Welcome to Wärtsilä CEO strategy call. I'm Hanna-Maria Heikkinen, I'm in charge of Investor Relations. Today, our CEO, Håkan Agnevall, will discuss some of our key long-term opportunities, and after Håkan's key messages, there's a possibility to ask questions. As a reminder, we will host pre silent call in two weeks, on June 23rd, together with our CFO, Arjen Berends. Let's leave the questions related to recent trading and detailed financials to that call. If you have a question, please use raise your hand functionality in Teams. in the case you don't have the possibility to use raise your hand functionality, you can also send an email to me. Håkan, please, time to start. Yes. In my time, it's good morning. I'm in the U.S. I can't tell you where, because I might be doing data centers. As you know, they are secret. As you see behind me, we go deep, and we fly high. This is from our. This is part of our recent safety initiative. We have that rolling all the time, and now we have a theme of Dare to Care. Basically, having the courage to tell your colleague that, maybe you're doing something here that you should think more than twice before you do it. Of course, we have our underwater service business, as you can see behind us, the divers there. In diving, if you're into diving, you know the buddy check, and that's the analogy we used there. Then some of you are immediately thinking of diving. Is that a profitable business? It is. If you combine it with engineering, it's profitable. It's accredited to the EBIT model of Wärtsilä. Let's start, like I normally do, with a short summary on the state of the nation and the market, etc., from our perspective, then let's move into the Q&A. If we start on the demand side, I think we still see the consistency in the demand side. Strong demand if we start on energy. We talk a lot about data centers, and I'm sure you'll have questions on that. It's still the same dynamic market, buoyant, but dynamic projects come and go depending on permitting. We are well-positioned. We will continue to grow. Our energy storage, as I highlighted before, it's not only about data centers. It's this broader narrative. The general electrification, transport, industry, air conditioning, we talk about that, Southeast Asia, IEA, International Energy Agency, I keep on referring to their report. They actually predict that air conditioning could be even a bigger growth driver than data centers going forward. Let's see. It's going to be certainly a driver. We have the aging power generation infrastructure in the U.S. As you know, U.S. market was deregulated around 2000, 26 years later, there is updates to be made, upgrades and replacements to be made. There's a bit of that in Europe as well. The balancing narrative. As you know, we advocated this for a long time, now it really happens. As the share of renewables is growing, I would say in most parts of the world, you need balancing to keep the system stable. We continue to see strong demand for balancing power for it in the U.S., but also Australia. Australia is the recent example. I think I talked about that before. I was there a couple of weeks back, Australia is moving away from coal gradually and putting in a lot of renewables. They have clearly understood now the value of balancing, not only in batteries, it's one of our biggest battery storage market, but now also there are several tenders for thermal balancing with engines. It's engines RFP. They've seen the light. That's on the energy side. It's a broad growth narrative. On the marine, as you know, we guided 12 months going forward, better than the previous 12 months. On the marine side, it's also a good demand situation. Our core segments, cruise, ferries, holding up. Cruise is filling up, so to say, the shipyards, there are still orders awarded further out in the future. It's not only that, you see offshore coming back, a bit of awakening there. LNG carriers probably come back, etc. We have the decarbonize story, that continues to play a role certainly as well. MEPC, the vote was postponed, owners have a 30-year time horizon, fuel flexibility and fuel efficiency is certainly very high on the agenda. We are the technology leader in that area. It's generating growth. We have guided similar, but that, on the demand side, that is on a fairly high level. For us, I would say it's rather positive. On the services side, we continue to move up the service value ladder, you know the ladder from transactional spare part business to different type of service agreements , retrofits, and then the performance-based. We are moving customer up that service value ladder, and it's continuing to fuel our growth. One area where clearly the MEPC and the vote has had an impact is on the retrofit business, on the marine side. There, it's slowing down a bit, but the other disciplines of services in marine is still growing. That's the general outlook. What have we done lately? Well, you've seen that we concluded the two remaining divestments in our portfolio business, water and waste and gas solutions. That's now closed. Now there are no additional assets in portfolio. I think we divested 11 business units over five, six years here. That's ticking the box. What more have we done? We have, of course, announced our capacity expansion, our second, our sequel. Let's see if it's going to be like Star Wars. I don't know how many are there. We take them one by one. You could see it as a proof point of a confidence in the future market, so to say. We are now, if you compare to the 2025 baseline, so to say, production capacity, by 2029, we will have expanded it with 120%, so to say. It's quite a big step. Of course, it's not only about our own production facilities, but it's also ramping up the supply chain. The team is on the ball, and we are moving. We are already sold out for 2028, basically. You're suddenly looking at lead time for three years if you want to contract with us. Another key point, because I know that there is a lot, of course, and that is really exciting, attention from the community on megawatts and order backlogs, et c. I think our approach is that we annou nced firm orders. We are not selling slots. We don't work with slot compensation, contrary to some of our competitors. I know there are some institutes, they are compiling statistics, at least from what we see, they try to do a good job, but there's a bit of mix of firm orders and potential orders and frame agreements, et c. On our side, we will try to be consistent, and that is we only announce firm orders. Sometimes, as you know, our customers won't even allow us to do that, so to say, but that's a different topic. Another important topic before I open up for Q&A is that we once again underline we have great order intake, but we are taking order further and further out in the future. When you look at the sales conversion, the conversion from order intake to sales, it's stretching longer and longer out in the future. I think that's a really key message. As you know, in our quarterly reporting, we've been trying to give some additional data around that, so to really underline that. All right. That's my summary. Handing over you to Hanna. Thank you, Håkan. Now we are ready to take questions. In the case you have question, please use raise your hand functionality or send an email to me. This is exceptional. I do not see any hands up. Everything is super clear. That's fantastic. Yeah. Tom Skogman, thank you for the help. Luckily, there are some questions coming. Please, Tom, go ahead. Yes, hello, this is Tom Skogman from DNB Carnegie. I was just wondering, when you talk about this capacity addition, I know you have some other marine products. I think it would just help us to do the modeling to know how large share of the marine equipment business is really engines, because otherwise we get fooled here, basically. Yeah. No, we don't want to fool you. I'm not sure we are giving out it either, so to say. Clearly, the capacity expansion that we are doing now, it's in STH in Vaasa, it's 100% related to engines. The majority of that expansion is for energy, but not the only thing, because as you know, we can do both engines for marine and energy in STH in Vaasa. Tom, to your point, we deliver other equipment as well. Propulsion systems, gearboxes, et c., for marine applications and aftertreatment systems, et c. That is the clear minority of our sales, so to say. The dominant portion is on the engine side. I don't know, Hanna, if we are giving what we have said in the past about the split. Yeah, we haven't disclosed the split. We have just communicated that engines are the biggest product group out of the new build in marine. It's also the area that is growing. We have growth in many areas, actually. Engines is clearly the dominating growth driver right now. Okay. Can you give your view on pros and cons with your engines and Wärtsilä's engines, which are also gas engines? Absolutely. Between the difference? Yeah. No. Deepest respect, I think they've done a great job, and we all know the listing here. I think that's good. There will be more comparables for us. Of course, our engines are a bit bigger. We have an overlap somewhere in the 10 MW area, but when we go above 10, they are not there. I think they highlighted quite a lot the data center growth, which makes a lot of sense. I mean, two years ago, you know that Tom had been talking about that. About two years ago, we were not in data centers because as we know, data centers were smaller and it was the off-grid, etc. I think INNIO, they have been much longer and a viable player in data centers than we have. If you look at some of the data, it's a significant portion. They make good gas engines, so do we. Ours are a bit bigger, and as you know, the size of the data centers are growing, and we are talking about hundreds of megawatts. I've been saying, and I'm consistent with that the market is moving into our sweet spot. I think we will see some competition in the lower ends of it, but as these data centers are growing, I think I'm smiling on that behalf of us. Perhaps a bit more on manufacturing footprint, and sales, how it's organized, and energy efficiency in engines. I think they have a different, as far as I understand it, they have a somewhat different sales models because they use a distributor or middleman in between, at least for some of their business. You should ask them. We only have a direct sales model, so to say. There is a bit of a difference there. We are not shy on our fuel efficiency, clearly. For us, it's still about the total life cycle cost. Yeah, that's basically it. When manufacturing footprint, I think they are more diversified than we are. They have announced scaling up as far as I know, and you know it better, in various geographies. We focus a bit more in Vaasa, and that is because of the supply chain, and we talked about that. Our machines are bigger, so they have quite a different supply chain, and that's why we are concentrating more to one place, so to say. Them growing very quickly is not a problem in your own supply chain, basically, that you would share a lot of suppliers or? No, it's not a supply chain issue for us. Okay. Thank you. Thank you, Tom. The next question comes from Sven Weier. Please go ahead, Sven. Thank you, Hanna, and hi, Håkan. Thanks for taking my questions. I'm sorry I could only join a bit later because I had some Teams issues. Apologies if you mentioned that already. The first question I had is just, in terms of the capacity, a follow-up, maybe to ask Tom's questions a little bit differently. When you think about the total capacity increase that you put in now until 2029, do you allocate this equally between the two segments, or are you going to allocate the vast majority of the capacity increase then to energy? I think the majority will go to energy. I don't know if you heard it then, but if you look at our manufacturing system, it's rather flexible. We can manufacture both marine, and we do, we manufacture both marine and energy engines in the same plant, so to say. We have a big flexibility. If you look on the growth and the capacity expansion, the clear majority will go to energy. I remember in the past you also said, of course, we need to do justice to the other energy applications. We need to do justice to marine. I'd imagine if you now sold out for 2028, that's because of energy. If you sold out for 2029, it's going to be of energy. I just wonder how much flexibility then you still have for any shorter lead time marine orders. So. Some of the segments are still doing well. When we talk about our kind of strategy for how we serve our customer base, I've said it before, we're going to diversify. We will not put all our eggs in the data center basket, so to say, because we think long term it's more viable. I guess as an analyst you would agree it's good to diversify. We will do that. That also means that we have long-term strategic customers that we will continue to work with, both on the marine and the conventional energy side, if I may say so. Of course, we will work with the data center customers. There is not one fixed formula. This is a leadership call, how we allocate, but we're going to diversify, and we're not going to all of a sudden say to our core marine customers that engines are not available. However, with the dialogue that we are having, and that we are having both with energy and marine customers, that it is a very buoyant market, and it's the lead times for placing orders is stretching out. As a customer, you need to take that in consideration when you plan your projects, and then we suggest let's have an open dialogue. Because lead times are stretching out regardless of industry. There is, of course, a spillover effect, clearly. The next question I had is just when you think about the markets concerned about the engine makers in this whole data center topic, I think one of the things you regularly hear is that I think investors are afraid that when it comes to the outer years to 2029 and 2030, that the clients might reserve the place for turbines becoming available again or grids becoming available. I think the narrative goes that the clients wouldn't place engine orders so far out. Because they would hope that something else becomes available again. Do you sense that? Sorry, at least on my side, you're breaking up. Can you hear me, Håkan? I can hear you at least. Yeah. Hanna, is it on my side or? I can hear Sven. Maybe it is breaking. Sven, if you kindly. Okay. Okay. I close my camera then. Sven, I heard part of what you said. Sorry, if you can repeat the whole question again. Of course. No problem. The question was, when you talk about clients, about deliveries more in the outer years 2029, 2030, the question is, do you see more reservation of clients to go with engines and kind of them banking the grid to become available again? Do you see the same motivation clients going for engines also longer term? Yes. I also mentioned that before, I don't know if you were in the call, but we don't do slot reservations. We only do firm contracts. I know it's a bit contrary to some of what competition is doing, but that's our business approach. When we look 2029, 2030, we are talking about firm contracts. I don't see, as you kind of alluded to that, because we know gas turbines will come into the market. I don't see our customers are going away from us to some of our gas turbine competition. Not so far, absolutely not. Remember, we talked about it before, when people try the new candy, they will like it. The fuel efficiency is there, the flexibility is there. No need for water, don't derate the total. Those fundamentals, they are real. Are we the best solution for all customers? No, obviously not. We will grow. Final question I had, if I may, is just on how you've seen the competitive environment evolving since you got the first order in July. Obviously, we see also now the Asians, Weichai, Hyundai, few others entering the scene. That's part of the question. Have you seen there's more engine competition in the meantime? The second part of the question is, why are the clients still buying high-speed engines? Somehow I don't get it, because if your engines are much more powerful, you need less of them, you need less space. I'm kind of struggling to understand why these operators place more than one gigawatt orders with much smaller engines than you do. I don't get it, to be honest. No. It's a very good question. I will try to explain it. Your fundamental kind of reservation, I support it, as you know. Right now, there is so much demand for energy generation, and the key parameter is lead time. That's lead time. Number two is lead time. If high-speed engines can deliver to a certain time schedule, closer into the future, they are selling. Right now, if you're a little bit broad stroke, you could say, if you have some device that generates energy, you can sell it right now, if you can deliver it on time. That's the key focus. Now, my proposition, which I'm fully aligned with you, Sven, is that gravity will still pull through after a while, i.e., fuel consumption, fuel efficiency, complexity, the flexibility, all those core values, it will pull through. Right now, it continues to be such a buoyant market that anybody can sell. Yeah. Makes sense. Thank you, Håkan. Much appreciated. Thank you, Sven. I have received couple of questions by email. Can I ask how the content in Europe per vessel or Europe per megawatt varies for offshore versus other segments in marine? If we see this segment picking up near term, will it be margin accretive for the group? Offshore versus other segments in marine. First of all, offshore, what we see is FSRUs and similar type of special vessels, so to say, because this is where we participate and generate the engines. We are not so much on oil tankers, etc., because of course, there you use two-stroke engines instead. These type of oil handling vessels, special vessels, I think we are seeing a bit of a pickup there. In general, oil and gas, it's accretive to our margins. Håkan, followed by another email question. How much dilution we will see in power margins, meaning the energy segment margins from the next few years being more equipment-driven as data center aftermarket is only coming in four to five years? The logic is right in the sense that both new build and services are growing now, but new build is growing faster than service. As you point out, service, and we talked about that before, kicks in in a meaningful way four to five years later. We also underlined that data centers is a really interesting service business because of course, they run with high uptime reliability 24/7. You will have more new build than services is growing, there will be a bit of margin impact on that. On the other side, the margin in our order backlog for new build is also going up. We are not guiding on the net effect, so to say. There are some driving it down. The mix is one, you have increasing profit margin in our backlog. That goes the other way. Thank you, Håkan. Overall, we are saying that you could say we are very close to reaching our financial targets of 14% for marine and energy combined, but we are confident that we'll get there. We will have a discussion on what the next goals will be. I see a couple of hands raised. Those are from people who have been calling by mobile. Who has the phone number which is ending by 1917? Now please go ahead. The whole number is +44 20 7425 1917. I think it's Max Yates. Max Yates, please go ahead. Can you hear me now? Yes, we can hear you now. Can you hear me? Hello, Max. Okay, good. We can hear you. Hello. Thank you for doing the call. How are you both? Look, I guess maybe the first thing, I know we've talked a lot about the kind of different scope of orders. I guess maybe just hopefully a simple question. On your data center orders, since you have started taking them, how has the pricing on a like-for-like basis of the data center orders, I assume they're not sort of totally different, but just trying to get a sense of how that pricing has evolved since you started winning those orders, just qualitatively on the data center business. I think in general, in these market situations, margins are going up. I talked about it before, we have good opportunities for margin realization. Of course, there is always other balancing effect that it needs to make sense for our customers in their business case. Yeah, we have good opportunities for price realization. Okay. Maybe just a sort of second question, just around service contracts. What is your latest thinking on if or when you would sign service contracts alongside these data center orders? My understanding is you sort of haven't really yet, and I was just wondering, is that just a timing effect? Is that because they plan to service these differently? Just how your thinking has evolved kind of relative to that on that point. It's more of a timing effect. You will suddenly, or most likely, very high likelihood, see service contracts signed by us for data centers this year. Okay. Third one, sorry, I've just got two more sort of quick ones. Energy storage, you talked about kind of needing to win orders relatively quickly. We read a lot about the market in the U.S. being relatively buoyant, just wanted to understand. I know your business has become increasingly skewed outside of the U.S., how is that market evolving from your perspective? We are still struggling from an order intake perspective, so to say. I do agree that, especially on the data center side, that there is a market there, and we are still looking into it. I would say that the challenges that we have talked about before about order intake remains. Okay. Just maybe sort of last question. Obviously referenced in your Vaasa facility, we know you produce both the marine and the data center engines. Obviously, you've got some of your other competitors, Hyundai, who are moving into the data center space. I guess, what would your view be on the thesis that because demand for these engines, it's driving up capitalization for all of these engine types in these factories. Does that actually give you the ability to charge your marine customers more for the same engines? Because ultimately, the marine customers are competing with the energy engine customers for the same capacity. Just trying to understand, to what extent from a pricing and a margin perspective, are they isolated, or actually does that sort of pull-through in demand into the energy space give you a margin uplift on the new engines in marine? There is a bit of a overhearing or whatever you call it, because obviously when capacity is running scarce, you get that type of effect. There is a bit of it. There is another element, and I think Tommi pointed that out also, Tommi Gustafsson, that of course, operational leverage also because our volumes are going up, and that benefits only energy, but also marine. Okay. I'll leave it there for the time being. Thank you. Thank you, Max. Thank you. The next question comes also somebody calling by mobile from Sweden, + 46. It looks like that it's Johan Eliason. Johan, please go ahead. Johan, please go ahead. Okay, I heard that Sven Weier had a follow-up question, so maybe Sven, let's continue with you. Yeah, thank you. Can you hear me? Yes. Yep. Good. Yeah, maybe to follow up on energy storage. I was just wondering, we obviously had this announcement from Siemens, Fluence, and NVIDIA. As a reference design for the future architecture to design in their battery storage. Could you see a similar opportunity? Are you working on something similar to have such a reference, or do you think that was more specific to Fluence and their architecture? I think it's a little bit more specific to them. I must also say I don't understand all the details around that announcement, of course, those are the questions you need to ask them. I think this is specific to Fluence. If I remember correctly, I think you said last call that there should be an update on what you intend to do on battery storage before the capital market says if that's still the most likely outcome, or should we wait until the CMD? Absolutely. Okay. Before, yeah? Correct. Second question from me is just obviously we had another IMO meeting, also discussions around decarbonization, and still seems hard to go ahead. I was just wondering how this continues to impact maybe also on the service side, refurbishment business, and those type of orders that had been a bit struggling in the last couple of quarters. Did that have any impact or doesn't this make any impact at all? Yeah. Overall, the narrative there, if you build a new vessel today, it's going to be around for 30 years, you need to have a strategic review. I think it's fair and many owners are assuming that things will evolve. Regulations and fuel prices, et c. The whole topic of fuel flexibility and fuel efficiency is certainly there, and that is supporting our business. Now, if you look on our service side, services is growing. We talk about these four different areas in services, and one of them is retrofits. That has been on the marine side, negatively impacted by the postponements of votes and decisions in IMO. Do you also? stays the same message that we've been conveying before. Have you also seen clients switching back from methanol to the normal dual fuel engines? Because I think we saw Pacific Basin canceling their methanol order and switching it back to conventional fuel. Yeah, no. The regulation is really going ahead. I would say that the clear focus now is on LNG and gas as a fuel. I think methanol, the pendulum has certainly swing back. Among the Chinese operators, it's still strong, but for many other operators, their focus is these days on gas. Okay. We foresee, as you also know, when we talk, we take the 5-10 year perspective, this pendulum will swing a little bit back and forth as we go. That is, of course, part of our strategy. That's why we have the broad offering, so to say. Yep. Methanol will still be there, but right now the pendulum is swinging back to gas. Yeah. Makes sense. Thank you, Håkan. Thank you. Thank you, Sven. Johan Eliason, please go ahead. Johan, for me, it looks like that you are still muted, but you can also send the questions for me by email. Everybody else, if you have problems to use raise your hand functionality, please send questions by email to me. I have received some questions already, continuing by the email questions. Did you mention that you are largely sold out for 2028? Does this mean that your expanded capacity in 2028 is already close to fully booked from capacity utilization point of view, or that you are selling 2029 startup due to other constraining factors? It's correct that we have already sold a big chunk of our 2028 capacity. We still have some, but we have sold quite a bit. We are still selling 2028 and starting selling 2029 as well. Thank you. Capacity increases are step-by-step approach. What are you exactly investing in or growing in the most recent 2029 expansion, and are there any constraining factors around Vaasa factory that would limit opportunities for further step-by-step expansions? No, we can continue to expand if we want to in Vaasa. The investments are in the latest here, it's more related to, at some extent to STH and the equipment that goes into STH, but also a large chunk is the supply chain where we buy certain machining and we put it with our suppliers. These are the type of investments. Yeah. There's a request to talk a bit more about your data center related pipeline. How has it evolved? What are your expectations in terms of conversions in near term? Yeah. Near term conversions, I can't talk about that. It's the same. It's a buoyant market, strong demand side. We have a very active pipeline of opportunities. Everything from early stage to very late stage where we are negotiating to close. It's the same kind of structure as before. It's very active and dynamic. It's a positive market, we will receive more orders for sure. Thank you. It's still, I think, Johan Eliason who has raised the hand. Johan, please go ahead. Please send me questions by email. Maybe while we are still waiting for additional question, maybe one question to Håkan. First of all, now we have almost closed the portfolio, so all of those divestments have been done. Any thoughts about the capital allocation now? No, we do have a strong balance sheet, and we want to have a strong balance sheet. We are in a project business. We are receiving down payments from our customers, but we need to deliver the projects. We are well-funded for R&D. 4.8% of net sales is R&D. Organic acquisition has been our focus. We haven't done that many. It's our strategy is really focusing on organic growth. Of course, we have a radar with bigger ticket items, but it's a lot about timing. Yes, we are not involved in Everllence, I can say. That's a normal question that comes. There are a number of PE players as we read about in media. Our strategy is really focused on organic growth. What about dividends, etc., in the future? That's a broad topic, so to say. Thank you. We do foresee that we will continue with the negative working capital that we've been talking about. I know that some got a little bit concerned after Q1 when it was not as strong, but this is a long-term trend with a strong working capital situation. Johan Eliason, you can once again start. Let's see. Can you hear me now? Yes, we can hear you. Fantastic. Yes. We hear you. Fantastic. Sorry. Some technical issues on my side. Yeah, no problem. A lot of my question have obviously been asked already. I was just curious a little bit about the engine plant in Vaasa and the capacity expansions you talked about. You indicate you also invest with your sub-suppliers. You have these four-stroke engines JVs in China, in Shanghai. Isn't it possible to sort of move some capacity there, or are they very dedicated to the local client base? No, we can move marine engines there. They are actually running at fairly high utilization right now. There is some opportunities to move capacity there, clearly, on the marine side. Absolutely. It's smaller adjustments, when you compare it with the steps we are taking in Wärtsilä. We are not announcing all the smaller things we are doing. We are announcing the bigger things we are doing. Okay. Excellent. Then just coming back a little bit, you obviously talked about there should be some sort of fill-over effect on the marine margins as well when Wärtsilä capacity utilization goes up, et c. Will it also be obviously so that, with scarce capacity, that you will also be skimming the marine market and basically taking the engine orders on that side with good margins, with obviously what you commented earlier that it's good to have. It's a mix, Johan. Certainly for some are more strategic. It's going to be a mix. I can say that. The operational leverage is only there when it comes to price realization on new build in the marine market. Yes, there will be some spillovers. It's going to be a mix between different customer segments. Okay, good. Sorry, I also missed the first part of your presentation. Did you say anything about any segments in marine that are looking positive right now? I think you talked about cruise and ferry for some time. Is there any other segments you highlighted earlier? Yeah, no, I talked about offshore, FSRUs and similar type of vessels that we see some uptick in that, where we basically generate the energy for the, you could say, the chemical plants. We are not in tankers. This is two-stroke applications, but those more special vessels in oil and gas, we see uptick in activities. Okay. Excellent. That's all I have. Thank you very much. Thank you. Thank you, Johan. Just for everybody, after this call, my colleague Nora, she will send a recording of this and publish it on our website. If somebody missed the beginning of the meeting, it will be very shortly available. Tom Skogman has raised his hand. Please go ahead. Yes. Hi, this is Tom again. I would just like to understand a bit better. Yes. this kind of industry habit of slot reservations. Is it so that you don't use anything like that, and what is kind of the money involved in slot reservations in this industry? Is it like 1% or 10% of an order or? You will have to ask GE and Siemens how they do it and others. We don't do it. Why we don't do it, I think it's to have stability because it feels good to sell the slots, but there is always a dynamic, especially when the market turns. We've seen that also in the past. That's the logic. What is worth noting is that, this is public, you can see it, that if you take GE and you look, I don't know what term they use, but reserved or whatever capacity, it's almost 50/50 between firm orders and slot reservation. We will be consistent on our side. We only going to talk about firm orders. Do you increase the advance payment any way when delivery times stretch out further and further out into the future to make it even more vulnerable for customers to walk away? Yeah. We have good payment terms, even if deliveries are coming late, though, the down payments which customers are paying, you still pay them at signing or shortly after signing. Even if deliveries happen later, I don't see us in a major way increasing the down payments. Of course, once you sign a contract, if you don't take the deliveries, the customer will need to cancel the contract. Of course, we have provisions in our contracts to protect ourselves and our profitability. Do you want to disclose any size of those compared to. No. They vary. Is that matching what you promised to your suppliers then in that case, or how does it work? That is too much internal, so I won't comment. Okay, yeah. Okay, thank you. Thank you, Tom. One follow-up question by email. Could you talk a bit more about how do you see data center opportunities within energy storage business? The battery storage is a tool in the toolbox that the data centers builders will use in many cases, to deal with the high variability of the load. For the really big ones, you might have some CCGT, combined cycle gas turbines, and they should run completely evenly, and then you will have some engines, and then on top of that, you will have the battery storage. Because the batteries they deal with shorter swings in the milliseconds and seconds area. There are a number of other those flexibility devices in that tranche, so to say, where you have the batteries. Batteries will be there, clearly. From our side, we are looking on if and how we engage in this market segment for the batteries. Thank you, Håkan. Still have 14 minutes time, so if somebody has a question, please use raise your hand functionality or you can also send email to me. Maybe as a warmer question or still waiting for the final question. Håkan, you have been meeting many of these U.S. customers who are repetitive customers for us. What is the customer feedback typically from those? I think that they appreciate our capability to deliver on the fundamentals, so to say, deliver on time and get the equipment working and the equipment is delivering on the performance that is expected. I think this is why repeat customers keeps coming back. We are project companies, okay, so we are very careful with terms and conditions. I think that some of our customers, they comment that sometimes we have to spend quite a lot of time negotiating with Wärtsilä. But yeah, we've been around for 190 years, there's a reason for it. I think the repeat customers, they really see the value that we are providing. Also good service network, as I have understood. That's something they appreciate. I think clearly if we talk about our U.S. service set up, we have our headquarters in Houston. This is where we have a logistics center for the U.S. We have service crew all over the U.S., and we are expanding it in a very rapid pace. We have taken, and that has been announced before our first operation and maintenance contracts in the U.S. If you go back a couple of years, and I've talked about that also, we didn't do too much service. It was more the transactional service. It was the first step on the service value ladder. Now what we really started to do, and I would say, yeah, the last three or four years, we are clearly moving up the service value ladder with different type of agreements, sometimes even operations. As I talked about before, the data centers, they haven't even started operating yet, but when they start to go in operation, they will also present really good service opportunities in the U.S. Thank you, Håkan. For me, it looks like that there are no further questions, there have been some technical challenges on this call. Like I said, my colleague Nora will send you shortly the recording of the whole call. As a reminder, we will host the pre-silent call on June 23rd together with our CFO, Arjen Berends, looking forward to meet you there. Our Q2 result will be published on July 21st, I hope you can enjoy also the summer a little bit before that. It's rainy and still quite cold in Finland. I hope that you can see the sun. Thank you for this call. Thank you everybody. Take care. Bye