Good afternoon, and welcome to the Attendo Capital Markets Day 2026. We will spend the upcoming 2.5 hours together, and there has been a great interest in participating today. Before we start, thank you for your great interest and for your support, both in Attendo and for a growing Nordic care sector where Attendo really makes a difference. My name is Josefine Uppling, and I am the Communications and Sustainability Director at Attendo, and I will do my very best to guide us through the agenda of the day. Today's speakers are our President and CEO, Martin Tivéus; our Managing Directors for Finland and Scandinavia, Virpi Holmqvist and Malin Fredgardh Huber; and our CFO, Mikael Malmgren. Let's just have a brief look at the agenda before we kick things off. Martin will start with an introduction of Attendo, walking us through our journey, our achievements so far, our strategy going forward, and also invite you to understand our markets and its dynamics a bit better. You will meet our business area directors, and the focus will be on further key insights from across the business, led by Virpi and Malin in the session called Operations & Quality. After a short break, Mikael will dig into our financial performance and growth, and we will end the presentation with a Q&A session. You can, during the full broadcast, post your questions by the chat function. We will come back to that, but you can keep the questions coming, and we will try to, of course, answer as many as possible in the end, of this digital Capital Markets Day. Our presentation will also be recorded, and you will find it afterwards at attendo.com. Well, without further ado, please join me in welcoming Martin Tivéus on stage. Good afternoon. Thank you for joining us today. My name is Martin Tivéus. I've been the CEO for Attendo Group since 2018. Today, we'd like to give you a clear picture of a few things, the long-term opportunity in Nordic social care, how Attendo delivers quality care at scale, and finally, how that translates into sustainable earnings growth for shareholders. We operate in an industry that is fundamentally about people, but it's also an industry where demographics, economies of scale, and innovation are creating a structural growth opportunity for well-run care providers. That is exactly where Attendo is positioned. Attendo is today a leading social care provider in the Nordics, but more importantly, we're a company built around a simple idea, providing better care to more people. That idea captures both our purpose and our business model. Across Europe, societies face a growing challenge connected to demographics. More people need care while public systems are under increasing financial and workforce pressure. Our role is twofold, to provide quality care to each individual, but also to help solve that societal challenge. We do that by delivering more individualized and appreciated care in modern care facilities, places that feel more like home rather than institutions, and where the everyday life of our residents comes first. We combine this care philosophy with a strong operational model that allows us to deliver appreciated and individually centered care at a lower cost to society compared to most publicly run alternatives. That combination is powerful. If we can deliver better care at a lower cost while also investing in new capacity, then society can create more care for every tax euro spent. That summarizes our vision: better care for individuals, more care for society, and sustainable growth for shareholders. Our focus today is on the future for Attendo. To understand our thinking, let's look briefly at our history as a reminder of our journey and what we have accomplished so far. Since the company was founded just more than 40 years ago, Attendo has been an innovation leader in social care. Over the years, we've introduced new ways of improving both quality and efficiency, and I'll just give you a few examples from this slide. In 2005, we introduced the first structured quality system in the industry, AQ zero five. We also introduced the first public quality report in the sector in 2011. The year after, in 2012, we introduced lifestyle-based nursing homes, differentiating facilities and activities in our units based on residents' preferences. About five years ago, we introduced digital communication tools connecting staff with residents and relatives. We also introduced a new holistic quality framework, emphasizing quality of life measurements as a third quality dimension. Most recently, AI tools to reduce administrative time for caregivers and free up more time for care. What's important here is that innovation in our industry, it's not about technology for its own sake. It's about improving the quality of care, give our care staff more time with residents, improving care outcomes, and making care work more attractive as a profession. This mindset continues to shape how we develop the company going forward. Another dimension, of course, of history is growth. From a small startup in the 1980s, Attendo has grown into a Nordic market leader. The revenue development on this slide reflects that journey, but equally important is how the company has evolved. When I joined 8 years ago, Attendo had been on a long growth journey, but we had also suffered from too fast expansion, especially in Finland. In the years that followed, the company managed both the regulatory reset in Finland and a pandemic. Since then, we have fundamentally reshaped the company. We worked through a significant turnaround in Finland. We exited Norway. We have partly exited Denmark and gradually exited the low-priced outsourcing segment and refocused on own operated units, which is now more than 90% of our business. We have concentrated on segments where we can better manage quality, risk, and returns. The acquisition of Team Olivia two years ago strengthened our disabled and individual and family care business in Sweden without changing our strategic focus. The result is a more focused care business based on return-driven growth. With the clear market leadership in social care, a focus on Finland and Sweden, high share of own operated units, and reduced operational complexity. This shift is visible in the numbers. After having managed the new regulatory landscape in Finland and the pandemic during 2018 to 2021, we introduced a new model for sustainable, balanced growth. Since then, we have come a long way in rebuilding profitability but also rebuilding operational strength. We lifted adjusted earnings per share from less than SEK 1 per share in 2022 to SEK 3 per share in 2023. We continued to improve to SEK 6 per share last year, clearly above our previous financial target for 2026. We have achieved what we set out to do. As we presented when we released our Q4 report, we are now raising our ambitions further. Our target for 2028 is to reach an adjusted earnings per share of more than SEK 9. During this Capital Markets Day, we will explain how we plan to deliver that growth. Before discussing our strategy, I think it's important to understand the structural drivers behind our industry. There are a few powerful forces shaping the future of social care. Across Europe, especially in the Nordics, number of people over 85 is increasing rapidly, and this creates a structural need for more care capacity. While demand for elderly care in the coming 15 years will continue to grow steeply, supply of qualified care staff will not grow at the same pace. To address this, innovation and new ways of working are essential. As Swedish municipalities and Finnish wellbeing services counties are obliged to provide citizens with high-quality care services while managing limited resources, need for cost-efficient care solutions will continue to grow. This means that public-private collaboration, that's not gonna be optional. It's gonna be a necessity. As one of the few large care operators in the Nordics, Attendo is part of that solution. To summarize, we believe that we have a very strong position. It's built on a few foundations. Being the leading social care provider in attractive Nordic markets, being a trusted partner to public authorities, providing both high quality and cost-effective care, and having a clear value creation plan forward with ambitious but achievable financial targets for the coming years. This combination of structural demand growth, operational capability, and financial discipline, that's what underpins our growth strategy. With that introduction, let's now take a closer look at the markets we operate in. I'll walk you through the key characteristics of the Nordic social care market, the growth outlook, and why we believe that these markets remain very attractive for long-term investments. We operate in two of the most developed social care markets in Europe, being Finland and Sweden. Together, this market represents around EUR 30 billion in annual social care spending. Both markets are growing steadily, around 5%-6% annual growth in recent years. In both markets, we see a strong demographic tailwind up until 2033, driven by aging population. Looking further ahead, even towards 2050, the demographic trend continues. Across our core markets, we hold a leading market position that gives a scale advantage, strong relationship with public payers, and the ability to continue expanding. In both our core markets, private providers already play a very well-established role. Both systems are tax-funded and decentralized, but the political and regulatory landscape differs a bit. In Sweden, the around 300 municipalities are responsible for social care. We work with many counterparties through a combination of freedom of choice systems, framework agreements, and public tenders. Only about half of these 300 municipalities use private care operators. While the average private share capacity is only around 20%, the private share is higher in municipalities that use private care operators. In Sweden, requirements are also more diverse. Every municipality, every local, political steering decides their own requirements on elderly care, both in terms of staffing density, but also with other requirements. That could be share of organic food, daily activities, specific competencies needed to run a care home in that municipality, and so forth. If we move to Finland, it looks a bit differently. Responsibility for social care was lifted in 2022 from the around 300 municipalities to the newly formed welfare regions. There's 22 welfare regions, including Helsinki. We operate in all welfare regions, thanks to free establishment rules. The Finnish market is also a bit more predictable and less complex than Sweden. That instead of local requirements on staffing in other areas of social care, there is national rules and regulations. That means that the larger and more harmonized market conditions in Finland also enables us to operate with the same model across the country, and that allows for slightly better economies of scale than in Sweden. Therefore, the Finnish care market structurally allows for slightly higher margins than in Sweden, something that is also visible in the numbers. We've received some questions lately from the investor community regarding the political risk, given the upcoming Swedish election, so I thought we'd add a slide on that topic here. If we look back ahead of the previous elections in Sweden, we've become used to the relatively high tone on national level, mainly from the left regarding private welfare companies. Despite the high tone on national level, it rarely matters on the local political level, where the responsibility for care lies and where all decisions about care is actually made. Around half of the municipalities in Sweden chose to partner with private providers for the nursing home capacity. Among these, you will find most of the larger cities, such as Stockholm, Gothenburg, Malmö, Uppsala, and so forth. If we double-click on these 130 municipalities, around 75% of their populations are governed by left-leaning or coalition governments. That illustrates an important point. The need for care capacity tends to override political cycles. Municipalities and their local governments need reliable partners who can deliver cost-efficient quality care regardless of political color. That creates a stable, long-term operative environment. Back to market growth. If we look at the historic development of the market, growth has been very consistent. Growth is broad-based across segments that includes nursing homes, home care, disabled care, individual and family care, and social psychiatry. Importantly, this growth is not cyclical. It's driven by structural factors such as demographics and healthcare policy. In Sweden, social care markets has grown around 5% annually, and in Finland, slightly higher, around 6%. Having said that, in Finland, there was a clear shift during 2022-2023 when elderly care in Finland was transitioned to wellbeing services counties and price levels were adjusted in line with the new staffing ratio requirements. If we look ahead, the outlook remains strong. Both Sweden and Finland are expected to see continued expansion in social care spending over the next decade. Market growth is projected at roughly 4%-5% annually. It's the same drivers. Aging populations, which reinforces the need for more capacity. Labor market dynamics underscore the need for innovation and public finance constraints. That increases the need for cost efficiency. For providers that can deliver quality care efficiently at scale, this creates a very attractive environment. We have talked about aging population being the strongest driver of demand growth in our largest care segment, which is elderly care. Let's dig a bit deeper into that. Today, number of individuals in need of a nursing home is relatively evenly distributed between the two age groups, which is 65-84 in this picture. That's the light blue on the slide. 85+, which is the dark blue. Looking ahead, most of the growth will occur in the 85+ group. People are healthier for longer. That means that they will be able to stay home with home care services for longer. Life expectancy continues to increase, and public finances are under pressure, meaning fewer will likely be granted access to nursing homes unless they really need it. That means that we expect prevalence to go slightly down over the years. By 2023, taking this into account, number of people needing nursing home care is still expected to increase by around 35%-37% in Finland and Sweden. That's a major structural shift. Given the demographics, that amount will also continue to increase until 2050. Finally, worth emphasizing is the private providers deliver strong outcomes compared to public providers, and that across several measures. That includes quality indicators, work environment for employees, cost efficiency. To give you an example, private providers typically operate nursing homes at a lower cost per care day, close to 20% lower in Finland, close to 10% lower in Finland, while maintaining stronger quality outcomes than public providers. This reinforces the case for public-private collaboration. To simplify partnering with private care operators enables public payers and municipalities to offer their citizens a better care at a lower cost for society. Better care for more. That is exactly within that framework that Attendo operates and continue to grow. Now I hand over to Josefine for the next part of the presentation. Please go ahead. Thank you, Martin. Well, now it's time for me to invite our managing directors to the stage. Please join me in welcoming Virpi and Malin. Okay, welcome to the stage, Virpi and Malin. Thank you. Great to have you here. I think before we start, let's have you properly introduced. Virpi, you have been the managing director for Attendo Finland now since 2020. This is actually your second career at Attendo, one can say, because you first joined the company in 2008 as financial director in Attendo Finland, and later you also served as the segment director until 2014. Then you walked away for a couple of years between your two Attendo tenures. You were the CEO of Touhula Group, which is a private provider with more than 100 kindergartens units in Finland. You also worked at Pihlajalinna, a listed Finnish healthcare company, where you served as senior vice president for primary and social care, and you were also the chief financial officer. Obviously, Virpi brings broad and extensive experience from both social care and healthcare services in Finland. There you get the right slide also. Malin, you have been the managing director of Scandinavia for a year now. You have a background as a registered nurse, and you joined Attendo 23 years ago. In conclusion, there is no leadership role in Scandinavia that you hasn't been in, basically. This makes you one of the most experienced business area directors in Scandinavian care. Together, Virpi and Malin have a deep understanding for the very core of care services combined with a strong business acumen. Malin and Virpi will now together take you through the Attendo Way of delivering high quality, cost efficient care. The floor is yours. Thank you. Thank you. I'm really excited to be here today and talk about my favorite subject, welfare, and Attendo in particular. Our operating model is called Attendo Way, and it is designed to help us ensure that we run our business in an efficient and long-term sustainable manner for the benefit of our care recipients, relatives, payers, employees, and ultimately, of course, the society. Attendo Way covers people and organization, including how we secure our common culture and the integration of our values in the everyday work. Attendo Way also covers how we use technology in our operations and what key financial and non-financial KPIs that we use to track quality and financial performance, and it also help us enable early risk identification. Our people are the heart of what we do. Employees are the foundation for delivering care services. We need the right conditions to perform in a good working environment, and we measure employee satisfaction to ensure that our employees have the right conditions and feel satisfied at work by focusing on three main areas. First, strong unit leadership. What does that mean? Yeah, giving all employees the right conditions for doing a really good job, a culture of full accountability and continuous leadership development. Quite recently, in 2024, we introduced group managers at each department in our nursing homes. Second, continuous development of competencies. Clear responsibilities starting with a structured onboarding according to Attendo Way. Keeping our employees engaged through continuous development, different career pathways, and encourage them to influence. Third, innovation of ways of working. We simplify tasks to free up more time to spend with our recipients. We have a mobile-first way of working with many of our systems accessible in a smartphone. In conclusion, to deliver high-quality care, we need employees that enjoy working at Attendo. We need strong leadership and stability, constant learning and innovation. If we look at the right-hand side. We have had a positive development of employee satisfaction, stable high levels since the recovery after the pandemic, and our aim is to be the best employer in the sector. Care recipients want the right care at the right time. They want to be met by people who understand their individual needs and to live a meaningful everyday life. To ensure and improve their experience of Attendo, we measure customer satisfaction, meaning the care recipient's own satisfaction. When we launched our holistic quality framework in 2022, we started with a simple question: What truly makes care recipients satisfied? Traditionally, quality in our sector has focused on processes and structure, compliance, regulations, and routines. To us, they are the fundamentals. What generates true satisfaction is so much more. This is why our framework also covers quality of life, health outcomes, and customer experience. I'm proud to say that we are leading in process and structure quality. As an example, Attendo outperforms public providers in Swedish National Board of Health and Welfare's annual unit survey. In existence of care routines, Attendo measures 81% compared to public providers at 46%. Quality of life and health outcomes are about providing care that is adapted to individual needs. This is supported by clear working methods and KPIs to make sure they are applied in practice. To create meaning, we offer activities that encourage movement, social interaction, and outdoor time. We actively work with the living environment and food experience to ensure that our home truly feels like homes. We also plan the week, the weeks to keep weekdays and weekends different. In that way, we give our care recipients something to look forward to, and we keep life as familiar and normal as possible. Since launching Attendo's quality framework, we have had a clear positive trend in customer satisfaction. We see this as a testament that we are focusing on what really matters. What matters to our care recipients is important for their relatives. Isn't that so? Yes, it is indeed, Malin. It is important for us to recognize that no one chooses to need our services. The people we care for are with us because life has taken a turn due to illness, age, disability, or other difficult circumstances. For relatives, the decision to move a loved one into a care home can be one of the hardest they face. We measure relative satisfaction to ensure good dialogue and to develop the relationship with the caretaker's family. We have learned what matters most to relatives is to feel that they can trust their loved ones are safe, that their loved ones receive the care they need. We build trust through respectful interactions and open communication. Each resident has a dedicated contact person who stays close to both the resident and the relatives and who understands their individual needs. Creating a shared understanding is also important to set the right expectations. Through introductory meetings with the residents and the relatives, we align on needs, wishes, and daily routines. This allows us to adapt to care from day one. With introductory meeting as a start, we need to continue involving the relatives. We do this with our relative app, Nära, and direct contacts, monthly newsletters, and regular unit-level relative meetings. As shown in the graph, our relative satisfaction is now at all-time high. Another key stakeholder group is, of course, our payers with Finnish wellbeing services counties and the Swedish and Danish municipalities. As a private provider in the markets with strong welfare system, our reason to exist is built on providing high quality and cost-effective care, delivering care for more people at a lower cost to society. Quality starts with contract compliance and a strong customer safety culture. We build credibility by transparent quality monitoring and reporting. We build trust through structured ways of identifying and acting quickly on potential risks. By delivering cost effectiveness, we help payers make the best possible use of strained resources. Thanks to Attendo size and 40 years of knowledge, we can invest in specialized care and leverage economies of scale. This goes for IT, procurement, quality management, and more. With sustainable profitability, we can continue to invest in innovation, quality improvement, and new capacity to meet the future demands. Beyond quality and efficiency, we become true partners to payers when we help them solve complex care needs and show flexibility in adapting to changing requirements and market conditions. As a key KPI, we measure payer satisfaction, which remains stable four out of five. Let me briefly walk you through how we have developed our technology, technological capabilities over the past years. Our starting point is simple. The future care will be digitally enabled, data-driven, and operated in collaboration between humans and machines. For us, technology is not about replacing people. Its purpose is to make everyday work smoother for our employees, reduce routine tasks and administrative work, and free up more time for face-to-face interaction with residents. At the same time, technology helps us improve quality. By using data more systematically, we can better understand residents' needs, support decision-making, and continuously develop the quality of care. Over the past years, we have built the digital foundation, moved our system to the cloud, strengthened data and information management, and tested even new technologies such as sensors, robotics, and generative AI. Looking ahead, we believe voice interfaces and AI assistant will play an important role in care environment by helping staff handle routine tasks while allowing them to focus on residents. Our ambition is to remain a forerunner in using technology in social care, always with the same goal, better care and more meaningful time with residents. We have now walked you through how we, at group level, work to ensure consistent value to our key stakeholders. As we operate in different markets that have different regulations, steering, and local traditions, we do adaptations to the Attendo Way. I will introduce you to some of the specifics for Finland, and Malin will do the same for Scandinavia. Let me briefly introduce you first to Attendo Finland. We are leading provider of social care services across several key segments, and today, the fifth largest private employer in Finland with around 18,800 employees. Our largest segment is residential care for older people, where we provide homes for residents with dementia and somatic conditions, focusing on safe and meaningful everyday living. We are also a leading provider of services for people with disabilities and with mental health and substance abuse rehabilitation, offering housing, rehabilitation, and supported living services. In home care, the private sector still presents only about 10% of publicly funded services in Finland, which illustrates a long-term growth potential of this segment. In addition, we provide meal services, so-called social meals, supplying meals to welfare regions, units in social services, and hospital wards. Together, this broad service portfolio allows us to support welfare regions across several parts of the care system. In our sector, provider services look and feel quite similar. True differentiation remains limited. Our ambition in Attendo Finland is to change that. We are building competitive advantage based on our dream about all we are home. Our goal is to make our homes feel and look like real homes, places where people can live meaningful lives, not institutions organized around routines. Our competitive advantage will be built around five elements that shape everyday life in our homes. One of these elements is what we call meaningful moments, the key moments that matter most to residents and their relatives. These range from the first contact and moving in to everyday moments such as meals, daily activities, celebrations, and ultimately, to end-of-life care and how we support families when our paths separate. We are identifying and conceptualizing these moments and integrating them into our Attendo Way operating model, turning our dream into concrete and scalable everyday practice across our homes. In social care, quality and effectiveness of care is often discussed but rarely systematically measured. In Finland, the RAI assessment tool allows us to change that. RAI is an internationally used and standardized assessment tool, and its use is mandated by law in elder care in Finland. Each assessment includes some 400 indicators and is typically based on a three-day observation period together with the resident and even often involving the relatives. This generates high-quality resident-specific data. At Attendo, we use this data to tailor care to each individual resident, supporting decisions on care plans, nutrition, medication, therapy services, and also the suitability of the digital care solutions. At the same time, aggregated RAI data enables us to monitor and continuously improve the quality of care across our homes. Together with Nordic Healthcare Group, we have also developed quality of life and health outcome metrics based on RAI data. We are also currently working on RAI-based effectiveness of care metrics for social psychiatry. In short, RAI turns care quality into something that can be measured, managed, and continuously improved. Most social care providers still use manual processes for planning and documentation and communication. The care sector is also highly regulated, which has caused the level of digitalization to lag from other industries. Through our economies of scale, we are able both to invest in and implement new ways of working and tools that increase efficiency and improve the quality of care. We strive to have the best technological solutions for employees, residents, relatives, and payers as well. The core of care work is, of course, human contact. Yet, those who work in care spend a great deal of time in front of the computer documenting their work. In 2024 and 2025, an AI solution was developed and tested in nursing home in Attendo Finland that enabled employees to spend more time with the residents and less time at the keyboard. The technology works through voice recognition, converting free-form speech into text in structured documentation that meets current requirements. Documentation time was reduced from 45 minutes to 20 minutes per every shift. This 25-minute gain means that we can now spend 6% more of working time with the residents. The Finnish Institute of Occupational Health carried out a development study on the pilot. Employees reported time savings and lower stress levels. The speech to text is now in use in three units in Finland, and we plan to roll it even broader. With that, back to you, Malin, and the Scandinavian perspective. Thank you, Virpi. 98% of Scandinavian operations are in Sweden, 2% in Denmark. Our largest segment is nursing homes, where we offer homes for elderly under the Attendo brand. Residents live in their own apartment with their own kitchenettes and bathroom, and they have access to shared spaces. Under Attendo brand, we also offer home care. Home care span from social care to meals, cleaning, laundry, and home health care. When we acquired Team Olivia in 2024, we significantly increased our size in disabled and individual care, as well in social psychiatry. This presented a good opportunity to launch the brands Unika and Viljan. Unika is our disabled care brand. We provide housing services, daily activities, respite care, and short-term accommodation. Services are provided to individuals with different types of disabilities and of different ages, from children to adults. Under Viljan, we offer rehab, addiction treatment, schools, and various forms of supported housing. The aim of Viljan services is for individuals to get the right help to later be able to move on into independence, the next positive step in life. Most of our units today are our own operations, and we have a strong project pipeline to continue expanding our capacity. A key benefit of own operation is that we are in full control. We are able to maximize the quality control, recruit manager and staff, and we can implement Attendo Way from start. When we build the facilities ourselves, we can also tailor them to fit the needs of care. In 2012, we launched our nursing home lifestyle concepts, and we continue to leverage this as a competitive advantage. They are all designed to feel like a home. Research shows that physical activity, social interaction, and time outdoors contribute to quality of life. Within disabled care, several of our homes focus on rare and complex conditions. By bringing together individuals with similar needs, we can tailor each home's environment and build highly specialized teams. Prader-Willi syndrome is one example of a rare condition where individuals have a compulsive relationship to food. For them, living in a standard disabled care home can be very challenging. Sign language is another example. Without a staff team that can communicate fluently in sign language, it is impossible to provide the same quality of life. Ultimately, purpose-built and specialized homes is a key contributor to quality of life. When we developed our new quality framework in 2022, we searched extensively and internationally for established working methods and KPIs to measure quality of life and health outcomes, and we found the framework called Quality of Life Conversations. The conversations mean that an employee sit down with each resident and have a structured conversation. The purpose is to truly understand how the individual specific needs and wishes are. Sometimes it is simple. For example, we had one resident that felt confused at night when staff entered her room to check on her. By adjusting how the night staff approached her, we were able to reduce her stress and improve her experience. For residents living with dementia, a traditional conversation is not always possible. In those cases, the method instead focus on structured observation during the day. Specifically for dementia care, we have also developed our own method where we combine quality of life observations with national guidelines. The aim is to prevent and ease symptoms in a systematic way. Quality of Life Conversations and our dementia care method are examples of how we continue to drive quality development when we see opportunities to do things even better. Many relatives are in a difficult situation when their loved one needs to move into one of our care homes, and sometimes they even need to move far away to get access to the specialized care. With the relative app, Nära, that we launched in 2021, it became easier for relatives to stay updated on their loved one's everyday life, even from a distance. In the app, relatives can easily access unit contacts details, view activity schedules and meal plans. They can get photo updates, and by knowing what their loved one has been doing or having for lunch, conversation between them becomes more natural and meaningful. Today, 75% of relatives use the app in the nursing home segment, and adoption continues to increase as also the relatives become more digitally confident. We see a clear impact. The satisfaction is significantly higher among relatives that use the app compared to those that don't. With that said, I hand over to you, Josefine. Thank you, Malin and Virpi. We can also see that you have started to post your questions in the chat function. Please keep the questions coming, and we will sum it up in the end of this presentation. It's actually time for a 5-minute break, but I think we can be a bit more generous. We can actually give you 11 minutes, at least 10 minutes break. I also want to mention that if you hear strange sounds in the recording, it's because there are strange sounds in the recording. Because when you do this kind of live broadcast, everything can happen, and we have actually a construction site who has started to make sounds even if they promised not to. If there is a strange sound or two, you know why that is. Well, should we see each other again in 10 minutes? Please be back at 1:30 P.M. Next up after the break is our CFO, Mikael Malmgren. Stay tuned and see you soon. Welcome back to the Attendo Capital Markets Day 2026. The next part of our program will be about our financial performance and our growth journey going forward. Here to lead us through the session is our CFO, Mikael Malmgren. Please join me in welcoming him to the stage. Mikael, please. The floor is yours. Yes. Hello, and good afternoon, everyone. Hope you've had a nice break and you're as ready and excited for the next part of the presentation as I am. Let's kick things off. I'm happy to share that since 2022, we have delivered 12 consecutive quarters of steady earnings per share growth, which has resulted in, over time, a significantly improved adjusted earnings per share. In 2023, having reached SEK 3 per share, we concluded our first phase of the transformation. As a result, we announced a new financial plan in the beginning of 2024. The financial plan set out to deliver more than 80% earnings per share growth. We would go from three to at least SEK 5.50 per share in 2026. As you can see on the chart, we exceeded the target ahead of time, delivering 100% earnings per share growth over two years. Having achieved our target ahead of time, we now enter our next phase for Attendo with new financial targets for the next three years. To begin with, we will continue to execute on our previous year's strategy with a clear focus on combining healthy financial performance and balanced profitable growth with high-quality care operations and a strong stakeholder satisfaction. Our priority remains long-term sustainable and balanced asset-light organic growth in our existing markets, supported by selective and margin-accretive bolt-on acquisitions in our core markets. Supported by demographic trends and the broader societal developments, we see solid underlying demand growth for elderly care in the Nordic region, alongside a steady demand for specialized functional care over the next 15 years. As such, we are introducing a new financial target for the period 2026 to 2028 to reach at least adjusted earnings per share of at least SEK 9 per share. As I just mentioned, our target is to deliver an adjusted EPS growth of at least 50%, equal to at least 9 SEK per share in 2028. In the following pages, I'll provide a more detailed explanation of the different growth building blocks as outlined on the page. The first building block you see is Scandinavia. Here we expect continued margin improvement. Driven by improved staffing versus sales development, the exit of unprofitable contracts, and adjustments to overhead and support and central functions. The middle bar in the graph represents the annual EBITDA improvement generated by our set growth model, which combines organic growth with capacity, bolt-on acquisitions, higher occupancy and operational efficiency, as well as scale benefits. The third building block is active capital allocation. This is supported by our strong free cash flow and our asset light growth model, where we see continued opportunities to enhance shareholder value. Our first building block is restoring margins in Scandinavia. What you see here at the bottom of this page is the reported net sales and EBITDA that we have in our reports. At the top, we have the Attendo core operations, which excludes the ended and ending contracts. The ambition here is to show you both the impact of the exits, but also how the underlying and remaining core operations are doing. In Q4, the ongoing margin recovery showed promise with the team working to improve ways of working, responding faster to changes in manning and sales, while also exiting non-strategic outsourcing and unsustainable home care contracts. What's worth noting is that the Attendo core operations, excluding the ended and ending contracts, showed a net sales growth of 8.3% and a margin of 5.1% in the quarter. At the same time, the contracts which have ended or will end has a large impact on net sales, down SEK 163 million versus last year, but very limited impact on our EBITDA and a testament to our chosen strategy to focus on our core operations. To further illustrate our balanced, sustainable growth strategy, let me take you through the second building block, where we show the EBITDA growth components embedded in our growth model, and which is something we have been following for the last few years and will continue to follow. We start with adding new capacity through greenfield developments. Here we see ample opportunities across both geographies and care segments. On average, we expect to add at least 2% to more than 3% in net new capacity per year, with a corresponding contribution to EBITDA growth. A slight increase versus our development in the last years and the target we've had of adding about 2% new capacity. Bolt-on acquisitions, a core skill for us, are expected to provide an additional contribution of at least 2% to annual EBITDA growth. Also a target we have been able to deliver on in the past few years. The next lever is occupancy, a key driver of profitability improvement. Our assumption is that we can continue to increase occupancy by an average per year of one percentage point. This improvement is expected to contribute at least the same amount to EBITDA growth. While average occupancy has improved over the past years to 88%, we still see clear potential towards 92%, which is also more in line with historical levels. On unit level, higher occupancy also improves productivity, and combined with new digital tools, as we have introduced and shown before during this presentation, as well as more standardized ways of working across the group, should further support margin expansion and earnings growth. Growth also enables scale benefits in overhead and support functions, which is expected to be EBITDA accretive over time. Finally, we assume annual inflation compensation through price increases, which is in line with what we've seen in the past and which will also have a positive drop through to EBITDA. Taken together, these levers support an EBITDA growth of at least 10% per year. Attendo's free cash flow. Attendo runs an asset light model, a model which we don't aim to change. In practice, this means that we generally do not own the facilities we operate. Instead, we lease them over a long time horizon, which allows for a lower initial CapEx investment for new homes, as well as natural ongoing maintenance for wear and tear. In addition, we have a solid and predictable payment process with financially strong payers and payment terms in line with public sector practice. As a result, we have a high free cash flow conversion, which provides confidence that we can sustain our growth model of both investing in a high pace of new openings while also adding value accretive M&As and, at the same time, sustain a high pace of continued share buybacks and active capital allocation. On the back of the expected gradual demographic shift towards more people in need of care, we are starting to scale up our investments and pipeline as we foresee more elderly will be in need of care over the next 15 years. Our pipeline of projects, as shown on the slide, consists of both sites under construction, i.e. the shovel is in the ground, as well as signed lease agreements for projects to be built and where we expect to commence construction during the next 12 months. In total, after Q4, we had 1,250 in new capacity in pipeline, with more than 85%-90% expected to open during the next two years. We are now starting to add projects for both 2028 and 2029. Important to note is that the new projects follow our sustainable growth strategy. We target to open in attractive locations where we forecast a strong need for demand, where there's a good payer relationship and a buying mechanism in place. Also important is that the location provides good commute options for both staff and relatives, and that there is an overall growing population. A growing population, we believe, is important to ensure availability over staff over time. Another key component is M&A, which we believe is a core skill of our company, and we have a dedicated central team with local presence across our markets. Over the last few years, we have acquired 28 companies, of which majority has been smaller bolt-ons. Looking ahead, we still see good opportunities to deliver on our strategy of acquiring at least 2% EBITDA growth per year in our markets, where we see Finland providing the best opportunities due to a more fragmented market and targets available in all segments. That said, Scandinavia also provides many opportunities in our segments while the nursing home segment, well there, the targets are very limited. As mentioned earlier, a key lever to drive our adjusted EPS is active capital location and continued share buybacks. Since we initiated our continued share buybacks, we have bought back more than 10% of shares, equal to 5% per annum. Going forward, we continue with the same ambition of continued share buybacks over the financial plan period 2026 to 2028. Of course, subject to AGM and board approval. To summarize, these are our updated financial targets for the period 2026-2028. We're updating the EPS target while leaving our other financial targets unchanged. Our leverage target, measured as adjusted net debt to adjusted EBITDA, remains at between 1.5x-2.5x. We may temporarily exceed 2.5x, for example, in connection with a larger acquisition, while maintaining a disciplined approach to capital allocation. We also maintain our dividend policy with the aim to distribute 30% of adjusted net profit. Our intention is to combine the dividend with a recurring share buyback program supported by our free and strong free cash flow. Overall, we believe that our solid financial position, strong customer focus, and ability to provide local authorities with cost-effective and high-quality care, while at the same time addressing increasingly complex care needs. This, we believe, positions Attendo well for the future. Thank you. Josefine? Thank you, Mikael. Well, before we wrap this up with our Q&A session, I am happy to welcome back on stage Martin Tivéus for his final remarks. Please, Martin. Many thanks. Thank you, Josefine. I will end the presentation with some closing remarks before we move into the Q&A. As you all know, we recently presented the updated financial targets for 2028, and after 12 consecutive quarters of earnings growth, I believe we're still uniquely positioned for continued profitable growth. Attendo is a market leader in structurally growing, politically stable markets where we provide proven value to both individuals and public payers. The margin recovery from the pandemic and the regulatory reset in Finland is largely complete, with occupancy still improving. We have strong cash flow allowing for both organic and acquisition-driven growth, and we combine growth with active capital allocation and strong earnings distribution. To summarize, we operate in essential services for society with structural demand tailwinds. We have restored profitability, and we have built a proven model for repeatable growth, and we do return capital to shareholders while we grow. Thank you for listening, and by that, we open up for Q&A. Yes, let's open up for some Q&As, and you have been very, very active in posting questions. You can still post your questions, and we will try to manage as many as possible. Before we start, I would like VP Malin and Mikael to join the stage, so everyone is here to answer questions. With everybody on stage, let's start with the first question, and then we just go ahead. I think I start from the bottom. Possibly some of the questions might have been answered during the presentation, but we'll see. The first one here is from Kristofer Liljeblad. If you were to look at the 130 municipalities using private care, how many are left versus right-wing government when you're not weighted by population? Totally we have about, if you look at the share of care, it's about 45% that the municipalities that we are in. If you look at the share of left-wing coalition driven municipalities, it's also about 45%. Okay. Thank you. Any follow-ups, if you don't really feel like we're answering your question, feel free to post an email afterwards. I think that was pretty much spot on answering the question. Well, continuing with Julia Angeli Strand, question from her. How much are ending contracts weighing on the Scandinavian margin? When do you expect to be fully exited from them? And what is a fair margin for the Scandinavian operations once margins are restored? Maybe for you, Mikael. Yes. Thank you, Julia. Unfortunately, we will not comment on the margins per se, as you know. As we could also see in the graph, the ending contracts are not really anywhere adding value. As you can see, the margin was basically flat, and a couple of 0.3-0.4 percentage points difference there if we exclude them, as shown in the graph. We believe that majority of the exits will be concluded during 2026 with some small remnants also in 2027. Thank you, Mikael. Let's post another one from Julia while we have the speed up. She's wondering, are you seeing any encouraging signs in Denmark following the new elderly care legislation that would make you interested in expanding there? If not, where do you expect clearer signs to emerge? When do you expect clearer signs to emerge? Maybe Martin, you can start and Mikael fill in. Yeah, still a bit too early. The latest amendment to the legislation in Denmark came last summer. We are now decided to try that out to see how it works in practice, and to do that during the course of 2026. We are actually currently sort of testing the regulation, and we'll see how that plays out. I think we'll take at least during the course of 2026. Okay, thank you. We had another question on Denmark and Norway, and that question was basically, one, why did you exit Norway? And two, didn't you say that you partly exited Denmark? How should we understand that given this? Yeah, we did partly exit Denmark. If we start with Norway, we decided to exit Norway in 2021 for reasons of political stability in the market. That was sort of we only had nursing homes in elderly care nursing homes, yeah, in Norway. We thought it was not viable to continue to grow and operate in Norway given the political landscape at that point. If we look at Denmark, we have been in Denmark for 20 years, something like that. It's been a challenging market to be in, and we've been in a couple of different sub-segments. We've been running home care in Denmark. We've been running joint ventures with local municipalities in Denmark and so forth. When the new legislation came, it was a legislation that all of a sudden looked a bit more promising, but it was only valid for elderly care nursing homes, own-operated, built after 2019. We decided to keep and expand that little segment and divest everything else that was also loss-making. To summarize, now we have a much more cleaner but very much smaller Danish business, but also with a good opportunity potential giving how we see legislation playing out. Thank you, Martin. A question to you, Virpi. Mm-hmm. Do we have the lifestyle building concepts in Finland as well? Very short answer, no. Perhaps the reason for that is that we don't have freedom of choice, so that's why we don't have them. Okay. Thank you very much. How large proportion of the new homes in Sweden is lifestyle concepts? Do we have that number, Malin? All nursing homes built after 2012 has a lifestyle concept, and around 75% of our own operations. Okay. Thank you very much. Well, another question connected to our strategy. I think it's mainly for Martin Tivéus and Mikael Malmgren. What are the key changes compared to your previous growth strategy when you refer to a more balanced and asset-light approach, referring to the slide 38? Yeah, I guess it depends on what you think is the previous growth strategy. Well, the current growth strategy, which we call internally as the balanced growth strategy, we've had for the past four years, which has served us well. The idea with that is to have a less risky growth focused on own operations only in welfare regions and municipalities where we have a bidding mechanism ready, where there is an existing contracts, and where the demographics are right, not only for elderly care, but also for working population. Fourthly, that we open in a balanced manner, meaning that we have an even opening pace year-over-year that allows us to retain margin levels as we grow. That is essentially what we call the balanced growth model. I said that the previous growth was a bit more aggressive than that. Yeah. Underestimation of the day, I guess. Yeah. Thank you very much, Malin. We're moving on. I mean, you're on fire, especially our analysts, but keep the questions coming. We have plenty of time to answer them. Let's see what's coming next. A question from Johan Olsson, also directed to Martin and Mikael. Given that public finances is forecasted to be under continued pressure while demographic trends increase the need for elderly care, how do you, number one, estimate the risk that compensation per user will be lower in the future, perhaps by not increasing the price with inflation? And number two, plan to mitigate should price costs put pressure on margins through a lower compensation? Well, first of all, we have price compensation mechanisms in most of the contracts, almost in all contracts in Finland and in most of the contracts in Sweden, except for the freedom of choice areas, where there's an index clause based basically on, it's called care price index, clause based on salary agreements and KPI. So that is sort of safeguarding the continuous increase of prices versus cost. That has served pretty well if you look over time. I think that one of our best umbrellas for that kind of range is that we provide a better care at a lower cost to society. If they would undercompensate us, then private operators will stop investing in new capacity. They will be even more expensive for local politics or local municipalities or welfare agents to produce themselves. I think that is something that the public payers realize. Thank you very much. Another question from Julia Angeli Strand. You have a fairly concentrated portfolio which has proven to perform well, but do you weigh being more focused in Finland and elderly care versus being more diverse across geographies and services, including expanding social services in Sweden and Finland? Very specific question. Very specific question. We are trying to maintain a diversity within the countries, and if we think that Finland and Sweden are the most attractive markets in the Nordics to start with. Having said that, of course, elderly care is growing with such a sort of demographic pressure, so that means also that we have to open and acquire within other segments to keep pace, you might say. Mm. And keep the shares. The acquisition of Team Olivia was one of those, but we are continuing looking for both organic and inorganic opportunities to grow the other segments to try to keep that balance. Okay. Thank you very much. We have four questions from Filip Wetterqvist, and I think we'll take them. I will not read all four. I will start with the first one. Where do you see the greatest potential for future M&As, Sweden or Finland? And which segment, elderly care or social care? Well, what do you see? Finland is a bit more fragmented in all segments. More fragmented, yes. It's also that the building bureaucracy in Finland is much better than the Swedish one, meaning that it's actually cheaper to build in Finland. Units are typically a bit smaller. That means also that there are more companies that can afford to open new units also in within nursing home segments. We have a more fragmented landscape in Finland. Also, that you can build actually anywhere. That means also that there's more opportunities within M&A. Yes. Having said that, there are also a lot of opportunities in Sweden, just not within the nursing home segment. Okay. Do you want to complement that? Yeah. Do you want to add? No. I think that's great. No. That's good. Everyone is happy. At least we are happy with the answer. If you are not, please post us afterwards in an email. Well, given that occupancy levels are back at pre-Finland expansion levels seen in 2017, do you still see opportunities to drive earnings growth through higher utilization or do you expect it to mainly be driven through opening of new units going forward? Well, I think, I mean, we have a history of been operating at around 92% occupancy previously, so we expect us to at least go back to that point. We think so. That means that we have another Mm. 45% occupancy to gain. There is still runway, and as Mikael presented our growth model, we have assumed at least 1% occupancy growth per annum, which we think is probably on the conservative side rather than aggressive. There is still opportunities. That having said that, when we reach 92%, there is still a lot of room to grow in terms of both organic and M&A-driven growth in all our segments. Thank you. Question number three from Filip Wetterqvist. It's a question about the staffing requirements in Finland, so perhaps Miia want to start and Martin fill in. Given the lower staffing requirements in Finland and constrained Finnish finances, do you see risks that it will be challenging to raise prices at the same pace as salary costs going forward? As Martin Tivéus said, we have the price mechanism in our current contract, so that gives us a little bit kind of confidence that we get the salary increases in our prices. What about the staffing ratio? What was the question? Was there It was basically giving the. Ah. Given the lower staffing requirements. Yeah. Yeah Yeah Constrained Finnish finances. Yeah. Do you see a risk that it will be challenging to raise prices given? No. That it will match pretty much? Yeah. Of course, always it's a challenge to get the inflation and salary increases in the price, but that's why the contracts play such an important role that we have a good contracts in place. Yeah. Maybe we could mention something about we have in our pre-calls approaching the Q4, there were some questions about the salary levels in Finland, but now the contracts are negotiated and done, right? Yes, all in all, this year the salary increases are 3.5% and next year 2.7%. The salary increases are coming into effect in September this year and the following year September, which is good for us because it's at the end of the year, so we get the price increases kind of faster to offset against the salary increases. Okay. We get the price increases in January. Yeah. Based on last year's. Last year's. Salary increases. Salary increases. This works better. Mm. For us actually than the previous contract. Crystal clear. Thank you very much. Fourth question, that's about cost savings, and the question is. What year-over-year cost savings do you expect from the new speech-to-text documentation app once it's fully rolled out? I guess Virpi Holmqvist maybe start and then Mikael Malmgren will add in. Yeah. There is a legislation ongoing regarding the technology in Finland. Yeah. At the moment, it's stuck. In the legislation, you are allowed to count technology in staff ratio, but you can't go below 0.6. All our contracts are based on 0.6, so at this point we don't get direct benefits directly to our bottom line, so to say, with speech-to-text. That said, it has many other benefits. It has better recording to document, recording quality will be improved. Also, the staff will be more satisfied because they get to spend more time with the customers, and also as the studies showed, they feel less stress. We know that the shortage of staff will come in the future, so we also need to invest in technology and operation models that makes our staff more satisfied. We don't see what happens in coming years, so we don't know what happens with technology and will it be counted to staff ratio in the future? Mm. We don't know, but we see so many other benefits with this technology that we will take a broader in use. Should I just add on that? I think there's also difference between Finland and Sweden, for example. Mm. Malin, all these speech-to-text pilots that you're running in, they're running in Sweden. Mm-hmm. We have a slightly different business case on it. Mm. ... Or potential business case rolling out, right? As the nurses can that uses it, if they save 45 minutes to 1 hour every day, they can actually use that time to visit more. Mm. Um- Humans More customers. Yeah. Yes. Mm. Mm. Well, may I also add that with this technology we can have other use cases, but we need this technology first in order to take other use cases, so that's also one reason why we want to invest in this technology and/or this use case. Okay. Yeah, just add, I mean, it's still a pilot. It's yeah. Obviously the benefits would be in the indirect side. Mm. I mean, we are a people-driven company, so less attrition. More satisfied employees will mean that more people will actually want to work with us. Mm-hmm. More satisfied customers likely will lead to better pay relationships as well. Mm-hmm. There are many in- Even more customers. Yes, more customers in the end. There are many indirect Mm. Effects as well. Mm. Which we look forward to continuing to follow- Yeah. Absolutely. As we roll it out. Yes. The more, of course, the more immediate effects of working with AI to save time for administrative work is being seen at headquarters functions and support functions. Mm. Mm. ... Where we can scale a lot faster. We can save hundreds, thousands of hours on support functions and headquarter functions just working with these tools. Of course, that's a more immediate effect that enables us to further scale and save support costs as we grow. Okay. Anything more to add? This was a question that we really sort of. It's a hot topic. Yes. Yeah. Yes. Really hot topic, indeed. Another question on the balanced growth approach. Should we assume that more balanced growth approach imply that you will be able to deliver annual sales growth in line with the market growth of around 5%? Looking at you, Mikael. If we exclude the acquisition side, that's the levels that we're targeting. Yes, correct. Thank you. Also, let's see. A question on the margin improvements in Scandinavia was the bullet number one in the EPS plan. First it's three questions in that topic, and the first one is, can you describe the support function overhead adjustments? I guess, Martin, you were touching upon it. Yes, I was touching upon it. It's about working smarter, using digitalization and AI tools and so forth. Also, making sure that we optimize processes continuously to scale better. Mm. That is something we do in basically all support functions. Not to be too specific, but it's definitely visible in the numbers, both if you look at the last 12 months performance, but also what we expect forward in 2026. I guess we also, we focus a lot on simplification. Mm. I mean, any organization over time that I've been at least starts to add things and sometimes you forget to take away things. Mm. We try to take away as much clutter as we can that doesn't add value to the operations, which also then frees up time. Mm. Which frees up time, allows us to focus on more value-adding activities. Yeah, looking into the future as part of the plan, there is economies of scale also, as we grow, right, Martin? You tend to talk about that as well. Yes. I mean, we certainly don't need more of us if we add more units. I think, I mean, during my eight years here we have about double the size of the company, but and I think we're not any more people. Mm. On headquarters functions. The same amount of people for double the size, and I think that's a sort of very visible sign of scalability. Yes. We have two pretty specific questions. I'll try to pose them, see if we get an answer. Also on the support function and overhead adjustment topic, the first one is how can we expect the efficiency in the initiatives to improve margins? Secondly, are effects to be seen already 2026 or later in the plan? I think we already saw effects of that in Q4 in Scandinavia, and we expect those to have full effect during 2026, potentially some additional in 2027. Okay, thank you. Perfectly crystal clear. Kristofer Liljeberg posted another question here, about the building block for 10% EBITDA growth per year. Does this come on top of restoring the Scandinavian margins, or is it included? Well, as I think we saw in the graph, there is two different building blocks. One is for the Scandinavian margin recovery, and one is for the EBITDA growth of 10%. Again, how much is what that we will allow time to show. Very good. Thank you, Mikael. Another question to Mikael and Martin: How can we expect increasing pipeline of projects to impact margins in each segment in 2026? As I think I mentioned with the balanced growth model, the idea of that is to have a steady state of openings. Balance also means that we also want to balance margin as we grow. Opening a way that is slightly behind the demand growth curve, to fill up new units fast, or within a year, meaning that they will if we open also in a steady pace, not have any tangible margin effect or, you know, margin pressure. That's the idea with it. Of course, it's difficult to exactly time when we open. For example, now in 2026, we will have the majority of the openings in Sweden towards the end of the year. While it's more evenly spread in Sweden, it also depends on how the building projects are going. Over time, that's the case. Okay. Anyone want to add or take away something? Hopefully not. Very good. Let's continue then to. Let's see. Well, a valid question given the time about political sensitivity connected to our kind of operations. Is there a limit to margins you can achieve relative to political sensitivity and risk of changes in revenue models in Sweden and Finland? I don't think that we set the bar actually, because there are many operators out there. Most important is that we save money. I mean, if you look at our around 20% lower cost versus public players that we have in Finland and close to 10% in Sweden on average, that includes our profit, right? Furthermore, you know, we need a profit part also to keep reinvesting in new capacity. I think that in essence, it's good for society that we are profitable. We need a certain profitability level to keep investing, and we will keep investing and build that new capacity that saves even more money for the municipalities and welfare regions. In a sense, that's good. Of course, there might always be a margin level that you know might stick and die, but we don't guide on margins, as we said. I don't know if you want to. No, no. Add anything there. Thank you. Another question on technology, someone who is thinking a bit longer into the future. Do you think humanoids, is that how you pronounce it, will be a part of private care, or is that too difficult versus politics and patient preferences? Any other thoughts on this at all? It's robots. Yes. Thank you. That humans will be focused on doing. Yeah. Okay. Yeah Care stuff face to face. Exactly. Yes. Because we're dealing with a lot of sensitive. Yeah. People that really needs care. Exactly. Yeah. While automation and robotics and so forth. Mm. Will probably be used for everything around it. Yeah. That could be everything from medical dispensers to night surveillance or security or and so forth, but preparing food. Mm. Yeah. Exactly. Cleaning. Cleaning. A lot of things that robots can do, but not the care, not the face-to-face care. I think the hands are quite important still. Mm. Okay. That was actually the final question that was posted in the chat function. As you can see, we're actually magically enough ahead of time. If you have one more or two more questions, we're happy to answer them. We'll give you just a few seconds to type them in the chat function. No, don't see any more questions coming in. Hence there are no more questions. I need this one. Let's see. Hence there don't seem to be more questions. We'll see. No more questions. We're about to end the Digital Capital Markets Day very soon. This presentation has been recorded, as you know, and you will find it afterwards at attendo.com. As you can see on the slide, we are more than happy to invite you to our upcoming events. Please keep on joining us. What's the only thing left now is for me to thank you so much for being with us this afternoon, and I know it's a really sincere thank you on behalf of Attendo and the full team. It's been a great pleasure meeting you all today. Thank you and goodbye. Thank you. Thank you.