Good morning. Welcome to this news conference for Wärtsilä results for Q2 2026. My name is Hanna-Maria Heikkinen, and I am in charge of Investor Relations. Today, our Chief Executive Officer, Håkan Agnevall, will go through the group highlights, business performance, and after that, our Chief Financial Officer, Arjen Berends, will continue with the key financials. After the presentation, there is a possibility to ask questions. Håkan, time to start. Thank you, Hanna-Maria. Welcome everybody to Q2 report. Q2, which was a strong quarter, I must say, and I am very happy to say. All-time high order intake and improved operating results. We continue our journey. Total order intake increased by 33% to EUR 2.8 billion, and that is an all-time high quarter in the history of Wärtsilä. We recorded all-time highs both in Energy and Marine. All-time high quarterly order intake for Energy, close to EUR 1.7 billion. All-time high also order intake for Marine at EUR 1.2 billion. That brings us to an all-time high. A lot of all-time highs today. All-time high order book of close to EUR 9 billion. Here we have very interesting also piece of information, and I know many of you have been asking about this. We are providing some clarity now on margin content in order backlog. First, since the start of 2025, Energy order book has more than doubled, while the gross margin of the Energy equipment order book has improved by more than 500 basis points. This is what you have been asking us a lot. What has been the margin development in Energy's equipment order book? Now we have it, + 500 basis points since the start of 2025. Marine and Energy combined service order book increased by 11%, ending up at an all-time high of EUR 2.6 billion. Service 12-month rolling book-to-bill continues to be above one now at 1.07. Net sales remained stable at EUR 1.6 billion. If we look at the organic net sales, it is actually up with 5%. We will talk a lot about reported and organic today. You will see we have quite a lot of difference, and that is driven by two things. We have divested, you have seen, made divestments in our portfolio business, and we have FX impact also. In general, both order intake and sales are higher organically than they are reported. I will come back to that. Our journey of improving profitability continues. Our comparable operating results increased by 7% to EUR 280 million, and that is 14% of net sales. Now we are at 14%. Operating results increased by 14% to EUR 209 million, and that is 13.4% of net sales. Cash flow. Cash flow very strong in this quarter, up to EUR 497 million, close to EUR 500 million. We continue to develop positively, and I would say with a very attractive ROCE of 73%. Let us look a little bit closer to the numbers. Record high orders drive a strong quarter. We also restated the comparative figures following the Energy Storage classification as discontinued operations. The numbers you see here, we have taken that reclassification into consideration. If we start with the quarter-on-quarter numbers, comparing with Q2 last year, we see order intake is up 33% in general. You see that service order intake is down 4% from EUR 920 million- EUR 882 million. Here comes the first organic comment. If you look at the organic order intake in services, it's actually up with 1%. It's not negative, it's positive, it's growing. Equipment is up 61%. Of course, we have a very strong order intake, particularly on the equipment side, from EUR 1.2 billion, close to EUR 2 billion. Net sales, it's down from EUR 1.6 billion- EUR 1.594 billion to EUR 1.559 billion, but also similar story here. The organic net sales actually grew with 5%. Services is down reported from EUR 900 million to EUR 845 million, so it's -6%. Organically, it's about flat, it's -1%. Equipment sales up 3% from EUR 694 million- EUR 740 million. We continue to see book-to-bill way above one, going from 1.3-1.8. As we talked about, we continue to see the journey of improving profitability. Comparable operating results up with 7% from EUR 203 million- EUR 280 million, which corresponds to 14% of net sales. The operating results also improved 14% from EUR 183 million- EUR 209 million, and we are now at 13.4% of net sales. Just some quick remarks on the first half year. We see similar development, order intake up 23% to EUR 4.9 billion. Services similar here. The reported is down a bit, but equipment certainly grew. You see the order backlog. We came in just short of EUR 9 billion, up 13% from last year. Net sales, also, I would say flat-ish. If you look at EUR 3 billion, also there, if you look at the organic, it's up 5%. Book-to-bill, half year also increasing from 1.3-1.6. The operating results, if we go down there, up 13% on the first half year from EUR 354 million- EUR 399 million, and at 13.3% of net sales. Overall, a good quarter, and if you look at the order intake is certainly growing, even on the service side organically, and on net sales, the organic is up 5%. Looking at our industry, how is marine developing? We still see market sentiments that remain supportive of our key segments. Shipping markets remained resilient despite the macroeconomic headwinds caused by the Middle East conflict. If we look at the number of vessels ordered in Q2, it increased to 1,483. Same period last year, 644. Clear, we see there is activity clearly. The Middle East conflict has disrupted energy markets and supply chains, but shipping markets have remained resilient despite the disruption and the macroeconomic headwinds. The market sentiment remains supportive, and ordering also continue at a good level for our key segments, for Wärtsilä key segments. The story that our core segments will grow faster than marine in general still holds true. In marine in general, we also observe that the contracting is expected to remain in line with or above the average, and for Wärtsilä's core segments, well above the 10-year average level. China introduced separate greenhouse gas targets for international shipping by requiring vessels to cut CO₂ intensity by at least 15% by 2030 compared to the 2025 levels. This will drive demand for emission reduction solutions, while on the negative side, adding to regulatory fragmentation. That is also in line with the comments that we made after IMO, the postponement of the vote last autumn. It's likely that we will see also going forward a more fragmented landscape, different regions like Europe or countries like China introducing their own regulation, it doesn't make it easier for the marine industry, of course, to comply with all this regulation. For Wärtsilä still, it's about fuel flexibility and fuel efficiency, and that will be needed more than ever in this environment of fragmented regulation. Looking at January to June, 245 orders were for alternative fuel-capable ships. That's about 70% of all contracted vessels and 24% of the capacity. One might say that's fairly low percentage, but it's primarily driven by the mix of vessels. It's not a kind of trend shift, this percentage of alternative fuel. It will vary depending what type of ships that are ordered. Looking at the energy macro perspective, clearly increased demand rise, energy transition investments. The electricity demand growth and future projection have increased substantially, and that certainly creates market opportunities for equipment providers like Wärtsilä. Two key themes have stood out in the recent energy-related macroeconomic development. One is load growth, the one is increased tariff-related uncertainty. If we look at load growth, it is about electrifications of the world or industries in general to make them more energy efficient. It's about electrification of transport, as an example. It's also continued development and growth of air-conditioning. We have seen the world is getting warmer. It drives more use of air-conditioning. It drives electricity. International Energy Agency predicts that the growth that we will see from air-conditioning could actually be in the same or even bigger magnitude than data centers. Let's see. Then we have U.S. aging infrastructure that needs to be upgraded, then we have the balancing power narrative. It's all those factors combined that drives this, you could say, buoyant demand side. In engine power plants, market demand for equipment has been strong, it continues to be strong. The base load segment remains consistent source of demand for thermal power plants, while our balancing demand also is expected to continue to develop favorably. After significant growth driven by solar up to the mid-2020s, renewable capacity addition are expected to decrease slightly in 2026. That's a downtick. If you look longer term, the growth prospects looks very solid. The speed of the data center build-out is creating unprecedented demand for off-grid data center, where reliable on-site power is essential. Here, Wärtsilä, we are clearly playing a role. We continue to see a strong demand for data centers with a very dynamic pipeline of opportunities. The resulting growth in our installed base, that of course will trigger and support a significant life cycle service potential in 2030 and beyond. It takes time until we get into those years, where the installed base starts to generate significant service business. We see here the predictions from the International Energy Agency on average annual electricity demand growth. They have basically upgraded their forecast on that 2025, with 45%. It's a significant upgrade. Another external report that we like to highlight is the latest, a very recent piece from BloombergNEF. According to them, well, they are reiterating what we have been saying, but of course, this is independent third party, so I guess it comes with some additional credibility when it comes to reciprocating engines. Basically, they have concluded that reciprocating engines offer the strongest economics for data centers. If you look at the dollar per MWh, engines comes out currently as the most favorable solution. Recent analysis by BloombergNEF has identified reciprocating engines as the most cost-competitive technology option for data centers. The competitive life cycle economics support attractive long-term project returns. The benefits, low heat rate, efficient use of fuel and operating performance, low site-level emissions, and negligible water consumption supports sustainability objectives. Engines are well-positioned for the rapidly growing market where cost, performance, and resource efficiency are increasingly critical. I think this is a long-term comment also. As the market dynamics is evolving, the engines delivers on the efficiency fundamentals and also on the fundamentals of not derating at high temperature and very little water consumption. Back to the numbers. Organic order intake increased by 43%. The order intake, the reported, as we call it, increased by 33%. Marine order intake increased by 12%. Energy order intake increased by 82%. Equipment order intake increased by 61%, and the organic equipment order intake growth was 74%. Service order intake, as we talked about before, the reported decreased by 4% due to portfolio business divestments and negative FX impact. The organic service order intake growth was actually 1%. In Marine and Energy combined service order book increased by 11%, ending up at an all-time high. Our service order backlog is at an all-time high. Strong order book development. Rolling book-to-bill continues to be above 1. I think it's now the 21st consecutive quarter that we continue to have a book-to-bill above 1. The order book has been growing despite the removal of the portfolio businesses. By now we have divested 11 of them. We have been able to fully compensate for this. Another trend that we talked about a lot is that, of course, we are capturing orders for deliveries further and further into the future. We do see here that trend continuing, and we do continue to come back to these data points where the existing order book will generate sales that are distributed further into the future. You can see how clearly, on the order book end of June here, you see later deliveries, very significant growth. That, of course, it's very important to take that into consideration, when we translate the order intake to sales and EBIT, it will be further out in the future. Organic net sales increased by 5%. The reported net sales remained stable. We saw that before. Marine net sales remained stable, whereas the energy net sales increased by 10%. Equipment net sales increased by 3%, and the organic equipment net sales growth was 12%. Service net sales decreased by 6%, and the organic service net sales was stable at -1%. Profitability continued to improve. With net sales that remained stable, the comparable operating results increased by 7%, and it's now the 12-month rolling comparable operating margin is now 13.5%, which is up from 11.6% last year. Technology and partnership highlights. We continue to drive the decarbonization of our industry and work with our customers, both the existing ones and the new ones. If we start with the data center narrative, we continue to expand our data center footprint with two new major orders announced in the second quarter. We will supply an off-grid energy power solution for a new data center facility in Texas. It is a 790-MW power plant that will operate with 42 Wärtsilä 50SG engines running on natural gas. You see, we talked about our sweet spot being somewhere 20-500, but these days, we provide power plants well above that, and we provide thermal efficiency. Of course, you need the space to host our machines, but we have a very interesting power solution. We do see this trend of bigger power plants continuing. We had the second one, it is a 412-MW engine power plant to support major new hyperscale data center project in Ohio and Texas, and it is built on 34SG engines. That was the first introduction of the 34SGs. Both of these orders were booked as order intake in the second quarter. Coming back to one of the arguments, yes, data centers are important for us and for our growth, but we have multiple growth avenues. Balancing power, we talked about it for many years, it continues to be a major growth opportunity for us going forward. In the second quarter, we booked more than 0.5 GW Of balancing power in various locations. One of the orders that we had in the second quarter was the Origem Energia in Brazil, following the first contract we had with them in the first quarter, and it is a 185-MW power solution to support deliverable of reliable and flexible capacity to the Brazilian power grid. It is a consequence of their reserve capacity auction 2026. That was the largest capacity auction ever held in Brazil, and Origem has emerged as one of the auction's leading winners, and we are supporting them, and they plan to start commercial operation in 2028 and 2029. Energy growing in data centers, but also balancing power in several disciplines. On the technology side, we have two interesting items to report here. First, we had another, Wärtsilä world's first. It is the world's first large-scale 100% hydrogen engine tested at Wärtsilä's Bermeo laboratory, and working on providing energy to the Spanish grid. We have now successfully operated a new 100% hydrogen engine supplying power to Spain's national electricity grid in Bermeo. This is the world's first demonstration of a large-scale hydrogen engine running on 100% pure hydrogen. It is the Wärtsilä W31 that also can support energy-intensive sectors such as AI, data center, and industry in the future. That was hydrogen, but we also continue our journey on ammonia. Ammonia, we actually further because we are having commercial deliveries now. We have two new gas carriers that want to stay ahead of environmental standards with a Wärtsilä 25 ammonia engine. We will supply a Wärtsilä 25 ammonia auxiliary engine together with a NOx reducer, SCR, and a gas valve unit for two new mid-sized LPG ammonia carrier vessels. The ships are being built at a shipyard in Shanghai and will be owned by a joint venture between Navigator Gas and Amon Maritime, Navigator Amon Shipping AS. The order for the engines, the SCR, and the GVU was booked by us in the second quarter of 2026. We are certainly continuing to be technology leader in future alternative fuels. We also announced to expand our capacity as a result of the buoyant market that we see and the great opportunities that we see for the future. We are expanding our capacity. Basically, with the latest announcement we did in the quarter, by 2029, we will have increased our operational capacity 2.2x, so more than doubling our capacity compared to the 2025 operational levels. During Q2, we announced investment of additional EUR 90 million to further expand our production capacity by 30% in STH in Vaasa, and that followed the earlier announcement to expand by 35%. If you put that all together, by the first quarter of 2029, that actually means that we are expanding 2.2x compared to 2025. That, of course, also is a proof point of our long-term favorable outlook of demand side in Energy, certainly, but also in Marine. Let's look quickly on Marine and Energy and how those have developed. Marine, all-time high quarterly order intake in Wärtsilä Marine in our history. Order intake and comparable operating results both improved. Order intake up with 12%. Net sales up with 2%. If you look at the EBIT bridge from EUR 114- EUR 124, we benefit clearly from better operating leverage, but we also had lower service volumes in the second quarter, which is a bit of a drag. But of course, a continued journey, and now at an LTM, last 12-month, result of 13.1%. Services in Marine. Overall, the Marine service book-to-bill was above one. If you look at our Marine service order book, it actually increased by 8% compared to a year ago. We do see continued growth. Also, by now you know our different areas in services, and you can see that agreement came down a little bit on the book-to-bill side. Agreement order intake came from a relatively high comparison quarter last year. That's one of the things. We have also seen on the service side, because of high fuel prices and also because of some very favorable business, some of our customers, they are postponing some maintenance. That's postponing, not canceling. We have a positive outlook there also for agreements going forward. You see, we talked about it many times on the project side. It can swing quite a lot, and now you saw a bit of an uptick. We have said, though, that the IMO decision not to make a decision has had some impact on the order intake on the retrofit side, because people are postponing retrofits. But overall, you can see book-to-bill above 1, and we will continue to grow our Marine service business. Energy, all-time high quarterly order intake also for Energy. Now since the start of 2025, the gross margin of our Energy equipment order book has improved by +500 basis points. Order intake is up 82%, net sales is up 10%. You see something very unique here. The only way is up. 76%-90% driven by both better operating leverage and service net sales has increased, really contributing to better operating results and an LTM EBIT of 15.5%. Services on the Energy side, also book-to-bill above one. The Energy service order book increased by 16% compared to second quarter of 2025. Here we see on the right side how things can fluctuate. Here, for instance, if you look at the project business, yes, it went down deep in the red, but now it came back up in the green. We will see these swings going forward. I think the important thing here is the thick black line, which is the sum of it all. It's well above one. We will continue to grow our service business also on the Energy side. That brings us to the bridge, for the quarter-on-quarter bridge. Where we went basically from 12.7%-14%, it's good to see Marine going from 13.2%-14.0% and Energy going from 14.3%-15.5%. We had a bit of a downtick in portfolio, but as I said, by the end of this quarter, we have divested all the portfolio business units. Our comparable operating results increased by 7%. Over to Arjen and other key financials. Thank you, Håkan. Very happy to present positive other key financials. Before doing that, two structural items I would like to highlight. First of all, portfolio business. In Q2, we closed the divestment of Water and Waste, selling it to Solix, as well as the closure of the divestment of Gas Solutions, selling it to Mutares. This actually closes a journey of about six years in which about 11 business units divested under the umbrella of portfolio business. With the completion of these last two, Wärtsilä portfolio business will have no remaining business activities and basically making Wärtsilä a more focused company and also more profitable because these business units that we divested were typically dilutive to Wärtsilä results. Second point I want to highlight here is Energy Storage joint venture. Not so long ago, June 15th, we announced to establish a 50/50 joint venture with RCT Solutions from Germany to strengthen its long-term competitiveness of the storage business. The expectation to close in Q3, of course, subject to customary approvals and financing arrangements. The joint venture is expected to have a EUR 40 million-EUR 50 million negative impact on Wärtsilä's 2026 operating results. That is basically 50/50 between, you will see it once the closing is done, you will see probably 50% of it on the line share of a result in associated companies and 50% on the line items affecting comparability. Items affecting comparability is, of course, related to the transformation-related costs. Going to the numbers. First of all, cash flow. It was again an all-time high, second quarter. Of all the second quarters that we could check historically, we never found a bigger one. EUR 497 is really an absolutely good number. That's also, let's say, good to remind that it was a low number in Q1, only EUR 7 million. We are really, let's say, back on a big number. Support really coming from the profitability, but certainly also from the working capital. In the working capital, I would say the main contribution came from customer payments. Not just advances, but also, let's say, milestone payments. As you remember, in Q1, we talked a lot about building equipment actually for batch deliveries. Many batch deliveries went out. You get the milestone payment at that point of time. Also good to reflect here that the capacity utilization of our factory is still at about maximum. We are producing all we can. Net interest-bearing debt, of course, going further down, driven by, of course, a very good cash flow. Profitability, I think Håkan talked about that already a lot as well, very happy to see positive trends here. Return on capital employed, good profitability, further negative working capital clearly contributing here. Gearing, not so much to comment. It's on a very deep negative level, which is, of course, extremely good. Solvency also bouncing back from Q1, because typically in Q1, you book the whole dividend against equity, now that is, of course, now with the profitability improvement, less severe, you could say, or less impacting. Earnings per share clearly up from last year, both on quarter and year to date. All in all, I would say very good other key financials. Looking at the trends. Cash flow from operating activities as well as working capital to net sales ratio, clearly trending in the right direction. If we look at working capital to sales ratio, the dotted line basically, blue dotted line, around 4% over a five-year average period. Really, good result. It's actually 3.8% to be precise, it's actually all the quarters coming down. Last quarter, this was 2.4%. -EUR 1.257 billion working capital is heavily supported by advances. I think you can see that from the report as well. We have about EUR 1.8 billion advances. If you strip that out, you would have a positive working capital of EUR 500 million, about EUR 500 million. Also that has been improving a lot over the past three years. If you look at three-year horizon, for example, on that number, working capital excluding advances, clearly several hundreds of millions Euro down while sales is actually going up. We are really doing a real good effort on continuously working with working capital and make it better going forward. Final slide from my side is the financial targets. You don't see the Energy Storage anymore. They no longer apply after booking it as asset held for sale and discontinued operations. Looking at the left side of the slide. First of all, growth on Marine and Energy combined, 9%. If you break it down into what is Marine and what is Energy, it's actually 9% on all, very easy to remember. A key milestone I want to highlight here is the 14% that you see on the orange line. We are now on a rolling 12-month basis operating result as a percentage of net sales at 14%, which is our financial target. Really happy with this milestone. It was 13.9% at the end of last quarter. Group gearing, I mentioned already, deeply negative, not too much to add. Also the dividend distribution, basically in all the years, well above the financial target of at least 50% of EPS. Really happy with what we can report here on other key financials. Back to you, Håkan, on the outlook. Yes. Thank you, Arjen. On the outlook for Marine, we expect the demand environment to be similar as in the comparison period. For Energy, we also expect the demand environment for the next 12 months to be similar to the comparison period. We also highlight the following, because of course, on Energy, we have put it at similar now. This is actually a very solid demand situation that we see. Following two consecutive record order intake quarters in Energy and the record high order intake in Marine in the second quarter, the outlook reflects a continued strong demand environment, especially on the Energy side. The strong demand environment is clearly underscored by our decision also in the second quarter to further expand our capacity. We are on a very good level, and we have a great opportunity going forward. With that, we go to the questions- and- answers. Thank you, Håkan. Thank you, Arjan. Now moving on to the Q&A. I know that there are more than 10 analysts on the queue already. Please, we will take one question per analyst first, and please leave the follow-up questions to the second round. There is also a possibility to ask questions by chat. Handing over to the operator, please. If you wish to ask a question, please dial hash five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial hash six on your telephone keypad. The next question comes from Daniela Costa from Goldman Sachs. Please go ahead. Hi, good morning. I will stick to the one per analyst. Thanks for letting me ask a question. On the comment regarding sort of the Energy equipment gross margin moving up 500 basis points, that is a very big number, and I just wondered if you could help us reconcile with a topic that we discuss frequently on this call about ASP and EUR per MW, because the trend there seems the opposite. Maybe you can help us reconcile both in what has driven this big gross margin expansion. Thank you. Thank you, Daniela. For those of us who follow us regularly, I would say this is what we have said all the time. We have said that there are good opportunities to expand prices, but we have also worked with operational efficiency, et cetera. Now, I know there has been a lot of focus on EUR per kW, but we have also been very clear that that is not the right KPI to try to assess the margin content of the backlog. We have said that several times. I know some have listened and some have still clung on to the EUR per kilowatt. We thought, let us now give out this piece of information because we understand that we need to be a bit more clear than we have been in the past. Thank you for giving us that feedback. This is where we are. It is + 500 basis points compared to the equipment order backlog in Energy comparing beginning of 2025 to going out of second quarter of 2026. It is fair to say that it's mostly your execution then rather than the market pricing that is making the difference here. It's a combination. Combination. It's a combination of pricing, execution, everything together. Thank you. Thank you. The next question comes from Vivek Midha from Citi. Please go ahead. Thank you very much, everyone. Good morning. My one question is on demand guidance, particularly in energy. Clearly, with the strong orders in Q2, the bar is higher. I appreciate that you're still guiding for a strong level of demand. I was wondering if you could expand, please, on how we should think about the scope for upside or downside to this guidance. Was this motivated by desire to be prudent given that you've hit this new record, or is there anything else that we should bear in mind? Thank you. Basically, first of all, let's say the demand is very strong, as Håkan also explained earlier. We also, in the coming quarters, see, let's say, strong activity. The pipeline is good. Let's say the AI pipeline is also very strong, though volatile, but it's not just the data center. It's also the balancing power, which is really also getting a lot of traction. Going forward, of course, there is, at some point of time, a bit of limitation because your capacity is limited. Let's say you can sell and sell until a certain point, as you can see from the order intake, we booked record order intakes right now. Let's say there is a big jump, you book really long forward. At some point of time, this will level out. It doesn't mean that the activity in the market is less. It's just that our limitations are getting into the capacity range, basically. That's also why we, for example, expanded our capacity. We made, again, a decision now in Q2 to further expand the capacity to facilitate that. Will we do more? Let's see. This is the trajectory that we see. The main message is the market is still very strong. There is lots of opportunities, and we are doing really well. Yeah. As we try to give a bit more meat in our guidance, do note that we are making significant investments in basically more than doubling our manufacturing capacity. Of course, that kicks in only in the beginning of 2029. That is a clear evidence, fact point, that we believe in long-term growth. Thank you very much. The next question comes from Max Yates from Morgan Stanley. Please go ahead. Thank you. I just wanted to pick up on the more than 500 basis points of gross margin expansion, the backlog. I guess, the first part of the question is, would you be able to share with us how much of the total order backlog was energy new equipment at the start of 2025, and how much it is today? I guess the second part to this question is, how would you best suggest we actually use that number? Would you think of it in terms of if we take your new equipment margin today, we should add that on, and that comes through by 2028? I guess actually, what's coming into the backlog is probably even higher than 500 basis points. Now that you've helpfully disclosed that, how would you best suggest we, as analysts, so we don't get into confusion around price per MW, how do we use that number in your view? Thank you. First of all, we also communicated that we have more than doubled engines order backlog from beginning of 2025 until second quarter of 2026. That gives you a feeling for the magnitude of the increase of the total order backlog. For the new build, upgrade of +500 basis points, we know it will take time for that to translate into EBIT. 2028 and beyond. Yeah. Definitely, 2028 and beyond. We have a certain delivery time, and there is a certain delay. That's another fact. It will take time for this order backlog to translate both to sales and EBIT, and it's 2028 and beyond. Another thing, and it's also based on questions that we have received from the analyst. Okay, but your Mix of new build and services. The new build will grow faster than services. We all know that the margins in general are lower on new build and services. That still hold true. The other message here is that the net effect of this will still imply that the total EBIT of energy will continue to develop positively. Those are the additional cues we can give. Okay. Fine. Thank you. The next question comes from Vas Panavari from Barclays. Please go ahead. Good morning. It's Vas from Barclays. Thanks very much for the opportunity. On the demand outlook for energy, you now see it's stable in the next 12 months. Is it stable versus extraordinarily strong Q2, or stable versus average level over the past 12 months? Reason I ask is that order intake in megawatts in Q2 was about 100% higher than an average order intake over the past 12 months. Getting the base for us right is very important here. I would say you need to aggregate the megawatts or gigawatts over one 12-month period and compare it with the aggregate- Yeah For the coming 12 months. It's the forward 12 months versus the past 12 months. Aggregate. Aggregated, correct. Understood. Thank you very much. That's very clear. The next question comes from Akash Gupta from JPMorgan. Please go ahead. Yes. Hi, good morning. I have a question on ASP. It's more of a conceptual question for us to understand, given the debate on this number that often looks to me as a tip of an iceberg. Can you elaborate on some of the factors that are driving this significant volatility in quarter-on-quarter average selling price in Energy? I think previously you highlighted scope as a big effect. Outside of scope, when we look at different types of engines, how does the ASP compare? Is there any thumb rule that we should be aware of that if you announce certain types of engine orders, then we have to think about ASP in a different way? Also, if you can talk about geographical mix, because, covering some of the other equipment names, we have seen some variance in ASPs based on geographies. Lastly, on the same topic, when you book an order in the U.S., I think you have said it's customers that pay the tariff. I wanted to ask, when it comes to your booking, what are the amount that you are booking and what you are not booking? Thank you. Do you want to start with the last one? I can start with the last one. Let's say, yes, tariff risk is passed on to customers. We are not paying for any tariffs. Yes, on certain cases, let's say we might need to pay the tariffs, let's say as we are the importing party, then we charge it on to the customers. Now with the recent decision of the Supreme Court, basically that has been reversed. No impact. Of course, when you do tariffs, we typically use change orders for that. Let's say it's a change order when the tariff is charged to us. We also send that invoice then to the customer, which is then actually, let's say, adding to the sales. It's then reversed when we, let's say, pay it back. It's a credit note, basically. When it comes to how should we think about profitability of different markets and different engine types, et cetera, et cetera. I'm sorry, there are no simple rules of thumbs. We have good price realization in many areas. In many application segments and in many geographies. It's not that one segment or one geographical market has a higher profitability than the other. It's actually a mix. It's much more catered to the situation and the customer. Good. My question was more about the pricing in kWh in EUR term rather than margins as such. Yeah. I understand and I respect your question, but as you understand from my hesitation in our earlier discussions, frustrating as it is, we don't focus so much on that KPI, quite frankly, because it says very little about reality. Yes. For the reasons that we have mentioned, so to say. I know it's frustrating, but that's a matter of fact. Thank you. The next question comes from Uma Samlin from Bank of America. Please go ahead. Hi, good morning, everyone. Thank you very much for taking my question. I just have a follow-up on the energy margins. Really appreciate that you gave the 500 basis points today. I was wondering, given you have a very strong pipeline on the data center side, do you see any further potential to increase beyond the 500 basis points that you have given, going forward? Well, it's a very hot market, the demand side is very strong. Therefore, as we said before, there are good opportunities for price realization, as I said before, in all different segments and in all different geographical markets. It's a hot market globally. Yeah. Thank you. Do you mean that you will be able to continue to have some pricing potentials beyond what you have achieved in the last year? Yes. Thanks very much cost as well. The next question comes from John Kim from Deutsche Bank. Please go ahead. Hi, good morning. Thanks for the opportunity. Congrats on the numbers. Just wanted to speak a little bit about supply-demand dynamics around baseload and data centers. You may have seen some competitors have gone public, and spoke to adding capacity over the next five years. Do you have a sense on where engines as a category could stabilize as a percentage of market share demand when you think about the positive aspects of engines over turbines? Any sense on what percentage of applications or installs that would be applicable or attractive to? Could you comment at all on your market share within engines itself as it relates to DCs? Thanks. If we start with the first one, our market share related to DCs, I always say we don't know it. I would argue that nobody knows what the market share is because there are so much secrecy. We talk about that in the industry. You have noted before that some of the releases that we have made, we are not even allowed to mention the customer names, et cetera. I know that there are attempts from independent players to compile market statistics. It's very challenging. Sorry, I wish I could tell you, but I can't. The facts are simply not there because of the secrecy in the market. Coming to your other question, what's the potential market share of engine versus gas turbine? It's very hard to predict. I have seen data points, but we struggle actually to compile the market share. The only thing we can see, we are growing. In the Bloomberg New Energy. Yeah, also coming to that, I know. The BloombergNEF makes one point. It's one piece- Yes of study, et cetera, it shows that engines are for real in this segment, it has some advantages. I would also argue that if you look at medium-speed engines, we are coming back to the fundamentals. To your point, there will be a lot of competition is adding capacity, the gas turbine competitors, but also the engine competitors. Of course, right now, supply is a bit less than demand. It will balance out at a certain stage. It's going to be a focus. That's our hypothesis. Be a focus on the fundamentals. Fuel efficiency, no thermal derating, no water usage, and here we come out in a very good way. Our disadvantage, we are not the quick and dirty solution if you want to ship in a container and get power fast, which is really a strong focus now. We are strong on the fundamentals. Also, we talked about that in our data center call. If you stretch it out even further, what will happen? There will be transmission networks being built. There might be renewables. What do you want then? You want flexible power generation that is energy efficient, because then you can balance the renewables, and you can also be a player on the network. If you want to be a player on the network, you need to have fuel efficient, good heat rates, basically. Otherwise, you won't be competitive. That's why we are optimistic also about the long-term future, because we have a good competitive technology. Okay, fair. Thanks very much. The next question comes from Sven Weier from UBS. Please go ahead. Morning. Thanks for taking my question. Just to follow up again on the 500 basis points. I was just wondering how much of the improvement is actually coming from your shift away from EPC, which I guess also happened during that time. What have you actually seen happening to energy service margin, given that it's obviously an important part of the energy sales? Thanks. First of all, this is new build. Service is out. This is the new build margins, just to clarify that. I would say the shift from EPC, EQ, very little impact because we have made this shift. The major part of the shift has been made before 2025. Correct. I would say the major driver is things like price realization, efficiency, et cetera. It is not the shift from EPC to EQ. On the services bit, that was clear that it is not part of it. That is why I was asking what happened to service. Was service stable in the last one and a half years or? The order backlog for services is up significantly. It is up 18%. The margin on services, they also developed favorably. Can I just ask, because you had this nice chart on the cost comparison between engines and turbines and fuel cells. Why do you reckon it's no longer a lack of information in the market about the qualities of engines? Why do you think that those other technologies are still winning on turbines, but also fuel cells increasingly? Why are people still placing orders for those then? If I take the U.S., it's so focused on lead time. You can basically sell any technology, if you have a short lead time. That's why right now everybody's selling. As I said, longer term, as more capacity is added to the market, I think it will be more focused on the fundamentals. We talked about that before. Another element I would say also in the U.S. context is you could say a bit of technical conservatism. To your point, Sven, engine's been around for quite some time, but I can say that I have dialogues with many U.S. customers. For them, it's still a new technology. It's something new. That's a great opportunity for us. Coming back to what I said before, when our new U.S. customers, they try our new candy, so to say, and they see that the heat rates working, they are good, and they see that we are delivering on our core value proposition, they come back. We have repeat customers coming back, and that's why I'm optimistic about the long-term future because more and more customers are seeing the benefit of the engines. Seeing is believing. It's one thing to try to convince somebody with PowerPoints and logic. Seeing is believing. Understood. Thank you, Håkan. The next question comes from Antti Kansanen from SEB. Please go ahead. Hi, guys. Another follow-up on the 500 basis point improvement. If we look at kind of the energy equipment deliveries that you have done on the first half of this year, when were these orders booked? Just trying to get that, is that kind of run rate profitability that you are now achieving on the energy side, is the 500 improvement potential, is it a good proxy from the level where you are today on the P&L, or has some of that improvement already been visible on first half of this year? No, sorry. I don't think we have seen it in the first half of this year. Let's say the orders that we delivered for energy in the first half of this year, I think they were booked a year+ ago, most of them. Then maybe a follow-up on the phasing of it. If you look at kind of what you are selling now, have you already sold out the 2028 capacity expansion and are now booking to 2029? Just ref on what you've said, that the capacity is a little bit constraining the demand outlook as well. Just like as a theoretical, if you would decide to further still expand your capacity, would you believe that that would open up a more demand growth for you potentially? Basically, 2028 we are sold out to your point. There might be smaller things, but in general, we are sold out, and the orders that we are negotiating now is for 2029, and we have started to sell out. You remember the latest capacity expansion we talked about. We said that that will come into operation in the beginning of 2029, and we are starting to sell that now. We have already sold some of it, so to say, but we are booking orders in 2029 right now and also 2030. All right. Thank you. I will take a couple of questions. I would also say, sometimes I get the question, "Can you expand even further?" Yes, we can, but it's a step-by-step journey, and we have taken important steps, which underlines the positive outlook. Could we take further steps? Yes, but we take it step by step. The key thing is to keep the supply chain- Yes aligned. Yeah. Yeah. I will take one question from the chat. Can you explain in more detail how the data center segment sales of hardware will bring life cycle services cash flow after 2030? Yeah. What's the timeframe here? Let's say we get a data center order. I would say it's about two years until it's up and running. Then, of course, you have some maintenance, et cetera, in the beginning, but it's approximately another two years until we have the real big service kicking in, and then it runs. That's why we talk about approximately a four-year delay from new build order intake until you start to see a significant impact on the service business. Thank you, Håkan. Thank you, Arjen. We have one more slide related to our Capital Markets Day. Please remember we will host our Capital Markets Day here in Helsinki and online on November 3rd, and on October 27th, we will publish our Q3 result. I hope you can enjoy a little bit summer in the coming weeks. I hope that at least we all will start the well-deserved holiday. Thank you. Thank you, everybody. Have a nice summer. Thank you