the strong revenue, that is very pleasing. Also, when we look at the recently announced Suzlon agreement, While it's a frame agreement until 2029, it is something that we are cannot book into our order book as such as we had last year, the 50 million jump upwards. This is— So this order intake is essentially continuing order intake from the wider customer base. So this increase is, from that sense, even more pleasing. And with that backlog holding up at stable level, When we look at our business mix, Paul highlighted there was 2 customer industries. Lauri, if you take the next slide. Yes, 2 customer industries that were reason for this high change and increase in revenue. Energy was 137% up. There we have the old and new wind customer base. Where volumes have been increasing. At the same time, the agreement on conductor cores was also holding up and delivering good results for us. And second star customer industry is the category other, which was primarily driven by various defense-related applications. And this actually took these 2 customer industries to account for 2/3 of our revenue in Q3. Which compares to last year when it was approximately one half. Looking at our profitability, So revenue growth, it lifted our adjusted operating profit margin to 8.8%. Also, uh, of notice that with the growth came also positive operating cash flow. But still focusing on our EBIT margins, so that more than tripled, adjusted operating profit more than tripled to 3.4 million. Um, That's Good news. In the past years, when we've been executing our strategy, our adjusted operating profit and unadjusted operating profit, they have had some, some gap. Because of one-time costs. But now we can also witness that the unadjusted operating profit at the same level, 8.8%, are positive. So minus 2. And as mentioned, cash flow from operating activities was positive 2.1 million versus last year of To deliver the growth, we've had to take certain investments, in particular to adjust capacity of to the right kind of equipment to meet the demand. Even with the investments, cash flow was 0.7 million positive. So from financial perspective, quite nice quarter. But then if we go into how our business units were doing, so over to you, Paul. Okay, thanks, Mikko. Yeah, so starting with Engineered Solutions, so I think it's great they're giving Industrial Solutions a run for their money. In terms of the growth, I think 43% is a good number for the Engineered business year on year. As we mentioned, so it was primarily driven by conductor core deliveries that we had going out in the quarter. And then also demand, increasing demand in the defense area, particularly for camouflage poles, and some of the other applications that we have there. And although all through the year we've seen an increase in activity around those and more demand. More demand there. Otherwise, also, it was quite a busy season for Engineered Solutions despite the summer period. Or the late summer period, if you will. Customers were quite active, so we continued to work through a lot of new opportunities, negotiating on existing opportunities, multiple discussions on larger customer programs, both in conductor core and outside of conductor core. So I think that's quite quite good and promising for the future as well. Then just a side note, we— one of the highlights for Engineered Solutions was also the inauguration of a small little expansion we did in particular for aerospace. grade and demanding carbon fiber tubes. So we, we did a small expansion of the Yuanzhou factory to enable a new state-of-the-art climate-controlled area. In this case, the inaugurating customer with us was Flying Whales, the airship manufacturer, whom, as they go into, hopefully into commercial production will make their tubes there. However, it's also suitable for other demanding tube or spoolable carbon fiber products. And for example, now once we continue working with Flying Whales, we are running other customer programs and profiles on those, those lines as well. I think there was a good profitability contribution from Engineered Solutions, as would be expected. So I think we are really starting to show the operational leverage of the strategy as we get a good mix in. We are, you know, loading the factories appropriately, running them as efficiently. You can see that the efficiency improvements are coming through and raining down on the on the bottom line. So, so that's good. So thanks to all the ESPU colleagues for, for good work. Moving over to Industrial Solutions, please. Yes, thank you. So while I said that ESPU is giving them a run for the money percentage-wise, it was really stellar growth. Coming in at 130% for the year-on-year comparison period. Of course, numbers are still a little bit lower, but we are confident that we will be scaling up quite significantly as we go forward. The activities in India are going well. We are adding capacity and adding deliveries to our customer there. So, so, so we continue on that. We also continue advancing the projects for other customers than the one that we've discussed more so today. So we look forward to be able to serve multiple customers. in the, in the future. I mentioned the Suzlon agreement, so let's not go back on that, but surely that's one of the main drivers for India on top of the already earlier announced Vestas project that we have ongoing there. It was also particularly positive to see all in all not only carbon fiber-based products but particularly also the glass fiber products that we produce in our China factory for the wind customers. They also saw quite significant demand. And, you know, we really had to work hard, and thank you to the Chinese colleagues as well, to get all of that out through, through the door. So I think both of the factories contributing very well to the growth. And you can also see how that's— even though both business units are growing well, you can also see the share of revenue increasing for the ESBU as, as it's supposed to, to be doing. Another thing I just want to mention, which was a good achievement from the team, is that we had a breakthrough for the e-bus deliveries in China. Typically, as you remember, we've been working for many years with the large e-bus manufacturers in China, primarily on their export products. Now, following really hard work with the customer, with one of the customers there, we managed to break into also the domestic bus market. Which is quite attractive and interesting. Obviously, it's a more competitive environment, but the volumes also are bigger. So we look forward to seeing how we can then expand also this element of the transport market in, in China. Now obviously, you know, looking forward, what are we up to in the coming months and years as well, is to scale up the production for the current customers and then add additional customers while then improving the operational efficiency and making sure that we deliver a good contribution to the bottom line as well. So pretty clear mandate there, and I think we have a good plan and good execution going as well. So many thanks for that. Moving over then to the guidance, no surprises here. questions and comments and feedback. Thank you, Paul, and Mikko as well. And something else we announced today, so basically our next year financial calendar, which basically is almost a rinse and repeat of this year. So let's just hope there isn't a huge election on the same day. next November. But with that, let's open the floor for questions, and I think, Joona, you are the first. So we maintain our full-year guidance, it's unchanged. We expect revenue and adjusting adjusted operating profit both to increase significantly this year compared to the previous year. So, and this, I think in today's numbers you can see that we are very well positioned also to deliver this. And while we'll do diligently what we need to make this happen, our sights are already set firmly on next year and how to make next year a really, really good year for, for Exel as well. So with that, thank you, and I think I'm going to hand over to Lauri and then open the floor for To ask. Go ahead. Hi, Joona Harjama from OP. Thank you for the presentation. I have a couple of questions, and let's go one by one. Perhaps starting about the very strong Q3, you already described some patterns, but after the second quarter, you mentioned that timing supported Q2 about €4 million. And as you said, Q3 is normally much more quiet than Q2. So can you give us some more color? Was there something extraordinary in this year's Q3? 3rd quarter, and was it a positive surprise for you, and what, what was kind of driving it? So, but Mikko, over to you if you want to comment on the numbers. Yes, so Q2 was pushed up by customer demand and even further, like Paul said, Q3 Mix-wise, it was a good one. Yeah, I'll start and Mikko, you can continue. So I think, yeah, it was positive that we had a very, very, very strong quarter as opposed to a quarter that typically is a little bit depressed. I wouldn't say that there was anything extraordinarily, you know, in this quarter that would have, you know, worth mentioning other than we did have you know, a good inflow of orders earlier in the year or earlier for deliveries of conductor core that happened in this quarter. And then also there was quite a good demand on some of the products that we can produce quite quickly in, in the defense area. So these were kind of customer demand-driven items that, that happened in, in this quarter. Mikko, you might want to decide if you want to talk about the numbers, how much that is. But I think this, it shows kind of the good progress that we are making with customers and then also the ability to actually push through if we have the orders to push through in, in a fairly compressed amount of time. So Also that supported then our profitability in a nice way. I guess it's many favorable facts coming together at the same time. Okay, thank you. And perhaps, perhaps as a follow-up for the profitability question, can you comment anything about the gross margins in Q3? How was it? If compared to the first half of the year? Well, I guess some— without going to exactly our gross margins, which we don't publish, but as you can see, we've had our favorite strategy slide, which is about volumes going up, that providing good leverage on the operating profit. So in that sense, the results and improving EBIT margin is what should be expected. When we look at global markets, we did see in spring increases in material costs in particular. Uncertainty in geopolitics, it has not gone. So we continue seeing those higher costs. But then a quarter ago, we also mentioned that we've been quite successful in pushing cost increases in a neutral, constructive way to customers. So basically stabilizing Exel's position. Okay, okay, thank you. Then perhaps about the— well, not exactly about the guidance, but about the Q4. You mentioned that you expect the pace of growth to slow down in Q4. Does this imply that you expect some headwind Q-on-Q or still a quite stable development. If we compare to the 3rd quarter? Yeah, I think, you know, the point being is that this year we expect to be good. We are in our growth phase of the strategy. So if you look at all the quarters, the direction of, you know, where we are going is going up towards the right-hand corner. What we wanted just to signal with this is that this was a 60% jump in the quarter, also given the comparison period numbers was quite high. So although the growth, if you compare to 60% in a quarter, might moderate a little bit in the 4th quarter, we still expected this to be a good year. So we didn't want anybody to feel that, you know, if it's less than 60%, that it's not a good good performance. So we are quite happy and comfortable about the full year. Okay, yes, that's, that's very clear. Then perhaps about the defense. The demand has been very strong recently, and I would just like to understand that what is kind of your capacity to further increase defense volumes going forward? Do you see any bottlenecks, or do you still have good capacity to grow? Yeah, obviously pultrusion and pull winding, they lend themselves very well to increased capacity demands. So in general, as a company and in terms of the technology we use to produce it is a good technology where you have increasing demand. So yes, the answer is we can add. Of course, there are, you know, some operative bottlenecks in some of the sub-assemblies, or, you know, maybe you need get more material from customers, but these are part of ordinary operative, you know, measures that people would take. So I think we are quite well positioned for future growth. in defense and in, in the other of our chosen areas as well. Okay, okay, thank you. That was all from me at this point. Thanks, thanks, Joona. Thanks, Joona. And next up we have Waltteri Rossi. Go ahead, Waltteri. Hi, sorry guys, can you hear me? Yes, I hear you. Hi, Waltteri. Some problems with the line. First of all, congrats on a great result. First, I'd like to ask about defense. So you mentioned again that the main product there seems to be the camouflage poles, but I guess you are now also seeing some demand for new applications. So could you talk about that? What type of new applications have you been selling in the quarter? Okay, so well, Waltteri, as you mentioned, so one strong growth product there are the camouflage poles. So we have been getting a good amount of orders in this year. And going back to Joona's question earlier, it's also a product that lends itself very well to capacity or to volume scale-up. So we've been able to do that. There are some more, some other smaller products that we do, for example, the telecommunications or the masts, the telescoping masts, for which we also had good orders earlier, which we've been delivering, and some, you know, the powder packing. So I think it's a combination of the existing products where we've seen quite significant increased demand. And then also, you know, the way the world is, so we have been working closely with a larger number of players in the defense sector covering various potential applications. And I think the important part there is that composites, and in particular carbon fiber, they offer properties that can have very significant uses in defense. So there are different products that we are looking at, whether it be R&D projects, and some initial deliveries as well. Many of them, most of them actually, are based on thin-walled carbon fiber tubes. So different types of tube structures and tube tube products. Okay, fair enough. Thank you. And, um, I think previously you've said that from the other segment, defense would actually be around half. So is that still the case? Because I think that would take the defense relative share of total sales close to 20% this year. Yeah, so obviously now there was some positive growth in the other applications in other as well, but the lion's share of that growth was coming from from defense in this quarter. So I think we'll need to wait until we finish the full year to see then what eventually the share of defense is. But I think it's evident from a couple of quarters and this quarter as well that, that the share will be growing from what it was last year. All right, fair enough. Thank you. Then another question on India and Suzlon. So how much was the sales in Q3? I guess that's the same thing from, from the India factory and, and also sales to, to Suzlon. So how much in Q3 and how much will you expect it to be in Q4 and thus for the full year? Okay, Mikko, I'll hand over to you. I'm not sure, did we ever comment on individual customer sales? Not individual customers and not individual countries, but let's say If we look at industrial solutions, BU, and it's been growing quite nicely since last year. We've had boosts for actually 2 major wind accounts. And it's a combined effect going up from 4 million last year to 10 million now. First 6, then 8, now 10. And I think it's fair to say much of that growth does come from wind, otherwise the numbers will not match. And if you split it to 2 major accounts, so you get the rough ballpark. Yeah, yeah, just to clarify, the reason I'm asking about this is because it has a meaningful impact on EPS. Um, But yeah, anyways, that helps. Um, Maybe still commenting on that, so when we set the strategy, we did say that we want to aim for €200 million and 10% EBIT. And we got a lot of push from investors, can you deliver 10% on engineered solutions? That might be easier. What about industrial? So we're not quite at 10% yet. We promised it in '28 by strategy, but it's also positive to see how industrial solutions is starting to generate good EBIT. Thank you. The last one, because I still want to be— try to be critical even though the result was great. So you mentioned this increasing competition in transportation. segment. So can you talk a bit more about that, what's happening in that segment? Yeah, okay, and this is particularly for the European, and we're talking primarily um, e-buses here. So, um, you know, it used to be an area where there was— I mean, there were a number of competitors, um, of course, or players in that value chain doing partially or fully the same things that we used to do. Now with the significant expected growth of e-buses in the future. I think the segment is attracting additional players, and as they are entering, some of them, you know, may want to enter using price as a tactic. You know, we have a fairly, or a little bit of a different view, and we try to play the longer game. So we're thinking about where will this value chain go over 3 years or 5 years and how do we want to position ourselves there. So I did mention this in my report simply because we might not in the short term enter price wars in that area, but rather get us ready for the longer term and how to really create value there. But we're seeing now some people coming in and you know, creating more competition primarily on the price side. So, and I'll say this was for Europe. This has nothing to do with what we were talking about China earlier in the call. Sorry, do you still hear me? I, I, I actually lost you for a second. Oh yes, we, we can hear you. Sorry. Okay, so is it possible that that segment could be like a minor headwind in the near future? I think the growth prospects in that segment, and particularly if we are talking about e-buses, is quite attractive actually. You know, if you believe the forecasts, there will be a lot of the bus fleets that need to be renewed in the coming years, which is also why it is attracting interest. And of course, you know, with the Chinese having entered the market, it increases the entire competitive picture in that segment also. I mean, we talked about the expert or export buses. So in the short term, uh, depending on which strategy you take, you know, you might have a little bit of a headwind. In the long term or in the midterm, it's definitely a very attractive area and that we want to be in there, and we have a fairly good picture of how to, you know, take a good stake in that business as well. All right, thank you. That's, uh, it from me. Thanks, Waltteri. Thank you. Do we have any more questions? If so, please use the raise hand function. Go ahead, Joona. Yes, hi. Perhaps one more from me. Your leverage has been coming down quite steadily, so could you describe your capital allocation plans going forward? Yeah, so I mean, obviously, the high-level picture, of course, is that now in the growth— and I think we've talked about this also earlier— in the growth phase, The primary and also almost exclusive capital allocation is on our growth prospects and is in these chosen segments. You know also that during the previous phase, we were doing quite significant investments in bringing up the India plant or the India investment. And also, you know, for example, making sure that we are competitively positioned for the future at the other factories, for example, talking about this, this joint venture joint sorting. So in terms of what we want to do, yes, we will keep investing in growth. You can hold us to the fact that it needs to be in this areas that we've talked about. We also do have a little bit of upcoming investments, well within our frame, of course, but we will keep working on that since we have challenging and interesting growth targets, which we'll of course meet. So in order to get there, we do need to make sure that we are well positioned. But if Joona, if you want to talk about the numbers in particular, then I'll hand it over to Mikko. Was that sufficient, or? Yeah, I think that was clear. Yeah, yeah, yeah. Thank you, thank you, Paul and Mikko. And that's all from me at this point. Thanks. Thank you, Joona. Do we have any more questions? Apparently not. So thank you all for participating in this meeting or briefing, and I hope you have a great rest of the year and see you next time. Thank you. Thank you.