Good morning, everybody, welcome to Terveystalo's Q3 results call and webcast. My name is Kati Kaksonen. I'm responsible for Terveystalo investor relations and sustainability. As usual, we'll go through the results with a presentation by our CEO, Ville Iho, and our CFO, Juuso Pajunen, and we'll follow that with a Q&A. First, we'll take questions from the phone lines and then from the webcast as well. Without further ado, over to you, Ville. Thank you, Kati. Now I'm not able to change the slide. Okay. Now it works. Strong Terveystalo journey continues. The performance was again boosted especially by Healthcare Services, which is improving and is still growing as a business, as we have planned. We have seen and saw also encouraging signs in Portfolio Businesses where profitability is improving against fairly tough market conditions, both in public side and consumer businesses that Portfolio Businesses is running. Sweden is not yet showing bottom line results, the turnaround is progressing and is going to deliver results, as we have seen in Finland, during the course of next spring. As you can see from the numbers, we will reach our financial targets in profitability one year ahead of the plan. If you actually look at the LTM numbers, we have already crossed the line that we set early on, 12% EBITDA margin target. While we have for the past 24 months focused on profitability, we have maintained and even improved our customer satisfaction and medical quality, which is a very encouraging sign of a strong company, a strong culture, and robust operations. We have a chart. Okay, now. In numbers, Q3, we are growing more than 5%. The EBITDA is 24.3 and margin 11.6%. Cash flow is strong as per usual, and also EPS is showing almost like a quantum leap forward. As said, customer satisfaction is on a high level again at all-time high. No matter how you slice and dice this slide, the performance is solid and still improving. Looking deeper into the businesses, as said, Healthcare Services continues to deliver, continues to perform, continues to progress, clear uptake in profitability and also in revenue. Portfolio Businesses revenue going down because of the termination of outsourcing contracts and some headwind in consumer businesses. The important thing here is that we have been able to improve profitability with the actions that we are taking and will take in Portfolio Businesses. In that domain, we are getting ready for healthcare districts to open a new market opportunity for us. Sweden are still lagging behind, as said, turnaround program has been initiated early during the year and is going as planned and will deliver similar results as we have seen in Finland going forward. LTM figures here. As said, as a group, we have crossed the line that we set 24 months ago for the turnaround. Now in LTM figures, we are 12.3% EBITDA. Well done by the team. The group is strong. It's stronger than ever, and we concentrate on the next phase of the company, which is more focusing on growth, focusing on customer value, focusing on medical quality. Storyline in graph. This is the journey. We set the targets for turnaround 24 months ago. We have been consistently delivering on the promises. We have been consistently delivering on performance improvement. Alpha program is completed. The targets have been reached, a new phase in the company will start. We have a lot of things that we can still improve. Now since we are stronger than ever, we have the cash flow, we have the capacity to invest. We are of course glad to take the next step and next phase into the journey. We'll invest in data superiority in prevention, ultimate smoothness and fluency in primary care and in specialist care, building best outpatient hospitals in the world. A lot of things that we can still improve. The improvement has been material and it has been a great journey thus far, but there's a lot of potential still inside the company. The next phase of the journey will be discussed in detail in Helsinki, 4th of December, in our Capital Markets Day. With that one, over to you, Juuso. Thank you, Ville. Good morning, all. I'm extremely happy to be here today to present you these numbers. Our Q3 is strong one. It is the strongest Q3 in the company's history, if we exclude one COVID test-supported quarter back in the days. We are delivering, and we are delivering at LTM 12.3%, one year ahead of the schedule. It's not only that one, but if you look throughout all of our numbers, this is the sixth consecutive quarter that we improve 62% up on EBITDA year-on-year, EPS four times, net debt standing at 2.3, which is probably all-time low for this group. Not only delivering adjusted EBITDA, delivering EPS, delivering cash flow, seeing very strong NPS numbers. We have basically effective medical care. We are not doing this at cost of something. We are doing it because we are this good. If we look the numbers, the Finnish segments, they are clearly delivering Healthcare Services, both growing and improving margin materially. Portfolios not showing growth in revenues, but improving the margin exactly as we have planned. Sweden profit improvement program is on schedule, but we don't yet see the numbers going to right direction. If you look and slice and dice a bit of the numbers, you can already see some very modest sequential improvement. With all of this one, the guidance range has been narrowed. Now our full year guidance for adjusted EBITDA margin is between 12%-12.5%. We have cut down the lower end of the margin range given in summer. Let's go a bit more into the details. Revenue growth is driven by strong supply, improved sales mix, successful commercial actions, and early flu season start. We see clearly in the Healthcare Services, both appointments and diagnostics are delivering solid sales. Other service sales is slightly wobbling downwards, but there's nothing materially to worry about on that one. There's a bit of seasonality, and we have been renewing, for example, our operating theaters in Kamppi, which has an impact to our operations obviously. If we think about a bit further on the growth, we are up in visits. We are roughly 3% up in the visits, and at the same time, we had one working day more. Even taking that one into account, we are still couple of percentage points upwards. The early flu season start, it contributes to that one, but it's not the only explanation. We are also growing organically now on the appointment levels, which is very positive for our business. At the same time, it's not only appointments, diagnostics, it's through all customer groups. Positive performance from Healthcare Services what comes to revenues. In Portfolio Businesses, we can say that basically we have by choice decline in revenue in the public sector part of that one. Outsourcings, we know very well. The staffing continues the storyline from the first six months that we have already told. We have deliberately chosen that we don't bid for everything. We want to have our margin structure in a healthy base, and thus we have also some revenue reduction. Consumer market, dental, massage continues to be on a lower level. Like said earlier, it has probably bottom out in February. At the same time, we don't see any material improvement during the quarter on the demand level. It is low, and continued low level. Sweden, we have some ended customer contracts, partly by choice, partly in the public sector tendering, and the demand environment continues to be weak. There are some hints that it could get more positive, but at the same time, it is a fragile environment from demand perspective. With all of this one, we deliver EUR 296 million of revenues in Q3 compared to EUR 281 previous year. If we go into the profitability part, Healthcare Services, we have the cost measures, we have the efficiency program, we have a robust sales mix. What is very important to understand on that one, that we have now a far more balanced margin mix. We are now, after all of the efficiency actions that we have taken, we can deliver solid margins throughout our different services, whether it's appointments, diagnostics, or operations and so on. We deliver margin, and that basically de-risks our seasonality and supports our margin delivery. The early flu season has a positive impact. It's roughly 2,000 appointments per week from somewhere around mid-August onwards that we have gained compared to previous year. If we look the Portfolio Businesses, we have positive development especially in the public sector because we have been able to gain efficiencies, and we had some loss-making old contracts that supports us, or at least low margin contracts. When those are out of the system, it supports the relative profitability, but it's not only that one, it's also in absolute terms growing. In Sweden, we have the reduced revenue and cost inflation that are hitting us. Once again, I reiterate we are progressing as planned in the profit improvement program. You already start to see very modest hints on that part. If you think about now our Q3 revenues are declining a bit less than our year-to-date revenues. Now we are stabilizing out in there, and at the same time, if you look our number of people, if you look the cost structure, we have taken some hard measures that start to be visible in the numbers. Step by step we are going forward. Having said that one, Q4 will be difficult and we will in 2025 be in a better position to make profits in Sweden. This picture you have seen, you will continue seeing it in the future. What can I say? Story continued. There is materially nothing new in this one. In Healthcare Services, all customer groups or payer groups are growing in revenues. There is a hefty 5 percentage point improvement in margin. Portfolio Businesses are almost doubling their margin, the revenue is going downwards. Sweden, as explained, we are getting forward in there, it takes still further time. Year-to-date, we have the substantial improvement. Our big machine is ticking. Also in here I would like to highlight the consistency. We have been delivering these numbers now 6 quarters in a row, we have been progressing consistently quarter by quarter to get here. Now we are on a 12.6% year-to-date adjusted EBITDA margin. 12.3% on the last 12 months. If we think about the balance sheet side of things and our cash position, we are ticking almost EUR 200 million of operating cash flow during the quarter. This correlates basically with our operating margin improvement. The more we deliver EBITDA, the more we deliver cash. That ticks like a clock. The other part is good to note that now the gross CapEx is at EUR 37 million on the last 12 months basis. That is a low number. We have been repeatedly saying that it should be between 4-4.5 percentage points from the revenue. At the same time, our eyes are turning more and more into organic growth that will require investment. We would foresee that we have positive business cases to invest in organic growth and potentially the CapEx level will get higher in the future. We will come back to that one also in CMD in 4th of December. Net debt to adjusted EBITDA at 2.3. As said, I think that it is all-time low during the history of this group. Highlighting the cash generation reminding all of us and all of you that we have capability to invest if there are positive cases. Let us talk about the guidance. Basically the first part of guidance, you know we are expecting the revenues to grow. Now we have narrowed the rates to 12%-12.5%. If you look for the first 5 bullets, they are pretty much the same as they have been continuously, excluding the fifth bullet last statements. Now if you put this guidance into context, let us say that you would calculate implied range for Q4 from here. Year-to-date 12.6% ending up to 12%-12.5%. In a full year, you pretty much get into mid-10s on the lower end and basically low 12s in the higher end of the guidance range. That would indicate that Q4 would not be operationally great. You need to read the fifth bullet final statement. We have some one-time items, not as an adjustment items, but items that are now coming in the fourth quarter. We have the collective labor agreement where we have the one-time impact EUR 500 per employee that will be paid in December. We have a one-off payment to all staff that will be paid out in the fourth quarter, which will also decline the performance of the fourth quarter. Even with all of this one, it is fair to say that the scenarios that point to the upper end of the range seem to be more likely than any scenarios that would point out to the lower end of the range. We are doing well also in Q4. With these ones, I think it's time for Q&A and still one commercial, CMD 4th of December. Excellent. Thanks. I think that we are now ready for questions. Do we have any questions on the phone lines? If you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key 6 on your telephone keypad. The next question comes from Anssi Rautiainen from SEB. Please go ahead. Good morning all. Firstly, congratulations again. Strong quarter. I start with the demand picture and of course a lot of flu and influenza type epidemics in Finland right now. How's the demand and the growth picture in early Q4? Do you see a clear impact here? Well, if I start, basically, like iterated earlier, that the flu season started somewhere around mid-August, and we have seen, give or take 2,000 appointments more per week for upper respiratory diseases. At least the first part of October, it has continued on the same manner. You can actually very transparently follow that one out in our Terveystalo open data. Just put to Google Terveystalo open data, and you will see that part very transparently. It has a couple of days delays until it updates, but you get the visibility on that one. On the other part of the demand, we see continued positive demand like you see from our numbers in the corporate customers. We see insurance customers in a positive development also. What comes then to out-of-pocket customers and public sector, I think that out-of-pocket customers, consumers are still slightly feeling now already going down interest rates and their purchase power. That one is, I would say, more up and coming than in as healthy development as with the corporate customers and the insurance part. Then finally, public sector, you know the story. We have chosen our path in that sense, and it has been down throughout the year. Thanks. That's clear. You have been clear about your focus turning on growth from now on, can you maybe give us already some examples what kind of actions you are planning, or do we have to wait until CMD? In a big picture, yes, you will need to wait a couple of weeks until CMD. One indication of the growth aspirations and initiatives came in Juuso's comments around the investment. We have already started accelerating growth-targeted investments in our Portfolio Businesses. You will see that one in our numbers, both in growth and in CapEx. That's one thing. Maybe the other one is that we have reorganized now the Portfolio Businesses public offering. Actually, yesterday we came out with the new brand, and we are really getting geared up for that market opening up in the future. Maybe just to elaborate that the focus remains on profitable and EPS-enhancing growth, of course. Absolutely going forward as well. Absolutely. Thanks. The last one about your employees and the employee NPS. Have you seen anything unusual in, let's say, employee churn, for example, or how has this developed? The attrition rate, we don't see any dramatic changes there. There's a, I would say, normal fluctuation there. The most important thing, which Juuso mentioned already, is that supply has been developing positively all the time and continues to be very strong. Of course, this has been a fairly tough journey for our team during last 24 months, and we of course want to give big thanks to the team for delivering and at the same time keeping the customer satisfaction on high level. Okay. Thank you. That's all from me. The next question comes from Sami Sarkamies from Danske Bank. Please go ahead. Hi. I have three questions. We'll take this one by one. Firstly, regarding your financial leverage, you were commenting that it's all-time low. Are you planning to keep it that way also going forward, or was this a comment that you were hinting for future acquisitions? I wouldn't take it as a hint. I would take it as what it says, all-time low. What it means is that we have powder should we find positive growth investments, and we will come to the capital allocation and investment questions in the CMD. As said, we have powder to do positive organic growth investments or inorganic growth investment should we see opportunities emerging. Okay. Moving on to Sweden. I think you have previously indicated that we could see some early signs of recovery already in Q4. Now you're calling it a tough quarter. What is delaying the turnaround, and does a top-line turnaround require macro tailwinds? I think that comes with two different topics. I think that both are true. It will be a tough quarter, but we will also see improvement. I would think that we will continue seeing sequential improvement. That is not improvement against comparable numbers. We need to be clear on that part. It will be a tough quarter, but at the same time I would expect that we see some improvement month-on-month basis. That's the first part. The other part is that Sweden macro is difficult. We would benefit from revenue growth and taking further revenues in there, but our plan is built in a manner that also in a lower end of revenues, we are capable of delivering satisfactory results, not great results, but satisfactory results at least. Okay, thanks. Finally, on the Finnish public sector as a customer, looking at ongoing savings, are you assuming growth from the public sector next year? Well, it's very difficult to estimate that one because for any healthcare district, it's like a binary type of thing for many areas. There are some signs that the activities are actually materializing. For example, the Pirkanmaa decision just a couple of days ago was one indication that things are moving. We are not yet forecasting anything. We are getting ready and geared up, as I said, for ultimate eventual growth that will emerge and market will open up. It's, as we have discussed earlier, very difficult to forecast. Okay, thank you. I don't have any further questions. The next question comes from Joni Sandvall from Nordea. Please go ahead. Thanks, Ville, Juuso, and Kati, and congrats for the good results. I have a couple of questions. Firstly, on personal expenses, this decline clearly year-over-year. Were there any extraordinary behind the decline? Secondly, have you seen any increase in sickness leave due to the flu season? How should we expect this to compare now against last year in Q4? First of all, the personal expenses last year, the CLA additional payment was paid in third quarter, if I recall correctly. That one means that there was an excess impact of, I'd say, a couple of million EUR in the comparable numbers previous year. On the sickness leaves, we see some small growth. We are not living in a bubble as a company from the surrounding environment. The extended flu season shows us some small impact on the sickness leaves, but nothing material at the moment. I think that we have been quite good now during the profit improvement program to also improve our rostering. We are quite well prepared for normal volatility that sicknesses may cause. Okay, thanks. Maybe a question on organic growth going into 2025. I know that you will give more information in the CMD, how it looks now when thinking on maybe pricing and volumes taken into account the current inflation environment, what kind of underlying growth in the market we should expect? Well, at the moment, I would not like to comment too much on the 2025 growth environment. The market environment is stable from most of the macro perspectives. There are open components, obviously, that if we see more favorable macroeconomic environment, it should probably be visible a bit in our consumer-driven demand, especially. Of course, the employment rates would potentially start increasing in Finland with those ones. This is all guessing. I would say that from organic growth perspective, we have a solid and good visibility for 2025, or we would expect to see organic growth. Pricing, obviously, we are living in time. Past couple of years, we have been living in a high inflation environment, and now we are coming into a stable inflation environment. Of course, that will have an impact in our pricing also. Okay. Thanks. Lastly, maybe about changes in Kela reimbursements. I think there has been at least proposals to change this towards more selective care. How you see these proposals, and could this actually be more supportive to you than the current change, what happened early this year? Starting point is that the proposal that is now on the table is smarter than the previous one for many different aspects. It's a phased approach, which is very important for this type of complicated systems also. You are progressing in phases. It's more focused also. Basically, reimbursements are focused in areas which are maybe the most cognated and where private sector can, with the highest power, help public sector. Those are welcomed changes to the proposal. The trial or pilot for citizens over 65 is a good pick. I think it's a very viable idea. Typically, in that segment, people fall off from occupational healthcare, and there's a segment that we can serve with our private offering. Many positive things in the proposal. When you scratch the surface, the questions around how you then develop this system into a freedom of choice type of model, which is sort of a background for the pilot. You have many questions around pricing and pricing mechanism, et cetera. We are very supportive and glad to see this type of thinking first happening and this type of proposal put into the table. One caveat though is that since we are moving ahead in phases, any material impact would take time. This is hopefully beginning of something new where we can serve new segments with our private offering, new opening for freedom of choice model. It will take time to materialize. Thanks. Good answer. That's all from me. Thanks. There are no more questions at this time, I hand the conference back to the speakers for any closing comments. Thank you, operator. At the moment, we don't have any questions from the chat. As a reminder, if you're watching and you have questions, do send them over. Maybe just a couple of words going back to the results. We are turning a bit focus from the turnaround to a new phase. Any teasers before our Capital Markets Day? What does it mean in practice? As a company, there has been a lot of things to fix inside our operations during last 24 months. For that reason, although the results have been great, this has been a very much internally focused company for good reasons. The job on that front is done. We will turn our focus to external work, to the markets, to the customers, to the patients, to the quality, to organic growth. That's the key for the next phase. We'll discuss that one in detail in our Capital Markets Day. Excellent. We don't have any questions from the audience at the moment. We thank you for your time and have a great weekend. Thank you. Thank you.