Welcome to the Medicover Q3 2026 report presentation. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to the speakers, CEO John Stubbington and CFO Anand Patel. Please go ahead. Good morning, everybody. It's John speaking. Welcome to our Q3 results presentation. It's another consistent quarter where we've seen good growth, and it's our seventh quarter of year-on-year margin improvement, which is something that we're really proud of. Particularly, it's another challenging sort of comparable quarter from the performance that we had a year ago, so that's pretty good. Let's just remind everybody that we made a decision to divest our business in India, and that was a transaction that was EUR 1.2 billion. You can see that our shareholding of that is 66.1%, which means that approximately we should receive funds of EUR 740 million, which is really, really good, and that we expect that to close sometime in November, which is what we've communicated before, or it'll close in Q4. Medicover and local partners have sold 100%, so that's a complete exit for us, and that means that in this presentation, that most of the figures, unless stated, are continuing operations. So, it just tells you that that's the way that we will deal with the communication. I don't think we should underestimate this achievement. We built a significant presence in India over the period that we were there, and we're excited with the funds that we will receive, and that will help us reshape the business for some years to come. So, it's exciting times for us. Let's focus back on the quarter. Organic growth of 8%, so it's a solid performance from us. 2% negative FX impact. You can see EBIT is up 22%, so that's really good movement for us. A continuing trend that we've established, which, of course, we are very proud of and very happy with. It also comes at a time where we're actually repurposing a lot of our facilities, and if you look back over the course of the last 12 months, 118 units we've actually closed. So, we've been opening units at the same time, but closing a lot of units at the same time, and of course, as you close units, revenue goes immediately. As you open units, it takes a bit of time for that revenue to build. So that's in our mix and will continue to be in our mix for a while. Healthcare Services revenue was solid, and our sports and wellness business has a consistent trend, which has carried on throughout the quarter. Our Diagnostic Services, really good that they're strengthening the fee-for-service revenue. As we all know, if you have a stronger fee-for-service revenue, you got more control over pricing, and you can see that leverage decreased over the quarter, which is really good for us. Good revenue, good growth, a very positive movement on our adjusted EBITDA, as you can see, +7.1%, and our margin has a pleasing trend, taking us from 17.6 to 17.8. Healthy cash flow, and as I say, leverage down. If we look at the revenues across the group, if you look at this graph, it is slightly different than normal. On the left-hand side in the light blue, I think, is the whole business, and as we go to the darker blue, we start to look at the continuing business, so you can see the difference. We move well in terms of revenue, +6%, so still healthy growth for us. As you look at it by country, healthy growth by Poland. We have got a bit of work to do when it comes to Germany and Romania, but we are well aware of that and got plans in place. Revenue by payer, you can see we strengthen again in the fee-for-service payer, which is very positive for us for the reasons that I explained before. It is also our major payer, which means that people have got a choice of who they use and who they decide to use, so if they are choosing us, that is always a good sign. You can see the governmental income is flat due to all the micro changes that we have talked about before, which we are managing, and it is nice to see, if you look at the funded revenue, that there is a +5% there, and we are doing a lot of work in that particular sector that is looking quite positive for us. If we look at Healthcare Services, organic growth of 8% with margin expansion, so very good indeed. You see the revenue up is 6%, price is approximately 6.3%, FX is 1.9%. Fee-for-service and other services perform well, which is good. sports and wellness, we talked about before, has been strong, and we continue to open facilities, and I think we will be accelerating that not only in Q4, but beyond. Members, Poland grew, so Poland had an increase in members. Romania, we talked about last quarter in terms of some of our account management, so we are seeing the adjustments that occur there. Our ongoing relationships with customers that are either paying us regularly or they are part of our loyalty schemes, et cetera, we are building that consistently. You can see that is 4.1 million people now from 3.6. Revenue, we have kind of talked about revenue by country. Poland, healthy. You can see in the other country, that is mainly due to the repurposing in terms of the property, and Romania, it relates to the membership. EBITDA margin is very good. You can see 19.1 to 19.8, so very pleased about that and happy for the team. Got a really strong membership base at 1.5 million. Revenue by payer, you can see each one of them is up, so that is really, really good. Diagnostic Services, really solid fee-for-service growth. We explained the importance of that earlier in my conversation. Revenue is pleasing and consistent. You can see quite a bit of that is coming from price, and that shows the strength of our fee-for-service. Very consistent in terms of building the fee-for-service revenues in this area. Germany, a little bit softer this quarter. We believe that is a temporary position due to some of the vacation patterns that occurred and some lower activity that should come back. We continue to increase our BDPs, particularly in Poland. We want to strengthen our position here. Lab tests are up, so it is very solid, very consistent. You can see the revenue up 6.3%, very steady margin. Slight change there in terms of the margin, but again, we think we can manage that over time. Test increase is pretty good. Revenue by country, it is all up, and if you look at the payer mix, it is a much stronger mix, and that is a trend that has been happening for quite a period of time. All credit to the team. That should strengthen our position. We have added one extra slide for you related to some exciting developments that we have with our genetics team. We want to give you more detail on our MRD product launch. It is exciting times for them. Basically, we have got a simple blood test that detects early signs of lung cancer returning. When a patient has their treatment, the traditional method for people to be able to see if anything has happened and they have got the clear, of course, is scans and testing. But with this, the blood test can be done a lot earlier and a lot simpler because it does not rely on there being tumor tissue for them to be able to search for. It is blood-based, which means that we can do monitoring earlier maybe and actually do it more frequently, and the indications are that that picks up if there is an issue 7.4 months earlier. Of course, this is all evidence-based. It is the methodology we think can transfer to other things, so we can expand it, and we have actually launched this product now. We wanted to signpost this literally to really get the word out that we have made this development. We have worked on it for a long period of time. We have mentioned it before, but we really wanted to get it out there. I will now hand over to Anand, who will talk through some of the financials in a bit more detail. Anand, over to you. Thank you, John, and good morning, everyone. In summary, I'd say another solid quarter from us with good organic growth and margin accretion year-on-year. John's mentioned that our total revenues were up 6% with organic revenues of 8%. Bear in mind, that's on a continuing basis, and John said most of the numbers in this slide are based on a continuing basis. If you look on a total basis for a comparator to Q2, our total revenues would be up 8%, and our organic revenues would be double digit. From a profitability perspective, there were good flow-through from the revenue numbers into our profit. EBIT in particular, you can see at EUR 49.3 million. That's got margin rate improvement, 110 basis points year-on-year, which is very good. EBITDA, which is our cash profit, which we focus on very strongly, you can see there's good growth in terms of year-on-year growth to EUR 70.9 million, with a rate up 70 basis points year-on-year. That all naturally flows into a stronger EPS of just over EUR 0.16 per share. In Healthcare Services, strong organic revenue growth of 8%, with price driving 6%. Good margin growth across all measures, I'd say. EBITDA is up 70 basis points year-on-year, and EBITDAAL is up 90 basis points year-on-year. From a medical cost ratio perspective, it is better in the quarter. That's kind of masked by a kind of a mix into scaling in our sports and wellness businesses, but still, the underlying medical cost ratios are strong. In terms of the business unit performances, John's mentioned it, we were strong in sports and wellness and ambulatory in Poland, slightly offset by hospitals in Poland and Romania. In terms of Diagnostic, good organic growth again of 8.5%, split roughly 50/50 between price and volume. From an EBITDA perspective, margins were flat year-on-year at 14.3%, and from an EBITDAAL perspective, margins were marginally down 20 basis points. That's largely due to softness in Germany and genetics being offset by stronger performances in Poland, Romania, and the SSE. What we are doing, given the ongoing changes to reform in Q4, is taking action. We took some action in Q3, and we'll take further actions in Q4 to make sure we're in good shape for the changes in 2027. In terms of other financial metrics, as our EBIT grows and our balance sheet remains broadly stable, our leverage comes down, which is good, so down to 2.7. Our ROIC is up from the start of the year to 14% from 13%. Effective tax rate of 28% for the quarter. I've mentioned previously we will be between 26%-30% for the year. That remains the case. From a cash flow perspective, a bit of a timing issue. Still strong cash generation, let's be honest. There's strong profits flowing into the business. But there's a bit of timing in Q3 from a cash flow perspective. Some of it is in the base from last year, and some of it will kind of revert into Q4. Overall, I think, pretty strong, pretty solid in terms of other metrics. In terms of the usual CapEx slide, you can see to the left that there is still ample headroom between our free cash flow and our investment CapEx, which is good. On the right, you can see in terms of the percentage spend of revenue, we spent 5.1% of revenues in Q3, largely 50/50 between maintenance and growth, and two-thirds of it as normal on Healthcare Services and the third on Diagnostics. In terms of CapEx for the full year, it will still be between 6%- 6.5% as previously mentioned. In terms of medical space, broadly unchanged quarter-on-quarter at just over 1 million square meters. Finally, from a targets perspective, we stand by the targets that we have set before for now. We have had a strong year, strong seven quarters, as John said, and until there is a call on the closure of the Indian operation, we will be sticking to these targets. With that, I will hand you back to John. Thanks, Anand. Key takeaways for us, it is a solid and consistent quarter. It has good growth in it, 8% organic growth. The EBIT change up 22%, and I think quite an impressive movement from 7.5 to 8.6. I think that is pretty good. Fee-for-service and sports and wellness drove quite a bit of the growth, and the acquisitions supported the synergies. The Indian divestment brings us EUR 740 million, and we will focus that money on our core countries. We continue to focus on efficiency. It is really important in healthcare that you generate that constantly, make sure that our pricing is appropriate, and we have got cost control. I think they are three things we have talked about quite a bit over recent quarters, and I think you can see from the fact that we have managed our margins well that that discipline is really in place. Public reimbursement is a near-term headwind. We have signaled some headwinds that are happening. We have signaled that before. We have got very much a track record of signaling these things and then manage them over a short period of time, so we fully expect to do the same. It is exciting times for us. We have got really great opportunities due to the Indian transaction and all the stuff that we are doing on our organic growth. So we are looking forward to future quarters. Finally, as always, a big thank you to all the teams for producing these results. We really appreciate what you do, particularly our team in Ukraine, who obviously over recent times have had an even tougher time but still managed to do fantastically well. So thank you. 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 Philip Ekengren from Nordea. Please go ahead. Good morning, John and Anand. Let's start with Germany perhaps. Is it possible to quantify the margin impact or the potential margin impact from the reimbursement changes to German genetics? How much do you think you realistically can offset during 2027? Perhaps also, if you could, just comment on how large genetics is of the Diagnostic business. Thank you. Yeah, no problem whatsoever. I mean, that's a natural question to ask. I mean, in the way that the reform will come through, it's a little bit vague in terms of the mix of the exact impact on us. So, it's more of a range, and, you know, we'd rather not like comment on that at this stage and just go through the first quarter and then give you much more of a detailed kind of position. From the modeling that we've done, though, you know, we fully expect to We will see it, and we will feel it, but we fully expect to manage it over the course of the next four quarters. As we go through, similar to what happened with the previous reform in Germany, we think we will be able to handle it in a similar way, which is we will see it to begin with, and as we go further into the quarters, we should be able to wash it through. In terms of size, you know, the genetics, we do not really disclose the exact genetics position for competitive reasons, but it is obviously not one of the largest businesses that we have got in the group. If it was, then it would be broken out, and people would be able to see it. Makes sense. Thank you. Then just follow up on Germany, perhaps in the quarter. During the call, it sounded quite temporary, but could you just elaborate a bit on what you saw during the quarter and sort of hurting Diagnostic in Germany? Yeah, I think we signaled there about the staffing pattern, different kind of holidays. If you have not got the doctors there, sometimes you do not get the tests, you do not get the consultations that occur, and it just changes the mix a little bit. So, it can happen, and it frequently happens usually in Q1s and Q3s, because you have got the holiday patterns and people decide to take different periods off. So, we expect all of that to kind of regulate itself if you take a longer-term position. So, we will see as we go through Q4 what actually has happened. Because at the end of the day, doctors still need to treat patients to be able to drive their own personal revenues, and that, therefore, is reflected in our business. So, it usually balances out. Thanks for that. Then perhaps moving on to Healthcare Services. 8% organic growth, some 6% from pricing. What is holding back volume this quarter, and how do you see that progressing into Q4 and into 2027? This is a reflection of previous quarters rather than the current quarter. If you remember, we have talked quite openly about our pricing position and the fact that the stance we took was price, not volume, for a period of time. We have talked about we do need to change that. Remember, this is mainly in the B2B sector. B2B sectors are not a sector where the decision-making processes happen overnight. It has a certain cycle to it. We have made the changes we need to make to be able to stimulate our growth. The two markets that we do this in, which is Poland and Romania, are slightly different sort of start points when we made the changes. As you go through the full cycle of a B2B thing, we should be able to see some of that growth start to come through. We can see the pipeline or the beginnings of pipeline, so we fully expect the B2B to start to move soon. Thank you, John. I will get back in the queue. Thanks. No problem. Thanks a lot for the questions. The next question comes from Julia Angeli Strand from Handelsbanken. Please go ahead. Hi, thank you for taking my questions. My first question is on price contribution and more related to the out-of-pocket payment. What are you seeing there? Are you seeing a softer dynamic? Perhaps also if you could say what you mean by medium timeframe, or how much, how long, how far out is that? Are you relating to the comments in the statement in terms of how long this- Yeah will take to wash through? It is slightly different for the different line depending upon the issue. If everybody wants context, I will give the context in one go, really, which is that when you look at our revenues, what is impacting us is that you have three things that are kind of happening at a similar time. You have the governments of each of the countries making different changes. You can see that with the question we just had on genetics. You have the fact that we did location changes, you know, got 118 locations disappearing. Then the B2B subject that I have just talked about, in terms of the timing and phasing that is related to it. Governmental changes, when they change a contract, sometimes that can take a full year before you come out the other end, which is what we just said about genetics. Location repurposing, that just washes through. Depends when we started it, depends when we finish, but we've got more openings now that are going to happen and less closings, so we should be in a different cycle. The membership stuff I just talked about. All those three then have a slight impact that builds up in this circumstance with the fee-for-service. For us, we signaled before, and we actually came through it okay, a year ago, and we actually came through those quarters okay. We're signaling again because those three things are there, and it's appropriate for us to signal. Then you've got the German genetics change on top. These will wash through. These for us are temporary, but they're just, with some it's one, two quarters, with some it's three, four. Okay, understand. I mean, aside from adapting to the market conditions and adjusting your offering, what would be a good way to utilize your market position in this environment? Is it a good time- Are we- to acquire and focus taking market share? I think we're in a really good. What's your view there? I think we're in a really good place. We've got a lot of organic development that's coming through in terms of some of our IT development and some of our consumer-based engagement tools. When the India transaction closes, as an organization, we should be debt-free. We're facing a world where things look like interest rates are going to go up, and the governments are going to be playing with the systems, which could impact some of our competitors in terms of ability to be able to cope with it, and some of the smaller players as well. We're really well-placed to take advantage of some of those dynamics. While we're signaling concerning revenues, our revenues are still strong revenues. They're still good revenues. But we're signaling that we sort these problems out, we'll be really well-placed. As a team, we're pretty confident. Okay. Just the last one from me, and sort of a follow-up to that. I guess given what you learned from this quarter and the performance this quarter, is there any area, segment, geography that has given you more confidence in operations? Oh, we've got confidence in a lot of our operations. Just because you've got a few, sorry, I'll say it in a different way. If you run the type of business that we run, which is a portfolio of different companies, you will never have a position where everything is going perfectly, but you'll always have a position where lots of things are going well. And of course, a lot of it is within the mix. We're feeling confident because we've got lots of things that are going well. That's why our results are good, so we're very pleased with that. We have got some challenges, but we've also got a very experienced team that are used to dealing with those challenges, and that we face an environment and a circumstance where we've got a lot of choice due to the Indian transaction. We're feeling pretty confident even though that we're signaling some of the short-term issues that we have to manage. We've got a history of managing these things, but it's appropriate for us to signal it. Okay. So I guess equally confident across all three core markets then? Yeah. I mean, they've got different challenges. There might be, as we go through quarters, dreaming ahead that one of them goes stronger, one of them goes weaker for a period of time before we get there. But we've got a history of being able to manage the things that come to us, so we'll see where we get to. Okay. Thank you. Thanks a lot. Thanks for the question. The next question comes from Jacob Andersson from Danske Bank. Please go ahead. Good morning, John and Anand. Perhaps you talked a little bit about this, but could you perhaps again, what is driving the membership decline in Romania? Is it just general weaker demand, and what are your actions to try to increase members going forward? Yeah. We talked about it last quarter, if you remember. Yeah. We made some decisions ourselves about some of the pricing, and we knew that some of the accounts would go for that. Obviously, there's the economic situation where the organic, the natural growth of where businesses are putting on more employees has slowed down a bit. The teams have reworked the product range in terms of finding new niches to be able to stimulate growth. Romania's a little bit further behind than Poland in some of the changes and stuff to do the stimulation, but we expect to see membership growth come back into our business, even though it's a little bit more challenging in terms of some of the economic situations, say, in Romania. No, product ranges have been looked at, so I think that will help us as we go forward. As I said just earlier, there is a pipeline, and that pipeline is visible to the teams, and it's stronger than it was, so it should come through. Yeah. Okay, perfect. Also, what do you believe needs to change for the hospital margins in Poland and Romania to improve, and do you expect the pressure to continue into Q4 and the beginning of next year, or how do you view it? Yeah. I mean, the hospital situation, it sounds all doom and gloom, but the hospital situation is driven really by the governmental changes, yeah? That affects your revenue mixes. They don't turn as fast if you have to change your operations. But we are changing our operations if tariffs are changing, if mixes are changing, to be able to accommodate it. Romania does have some blending of governmental contracts with fee-for-service. Poland doesn't. It's not allowed. You can see that as a consequence of that, Poland's fee-for-service in hospitals is pretty strong. So, it's pockets of issues that we just have to manage. There's elements of our hospitals that are still doing really well and really strong. Yeah. Okay. Fair. Just lastly on or within Diagnostic, which areas of advanced testing do you see the strongest growth, and how much can that mix improvement offset the weakness in Germany, would you say, over the coming quarters? There's a big trend in all countries related to lifestyle testing. People talk quite often about medical testing that comes from doctors, which is appropriate. You don't have to do too much research to see, I can't say the word, but longevity. I think I've said it right for once. Longevity just keeps being talked about all the time, and the lifestyle-related testing related to that, you can actually start seeing that in the mix, and you definitely see it in the narrative. That's not necessarily traditional, "I've got a medical problem. I need to get a doctor to give me a test." This can be people wanting to look at different factors. Example being, "Will the strength of my nails or the strength of my hair?" That's much more to do with the cosmetic side of life than it is to do with the medical side of life, although there's an element that's related. There's lots of opportunity when it comes to the diagnostic side. Yeah. Okay, perfect. No more questions from me. Okay. The next question comes from Anna Salamon from ABG Sundal Collier. Please go ahead. Thank you, and good morning. I have a few questions. I will start off a little bit about India. I am not sure you can answer questions about capital allocation, but a bit about what the priorities might be for the proceeds of the deal, and how short after the close can we expect new targets? Yeah. Obviously, our focus at the moment is concluding the deal. We are all focused on doing that, and in Q4, post that, management will obviously have a view, and we will have a discussion with our board, and at the appropriate time, we will give an announcement externally about what we plan to do with the proceeds. But for now, let us just make sure we get the proceeds in. That is all we are focused on. Yeah. Thank you. Regarding sports and wellness, what is the payback time on a new gym, and how does a mature gym EBITDA margin look like? How many openings do you have planned for Q2 and Q4 and 2027? They are all very interesting questions that you just asked there, and they are all questions that our competition would love to know. Yeah. It is unlikely that I am going to answer those questions for you, but I feel it is always unfair not to answer a question a little bit. It is obviously a very positive financial impact that we have from that particular side of our business. If you looked at each question that you asked, it probably goes faster than our core standard Healthcare Services side. It is accretive for us, and it is very positive for us. Okay, thank you. A last question. The member base fell 4%, driven mostly by Romania and weaker hospitals. Do you think this is a trend that might continue, or do you expect this to stabilize in the following quarters? No. I mean, the organic growth from membership is slower, and that is an industry thing in both of the markets that we have membership from. That is why we will look to stimulate other products to be able to get more growth coming through, which we have started. We are well advanced with it. We have got some new products that are in place. We have got some new products that are about to just hit market. It is also one of the reasons why we developed the sports and wellness stuff, because that is an alternative membership base that we build. But we expect it to grow, as we said before, that whilst it has been subdued by price and why there is some market dynamics there that's showing slower growth, I think our competition actually would kill for some of the parts of our proposition, such as sports and wellness, that allows us to be a little bit more flexible and dynamic and creative when it comes to product development. So, I think we're well-placed when it comes to those market dynamics, and you should be able to see things come through. Let's see. Perfect. Thank you, John. Thank you. The next question comes from Kristofer Liljeberg from DNB Carnegie. Please go ahead. Yeah. Hi, good morning. I have five questions. Hope that's okay. First one is, could you say anything about the return on investments in India, how much you have invested, or something like that? No, we haven't mentioned that. I think what we have said previously, you know, is we've invested a disproportionate amount of capital in India over the past few years versus the total base of Medicover, I'd say. The other thing I think we shared when we did our last announcement was the last 12 months' profit in India from an EBITDA perspective were about EUR 26 million, from memory, and we've secured an enterprise value of EUR 1.2 billion. I'm not going to give you exact numbers or return on investment, including the amount of equity we've put in, but we put in a fair amount of capital, but it's a very strong return. Yeah. That leads me to my next question. The CapEx slide you had, was that included or adjusted for India? Including. India is about 10% of the business, it'll be about 10% of the CapEx. Okay. CapEx as a percent of sales, I guess that should maybe be lower going forward, excluding India, or? Yes, it should be, yeah. But obviously, as we've been coming to the end of our journey with India, let's call it that, we've been kind of reducing CapEx in India spend anyway. So, I've guided full year that will be between 6%-6.5% of revenues for total CapEx, on a, let's say, continuing basis, and that's what it will be, roughly. Do you think that's a figure we should expect also for coming years? We will guide in coming years at the appropriate time. For now, historically, in the last couple of years, we've spent between 5%-6.5%, so that's not an unreasonable assumption, but we're not guiding on outer years. Okay, great. Coming back to Germany and the genetics business, of your total genetics business, how much of that is Germany? Within Germany, if you could give some color maybe on the public funding versus fee-for-service. Yeah, we do not disclose it. I think on the German stuff, we can understand the need to model what will happen with that change. Actually, a lot of it will depend upon the mix, and a lot of it will depend upon what happens in the market, because this change is quite, on face value, it is quite brutal. We will be able to ride it and come out the other end, but some people will not be able to ride it and come out the other end. I think that we will see quite a few little micro things that occur. We are going to sit on this one and just wait until we go through Q4, and then we will give you more flavor. Okay. The comments you made here about the reimbursement and near-term pressure, should we see that as a signal that organic growth might be slower here next coming quarters than what we saw in the third quarter? We have got decent growth. We might see some slight sort of changes for it, but we have got countermeasures as well. It is there, and it may or may not happen. We will go through Q4, see where we land. Those pressures are there, and that is why we wanted to flag them. Yeah. But those countermeasures, do you think this will help the next one, two quarters as well? Or should we expect a more dramatic slowdown and then a pick-up in, let's say, three to four quarters from now? Dramatic is a big word. Yeah. I don't think it's a word that we've used, so I wouldn't like to throw that into the mix. I rephrase it to somewhat instead. We're signaling because it could happen. When you have countermeasures, then those countermeasures do come through. Are they going to all come through on time in Q4 or not? Who knows? Let's see. Yeah. But we're not sitting here with any particular concern. We've still got good growth, strong business, strong lines. There's a few things that we've got to manage. So, I wouldn't overly panic over the signaling, but the signaling should be there because those things are there. Yeah. Of course, the genetics thing will hit us. The genetics thing will hit us. Yeah. Great. Sorry for all my questions. Last one here. The lack of growth in Romania, would you say that is an even mix between hospital market and lower members? Yeah, I think that is fair. Okay. Yeah. Okay. The lower number of members, is that entirely due to Romania? Did the number of members grow in Poland, for example? Yeah, they did. I said that earlier, that in Q3, we had growth in Poland. It was small growth. We are still cycling out some of that price stuff that we put through. As I said before, I fully expect as we go through a couple of quarters, you will see a different picture, but let us see. Is that the picture as previous quarters in Poland? Yeah, I think it is. Okay, great. Thank you. Yeah, it is there in the detail if you want to check it all. Thank you, Kristofer. Thanks a lot. The next question comes from Mattias Vadsten from SEB. Please go ahead. Hi. Thanks for taking my questions. I will try to zoom out a bit. The problem, or not the problem, but the softness that you mentioned in the CEO letter and that you have discussed here in the presentation, isn't it really just the genetics part that obviously comes through here on October 1st? Isn't that the only thing that is really new here? Yeah. Reversing prior compensation or Yeah. It is true, yeah, that the three things that I talked about right at the start, where I said government stuff, where I said property and membership, they have been there for a while, yeah. Of course, there is different degrees of different things that are happening. The genetics is the new one, yeah. Of course, when you are talking about three, four things, then there is a mix there that we have got to manage, that we have got to keep an eye on. That is why we have signaled. A lot of these things have been there for a while. Our numbers have still been good. We have managed them. We are signaling because they are still there, and there is an extra one. We need to see where we get to Q4, Q1. Okay. Sorry to dwell on it, but they have been there, and they are not getting worse, I guess. Not dramatically worse. Of course, as I have said many times, we are good at managing these things, so sometimes you do not see them at all, but they are there. Perfect. Thanks. That is very clear. I just wanted to make sure, I had the same question as Kristofer here, I think, on Poland, so on the funded business. If you could elaborate as to when this sort of, call it weakness or softness, first showed with the corporate. My question was if you saw a pickup here in Q3, and if that is telling us anything about the future, that we are out of the maybe the bottom on the- Our membership, our growth in funded, going back in time, if you go back and listen to these calls and look at the data, we've openly said that a big part of that growth came from price. We've openly said that was related to high inflation, and that the high inflation mix is starting to wash out, and maybe we kept our prices a little bit too high for a little bit too long, and we need to repurpose or make adjustments, which we've done. As I've said earlier in this call, it's B2B. It has sometimes a nine-month cycle, even when you're getting the positive signals people are going to buy. So, it takes a while to come through. Our pipeline is strong. You still got a Q4 where there's a bit of a wash-through of some of those issues, and hopefully by the time you get to next year, we'll start to see us being a bit stronger in that sector. So, let's see what that pattern looks like. Thanks. That's very clear. And then on Romania, I think at its lowest organic revenue growth rate I can remember, disregarding the lumpiness in COVID, it's always been super strong. So, my question here is, how much of an impact does initiative with the limitation to greenfield expansion and contract sort of caps at 2025 levels have here? And I think this will remain until 2028, if I'm not mistaken. Please correct me if I'm wrong. Can you repeat the question? For the hospitals. Yeah. With the CNAS contracted beds in Romania. Okay. I know what you are talking about now. Okay. Yeah, I mean- If you could elaborate. Is that an important factor, or is it rather, yeah, other? You know, the- Because I presume you can I think you can still fill up current hospitals, right, with more? Yeah. That particular implication we should be able to manage. So, we are better placed than some of our competition when it comes to that restriction. We should be able to manage despite that restriction being in place. There are other things in the mix that are occurring. Do not be too obsessed with that particular change, from our perspective. Okay, that is clear. Sorry for the messy question. The last one is on the Diagnostic part in Romania. If you could talk about the development here in the quarter and, yeah, the operating environment. Yeah. I think the business is good, it is strong. We are still market leader, and we have got growth from the business. But of course, the economic situation that we have is a little bit tougher, and you can kind of see that. So, they are a creative team, very experienced team. That is why they are market leaders in their niche down there. They now will do what we do, repurpose, re-navigate, adjust, and look to compensate. Thank you so much. No problem. Thanks for the questions. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Darius Saftoiu from Jefferies. Please go ahead. Hi. Thank you for taking my questions. Just the first one, you said the group organic growth, including India, was still double digit versus Q3 8% on the continuing business. You have mentioned some, the seasonality impact in Q3 and some temporary headwinds, but can you discuss a bit about how should we think about the run rate into the continuing business? I appreciate not quantifying, but some of the headwinds and drivers that were different in Q3 than what you expect going forward. Yeah. So, look, the reason I mentioned the India bit in Q3 was because at the start, John mentioned seven quarters of margin rate accretion, right? Actually, on a total basis, we've also had seven consecutive quarters of double-digit organic growth, yeah, on a total basis. Now, obviously, we don't expect India to be in the numbers, we hope, from Q1 next year onwards. Our current run rate for Q3 is 8%. John's mentioned there may be some softening, but we're good at challenging it. Aside from that, I'm not going to mention anything else in terms of giving guidance on run rates. Yeah. Thank you. The second question on sports and wellness. You've mentioned you've opened four new sites in Q3 and 16 this year, and you want to expand further. Can you talk a bit about how much white space there is to expand into Poland? Also, if you can comment a bit on, when you reach your target in Poland, are you considering this strategy in other countries like Romania? We're very focused on Poland, so that's where we've decided to execute this particular proposition for very specific reasons. We won't declare the exact numbers that we're going to go for, but you only have to pick up the press in Poland about sport wellness gyms, that there's a lot of activity of people looking to open facilities. If you look at any trend, do any research of Western Europe, how many gyms per head of population is there, et cetera, you'll see that whilst Poland is growing really fast and strong, they're still quite a way behind the rest of Europe. Yeah. There's quite a significant space for us to move to. An increasing trend, of course, particularly with the younger generation wanting to use this type of facility. So, we're not at the point where we're thinking that we've hit maturity at all. Yeah. Thank you. My last question. You have mentioned you've closed 118 facilities and opened 140 in the last 12 months. How should we think about the impact of revenue on these as the new ones, the sites take time to ramp? Can you discuss a bit the price and color on the drag on organic growth from this change? Look, I think in the grand scheme of things, as John mentioned earlier, we have a portfolio of businesses and a portfolio of measures that are going on, which adversely impact the numbers or positively impact the numbers. I am not going to give you a margin rate increase due to these new sites that we repurpose getting to maturity, but we expect them to step up. We have closed the ones we closed for the right reasons. We closed them because they were unprofitable or, as we did acquisitions, we were cannibalizing each other's sales. They were sensible financial things to do. The new ones that we do going forward clearly will be focused on building profitability for our business and will scale over time to hit the return on investment metrics that we set. Thank you. The next question comes from Bram Buring from Wood. Please go ahead. Hi, gentlemen. There has been a lot of consolidation in the Healthcare Services markets in Poland and Romania. How do you see the opportunities at this point for M&A growth versus organic growth, especially after proceeds from the Indian sale come in? That is one question. Yeah. We are very excited by it, because obviously we have funds available. If you look at the environment that we are in, you have potential interest rates going up, you have governments playing with the funds. We are a very well-placed healthcare organization because you need to look at our payer mix. We have strong fee-for-service payer mix, we have strong funded payer mix, and we do have some governmental pay, which at the moment is being challenged. But it is not the biggest. If you look at most of the organizations in our markets, it is not that kind of mix. Most of it is fund-related. If therefore the funds are making micro changes, talking about big reforms, and at the same time interest rates, cost of living is being challenged, then some of the provision network are going to struggle a little bit more with being able to cope with these kind of things. We as a group tend to cope with it well because we are a portfolio. When you get hit in one place, another place can help you ride that particular issue for a period of time until you correct yourself. We think we are extremely well-placed at this moment in time, being a soon-to-be debt-free organization with those dynamics happening, and we believe further consolidation will happen. At the same time, since the Indian deal was announced, of course, many people have been knocking on our door. We are excited and we are looking forward to future quarters and future years. Okay. In a nutshell, the weaker environment is creating opportunities for you to take advantage of. I believe so. Okay. The last question, just a small thing. The FX drag, I am assuming this is all coming from Romania, unless you say otherwise. No, about half of it is from the zloty, so the zloty has weakened versus the EUR as well. Yes. Okay Polish zloty and the balance is- Zloty predominantly Romania as well. You are correct on Romania. Okay. So it is both countries are a drag and about equally. Thank you. Yeah. 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. First and foremost, thank you everybody for those questions. We understand why you are asking them, and it is a very interesting time for us, so it is good to get those questions and be able to give points of clarity related to the business. As you can see, we have had a very good quarter, seventh quarter. If you look at it in old co, seventh quarter of double-digit organic growth and year-on-year margin improvement. That consistency is something that we said that we would look to do, and it is something that we have definitely delivered. And congratulations and thank you to all of our teams for the hard work they have put in to be able to deliver that. We are looking forward to the next few quarters and, of course, for what will happen to the shape of our business in the years to come. It's exciting times for Medicover, so watch this space and speak to you all soon. Thank you.