Dear all, a warm welcome to this Presentation of the Third quarter for AFRY. My name is Jonas Gustavsson, CEO of AFRY. I will do part of the presentation. As always, Juuso Pajunen, our CFO, will take care of the numbers and related to that. We will also have time for questions just after the presentation. Thanks again. Let's move into the numbers for the third quarter. Starting with an overview, the positive part was that we delivered a strong organic growth in the quarter, really driven from the industrial segment as you have seen. The numbers is pretty clear for you. We ended up at SEK 4.4 billion, EBIT down SEK 369, a margin 8.3%. What we saw is that on the industrial side, really good demand. If you look on our divisions, four divisions have delivered strong margins, and if you look on three of them, really strong growth. 10% is the total growth in the quarter because we have done some good acquisitions, but organic is 7.5%. Again, four divisions have delivered really strong performance. We know energy still are focusing getting back to growth, but the margins are stable and high. It is absolutely clear that the challenge in the quarter was infrastructure and part of infrastructure where you could even narrow it down to the Swedish part of transportation, road, and rail, where we had a slower start and lower utilization during the quarter, even though the market is stable. We have also so far announced acquisitions this year equal to SEK 1 billion in net sales. Really good. Yesterday, we will get back to that, we announced a really good fitting acquisition in Finland, the Vahanen Group, that adds a really good complement to our infrastructure business in Finland. I would say most of the quarter is solid and good, and then we have a bit more challenging situation in part of the infrastructure. Obviously, we are not really happy with that result, and we are really working a lot to bring that back on track. Market, as we said, it's a general good demand, I would say, especially when you look on industrial segments. I would say that we really see now the effect from the transformation that is done in the industry. We see a big demand on software support. We see a lot of things going on, and we also, of course, see a recovery from the pandemic. Infrastructure, I would say, overall stable. If you look on the markets outside Sweden, it's been a stable quarter. I would say even in Sweden, the market as such is good. It's just that we had a challenge in this quarter ramping up after vacation, especially down in the transport part of our business, road, and rail. Industry and digital solutions, strong demand across all segments. For example, automotive, really good pace, and I think here we see now the effect of the transformation is going on with more electrification and software. The manufacturing for the life science. Industry and digital had a really, really nice quarter with strong demand. A bit recovery from the pandemic, from a weak last year, but also a solid good demand. Process industry, strong. The market remains very stable, especially in the OPEX service, but we also see that the CapEx is on a solid level. Energy, I would say we are really happy with the margin that energy is delivering. Of course, now the focus is to get back on growth, and we have a lot of good projects in the pipeline also. Management consulting, for sure, really positive trends. I would say on the overall picture, it's a favorable market. Of course, it's easy to zoom into that area where we have had a bit more of a challenge, and I could imagine there will be a few questions related to that. Looking on the projects to highlight. We have done some really nice projects in the quarter, and more and more of them have a digital part of them. One that we are really proud of is with Hitachi ABB Power Grids, where they, together with us, use the digital twin. That's a really nice part. We have also a nice assignment to the Swedish Transport Administration for AFRY's Flowity, this is an AI-driven intelligence for measuring traffic flows. We had good engineering assignment from Älvsborg. We have also a nice rail engineering assignment in Finland, also a nice big solar plant in Thailand. I would say, Juuso will confirm, that the overall order backlog remains stable and good. Now, with acquisitions. We have added, as we said, SEK 1 billion in acquisition so far this year, it's total 16. It's been an intense acquisition focus this year. We did some nice one in the third quarter. One to highlight, Cubiq Analytics in Finland. It's an analytics company into the digital area. Zert AB, also a nice one, and [INSUCO in Denmark. Yesterday, Juuso probably will comment a bit more on that, we announced a good one, Vahanen Group in Finland. This is a Finnish consulting company in the real estate. Really nice complement to us in Finland. Vahanen Group, together with our current infra business, will really strengthen our operation and focus on infra in Finland. Of course, with the Pöyry in Finland and the history, this really adds to a good infra position in Finland. That's roughly 500 employees, SEK 470 million. I'm really happy that we could come to an agreement, and of course, now the process starts then with Vahanen Group. On the acquisition part, we are happy. Again, the SEK 1 billion that we have added to the top line. Also, one thing I want to highlight, because a couple of years back we did the rebranding to AFRY, and of course, now we're working in many ends, sustainability, but also to make sure that AFRY is seen as one of the most attractive employers in Sweden. We are climbing the ranking, and this is a recent ranking where we can see that we are again ranked as one of the most attractive employers in Sweden. We are number one in the industry among senior professionals, number three by young, I would say, bachelor engineers, and number eight among master of science engineer. Again, it shows also that companies that have a clear sustainability focus and interesting projects, of course, is able to attract the best competence. This is key for us, and we are happy with that. Now I will leave it over to Juuso, our CFO, who will take you through the numbers. Thank you, Jonas. Let's talk about a bit on the numbers. As usual, let's start from the net sales development. Before going that one, I still highlight that we have now 2.9% structural growth from M&A, but then when acquiring Vahanen and complementing our Finnish platform as it closes after competition authority approvals, we will get a bit of boost on that one. I'm really happy that we can improve our total offering in Finland with the real estate now. If we go for the net sales development, we are just couple of million shy of double-digit growth, 9.9%, and ending up on SEK 4.4 billion compared to SEK 4 billion previous year. Out of that one, organic growth is 7.4% and adjusted organic growth 7.5%. We are accelerating on the revenue part. I'm absolutely happy that we get there. At the same time, it is highly supported by our industrial offering, whether it comes from industry and digital solutions, process industries, or in the management consulting who have quite impressive organic growth numbers, while infrastructure in a modest growth track and energy still in the negative ones on the growing part. Going back there after the COVID pandemic, as the major projects can start up. At the same time, order stock is continued at a stable level. We are continuously winning projects like Jonas explained in the earlier slides and having a solid, strong backlog to be implemented in the future. Going from net sales to EBITDA development, we made SEK 369 million of EBITDA, excluding items affecting comparability. Previous year, we were at SEK 288 million. That SEK 288 million also included SEK 62 million of state subsidies within those numbers. We ended up into the EBITDA margins, which are solid. At the same time, we need to recall the salary accounting method. Compared to previous year, we have gained on the salary periodization in the Q3, not to the amount we expected and guided. I will come back to that one. With that adjustment, we end up into 7.1% EBITDA margin. We have especially strong development in the industrial segments, whether it is industry and digital solutions, process industries, energy or management consulting. As Jonas highlighted, our issue is within the infrastructure. It is especially in transport infrastructure in Sweden, where we basically are facing a lower utilization. At the same time, we can say that we had a slow start after the summer, and we can basically split that slow start into two different impacts. This is now happening across Nordic portfolio, not only Sweden and to a certain degree, not only in infrastructure. We have seen that people have taken more vacation time, especially in Nordics, compared to expectations and previous years. At the same time, people have come out from the vacation later than in the previous years, which has been more probably coming from our client behavior. Clients also ramped up slower after the vacation. These jointly impact our EBITDA, especially in infra, but slightly in other parts of the portfolio also. Couple of words on the change salary accounting method. We have a SEK 57 million positive on Q3, while we earlier guided SEK 91 million. Basically, if we step back and first go to the methodology, what we are talking about, we are periodicizing salaries throughout the year, and that periodization logic has gone from daily salaries to actual fixed salaries. For example, an employee, most of our employees are having fixed monthly salary. In February you get, let's say SEK 50,000, and in March you get SEK 50,000 irrespective how many working days you work. Earlier we accounted that salary based on those working days, and today we account them based on the actual fixed salary. The change in the holiday behavior impacted this calculation in a manner that we were not able to expect earlier. All in all, the impact on full year basis is still zero. We are splitting salaries between 12 months, but the positive impact is now hitting more the heavy working months of October and November compared to our earlier expectation. With that one, let's talk about a couple of words on the divisions. We have basically solid market conditions, solid delivery in the industrial segments. We have increase from the profitability 7.2%-8.3%. The salary accounting method has been supporting infrastructure and industry and digital solutions especially. Basically, the one more day vacation spent and delays after summer is especially in the Nordic portfolio, so also having a minor impact in process industries and energy. Calendar was more or less stable. It's a minor negative, not worth mentioning in the totalities. We have the common costs that are SEK 37 million below previous year. We have now gone live successfully in the ERP in the second quarter. We start to pay a bill on depreciation and then rolling out in the new entities in the third quarter. That is impacting the group common. We are also building up our digital offering, and we have some investments there in AFRY X that we are making to make us better and better in the digital world and especially in the software offering. All in all, four out of five shooting well and one where we have clearly more work to be done. Going to growth and profitability, we have basically three divisions on double digits, Management Consulting even starting with the three. Those are very solid, supported by the market, and we are really happy to see this type of a growth. Especially in the third quarter also, solid profitability. We have three entities in double-digit profits, Energy, Process Industries, and Management Consulting. While Infra lagging behind previous year, despite being supported by the salary accounting changes and only modest 0.7% growth. As said, we have more work to be done within the Infra to push it back, but the market is there and we are working on it. A couple of words still further in the profits. Energy was continued strong results. It is supported by very solid execution of the larger projects. At the same time, the negative growth is arising from projects that are continuously awarded. They are in our order stock, but they are not progressing to the execution phase due to COVID and due to travel restrictions and due to still continued restrictions, especially in Southeast Asia. This is something that has impacted the growth, but at the same time, we see very solid project execution in the larger projects that supports the margins. Management Consulting has been benefiting both the favorable market environment, and they are supported by the high transaction volumes in the M&A market. We are doing lots of services in there for due diligencies, supporting the transactions from advisory perspective and so on, which helps us both in the growth and then on the profit perspective. Really happy to see that high numbers also in there. As you know, it is a volatile business that goes up and down but in the end delivers solid results. On the net debt development, basically, we are having a stable cash flow. There is basically networking capital impact a bit. We are at SEK 4.2 billion net debt and still at 2.3 and remembering our acquisitions, it is quite a solid one, and we are happy where we have, and we still have available liquid assets well. During the quarter, we have bought shares back. We have always mitigated the convertible program in the markets that we have had earlier, and we have bought those shares again back, and then obviously the acquisitions. The underlying operating cash flow is stable and ticking, and then we have been investing into our future with the acquisitions. Maybe good to note from the group level at this page is that we are also seeing then EPS growing our earnings per share or the profits are dropping down to earnings per share. We have some 70% increase in the quarter three and some 30% increase year to date. We are delivering both on the income statement and in the balance sheet to our investors also. With these words, handing back to Jonas. Thank you, Juuso. I will just summarize this. Thank you so much, Juuso. Of course, if you look on the overall now, we are focusing in general on growth and profitability. If you look on the industrial side, as Juuso highlighted, there is a lot of positive things ongoing. Demand is increasing, and we are well-positioned. Just looking on Industry and Digital Solutions, where we have a strong position in Sweden but also now expanding in the Nordics. Software demand, we talk about asset management. We have really interesting position in food and life science. For sure, we will continue to push. We see also a lot of projects evolving that goes cross divisions with a big portion of industrial content. We are happy with that. Of course, infrastructure. We are not happy with the performance that we have had in some of the units or areas this quarter. That's clear. There's effect of many things, as Juuso said, coming back from vacation late and on the client side. You could just imagine that we have a strong focus on operational improvements in those areas. We have also, of course, seen an improvement during the quarter, but there is a strong focus to get back to where we think it should be in those areas and of course, to focus on growth and profitability. M&A, we will, of course, always continue and look for good acquisitions that complement or strengthen our portfolio. Of course, now to integrate those companies. We have done 16 so far this year, quite a few small ones in the first part of the year that are already integrating, delivering. For example, the Vahanen Group that we announced yesterday, which will be a super complement for us in Finland. We are really happy with that. Two things, digital and sustainability. We are scaling digital, and of course, building the AFRY X, being more and more clear and precise what to offer. Strong focus on service, on IoT, AI, and even looking on cybersecurity, where we actually have at AFRY a strong competence level, and we are delivering as of today, too, and how can we further expand that position. Step by step, climb up in the value chain on the recurring revenue models, SaaS service, et cetera. We highlighted two projects in the list earlier today. Here with Hitachi and the digital twin and the Flowity, which is also a very nice example of that. Of course, sustainability, that goes across the whole company. I think in total, we are well-positioned, and we know where we need to be working a bit more to bring the operation where we think it should be. With that said, I will start and open for any questions that you might have to me or Juuso. I know Katrin or Ebba, you are monitoring the questions. Yes. It's Ebba here. First to say that you need to use the function raise your hand if you have a question, and then we'll take them in order. We start with a question from Johan Sundén at Carnegie. Please unmute yourself and go ahead with your question. Yeah. Thank you. Hope you can hear me. First, a few questions on the infrastructure business. When I listen to your presentation, I get a little bit different feeling from when I read the report this morning. When I read the report, my take was more that there was a issue in the market. When I listen to your presentation, I get the feeling that more your own operation that has been the problem with the slower start. How should we balance that message? Is it more a market problem, or it's your own issues? I can understand that, Johan. I think the truth is bit on both sides. If you look on the market and then include the clients, we have seen that clients as well as us, then, after vacation, started up slower. We have also highlighted an increased competition and also even increased price pressure in segments like road and rail. Equally, Johan, we also know that we could have done better with the performance and how we drive the business in that area. I think it's on both sides, I would say. I don't know. You want to complement that, Juuso? No, I think that is exactly the case. Like always, it is a bit on both sides. We have the market there, but the market has been behaving a bit differently, and then our reaction to that different behavior could have been swifter. Yeah. I wouldn't say that it's a swing in the quarter. I had that earlier today, if something dramatic have changed. I said no. We know that the third quarter, especially in Sweden and the Nordics, getting back from vacation, it's a weak quarter in general. What we noted was that we and clients in those segments were later starting up the operation, and it ended up with a low utilization, especially in those two months. If you look on the August, there's a in-between month where you have part of the organization on vacation, part is ramping up. We could see in the quarter that it improved. We know that we could do more. For sure, right now, there's a tremendous focus on bringing our operational performance back on track where it should be. Thank you for that clarification. Also, another follow-up on the infrastructure side. We have tried to call the bottom for this segment for maybe a year now. I think during Capital Market Day in November last year, you said that we're hitting the bottom and that should be improving from here. How should we see this segment developing going forward in Q4 and next year? Maybe if you just look at the trends, then the market continues to slide, and the problems maybe one can say, is escalating. How are we in the process of turning this segment around? Yeah. I would say the segment infrastructure, which is a wide segment for us, then we know that we have issues, as you have seen in this quarter, especially on the Swedish side, especially on the transportation side. At the same time, we have units that is in well-balanced and improving according to plan. I would say we are not in any, how to say, worried that the whole infra is not delivering and developing as we want, but we have had a hiccup in the quarter that was not in our plans either. On the overall infra, I am not worried at all, but unfortunately, we had a hiccup in the quarter on some areas, and that had impacted the overall result. We are working a lot on addressing that. Of course, we also need to understand that the infra market over the last year have been tremendously favorable, we know that competition is increasing, price pressure is there. It's not a market that will be stable forever, the overall demand is there because we know there is a need for additional public spending, there's a need for new solutions in transport, et cetera. I'm not that worried on the overall, and I agree, we said it bottomed out, and that was we see also on the total. Again, then now we had a part of the infra that did not deliver according to plan in the third quarter. Perfect. One more question, if I may, that's regarding vacation outtake. From Juuso's presentation, I get the feeling that you had a little bit tougher development on the vacation outtake that's hampering your development. Should you say that you're more on balance going into Q4, worries for higher vacation outtake is behind us, or is there something that we should be worried going into Q4 as well? No, I think you're right. What happened is, you know that the part of our, especially infrastructure in Sweden is a quite decentralized business model, and that works very good. I think when we had a quarter now where both on the client side and our side, there's been a slow ramp-up with a few more days of vacation in August, especially then. That affected us. I would not say that we are fearing an increased vacation moving forward in the fourth quarter. No. Perfect. Thank you. That was all from me. Thank you. I could get back to you later. Okay, we take the next question from Johan Dahl, Danske Bank. Please go ahead and unmute yourself. Yes. Hi there. I was just wondering on infra again. Can you talk a little bit about the specific actions you're taking in this area? Again, just to reiterate, a bit surprising to hear you talk about the quarterly problem when it's more this have been sloping for three years. What actions are you actually taking? Secondly, also, do you feel it's the right time to take on another 500 people in Finland in this business area right now, given the operational challenges? Thank you for the questions. If you look on the start with the Vahanen Group, which is a really solid company in Finland on building that is a good complement, and you could just imagine that it does not have too much of causing problems on the Swedish transportation side. We don't think that is not an issue at all. If you look also outside Sweden and in different segment, we have really good development in infrastructure. The fact that we have a more challenge in part of that doesn't say that we should not continue to develop the overall business. What actions, I will leave it to you. Right now it's clear that we are monitoring and looking on that part, how to say, on we have improved our performance management part on those parts that were starting up slower. I don't know, Juuso, if you want to complement. Yeah, maybe just to complement on the acquiring 500 employees in Finland. We need to remember that we have a very strong double-digit delivering platform in Finland, and we are bringing another solid mini platform with 500 employees into that community complementing the services. I think that our capability to integrate that one is especially strong in Finland. Also after the Pöyry merger, we have rehearsed quite many things quite well. This is something that I would not feel uncomfortable. I feel actually really happy on that one. It both complements the Finnish offering and it complements our position in Finland. Also, then it makes infra stronger and less reliant on a one single big market. Now we start to be in the thousands also talking in infra people in Finland once the deal closes after the competition authority approval. This is something that I definitely don't have a stomach pain with. Okay. Just on cash flow, can you just possibly share with us how we should look at this for the full year? You reversed the gains that you had last year in the nine-month period. Can you give us some sort of indications where you think this could end up for the full year? That doesn't look too good on the nine-month basis. Yeah. Basically, first of all, if we take nine months, you're absolutely correct. We have had the net working capital tie-up back if you look our organic growth and growth figures from that perspective. The net working capital that we released during the pandemic in the previous year has been now being tied back to net working capital. We have a bit work to be done in there to improve it, at the same time, like you see our traditional cash curves, Q4 is the time when we actually make quite a big bulk of our money or cash flow, I'm not worried on that part. Also, in a way thinking about where the cash flows are working on, is then important to know that nine months is quite a short time on that one. Our cash delivery last year was very strong, and part of that one has been now tied back. Q4 should be strong, but obviously not to expect similar type of cash conversion rates as a year ago when it was, as said, supported by the pandemic and the networking capital release from that one. Strong Q4 ahead of us, and then there's lots of questions like always in there. Will the clients pay before Christmas, or will they pay after New Year? That's always the big question, and nobody ever knows in detail the answer on that one. It's highly depending on client behavior. Got you. Just finally on the sort of management agenda looking into next year, there's a new Chairman of the Board, I guess, and how is that sort of changed lately into next year? Any specific items you want to mention, Jonas, on that topic? No. There has been, you said yes, but there has been a change. Tom Erixon has stepped in, and I know Tom since long time back, even a bit through the Sandvik days. I think Tom shares a lot of the ideas and thoughts that Anders Narvinger had, who left. I think from that perspective, it's not a big change. We are, of course, now spending some time on looking on those areas where we really think and believe that AFRY can excel and where we should continue to build our strong. For example, digital is one area that we strongly believe that AFRY have a good position. We also see that our industrial part will be and is so important moving forward because many of the products that are evolving will have an interesting mixture of infra-related part, but the equally industrial part and digital part. I think there is not a new agenda, but for sure, as always with a new chairman and a few new board members, we are looking on the play field with open eyes and strengthening and focusing on those areas that we believe in. It's really good and really supportive on the journey ahead, and so we will continue to push and develop AFRY. Okay. Thank you, Johan. Next question is from Dan Johansson at SEB. Please go ahead. Thank you so much. A couple of more questions from me. First, maybe a follow-up question on the acquisition in Finland. In terms of a margin level, is it roughly in line with your current group margin, or is it lower, higher? Basically, it is about group margin, but obviously we want to benchmark it in our own operations in the same market, and I would say that it is delivering market-level returns. Okay. Thank you. On demand, you mentioned the report that pandemic continues to affect certain decision-making processes for major projects. Has the situation improved now in the beginning of Q4 with the simple restrictions, and could we see a better situation now already in Q4, or do you see it take perhaps a while longer into next year? Generally, as you are saying, Dan, if you look on the Nordics, restrictions are released, but some of the products that we are referring to, especially on the energy side, they are really global. We have a lot of things in Southeast Asia and even Africa, and of course, here the situation is slightly different. I think on the overall, you will say that the pandemic releases are supportive us, but there are still, on our global business, still effects on products that we are awarded, but for different reason, they are not able to start up. We believe it will step by step, also on that side, improve, but still we have some effects, and especially on the energy side, they feel it the most on some of these CapEx projects that we have been sometimes even on and off to be started up because then suddenly there is a lock-in of a country or a site. I want to compliment the acquisition. This is an acquisition that we really, really like. It is a sizable one, 500 employees. It is a super fit in Finland because we have not had that strong offering on the buildings, real estate development in Finland. We have a strong, already, platform in Finland with, of course, the former Pöyry part. We know the market. In a way, it's a really, really good acquisitions that I'm super happy that we could bring in, and it will strengthen our operation in Finland significantly on the infra part. I think it's important that you are not getting. Of course, we know that we have not delivered on expectations on part of infra. No question about that, and we will not even try to hide from that. We also know that there are part of infra that have delivered really good and where we are really stable and solid, and of course, when these opportunities occurs, like with Vahanen, we are going for them, and we will continue to do that. I will agree to you on part of the Swedish operation right now to add a lot of acquisition is probably not on our core agenda, but drive improvements, operation performance. Since we are now having a footprint with Finland, Sweden, Norway, Denmark, even Switzerland, we have opportunities to strengthen part of the infra without interfering with those part where we have operational challenges. Thank you so much, Johan. I think you answered my second question as well in terms of the focus now going forward, perhaps. No With an integration. You should not- Operational improvements. Yeah. You should not try. Of course, we know that we need to improve those areas where we have not delivered. There's no question about that. There we will not have any other focus than bringing the operation back. Of course, we are not happy that somebody said that you promised and so on. We know that our base plan, of course, is to bring infra to the level on where it should be. I want to highlight that part of the infra business is doing well, but in the third quarter, it has been a bit more challenging for us, and we see it in the numbers. In those areas, there is no other focus than bringing the performance back. That's a strong promise from our side. Thank you for the clarifications. I'll jump back into the line. Thanks. Thank you, Dan. Next question is from Erik Elander, Handelsbanken. Please go ahead. Hello. I forgot I had to unmute, but now I'm here, back in business. I was also wondering about the infrastructure part. Your growth the last 12 months has been -2%. Over that same period, the EBITDA margin has been 7.5%. You have a group target of 5% organic growth and 10% margin. When do you expect to get back on that level? I would say, Erik, on the growth level, I agree with you that if you look on the infra part after the pandemic, that was a bit more challenging for us last year. We would have believed and hoped that we would be back on stronger growth numbers for infra. When we will be back on that, I will not commit to, but we will for sure do our utmost to bring the growth in the total infra business back. On the margin side, we have a plan, and last year, I remember we were challenged because we did focus too much on cost and margin and maybe not enough on growth, and now here we are. For sure, we have a plan to bring the whole group up on the 10% level for a full year. When that will happen, I will also not commit to, but it should happen sooner than later. Now we had the hiccup in the third quarter, and you are correct, Erik, if you look on the infra over the longer period, it's not super fantastic. We know that. We are working on bringing that on the levels that we expect. I don't know if you want to complement. No, I think that was exactly the same words was in my mind, too. I would love to say when, Erik, but we will not do that. We know where we are not happy with the performance, and the good thing is, and referring to a few other answers, that it's not spread all over, which I think is good. It's really central to areas that we now can address. I think it's part has been a third quarter, I would say. I think third quarter challenge for us for different reasons. For sure we will do everything as we have said before to address them. The thing here is that you have actually done a really impressive job in bringing energy back to levels in terms of margins that you want to have. It took you pretty much exactly two years to get from 7.2% up to 10% today. This is basically where infrastructure is. Infrastructure basically is energy two years ago, something like that in terms of margins at least. When you improve the margins of the energy business, you pretty much downsized the business. Is this kind of what you can expect also for infrastructure, meaning that it will take around two years to get back to 10% margins in that area, and you will do it through downsizing of the business, or how will you actually achieve those 10% in infrastructure? It's a good question, Erik. I understand it's tempting to do the comparison. I don't think really that it's the same medicine, though. I fully agree with you. We are super happy with the development in energy. I know that many also challenged our beliefs that we will bring the margin up. We had a good plan. It was also a combination when we integrated the former ÅF business, as you remember, with the Pöyry business. We could get a good kind of leverage into that. It's a very solid segment. On the infra business, we fundamentally believe it's a growth segment. The plan we have is to both improve profitability because it is not on the level we expect, but at the same time driving growth. Coming back to, because infra is roughly 40% of the portfolio, and when you slice infra in our division into we have a building, we have a road, and we have rail, and we have water, and we have environment and architects, and we know today pretty well where we have the challenges on that. I would say it is a combination of performance improvement, but at the same time leading forward into growth. I hear you, so it's not a copy-paste from energy to infra, but of course, things that we have done in energy in driving performance, project execution, et cetera, all the good things we can copy and use, we are doing. Maybe it is good to complement on the comment that energy and infra business are different both from the geographical footprint and the volume base perspective. Infra is driving couple of big volume bases, Sweden, Finland, Norway, Switzerland, while energy is a international business with more scattered footprints. Obviously the problematics on that part are quite different. The other part that is important to note, especially in kind of the time span, how you take actions, is that energy profitability, obviously, when it is driven also by top line, energy projects are bigger and lengthier than infra projects. In infra, we obviously have the transportation part where you have longer projects, but those are not as long as in energy, or the structure is different. At the same time, there's a big portion of the revenues, 40+% is building projects. That is normally a short order stock structure in the portfolio. The turnaround times can't be compared between energy and infra from that perspective. Obviously, the methodology on how you drive performance in people business is quite a lot the same, but the levers maybe between infra and energy are slightly different. Finally, to say it should not take two years to bring it back. That's what I wanted to hear. And then- Thanks, guys. I strongly believe that because when you zoom out, for sure, I believe that the market will not always be constant without increased competition, price pressure. What we believe is that the market is favorable. It's shifting, but I believe that we are well-positioned. You could say, as Juuso said, that if you go back a few years, we had some big projects also in transportation. Förbifart Stockholm was a big one, and now the project sizes for AFRY has gone down slightly. It's a bit of a different landscape, but we will be on it, and we will do our utmost to bring it to the level that we expect it to be. Okay, thanks. The best of luck. Thank you. Thank you. Thank you. Okay, we have another question from Johan Sundén, Carnegie. You raised your hand, I think you have an additional question. Go ahead. Yeah, I have an additional follow-up question on the energy segment, if I may. That's regarding the margin profile there. I have asked you multiple times of how sustainable these levels are, and you said that it's lumpy. It depends on where you are currently in specific projects and so on. Given your, I think your comments on the outlook is a little bit more positive than you've had for the last two quarters or so. Can we extrapolate this good margin level this time, or is it the similar thinking that it's lumpy, or where are we in the phasing there? I think as you said, it is a corridor that we, because as Juuso said, we have effect from big projects and as we talked about the pandemic, we believe that we have seen the energy division have reached a robust level. To really knock it down to say it will not go below this, or it will go above this, I think it's a bit challenging in a project environment. We know that it's been proven now that we have reached a sustainable, good level, but it will vary over time. I believe now, in general, when you zoom out with the ongoing transformation in the energy segment, I believe that when we are getting back, because now we are delivering solid margins with negative growth. Of course, keeping the operational performance and getting top-line growth, who knows what we can deliver, but I will not commit to it because I think that we have done a good job reaching the level we are today. Maybe to complement on that one, I've said it earlier in a way that the project curve in energy is like a S curve. You start slowly, then you accelerate, and then you end slowly. In the margin management of those projects, obviously, when you are in the hectic phase or early phase, you evaluate your future margins, you go through your project processes, and you make sure that you deliver. If you deliver more efficiently, these are quite often lump-sum projects, then when you reach the end part of the cycle, then you may have positive surprises in there. That is typical in the project business. Now we are in a situation where we are expecting many of the newly awarded projects to enter those hectic phases. During those times, they deliver solid normal profits, and then obviously when we execute them within the plan or even better than plan, it can come out with a kicker. This is normally fully smoothed over time, but now due to the COVID pandemic and delayed starts in the projects, we have maybe now a portfolio that is slightly at the end part of that S cycle more than in the beginning part. That one has boosted the margins despite we see reduction in the revenue. That is, of course, a pattern that will not continue forever, and then that means that energy comes back to the bit more normalized margin levels. In a smooth portfolio, of course, when we get to the growth, and like Jonas says, we have quite a good potential also in there in the future. Just to follow up on your explanation there, Juuso, the timing for this kind of normalization, is it one quarter ahead or is it six months or nine months or so? How should we think about- In the normal perspective, we are talking about one to two quarters normally, this is of course, highly driven how the volumes start ramping up and how the projects start ramping up, especially in the Southeastern Asia part. As in general, this is normal behavior in the project business. This is how it works, it's nothing abnormal. You get a bit of volatility in there, when you manage your projects well, obviously, then you are happy to see volatility more in the positive side than in the negative side. Perfect. Thanks so much. Thank you. Okay, we have one more question from Erik Paulsson. Please go ahead. Unmute yourself first. Yes. Hi there. It's Erik Paulsson at Enter Fonder. I was just thinking about the engineering side and hiring of new personnel there, if you see any tight supply, et cetera, and potential inflation coming up on that side. What do you see there? Yeah, I can start and Juuso complement. Right now, I think we are able with AFRY brand and with our development to attract really good talents. We are also aware that the fight for talents will only increase, especially in those segments where many industries, clients are going digitalization. We will fight to offer a really interesting company, good development, sustainability being the base, diverse company, international company. Right now we have not seen inflation taking off dramatically in the overall business. It is stable. From a stomach feeling, with all the transformations ongoing, it will be a fight for competence, and we are getting prepared for that and doing our utmost to stick out as a company that you would like to start with, that offers a really interesting career, and that you can actually make a meaningful thing because our portfolio is gearing towards really sustainable products to our clients. We are keeping a good eye on that, but right now, from inflation point of view, no dramatic changes. All right. Thank you very much. Thank you. Okay, we can take one last question from Erik Elander. Please go ahead. Okay. No, that was not a question anymore. Johan Sundén, perhaps you have a question? One last question. Johan. No, I have no more question. I think Johan Dahl has. Johan Dahl has raised his hand. One last question with Johan Dahl. Thank you so much. Excellent, I get the last question. I'll make it a long one. Just kidding. In the acquisitions that have been made year to date, seems the multiple have been roughly 10x if just doing the math. Is that where you peg the market at right now? Or should we take into consideration the last 12 months, the pandemic, et cetera, or have prices gone up in your view? Good last question. I think, I will ask Juuso to support me. I would say that we are also looking on companies that are maybe not the same companies we looked at three years back. That's one reason why I think we pushed the multiple up, Johan, because we have some really interesting in asset management or digital companies, like we acquired a company in Finland, Cubiq Analytics, who really is an analytic company that will complement our digital offering. We did the one in Vahanen now in Finland. I think on the overall, we are pushing our appetite to bring in companies with higher, I would say, niche competence than before, that pushes the multiple up slightly. On the total valuation, I don't know, Juuso, if you want to Yeah, I think that we see on those multiples two different impacts. The other one is the portfolio impact, what we buy, and like Jonas explained, we have entered more and more the digital world where the valuations are different compared to traditional engineering world. That impacts the numbers you referred to, Johan, a bit. The second part is that as you all probably have seen, equity markets have been quite positive after the pandemic first outbreak and decline, and that is also to certain degree trickling down to also M&A market in the non-listed companies. We can see that the valuations compared to two years ago have been modestly going upwards. That is highly, I would say, fragmented market, and as said, we are operating the engineering part, we are operating in the different parts of the consulting part, and we are operating in the digital part. All of those ones have different valuation multiples or principles on the acquisitions. In general, it is fair to say that when equity values go up in the stock market at some kind of lag, it is also visible in the non-listed market. Okay, thanks. Okay, we have no more questions, please go ahead, Jonas. Okay, thank you again then. Good questions. Thank you for that. Just again, then summarizing the quarter, I think the third quarter with vacations is normally the most challenging quarter for us. When you zoom out a bit, we are happy with close to 10% growth. We are not hiding away from the fact that we have issues and challenges to bring Infra back on business on the level it should be. We believe that the market is stable, solid, and we will focus on those areas that has not performed on the level we expect. No question about that. Zooming out a bit still then, we are really happy with the industrial recovery and the impact it has on our divisions like IDS, Process Industries, stable Management Consulting, Energy good levels. Again, then we have acquired a lot of companies like Vahanen, which is a really good complement in Finland that will have no real impact in the negative side into the areas where we have our challenges. There's a lot of positives, but we know where we need to work and bring the performance up on a better level. With that said, thank you so much for listening and taking the time, and looking forward to see you soon again. Thank you so much.