Good afternoon, everybody, and welcome to this webcast where we present Kempower's financial results for the first half of the year 2024. My name is Paula Savonen. I am the VP of Communications at Kempower and also the host for today's webcast. Today, we have two presenters. We have our CEO, Tomi Ristimäki, and our CFO, Jukka Kainulainen. You can ask questions any time during the presentations by typing the questions in the Q&A box on your screen in Finnish or in English, and we take all the questions in the end of the presentations. I hope you enjoy the presentations. Now over to Tomi. Thank you, Paula. Looking at the current situation, of course, it's not as positive news as we have had in the past, so poor financial performance. Poor financial performance in the first half of the year due to continued high inventory levels at the customers, and not able to close orders from new customers to actually fulfill the gap missing. It's good to remind as well when we compare like order intake that we are comparing now to our record quarter in 2023, which shows actually big difference. High inventory levels on our customer side prevail. Excess stocks are quite substantial. Looking at the situation from the point of view and as a reminder, it isn't typical in the DC charging industry, the customers are not buying the products to sell them, they are buying them to install them. Basically, also when we look at the slowness of installation is affecting this figure. Sales development, that is a positive news. We look at 70 new customers onboarded during the quarter, 32 in total for the first half. Just as a comparison, how this is related to our typical amount of customers generating revenue, we had also in our review the number that there was around 30 customers who were over EUR 2 million ordering revenue, let's say, revenue from last year. Good progress with retail customers continues. We could remind on the S Group, K Group from Finland, looking at our expansion with Sainsbury's in the UK, and the new reference Q8 gas station chain from Belgium. Also this kind of fact that new players without the excessive stock are entering the market, and these are becoming more and more important for us as well. The story of the quarter is really the decreasing revenue from the existing large customers. Looking at our top 20, this is even up to EUR 75 million in total when we're comparing the first half also of last year. Market situation. Based on market data, installations are growing compared to Q1 2023. Sales growth is affected that this growth to the installation is coming actually from the stock and not from new sales, which is now showing the situation at the whole charging manufacturer's value chain in the process. Turnaround actions are ongoing. Actually, we have been talking a lot on the focus on the long term, midterm. We need to focus now on the short term and go back to the profitability track and increase the focus in supporting the customers in charger rollouts to actually do everything what we can to speed up, let's say, the emptying the stocks and also the onboarding of new customers. High inventory levels are still, and where did it come from is component shortage after COVID-19 and fear of component shortage led to abnormally high demand for DC charging equipment. This can be actually seen in many industrial markets, similar kind of behavior. In our industry, also the slowness of rolling out the chargers into use caused by basically, the normal pace of getting the grid connections on the market compared to the high amount of chargers ordered is actually combination of the reason of creating these stocks. High ordering is actually visible when we compare the largest clients from first half of 2023 to first half of 2024. The value of EUR 75 million is significant when looking at our revenues. Based on our data coming from our cloud system, ChargeEye, we estimate the value of excess stock of the equipment in our customer stocks to be approximately EUR 100 million, which by coincidence is actually exactly the same revenue of our first half, which actually puts into perspective, let's say, the importance of this value. We expect the value to decline slowly during the second half of the year. There is movement to better when we look at the data. It is speeding up, and I will come back to you when we look at how the DC charging market is growing actually at the moment. Sales development, we mentioned the 70 new customers, 32 in total for H1 in 2024. This is really much in our focus as well, that when the old customer base has excessive stock, that we look for the market and really focus on new customer acquisitions. Good progress with retail chain customers is continued. As a good example, already mentioned Q8 project in Belgium. Decrease in sales from existing large customers due to excess inventories, and we need to really help our customers in charger roll-outs and do whatever we can so the focus points on short-term, trying to get the roll-outs fast and actually the onboarding of the customers fast. Some of the nice references still from this period, not to be completely sad about things, so definitely the K-Lataus from Finland are part of Kesko Group, big retailer in Finland. It's a nationwide EV charging network, and the rollout started during the first half, which was also announced by us in the press releases. As Q8 and Storm already mentioned, but this is a really good example of fuel retailer entering the EV charging market, because it's also very important when we look at this en route charging along the highways. The fuel retailers have perfect sites and the services for this industry and actually serve the EV drivers on the market. This is a really good example of that. Electrification of ports. There was a, let's say, kind of very significant for us, the largest charging system for port operations delivered to U.K. with a globally leading port operator. This is definitely not the only single project. I think we are looking at this market also seriously. This part of the commercial vehicle market, a part of the off-highway market, however you want to segment it, but definitely the electrification has gone forward in the port segment quite heavily. A steady progress in North America. Market entry is progressing and going really into the right direction. We are gaining foothold and good reputation in the market. Customer acquisition in U.S., 20% of these reported new customers during the quarter has come from North America. Especially important is the nationwide U.S. CPO customer, as an example. In the U.S. market, we do not face the same excess inventory challenges as in Europe. Revenue from North America grew by 284% in the first half of the year, and actually more than 500% when you look at only the Q2. Expansion and entry supports our growth strategy. Actually it's very important at the moment when we see, like, regional challenges on the market that we have diversified market base. This is definitely part of also risk handling on the market that we have kind of access to the U.S. market as well, where the growth is even faster than in Europe. Market situation, as promised. DC charging installations during this year have steadily grown, as predicted, 20% and 40% in North America. This is based on data, third-party data we used in market analysis to look at the actual number of chargers installed in the market. The same data also showed that market share of Kempower has remained at the same level. Because the market is growing, I think we see here good signs of the market. When we measure the growth in sales, the most of the goods are coming from the destocking and affecting the whole value chain position of DC charging equipment manufacturers and other charging manufacturers also affecting the AC charging. This is kind of trending here. Definitely the market is growing. The networks are growing in Europe. Like we see the double growth in North America in percentage. This is definitely a sign that we are not in like mentioned and maybe in some press that the market is declining, it's actually growing. When we look at in the short term, it doesn't affect the sales figures because of the prevailing stock situation in Europe. We expect the current market situation for the DC charging market to prevail when measure the sales until beginning of next year. Long-term market view remains unchanged. We expect the markets to change to quite big value of EUR 14 billion in 2030. When we look at the midterm, long term, this situation has not changed, and there is actually signs on the market that it is getting better. There will be a question about the stock situation. The increased amount of installation actually shows that not only the grid connections and the utilities are getting better, so they are getting 20% better in getting the new grid connections. The market is getting 20% better in actually having more chargers on the field. This is basically something that we estimate to be a situation now affecting the sales figures. When we look at the EV registration, there has been also different kind of data and especially on the media, what is happening. When we look at the big markets in Europe, the single one with the lower figures in EV registration is Germany. There's also clear reason for that. There was discontinued subsidies in the end of the last year, especially concerning company cars and this kind of car benefit cars, that is a tax and that showed actually decrease in sales and this decrease in sales in the end of last year, we see now in the decrease of registrations. Comparing double-digit growth in some of the major markets, and totally when we look at U.S. or Europe, the amount of electric vehicles is on the positive, the change is going into the positive direction. With the total macroeconomic situation, we see that the car industry is lower now, so we are experiencing now a single-digit growth in both markets, but growth nevertheless. When we look at it from our perspective, DC charging perspective, it is also a lot communicated from us before that there is an investment depth in the market. There is too little amount of infrastructure already for the existing cars. When combined with the growing figure of electric vehicles, the situation does not get better until more infrastructure is built. Eventually, if there is no infrastructure, of course, this affects also the buying behavior of electric vehicles. It's especially on the countries where the infrastructure is behind, the change is below, we see, especially for me, very positive figures is UK and France having significant growth in here. Profitability improvement, really the topic of the day. I think our CFO, Jukka, will return to the subject with more details. The decrease in revenue has also negative effect on Kempower's profitability. We are very much dependent when we look at the bottom line on how much is on the top line. Top line is lower, and we actually see it now in the profitability figures. Kempower accelerates actions to improve the company's profitability. As part of that is initiated change negotiations, which means lowering the resources when looking at full-time equivalent on the employees. Target is to achieve EUR 10 million in cost savings annually compared to cost level at the end of second quarter in 2024. This is also communicated by us that this will actually turn the profitability to breakeven by Q4 this year. The plan is followed rigorously in the company. We also implement other profitability-related measures, cuts related to all external spending, with the goal of turning the business profitable toward the end of 2024. The next-generation product portfolio ramp-up production of our next-generation product portfolio has progressed well. Production volumes of next-generation product portfolio have risen steadily. This is of course some topic that has been also part of the discussion when we have the market situation. We have a new product ramp-up as a combination. Of course, it's many things at the same time. The new technology and actually introducing it now will strengthen our position as a technological front-runner and open new markets in DC charging market globally. This is really important when we look at the combination and the effect. We are looking at the energy efficiency figures of products, and this is important to stay competitive in the long run, as with any industry related to energy sales. Technological development. We have successfully launched the first products for Megawatt Charging System. This is mainly for electric trucks, but we look at other big vehicles in the same segment. This is first delivery as well, but first public delivery that was announced by Hedin Automotive in Sweden. Another topic on top of megawatt charging, we released NACS, North American Charging Standard protocol and connector, and the deliveries have started in Q2 2024 from our U.S. factory. We have witnessed increasing demand for NACS connector in North America. Modular, scalable, dynamic, user-friendly charging solutions for all charging applications. This is even more important than in the past, this modular approach. This has been enabling us to actually enter the Megawatt Charging System fairly fast because we can use the same units. In this picture, we are looking at the bus charging, vehicle charging in the same picture. Same applies actually to Megawatt Charging System. We can deliver mixed systems so far as known as the only one on the market. Basically, in the new Megawatt Charging System, the investment is not only serving the new electric trucks which have the Megawatt Charging System, the same investment can be used as AC charging, providing the ability to actually serve multiple markets with the same investment. There are also in typical truck charging, the overnight charging most likely will be done with CCS. Many smaller vehicles in commercial vehicle side will be actually without the Megawatt Charging System. This multi-modality, like we say, the multi-use is a key feature there. Not to mention this is the main differentiator for us from our main competitors, that we look at the move to electric transportation as an event that you will have a lot of vehicles and not a single vehicle. We do not only focus on how to charge a single vehicle with certain power. We focus on how to move fleets of electric vehicles through the market and actually have a functioning total ecosystem for electric vehicles in the future. Sustainability, this is another area, of course, key topic because next year companies need to report the CSRD figures. This is progressing also in the Kempower side, and we are preparing ourselves for the reporting and also enhancing EU Taxonomy reporting and also looking at the growth of our charging network. There is 903 MWh per day going through our chargers to electric vehicles. Already looking at from the sustainability view, this energy amount will not be produced by fossil fuels. This is going with an electric. Short-term focus. Kempower is taking decisive actions. Increased focus in better developing the customer relationship with new customers for faster sales execution. This was really the topic of the beginning of the year that we need to get all the help we can for our customers to be faster in rolling out the products to the market. Significant short-term and mid-term cost-based adjustments to improve the profitability and cash flow. Improve the net working capital and reduce the inventory levels during H2 in order to improve the cash flow. I think the inventory levels is also a thing that is related to the new guidance that we need to match both our resources and also the inventories in our new guidance. Now I give the floor to Jukka to go through the figures. Thank you, Tomi. Okay, let's go to financials. Starting from key figures for quarter two 2024. It was majorly impacted and negatively impacted on the following factors. First of all, like Tomi mentioned, we didn't or we were not able to close the orders as we expected during the quarter. Also, the inventory levels on the customer side continued to stay on the high level, and also the ramp-up of the next generation charging portfolio impacted also on the quarterly revenue. Also, on top of that, quarter two financials was negatively impacted by the provision changes worth EUR 3.7 million, including the inventory write down of EUR 2.2 million, which also impacted on our gross profit margin figure. On top of that, our operating cash flow was negative for the quarter, of course, resulted from the negative result, investments, and on top of that, increased net working capital regarding especially the inventory levels. When looking at the figures for quarter two, order intake was EUR 54.1 million. Revenue was EUR 57.1 million. Gross profit margin was 44%. Operative EBIT was negative EUR 8.5 million. It was a really weak quarter financially, and of course, this is not the level we are satisfied with. When going to the order intake for the quarter, that was of course clearly the disappointment and it was impacted, like I mentioned in the earlier slide, by our not succeeding in closing the orders, but of course also this continued high inventory levels on the market. The order intake for the quarter was EUR 54.1 million, down from the last year quarter two number EUR 86.3 million. Even though adding to that, our customer acquisitions has continued really positively, but like also Tomi mentioned, we haven't been able to compensate the drop in the top customers' orders worth EUR 75 million with the new orders from the new customers yet. Order backlog at the end of the quarter was EUR 101 million. When looking the revenue, also similar factors was impacting our revenue, which decreased from the previous year quarter two, and was EUR 57.1 million. Inventories continued to be on the high level, as I mentioned also earlier, but also we continued ramping up this next generation charging portfolio. Regarding that, we were not fully in those production volumes we expected, we were slightly behind, so that impacted our revenue during the quarter two. Even though all the other regions were down in quarter two, of course, the positive highlight was North America, which grew their revenue by 569% during the quarter two. It's definitely going in the correct direction regarding North America. When looking at the profitability and cash flow development, our operating loss was, of course, a result from the lower revenue in the quarter, but also ramping up the next generation charging portfolio and US operations. On top of that, overall higher fixed cost compared to quarter two last year. On top of that, our operating cash flow was impacted also by the increased inventory levels. Of course, what is our priority for the fall and autumn, on top of the, of course, cost reduction is to reduce our inventory level, and through that, release the capital employed and improve the cash flow for the H2. This is little bit more in details. Our change in the net cash position in quarter two, which was EUR 25.1 million, so really weak development. You see clearly three factors there impacting on the negative cash flow. First, on the left-hand side, the EBIT, EUR 9.5 million negative, changes in working capital, EUR 7.6 million negative, and also the overall capital expenditures, the investments, around EUR 7 million. Like I mentioned, that's why it's high priority what we will do now in H2 in reducing our cost levels and reducing the inventory levels in order to improve the profitability and also the cash flow. This is our new outlook for 2024. We gave a negative profit warning and also made a significant change in our revenue guidance and the profit guidance for this year. That was driven by the weak market demand in connection to also the not able to close the orders as we expected, which was especially impacted at the end of quarter two. On top of that, of course, the inventory levels continued to stay on exceptionally high level on our existing customer side. Based on that, our new revenue guidance for this year is between EUR 220 million up to EUR 260 million. When looking at the operating EBIT margin, the full year will be negative, but we will improve the profitability towards the end of the year, and we expect quarter four to be in break even. In connection to the top-line development and weak top-line development for this year, we accelerate the actions to improve the profitability and cash flow for this year. That includes the target to achieve EUR 10 million cost savings annually when we compare the cost level we had at the end of quarter two 2024. That includes the change negotiations we have already started, which will include layoffs, both temporary layoffs and permanent layoffs, and that relates to the autumn 2024. The reduction will happen in personnel and globally, and the estimate is that it's around 10% of the current resources. Of course, the majority will focus on Finland, as we have the most of the people in Finland. That's not the only thing what we do, we also implement and have implemented the other profitability actions, and that relates, for example, to all external spending we have group-wide. That is something we do on top of the other actions. All these have the target to turn the Kempower business profitable at the end of this year. Then our financial targets which we have confirmed, we will target revenue EUR 750 million in the medium term between 2026 and 2028. In the same time frame, we target the EBIT margin between 10%-15%, and in the long term, more than 15% operative EBIT margin. Thank you. Thank you, Tomi. Thank you, Jukka. Now we go to the questions and answers, and thank you for all the questions you have sent over. We have many, so let's start. The first question is about the next generation charger portfolio. Please explain the delays, if any, in making the next generation charger portfolio fully available to the market. What's your current inventory made of old versus new generation portfolio? How much has been produced or order anticipation? Let's take the first question first because this was a long one. Please explain the delays, if any, in making the next generation charger portfolio fully available to the markets. I think the ramp-up is proceeding quite well. Small hiccups in there, of course, that there was some effect to the revenue of Q2. Not a huge impact, but there is small things, of course, when you're ramping up completely new power electronics and this is definitely something that can affect. I think in overall when I look at the rollout and the ramp-up of the production is going well. If I look at my own vision on this, that this is all going actually better than expected in the worst scenario. It's going really kind of positively forward. Proceeding. Yes. The second part of the question was about the current inventory made of old versus new generation. Can we comment on the share? I think it's something that we can comment, and actually the inventory write-down was related to the generations, and we don't expect material new ones coming in when we look at the future. There is something when you look at the total inventories. Of course, this is related to the original target of the year and going into that direction, and of course, in a different market situation, we need to correct that. Thanks, Tomi. Next question is about markets in general. What is your current assessment of the markets, and how reliably can the markets be evaluated in this situation? I think the market in itself and looking at the data we analyzed on, let's say, chargers installed in the first half of 2024 and first half of 2023. When you see 20% growth in Europe, 40% growth in U.S., market itself is actually growing. Now it's the situation that we don't see the growth in sales because large proportion of this installed base is actually coming from the stock. Which in a way is positive because we said that stock is declining faster than the installations are growing, but of course, painful situation to be in this value chain position at this point of time. Thanks, Tomi. Next question is about the factory investments. Do you feel that factory investments and expansion efforts have been too rapid? I think it's the factory investments are meant for the medium term and long term, and our financial target on the long term needs the capacity we have done. Definitely if we see the effect on the cash flow, we see some effect of course on the actual CapEx investment. Actually our factory investments are quite CapEx light. The flexibility being able to now do and what we must do with the workforce, which is the majority of the running cost of the production facilities, is something that we can comply. Also looking at the investment in our factories, if we make the investment, it's not a one-time thing. We don't own the buildings. We have basically the lease. We have certain equipment production lines. This is a scalable thing that will be done when the demand is there. It's improving and improving. That's what we have been doing all the time. In the current situation, of course, we are not doing that at the moment, making the efficiency of the factory even better with future investments. Certain things are done, but it's actually the full investment is longer than a single start in a factory. Definitely the U.S. factory is something that we see a key figure for the future growth. Thanks. Next question is about the orders. You mentioned that you have not been able to close enough orders from new clients. Do you expect this to change? How big potential do the new signed customers have? I think in total, we cannot promise on top of the customers, but I say that the list is what we consider the customers with significant potential. Comparing the figure of last year, having customers buying more than EUR 2 million is actually this number of 32 new customers is definitely a very positive news in there. This is part of our what we communicate in the beginning of the year that we have to get better in new customer acquisition, that this is exactly what we are doing. Now supporting the customers to get faster forward is definitely a key topic for the, let's say, next six months. Thanks. Over to financials. Do you anticipate a break even in the fourth quarter of 2024 or before the end of the year? Like we guided regarding the profitability, it's in quarter four. Thanks, Jukka. Let's continue. Sure. Should we expect further inventory write-down given the new charger generation? We, every month, of course, estimate our inventory and its value, and that it's worthwhile and we do the accruals accordingly. That's what we did in quarter two, and that's why we did the write-down. That's reflecting the current situation, of course. Thanks, Jukka. About the inventories. Can we comment how long will it take to customers' sales, this EUR 100 million of excess inventories? How long will it take maybe to, you know... Yeah. Yeah, like we have commented, that we expect the situation to prevail on the end of this year. Yes. Thanks, Jukka. Let's continue with the financials. What gives you confidence in earning a double-digit EBIT margin in the medium, given the wider auto supplier universe struggling to earn above 5% EBIT margin? Yeah. I think automotive industry and industrial goods is a little bit different market. We are talking about huge mass market, and then we are looking at the specialized small volume market, which DC charging market will always. If you look at hundreds of millions of units and you are looking at thousands of units, this is a little different kind of market. Cannot compare? No, you cannot compare these two markets. Thanks, Tomi. Could you give more color on the background for giving this massive profit warning? You had already discussed about customer inventory levels and grid connection problems earlier. What actually was the big surprise on the second quarter? Was it more related to customers changing communication or assumptions in your internal estimates? How do you think about your demand visibility going forward? Two questions. The first was about the background of the profit warning. Yeah. There was two factors. Another was, of course, this continued high inventory levels, which didn't go down as we expected. Another thing was what we commented also, that we didn't succeed to close the orders as we expected during the quarter two, and especially at the end of the quarter. How our kind of quarter and quarterly order intake is developing, that always the last month of the quarter is the strongest month for us. Actually, our last month during the quarter two was quite weak, unfortunately. Those were the main factor behind the reasons that we had to give the profit warning, and also sizable profit warning. I think it's good to give a practical example, like looking back, like, four, five quarters of us. It's even 70%, typically 50% of the orders is back to the last month of the quarter. This is actually reasonable to expect that this continues and also looking at the forecast, what we were looking at, the real customer cases, this was actually the timing. It's also the size of the profit warning that we have to look at the last two quarters and the behavior of the customer, and the speed of the market. Look at the end of the year with the same glasses as the first two quarters. Looking at the behavior will stay the same with assumptions. Of course, it's an assumption, but it is based on the short-term history that the behavior will stay the same. This was basically the sizable reduction. Thanks. There was still another question about the demand visibility. How do you think about your demand visibility now going forward? I think it's something that we could comment about what's happening in the DC charging market installations, which the market, from that perspective, is growing. We are looking at the new customer base. We are looking at our like sales pipeline. We look at something that we cannot promise anything now in this market situation, but it looks in a way, at least in the midterm when we are looking at the positive growth. The demand of electric vehicle charging has not changed in a way that we have too little infrastructure compared to already existing vehicles. Vehicle amounts are growing, and basically we see the growth figures there. In the long term, today, it's the only viable option actually to cut the emissions of Europe and the commitments the countries have done. 20% of the emissions is coming from transportation, and today the only viable option to cut the emissions down is the electrification. Thanks, Tomi. Let's take a question on the current capital structure. Is the current capital structure satisfactory, or are you expecting changes in the near future? Yeah, good question. We had around EUR 59 million liquid funds at the end of quarter two, and also we have this revolving credit facility at the moment. I think that's quite healthy, and we have quite a good financing situation overall. Thanks, Jukka. Let's go to the product portfolio. You see Kempower's product portfolio. How do you estimate Kempower's product portfolio's competitiveness in terms of quality or price during the next year? Very wide question. I think we have differentiated our product portfolio to actually this is one of the main things to avoid the heavy price competition. Of course, with the now shorter, smaller market, you will have heavier price competition because this is actually an effect that affects the whole charging industry at the moment. I mean the charging manufacturers. I think we have the means to do it as we see in the market. Thanks, Tomi. There is a question about market share. Can you comment on the market share? How do you see Kempower's market share to develop during the next year? Definitely our goal is to grow our market share. There is some analyst estimates. We don't comment our market share, but you can find it actually there in the estimates, especially from last year. I know that we have been already running for 45 minutes, but there are so many good questions that I will take a couple of more. Sure. Yeah. How big is this issue with customers waiting for your next generation products? Was there something unsuccessful with the new product launch or production rollout? I think it is also part of that, some customers are qualifying the new product, and it's a combination. Like Jukka mentioned that there was some small delays in the full ramp up, but actually this whole process is according to the plan. No significant changes on that. Thanks, Tomi. Let's take a question on the gross margin. Your gross margin showed a decline of some five percentage points compared to the first quarter, despite higher revenue. Could you walk us through the drivers? Yeah. Behind this? Yeah, this is good question. Yeah, that's true when you look at the gross margin 44% level, but that included this inventory write down of EUR 2.4 million. If you exclude that, we were on 49%. This is actually quite healthy level. There hasn't been any changes in the pricing level, for example. That has stayed kind of on the good level as well. It's due to this inventory write down, it went down now in quarter two H1. If you exclude the write down, it's on healthy level, as you see. Thanks, Jukka. Couple of questions still. Your cost savings target, especially in Finland, what does that indicate regarding Lahti expansion? Will you still do it this year? What it indicates regarding U.S.? Let's take Lahti first. I think it's the factory itself, like I said. It's a medium-term investment and having the production lines in there, but of course, the part of the investment which is on the basically the full-time employee numbers. This will be lower than looking at that. Factory investment itself, we have the factory already partly operational, so this is no big impacts there. The major things have been done. US investment also we have operations ongoing. Like mentioned, our way of investing is actually based on demand. Improving the factories on the run, so it's a continuous improvement process, what we do for the production capacity. Thanks, Tomi. Two more questions. Are other profitability measures, such as curbing external resource spending included or in addition to the EUR 10 million of internal savings? Yeah. EUR 10 million is something we will target. Then those different actions we mentioned there below. EUR 10 million is all together what we target. All together. as the annual savings. Yes. Thanks, Jukka. The final question for today: what makes Kempower's product better than the competitor's product? I addressed this a bit already, but I think in the majority of the competitors are focusing on charging a single vehicle, and we are focusing on moving the whole transportation fleets. This generates actually and has generated the interest in our product and us keeping our market position this year as well, looking at the figures is showing the same direction. Remaining competitive on this side and also keep releasing actually the new products to the market will keep us in a very interesting position. Thanks, Tomi. Thanks, Jukka. Thank you. Thank you all for joining and for the good questions, and if there are some questions that we will not have time to answer today, we will gather those and publish on the investor pages later on. Before you go, we wanna present you a bus depot in Northern Italy, Bologna. Thank you for joining and have a great summer.