Good afternoon, and welcome to Ahlstrom's third quarter 2026 earnings call. My name is David Brilleslijper, Ahlstrom's Head of Investor Relations, and joining me here today are Ahlstrom's President and CEO, Helen Mets, and our CFO, Niklas Beyes. Following the presentation, we will open the line for questions. You can submit your questions either online or by phone. With that, I will hand over to Helen Mets to start the presentation. Helen, the floor is yours. Thank you, David, and good morning and good afternoon, everyone. Looking forward to share the Q3 results with you today. Happy to start with a headline that we've continued our profitable growth in the quarter. We've sustained our high margins, of course, supported by the strong execution across all of the businesses on our strategic improvement initiatives. Net sales were up 2% to EUR 758 million. If we look at it on a like-for-like portfolio, growth of 4.2%. Given the economic environment, I think this growth shows the strength of how we're driving our innovation-led opportunity pipeline, and really the laser focus that we've got on our commercial excellence. Comparable EBITDA was up 2% at EUR 142 million, with strong margins of 18.8%. Actually, when you look at our three core divisions, we show a 10% increase in comparable EBITDA, and the margins 21.1%. Incredibly strong and up from 19.8% in Q3 last year. Again, I think just a really great reflection on how we're driving our strategy execution. MoVC reached another record high. Again, this is driven by our mix, so our drive towards our differentiated products, so growing our specialty products in combination with the pricing and the procurement. Cash flow was solid, so we improved to EUR 50 million in the quarter. As we already announced, we refinanced our dollar term loan in early July. So actually feel in a very comfortable position for the coming years in terms of the financing of the company, which of course, Niklas will go into a little bit more detail about. If we can go to the next slide. I've introduced in the previous calls throughout the year the strategy, and I do want to say that this brings a lot of clarity to our organization around the world, and it's really ensuring that we do execute with discipline, which you really see in the financials every quarter. Of course, our first pillar is where to play, so we're constantly challenging the portfolio choices. We're focusing on the segments where we know our technology is differentiated and where we can create value. I think a couple of nice proof points, we divested the abrasives at the end of last year. The most recent acquisition of EBF, I think are just good ways to show how we're driving that first pillar. Then, when we've chosen where to play, we're continually heavily investing in our growth capabilities. That second pillar is what we're laser focused on, is really building that opportunity pipeline through our innovation launches, through our commercial excellence with Safe and Sustainable by Design innovations. As I've said before, everything that we're launching these days are more safe or more sustainable than the products or the application that they replace. We're now close to 68% of the entire portfolio being Safe and Sustainable by Design. As always, I'll show you a couple of the cool applications that we've launched in the quarter, but this is really driving the growth dynamic of the company. Then the third pillar, which is our operational powerhouse. Of course, this is where we're producing our Safe and Sustainable by Design products. Laser focused on the safety, our productivity/cost, and continuous improvement. Again, if you think about this pillar, earlier in the year we announced measures to improve our footprint and our cost competitiveness. We executed the Radcliffe closure at the end of Q1, the Mosinee pulp mill closure at the end of Q2, and the two paper lines in May and August. So those really right-sizing opportunities all executed, all delivering now in Q3, in Q4, and beyond. The other thing that I just want to talk about today with everyone is actually the AI agenda, which is now playing heavily into the company. I always say it is wrapped around those two strategic pillars of growth and operational excellence. So we're really focused on: Where is the business cases? Where are the value creation? We've got four buckets. The first is in our employee effectiveness. Really what we're doing here is we are getting the tools into the hands of as many of our teams as possible. So getting people to play and to experimenting, ensuring that we've got hands-on learning, but also that we're building the AI workforce, the workflows, and the agents to free up time for our people to focus on the, I would say, the higher value activities. The second bucket is where I think a lot of companies are going after right now, and that is driving efficiency. So in our functions, we're automating where we've got transactional work. So think about touchless invoice matching, AI-enabled recruitment, agentic IT operations, so moving from reactive to self-service. I think these are, of course, all paying off, but the area where we differentiate ourselves are in buckets three and four as Ahlstrom. In bucket three is where we're really accelerating our differentiation. These are things where we're looking at the margin expansion. I talked already about Recipe 2.0. This is something that now is actually core to how we're driving our United Savings. So you see how we're optimizing the recipes in the products across the plants that feed into our United Savings, which are showing in the P&L. Finally, if we go into bucket number four, this is where we're looking at the future growth levers. Here we're seeing success in things like our R&D, so predicting formulations, shortening development times, but also in operations. We've got a couple of big pilots where we're focused on assets where we know if we can improve maintenance, improve OEE, we can actually sell more of the capacity. We've got some really good, strong proof points coming in through AI. I think what we're seeing as a company is we've got a huge amount of value in the data, in the processes, and in the people. If we're matching that with the digital, the AI, and the technology, we're coming across some really great. Certainly more to come on that in the quarters ahead. Let me wrap up before we get into the financials with a couple of the cool Safe and Sustainable by Design innovations that we've launched in the quarter. The first one I think is quite an interesting one because it's more of a partnership. We've actually partnered with a company called Hamilton, and this is where we do the specimen cards. We've got IP-protected specimen cards for blood testing, and Hamilton have lab automation hardware. We've worked together to combine those technologies to make blood testing simpler, automated, and touch-free. Basically, instead of collecting blood the normal traditional way in tubes, you can now do small blood samples collected on Ahlstrom's specialized cards, and then they're automatically processed through the Hamilton automated lab equipment. What this is doing is allowing hundreds of samples without operator intervention. It's greater consistency, it's greater quality, much higher speed. This is, I think, a really impactful example of some of the partnerships that we're now building. Of course, our product gets spec'd into the actual equipment. The second one is two new grease-resistant papers, and this is in the sweet spot of our Food & Consumer Packaging. The first one is actually designed so in addition to grease-proof, is also adding moisture. In those applications where the food has more moisture content, it's a new capability, it's a new application that actually allows our customers that flexibility. The second one, Ahlstrom Grease-Gard PRO, is aimed at hot foods. Think about burgers, sandwiches, burritos, where actually you need to also ensure the heat as well as the grease resistant. Here we're moving into applications that actually allow our end customers to replace foil, which is not only expensive, but is also non-sustainable. I think a couple of really great applications in Food & Consumer Packaging. Then the final one is Cristal and Cristalline, which again, I talked quite a few times about our ability now to dial up and dial down the transparency of paper. We're really hitting some extremely significant milestones when it comes to transparency, and you can see we picked up a couple of really nice applications, one in actually bread packaging, where you can actually see the bread it's replacing plastic, but then also in garments. A nice contract in actual garment packaging. Again, what I think is really super cool about this is these are papers, they're sustainable papers that replace the use of single-use plastic. I think some really great innovations that are coming out the pipeline, which again, just reinforce the growth lever of Ahlstrom. With that, I'd love to hand over to you, Niklas, so that we can talk through the financials. Yeah. Thank you, Helen, and good afternoon. Welcome also from my side to our third quarter earnings call. Q3, as Helen mentioned already, was another strong quarter by Ahlstrom. We delivered continued profitable growth, sustained a high margin level, and generated strong operating cash flow despite a volatile market environment. Let's start to look at the top line on page or slide seven, so to say, and I would like to call out here four key messages. First message, the reported net sales increased by 2% year-over-year to EUR 758 million, which is EUR 15 million higher, EUR 15 million higher than last year, Q3. Second call-out, the adjusted sales for portfolio changes, which as you might remember, we have divested the abrasives business unit by the end of Q3 last year. Taking this into consideration, the net sales increased even by 4.2% year-over-year in Q3, and this reflects really the strength of our current portfolio and the continued execution of our innovation-led opportunity pipeline in volatile market environment. Third call-out, on an LTM basis, the net sales increased to EUR 2,985 million, coming from EUR 2.970 billion at the end of Q2. Fourth call-out, our three core divisions are representing 81% of our group sales. You see this on the right-hand side, how it's composed of. We have a balanced portfolio with the, let's say, biggest segment of Food & Consumer Packaging with a share of 31%, while Filtration & Life Sciences and Protective Materials each represent 25%, and the Performance Materials Cluster representing 19% of sales. Not to forget, roundabout half of our sales are generated in the U.S. If we now look at the next page, how the sales translate into profitability, we look at our comparable EBITDA, let's say, development, and also here, four key messages from my side. First message, comparable EBITDA increased by 2% to EUR 142 million in Q3 this year, compared to the EUR 140 million we had in Q3 last year. One call-out here also, in addition, we have to consider that last year in Q3, we included some accrual releases, and if you take them out, basically, the underlying EBITDA growth is even 10% year-over-year. Second call-out, the comparable EBITDA margin remains strong and stable at 18.8%, basically, and sequentially, the margin improved from Q2 this year to Q3 by 0.7 percentage points, coming from 18.1%- 18.8%, despite a lower level of sales, which is quite typical in Q3 versus Q2. Third message, on an LTM basis, the comparable EBITDA increased to EUR 506 million, coming from EUR 504 million, and the margin remained at 17%. Fourth message, the core divisions continue to strengthen. I mentioned this already. Their comparable EBITDA increased by 10%, and the margin improved from 19.8%- 21.1%. We will see more on the next slide, basically, when we look into the profitability of each of the segments. Overall, we can say it demonstrates again, really the quality of our business of this quarter, resilient earnings, strong profitability, continued benefiting also from the implemented strategic improvement initiatives and our procurement and operational excellence. Let's have a look on the next page, as said to the profitability, let's say, of each of the segments. We see here that overall, the EBITDA increased of the core divisions, of the three core divisions by 10% to EUR 133 million, coming from EUR 120 million. The combined comparable EBITDA margin improved to 21.1%, coming from the 19.8%. If you look now to the different segments, four segments, we start with Filtration & Life Sciences, making up 40% of the group EBITDA. Again, here, remaining at a very high level. We have the highest margins here in the group, which are, let's say, between 24% and 25%. If you look at it year-over-year, the absolute EBITDA increased by 2%, basically, whereas the, let's say, relative EBITDA margin basically decreased due to, let's say, an unfavorable mix, having lower sales in the U.S. with a stable, let's say, volume in Europe as well as in Asia. Lab & Life Sciences performed very strongly here on this side. Again, very strong and stable business as we see here in each of the quarters. Food & Consumer Packaging delivered, let's say, a very strong earnings growth. As we see here, it's the first time above the 20% here with 20.3% EBITDA margin. Very successful, very much supported by the strong volume growth and the commercial momentum, particularly in the U.S., so to say. It all demonstrates here on Food & Consumer Packaging, our work across the value chain, including our converters to bring our fibers into the packaging brands. If you look to the third segment, we clearly see here, Protective Materials improved, let's say, with the highest jump, if you want to say, 3.2 percentage points up to 19.1%. Now, if you look at sequentially, we started with 14.8% in the first quarter, 16.4% in the second quarter, now 19.1%. So let's say substantial growth we see here due to, of course, improved, let's say, on the one side, let's say better productivity, less one-time operational issues like we talked about last year. A favorable mix and, of course, also the completed footprint actions, which supporting here the result and talked about it again, of course, specifically the closure of the pulp mill and the two lines in Mosinee. We can clearly say here in Protective Materials, the strategy to move into more specialty products basically clearly pays off. Of course, still, the building and construction market is muted, but it is clearly overcompensated here with all our actions we have taken in terms of mix footprint, let's say, actions as well as the favorable mix in general. If we look now to Performance Materials Cluster, it also improved substantially coming Q1, 3.9%, Q2, 6%, and now 8.4%. This substantial increase is also due to improved productivity, disciplined cost management, basically here in this segment. It clearly pays off that we separated this cluster, basically, that we put a separate cluster in place to focus on operational excellence. Overall, we can say it's a broad-based positive development here for our profitability. It's not single segment-based, it's across the board, so to say. Therefore, I think a very resilient portfolio we have here in place. If you now look at the, let's say, main profitability driver, which is our MoVC, let's turn the page and look on slide 10. MoVC, margin of variable costs, basically, per ton here, achieved another record high with EUR 1,150 per ton, and basically behind it are the three drivers. Also mentioned already, for one, the portfolio mix improvement and the portfolio choices we have made. Second one, the world-class pricing capabilities we have put in place. The third one, of course, the transformation initiatives which having been implemented are and are contributing on a continuous basis. Let's start with the portfolio mix. We clearly see here the shift towards the higher value specialty products in all segments. Of course, this is also supported by the acquisitions we have done last year in Filtration & Life Sciences and Food & Consumer Packaging with EBF as well as Stevens Point. Second big driver, the pricing power, and we are leveraging here our leading market positions in several niches, so to say, and our quality over price specialty products. So we are selling really value over volume, basically, and that is really represented by our MoVC you see here on this page. With this, of course, we have strong pricing and strong cost pass-through strategy in place, basically through price adjustment clauses supported by our product differentiation. Of course, to a part 25%-30%, we have index contracts. The rest, the remainder is commercially renegotiable. Third lever and third driver is our transformation initiatives, for one, the United Procurement Saving program, of course, mentioned several times already today in the call also with the core element also and really AI accelerated right now, the Recipe 2.0, like I mentioned already. The data-driven optimization of the input mix to identify the most cost-effective material mix, basically, which goes into our products. Second big topic here is the operational excellence, of course. Operational excellence also continues to deliver, for one, savings. On the other hand, also OEE improvements, so let's say efficiency improvements on our equipment, basically, which come even more into play the more volume growth we see basically, and the more capacity is being utilized. Let's now have a look into the bridges year-over-year for the main KPIs. Let me start as always on the left-hand side. On the sales side, we have increased our sales on a reported basis by EUR 15 million and 2% to EUR 758 million. As mentioned, if we look at it like for like, if you take out the divested abrasives business, which we divested at the end of Q3 last year, it's a 4.2% growth we see here. You see the main drivers here, it's for one, volume, which is really, I think, to be called out in volatile market environment. So volume growth. Price and mix growth, basically, we had some tailwind from the foreign exchange rate overcompensating, of course, some of the M&A, let's say, which is going down, as said, because abrasives being out of the numbers here. If you look in the middle part of this page, we see the group comparable EBITDA development, EUR 2 million growth, 2% growth, basically, EUR 140 million- EUR 142 million, 18.8% of EBITDA margin last year and this year. However, again, please let me call out that last year we were benefiting from accrual releases, which if you really take them out and look at it like for like, we look here at a 10% growth quarter last year, quarter three last year to quarter three this year. But you also see that volume, of course, is contributing to the EBITDA growth. Margin of variable cost very much contributing another high record. I just mentioned it. Last but not least, you see the big bucket there of FX and others, and that's basically due to this, let's say, more or less due to this accrual release we did last year. If you look at reported EBITDA, and this transports basically also into reported EBITDA, besides the growth on the operational side, which we see already in comparable EBITDA, we add another, let's say, EUR 8 million due to the lower IAC, the lower items affecting comparability in Q3, ending up with EUR 134 million for the quarter three. How does it look like sequentially? I already mentioned it briefly. Sequentially, we see Q2 2026- Q3 2026 here, absolute wise on the same level. However, due to higher sales we had even Q2, and then in Q3, the margin has grown by 0.7 percentage points to 18.8%. You clearly see there the volume, of course, the sales has decreased, which is quite normal if you compare Q2- Q3 due to the summer month in Q3. The margin on variable cost, of course, gave us a positive push and the big lever here, you see FX other, and behind this are all our strategic improvement levers initiatives. We have now implemented closure of the pulp mill Mosinee, the two lines, as well as also the closure of Radcliffe. In U.K., those strategic improvement initiatives are here reducing the cost, basically helping us to keep EBITDA, despite of lower sales, on the same level as in Q2. Now let's look also ahead on the next page into our adjusted EBITDA. The typical bridge we are always showing here is the reconciliation from reported EBITDA to pro forma adjusted EBITDA, always on the last 12-month level. We start with the reported EBITDA being EUR 10 million higher than, let's say, Q2 of this year, the EUR 396 million. We are adding in the first step the items affecting comparability, EUR 110 million. The major topics there, of course, are our structuring accruals and costs we booked, and other legal costs in this context, so to say, in connection with the, let's say, strategic improvement initiatives, closure of Mosinee, part of Mosinee, as well as closure of Radcliffe, of course, being reflected here. On the other hand, also transaction costs, which are related to the refinancing of our U.S. and euro term loans over the last 12 months, as well as also the minorities squeeze-out we have done in Q4 last year. So we're arriving then at the comparable EBITDA of EUR 506 million, with a 17% margin, and then we're adding basically all the saving initiatives which are to come going forward. You clearly see here these initiatives 2024, 2025, 2026, 2027, so to say, where they are expected to be harvested within the next, let's say, 24 months. You clearly see that the 2025 and 2026 initiatives are, let's say, more and more harvested right now, which is a typical development. Now coming more into play the new 2027 initiatives, which is also very much in line with our procurement department, starting right now in the second half of the year with all the supplier negotiations for next year, 2027. Therefore, here a clear upturn. At the end, we are arriving at an adjusted EBITDA of EUR 598 million and a 20.1% margin, which is more or less on a constant level compared to Q2 this year. With this, let's have a look into the cash and cash flow of the last quarter of Q3 quarter. You clearly see here on this page the stable operating cash flow in Q3, driven by the operational performance. On the right-hand side, you clearly see the stability of the + EUR 50 million we delivered over the last four quarters, which is, by the way, in Q3 versus Q3 last year, an EUR 8 million step up on the operational cash flow. On the left-hand side, you see with the indirect cash flow bridge clearly that between comparable EBITDA, reported EBITDA, there's not much difference due to a low items affecting comparability number here for Q3. Working capital remained stable and of course, the typical interest tax payments then, of course, being deducted. We are arriving at a net cash flow from operational activities with EUR 50 million. After that, of course, the CapEx with EUR 40 million very much in line with our expectation and very disciplined. We see this on the next page is, by the way, EUR 10 million lower than last year in Q3. On the other hand, we had net cash from financing a + EUR 20 million basically coming from our add-on, which we did with the refinancing of the USD term loan. Let's have a closer look to the CapEx and net working capital development in Q3 on the next page 16. You see on the left-hand side a very disciplined CapEx spend. It continues around the clock. You see that we are EUR 10 million below last year's Q3 with a EUR 40 million spend we had in Q3. Together with, let's say, all the other quarters this year, we are year to date at a CapEx spend of EUR 104 million. Last year, at the same time, we were at a spend of EUR 114 million. So we are EUR 10 million lower. It clearly speaks that it's a very disciplined and normalized, let's say, CapEx spend here. We will see also for the full year. On the right-hand side, group operating working capital higher than at the beginning of the year. Very clear because we have higher business activity also compared to the muted second half of last year, if you want to say. So higher receivables, higher inventories, as well as also higher operating payables. If you compare Q3- Q2, the balance out of these three elements, basically we decreased by another EUR 8 million also due to our, let's say, cash flow and net working capital actions we have in place. Finally, let's have a look at our net indebtedness and leverage. It's not a big change. You see very constant at 4.4 our leverage with an indebtedness at EUR 2.64 billion. Of course, we are focusing continuously on our deleveraging. On the other hand, you know that we have refinanced our USD term loan in July, basically in early July, with extending the maturity to 2030. With this also an add-on we put into place to the whole amount. Meanwhile, we are basically 80% of our, let's say, financial debt, including also with the RCF extension, are now being refinanced, so to say, or extended with a maturity up to 2030. So that gives us, of course, a lot of right now also flexibility. It's needless to say that we continue to monitor the capital markets and also remain opportunistic in managing our liquidity, the capital structure, and also the maturities of our debt, if you want to say, to do, let's say, steps on a timely basis. Specifically when it comes to bonds, we have still enough time basically to address them. And on the other side, we are staying clearly flexible and very cost efficient. That is from my side around the numbers. With this, I would like to head back to Helen for the conclusions. Thanks, Niklas. Let me just wrap up with the headlines. Continued profitable growth and sustained high margins, and I think as we have gone through the presentation today, you can see it is supported by the two levers. One is our opportunity pipeline, which I think is. We certainly see quarter over quarter the fact that we are launching, bringing innovation, commercial excellence is really driving that growth in what is a pretty volatile environment. Secondly, the lever of our strategic improvement initiatives. So laser-focused on controlling what we can control, and it is resulting in continued EBITDA growth across the divisions. Now, I do want to acknowledge at the same time, the environment is volatile. So particularly I would say in the quarter, we did see the energy costs, particularly in Europe with the increases. So I do want to acknowledge that. However, for us, the impact is managed because it is managed through our hedging policy, our pricing, and our surcharges. So I have to conclude by saying, incredibly happy with the Q3 results, proud of the teams around the world, how they are delivering and executing. So as we go into Q4, we go into Q4 from a really solid position. With that, we would love to open the lines to Niklas and I for Q&A. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Samu Wilhelmsson from Nordea. Please go ahead. Hi, and thank you for the presentation. Three questions from my side. I will take them one by one. First of all, the U.S. and U.K. footprint actions, you said that they are already contributing savings. Can you quantify how much the expected run rate benefit is already visible in the Q3 EBITDA and how much it remains covering 2027? Yes. We are talking about Mosinee and Radcliffe. On the Radcliffe side, basically, we are harvesting already the complete amount, basically. It is around about, let's say, EUR 4 million per year, if you want to say, we are saving there. On the Mosinee part, so to say, we have seen so far EUR 3 million being harvested. Of course, the number is for the full run rate, of course, higher a double-digit million number. All right. Thank you. On the margin of variable cost per ton, it obviously reached a new record. If raw material, energy, or logistics inflation were to accelerate from now on, how quickly are you able to reprice and where do you see the pass-through could be, for example, the most challenging in case this kind of scenario happens? Yeah, let me answer that one because I think, to me, the margin on variable cost per ton, it is our key metric, and you see it quarter over quarter, we continue to evolve and grow it. I think, of course, I recognize that the energy, the pricing, the volatility in energy continues. What we do though is a couple of things. One is, of course, we have our energy policy, so we are hedged to a degree. Secondly is we pass through energy either in pricing or in surcharges. I would say it is a little bit of a mix. Basically, as a company, a lot of our products are highly differentiated. We are spec'd in, so we tend to be able to pass through and manage that volatility. I think also the margin on variable cost per ton is impacted by the mix shift that we do, and we have still got some of that mix shift opportunity within the divisions. I think Niklas mentioned in our Protective Materials, we are still on that journey. I would say just overall, we have got a strong positioning to be able to pass through and manage the volatility that we see given energy. As we have proven in the past. What I will add, we have proven in the past. What I will add, I would say the release liner business for us, which is in our Performance Materials Cluster. That area is more, I would say, performance driven rather than specialty driven. There we have always got to manage the balance of the volume versus price piece of it. So that is why we have, I would say, a little bit more of the sensitivity. All right. Thank you. I think you also answered well to my next question, but I would still do a quick follow-up that because I guess the volumes were a bit down from Q2, so sequentially. Where do you currently see the greatest volume risk across the portfolio with that? Yeah, I think just because the best comparison is looking over quarter-over-quarter because we've got an element of cyclicality in the business, which we always have to take into consideration. I think maybe I can just give a little bit of a, while we don't give an outlook for the fourth quarter, I know I always get asked the question just around, "Hey, where do we see the markets developing?" So I always like to give a little bit of color. And I think, overall right now, I always give a bit of the caveat that the visibility is pretty volatile, but where we see the evolution right now, I think, is pretty similar to how we've seen Q3. In Filtration & Life Sciences, we still see strong pipeline in our Europe and APAC, but U.S. still remains pretty, I would say flat and muted. We certainly are not seeing something improving in Q4. If you look at our food business, we've got an incredibly strong pipeline in the U.S. Picked up some really nice large contracts in the U.S., so pipeline looks good also as we're heading into Q4. Europe's a little bit weaker, I would say both in terms of the pipeline and a little bit maybe of de-stocking in Europe versus the U.S. Building and construction, where, of course, we've got some exposure too. We don't see any uptick in building and construction. However, in the U.S., where we put our glass fiber tissue line, which is really in the sweet spot of building and construction applications, our sales force are winning new opportunities. So actually we balance a little bit the pipeline with the market there. And of course, our electrification business keeps growing, so that's positive. I think overall, when you look at where we're positioned now as a portfolio at Ahlstrom, I always say we've got about 50% of the portfolio is exposed to consumer, 50% is industrial. It's really well-balanced across regions. Therefore, we've got a pretty balanced portfolio as we look into Q4. Of course, I think, let's see December in terms of where customers do their stocking, et cetera, but we're feeling pretty okay as we head in. All right. Understood. Thanks. That's all from my side. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more phone questions at this time, so I hand the conference back to the speakers for any written questions and closing comments. Okay, then. Thank you. I will take a couple and hand them to you actually, Niklas, the first one. The first one is, what was the balance of factoring and reverse factoring outstanding at the end of the quarter? I think we can combine it with the second one. That is the same question. I mean, the outstanding balance of non-recourse factoring by the end of the third quarter is EUR 207 million. Our supply chain financing or customer financing basically is another EUR 152 million. And the recourse factoring is at EUR 12 million by the end of Q3. That should answer the first two questions. Yeah. And also the third question. Yeah. Can you refresh the CapEx guidance for 2026 and any comments for 2027? Yeah. No, we are anyway as head year to date, as mentioned, EUR 104 million compared to the EUR 114 million we had at this stage last year. If you consider that Q4 is always a little bit backloaded, the whole CapEx structure would count for another EUR 40 million- EUR 50 million, so we would be in the range between EUR 150 million, EUR 160 million, so to say, which is also the target amount basically for next year. How will you approach the 2028 bond refinancing? As said, we have time, so to say. We don't have to rush right now. We are, let's say, looking into the market. We are monitoring the market, so to say. Time comes that we will also attack this, so to say, but as said, we have time for this for going into the next year. Energy cost. Question. How much is hedged? Yeah. We have a hedging policy, so to say, which says clearly that two thirds or 60%, 66% basically are hedged for the first 12 months. Then the, let's say month 13- 24, another 33%. I think the year-over-year growth in EBITDA, you already explained by excluding impact of M&A. That is the 10% basically for Q3. Yeah. That is 10%. The year-over-year organic growth in EBITDA, if you take the impact of M&A is I said the 10% because considering these accrual release, you have to clearly say from the abrasives business, the result of the last quarter before we basically sold it was more or less zero. We do not have any more questions. I suggest we wrap up. Thanks everybody for the time. Looking forward to talking to you early next year actually, on the Q4 results. Thanks, everyone. Thank you very much. Bye-bye.