Good morning, everyone, and welcome to the presentation of OX2's third quarter 2021. If we go to the next page, we'll introduce ourselves. Me talking is Paul Stormoen, CEO of OX2, and I'm joined today by Johan Rydmark, our CFO. We look forward to spending the next 30 minutes with you presenting the status of the business as of today, and in detail, the third quarter's result. The report was published earlier this morning and found on our webpage. Afterwards, we will have time for a Q&A, and feel free to email the email address in the press release, or type in the chat and we will have time for a Q&A after the presentation, which is expected to take around 30 minutes. The agenda for today, if we have a look at the next page, is to go through some of the highlights of the quarter and the portfolio in detail. We will also have a word on our PV organizational development this quarter. Before Johan will take us through the financials, and I will end with a brief market and outlook comment. Next page, we are presenting OX2 as a pioneer of the renewable sector in Europe and a leader in market at the forefront of the energy evolution. We have as a business model to develop and sell wind and solar farms, and we work with the following technologies, onshore and offshore wind and solar PV. Last 12 months, revenue came in at SEK 4.3 billion and operating income of SEK 251 million. We have continued to show strong cash conversion and also return on capital employed. This also allows us to continue to invest in the organization and the portfolio. As you can read in the report, we have grown the organization with 50% since last third quarter. The portfolio is up 70% since quarter three 2020, standing today at about 18 GW. You see the technology division on the lower pie chart. We have good coverage across Europe now, and I will come a bit back to that. We have made steady progress in our newest market additions being, Romania and Italy, where the organization is rapidly building, same as the portfolio of projects. We introduced ourselves as a pioneer in the sector and a leader of markets in the forefront. You can see to the lower right that we have 17 years of track record, having built about 2.8 GW. This together with the strong portfolio, and the expected growth in Europe, is a good position for even continued growth, as we have earlier communicated and we continue to reiterate. Next page, please. If we look back at the last quarter, we can conclude that we have continued to grow the development portfolio. The whole organization has been very busy on a positive note, where we have concluded on a lot of acquisitions, summing up to 614 MW, and most markets have actually been covered when it comes to acquisitions. We have also sold 17 MW that I will go a bit more into in the following pages. We have seen very strong valuations of those. The quarter has been much focused on preparing the construction portfolio, now totaling 15 projects, more than 1 GW, to reach milestones during Q4. As you know, the income recognition is very much dependent on milestones being reached, and we here have five projects being planned handover in Q4, and we have already handed over our first of these five earlier in the Q4. We have continued to expand our organizational capabilities. We are building up the teams in Italy, in Romania, but also our core markets also supporting this growth. If we sum up, there is a 50% increase in employees, compared to Q3 2020. The preparation for the listing continues, at the Nasdaq Stockholm main market, and as previously communicated, we still aim at first half 2022. Following the end of the quarter, we have also submitted the Natura 2000 application for the Swedish project, offshore project Galatea-Galene, which is a large milestone for the offshore team, having worked several years developing a strong pipeline. This is the first application that we have now sent. If we summarize, we have sold projects, one additional add-on to an already existing project, 17 MW in the quarter. Acquired 614 MW, summing up to a development portfolio now at 17.6 GW. Remember, that is a 70% increase of the portfolio in just the last 12 months. If we have a look at page six and the breakdown of the portfolio, how it has moved, we can see that we started at 17.1, have this 17 MW that was sold. On top of that, we have 200 MW of discontinued megawatts. If we come to the additions, we see that we have started 100 MW or so of greenfield projects. I can note that this is including our first Swedish solar PV project, which is very rewarding to see. We have also, as mentioned, acquired about 600 MW of projects in multiple markets and phases. Summing up, 17.6 GW. You remember the technology division from page one. If we look at page seven and deep dive a bit into the different phases, we can see a very strong progress in the growing early phase, that has now 13.7 GW total effect in the portfolio. We also see mid and late stage being fairly stable over the quarter. Of course, a lot of milestones are being completed on a monthly and quarterly basis within the projects. The project teams have reported very good traction all through the portfolio on development. We will come back to the construction, which stands at 1 GW at the end of the quarter, which is about 50% up from quarter three 2020. High activity across the board. If we look at the following page, we have a couple of projects we'd like to emphasize. We have an acquisition that was concluded in Italy, which is the second PV project that we acquired so far this year in Italy, and we're continuing to build a strong pipeline, and see lots of good opportunities for OX2 to grow in Italy. This project is in Puglia, with good grid and good radiation capacity, so this is a very strong project for the future. The second project I'd like to highlight is the Merkkikallio project, in Finland. This was a good example of our project optimization post-sale, where we were able to add another three turbines to an already announced sale in Q2. We announced, as you may remember, 66 MW sold to Renewable Power Capital in Q2, and we were, during the quarter, able to up that total project with three more turbine positions, adding 17 MW to the same time schedule. That was booked during the quarter. Just today, we also announced another strong project in Poland, the fifth project we have taken to construction in just two years, and that is called Kraśnik. It was 24 MW and was sold then to Equitix and will be booked in Q4. Good start to the last quarter of 2021. This project was acquired in 2020, also highlighting the capacity OX2 has to acquire late-stage projects and very rapidly turn them around into valuable construction assets. This is another example of a project that we sold on strong valuations in a demanding market. Looking at page nine, we want to say a couple of words on our PV business that is continuing to grow very rapidly. We have coverage over several of our countries now in PV and planning for even further growth in PV, where we target to become a pan-European renewable player also in Southern and Eastern Europe. In these markets, as you know, we have PV being a major contributor to the new energy transformation. We have started several years back. The Polish portfolio is most mature. The portfolio counts more than 1 GW now, and we have everything from early to ready to build, in this portfolio of PV. We expect to fairly shortly see our first construction starts on this PV portfolio. About 40 employees are now working with solar PV. We follow the same model where we have local competencies, supported by central, and we found a very good team, and have built a very good team, with a lot of competence in Spain, where we have established the PV central, where we do support development, still done by the local organizations, with engineering and M&A and also procurement and construction planning capacity. Summing up, solar PV will play a key part in OX2's expansion throughout Southern and Eastern Europe, but we are also seeing these larger projects coming up north, Sweden and Poland first out on the portfolio of PV. Before we go into the financials, have a word on the construction where we have seen good progress. Next page, please. We have seen good progress preparing a lot of these projects for significant milestones to be reached in Q4. As I mentioned, we have already handed over our first project, that was project Kjolberget, in the beginning of Q4. Another four projects totaling 180 MW is now expected to be handed over before end of the year. All in all, we have a very good visibility of the margin that we are able to book in the years to come from these construction sites. Health and safety and quality has been kept at very high levels throughout the period. We do see that we have been able to manage demanding pandemic and also supply chain issues without any financial impact on OX2. Summing up, very busy quarter, preparing for a lot of milestones to be reached on the whole portfolio in Q4. We have started with the first month of Q4 on a very good track. Without more additions from me at this point, Johan, do you want to take us through the financials? Yeah, please. Let's move on then to the next slide. The next again. Yeah. Financially, the third quarter came out quite different to the same period last year, with net sales of SEK 600 million versus SEK 2.1 billion same quarter last year. The main sales drivers that we saw in the quarter were sales from our construction portfolio, where we had sales contribution from nine out of our 15 projects in construction. To put that in perspective, looking at how it looked in Q2, the corresponding number was 12 out of our 15 projects. There has been good progress overall in the construction portfolio, as you mentioned, Paul, but few milestones for revenue recognition were achieved in the quarter. What we can see is a busy Q4 coming up with five projects being about to be completed and handed over to customers. A lot of progress has already been done and preparation are in place. This will also be a sales driver for us in the coming fourth quarter. Finland continues to be our largest market, accounting for 69% of our net sales in the quarter, followed by Poland with 14% and Norway. In Norway, we also now in the beginning of Q4, handed over our last Norwegian project in the construction portfolio in accordance with expectations. During the third quarter, no projects were completed and handed over to customers. When comparing the sales figure to last year, this is also the main explanation to the lower sales, where we in Q3 2020 had three projects that we handed over and completed. Operating income for the third quarter amounted to SEK 25 million. The profit development in individual quarters, and we'll see this on a later slide, is volatile, and it's mainly affected by sales of projects and by the pace of completion and delivery of projects under construction. The decline in operating income compared to previous year was due to lower volumes of projects being handed over and lower net sales recognition in the projects under construction. The gross margin, as you can see here, came in very strong at 29% and is now 19% on a rolling 12 months basis. The main driver for the strong gross margin development that we saw in Q3 was the new sales in the quarter, whereas you mentioned, Paul, earlier, we received the permits for a further three turbines in our Finnish Merkkikallio project. This project we sold at the end of Q2. I think, as you said, Paul, it's a good example of our strong capabilities in optimizing the development envelope in our projects. When we are able to get these type of add-on sales or upgrades in our projects, it is typically very profitable for us. During Q3, our expansion focus has continued, and we've seen a growing project development portfolio across our markets and different technologies. Also we welcomed a lot of new colleagues. As our portfolio and organization grows, this is also impacting our costs and operating profit, which we also saw in the quarter. Moving on to the next slide, please. When we zoom in and look at our LTM figures and the key drivers of our operating result, COGS is where the bulk of our costs are, and this is comprised of our construction expenses and project right expenses and sales costs associated with selling new projects. The biggest component by far of our COGS is the construction expenses. With the construction envelope that we offer and contracted sales, we believe us to have good future visibility on our gross margin from this part, which was also what we saw from the development from this part of our business in Q3. This is despite the challenges that we also see around us in the global supply chain. We haven't to date experienced any cost overruns in our construction portfolio, and we can also see that there is a continued strong interest for our projects that we bring to the market, and that OX2 is very good at optimizing both the value for our projects that we sell, where we are able to attract a broad customer universe, and also within the procurement that we do. Evidence of that we can see in the margins that we have achieved for the projects that we've sold so far, and that is very much also the case for the Polish project that we announced this morning. When looking at our operating costs, we continue to prioritize investments into growing our organizational capabilities and project development capabilities in order to meet our medium-term volume sales target. We currently have resources and associated costs to be able to handle, both from a construction perspective and a development perspective, a much larger volume than the 500 MW on an annual basis that we have as a target for 2021 and 2022. This expansion is impacting our reported operating margin, standing here at 5% LTM, and will continue to do so until we see growing sales volume. Our external project development, to put this a bit in a perspective, on an LTM basis have grown with more than SEK 70 million, and over the last three years, more than 400%. It's a bit the same picture when looking at the personnel costs, which have increased with more than SEK 40 million here during this year and 300% since 2018. Most of the personnel growth is related to being able to develop and construct a larger portfolio in our growing number of markets. The costs associated with project development, I'd like to remind everyone, we expense in our P&L as they occur, while the financial benefit from these activities will only show in our P&L as the volumes from the increasing project portfolio is sold. As we have communicated in our financial targets, this is expected from 2023 onwards. We can move on to the next slide, please. Important also to keep in mind, especially on a quarterly earnings call like this, is that our development of our sales and profit is not linear quarter by quarter. This is due to the fact that our sales and profit is influenced by the pace at which projects under construction are progressed and completed and the timing of new project sales. Our margin is further impacted by the mix of the net sales from new projects and the net sales from projects under construction, where the gross margin from new project sales typically is higher than what we see from the construction sales. There will be swings in the sales figures and margins on individual quarters. This we will also see going forward. It is therefore important to look at longer time horizons and longer time series we believe better represents the trend that we see in the underlying development of OX2. This we can see on the next slide, please. In terms of the sales, and here looking at annual time series, the growth that we have seen during the last couple of years is derived from increasing sold project volumes, increased volumes under construction, and increased sales from our asset management business. These are also the three revenue components that we have in our business. The contribution to the sales development is also coming from an increasing number of markets, where we, in our LTM figures, have sales from Sweden, Finland, Poland and Norway, giving us less dependency on any specific market and the development in that market. The decline in sales LTM is mainly related to the less sales from our construction portfolio, where we, in 2020, completed and had handed over during that year 486 MW of projects. That corresponding figure here in the LTM is only 48 MW. As you also pointed out, Paul, here, looking into Q4 with five projects planned to be handed over, we expect that this will also impact our LTM sales figure when we conclude 2021 significantly. When we look at our profit development, we see that as we are continuing to invest to be able to achieve our medium-term financial volume targets, annual sales volume of more than 2,000 MW, we have increasing project development expenses and personnel costs, and this is impacting our reported margins. As one can see here, also when comparing the reported operating margin to the margin adjusted for external project development expense, you see that increasing difference. Until sales volumes increase, which in line with our financial targets, is expected in 2023 and onwards, I believe that the gross margin is probably the best financial metric to follow if one wants to understand how the underlying operation in OX2 is developing. Here we see a positive margin development on an LTM basis. At the end of Q2 this year, the gross margin stood at 15% and here 19%, meaning that we see good cost control in our construction projects and we're also achieving good margins from the new projects that we sell. Moving on to the next slide. Following the capital that we raised from the listing, we have a strong financial position, which has further improved during the third quarter with strong operating cash flow, which was achieved due to positive changes from our net working capital as a result of high portion of customer advances. Yet again, I think this also underlines that we are very good at running our projects in a capital-efficient manner. From this strong financial position, we will be able to continue to increase our investments in new project rights, as well as further investments to mature and develop our now 18 GW project portfolio. That we can see that we have been good at doing on the next slide. Here you can see that we have been able to increase the portfolio and increase in acquisition of project rights over the last couple of years, especially in 2021. Q3 was no exception here with 600 MW of new acquisitions completed. We see that most of the investments have gone into onshore wind projects with some 3.6 GW on the 3.8 GW that we have acquired during the last year. Most of this has been in Finland, but we can also see that we now have an increasing acquisition pace in Poland, which is very promising. We believe that the investment pace will continue to increase and the investment level also will increase from SEK 440 million here to SEK 600 million when we look into 2022 and onwards. What we also expect is that there will be an increasing amount of acquisitions going into the late-stage phases as well. Rounding off a bit on the financial side, the development that we've seen in Q3, I believe, is showing good progress in relation to our financial targets. We have continued to invest in growing our overall project development portfolio, having grown with more than 500 megawatts in the quarter. This growth has come mainly in the early development phases, and we should see that this also over time results in an increasing portfolio in the later stages, and that we can see when looking at the development of the late-stage portfolio during 2021, that has grown with more than 70%. If we compare that figure to how it was at the end of 2020. This gives us good comfort in our near-term volume targets for this year and 2022 of more than 500 MW sold on an average basis during these two years, and also for 2023, 2024 with more than 1.5 GW. In the quarter, we have also continued to invest into our organization in order to meet our mid-term target of more than 2,000 MW on an annual basis. In terms of our operating margin development, current performance is impacted by our growth investments in the organization and our project development and will continue to be impacted in the near term until sales volume increases. That said, with a busy start to Q4, with many projects also to be completed in the quarter, this will have a positive impact on our development in Q4. The solid gross margin development gives us also comfort that the underlying business is performing well, and we see high interest for the projects that we bring to the market. With a lot of competing customers for our projects and from the projects that we've sold so far this year, we also have evidence that we can achieve good margins in the current market. We continue to see that there is a scarcity of projects in the markets where we operate. Handing it back to you, Paul. Excellent. Thanks, Johan. I will round it off. If we can jump to the next page, a comment on the market outlook. Looking at next page. Some of the key events after the quarter, we did submit our first offshore project application, 1.7 GW. The volumes are very large compared to onshore and PV. We have announced today the sale of a 24 MW project in Poland at strong valuations. We have also started the quarter by handing over a project in Norway, called Kjolberget. All in all, we can conclude on a continued strong and very positive feedback from the market on our products. There are good interest in investing in the energy transformation that is now more a fact than ever. Of course, based on the latest energy prices and raw material prices, this is just highlighting the need for future long-term build-out of new energy production. That is exactly the segment that OX2 is specialized on delivering on. Summing up, portfolio will continue to grow in all geographies and technologies. We have shown last 12 months and also Q3 that we are able to rapidly transform acquisitions into new sales, and in addition to acquiring projects all through the stages of its development. That will continue, and I will just end by reiterating that we are on target, on track to reaching our targets that Johan just communicated, and we feel very positively about the future. That is summing it up. We can flip to the next page and open for potential questions. Thank you. Ladies and gentlemen, if you do wish to ask a question via the audio lines, please press zero one on your telephone keypad now. If you wish to withdraw your question, you may do so by pressing zero two to cancel. I also remind participants that they may submit their questions via email using the provided email on the webcast platform. Once again, audio questions, please press zero one on your telephone keypad now. Our first question comes from the line of Olof Cederholm from ABG Sundal Collier. Please go ahead. Your line is now open. Thank you. Hi, Paul and Johan, and thank you very much for your clarification regarding projects to be handed over, et cetera, throughout Q4. I was just wondering if there are other construction milestones coming up as well in Q4 that we should be aware of. Yes, for sure. There is progress also in other projects than the four projects that we now have remaining to complete and hand over to customers. As I mentioned, also in Q3, we had because I think you referred to the revenue recognition milestones. We had that as well in Q3 with nine projects contributing to our sales. Okay. Great. Looking at your financial guidance or long-term financial guidance with 500 MW to financial close, on average between 2021 and 2022. Is it possible to maybe carve out 2021 here and talk a little bit about Q4? You mentioned you expect a very busy quarter on all fronts. Is it reasonable to think that you'll be able to close projects to get close to the 500 MW for 2021 as well? Or should we think about some projects maybe moving into 2022? I can cover that, Johan. Thanks for a good question, Olof. As you know, we announce and conclude on the projects when we feel that they are optimized. We do not want to go into further details of exactly the dates that this may happen. We do continue to say that we feel very strongly about the quarter. We do also see that we will be reaching or communicate the target. At this point, we do not want to go into further detailing the targets that we have communicated, for natural reasons, because we are in a long-term optimizing the margins. Yep. Makes sense. Thank you. I'll just carry on. I have a couple more questions. I hope that's okay. The investments in growth are increasing as planned. DevEx is up, personnel expenses are up, and you mentioned that you're now operating at a level which could handle volumes up to the 1,500 MW per year to financial close activity level. Should we model continued increases in these expenses now also on a quarterly basis going into 2022? Is it now a situation where these will level off for a little while before increasing again? No, I think if I've read your report, Olof, and also other analysts, I think you covered it in a good way. Of course, looking at percentages, that increase in both project development and personnel costs will sort of level out. There will continue to be also growth in our resources, the need for our resources, both personnel and project development. That will be the case. Okay. Thank you. The last one from me, for now at least. The pace of project acquisitions was maybe a little lower than I expected for the quarter. Was there anything specific behind this, or are environmental permits more difficult to come by? Is there a delay across the industry here in terms of getting projects ready to be sold on to the next owner, so to speak, or was it simply a timing issue for you? I can cover that without touching into specific markets, because as you are aware now, we're working in nine different markets, and we do not see any overlying trend that it's significantly different, the permit processing now compared to in the past. We cannot draw a conclusion on that it's more or less difficult. I think we could point to the importance of having a diversified portfolio, with a lot of projects, and a big organization focusing on pushing these projects quarter by quarter, and specifically on why we ended, maybe, to using your words, less than expected acquisitions in Q3. Remember, that was still a 50% up from Q3 acquisitions 2020, and that number of acquisitions was quite high. Just as when we also sell the project, it is difficult to time exactly the date of when these acquisitions are concluded on. Acquisitions will and continue to remain one of the key activities we do here at OX2. It's not like we have a decline in the efforts spent, but it's just like our sales, just like our construction. These are projects, and they are completed before or after end of the quarter as when they are ready. Thank you very much. I'll leave over for others to ask questions. Thanks. Yeah. Our next question comes from the line of Oskar Lindström from Danske Bank. Please go ahead. Your line is now open. Hi. Thank you, Paul and Johan. Three questions from my side. The first one is, you lost 200 MW in late-stage projects in the quarter due to decisions in the Supreme Environmental Court. Was this an unexpected setback? How much of the late-stage portfolio is at risk from these types of court cases? Good morning, Oskar. Well noted that this was a negative decision at the Supreme Environmental Court in Sweden. It relates to a project in Ljusdal, mid-Sweden, in an area that was even pointed out to be designated for wind development. We are disappointed about the decision. Project going back to the drawing board. We will need to consider what to do in the future about this one, but prudently, we're moving it out of the portfolio. Once again, it highlights that it is very important, if we shall be comfortable about the growth, to have a substantial and diversified portfolio in all stages. As I also noted to Olof, we cannot draw any trend lines on this one decision, and we do not see that there is any difference in the quality or the forecast of how we value the late-stage project because of this one incident. You know we have a lot of projects. We see that there are positive decisions from time, and there are negative decisions at time. We can only work with what we have as good as we can, and good reason and good response to that is to have a large and diversified portfolio. Sorry for not being able to join here. That's all right. The second part of my question there was, are any other parts of the late-stage portfolio currently the subject of court cases or challenges in the courts? Yes, some are. The way we define our late-stage portfolio is that there might be still ongoing court cases, and this has been described. There is a mix of completely ready-to-build projects, in the late stage, and some with outstanding court decisions. Yes. Could you guide us on what portion of the late-stage portfolio is currently the subject of court cases? Johan, do we have any guidance? Well, I don't think we can go into that detail. I think we can reference back also to what we have communicated earlier as well, that as the projects mature from the early to the mid to the late, and also within these phases, the likelihood of the projects being sold increases. Based also on our history, very high likelihood of the late-stage portfolio being materialized and sold. All right. Thank you. I realize it's difficult to be precise on this. My second question is on the size of the development portfolio, and what absolute size do you feel that it needs to be in by, let's say, the end of 2022 in order to reach your target of at least 1,500 MW of sales in 2023? Yeah. I can just note that we don't provide any specific guidance on exactly the size of the portfolio. We continue to work towards increasing the investments. You are mentioning that we are expecting to be on a SEK 600 million level during 2022, and that will, of course, be translated into more megawatts. I don't think we shall say any specific numbers for end of 2022 in order to feel comfort about 2023. That would be not necessarily our. I think we can reiterate that with what we see here and now, and you have the phasing and also some guidance in terms of how the projects in the different phases will be turned into sales, that we believe us to have good coverage and that we're comfortable in the financial targets that we've set. Of course, as you mentioned, Paul, this is the portfolio here and now, and then we have our acquisition muscle as well. Right. Okay, good. I know you haven't given this guidance in the past. I just wanted to see if you're ready to do so now. My final question is on cost overruns. You say you haven't had any, which I think is impressive given the situation in the world at the moment. You haven't had any cost overruns yet, but are there any projects which are at risk of having cost overruns, or are there any major delays which are impacting your projects? If you could maybe provide some guidance on that. I think we also write that in our report, that yes, there has been some delays. What we can see when looking into the development in these construction projects and how the contractual setup is for those projects, we are not foreseeing that delay will impact us. We can believe that some of our suppliers probably are facing some cost overruns. All right. Thank you very much. Yeah, those were my questions for now. Thanks, Oskar. Thank you. Thank you. Once again, I remind you, if you do wish to ask a question to the speakers via the audio lines, please press zero one on your telephone keypad now. Maybe we can. We currently have no further registered questions via the audio lines. Good, received also some questions on our IR web here. If I go through them here, reading them out. The first one is from Eivind Garvik, Carnegie. How will you continue to communicate milestones in the future, given that there is limited top-line visibility and revenue fluctuations are to be expected? Yeah, I think we will continue to provide the flavor that we're doing now in terms of the overall performance in our projects under construction. Also that we have in the report, we provide some guidance in terms of timing of when projects are to be completed on an annual basis. The next question from Carnegie is around the supply chain. We see that projects in the renewable space are being postponed due to supply chain limitations. How does this affect your portfolio? I think we covered that also based on Oskar's question. I don't know if you want to add anything more, Paul. No, I think we can just conclude on that the world is of course challenged by the supply chain issues. OX2 has a benefit here of being the largest developer in Europe, where we can work actively with the suppliers on finding future upsides as well on working with OX2. We have good visibility into projects we have in sales currently. We have good visibility into the portfolio in construction, and we can, based on the size and position we have, basically improve that. The third question from Carnegie is around our up-listing. From an organizational and reporting perspective, are you progressing and all set to up-list to the main market? I can start on commenting on that. From a reporting perspective, yes. From an organizational perspective, yes as well. There is a lot of work to be done, and there is also timing element and also maybe a scarcity of resources available from Nasdaq's side. Yeah, we're on track, as you mentioned, Paul, to up-list during the first half of 2022. The final question from Carnegie. How is the expansion going? What are the main limitations to your expansion rate of the project portfolio and markets? You want to cover that, Paul? I think we can do so. We have expanded quite significantly over the last 12 months. We continue to expand all parts of the business. We've done a couple of main steps during first three quarters of 2021 here with the entrance in both Romania and Italy, which are new and can be significant markets. Remember that Poland was a complete new market for OX2 just two years back, and we now have a very strong position. I think that we're moving with quality ahead. We are not taking bets we do not feel comfortable with in the expansion. I would rather say that the limiting factor for us is time right now, 24 hours only a day, and we want to make sure that this is not going into some sort of hyper mode, where we lose track of quality and profitability. We're very careful about the people we take on board, very happy about the teams that has joined us now in Southern Europe. I would say that we work with this in a very controlled fashion and see good opportunities and expect this to be a support for the medium-term targets. Good. If there are not any questions posted in the Q&A, I'll continue here on the IR mail. Now from Anders Rosenlund at SEB. A bit on the same theme as Olof earlier. First question, how many megawatts, very explicit question, do you plan to do FC on in Q4? I think with your answer there earlier, Paul, to Olof's question with Yeah, given the guidance that we are comfortable in giving. Second question is around revenue recognition during construction and whether that is based on percent of completion or milestones. I'm not sure that I fully understand the question. Our revenue recognition is around very much the completion and the progress of our projects under construction. How that is defined is based around concrete steps that are completed, and that corresponds to them. Yeah, you could put a percentage on that in terms of the overall construction value. Feel free, Anders, to further elaborate that question if you want to. The third question from SEB is around, bit touched upon that topic as well earlier, how exposed we are to inflationary pressure. I guess supply chain and raw materials. Do you want to cover that, Paul? Yeah, I can cover it briefly by just noting that we continue to demonstrate strong valuations and projects closing at supportive gross margins. We see good control of the budgeted or the margin that we have from projects in construction. On the new sales, I think I commented on that when it comes to supply chain, that we are seeing a opportunity here as well to utilize our position with volume to not be exposed to parts of the construction that we do not feel comfortable about controlling. No further questions yet posted in the IR. Any more questions posted in the chat? Okay. Okay, I think then we can conclude on today's earnings call for Q3. We have the next earnings call booked for the 23rd of February, when we will also release our year-end results. Look forward to keeping in touch with you until then, and wish you all a good week. Thank you.