Hello everyone and welcome to Ahlstrom's third quarter results webcast. My name is Johan Lindh and I'm responsible for investor relations. With me here I have our CEO, Helen Mets, and our CFO, Niklas Beyes. As usual, we start with the presentations and after that we're happy to answer your questions. Over to you. Thank you, Johan, and good morning, good afternoon, and maybe good evening everyone. Looking forward to giving you an update on the Q3 results and actually sharing some of the highlights of the quarter. Headlines, we continue to deliver strong quarter-over-quarter performance during the third quarter. We delivered record high profitability both in absolute EBITDA and EBITDA margin. Now, of course, those results are supported by the recent acquisition of Stevens Point. It is clearly reflecting the strategic efforts that we are taking in building a high-performing specialty business portfolio. We increased our sales by 4%. I also want to say that like for like, the underlying core business, which remains solid, was a negative 2%. Revenue at constant currency against what I call soft market conditions. Now, that was actually driven by just a few of the business units, so we'll go into a little bit of detail together with Niklas in the financial section. We maintained strong margin on variable costs per ton. I call this our sustainable operating system, so ongoing strong pricing management, our global procurement leverage, and tight cost discipline, of course, again combined with our portfolio mix. All of them which resulted in record high EBITDA margin of 18.8% on sales this quarter. Our operating cash flow remains solid. It was also another quarter where we continued to demonstrate the execution of our strategic agenda. If you remember in Q2, we did the successful completion of the acquisition of Stevens Point and we established the performance materials cluster. Now, that latter part was about enabling us to continue to improve our resource allocation and our operational efficiency in those business units. On October 1st, we built on that, we completed the sale of our abrasives businesses and we acquired EBF, which further strengthens our position in our lab and life science markets. EBF and spot blood and urine testing. Finally, as always in the quarter, we launched several new sustainable product innovations. We've got an incredibly strong innovation pipeline and that, of course, is to support our customers both in their growth journey but also in terms of the sustainability transition that we and them are driving. Now, I shared this next slide, which is the company positioning earlier in the year, and given the creation of the performance materials cluster, I promised to give you a little bit more detail behind the divisions. Just to put that into context, let me remind you of the Ahlstrom positioning. It focuses on five global mega trends in which we've got a differentiated position in terms of our technologies and the solutions that they provide. The first one is the need for clean air and clean water. Here's where we talk about our filtration material science. Personalized healthcare, where we've got our medical business unit and then also our lab and life science. We're also packaging alternatives, the decarbonization of buildings, which requires more lightweight high performance materials, and electrification. Again, five global mega trends where our technology really gives solutions to those big problems. We always talk about then what is our right to win. I think there's three points here. One is, of course, we bring, I would say, the most extensive toolbox in the industry of fibre laying and fibre surface modification. Next year, we celebrate 175 years, so a huge history. That is combined with our extremely close connect with the customers in the markets that we serve to create and deliver safe and sustainable by design solutions. Now, that safe and sustainable by design is an umbrella that we use for all of our product launches, and it's actually in line with the definition of the European Commission's safe and sustainable by design framework. It is getting extremely strong recognition. Of course, that is leading to our sustainable growth metrics of top line growth, strong EBITDA margins, and strong cash conversion. That's the strong positioning that we're out there in the company, outside of the company, getting our 7,000 employees out of bed every day to purify and protect with every fibre for a sustainable world. That's how we've organised the divisions. They're organised accordingly. Let me give a little bit of detail of each of those divisions. Like I said, you've seen some of these slides in terms of how we're organised, but I promised to go a little bit deeper. In our filtration and life science division, we've got three business units. It's our filtration, it's our lab and life science, and it's our medical business units. We're number one in filtration materials and we're number one in many of the niche lab and life science segments. These are highly specified applications. We've got strong customer connections. We've got multi-year innovation roadmaps with those customers. The barriers to entry are high. Now, we're building our position strongly in industrial filtration. It's a big growth area for us, HVAC, liquid filtration segments. You've also seen that we're investing in life science segments, both organically and inorganically. We did the acquisition of Ertl Ahlstrom, which got us into depth filtration areas. As we've just said, the announcement of EBF this quarter strengthens our position in the newborn, in spot blood, in urine testing. Both of these businesses have got great growth trajectories. Now, year to date, if you look at the margin of our filtration life science division, we're at 23.2% year to date EBITDA margins. The next division is our protective materials, and that consists of our glass fibre tissue, our tape, our non-woven, and our technical materials business units. Now, there we've got strong positions in vinyl flooring. Our glass fibre tissue is heavily IP protected. It's a unique technology. We're a leader in electrotechnical materials. Those are materials that go into the applications for transformers, for undersea cabling. We're number one in digital wall coverings, to name but a few, let's say, of those segments. It's a number of, let's say, different specialty materials applications where our technology, combined with the agile assets and the local for local presence, gives us good levels of differentiation. Year to date, the margins in protective materials are at 15.4%, and I say with upward potential as we continue to drive the mix in those businesses. Food and consumer packaging, that consists of our global specialty food and our smart packaging BU. Here we're in quick service restaurants, so we're in fast food. We're in cooking and baking segments with our parchment. We're number one in microwave popcorn, and we're positioned in several segments where brands are looking for sustainable alternatives to single-use plastics. To give you an example there, what we are seeing, I think, accelerated is a segment like pet food, where they're moving away from single-use plastic to sustainable solutions. Year to date, EBITDA margins are 17.6%. This is due to, one, the specialty mix of the applications of products. Secondly, of course, the acquisition of Stevens Point, where we expect to see further growth both in sales and EBITDA margin, which was reflected in our Q3 quarter results. You have seen that come through. Finally, our performance material cluster. Here we have our release liner business, which has a strong global position, and we have our specialty coffee and tea business unit. We've separated these business units because these segments are more performance-driven than specialty-driven, and we've got operational upside to drive margin improvement. I said the last quarter we've done this intentionally also to drive that operational excellence. Currently, year to date, margins are 4.6%, with ambitions to get to double digit. We have leadership positions. Of course, it's innovation that is our key growth driver. If we can take a look at the next slide, I always love to end my introduction piece with some of the product launches in the quarter because, of course, this is the growth for the quarters to come. Just a couple of them I'll call out. First of all is Puracell, which is out of our filtration and life science business. This was actually just launched a couple of weeks ago. We've invested in molecular filtration capability, and this actual product launch gets us into the applications of clean air solutions. Actually, competitive technology, but it's extremely high performance materials. It gives us a lot of versatility also in the future because this can take us potentially into the fuel cells, personal protection devices. Across a multiple set of industries, but here we're really focused on those clean air solutions. A very nice product to launch. The second one here that you see is the insulation faser, which is coming out of our building and construction. This is really flame guard technology. This is designed to improve fire resistance in the building and construction industry. It's one of the key criteria, and it's a technology that we've been developing. These products, when exposed to fire, the actual faser paper, it chars, but it does not combust. It really actually helps in those specifications that require fire resistance. One that I really like: new home compostable coffee pod portfolio. This is actually for us a breakthrough innovation. We've received the official compostability, so the home certification, which confirms that this portfolio, the range actually breaks down and biodegrades in domestic conditions. It leaves no toxic residues or no microplastics. This is a great technology coming out of our beverage encasing unit. Finally, coming out of our performance materials cluster, we've got some new products in Active, which is really using recycled fiber, so helping our customers on their sustainability agenda. A number of strong products coming out of the pipeline this quarter, as always, generating growth for the quarters to come. With that said, given a little bit more context, as promised, on the divisions, on some of the levers, I'd love to hand over to Niklas, who will take us through more details of the Q3 financial performance. Niklas, over to you. Yeah, thank you, Helen, for handing over. Welcome from my side to today's Q3 investor call. Upfront, please let me point out that the new acquisition of Stevens Point is included for the first time as a full quarter right now in Q3, as being part of the FCP food consumer packaging segment. With this being said, of course, I would like to summarize Q3 basically with four messages. First message, net sales increased by 4% at constant currencies driven by the acquisition of Stevens Point. Second message, record high comparable EBITDA in absolute terms and also marginal, supported by a stronger business portfolio. Third message, adjusted for the portfolio changes, the absolute EBITDA remains stable with also an increasing margin. Due to our continuously strong MOVC per ton offsetting market softening. Fourth message, operating cash flow stayed solid. Looking ahead a little bit into Q4, like Helen mentioned already, we acquired EBF as of the 1st of October and divested on the other side the abrasives business on the 1st of October. Both of these things have no impact on EBITDA in Q3. On the right side, you see the numbers, the facts, so to say, which I go more into the details, increasing from EUR 130 million to EUR 140 million in terms of EBITDA in this quarter, 17.5%- 18.8% increase. We are talking about record high absolute and also marginal EBITDA this quarter three. Let's deep dive into the details, starting with the top line on the next page. Yeah. Five in particular. In the building and construction market in general, impacting specifically also our tape business unit, also a few others, but mainly also the tape business unit. On the other hand, also our release liner business, which I mentioned already the last two quarters, so to say, shows weaker volume than previous year. Those were the two main drivers that, let's say, on a like-for-like basis, have come to this, our sales are a little bit lower. If you look just at the numbers per se, you see that's a zero game, you would say, EUR 743 million in sales Q3 last year and this year. However, as Helen also might have already pointed out, at constant currencies, our sales grew 4%, driven by the Stevens Point business. If we now look at like-for-like, the underlying business without Stevens Point this year, but also without Aspa last year, which was the last quarter Aspa was in, basically before we sold it. At constant currencies, again, our sales decreased by 2%. In Q3. Year to date, we are with constant currencies, assuming constant currencies, basically without Stevens Point and Aspa, we are basically on the same level as last year. I go one further. If we now take out our release liner business, which I mentioned that is, let's say, significantly lower volume we are confronted with this year, we show in our specialty material, let's say, business units, an increase of 2% in Q3 and year to date, even an increase of 2.5% this year compared to last year. I think this is, let's say, impressive numbers. You see this also on the right side, of course, that release liner plays a role besides the fact that Stevens Point right now, let's say, enlarges the food consumer packaging portion of the sales. You see food consumer packaging with 24%-30%. The others are shrinking, of course, in the same, in parallel, it's clear. Specifically, performance materials cluster shrinking by 5 percentage points, basically also besides the fact of, of course, food consumer packaging gets bigger with Stevens Point acquisition, it's also the release liner business. Being slower than last year in terms of volume. How does this top line development now convert into our profitability? We see on the next page, as always, structured left side, the net sales bridge, the comparable EBITDA bridge in the middle, and the reported EBITDA bridge on the right side. You see the sales side, again, as I mentioned already. Do not need to talk about it again. It seems like a zero game here, but you know it is on the same currencies growing by 4%. If you take out Stevens Point, as I said, and Aspa, so to say, we are, let's say, around about -2%, but then taking our release liner zero. It starts with a small volume drop, if you want to say. You see the price is again an uptick. We increased our price, average price per ton, basically in Q3 compared to the last two quarters, again, to more than EUR 2,600 per ton. We have a negative FX impact, like already mentioned. Last but not least, of course, the balance of Stevens Point and Aspa, of course, contributes positively also to the sales side. When we look in the middle, how does it convert into comparable EBITDA? Very clear. We have the 1.3 percentage point higher, EUR 10 million absolute amounts higher EBITDA in Q3 this year. Starting with, of course, again, this volume drop in particular, as mentioned, release liner tape, et cetera. Of course, overcompensated as every quarter by our marginal variable cost performance, if you want to say. We are again around EUR 1,100 per ton on the marginal variable cost, continuously strong due to strong sales price resilience, the mixed improvement we have in our portfolio, the cost discipline in general, and of course, particularly also the saving engine we have in our procurement side. The fixed cost, of course, was slightly higher than last year, also due to ramp-up of medicine vill, as I always mention. Last but not least, the balance between Stevens Point and Aspa, of course, is also a positive one. Stevens Point generating EUR 80 million of EBITDA in Q3, Aspa EUR 6 million last year, so it is EUR 12 million on top. Overall, it is an increased record high EBITDA, as mentioned. If we look now into reported EBITDA, it is even a higher growth we are showing due to the fact that last year we showed in our items affecting comparability also the closure, the restructuring cost around the closure of our boostback plant with more than EUR 30 million, next to the unfavorable financial energy hedges, you might remember. All of this, basically, if you compare quarter over quarter, we have this year in 2025 in Q3, EUR 32 million less of IACs. Therefore, the increase on the reported EBITDA side is even much higher. It basically increased by 50% from EUR 82 million to EUR 124 million, also percentage-wise record high, 16.7% on the EBITDA margin, basically of reported EBITDA. Let's have, as always, a closer look into our profitability driver, MOVC, on the next page. It again shows the resilience of our business in volatile times. Whatever happens, so to say, the MOVC engine delivers, so to say. We are since Q4 2024 above the EUR 1,000 per ton. As always mentioned, the main three drivers are the improved cost efficiency year over year, the discipline per pricing on the sales side, and of course, the more favorable product mix we are working on also with our acquisitions these days, as indicated before. Overall, even though Q3 2025, it's slightly lower in terms of marginal variable cost than Q2, due to the fact that, of course, this was also impacted by unfavorable exchange rates. The US dollar, let's say, of course, is weaker than before. That's the main driver. Other than that, if it would be like-for-like on the same, let's say, FX rate, we would have shown also here a slight increase on the marginal variable cost, absolutely. This saving engine, which is part of our DNA, meanwhile, continues to deliver, as we see on the next slide. When we look at adjusted EBITDA, even at pro forma adjusted EBITDA, due to the fact, of course, that here in these numbers, we are considering also, or we are including also, Stevens Point for 12 months. Yeah, therefore, pro forma, since we're adding to the four months we are having it right now, since May 28, an additional eight months of unaudited figures from the previous ownership. Starting again with the comparable EBITDA LTM for 78, higher than at the last quarter, we have our saving initiatives, basically, which 24 is right now everything harvested. 25 is in, you see, we realized some more. The 26 initiatives became more because there is an ongoing process of generating new ideas, which will be implemented then within the next 12-36 months. That is an ongoing machine, which goes through the fiber cost, production cost optimization, indirect cost optimization. It is, as I said, a clear engine in our, let's say, company. We are landing at adjusted EBITDA LTM at EUR 533. Then comes the eight month of Stevens Point on top, so to say, which is another EUR 51 million, ending up at pro forma adjusted EBITDA of EUR 584 million, which is slightly lower than last quarter due to Aspa being out, basically, in Q3 here, and also, of course, the FX conversion, so to say, which is with a weaker U.S. dollar, basically coming to a lower number. Also, you see, in terms of EBITDA margin, we are even with this also increasing here the EBITDA margin of our pro forma adjusted EBITDA. Yeah. Last but not least, cash flow, of course, extremely important. Cash conversion is, we always say, one of our strategic pillars. We are driving strict cost discipline throughout the whole organization, which is even more important these days since we, as you all know, have taken additional debt on our balance sheet with the Stevens Point a cquisition of $600 million, as well as another private tap we did in Q3 of EUR 60 million for the upcoming EBF, let's say, acquisition we mentioned already. Therefore, cash, of course, of extremely importance. If you look at how the cash flow is composed of, starting with comparable EBITDA, the IACs much lower than last year due to last year, as mentioned. With the, let's say, boostback. Restructuring expenses in there. The change in net working capital was more or less negative this time, even though we had lower inventories and receivables, but those were overcompensated by also lower payables. Volume went down. We had a couple of bigger CapEx payouts also in Q3. As you see, the CapEx, EUR 50 million, pretty high, if you want to say, for a quarter per se. However, I come back to it on the next page. Overall, we are still fully on track, so to say, it's just a phasing issue. Last but not least, on the right side, you see the stable operating cash flow we are supplying since eight quarters, basically supported by the active working capital management we are doing in our group. Some details around CapEx and net working capital on the following page. As said, on the capital expenditure side, the Q3 was a higher, let's say, payout month in terms of CapEx. It's just a phasing topic. Therefore, Q2 was very low, if you want to say. Overall, we are very much on track of last year's CapEx level, if you want to say. We end up at around about EUR 160 million. We are on this track again also this year. We see it as a very sustainable level, even including this year, Stevens Point. Stevens Point is new, of course, and also included in the EUR 160 million. On the right side, the working capital, I mentioned it already, receivables, inventory is lower, also a little bit volume softening, as we know, also contributing to it. Same on the payable side, + on the payable side, of course, some, let's say, major payouts we had. Therefore, payable is a little bit lower. Also there, at point of time, phasing topic, that's the reasoning for the, let's say, a little bit lower payable level. Yeah, with this, I would like to come to the last page where we always look at leverage. You see it here, the leverage, basically, is due to the additional debt we took on our books, or we basically into our balance sheet due to the Stevens Point acquisition of $600 million. +, of course, right now, also the additional private tap in Q3 of EUR 60 million, which is still neutral right now in these numbers, since we have the cash still on hand, if you want to say, as well as the debt on the balance sheet. That is neutral for still Q3. We come then into play, of course, in Q4. We, of course, paid out the purchase price for the acquisition of EBF then beginning of October. Overall, we are still in these 3.9, let's say, area in terms of leverage, using also our adjusted EBITDA I explained before. Therefore, clearly, our utmost goal and big focus right now over the next month and quarter, like we always say, is the leveraging part, absolute priority. Of course, right now, with these additional acquisitions, there is a temporary high leverage we are showing. In this context, I think I would like to also briefly touch on what has been announced last week, when the Supreme Court also made the decision on our squeeze-out case for the minority shareholders. It was a disappointing outcome for the owners of Ahlstrom, but also us, of course. You know that we have an escrow in place of EUR 242 million, basically, which is based on our latest estimate, including also next to the, let's say, price for the shares, the updated price with the EUR 21 per share, +, of course, the interest, + the fees, the legal fees around this. The, let's say, estimated outcome is that we need to pay EUR 252 million by until the 24th of November, which is round about EUR 10 million, approximately EUR 10 million higher than what we reserved in the escrow. That's at the moment the status quo, but we are still working with our councils, basically, to have the final numbers of this. Yeah, with this, I hand over back to Helen for the conclusion. Yeah, thank you, Niklas. And let me wrap up, I think, with. A summary of how I started. Record high, then comparable EBITDA and margin in the quarter. Of course, as Niklas has spoken about, underpinned by Stevens Point, so our business portfolio, also in combination with our consistently high MOVC per tonne. And adding that the underlying performance of our business remains stable. I think that's just a very strong outlook or outcome given the softer market environment. As you can see, a number of steps that continue to be taken on our strategic journey that we said in October, but shows it really our disciplined execution on our growth agenda. I just want to wrap up by saying I have to say super proud of the achievements in Q3, and we remain laser-focused on our execution and on our growth agenda, which, of course, is critically important given the. Back to you, Johan. Thank you, Helen. Thank you, Niklas. Let's move on then to the Q&A session. Operator, do we have questions on the line? If you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key 6 on your telephone keypad. The next question comes from Senan Kiran from Muzinich. Hi there, good afternoon. In the EBITDA other and elimination, you had a positive contribution of EUR 11.8 million in Q3. If you could tell us a bit more what's included in that number, please. Yes, thank you for the question. It's basically due to, let's say, accrual releases, which we have not right now. We have done them on group level, so to say, but they are not dedicated right now or split into the different, let's say, segments, which will be done in Q4. You see this number will come down. Yeah, it's just an interim, basically, release of accruals, which we did on group level, which are then to be still split to the business units and segments. Can you. Give us a bit more color on the nature of these accruals, please? Yeah, this also includes some bonus variable payments, so to say, which are coming out lower this year than what we expected. Okay, thank you. On this EUR 10 million differential. For the payment in November, that I am guessing will come from cash on hand. You mean the price from the minority shareholders? Exactly, EUR 252 million- EUR 242 million, the EUR 10 million. Exactly, the EUR 10 million comes out of cash then in November. Correct what you are saying. Okay. Are you able to give any details on the EBF acquisition as in the amount to be paid and also if you have received any proceeds from the sale of the abrasives business? Both were in Q4, so I cannot see them in the cash flow. Yeah, I mean, you know that. We have gone out for financing, for additional financing, private tap, as I mentioned, for EUR 60 million. We will not pay the EUR 60 million for this business. The exact amount we will get back then in the Q4 reporting. Yeah. Okay. Lastly, I believe your hedges on the floating rate, that instruments that. Was. The program finished in September. Can you let me know if you have any hedges, interest rate hedges for the floating rate part of your capital structure, please? Yes, we have. We've renewed them, basically, right now at the end of Q3. We have interest rate hedging also, basically, in our financing, let's say, structure. If you could give us the levels, how long for each instrument, please. Okay, I have to get back to you on this one, yeah? Okay, I'll touch base with Johan. Thank you very much. Yeah, super nice. We'll touch base. Thank you. The next question comes from Samu Will Holmson from Nordea Markets. Please go ahead. Hi everyone, and thanks for taking my question. Perhaps touching base on the performance materials cluster, the earnings development there experienced quite a significant increase now in Q3. Could you walk us through what were or are the key challenges there, if there's anything in addition to the weakness in the release liners, as I guess were highlighted already in Q2? In case you have initiated any measures to improve the earnings of that segment, would be nice to know. Yeah, let me give a little bit of context. I think we said in the last quarter, the reason that we pulled it out, one is, of course, the release liners business. As Niklas said, just in terms of the general market right now, is down. When it goes down, we see that it does go down pretty dramatically. Release liners, I would say, there's nothing in the business other than the market volume, because it's actually a release liner business. It's a good business, it's high quality, we've got innovation there, but the market is down and it's more performance-driven than specialty-driven. When you look at the other business unit in there, which is our beverage encasing business, when I reference that we see opportunity to really drive better operational efficiency, it's within that segment where we've had, I think we've got opportunities from an operational standpoint in one or two of our manufacturing lines, where we are actually debottlenecking as we speak to actually drive performance and quality in that segment. I would say that the beverage encasing one is more on our own operational. Efficiency opportunity, whereas release liners is more market-driven. That is why I also say that when we look at the ambition of the segment, with the investments that we have taken historically in beverage encasing, we see an ambition to get our margins above the double digit. Okay, maybe just a clarification, but did the Q3 numbers in the segment include the figures from the abrasives business? If so, are you able to quantify how much of that negative effect came from the abrasives? I mean, the abrasives business in Q3 was around about EUR 3 million impact. EBITDA? EBITDA, okay. All right. Year to date. Year to date, sorry. Year to date. Year to date, not only Q3, Q3 was a little bit lower, but year to date, EUR 3 million. Okay, thank you. Appreciate it. No other question from my side. Thank you. The next question comes from Charles Spelina from Lord Abbett. Please go ahead. Hi guys, thank you for the call. Could you please tell us what Q3 sales and comparably EBITDA would have been, excluding Stevens Point, constant currency? Stevens Point has generated in Q3. EUR 18 million of EBITDA. Yeah, but on the other hand, if you compare to last year's quarter, there was Aspa still in there with EUR 6 million. So on the balance, it's EUR 12 million in terms of EBITDA coming from the Stevens Point acquisition, -, of course, the Aspa side. Got it. Thank you. Could you also please disclose what that leverage will be pro forma for the EBF acquisition? No. I mean, we took on the EUR 60 million right now, so to say, on top, so to say, but there's no material change of leverage to be expected right now going to next quarter. Understood. Thanks. Any commentary or trends or observations on Q4, please? You know what? We do not do the outlook, which I always have to say. I think we still see the market being soft. I do not see that changing at all as we head into the last quarter. I do want to say, as Niklas pointed out, the revenue declines come from a few of our business units. We showed pretty solid growth still in some of our filtration, our life science, our medical. Food was flat. I think that is really how we see the market right now. I think the one question could be where December might end up, just from a customer standpoint. I would say markets remain soft. We definitely do not see an uptick. The good news is we have got the portfolio of the business. Hence you have seen in Q3 how resilient that actually is. That is also what we expect somehow in Q4. Thank you. Final question for me, please. The IPO that has recently been rumored, is that a distant target or is that something that you are already working towards? Let me jump in because I think we have always said our shareholders, in terms of Bain Capital, they always hold the portfolio for a period of time, five to six years. Next year will be their five year. There is nothing more to actually add from our side on that situation. Okay, thanks. Thank you. The next question comes from Andrew Ling from TPG. Please go ahead. Hi guys. Most of the questions have been asked, but just on, just sort of CapEx guidance, you sort of said EUR 160 million in line with last year, sort of implies close to EUR 50 million for Q4. I wanted to just cross-check that. B, you've just kind of made an announcement that you've made plans to install a new biomass boiler. Can I just get a sense of what that might mean in terms of CapEx and what the phasing of that might be? Yeah, in terms of CapEx, as said, I mean, we are heading towards the roundabout EUR 160 million, as said. I mean, this does not change. Please acknowledge that's including Stevens Point, of course. We have a significant new plant in our portfolio, so to say, but we're staying on the same level as last year. I repeat there, EUR 160 million will be the number. On the biomass boiler, that's something which does not have an impact this year nor next year. It then will come into play in 2027- 2028, and it will be a lease structure, so to say. Therefore, you have to compare, of course, the cash out will be then over a couple of years. Of course, the balance sheet will be hit then, but not this year, not next year. It will be a topic of more or less target right now, 2028. Okay, great. I just had one follow-up on disposal of abrasives. I mean, are you able to just disclose what the EBITDA impact of that might be, just so we can get a sense of what the + and minuses might be for Q4? I was a little bit surprised to kind of see you take an impairment on that one. Yeah. For Q4, so to say, we don't foresee, we have not foreseen a big profitability impact to our P&L there. Therefore, there's not a big impact to be expected from this side. On the other side, as said, we invested it in Q4, so to say, and we will report more on it in the next quarterly report. Okay, great. That was it for me. Thank you. 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 chat box here. The first question concerns the last twelve months adjusted pro forma compared with EBITDA. Can you give some more details around the reason why it softened a bit? I think I mentioned it already. Basically, two reasons. One is the fixed impact, of course, further weakening of the dollars. The other reasoning is that now Aspa went out with EUR 6 million. Those two factors basically are mainly driving this drop of EUR 9 million, basically, you see on the LTM adjusted pro forma EBITDA. The next question concerns our exposure to the electrification segment. Helen, would you like to comment on that, please? Yeah, as I mentioned just in the divisional overview, within our protective materials, one of the business units there is technical materials. There we supply the electrotechnical material. I actually do not have the exact revenue information for it. We can definitely come back on that. Of course, it's part of that business unit. In the whole context of Ahlstrom, it's still not as big as we'd like it to be, that's for sure. It is an area where we are starting to work much more downstream with some of the end users in that segment. We're definitely looking at the capacity requirements that we see. We see this as one of the growth levers for us as we move forward in the future. Let us come back with the specific exposure, but it's definitely one of the growth levers and areas for investment for us in 2026-2027, because, of course, we see where that demand is going for our products. All right, the next question is on MOVC. Niklas, to you, would you like to give a sense of the size of the impact from lower fiber cost to MOVC? Yeah, compared to last year's quarter three, we definitely see a drop. One-digit drop, percentage points drop basically in fibers. Also, energy a little bit lower, chemicals higher on the other side. It is a little bit of a mix, if you want to say. Of course, with our pricing strength, so to say, we are trying to keep the prices despite, let's say, lower raw material pricing at the same level. Therefore, there is an impact. I cannot tell you right now the exact number, but there might be some positive impact. On the other side, we had also chemical, let's say, increase. The next question concerns the market fundamentals. Can you, Helen, please give an update on the U.S. tariffs and also some indications on the trends in the market regionally? Yeah, so I think we've said quite a few times that in terms of the U.S. tariffs, specifically in the business, we don't see a specific impact for us. In fact, it's the opposite because we've got an extremely strong local-for-local philosophy when it comes to manufacturing, when it comes to supply chain. That is really recognized and highly appreciated by our customers, especially our regional footprint. What I will say, like I think everybody else will say, of course, the whole tariff situation is not helpful in terms of the, let's say, the mood, the underlying mood in the market and the industry. Specifically for us, we definitely don't see any specific for Ahlstrom impact, quite the opposite in terms of tariffs. Now, what I would say for each of the regions. I think from the growth dynamics, we certainly see good growth in Asia-Pacific. Across our business units, particularly in our filtration and our life science business, where we've got a really solid footprint. Good branding, strong growth in Asia. We expect that to continue. Actually, in Europe, we also see pretty okay. If I look across the business units, in the U.S., a little bit softer in our filtration business. Food, both US and Europe, okay. Nothing that we're too worried about. Again, against a backdrop of a market that is soft. It's not a growing market, but actually how we're doing, where we're doing is relatively okay. We don't see a big difference in food between Europe and the U.S. I would say predominantly in filtration, a bit slower in the U.S. than Europe and pretty buoyant in Asia-Pacific. The next question concerns factoring levels. Niklas, would you like to give an update on the situation end of September? Yeah, end of September, factoring level was, let's say, the non-recourse factoring, EUR 205 million. The customer financing on top, basically, programs round about EUR 150 million and some. Recourse factoring round about EUR 7 million. It is not the big one. Altogether, if you want to see, it is round about EUR 360 million in terms of factoring at the end of September. The next question is about the recent acquisition EBF in the U.S. Would you like to comment on the profitability and EBIT levels? Yeah, more than group average. We brought another nice strategic, as Helen already also talked about. The element for us and the profitability is, of course, above our group average. We will, of course, talk about more in the next report. Yeah, we'll bring it back in Q4. Given the press release was out, we wanted to make sure that we brought it in to the communications. We'll bring some more details on EBF into the Q4 results. The last question in the chat box here concerns the discussions with rating agencies. Did we have any such? Would you like to comment on the most recent discussions? Yeah, I mean, we are in constant contact with our rating agencies, especially, of course, also we give them always heads up when we are stepping into new acquisition decisions. In this context, of course, also enlarging our financing exposure like we did right now with the financing of Stevens Point and right now also with the additional TEP of the EUR 60 million for the EBF transaction. To be clear, I mean, you notice it, of course, unfortunately, Standard & Poor's as well as Moody's have downgraded us with the acquisition of Stevens Point and the $600 million financing package, acknowledging that our underlying performance is really good, so to say, and they completely understand the strategic part of this acquisition. Due to the uncertainties in the markets when we did this in Q2, they clearly said they had to downgrade us. We are in constant contact with them, basically, to, let's say, get our rating back. It takes now a while, basically, of performance, also showing the synergies. We have promised, so to say, on the Stevens Point deal, which are, by the way, at the moment higher than what we basically based our calculations on. I think it's just a matter of time right now when we get, let's say, again our original, let's say, rating. We are in constant contact with them every quarter. We have a call with them, so let's say open conversation. Very good. There appears to be no further questions in the chat box and no further questions on the line. I'd like to hand over to you, Helen, for final remarks. Yeah, just thanks, everybody. Pretty interactive session, so appreciate the engagement and the questions. Wrapping up with just saying we're pretty proud of the solid Q3 performance and also the strategic execution of the agenda that we're driving. You can see actually the impact of the strategic choices that we're making on our M&A front and looking forward to actually talk to you the next time, which will be to wrap up 2025 and Q4. Thanks, everybody. Thank you. See you soon.