Welcome to the OX2 Q3 2023 Conference Call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answer session, participants are able to ask questions by dialing Star 5 on their telephone keypad. Now, I will hand the conference over to the speakers. CEO, Paul Stormoen, and CFO, Johan Rydmark, please go ahead. Thank you, and good morning, everyone. Thanks for joining OX2's Q3 Presentation for 2023. Flipping to the agenda, we will take you through some highlights of the quarter and some on the portfolio before going through the financial review. I will mention some market and outlook in the end before we leave ample time for questions- and- answers, and you are aware how the technical aspect works. I have caught a nasty cold, so if I start to cough, my colleague, Johan Rydmark, will swiftly jump in and carry forward. I'm sure we will take it through a good hour here together. Flipping to the landing page where we introduce OX2 as a European leader in renewable energy. I think it's kind of good to just start with a bit of a backdrop why we are here. And I feel that this quarter has continued to bring even more answers to where the energy transition is heading. It's no longer a question about if or why, or when. It's a question about how. And OX2 sits on several of the solutions, which has also been confirmed and acknowledged by the EU as late as yesterday, when confirming the importance, the need of wind to grow in the energy system in Europe in order to maintain European industrial competitiveness. And we're now talking about a doubling of the installed capacity in just seven years, so that's ahead of 2030. It's not something that is happening way out in the 2040s. This is happening now. The other part is the importance the EU has put on maintaining a European supply chain when it comes to wind. Here we failed when it comes to solar PV, and although having a head start in the industry in Europe, practically all production is now Asian-based. The message from Brussels was quite clear yesterday that that will not be allowed in the wind sector to happen, which I think is, is a strong sign and something we welcome. Quite a lot of movements in the right direction during the quarter in the macro backdrop, and this is why OX2 is here. We are participating in powering this, what we call Great Shift, and we have, for 20 years now, run a very profitable and growing business model within this space. So not all companies are running the same business model just because they are in the renewable or wind space. We have a part of the value chain that we feel is the most valuable, meaning onshore wind development, offshore wind development, and solar and energy storage development. We are monetizing on these different technologies slightly differently, as we have shown during the year. In offshore wind, we have sold down stakes in the developments a bit earlier on. And when it comes to onshore wind, we have sold both projects where you only see the numbers in the financial statements when we hand it over, so forward sales. And we have, in this quarter, also concluded two or more standard land-based onshore sale structures. So, this is important, and this is what contributes to the numbers here you see on the page. We present LTMs of growing SEK 8.2 billion, strong operating margins and return on capital employed continued to be very strong also for this last twelve months. Summing up the volumes, we have now booked 11.1 GW of sold projects. Looking at the portfolio, we also see that continue growing. We now operate a 47 GW total portfolio, where we have a record high construction portfolio of more than 1.3 GW. The TCM, Technical Commercial Asset Management, part of OX2, is also growing and is booking record volumes of more than 4.7 GW. We have the development portfolio shown in the pie chart set center, lower part of the screen, standing at 34 GW, now spanning Australia and most of the European countries that we find attractive. So we have a fantastic position to capture this great shift or the energy transition, both in Europe and in Australia currently. Looking a bit more on the changes, if you flip to the next page, on Q3, we go through the development portfolio, which has seen additions from greenfield of more than 1 GW and project acquisitions of about 700 MW. The sales that we booked during the quarter comes from a project in southern Sweden called Änglarna, 115 MW, and also Bejsce in Poland, two core markets for OX2. The construction portfolio have not had any handovers during the period, but progress has been solid, and we have executed on the timelines, health and safety, and quality as expected. Technical Commercial Management we also see, as I mentioned, continued growth, and for the first time, we have also, after the period ended, reported a sale in France, where we sold a 23 MW solar project at good valuations. So that means concluding or as of today, we have sold projects in five different countries this year alone. If you have a look at the next page, you can see growth in construction. We see growth in technical and commercial management, and we see growth in mid-stage development. Late stage and early stage being fairly stable, and we continue to report these numbers on a quarterly basis. But the important part here is that we are able to monetize on projects in different stages of the portfolio. So we have this year seen early-stage sell downs from offshore projects. We have seen monetization on late stage, and then there will be monetization and booking of sales post-construction for both energy storage and for wind right now being built in Italy. So this picture gives you an overview of what we have to work with, and the whole portfolio is healthy and producing kind of good tools for us to work with when it comes to reaching the 25% CAGR on operating income that we have as a financial target. Moving to next page 8. Here you see the waterfall changing from 32.4 end of last quarter to 34.1 end of Q3. And you can also see that the split to the right, if you would compare that to a couple of years back, there's a lot more diversification, both geographically and also technically, technologically in the portfolio, which is very much in line with the strategy we laid out in the IPO in 2021. We move on. A couple of projects, all having been mentioned. So far, the offshore portfolio is progressing well. We have this year received our first permit in Q2. And we have also, for the project called Triton, received, during the quarter, a Natura 2000 permit, which was a very important permit, and then puts the project right on the government's table, ready to be approved. Total capacity of 1.5 GW. As you recall, we have sold 49% to Ingka, and we are both positive that there will be good development on this going forward. And next year, we could see also then milestone payments for both this and the Galatea project that we have already been approved by the government in Sweden. Important part and contribution to southern Sweden, which is, of course, something the Swedish government is aware of. We would be able to produce in the area of 7 TWh and connecting to SE4 with this project. Then we have the, in the middle here, the project we sold in southern Sweden, attracted a good good valuation, high competition for this project, in southern Sweden. 115 MW awarded to Vestas. Also, after good competition on the supply side, plant commissioning a couple of years out, but also concluding a long-term TCM agreement with this project, which was very, very positive. Then, to the right, you have our project, sold in the quarter in Poland called Bejsce. Fairly straightforward construction area, 20 MW, sold at good valuation. Here we are at close to EUR 3 million per MW. And, we have sold this to a Polish fairly large energy company called Enea. Plant commissioning next year. As you can see on both the sales we booked, these went to large energy companies, one from Switzerland and one from Poland, and we do see quite strong interest across the board from energy companies picking up our assets. So moving on, we give you a bit more details than last quarter on the volumes here. Multiple sales processes totaling 1.2 GW. We are constantly starting new processes as well. So this is not all, but some of this we aim to conclude on this side of the year, and some will be on the other side of the year. But we do see good support from the portfolio on near-term progress as well. You see a good division of the geographies and the technologies, whereas in Sweden, we have a fairly large storage project out in the market. This is now being built on OX2's balance sheet and is online by end of the year. So here we ran through the sales model slightly differently, but it's now proven that that was a wise decision, and we do see, we do see strong, strong valuation on this project. In Finland, we have both energy storage and onshore wind, several projects, so a strong portfolio. We continue in Poland with solar, a fairly large solar project, and France, more solar. Spain, we have commented on, that we have our first projects to be sold. They will not be, they will not be adding a lot of profit to the quarter, if it's concluded on this side. But it's still, a first, in Spain for OX2. Then you have some solid projects in Romania, followed by quite significant portfolio in Australia that is being, that is also being marketed currently. So good traction, lots of technologies, and, on top of this, we have, we have discussions on further, further realization or monetization of more offshore pipeline. So we feel quite confident that we have good volume and good projects, also near term. Looking towards, the next page on construction, as I said, more than 1.3 gigawatts is, getting, close to a record, or if it's not a record, quarterly ending, volume in construction or the backlog. Quite a busy Q4 with several projects here named on the top, 374 MW being handed over. And then we have quite a high volume for handing over in 2025. You remember that we moved some of the projects from 2024 to 2025 due to Siemens Gamesa's delay, and this has been accounted for here, and we do not expect any negative financial impact on the projects from this delay. And then we have added a 2026 project here, as you see from the quarter, Änglarna. So, good progress also in the construction portfolio. Looking a bit on page 12. You are aware that we have been growing the company quite significantly over the last four, five years. You can see it to the top left here. The operating expenses, meaning salaries and the development costs, and other type of corporate operating expenses in OX2, they are taken on the P&L, so that affects our operating income, and it has increased from SEK 400 million to SEK 1.3 billion just over the last three years. We now see that this increase is leveling out, and we have the cost structure that we need to have in order to deliver on this growth in operating income that is typically following us or lagging a bit behind the investments we do, since there is a time shift window here. You can also, of course, notice then, that the operating expenses is connected with working a much larger development portfolio. It has more than, or close to tripled over the last three years. When you see 12.7 in 2020 and now ending Q3 at more than 34 GW. So, this is what will continue to drive our gross profit in 25 and beyond as well. So fairly confident about the volumes and the, the operating platform we have currently to take us to the next step. With that said, I think we can flip to the next page, and Johan, you're ready with some more numbers? Yes. Hello, everyone. We can move on to the next slide. As you said, Paul, solid foundation that we have in place in terms of looking at the inventory of the 34-gigawatt development portfolio that we're progressing and good development there also in the quarter, especially in sort of the mid, mid-phase of the portfolio, but also from the acquisitions that we did in the quarter, both with onshore projects in the early and mid stage in our core markets. When we zoom in on Q3, financially, obviously a quarter then characterized a lot by the two sales processes that we concluded, the Änglarna wind farm in Sweden, as well as Bejsce in Poland. As you can see on our gross profit and our posted operating income for the quarter, a solid performance, good profitability coming through on the gross margin level, and that's also driving the strong operating income. LTM figures, longer trends, I keep on reiterating that with the quarterly swings that we have, which are impacted by the timing of when new project sales occur, as well as the overall progress, mainly in the construction portfolio, is having a significant impact, then better to look at long longer trends. And here you can see both in terms of volumes, significant volumes having been sold during the last 12 months. To remind everyone a bit about the composition here, here we have 2 offshore transactions. Our portfolio that we sold last year in Sweden, or part of the portfolio that we sold, 49%, and then the follow-on transaction that we did in Q2, contributing here with significant volumes. As we have also highlighted in our financial targets, pure megawatts and growth there is one thing we're targeting and zooming in more on the overall operating income growth for the foreseeable five-year period. And here we see good development when we look at our operating income development, very much driven by the strong gross profit development. I'll come back a bit to how this stands also in a historical perspective on a later slide. But here it's important also to remember a bit what is driving this. It's really also the product mix. Here in the LTM figures, we have sizable permit sales volumes, which, as Paul explained, a bit on how we're treating development expenses. We're expensing that as they occur. So when we are selling permits, project envelopes without the construction, that is coming at very good gross margins for us. And here in the sales mix for the last 12 months, we have sizable volumes from that type of sales, which is impacting our gross margin in a positive direction. Return on capital employed, really the core measure, how we're steering and how we are prioritizing internally in terms of what projects to go after and what markets to prioritize. Posting a solid 37% here, LTM basis. And that is also taken into account that we are now, which we also commented a bit on with our updated financial targets, having a target of 25% return on capital employed. We are now having a bit of a different mix in what we are having on our balance sheet. I was mentioning the storage project that we are constructing, as well as the forward sale that we did in Italy. Despite that, we see good returns also from the actual numbers, but as well, going forward. We can move on to the next slide. Here again, highlighting the quarterly fluctuations. I mentioned a bit what this comes from and why we're seeing this kind of volatility, the timing of new sales, the timing of construction progress, the timing of handing over project. This is all tying into the type of sales growth as well as operating margin that we see in the quarter. Here, Q3, if you compare that to Q3 of last year, when we didn't have any megawatts sold, you see also the mix in the margin, where last year we only had construction progress and TCM revenues. Paul was also commenting a bit on the construction portfolio. That is, of course, also contributing in the quarter on our profit generation, continue to see stable delivery, the delivery there. And we're gearing up, and our colleagues in the construction teams across our different markets are gearing up for a very busy Q4, with quite a lot of volumes to be handed over in Sweden and Finland, with good visibility on the profit on those projects as well. And here you can also see Q4 last year, the sizable volumes that we sold, a large offshore partnership that we concluded, as well as two onshore projects in Sweden and Finland, which really drove a very strong profit for us in Q4 of last year. We can move on. Longer trends development, very promising to see when we look at what we've done so far this year. We have now posted sales in four markets, different technologies or products. And then also following Q3, and we concluded our first sale in France as well, that will start contributing to our sales and bottom line. And that was really, if you remember, what we set out as operational targets for us going into 2022, really, being able to ramp up the activities based on the expansion and the activities that we have undertaken over the last couple of years to start seeing more markets, more technologies contributing to our bottom line. And I think this is also the theme when we look into 2024, how we will see more markets, Romania, Australia, markets nearest in time start contributing to the overall OX2 performance. But that's very much what's been driving our sales development, growing 5% on an LTM basis here. Core markets continue to be Sweden, Finland, and Poland for us. Profit development, and here you can also see a bit what I was commenting on, on our gross margin development. And here it's important to understand the sales mix, which is really pushing the strong gross margin in Q3. We can move on to the next slide. We continue to have a solid financial position. We continue to be able to act on the opportunities that we see in the market this quarter. A bit slower quarter for us in terms of capital deployed in project acquisitions. That said, as I mentioned, good additions coming in to our onshore wind portfolio in Sweden, as well as solar in Italy. The one thing that stands out in Q3, which did so as well in Q2 as well, our working capital development, big negative impact here from our construction portfolio. We're also commenting a bit more the details to what has been driving this in our report. But as we're also stating there, this is normalizing in Q4. We're now a bit outside of the range that we typically see, the 0% to -20%. We actually had a slight positive working capital in our construction portfolio, and that's very much related to the timing of payments from our customers. We did quite big prepayments as well of expenses, and that is normalized in Q4, so you will not see that kind of negative impact from the construction portfolio in Q4. We will be back in the range of 0 to -20%. We can move on to the next slide, zooming in a bit more on the project acquisitions here, LTM basis. Good additions in the quarter, as said, but here more highlighting the diversified portfolio that we had. That's also not only from the overall development portfolio, but also in terms of the acquisitions that we've done over the last year. Obviously, Australia being a significant positive contributing factor here. As Paul said, we're also really ramping up the activities there and are seeing near-term contribution from Australia also when we look into 2024, which looks promising. We are also leveling out, not only on our operational expenses, but in terms of the capital that we are redeploying in further project acquisitions around the SEK 1 billion mark. And moving on to the next slide, I think we're also stating exactly that in terms of project acquisitions, about SEK 1 billion. That's what we see for this year. Here, quarterly fluctuations will happen depending on when the ink is on paper, when we conclude new project acquisitions, but this is also the level where what we see going into 2024. We are providing some more colors on the sales processes that we have ongoing. Like Paul mentioned, we continue to see a good demand, and it is a bit of a mixed customer universe, which is also tying in a bit to how we're running these sales processes. But, as you can see from our posted figures in the quarter, we continue to see good profitability. It's also important to understand that we're operating across very many different markets with different products, technologies. But all the technologies that we have have good fundamentals in the markets where we are. That's why we've decided to be there. There is a strong underlying demand. And, there will continue to be quite big variations between price levels between markets, just like you saw in this quarter. If you look at sort of the multiples being achieved in Sweden versus Poland, it is quite different, but good profitability in both. And I think that's important to understand as well, and that's why we keep coming back to our financial target in terms of growth, really zooming in on the operating income growth rather than the megawatt growth, as that is very different, how a megawatt in different markets, in different technologies, in different stages, is translated into profitable growth for us. With that, I hand it back to you, Paul. Excellent. Thank you, Johan, and just wrapping it up. Flip to concluding the quarter. We saw strong profit development based on good cost and quality control. We also saw, as Johan mentioned, very strong valuations in our projects, and we're able to capture good profitability based on these valuations. Project portfolio continued to grow both with acquisitions and with greenfield and in multiple technologies. So we have a couple of months left of 2023. We are now working on the sales processes. Some aim to conclude on this side of the year, others to conclude on the other side of the year. But we see good good progress across the board. We are also handing over quite a significant construction portfolio during the coming weeks and months, and we are continuing to investing and to work with achieving milestones in our portfolio. With that, I think we can wrap it up for the presentation and open for questions. If you wish to ask a question, please dial Star 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial Star 5 again on your telephone keypad. The next question comes from Olof Cederholm, from ABG. Please go ahead. Hello, gentlemen. Fantastic profitability in the quarter. On that subject, when you look at your sales processes, and I know there are regional variations and things like that on pricing, but do you see any differences in project profitability in the ongoing processes compared to what you delivered over the last quarter on those projects? I think the clear answer is yes, there is significant profitability variations between both technologies and countries. So what you saw from us this quarter was 2 strong core markets delivering core products, meaning onshore wind as a full operating asset, capturing the maximum value that we can provide. So there is quite a bit of difference spanning from the very low to the good and high. I've mentioned on some markets producing fairly low profitability and being Spain, for instance, right now, and we have others producing quite good. But also inside of countries, it's not given that just because you have a permit, it's in the money. You are seeing markets that, yeah, you need to really optimize and work on getting profitability on projects, just as it's been in the past. That is playing to our hands. I think, to put- But the- Some perspectives on that, Olof, also, if you remember what we said in connection with Q1, we showed just I think it was over the last two years, the span on gross margin levels that we've seen on the projects that we've sold. I think it was a range from, you know, 8%-85%. So that's stating what Paul just said, that yeah, it is a broad range. We keep coming back to how we're steering the business, focusing on the return on capital employed, which is yeah, very important. That makes sense. So let me then rephrase a little bit. Do you see any sort of. Do you think it's been more difficult to get good prices for your projects that, you know, they're different, all of them, but has pricing become more of an issue in your sales processes over the last months compared to before the summer? Not the last months compared to before the summer. Yeah. Okay. Something you said, I thought was quite interesting. You said you were discussing in discussions right now on monetizing your offshore projects further. Does that include monetizing projects where you've already sold 49%, i.e., selling down on your 51% shares? Once we reached, Now that they are in mid-stage, some of them. [crosstalk] Yeah, I think the palette of options is fairly large. So we have newly started projects that are kind of in the similar stage as what we saw as selling in Finland earlier this year. So that is one portfolio. We also have portfolios outside of Åland, and we have outside of Sweden and Finland in the Ingka portfolios. But we're not referring to currently selling down to 51%, because that will be for the next phase. When we have re-achieved the next milestone, then we will decide on what to do with those 51%s. But of course, those milestones can be achieved fairly soon as well. We have, as you know, already received the permit for the first. Yes. The main driver in the development growth from the greenfield in the quarter was relating to offshore, a 500 MW Pleione project outside of Gotland, which has progressed well, so yeah. Very good. And then my last question would be on your cost base. You mentioned that you've now sort of reached operating costs where you think they can stay for some time. Could you maybe elaborate a little bit on that? Should we simply assume the current level, 12 months level, to stay roughly the same going into 2024 and 2025? Or will you have to get back on adding cost again at some point? Yeah, I don't think we said that explicitly, that we are now sort of at the level where we foresee that we will be in the future. But in terms of, and I think that was the key point that Paul highlighted in terms of the quite massive expansion that we have undertaken in growing the portfolio and growing our geographical presence, and that's also a bit to the focus for us now going forward, as we stated, that it's really ramping up the activities across our existing markets, where we will see significant growth from new projects to be sold. There we still have some way to go, but you will not see the magnitude in terms of percentage growth in OpEx that you've seen over the last couple of years. Sounds good. Thank you very much. I'll get back in line. Thanks, Olaf. The next question comes from Eivind Garvik from Carnegie. Please go ahead. Yes. Hello, everyone. A couple of questions already answered, but I had two more questions. The first one, I mean, let's just go back to the gross margin. I know the project that you did this quarter was very profitable, strong valuations. We tried to reflect that in our estimates, but still, it's the gross margin is a blowout compared to what we estimated. So is there anything else that we need to account for here? Did you sell any electricity from projects that you haven't handed over yet? Or can you just give some more color on the 30%+ gross margin that you did this quarter? Yeah. The sales processes, as stated, obviously a key driver for our strong profit generation in the quarter. That said, we also saw, even though we didn't hand over any projects in the construction from the construction portfolio, but in a good position to do so here in Q4, good progress in the construction portfolio, with solid delivery. No sort of one-off items from the construction portfolio as we had, for example, in Q1 of this year, from the trial runs on some of the finished projects that we handed over there. You might remember that we had a quite good profit contribution from that. So it's really stable delivery from the construction and asset management in line with sort of the gross margin levels that we typically see from these business areas. And then it's these two projects that we've sold the smaller one in Poland as well as the Änglarna project in Sweden. And none of these projects it's also important to understand when looking at the broad span on gross margin level it's also the type of okay market technology is one thing as Paul mentioned but it's also a bit is it projects that we have acquired or is it developed by ourselves where we have expensed all development expenses? And none of these projects we had any significant amount in our balance sheet. That is all also tying into a good gross margin for us. Okay, so is it fair to assume that construction revenues were actually pretty low this quarter? And could you also remind us about what kind of gross margin you do on TCM? So, above single digit is what we say on the asset management. And for construction, it's high single digit to low double digit gross margins. And you had another question there as well. No, I think you actually answered the question. We talked a little bit about the OpEx space. I think you answered that adequately, but the working capital, could you just provide a bit more flavor on the movements and what has basically happened to kind of reassure the market a little bit? Yes. So one thing, if I was to highlight one thing, which drove this negative development, and then there are sort of individual things in all our 15 construction projects, which is capital intensive. But, the timing of the sales that we did, the Änglarna project in Sweden, that transaction was concluded in Q3. However, the payment, the first payment, and as you know, we get significant upfront payments, and we're not tying up capital during the construction phase. That first payment from EWZ came on the other side of the quarter, which has a significant impact. All right. Thanks. The next question comes from Oskar Lindström, from Danske Bank. Please go ahead. Yes, good morning. Two questions from my side. I mean, the first one is, you gave us here the size of your 1.3 GW in construction portfolio. Could you give any indication of how much income we should expect from that, you know, over the coming, I guess, it's the coming 2 years or so? That's my first question. And the second question is on the Australian operations, and can you say anything about upcoming, you know, projects being sold or other progress in that operation since you acquired it? Thank you. Yes, so I'll take the first one, and then Paul, maybe you can comment a bit on Australia there. In terms of the order backlog, we're not commenting on the total size of that, but nothing has changed in terms of how the sort of on average profile for our construction projects look like, in terms of how much we recognize at the point in time of when the sales happen, and then the phasing during the construction phase. And that, of course, then depends a bit on how big of a project, how long the construction will be. And there, from that, for example, with Vestas also posting the contract values on the Bejsce project that we sold in Poland as well as Änglarna, you can then run the analysis of how quite significant we've grown our order backlog from these 2 projects in the quarter. Now also with the 6 projects we have for Q4 handover, which is really the final milestone for these projects. Yeah, I think that's the way to think about it. Good, and I'll just a brief comment on Oscar, on the Australian operation. We have ramped up the team. We have put in place a very solid construct, country manager. We have integrated into our systems and set up the operating model, so it, it kind of fits with the rest of, of the OX2 system. So it's been a good first six months. First project portfolio is in the market and achieving kind of good, good attention. And next year, Australia will be one of the kind of main contributors already, to, to the OX2 volume and, and revenue. So good, good traction, in line with high expectations. Now when I think about it, actually, we, we said that we have five markets contributing, even though it's small, but we actually have Australia, as you can see in our report from the TCM side. I think it was SEK 6 million or something contributing, so it's six markets, actually. But there will be significant more coming from Australia. Wonderful. Thank you. The next question comes from Eivind Garvik from Carnegie. Please go ahead. Yeah. Hello, once again. I need to ask about the megawatts. I know you tried to kind of pivot it a little bit away from only talking about megawatts. I, I mean, EBIT and returns is most important, obviously. But do you still, do you still stick to your kind of IPO targets of doing 1.5 GW on average per year in 2023 and 2024? Yes, we still stick to our targets. And as you see, and as we said, also when we communicated our financial revised financial targets and sort of upgraded our financial targets here in Q1, we're not seeing that the megawatt targets as such, for 2023, for 2024, as you can see also from the numbers that we posted, will be a stretch for us, given the significant volumes that we've sold, also and monetized on portfolio in, in our offshore. Okay. Thank you. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Good, and- Sorry, we have received some questions on the chat, so maybe we can take those. The first one relates to our target for operating income growth. What level of interest rate can these targets survive? Yeah, that's a very specific question on a very difficult topic, but we are operating in 12 different markets with different interest levels. Nothing has changed on sort of the outlook. We continue to see a very strong outlook and demand for the type of products that we're delivering, and we see good profitability. Yeah, I think it's exactly. It's valuable to just add on the fact that interest rates is very rarely a separate macro event. It's driven by inflation. Inflation has typically an effect or has been affected by the cost of energy, which in turn drives up the value of our projects. So it's very much affecting each other. So I don't think there's a limit to what interest rate you could survive, as long as it's connected as well with the rest of the macro. All interlinked. Yeah. Second question relates to sold volumes. What's the total volume that we've sold year to date, including what we have sold so far in the Q4? And also, do we expect next year to be back and loaded as well? So for this year, we have sold roughly 3,100 MW, and then we had the- 23 MW in France. Yes In addition to that, so SEK 3,125. The next question was on whether or not next year is backloaded or not. Well, first of all, we've said something today on the overall sales portfolio that we currently have in the market, giving some indication that there is also sales expected in first half. But let us come back to the profile of 2024, potentially when we release Q4 numbers in January, February, February. We also have a question regarding the financial expenses of SEK 97 million. What is that, given that we don't have any meaningful debt? Yeah, that's translation differences from cash balances that we have in euros. But it's not, it's not, as such, a cash flow impact, even though it is in SEK. Yeah. And then we have a target regarding sold, sold volumes. I think I've seen this one before. Are we including offshore volumes in our volume targets for 2023, 2024? Yes. And then another question asking about the exact contribution on revenue and operating income from the projects that we sold in the quarter. Yeah. And we'll- Yeah, we're not commenting on those specifics. That's all from the chat. Thank you, Henrik. Thank you, and there are no further questions then- The next question comes from William Mackie, from Kepler Cheuvreux. Please go ahead. Hi, good morning, Paul. Good morning, gents. It's Kepler Cheuvreux. This is an electronic conference call. Yeah, hi. Thanks for the time. I wanted to come back to the first question, really, Paul. Could you, maybe provide some color on how you see your customer environment developing against the backdrop of changes in offtake pricing and demand for PPAs, and particularly the financing costs that you touched on earlier? I mean, if we think over a longer time period, perhaps 12 or 18 months, how have the customer segments that you address in the sell-down process shifted, and how has that affected your ability to realize the optimal price in the sell-down of your portfolio? Yeah, good question. I'm happy to elaborate a bit more on it. So since basically 12-13 years ago, when we started, marketing, packaging the product, which we currently sell the most of, which is an operating renewable asset, we had the ambition to reach a wide customer group because we knew that there are ups and downs in the macro, and that affects the attention from the different customer groups. At times, there are quite a lot of leverage out there, available at good pricing, and at other times, there are less. They might be international, they might be local, money more attracted by the different assets, and they might also be different type of expectations on forecasts. So long-term price forecast, setting basically the top price or the enterprise value of the product we sell. So it's not something new that we've seen over the last 12 months that there has been a bit of a shift. There is still interest from the infra funds and the dedicated funds investing in assets or even listed YieldC os, but they are all kind of trading slightly below NAV, or they are seeing a bit of a slow fundraising situation, which means that they are—First, they are more cautious on investments because they need to make sure their fund can last them until the next fund is raised. And two, their high use of high leverage brings down their overall ability to pay the most attractive pricing, because we do run competitive processes, which has led to that energy companies, which are using much more long-term, basically forecasts. They are often producing their own forecasts on the electricity prices, how they develop in the areas, and they are maintaining a fairly kind of stable return requirement on their investments. So they have been, just as I commented on, the most attractive or most forward-leaning Investors in the market during the last quarter, and we've seen that movement also in the past, like in 2012, 2013. You saw that, at least 2011, 2012, you saw that debt was difficult to procure. Then that stayed in the market for a while, until 2014, 2015, where you could start to get long-term, long-term debt again. So this is, this is something the business model is designed to capture. We put the project to a large variety of Investors. They are designed to fit their investment criteria. And at times, you get more attention from financial sector or financial sponsors. Other times, you get more attention from energy companies, and that, that is what we've seen over the last quarter. And yeah, a bit more shift towards the energy companies and the strategics. Thanks. That's great color. A couple of follow-ups, if I can? Sure. The first one relates to the speed with which you can develop your projects. To what extent is grid congestion or the rising costs of grid operation and curtailment impacting the speed with which you can develop in your main markets? I think grid is one of the key criteria for all projects, in all markets right now to enter our portfolio. We would have been able to put quite a lot more volume into the portfolio, had we loosened up on the requirement that there should be a feasible grid connection available, to the project to qualify for the portfolio. So there is, of course, quite significant limitations on the development or build-out, both on Australian assets and also of European assets, depending on what grid is available. But we are quite, quite cautious. We have, even in offshore, grid availability for the Galatea project, which is permitted. All projects in the late stage, we do have, we do have firm grid capacity confirmed. So kind of that's one of the key qualifiers to move projects first into the portfolio, then as we go to mid and late stage. Could we do more? If we add more grid, yes, we could. We're in close contact with all of the TSOs and the DSO on how to optimize, take best usage of the grid. We see cable pooling in some markets being more and more addressed, especially in Poland, where the grid that some regions are quite weak. We see several opportunities to add storage to move ahead in the grid queue in markets like Greece and also in Italy. Overall, this is a fairly simple solution, I would say, to solve. Now with the EU package as well, pushing quite hard, grid doesn't have a constraint on capital in most markets. We met the TSO of Romania just a couple of months back, and they said the same thing. It's not the capital that is constraining them currently. It's more the willingness to grant permits and speed up the permitting processes that is. I think that's being currently addressed. So, very inspiring to hear the Finnish TSO CEO last week talking about the importance of grids being a main contributor to a country's attractiveness. If you have a solid grid, then you are able to add consumption and production fairly quickly. So that's the strategy that Finland is working according to. We see that others are seeing them as role models. I could talk for 30 more minutes about grid, but I'll- We're running out of time here, folks. Yeah. Yeah. Sorry, last one, and if I can squeeze it in. Yeah. I just wanted to look at slide 11 on your deck. And maybe you can help us understand how we should think about the delays that you had to a number of projects because of the technology provider. Is that like how large or how significant is the air pocket of a 12-month shift to your ability to generate revenues in 2024? Hmm. Yeah, you need to look at the size of these projects, and then looking at the overall construction period that we had, and that's sort of the magnitude of how sales and then the corresponding margin will be shifted. But as we said, it's not impacting the way we see it, our overall profitability for these projects. It's a time shift. Got it. Thank you very much. Any more questions? I hand the conference back to the speakers for any closing comments. Okay. Then I, on behalf of the OX2 team, would like to thank everyone for a good quarter, a good dialogue today, and looking forward to talking once we have the coming weeks, quite busy roadshow schedule. So let us know if you want to meet and have a sit down. Thanks a lot, everyone. Have a good Halloween. Thank you. You are now in a sub-conference.