Good morning from Stockholm, welcome to Terveystalo Q3 results webcast. My name is Kati Kaksonen, and I am responsible for Terveystalo communications and investor relations. As usual, we have presentations held by our CEO, Ville Iho, and our CFO, Ilkka Laurila. After that, we will have time for your questions. This time we do not have Dave online, so please type in your questions to the webcast and then we will have time for those afterwards. Without further ado, I will give over to Ville. Thank you, Kati. Good morning from Stockholm from my behalf. As Kati said, we are in Stockholm today to also properly kick off our joint journey with our Feelgood platform and Feelgood people. Straight to the key takeaways from our Q3 results. A strong quarter again from Terveystalo, revenue growth of 13.7% and absolute adjusted EBITDA also up to a record Q3 level to EUR 31.5 million. Good progress across the board for Terveystalo. Couple of other key numbers, digital appointments which is going to be a key driver for our business going forward, grew nicely, and now we have a quarter of a million of visits in one quarter, and it continues to grow. Testing activity, which has been a large factor for Terveystalo business during past quarters, was slightly more active than we expected. Continues to be active, although the new regulation around testing has slightly decreased the run rate levels. We are as expected, our board this morning decided to distribute the second part of the dividends for our shareholders. A new decision also from this morning is that we are also starting a share buyback program to optimize our capital structure, both are also indications of our financial strength. A growth when looking a little bit deeper into the profile of Terveystalo business basically grew in all of the customer groups and all of the segments. Now we have this new very important slice in the pie, which is a Swedish business first time introduced to and included into our results. Even though the slice is quite small at the first time, this is, as we have indicated many times, this is a platform for growth and also now with the much more larger addressable market, we are looking to grow the Swedish business together with our Feelgood people. Name of the game during Q3, and for the coming quarters as we believe is high demand, and best sort of illustration of the demand supply situation right now is doctor booking rates. You can see from the graph here that Q3 at 2021, we are at record level. 96% across the network booking rate for doctors is a level where we are slightly spilling revenue, and we cannot quite fulfill the demand that we have from our customer groups. Of course, it's very nice to have high demand, Short-term focus for the business needs to be to ramp up the supply. This is not a phenomenon only in Finland. This is something that we can see also in the Swedish market. There's a backlog of services. There are queues building up for different surgeries in Finland, but also in Sweden. We have indications of the same thing happening on this side of the sea. Just as an example, Swedish regions, led by Norrbotten, they have started exploring opportunities to outsource part of the problem, and the queue dismantling to private players, and we are bidding for a frame agreement as we speak. Norrbotten will not be the only one. The rest of the regions, most of them most probably will follow. We have been talking about demand supply management and managing the funnel from contracts and marketing, first contact to Terveystalo through the care continuum through care path. Now with the booking rates on the level that we saw just, we are in a way back in the history in this sense. A lot of our focus is now in managing the demand supply balance. Very positive for us, for Terveystalo obviously, is that we started investing into the intelligent platform already couple of years ago. These investments continue. We have been able to develop our marketing side, our digital channels, incoming channels, but also customer steering and steering of different services. When we have now been able to grow our digital offering, it also helps the funnel bottlenecks, I will explain that one in a bit. This is one sort of key examples of how we are able in the current situation to, in a slightly different way than in a traditional model, to manage the demand supply situation. We have introduced, a couple of years ago, chat visits and now even though we are running at 96% of our booking rates, which means that not all of the physical appointments will be available for all of the needs from our customers, there's always digital channels available for the initial contact with the doctor, which is very positive for our customers. With that one, we will not spill demand as much as we would. This helps also balancing the network-wide demand supply imbalances. As we have discussed many times before, in many cases, we do have professionals available in capital region, but we do not have specialists especially available in more remote parts of Finland. Hence, this is a key tool to level that one. Talking about digital platform, as I said, we have been investing a lot in this one. We get results also with optimizing our visibility in digital channels. By optimizing our digital marketing and sales, we have been able to grow the traffic to our platform by 54%. Even more importantly, we have been able to grow the conversion rate from the contacts to booking of the services with 64%. Equally important, this is that at the same time when we are introducing new services, new channels, we also improve the efficiency of use of the channels. Best indicator for that development is self-service rate, which also has developed nicely up by 19%. All in all, good numbers for our digital platform and investments are paying off quite nicely. We are today, as said, in Stockholm. We are kicking off the joint journey with Feelgood people today. We are now one team. We have a joint growth agenda. As I said today, the revenue of Feelgood is not yet a material part of Terveystalo business. As a growth area, Sweden will be a big one. Obviously, coming to Sweden, starting this business and starting the investments into this business is a big leap for Terveystalo, but something that we have envisioned and discussed over the years. We are ready to make the move, and we have a great platform to build upon. When we entered Swedish market and new Nordic market, one of the key rationales for doing that one which we discussed also earlier was the fact that we believe that we have in our unique Finnish system and with our unique capability and strength, we have been able to develop things, solution software and capabilities that are scalable across Finnish borders. Now with Feelgood, we have done a more detailed mapping of our digital tools which ones are scalable across Finnish borders to Sweden. Here you can see quite impressive map of that one. Of course, none of these ones will be plug and play. We will need to do some work to productize these different services. It's a very positive indication that what we said earlier is actually happening and we are able to leverage on the capabilities and digital investments done in Finland over the years. Also this is very important for the future when we are going forward in Sweden and potentially beyond even Sweden at some stage. I flagged earlier the high booking rates and demand supply or supply restrictions, not only in Finland but also in Sweden. This is the name of the game today. Our view of the world is that it's going to be high demand environment also going to next year. Very important for Terveystalo and Feelgood alike in these circumstances is to be attractive employer. Universum Finnish agency which studies this one attractiveness of different employers annually is about to publish the results from this year. I'm very pleased to say that for the second consecutive year, Terveystalo is number one employer in this sector for experienced healthcare professionals. That's, of course, giving us a pole position going into the next year and in navigating in this high demand, restricted supply environment. Part of the reasoning behind going also across Finnish borders was that we want to be a Nordic leader in the fields that we are operating, in the services that we are operating. We feel and we strongly believe that this is something that also is well-received by professionals now when we are a Nordic company. I think that's inspirational for medical professionals, but also for other professionals. Our attractiveness as an employer will continue to grow. Finally, the outlook going forward, next six months, no major changes in our view. I would say that the key takeaway from this slide is what I already said. We are going to operate in high demand environment and managing the supply will be the key going forward. With that one, I will give over to our CFO, Ilkka Laurila, who will go deeper into the numbers of Q3. Over to you, Ilkka. Hi, good morning on my behalf as well. Without further ado, we will go take a closer look on the financial performance during the Q3. Starting with the revenue, as Ville already told, nice 13.7% growth in top line, driven mainly by nice growth numbers, especially in the corporate segment with 9% and 6% within the private customer. What is actually especially nice is the growth if you compare to 2019 numbers, because we can all remember that 2020 period was quite some distort by the sort of the pandemic and pent-up demand that we faced at time, et cetera. 14% growth in corporate business area and customers, and 16% growth compared to 2019 within the private customer. On the other hand, what is interesting to see is how actually the different services within the public customer group is developing, which we have already told you and communicated you earlier. The outsourcing contracts have declined by 20% versus 2019. The staffing services has remained rather stable for the whole period and obviously, like communicated earlier, that's really sort of restricted by the supply that services. The demand has always been very high on that business. On the other hand, we have seen 65% growth in service sales and in occupational healthcare and other services for the public customers. That is the sort of maybe a best proof point for the fact that we have said already earlier that there's a clear shift of paradigm when it comes to sort of public businesses that before the pandemic, and even before that, the public segment typically outsourced the sort of the cost related issues to the private service providers. The sort of the type of the service and the type of the contract at that time was typically that either complete outsourcing or partial outsourcing. Nowadays, it's actually more and more that they are actually outsourcing their recruitment issues to the private sector because we are now facing, obviously, restricted supply of healthcare professionals both in private and public sector in Finland, Sweden, and in other countries. That's the environment where we are living. That's one of the reasons why we have faced nice growth numbers within the service sales. Obviously, there's lots of other drivers as well, but to make complex things simple. Year to date development, nice 17% growth, the pie chart of the revenue breakdown you can see on the left-hand side, maybe no further on that one. If we take a bit closer look on those two sort of already, let's put it that way, traditional growth drivers that we have had in the near history that we have shown to you. Still quite nice growth numbers when it comes to the wellbeing sales, 10% versus last year and 22% versus two years back. The growth rates bit sort of slower than earlier, but still nice growth numbers and faster than the rest of the business. The good thing in this growth is that these, like I said, is mainly comprising of different therapists as well as the lab services, et cetera. In those areas, we don't have that kind of restricted supply so much that we do have with the certain doctor, especially with the certain doctor specialties. Not all, but with the certain. In this category, we don't have that big supply issues. On the right-hand side, you can see the development of the digital visits. Nice one-third growth, 32% versus last year, obviously compared to 2019 numbers, the growth is astronomical. It's over 400%. You can also see that actually the bars there are actually balancing sort of plateauing, and it's actually really exciting to see that how the digital visits will develop going forward. The growth rate in the last few quarters, that has been quite nice. Now it's a bit plateauing, but it's really exciting to see that how it will develop in the future because the trend has been so clear and now we have a quite tough comparison period when we go towards fourth quarter. The pandemic and COVID testing. These kind of graphs are always really exciting. There's lots of details that you can dig into and analyze, but maybe just highlighting a couple of key takeaways on this graph. The key takeaway number 1 is that we faced the peak volumes in COVID testing during the August 2021, as you can see from the graph. On the other hand, at the beginning of third quarter, we faced the lowest demand of the COVID testing services since Q3 2020. As you can see during the summer, the testing values went down quite rapidly. They shot up during the August and we faced the record high levels. Now during the October, you can see that it has been balancing the volumes again, even though the COVID testing criteria has been somewhat adjusted and changed. We are still having quite nice volume compared to earlier period of pandemic as you can see. If you take a trend line from Q3 2020 up until end of Q2 2021, you can see it's roughly that 8,000 tests per week, now we are, during the October, still quite close to that level. Not quite, but quite close. Obviously, it goes without saying that I'm not clever enough to forecast that how that pandemic and COVID testing volumes will develop in the future. I have not been able to forecast before and I'm not trying to do it this time either. It's been a really challenging thing to forecast. On the development of the profitability, the year-on-year comparisons on EBITDA and EBITA. On the right-hand side, you can see the EBITA development somewhat below the relative profitability 11.5%, somewhat below 12.9% versus last year. We will come back to that, what is key driver on that one. Still on a higher level compared to 2019, which is a sort of showcase also regarding the operating leverage that it still sort of works when it comes to the fee for services in fee-for-service type of business within the healthcare services. A few words about the cost structure and few interesting takeaways and highlights. Like I said, the top line growth was that close to 14%, but if you then take a look at the material expenses, it was actually down by 2%. If we think about what happened during the pandemic 2020, we had lots of restricted supply issues when it came to personal protective gearings globally, and the prices were really, really high at that time. That's why we had a quite high material cost at that time. The other reason for that during 2020 was that we faced a pent-up demand when it came to the surgeries. Now, like I said, during the Q3 2021, we had a slightly lower level of surgeries than during the comparison period. On the other hand, if you take a look at the situation now, the global supply of different kind of protective gearings has increased enormously. The prices have come down. In some categories, actually the prices are now lower than before the pandemic because the supply has increased quite a bit, that's an interesting sort of fact behind those numbers. The second takeaway is the employee benefit expenses obviously increased quite a bit, one third, maybe more than one third of that increase is related obviously to Feelgood acquisitions. The rest of the growth is mainly driven by, on the other hand, growth coming from organic growth for different business areas. On the other hand, as a reminder, during the Q3 2020, we still had temporary layoffs in place, especially during the July and also partly in August 2020. We also had that nationwide pension contribution discount in Finland, which decreased the social expenses of personnel costs during 2020. That is not in place anymore. Those are the drivers behind the increase in employee benefit expenses. Third takeaway on this cost structure is within the other operating expenses, increased 62%. Again, situation is not that dramatic as it looks like. If you still remember that 2020 we communicated that just to make sure that we are sort of having a good financial situation, we froze some of the expenses, some of the activities, some of the projects, we took down especially the marketing IT, et cetera. That kind of consulting expenses, et cetera, made some cost freezes. We also said to you that we haven't done any sort of structural cost structure changes. Now we are in a sort of more normal situation when it comes to other operating expenses. We are investing in digitalization, in marketing, et cetera. That's why it's now on a higher level, but that's still a sort of a P&L type of investing for the growth that we are doing at the moment. Obviously it's also a showcase that if needed, we are able to take quick actions to balancing the cost structure if so required. There is a great sort of a move to then to CapEx slide. If you take a look at our investments, the LTM number is now EUR 41 million, increased from EUR 35 million in Q1. Logical story on that is that as we said during the pandemic, that we are sort of postponed some of the investments and now we are continuing the sort of the normal investments. As you can see, the investments for the intangible assets is on a highest level. It's over EUR 20 million, EUR 21 million. Those are the investments for our digital platform, which Ville told you about. We are investing, continue investing heavily on our digital tools, digital platform, and our IT infrastructure overall. Quite stable development in machinery and equipment. A slight increase in there, as well as the improvement in premises, stable development in there as well. No major surprises on that what we have communicated earlier. Balance sheet, maybe only thing to sort of highlight here is that unrestricted equity relating to that share buyback is at EUR 610 million and the relative proportion of EUR 13.5 million, you can do the math. A few words about the leverage ratio. Even though that we have done that Feelgood acquisition in Sweden and some other acquisitions also in Sweden, the Dalarnas Försäkringsbolag and other acquisitions as well, our sort of net debt leverage ratio is developing still positively. We are on the lowest level during this period that you can see 2.6 times adjusted EBITDA LTM and quite 23.5% down from Q3 2020 and still developing positively. Finally, like Ville already said, we are sort of launching a share buyback program. The sort of the framework is such that the maximum amount is 1 million shares, which corresponds 0.8% of the total number of shares. It's done so that the maximum amount spent to the acquisition is EUR 13.5 million, it will start earliest tomorrow, it will last 6th April 2022. The second thing worth mentioning here, which Ville already touched upon, is that we will pay, like planned earlier, the second half of the dividend, EUR 0.13 per share. The payment date is 9th of November 2021. That concludes my financial performance sections, now I think we have time for Q&A. Thanks, Ilkka. As a reminder for everybody, we have only the webcast questionnaire possibility today, so type in your questions into the webcast, the box below. The first question comes from Jutta Rahikainen, SEB. Feelgood sales have been disclosed, but how much did the other smaller acquisitions contribute to Q3 sales? I don't have the exact number from the top of the head, but in any case, it's not material. It's a low single digit of EUR millions in any case. That's the impact. Not material impact from the other acquisitions. The second question comes from John Brecken from Kepler Cheuvreux. Could you please comment on the growth of physical appointments during the quarter and appointments related to infection diseases that we have previously discussed in the previous quarterly results? Yeah. It's actually really interesting and again, lots of exciting data and facts behind the numbers. To really make a complex thing simple, we are facing increasing demand and increasing number of the appointments in all other medical specialties, with the exception of those that are related to infections. That's really sort of make a complex thing simple. In that sense, if you want to take a positive flip of that if we are facing now sort of the Because people are moving more and more and having social meetings more and more, et cetera. And we have not been infected for two years now. If the normal flu season will come during the winter, we still have quite good capacity when it comes to, let's say, ear, nose, throat doctors, et cetera. If we have a higher demand during the flu season, we are able to also meet the demand on that category. Maybe worth adding up to that one. Actually looking at the low season of the pandemic, of course, we are up from those days when it comes to infections. Also within the quarter, we can already see a sort of a mini proof of what Ilkka said against the latter part of the quarter, the infections have been picking up. There are reasons to believe that this is going to be a more active season than we saw last winter. Yes. It's picking up, but still it's a tens of percentage below 2019 levels. Exactly. It is still significantly below 2019 levels. Yeah. Great. The next question comes from Grace Lee. This is a three-parted question, so I'll start with the first part. On an underlying business recovery, excluding COVID-related services, we highlighted the strong demand, but supply bottleneck return. Can you give more color on where are the key bottlenecks and how do we plan to increase the funnel beyond the initial 24/7 chat service? Well, there are many things that we are doing to improve the supply, obviously. Maybe going little bit back into the high season of the pandemic within our system, we are running a platform and our doctors are mainly 90% private practitioners who join our platform and give their services through our platform. During the pandemic, when the demand was down, obviously they started restricting their supply because there's no incentive to give available times and their time for the platform, so to speak. It's a natural thing that supply decreases during that low season. Now, of course, the supply has been starting to pick up, but it's going to take time until we are sort of in full operational mode, back to normal, so to speak. We are attracting professionals. That's the main thing, of course, which we always need to do. We are a healthcare company. We run our services based on the skills and the capacity of the professionals. We are number one employer in Finland. We continue to improve the platform also from a professional's point of view, so that the working environment is efficient, it's smooth, it's rewarding to a professional, so that there's not only a monetary incentive to join our platform. They can do meaningful work, and the customers that they get from our platform are, in a way, the right customers for different specialties. That's the core. When we talk about the digital platform and customer steering and demand supply management, there are many things that we can do. From a supply side, when we do targeted marketing, for example, we can target, and we are doing that as we speak. We target the efforts to specialties and disciplines where we do not have bottlenecks. Of course, there's no reason to boost the demand in the areas where we don't have the capacity to supply. We have the capability of steering customers and guiding them in better way than we, and basically everybody else had in the history, to right channel and to the right professional network wide. Chat as a mode of a visit is just one example, but more important for demand supply management is the fact that now we are able to distribute the capacity network wide. We are not restricted to one location, one specialty, one professional, and the local sphere of the customers. That's maybe the other example that we are now capitalizing when optimizing the supply. Great. On the second part of the question, how do you expect the organic activity recovery to develop on the back of this, the discussion, in Q4 and the following year? Well, as we have discussed throughout the session, we see uptake in demand in multiple disciplines, multiple services, and across the board, basically. It goes in different paces. Obviously, we have disciplines and services which are trending faster than we have disciplines and services that are still lagging slightly behind. For example, when we discussed the infections, everybody can observe how the environment is with that one. When the society is normalizing, when we are back to normal, when we are back to normal working conditions and working life, when children are in the kindergarten, it's going to be a normal season for infections as well. Maybe the most interesting thing from Terveystalo's point of view and looking at the big volumes is observing how the sickness care for our occupational healthcare customers in Finland, how that one is going to develop. That has been slightly lagging still from 2019 figures, there's really the upside for our business big time if and when that comes back, when people are going back to their workplaces and when sickness care services demand will come back. Good. The third part, maybe over to you, Ilkka. The wage inflation, what was it in Q3, and what's the outlook for wage inflation going forward? We are still having similar wage levels that we have had before. I think we have communicated at 1.7%. Going forward, what we have said is that the wage inflation is slightly increasing. We are saying that it's roughly a bit more maybe than 2%. That is something that we are expecting for the wage inflation. Great. A new question from Jutta Rahikainen. What is your ambition level for profitability in Feelgood, both near term and longer term? Well, we have not given exact targets externally, but obviously we do have internal targets, and they were the basis for our business case when going in. Now looking at that next year, we have gone through the plans and budgets now with the Feelgood. The thing I would say that we are within a frame of our business case with Feelgood. More important than organic development of Feelgood's profitability is, as stated earlier, the Feelgood's position as a growth platform to Swedish market. We are building the joint strategy and plans as we speak, and we do have possibilities in this growing market. I don't know, Ilkka, anything to add? Yeah, without elaborating any exact numbers, obviously the growth is a key driver for profitability also in Feelgood's business. Now when we are sort of Targeting faster growth in Feelgood business that it has historically grown inorganically and also organically with working together, I think we are able to increase the margins quite considerably. It's a really similar game that in Finland. It's a scale game. Obviously when you compare smaller companies to bigger companies, the overheads in smaller companies are always on a higher level than in a bigger companies, and that is the most obvious scale effect that you can find when you grow. As we have plans to grow fast, the obvious answer is that it will increase considerably, but we don't have any exact target numbers communicated externally. Maybe just to continue on that one, out of the identified growth opportunities in Feelgood, where are the low-hanging fruits, so to speak? The first low-hanging fruit, I guess, was the Dalarna acquisition that we did already. There are bolt-ons that can be done in Swedish market. Swedish market is not as consolidated as the Finnish market, as we all know. We showed earlier the map of different digital solutions that we are able, in mid and long run, to deploy to Sweden. There are some fast tracks in that process as well. We are looking at one or two particular tools that we would like to introduce to Swedish market quite fast. Maybe further commenting on that, I think we said already during the acquisition that there's, let's say, three legs on the growth agenda. It's the consolidated and growth within the occupational healthcare market. Expanding the services, especially for the corporate segments but also for the private customers. The third one is to sort of expand the services also to the specialty care, and that applies to those Nordic markets. Maybe adding still on that one, we should not underestimate the opportunities, even though that those are not yet in the P&L. The Norrbotten example that Ville already mentioned, there's lots of opportunities on that kind of that we are able to do also sort of a cross-border in that sense in certain sort of service categories. Another question from Jutta: How would you describe your cost base currently? Is it elevated by digital and other growth efforts at the moment? Yes, it is. It's elevated by the growth and the growth investment. We are investing in two parts of the cost increases, one is within the network. If the network grows organically, obviously we need more personnel within the network, even though that the operational efficiency will develop. We need the sort of customer service people, et cetera, et cetera, especially now during the pandemic. Still, on the other hand, the central overheads and the group services, we have invested quite a bit to resources in group services to further drive organic growth also in the future. Even though that these are not booked as a CapEx from the CFO perspective, I would consider this as a sort of growth investments. Maybe elaborating a little bit more on the topic, which is very relevant for us. One needs to bear in mind that we are doing a major transformation in this industry. This is not fully integrated, digitized, far developed industry compared to many others, and we are touching upon multiple different processes and multiple different roles, multiple different touch points for professionals and customers alike. It is a big, actually a huge undertaking that we are now doing. It's going to take time. It's going to take effort. It's going to touch almost everybody within Terveystalo. Hence, as Jutta pointed out, it's impacting basically all the things that we are doing. That's the future and that's the commitment that we have made, and we are going to transform the industry when it comes to outpatient healthcare. Thanks. The next question comes from Panu Laitinen-Mäkki, Danske Bank. First, there's quite a few parts in this question, I'll start with COVID-19 contribution. Did the revenue from testing grow year-on-year in Q3? What is the best guess for the volume and revenue contribution in 2020? Continuing on that, do we expect to be able to compensate for the loss of revenue and COVID testing with the growth in other business areas in 2022? Starting from the revenue contribution, yes, it's a somewhat higher level. It's good to note that, as said earlier, we are facing a sort of declining prices. The profit contribution is then a different game, still, that's a positive development there as well. We are sort of continuously having a decline in prices. When it comes to sort of COVID testing and the development, I think like I said, at least I don't have a capability. That's one of my few weaknesses, that I have a capability to forecast a pandemic. I don't have many of those, that's one of those few, and I stick to that one. When it comes to sort of replacing the volumes, it's good to understand that it's partly replacing those acute care visits that we had before the pandemic. It's not that simple that you would take COVID-19 sales and then you have underlying sales. It has replaced some of the earlier volumes for that acute care. Like I said, we are facing a sort of a significantly lower volumes when it comes to different kind of infections, and that's how it is. If you take a sort of, not our view, but take a sort of experts' view, I think it's a quite consensus opinion that the testing is not going to go away in a few years' time. It will continue as a part of the service area that we provide and other healthcare service providers will provide also in the future. Volume is obviously a question mark, but the service itself will not disappear in the near future. That even I can forecast that one. Maybe to continue on Panu's question. As stated many times today with different slides and different examples, it's going to be a supply game. We are not in a way worried about the lack of demand going forward for the replacing services, but we need to work hard on the supply. The supply is roughly at the level where we were at 2019 during the last sort of normal season. The only exception is that now we have the digital channels boosting the services. We need to continue working hard on the supply. Yes. Quite a few questions still left from Panu. Are we to expect to see historical seasonality returning this year with Q4 margin being higher than Q3, as is the normal trend line have been in Terveystalo's business? Well, that we will see after Q4, on the other hand, there's maybe no reason if the sort of the business continues as expected, there's no reason why the overall trend would be different from the earlier years. On the share buyback program, what was the rationale behind starting the program now? Wouldn't there be a need for the money or better spent in acquisitions? Well, starting from the acquisitions, of course, we analyze regularly with the different institutions the capacity for Terveystalo to do acquisitions and leverage the balance sheet. We do have capability in place, with or without this share buyback program. That's really not a relevant thing for our ability to do even major acquisitions. Then as stated, the sort of underlying rationale for share buyback is to optimize the capital structure. Good. Finally on CapEx, what level do we expect to see in 2022, 2023 relative to sales? I think the overall historical development is a good proxy also in the future. There obviously is always some fluctuation, but then on the other hand, we don't see any sort of dramatic need with this existing business. We don't see any dramatic change that why it should be dramatically different versus the historical numbers. Great. The next question comes from Iiris Theman, Carnegie. When do you expect to see the public outsourcing contracts to become visible? I assume that this refers to the pipeline that we have commented earlier. As I think Ilkka shared some examples of the profile shift of public demand. The profile is going to be different in the future, as we have discussed many times earlier. The contracts and also bids are smaller sized and they are more diversified than they were earlier. Huge bulky overall outsourcing contracts are a little bit of a thing of the past, and the plate is more diversified with smaller, but of course in accumulated terms, highly interesting piece of our business. What we have stated earlier still holds that the public market is active. It stems, for example, from the queue situation, from the quite bad capacity situation in public organizations. Demand is there, but I don't know, Ilkka, if you want to comment on that specific forecast. I don't know. I think you sort of already said all the relevant. Good. Finally, a couple of questions on the M&A. Which markets do we consider to be most interesting outside Finland and Sweden, and why? How big is the role of acquisitions in our strategy in the coming next three years? Of course, a very relevant question. It's a little bit sort of forward leading, obviously, when we start discussing M&A beyond Sweden. We have just entered Sweden. This is the first session that we are having in Stockholm to release our quarterly report. The focus obviously is to develop this first ex-Finland market and win here, and we see a lot of growth opportunities in Sweden. In that growth, obviously M&A is a big part. As stated earlier, Sweden is a less consolidated healthcare market and, as you know already, Feelgood's portfolio is highly concentrated on occupational health services and hence there's a room to expand the portfolio with our experience, capabilities, and financial strength. If you want to discuss the future steps, we said when we embarked into this journey that Nordic region is sort of a sweet spot for Terveystalo from the system point of view, but also from the culture point of view. In my books, even though it's not sort of academically correct, I also consider Baltics to be part of that definition. We have had some arguments around this one. Yeah, we have read different school books, but that's then a different story. Yeah, I can only agree with what Ville said. We have a sort of well-polished M&A machine up and running, and we see lots of opportunities, especially in Sweden, but also in the other sort of Nordic countries. Good. Any final words before we wrap up? A strong result from Terveystalo across the board development in revenue, EBITA, and also in the key areas of our strategy. A big leap for Terveystalo to become a Nordic company and exciting opportunities ahead with that journey. Great. Thank you everybody for joining us here today and have a good rest of the week. Thank you. Thank you.