Good morning, and Welcome to This Presentation of Orkla's Q3 Results. My name is Kari Lindtvedt. I'm Head of Investor Relations. We start today with CEO Jaan Ivar Semlitsch, who will give you the main messages of this quarter. We then move on to our CFO, Harald Ullevoldsæter, who will share the details of the financials. Before we move on to Q&A, Jaan Ivar will share a summary of our main messages and also give a brief comment on the outlook. During the presentation today, you're welcome to post questions on the live chat, and we will address them at the end of the presentation. Now let's begin. Jaan Ivar, the floor is yours. Thank you, Kari. Good morning here from cloudy Oslo, and hopefully next time when we have this presentation, the room will be fully packed. I'm very pleased to announce today an organic growth of 4.1% for the quarter, and that's against strong comparables in Q3 2020, when we had 3.9% organic growth. Effects from the coronavirus pandemic continue to impact the figures, and so too does the cost inflation and the supply chain disruptions that have been on the rise for the last couple of months. On an aggregated level, our operations are running efficiently and with very good service delivery, 97% year to date. I think actually that's best in class. We will continue to monitor the situation carefully and focus on our three main areas: safeguarding our employees, maintaining and ensuring a good service delivery level, and finally, protecting our long-term value. I believe that during the pandemic, we have made some very good transactions as well. Let me move into the details of the quarter for the financials. Today, we report an EBIT growth of 9%. It's primarily driven by hydropower due to higher electricity prices, but also contribution from acquired businesses. The improvement, as such, is comforting. Adjusted EPS for the quarter was NOK 1.37, a decrease of 6% due to a lower contribution from Jotun. Jotun has also experienced higher raw material prices, but they are also doing the necessary price increases. Year to date, adjusted EPS increased by 4% to NOK 3.77. On the next slides, next slide, I would like to reflect on the highlights of the quarter. As mentioned, we had broad-based revenue growth of 4.1%, predominantly volume driven in the same way as in Q2. I'm glad to see that Orkla Food Ingredients continued to regain volume with continued reopening, adding 7.3% to our organic growth. Also organic growth within foods of 4.7%, care 3.9%, and confectionery and snacks 2.2%. On the other hand, we believe that we still are experiencing some positive effects from more in-home consumption, especially in the grocery channel for foods and confectionery and snacks. Underlying EBIT adjusted for branded consumer goods, including HQ, was -3.9% in the quarter. Global imbalances within trade and commodities have worsened. Energy prices, freight rates, packaging, and raw material prices have all been moving in the same direction. This has impacted our numbers in the quarter, but I believe that we are holding up fairly well and have already implemented several mitigating actions, including price increases. If we assume the current level of raw material prices going forward, we expect to have closed the gap by the end of Q1 next year. If we experience further cost increases on top of that, we will take the further necessary actions to mitigate that. We are very confident in our brands and our ability to price. There is no doubt about it. Furthermore, I'm pleased to see that we are achieving good growth in our prioritized growth areas, health, plant-based and out-of-home. On that note, I would like to share some words about our expansion in the out-of-home sector. We have described our ambition to grow in the out-of-home segment, and we know the pizza category very well as well. We see this area as attractive growth rates, attractive margin rates, and want to be wherever the consumer is, whether it's in-home or out-of-home. During the quarter, we closed the acquisition of New York Pizza. New York Pizza has international growth potential and opportunities to further scale the business model. It also has a strong heritage in the Netherlands, while we also see Germany and Belgium as highly attractive markets. Therefore it was a pleasure to announce the acquisitions of three German franchise operations in the quarter. We have now established a solid foothold in the German pizza market, and we are well on the way to become one of the leading pizza chains in Germany. In total, we now have 635 outlets in our network. The three German chains combined have a lot of consumer experience. Coupled with New York Pizza and Kotipizza, we have competence in franchise operation, product development and dough production and we believe we have a strong platform for further growth. I really look forward to this continuing and exciting journey. I will now leave the floor to Harald. He will give us some more details of the quarter. The floor is yours, Harald. Thank you, Jaan Ivar, and good morning, everyone. Let's have a closer look at the quarter three results. Reported revenue growth for Orkla Branded Consumer Goods was 10% in the quarter. Acquired companies contributed with 7.5% and forex with a negative -2%. Earnings from Branded Consumer Goods, including headquarters, increased by 3% in the same period. I will come back to this. Improvement for industrial and financial investment was mainly driven by higher power prices for hydropower in the quarter compared with exceptionally low prices last year. This was partly offset by close to 80% decline in the volume sold in the spot market. As most of you know, we have an energy commitment of one TW per year with no EBIT effect. We had net non-recurring items of -NOK 66 million in the quarter, mainly related to M&A costs and project for production consolidation. Profit from associates decreased by NOK 150 million from last year, mainly related to Jotun. Adjusted earnings per share decreased by 6% in the quarter and increased by 4% on a year-to-date basis. Let's have a look at the cash flow performance for the first nine months. Cash flow from operations was NOK 2.8 billion in the first nine months. The decrease from last year is mainly driven by higher net working capital this year, as the last year figures were positively affected by extended credits for public duties, which mainly was reversed in Q4. Underlying improvement in average net working capital in percent of net sales value is still positive, but with a lower rate of improvement compared with last year. Replacement investment were NOK 134 million, higher than in the corresponding period of last year and primarily related to factory projects. The largest project is the ongoing construction of a new biscuit factory in Latvia. Let me walk you through the net debt bridge for the first nine months. Net debts, including leasing, increased by NOK 7.6 billion to NOK 14 billion from year-end to end of September. The main cash out of the over nine-month period was related to the acquisition of 67.8% of Eastern in March, NutraQ in June, and 75% of New York Pizza in August. Share buyback and dividend payment account for NOK 3.1 billion in cash outflows in the period. Orkla still has a strong financial position and our net debt level at the end of quarter three corresponds to 1.7x EBITDA based on the last 12 months when including acquired businesses in the EBITDA. This is well within our ambition not to exceed 2.5x EBITDA over time. Let's have a closer look at the performance in the Branded Consumer Goods. As usual, I will start by presenting the overall picture for Branded Consumer Goods, and then I will take you through the individual business areas. Let's start with the top-line performance for Branded Consumer Goods. As you can see from the graph to the left, reported revenue growth from our Branded Consumer Goods business grew by 10%. Structural changes had a net positive impact of 7.5%, while it was negative forex translation effects of 2%, mainly from a stronger NOK versus EUR and SEK compared to weaker NOK in 2020. Organic revenue growth added 4.1% in the quarter compared to 3.8% organic growth for the same quarter in 2020. As you can see from the graph to the right, organic revenue growth was 3.8% for the first nine months compared to 1.8% organic growth for the same period in 2020. This gives a CAGR of from 2019 of approximately 3%. All business areas show positive organic growth from year to date 2019, pre-corona, to year to date, 2021. Moving on to the growth per business areas. As you can see from the graph to the left, there are large variation between the different business areas. The general picture is that out-of-home channel has been recovering and that we still have a strong growth in the grocery sector, but at a slower pace. As markets gradually normalize, we also expect volumes in the grocery channel to normalize. Orkla Food Ingredients experienced positive effects in out-of-home channels from the reopening of the most European countries in both Q2 and Q3. Orkla Foods experienced both increased sales to out-of-home and in the grocery channel. While the newly acquired company, Eastern, was affected negatively by the coronavirus pandemic. Our House Care business in Orkla Care started to face strong comparables in Q3 from the high growth in demand for the H2 of last year. Let's have a look at the profit performance for Branded Consumer Goods, including headquarters. EBIT adjusted for Branded Consumer Goods, including headquarters, increased by 3.1% in the quarter, reflecting a 3.9% underlying decline. The underlying decline in the quarter was mainly related to overall cost increases, including raw materials, packaging, transport, and energy. As we said at our Q2 presentation, we are experiencing a huge increase in our input cost, and there will be a lag effect before this is passed on to our customers. Some companies have increased their prices this autumn, but the majority of our companies, the price increases will have effect from Q1 next year. Profit decline in India, mainly due to the extraordinary high profit level last year, but especially our new company, Eastern, also faces reduced export sales as expats have still not gone back to work abroad. As you can see from the graph on the right-hand side, their EBIT-adjusted margin decreased by 10 basis points on a rolling 12-month basis. The underlying performance in the twelve-month period is - 40 basis points. Let's have a look at the performance per business area, starting with Orkla Foods. Orkla Foods reported revenue increase of 9% in the Q3, of which 4.7% was organic growth. The growth was broad-based across most markets, but in some markets, this has to be seen in relation to weaker Q2 sales and somewhat different campaign planning compared to last year. Growth was good within food service and convenience, which have been positively impacted by reopening. Growth in grocery is still good, while export sales are lagging due to COVID-19 restrictions. Earnings grew by 5.1%, driven by structural growth and organic revenue growth, while offset by higher input costs across markets. This includes raw materials, packaging, transport, and energy. The new ERP system in Orkla Foods Sweden is impacting the numbers negatively compared to last year, but the temporary part is reduced. Orkla Foods also experienced a recall in the quarter with a NOK 20 million negative EBIT effect. Moving on to confectionery and snacks. Revenues from confectionery and snacks business grew by 3.6%, of which organic growth was 2.2%. The high market growth in the Nordic grocery due to the pandemic continued in the quarter, but at a lower level. The earnings decrease was 15.7% due to higher raw material prices, particularly vegetable oils and packaging, combined with higher freight rates and energy prices. Disruptions in the trade deliveries have also caused high cost levels due to shorter planning horizons. Increases in input costs will be compensated for through price increases. Let's have a look at Orkla Care. Revenues from Orkla Care increased by 15.3% in the quarter, of which organic growth was 3.8%. Orkla Health shows sales growth across markets, particularly within the Omega-3 and vitamins. Orkla Wound Care continues a positive growth trajectory, however, compared with weaker levels for the corresponding period last year, when there were significant restrictions in key markets due to the pandemic. Home and personal care categories, which had a positive growth stimulus earlier on from the pandemic, had a flat development in the quarter. Our e-commerce business, HSNG, had stable growth, but at somewhat more moderate growth rates than in preceding quarters. The strong reported earnings growth in Orkla Care was driven by the acquisition of NutraQ and positive effects from organic sales growth in combination with some costs of one-off nature last year. Higher advertising spend and raw material costs had a negative effect on the numbers. This also led to a margin improvement of 2.0%. Let's move on to Orkla Food Ingredients. Revenues in Food Ingredients increased by 13.1% in the quarter, of which organic growth accounted for 7.3%. Sales growth was broad-based, both in terms of segments and geographies. This progress was underpinned by the lifting of the pandemic-related restrictions. Organic sales growth was supported by price increases. Earnings grew by 6.2% driven by acquisition, while the margin decreased by 40 basis points due to higher input costs. Let's have a look at performance in consumer investments. Consumer investments had organic sales decline of -1.7% in the quarter, primarily driven by sales decline in Orkla House Care compared with a very strong demand in home improvement last year. Our network of franchise-operated pizza stores that comprises 635 stores in October had double-digit growth in consumer sales. The conversion from consumer sales to operating revenue and ultimately profit was good for the pizza business. Consumer investment will face strong comparable figures also in Q4. Freight and input cost headwind continues short term, while price mitigating action will be implemented. This concludes the details of Q3 for our Branded Consumer Goods area. Before I leave the floor to Jan Ivar, I will give you a short summary of Jotun's performance. Jotun released its interim report in September, covering the period up to the end of August. The positive revenue growth continued for Jotun in all segments except marine coatings. Raw material price inflation contributed to lower earnings in the Q2, and Jotun sees margin pressure in all segments. Price actions have been initiated to dampen the effects. With this, I leave the floor to Jan Ivar to sum up the main points of our presentation today. Thank you, Harald. As mentioned, very pleased with the broad-based organic growth of 4.1% for the quarter, and taking the year-to-date organic growth to 3.8%. That's against strong comparables of 3.9% in Q3 2020. The profit conversion is mixed within BCG, driven by increasing cost elements like raw materials and energy, and also to some extent, increased marketing, the ERP project in Sweden, and also product recalls. Product recalls for the quarter was actually NOK 30 million. On ERP Sweden, we are very confident that we now have a very good system in place. I also would like to mention that we have good momentum for our strategic growth areas, plant-based, consumer health, and out-of-home. Now with a platform of 635 pizza outlets in the whole of Europe, this business is not margin dilutive. In terms of outlook, we see uncertainty regarding cost inflation and supply of input factors. This is well known across the world. We have initiated revenue management actions during 2021, which are starting to show effect. We have invested a lot in this area, and we will increase our prices to offset the cost increases we experience. This will take some time. There are some lag effects, of course. Furthermore, and this is important, and I've said it before, continuous cost improvements is a part of Orkla culture. Over the past three years, we have realized around NOK 2 billion in cost reductions, cost avoidance. The plan is to continue this performance for the next three years ahead. The coronavirus pandemic still has an impact on our operations to a varying degree, but we believe that the volume in the grocery channel during Q3 continued to be impacted positively, and we expect normalization over time in this channel going forward. Then to close in before opening up for Q&A, taking a more long-term view, I'm confident that Orkla is well-positioned for the future, and we come out of the pandemic as a strong organization. I really look forward to our Capital Markets Day, the November 23rd, where we will come back with explicit targets and plans for how this will be delivered. With that, we'll open up for Q&A, and I'll be joined then by Kari and Harald. Now we can be a bit closer to each other, since we now have no restrictions in Norway. Now Harald has his calculator as well, so that's good. Always- Yeah with me. Great. We also have some questions from the web. Let's start with one from Charles Eden, UBS. In the press release this morning, you mentioned a benefit on the margin from accrual-based accounting in the quarter. Can you please quantify this? I think this must be related to what we said about the negative one-offs last year in Orkla Care. This is approximately in the range of NOK 20 to 25 million in negative effect last year. Thank you. We have a couple of questions from Ole Martin, DNB. First one, how was the growth from Naturli' plant-based in the quarter? We comment here on the year-to-date figures because we think that's the most relevant. For plant-based in total, year to date, we have a growth of 18%, and for the Naturli' and Anamma part, we have a growth year to date of 6%. We have a broad-based portfolio on plant-based, not just in the Nordics, but we're also doing a lot of exporting on plant-based. For example, in Germany, we are growing with good momentum. That's great. Another question on our new growth initiatives. Can you please give some color on the level of revenue you have from pizza, both now and what you expect for growth rates in this segment going forward, organically or through new restaurants? How come that this segment in which Orkla can make a difference? Yeah. Yeah, first of all, we have a lot of experience from out of home over many years through our food system and other systems, and we know the pizza category very well, so we have a good platform to build from, both with Kotipizza now and New York Pizza. Here, that this is important here, a strong brand is important as well, with Kotipizza and New York Pizza in the same way as in the in-home segment. We know a lot around brand building as well. Now in terms of growth rates, they are very attractive. And also pizza seems to be very resilient during the pandemic, and we believe it will be also resilient after the pandemic. It's up to 50% of our ordering now is through the digital channels, so we also have lots of experience in the digital area. There are many factors here playing in, and we see a combination of further rollout of both acquisitions but also greenfield organic growth expansion. Yeah, as you see, Kari, I'm very excited about this. It's good growth potential going forward. The way it's set up in terms of the business model is that we've monitored the consumer sales, but our P&L is based on the franchise fees as well. So it's a combination of those two KPIs that we really monitor closely. Sure. Thank you. Another interesting question from Ole Martin. How do you see your performance against competition in Q3? Well, normally we don't comment upon competitors, but as I said in my introduction, I believe the service delivery level we have, that's best in class because we have a local production setup and, I must say, impressive people in our organization, both on the sales side but also on the factory side, with lots of autonomy out there and making day-to-day decisions. Thank you. Final question. How was the growth in India in Q3? Yeah, the growth in India, Harald, first of all, we are comparing against very strong figures last year where we were in the middle of the pandemic. It's good momentum in India, but I don't have the exact figures, and I'm not sure whether we give those figures. No, we can say that the growth in India, in the home market of India, was quite okay. The export sales that affect especially Eastern was weak in the quarter, as we said, because of the expats not going back to the Middle East yet. We expect this to improve going forward. Yeah. In Kerala, where we have Eastern, it's been more of a pandemic still, while in Karnataka, where we have MTR. Yeah That situation is very different. We expect that to normalize over time. It's important to say that all our employees, I think we're now at 99%, they have been fully vaccinated in India, so that's also very comforting. Thank you. We have a question from Petter Nyström, ABG Sundal Collier. On raw material prices, how would you expect margin impact in Q4 and Q1 2022? Do you expect Q4 to be even more challenging than Q3? It's a good, great question. It's very difficult to be exact on, of course. What we have said is that we will gradually be hit by this increased raw material prices during the H2 of this year due to our contracts expire, and we have new market prices. We also said, as Jaan Ivar said, by the end of Q1, we have closed the gap that's given that the prices today are at the same level. If it will further increase, we have to do further price increases. Mm. Right. The second question from Petter. You highlighted that you did see some positive COVID effects from in-house consumption in Q3. Do you expect this to normalize during Q4? I wish I could answer that very precisely because this is very difficult. We see many consumers, they are still, you know, flexible in terms of home work and office work, and that creates still in-home consumption at lunch and at breakfast. It's really hard to say when this will normalize. Perhaps there are some habits that have sort of just been, you know, new habits in different parts of the country and not just in Scandinavia but outside Scandinavia as well. It's not full visibility on this, but we believe that there are some positive effects still, that's important to say, especially in the grocery channel. True. We have a couple of questions from Eirik Rafdal, Carnegie. First of all, congratulations on a solid quarter, given the backdrop of rising input costs. Could you please help us understand the timing effects here? What is an exceptionally strong quarter from a margin? Was this an exceptionally strong quarter from a margin perspective, given the backdrop? No, I wouldn't say it was exceptional strong. I think it's more normal given the backdrop. We were surprised, as Jan Ivar said, about the strong sales in the grocery market. We would expect it to be more normalized, but this is very uncertain, and will take some time, I guess. Jaan Ivar, you state that at the current input cost level, we will have closed the gap by end of Q1 2022, assuming stable input cost development through Q4. Does this mean you will be back on flat or rising year-on-year EBIT margin in Q1 next year? When we say based on the current level, it's what we know today about the increases. If we have further increases on top of that, then we'll have to do further price increases. As I said, we have 80% of our portfolio being number one and two positions of our 300 brands, so we have big confidence in our strength to price up. In terms of the exact margin level, that's difficult for me to quantify. Yeah. I might leave that to Harald, but. You might We're not normally giving guidance on that. I think we've given a lot of input now to calculate the spreadsheets, and then I hope that yeah there was a miss on hydropower for some of the analysts, so I hope. Yeah They will not miss on that next time. Perhaps I could. Yeah, I just had to say that because we have very good profits from hydropower during the quarter, but it's been very little rain on the western part of Norway, so we haven't had full production on Saudefaldene in Norway. I could perhaps add our main priority is to have compensated the cost level, the actual cost increase. Of course, the second priority is also to remain our margin level. Mm. This is a huge increase in cost inflation, so we can't be very precise when we are back at the margin. Mm. Thank you. A final question. Care saw a solid year-on-year margin expansion this quarter. How much of this is driven by NutraQ? How does NutraQ acquisition affect the margin development? Yes. It's a positive mix effect because NutraQ is into the business, that's for sure. It's good margin in NutraQ business. I don't think we will comment on the development in the company, but we are very happy with the acquisition still. Jaan Ivar? I must say, as I said in my introduction, we have made some very good transactions in my view during the pandemic because we've had a strong balance sheet and been very focused on the M&A agenda as well, in addition to the organic growth agenda. I strongly believe in Eastern, our expansion into India, so complementing MTR in a fantastic way. We have NutraQ into our health segment, direct to consumer, subscription-based, scalable, Nordic model, not just a Norwegian model. I would say Out of Home to become one of the leading pizza chains in Europe. We take a long-term view here on the value creation, but also positive that it's not margin dilutive, I would say. It's adding to that dimension as well. As you can see, I'm very enthusiastic about our strategic growth areas. In terms of plant-based, then it's more of an organic focus. When I mentioned the figures to Ole Jacob, the 18% and the 6%, that's organic growth. It's not M&A driven, and it comes with good profitability and margin, as opposed to perhaps other competitors where they have not that much margin on their plant-based business. Thank you. Bruno Monteyne from Bernstein has a couple of questions too. Looking at the 80 basis point lower margin in Q1 for Branded Consumer Goods, am I right to expect all of that to reverse by end of Q1? I think you already answered that question. Yeah, I think I did. Yeah. The second question, your strategy was to accelerate growth through braver investments in A&P. Do you feel that it is working or is the growth accelerated due to other factors? It's a great question, Bruno. I feel it's working. We are continuing to invest in marketing. It's part of our organic growth agenda, but there are many other factors as well. We innovate now even more around our core brands to make them even stronger as number one and two positions, the whole brand building in addition to the innovation agenda. I would also say that there is a lot also how we spend the marketing. We do much more digital marketing now than before. It's about 50% of our total marketing spend now is digital. We also have our direct to consumer platforms. I mentioned NutraQ, but if you go to möller's.no, we now have our own website for Möller's, one of our strongest brands in the portfolio with a good growth potential where we grew 9% for Möller's last year and we continue to grow the Möller's brand, and in addition to the Jordan brand, which we are also growing internationally. It's a great question, and we will also come more back on that on the Capital Markets Day. Thank you. M&A also seems to be boosting your margins. Can you explain a bit more about how they can be margin boosting so quickly? Yeah. Well, I believe the transactions are good, and we have analyzed very carefully. We've also said no to lots of transactions, so we've had a good pipeline. Yeah, it comes with attractive growth rates and attractive margin rates. It's important for me to say that the growth is important as well. We want to be wherever the consumer is, whether it's in home or out of home. It's not due to any non-recurring items. It's normal business for this acquired company. Yeah, actually for NutraQ, we've had a one-off of NOK 10 million on a product recall. Yeah, that's in those NOK 30 million I mentioned. NOK 20 million for Foods and NOK 10 million for NutraQ. Great. Thank you. The final margin question from Bruno. Margin on your pizza lines seems materially lower than the rest of your business. I think we have. Um- Oh, sorry. This is a little bit more comprehensive. Even more. Am I right to assume that capital invested is much lower as well, hence similarly good return on capital invested? These businesses are newly acquired, so the return on capital employed will normally be lower. Over time, we expect this to reach the current level in Orkla and exceed it, I guess. Why the margin was a bit lower is due to these businesses also include other business, like a wholesale business in Finland, and we have dough sales from the Netherlands. The total business is much more than the franchise fee from our pizza operation. Yes. I could add that, New York Pizza with their dough production, they export the dough to 18 markets including Kotipizza, and that's also a reason for the good cooperation between Kotipizza and New York Pizza over the last 10 to 15 years, not just on product development, but also on the top management level. Then, through that export business, we also get in contact with new franchisees and potential acquisition candidates. Interesting. We have John Ennis, Goldman Sachs. A couple of questions on the Care division. Can you help break down the EBIT growth of this division between organic, FX and M&A? Well, that's a great question for you, Harald. Yes, but we don't. We don't. We don't comment on these numbers, but we can say that we have a strong growth in our Health part of this business area and Wound Care, as we said, while the other part of the Home and Personal Care is more of a flat development during the quarter. If I may add also good momentum in HSNG, our direct to consumer within sports nutrition. True. Within the division, you called out some positive accrual-based accounting. Can you give some more detail? I think you already answered that question. You didn't see much cost pressure for Orkla Care this quarter. Is this due to commodity hedges, meaning cost pressures will start impacting the business in Q4? Or is the raw material basket simply seeing much inflation? I think they will feel the same pressure as all the other business area during the next quarter. Mm. Mm, mm. Yeah. We have Marcus Hägback, Kepler Cheuvreux. Your growth versus 2019 is on a very high level. How is out of home comparing to 2019? Yeah. Yes, out of home is more or less recovered if you have a very broad view on it. While the grocery market, as we said, is a bit on the high side, but we are very uncertain on when we will graduate or normalize or what the effect will be. We have made some also good acquisitions within Food Ingredients, and they are also showing, you know, good progress on that. In terms of the reopening of the societies, of course, for Food Ingredients in Nordic, in the Nordics, that's very positive. We should bear in mind that we are also in the U.K. with a sizable business and in the Benelux and a sizable business for Food Ingredients, and that market has not sort of fully reopened. We hope that will reopen even more in the U.K. and in the Benelux. True. Then what seems to be the final question for now. Charles Eden, UBS. Raw materials. Could you give an indication of the level of inflation you are expecting heading into 2022? When is your price to offset this? Is this to protect gross profit? Yeah. On margin, I think- I think we have answered the question. Yeah. Yeah. High level of uncertainty still. Yeah. Right. I think that concludes all the questions from the web. Thank you both, Harald and Jan Ivar. Thank you, Kari. Thank you, Kari. To the audience, please also remember that we are hosting a virtual Capital Markets Day on November 23, so please register for that. That concludes the session for today. Thank you all for joining, and have a nice day.