Good afternoon, welcome to Incap's H1 Result webcast. Today, I have here with me the CEO and President, Otto Pukk, and then CFO, Antti Pynnönen. You are welcome. Good to see you, Rosa. Thank you. Excellent. Yes, thank you also from, from my side, and as always, thank you for the interest in, in, in Incap and for all of you guys who are following us through this webinar. We will, as usual, do a short presentation, and then follow up with a Q&A session. Of course, if there's any questions we don't have time with to answer during the Q&A session, then in the interest forum, as usual, we, we're also answering, answering question. So I hope everybody gets, gets the answers that they, they want on the, on the questions. Perhaps we can start with the, the presentation and go through that, and then, then get on our way in that sense. If we look at, at this, this H1 year, then then this was relatively strong. We had the bad news coming up in, in, in in the quarter, quarter one or, or here earlier this year with our biggest customers decreasing their stock levels. This hasn't that much impact in, in, in the first H1 of the year, so we will expect to see more impact of that now moving into to Q3 and, and, and Q4. With everything in hand, I think a relatively, relatively strong strong H1 of the year. We have been focusing, of course, very much on, on, on increasing sales with other customers and, and, and new customers, as well as have been engaged, as you saw, also in M&A activities. We were very fortunate to be able to close, close a good deal for Incap here, here, just some, some weeks ago. Looking numbers in the H1, of course, the revenue is increased, and, and we also have an increase in the, in the, in the EBIT. I think, I think that, that is, is with everything under consideration, a very good, good and solid result. We are continuing to, to work very hard with the, with the profitability, to defend that profitability, even if we are downsizing and, and, and taking down the cost, according to, to, to match the volumes. This work so far have gone, gone, quite well, and we will, of course, continue with, with, that now during, during the quarters to, to, to come. I cannot emphasize enough how great people we have in Incap and, and, and we have our teams all over the world working very strongly of, of, developing the business and, and, and taking the business, forward. We have a good teamwork, I would say, not only in the units but also between the units, seeking synergy effects. If you look at, at the report from perhaps our, biggest account, we, we, we see growth almost all over, all over our other customer accounts. This is, of course, the work of... the fruit of the work from, from our fantastic people that we all have in, in, in the different units. We take pride in, in, in being an equal opportunity, opportunity employer and, and, and work, very much to promote, our values, in, in, in the different units. I think, I think, our, our best ambassadors in that sense, for our values, are the people that work for, for Incap. We have suddenly new, new Incap team members now. This, this was, was, with, with the acquisition of Pennatronics, or nowadays, Incap Electronics US. I'm very excited to welcome our U.S. team into Incap. There's excellent company with very good and long experience in the electronics field and very competent team. I think they will fit right into the Incap ecosystem and the way that we are working. I think there's a lot of opportunity now when we are enforcing the team in U.S. to themselves take more of a active role in where the company will go and be part of making the strategy and how say, affecting the operations on a day-to-day level on perhaps a bigger scale than they have been able to do before. So, so, so that is very interesting. There is some, some new interesting fields when it comes to, for example, electronics for, for nuclear facilities, So that, that we have gained certificates, and so with, with this acquisition now, That I think also, also is interesting for us, looking ahead then, and so. So, very much happy to, to introduce, and, and to take, take our Pittsburgh, Pittsburgh team, team on board in that sense. A little bit in numbers, 102 employees, or, or, or have joined us, roughly 6,000 square meters in floor space, There is expansion possibilities there. I think, I think, overall it's, it's, it's a very good facility, very good team, and we have good capabilities there and already interest from existing customers as well, that, that, what this could, could, do for them in that sense when it turns to. Because in U.S, there's a lot of made in U.S programs, and so that are, or, need, need to have US manufacturing and so on site. Now we are able to offer that to our customers that we have and our new customers as well. Vice versa, of course, offer services for our U.S customers outside, also on other markets in Europe and Asia. Looking very much forward to continue with the integration work and working with the team there. Antti, perhaps you want to take over and talk a little bit more in detail about the numbers in quarter two? Yes. Thank you, Otto, for again, for the good introduction for the first half events and figures. If we look now, especially in the Q2 this year, we reported revenue declining 7.8%, in EUR 56.4 million. EBIT was EUR 7.5 million, corresponding to 13.3% of revenue, and there was a decline in 12.8%. Adjusted operating profit EUR 14.7 million. Last year, same period, EUR 14.4 million. There is, of course, an explanation of the non-recurring costs, which we mentioned also in the report, mainly in basically due to this acquisition that we were able to disclose in and complete in early July. There was a roughly EUR 700,000 for these kind of non-recurring costs, impacting, of course, the profitability of the Q2. Trend illustrated in the form of the graphs here per quarter. Of course, last year, Q3, Q4, even the Q1 this year were extremely high, very strong quarters. This quarter is therefore less, but still as anticipated, with the impact of the biggest customers, destocking exercises is taking a bigger, bigger impact in the H2. Overall, of course, the adjusted profitability was on a very strong level. Of course, here in Incap, the very, like a big focus and a lot of energy has gone internally for adjusting our resources, our headcount, of course, especially in the Indian unit, as there is a, this, main, main impact of the destocking exercise. On the other hand, in European units, where the business is, is growing and, for example, Q2 was in all units higher than last year. We have added some resources. Yeah, all European units indeed were growing, and also actually the business in India was growing. Only basically the biggest customer, destocking exercise was the thing that impacted kind of negatively in the figures. Here is in the form of the table, the key figures. Of course, the big, big item we always report and follow internally a lot, is the level of inventories. Here, we have had a very, very good development since the end of December last year, almost EUR 80 million reduction in, in there. Of course, that shows very, very strongly and clearly in our cash flow statement. That was a very strong compared to, of course, the, the year 2022. In the middle, you, you can see actually the, the interest-bearing net debt. Now it's negative because the, the cash and cash equivalents are, are higher than our interest-bearing debt elements. On the personal side, in, in end of June, we reported 2,224 persons, and, and the split is, is described there. Yeah, acquisitions, as Otto already mentioned, that is some area we keep focusing on. Now, as you can see in the cash level, we have room for continuing on that path. Of course, internally, the priority is always to support our units in organic growth. Like Otto mentioned, the business in India, there is some, of course, capacity available. Production has started up there. Then, as we have so good, good financial position, we can keep investing in the right areas and support our organic growth. That is, that is positive thing. Yeah, outlook, what we have also reported here, we repeated the same message as in the April when we heard about this destocking exercise. The 2023 revenue and profitability, EBIT will be lower than in 2022. Then, of course, the outlook on the business on a longer term and from the strategic perspective in the EMS sector remains very positive. As mentioned, all the European units were growing. Business in India is growing, except the biggest customer destocking exercise. Yeah, this is, in the big picture, will help Incap, Incap to grow the business. Yes. That's in a nutshell. Yes. Thank, thank, thank you, Antti. I think, think, perhaps that is one of the key messages also to take away from here. We still think our steering that we have, that we gave here, earlier this year, will, will, will hold in that sense. Business, except for this destocking exercise, looks actually quite, quite good, and, and, that gives also good indication for, for, for the future. We are ready for your questions, guys, so, so, start shooting. Yes. Let's start the Q&A session. We have quite many questions coming, so I will start with the first one. How do you see the future of Pennatronics and new U.S customers? Do you have European customers that are willing to start production in U.S as soon as possible, or U.S customers that are interested in starting production in Europe or in India? Yeah, no, we, we, we, we see that there is cross-selling opportunities here for sure, and, and, and, that, that is, of course, with all of this project, it takes a little bit time, and, and it's not so that we, we, we immediately can start up. So it's always starting over or qualifying the different units and, and, and so but, I'm happy to say that we already are in discussions with customers from, I would say, both sides, old, old Incap, and then now our new, new U.S. Incap, and, and, and this work will, will continue. There is for sure opportunities there for us in both directions. Okay. Do you have free capacity in the U.S at the moment? How likely are you to expand the U.S factory in near future? Yeah, currently, there is free capacity in the U.S unit, and that was also something that was important for us that, that when we looked at the M&A target, that there is possibility for expansion and, and, and that, that we could utilize some capacity immediately if we can, can, I would say, find the work for it or have, have, have the, have the need for it. There is a possibility in that sense or currently, and there is also a possibility for us to expand the facility if so needed. It's a good first, I would say, we have a foot into the U.S market with a good facility and, and a lot, lot of interesting things to offer, offer to our existing and new customers. Okay. How would you describe your investment plan in general this year and 2024? I think, I think, I think, we, we, in that sense, plan, plan, our plan is very much need, need based. If we have a need for an investment, we see, like we have done now in our European units, in Estonia, for example, where we needed to expand the SMT capacity or, or like in Slovakia, where we have expanded the, the floor space in, in the warehouse, and so somewhat to, to gain a little bit more, more space in on the production, then, then, then we do it in that sense that, that, I think investing in, in, in our capabilities and capacity is something that we do, do, all the time and will continue with, with as well, here, here, this year and next year and, and, and in, in the future. So if there's a need, and then there, there is how to say, a need for it, and you can calculate a good return on it, then we don't hesitate to make investments. How would you describe your success in acquiring new customers or growing previous customers in 2023? I think we have done excellent work. As I mentioned, the teams in the different units have done, done fantastic work. We see growth currently on, on, on basically all customer accounts, except for our biggest customer, where we have this de-stocking exercise. The business looks good, and we have good new customer acquisitions in the different units as well. Overall, I think we are doing a good work. Of course, our biggest customers, having had that dominant position in our numbers than always in the pure numbers, it doesn't show the great work that we're doing on other accounts. We opened this up a little bit last year during the, the Capital Markets Day, and I think perhaps in, in one of these settings or so, we can open it up a little bit again, because I think that is something we should take pride on, how we are developing currently, the business, business, if you take away then the biggest, biggest customer and that, that exercise. We have good, good, I would even say great development in, in new customer acquisition and development. You mentioned that reducing the stock levels of your biggest customer will affect your business, especially in the H2 of the year. How confident are you in the outlook and guidance for the end of the year? I think, I think, I think, we are confident that, that our best knowledge currently is that, that it will, will, we will be able to defend it or how to say, to, to keep, keep the steering at, as, where it is. Of course, we are, as I mentioned as well, working very hard with the profitability side on, on it to, to, to, to, to maintain that, and so far have been successful. Our best knowledge is currently is that our steering is, is, is holding and, and, and, so, so, so in that sense, I'm, I'm quite confident, in, in, in, in those numbers, given, given that we, we can continue to defend the profitability. You made a great acquisition in the United States. Is the stomach full for a moment in terms of acquisitions, or can we see new acquisitions, for example, in Germany, in the near future? No, I think, I think I totally agree that I think the Pennatronics acquisition is a great, great acquisition, but I would rather see it as a good, good starter than the full meal. Yes. What will the impact of the Inflation Reduction Act for Incap Pennatronics? Antti, do you want to, want to comment on, on, on that one? Sorry, can you repeat that one? What will the impact of the Inflation Reduction Act for Incap Pennatronics? ... I, I think that that is something we haven't yet internally discussed or analyzed too much. Integration anyways is, is very much on a, on a kind of a planning phase still and, and starting, starting this kind of more deep analysis is, is working process. Okay. What was the main reason for Pennatronics owners to sell business to Incap? I think, I think Pennatronics' owners is, is, yeah, excellent guys in that sense, that have been in the business long time and have also been in other industries before that. They, they are, I think, young in spirit, but getting old in that sense in, in, in, in many years and decided to focus on other things and retire from active business, even if they remain investors in Incap and have other, other investments, of course, as well. Yeah, they were retiring in that sense, and that, that was the main driver. Did you manage to get new clients to fill your, the factories? What are the expectations for new clients? No, I think, of course, the expectations with all clients is that we can, can get a good cooperation and, and provide them with good services where they win, and we win, win from, from, from it as well. I think all client relationships in, in that sense is, is key, is that, that both, both parties are happy and, and, and that is what we try to strive, that, that it's a, it's a relationship. In, in our industries, we're often a very long-term relationship. You, you, you go in for it also on, on, yeah, in the long run, in that sense. If that answers the question. Do you expect more M&A in the next 12 months? Yeah, it's hard, hard to say. It all depends on the what kind of targets and so we have in the pipeline. I think we still have a very good pipeline when it comes to M&A, and we're working on different streams. It all comes down to that: Can you find a good car target? Can you agree upon a good or, how to say, reasonable evaluation of the target where both parties are happy? So it all depends, of course. It's hard to say that, that, that, that, yeah, yeah, for sure, within the next 12 months, there will be more M&A or M&As, processes closed, or in that sense, that we will sign, sign more deals, or, or, or not. In that sense, we are continuing to work with that stream as well. I think M&As or, or the, how to say, have, have a big part, moving forward as well in the Incap's growth strategy. We continue to focus both on organic growth but, but also, growth through, through M&As. Now we have a footstep into the U.S market. It's a huge market, and I wouldn't be surprised that in some reasonable timeframe, in that sense, in a few years' times, that we have more than one site in U.S because it's so big of a market. Also here was mentioned, Germany is still biggest EMS market in Europe, and we are working with German customers, but we don't have presence in the German market. I think German market also is a little bit of a conservative market, and a presence in the market would of course, help to penetrate it further in that sense. If that opens up the subject a little bit. What are the key challenges related to integration of Pennatronics? Is there any big differences in a way of doing business or organizations between Incap and Pennatronics? I think, I think, I think, in that sense, of course, we, we come from a, they, they come from a owner, owner-driven business, and now they're part of a, a listed company. Incap, we, we are driving the business very much decentralized. Now, we are encouraging the team to, to more actively take part in decision-making and to, how to say, drive and develop the business. Perhaps there is, of course, some changes for, for, for the local team there and so what they are expected to do and what the expectations on their work is. That said, these are excellent people. We have spent now plenty of time, time already together with them and already feel, feel the enthusiasm from the team there. They see a lot of possibilities in joining Incap, and I'm quite sure we will succeed. In the end of the day, what, what we do in Incap with our decentralized model and empowering people to take part of business, that is normally perceived as something good. It's not so that we come into some new business and want to slaughter it and centralize the decision-making and take, how to say, all the interesting part of driving business away. In the, in the opposite, we, we, we try to empower people to, to take the helm of that business and, and develop it a bit further and, and give them quite free range on, on, on, on what kind of opportunities to proceed. Of course, giving our knowledge, sharing the knowledge between the units and what has been successful and, and so, so is, is a key part. Normally it's a very good thing to, for, for employees to, to suddenly get the opportunity to, to perhaps do more and that, they could, previously. Could you please give some more color to this inventory destocking effect in 2023? Could orders be down by some 50% year-over-year from this one customer in H2 2023? Yeah, no, H2, here we expect. If you look at the, we, we started the preparations of the decrease in volumes and did the reductions in manpower and so some of these moves here during now Q2, but the full effect of that is running now. Antti, do you want to comment more on the number side of that? Yeah, it's a bit hard to comment, especially H2, because our outlook is given always on the full year numbers. Of course, analysts can always calculate that the H1 numbers are now out, and we are stating that the revenue will be -1%- 20%. The impact will be much more definitely in Quarter three, Quarter four, based on current internal forecasts. What will be the effect for your operation profit margin from destocking in H2 2023? Yeah, look, if you, if you look at the margin that we are trying to defend in that sense, and that is also why we have both the revenue and the EBIT currently in the same bracket in that sense. Normally, perhaps the EBIT margin is more leverage in that sense than in a drop like this. So far, we have been successful in that we have a quite flexible operational model, and you saw that we have reduced the manpower quite heavily, and that is we have been able to do without having any very big costs related to that. Due to that, we have very flexible model when it comes to, to, to, to manpower, especially in the, our Indian unit, where, where, where this is, is, have the, yeah, the biggest effect or how to say? Hopefully, hopefully, we will be able to, to, to keep the level, level, and, and that, we believe in, in currently, and that's why we haven't changed the steering either, that, that, that currently, that the steering... The, how to say? The effect, effect is, is in this 20% bracket that we have given both through revenue and, and, and EBIT. Yeah. Then in terms of the profitability, of course, that will be under a stress in the H2 of this year. If the H1, like, like measured, we didn't suffer too much, especially in the first quarter on this destocking exercise, that will have a bigger role in the Q3, Q4, based on our current estimation, then this 14.7% adjusted EBIT, for example, we had, or actually 15.3%, we had in the first six months, so that will be under stress, of course, then in the H2. How many bigger customers, customer accounts this acquired Pennatronics has? It has six accounts that are bringing more than EUR 1 million revenue per year. Okay. How much annual depreciations are increasing due to acquisition? If we analyze only Pennatronics individual profit loss statement and their depreciation, we talk about roughly EUR 500,000 per year depreciation level. As a group level, how much the depreciation, depreciation will increase, then we need to do this purchase price allocation exercise, and then that is one of the three tasks after the post-closing together with Big4, Big4 company. EUR 500,000, if we look individual depreciation for Pennatronics, but then in a group level, we will have to add something on top of it to get the purchase price allocation depreciation in. This is- that is something- something we can follow. ... currently we are working on. Yeah ... that, that will be available as soon as, as, it is in that sense. Yeah. Okay. Do you see the end of the destock exercise yet? Can we expect a ramp-up from the largest in customer in 2023, and can that happen already in Q1 or Q2? Yeah, no, in, in 2020, this, this year, we don't see any, any big changes in that sense in, in, in the plan. We are continuing the destocking, and that will, will, will take some time. Then it's a little bit early to say on the development, 2024 on, on, on how it, how it will look, and we, we are working very closely with the customer to, to, to, to work that out. Because as we mentioned before, it's a moving target. It all depends on the sales development from their side and, and, and, so if, if it will go, go quicker or, or, or, or slower in that sense. So, so, it's, it's hard to, hard to, for us to predict, what, what their sales will, will, will be and exactly the outcome. But so far, we see that, the impact is this year, and, and, and, and we are looking and, and, and working together with them to, to understand better the picture, of, of how long in, in, in next year there will be an eventual impact of the exercise. You say growth was good except for the destocking of the biggest customer. To understand this, what was the revenue from all the other customers than the biggest in Q2 2023, and what was the same number in Q2 2022? ... Yeah, I don't think we reported that on that level, but Antti, do we have something we can, we can, can, can give there? Yeah, well, indeed, we don't disclose this kind of detail level numbers around the other customers, et cetera, but, but of course, I have the number here. I can say it's between 15% and 20% growth, so quite significant. Do you still looking at more acquisitions, and in which markets are the most attractive for you going forward? Can we see more M&A in the USA? Yeah, no, as I mentioned before, we, we continue our, our work with acquisition. We have a team in place, and we're evaluating different, different kind of, of targets. U.S market, as I said before, also is a big market, and it is geographically also very big. I wouldn't be surprised if we, we in the coming years have, have multiple sites in, in, on the U.S market. Also German market, we have continued to look at and also other European markets. We look at acquisitions in many, many, how say, different levels. So, so in, in the bigger cases where we have perhaps or, or, like we now did with Pennatronics, get a foot into a new market, but we also look at smaller acquisition possibilities to support some of our local units that we could, we, we could look at. There's a lot of different streams going on, but for sure, acquisitions is still on the table. I think we are even now with the depth level that we, we have from, from Pennatronics acquisition, we still have very good financial, financials and, and, and can, can still have room for, for acquisition with, with, with, how say, more classical bank financing. There's also a lot of different moves that we can do if, if there is a bigger target that, that would fit our strategy and, and, and create value in that sense. I think the value creation part is, is the key here, that whatever move which we do should benefit our, our, our shareholders and, and, and create value in that sense. That is something we are, we are very focused on. Yeah, of course, about this Pennatronics. Now, Incap has excellent team in North America, a very, very strong team there, years and years of tens of years of experience working in this industry. That will of, of course, help Incap also when it comes to the other opportunities in North America. It's a huge market. We have been in Incap investing a lot of effort and time with the, with the, with the top management and with our advisors to analyze the U.S market, and, and we have a lot of opportunities there. That will also help us, that we have an established team there who can, who, who can also evaluate, do site visits, meet the owners, meet the suppliers, the customers, et cetera. That will help on that one. I would also extend that to, to probably market in Canada, Mexico. Mexico is a huge market also in the electronics manufacturing. Indeed, as Incap is so top lean organization, only a few resources in like in the top, top level. Then the local team with the local knowledge, everything there set up for supporting Incap and our strategy for further expansion. That is one thing. Then, of course, on the other business opportunities that we like also put it in the release, that it opens opportunities is, of course, the customer base in Incap. We have a lot of U.S.-based customers as well. They have been asking Incap to produce there, and when Incap will have a foothold there. f course, discussions have already started. And then, of course, knowledge sharing between the units, how to do a little bit investment planning, et cetera. So combining the material purchases or fewer suppliers, et cetera. So this kind of, like a synergy, cross-selling opportunities and these kind of activities we have already started. But, yeah, it's a working process, and then, yeah, we have a clear, clear plan for integrating. And like I said, cultural fit is very good between us. We have very like-minded people in a good way. And, yeah, that's also like a little bit color behind this acquisition. Excellent acquisition from our side Will your biggest customer also keep destocking in 2023? Yeah, no, in that, in that sense, sense, in 2023, we are in 2023, the exercise, I guess, it's meant 2024 there. as I said, said before, is, is, that we don't know exactly the impact of the destocking exercise in 2024. currently, we, we, are, are working on, on the exercise this year, and, it's a little bit early to say. It all depends on the sales, development now, the, the H2 of, of, of, this, this, year before we will, we will, see. what, what I can say is that the, the business for our biggest customers seems to be going very well. They, they are growing the business still, in this year. Not as much as they originally thought when they were building up the stock, but, but the stock is, levels are going down, for, for them. I think, think in the long run, they all have a very good, solid business and, and, and, will continue the growth path. So, so, so that is what I can currently mention on that. Do you have any active M&A processes currently? We don't have any insider projects, currently that in that sense, so we don't have any processes in that stage where that requires, insider project. Are you seeing higher pricing pressure than in the previous years? No, there, there, there is some pressure on pricing. There, there is also pressure in cost in that sense. We see in, in especially in, in, in our European units, very much salary pressure, currently due to that, many of the markets are in high inflation and so and of course, that, that, that, means that, that, we have discussions with our customers as well on some price increases and there is perhaps some pushbacks on that. That's normal. Then you agree upon something. I would say that there is a price pressure on the market, but... It comes a little bit both ways. On the other hand, we see that the, the component situation is, is improving, all, all the time, and we have been talking about that before as well. That we also see that some of the component prices, of course, is coming down, also as, as the availability suddenly is, is, is there. There, there is a, how to say, positive development on pricing, as well, or opportunities to, to, to, for price reductions. It, it's, in that sense, complex, but of course, price is always a hygiene factor in that sense, and, and we need to, be able to keep, keep a good and competitive pricing. How has the recent acquisition helped in customer diversification? What's the share of your biggest customers now? Yeah, no, of course it has helped, but the biggest acquisition is, it's not that big in that sense to have now a major, major change in the customer concentration. Of course, also our biggest customers taking, taking out a smaller share also, of course, helps the statistic. I don't know, did we release some percentage, a new percentage update on this one, Antti, as well? No, because this is part of the, the post, period action. Yeah, exactly. But of course, we, we have listed in the release of Pennatronics that they had six like six customers that brought more than EUR 1 million. I think that's a good starting point for this diversification topic. Incap had a 2022 year 2022. Yes, and the, and the revenue also for, for Pennatronics last year, we, we, we published- Yeah ... So, so, so with a little bit of home, home mathematics, then you can, can probably get that, that in. But I think the yeah, bigger impact in the concentration is, is that our biggest customers, customer, of course, takes on or out a much smaller volume, and that, that gives the bigger hit than, than the roughly EUR 30 million that we add on, on, on the revenue line in that sense. Okay. For the last question: How confident you are that your biggest customer is still prioritizing you as the royal partner, or is there a risk that you are losing your share of their production to other EMS providers? Well, I think, I think, I think of course, there is never anything that is written in stone in that sense. I think we have a good relationship with our biggest customer. We have a long-term relationship. Our team, team works very closely with them, and, and also when it comes to, to, on, on, on their new products and new product implementation and, and, and, and development. So, so, so I, I, I think we have a strong, strong relationship, and there is always, of course, possibilities that, that, that some split or some product ranges would change and, and, and, and, and so... It's nothing that, that, how to say, keeps me awake at night and, and, and that I'm very worried about from the day to day. We, we, we do an excellent work with our team and, and, and we, we do our best and, and don't try to give any customer, no big or small, a reason to, to leave us or, or, or look for something, something better. The key is to keep performing and keep believing in what you're doing, I think so. If that answer the, answer the question. There's. In our business, there's never any guarantees, but I'm not, not particularly worried. Okay, there are no more questions for now, so I give the word to you for some closing words, Otto. Super. Once again, thank you very much for, for the interest in Incap and, and all of the guys who have been, been, listening in, and, or watching in today. If there is any more questions, there is still some time in the interest forum to, to, to, to add those, those on. We're happy, as always, to, to talk to you guys if, if, if you have any, any concerns. Overall, as, as we, we started off, with the exception for this destocking exercise, it looks very good. I'm quite confident in what we're doing long run, and I'm very happy with the acquisition that we have made, and I think we will keep on working on this here in the coming years as well. Thank you very much from our side. Antti, do you want to say a few words as well? Yeah. Well, thank you for actually very relevant and good questions. I think we have very clear plan going forward, getting new customers in the units and filling the capacity in India. As mentioned, we had a large investment in Q2, or like finalized investment in Q2 because of this inauguration event of the third factory. That is the key to fill it up and continue now with this interesting tasks to create value in form of integrating our new US business into Incap and keep developing the business forward in terms of the new customer acquisition and further acquisitions. Interesting times ahead. Thanks. Thank you, everybody.