Ladies and gentlemen, good afternoon and welcome to this investor event. My name is Kjell Arne Hansen, and I am the Head of Investor Relations for the company. We are very happy to host this event for you today and present our new strategy for Tietoevry that we released this morning. You will first hear a presentation from our President and Chief Executive Officer, Kimmo Alkio, and our Chief Financial Officer, Tomi Hyryläinen. After the presentation, we will be doing a Q&A session, and if you would like to participate in that Q&A session, you need to join the webcast via the Teams link available on the webcast page. I will also come back with some more detailed instructions on that Q&A session after the presentation is done. Now I will hand it over to Kimmo. He is next to me on stage and very eager to get started. Kimmo, please go ahead. Thank you very much, Kjell Arne, and a very warm welcome to everybody today to our quite significant strategy sharing session. The direction we set today is very transformational. We see an attractive and rapidly changing market with significant growth opportunities. Specialization becomes our way to capture the opportunities we are identifying. We'll be focusing on cloud native and software centricity in our business choices and investment priorities. We renew the way we operate through end-to-end businesses to be actually ever faster in the marketplace. The time to step ahead is now, considering the market opportunities, market dynamics, and our integration progress. This is a very exciting day, and the direction we are setting for the next few years to come shall be really transformational and very exciting. I'd like to begin our sharing from the market, how we read the future of the market, and the market segments, which will actually provide us with very interesting growth and expansion opportunities. I'd like to begin first by a bit visionary perspective, which is a world which is very familiar to us over the work over the past few years. We'll be talking a lot about the world of the hyper-connected data. We've been talking about the data centricity for several years. We see a big difference in the marketplace as every enterprise, every decision maker, and every C-level customer is considering how to utilize the benefits of data through one's own ecosystem even faster and also through higher investments as one of the primary drivers of the technology sector. Overall, with the foundation of Tietoevry, we are also betting on our trust with our customers and winning new customers by having great capabilities in terms of security, privacy, being active promoters of circular economy with a very extensive sustainability agenda. When we go forward to more practical views on what's most important to our customers today, and as of tomorrow, the customer needs are primarily in 3 categories. Our customers will all require more agility, more efficiency. It is not unusual to be seeking 20%, 30% lower total cost of ownership on traditional services. It is a very significant driver where we need to be and can be even more active. Second big driver is for our customers in their businesses to be shifting from a product-led proposition to an experience-led proposition supported by the data-enriched services, supporting the real-time and personalized experiences. Finally, the third big priority from a customer standpoint is the ever-accelerating agenda around innovation and launching highly advanced digital experiences, potentially even with renewed brands, even by traditional enterprises. The role we play is a very significant one in supporting customers of achieving these objectives. The main enablers being the cloud momentum. Over 50% of all enterprise decisions are impacted one way or another through cloud technologies and cloud enablement. second big factor being design and attention around UX, user experiences. The notion of DevOps becoming a standard way of delivering services faster and utilizing the developments around continuous integration, continuous development as a standard methodology in the industry. Furthermore, attention and further capabilities on data analytics and around automation. From our standpoint, customer needs very clear, and the technology enablers very clear for the years to come, naturally, you'd expect us to account for these in terms of our future choices. I would like to provide a perspective on the view of the market by the market. There are three really important messages on this page. We look at the global arena of technology and technology services, the cloud-native world is an area where investments are clearly geared towards. Whether we think about investments into data and analytics, data management, data engineering, data platforms, whether we think about cloud-native application development, whether we talk about moving traditional enterprise software to a SaaSified world, whether we talk about cloud-managed services as a hybrid between public and private. This is an area that is driving significant change in the marketplace. Second factor on the left side, the traditional services will deserve even greater scale as the price erosion in these traditional segments shall further accelerate. With that in mind, it is a very important phenomenon and an opportunity to consider how to modernize our customers from a standpoint of considering optimization of our customers' business processes, application modernization, and infrastructure modernization. Investments being geared also towards the market being modernized. Three big factors. cloud-native world, it is the biggest phenomenon for the years to come. Recognition, traditional requires scale, and in between, very active modernization market. These are backgrounders on the market development. Main point still on the previous page, distinctive competitive advantages through specialization is a development in the marketplace. With these considerations in mind, naturally as Tietoevry in our renewed strategy, we are looking into how to significantly increase the proportion of the growth and new type of businesses around cloud native and software, enabling very aggressive advancement in our business mix, and in parallel, considering the business choices in a manner that will be increasing our addressable market, both in terms of identifying sustainable long-term growth and expansion opportunities. With that background towards our strategic choices, we have clearly a growth and expansion-oriented agenda, where we believe we will be adding even greater value to our customers through faster execution in the marketplace. I would like to summarize our four main choices. Clear business choices themselves to capture the market growth and expansion opportunity, end-to-end businesses with full accountability and broader options to scale as the drivers of each business are highly unique. Furthermore, highly focused and clear investments to expand around cloud native and scalable software businesses while driving partnerships to scale in the more traditional domains of managed applications and infrastructure services. With this in mind, we believe we'll be adding greater value to customers through highly specialized customer engagement, through specialization, greater career opportunities for our colleagues in the company, and also continuing strong and good momentum on shareholder returns. With this in mind, I would like to next go into the businesses and the business choices. We are seeing here on this page four of the businesses being within the cloud native and software domains, and then the two more traditional on what we call modernization towards cloud. Our business design and engineering is centered around cloud native development, data and software engineering, continuously expanding globally. Here we have a very good foundation between the, or as a combination of the advanced cloud native consulting in the Nordic countries, our international operations, which has been on a nice growth trajectory, and our highly competitive product development services being able to expand as a combination, utilizing also the product development services customer base around telecom and automotive. Really interesting foundation in light both of our starting point and in terms of the market development. We have our software-oriented business choices, a stronghold around health and care, open and modular software, expanding Nordic customer base, and over time, further expansion potential geographically. Financial services also a stronghold, significantly stronger as a result of the merger. Modular and integrated software suite for Nordic and global financial institutions, us having very strong capabilities around core banking, around cards, and the payment side, with very interesting and attractive opportunities in the years to come. Furthermore, a bit narrower on the industry software for core processes in public energy and industrial sectors with a clear aim to build scale and further focus. Then we have our enterprise modernization, as briefly reflected earlier, to drive transformation and automated managed services for select Nordic customers in the cross-section of optimizing customers' business processes, application modernization, and infra modernization. Selective customers, very big agenda, very dedicated end-to-end customer teams. Finally, cloud platform services to really focusing on multi-cloud capacity with further scale factors being considered and naturally supporting customers in their own modernization from traditional environments towards highly modern. These comprise of our business choices. Here, we wanted to include the example how we have talked to our customers in the pre-testing also on the very specific value domains of the six businesses. I will not be overly repetitive to my descriptions earlier, maybe a couple of highlights. When we think about the business design and engineering to accelerate our customers' innovation from digital products to experiences and data embedded. This is a market segment we believe we can be much more active and aggressive compared to what we have so far achieved. One of the background of being that our consulting business had been quite extensively around applications, application management, application modernization. Now when we combine the capabilities of Advanced Nordic Consulting, international operations, and product development services, we'll be putting a lot more energy into what we call the Business Design and Engineering with extensive expansion opportunities. Value propositions for customers for the software businesses, very distinctive and will run the software businesses like the best software companies in the world do. Furthermore, Enterprise Modernization, I would like to confirm that the existing customers whereby we deliver application services and infrastructure services, these have a very natural home with the Enterprise Modernization business and whereby we expect to be actually addressing new customers and gaining market share in the future more actively than we have so far achieved. Finally, the platform side orchestrate the multi-cloud capacity for scaling and securing data assets and sovereignty. Very distinctive value propositions, we believe very well-aligned in terms of the belief on how the tech services and technology market globally will be evolving. With this kind of a customer value proposition in mind, I'd like to next address the very important part of employee value proposition. We will continue to build on the stronghold of our Nordic heritage. This is a very valuable base to continue from in terms of culture and globally, the values around openness, trust, diversity. We are seeing good developments all across our operations internationally, we believe this will end up turning continuously into greater competitive advantage as we encourage highly unhierarchical behaviors, working in networks and paying enormous amount of attention for career development for our colleagues. The one part that we are addressing furthermore through the renewed strategy is the clarity of vision as the end-to-end businesses with own strategies do enable exciting career opportunities and the transparency and visibility on where the exact business will be heading, rather than looking at the group average from a visionary standpoint. Those are some of the considerations and our foundation from a standpoint of employee wellbeing in the era of very active talent market, it continues to be in a good shape, and this is something that we'll be working very actively, naturally, given the demand in the marketplace. Next, I would like to go into further descriptions about the starting point of the businesses. This is one of the very interesting areas. I'm sure a lot of curiosity. How will these businesses actually start off with, and what type of ambition levels are we setting? First I would like to go through briefly the starting point from a revenue mix standpoint. Business design and engineering, slightly below 30% of company's revenues, Health and care between 5%-10% of revenues. Financial services, approximately 15% of revenues, Industry software closer to 5% of revenues, Enterprise modernization 10%-15%, and Cloud platform slightly below 30%. We believe there will be a very transparent shift from the old businesses to the new definitions then as we make the transition early 2022. Second important part that when we think about the growth and scale potential of the company. I'd like to start off with the top of the page. When we consider the opportunities around business design and engineering, to begin with, we have an attractive starting point, already a kind of healthy growth. We believe the potential from a growth standpoint to be very solid and on a high level. The legend is down below. This is in alignment with the CMD perspectives from December. Here, high meaning over 8%. Furthermore, we do believe this will continue to be well scalable and around the group average at any given point in time. Health and care software growth potential high, and in recent years, we've sustainably been able to increase the profitability and fully expect this to continue to perform above group average. Financial services, good business, significant investments in place, long-term potential medium. We maintain that view as we had in the Capital Markets Day. There we talked about 6%-8% and profitability above group average. financial services, once the investment period is completed on the platform side, further opportunities for expansion, I believe in financial services. industry software growth potential medium, as seen historically above group average. Overall, when we think about the business choices, the growth and scale potential with the businesses and the starting point to begin with, quite advantageous. Furthermore, fair to highlight that comparatively with higher traditional services intensity around enterprise modernization and cloud platform services, as the audience would expect, the growth profile lower and below group average, naturally subject to building significantly more scale than we've been able to in recent years. There, we shall be looking into a multitude of means for scaling the businesses, which I'll come back to shortly. With this in mind, wanted to share the initial descriptions, the profiles to begin with attractive mix to drive actually both the growth side in alignment with the market development and continue to drive very solid progress in our overall financials. The next important part of our consideration around the investments and portfolio considerations. Investment priorities are clearly geared towards sustainable high growth businesses, and we have three categories. The 1st one, to invest to expand, to accelerate product services and related capabilities, and to prioritize M&A from a group standpoint, specifically around the three high potential businesses: business design and engineering, health and care software, and financial services solutions. The next category, partner to scale, to be investing in the capabilities to drive scale and automated managed services. It's a foundation that will continue, and further to consider partnerships, both operational and structural, in order to jointly invest and scale the businesses further. Finally, the category of focus for value to optimize investments for selected businesses and to continue to drive the portfolio to increase focus and also in support of capital allocation towards prioritized M&A towards the invest to expand. These considerations, as you have noted, have been already on the table for several quarters. Overall, when we think about the investment priorities and portfolio management, we fully expect to continue the active portfolio development to drive focus and scale in all businesses. That would usually be a natural step post-merger to be very clear on what are the future growth and scale businesses you invest into and as may be necessary to continue the portfolio pruning. You may have noted a bit earlier today, we did announce divestment of three smaller software businesses that had to do with the smaller, indeed, software units around construction and transportation. This is actually continuation of our initiatives as referred to a minute ago. I would like to go into the one other very important part as always around the strategic choices, and also the geographical consideration. First important point that through the specialization and end-to-end business approach, we are providing the optionality for the businesses to consider the best ways to grow and expand. I would like to clarify why the optionality per business is important. Each business to consider the tuning to its strategy and to its investment priorities. Furthermore, considering the type of operational partnerships such as technology partners in order to utilize the pre-made investments of certain global technology partners as mentioned. Furthermore, in case it is preferable and beneficial to consider certain structural alternatives to expand the business even faster, we are open-minded. The requirements per business are highly distinctive. This is a very clear change now in how we expect to be actually running the company and guiding the businesses. Second important point, if I may, we naturally have the strong market position in the Nordics. It's a very good foundation. Furthermore, we have the business design and engineering already being quite global. These are depicted through the red circles on this page. Foundation, stronghold in the Nordic countries, business and engineering already embarking on the global expansion. All the businesses have the opportunity to expand, while the means and timing to expand shall be highly differentiated and will vary. The greatest expectations from an expansion standpoint are full in alignment with our choices, further expansion from business design and engineering, and over time, the expansion potential, first of all, winning share in the Nordics and potential geographical expansion, primarily very likely with the health and care and financial services side. These markets will be high growth segments in the industry at large. Next, I would like to go into further considerations and clarifications on the future structure and what do we really mean by the specialized end-to-end businesses. Each business has its options for scaling, including the prioritization for mergers, acquisitions, and potential divestments, as mentioned earlier. The end-to-end businesses will have full operational responsibility covering the usual responsibilities or components of go to market, the business models and service portfolio, culture, talent, and rewarding mechanisms, investments and partnerships, and naturally, responsibility for financial performance. We fully anticipate that the specialized end-to-end businesses will actually drive faster execution in the marketplace, drive fast decision-making, and be able to provide even greater expertise in each customer interaction, also serving to the advantage of employee attractiveness. I would like to also confirm that we will naturally maintain certain level of governance in the group functions, Tietoevry as a group. We will continue to guide around performance management, objective setting, investment allocations, and overall verification for group-wide efficiency at any given point in time. The support functions for Human Resource, operation, strategy, and finance as the foundational element in order to support the businesses to focus first and foremost, winning more market share, having better products and services, and the exactly appropriate talent to be driving that. That's just a consideration and a very natural step, furthermore, in the evolution towards the transition and implementation in early 2022. With this in mind, I would like to confirm the leadership team appointments as the strategy is changing, the way we run the company is developing, and by nature, the new leadership appointments are kicking into effect then in January. The Business Design and Engineering to be led by Christian Pedersen for the first couple of years of the merger, having been the managing partner for Norway. Ari Järvelä running primarily the Health and Care software unit, also leading the Industry Software. Ari having been the head of the international operations and behind the growth of that business, as well as running the operation support functions at the group level. Christian Segersven continuing and then being dedicated Financial Services. Satu Kiiskinen previously as the Managing Partner, Finland, now running enterprise modernization, and Johan Torstensson previously Head of Cloud & Infra, now continuing to lead the cloud platform services with extensive capacity and scale orientation. Furthermore, at the group functions level, Tomi with me here today, continuing as Chief Financial Officer. Trond as the Head of Human Resource. Malin Fors-Skjæveland takes on the responsibility of Head of Operations, and she was the integration executive for the first two years of the merged entity. Kishore Ghadiyaram continuing as the Head of Strategy, and then myself as the Chief Executive Officer. With this in mind, perfect timing to shift over to Tomi. Thank you, Kimmo, and good afternoon. We will be maintaining our financial targets as we announced at the CMD end of last year. Recognizing that the new strategy supports potential for enhanced performance. I want to specifically here point out one of the targets, one-time items of 1%, we are keeping that as is, highlighting the fact that this strategy change is not about cost-cutting. Quite the opposite. This is about growth and capturing the market opportunities. This strategy strengthens the foundation for improved shareholder returns. With this strategy, we will be improving the growth profile of the company, including profits. This is driven from the specialized businesses, our increased focus, and our prioritized investments, including M&A. We are continuing with strong cash flows, which is supported by our cash flow foundation, which remains solid, and our improved reported profits. Our reduced leverage level enables us flexibility in our investments, both organic and inorganic, supporting our strategy execution. We will continue with dividend attractiveness, increasing dividends annually, and we expect that the focus and specialization will reduce the discount to SOTP valuation. On the financial reporting timeline, as of today, we keep our financial targets as is. We have a go live on January 22, where all our end-to-end businesses will become operational. Q4 reporting will be with the existing segment structure. We will be reporting Q4 and full year actual with the existing reporting segments. We will not be giving out the soft guidance for the businesses as you have used to seeing, but as normal, we will be giving out our 2022 guidance for the group. Prior to Q1 reporting, we will be releasing the restated financials of the new structure with more detailed business descriptions. Q1, we will come out with the new reportable segments, and we will continue with the practice of giving soft guidance for the businesses then for Q2. We intend to organize a CMD towards the end of 2022 during H2, where we will be updating the long-term financial targets for the new segments and the group. To preliminary revenue mapping of the new businesses, which will form the new reportable segments. This will be in Q1, as I mentioned. cloud platform services will be built from the foundation of cloud and infra, including managed infra services, private cloud, end-user services, and security. enterprise modernization will consist of businesses of selected customers from cloud and infra and digital consulting, including respective ERP practices. Business design and engineering will consist of our international operations, which is the high-growing cloud-native business, which we have been reported in, which is currently in our segment other. It will include from digital consulting design, cloud, data, and software engineering practices, and our product development services. Financial services solutions will remain as is. Industry software will be divided into health and care software and the remaining in the industry software. I won't repeat the indicative revenue sizing, as Kimmo went through those already. Back to you, Kimmo. Thank you very much, Tomi. With this in mind, I'd like to briefly cover the consideration for how will this be implemented, what type of phasing we have. Quite the usual three-staged approach. 2022 to actually ensure that we are very rapidly transitioning to the specialized end-to-end businesses. As mentioned earlier, we believe this will start to deliver also in the short term that we become even faster in the marketplace. We'll be establishing the end-to-end businesses ASAP. We'll be operating in the new structures of January. We'll be driving already next year investment focus to the high-growth businesses with further scale potential, cloud native, and software. We anticipate to continue the attention and agenda on portfolio focus. I'll come back to identity in a minute a bit further. In phase 2, we expect that we are scaling the end-to-end businesses as more self-sustainable manner with distinctive options being looked into how to accelerate that expansion even further. We do anticipate in the next stage already to be realizing potential partnerships around cloud platform and enterprise modernization to ensure that the scale factors are supported and realizing. Furthermore, portfolio pruning to be already quite far and actively pursuing the acquisition agenda in support of the industry dynamics and our greatest way to compete, our greatest way to actually gain market share. Furthermore, in stage 3, looking into further expansion potential, dependent exactly on the market dynamics of that point in time. By 2024, we would be very far in achieving our desired new type of business mix. I would like to very briefly mention or cover before the closing commentary that we have also been working on releasing a refreshed view of the company's identity. The strategy we are embarking on is very transformative. This also deserves an uplift in how the company is being looked at. We are looking into the type of tonality that we are creating purposeful technology that reinvents the world for good. Purposeful referring to ethical and highly supporting the sustainability agenda of our company and of our customer companies as well. Innovating solutions to bring value for all futures, value to employees, to our customers, to society, while we redefine and reshape our view of the future. The Tietoevry colleague shall be the developers of digital futures. Further information will naturally follow as the refreshed identity view shall be provided at a later stage. If I may, I'd like to summarize the exciting news of today. The direction that we are setting is really transformational. It is a directional setting we have and will take a few years to get the very, very ambitious outcomes. As mentioned, we foresee an attractive and rapidly changing market with significant growth opportunities. Specialization becomes our way to compete and win market share, specialization around cloud data, engineering, and software. As we reshape our company and the way of working, we are specializing through the end-to-end businesses and subsequently modifying the way the company functions, the company structure, and leadership nominations. We'll be going live in January. As Tomi has here covered, we maintain the view on financial targets as defined in the Capital Markets Day last December. At this point in time, Kjell Arne, this would summarize our strategy and the presentation for today. Thank you. Thank you, Kimmo, thank you, Tomi. We are ready for the Q&A session. I'll just repeat what I said in the introduction. If you would like to participate in the Q&A, you need to join the Teams link on the webcast page. When you're in Teams, if you want to raise a question, raise your hand and I will let you know when it's your turn. Remember to unmute and state your question. We will only be taking audio questions in this round. We are ready to start. Our first caller of the day is Daniel Djurberg from Handelsbanken. Daniel, please unmute and state your question. Thank you. Can you hear me? Yes, we can. Perfect. Thank you. Yeah, congrats to this new strategy. It looks clever to me, at least. I was thinking, starting off already in 1st of January and full end-to-end divisions and so forth, and less of a two-dimensional structure. I guess you will not have any country managers in the new management group. My question is really, do you see this change? Has it triggered any major turbulence? When was this work starting off and so forth? What you can see, how to mitigate employee turnover given the very strong market we see for IT professionals. Sure. Indeed. Thanks. Sure. Given that we have progressed far in the integration, we actually have a very solid foundation, both in the service line and in the next layer service practices that will have very clear mapping to the new structure. We have today shared that internally on the mapping as well. We believe there will be a very smooth transition. We will keep all customer teams intact. If I add a bit of a depth in that why this is fully feasible in a few months' time. Most of our customer teams have a very clear home in a service line. The ones where we have multi-service line deliveries, it is usually around combination of application services and infrastructure services, and these go directly into Enterprise Modernization. I fully follow your considerations, and this is the pre-considered view that we believe will actually support the transition. Furthermore, as we are ending or disbanding the matrix way of working, each of the business have their own go-to-market. As usual in this type of environment, we are, as always, nominating a country manager, but while the role of the country manager is more from a media engagement standpoint for potential C-level dialogue with customers when customers want the local language, local presence, and furthermore, around the employee interest groups. We are also confirming during today, the country manager roles, including Sweden. These are actually, if I may, addressed. Perfect. Thank you. May I also ask you have quite substantial near and offshoring capabilities. This new strategy, will it change the strategy on holding on to this level of capabilities going forward, or any changes, or that you will need to address on back of this strategy change? No, it will not. in offshore and nearshore? Yeah. No, it will not change. The offshore and nearshore capability is a very important competitive factor we have, and we will not change that logic. If I add a bit of depth, as we have run during this year, led by Ari Järvelä, he has been leading the global network of delivery centers around the world and delivery center strategies. The businesses also this year have direct contact with the people servicing those service lines. This will also be, in that sense, a smooth transition should be given that this foundational factor of the delivery centers has already existed. Each business will consider how to optimize resource capacity and price competitiveness actually on a bit faster pacing as they can make their decisions on their own and no need to align with other parts of the company. Perfect. I will let Sami and some other in and then coming back here for more questions. Thanks. Thank you, Daniel. I think the next caller would be Michael Briest from UBS. Michael, please unmute your phone. Yeah. Thanks, Kjell, and good morning, good afternoon. A couple from me. I apologize if I missed the start, but just to understand how much of the business you're looking for partnerships, and would you consider disposing of these businesses, or are they so core to the overall offering to the client that you do have to keep it in-house? Then just in terms of employee environment, today, we've heard from others, I think Infosys has reported today there's a very active labor market. How are you competing to retain resources, and are you seeing additional sort of salary and attrition pressures today? Thank you, Michael. Around the partnership. As covered about halfway through the presentation, this category of partner to scale. I'm happy to open that up on your question naturally further. There are 2 areas, the Enterprise Modernization and Cloud Platform, that have higher dependency on the traditional services and legacy technologies, as well recognized. The consideration on what type of partnerships in the future will likely vary by business. If I give an example around Enterprise Modernization, partnerships like SAP on public cloud to be able to utilize the pre-made investments of certain partner companies. This is something we know already have started and looking for scaling that faster and not necessarily needing to invest ourselves. A consideration on the Cloud Platform side, couple of factors. Continuation of technology partnerships like VMware, where we have been co-developing and looking at the architectures, technologies driving the shared environments and how to even more actively utilize, again, the pre-made investments that the likes of VMware do make globally. That's a natural continuation. I think the new part we are opening up today, what we call the structural considerations. Structural considerations we leave a bit open on what might it take to ensure that we drive scalability of our company in our region, data sovereignty of Europe. We leave it a bit open-ended, while I would like to mention that these may, over time, consider also potential joint ventures. That would be a bit of a new angle we are offering today. Then on the employee side. First of all, if we think about the strategy, I do believe that the direction that we are setting today will further support the attractiveness of Tietoevry in the very active talent market. Just to be clear, this is not being done to address some hot issues in the marketplace. They are well recognized on the talent market by specializing identities of the businesses become even clearer, the potential career paths within specialization. That's been actually feedback already today after our internal sharing that this actually addresses the consideration of where is the company heading, because the company average is one thing, as we recognize these are highly distinctive businesses. That would be, Michael, my commentary on that. Thank you. Just to clarify, Atos are looking for partnerships with their data center hosting business. Is this the sort of thing that you're talking about within cloud and infrastructure? Do you therefore not envisage any disposals of any of these businesses through 2023? At this point in time, we are opening the door of considering of the different factors to scale. In that sense, I wouldn't speculate of exactly which version. We have, of course, the developments on the more technology partnership side to consider how to scale faster, as mentioned, even considering potential joint ventures. That would be the new dimension we are opening up. Okay. Thank you. Thanks, Michael, and next in line would be Sami Sarkamies from Nordea. Hi. Thanks for taking my question. I would have a couple. Firstly, starting on cost takeout potential. I know that you're not doing this change because of cost-saving potential, but you will be taking quite a bit of the group costs into the business units from the beginning of next year. Do you see a phase early next year when you will actually be able to trim on operating costs? As I said, we are not focused on reducing cost with this one. We are focused on building specialized businesses that can scale and compete in the market. No, there is no point in time where we say we have now trimmed the cost for next year. We will be naturally going through all the businesses carefully, and we will incur some cost, but we will stay within the guidance, as I said, of 1%. Maybe I add a flavor there, Sami, that we have ongoing mechanisms during the integration of doing on a continuous basis financial and efficiency planning for all businesses. It's an ongoing process, so we fully expect to continue to do that to ensure efficiency across all businesses and for the group. Okay, thanks. My second question would be on spending levels going forward. Should we anticipate elevated investments in the high-growth areas into go-to market and offering development, or will these spending levels remain unchanged also going forward? It's good to recognize that as of today, we are not announcing any investment level changes. The investment levels will be defined once the business leaders are building their business plans. I would add to that this leverage level currently gives us flexibility to increase the levels as needed based on the foundation that the business leaders and the strategy they will build for their businesses. Okay. Then finally, I would ask about the business design and engineering unit. It seems like a collection of various type of activities, Nordic digital consulting, PDS, and then sort of smaller international activities. What is common for these businesses? Is this an area where you might actually do also smaller divestments going forward? The common denominator, it has to do extensively with the high-growth segments of the market. When you remember when I covered that space of cloud native, that is exactly what this unit is pursuing. As a foundation, we are already doing that. Cloud native referring to, as Tomi a bit summarized, even on transition path, the cloud and data-oriented advanced consulting in the Nordics, the international operation expansion has already been around the cloud native capabilities. When we add the software engineering of product development services, over time, we anticipate synergies in the larger customer engagements between the competencies and the ability to grow faster. Okay, thanks. I don't have any further questions. Thanks, Sami. I think next in line was actually Daniel Djurberg again. I see you raised your hand. Yeah. Can you hear me? Perfect. My question would be on if you could give a little bit of an update on your ambition to have a multi-tenant cloud delivery. I think you had some target of two-thirds of your software solutions within a couple of years. Now we focus here on we have the new Health and Care, the FSS, and the Industry Software. If you can just highlight more or less how large a percent of the revenue base that you expect will be offered from a multi-tenant delivery via software as a service or model or something. Any views on your ambition here to go. The strategy from a standpoint of financial services and health and care, the strategy, if I may, doesn't change the speed of architectural advancement with the product. The strategy doesn't change it. We are on our way of having re-architected most of the health and care solutions already, and similar investments to platformatize the solutions in financial services. The strategy itself doesn't change it. Of course, now when the, like Tomi referred to, when the new business leaders or the business leaders start to plan for the next expansion and also the investment priorities, it shall include the views on how to advance the product as well towards the multi-tenant or shared code base and towards SaaSified. The strategy doesn't change that. We are well on our way already, no new proportions in that sense to announce today. Okay, thanks. If I may also, I think you perhaps touch upon it, but your view on the potential to hike prices in 2022 to mitigate the employee salary inflation would be great. Also, if you can touch upon the salary inflation that most people, I guess, expect to come up a bit from historical levels would be great. Also, if you see the frame agreements being a major hurdle for you. If I may, none of that changes because of what we are announcing in the strategy today. Yeah. Maybe these are more on the quarterly view that we provide fresh views. Yeah, I had to ask. Fair enough. Thanks. Thanks, Daniel. The next online would be Nicolas David from ODDO. Nicolas, please go ahead. Yes. Hi. Thank you for taking my question. I have several, actually. The first one is, could you help us to understand the timing of this strategic announcement? Is this something you have been working on since the merger, or is the reaction to the COVID disruption? That's my first question. Attached to that, very concretely, where are the key aspects which were not working properly enough with the current organization? Concretely, how you think the new organization would change those key aspects? I have a follow-up after that for Tomi mainly, but maybe we start with the first one. Yeah, sure. From a timing standpoint, I'll reflect on this as usual very openly. In this industry, we are very used to continuously having our fingers on the pulse of what is happening in the marketplace. We have a tendency that whenever we feel that the stars of the world are starting to change at an accelerated pace, then we say, "Okay, time to rethink strategy." There's nothing else behind. It is also natural, by the way, that after about two years into the merger, meaning four to five years before serious rethinking of strategy, that this is absolutely the time to do so. As usual, this is somewhere around nine to 11-month process, and we have a very extensive methodology. In this case, we had about 45 people involved in the process, and the real main driver, if I may, from my perspective and our perspective, is simply the speed of change of the global technology sector, and we can do a lot more to benefit from those main drivers that have to do more than anything with the proliferation of how cloud impacts and cloud native impacts investment decisions, great assets we have on the software side, and how we play our potential much more actively. If I may, about the organizations. In light of how the industry is changing, when I feel this daily basis in the client interaction, the specialization is ever more important in every interaction, starting with the technical experts, including the leaders of the company. Specialization will add speed. It adds also ownership for speedy decisions and actually super clarity on accountability. That would be my short reflection. There's no perfect organizational structure. We entered the merger with the matrix. It has certain consequences, certain benefits, and the specialization for the sake of speed and clarity is seen as the desired way forward. That's clear. Thank you. My follow-up is also regarding the transition. The strategic choices you announced, should we expect them to have potentially a negative impact in the short term on your top line, and after that, having an acceleration? As you try to exit some legacy business more aggressively, could we expect you to ramp down some business having a negative impact on your top line, for 2022, for instance? Also you mentioned some investment. Should we expect a negative impact maybe on your profitability short term, and after that, an acceleration leading to your midterm targets? I'd like to maybe comment that first. That's, as always, very fair consideration. Most important factor that however we think about, I'd like to call the portfolio development, whether we think about acquisitions or divestments, would be to support the potential of our high-growth businesses with further expansion potential, and that's the category around the cloud native software, specifically business design and engineering, financial services, and health and care. Anything we do would be to actually accelerate and elevate the profile and business mix of the company. Look as soon as 2022, as I understand. Okay. Great. Thanks, Nicolas. I will let Panu take the line soon, but I would just also encourage everyone who has their hand up, if you have raised the question, just remember to take your hand down again. Panu, please go ahead. The line is yours. Okay. Thank you. I have three questions basically clarifying what you already said. Firstly, on this portfolio pruning that you have mentioned, is it like across all these 6 divisions or only in a few? That's the first one. Secondly, on the Industry Software, which you show in this one slide that you will develop the portfolio to focus and you divest it, the small construction businesses today, could you kind of give any indication how much of the Industry Software is what you consider core and what would be more in the kind of consideration for changes? Thirdly, on these partnerships, or let's say bigger structural changes, is it correct that it's only in this Cloud Platform Services or also in Enterprise Modernization as well? Those are the three. First, consider your question on the portfolio pruning. If I may, which I commented, I would like to confirm the earlier consideration that especially post-merger, it is important to work through the company or businesses to be sure of which businesses are your business of the future and to ask the question, is everything part of the future? Short answer, we by nature do that exercise across the company. It tends to be very healthy to make sure you pick the choices where you can best compete, grow, and scale. That is hopefully, Panu, a straight answer to your good question. Yes. No, we are not able to open that further, what is core, what is context. That goes into too much detail. I think at this point in time, we've been as open as we can on the consideration. Your final point, the structural choice, at that indeed, my reflections from earlier would be primarily regarding cloud platform services, but we leave it open in terms of however the industry develops to make sure we scale. As commented, we'd like to be very open for businesses where there's traditional technology, scale factors become continuously more important. We are openly saying price erosion will continue. It will even accelerate. It's a good thing we consider how we scale to make sure we put more and more energy into the businesses that we believe will be well scalable, high growth in the future. Okay, that's clear. Thank you. Thanks, Panu. I see Daniel Djurberg has his hand up again. You will have the chance to ask the final question of the day, Daniel, before we need to close the Q&A session. Daniel, please go ahead and unmute your phone. Yeah, sorry. It was an accidental raise of my hand. I will wish you the best of luck instead, and thanks for this opportunity. That's fine, Daniel. Well, thank you all for all your questions. Before Kimmo gives his final remarks, I would just like to say thank you on my behalf. Obviously, if you have any more follow-up questions, please don't hesitate to reach out to me. Kimmo, please. Yes, thank you. Thank you for everybody for joining today. As commented, the direction we set today is very transformational. The industry is changing. We have ample opportunities by gearing the company and making these choices we have today reflected upon and the time is ripe and right to start this change journey. Now it's a very good step post-merger as the next big step for Tietoevry. Thank you for joining. Thank you