Good morning, everyone, and welcome to Kemira's Q3 2023 results webcast. My name is Mikko Pohjala from Kemira's IR, and I'm here today with our Interim President and CEO, as well as CFO, Petri Castrén. Earlier today, we published our January-September interim report, with continued strong profitability driven by the Industry & Water segment. During the presentation, Petri will cover the main events of the quarter as well as the financials, and after that, we'll have plenty of time for your questions. As is the case in all of our webcasts, you can submit your question either via the webcast tool or then via the teleconference. With this, we're ready to start, Petri. All right. Thanks, Mikko, and good morning. Good morning, everyone. So as Mikko said, continued strong profitability driven by record quarter in industrial water. So let's, I think the key points in this report are exactly what are behind this record quarter in I&W, and as well, how well our pulp and paper segment defended profitability in a very difficult market environment. Obviously, we updated our outlook for the full year a couple of weeks ago on October tenth, when we raised the operative EBITDA outlook to the range of EUR 620 million-EUR 680 million. But of course, the most touching event during the quarter was the unexpected sudden death of our CEO, Jari Rosendal, after a very short sick leave and in July. It touched everyone in the organization. Jari was well-liked and respected by employees. We are very respectful of his legacy and legacy of improving profitability and setting the tone for the profitable growth going forward. He was also genuinely worried and concerned about the health and safety of all of our employees, and as such, he will be greatly missed. But the one thing is that Kemira, after him, is in great shape, as the numbers that I will report demonstrate. So again, let's look at the numbers, and let's look at what we did. And the numbers prove really the resiliency of our business model, and I'd really want to emphasize, and I'll start with that. So our products are almost exclusively used in customers' processes as consumables, and therefore, the volumes are much more predictable and compared to general chemical companies or many other chemical companies, our volumes tend to be much less cyclical. Second point of the resiliency is that our variable cost base moves very much in sync with our end market and market demand. So now that we are seeing some softness, and clearly we're seeing softness, particularly in the pulp and paper market, we are seeing also the variable cost coming down, and this, of course, supports our profitability. Water treatment, particularly municipal water treatment, is very predictable. It's based on long-term pricing and very steady contracts, and therefore, it's very stable and predictable. And even in the pulp and paper segment, we enjoy strong long-term customer relationships, supported by our strong service mindset and which is again supported by improving customer satisfaction results that we have received during the last quarter. Also, when we are looking at the Q3 of this year, the comparison period was really difficult or challenging in a way. We started to see escalated caustic prices last year, and also some of the energy benefits helped us last year significantly. So against those comparisons, I think that the improvement over last year, as well as a sequential improvement over Q2 of this year, is an excellent achievement. Our strategic review of oil and gas business continues, and progress on that one will be reported in due course. Board declared yesterday the second installment of our annual dividend, and the payment will be done on November second. I said, outlook was updated on November tenth. Regarding financial highlights, the reported revenue decline of 15% is obviously a big number. However, organic growth is 9% of it, as both volumes and prices decreased year-on-year, and this decrease was in the pulp and paper segment. Volumes declined along with the market in the difficult pulp and paper market. But I think it's important to note that we already saw a modest improvement in volumes from over Q2, so sequential modest improvement. This is an early sign that the market may have bottomed. Although there's the sort of a strong recovery or clear recovery is not yet visible. This morning, two of our customers, Stora and UPM, reported their revenues, and I think their commentary regarding markets was very much in line of how we see the market. So it looks like it has bottomed. It is perhaps slowly recovering and a recovery led by pulp volumes, where we have already seen some spot prices going up. Again, please note when you look at the comparison numbers that the comparison period really benefited of the accelerated or sort of heightened caustic prices, and the energy was already impacting both on cost sides as well as on the revenue side. I will have some additional comments on volumes both. For both segments. Profitability, very strong at 19.3% EBITDA, which also, as a percentage, is a year-on-year and also sequential improvement. Cash flow, very strong as well, due to strong profitability and also very successful working capital management. Pulp and paper market is obviously weak, particularly in EMEA. Year-on-year, volumes declined in all product groups, highest in pulp and bleaching volumes. Sales prices also declined, most in pulp and bleaching chemicals. And again, a lot of this was reflection of the last year's high energy caustic and energy prices and also the caustic prices. But it's also important to note that outside of the bleaching chemicals, year-on-year, our sales prices increased year-on-year, so they held up really relatively well. Looking at consecutive quarters, again, like I said, volumes increased modestly, and this increase was led by bleaching chemicals. Also, like I noted, according to the published data, we've already seen some reduction in pulp inventories, as well as some spot prices, led particularly by Chinese demand. Important to note that while the segment revenues declined, this is all due to the market, so there is no market share decline. Profitability for the segment, operative EBITDA improved rather stable at 17%. Again, in this environment, a very good achievement. In industry and water, it was a fantastic result, I would say. Market there is rather stable in water treatment, while there is some, perhaps some softness in industrial demand. Year-on-year, volumes remain stable. The decline in industrial volumes, industrial water treatment volumes, was more than offset by oil and gas growth and municipal volumes, municipal water treatment volumes, rather stable. Year on year, sales prices increased, which obviously drove this 3% organic growth within the segment. Sequentially, some increase in volumes also led by oil and gas, while we can say that all sequentially, prices have now turned to a modest decline compared to Q2. I think generally, it is very important, you must carefully listen as we are making both year-on-year comparisons and sequential comparisons, and a lot of those comparisons now are going to different directions. Oil and gas continues this profitability improvement, and we believe that the volume gains, in particularly in shale market, are a result of very successful product, new product launches. This all resulted in Operative EBITDA of EUR 91.5 million. Excellent result and a record quarter. And now, for the first time, our Industry & Water segment is actually bigger segment, both measured by terms of revenue, as well as by Operative EBITDA. Our strategy has not changed. However, we have rephrased how we are communicating our strategy, and now we are communicating our strategic intent and the strategic priorities along these three strategic priorities. So we want to expand our business in water, and this is the area where we have talked about both organic and inorganic growth opportunities. We want to build a leading renewable solutions portfolio. This is basically a rephrasing of what we used to call a bio-based strategy. And we changed the terminology to follow with the more widely used renewable chemistry in that is being used more widely in the industry. Going forward, you will hear how we are making progress along these strategic priorities. An example of the progress that we are making in our renewable solution strategy is the mass-balanced polymers. And you may remember that a little more than a year ago, we announced first commercial customer here in Finland for biomass polymers. And happy to report that now we are delivering product to more than 20 customers in Europe. Now, this is again a good demonstration that there is strong demand for sustainable chemical solutions and our strategy focusing on sustainable chemical solutions is a right one. The revenues are growing fast, but they are growing, of course, from a very small base. Let's next shift gears and look at the financials and some of the numbers a bit more carefully. So the 15% reported decline in revenue was 7% volume, 2% price, 4% currency, and 2% was the impact of the Colorants divestment that we made roughly a year ago. And again, like I said, volume and sales price decline was both driven by our pulp and paper segment and the market conditions in that segment. And we already covered pretty much what's happening in the pulp and paper market. Industry and water volumes, stable. Prices improved year-on-year in water treatment. In a different environment, we probably would be talking much more about the currency, currency situation. FX was actually quite a big headwind for, for us, with 4% impact on top line and, a 5% negative impact on operative EBITDA. And, just as a reminder, we have fairly little transactional exposure because mostly we are producing and, and the cost bases are, are in the same currencies as we are selling, so we're producing locally a lot. But this comes through translation. And, the biggest impact, of course, here is the, is the, Euro-US dollar exchange rate, and, and strong US dollar helps us. So, a year ago, US dollar was close to parity. Today, it is around 1.07, I think was today's rate. Regarding the sensitivity, roughly 1 cent in that currency pair equates roughly to EUR 2 million on the EBITDA line. That's sort of a reminder on this one. Of course, the big item we're looking at, the variable cost, is the EUR 88 million reduction in variable costs. This number also includes the sum of the caustic impact that we have, because we are trading caustic as well. When the worldwide market price of caustic goes down, it actually reduces our sales prices, but it also reduces our variable costs. We don't net these effects, so they are perhaps exaggerating these slides a little bit. Fixed costs are increasing at the rate of roughly 5%, which is in line with global inflation. This sort of a fixed cost pressure, of course, is something that we need to be very mindful and we are watching it carefully as we are heading, particularly if the market demand continues sort of at a lower level. Again, these costs are quite a bit amplified by the caustic and electricity impact from a year ago. So again, watch that carefully. As those increased a year ago tremendously, and then since then, have subsequently declined. Now, we can say that we are in a, in that sense, in a more, much more normalized environment, and this quarter did not have any particular benefit or drawback from high energy prices, nor high caustic prices. Again, we've been able to support our pricing very well in this environment, particularly in our industry and water segment. Sequentially, prices are already coming down, but at the very modest rate and something that we can manage and is we are not seeing, at least on near term, any sort of extra pressure or surprises there. If one tries to look at the crystal ball and see that what's happening on the variable cost front, so after a period of decline, I think we will be entering into a period of much more stability. At least this is what it looks today. So early signs for next year indicate that it's a rather flat in terms of the variable cost development. This, of course, is very much dependent on the macroeconomic view and what happens there, so there are risks in both directions. Looking at the balance sheet, balance sheet is strongest that it has been. Net debt now below EUR 600 million, and our leverage below 1x for the first time ever. Nine-month cash flow already exceeds last year's cash flow, which in itself was at a good level. And again, this was the result of a very strong profitability during the year, as well as a good working capital management. Obviously, net working capital management is also somewhat helped by reducing volumes and the fact that the variable costs are coming down, so the amount of capital that is tied into the inventory levels is reducing. Capital expenditures are running slightly ahead of last year, and we are sort of repeating the guidance and view that for the full year, CapEx will slightly exceed last year's level. Typically, at this time, we are sort of, we're not giving outlook for next year, but we're sort of what factors are we looking at when we are sort of planning for 2024? And we divide them between supporting and uncert... Supporting factors and uncertainties and then negative factors. So clearly, on the supporting side, we have a good visibility to our water treatment. This is again one of the facts behind our resilience of our business model. We have also very high retention rate of our customers. They are long-term customers in our pulp and paper segment. And if the market recovers next year, then this will be a clear benefit to us. One factual supporting fact is that the one of our customer recently started its pulp mill and which we are supporting from a chemical island in Uruguay. So we will have that contribution coming in full year, full of next year. So that is clearly a benefit. On the uncertainty side, this list is long. So we'll have the uncertainty regarding the timing of the recovery and the strength of recovery in the pulp and paper market. We obviously have all the macroeconomic risks, also the geopolitical risks that we are all seeing around. Variable cost development, like I said, right now, it looks like a rather stable environment, but depending on what happens in the macroeconomic environment, there could be risks in either direction. And last year, particularly, we benefited off the energy, electricity advantage that we have here in Finland. We have not counted in anything like that, so we have counted in modest electricity prices, and this would be a sort of a factor or uncertainty if something would happen in the energy or electricity pricing, particularly here in Finland. And FX is obviously an uncertainty, and I sort of gave a sort of range on the sensitivity of the US dollar/euro pair for us. What we certainly need to address head on is the fixed costs that we are seeing in inflation increasing and accumulating. And this is what we will do with the prudent cost management over now and obviously going into next year. Outlook, nothing new here. This was upgraded on October tenth. So I'll stop there, and let's save some time for questions. And we're ready now to move to the Q&A session. Thank you. Thank you, Petri. As a reminder, so you can either submit your question from the teleconference or then send it to me via the webcast tool, and I will then moderate. But perhaps we start from the teleconference. If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. The next question comes from Martin Rödiger from Kepler Cheuvreux. Please go ahead. Good morning. Thanks for taking my three questions. First question is on oil and gas. Can you provide a hint to which extent this business deviated somewhat from the profitability of the segment industry and water? Was it still diluted in terms of margins, or was there also a catch up in Q3 in terms of profits and profitability? The second question is on industry and water in general. I guess here raw material costs decreased in Q3. Can you disclose which kind of raw materials decrease has surprised you the most, and was that an oil-derived raw material or a metal-derived raw material, or any other kind of raw material? And finally, the same goes to pulp and paper. Putting the decrease in energy prices and the caustic soda prices aside, was there any other decrease in raw materials, again, oil-derived or bio-based or whatever, which surprised you the most in Q3? Thank you. All right. So oil and gas profitability has improved throughout the year, and it's on par to deliver sort of a EUR 20 million operative EBITDA improvement over 2022. However, oil and gas profitability continues to be dilutive to Kemira's overall and obviously I&W's profitability. So no, it has not caught up with the rest of the group or rest of the segment. So it continues to dilute. I&W raw materials and pulp and paper raw materials. So I'll catch them together. So I don't think there's anything surprising to us. Maybe there is a little bit of a delinking of oil prices... oil price versus the downstream chemicals. So in the past, we tended to see a higher downstream chemical prices when oil price was up. But now, because of the economic downturn, there is clearly some excess capacity in the supply chain. So some of the acrylonitrile, acrylic acid prices perhaps have not reacted like they have, would have reacted in the years past when the market was more sort of supply constrained. So that is perhaps something that is helping, and that would—that applies to both, both segments, as particularly those raw materials are used in polymers, which go to both segments. Thank you very much. The next question comes from Isha Sharma from Stifel Europe. Please go ahead. Hi, good morning. Firstly, I would like to also extend again my condolences on Jari's untimely demise. We will also definitely miss him. On the question side, the first one is on pulp and paper. We saw a surprising improvement in Q3 versus Q2. Is this the kind of normalized margin level that we should assume going forward, or are there any factors that we should consider? The second one is on water treatment. Of course, there is a lag in terms of pricing because of the longer-term contractual obligations in the segment. So as the variable costs normalize, how should we think of this phasing? At what point should we expect, or what kind of phasing should we expect into the first half and the second half of next year? If you could give us just some, even some qualitative, guidance there, that would be great. And then the last one is on your balance sheet strength. Of course, you have ambitions of growing externally, but, are you also going to consider shareholder return, given the very strong balance sheet and an extremely strong cash generation, this year? Thank you. So pulp and paper profit, I'll start with that. I started the presentation talking about the resiliency of our business model. So, I guess this is a proof of that, and I sort of emphasize that it's really a resilient model, that our variable costs they move largely in tandem with market demand. And I think this is where we differ from particularly from some of our customers, for example. It's not perfect. So particularly when raw materials are moving very fast, then there is some lag. But we tend to sort of benefit of that. There is nothing special in the pulp and paper profit, so there is no what you might wish to call excess profits from caustic or excess profit from electricity intensive benefit. We had nothing, nothing of that sort. So in that sense, it is a simple good performance during the quarter. We enjoy very high customer satisfaction. Our NPS score is well over 50, which is a net effect of promoters and not supporters. So it's a very high number, when typically 30 is already a good number. So again, it shows that we do have... I don't like to use the word pricing power, but something like that, because we serve our customers well. Our customers know that they can rely on us in different environments. And again, that is part of the resilient business model that we have. So, is 17% normal? It's not abnormal. So in that sense, it is my best reflection, it is at the sort of a normal level. Now, of course, we will have continued to face some pricing pressure from the market, from the competition. We are having probably still going into Q4, somewhat declining raw material costs, so that gives us some room to match our customer expectations there. So, it's not abnormal. Next year, I think we'll hold the comments on next year until we report full year and Q4 in February. We are still in the planning phases of next year, and therefore, I would not like to give sort of an early commentary, whether it's by quarters or halves. I already indicated what type of factors one should consider when we are looking at next year. Balance sheet strength, yes, it is a strong balance sheet, and it obviously gives us some optionality in terms of organic investments, whether those would be organic investments or inorganic investments. We have talked about our desire to strengthen the business portfolio, particularly on the water side with M&A. So this gives us more tools to do that. Obviously, the board would decide on capital returns, whether it would be in the form of anything extraordinary or dividend. Again, we'll be looking at the dividend proposal for February. But I don't think you should be expecting anything out of the ordinary in terms of capital, extraordinary capital returns, or special dividends, or buyback programs. Very helpful. Thank you so much, Petri. The next question comes from Anssi Raussi from SEB. Please go ahead. Thanks, and hi, all. I have a couple of questions, and I understand that you are not willing to comment too much about the next year. But if you think about your operating EBITDA margin, especially in industry and water segment, should we still think that this margin will come down back to, let's say, normal levels, if let's say think about your financial targets, for example? Obviously, when you have a record quarter, it would be pretty bold to say that this is the new normal. So I'm not saying that's a new normal, that this is a new normal. But I think I'll hold off on giving any prognosis on where the level ought to be. I think we have learned quite a bit, and we have improved our business quite a bit since we set the original 15%-18% long-term EBITDA margin. Let's leave it at that. Okay, I understand. And, then about your guidance range, when I think about the date when this guidance range was given, and you already mentioned that you have quite a good visibility on Q4, like, what is the main variable element here? Like, I guess you are targeting the midpoint of the range, but what would change? Well, again, I cannot confirm the midpoint 'cause that's not our view. That's your interpretation. I think the key uncertainty is what happens in the pulp and paper market, and some years past, some of our customers in markets have had significant extra downtime around the Christmas time, when they often do their maintenance breaks, and they may have holiday breaks, so they may take. In years past, they have taken extraordinary market-related shutdowns. Today, we don't have any knowledge, any awareness of any extra, anything extra like that, but that is, of course, something that is an uncertainty on us. And so that perhaps is the one sort of uncertainty. Year-end also tends to have a little bit of its own sort of a demand management issues with many of our customers. Some of our oil and gas customers in the past have really tried to manage inventory levels really down before, for year-end, so that may have contributed to some volatility in around the sales around year-end time. So these are the types of uncertainty, but I don't think there is anything extra uncertainty or any extra concern that I would raise here. But those type of market reactions that we don't know whether they will materialize or not. That's clear. Thanks. And maybe finally, about fixed costs, could you remind us what kind of fixed cost inflation you're expecting for the next year? Well, I think we are. If global inflation has been around 5% or even higher this year, this has resulted in salary increases in that range. So we'll need to carry that towards next year. And many other fixed costs have increased similarly, whether it's professional fees, whether it's audit fees or anything like that, everything has gone up by that type. So I don't want to give you exact guidance, but I think one would expect that the global inflation or inflationary pressures sort of continue at this rate where they have been this year. And this is not implying any sort of actions one way or another. Okay, great. Thanks. The next question comes from Andrés Castanos-Mollor from Berenberg. Please go ahead. Good morning, congratulations on the results, and condolences to the team that worked most closely with Jari. What was the process on rationale for the guidance increase? It was the fact that consensus was sitting in the bottom half, or was the range itself, or the bigger range itself that you thought was, it was too wide or inaccurate? Well, in Finland, the market practice is perhaps look less on where the consensus is, unless the market is sort of deemed to have a totally wrong picture. And it is rather more on our own forecast for full year, which was completed. Of course, by tenth of October, we have already a good view on the results for September and quarter, and we have sort of updated our view on the rest of the year. So that is, that's the process. So we take that into account and then make the determination that the previous outlook was too low. Thank you. Another one, please. I wanted to ask about how, where—what is your, your time allocation at the moment with, with M&A initiatives, with, with the, with the oil and gas revision as well? Because in the, in the one hand, I mean, yeah, liquidity position, cost position is very strong. And on the other hand, I wonder if the board is willing to press ahead with these inorganic plans, strategic plans, while there is not a full-time confirmed CEO in place. Well, we have sort of clearly said that oil and gas strategic review will continue, and it's running, going ahead, and this has no bearing on the name of the CEO. So this was started and continues. And I think we tried to make it quite clear that the CEO change is not about change in strategy. So the board is very happy with the current strategy which is focusing on sustainable growth and the key strategic priorities being how to grow the sustainable chemistry, how to grow our water business, and how to grow our digital business. These are all things that we are doing. And so the strategy is not dependent on the new CEO. What actions we might do, that's a different story. Would we want to have a new CEO committed to something, something move on the inorganic side? That's a consideration. But obviously, I think we just wait, need to wait a little while and stay tuned for the CEO selection and CEO search to run its course. I don't have any insight to the timing of it, but I typically, they run, they take... Those processes take their time, and they then we will inform everyone involved. And so in that sense, I'll ask some patience. That's great. Thank you. The next question comes from Tomi Railo from DNB. Please go ahead. Hi, Petri and, Mikko, it's, Tommy from DNB. A couple of questions also from my side. Firstly, just, for the fourth quarter, if you could, discuss, the dynamics in terms of, pricing and volumes, for both, pulp and paper and industrial water. What do you expect, in these elements, sequentially, maybe is, is the most, sensible way to describe? Well, yes. So obviously, we don't give much of a fourth quarter guidance, particularly. But what I was sort of... too, it's a couple of things we can say. First of all, there is now some seasonality in our business. So typically, Q2, Q3 are similar, and they are both strong. And typically, Q1 and Q4 are weaker from the seasonality point of view. So you will see some seasonality impact going from Q3 to Q4. For example, the tailings treatment activity in Canada will stop around this time. So the Q4 revenues from the tailings treatment, water treatment there really will be close to... will reduce significantly because of the winter, winter is coming, and those will not pick up until Q2 of next year. Similarly, there may be some sort of a holiday season-related seasonality in pulp and paper, so there tends to be more maintenance breaks in fourth quarter versus third quarter. Water treatment activity is also a little. The weather patterns are a little different during the winter quarters, when the sort of a hot water- hot weather has ended in many areas, and you'll use actually different types of chemistries. You don't use, you don't need to do odor control, which is very important in hot water, hot weather, for example. So there's that aspect that one needs to take into account. If we are looking at what's sort of happening in the seasonal impact clean, so what's happening in the marketplace, I think we already sort of gave the outlook that the industrial water demand looks very stable. There may be even still continued growth particularly in shale, in oil and gas, in Q4. And in the pulp and paper, we think that we have seen the signs of bottom. We don't know yet whether we will see some volume recovery. Today, if one reads two of our customers, one was predicting flatter revenues, maybe some pick up in pulp, and the other one was a bit more optimistic about volumes. Our customers are closer to the end customer, so we read their comments very carefully and about the Q4 market versus Q3. Thank you, and obviously, it was just trying to put this into perspective. If you are seeing not further worsening in terms of volumes or prices in either of the businesses, if that's a correct way to think about it? I think that's what we tried to allude when we said that we think that the bottom has been reached and sort of recovery is not yet visible, that we are sort of. We don't see any reason why the volume demand would be going down. Thank you. And then also, thank you for the early sort of dynamics thinking into next year in terms of variable costs. You mentioned flattish. Can I just ask if this is the comparison on the third quarter levels or nine months levels? What is the reference point there? Good point. So, this is more of a sort of a sequential commentary, so that, where are we? And now I'm sort of lumping together Q3, Q4, so sequentially, on that level, roughly. And actually, there's always a bit variation within the raw material basket- Absolutely, absolutely. But this is more of a generalization of the whole basket that we're talking about. Absolutely. Absolutely. And then, the other side of the coin, what does it tell or give you in terms of pricing negotiations into 2024, as you have the negotiations, how do you see... Are the pricing negotiations tough, intense, or how do you see, in a way, the pricing picture into 2024? If you ask our salespeople, pricing discussions are always tough. So they are tough when prices are going up, and you need to increase prices because your variable costs or input costs are going up. And obviously, they are tougher when or can be equally tough or tougher when the environment is different. So I don't think that there is sort of any. I wouldn't call it any dramatic sea change in the temperature of those customer negotiations. These negotiations are always balanced negotiations between two very professional organizations, our sales organization and our customers' procurement organizations, and we tend to find a happy medium. We do recognize that there has been downward pressure on variable costs and sales prices, at least on the short term, will probably need to reflect that. But again, we don't see a dramatic drop in sales prices in general. And typically, I would say that in water treatment, those movements are even smaller than within pulp and paper. Thank you. Final question, you mentioned the negative factor in terms of the co-fixed cost pressures. I understand that, just a question: do you think that you need to do something on your capacity costs, or revisit or adjust cost base into 2024? Not really, not overall, no. No, I think again, this quarter and even last quarter sort of showed that our cost base is, is relatively, flexible, and, and it actually adjusts down better than many other businesses. So, we are not planning any type of, restructuring programs or anything like that. Of course, we need to be very mindful of, of headcount and headcount increases, and, and, and when we have replacement headcount, topics, each and every hiring manager will need to be very careful on, on what, what needs to be replaced or... and, on what does not need to be replaced. So I think the continuous cost consciousness and cost management is, is, is critical. That way you avoid the need to do some restructuring programs, 'cause those are, those are in my mind, they are sort of you have failed. Failed your general cost management when you need to do an action like that. Like I said, we don't need. We are not planning any site closures because of the current market demand, particularly in pulp and paper. Now, constantly, we're looking at our manufacturing footprint. We have over 60 manufacturing plants, so there may always be opportunities to consolidate, but it's not sort of anything massively that now we need to scale down X% of our manufacturing capacity. All clear. Thank you very much. Thank you. I believe there are no further questions from the teleconference, neither from the webcast tool. This concludes the webcast. Well, thank you for the questions. Should there be any further questions, so do reach out to me. With this, thank you for participating, and have a great week ahead. All right. Thank you.