Hi everyone, and welcome to Ahlstrom's fourth quarter and full year results webcast. I'm Johan, responsible for IR. As always, we start with a presentation from our CEO, Helen Mets, and our CFO, Niklas Beyes. After that, you have the opportunity to ask questions either using the chat box or in person over the lines. So let's make a start, and over to you, Helen. Thanks, Johan, and good morning and good afternoon, everyone. Delighted to be here to share our Q4 and full year 2024 financial results with you today. Now, as Johan said, what I plan to do is I will share what I call some of the headlines and highlights of 2024. Then I'm going to hand it to Niklas, who will dig into the financials, put in some color behind where we saw Q4 land, but also the full year, and then, as you said, Johan, we'll open for Q&A to give any additional context where needed, so let me start with the headlines, and actually a strong headline to start with, because I'm pleased to be able to report that overall 2024 was a strong year for us. We delivered record levels of financial performance, both from an overall EBITDA perspective and cash flow. We also delivered record strong EBITDA margins, so the quality of our EBITDA, with over 100 basis points improvement, landing at 15.2% for the full year. I always talk about our MOVC per ton, so our margin on variable cost per ton, and that was consistently strong throughout the whole of 2024. In fact, the last quarter was a record high, and I think, as you know by now, this is driven by what we call our strong transformational levers, so procurement, our value-based pricing, and operational excellence, which are now all very strong internalized capabilities. Now, over the course of the whole of 2024, I would say we didn't get a lot of tailwind from the market, but despite that, we grew our deliveries, so deliveries were up by 3% when you normalize for Stenay and Aspa. This is absolutely a result of our elevated focus around our sales capability, so around our commercial pipeline and around our innovation pipeline. In fact, in 2024, 31% of our revenue comes from sales of products launched in the last five years. Now, that is a pretty incredible number, and certainly exceeds our target expectations. Now, in the course of last year, we also took actions to simplify and focus the business. So I think, as you know, and I'll talk about it in a moment, we simplified from five divisions to three divisions, all connected to the external megatrends. That gives us confidence in our growth today, but also in our future growth. We did work around footprint consolidation, so we sold our pulp mill in Aspa in Q3, we closed our plant in Bousbecque, and we consolidated our parchment production in Saint-Séverin. So not only did we do work on reducing our costs, but we also improved our focus on operational efficiency. Then, in December, we completed the acquisition of ErtelAlsop, which is going well in terms of the integration, but it, more importantly, strengthened our position in liquid technology applications in the life science space with depth filtration. And then, as we ended the year, we got some great external recognition around our sustainability efforts, which I will share with you in just a moment. Now, as Ahlstrom, what I always say is one of our competitive advantages as a specialty materials player is that we have several highly specialized, more niche applications in which we've got a number one or number two play. As we transitioned our operating model into these three strong, simplified divisions, I have to say what's been great to see is that we're driving an even greater level of connecting our technology to the markets, the speed of our decision-making and our execution, and it's really brought about that focus on commercial and innovation pipeline. I also want to say it's brought a high level of accountability and excitement, and we've strengthened our position in several areas. And let me just share a few of them. So, in filtration and life science, we already had a strong number one position with our fiber technology for filtration applications in heavy vehicles, in automotive. But from this strength, what we've done is we've had very strong growth in industrial filtration, so air and water applications, where we saw actually high double-digit growth. In lab and life science, we're number one in the specialty applications that are used for spot blood tests, for flu, for COVID testing, and from there, we moved into DNA testing, and as I've already said, into the depth filtration, which has taken us into bioprocessing and the biotech space. Now, if we look at our protective materials division, here we've got our highly patented technology in glass fiber tissue, and you know we opened our state-of-the-art line in Madisonville in the U.S. last year, and these are applications which go into vinyl flooring and plasterboards. Also, in protective material, we're number one in electrical technical material, and that's protecting cables for transformers, for data centers, which, of course, we saw growth, but we're also number one in digital wall covers, and from here, last year, we entered into transfer textile printing. And then finally, our food and consumer packaging. Here we're number one in baking with our really specialized parchment technology. We're also number one in confectionery in Europe. We're also number one in what we call quick retail service in the U.S. And there we've also built our position as number one or a strong number two in coffee and tea. And you can see from here we've been entering into other segments like frozen food and pet foods. So, really strong divisions with number one, number two in applications. Now, what we also saw through the course of last year within all of these three divisions were extremely deeply connected to our customers. And our customers have got a really high level of appreciation for our material science and innovation capabilities. I shared with you throughout the course of 2024 several of the innovations, and as I've said, 31% of our revenue from innovation products within the last five years. And just to call out a few of the big ones from 2024, we launched fluoro-free portfolios, both in our filtration and life science division, but also in food packaging. Now, this is an area where we see regulatory impact, which increasingly influences our customers' choices. And we're really well positioned to be able to respond there. I think the thing that's important here is we've got the capability, and now we're demonstrating it, that we can bring these products to market without those chemicals of high concern, but with the same level of performance, which is really important for the applications that we're in. I think just another nice example here is what we call our Reliance Fusion. So that's our sterilization wrap, which significantly increases the efficiency in the sterilization of surgical equipment trays at hospitals. So it eliminates what we call wet spots. Now, in 2024, mid-2024, we got FDA clearance on that product, on that application, meaning that we're now able to sell very strongly into the U.S. as we head into 2025. All of these are great examples. I think of really looking at that combination of being end-user-focused on key markets, working hand in hand with our customers. And I always say having the widest toolbox of material science capability in cellulose fibers and surface modification, and that's what makes us truly unique. Now, in order to make sure that we're driving disciplined execution of our strategy across the divisions and across the business units, last year we launched our strategy execution framework. And it's centered around our five pillars of growth. What I want to do right now is just call out a couple of the non-financial highlights from 2024, which for me also show the health of the organization. In growth acceleration, we delivered top decile customer loyalty last year. We're in the top 10% in terms of loyalty performance, which I consider absolutely best in class. It goes hand in hand, actually, with our level of innovation. In safe and sustainable innovation leadership, we've established over the last couple of years, and I would say accelerated, how we view innovation, so what I call enterprise-wide innovation platforms. An example is transparency, where we actually are able to dial up and dial down the transparency of our materials, which, of course, allows us to actually look at solutions where historically you've needed, yeah, single-use plastic or films. That's taken us into new markets across several of the divisions. In operational strength, something I am really proud of, we broke through the barrier of one in our safety TRI. We actually hit 0.91. I always say that if you've got good safety in the plants, then it goes without saying you've got good quality, you've got good service, you've got good productivity. In cash discipline, we've established over the last couple of years really strong discipline around our CapEx and our net working capital management, which, of course, is really important for our cash flow management. And then finally, on our engaged employee pillar, we doubled our employee engagement score in 2024. So we're laser-focused on strategy execution, and I think that comes back absolutely in the performance that we delivered last year. Then finally, as I said, as I kicked off, we also got some incredibly strong external proof points. We had, on our climate targets, we had validation, so we got the SBTi confirming our emissions reduction goals. And what that means is we've got that level of transparency, we've got the roadmaps on our sustainability targets. We also earned the platinum medal for EcoVadis again, so that puts us still in the 1% of companies assessed in 2024. And then we came in on the CDP leadership with a score of A minus, again, one of the top quartile scores, something that we were very proud of as we left 2024. And then finally, we joined the World Business Council for Sustainable Development. For me, what this does, it allows us to collaborate with some of the world's, I would say, most forward-thinking companies when it comes to global sustainability agenda. These are some of the headlines and the highlights. Now I want to hand it over to Niklas, who's going to give some color around what we saw in the last quarter of 2024, as well as the full year financials. Over to you, Niklas. Yeah, thank you, Helen. Welcome also from my side to this call for Q4 2024 and the financial year 2024, respectively. In the first slide, I would like to provide you with an overview of our performance development over the last four years, basically in four dimensions. Starting from the net sales on the left side, and Helen already mentioned, we were missing tailwind from the market in 2024. Still, like for like, we increased our net sales by 2%, basically if we exclude the divestments of Stenay in September 2023 and Aspa in October 2024. On the comparable EBITDA, we increased it by EUR 31 million, up to EUR 451 million, which is an increase of 7%. And the comparable EBITDA margin, we increased by 1.1 percentage points, the second year in a row, basically. Last year, we improved by one percentage point, this year by one percentage point. And last but not least, the operating cash flow, we increased by 9% to a record high, EUR 227 million. I think over the last four years, we can summarize that our performance has shown a solid, positive result development, even with limited support from the volume growth side, especially in the last two years. This leads overall to return record high results, basically in terms of EBITDA and operating cash flow. But let's look more into the details on the next pages. First of all, of course, Q4. Compared to last year's Q4, I would like to highlight the following five messages when it comes to Q4 2024. Net sales growth, like for like, despite weaker market activity and lower volumes we had. Increasingly strong margin on variable cost per ton, driven by transformation initiatives combined with absolute cost control. Third one, stable comparable EBITDA and solid EBITDA margin. Fourth, solid operating cash flow. And the 5th one, we are continuing, like Helen already mentioned, to strengthen our portfolio through divestments right now with the Aspa Pulp Mill in Sweden, as well as, of course, the acquisition of ErtelAlsop, the provider of high-performance filter materials. Let's go further into the numbers by starting with the top line. And as indicated already in the last Q3 result presentation, in the second half of the year, we saw market growth slowing down, if you want to say. And we saw lower customer activity specifically also in Q4 2024. Despite of this, let's say, situation, we increased our sales growth on a reported and comparable basis in Q4. You see it in this graph. Quarter- over- quarter Q4, last year to Q4 this year, we increased by 2%. Even if we take out that divestment of Aspa in October 2024, we saw a 5% increase of our net sales. And several of our businesses basically continue to grow year- over- year and sequentially. Strongest growth we saw in the protective material division, especially there in the technical material side, but also in non-woven and abrasives. Followed by, of course, filtration also further growth, basically, as well as medical on the filtration and life science division. Whereas on the food consumer packaging, let's say our sales decreased majorly driven by lower release liner volume. If you look at the, on the right side, on the breakdown of the net sales, it's more or less the same as the previous year, no significant changes. Much more important, I think, if you look at the lower side of this page on the right side, we see our geographical sales distribution, which demonstrates, I think, that we have a well-balanced exposure, which becomes, these days, increasingly relevant in times of these geopolitical risk conflicts and especially the higher tariffs, potentially higher tariffs, let's say it this way. Because we have today, of course, very much local for local production, which gives us real good positioning also when it comes to potential tariffs going forward and gives us even opportunities in this regard. So together, this combined with our, let's say, pricing pass through strength and also the, let's say, flexibility in switching suppliers, we are well prepared if even tariffs would come. Let's look into how Q4 and the whole year basically developed in terms of sales and EBITDA more in detail. If you look in Q4, you see we see an increase in net sales and stable comparable EBITDA, as already mentioned. The main driver, we have the 5% increase on the sales side, like- for- like, if we take out Aspa. Major driver is here our price per ton, if you want to say. We increased our price per ton by more than 10%, which, of course, is the main driver here of this growth in Q4 on the sales side. When it comes to the comparable EBITDA, we have a volume decline. I mentioned this. We have Aspa out there for two months. We have reduced energy grants received in Q4 2024 compared to last year. All these effects are overcompensating our transformational proceeds, which you can see here on the right side and the higher margin of a variable cost. But you see the other effects are basically overcompensating it. Therefore, our EBITDA is at EUR 109 million compared to EUR 112 million last year. However, if you look at the whole year on the next page, we clearly see record strong margin, record strong result, and record strong margin of a variable cost. I come to this on the sales side, again, reported somehow on the same year. But if we take Stenay and Aspa out, we show a 2% increase, which again is very much also coming from our pricing strength, basically. So also there, our average price has increased by 2% year- over- year. On the right side, the EBITDA bridge, you can clearly see our 1.1 percentage points increase, EUR 31 million in terms of absolute numbers. Major driver here, and this overcompensates the volume, slightly, let's say, drop, as well as these higher costs, which are also, of course, in connection with our production ramp-up in our new GFT line in Madisonville. But the margin on variable cost overcompensates this, and this is basically composed of slightly lower input cost, improved cost efficiency, and disciplined pricing strength. All these three factors basically are contributing to this very strong margin of a variable cost per ton, which we look at the next page because it's really another milestone we crossed there. You might remember in 2022, in the second quarter, we crossed the EUR 900 per ton line. Now we really made it. We passed the EUR 1,000 per ton line in Q4 2024 with EUR 1,079 per ton. Also supported, of course, by the sale of Aspa, very clear. But of course, also in all other areas, basically, we are continuously strengthening our marginal variable cost asset, discipline pricing, our transformational cost improvement project, and spend control is very much contributing to it. And that, of course, is always saying we are very resilient business, even in volatile times, through these strengths we have basically built up over the last years. And this does not end, of course, in terms of transformational cost improvement project. There's more to come, as you can see on the next page. When we look at Adjusted EBITDA coming from comparable EBITDA over the last 12 months, looking ahead, so to say, there are more transformational activities coming. It's an internally driven process, ongoing process. Basically, we are generating new opportunities. You see the 2024 initiatives are not harvested in total. There are still EUR 30 million left, basically, which we bring into our result in 2024. We have, let's say, come up with additional initiatives. You see EUR 50 million right now on the 2025 line, which we will harvest over the next 12 to 18 months, let's say it this way, which will, let's say, improve our result. So overall, if we add this to our comparable EBITDA, we end up in an Adjusted EBITDA of EUR 514 million, which I think is, let's say, already good, let's say, look forward. If then even the market will give us some more tailwind, I guess there's much more possible. Let's look at cash. On the next page, in 2024, we start with our comparable EBITDA of EUR 451, the record result, if you want to say. Clearly, we had in 2024, again, a lot of items, let's say, affecting comparability, the one-timers, if you want to say, of EUR 120 million. Half of it roundabout coming from restructuring. Yeah, you have heard the division restructuring five to three. We have closed our plant in Bousbecque, which is the majority, of course, of this number here. Then we had, as mentioned in the last calls already, losses from financial hedges incurred as a result of exceptional natural gas market situation at the end of 2022, which contributed here with EUR 25 million. And we have, of course, transaction costs in there and management fees, etc. We still have transformation costs in there, but only in an amount of EUR 10 million. Remember the last two years, 2022, we still had more than EUR 100 million of transformation costs, 2023, EUR 40 million. Now we are at EUR 10 million. I think very healthy development we show there. And of course, we are now working going forward into the next year, 2025, that the rest of the ISCs become really much lower, so to say. I think we are on a good path there, which has then also, of course, a good, very positive impact on our cash flow. We start then with a reported EBITDA of EUR 331. The change in net working capital was positive this year. We are working continuously on our working capital, and that's the result, plus EUR 46 million for 2024. Interest and tax, as expected, nothing new, minus EUR 150, ending up as an operating cash flow or cash from operating activities at EUR 227 million, which is a cash conversion cycle, if you really compare to the comparable EBITDA of more than 50%, so really much stronger than last year. The CapEx, we have also reduced to a very, let's say, sustainable level to EUR 162 million, coming from the EUR 200 million over each of the last two years, if you want to say. Then we had some acquisitions, talked a lot about it. We bought a power plant in the U.S., basically, to support one of SEPA, basically the energy supply to one of our plants. We acquired ErtelAlsop, as mentioned already before, and we divested into Aspa or from Aspa, and that at the end, bringing us to a free cash flow and a net change in cash of plus EUR 40 million plus, so to say, for the year 2024, and you see on the right side of the page that each of the quarters we provided, we basically positive operating cash flow based on our increased result on active working capital management and the sustainable lower CapEx level. Let's look on the next page briefly on the details around net working capital and CapEx. First of all, CapEx over the four quarters, Q4 a little bit higher. It was just a matter of timing. Nevertheless, if you look at the whole year, EUR 162 million. Remember, in 2023, we had EUR 209 million in investment. In 2022, EUR 195 million. So we are very clear. Both years round about EUR 200 million. Right now, we have significantly come down. And that's the level, of course, we want to, let's say, keep going forward since also our GFT line is now finalized, basically in the ramp-up phase in the U.S. And of course, we are now really focusing on utilizing the machines and equipment we have. Of course, I mean, we are prepared for growth, so the market volume needs to come now. On the right side, the working capital, we have seen a EUR 46 million improvement, as I said, year- over- year. We have the receivables. We have the inventory side. Inventory is still also a very big focus going into 2025 right now, all offset by payables, so to say. I think here very positive development, which of course we want to have continued in the next years and especially also 2025. All of this ends in the leverage, in our leverage ratio, so to say, which we have improved year- over- year from 3.7 to 3.6. We had an uptick right now in the, let's say, indebtedness in Q4, majorly coming from unfavorable foreign exchange rate effects. So that's something we couldn't really influence. But as said also over the last, let's say, calls, investor calls, we are very much focusing on deleveraging right now. I mentioned we will bring out our one-timers, our items affecting comparability very much into going into 2025 by having strong cash flow going forward. That's one of the big gest focus areas in 2025 for us. That's about 2024. I would like to hand back to Helen for the final conclusions. Thank you, Niklas. As you see, we delivered a strong 2024 with record high profitability and strong cash flow. Now, of course, we're into 2025 now. I want to say that certainly the market environment still remains volatile, as Niklas already mentioned. Just think about tariffs, etc. However, like last year, this year we come in with equally strong focus around our commercial and innovation pipeline. MOVC and margin management is also, I feel, protected by our internal capabilities. Our ability to continue to drive pricing, our procurement operations, and our operational excellence. Again, as you saw, we've added to the initiative opportunity list here as we head into 2025. We also came into 2025 having initiated at the end of last year a very strong focus on our fixed cost. So we remain disciplined in our fixed cost and our overall cash flow management. So I would say as we come into 2025, we've got the discipline, we've got the execution, and we're confident in the path forward. But I'd like to hand it back over now to you, Johan, and then we can open up for Q&A to add some context where needed. Thank you, Helen. Thank you, Niklas. Let's then move on to the Q&A session. Operator, do we have any 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. Operator. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. All right. Waiting on the technology that works with the operator, we can look at the questions here in the chat box, starting with the first one here concerning the market environment in the first quarter and also the financial outlook for 2025. So let me, of course, we don't talk about the financial outlook for 2025, but let me provide a little bit of color on the volumes as we've come into 2025 for the first quarter. Now, as always, I say it's a mixed picture because that's the advantage of the portfolio that we've got in Ahlstrom. And maybe if I can start, let me start with food. Actually, what we see in terms of food in the U.S., so in our QSR, so let's say our fast food applications, we are starting to get some early indications that people are starting to spend a little bit more on eating out and fast food again. So I would say the order book there is actually starting to develop pretty okay. The same with baking. So our in-supermarket sales, it was strong at the end of last year. It remains pretty strong. Now, if you look though at beverage and casing, particularly in countries like the U.K., we started off slow there. Now, in protective materials, Niklas mentioned in 2024, our technical material business, our electrical technical materials driven by data center, the fiber development, that remains strong and the order book looks good. On the other side, some of the businesses that are exposed to building and construction are slow. However, what I do want to say is we've got the line in the US, so we actually have a strong commercial pipeline irrespective of the market there. And then what I would say around filtration, I think Q1 on the filtration is pretty similar to how we came out of last year. So I would say relatively stable, strong pipeline, and also a strong pipeline in medical. So actually, we feel pretty okay in FLS in the first quarter. So hopefully that gives you a little bit of color around the different segments and how we see volume developing as we come into the first quarter. All right. Let's move on then to the second question, which concerns the CapEx and the outlook for that in 2025. Yeah. Yeah. As I mentioned, we expect CapEx on the same, somewhat the same level as in 2024 and 2025, so there will be somewhat on the same, yeah, same level as I said. When it comes to the restructuring cost, which is the second question here raised in Q4, yes, rightfully seen, so to say, and Helen mentioned it, we did some fixed cost actions also. We initiated them in Q4, so to say, which triggered some additional restructuring cost also within our companies, which helps us, of course, going forward to control our fixed cost basically going into 2025. Very good, then moving on to the next question. This question concerning the volume and price split for revenue in the fourth quarter. There's also a question on the gross margin decline in the fourth quarter despite the growth in MOVC. Yes. I mean, as I mentioned, quickly get the volume price split in Q4 was clearly volume a little bit declined. We clearly have to say this. On the price side, as mentioned, we saw an increase in Q4, significant increase on the price. Price impact also driven by having divested Aspa, of course. I mentioned an increase of more than 10% on the, let's say, price per ton, which is for us around about these days more than EUR 2,560 per ton. Then there's also a question concerning the comparable development excluding Aspa divestment. Yeah. Very right, of course. As I said, we divested Aspa in October 2024, and therefore the last two months, basically, we didn't have the positive result impact from Aspa, if you want to say. So therefore, this is, let's say, an impact we have seen there, which is round about EUR 3 million. Then there's also a question concerning the gross margin in the P&L. Very clear. Would you like to comment on that development going forward? Yeah. Also Q4 first, of course, as mentioned, we have a volume decline. We have Aspa running out. We have less energy grants, which also are impacting our MOVC, always have impacted our MOVC in 2023. So therefore, Q4 this year was basically a little bit suffering from this. And of course, going forward, due to our, let's say, continuously strong transformation initiatives in terms of pricing strength, in terms of cost-saving measures, we have an operational excellence, of course, also. We are basically confident that on the, let's say, also on the MOVC as well as gross margin, so to speak, we can continuously improve also going into 2024, going into 2025 right now. The next question is around our factoring levels end of December. Yeah. 70%, basically. 71%, I think it was right now in Q4, yes. So therefore, on a level the same as in the previous quarters. I mean, we showed the initiatives over which we will harvest over the next, let's say, 12 to 24 months in the Adjusted EBITDA. So those ones is something, of course, we can expect right now going forward. I think it was the question of the impact on the 2025 EBITDA. Yes. And could you give some more color on the decreasing volumes for each main segment in the fourth quarter and for the full year 2025? As mentioned, in the fourth quarter, we saw when we look at our division, the only division which had a decline in terms of volume was food consumer packaging due to one particular business unit there. And just work on the release side. Of course, the outlook is that, I mean, we're growing in all segments in 2025. There's a question, the final question concerns the leverage and what's the outlook and the plans of coming below three times. Of course, as a big focus of us, still, of course, 2024 was impacted now by a lot of one-time effects, so to say, also in terms of cash flow. Going forward right now, we reduce significantly our one-time effects and therefore also one-time payouts. This will improve in line with, let's say, our increasing result also, which we are planning for, and continuously strong working capital management and sustainable CapEx level, our cash flow, so to say, which will help us to fur ther improve our leverage ratio towards the three at the end, so to say. It's clear goal basically to get two to three and even below that, but it's a step-by-step process over the next couple of months and a few years. Okay. Then there's coming in more questions here. The next one concerns the working capital development in the fourth quarter and what's the outlook for working capital for this year? For this year, as I said, we expect for 2025 in terms of working capital, of course, we try to keep it as stable as possible. To be frank, of course, it depends on our volume increase, basically, and our development on the business side. But overall, of course, we're trying to, let's say, keep it stable and even slightly improve it, depending, as I said, on how the, let's say, volume also develops on the top line. What other questions here? The non-recourse factoring line was not reduced to somewhere on the same level. Yes, now it's slightly reduced, I think, by EUR 5 million, that's true. But it's just a, let's say, a moment, a moment basically, not sustainable. Then the next question concerns the M&A plans and refinancing plans. Yeah. So let me answer on the M&A because I think what we've shown last year is our ability organically on commercial pipeline, on innovation pipeline. Of course, we're looking at the inorganic pipeline. ErtelAlsop was certainly a start. It was a small start. The integration, etc., is going well. It was in the specialty filtration segment, so I think a really strong proof point. So we do have an ever-increasing set of M&A opportunities, which we're constantly evaluating. I think you all know that it's very difficult to share in this context further on that. And of course, it is always with the consideration of the question or the answer that Niklas has just given in terms of leverage and financing, etc. So it's always, let's say, I would say a very strong dialogue and discussion around M&A pipeline versus the leverage that we continue to drive. But of course, we want to continue to look at inorganic opportunities, absolutely where it makes sense for Ahlstrom. And when it comes to refinancing, of course, we have no plans to do any refinancing at the moment. Our current financing has a majority till 2028. So therefore, we have the time basically to think about this when it's time, but no, not in 2025. All right. And then the next question concerns the U.S. tariffs. And would you like to elaborate a bit more about that? As I said, I mean, we have from our, let's say, geographical sales distribution, our local for local production. I think we have a very good setup that we are somewhere not impacted significantly from any tariffs which might come, so to say. And we have on the other side also, of course, our pass-through process, which is very much very professional and well in place, if you want to say. So therefore, we have, as mentioned already last time, only 4% of our sales are being in the U.S., basically are imported into the U.S. That clearly shows that it's very limited impact we might have there. If there's impact, if there are tariffs on there, of course, we have our pass-through mechanism, so to say, which should, let's say, provide us with enough, let's say, safety that we don't have even any significant impact there. We are importing also, for example, for Canada into the U.S. That is, of course, something we are looking these days very much into. Again, there, it might anyway trigger then, let's say, an increase in the price level in the U.S. in total, so to say, which we are preparing, of course, then again with, let's say, price negotiation and passing pass-through to our customers, of course, also. We're looking at flexible sources also within the U.S., of course. So we are really preparing for this, but all in all, we can clearly see also this one should not have a material impact on our result 2025. From today's perspective, even the other way around, I'm coming back, I still we even have with our local production opportunities going forward on getting other volume basically from imported, let's say, from competitors importing into the U.S. That's how we look at this these days. So no significant impact right now from our point of view. All right. And then the next question concerns the effect of the energy grants in the fourth quarter. Can you please quantify that? Yeah. Let's say it has a significant, let's say, double-digit impact, so to say, on our result in 2023. So therefore, yeah, we don't have to say anymore in Q4 to this extent. So therefore, that's the reason for the difference there. Very good. Shall we now see whether there are questions on the lines? Over to you operator? As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. All right. Thank you. There seems to be no further questions in the chat box nor over the line, so I hand over to you, Helen, for final remarks, please. Perfect. Thank you, Johan, and let me just close out by emphasizing we feel strong about the internal capability that we've got within Ahlstrom on executing against our strategic priorities, and we're looking forward to 2025, so to you all to give you the Q1 2025 results. Thank you all. Thank you very much.