Ladies and gentlemen, welcome to Norconsult's third quarter presentation. My name's Egil Hogna. I am the CEO of the company, and I share today's presentation with our CFO, Dag Fladby. On the front page today, we have a beautiful picture of an award-winning landscape project from Torghatten in Norway. This is a project developed by one of our recent acquisitions, Østengen & Bergo, and it won a prize at the CITY'SCAPE Awards in Milan this quarter. Norconsult is Norway's largest consulting engineer company, and we are one of the leaders in the Nordic region. We have 7,200 employees and 140 offices. Over time, we have shown a stable growth in revenues and a stable profitability. Those of you with an eye for detail, you will notice that our last 12-month margin has now increased from 9% to 10% again, which is according to our profitability target. Let me tell you a bit more about our third quarter financial highlights. Our net revenues increased by 6% to NOK 2.3 billion during the quarter. We had 1% organic growth adjusted for calendar effects, so during this quarter, most of the growth was associated with our M&A activity. Our adjusted EBITA increased by 19% to NOK 242 million, and our EBITA margin, adjusted for calendar effects, ended at 9.8%, up half a percentage point compared to the same quarter last year. Excluding calendar effects, the EBITA margin was 10.4%. During the quarter, we also increased our order backlog by NOK 0.1 billion to NOK 7.9 billion. It is not always you increase the order backlog during the third quarter, but we did. During the quarter, we had particularly good results in renewable energy, in Norconsult Digital, and Metier. Let me say a few words about our people and organization. The number of employees increased to 7,241 during this quarter. That was an increase during the quarter of 84 people. Compared to the same quarter last year, it was up from 6,964. In Sweden, we were, for the sixth consecutive year, ranked as a career company, which we are very proud of. It says something about the development opportunities for young people in our company. We also announced one change in the corporate management team of the company, where Vegard Jacobsen, at the end of this year, will take over as EVP for the Norway Head Office. Bård Hernes, who has had this role for 10 years, is handing over the farm, as we say in Norway, to his successor in a significantly better shape than what it was when he took over. Bård will continue as project director, working both with clients and with development projects for the future. Our markets remained broadly stable during the third quarter. Buildings and architecture remained fairly flat at a subdued level in the private sector, but this was compensated by a stable and solid level of public sector investments, where, in particular, defense and healthcare-related spending was strong, offsetting the somewhat weak private sector. Infrastructure was stable, and in infrastructure, Norconsult has won quite a few projects which are benefiting us in terms of stable demand during the quarter. Energy was, as I mentioned previously, a very strong segment, in particular when it comes to hydropower and power transmission. Industry showed a mixed picture, where defense industry and data centers were the two strongest segments. During the quarter, we made two bolt-on acquisitions. I already mentioned the landscape architecture firm Østengen & Bergo. This acquisition was completed during the quarter, and they are a highly respected landscape architect in Norway with 10 employees. This extends our multidisciplinary offering, and a number of projects actually start with the landscape architecture discipline, increasing our opportunities to win larger parts of projects going forward. Yesterday, we also announced another acquisition in Denmark. Environmental and geotechnical consultancy is the focus of Franck Miljø- og Geoteknik. Some of you might remember that we acquired the activity at Zealand, or Sjælland in Scandinavian languages, a few years ago, and we have now acquired the Jutland part of the activity with 46 FTEs. This makes us one of the largest and strongest nationwide players in this important segment. Geotechnical and drilling investigations are mandatory in all Danish building projects, which makes this a particularly interesting and strategic technical discipline. Let me now give you some examples of projects which we have won during the quarter. I start with one in my own neighborhood for a bit for fun, Grefsen Station, where we have been tasked to upgrade the station with a new central platform and a pedestrian bridge, allowing remote operation of this station. Another project is Hasle Kraft, which is a new office building in Oslo, where we, together with our fully owned subsidiary Nordic – Office of Architecture, have been awarded the detailed design of this 18,000 sq m office building in Oslo. There are new regulations associated with wastewater treatment, and we have recently won a large project in Drammen, to the west of Oslo, where a new wastewater plant will replace five local facilities, meeting stricter EU requirements, supporting a cleaner Oslo fjord. I would like to round off with a Danish example, the Nørrestrand Care Center, where we have been awarded the engineering design in Horsens, Denmark, for the customer Albo. This is a project comprising 150 new nursing and dementia homes, covering more than 15,000 sq m. Some of you might recall that earlier this year, we won the largest engineering project ever awarded in Norway, the Arna-Stanghelle tunnel project for both road and rail. I would like to show you a short video giving you an update on this project. Fellesprosjektet Arna-Stanghelle er et samarbeidsprosjekt mellom Bane NOR og Statens vegvesen. Det er utbygging av ny E16 og dobbeltsporet jernbane mellom Arna og Stanghelle. Det består av cirka 80 kilometer tunnel og flere dagsoner. Norconsult har rollen som prosjekterende rådgiver, og det er det største prosjektet vi noensinne har hatt. Anlegget vil stå ferdig i 2039. Fellesprosjektet Arna-Stanghelle, det kombinerer en robust infrastruktur på vei og bane, bedre framkommelighet og økt beredskap hvis du ser på et sånt samfunnsperspektiv, i tillegg til at du får regional utvikling. Det å kunne være med og bidra til å lage et så mye tryggere transportnett på Vestlandet gjennom den ekstremt rasutsatte strekningen der, er, skal vi si, en av de viktigste målene for fellesprosjektet Arna-Stanghelle. Det kuleste med dette prosjektet er at vi får testet Animal Farm, som er et egenutviklet parametrisk modelleringsprogram vi hadde med fra Aas-Jakobsen. Animal Farm er da et program for parametrisk modellering, som betyr at vi modellerer alt relativt til hverandre. For tunnel så er det at stort sett alt refererer seg til veilinjen, sånn at vi bygger sprengningsprofil, normalprofil, skulderstøp, havarinisjer, alt følger en profillinje. Det gjør for eksempel når vi skal bygge rømningsveier da, så kan vi begynne å modellere ganske detaljerte vegger og dekker og sånn, selv om veilinjen ikke engang er bestemt enda. For når den flytter seg, så kommer det bare til å flytte seg etter alt sammen. Flytter vi på en havarinisje, så flytter alt annet etter. Alt elektro, skilt, alt som hører sammen. Det er vi helt avhengige av i et så stort prosjekt. Norconsult som prosjekterende rådgiver har jo overbevist oss så langt, vil jeg si. De fremstår veldig dyktige med kontroll og har styring. Nå starter vi opp optimaliseringsfasen der Norconsult skal se på ulike løsninger og muligheter som vil gi en gevinst i prosjektet. Our customer for this project wrote in the award letter to Norconsult that one of the reasons why we won the award was our digitalization expertise. At the end of this video, you may have noticed an explanation of one of our key digital tools, Animal Farm. One of the most exciting developments during this quarter is that we now have a full suite of AI tools supporting our core engineering activities. Animal Farm, which is presented here to the right of this slide, was explained in the video. Some of you might recall Nora, which is a tool that we have talked about before. This is a tool working with text-based documentation, supporting the writing of offers, supporting the analysis of large documents, synthesizing, investigating potential conflicts between requirements, and so on. But the main development during this quarter is what you find in the middle, which is Norconsult Extend. This is a new platform which uses the MCP technology, Model Context Protocol, and it connects AI tools at our choice with our core engineering tools. Our core engineering tools are, for example, Autodesk Revit, Autodesk AutoCAD. Rhinoceros is another example. Trimble tools like Tekla are other tools. This is where we can make verifiable and safe calculations for our core engineering tasks. What is new this quarter is that Norconsult Extend enables us to connect these core engineering tools with AI engines at our choice. So we can connect with Claude, Copilot, OpenAI tools like ChatGPT, and also cheaper AI tools, allowing our architects and engineers to use free text to access and execute commands and AI agents in our core engineering tools. But we do this through our own platform, Norconsult Extend, allowing the use of AI to be both safe and transparent and fully in line with our customer requirements. It is important to remember that everything Norconsult does has to be both verifiable and we have to guarantee the quality of it. This is one of the misunderstandings sometimes we see with startups, that they do not really understand that the customers require the consulting engineer to be fully responsible, both legally and financially, for the results which we produce. So, an approximate answer is never good enough. You need to be precise, and you need to have a complete and verifiable, buildable solution. With this approach to AI, we are able to do that in a way which secures the quality and integrity of the results. So, for Norconsult, this I consider to be quite a breakthrough, and we already have more than 1,000 users of this during one quarter, and we use it across our different countries. We will communicate more relating to the details of this in the near-term future. Then I would like to give you an update on the energy market and our approach to it, because as I mentioned previously, we have strong results for renewable energy, and this is where we see the highest demand. The reason is electrification, which drives a strong demand across the entire Nordics and across all of Europe. Consumption of electricity is expected to grow by more than 50% towards 2050. The largest planned investments are actually in Sweden. 60% of the planned TSO, transmission system operator investments, are going to take place in Sweden over the coming three years. Norway and Sweden are sharing one Nordic grid and power market, and in order to capture the highest possible share of this market, we are increasing the cooperation between Norway and Sweden, and actually in the area of renewable energy globally, for how we approach this market. Our renewable energy activities, they are combined into one business area to strengthen market position, competitiveness, and growth. This change is particularly relevant for Sweden because the Swedish activity in this area has previously been part of our Swedish business area. But we now see that our ability to win the largest and most interesting projects are increasing by combining also the Swedish energy activities into our renewable energy business area. That means that from the end of this year, we will have renewable energy teams in seven countries, in addition to an organization which we are going to build in Denmark, serving Nordic customers in particular, but also in other countries from this global business area. I would like to give the word to our CFO, Dag Fladby, to tell you more about the financial details. Thank you. Thank you, Egil. Here we are. Our net revenue in the third quarter ended at NOK 2.3 billion, up from NOK 2.2 billion the same quarter last year. The total growth was 6%, including a negative currency effect of NOK 46 million. Adjusted for a positive calendar effect of NOK 17 million, the organic growth was 1%. The growth was driven by increased FTEs and also increased billing rates, partly mitigated by slightly lower billing ratio. Our billing ratio end of the quarter ended at 71.7% compared with 72.7% the same quarter last year. Quarter 3 is always the quarter with the lowest billing ratio. That is mainly because we have a lot of new recruitments in the quarter, especially graduates coming in October and September. That is also the case this quarter. The billing ratio is slightly slower than last year, mainly due to lower activity level in Sweden, but also partly due to slower startup than expected in some of the larger projects in Norway. Adjusted EBITA NOK 242 million, up from NOK 204 million, an EBITA margin of 10.4%. Adjusted for the calendar effect, the underlying margin is 9.8%, up from 9.3%. The improvement is mainly due to changes in revenue mix between the segments. Net finance minus NOK 32 million compared with minus NOK 15 million the same quarter last year. We have a currency loss of NOK 11 million this quarter, meaning that the net finance is in line with our guidance of approximately minus NOK 20 million in the quarter. Profit after tax, NOK 118 million compared with NOK 132 million the same quarter last year. This quarter, we have also booked NOK 30 million in ERP costs for that project. EPS NOK 0.38 compared with NOK 0.43. To the segments, we will start with Norway Head Office, which had a net revenue of NOK 724 million, up from NOK 698 million. The growth was 4%, while organic growth was 1%. That was driven by increased FTEs and also improved billing rates. EBITA ended at NOK 75 million, up from NOK 70 million, and the underlying margin was 9.9% compared with 10.1% the same quarter last year. The margin was affected by slightly lower profitability in parts of the building business, but that was largely mitigated by improved profitability in infrastructure. Norway Region ended with a net revenue of NOK 621 million, more or less at same level as last year. The organic growth in the region was minus 1% due to lower billing ratio and also fewer FTEs. That was partly mitigated by increased billing rates. EBITDA NOK 64 million, up from NOK 57 million, where the underlying margin is 9.9% in the quarter compared with 9.2%. The improvement is mainly due to improved operational performance in part of the business and also lower costs. In Sweden, our net revenue ended at NOK 321 million, down from NOK 353 million. That includes also a negative currency effect of NOK 27 million. The organic growth was 4%, and that was also adjusted for positive calendar effects of NOK 11 million, which is mainly due to adjustment of changes in winter work and summer work hours. Adjusted EBITA was NOK 3 million compared with NOK 13 million the same quarter last year, and the underlying margin was minus 2%, affected by the changes in summertime and wintertime works, but also affected by lower billing ratio and price pressure in certain market segments. Due to the changes in summertime and winter work hours, it is more relevant to look at year-to-date margin, and year-to-date margin, adjusted EBITA margin, is 3.4%. Still, below our expectation, we have taken measures to improve profitability in Sweden. In Denmark, our organic growth was 4%. The net revenue NOK 172 million, slightly decreased from last year, and that was also affected by a currency effect of minus NOK 14 million. EBITA at NOK 10 million, more or less at same level as last year, and so was the margin, which was 6% compared with 6.1%. We have still weak performance in part of the building business in Denmark, but that is partly offset by improvements in other business areas due to measures we have done. The new management team in Denmark came on board during quarter 2 and also partly in quarter 3. They will continue with measures to improve profitability. In renewable energy, which continued strong with an organic growth of 15%, driven by hydropower and transmission and other related business areas. The EBITA was NOK 42 million, up from NOK 35 million the same quarter last year, where we have an underlying margin of 18.7%, up from 18.0%. The margin was due to continued strong operational performance. Finally, the consulting segment, where we have a total revenue of NOK 394 million, an increase of NOK 167 million in the quarter. The main contributor to the increase was Metier. EBITA NOK 37 million, up from NOK 17 million the same quarter last year, and the margin, EBITA margin, was 13.7% compared with 11.3% the same quarter last year. In digital, we have increased profitability, mainly due to improved operational performance, but also partly due to increased level of capitalized development costs. Technogarden's profitability is impacted by lower revenue and also severance costs of NOK 5 million in the quarter. Metier contributed with NOK 15 million in the quarter and is well on track. To our balance sheet at the end of the quarter, our cash position was NOK 105 million compared with NOK 1.55 billion 31st of December last year. The main reduction is due to repayment of loans of NOK 610 million, and also payment of dividend of approximately NOK 560 million. Net interest-bearing debt, NOK 579 million, and we have a leverage of 0.52, excluding the IFRS. Our net working capital was NOK 499 million at the end of the quarter, compared with NOK 289 million the same quarter last year. The increase is mainly due to an increase in net revenues, but also lower short-term liabilities due to two reasons. First of all, it changes in the withholding tax payment terms to the Norwegian government from two months to one month this year. Secondly, we have salary adjustments in Norway with effect from July that was paid out in September this year, in October last year. In total, these two items is approximately NOK 110 million. Then to cash flow, and cash flow is dependent on seasonality, and Q3 is always the weakest. Our cash flow from operating activities this quarter was minus NOK 264 million, compared with minus NOK 103 million the same quarter last year, mainly due to increased working capital, as I just mentioned. Cash flow from investment activities, minus NOK 14 million, compared with minus NOK 983 million the same quarter last year, and last year was impacted by the acquisition of Aas-Jakobsen Group. Cash flow from financing activities, minus NOK 144 million, compared with plus NOK 810 million last year, and last year included proceeds from our borrowings on the acquisition of Aas-Jakobsen Group. Then a short update on our ERP change. As we informed you one year ago, we have to change our ERP system in Norway. Yesterday, we went live with our first version on that. So far, so good. We have proceeded the project on scope, on time, and also on cost. Year to date, we have, or project to date, we have a cost of NOK 105 million. This quarter, NOK 30 million. We will use now the next months and quarters to streamline the system and also implement the remaining parts of the system to have it even more efficient. Finally, from my side, the order book, as Egil mentioned in the beginning, has increased to NOK 7.9 billion. That includes also a negative currency effect of approximately NOK 0.1 billion, so up from NOK 7.8 billion. The order intake in the quarter is a good mix of projects, including the Stad Ship Tunnel, which we announced at the end of Q2. By that, Egil, I leave the word to you to sum it up. Thank you very much, Dag. I'd then like to talk a little bit about the outlook going forward. Those of you with a good memory, you will notice that the text for our outlook for the coming quarter is extremely similar to what we wrote at the end of the previous quarter, because the outlook is essentially the same. We expect a stable market. There continues to be uncertainty linked to the geopolitical situation, but based on what we see now, we do not expect major changes. Private building, private market for buildings and architecture expected to continue as is. Demand in infrastructure expected to be stable, in line with the public spending plans, which do not really contain any major surprises. Then we have the energy segment, which is very strong. I'd like to mention one feature here. Some of you might think that, "This is not such a big deal for Norconsult because we only have a bit more than 500 employees dedicated to this segment." However, these projects are huge, and they do contain technical disciplines from also other business areas. If you look at the number of people in Norconsult working with renewable energy projects, it is roughly three times the number of people who are dedicated to the renewable energy segment, which is mainly the specialists in this particular area. The development in energy is a development which benefits Norconsult to a great extent, and one of our strengths, both today and historically, has been our ability to move people with competence from one market segment to another when demand shifts, which it always does in this particular industry. I would also like to highlight that we continue to take proactive measures to improve our underlying profitability. You will have noticed during the presentation that some parts of our business are performing really well, while others are having some challenges. We continue to take measures in order to make sure we deliver stable growth and stable profitability over time, continuously improving our business as we move forward. With that, I would like to open up for questions. We will start with questions in the auditorium, and then we will move to questions online. Please start by stating your name and your company. Kristoffer Haugland, Arctic Securities. Your cost per employee was up by only 0.3% this quarter. That is a significant shift from recent quarters. Can you elaborate a bit more about that? Is it a reflection of timing on wage adjustments or other measures that are coming into effect? It is a combination. We always have focus on cost efficiency. Between the quarters, it could be different variation, like salary adjustments, like vacation, or you can say activities in different quarters. But in general, we have quite high focus on cost efficiency. Thank you. Marcus Kvelli from Pareto. Just on Sweden, you are saying that there is some price pressure across the segment. Are there any particular sub-segments? Also, could you try to give us a picture of, yes, you are taking measures to improve profitability, but what really is that? If it is building, why can't you use this external flexibility of yours to try to move out of those lower margin projects? If I start on that, one of the segments where we have seen quite a bit of price pressure in Sweden is infrastructure, but it is a mix. You are absolutely right that we are working on shifting our resources around to where they are in demand. Some of our Swedish colleagues are working on Norwegian projects, and if the situation in Sweden persists, there will probably be more Swedes working on Norwegian projects going forward. It could also go between other countries, which we do on a regular basis. I think the major measures is what Egil presented, is the change of energy now into a global segment, so we can utilize all the resources we have globally to actually go into also Sweden more, even better. There have been some manning adjustments, which you may have noticed in the numbers as well. Thank you. Just one annoying analyst question. On the corporate and other line, that was fairly contributing well today, the EBITA figures. Any comments on how we should think about that development? Any reason for why it being such a positive contribution this quarter? We allocate to our business segments a fixed price every quarter based on the budget. It could be seasonalities on cost structure on the other. It is also part of cost savings. So, it will fluctuate slightly between the quarters. But in the segments, it is more stable, the cost we allocate. So no recent measures for it to be so positive this- It's not to be expected that that will continue as positive in the coming quarters. Thank you. We are constantly taking some measures, but it's mainly fluctuations between quarters. Yes. Hi. Anastasia, private investor. I was wondering, you have both organic and acquisition-based growth, and what do you see the balance between those two in the future? And what do you think the main drivers for organic growth in that area? Historically, Norconsult has had a balance between organic growth and acquisitions, being two-thirds organic, one-third acquisitions. This quarter, it is almost the opposite. Part of the reason for that is that we did make two large acquisitions last year, and in the aftermath of making large acquisitions, sometimes that ratio is a little bit different compared to what it is in the long run. Our aim is to have a balance between organic growth and acquisitions similar to what we've had historically, meaning two-thirds organic. It will vary over time, and one of the factors is to what extent we make significant acquisitions. Thank you. Are there any more questions in the auditorium before we move online? Then, Christian, do we have any questions from our digital colleagues? We do have quite a few questions from our digital colleagues. Starting with Jesper Stugemo from Handelsbanken. He would like us to elaborate some of the measures we have taken in Sweden. He wonders if this is mainly targeting billable consultants, or if it's further scope to reduce overhead costs, and what the impact will be on near-term revenue growth. We touched upon that in one of the previous questions, but when it comes to the manning adjustment part, it is a combination of non-billable, typically management resources, but also some billable resources in areas where we have seen a sustained weakness in demand over a longer period, not only during the recent quarter. But it is correct that we have optimized our organizational structure and our balance between non-billable and billable people in Sweden in order to create a better profitability compared to what we have had recently. We talked about also the other measure relating to the energy part, so I think that covers our measures. A follow-up question from Jesper. I see several others have kind of dwelled into the question about the billing ratio. If you could elaborate on the key drivers behind the slower billing ratio in Q3. Is it onboarding of new employees, the ERP project, integration activities, increased competition, or all of the above? As I mentioned in the presentation, it is firstly, it is a slower activity level in Sweden, and then also partly a slower startup than expected in some of our projects in Norway, larger projects. Obviously, we have used quite much resources in ERP, but that is not the main cause. From Simen Mortensen, DNB Carnegie. "Calendar adjusted organic growth slowed to 1% in Q3 compared to 6% in Q2 and 7% in Q1. Which specific segments, geographies, and client categories explain the deceleration, and what does the October trading run rate imply for Q4 and early 2027? I think the explanation we just answered on Jesper Stugemo's question. When it comes to Q4, where, as you know, we do not do guiding, how the market will develop, that remains to be seen. We take measures, like in Sweden, but we expect that to be step-by-step improvement rather than suddenly improvement year by year. Also, you can say we also expect the larger project to develop, to step up more than we have seen so far. How the market will develop, it remains to be seen. Our target is to grow more than the market. Yes. I would just like to add that we also saw an increase in our order book during the quarter, so we have a nice order book to work on in the coming quarters. You reported personnel costs implying a lower cost per average FTE than we had forecasted. To what extent is this explained by structural effects versus temporary items such as timing, mix, lower variable compensation, and can the cost base be sustained if utilization remains at about 71.7%? I think the reason for the decline per FTE is a combination of many things. It is, of course, that we get new people in. Approximately 300 new hires in third quarter affects that ratio. It is also partly, as I explained earlier, seasonality effects. It could be, for example, more vacation, it could be adjustment to bonuses, it could be salary adjustments and provisions related to that, and also different, you can say, activity levels in larger education programs, et cetera. You maintained a stable market outlook while increasing FTEs. What gives you confidence that demand will absorb the additional capacity, and at what utilization level would you reconsider recruitment versus billing ratio? One of the reasons for that, let's say, for our positive outlook is the fact that we have a strong and increasing order book. What we present in the outlook is our outlook for the market. The outlook for Norconsult is maybe a little bit more positive based on our important project wins this year, where the NOK 2.2 billion Arna-Stanghelle frame agreement is a very important one, but also together with other wins. Did I answer the entire question, or was there one part I did not answer? No, I think you went through it. From Magnus Rasmussen, "Organic growth dropped substantially, and you still delivered solid margin. Please explain how. Main explanation is, as I mentioned in the presentation, change in revenue mix to more share of revenue in segments with higher margins. Can we expect organic growth to be back in the 5%-6% range in the coming quarters? I think we answered that previously, that we do not guide on the quarterly development. That depends on several reasons. I would like to add that we have a stated objective to grow by more than the market. We do not guide on the market growth, but our objective is to grow by more than the market. And we have been successful at increasing our market share through consolidation in the market historically, and we believe that we are in a good shape to do so going forward. Also because of, for example, our digitalization tools, which are very important for our customers. The slower startup of projects affecting Q3, have those projects now started, or are there still delays? It is a mixture. Some of the slower startup than expected has been in healthcare, and some has been in infrastructure. Some of these projects have started to improve. Then we have some questions from Martine Kverne in Nordea. Norconsult's digital unit gained partly from a higher level of capitalization development costs. How large is that effect, and is it sustainable? The effect on the increased capitalization cost is NOK 4 million. Is it sustainable? The margin level? The capitalization, I assume. The capitalization, it will That is difficult to answer if it is NOK 4 million more than the year before going forward. It will decrease. We have, 28th of October, we launched a very important software product in Norconsult Digital, ISY Project Controls. That is, I will say, the largest software launch we have had ever in Norconsult Digital, and the capitalization cost is mainly related to that part. Moving on to Sweden. What is your expected timeline for improving margin, and where in the segments are the price pressure hardest? The price pressure we already alluded to. Do you have a timeline for expectations? Well, I think it is fair to say that the third quarter was affected by a special effect, an effect we have categorized as a calendar effect associated with the elimination of summer and winter time. That effect is turning positive for the fourth quarter. So when you look at the numbers, they will improve based on that effect. When it comes to the underlying improvements, which of course also are important, a number of measures have been implemented. They will have effect in the fourth quarter, but there are also effects that are Sorry, there are also actions which are being implemented this quarter, and they will then typically have effect the quarter after. So I am not expecting wonders for the fourth quarter, but we should see a better 2027. Moving on to renewable energy. What is the effect of moving project execution into Metier from January 1st? That will we revert to when we have restated or reallocated figures in the quarter four presentation. Metier contributed with NOK 15 million to adjusted EBITA. Is this in line with your expectation, and what are the synergies with the rest of the group? The result in Metier is fully in line with our expectations and the business case for the investment. The synergies are important, because some customers expect us to deliver a full portfolio of project management capabilities, as well as engineering and sometimes also the architecture disciplines. For those customers, having Metier as part of the Norconsult Group is important. It makes their life easier, and it creates more business for us. Then there are some customers who prefer to have this separate, and they will do that. But with Metier as a part of Norconsult, we are able to serve some segments significantly better than we've been able to in the past. On the announced acquisition yesterday, is it fair to assume that profitability is in line with Norconsult levels on average? Yes, that is fair to assume. It's slightly higher, and it's slightly higher than what we have reported in Denmark so far. On your AI platform, what is your expectations for productivity gains, and how is the dialogue with your customers now versus items such as hours used, price per hour, so on and so forth? We are seeing productivity gains associated with this. We are also seeing an increased ability to generate a profit in a number of projects, simply because some projects have fixed price modules, others have incentives associated with total building cost, for example, where we see a positive impact. And in our customer dialogue, we see, especially when it comes to larger projects, that customers see that it is in their interest to also include financial incentives to enable the use of new technology, which has the effect of reducing total building cost. Moving along, we have some questions from Bengt Jonassen, ABG. Looking back one year, you closed the acquisition of Aas-Jakobsen. Integration is now finalized. Looking at historical figures in Aas-Jakobsen, the acquired company should be accretive to billing ratio. However, billing ratio dropped 0.5 percentage point year on year. How much can be explained by weaker markets? How much is delayed start of a project? And what is Aas-Jakobsen effect? Yeah. It's a combination. Aas-Jakobsen has been crucial to the larger infrastructure projects we have now, like Arna-Stanghelle. The billing ratio in that part of the business, the infrastructure business, is good. It's getting even better as the projects are, we could say, moving now into a more, even more intensive phase. The Stad Ship Tunnel, we also won. That was also crucial to have Aas-Jakobsen resources on board to win that project. When it comes to the billing ratio as such, it's a combination between the segments. So, it could be slightly slower in parts of the building business, for example, which is not affected by the Aas-Jakobsen acquisition as such. That is more the market. And also, you can say the order backlog we have in some of the certain segments. So, it's a combination. We are satisfied with the development we see after the integration with Aas-Jakobsen, and I think we will also see results from that going forward. On the measures taken in Sweden, are there any restructuring costs impacting Q3 or Q4 we should be aware of? They are minor, so we haven't, you can say, released them. Continuing down. In Sweden, you alluded that the Q3 margin is affected by the change in summer/winter working hours, and that the year-to-date margin is 3.4%. What is the underlying margin, excluding the calendar effect? What margin level should we expect once Swedish renewable energy activities move into the global renewable energy segment? Margin adjusted for the year-to-date calendar effect was 3.4%. It is 5.1%, if I remember right, if you take that calendar effect out. Going forward, obviously, that level is not the level we are satisfied with. We have earlier said that over time, not this year and not next year, but over time, there's no reason that you can say the subsidiaries outside Norway should not reach 10%. That is over time, and you need to have a certain level of size in order to achieve that as well. Moving on to questions from Lars Kristensen. In the NOK 200 million ERP budget, NOK 87 million has been spent year to date. How should we think about the phasing of the remaining costs through Q4 2026 and the first half of 2027? The project to date is NOK 105 million, as we had also NOK 18 million in Q4 last year. We expect approximately NOK 35 million in Q4. The remaining part is first half of 2027. Actually, it is fair to say that we expect that level to be slightly lower as we see it now than the NOK 200 million in total, but we will come back to that when we present Q4. Thank you. On the move of the Swedish renewable activities into renewable energy, could you give us a sense of the size of the business being transferred in revenue or FTEs, and how its margin is compared to the rest of Sweden? All those figures we will come back to when we report Q4. We will then send out, you can say, the adjusted figures, both for Sweden and also for renewable energies. Because this change will not have an impact on the Q4 results, it will have an impact from Q1 and onwards. That is why we are releasing it next quarter. The billing ratio fell in Q3. I assume this is partly due to new hires still ramping up. When should we expect it to have a similar level as When should we expect it to have a similar drawdown in Q4 2026 compared to Q4 2025? Basically, the uptake. I think we have answered that question earlier. Yes. That concludes our online questions. Wow, that was quite a list of questions. Thank you to everyone attending, both here in the auditorium and online, and thank you for all of your questions and for following us. We look forward to seeing you again for the fourth quarter results in February. Thank you very much.