Afternoon and welcome to Ahlstrom second quarter Results webcast. My name is Johan Lindh and I'm responsible for Investor Relations. We will start with the presentation from our CEO, Helen Mets, and our CFO, Niklas Beyes. After the presentation, you have the opportunity to ask questions in the chat box or in person in the teleconference. Now we are ready to start over. To you, Helen. Thank you, Johan, and hello everyone. Looking forward to giving you an update on how our second quarter of 2025 developed. I think there's two key messages. One, we delivered another quarter of strong financial performance. Two, we've taken several steps in the quarter to actually continue to enhance the specialty nature of the business portfolio. Our comparable EBITDA remains strong. That's thanks to our high levels of margin on variable cost. As you all know, that's a result of our disciplined pricing and our procurement as well as the mix profile. Our actual operating cash flow also remained solid in the quarter. In terms of the strategic milestones that we hit, there's a few of them. We formed the Performance Materials cluster, which is really allowing us to focus on operational excellence and improvements that are required in these businesses, while at the same time enabling our three segments of Filtration & Life Science, Protective Materials, and Food & Consumer Packaging to fully concentrate on highly specialized materials. These three segments have high EBITDA margins, they've got strong growth opportunities. The move also allows us across the company to actually focus on our resource allocation. You will see in this quarter we started to pull out the numbers in those four segments. In Q3, I'll do a deeper dive on each of those segments in terms of the growth dynamics and the specific KPIs. The second thing that happened in the quarter is we completed the acquisition of the Stevens Point operation. That really strengthens our exposure to the attractive U.S. markets in smart packaging and specialty food. We started the integration process. It's a really strong team and it's going well. We're confident on the synergies and I'll share in a moment. Just a reflection again on Stevens Point. Finally, in early July, we received a binding offer for our abrasives business from Munksjö. We expect to close that deal before the end of the year. As always, a lot of activity in the quarter around our innovation, our growth, and product launches. I'll share just a few of them as I wrap up my part of the presentation. Let's just take a look at the Stevens Point operation now that we closed. This business is focused on smart packaging in the U.S. It has two state-of-the-art machines, high-quality machines, and as I shared the last time, they're really at the absolute high end of the cost curve. This gives us great access in the U.S. to smart packaging and more of the food applications, strong financial performance. The business carries EBITDA margins of 22% and it brings in sales of EUR 332 million with good cash flow generation. What we really like about the business is it allows us to enter new markets and new customers. It continues to strengthen our local-for-local footprint in the U.S. and strategically these are the best assets for our specialty food business. The other thing that we like is that this is a relatively standalone operation. When we think about the integration which we started, it's limited risk and we've identified EUR 10 million of synergy opportunities which we feel very confident in our ability to deliver. Let's just take a look at the Performance Materials cluster in relation to the segments. As I've said, this quarter we've actually created a separate, more standalone Performance Materials cluster which we've moved our release liners business, our beverage and casing, and we've moved our abrasives business here. These businesses tend to be more cyclical and they require higher levels of operational excellence. This move gives us that opportunity to drive that focus. At the same time, the three segments of Filtration & Life Science, Protective Materials, Food & Consumer Packaging all have strong growth outlooks and high EBITDA margins. You can also see in our Food & Consumer Packaging how well Stevens Point operations fits in there. In fact, if you take those three segments, they've got a combined EBITDA margin of close to 20%. We've started to report these segments this quarter. As I said, we'll go into more deep dives in the Q3 reporting. Now, also Q2, a lot of activity, I call it cool activity in our growth and innovation agenda. We actually commercialized a new parchmentizer line in our Sansepolcro plant for durable grease and water-resistant vegetable parchment. We've also added in the quarter a new production line for advanced molecular filtration media in Turin which gives us the new capabilities for our air and liquid filtration business. Then we've got three product launches that we've launched in the quarter. The Optipad, this is one of our high performance filter materials. It's delivering cleaner oil and much better food quality. It's actually a highly efficient, sustainable solution. In that segment we've also launched what we call our wall liner to the FibRoc portfolio. This is again this segment, it requires durability, ease of application, and we've launched this with more sustainable fibers. It is a high performance sustainable alternative. Finally, something that I think is super exciting is a wrapping for butter and plant based alternatives that has received the home-compostable certification in Australia and New Zealand, and of course the plan is to get that more globally. What's also really nice about the application, it's not just about the sustainability message, but it's also allowing brand owners to move away from both plastic and aluminum layers, which is used in several current applications. We see a nice growth trajectory in all three of these product launches. A strong quarter in terms of financial performance and advancing the portfolio. I'm now going to hand over to Niklas so we can do a deeper dive into the financials. Niklas. Yeah. Thank you, Helen. Welcome also from my side to today's call for the second quarter of 2025. Upfront, I would like to point out that our new acquisition Stevens Point is included in our financials of Q2 since May 28. So to say, a good month. Of course, as Helen mentioned, we restated also the segment information for the new cluster Performance Materials. You have seen this also in the financials. With this having been said, Q2 from a financial point of view can be summarized by four main messages. The first one, strong comparable EBITDA and margin achieved in challenging markets. The second one, total net sales slightly softer reflecting market volatility and currency impact. Third, operating cash flow remains solid underpinned by lower items affecting comparability, IACs. Fourth, the leverage increased following the Stevens Point acquisition with a financing package of $600 million. You see on the right side pretty much also the nice EBITDA margin and absolute number uptick from EUR 47 million, 14.7%- 16.5%. If you would have had Stevens Point, by the way, in here for three months already, the full quarter, it would be at 16.8%, just to give you a little bit of an idea. Let's deeper dive into the financials right now, starting with the top line on the next page. Let's remember in 2024 we had a strong first half basically in terms of sales, a weaker second half. In 2025, sales picked up in Q1 versus the last quarter of 2024, and now it has somehow stagnated. If you want to say it softened, the growth has softened basically, and we are 4% like-for-like below last year. If you look at it with constant currency rates, you know that especially the dollar is right now very much impacting also all the numbers. We are 2% down in terms of sales in the second quarter. Maybe one more addition to this. You see the numbers at EUR 780 million -EUR 745 million. If we take out even our release liner business, which is part of the Performance Materials cluster, because release liners had a significant drop—you mentioned this already in the first quarter—also in the second quarter basically in terms of sales. If we take this out, the rest of the business has grown by 1% in the second quarter of 2025 versus last year. Just to have this in mind when we look at the sales numbers. Also, on the right side, you see the breakdown of the new structure of the new segment structure. It's pretty much balanced to the four pieces, if you want to say. However, we see growth compared to last year's second quarter in Protective Materials from the percentage also in Food & Consumer Packaging. Now with the first month, only one month of Stevens Point in there. Of course, this will increase further if we have fully, let's say, also the Stevens Point in the numbers, and Performance Materials cluster is declining basically also due to the fact I mentioned just release liners, of course, which is suffering also on the sales side pretty much. If we now look at how does this top line development convert into our profitability, let's have a look at the next page left side. Again, what I just, let's say, talked about, the sales topic. - 4% based on same currency rates, 2% down without release, on even 1% up. If you want to see what are the main, let's say, contributors to this, is of course volume down across the businesses. You can say except of our Life Science business as well as also our glass fiber tissue business because of also the ramp up of the medicine bill line for the ramp up of the medicine vill line and in U.S. price and mix better, so to say. It's an uptick here as you see because, I mean, we have, let's say, further deflation right now in Q2. Compared to the last year's, let's say, Q2 2024, we are still inflationary in terms of raw material prices. That gives us also better pricing. Last but not least, the negative FX impact, of course, is also in here as mentioned, whereas the sales from as far as going out basically still being in Q2 2024 and now Stevens Point coming in is for this quarter somehow matching, even though the use point is just one more month in, so to say. It's somehow a wash if you want to say, so therefore that's why we're ending up at 7.45. We look at the middle part. How does this, let's say, convert into our profitability? Comparable EBITDA here you see 114- 123 + 9 million + 1.8 percentage points basically despite of the lower sales. You see also there the impact, in fact, was volume down. On the other hand, the big, let's say, the big overcompensation comes through again the margin of variable cost. We have another strong quarter there to be shown with EUR 1,116 per tonne. You will see this on the next page also, which shows, of course, that we have a strong sales price resilience plus, of course, further savings coming from procurement and strict cost discipline, which helps here to basically overcompensate the volume part. Of course, we have slightly higher fixed costs, especially also with the ramp up of Medicineville. It is very, very, very clear that it's also a little bit growing. On the other hand, Stevens Point result, let's say, is a little bit stronger than what goes out with Aspar on the other side. Ending up at the 123, 16.5%, showing really the resilience of our business. It's even higher, the growth, and even more, let's say, to be shown there on the reported EBITDA size because there's not only the operational improvement we are seeing, but also, of course, the lower ISCs, the lower items affecting comparability, which we will continue to see also going into the second half of the year. Remember that in the second half of the year last year, we had closure with a lot of restructuring cost, EUR 55 million loan, and of course, the hedging going into the energy hedging going into ISC. All of this is not anymore, let's say, part of the 2025 result, which is good. Therefore, we see that even here in EUR 14 million, let's say, upswing in terms of reported EBITDA, which is 15% higher and also from the percentage 11.9% - 14.4%. So, 2.5 percentage points better than last year in Q2. Let's have a deeper look at the profitability driver MOBC on the next slide. You see here the typical development which we show quarter-over-quarter since the beginning of 2021, if you want to say, I think really a success story we show here. Since Q2 2022, we were above the EUR 900 per ton. Since Q4 2024, we passed the EUR 1,000 per ton. We are now since two months above the EUR 1,100. So, EUR 1,116 right now in the second quarter of this year through three main drivers. One, disciplined pricing as already elaborated. Second, improved product mix, of course, with our product portfolio strengthening Helen was talking about also. Third, let's say, part is, of course, the enhanced variable cost efficiency, procurement or OpEx, which is all very much helping basically and showing here really again all the resilience of the business, even in volatile times since sales softening in Q2 as mentioned. The saving engine, which is part of our DNA meanwhile, does not stop as we see on the next slide. Here we're looking ahead and considering the pipeline of, let's say, new saving opportunities from our internal engine. It's an ongoing process with new ideas, new initiatives, let's say, on a daily basis, I would say, and we harvest the proceeds. Within the next, let's say, around about 24 months, here we show on this page a reconciliation coming from the comparable EBITDA. You just have seen two pro forma Adjusted EBITDA this time. Why pro forma? Because, of course, we added here the 12th month of Stevens Point in this, in this, let's say, Adjusted EBITDA result plus the synergies. Also, Helen talked also about the EUR 10 million which are part of this bridge here. I start with the comparable EBITDA 469 LTM basically by the end of June. We come through the three buckets, the three yearly initiatives, so to say, in those initiatives which are, let's say, totaling up to EUR 55 million, the other EUR 10 million synergies in there of, let's say, Stevens Point. By the way, in the comparable EBITDA, the starting point there is this one month of Stevens Point also in there. However, we are looking at LTM. Therefore, we are then adding, let's say, below this, 524 adjusted A, which is comparable to what we've shown in the last quarter's presentations. Now we add the residual 11 months basically from Stevens Point here, which are unaudited figures since this was not a separate legal entity beforehand. Those are unaudited here, but it's EUR 70 million to be added there. We end up with a pro forma Adjusted EBITDA LTM of EUR 593 million, which is also being used. Of course, when we look at our leverage ratios, you will see this in a few slides. That's, I think, what needs to be said here at this, let's say, slide. Maybe also always remind that we are, despite our initiatives, despite Stevens Point right now and the synergies, of course, also working continuously basically in our operations to produce more efficiently. Therefore, we have, of course, also generated, let's say, additional capacity. When the market really comes back, I think there's additional, let's say, positive proceeds here, which can be expected from all these initiatives here. Yes, now time for cash. Cash conversion, as you know, is one of our strategic pillars driving the cash discipline through the whole organization. With the additional debt we have taken on right now through the Stevens Point acquisition, it's even more important. Very clear. Therefore, if we start here on the left side with the comparable EBITDA you just saw, minus the ISCs of EUR 15 million, it's more than we used to have and we expected of course because EUR 7 million are in there alone for one-time costs before the Stevens Point acquisition. We landed at reported EBITDA. The change in net working capital was slightly positive, driven mainly by lower receivables, high factoring rate if you want to say. The interest tax part is also higher than normal due to around about EUR 20 million of additional cost for financing cost basically for the Stevens Point acquisition, ending up at net operating cash flow based on net cash from operating activities at EUR 27 million. If you add the EUR 26 million for this one-time cost for the Stevens Point acquisition, our operating cash flow would have been at EUR 53 million. Going further to the right, CapEx on a normalized run rate level was EUR 28 million. The two big columns for the acquisition of Stevens Point and respectively of the financing on the other side ended up at a net change in cash of plus EUR 17 million. You see on the right side we are delivering over the quarters right now, very solid positive operating cash flow. Jumping into the details of CapEx and net working capital on the following page, you see again on the left side capital expenditures continue to be on a sustainable level. No major growth investment at the moment, as you know we always emphasize this, that we are focusing right on utilizing our existing capacities. On the right side you see the working capital also pretty stable, slightly positive as said, with a high factoring rate basically. I think pretty normal, of course a huge focus area for us due to the fact that cash is very much on our agenda to further deleverage, which we then can have a look on the next page, the last page on the financial side here. That's the first quarter where we report also the acquisition of Stevens Point. As mentioned, you see that our net indebtedness went up of course due to this acquisition. On the other side also the leverage, consequently also the leverage went up to 3.8 using here these pro forma Adjusted EBITDA, which I explained two, three slides ago. Here deleveraging is our main focus over the next months and years, so to say is main priority. We are already right now on a lower, let's say, leverage than what we published when we were stepping into the acquisition of Stevens Point. Here also on the right way. I think from the finance side this time, I would like to hand back to Helen for the conclusions. Thank you. Thanks, Niklas. Just to conclude then, another strong quarter of financial performance for Ahlstrom. You can also see that in the quarter we've taken significant steps again to continue to enhance the quality of the actual business portfolio. Really happy with the completion of Stevens Point operations. We're now deep into the integration and happy with the way that it's going. We remain laser focused on our execution on our growth agenda, which I think is critically important in these dynamic markets. We'd love to open up the lines for Q&A. Thank you, Helen. Thank you, Niklas. Operator, do we have questions on the line? If you wish to ask a question, please dial on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial six on your telephone keypad. The next question comes from Charles Spelina from Lord Abbett. Please go ahead. Hi guys. Thanks for taking the questions. What are the total consumer proceeds you expect to receive from the abrasives business, please? Also, the multiple you're selling it for would be helpful. Thank you for the question. First of all, since we are mid of the, let's say still closing process, we for the moment don't publish this number. What we get for it, the net sales are around about EUR 66 million of this abrasives business in 2024 with lower, let's say, percentage EBITDA margin, one digit EBITDA margin. That's all what we can say for the moment. The rest comes later when it comes closer to closing. Understood, thank you. Just a request, if you could please also publish, seeing as you've realigned the segments yet again, if you could please publish the 2023, 2024 and Q1 2024 segment breakdown for sales and EBITDA. That would be great. Okay. Yeah, of course we can do this in our previous reports in there, so to say. We can add this also going forward. When we said we'll bring a bit of a deeper dive to the segments at the next quarter, we'll do that. We'll do some of the backward looking. Okay. It's all being restated, so therefore no problem. Understood. Thank you, guys. Thanks. The next question comes from Samu Wilhomsson from Nordea Markets. Please go ahead. Hi, good afternoon and thank you for taking my question. A few questions if I may. First of all, regarding the new Performance Materials cluster. Looking, of course, the performance is quite weak, but just want to get some clarification to what extent this new segment includes, for example, product lines or businesses from the Food & Consumer Packaging. Because looking at that market, at least from peers, they have been saying that it's quite weak. Your Food & Consumer Packaging segment is doing great, but Performance Materials cluster a bit softer. An explanation of the linkage between the two would be highly appreciated. Yes, Sam, I can tell you a little bit of context. What we've got in the Performance Materials cluster, we've got our release liners business sitting in there now, which is the more cyclical business, let's say in terms of the dynamics. What we have in our Food & Consumer Packaging are our specialty food product lines, so really our packaging, food product lines, and some of the smart packaging. You see very different dynamics with the release liners business, more performance driven, more cyclical driven, different EBITDA margins. Food now is really focused on the global food segments. Of course, what you see is you see the add of the Stevens Point, the one month of Stevens. Point going in. and on the other end in PMC and the new cluster, you see, of course, the release liners business I referred to already suffering a little bit in these market conditions, and beverage and casing, obviously both, of course, more on the suffering side at the moment. Okay, thanks. What about regarding geography? Of course, you know, the currency impact you already mentioned. For example, looking forward, do you see any market volatility, for example, to continue in North America or other segments that have been determining the headlines, so to speak, for a while? Yeah, maybe I can answer that and just give a little bit of context. You know, I think of course strategically what Stevens Point does is it also strengthens our local for local position in the U.S. When we think about tariffs, we've said this for the last quarter as well, we're not impacted by the tariff situation. What we do see in the U.S. is we still see the market in general soft in the U.S. market. I have to say with the announcements that have come out, that's a little bit of the context. How we're thinking about it now is we're not expecting, we're not expecting tailwind for sure in Q3. However, if we look at our own internal growth, there's a couple of things going on in the U.S. One is we bought Stevens Point operations into the portfolio and that also gives us growth opportunities in terms of the customer share of wallet and in terms of new segments that we can go after. The second thing for us in the U.S. right now is our glass fiber tissue business, which is basically our IP unique technology for vinyl flooring, et cetera, that is coming online well and in Q3 and Q4 we expect that ramp up to continue. For us those are two, I would say, levers that are independent of what's going on in the market. Thanks. No questions from my side. Thank you. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Andrew Ling from TPG. Please go ahead. Hi Dean, thanks for the call. Apologies if this has already been answered. I only just managed to join the call. I had a conflict. If you could please split out just the top line development for the second quarter on a comparable basis by price and volume, if that was okay. Please. As you have seen, in the first half of course we are suffering on the volume side. Basically, sales are down as mentioned, of course, even though on the one side volume impacted very much. Resign also a big driver of it. On the other side, strong pricing power from our side, which is one of our big levers on the MOBC, or marginal variable cost per ton if you want to say, which we have just shown. It helps us, of course, to overcome the volume softening on the other side by keeping our prices on a stable level. I hope this answers your question. Apologies if I missed this, but are you able to quantify what the volume decline was? No, I didn't quantify it, so to say. I mean, we are reporting on sales usually, so to say. As I said, we are 2% down on, let's say, same currency rate in Q2 in terms of sales. If you take our release liners business out, which is part of the Performance Materials cluster and therefore of course suffering a lot at the moment from the market conditions, we are even, let's say, 1% up in terms of sales, the rest of the business compared to Q2 last year. Okay, understood. If you could also just help me out with what the Stevens Point revenue and contribution, so EBITDA contribution, was in the second quarter. I know it was only accounted from since the 28th of May. Yeah, I mean I mentioned that the sales portion basically was somehow compensating the ASPA sales which were dropping out, if you want to say both around about EUR 30 million. On the profitability side, of course we have here, as Helen mentioned, 22% we are usually, let's say, encountering here for Stevens Point. That's the profitability you can expect, of course, also in the quarter, but just for one month or basically to say since the 28th of May, so a couple of days more. Great. Just double check that's been included in the Food & Consumer Packaging segment under the new segmentation. Yep. Okay, cool. Lastly from me. Got it. Just lastly from me, in terms of the improvement in MOV seed margin, obviously Stevens Point was a contributing factor. Was it otherwise just mostly pulp prices, or did you have sort of energy benefit and other kind of chemical benefits there as well? To be clear there, I mean Stevens Point is, let's say, not bringing it very much up to the MOVC. I mean, we have already MOVC high level with the rest of our business, so to say. It's more or less, of course, besides disciplined pricing on the one side, it's also the procurement savings we are bringing on a continuous basis. Our United program, they are very much delivering, plus the OpEx improvements we have in our numbers. That's all contributing to this, through this, let's say, strengthening or through this remaining MOVC remaining on a very high level. That mixture of everything, price, cost, and cost discipline in general, and the mix, of course, also improving. We mentioned that gas, fiber, tissue growing, it's a very high margin business for us, for example, helping, of course, also on the mix side. Got it. Thanks. Thank you. There are no more questions at this time, so I hand the conference back to the speakers. Very good. Let's start with the questions in the chat box. There are quite a few concerning the financials. The first one is on the rating level that we have, the recent downgrades, and our sort of strategy going forward. Yeah, of course we were, to be very honest, we were very disappointed by the downgrades because all rating agencies acknowledged that our underlying performance is very good. Also, the right addition we did with Stevens Point is very much fitting into our portfolio, so to say. They acknowledge really the good performance, the good steps we are taking. However, the main reason for the downgrade was at this time the market uncertainties with all the tariff discussions ongoing, so to say. We were disappointed. Of course, we are striving going forward to gain back our original rating positions. That's what we are working on also by deleveraging step by step. The next question concerns the minority share squeeze-off process. Can you give an update on the most recent sort of events there? Yeah, no real movement. We can just tell you, I mean you know that the Supreme Court has granted a leave to appeal for these minority shareholders. Basically, we are waiting now for a decision of the Supreme Court. They wanted to render it already in the first half of this year, but now they extended it to 2025, so second half of the year. We are waiting, that's all. There's no more news we can tell you. Still one question for you, Niklas, on the financing of the Stevens Point acquisition. Can you summarize that, please? Yeah, the financing paper acquisition, we went out for a EUR 600 million financing package, so to say, which we then also spread out for different investors in the second step. This all went well. I think the conditions were slightly above our current financing conditions, so to say, due to the market environment in general. I mean, we were oversigned also in terms of our, let's say, process. Therefore, I think very, very successful, let's say, financing of this acquisition. In the cash flow statement, there is the line return of equity. Can you also describe sort of what that represents? Yeah, it says dividends, dividends to the shareholders here. Nothing else to add to this, and that's what we do on a quarterly basis, on a continuous basis, quarter-over-quarter already since a while, nothing specific. Next question for you, Helen, can you please comment on the outlook in terms of volumes and raw materials? Okay, we never do an outlook, but let me give you a little bit of a voiceover of what we're seeing in each of the segments because it gives a little bit of a feeling. When we look at our Filtration & Life Science business, what we see there actually is Europe remains at a relatively stable, okay, level. Asia was actually pretty strong in Q2, but the U.S. is still subdued and we expect that same dynamic. We don't see anything different. If we fast forward our food business, both in the U.S. and Europe, strong pipeline, strong delivery and that actually again will continue in Protective Materials. A little bit of a, let's say a mixed message here. As I already mentioned, we've got our glass fiber tissue line, a large line coming up in terms of commercialization. We're seeing growth there. We're also seeing growth on our electro technical materials. However, on things like our interleaving, our steel interleaving business, the volume has been slow, the markets have been slow and we don't predict or we're not assuming any pickup in Q3. There's also a question that I could also answer now also on how do we see pricing developing? I think what I would say here is one, and it comes back to our move on our pricing lever. I feel really strong about us being able to maintain our pricing, our pricing discipline. We do have circa 50% of the business, as you know, indexed. As we see some deflation, of course on those contracts, we also see some deflationary pricing, but there's always a lag. When we look at our pricing, we feel pretty strong about the discipline that we've got in our pricing. Next two questions are for you, Niklas. One on the CapEx guidance for full year 2025, and then also an update on the outstanding factoring at the end of second quarter. Now on the CapEx, I mentioned that we were very much on a sustainable level, if you want to say these days already after the first half of the year. We expect that CapEx will end up roundabout at the similar level as last year where we had around EUR 160 million. Somewhere between EUR 150 million and EUR 160 million. That's the guideline we can give you on the CapEx side. The next question on the factoring, as always, our factoring exposure by the end of June was on the factoring side, EUR 218 million. Customer financing, EUR 127 million. Of course, some say recourse factoring of around EUR 5 million. Those are the numbers on the factoring sector. Very good. Helen, would you like to give an update on the tariff situation? Yeah, I think what we said all along is that because our strategy is local for local supply and we show the footprint where we have local assets in Europe for Europe, in the U.S. for the U.S., in Asia for Asia. Actually, the impact for Ahlstrom on tariffs for 2025 is negligible in terms of no impact, as we see. As we've said, the acquisition of Stevens Point is another strong proof point for us in terms of that local for local production. I think it mentions here in terms of our exposure to the U.S. It's a very good asset build for us. There is also a question concerning the. Legal case in the U.S. on the water elimination. Helen, can you please give an update on that? Yeah, you know, the legal case there is still in its very early stages. We're watching, we're monitoring. There's no other comment to say to that. Very good. Now, we have answered all the questions. In the chat box. Operator, do we have any questions on the lines? There appears to be no questions on the lines. I hand over to you, Helen, for final remarks. Thank you everyone for the time and for the questions and the engagements. Just to wrap up then, we're happy with the strong quarter that we've delivered financially in terms of performance and equally in terms of the direction that we're continuing to take in terms of improving the quality of the Ahlstrom portfolio. We're laser focused on our disciplined execution. Look forward to talk to you again in Q3. Thank you.