Hello, welcome to Terveystalo's announcement webcast and investor call regarding the acquisition of Silmäasema. My name is Kati Kaksonen. I am responsible for investor relations and sustainability here at Terveystalo for one more week, and it is my pleasure to be here today for this announcement. First, mandatory disclaimers regarding future references, going into today's presenters. Today, our CEO, Ville Iho, will go through the strategic context of this acquisition and our newly updated strategy and financial targets and how Silmäasema fits into that strategy going forward. We have Teppo Lindén, the CEO of Cor Group, Coronaria, and Silmäasema, presenting you Silmäasema as a company and a target and the new incoming active owner, namely Coronaria. Our CFO, Juuso Pajunen, will go through the acquisition details and the value creation model of today's topic. Without further ado, over to you, Ville, on the updated strategy. Thank you, Kati. Extremely happy and proud to stand here together with Teppo, commenting on the major acquisition that we have announced today. Terveystalo and Silmäasema, two high-quality leading players in Finland in healthcare services, will join forces to form an outpatient powerhouse, unique in European context and one of the leading healthcare services companies in Europe. If we take one or two steps back and dial back to our strategic discussions that we have had since actually last summer, we have been for quite some time concentrating on our digital asset, optimizing what we have with technology and digital. One of the conclusions have been, in our considerations and discussions, that first of all, we need to accelerate, and secondly, we need to open more growth opportunities and growth vectors to be able to fully leverage our technologies and assets and our capabilities. There are, in our renewed ARC strategy, a few major shifts that we are making against the old strategy. First of all, key to this acquisition, is the fact that we are accelerating growth. We are opening new growth opportunities, and that's reflected not only in what we are saying, but also in what we are doing and what type of targets we are setting for ourselves to also achieve growth, profitability, and dividend policy, as well as leverage ratio. Those will be commented later in the presentation. That's number one. Secondly, we see healthcare services as highly transformative industry. As we speak, the progress has been fairly slow in this industry, which has been very conservative. The bar is higher and higher, and demand and ask from customers is really to match service models' ease of buying experience which they are experiencing in other services and products. From traditional transactional services, more and more to easy to use, easy to buy retail models. We then move on to core offering that we, as a healthcare services company, are offering to our customers and patients, we have been very generalist type of a player in outpatient scheme. What we are doing is focusing more both into the deep end, so that really outpatient specialist services are getting more weight in our strategy. On the other hand, where we can transform services to digital algorithm-led services, we want to focus on that one as well. The middle-of-the-road generalist services which can be digitized or transformed into algorithm-led but are not transforming, that's the space we don't want to be in the future. Highly specialized, high-value specialist services, highly efficient, accessible digital algorithm-led services on the other. Customer engagement, how we reach out to our customers, this goes hand in hand with retail model thinking, from reactive world to proactive, active customer engagement, but also from healthcare point of view, proactive services world. These are the shifts that we are now introducing into our strategy. Now when we look at today's announcement and transaction, actually, we can see that we are basically ticking all of the boxes. We think about Silmäasema, the leading ophthalmology and eye care player in Finland, they share same philosophy, same ideology around healthcare transformation. They have been able to develop a lot of the models that we are discussing today already into their services. The customer experience that Silmäasema is today able to offer is on the top, NPS high retail models are sort of what they are born and raised into. Customer engagement, wide audience, high reach into Finnish customers is also what Silmäasema has been able to play with for long time. Silmäasema, on the other hand, is a specialist in eye care and competence that Silmäasema has been able to develop in purely medical specialist world is top-notch, and we admire that part highly. All in all, looking at the transaction, so talking about growth, Silmäasema, Terveystalo combination from today basically adds material scale into Terveystalo journey and story. More importantly, it opens up growth potential for the future. This is a unique combination with the capabilities that complement each other and with the model that Silmäasema has been able to develop and with the technology and data layers that Terveystalo is familiar in leveraging and driving, we can really transform the way healthcare services is produced and also consumed in the future. From Terveystalo's finances point of view, there's a high potential for value creation. One of the important aspects of the transaction is that revenue mix of Terveystalo will be more diversified and more healthy. Private pay out of pocket is the key for Silmäasema, now adding that one into Terveystalo's revenue mix, it's more even, more diversified, more resilient for the future. Of course, Silmäasema is in a rapidly growing market supported by mega trends. There's a perfect industrial logic in what we are doing. As I said, these companies complement each other from services portfolio point of view, from customer mix point of view, from technology point of view, and specialties point of view. At the same time, we are sharing the same view on the future, where healthcare services and healthcare delivery models are going. More data-driven, more accessible, more retail-like, whilst at the same time, high quality, high investment into medical. From teams' point of view, of course, now we are talking about two top teams in Finland. This will be strongest team in this city, and of course, that creates a strong base for reaching out to new markets as well. A couple of comments on Silmäasema before Teppo leads you into the details. Silmäasema has a unique model combining eye care and ophthalmology in the seamless service packages where customer, whenever he or she enters into Silmäasema store, he or she can be sure that the best possible option for a need will be presented and offered. Very holistic approach, very customer-centric approach, and it actually works. Looking at the numbers, which Teppo will comment in detail shortly, this model has really rocked the Finnish scene. It's unique in Europe, looking at growth, profitability, customer experience, professional experience with all of the KPIs, this is a winner in this domain. As said a couple of times already, this opens as maybe the most important aspect for both companies, high potential for future growth. With that one, just a couple of comments on other stakeholders, customers and patients. We will serve roughly 2 million Finns initially. Really vast customer base and versatile offering for these customers, whereby we are able to make the customer engagement and customer relationships over the span of time stronger and stronger and leverage more and more the high-quality versatile offering that we have in-house. The model has ability to scale, not only in Finland, but also outside Finnish borders. For employees of both companies, we are creating a powerhouse in outpatient healthcare and for every stakeholder, a lot of new opportunities will open up. It's of course great to be a member of the winning team, learn from new colleagues, new professionals and get new opportunities for each and everyone's careers. For all of the stakeholders, be it investor, current owner, customer, patient, or then employees, this is a perfect match, and we see great potential going forward. Journey hopefully starts as soon as possible. With that one, over to you, Teppo. Thank you, Ville. He almost told everything. My name is Teppo Lindén. I'm the CEO of the Coronaria & Cor Group and CEO of Silmäasema since 2020 when we bought Silmäasema. Today, Silmäasema is number one operator in private eye care. We have today 20 private and five public eye care clinics or hospitals in Finland. We have 350 eye doctors who are working as consultants. We have about 310,000 eye doctor visits and operation per year. What is different than in other European countries, our out-of-pocket share over 90%, when in Europe it's normally between 10% and 20%. We are also today, number one optical chain in Finland. We have 155 stores in Finland and 10 in Estonia. We sell every year about 360,000 glasses and also other services. There is also the out-of-pocket share, almost 100%, it's 97%. Silmäasema is in this area in eye care and optical side is number one brand in Finland, and last three years, both sides is top of mind number one. We have been I think three or four years the most trusted optician in Finland. Our NPS and eNPS figures are very high. In hospital service, almost 100, but not yet, and optical stores are 77. The market size in Nordic and in Finland is growing about 4% per year, and it's kind of same in optical side and ophthalmology side. The age, people are more and more older, so the growth from our customers are about two-thirds are over 50 years, and it drives growth. Also the certain prevalence of certain eye conditions like AMD and glaucoma is growing because of the age. In Europe and also in Finland, we think that the eye care will go more and more towards the private side because of the AMD, the eye care is now the most outpatient visits in any specialty in Finland. There is also a lot of development in products and different operation and services. This is one of the main keys why the market is growing up in future also. As we can see, I have been six years now in Silmäasema CEO. We have grown quite steadily, about 16% per year. Today we are selling about EUR 50 for every Finnish people, and it's quite unique if we compare the other European countries. We are very integrated model in optical and eye care side. It's a very unique model even in Europe. It's a main issue that when the customers comes to us, we can offer all the products, all the services for the customer or patient. We don't have to select the best ones or not right ones to the customers. This is because we consider optical side also like a healthcare, because it's sometimes, for the customers, difficult to decide if there is some problem with the vision, if it's because of the health side or it's the optical side. Every customers can trust when they comes to us that they get the right choices for them. We think that is the most important things because our market share has grown rapidly higher. We have a different kind of systems to work, but the main thing that we get all the services and products under the same roof. This is also very cost effective model, the other important thing is that people are very easy to come to us. For example, we have 16 eye hospitals in a shopping malls. In the front we have optical store, we have outpatient services, at the back end we have a operation theater. It's very easy to come to us. We have also four hospitals which are independent, 35 optical stores with eye clinics and 104 optical stores with eye doctor services. We work also together with the public side. We have one hospital in Pasila in Helsinki, which are only for the public patients. We also work as white label for public hospitals. In total we offer all the services to Finland, even in the public side. This is quite a simple model how our customers goes. The main thing when they come to Silmäasema, it's easy to go other services inside the same roof. For example, our surgery customers, about two-thirds comes from the optical side. Normally it's mainly marketing based, but the guidance is much more different than our competitors. In future, there is one middle of the screen, it's oculomics screening. It means that in future we can screen from the bottom of the eye different metabolic diseases. In the same time when the customer comes to our premises we can take photo from the fundus and you can screen for example neurological diseases, heart diseases, even ADHD. We think in the future the optical store and eye care will be a kind of gate of the health screening. Together, because we are number one in Europe to integrate optical side and eye care side, we believe that we go even further to add health services in the same customer. It takes couple years, but things are going very fast forward and we think this is the future. As my background, I'm a medical doctor and an orthopedic surgeon since 20 years. Not a lot of patients, but more than like a CEO. I'm one of the founder of Cor Group since almost 40 years ago. We started the business like a medical student from zero and now our parent company's turnover is almost half billion. We have about 5,000 employees with consultants. And we are very keen to make things inside the healthcare and wellbeing. In Coronaria, we are the biggest in rehabilitation in Finland. Silmäasema, you already know. Kuntokeskus Liikku, it's the biggest gyms chain we have from 3 to about 80. We are the biggest owner of the Nightingale Health, which a big customer is Terveystalo. In AI side, we are part owner of the Gosta Labs, which also has some business with Terveystalo. We have many things together early also. In 10 years, we have grown from about little bit over EUR 100 million to almost EUR 300 million. Thank you. Thank you, Teppo. With that one, we invite Juuso Pajunen, CFO, to go through numbers, structures, and business. Thank you, Ville. Thank you, Teppo. Let's talk about transaction overview and value creation. Before we jump into the details of the deal, let's put the strategic context in the back of our heads again. Ville explained Terveystalo's growth strategy. We have updated our strategy, and we will go for further growth. We will, with this joining forces with Silmäasema, we will create a leading European outpatient care platform. If we look on Silmäasema, it is a growing platform. It has a really strong, long, and sustainable growth track with very high margins and cash generation. This is something when Teppo explained on that how in the future you can, from the different type of eye diagnostics, you can basically have further and further other diseases like ADHD or such diagnosed. There is a very clear growth platform and very strong, not overlapping synergistic platform for us to take. When we take the ownership component, as Teppo explained, he has been 40 years living, breathing, building healthcare. Now Coronaria would become the largest shareholder of Terveystalo. With all of this one, we are generating a strategically growing, synergistic, not overlapping entity that is a leading European outpatient care platform with growth opportunities with an anchor investor. Within this context, let's start evaluating the transaction and the value creation. If we look on the details, basically, we have two components in the purchase price. We have a cash and debt-free enterprise value of EUR 574 million, and EUR 275 million of that one is cash. Any adjustments based on net debt positions and those ones will be made to the cash component. We have 36.5 million new Terveystalo shares that are issued to the sellers if the extraordinary general meeting approves the deal on last of June. Obviously, subject for closing, and that one will be the timing of that one. The value of those shares at the Friday ending price would be around EUR 300 million. The whole deal is subject to competition authority and Terveystalo EGM approvals. We would foresee that the process would take roughly to the end of this year. Once we get the approvals, and we can complete the deal, Silmäasema would be a new business segment, would continue under its own brand, and as reported as a segment under Terveystalo. With this deal, Coronaria would become the largest shareholder in Terveystalo, having a long and successful track record with healthcare assets. The industrial logic for the acquisition is that if we look this one, Silmäasema has roughly one million annual customers. When we combine that one with Terveystalo, we have total of roughly two million customers. Like Teppo and Ville explained on the total structure and synergy, with those customers, we can provide more and more health. When the entry point to optician comes, and we can offer Terveystalo's wide healthcare offering, all of the specialties that we have, we can provide better health, more health to all of those patients and customers. Silmäasema, as such, is a market leader. It is a strong, growing company in a segment that is structurally growing. The aging of the population, advancement of the diagnostic tools, all of that one is supporting the continued structural growth, which Silmäasema has a strong track record. When we combine that one to the customer mix, basically Terveystalo and Silmäasema together has a wider complementary customer mix, which is also more stable. We have a diversification of the customer mix and the payer mix in our benefit. Looking Silmäasema's business model, like Teppo explained, it is unique. We have seen that some of the bigger ones are now trying to do that, one such as Essilor. Silmäasema has done it for a long time. They are the champion of this business model. With this business model, we have a proven and scalable growth engine that works also outside of Finland. Basically, with that type of a scalable platform, we can also then unlock further international expansion and larger opportunities when we go forward. If we look the numbers, joining forces with Silmäasema, we would be roughly EUR 1.5 billion company, calculating 2025 to 2025 numbers. Our combined EBITDA 20%, combined EBIT margin 12.5%. It's very important to note that when we are looking these numbers, Silmäasema has been growing rapidly. It's good to note that between 2023 to 2025, if you take those growth numbers, roughly 2/3 have been organic growth, and 1/3 has been acquisition-related growth. This is a organic growth motor with bolt-on opportunities. Stable cash flow, strong EBITDA, strong EBIT, all of those ones, and even stronger EBITDA and EBIT margins than Terveystalo. With all of that one, we have a really good combined motor. If we look the balance sheet side, good to note all of the numbers are IFRS 16 numbers. The EV is IFRS 16 EV. When we take the net debt position, EUR 783 then including also IFRS debts of Silmäasema, our leverage ratio is around 2.7x on pro forma basis at 2025. On Terveystalo side, this is excluding Hohde, but if you add back the debt on that one, we are slightly below 3x. With our updated financial targets, our balance sheet is strong, and we are capable of continuing the bolt-on journey immediately when the transaction close. We have a entity that has a new growth vector with strong growth track record, industry benchmark class EBITDA margins, very strong EBIT margins, stable cash flow, and healthy balance sheet. If we look a bit deeper on our customer segments or payer segments, we see that Terveystalo comes from occupational health, consumer, insurance payers, and we have the portfolio businesses and Sweden. When we combine that one to Silmäasema, where slightly over half is optical retail and slightly below half is ophthalmology, when we combine these ones, we have a segment that is 17% of Terveystalo revenues, and this diversifies our customer base more and more towards private pay, out-of-pocket revenue customers. With this transaction, we are more and more dominantly private pay company. On the synergy potential, first of all, it's very good to understand that we have two sources of synergies. We have the cost synergies, which are roughly 70% of the total, and direct revenue synergies, which are then the rest. The total synergies are estimated to have annual run rate of around EUR 11 million-EUR 15 million. The cost synergies are coming from the network optimization, like you heard from Teppo, 155 locations with optical retail stores, with ophthalmology health, and ophthalmology clinics. With Terveystalo's, over 350 locations. There's a clear synergy potential on these ones. When we go to procurement efficiencies, we have also those ones. We need to remember Terveystalo. Terveystalo is a digital champion. You have heard, those of you who are familiar with Terveystalo investor meetings, we have Ella, our digital platform. We have the new occupational health platform. We have application which has more than 2.7 million downloads. With all of those ones, all of that CapEx in digital, we can spread wider together with Silmäasema. When we combine the champion of Silmäasema on the out-of-pocket consumer market, this is a very strong combination, generating also CapEx synergies. If we look at direct revenue synergies, we have the cross-selling from Silmäasema's eye retail offering to Terveystalo customer base, but this is now the short-term view. We are evaluating that cost synergies come in 18 months, and the direct revenue synergies come in three years. Actually, the strategic rationale looks way beyond that one, and you see the plus further material revenue upside through broader cross and upselling opportunities. When we have the hearts of the consumers, we have easy access, we have the developments, as Teppo explained, on the eye healthcare, that you can diagnose more and more of the diseases, and we can provide better and better services and more and more health to the consumers and the patients. This is the strategic part of that one. This one goes beyond the three years, and it's not included in the current calculations. All in all, what do we have? We have a highly synergistic and value-creating transaction, and it has a strong support from our shareholders. Looking at the EPS after the first full year following the completion of transaction, this is EPS-enhancing. If we look on the valuation, this is now including estimated synergies at 11.5. This is now the middle point of the synergy EUR 11 million- EUR 15 million rate. Backward-looking multiple 11.5, including synergies. It's really good to understand that going to forward-looking multiples already in the first year, we are below Terveystalo multiples with the synergies included. Growing high margin, high quality asset, and still next 12 months basis, we are below our own valuation. Based on this one, there's a strong value creation and roughly 60% of our shareholders already support the transaction and have, subject for certain customary conditions, agreed to vote in favor of the share issue at the EGM. We have a strong support and strong value creation in front of us. What comes to the rest of the funding, we have committed debt financing in place from our current partner banks to cater the EUR 275 million cash component of the deal. With that one, what's going to happen next? Basically, today we have signed and announced a transaction joining forces with Silmäasema. Next step is the extraordinary general meeting that will take place three weeks from now, last of June. Already at the same time, we are going forward for the regulatory approvals, and obviously we start integration planning within the boundaries set by the regulations. We would expect that the regulatory approvals would take until end of this year, Q1 2027, and after that one, we could start the full integration execution and the synergy realization. Full potential of the synergy is within three years. As I said, this is a long-term strategic journey, which will continue far beyond that 3 years. With that said, let's hand it over back to Ville for wrap up, and then there's some questions. Thank you, Juuso. Still summarizing, dialing back first of all to our renewed strategy and renewed targets. Value creation story of Terveystalo is updated. As I said initially, we are now accelerating our growth. Earnings growth target will be 10% adjusted EPS growth per annum. We are creating possibilities for higher growth by slightly adjusting our leverage target to be 3.0 max net debt to adjusted EBITDA, and also payout ratio, dividend payout ratio is updated to be at least 50%. With these ones, and looking at the growth opportunities and the potential that the combined entities of Terveystalo and Silmäasema form after closing, the value creation story is really compelling for our current and new owners. Recapping still the case. As Juuso explained, this is whenever you are looking at a transaction, of course, you calculate the synergies and you calculate ratios and calculate who is paying what. In short and mid-term, this makes a ton of sense. These are highly complementing entities and synergy potential is really high. That's, as Juuso also said, this is only the beginning. This is about creating a winner in fast transforming healthcare outpatient world, where we can jointly now after closing leverage unique assets, unique capabilities. We have the data. We have the reach to vast customer base. We have our digital assets, as Juuso explained. We have the philosophy of using that data in medical services and in commercial terms. Silmäasema comes with additional customer base, same philosophy, high medical quality, customer services design, which are not historical healthcare services, rather future retail type of healthcare services models. High customer satisfaction, high competence in medical, combine these two asset we are able to become a European winner and take the healthcare services to the next level, which is needed. Maybe last but not least, as Juuso said, Coronaria will become the largest shareholder in Terveystalo, and that further strengthens the combination. It's a sort of 360 unique and powerful combination where owners, management, these new two teams join forces and take this new entity to the future and to the next level. Finally, expected closing. Of course, we are eager to start, but there are some milestones that need still to be tackled. EGM for sure, but then the competition authority processes. An expected closing is by the end of this year or at latest Q1 2027. With that one, I guess it's time for Q&A. Thanks, Ville. We are now ready for your questions. Do we have any questions from the phone lines? If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Joni Sandvall from Nordea. Please go ahead. Yeah, thanks. Thanks for the good presentation. Two questions from my side. Firstly, on the strategic focus, I think there is a material change there. What actually triggered the change? Was it this acquisition or your strategic rethinking behind? Maybe also if you can give any comment because now you are clearly becoming more specialized service provider. Does this mean some larger changes on your occupational health and public side offering? Thanks. Very good question. We have been renewing our strategy or started the first discussions around that one last summer. Since this one year. The main trigger has been that what we see around us and what we see in healthcare services is that the transformation that has been long coming is actually accelerating. By staying put in our current service portfolio and only sort of optimizing that one our conclusion was that it's not going to yield material value creation in the future. The conclusion clearly was that we need to open new growth vectors. Then after that one and partly concurrently, we ended up discussing with Silmäasema. This is not the first time actually we are entertaining a thought. We have been having our sort of lunch meetings over the years and sort of a little bit sparked on how would it look like if we would join forces. Now after our strategic pivot or shift, it was more timely to warm up those discussions again. Maybe the one testament of the perfect combination is that this final transaction push or acquisition process has been really speedy considering the size and complexity of the deal. That's sort of the sequence of events. Regarding the services, and as you asked, will we become only sort of a specialist services provider? No, that's not the point. We will partly concentrate on high-value specialist healthcare services, eye care as an example, dentistry as another example. Where still sort of physician-led hybrid care models will be the key for our customer value, patient value and also commercial value. There's a growing space where you can digitize and transform traditional healthcare services or healthcare packages into algorithm-led digital services. That has been our focus point earlier also and continues to be the focus point. There's a part in the middle where traditionally services where we now have ability to digitize and transform into algorithm-led has been served in very traditional non-efficient manner. That's a space where we don't want to be in the future. Okay. Thanks. The second question may be combined to you and Teppo about incentivizing key employees here. How this has been made in Silmäasema until now and how you aim to do it within Terveystalo going forward? Maybe if you can start with Silmäasema. We have an option program in Silmäasema which will end in closing. Yeah. I think, of course, it's early days. What type of incentive models our new main owner will then be pushing we'll discuss and see about that. I would say that the main incentive for key professionals and professionals in general is to be part of a winning team and winning journey. The opportunities that we are now able to open are really exciting. We are not only looking at current service portfolio and current markets, we are looking way beyond. Okay, thanks. That's all from me. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more questions at this time. I hand the conference back to the speakers. Thank you. We have a couple of questions from the webcast. Just as a reminder, if you want to send in your questions, there's a couple of minutes' time, so we'll take them from here. Well, you talked about the strategy pivot and what was behind the thinking on shifting the strategy, but were there any conclusions regarding the old strategy and how that didn't fit the current world and the development that we see going forward? Well, when the world is transforming, this industry is transforming, speed is accelerating, of course, you need to be agile as well. We made clear conclusions around where we are, where we need to be, where we need to be with the value creation. We scanned the opportunities, and now we have updated, and now we are very happy to today be here and now sort of not only the updated strategy, but the first major milestone in executing that strategy. Thanks. There was a question regarding the value creation, but I believe that we covered that thoroughly already. A question regarding the role of portfolio businesses going forward. Are we still interested in, for example, growing the outsourcing services? Well, first of all, after the closing, Silmäasema will be a new business segment and business unit in Terveystalo Group. Brand will continue, model will continue and develop, and eye care services today in Terveystalo will be integrated to this new entity. That's number 1. There's portfolio businesses and healthcare services in Sweden, and also in the future, dental. Portfolio businesses, as I said, have a strong foothold in dental. Dental will be run independently in the future on a side of Silmäasema. What's left then in portfolio businesses is the public business staffing and outsourcing services. That totally depends on the market development. We are where market needs us to be. Coronaria is serving public side. When there's a chance to sort of complement key offering and core business with the public business, we will do it. It needs to be value creating, not only for us, but also for the customer. Exactly. After completion, we will gain a new strategic owner, the obvious question is whether there will be changes in the board composition after the completion. It's clear that the main owner will have a strong role going forward, it's of course not up to management to decide what type of a board composition we will have. It's evident that Coronaria, as the main owner, will have a key role in also board work, that has been the intent and that's the expectation that we are now looking forward. Thanks. Finally, we have talked about the world and the market and the healthcare space changing, can you just a little bit elaborate in concrete terms what kind of changes are we seeing and what that means in the service models? Well, there are several different trajectories that we are seeing in healthcare services domain. Being able to transform sort of, I wouldn't say bulk services within the healthcare space because they are highly professional services, but services that can be digitized, can be sort of made more efficient with the help of algorithms, AI, fully digital engagement. They will grow in scale, and they will replace partly traditional TP level services. That's one area where we want to be a leader. Teppo actually explained in his presentation the role of new diagnostics and data, and that's one of the key data, not only commercial data, but medical data in new forms and shapes will become more accessible. These entry points of customers and entry points of data will be big opportunities for us. We have the traditional to utilize leverage data in our occupational healthcare services and more and more in individual services, and that's going to be one of the key transformations. It's from sort of transactional reactive services to sort of active scanning and enriching the data layers and being more and more relevant more and more often for our customers and patients. Of course, there will be developments in more specialized services, sort of supported by new technology and ways of working and equipment. If I would need to name one key driver, it is the data and ability to use data commercially, medically, and create value for patients and customers in totally new form. Thanks. With that, I think it's time to wrap up this session. Thank you for joining us. Sorry, did you want to- Roni present a question already now? Yeah, if that's possible, sure. Roni Peuranheimo from Inderes. Hi. Maybe you first talked about the Silmäasema's organic growth, that two-thirds came from organic growth. Which years was it, and how has it been from 2020? Yeah. Basically, I was referring to the period starting from 2023 and ending to 2025. If we start from 2020, then the journey is a bit different because it includes the Coronaria merger. You have the Silmäasema that was acquired from the stock exchange, and then the Coronaria Eye Hospital. Teppo may correct, but I think it's around 50-50 during that period. If we're including the Coronarias. Yes. All right. Terveystalo has small eye health or eye hospital business, so maybe how much track record you have in your current eye health business in revenue synergies or customers flowing between traditional healthcare and eye health? Yes, we have some ophthalmology, some also eye hospitals in our portfolio at the moment, most recently the acquired Pilke that was closed at the end of previous year or 1st of January this year. We have some experience on that one, but ophthalmology has been fairly small niche within our total amount of specialties. With this Silmäasema joining forces, obviously, then we have a lot more scale to prove those synergies. If I continue, just as you said, the current eye care conversions are not the right benchmark when we are assessing future revenue synergies potential in Silmäasema Terveystalo combination because, as you said, the eye care business for Terveystalo has been smallish and local. Better benchmark is actually what we have already done even prior to Hohde deal from occupational healthcare to dental services, similar type of case. If you then apply those numbers by still stating that it's early days, it's really compelling picture. All right. Teppo talked about oculomics screening and diagnosing other diseases from the fundus. I think this has been talked quite a bit in the healthcare for a long time. What's the expected timeline this is reality? It's already reality because the AI has FDA proven already. As we all know that it's coming more and more possibilities. I think it's in couple years more how the customers thinks, is it okay to screen metabolic disease when you are going to buy glasses? I think that diagnostic side or medical side, it's not the problem. It's a behavioral thing more. Yeah, I fully agree, and that's really one of the key aspects of this combination and transaction and the ideology behind this one. We don't only have the technology and we don't only have a supply there, we also have a philosophy and track record in turning possibilities into actual service packages and demand. Silmäasema is a prime example, doing something which should not have been possible, and its track record is great. This is the key, changing the services, service offering, making them easy to buy, easy to use, easy to understand, and then really changing the behavior of our consumers and patients. All right. Maybe one more. Your base case revenue synergies are quite modest, so maybe why, and are you able to quantify how much revenue potential is in the very optimistic scenario? How big delta is this? Well, basically like you Is my microphone broken? Okay. Okay. Basically, like you saw from the slide, we have EUR 11 million-EUR 15 million is the published synergies. Yes, it is always clear that within these type of cases you have a low case, you have a base case, and you have a full potential case. We would not go to discuss the full potential case, but it is clear that we have upside, especially what comes to the revenue synergies. Like we stated then below the picture that we have this plus component, and that is the material long-term synergies. Like Teppo explained, there's a behavioral change required, the capabilities are there, and those ones will generate further strategic opportunities. Going into giving numbers, we gave the EUR 11 million-EUR 15 million, and that's something that you need to live for now. Still dialing back to, as you said, modest revenue synergies there. We have used basically the numbers that we have already track record on in the way I explained earlier. Taken a conservative view already on the current track record regarding dental, for example. Yes. There's delta. Yeah. All right. Thank you. One more, actually, about the strategic shift of moving from transactional services to retail. Is this related only to the expected synergies, or does this affect also the old standalone Terveystalo? Yes, it will also impact our current services. What we mean by that is traditional healthcare services model has been that, basically since 2,000 years, that the patient queues in the front of a physician's door, is called in, and then a journey with a lot of surprises start. You don't know what you get, you don't know what you expect, you don't know what you pay. Shifting that model more and more to packages where you have more transparencies in the services, included, not included, pricing, easier to buy, easier to use, easier to understand, and also additional transparency on what's really happening and being offered to you is a key. In that sense, the services, they are still healthcare services, but they are more retail-like, and retail is a benchmark in this sense. Also, when we think about how we engage with our customers, healthcare has been very hesitant in selling stuff, and for good reasons, because there's always question, are we pushing for something which is not necessary? Teppo explained in the earlier presentation nicely that Silmäasema model is his prime example on how you actually are able to come about that challenge. It's not selling, it's offering the best possible alternative for a customer in each and every access point and in each and every step. We present the alternatives in clear language, clear pricing, and then it's up to the empowered customers to do the right cause. Of course, with the very safe steering by professional. That's the retail world that we are talking about. All right. Thank you. No further questions from me. Thanks, Roni. With that, I think that we are now actually ready to conclude this webcast and conference call. Thank you for joining us today. If you have any further questions, do contact us, and have a good day. Thank you.