Hello, everyone. Welcome to Ahlstrom's Q3 earnings call. I'm Johan, responsible for IR. We will start the call with a presentation from our CEO, Helen Mets, and our CFO, Niklas Beyes. After the presentation, you can ask questions over the phone lines or using the chat box. So let's make a start. Over to you, Helen. Thank you, Johan, and good morning, good afternoon, and good evening, everyone. Welcome to our Q3 results. I'm very much looking forward to walking you through the highlights of the quarter, but actually, I'm also delighted to introduce you to our new CFO, Niklas Beyes, who joined us in September. So actually, before going into the details of the quarter, I would love to let Niklas give his own introduction. Niklas? Thank you very much, Helen. Also warm welcome from my side to this call, which I would like to start with a little introduction of myself. I'm really very happy to be part of Ahlstrom since mid-September right now, after I started my career back in 2000 and 1995, worked for 10 years with Deloitte. And after that, the last 18 years I spent in the automotive supply industry as well as the mechanical engineering industry for several companies. You see it on this page here, like the SKFs, the Brose, the Renks, if you want to say. Also, FTE Automotive, where I was part of a team, which was also a portfolio company of Bain Capital in those days. So therefore, I'm happy to be back at Bain Capital right now, after all the experiences I collected in private equity and corporate environment over the last years. So, yeah, delighted to be here right now. Handing back to Helen right now for the start. Thank you, Niklas. Now, let me start, first of all, just reminding everybody, at Ahlstrom, we use our unique capabilities and our know-how in combining our fibers to purify and protect with every fiber for a sustainable world. It's a really strong purpose statement, and it's driving an ever-increasing employee engagement score and a customer net loyalty score. So we're recognized in the industry, both by our customers and our end users, as the preferred sustainable specialty materials company. And of course, what drives our entire organization are our in-house values of accountability, growth mindset, one team, and care. Now, if we can take a look, I think, as you are all well aware now, we're organized into five business segments, each of these serving distinct end markets. I think what's equally important is that all of them are connected to some of the big mega trends in the world. So clean air, clean water, the whole transition from single-use plastic to sustainable solutions, to at-home diagnostics, and to the whole world of sustainable materials in buildings and decarbonization of materials. So very strong end markets connected to the global mega trends. Now, let me talk through the Q3 results, and as I promised you, I think the last quarter, to, to give more clarity, a little bit more visibility by division. Let's start with the high level. So as expected, in Q3, we didn't see any major increase of the activity in our end market segments. So you can see here the comparison. Net sales were down 19% versus the Q3 of 2022. Now, this was mainly due to lower volumes, combined with the deflationary environment, which of course saw some of our indexed pricing being reduced. I also want to say, though, it's also against what was still a very strong Q3 of 2022. Now, also, I think it's important to know that we were able to hold our margins. I'm gonna talk about the margin on variable cost per ton in the next slide. But let me just give a couple of the highlights of what we saw in each of the businesses, so to provide a little bit more color. And let me start with the food and consumer packaging. And actually, in the U.S., the food business U.S. in the quarter remains strong. And actually, that's been a pretty consistent message in 2023, that food U.S. has been strong. We actually picked up a couple of very nice applications in the sustainable packaging space. Now, on the other hand, Europe, our food business in Europe, remains slow. We did sell the unprofitable Stenay plant. Now, that was a great outcome, both financially and socially, because we found a new home for our employees. So for me, it was an absolute win-win. When it comes to one of the other segments in food and consumer packaging, which is parchment, we, we had a slow first half in parchment. Actually, we lost a little bit of share on pricing in parchment, but the second half of the year, so Q3 and the outlook, without giving too much, so the Q3 order book for parchment was stronger. Release liners, order book, a bit warmer, but still, I would say very low visibility. And in our beverage and casing segment, we had a strong quarter from a coffee applications, but tea was weak. So you can see in food and consumer packaging, mixed, depending on the segment. In healthcare, our medical customers, we certainly see the end of destocking. However, in our lab and life science, which is our diagnostics, we're still far off from the very high COVID times. Building materials, our GFT line in the U.S. is on track, so we actually start to get the orders off the line. Good news is we've got customers waiting for the orders coming off the line, so actually a strong order book in our GFT. However, with the caveat that building and construction in general, end markets are weak. And then finally, technical materials. Here we see a mix where we've got our tapes business, our sustainable tapes business, had growth. We see growth year-over-year. Same in our electrical technical paper, which goes into sea cabling. At the same time, other parts of the segment's still relatively weak. Then finally, in filtration, I mentioned at the last quarter, we absolutely see the end of destocking in filtration, but end markets are weak, visibility is low. Customers a little bit wary on their confidence level on 2024, but that's to be seen. Now, if we have a look then at the margin on variable cost per ton, a really strong performance in the quarter. In fact, we had a record EBITDA margin of 16.9% in Q3. Our transformation efforts really continue to take hold. In fact, in some areas, we're accelerating. We see procurement doing well, our operational excellence initiatives doing well. I think also really important to say is that we are internalizing our transformation capabilities, and you see that again in the quarter, our actual transformation costs are coming down. So overall, yeah, very happy with the ongoing developments on our margin variable costs in the quarter. As a company, well positioned for earnings growth as markets return. So Niklas, I'd like to hand it over to you to actually go through some of the bridges and the details. Thank you, Helen. Let's look and have a deeper dive into the facts and figures for Q3 and year to date. We start with the Comparable EBITDA on the next page seven. As Helen already mentioned, we are basically on last year's level in Comparable EBITDA, even much higher when you look at margin, of course, due to the lower sales number, if you want to say, and we have, of course, increased significantly the transformation costs. I start at the left of this page. You see net sales Q3 this year versus Q3 last year. Basically, as being said, 19% down in terms of sales across all five divisions, we clearly have to say. Europe, a little bit more than North America. And this 90% is basically composed of 10% volume drop. We had to, let's say, digest 4% drop in terms of price and mix. And that's, of course, you know, you might remember the first half was basically also, let's say, showing increasing prices, of course, due to the strong inflation we had, and we have this index contracts, like Helen already mentioned. Right now in Q3, we saw already some moderate decline in terms of selling prices due to lower market pulp prices and energy prices, of course, also. The last 5% of this 90% are coming through the foreign exchange losses, if you want to say. So that brings us down to EUR 706 million in terms of net sales for Q3. So how that does this convert into comparable EBITDA right now, let's say, taking all these negative factors into account? And you see on the middle part of this page that we basically, in absolute terms of the EBITDA, are on the same level as last year, despite of this 19% sales drop, I think, which is really a remarkable result, considering this sales drop. And that shows, as Helen already mentioned, the quality basically of the result. And of course, also compared to Q1 and Q2, this is a significant increase in terms of margin, coming from 11% and 13% the last two quarters and now with 16.9%. Still, if you look at the bridge, volume is, of course, negatively impacted also on the EBITDA side, since volumes are down by 10%, as mentioned. Then we have the MOVC margin. Helen also talked about this already. We have, let's say, 42%. Last year, Q3 were 37%. That shows the good price retention, the cost control, and also some energy grants we were participating from. And then we have the fixed cost side, and the fixed cost side, exactly this, what Helen also mentioned in terms of that, now we see the proceeds, of course, also of all of our, our transformation activities we have initiated. So you see the cost saving programs are coming, basically, distributing proceeds, if you want to say. Also, the market-related downtime subsidized in some of our countries, basically, contributing to it. So all in all, EUR 119 million in terms of EBITDA, comparable EBITDA, for this quarter three, after EUR 88 million and EUR 100 million for the last two quarters. I think we are on a good path, we clearly have to say. Now, on the right side, we always like to have a look, of course, also, considering the transformation costs or all the items, affecting the comparability, if you want to see, of the EBITDA. You see there even an increase in improvement, if you want to say, in terms of reported EBITDA, due to the fact that we basically, let's say, cut out two-thirds of our transformation costs we had last year. Right now, to come basically for this year, only with one-third of last year's transformation costs into Q3. I think this is remarkable also drop of it. That needs to be this way, of course. We need to internalize the capabilities, like Helen said already. Of course, the saving programs we have initiated, together with those, transformation costs, of course, need to distribute their proceeds. That's what we also see, as I mentioned, in the EBITDA. So that's the Q3 comparable EBITDA. If we turn the page, go to the nine-month comparable EBITDA, you see, also there, I mean, we have lost in terms of sales on the left side by 9% across all divisions again, Europe more than in North America, of course, and this is majorly also coming, this minus 9%, from the volume side, where we basically show, had to digest 12% volume drop, in the first nine-month. First nine months, still right now, we're, let's say, when you look at price and mixed positive, there's a positive impact. Like I mentioned, since the inflation was very high in the first half of the year, and then, of course, our prices were based on the index contracts, also significantly higher. Therefore, there's still the positive impact, let's say, reducing a little bit this negative effect from the volume side, and FX was also negative, basically in the first nine months by 2%, arriving at the end at EUR 2.281 billion in terms of sales. How does it convert into comparable EBITDA? From the absolute side, you see that we have basically lost EUR 50 million, a quarter, let's say the first nine months last year compared to this year. However, in terms of margin, again, last year 14%, this year we are at 13.5%, so I think still a good job in terms of quality of result and shows the resilience also of the business, if you want to say. Of course, EBITDA negatively impacted by the volume, by the lower volume on the first side, of course. Margin and variable cost, as mentioned, also for Q3 already, partially off- basically, contributed to a partially offset. The MOVC margin was better than last year. Price retention, cost control, all this contributed to this. And also, looking at the first nine months, we had a positive FX impact, so therefore, it's still EUR 50 million less in terms of absolute values, in terms of margin, as I said. Pretty close still to last year's margin. I think we look now into Q4, I think we have a positive outlook also going forward. Reported EBITDA, you know, you see it there again, if you take the transformation costs, let's say into consideration, we are on the same level as last year. I think that's remarkable again, and it shows that we have cut our transformation costs by 60%. 60% over all the items affecting comparability is 50%, but they're off the transformation costs, as you see here, EUR 30 million instead of EUR 76 million, of course, is 60% lower. So that shows that we are on the right path there. Okay, turning the page, looking at the margin on variable costs, you know the difference between net sales and variable costs per ton. We talked a lot about this, and you see here very nicely since Q2, Q3, Q2 2022, how much we were able basically to keep the level, so above EUR 900 per ton. I mean, that's remarkable, I have to say. This month, this quarter, again, EUR 935 per ton. Again, I can only repeat myself, price discipline, cost reduction, improved cost efficiency, of course, and of course, input cost control, contributing to this. And that shows what I think we both mentioned already, again, that's very healthy, good resilience in this, in this volatile times, if you want to say, and somehow also wear on shop. If you compare the nine-month over the nine-month we had last year, the first nine-month, a margin on variable cost of EUR 867 per ton. This year, EUR 918 per ton. I think that shows what we elaborated on. So much around the comparable EBITDA. We have another slide right now looking into our adjusted EBITDA. You know, we show this adjusted EBITDA to give you a little bit an outlook, what we have in our back pocket, if you want to say, on backpack, in terms of additional savings going forward. We have identified future saving potential of another EUR 90 million, and if we add this to the LTM comparable EBITDA, we are at the 480 level, if you want to say, which gives us a good outlook even. We don't hope this, of course. We hope that volume will come back, of course. We're not talking about coming that volume comes back here, but even if the volume doesn't come back, we have still enough saving measures basically to become better in terms of Comparable EBITDA. I think that's a very, very good message to clearly say this. On top of this, of course, we have our innovation, let's say, initiatives being started, so there's also something to come going forward. I mentioned if volume comes back, of course, it comes on top. So I think there are significant potential, and you will see right now when we go into cash, that of course, also we continuing to invest into our equipment, into additional growth, if you want to say, into, let's say, manufacturing efficiency, if you want to say. So all this, I think, gives us, let's say, also a good it's a good preparation, basically, for, for volumes coming back. So enough talking about result right now. How is cash doing? We show this on the next page, and, I guess you, are used to this, presentation here quarter by quarter. You have the first three quarters here, basically, and then the nine-month showing there. You might remember the Q1 was on the operating cash flow negative. Q2, as well as Q3, are positive on operating cash flow. I think that's the positive, that they sign also in there here. However, the change in working capital was in Q3, again, negative. Although we again reduced our inventory significantly by more than EUR 40 million, we had, of course, some, let's say, expensive and big CapEx invoices to be paid still in Q3, and therefore, the payables, basically, we lost basically here, if you want to say, in the change of working capital is basically mirroring the trade payables, which were lower since we needed to pay out more compared to the last quarter. But outlook, again, we are working very much and very hard on the inventory to continuously decrease it. Of course, also on receivables, you know, we have big portion of our receivables anyway, factoring. You know how it is with factoring. I mean, the more you see this downturn, of course, right away you see it in your receivables and your factoring, so less cash coming in. But if volumes comes back, of course, you right away see also very quick, positive cash flow impact. So therefore, I think we are well underway with all measures there on the working capital side. As I said, net operating cash from operating activities is positive Q2 in a row. Still, as I mentioned before, we are investing into our into growth, into preparing for growth, into performance efficiency, energy conversion, digitalization, and sustainability. All these, let's say, capital expenditures, we decide with our shareholder to continue investing into, into this. I think it's also a very good sign to prepare for the upcoming years and month, if you want to say. And as also Helen already mentioned, the biggest investment in there is the GFT line in Madisonville in Kentucky, so to say, where which has now, which is now also producing and generating the first results and cash also, which is good. So this is, of course, impacting very much the net change in cash, if you want to say. The other one is the Stenay divestment, where we had another EUR 8 million, which we basically had a negative impact on the cash here. So therefore, we have come out slightly negative on cash, if you want to say. Nevertheless, I mean, we have really all the measures in place to control our cash flow, and this gives us good visibility also going forward, to clearly say this. So, how is our debt structure? On the next page, I mean, you all know this. I think there are no significant changes, if you want to say, compared to last quarter. You know that we did a tap of EUR 75 million in at the end of Q2, if you want to say. And this is, of course, also, let's say, included here. We are finally through 2028, if you want to say so. And of course, our cash is somehow on the same level as at the end of Q2. As I said, having all these, let's say, some negative impact from the paper side, but, but still CapEx on a high level. But going forward, I think we are, let's say, very much looking forward to the next quarters, basically, where we can also, especially when volume comes back, of course, increase our cash flow very much again. So solid liquidity, solid liquidity, liquidity base, cash and net working capital reduction programs in place. CapEx intentionally on a high level to prepare for the growth. I think all is in place, basically, to be prepared for the future, if you want to say, of Ahlstrom. And with this, I would like to hand over back to Helen for the conclusions. Yeah. Thank you, Niklas. Let me wrap up with a couple of key messages then. So I continue to be happy with the way that we're driving our transformation initiatives. So you see it in our pricing discipline, you see it in our procurement activities, you see it in our sites, in our operational excellence, our net working capital management. And at the same time, you combine that with the fact that we are internalizing the capabilities, which I think is a very strong message. Our comparable EBITDA improved from the previous quarter and reaching the same good level as last year, with that record strong margin of 16.9%. Also, I think good to highlight is that we continue to challenge the business portfolio. We divested the unprofitable Stenay plant, and I call it an absolute win-win, both financially and socially. And as Niklas has said, we're continuing to invest and lean forward in our growth and innovation with great example of our GFT line in the U.S. now, up and running, delivering orders for customers. Also, as said, you know, the customer activity level has stabilized. I say it again, albeit at a low level. We do see the end of the value chain destocking, but end markets are slow. However, what we've got in place, the investments that were made, very good long-term prospects as we look forward in terms of Ahlstrom being that company that purifies and protects with every fiber for a sustainable world. So over to you, Johan. Thank you. To open up for questions. Thank you, Helen. Thank you, Niklas. Now it's time for your questions. Let's start with the questions, over the line. Over to the operator, please. If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. The next question comes from Samu Wilhelmsson, from Nordea Markets. Please go ahead. Hi, and thank you for the group presentation, and warm welcome to Niklas. Glad to have you on board. I guess my question would go more to Helen, because you ended the presentation saying that the customer activity has indeed stabilized. The restocking seems to have ended, but the end market demand is still weak. I was wondering not just on the stabilization for the food and consumer packaging front, but I saw that, for example, year-on-year, on a quarterly basis, the net sales on that segment were down over 20%. But then again, from year-to-date, during the first nine months, back to 2022, it's only 9% weaker. So, I was thinking, is it more of an indexation, or how would you comment on this segment and the destocking on there? Yeah, thanks for the question, and you actually answered it because that is what you see as that is the segment where we've got the indexation going on. So just to, yeah, it's maybe a little bit repetitive, but certainly in food, Europe, and in the release liners, that's where you see that we've got the indexation. So that's, I think, what we've said. Volumes remain stably, albeit at that low level, and you see the deflation having impact, particularly in the release liner part of the business. What we definitely know, the reason that I say the end of the destocking is we're seeing much more spiky demand up and down week by week, which tells you that, you know, that the actual stock within the value chain is out there. Unfortunately, still limited visibility. So we, you know, we'll have a week of, hey, we see it warmer, and then it goes colder again. So I think that, that's the unfortunate thing at the moment, is the lack of visibility. However, what I do wanna reinforce again is that in certain parts of the technology, like in the parchment, we are starting to see the order books improve. All right. Appreciate the color, and thanks for the clarification. No further questions from me. Thanks. Thank you. Thank you. The next question comes from Mathilde Desaunay from Oddo BHF. Please go ahead. Hi. Thank you for the presentation. I have two questions. The first one is on your non-recourse factoring. I don't know if I heard if you said the amount of outstanding at the end of the quarter, but if you could repeat it, that would be helpful. And then the second one is on your working capital outflow. So I understand that you had some timing issues with your payables, but could you explain, sorry, could you explain, is it like a seasonal thing, or is it some a one-off? And then what should we expect for the end of the year? Thank you. First question, when it comes to factoring, of course, I mean, we're keeping the same level somehow throughout the year of all factored, if you wanna say, sales. With recourse, it's a minor amount, clearly, I have to say. The most part, utmost part, basically, is really, of course, non-recourse factoring. Second question was, again, sorry, can you repeat, please? Sorry, the second question was on working capital. On your working capital outflow, I'm trying to understand why you reported an outflow because you've had lower volumes and raw material deflation. So if you could just explain this, and also, what should we expect in terms of working capital for the full year? Yeah. I mean, as I mentioned beforehand, it was majorly impacted by the payable side, and the payable side showed basically a major decrease, if you want to say, since we paid a lot of, let's say, also bigger invoices for all the investments we basically make. So therefore, that was the main trigger. Of course, going forward, as I mentioned, we have inventory under control. We have reduced it, or we will. We are working on it to further reduce it, if you want to say. Of course, the, as I said, the receivable side is very much driven by the factoring side. And the payables is something, of course, I mean, as you say, I mean, we are buying less, if you want to say so. Therefore, on the other, on the one hand, it's decreasing due to our volume decrease. On the other hand, it's really a matter of when the payment runs are being made, and basically a matter of month end, if you want to say, so it can fluctuate a little bit. But overall, of course, all our measures are going into the direction, of course, to further decrease also the Net Working Capital. Okay, thank you. As a reminder, if you wish to ask a question, please dial star five on your telephone keypad. The next question comes from Tolani Abere from PIMCO. Please go ahead. Tolani Abere, PIMCO, your line is now unmuted. Please go ahead. Hello? Hi, there. We can hear you now. Hello? Yes, we can hear you. Hi. Sorry. Hi. No problem. Hi. Yes. So two questions. The first one is on the EBITDA. Obviously, this quarter, it seems like the trajectory has sort of stabilized. Can you sort of give an indication of what you're expecting over the next few quarters and what is the normalized level of EBITDA for this business, given all the movements on M&A over the last years? I mean, of course, I've mentioned also one or the other, let's say, impact, special impact we had there, like the energy grants, for example. But other than that, I mean, due to our saving programs, we have also shown to you, we, of course, are looking going forward, at least from the cost side, basically, to become further competitive, if you want to say. And then it's a matter, of course, how the volume will develop. And as mentioned also by Helen, I mean, we are still, we don't see still the major upturn, if you want to say. So I guess EBITDA, Comparable EBITDA, is really depending on the one side, the volume, on the other side, I think the homework we are doing on our cost side, if you want to say. Therefore, as being said, it's, it's a matter of volume, I would say, at the moment. All right. It pretty much remains to be seen just how markets develop going forward? Yeah. Yeah. Therefore, the market is just too volatile at the moment and not really giving very positive signs for the moment, no? Just the first- Right. But even sort of in a stable market environment, what do you deem as a more sort of steady state EBITDA for the business as it stands today? I mean, you see- On an annual basis. You have seen what we have done on the margin side, basically, where we stand right now, in terms of EBITDA after nine months, if you want to say. I think that's at least a level, if you want to say, we would like to sustain, and then, of course, even becoming better. That's at least what we are striving for. Yeah, and maybe I can add just a little bit of context as well, because I think this is where, despite the volumes, the transformation initiatives that we're really driving hard, both from a margin discipline, pricing discipline, but also from a cost operational excellence. Those are initiatives which I think we're also showing we are continuing to drive, accelerate, and internalize. So I think that is something that you can also expect to see us continuing to do, over the course of the coming quarters. So that, of course, will also continue to play into the MOVC and EBITDA development. And then, of course, once the volume comes back, of course, I think we are well prepared- Yeah to see, then, a really good uptick in terms of margin as well as cash, of course, also. All right. And then just, sorry, following up on a previous question that was asked, I didn't hear the forecast on the working capital developments for the rest of the year. It got cut out. Working capital development over the year. I mean, as I said, we are working further on our inventory, of course, to become better, to reuse it as much as possible. On the one side, receivables, of course, depending very much on the sales volume, if you want to say, due to our factoring we do. And then, of course, the other big player in there is, of course, the payables. And the payable side depends really on the payment runs we do per month, if you want to say, so that's fluctuating a little bit. And then CapEx, as I said, we wanna like to keep we be, at the moment, keeping it on a pretty high level, if you want to say, comparable to last year. So therefore, going forward right now, that's those are the main impact factors. So therefore, I mean, of course, we are striving for, let's say, improving quarter-over-quarter. You're guiding for an inflow for Q4? Sorry? [audio distortion] I don't understand. On balance. Sorry, the line is a bit bad there. Could you please, repeat? Are you, based on what you said just now, are you expecting an inflow in the next quarter from working capital? Let's see. We're working, of course, always on big inflows. As much as possible, as you can imagine. Okay. Thank you. Just last one. On the capital structure, where do you sort of see your optimum leverage figure? What are you sort of targeting? Right now, it's right around 5x, if you use Comparable EBITDA over the last 12 months. Where do you sort of- Where are you comfortable on that. Yeah, I mean, we have increased this leverage, as we all know, over the last quarters. But of course, we are striving for deleveraging right now, going into 2024. It's our very clear goal, of course. Right. And you have a target level that you're looking to achieve? That we don't have a clear target level right now. I mean, so therefore, our goal is really to start the deleveraging going into the next year. Okay, and are you considering anything inorganic, from a deleveraging perspective? Always on our agenda. Oh, are you- We wanna grow, like I mentioned, not only organically, but also inorganically. So therefore- No, I mean- Yeah. In terms of leverage reduction, are you considering other inorganic measures? I mean, of course, we're looking always into portfolio, let's say in our portfolio, what makes sense, what doesn't make sense. So there might be here and there also an investment coming. But I mean, for most, for us, it's the clear goal to grow going forward. Okay. You know, maybe I can also- Okay, thank you. Okay. There are no more questions at this time, so I hand the conference back to the speakers. All right. Let's then move over to questions in the chat box there. And let's start with, with one question concerning the guidance here in terms of EBITDA, transformation costs, CapEx, and also interest costs, whether the EUR 140 million recorded for the last twelve months is, is a going ratio going forward. Some of these questions, of course, we answered already. I guess we've answered already a lot. I mean, as you understand, of course, we cannot give you now a guidance here. If you want to say, we are striving for whole our margin. You see this with all our measures we are doing right now in these low volume times. As mentioned, when volume comes back, I mean, we will see a clear, let's say, uptick in terms of margin as well as, of course, cash also. And, when it comes to, let's say, all the interest expense, you know, we did a tap this year, by mid of this year, if you wanna say. So, I guess going to next year, I guess we'll be a little bit higher, of course. But, yeah, I mean, that's the guidance I can give you for the moment. Very good. Let's move on then to a question concerning interest rate hedges, whether there's been a change to the levels recently? No. No, there's no changes in place. We have the caps till 2025, if you wanna say, and then we have to look how to look forward, basically, going to next year. Let's see. I think we actually have answered most of the questions here. They are quite repetitive. Could you please provide more details on the EUR 90 million transformation initiatives underway? Yeah, I mean, the transformation activities, as mentioned already by Helen, of course, are ongoing in all kinds of P&L lines- I have to say. It starts with the pricing, basically, on top line. It goes through all the variable costs, of course, and also very much going into the fixed cost side, if you want to say. So we are working really on all levers, and this EUR 90 million is basically in the mirror of all the levers we are working on currently. So therefore, I mean, this is really covering, let's say, all lines of the P&L. Very good. I think we actually covered all the topics already. With this, thanks for all the questions, and a good discussion. Over to you, Helen, for final remarks. Well, let me just say thank you for everybody's time. And I think I would like to say and recognize for any of our U.S. audience and anyone who celebrates, then, of course, I would be remiss not to say a Happy Thanksgiving for those in the U.S. and for those celebrating Thanksgiving. And I look forward to talking to you as we close out 2023 in the next quarter. Thanks, everybody. Thank you very much. Thank you. Yeah. Bye-bye.