Welcome, everyone, to Ahlstrom's Q3 results webcast. I'm Johan, responsible for investor relations. We will start this webcast with a presentation from our CEO, Helen Mets, and our CFO, Niklas Beyes. After the presentation, you have the opportunity to ask questions using the chat box or in person over the lines. So let's make a start. Over to you, Helen. Thank you, Johan. And good morning, good afternoon, everyone. Welcome, as Johan says, to the Q3 results for Ahlstrom. It's always a pleasure to share our performance. And today we're going to do a couple of things. One, as always, I'm going to start with sharing the performance highlights. I also want to touch upon how our new operating model has landed. If you remember, last quarter we launched our three-divisional operational model. So I'd like just to bring that back, and we'll talk about some of the underlying growth trends in those businesses. Then I'm going to hand it over to Niklas to go through the financial deep dive on both the quarter and year to date. And then, as always, we'll open it up for Q&A. So let's go to the performance highlights. And let me start by saying that they are highlights in Q3 because we delivered a record high profitability, EBITDA of EUR 130 million, and an all-time strong MOVC per tonne. And you know our MOVC per tonne performance is all about our transformation levers and how we're driving operational discipline. I also want to acknowledge that our revenue grew by 5.2% and our volume at 1%. And again, as we go into the financials, Niklas will give a little bit of more color in the divisions, how those developed, and then continued solid cash flow. Now, when we look at our strategic milestones in the quarter, we also had some big highlights. We closed the Bousbecque site, so we're continuing to consolidate our footprint. Now, what we've done there, this is really around the consolidation of our parchment technology into Saint-Séverin. So here, not only are we driving a much higher level of efficiency in that technology, but of course, saving on our fixed costs in the food segment. You also saw the announcement that we have closed the divestment of our Aspa pulp this quarter, actually a couple of weeks ago. Now, this really allows us to focus on the specialty materials production of Ahlstrom. Another highlight is that we got our Scope 1, 2, and 3 climate targets validated by the Science Based Targets initiative. This is a really important proof point for us in our sustainability goals. And then finally, something that we're all super proud of, because when we look at our growth agenda, we actually got to top decile customer loyalty in the industry this quarter. So a really strong performance, both on the financials, also on our strategic milestones. Now, if we can just take a look again at the new operating model that we launched last quarter, I shared with you that we've gone to three strong, simplified divisions, and I have to say, what we've experienced since doing that is a much greater level of simplicity. We've got speed, we've got focus on the growth platforms, and there's a high level of accountability, very strong P&L focus, and excitement across the organization, and let me just take a minute to run through the three divisions in a little bit of context, so filtration and life science, this is where we're considered to be number one with our fiber technology in our filtration applications, so think about HVAC, our automotive, water distillation, medical, then in our lab and life science segment, we're number one in the specialty materials that are used in integrated testing. So for spot blood tests, for DNA, for pregnancy tests, for COVID. And we're also in that division moving into depth filtration, which takes us into bioprocessing. Then if we move to our protective materials, here we've got global leadership positions in several segments that include electrification, but also in beverage and casing. So if you think about our materials here, our protective services, we've shown here the vinyl flooring, digital wall covering, but the cabling, the underground cabling has our electrotechnical materials in it. So we really consider this as the area where we're protecting surfaces. And we're number one in several of those segments. And then our food and consumer packaging division. This is where we're number one in specialty applications in segments such as the quick retail, baking, coffee packaging, and then number two in release liners. Just again, you can see the big brands, the big names that we're working with here. If we think about the revenue of those three divisions, think about filtration and life science at circa 30%, protective materials 30%, and our food and consumer packaging 40%. Again, as we go into some of the growth dynamics in the financials, Niklas is going to give us a couple of the dynamics that are going on there. What I do want to show, if we can go to the next slide, is these divisions are organized from the outside in. So they're organized around the big trends. We talk about the SDGs, and we've said there are five areas that we believe our material science really differentiates. It's in clean air and clean water, personalized healthcare, the decarbonization of buildings, electrification, and that whole move from single-use plastic to sustainable solutions, and you can see here, if you just take a couple of examples on the clean air and clean water as an example, the fact that we're number one in filtration material science just gives us a great place to play in the different segments. If you look at the decarbonization of buildings, this is where people are looking for much more energy-efficient, lightweight building materials. This is where we've got our IP around the glass fiber tissue lightweight technology, so very focused on the outside in, where we're differentiated from our material science, and we've organized around it. Now, I think the other thing to look at is if you start, if we start looking at the underlying growth levers in the business and the future proofing of it, there's a couple of key takeaways here. And what we've done here is just show some of the trends that, let's say, the secondary trends, growth trends that drive the business. So in filtration and life science, we think about the growth in industrial applications, in HVAC, in water. Actually, the market size here is close to EUR 3.5 billion. And out of this, we see approximately 2 billion that is addressable for our filtration life science business. You also all know aging population, there's growing access to healthcare in emerging markets. These are all trends that make us feel good about the future of this segment. Now, I also want to say here is because of the materials science that goes into it, we've got strong margins in this business, and there are high barriers to entry. Now, if we go to the protective materials, this is where the growth in electrification, because where you see the data centers, etc., our materials are used in enabling the data centers. No doubt about it in terms of the growth magnitude. But we also see the decarbonization and the green building regulations that are also driving a lot of our requests around these lightweight materials. Again, strong margins in this segment and high barriers to entry. Then we've got our food and consumer packaging division. We always like to say everybody eats food, everybody uses the labels, the technology. So there's always a strong demand. But the tailwind here is for us on the ESG regulations, which are really driving that transition from the single-use plastic to sustainable options. And here we see in our segment a big shift for us into the specialty segments where our materials are really differentiated. So all in all, very happy with the operating model that we've got in place, both for the short term, but also for the long term. And as I've said, landed extremely well in the organization in terms of driving clear P&L accountability, alignment of plans, so really strong execution. And if I talk about execution, we also shared with you the last time our five strategic pillars. We call it our strategy on a hand, which is a set of very clear priorities, which each of the divisions have actually customized or tailored to their division. But this is the focus that we've got that is driving our quarter-over-quarter performance discipline, which I'm going to hand over to Niklas in one minute to actually share how that discipline is resulting in our financial performance. But before I go there, as always, I love to share a couple of the new innovations that we've launched in the quarter. Because if you look at the first two pillars of our execution roadmap, it's all about growth, it's all about innovation. And in the quarter, I think we've had three super exciting innovations that we've brought to market. The first one here that came out of our filtration and life science is what we call our LipidSaver. So it's a specimen collection card. And it actually enables the collection of saturated and unsaturated fatty acids. But what is actually unique about it? They can be stored at room temperature. And usually, so what it does, it's actually eliminating the need for refrigeration. So it's a huge step in the process that our materials are eliminating. The second one that's come out of our protective materials is a new plasterboard application. What is unique about this? It's 50% less in weight than what else is out in the market with the same level of performance. And then finally, out of our food and consumer solutions, we've got our bouillon cube, which is a segment now that's been tested in the UK market with a big brand, and it actually eliminates the need for multi-layer aluminum. So three strong innovations from three strong divisions aligned with the big trends. So you can imagine the growth potential. Niklas, I'd now like to hand it over to you to go deeper into the financial quarter. Yeah, thank you, Helen. Welcome also from my side to the Q3 2024 call. What I would like to point out to begin with and to highlight are three messages. Record strong profitability for Q3 2024. Second thing, continued solid cash flow. And for third, further deleveraging takes place. If we go to the first page, Johan here, we see that despite the slowing growth on top line quarter -to- quarter right now from Q2 to Q3, we achieved the record high Q3 comparable EBITDA of € 130 million or 17.5%. You see on the right side also the graph where you see that every quarter 2024 so far is better than the quarter of last year. This is majorly also due to the record high margin on variable cost per ton. Helen mentioned this already, underpinned by strong operational performance coming from our transformation initiatives, and having this, of course, in place creates also very good conditions for continued positive earnings developments, especially when the volume comes back, in line, of course, also with then a better coverage of our fixed cost, and fixed cost, we do meanwhile also effective control on it. And all of this, of course, results in a very solid cash flow, which is driven by the higher profitability on the one side, on the other side, also efficient working capital management and a very sustainable low capital expenditure, and this, of course, results also in an indebtedness that decreases and the credit metrics are improving. If we now look on the next page into the top line a little bit more in detail, we see that by year -over- year, the top line is growing in Q3. The market growth is slowing in general, going to the second half of 2024. You see from Q3 last year to Q3 this year, EUR 706-EUR 743 million. You clearly see a 5% growth. Even if you take out the Stenqvist divestment, which we divested in September 2023, we have even a 6% growth we are showing on the net sales side. You also see, of course, that Q2 2024 to Q3 2024, we see a decline of 5%. So we see clearly a slowing growth, and almost all business units are basically affected by this slowing. Yeah, on the right side, you see again the pie chart. Helen has already talked about filtration, protective material, and food consumer packaging, and if you look how the business in detail, let's say, develops at the moment, we clearly see that the majority of our business, as I said, quarter last year to quarter this year are continued to grow, although the growth rate has been somewhat slowed down, as I said, and order intake is spiky these days, and this, of course, is also caused by certain weaknesses we have noted in the U.S. over the last weeks, and particularly there also in food packaging, in the food packaging segment, in the food consumer packaging division, and also in the transport-related applications in the filtration life science division. However, on the other side, in the industrial filtration of this division, filtration life science, this one remained strong globally. Within the protective material division, we clearly see that the activity has generally been quite good, including also in our technical fiber materials and for electrical end users. On the other hand, within protective material, we have also the construction-related activities, which have become softer over the last weeks. So that's a little bit the picture we can draw, let's say, across the business units we have. If you go now to the next page and look at the components of net sales and comparable EBITDA, we see for the Q3 here that the net sales, as said, we could take Stenqvist out, coming from € 698 to € 743 million is a 6% growth, and it's majorly driven by also the good price and mix, so to say, which is better than in Q3 2023, whereas the deliveries are only slightly up, if you want to say. So we see here clearly a strong sales price resilience, of course, with a better mix. On the comparable EBITDA, on the other graph, you see clearly that EBITDA grew significantly by 9% from €119 to €130 million, which is in terms of margin 16.9% to 17%, a record high for Q3, really record high 17.5%. You clearly see here that the majority comes from the margin on variable cost, which are increasingly strong, basically 42.4% of sales. Q2, we had 41.5%, so therefore, again, an increase. And in terms of MOVC per ton, I'm coming to this on the next page, we have increased to almost €1,000 per ton. And of course, these transformation activities are delivering, let's say, what they are supposed to do, which is, of course, for us, basically the big support we have here, even if volume is not growing to our expectation. On the fixed cost side, we are holding the last year's level. We have a little bit of production ramp-up cost additional, especially also in glass fiber tissue line and Madisonville, a little bit higher. But all in all, a very successful Q3 2024. If we now look again into the full year picture, we clearly see that on the sales side, if we take again Stenqvist out, we have grown 6% basically, also year to date. And you see there the major things coming from, again, price and mix, so to say, and a little bit of volume, of course, also support. On the other side, the comparable EBITDA has grown by 11.4% in the first nine months, coming from 13.5% margin to 15.2% margin year to date for the first nine months of 2024. Also there, driven majorly by margin on variable cost, like I explained already for the Q3, it's the same picture we see here for the whole year. If we now go to the margin on variable cost per ton, if you want to say, you see here the clear picture, like I always explaining, since Q2 2022, we are keeping the margin on variable cost above EUR 900 per ton, which I think gives us healthy margins all in all for our group. And even this quarter, we were close to the EUR 1,000, which we hopefully will then also cross when we're looking ahead into the next quarters. It comes definitely from the discipline pricing and transformation cost improvement projects, as I mentioned already. Those are really helping to, let's say, offsetting any price increase in terms of input cost and basically showing definitely the resilience of our business at Ahlstrom, even in volatile times like we are running into at the moment a little bit again since growth is slowing. If we then look on the next page into the adjusted EBITDA, helping us a little bit or helping you and us basically a little bit to look forward also, considering the pipeline of our transformation activities, we clearly see here that, of course, the € 455 million comparable EBITDA year to date in 2024, no, sorry, the € 455 million EBITDA last 12 months, so LTM. If we add the initiatives which are on the way to being materialized, we are ending up at the € 510 million adjusted EBITDA, which shows, of course, that we have a lot of activities basically and measures also to be harvested over the next month, if you want to say, so those proceeds are, let's say, coming as being always explained from the fiber cost, from indirect spend and trades, production cost optimization, chemicals, energy, so we have all, let's say, in all areas, we have our measures in place basically contributing to, let's say, a better EBITDA going forward, and of course, it's an ongoing process with new ideas and initiatives and opportunities, and this is an ongoing process, as said, so if we come now after all these profit, let's say, figures to the cash flow, telling us the truth, what's going on on the cash side. Cash conversion is one of our strategic pillars, as we always say. You have seen this also in previous presentations. And of course, we are continuously driving the cash discipline throughout the whole organization. Starting with the comparable EBITDA for the first four months, €343, we have again a high amount of IACs in items affecting comparability. This is not due to transformation activities. That's transformation costs, so to say. Transformation costs are only €8 million year to date, much less compared to the last two years, as explained. So therefore, the majority of those IACs are this year, of course, restructuring costs, especially also Bousbecque, which we booked in Q3, a good €30 million, which has landed in the IACs. As also explained already last quarter, the financial hedges we incurred at the end of 2022, basically, which are completely valued out of the market, those financial hedges are also with a good € 20 million in those IACs, if you want to say. Those are the major contributors to this € 84 million here. Starting then with the reported EBITDA, we have a positive change in working capital on an ongoing basis, which is, of course, what really we put a deep eye on it. Then interest and tax cost, like as usual, coming to the net cash from operating activities, € 198 million, coming from € 156 million in Q2. Again, a positive operating cash flow in Q3. You see it also on the right side of this page. We have stable positive operating cash flows over the last quarters delivered, so to say. And if you go then beyond the operating cash flow, CapEx, €102 million, very normalized run rate right now. I come to this also on the next page. And also the free cash flow is increasing quarter -over- quarter, as well as the net change in cash quarter -over -quarter is increasing. If you look at now working capital and CapEx or capital expenditure on the next page, you see here clearly that on the left side of this page, that the capital expenditures is very much down, let's say, this year compared to the last two years, if you want to say, intentionally. As I said, we spent so far €102 million in terms of real CapEx, plus €17 million for an acquisition of a power plant in the U.S. This is the gray part in Q1 2024. But if you just look at CapEx, we spent EUR 102 million year to date. Last year, at this stage, we spent already more than EUR 150 million. There you see that we have a close eye on this and we decreased the CapEx to a sustainable level, especially also after, of course, finalizing the special investment and the growth investment in the glass fiber tissue line in the U.S. last year, or the last two years, majorly. On the right side, the working capital, pretty stable, if you want to say. We are offsetting the receivable and inventory increases by our payables, so to say, due to higher business or basically business activities, if you want to say. Here, of course, a tight and big focus on this side of this, of course, using also when it comes to receivables, our factoring, of course, and our, let's say, customer financing programs, which helps us, of course, to bring in the cash as soon as possible. Last but not least, how does leverage look like? And I think we see there a very positive trend over the last Q4. We are, let's say, in our definition right now, down to 3.4 in terms of leverage ratio, coming from 3.7 by the beginning of the year. And this is, of course, a result of higher adjusted EBITDA combined with lower indebtedness, if you want to say. And of course, we're working on this on a continuous basis to, of course, decrease this further. Yeah, that's the picture, basically, with the three main levers: record high EBITDA, of course, the solid cash flow, as well as the decreasing indebtedness leverage, if you want to say. So with this, I would like to hand over back to Helen for the conclusions. Thank you. Thank you, Niklas. And repetitive conclusions, but of course, we have to say a record strong quarter in terms of profitability, a record strong quarter in terms of our margin on variable costs, and continued solid cash flow. And to me, this is really showing the strength of the transformation capabilities. And Niklas mentioned the transformation costs. These are really internal capabilities that we've built. I'm super proud of the organization and how we're driving progress because it's not just on our financials, but it's also on our strategic growth transformation. And I do want to acknowledge, because actually the divestment of Aspa to a strong home for our colleagues, but also allowing us, as Ahlstrom, to focus on our specialty materials, our footprint consolidation. Again, with the closure of Bousbecque, we work very closely with our employees that are impacted. I do want to call that out in terms of finding alternatives, but a really good result from a footprint consolidation on our roadmap. And then some great highlights around our Scope 1, 2, and 3 climate targets that are now validated, incredibly strong proof points, as well as our customer engagement. So strong Q3, and obviously working on Q4. Very happy to answer any questions or give any further voiceovers. So back to you, Johan. Thank you, Helen. Thank you, Niklas. Let's move on then to the Q&A session, and let's start with questions on the lines. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Chris K from Barclays. Please go ahead. Hey, guys. Thanks for taking my questions. I've got a couple, if you don't mind, and the first one was just picking up a comment from Niklas. You mentioned, and if I quote, that you're running into some volatile times and growth is slowing. What exactly do you mean by that? Could you just elaborate, please? Do you want me to take it, Niklas? Yeah. So thanks for the question. And let me answer it. So I think you saw in the quarter our revenue growth was 5.2%, volume growth at 1%. I think the way that I would phrase how we're seeing growth is that we're seeing the market growth leveling off. And what I would also add, because Niklas, you said in terms of the order book being a little bit more spiky, is the uncertainty of the customer ordering right now. And some of it for sure could have been with what's going on in the US, etc., over the last couple of weeks. But I also think as we're coming towards year end, an element of the destocking happening. So I think that's how we would describe the growth. And of course, as Nicholas says, we're starting to give a little bit of context underneath the divisions. But overall, growth more like it's leveling off, and then the spikiness of the customer ordering towards the year end, which, to be quite honest with you, I think what's more difficult is it's always the case, but is it happening a little bit sooner, yes or no? Does that give the context? Yeah, I think that's helpful, Helen. I've got a couple of other questions just on the financial side. So the gross margin quarter -on -quarter and year-on-year decline, was that impacted by the provisions that you took from the French closure, or was there some gas hedges in that as well? No, no. I mean, to begin with, the Bousbecque restructuring accrual was, as I said, items affecting comparability, so not impacting the gross margin. Yeah? Because if I look at the absolute gross margin, right, I mean, it's a pretty decent decrease year -on- year. So what exactly is driving that? It just seems a little bit opposite to the comments around the margin on variable costs that you're talking about. Is that the gas hedges, or is it pulp prices? I think if I look at my numbers, we're 14.7% versus last year was closer to 18%. In Q3, you're talking about, or? In Q3, yes. Let me briefly double-check. I mean, we did EUR 109 million of gross margin, right? And then last year we did, I think my numbers are have EUR 130? Yes. Of course, the energy hedges are basically and Bousbecque, sorry, I have to revise myself. The Bousbecque is in there in the cost of goods sold, of course. Yes, it's in there. You're looking at the income statement per se, right? Not at the comparable EBITDA. Okay, no, I'm with you. You're looking at the gross margin, gross profit, and there is, of course, Bousbecque in there, very clear. And so therefore, that needs to be considered, of course. Okay, fine. That makes more sense. And then what exactly is the timing for the cash outs on Bousbecque? I think it was. The cash outs are split basically. The boost back? Yeah, the cash outs are basically split over three years. This year, one-third, you can say very roughly, next year, one-third, and in 2026, one-third of the 30 million. And then the final two questions just on working capital. So it looks like you funded the outflow in working capital this quarter through additional draws under your commercial paper lines. I think from memory in 2022, you guys repaid that commercial paper line with the Decor sale. Is that something you'd look to do as well this time around with more term debt, for example, or are you happy to keep running those commercial paper lines at a high level? And then the second part of the working capital question, just from a housekeeping perspective, could you just confirm the factoring balance? I think you guided in the Q2 to it running around EUR 325 million. Yeah, €325. It's right now end of Q3, €340 roundabout, €340 million. And the commercial paper line, we are continuously running this program. It's for us cheap financing, to be very clear. So therefore, we are continuously doing this. Okay. So you're not looking to reduce that at all? Sorry, say it again. What was the question? You're not looking? Well, I'm just trying to understand why when you sold Decor, for example, you reduced your commercial paper line down to zero, and now it looks like it's built up over time again. So I'm just trying to get an understanding in terms of whether you're happy to keep running that. It sounds like you are. Yeah, we're happy to keep running this. Interest rates are attractive for us. Therefore, we are happy to keep running this. Okay, perfect. Cool. Thanks a lot, guys. Thanks for taking my question. The next question comes from Samu Vilhunen from Nordea. Please go ahead. So taking my question, maybe continuing a bit of the gross margin thing, because given that they are both down quarter- on- quarter and year- on- year, and I know we discussed it a bit already, but can you provide further details on, for example, to what extent or what was the effect of the raw material pricing in your gross margin this quarter? I mean, on the raw material pricing is for us, since we are, you've heard this, due to our pricing strength, so to say, whenever there are changes, so to speak, we try to basically push them to our customers, you want to say. So it's not a clear number I can give you there on what we do on the, let's say, material pricing. It's really on the gross profit side, the Bousbecque closure with the EUR 30 million alone, basically, which is impacting significantly this year, the gross profit at the end. That's the major, let's say, extraordinary driver, I would say. All right, thank you. And now looking at the pulp prices that have been in a bit of a pressure recently and going downwards, how you are taking into account, or how could we expect that to show, for example, in pricing in Q4 already, or will it go until 2025? It depends, of course. We have index contracts, so to say. We are reflecting this at the end. In Q4, usually there's a quarter basically delay in those index contracts when this is taking place. So if now high prices are under pressure, you will see this then in Q4 as part of the index contracts. But we have on the other side also 50% of contracts roundabout are not indexed, if you want to say. And on these ones, of course, we're trying to keep the price level to the extent we can do on a high level. Maybe I can just add there because exactly as Niklas has said, where we've got the contracts, of course, there's sort of a quarter delay. But then on the other side, and that's why we wanted to give a little bit of the tone on the sort of where we're differentiated, because those are the areas that as we see the deflation, we tend to be able to keep the pricing because of the differentiation of the products. So there's a mix there. I think the good news is, if you look back, the pricing capability that we've built in the organization, the pricing rooms that we've got, it's extremely well managed quarter -over -quarter in terms of our pricing capability. All right. There's some areas that are a little bit more sensitive than others, but in general, especially on the specialty side of it, really solid ability to keep the margin protection. Yeah, yeah, understandable. Yes. All right. Thanks for the details. No questions from my side. Thanks. There are no more questions at this time. So I hand the conference back to the speakers. All right. Let's then move on to the questions in the chat box there, and the first one concerns energy hedges, and the question specifically, how long will we have an impact of the energy hedges that we concluded in 2022? Yeah, the material impacts will end by the end of this year, 2024. We have some very minor impacts then in the first three months of next year, but it's not moving the needle, so it's really ending by the end of this year, the impact of the old out-of-the-value, let's say, valued energy hedges, then the next question concerns export-import balance with the U.S. and potential new U.S. import tariffs. Would you like, Helen, to talk around sort of our import-exports from the U.S.? Yeah, I think one of it is, let's say, a strategic question, because actually, as a company, we are very much we've got global platforms, but we've got local-for-local technology capabilities. For sure, as a company, the impact of the U.S. potential tariffs for us in terms of the movement of products, it's 4% or less. So this is not a material challenge for us. And in fact, some of the big investments that we've done in the U.S., so we've just actually started up the glass fiber tissue line, that will get less. So it's already a small proportion. It remains our strategy in terms of being local-for-local. So that is, yeah, for us, it's not a big challenge for us. All right, thanks. Then there was a question specifically concerning the other EBITDA in the divisional table there, EUR 6.2 million. Niklas, could you give some background to what it includes? Of course, it includes also our Aspa result to be very clear. And of course, there are some kind of eliminations, etc., in there. So it's a balance of other things. And of course, some sale of also, let's say, unused pulp, if you want to say. But the majority here is Aspa included there. All right. Let's move on then. The next question concerns the sequential development in net sales. There's a drop. Can you please give some color to it? Yeah. So it's actually the sequential, let's say, movements of the quarter- over- quarter. So for us, it's actually the, yeah, seasonality. So that's the word I'm looking for. But let's say it's the normal sequence of the quarter-over-quarter development for Ahlstrom. So if you look back over the trends, this is why you see the 5% difference. So that's why we do sort of the, let's say, the relevant quarter-over-quarter comparison, so you can see that. Very good. Then the next question concerns the optimal balance sheet. Niklas, would you give some comments to that? Of course. I mean, what is optimal? Of course, we are generating at the moment cash, which, let's say, let our cash and cash equivalents increase to EUR 270 million compared to EUR 170 million at the same point of last year. So that's a positive development. Of course, we are looking also into, let's say, potential acquisitions going forward, so to say. So therefore, we are generating cash, and we need cash then also going forward for one or the other thing we might do going forward. The optimal cash balance for our business, basically, is roundabout at EUR 150 million, if you want to say, to cover all the fluctuations you have within a month. The rest is basically cash we hopefully are able to use for some additions to our portfolio. Thanks. Then the next question concerns the Aspa transaction. What will we do with the proceeds? What will the proceeds? The proceeds, of course, I mean, we will show this in the Q4 financials, so to say, something, of course, which is not built up right now in the financials of Q3. So we'll come back to this basically when we report on the Q4 financials. What will we use for? As I said, hopefully, we find some opportunities going forward. All right. That was all the questions in the chat box. And apparently, there are no questions on the line. So thank you. And over to you, Helen, for final remarks. Yeah, thanks everybody for the interaction and the Q&A. As I said, I think it's a very strong Q3 for us in all aspects of the profitability, our margin, our strategy milestones. So we're now very focused on Q4 and looking forward to actually share with you then a Q4 and end of year results the next time we speak. Thank you all. Thank you very much.