Good morning, everybody, welcome to Terveystalo's Q3 results call and webcast. My name is Kati Kaksonen. I'm responsible for Terveystalo investor relations, sustainability, and communications. Today, our CEO, Ville Iho, and our interim CFO, Mikko Tainio, will take you through the results and, more importantly, the ongoing profit improvement program, followed by Q&A. Ville you already know, but maybe a couple of words on Mikko Tainio. He has a long history with the company leading the public partnerships and now in the role of interim CFO. He's been closely involved with the preparations of the profit improvement program and the related operating model design. Without further ado, I'll give over to Ville then. Thank you, Kati. Good morning from my behalf, thanks for joining Terveystalo webcast. Today, the focus will be profit improvement program and associated actions with which we are re-energizing our profitability and getting fast impact into our P&L. Of course, as you already know, the starting point for the plan is unsatisfactory Q3, which we will also lay out for you very clearly. I will share in detail how we see the drivers behind the result, Mikko will continue from that base. Let's get started. Unsurprisingly, we are extremely disappointed with our Q3 performance. That's of course not enough. There will need to be a plan how to get to the level where Terveystalo needs to be and will be in the future. We have analyzed the results. We have very clear diagnostics in place and now also a clear and decisive plan in place how to get rapid improvement into our performance. We'll also touch upon unrelated but parallel write-down during Q3, isolated write-down in our intangible assets, i.e. digital development, which had one-off negative impact in our Q3, but has no long-term implications into our digital agenda going forward. Then we'll concentrate on the profit improvement program. Let's go first to Q3 and break it down a little bit more. I will start with the overview, then Mikko will shed some more light on drivers and Q3 details. Starting from revenue, as you can see, as you have well read from the numbers, growth was flattish. Revenue was flattish from last year on year. Growth came mainly from Sweden, inside Finland, growth in activities came mainly from digital, which has implications into our mix, which I will explain in detail in a while. A Q3 breakdown behind unsatisfactory numbers and disappointing result. We have three main points. The biggest driver, which we have discussed earlier already, is the change in sales mix. There's impact from last year on year, of course, from the drop in COVID-19. Even more importantly and more interestingly, there's a change in the mix from pre-pandemic levels. Those drivers I will explain in more detail and what now needs to be done against the new realities of the buying behavior and mix in the marketplace. Second point is costs. There are inflationary pressures inside Terveystalo as well. We are operating with tight labor market, and especially with the mix and supply that we were able to grow, appointments and activities drove up the cost. That will be addressed in Alpha program. Thirdly, over last couple of years, we have grown our support functions to support the growth and, I would say, overly complex structure of Terveystalo and services portfolio. Those are the main three drivers. As said, Mikko will dive a little bit more in detail into those. The most important thing, as I said, is the mix, and that one I will cover in more detail in the next slide. If you think about the mix and changes from pre-pandemic levels to current day, you can slice it in basically two different dimensions, channel mix and then mix between different customer groups. Further on, there are further dimensions, but those are on detail level. Starting from channel mix Terveystalo has been the biggest sponsor for boosting digital sales and digital appointments in the industry. We continue to do so. There are a lot of benefits for customers and our productivity alike in a longer term. In short term, this has a negative impact into our profitability and mix. The reason behind that one is simply the fact, or it's a twofold. Firstly, digital appointments generate way less referrals to specialist appointments and diagnostics, i.e., higher margin services in our portfolio. Secondly, we are running today a sort of dual system, physical and digital, and we have not been able to capture full value in our productivity from digital transformation, and that will be addressed in Alpha program also. Turning our view on to customer group mix. There's additional negative driver for our mix related to supply bottlenecks, at least partly. As you can see from the number of appointments for different groups, the good news here is that the activities are growing. We have been able to boost up appointments, i.e., activities inside Terveystalo. Demand continues to be strong. We have been able to increase the supply in activities, especially during last couple of weeks and post-summer season. The activities concentrate in a lower margin customers currently due to the bottlenecks. What it means in practice is that the share of consumer customers in our sales mix decreases. As you well know, they are the highest margin customers for Terveystalo. In a supply restricted world where we are living in, we have been sold out basically for one year now. We are obliged to serve the contracted customers. They take lion's share of the supply, and hence the sales mix goes to the negative territory. As a result of this one, and on top of these two sort of internal phenomena, there's also more sort of a global phenomena, post-pandemic, where share of diagnostics in activities inside healthcare industry is decreasing. This might be temporary. This might be phased out. As we have now seen the post-summer activities in our own services, we need to assume that the level of diagnostics will remain for extended period of time on a lower level, and we need to adjust to that reality. The way to adjust is obviously change our pricing, change our service packaging and address the cost base. We need to adjust. I want to stress the fact still that underlying demand continues to be there. Terveystalo position is very strong. We need to address new market realities to get to the profitability that Terveystalo is known for and will get to. Totally isolated but parallel write-down affected Q3 numbers. We have been running for years a program to modernize part of our core IT systems. Inside that program, one element has been renewing the patient record system. The program was run by external supplier for years. We have now redesigned the ecosystem, and based on the redesign, we have decided to discontinue that part of the renewal program. The rest will continue as earlier planned, but that part has now been suspended, and hence we do the associated write-down. The new plan will deliver the same elements as were planned originally, but with the smaller elements, smaller modules, and actually going forward with lower CapEx. The write-down does not impact in any way Terveystalo's internal digital service development. We continue to sponsor that part of the business. We continue to lead the industry in this field. Now, the performance improvement program. Negative trends have been analyzed. The diagnostics is there, and performance improvement program is in place consisting of three different elements. First of all, we have already disclosed new streamlined operating model, which allows each part of the business to focus on their respective targets in better way, not mixing between different services and creating overly complex structure. We establish a portfolio business inside which there will be independent value creation plan for each and every business area. For core business, thirdly, we have already started a EUR 50 million program, a performance improvement, profitability improvement Alpha program. Starting from the operating model, it's very clear, very transparent. We have very focused, very clear core business part, healthcare services, Finland consisting of commercial and operations that continues to drive profitability, concentrates on improving that one, and there we will have this EUR 50 million Alpha program, sort of extra legs, extra speed to return to the profitability that Terveystalo is known for and will get to in a rapid manner. Portfolio businesses, on the other hand, will concentrate on individual value creation plans. We will not, in the future, mix between core business and portfolio businesses. Portfolio businesses do have value. What we are saying today does not mean that they are bad businesses as such, but under umbrella of healthcare services, running them as smaller businesses, different type of businesses, is way too complex. That has created too much complexity and associated cost. They will, in a way, have a new life, a more independent life on the portfolio business arm. Sweden, thirdly, continues to be a growth driver for Terveystalo going forward. The strategy there is intact. Plan is on track and we see promising growth prospects in Sweden in future. Operating model as a management structure, very clear. As said, healthcare services divided into operations and commercial, led by Siina Saksi and Marja-Leena Tuomola. Portfolio businesses are these independent businesses under one portfolio led by Mikko Tainio, and then growth area Sweden, led by Joachim Morath. This has, as said, already been disclosed. This is reality inside Terveystalo, and even though operating model changes always have some pain associated internally, the feedback on the clarity and the focus has been very positive from the Terveystalo ranks. We have operating model, we have independent value creation plans for portfolio businesses, and then we have Alpha program to improve fast performance for core business. Let's dive now into the Alpha program. Alpha program, as said, the focus is on core business. The focus is drive down the cost base with a simpler structure. We need to address new realities of the marketplace, and there's a lot of potential to do that. We'll build profitability over time, so there are longer-term investments associated into that one. We are going hard after the supply to really capture the value from our position and high demand marketplace. If we look at the timing of the impact, there's a cost obviously associated with the program. Restructuring a performance-based advisory will of course carry some cost, and they will be front-loaded, and then benefits also come in first. As you can see and as we have communicated, more than 50% of the benefits will already hit 2023. The first implementation in commercial and also addressing our cost base are well underway. We are confident that program in place will contribute EUR 50 million run rate profit improvement over the next 12-24 months, and ensures that we'll reach our 12%-13% EBITA margin. Breaking down the program a little bit more, as said before, there are elements addressing cost base. New realities as to the Terveystalo structure and also sales mix warrant and require addressing overhead cost and external cost and that's already being implemented as we speak. The second bucket is commercial upgrades and improvements. As said, positive thing and tailwind from the marketplace still endures. Terveystalo position is strong, market is strong, and demand is there. With the changes that we have started already to implement into our pricing models, into our agreement structures, they will ensure that we will be able to fast capture the value from this high-demand market and our position. Thirdly, there will be more long-term strategic initiatives that will address productivity and sales mix going forward. They will ensure that also long-term development of Terveystalo continues as positive. With these two first categories, the impact will be fast, and we'll see results already during first quarter, some already during fourth quarter this year. Will ensure rapid development to our targets of 12%-13% EBITA. This is a realistic and a balanced plan. It's made in detail. It's granular. I have seen a couple of these during my professional career, and I'm confident that this will deliver, and it has already started to deliver. There are detailed work streams under Alpha program. I will not go through them all, obviously, here, but just a couple of examples where we are already today. As said, operating model is in place, and simplicity and focus that has put in place into Terveystalo is already sort of revealing additional potential in our cost base. As said, it's getting positive feedback from the ranks. It's clear everybody understands there's a focus for each and every action. In commercial arena, we already implemented first changes to our policies, to our pricing structures, to our agreement structures, and we have adapted a war room or situation room approach to renegotiations in our agreement portfolio. When it comes to mix and supply, best example of our progress from recent weeks is doctor recruitment. We are actually breaking records now every month. Even though we are going hard after cost, we also need to get the supply up. That remains intact. Signs and the recruitment numbers that we are now hitting are very promising. I hope this gives adequate detail into what we are implementing and also what we are planning to implement. This was a rapid go-through, but there will be some questions related to this one also. I'm happy to take them. As a recap before Mikko sheds more light on Q3 numbers. We have diagnostics in place. The sales mix has trended negatively post-pandemic. We have gathered too much cost due to complex structure. We are addressing these issues with Alpha program operating model, independent portfolio business value creation plans. Fourthly, Sweden strategy and plan remains intact and is on track to deliver future growth for Terveystalo. Q3 was a disappointment. We have analyzed it. We have diagnostics in place, and now we have actions already in place and well underway to fast and drastically improve the performance. With that one, I will give floor to Mikko to shed some more light on Q3 numbers. Thank you, Ville. As we acknowledge the change in the marketplace and the poor Q3 in a result of that one, I will now go on and illustrate and bring a little more life and detail on the Q3 messages that were already partly highlighted in the Ville section. First of all, if we look at the longer-term perspective, it's very easy to see the profitability deteriorating, both on absolute and relative terms, due to the reasons that Ville covered earlier. As you know, the Q3 is also seasonally weaker for Terveystalo because of the holiday season. Even on that one, with the Alpha program steps, we will be able to reach profitability level that is much closer to the 12%-13% target that we have. If we jump back and go into a little more detail on the Q3 drivers. Recapping, first of all, what Ville said. Two main components impacting the profitability were the changes in the sales mix and also the increased costs. Going through them one by one. First of all, of course, there is the COVID-19 impact here as well, but the single largest impact making up more than half of the overall EUR 19 million deterioration came from a weaker sales mix and was driven by the channel shifts, customer mix change, and shorter care chains, actually, as explained by Ville in detail. On the positive side, our recruitment is going strong, and we were able to increase the capacity profitably. Unfortunately, it was partly offset by the increase in sick leaves and also the cost inflation, which we can see in a couple of the next blocks. First of all, there's the cost inflation related to salary increases, premises, IT, and digital costs. Also, we're seeing some certain elements that were not present in the comparable period in the pandemic era, such as travel and events. In the group functions, the cost increase was related to digital development and IT, increased marketing, and also here for certain elements that were not really present in the pandemic period. On the public business, the performance was very much impacted by not only the inflation, but also the very tight labor market situation that, as you well know, is also affecting the general Finnish public health sector. The Feelgood performance is seasonally weak in Q3 as well, we are on track with the plan on that one. As a highlight from this one, as we are going on, we need to make extra sure and are making extra sure that we can tackle the inflation and pass on any incurred inflation that we then experience to our customers through the pricing actions. If we're now turning to CapEx and the CapEx profile, this is the last 12-month figures. You can already see a small decline there, we will be seeing a reduction in our CapEx going forward for 2 main reasons. First of all, the Alpha program, which in addition to OpEx is of course tackling CapEx as well. Also as Ville explained, the new asset-light development plan for the digital EMR system will be more CapEx light than the earlier adaptation. Jumping to our cash flow and financial position. As you can see, the cash flow remains strong, as does the balance sheet and hence the credit profile. Perhaps as a highlight from Q3, we have also completed a EUR 120 million loan refinancing, hence we do not have any immediate refinancing terms coming towards us. Maybe to conclude the whole finance section, despite the disappointing Q3, first of all, we see strong continued demand. With the steps we are taking with the Alpha program, we expect to see a rapid improvement in the profitability going forward, while the CapEx is also decreasing. Secondly, the strong cash flow and the balance sheet support the execution of the program and also would enable a stable dividend while we are progressing with that one. That's the Q3, I will now hand it back over to Ville. One more recap on what has been said today. First of all, the outlook, as Mikko said and I said earlier, the fundamentals for Terveystalo growth and profitability as to the market, they are in place. The demand is strong. Terveystalo position in the marketplace is strong. With the presented plans, we are confident that we will achieve the Terveystalo financial targets, growth, profitability, and indebtedness. The program is in place for rapid performance improvement. Diagnostics is clear, and we are already well underway with the implementation. With that one, we will go, I guess, for the Q&A. Thanks, Ville and Mikko. We are now ready for your questions. Just as a reminder, we are taking questions from the phone lines as well as the webcast. If you have any questions that you would like to address, send them over. First, do we have any questions from the phone lines? If you wish to ask a question, please dial star 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star 5 again on your telephone keypad. The next question comes from Sami Sarkamies from Danske Bank. Please go ahead. The next question comes from Sami Sarkamies from Danske Bank. Please go ahead. Hi. I have a couple of questions. Firstly, on growth. Can you still open up why you didn't show any growth in the Finnish market, even though demand has continued to be solid? I think you've been talking about the bottlenecks and supply constraints already since last year. You did new hires in the second quarter. Why aren't these measures contributing to improved supply in the third quarter? Thanks, Sami. If I may, if you look at the activities graphs which I presented earlier in the presentation, you can see that from activities point of view, which then reflects the physical and digital supply at our end, we are growing nicely. The recruitments are yielding results, but with the worsening sales mix, that does not fully reflect into the revenue growth. That is the reason behind that one. Okay. Moving on to that sales mix, I think the EBIT bridge that you presented is very helpful. When you look at the change in sales mix part and sort of make a comparison to last year, is it safe to assume that this is mostly about declining COVID-19 testing? Compared to last year, and sort of cutting some corners, yes. As I said in the presentation, the diagnostics and conclusions that we need to draw from Q3 are more related to 2019 and changes from pre-pandemic era to this day. Yeah. Okay. Coming to that part, you are saying that growing digital appointments are weakening margins in the short term. Just wanted to understand why that wouldn't be the case also in the long term, as the issue seems to be that you are not able to generate those high margin referral sales through the digital channel. Yes, there are a couple of different drivers that we can impact. First of all, the pricing model for digital services can be massaged further, both from the platform supply point of view and sales point of view. We have high demand for digital services from our customers, and we don't have difficulties in getting supply today to the channels. What that means is we have not priced the services correctly. There's over-demand from both sides, and we are not capturing the value. The conclusion is very clear. There's wiggle room in that space. Secondly, digital services and digital appointments continue to be, for longer term, slightly different from physical services. There's different type of mix of medical issues that are being addressed in those services, et cetera. Looking at diagnostics, apples-to-apples comparison, we can improve the conversion over longer period to higher margin services purely by optimizing the interface for professionals and also for our customers. There will be most probably slight difference also in the future between physical and digital. We can close the gap with the actions we are taking, and also we can price better so that we will capture more of the value of these high-demand services. Okay, thanks. Moving on to IT investments. You have done material write-downs in the third quarter. I think you open up the projects in more detail. I would just like to understand that since when were these projects started, and how will you replace them going forward? Will you be, for example, using off-the-shelf systems instead of custom-developed systems? Yes, these are long-term projects. I think the start of the programs were in 2018 for several different modules in our core IT systems. There were three main parts, two of them will deliver or have delivered, and third part, i.e., the patient record system, has now been discontinued in a form originally set for the development. First of all, there's no immediate impact in our services. We have the current working ecosystem, and during the period from 2018, actually, we have even been forced to complement the current old core system. Even the need for full renewal has decreased. To your point, whether or not we'll take off-the-shelf program to support our internal development, that is a possibility. This new plan allows us in more agile and nimble manner to look at different modules and pick and choose the right way, internal or external. Moving on, regarding the sales mix, you complained that you're not able to service the highest margin consumer customers. Just curious, where are these customers going at the moment? Are rivals servicing them, or is it so that they are not just able to get the service they want? Of course, we don't have our competitors' numbers, so difficult to give you an exact answer to that one. It's clear that we are spilling consumer demand at this stage. We have been fully booked for quite some time. They will need to go to competitor than to public sector. Those are the options available. Okay. Finally, on the cost-cutting program. This seems quite challenging in a sense that as demand is not the problem, rather supply. Can you just try to explain in which areas you'll be able to cut costs, as obviously you will need to increase the supply also as you go? Yes, very good question. First of all, as we are facing a strong demand from the marketplace, the Alpha program is not targeted at downgrading our recruitment needs for healthcare professionals. We'll continue to boost that one, on the contrary. The frontline personnel will continue to grow, and supply needs to get there to the right levels addressing the high demand. In the background, in making our digital development smarter going forward in our overhead functions, first of all, in digital, we have now clear focused plan in place. We can do better. We'll continue investing in that area and lead that development, but with smarter cash usage. The even easier part is the overhead. We have been driving with fairly complex operating model for, I would say, four years now. Addressing that one isn't actually rocket science. Just putting in place a more focused, more simplified operating model allows us actually to achieve bulk of the savings targets in our plan. Just curious, what is the role of external consultants in the sort of productivity improvement program that you will be implementing? I think in the release you were sort of disclosing that there were some advisor fees that are success fee based. That is correct. Operating in this environment and serving our customers, of course, organization is busy in doing what they need to do. We have deemed that it's beneficial for us to get some extra legs to boost the activities needed for transformation, cost-cutting initiatives and also the commercial activities. Hence, we have taken, as you said, performance-based advisory to help us shoulder to shoulder. Okay. Thank you. I don't have any further questions. As a reminder, if you wish to ask a question, please dial star five on your telephone keypad. There are no more questions at this time. I hand the conference back to the speakers for any closing comments. Thank you. Before going into closing comments, we have quite a few questions still from the webcast. Maybe starting from the wage inflation, what's the current level we're seeing there and what should be expected for next year? Also, where are we still having open job vacancies where we continue to recruit people? Starting from the last question. Basically, we are growing in our frontline personnel across the board based on the high demand. We are continuously recruiting healthcare professionals depending of course, on the region where we are having our services, it varies, but across the board looking at the whole Terveystalo portfolio, we are recruiting, with good success as we speak, healthcare professionals. To cater for growth, that continues to be the case. Alpha program, as said, does not impact our recruitment base in any way for the frontline. As to the salary inflation, there are two elements. If you cut some corners, there are the two elements in our cost base related to personnel. We have private practitioners' fees, which are not salary, but of course, play a big role in our cost base. There we are not talking about salary increases, we are talking about rent level or shares between private practitioners and Terveystalo. There actually looking at the trends, we don't see drastic changes to either direction. That has been stable and seems to be stable going forward. The biggest salaried personnel group is our nurses. There we have in place now two-year contract with the labor union put in place during summertime. There the nominal prices are fairly modest. We are looking at the first year, 2% salary increase. The second year is tied to export industries of Finland. Depending where they go we will then see the salary increase level. What industries seem to be contemplating right now as to the next salary increase is between 3% and 4%. Of course, market is in quite a bit of flux, you don't know if it's going down or if inflation takes it even high. Thanks. A question on the investment level. What will be the investments in the future for the intangible assets or namely digital and IT in our case? Mikko can comment on the levels as he did already in the presentation. Looking at the content, going forward also we are boosting development of digital appointments. That's one area where we are still going to invest in smooth processes and as said, also user interface at both ends so that we can close the gap between physical and digital also from a referral and follow on activities point of view. We are investing in productivity, enhancing implementations inside our core medical activities. In this environment where we are talking about scarce resources, of course, we need to recruit, but we also need to improve the efficiency and productivity of healthcare personnel. Make it smoother, make it easier, make it faster. Maybe to highlight, on the previous slide, you saw that the current CapEx figures are close to EUR 60 million, the last 12 month figures, there's already a small downturn. Of course in the future, we will still continue investing into our fixed assets such as the equipment needed for the clinic network and so on. Especially on the service development and digital side as Ville mentioned. We will go through the items one by one, and of course on the ERP side, the plan for the JOMAR renewal will remove some of the need for the capital expenditures. Most likely it will go down, and also going through the CapExes one by one will most likely yield some differences to the current CapEx needs, and then relieve the pressure on that one. Safe to say that we still have the capacity to invest as much as needed on all of the elements here. Were there some negatives related to the Q3 result that will not be repeated in Q4? When will the price lifts kick off to offset some of the cost increases that we see? As to Q3 and one of types of negative surprises, there were some, and I let Mikko comment them in more detail. The price increases, they go in phases. Where we have already implemented price increases during the course of this year is our consumer business. The offsetting factor as we today explain, is the fact that we have not been able to put adequate supply for them, so that even though we raise prices, we don't get full benefits because the supply constraints. For the corporate segment, we have informed our customers on the next year's pricing, and there will be some price increases that this industry has never seen taking into account the inflationary environment and the fact that healthcare professionals are in short supply. Discount pricing for healthcare professionals, that period and era is over, and we'll rectify the pricing for that one with couple of different actions. Those will kick in from the start of the year. Maybe on the one-off, starting on the soft side. As it's relevant, after the pandemic era, and of course, there's some of the items that we've been postponing when it comes to the sales, whether it's travel or meeting with the customers and in a way dealing with the hiring of the doctors or certain events related to those ones were actually then timed on top of each other into Q3. There's a certain seven-number cost item for those ones, which we'll not be repeating in the future. At the same time, there's certain increase in non-cash reserves in the company when it comes to the certain price pressures and the inflationary items for example, in the public services sector, as well as certain legal costs and so on. There are quite a few elements there amounting to a few million EUR. Good. Maybe just continuing on the inflation environment. Jutta is asking whether we are able to offset all cost inflation with prices. Of course the Alpha program is net impact after the inflation. Any further comments on that? Yes. Needs to be addressed and stressed that Alpha program, there we are talking about net impact of EUR 50 million. In pricing and commercial activities, starting point is at first we'll offset the inflation and then really the gain is on top of that one. With the demand environment that we are seeing, yes, we are able to offset the inflationary pressures. With the agreement structure and sales mix structure that we have, there's inertia in that one as you well know from the corporate customers and especially from the public customers. Yeah. Talking about the Alpha program, will there be clinic closes as a part of the savings program? A follow-up regarding the Swedish expansion. Has the eagerness to expand in Sweden in any way decreased now that we have lots to do in the home market? starting from the network, that relates to increase in digital services. That's one stream of activities in Inside Alpha program, looking at the network and looking at the optimal channel mix, how we are going to serve certain customers in the future. That might entail some closures in our physical network. We'll of course return to that once the full analysis is done and conducted. As to Sweden, the concentration on core business, portfolio businesses in Sweden, they have different timing but equal weights, I would put it this way. Growth in Sweden is a promising opportunity and continues to be a promising opportunity for Terveystalo. That's intact. Timing of next bigger moves, of course, it more relates to turbulence in the marketplace in general. It might be so that, for example pricing wise and valuation wise, we are again in a territory where for some time it's difficult to find the right pricing and valuation for certain targets. Good. Going back to the Alpha program and the margin improvement activities, there's one element that's related to ending lower margin contracts. What part of those contract base do we consider to be low margin? What part? How big of a share? Well, of course, it depends on where you put the bar. We have, especially as a heritage from some of the public occupational healthcare contracts, we have some one could call bad deals. Also with some large organizations in occupational healthcare space, we have priced the services down so too low. It's a low-ball pricing, which is not where it should be. I wouldn't comment on the shares, but there's especially in current high demand environment, there's by improving mix also from the bad agreement end, there's a lot to do. Yes, that of course applies to the public contracts as well. A question regarding the structural change. What was the driving structural change of the business demand not coming back? I'm not sure if I fully understand that question. How do you see the margin going forward into Q4 and early part of next year before the profit improvement plans start to kick in? I didn't either capture the first question fully, traditionally we have not given detailed guidance for the next quarters. What I can say is the trends that we have been discussing today, especially focusing on pre-pandemic mix and buying behavior and cost against the current situation. The trends, they will not evaporate overnight. Hence the action plan, we need ourselves to address new realities and take down the cost. First impacts will be seen already during Q4, more to follow during Q1 and Q2. Yes. A follow-up on the Swedish growth plan. Given that the Swedish business is currently margin dilutive on a group level, is there any change in our plan regarding the expansion versus top-line growth and margin impact going forward near-term? Oh, yeah. A valid point and good question. As we communicated, and have communicated since the Swedish acquisition, the strategy and plan is intact. We started with occupational healthcare, which structurally in Sweden is lower-margin business. That's a platform entry and platform acquisition. The longer-term plan is to expand the portfolio to other healthcare services segment. With that new portfolio and new volumes improve the margins over time. Volume first, then the margin. That was the plan, and that continues to be the plan. There's no reason why we wouldn't expect the same profitability level mid- to long-term from the Swedish- Yeah, looking at across-the-board profitabilities in Swedish healthcare business, there's no reason why we wouldn't get there, especially with our capabilities. Thanks. We don't have any further questions from the webcast. Maybe over to you, Ville, to do closing remarks and finish the day. First of all, thanks for joining us. As I said today, disappointing Q3. Diagnostics in place. Plan in three different themes, a new operating model, independent value creation plan for portfolio businesses, and Alpha program addressing the new realities in core business and for rapid profit and performance improvement. Sweden plan intact, Terveystalo financial targets and strategy intact. Confident that we will get to fast turnaround with our business. Thank you everybody for joining us today, and have a good rest of the day. Thank you. Thanks.