Hello, and good afternoon, everyone, and welcome to Revenio Capital Markets Day 2026. My name is Mari Korhonen. I am the Vice President of Strategy and Business Development at Revenio, and I am very pleased to also host you all today. I am very delighted to see many of you here in Helsinki with us, and a very warm welcome to everyone joining us via the webcast online. It has been a significant year for Revenio, and we today look forward to taking you deeper into the market dynamics that shape our industry, share our updated strategy, and explain how we really intend to respond and create value in this new chapter. I will walk us through the agenda shortly. First, we will hear from our CEO, Jouni Toijala, about our market position and how the market is evolving. Next up, Erkki Tala, our Vice President of Product, will introduce the comprehensive portfolio and how we are positioned to really advance clinical confidence and workflow excellence. After that, Umberto Bargiggia, our Vice President of International Sales, will take us through our go-to-market and our commercial excellence. I will be then coming back to talk about our operational excellence and how people and culture are in the central of what we do. We will have Jukka Kainulainen, our CFO, explain how the strategic priorities then translate into long-term value creation. We will aim to conclude around 5:00 P.M. Finnish time with Jouni coming back to summarize the day and conclude with a Q&A. We are here today, so you will be hearing from Jouni, Erkki, Umberto, myself, and Jukka from our leadership team. But we also have Haniel, John, Heli Huopaniemi, Ari Isomäki, Jussi Nevanlinna, and Hanna Vuornos as part of our leadership team. But with that, I welcome you all. It is my pleasure to welcome our CEO, Jouni, to the stage. Over to you. Good afternoon. My name is Jouni Toijala, and I am the Group CEO for Revenio. Excellent to see you all here at Sanomatalo and also there through the webcast. I am going to split my part in two parts. The first one, I am a bit looking back how we have been able to execute the last strategy period for us, and then of course, leading you more towards the next chapter, which the heading is saying, "Leading the shift from vision care to the connected eye health." If we would have a book on our hands which tells the story, the whole Revenio growth story, even starting more or less more than 20 years back, perhaps the chapter one would look like it covers all the businesses that we used to have more than 20 years ago. Logistic lines, Rebot, call centers, over 80 legal entities, plus one business called iCare. So revolutionary technology around the rebound tech. If concluding that chapter number one, it basically concluded in a phase where company decided to focus around the rebound tonometry. All other businesses were divested out, and the growth journey started around the health tech. If looking the chapter number two on that very same growth book, it concentrated on scaling the rebound technology globally, but it also concentrating on looking another leg on top of which the Revenio could stand. That led us to the acquisition of the CenterVue business. We opened the third chapter bit by bit by moving just revolutionary technologies, rebound tonometer, TrueColor confocal imaging tech with the high automation. We acquired Oculo, we acquired Thirona Retina, and we started to move more towards the innovative ophthalmic solutions. We discussed during the last CMD that the amount of the patients is increasing, but the eye care professionals amount is declining or at least staying static. Three years ago, we said that we need more sophisticated products and software tools to cover that gap. Last CMD, we had four key cornerstones. First one was related to the products. So the hardware products, couple of those you are going to see later in the event. There the strategy has always been with us that we have to have the best products in the categories where do we select to play? Quality needs to be excellent. The data which they provide needs to be the best in order to be able to feed the data to the solution and the back-end side in order to be able to do sophisticated clinical decisions based on the best data. Then, if we look the period, what we have had, even starting last six years. So we have been growing from EUR 49.5 million -EUR 109.7 million. The reason for that one is that we have been putting a lot of effort to scale the channel, improve the brand, and really put the emphasizes also on the operational side of the business. So constantly increasing the quality, constantly increasing the ways of working also at the manufacturing side. Then, of course, we have been investing a lot to the people and culture side, and we have been able to grow the last years in a profitable manner. If you look these four cornerstones, on the device side, we have launched iCare MAIA microperimeter. We have launched ST500 new tonometer. Then we just Thursday launched a new tonometer called iCare IC1000. Highly recommended to check it out if you yet haven't checked it out. Then on the software side, we have entered with the iCare ILLUME, the retina screening side. Now with the iCare IC1000, you are actually having as well the first data management system called iCare ALTIUS. Then throughout all these years, the quality has been improving, and we have been able to deliver the products customers have been buying with the excellent delivery accuracy. Then on the people and culture side, business is moving, so we have been investing a lot to people, leadership team training. Also moving to more customer-driven development, so implemented the product operating model. And if we look the last roughly three years, we have been growing faster than the market, and the profitability is the best on the market. But let's start shifting the gears. If you read the couple of sentences on this growth path and book, you go back to the old CMDs, you go back to the older investor meetings or earnings calls. We have said that we are working on the ophthalmic diagnostic device market, roughly EUR 4 billion. We cover one-third. One-third would be extremely interesting for us and extremely value-adding. And this is basically closing the chapter three in a growth book. We managed to close the Visionix transaction during the end of May. We got that extremely interesting bit more than the billion, so we were able to increase our addressable market 2.5x, so from EUR 1.1 billion- EUR 2.7 billion. We got the extremely wide portfolio. We got the expedited entry to the OCT, and we got a way more stronger global presence. And I think now it start to close the chapter and together they open the new chapter. And the heading on that chapter is Leading the Shift from Vision Care to the Connected Eye Health. We are going to spend the next one and a half hours to explain the dynamics behind the shift. Then we are going to go through how the product portfolio is enabling the shift, and then we are also going to go through by Umberto Bargiggia how this plays in the market, what value had we able to create our customers, and then we have Jukka Kainulainen wrapping up the value creation part. But let's jump on it. Couple of drivers still valid and even supporting more our long-term growth. Aging population. So amount of the patients is increasing because of that. Then we have lifestyle-related diseases. Under this, we have always mapped the diabetes. I would say as well, and even add on top of this, I would even add the myopia on this part and even say it's a bit lifestyle-related diseases because everyone is looking their mobile phones, they are looking their pads and so forth. I'll come back to that one. And then we have a labor shortage getting even worse because the amount of the patients is increasing. Then we have been also talking about the tech and the tech advancements. Tech is crucial here. If we don't bring new innovation, whether they are products, whether they are software, we are not able to close the gap between the static amount of the eye care professionals compared to the increasing patient amount. And couple of examples on this one. Retina screening, iCare DRSplus with AI. We have been able to, with the tech, move the burden of the diagnosis, as an example, to diabetic clinics, where the diabetic nurse is able to operate simple-to-use, high-quality device, analyzing the results with an AI and then passing the patient, if needed, then to the ophthalmologist. And what this has been also enabled is that the access of the care is not in a way, focused only on ophthalmology. We are going to have new places where screening, where diagnostics are able to be performed. If we jump a bit to the details, on the aging population side, we see glaucoma increasing. That is more than 100 million patients more by the end of 2060. AMD, age-related macular degeneration, exactly the same. So the challenge regarding the eye disease increasing due to the aging population, not going to vanish anywhere, rather increase. Then lifestyle-related diseases, same here. Diabetes growing extremely fast. Every diabetic person needs to be screened. Their eyes need to be screened. If we go back to the earlier discussions, as an example, in Czech Republic, you used to be six-nine months. Now we introduced the iCare ILLUME solution there, DRSplus iCare ILLUME AI. We have been able to reduce the time in a couple of weeks. Then I referred to the myopia, exactly the same case. It is amazing to think that perhaps half of the population is going to be myopic. When the myopia goes to worse, it is also having an impact to your eye health. Labor shortage, getting worse all the time. So the amount of the patients is increasing and even the eye professionals, even the supply is going to go down. We really have a big gap on this one. The only way how we are able to close the gap is to innovate on the new tech side. The new tech enables us to shift the tasks to the people who normally won't be able to do the work. That leads to the expanding access to the care. This is now also core on our strategy of shifting from vision care towards the eye health. We have seen this shift already on the normal healthcare. I used to go to hospital to get my blood sample done. I used to go to the hospital to get my EGG done or so forth. But the tech has been evolving. The cost of the tech has been coming down. Now I go to Mehiläinen, one of the providers or Terveystalo, immediately you get everything done at the point of the care. What we also see now on the optometrist side, on the eye health side, is that from ophthalmologist side, the care and the screening and the diagnosis, it is shifting towards the optical retail as well. We come back to this one on Erkki's presentation. This is a shift where we are going to be present and which is going to be a huge growth opportunity for us. Let us spend a bit time around the terms. Vision care, eye health. Are there any differences? If you talk about the vision care, that is a more refraction, it is a vision correction. It kind of helps if you are not seeing well. For me, it means that I should have reading glasses because I am plus two. But it does not detect are my eyes healthy. That is a major difference. If we go on the eye health side, it is about diagnostics, it is about early detection, it is about screening the diseases. As we have said, there is not enough eye care professionals to check that are the people's and the patient's eyes, are they healthy? Where we jump into the picture, we are going to lead the shift from vision care to the connected eye health. These are now the four updated strategy cornerstones. So we have combined the device side with the software, with the AI, and the strategy cornerstone here states that we are going to advance the clinical confidence and workflow excellence. This is crucial to add. With extremely good devices, which are providing high-quality data in order to be able to do sophisticated clinical decisions in an easy way. We are able to shift and delegate the duties across the chain. Erkki Tala is going to come back to this one, explain it more. Then on the software side, the software comes into play regarding to the workflows and the workflow excellence. Erkki Tala is going to cover this one in more detail. Now, after the Visionix transaction, we got access to the vision care side. Visionix is extremely experienced, extremely well-positioned on the vision care side. We have been, as a kind of old Revenio, we have been extremely strong on the optometry and ophthalmology side. Now, when we are combining the products, product portfolio, we are combining the sales team. We are going to have more customers, and for those customers, we are able to sell more because we have a wider portfolio. Umberto Bargiggia is going to go through what does this mean in practice and what's the magic behind it, how we are going to do it. Then operational excellence. If you look at the Revenio business model, operative model, we have been quite asset light, quite, how would I say, efficient on the operation side, high availability or delivery accuracy on the products, et cetera. Where we are now moving as well, we are looking now at the combined company, assembly, manufacturing, footprint. We are looking at how the operations are run, et cetera. The plan is really to scale this operational excellence, what we have had at the old iCare Revenio side, then, of course, to the Visionix side. Then, as before, the people and culture part. That is what makes us tick. We want to really take care that we have the best motivated, highly skilled people as part of the team. Again, here we have four strategic cornerstones. We have also included the brand part of the picture, and that's the work that we are currently doing. What's going to be the brand in the long run? Work is ongoing. We come back to that one. Again, the logic exactly the same. We do all these four cornerstones well. We handle the brand, we handle the ESG. I'm sure we are able to provide a sustainable and profitable growth. I'll start to finish here with a couple of comments related to the topic that how well we are positioned on this shift. First important part, we are still operating in a growing market supported by the mega trends, and those are even more stronger than they used to be a couple of years back. Then we have highly complementary customer segments. Like I said, we have a differentiated product portfolio, and that covers the entire customer journey. Then we have expanded our global footprint in terms of whether to go direct, whether to go through the distribution, and also the country coverage. Then we run part of the integration. We run the culture audit, and that's actually showing surprisingly good match, which is excellent news for the integration which we are going currently through. You couldn't tell actually the difference. We were in London, ESCRS, during the weekend. We had a first dinner with the iCare team, with the Visionix team. You just couldn't tell the difference, and people were mixed up in a first joint trade show dinner, and I think that was impressive. Then regarding the integration, when we launched the deal, I got a lot of feedback that, "Hey, are you serious? You went together, you joined the forces with Visionix, big team, more complex operations, et cetera, so how are you going to be able to do the integration?" Here I can say good and relieving news. We are proceeding extremely well on the integration side. We stated at the time of the signing and closing that the target is to have a EUR 20 million EBITDA uplift coming from the synergies. I'm happy to say on the run rate basis, in the first 100 days, we have already done and executed at 25% of the planned EUR 20 million EBITDA uplift by 2029. Then regarding the financial targets, I reiterate, even though the stock exchange release was out earlier today. We now gave a number. We have been receiving quite a lot of feedback from the investors, from the analysts that, "Hey, you have been saying 3x faster than the market, but this market growing because your revenue, you are almost the only one who is able to grow the business on a profitable manner." Now we stated that the long-term growth aim is 5%-10% during the strategy period ending up 2029. Then we reiterate the profitability target, which is to reach 25% adjusted EBITDA by the end of 2029. I'll finish up here and hand it over to Erkki. Welcome, Erkki, and please, floor is yours. Good afternoon, everyone, also from my behalf. My name is Erkki Tala, and I'm Vice President for Products here at iCare. Next, I will dive into the combined product portfolio and how that supports our strategic goals Jouni just took us through. As the headline says here on the slide, now we have a comprehensive offering really for different customers and covering the entire clinical customer journey. This allows us to advance clinical confidence and workflow excellence at all levels. What does it mean in practice? Let's start from the market. There's some major changes in our addressable market. We operate in ophthalmic diagnostic equipment market, which is currently worth 4.1 billion US dollar. You can see on lighter green background the product segments or categories where Revenio before Visionix transaction or acquisition was playing. That is ranging from fundus imaging to perimetry, tonometry, and clinical data and telehealth. Roughly EUR 1 billion market. On the dark green background, you can see the product categories we have got from Visionix. OCT, big part of and growing part of the package. Refraction systems, slit lamps, and multimodal diagnostic devices. All this together is now growing our addressable market from EUR 1 billion to EUR 2.7 billion. Equally important, size is important, but equally important really is that now we cover the entire clinical customer journey throughout. We are able to create a real end-to-end solution. It is probably worth mentioning here as well what is included in that EUR 1.4 billion market we are not in. That is mainly related to surgical equipment or related solutions like operating room microscopes or optical biometers, which are largely used in cataract theater. We have made a strategic choice not to get into surgical products because those ecosystems are pretty closed, and there are only few players in that space who dominate the market space. Who are our customers? That is the market. Who are our customers? Our key customer segments in that market are optical retail, optometry, and ophthalmology, with the two strongest focus areas being, one, in medical middle field, as I call it, because it cuts across clinical optometry and general ophthalmology, and two, optical retail. Respectively, our solutions are used in different environments. Those environments are ranging from optical retail stores to optometry and ophthalmology clinics and hospitals. As our customers are operating in different environments, they have got different roles in that clinical journey we are referring to many times, and that is good to understand as well. Optometry, sorry, optical retail, let us start from there, because the journey often starts from there. Optical retail customers are really kind of focusing on efficient and reliable refraction and vision testing, enabling then accurate vision correction and spectacle sales. That is a big, big new customer segment for us and currently consolidating into larger networks where typically customer demand and supply of professionals is not really meeting. There we have got strong foundation, for example, in remote examination capabilities, which can unlock the service in more places. Then optometry. That is like a mixed zone between optical retail and ophthalmology, but with full focus on eye health, from screening to diagnostics. The key in optometry really is to have reliable diagnostic solutions that are connected to advanced data analysis tools supporting clinical decision-making and also having smooth referral workflows when necessary when the patient or customer needs to be referred forward. Then on top of the clinical hierarchy, there is ophthalmology that covers subsegments from generalists to deeply focused specialists. All the ophthalmology is fully focusing on ophthalmic diagnostics, treatment, and care. While all the customers are having different roles and working in different environments, there are certain shared, let us say, needs or common denominators they all have. One is clinical confidence. It means that at all levels, I can trust on the technology I use. The second one is connectivity and access to data. I really need to have access to data and supporting tools in an easy and smooth manner. And the third shared need really is around workflow efficiency. Data and patient flow needs to be smooth within the clinic or the practice, if you like, and then between the operators. If we then move on to this part, why this broad portfolio, end-to-end portfolio is then really important? Why it is key for our future success and delivering our strategy Jouni Toijala just described? How the role of these different customers we are just kind of now having, how they are evolving. As Jouni Toijala described in his section in opening earlier, the demand for ophthalmic diagnostic capacity and delivery of the professionals or supply of professionals, that is increasingly imbalanced. This drives really clinical role expansion in optical retail and also in optometry to take on more clinically oriented tasks in this kind of clinical journey. Role of optical retail and optometry is moving. And how this is possible? Two main drivers for that. One is the increasing professional educational level of opticians and optometrists in many countries. But importantly, technology is the key enabler, really, for this shift. We are in that spot providing these customers with technology that will enable them to adopt those clinically more, let us say, demanding tasks and a bigger role. And typically, what are the first tools or diagnostic modalities adopted in this shift? It is tonometry and it is fundus imaging. And Revenio is really, really strongly positioned in that. We feel we are perfectly positioned to lead the shift and to improve people's access to connected eye health services. How we are different. Everyone probably sees the world in the same way. The mega trends are the kind of same. How Revenio is different so that we believe that we can lead this shift and we have a winning position in this. Our position in the market is really built on four key differentiators. Efficiency is key. It is like the aging population and workforce shortage macro trend expressed at the practice level. It requires clinical confidence at all levels that enables, for example, delegation of clinical tasks without loss of trust. Ease of use. That comes hand-in-hand with efficiency, but it includes the, or adds the human factor in the equation. It removes the skill barrier from the use of diagnostic solutions. And I guess as many of you know, eye care Revenio products are known for being highly automated, delegable, learn it in a day, intuitive, and they really are operable by non-specialist staff. And the good news is that Visionix or ex-Visionix product philosophy follows very much the same logic. Clinical confidence and quality. That is Revenio's core equity and that is super critical in medical space. You have to own this. For us, quality means strong clinical evidence backing up all our offering. It is reproducibility of the measurements. It is reliability of the device. You know that when you pick up one of our devices, it works. So it is like an experience of trust in a way. And finally, innovation as the fourth differentiator for us in the market. Our products are giving customers new capabilities. They are allowing them to do something that they were not able to do before. And for us, the innovation is really related to genuine firsts in the market, and we have got strong track record of introducing those type of solutions. And what is good to probably mention here as well is that we also innovate in spaces that typically are considered highly commoditized, like refraction systems. So how the current combined portfolio is structured and how different parts of it are focused. Let's look a bit closer. Our broad portfolio, now combining ex-Revenio and ex-Visionix products and solutions, is covering really the entire clinical customer journey from refraction and tonometry to advanced clinical diagnostics like imaging and perimetry. This breadth of portfolio is key to support the strategy to lead the shift from vision care to connected eye health. We have got strong position in different customer segments, and that's built by different parts of the portfolio. So currently, optical retail, optometry, and ophthalmology are partially using different parts of our broad portfolio. But while these roles are evolving as just described, the needs of the customers are also evolving and that's where we are very, very strongly positioned in the market. Our portfolio supports this role evolution by easy to adopt diagnostic solutions for optical retail, where the major shift will happen. And will also give more confident diagnostic solutions for optometry to adopt tasks that are currently done by ophthalmologists. And equally important than having a kind of strong future-looking positioning of the portfolio is to be able to differentiate in a meaningful way within each of the product categories. One important part, although it's on the bottom of the slide, pretty thin string there. Our cloud platform is crucial in connecting all our devices and really creating one source for data. And that data is then used for customer-facing solutions where I'll give you some examples in a minute. So now we are having two companies bringing own cloud assets into the equation. We are consolidating those, combining them, consolidating over time. While we make sure that we keep supporting our existing customers and we develop further the customer-facing solutions that are already in scale-up phase. If we look a bit closer, the role of connected cloud platform and solutions we build on it. Different customer segments operate in different environments and have different clinical tasks, as described earlier. That means that clinical data they manage is different. But while data management solutions and tools required may vary, smooth data flow really within the practice and from operator to another is a shared need, and we call it workflow excellence. The data flow starts from collection of data, which happens, of course, at every phase of the clinical journey. But where necessary, the data needs to get transferred, whether it's a remote review of fundus images or second opinion or referral where necessary. Then when we get into more diagnostic part of the clinical journey, clinical decision support, in these days often AI-assisted solutions, is coming into play. And finally, when a customer or patient has got diagnosed or treated, they need to be monitored and clinical data needs to be frequently reviewed to ensure effective care. And last point here now is really multi-source data, and that's something that is related to our broad portfolio. So multi-source data is more and more used in analysis and supporting clinical decision-making. With our portfolio now covering the whole journey, we are covering also from data perspective, different steps in the journey, and we have a comprehensive view of the patient and data flow during that journey. In practice, our common cloud platform will act as a shared foundation for what we call modular customer-facing solutions. It contains some shared features like user and patient data, device connectivity or connections to third-party solutions, data storage, data security, and compliance. Today, we already have got several existing customer-facing solutions live and scaling. We have got remote examination. We have got the My Lenses Experience customer solutions targeted to optical retail. We have got retinal AI-assisted retinal screening, which is focused on either on national diabetic retinopathy screening programs or optical retail. We have got clinical workspace and workflow and referral solutions, which are targeted to optometry and ophthalmology. Now that I've talked about the broad portfolio covering multiple product categories, I will briefly take you through the most important ones, the key categories, brief explanations, what they do, and where we differentiate in these categories. If we start from the refraction systems, they measure refractive properties of the eye for accurate vision correction, in practical terms, enabling then, for example, spectacle prescription and sales. Our core in this category is in complete connected digital refraction systems with remote refraction capabilities, and that's not very common. This is new addition to Revenio's product portfolio coming from Visionix. If we then move on to tonometry. Tonometry measures intraocular pressure, which is one key risk factor for vision-threatening glaucoma. We have got market-leading gold standard solution for handheld rebound tonometry, as many of you know, and I think that was mentioned already in Jouni's opening as well. Just last week, on Thursday last week, we launched the latest addition to our tonometry family, iCare IC1000, which added connectivity and workflow readiness to our tonometry portfolio as well. Multimodal diagnostic devices. This is new addition from Visionix product portfolio to Revenio as well. As the name says, it does many things. It combines autorefractometer with several measurements from anterior and posterior eye. Our devices, they use very unique wavefront technology, examining refractive properties of the eye in a very detailed way. These devices are also connected to digital workflows. They have got remote examination capabilities. They are also linked to My Lenses Experience solution we offer to our optical retail customers. Fundus imaging is more familiar probably. It provides detailed view of the retina, i.e. the back of the eye. It's like a photography of the back of the eye, and that's needed in confident diagnosis of many eye diseases. Where Revenio's specialty in this category is, it's really in the imaging technique that's called confocal imaging, providing several big benefits compared to traditional fundus imaging, like being able to image through to cataracts, small pupils, et cetera. That means the best image quality, sharpness, and image ability. We have also been early in what's called ultra wide-field imaging market, and we are innovating in that space further. That seems to be really a driving trend. Then we have OCT, optical coherence tomography, which was long awaited. I think the Revenio's portfolio and many have been focusing on this one. It's like MRI of the eye, really taking a non-invasive 3D image of the structures of the eye. Here our specialty is what's called OCT angiography and related tools, which makes blood vessels and their condition visible in retina and choroid without any dye injection. So in normal store environment, for example, not clinical or hospital environment needed. Visionix has got strong legacy in this and we are innovating further in this space. If we move on to perimetry and microperimetry, these modalities are measuring visual field and sensitivity of retina. Revenio's products are in a unique way, combining really examination of the structure of the eye and visual function. For example, our COMPASS fundus perimeter includes or contains high-quality confocal fundus imaging capabilities and perimetry functionalities in the same device. Connected cloud platform and solutions. We spent some time on that already, but in short, our cloud platform really connects devices, captures data from them, and acts as a foundational infrastructure for customer-facing solution modules, as we call them, what we build on it. These solutions, as explained, range from remote examinations to retinal screening, diagnostic decision support, and workflow and referrals. Then something I haven't presented yet as it doesn't belong to clinical customer journey, but there is a kind of solid piece of Visionix portfolio around finishing products. Our lens finishing solutions are used in efficient spectacle lens shaping and mounting. Different spectacle frame types, they require different finishing techniques, and we have got really strong knowledge in that space and can handle them all even in the same device. These solutions are often targeted to optical laboratories and typically located within optical stores. This is really a new addition to Revenio's portfolio as well. Sounds like a kind of broad portfolio, and that's what it really is. How is the broad portfolio of devices and solutions then used by different customer segments and how the adoption is evolving? I have touched the topic already before, but I think it's good to go it more in details. Every clinic, every examination room, they need certain standard equipment like examination units and slit lamps, and that's what Visionix brings to Revenio's portfolio. Equally, refraction systems, they are needed everywhere. All the customer segments are using those, and now we have got access to that. Tonometers, when we get a bit more towards the diagnostic direction. Tonometers are broadly used partially by optical retail already, largely by optometry and ophthalmology. Here our handheld rebound tonometer has got strong position to grow further in different segments, either finding ways to the first-time users or for replacement customers. Then multimodal diagnostic devices. They are mainly used by optometry and optical retail, where they are linked to our cloud-based solution supporting remote examination, but also My Lenses Experience solution for optical retail customers supporting ophthalmic lens selection and sales. Moving to fundus imaging, that's a standard diagnostic modality in optometry and ophthalmology already today. This technology is now increasingly adopted by optical retail as a part of their clinical role expansion. This is one great and clear growth area for us. OCT is quickly becoming a standard of care in ophthalmic diagnostics, and it's fully utilized by ophthalmology. It's largely used by optometry and what we can see in the market already today, it can be really expected to see this technology getting more and more into retail environments as well in the years to come. Finally, perimetry. That's focusing on glaucoma diagnostics and screening. It's purely a diagnostic tool there, and as such, it's used by ophthalmology and optometry to a certain degree. What's key here is really that we have got relevant offering to all three customer segments, and there is change really happening in the market. We at Revenio, we are having strong presence across the customer segments and clinical customer journey, which positions us really strongly in this ongoing market shift. So a bit getting back to the differentiators and how this strong position across the portfolio, across the customer segments is built. There are three main growth drivers we can see really differentiating our offering. Relative importance is varying by customer segment and by product category, of course. But we differentiate either by product features, by technology, we have got several unique technologies our products are built on, or then we differentiate by business model. If we take few examples from here, taking OCT, for example, there are two basic technologies all the OCT devices are built on, but the product features are still differentiating products one from another. Our strong part here really is related to advanced tools, OCTA, OCT angiography, and OCTA metrics, which are the only ones in the Visionix portfolio which have got FDA clearance, for example. No one else has got through FDA with those. If we take software platform and solutions, we are differentiating in many ways. We are not the only one providing cloud-based solutions, but we are really unique combination of hardware, software platform, and AI, which is, for example, our retinal AI screening solution. We have got in-house all that knowledge with a market leading and creating market leading solution. Or then taking, of course, tonometry or fundus imaging, where we have got strong technological advancements there. Either rebound tonometry or confocal imaging. That's what is creating really big differentiation in the marketplace. The highest growth we expect to see really is in multimodal diagnostics, OCT, and cloud-based solutions, while all the product categories have got space to grow. As a summary, getting to an end. Our connected portfolio covers solutions for the entire clinical customer journey, combining diagnostic devices and cloud-based solutions. Our customer segments cover optical retail, optometry, and ophthalmology. Really the key strongest parts being in the medical middle field, cutting across clinical optometry and general ophthalmology, and on the other hand, in optical retail, which is a new big segment for us. We are strongly positioned to expand our offering, especially in optical retail and optometry, when their clinical roles are expanding. All our product categories are growing and have clear differentiators. Finally, we continue, of course, to innovate and invest in R&D on the strong technological foundation and customer understanding we have. This is really supporting easy technology adoption, especially in the optical retail. We believe that we are the one who can really introduce those new solutions supporting the chains for that big and growing customer segment. This is very much summarizing what I just showed on the portfolio slide. I think we are now finishing this part, and we are good to take a little break, and we will be back in 10 minutes. Thank you. [Break] Hello, and welcome back from that short break. We are ready to continue on our agenda today. We will hear soon from Umberto Bargiggia, walking us through how we drive commercial excellence in the new company. We will then hear from me from the operational and people's part to conclude the strategic cornerstones, and then Jukka Kainulainen in the end for the value creation. Without further ado, let's welcome Umberto Bargiggia to the stage. Good afternoon, everyone, and thank you again for being here. I am Umberto Bargiggia, Vice President for International Sales. So far, we have talked about the ophthalmic diagnostic equipment market and how it is evolving, about our strategy to successfully position Revenio in this changing environment, and about the immediate value and future potential of our combined portfolio resulting from the Visionix acquisition. In this section, we want to show how we translate the strategic positioning and the expanded potential of our portfolio into commercial results, leveraging the synergies between Revenio and Visionix. As we bring the two organizations together, we see four core value creation priorities. First, we can capitalize on our commercial footprint. We are combining the best of the two organizations to strengthen our competitiveness in key markets. Second, we can leverage now our greater scale to be more relevant across markets and across customer segments, while at the same time diversifying our revenue streams across sales channels and geographies. Third, we can increase our sales and margin contribution from our direct channels, creating a stronger commercial engine for cross-selling and prospecting activities, while at the same time sourcing incremental margin by selling direct in Central Europe. Fourth, we can optimize our distribution network. We are assessing our combined distribution network that counts on more than 400 distributors in more than 130 markets to maximize our performance country per country and segment per segment. These are the four priorities we will walk you through to show you how we can create greater value together, turning one plus one into more than two. As Jouni Toijala introduced earlier, the ophthalmic diagnostic equipment market is a solid and steadily growing market. The U.S. and Western Europe provide the largest contribution to the projected growth, with more than 40% of the total expected growth. A relatively small number of other key markets account for the remaining larger part of the projected growth. This concentration of growth perfectly connects with our first value creation priority: to capitalize on our expanded commercial footprint. Let's connect now market potential with our commercial footprint. This chart shows the size of the ophthalmic diagnostic equipment market across the top countries. Already before the combination, Revenio was a global company with a strong commercial international presence. We had a direct sales organization in the U.S., and we had direct sales representative directly deployed in the countries to support our distribution partners in Japan, China, India, and Australia. When we bring the two organizations together, our geographic positioning changes significantly. Now, we can accelerate our competitiveness in U.S., where already over summer, we have already integrated our companies, and we can increase our strengths in Western Europe with six mature direct sales channels, namely in Germany, Italy, France, Spain, Portugal, and Belgium. At the same time, we can increase our ability to support our distributors directly in the country with direct salespeople in China, Brazil, and Israel. Let's now look at the added value of our expanded footprint. We see three tangible benefits. First, the immediate ability to leverage greater resources. From day one, we can leverage greater commercial power, focused exactly where it matters the most. For example, in Europe with our six direct sales channels. Second, increased ability to drive innovation. More direct resources means more market-specific expertise, more know-how, as well as greater dedication to accelerate the execution of our strategy, as well as accelerate sales of our products and solutions. For example, in Brazil and in Latin America, where now we have resources directly in the country and for the region. Third, greater customer proximity. Having more direct customers and more direct resources brings us closer to our customers. It makes us more appealing for large accounts that more and more often want to engage directly with the manufacturer. At the same time, it gives a greater ability to understand and serve our customer needs. Let's now quantify the transformation. In U.S., that is our largest direct market, our combined business is approximately now 1.6x the size of legacy Revenio. In EMEA, the transformation is even more significant. We reach almost 4x the size of the previous scales, with broader and more diverse revenue streams. We add on top the revenue from our direct channels, we increase the contribution from our indirect channels, and we add on top the distribution from our OEM partners. In Latin America, we reach more than three times the previous scales, and this gives us greater critical mass and stronger regional impact. In Asia Pacific, Revenio was already strongly established, and this combination further improves our platform for future growth. There is another dimension to revenue diversification: our combined geographical scale. Our revenues are now distributed more broadly across geographies, and therefore across markets, and therefore across customer segments. The combination does not simply make us bigger. It creates a more balanced and a more resilient commercial platform, and it gives us greater capacity to impact the markets that matters the most. Now, let's look at our direct sales channels. In U.S., that is our single largest direct market. Over summer, we have combined our two organizations, allowing us to build a sales force that is approximately 50% larger than before. Not only that, with more people in the field, we could pass from 18 to 27 sales territories. That means reduced territories with a broader portfolio that we can sell there. Most importantly, probably, more than 35% of the combined customer base is newly addressable customer. It means customers that have a relationship with either one or the other part, and that now we can target to accelerate our cross-selling capabilities. At the same time, with more people in the field, with smaller sales territories that we can address with a broader portfolio, we can also create greater capacity for prospecting. Let's now move to Central Europe. As we said, we had six mature sales channels, and through that, more than 100 customer-facing professionals, day in, day out, engaging with our customers. Probably even more importantly, through that, we incorporate more than 600 customers already using our software solutions. This is particularly important to strengthen our leading position in the shift from vision care to connected eye health. Our renewed positioning in Central Europe is a great asset that allows us to increase the penetration of our portfolio, while at the same time improving our profitability through selling direct. Of course, our go-to-market model is not only about direct sales. A significant part of our global presence is built through our distribution partners, and we can now count on the combined network of more than 400 distributors in more than 130 markets. We have already started the process to assess our distribution network market per market and segment per segment, and we are doing it focusing on four major drivers. First, the strategic alignment. We are engaging with our distributors to assess who best aligns with our values, with our strategy, and with our growth ambition. Second, our increased share of wallet. Our broader portfolio gives us the chance to become more important for our customers and therefore more central in their strategy. Third, stronger market execution. By selecting the partners with the strongest access to market and with the strongest access to our customer segment, we can now have a better reach, and we can combine this with structural technical service capabilities and with enhanced regulatory capabilities that are more and more important in our space. Finally, proven track record of success. We have the unique opportunity to assess our distribution partners based on data and business intelligence that the two organizations can bring together. As we speak, we are already applying this approach across more than 20 countries. So far, we've talked about our commercial footprint, our scale, revenue diversification, sales channels, and execution. We want now to present three examples directly from the field to highlight how customers are already responding to our strategic positioning and expanded portfolio potential. The first two examples are from Europe, namely from France and Italy. They are two very different markets with two different healthcare systems, but they illustrate the same underlying structural trends and needs. For example, demand for accessible eye health is increasing, driven by factors such as we discussed before, aging of population and lifestyle-related disease. At the same time, the availability of eye care professional is limited, for example, ophthalmologists in France and optometrists in Italy. This creates a gap between the demand and the available professional capacity. That gap requires new and more efficient and compliant workflows. This is exactly where we come in. Our connected remote use, remote-ready technologies can create the desired value. They allow customers to expand access, to improve their workflows, and at the same time, to unlock new business opportunities. The good thing is that it is already happening now. In the last 18 months, we have installed more than 200 installations of our iCare DRSplus in France. These solutions are helping to improve geographical access to eye health, particularly in areas where access to ophthalmologists is limited. At the same time, they are transforming the in-store workflow and supporting an enhanced role for optical retail. In Italy, we have installed more than 60 systems in the last 12 months about remote refraction solutions. We have partnered with one of our key accounts, and we help them to scale up and accelerate their expansion. Now, with just few remote optometrists, they can support more than 60 stores, extending in-shop opening hours, implementing new systems and new workflows for their customers that can have through that a better customer experience. Our third example from the United States. We want to highlight through this the power of our broader portfolio. We are pleased to share the testimonial of two doctors: Dr. Julie Rodman and Dr. Mile Brujic, both of them already using a Revenio EIDON fundus camera and the Visionix Solix OCT. Let us hear directly from the doctors how the combination of the two solutions adds value to their clinical confidence and ultimately to patient outcome. I feel very fortunate to have the EIDON and Solix in my practice. They are both super easy to use and integrate right into our workflow. They are intuitive, and anybody can learn how to use them. The EIDON provides the highest level of detail and resolution. The Solix is a multimodal imaging modality. I am always awed at the amount of detail and high image quality. Together, both of these devices have really allowed me to be the best diagnostician that I can and the best doctor that I can be. We have had the EIDON for years now. The detail and the intricacy that we can see with this just elevates our clinical game and actually standardizes everybody's fundus examination. The Solix, in particular, is then our supplementary tool. So we really leverage both of these technologies to optimize patient care and ultimately the patient's experience in the practice by giving us more information to help those patients better. Well, clinical confidence couldn't have been explained better. Thank you, Dr. Rodman, and thank you, Dr. Brujic, for your testimonials. Now, let me bring this all together. In this section, we presented how we translate the strategic positioning and expanded potential of our portfolio in commercial results, and therefore, how we plan to continue accelerating our sustainable growth. We want to focus on four major pillars to capitalize on our expanded commercial footprint, to leverage our now greater scale and broader Revenio diversification, to increase our sales and margin contribution from our direct channels, and to optimize our distribution network. We are stronger today and positioned to continue providing sustainable and profitable growth. This is what we mean when we say creating greater value together, turning one plus one into more than two. Thank you. Mari, back to you. Thank you, Umberto, and hello everyone again. My name is Mari Korhonen. We've heard a lot today about what kind of ambitions we have and how we can make a change now in the new chapter. My focus is now to really go through how do we enable that. This will be done through the operational excellence and quality with people and culture as the foundation. We continue building on and strengthening the scalable and cost-efficient, and really resilient operating model that supports our growth and really strengthens the customer experience and safeguards the high standards of quality and compliance. We are advancing this through three clear priorities that I'll walk through now. First, we will really simplify and strengthen our global supply chain network. This means to improve the resilience, balance the internal and external capabilities, and applying dual sourcing, for example, where it creates value. We will clearly define what capabilities we should have in-house, that they're strategically important, and where we need to trust on manufacturing partners, for example, for greater flexibility or scalability. Secondly, we will further advance our customer care and service operations to really combine the strongest capabilities from both of the organizations and harmonize the key processes to be consistent and responsive and to be able to provide that high-quality customer experience, really regardless of whether the product is sold through our direct channels or through distributors. Thirdly, the quality is at the center of everything we do. We will strengthen the quality culture in the company and really provide an uninterrupted market access to continuously improve our performance in doing that. For us, quality is not just about product performance, it's about how we serve, support, and collaborate with our partners and customers. The business continuity will be critical when doing any changes, and we're going to face this very deliberately to execute in a controlled way to protect the customer relationships and our day-to-day operations. In short, we remove the complexity where it doesn't add value. We will build resilience where there might be a risk of disruptions and really protect the quality in everything we do. That is how we enable excellence and again, scale with confidence. To our final strategic cornerstone, which is developing people and culture as our foundational strength. We strongly believe that our ability to execute the strategy will ultimately depend on how our people operate and how effective we are as one company. The ambition to build a one integrated organization with a shared culture and a positive employee experience is there. Three areas here as well. How do we continue enabling a high-performing organization? This means that we will have the right capabilities in the right roles. Everyone knows what is expected of them, that we align individual and team targets to really support a high-performing organization. We are creating a one-company culture. Like already mentioned earlier, we have done a culture survey to really understand the strengths and characteristics of our both organization. The results show that we are very well aligned. There are also, of course, areas we can develop our new shared ways of working. Third, the employee experience, how we strengthen that and also strengthen the growth. We want Revenio to be a fair and transparent workplace where everyone can have meaningful opportunities to develop, contribute, and succeed. Employee wellbeing will remain an important part of that experience. Together, all of these priorities will support the performance, our capability to innovate, and ultimately our long-term success. Surely what I mentioned, but I really want to shortly rephrase the operational excellence and uncompromising quality are the foundation of the scalable, profitable growth. The unified culture and the high-performing organizations really act as critical enablers for this integration to be successful and our long-term performance to be secured. Let us go to Jukka and hear in the fifth sections about how we are positioned for value creation. Over to you, Jukka. Thanks a lot, Mari. Nice to be here today. Actually, nice to see so many people here present, and of course, online as well. You have heard today our new strategy update in the market dynamics shift to the connected eye health. You have heard about our new product portfolio by Erkki, go-to-market plan, our priorities in the operational excellence, and people tie as well. What I am going to present, I am going to present how we turn that to the value generation, what is our revenue plan over the years, profitability plan, and of course, as a result, our new updated financial targets. Let us start first, let us look a little bit about our history. What has been Revenio historical track when looking the net sales profitability from the adjusted EBIT point of view and cash flow. Between the years 2019 up to 2025, we have been able to grow our top line, basically doubling that from around EUR 50 million in 2019 up to EUR 110 million during the year 2025. That has been always complemented and strengthened by the selective strategic M&A over the years, both in the hardware side and also software side, and of course, the latest transaction, the Visionix, what we are covering here today as well. Then when looking our profitability profile, which has been adjusted EBIT between 24% and 31% over the years, which is definitely one of the highest in this industry where we operate. On top of that, we have been always generating strong operating cash flow as well when you look over the years, peaking up to EUR 30 million during the year 2025. This has enabled us our investment on the products, also in R&D, around 10% a year. At the same time, this creates a great foundation for the company in this new strategic phase where we are entering today. Let's look again, a little bit repeating the reasoning of the Visionix transaction. Of course, the key driver is this market shift, like Jouni Toijala highlighted, from vision care to connected eye health. What do we now have after the acquisition? Like we have highlighted, our total addressable market has increased to more than EUR 1 billion a year to EUR 2.7 billion. So 2.5 fold increase in the addressable market. In addition, we have a stronger global presence, both in North America, Europe, and APAC as well. The third one, we now have in our portfolio, OCT offering and other complementary offerings to serve this new market dynamics where we operate. On top of that, this new scale enables us also the improvement in the profitability levels from the synergies and operational leverage side as well. The next one, I am just showing the indication of the new scale of the Revenio Group. These are the pro forma numbers from the year 2025. Like you see the top line, our pro forma net sales in year 2025 was EUR 253 million. So quite a significant growth from the EUR 110 million what we reported out as a standalone revenue. Out of this EUR 253 million, our recurring revenue base is around 20%, so quite a significant base coming from the recurring revenue as well. When looking the profitability levels in the pro forma numbers, adjusted EBITDA EUR 45.3 million, 17.9% of the net sales. Just reminding, we are now targeting this EUR 20 million EBITDA uplift to joint value generation and the synergies, and we expect that to be in place by the year-end 2029. The next one, you see the revenue breakdown pre-deal and post-deal when looking pro forma numbers in year 2025. In old revenue, EUR 110 million revenue, around half of that came from North America, so EUR 55 million. One third came from the EMEA and LATAM region, so EUR 36 million, and the EUR 18 million came from the region APAC. When you look now this new group in pro forma numbers, North America revenue has grown to EUR 90 million, but at the same time, share of that has dropped from 50% to around 1/3. Of course, same time, significant growth in our revenue base in EMEA and LATAM, from EUR 36 million up to EUR 139 million, so more than half coming from that region. Then increase in the APAC revenue as well from EUR 18 million to EUR 24 million. The key highlight here is that we have less dependency on the one country, one region, broader revenue base of customer and geographies, which gives us more avenues to grow in the future. Let's go to financial target. Net sales target for the years 2027 and 2029, 5%-10% compound annual growth rate and adjusted EBITDA 25% by the end of the year 2029. The following slides, you see our plan and the steps how we get there. Starting from the revenue, as I said, 5%-10% compound annual growth target over the years. First thing, first driver in the top line growth is of course continue growing the existing portfolio, existing business, and of course, cross-selling the combined portfolio. As an example of the high growth offerings of OCT, multimodal, what both Erkki and Umberto covered earlier today. On top of that, we have now better access on different customer segments, different geographies, optical retail, broader access to optometry, and some direct account as well on top of that. The third one, of course, we continue our R&D, our product development of the bundled combined offerings of the software, hardware according the market shift, what was described today. About our profitability plan and bridge over the years. Of course, one critical element what I am going to show in the following slides is our synergies, EUR 20 million synergies altogether, what we aim to reach. On top of that, top line growth is bringing the operational leverage for the company. The third one, our continued focus in the software and services are improving our margins as well. Let us cover a little bit our EUR 20 million synergy plan. Like we have communicated, we are targeting by the year end 2029, EUR 20 million synergies bringing the annual recurring EBITDA uplift for the company. These are basically in two different areas. Commercial drivers bring in 30%, and that includes optimizing our distributor network, like Umberto was highlighting, cross-selling to existing customers, and of course, getting new customers based on our new scale as a company. Major part of that 70% is coming on our improvements in operating model, fixed cost efficiency, improvements our supply chain, operational set-up, design, production, assembly overall. Like we have communicated, we expect 70% of that to be reached until the year end 2027. Like Jouni highlighted, only three months after the deal close, we have already secured 25% of those synergies. So EUR 5 million altogether. We are well on track with this plan. Next one, regarding our one-off costs, which are fully connected of course, on the acquisition and related integration. Like we have communicated, we expect the one-off costs to be more or less the similar size and amount than this EBITDA annual uplift of EUR 20 million what we are gaining. What are these one-off costs? Big portion of the one-off costs are coming from IT. It is coming from restructuring. It is coming from marketing and branding and overall project management costs. We expect around 70% of those costs to happen between years 2026 and 2027. What is the payback for those costs? Just repeating this EUR 20 million annual recurring EBITDA uplift by the year end 2029. The next one, regarding the rights offering, like we have communicated, we are planning during the age due share issue worth of EUR 80 million. Nordea is our global coordinator in the share issue. They are our underwriter for the case as well. Like we have communicated, our main owners, William Demant and sellers at the deal close moment owning 31% of the company, have irrevocably committed to subscribe the shares pro rata in the share issue. The funds from the share issue, we will use to pay out the bridge to equity facility, EUR 80 million, what we got in the deal closing May 2026. This is covering also the balance sheet metrics regarding the share issue before the share issue planned and after that. Like we communicated in connection to quarter two, we had a net gearing of 159% at the end of H1. After the share issue takes place, we expect that to drop to around 70% level. We also made public our net debt to EBITDA ratio in the quarter two, which was around 5.3. We expect that to drop on the level of three after share issue takes place, and equity ratio we expect also to increase from 31% to up to 50% after share issue takes place. But remember that on top of that, of course, we continue as a company delivering strong profitability, strong cash flow generation, and that of course improve the balance sheet metrics over the time in the future as well. Then, at the end, like I commented, net sales target compound annual growth rate 5%-10%, driven by three different drivers of the bigger size of the company, broader portfolio, growing the existing business, utilizing the high growth offering of multimodal and OCT offerings, and of course focus also in the recurring revenue side as well. And then adjusted EBITDA of 25%, driven by synergies, operational leverage, and the higher margin coming from the services and the software offerings as well. Then at the end, our priorities as the company on the short term and midterm regarding our value creation journey. In the short term, of course we have been focusing, we will be focusing combining the organization, which is well on track at the moment. We will continue developing our enterprise-level processes, our system landscape, our IT application regarding the both companies. We will start taking the quick wins as you saw in the procurement side, also in the go-to-market side, like Umberto highlighted. But of course, we at the same time start also planning this long-term synergies as well. On the midterm, when looking the years 2028 and 2029, we will capitalize fully our go-to-market asset as a combined company. We continue developing this new turnkey solution regarding the market shift. And then when looking that period beyond, we will continue strengthening our market leadership as a company, and of course we also focus on the strong business performance as a company. But all these taken into account, there is three things we never compromise. First one is business continuity. Second one is focus on customers and customer satisfaction, and of course, our people in the Revenio Group. Thank you. And I think I hand over to Jouni, our CEO, as the next. Thank you, Jukka and the team. I think it's time to start wrapping the things up. As I said earlier, we are closing a chapter. We are closing a chapter in our growth book, which has been lasting more than 10 years. By closing that one, we are going to open a new chapter, and the new chapter heading is geared towards leading the shift from vision care to connected eye health. If we go through now the cornerstones, how we are going to do it. Erkki covered the logic why it's critical that we can really increase, we can advance the clinical confidence and the workflow excellence across the different players when we are going through this shift. Umberto went through the benefits of combining the two companies in terms of having more customers, in terms of having a wider product portfolio, and have a wider access to these customers in order to be able to sell more, in order to be able to shift the vision care players more towards the connected eye health. Mari went through the operations part, how we are going to even further improve the operations, the way how we work. Mari also covered how we are continuing keeping the people and the culture as a cornerstone of enabling our future growth. If we do all these well, like we have been doing throughout the years, working also with the brand and with the ESG, I'm sure that this next chapter is also going to be the growth chapter for us in a profitable manner. We are well positioned to lead this shift. Macro trends are backing us up as we have seen today. We have seen today that the product portfolio is extremely complementary, highly complementary, and it's differentiated. We really cover with the hardware products, with the software products, we are able to cover the entire clinical customer journey. On the scale side, like Umberto said, amount of the customers is increasing. We have a way more greater footprint if we think from the sales go-to-market perspective. Honestly, it looks good for the future. Lastly, but sure not the least item, we are culturally aligned. If you take the old Visionix team, we take old iCare team, the culture seems to be aligned, and this is a great asset for us to forward the integration, which is going extremely well as we speak. We have been able to execute now first 25% of the EUR 20 million EBITDA uplift, which we promised by the end of 2029. As Jukka said, we are today also reiterating the financial targets in order to be way more clearer than the 3x faster than the market, because most probably market hasn't been increasing too much. Now we are really stating and hopefully making this one more simple to you all. The target for the growth is going to be 5%-10% with the 25% adjusted EBITDA target by the end of 2025. With these words, I think, Mari, it's time to move to the questions and answers part. There are hands up and run again, but maybe we sit down first, if that's okay. Mari, over to you. Thank you. Thank you, everyone. Lovely to hear from all of us and let's go towards the questions. We could first have a few ones from the audience. I believe there was some hands up, so please, maybe the lady from the front row. Thank you. This is Pia Rosqvist-Heinsalmi from DNB Carnegie. Thank you for the presentations. If I start by looking at your growth ambition of 5%-10%, how should we think about the lower end of this range versus the higher end of the range? In your scenario analysis, what would take you to the lower end, but not to the high end, and what would take you to the high end? I would perhaps try to answer this one first, and then colleagues, please help. We have been looking this one from the different scenario point of view. Like Erkki mentioned at the beginning, we have a couple of high growth segments which are growing faster than the 3.9%, which is the average market growth for ophthalmic diagnostic devices. We are envisioning that we are able to grow on the OCT side way faster than the market is basically growing. If that growth is what we have been expecting, from the OCT perspective, we are shooting towards the higher end of the spectrum. Then if we go for multimodal part, if that part goes as expected, that again brings us towards the higher part of the spectrum. Then if we take the traditional one, we are estimating that tonometry probes going to continue, but most probably not on the high-end part of the spectrum, because tonometry market in general, if it's growing normally, it's single digit close to zero, perhaps 1%-2%, but we have been able to grow way faster. Then on the fundus imaging side, there we have been able to move also the needle, but I think that hits not on the higher end, but that hits on perhaps a mid-range or lower part of the bracket. Hopefully this explains and of course we have to execute. One thing we have to also remember is that if we go to the finishing part of the product, that market is not growing too much. If you continue the whole company portfolio, which we said that it's 5%-10%, if you consider that the finishing part is reasonable, it's stable, good business, but reasonably stable. It means that on the other ophthalmic diagnostic device side, we have to then grow a bit more faster. Hopefully this, Pia Rosqvist, answered your question. Yeah. Thank you. If I just may continue with specification. How much of your current sales do these faster-growing segments represent? How much is OCT and multimodal devices of your current combination EUR 253 million? Unfortunately, the same trend is going to continue on this one. Unfortunately, we are not giving product line specific numbers regarding to the revenue. It's a bit like what we have been having a habit, what we have had on the old Revenio side. Sorry. Okay. Thank you. If I still continue with another question. Just reflecting upon your long-term target, which is for an EBITDA margin, whereas you guide now for this year on adjusted EBITA. Why this discrepancy in the target setting? Yeah. It's a great question, and we wanted to be systematic on the deal close when we already announced some EBITDA targets for the mid and long term. We wanted to be systematic with that and not to break that. That's right for this year when looking at the guidance, we use the EBITDA on the short term. That was the main reason we wanted to stick on the mid and long term in the metrics we came out in the deal closing. And maybe building on top of what Jukka said. If thinking the A part and the forecasted A part because of the PPA depreciations, are you willing to open the bid amount so that you end up at the guidance bracket? Yeah. At the moment, our PPA depreciation on the annual level is more than EUR 8 million. Around EUR 8.2 million when looking at the analyzed amount. And hopefully that builds the bridge to the guidance. Yes. Thank you. My final question for now is really on your combined sales, the EUR 253 million. In conjunction with the acquisition of Visionix, you showed a share of sales split with roughly, I think, 23% coming from OEM sales for Visionix. My question is, what will happen with this OEM sales? Is it something you are now reducing? Should we analysts think of EUR 253 million as the base level going forward, or will there be a shift in that revenue mix, a reduction in the revenue mix? Maybe I take this one. If you go for the ex Visionix and also in the new combined company, the OEM business is actually quite lucrative for us and what also Umberto mentioned regarding to the open, the access perhaps the places where we wouldn't be without the OEM deals. Here I'm referring especially to lens business. Quite a lot OEM businesses, it's VX 650, et cetera, and the OEM players are actually buying from us and bundling the devices what they get from us with the lens business. That's not bad for us, it's good for us. Then, of course, there's a question that is it a reasonable margin or not? But it's actually on the margin level comparable to the margin which we are going to get through the normal distribution network. It's not eating the margin compared to the normal distribution. Anything, Umberto, you would like to add on this one? Not planning. Having discussions with these players, and they are strategic for us and planning to continue to work with them. But Umberto, anything you would like to add? Because this is ex Visionix business. Perhaps just highlighting that our experience so far has been the partnership with them is a big enabler to bring to market new technologies, has helped to drive in the market what we develop and innovate together with them. I think it's a good asset that will help us also in the years to come. Thank you. Thank you. Hello, this is Nikko Ruokangas from SEB. Thank you for the presentation from my end as well. I have three questions, and I would like to start with maybe a bit larger picture on your strategy. You emphasized quite a lot that you want to enable optical retail to take broader or more diagnostic and treatment there. I understand that you got more access to the segment through the acquisition, but I guess that Visionix has had access to the segment also as well as other segments. So has Visionix tried to do that expanding from vision care to eye care, and how successful has that been? Erkki, would you like to take this one? I have certain thoughts, but first the guru words from Erkki. Well, I can. I would answer it probably in a couple of ways. Yes, the product offering Visionix has had has been fitting to that shift partially already. What is really new here, Visionix brings really solid customer base in that optical retail where we haven't been so strong in old Revenio. That said, as I mentioned in my presentation, some of the first diagnostic modalities often taken into use in optical retail are tonometry and fundus imaging. If you look at Revenio's product offering in there, our products are, I would say, perfectly fit and probably better fit than ex-Visionix has been in that spot. If you look at our iCare DRSplus confocal fundus imaging camera, for example, fully automated, easy to use, easy to adopt and to use, and has proven to be successful in those settings. I think we are complementing each other. We have brought some really solid product offering and knowledge from eye care to those customers Visionix is having already. It's complementing in that sense. Probably to add one more thing. Where Visionix has been really, I think, strong and good and innovative is to introduce those cloud-based solutions to those optical retail customers. For example, combining multimodal diagnostic devices we just talked about into My Lenses Experience solution, which is supporting those customers. We both have had some activity in AI-assisted retinal screening solutions, where I think we can combine strengths of both companies in one solid solution. It really combines. We have been operating slightly in different kind of areas, and it combines the strengths of both. One thing, Erkki, came to my mind. Are you able to open this My Lenses Experience? Maybe it's not a familiar term for all. Yeah, sure. That really relates to the customer profile in OEM business, what Jouni mentioned earlier. Main partners there are big ophthalmic lens manufacturers who are combining their lens offering to our multimodal devices or the data produced by our multimodal devices. Our devices are capturing refractive and other data from the customers, which then can be used in profiling the best-fitting ophthalmic lens solution for customers. That supports typically the sales of premium type lenses for the customers. That's the kind of a big, let's say, joint interest. Our multimodal devices are capturing data that is then transformed into a kind of sales support tool for optical retail customers. That's of course a joint interest or common interest of both lens manufacturers and us as a tech provider. All right. Thank you. Then a question on integrating the two companies. You said that you are going to decide what capabilities to keep in-house, what suppliers and distributors to use. I guess that these are quite essential for the cost generation. How long are you in the planning phase of this? As we covered already during the Q2 and today, we have been able to now conclude the organizational setup in the U.S.A. So now both teams in the U.S.A., we have organized them already in a new way. That covers the sales, that covers the operations, that covers the finance. So it covers the whole U.S. entity. So they have been running now full steam, roughly 6 weeks I would say, in a new setup. Then of course, we have plans and understanding that how we are able to move the countries in a setup that we drive the global functions through more. If you go to the kind of old Visionix setup. They were quite country-specific, very tight country-specific P&Ls. So U.S. had, as an example, own stock management for the products, own service organization, own customer service. If you go then, as an example, for Italy or we go for France, pretty much the same. What we have been now doing is that we try to find the best pieces from the ex-Revenio and ex-Visionix side, so that we tighten up the old Revenio model so that in the U.S.A. we have a P&L, rest of the world we have a P&L, but we bring the global functions then to cuts across. So that if we think the warehouses, logistics center, service, customer service, whatever is it, finance and control, quality. So they cut across, and the direction and the development is coming from the global functions. Then we main and keep only two P&Ls. One is the U.S.A., one is kind of the rest of the world, which Umberto Bargiggia is looking for. There we have plans in place how step by step we take this journey forward. Okay. Continuing just on this, have you made kind of on higher level decisions on kind of you having, before the transaction, lighter production model compared to Visionix' maybe doing more themselves? How do you want to mix these two different production models? There the plan is developing. We are looking the pros and cons for both models and really looking also the kind of total cost. Working on that front at what is an optimal model. Is it really to go really like Revenio used to be really light asset-based where we do not manufacture anything or assemble anything by ourselves, compared to Visionix' model, which is the hybrid. Own manufacturing and part is through the strategic manufacturing partner. This work is ongoing. I think we come back to this one when we have a plan ready. Okay. Thank you. The last one on sales growth. You are targeting 5%-10% organically from 2027 to 2029. First one, does this include also organic growth from 2026 to 2027, or does it start from 2027 onwards? If not, are you kind of targeting this 5%-10% growth also in 2027? I can take it. Yeah, you can take it. It is organic growth target between the years 2027 and 2029, so organic growth in 2026, of course, is a starting point in our talks. All right. Great. Thank you. That is all from me. Thank you, Nikko. Thank you. Do we have? Yeah, of course. Go on. Yeah. Just a few quick ones from me. Daniel Lepistö from Danske Bank. So maybe a question on your key customer segments now post the transaction. So can you run us through on what's your customer split at the moment? So I guess optical retail become much more important for Revenio now post the transaction. So can you give us any percentages on the customer split? Do you, Umberto, want to go or? Yes. I think after the integration between the two companies in terms of split between the customer segments, we are quite well-balanced with Revenio that historically was more on the optometry medical side, and we were more on the optical retail side. This creates a very good blend. Our direct sales channels, for example, in Europe, they were primarily focused on the optical retail. In U.S. was more optometry in a similar way as Revenio did. I think we are quite well-balanced and around a 50-50 split, I think, between optical retail and optometry medical. All right. Thank you. I would like to know about if you can disclose anything about the gross margin variation between different product categories. What are you willing to share for these different gross margin profiles of your different products? Yeah, I can comment on that. This is not what we disclose by product, the gross margins, but maybe it is worthwhile to look the indicating numbers from 2025 for the combined company. If you look the gross margin levels for 2025, it was around 60% level for the combined company. That indication we can give you, but unfortunately, we cannot share you the exact gross margin by product line. Can we or should we assume that all the products in Visionix portfolio carry a similar gross margin like the OCT and also the refraction and etching products? Yes, I can comment on that. What we can comment that the gap between different product lines is not that big there. So actually, it is quite positive overall when we look the different gross margins in the Visionix product line side. All right. Thank you. And the final question on this recurring portion of your sales. What is the ambition here? You shared it is 20% of total. It seems that there is a little bit more of cloud software business in Visionix compared to Revenio. So what is the sort of long-term view of this business? Because it is part of the margin target as well, the software sales. Yes, like we communicated, gave the pro forma numbers, that around 20% is the recurring revenue base in the new combined company. Of course, we continue strengthening that. We do not disclose any numbers over there but of course, constantly increase asset base. We will drive the spare parts sales overall also in the future. And of course, we continue commercializing, for example, our software offering as a bundled offering on our devices sales. All right. Thank you. Perfect. There's more questions on the audience. Yes. Yeah. It's Kimmo Stenvall from OP Markets. One detailed question also on my behalf. The non-recurring costs next year are about 50%, so approximately EUR 10 million. What are the main targets, or is there something IT related, big projects ahead of you or what is the reason for this? Yeah. I can share you kind of the main elements of the one-off cost overall. So of course, IT is the one big item over there. Also, the branding and marketing, second big item. Restructuring cost overall, kind of the third big item, and then some project management cost on top of that. So those are the big kind of ticket items in the one-off costs overall. Okay. Thank you. Yes, there. Yeah, thanks. Joni Sandvall from Nordea. Two quick questions. Starting with the U.S., old Revenio had roughly 50% of the sales coming from the U.S., and now you are this combined company, roughly a third coming from the U.S. So obviously, it seems that there is room to grow in U.S., and you have now the combined sales team in place. So what are the key actions to drive this, and where is the ambition in the U.S.? Is there something that has been lagging in Visionix why the share of sales has been lower compared to old Revenio? Yes. As we discussed earlier, we have already integrated the two companies over summer, and in our opinion, this is now allowing us to be way more effective and efficient in the market. We talked about now having 50% more salespeople in the field. This is our number one driver, more people customer facing. Broader portfolio, this is certainly another element that will help us be more effective in front of our customers, having more point of contact and engagement with our customers. Also, thanks to the more people, we reduced the sales territories. They will have more time and more visits that they will be able to do with our customers. Then we can leverage on real customer base. We have, on a conservative assessment so far, more than 35% of customers that are newly addressable. Either the one company or the other has already sold, has already a relationship, but has not yet managed the other one. With that, we think we can strongly accelerate our performance over the months to go. Over summer, we already invested quite some energies into bringing the team up to speed. We can say that now as of September, we are ready to be fully operational in the field. Okay. Thanks. Secondly, maybe question, you are speaking about the change in the market as such. Could you elaborate anything on the R&D cost? It has been on the old Revenio, roughly 10%. What should we expect now during this strategic period? The plan is to, based on the current understanding, we are going through the portfolio, more or less keep it on the same level. If I recall the numbers right. That is right. Visionix has been slightly below 10%. We now look the portfolio with Erkki's team, then we do the decisions, how do we allocate the capital? I think the good guidance is that more or less the same amount of the revenue, roughly 10%, we are going to invest into the R&D. Any split within the R&D? Historically, it has been maybe more on the products, but are you expecting to put more money on the software side now? Yeah, we have had quite tight guardrails on having one-third to the software, two-third to the hardware side. I would assume that it is going to continue like that. Really the fact is that if you look at the strategy, we really have to nail the products, like we now have even on the combined company. We have a compelling roadmap for all the product segments now on the works. We have to guarantee we get them out, then we consolidate the cloud assets into one platform. That work is ongoing because now we have two cloud offerings. I would not say that we would not increase the software side. We keep the teams pretty solid as they are. Of course, if there are new opportunities we need to lock in, then expanding, of course, on the software side. But this is the current feeling. Work is on the progress, and then we are really now moving after the CMD, also the budgeting planning for 2027. Okay, thanks. Great. Thank you. We could take a few questions still from online. So there is one regarding the brand that the most valuable asset of Revenio is the brand iCare. So to fully benefit the brand, it should mention with all the items that we deliver. So earlier, it has been suggested that Revenio should name itself as iCare. Have we thought about this, or have we heard the idea? Maybe I could pick this one. I think this is perhaps a bit more complex. Jussi, who heads our marketing, sits here. So he is having with his team and with the wider team, he is having a project ongoing regarding to the branding. It is not so simple as it seems to be or as you can kind of feel. So whether is it iCare, whether it is Visionix. Okay, then if you go for OCT, the Optovue is extremely strong. If you go for VX is strong. So we are now really with Jussi and with Jussi's team really forming up a view in an analytical way that which of the brands are really seen as valuable brands and resonate among our customers and patients and so forth. So this work is ongoing. I think we open also the discussion that in coming months that, okay, should we even think and work on the Revenio branch. These all are in the one package, and team is heavily working on this one. I would assume so that towards the end of the year, I think we are wiser on that one. What would you say, Jussi? You are nodding there. Sounds good. Sounds good. Maybe that answers the question. Thanks, Jouni. Thank you, Mari. Then a short question. Will you report iCare and Visionix separately, or at least disclose the organic growth and synergy run rate quarterly so that the market could track the progress against these targets? I can comment on that. Of course, we will continue improving our financial reporting. That will be the key in order for the capital markets to understand what's the organic growth, inorganic growth overall. We will, of course, keep the capital market informed about our progress and our top-line growth from the inorganic and from organic point of view. If you really now look what is out, you have a 25 pro forma out. That's a combined company. You have first half 26 pro forma out as a combined company. We come out with the Q3 numbers. That's a combined company. We come out with the Q4 numbers. That's a combined company. Then you go back and you compare. Then you can see the organic growth from that one. Is that? Yes. Correct? Great. I think we could still take a few questions. There are some interesting ones in the chat. One being, "Why does it take so long as two and a half years to realize the cost synergies? What are the main obstacles that prevent us from realizing them, for example, by the end of 2027? Maybe I take a part of the question. When we set the target for EUR 20 million EBITDA uplift, two major parts, cross-selling, up-selling. Coming from the synergy side, they increase the top line with the combined portfolio to the new customers. Then we have an OpEx one. OpEx one, perhaps a bit more straightforward regarding to the cross-sell, up-sell, what we have been doing, as an example, in the U.S., we have been training the sales team across the product. We are building the cross-sell, up-sell plans. It just does not go as smoothly as that. Then if we go on the product side or we go on the operation and assembly manufacturing side, it is just not like a clip that everything is done in 18 months or in a year. We now go prune the portfolio, look at it in an analytical way, have a discussion with the customers, where is traction, where is not. Seems to be that the traction is good, but still we do the analytical work. Then we look supply chain, we look manufacturing footprints, et cetera. That is just taking time. Maybe that answered. Yes. Yes, I think so. Thanks, Jouni Toijala. Then there is still a question and also a comment from Jukka Kainulainen. Even though the targets were as expected, I think that EBITDA target moved from 25 in 2028 to 2029 to 25 by the end of 2029. There was some nuance. Can we elaborate? The 30% post-2030 ambition was no longer mentioned. Why is this, and do you think that 30% is realistic and how? Yeah. I think what we earlier communicated, it was this 25% in the deal close between the years 2028, 2029. It is quite aligned with that communication, what we came out in May this year. What comes to the 30%, where is Jukka? Somewhere there. Hi, Jukka. The logic is that we are now talking about the strategy period ends up at 2029, so not moving that part so that we are trying to get, of course, the EBITDA levels up from the 25 after 2029. Yes. I at least have one very interesting question here I would like to still coming from Jukka, "Why hasn't the market grown in recent year and why is this going to change? What are the biggest market trends that really separate the winners from the losers during the next five years?" We could talk about the strategy period, but Maybe regarding to the growth. If you look the data, what we have, of course, mainly we have data from publicly listed companies, that have they been growing or not? Have they been profitable or not? Maybe there are some others which are not listed, which are not growing. But in general, what is good at the Revenio side, at least if we look years back, we have been able to constantly growing faster than the market. I think that is a positive thing. What was the second, Jukka's question? That what separates then winners from losers in the next three years? I think that's an interesting question to maybe end our talk today. I have actually answered, but maybe Erkki, you pick up this one. Probably commenting on the first one still briefly that, of course, the operating environment has been quite uncertain over the last couple of years, and this kind of capital equipment investment you can postpone for a certain period of time, but at some point, you have to invest because the main drivers, the demand is increasing, and the drivers are still there. You can adjust a bit timing. That gives certain kind of fluctuation to the market. What separates winners from the losers, I think it is really a few things, and broad portfolio is one thing. Really being able to offer solution for the entire clinical customer journey, which is taken care of by all those three main customer segments we went through in the presentations. There is less and less Let's say certain pockets. You may find a pocket where you can be excellent and survive and really perform well. But really, to build a long-term, sustainable, successful business, you need to be able to tap into these shifts in the market like we are now doing big time, and that requires a broader portfolio. There are not too many players being able to do that. When it combines with a strong presence already in those key customer segments, I think that's one winning formula. The third one is really looking to our strategic choice and really a strategy to lead the shift from vision care to connected eye health. Technology adopted in those, if you like, lower levels of the clinical hierarchy. Technology types has to be right. So you really have to have easy-to-adopt solutions for those customers so that you can really win that market. That's where we are extremely strongly positioned. Thank you, Erkki. Do we have any more questions from the audience before we conclude for today? There's one hand up. Tero Weckroth, hi. One question. Now, you have moved into the different segment, the lens business, and who are the competitors? I remember that Essilor bought Heidelberg for the OCT. What are your main competitors at the moment? Should I start? Yeah. Just to make it clear, we haven't moved to ophthalmic lens business. We are serving, yes, new growing customer segment is an optical retail, the customers who are selling lenses, but they still need to have diagnostic technology to perform the examinations, then of course allowing them to prescribe spectacles and sell the lenses. I would say that the competition remains largely the same. We have been competing in this marketplace already previously. I don't see any major changes in that. It may be that the weighting of the different players in this more specific position we now take in the market may be different, but names of the players are pretty much the same I would use. I would say so. Who they are? They are ones like Topcon or ZEISS or NIDEK, all these big players. Thank you. I think we are ready to wrap up for today if no further questions also from the audience. I much want to thank you all of the courageous presenters today, all of the audience here in Helsinki, and of course, everyone joining us on the lines. Big thank you and have a lovely rest of your afternoon. Thank you. Thank you. Thank you.