Welcome to the Sensys Gatso Group Q3 2025 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the Q&A, session participants are able to ask questions by dialing #5 on their telephone keypad. If you are listening to the presentation via webcast, you can ask written questions using the form below. Now, I will hand the conference over to CEO Lewis Miller and CFO Simon Mulder. Please go ahead. Good morning, and welcome to the presentation of Sensys Gatso Group's Q3 2025 interim report. My name is Lewis Miller, Group Chief Executive Officer, and joining me this morning is Simon Mulder, our Group Chief Financial Officer. I'll be speaking briefly on our strategy moving forward and then provide an overview of our excellent Q3 results. I'll then turn the presentation over to Simon to review the group's results and segment reporting in greater detail before addressing our financial outlook for the remainder of the year. In our Q2 market presentation, I highlighted a plan to assess the company over my first 100 days with the goal of defining how we will deliver profitable growth moving forward. Having completed this assessment, we will move forward centered around three strategic pillars designed to drive growth, efficiency, and service. The first pillar focuses on strategic market and customer engagement. Key to this pillar is concentrating on our four core markets: Asia-Pacific, Europe, the Middle East, and North America, while increasing our share of recurring revenue. The second pillar involves advancing technology and go-to-market strategies. We must better leverage our global solutions and development spend across our core geographies while highlighting our market-leading technologies. Third, we will continuously work to optimize our organization through operational efficiencies and recruiting, retaining, and rewarding top talent and performance. With that said, let's take a look at our Q3 performance. Starting first with order intake, we saw strong bookings in Q3. Specifically, Q3 intake landed at SEK 331 million, up significantly from SEK 54 million in Q2 of this year. Australia and the U.S. were key drivers, highlighted by a first-time sale of fixed systems to a new state, South Australia, as well as provision of speed trailer technology for use in the state of Victoria. Recurring revenue made up 86% of the intake, with a healthy mix of renewals, existing customer expansions, and new customers. Turning next to revenue, we continued to see year-over-year improvement. Revenue for the quarter landed at SEK 165 million, a 17% increase over the same period in 2024. This included strong system sales from our core Swedish and Dutch projects, a full quarter of Saudi maintenance revenue, and good performance in the U.S. managed services business. The U.S. business has fully recovered and is growing over the impact of legislative changes in Iowa last year. While the weakened U.S. dollar did impact our results, our underlying year-over-year growth rate in local U.S. currency is 17%. Now looking at margin, in our Q2 report, I noted that our 15.4% EBITDA margin better reflected our underlying operational strength moving into the second half of the year. Q3 results validated this statement, with EBITDA margin increasing to 17.7%, significantly up from 9.9% in Q3 2024. This continued our positive trend in rolling 12-month EBITDA, with year-to-date performance now sitting at 13.8%. Our Q3 margin results were driven by economies of scale in Sweden and operational efficiencies in the U.S. With that, I'd like to turn the presentation over to Simon for a closer look at our results and segment reporting. Thank you, Lewis. As always, I will take you through our group's financial performance, the segments, and our cash position. Starting off with group financial performance, our Q3 revenue increased 17% year-over-year to SEK 165 million. A large contribution came from system sales, which increased by 60% year-over-year, with recurring revenue remaining stable despite currency fluctuation challenges. Our gross margin for Q3 was 42% compared to 37% last year. The gross margin has improved due to continued deliveries on the Dutch and the Swedish projects. We've seen a strong EBITDA performance in Q3, with SEK 29 million, up from SEK 14 million from Q3 2024. The EBITDA margin landed at 17.7% compared to 9.9%. For the quarter, we've seen a positive cash flow from operations amounting to SEK 38 million, and for the year-to-date, SEK 18 million. Now diving into the segments and starting with the segment managed services, we can see that year-over-year all key metrics have improved. Our order intake is up to SEK 104 million from SEK 25 million last year. This is driven by renewals with a total value of SEK 58 million and expansions and new customers totaling SEK 46 million. Our revenue came in at SEK 45 million, up 7%. The increase in U.S. dollars, as Lew already mentioned, is 17% year-over-year. During the quarter, we've seen a negative currency impact to the amount of SEK 4 million. Our EBITDA is up to SEK 6 million for the segment managed services, with an EBITDA margin of 13% compared to 5% in Q3 2024. This is driven by improved operational efficiencies in the U.S. Turning to our segment system sales, we can also see that year-over-year all key metrics have improved. Order intake is up to SEK 227 million from SEK 70 million in Q3 2024. This is mainly driven by Australian order intake to the amount of SEK 196 million in the quarter and smaller repeat orders in the EU. Revenue for the segment came in at SEK 120 million, up by 21%, driven by the Dutch and the Swedish projects, but also notable the first full quarter of Saudi maintenance contribution this year. EBITDA came in at SEK 23 million, up 92%, driven by economies of scale in Sweden and an important contribution from the Saudi maintenance activities. Both of our segments, managed services and system sales, have recurring revenue. Recurring revenue is predictable. Our underlying recurring revenue amounts to approximately SEK 100 million per quarter and is based on long-term contracts with customers with a high retention rate. Part of the order intake during the quarter was incremental order intake and will grow our recurring revenue base in the future. As recurring revenue is in both segments, we also see a good geographical mix with contributions from each of our core markets globally, the U.S. market taking approximately 50% of recurring revenue. Going to our cash position, available cash was stable at SEK 133 million. Year-to-date, we had positive funds from operating activities of SEK 38 million, funding our working capital needs of SEK 33 million year-to-date. Investments in fixed assets and operations and software platforms are financed through the bond proceeds. Our interest-bearing debt has increased to SEK 292 million, mainly due to usage of funds for our investments. Main movements are increased lease liabilities due to prolongation of lease of our headquarters in Jönköping, SEK 18 million, translation effects on the euro-nominated bond, SEK 12 million, and usage of credit facility by SEK 19 million, and closing our cash on bank to SEK 160 million. With that, I'd like to hand it over to Lew. Thank you, Simon. To conclude our presentation, I'd like to address our financial outlook for the remainder of the year. Overall, our outlook has improved. Full-year revenue guidance is unchanged, trending toward the lower end of the range of SEK 700 million-SEK 800 million and overcoming the impact of currency fluctuations. We are increasing our full-year EBITDA guidance from the mid to the high end of the range of 12%-14%. We are committed and confident in our ability to deliver in line with expectations and, as always, will continue to closely monitor market developments. To summarize our interim report today, the takeaways are as follows. We are very pleased with our strong Q3 performance. We have a clear strategic direction moving forward. Order intake is up, and year-over-year, all key financial metrics are improved. With that, I'd like to open things up to questions. If you wish to ask a question, please dial #5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial #6 on your telephone keypad. The next question comes from Örjan Röden from Carnegie Investment Bank. Please go ahead. Good day, everyone. Thanks for taking a few questions from my side. The first question relates to the Australian order. What is the timing of this in your current plan? We expect to deliver, and we had multiple Australian orders that came in in Q3. Is there a specific order that you're referring to? Oh, well, then it's a general average of general question on all these orders. Yeah. Certainly, yes. The Australian orders were a mix of both renewals of recurring revenue projects in Tasmania and Victoria, as well as new projects also in Victoria and South Australia, as previously mentioned. That is also a mix of recurring revenue and one-time system sales. The one-time system sales will be delivered over a period of months, and the recurring revenue will be implemented typically in a handful of months, three to four months, or in some instances in the renewal, a continuation of what is already occurring today. A combination of continuation and incremental, as well as one-time system sales and recurring revenue. Okay, thank you. The incremental part, do you expect to deliver that in this year, or is it rather for next? Yeah, it'll primarily be next year. Next year. Okay, thank you. How do you view the potential in South Australia? Is it a new state you need to increase the organization there, or can you manage this from your current organization in Australia? We will monitor that over time. Initially, we would work through our home office in the Melbourne area. As with all new projects and customers, our expectation is that we will perform well, and we will see where that leads moving forward. Okay, thank you. The question relates to the gross margin. It was very strong in the quarter, especially compared year-on-year. Were there any special items in this quarter, or would you say that this was a pure underlying performance? Yeah, thank you for that question, Örjan. It was a strong performance, right? That 42% gross margin. What we see is that once we get the scale, and we can see that in Sweden, once we start delivering volume, the margins improve. That is one item. The other item is, as I already mentioned, right? We have had a first full quarter of Saudi maintenance, and that comes at a good margin contribution. Those are some of the items. Of course, last year we detailed on the lower margin that the first deliveries on a large project such as the Dutch project. We see that in the first deliveries, right? Once we come up to speed, we also see margin improvements there. It is those three things that are driving it. Okay, thank you. Just to remind us, the Saudi maintenance, for how long period do you expect to have that in your books? We have agreed a framework with the customer for three years, and we get yearly renewals for the maintenance. That is what we are looking at now. Of course, everybody knows that we have delivered over 1,200 units to Saudi, right? That need to be maintained at some point in time. We do expect this to continue into the future. Okay, thank you. Turning over to the strategic update, which was very thoroughly made, I think. Is this the full strategic review, or do you intend to also come out with some financial targets at a later stage? It was a comprehensive review, and we're busy working on that and implementing it right now. At this time, we won't make additional financial guidance, but it's something that we'll consider moving forward. Okay, thank you very much. That's all from my part. Thank you. You're welcome. Thank you, Örjan. The next question comes from Robert Vink from Kepler Cheuvreux. Please go ahead. Yeah, thank you very much. Also, some questions from my side. First question on Iowa. You stated that the U.S. managed service business is fully recovered from the Iowa legislative changes. I was just wondering if you could elaborate a little bit more on that. What is the action that you took inside of the U.S. managed service business to drive that recovery? That is my first question. Sure, I'll take that. Specific to Iowa, the legislative framework there has stabilized. We have a clear understanding of what is allowed in Iowa moving forward. As a result of that, we've had additional systems come back online to improve performance in Iowa. For the U.S. business as a whole, we've also seen incremental revenue driven by expansions with existing customers outside Iowa, as well as some new customer signings. The combined impact of that is that we've recovered from the impact of Iowa, and the U.S. business as a whole is now growing over that. Okay, okay. Very good. Maybe on the order intake, more than SEK 3 million. There was already a little bit of questions on it, but I was wondering if you could give us a little bit more feeling. What is the split between contract extensions and new contracts? I think you already spoke a bit about the Australian order intake, but if you could clarify a bit more, that would be helpful. Certainly. Please take a look at slide five on order intake in our market presentation when you can take a second look at that. That does break down the mix of 86% recurring revenue on the order intake for the quarter and 14% in non-recurring revenue. In the recurring revenue, SEK 189 million was renewals, and the balance of just under SEK 100 million was pretty much a split between expansions with existing customers and new customers. Okay, very good. Maybe on the revenue guidance, you are maintaining the lower end of the range for the 2025 revenue, which does point, if I do the quick math, to Q4 de-accelerating in terms of growth rates. Clearly, of course, the environment is volatile with currencies, and maybe, of course, the system sales business is also volatile. Could you explain a little bit more why you have decided to maintain that guidance? It also sounds like on the U.S. managed service business, the run rate is improving as the business has recovered. That. Yeah, I mean, as we sit here today, we have a fairly good view. Nothing certain, as you mentioned, right, on the remaining handful of weeks of the year. We have a clear vision of what we expect over the last few weeks. As you mentioned, we are seeing good growth in the U.S. business, but we do have some headwinds from currency. That has primarily led us to maintain the outlook. Simon, feel free to jump in here, please. Yeah, I think, like you said, Lew, I mean, it's only a couple of weeks out from the end of the year, right? We have a clear view on what needs to be delivered. Yeah. Okay. Okay, very good. Maybe a question on the strategy, the comprehensive review. Now, clearly, some strategic focus. There is a mention of core markets and that the group wants to bring focus to the core markets. What are exactly kind of the key countries that you want to focus on? I assume it's the U.S. It's Australia. Of course, it's the business in Europe. Is that a fair assumption, or are there any other countries that are a key priority, maybe in the Middle East? I was wondering that. Maybe secondly, I think on strategic focus, in the midterm, I assume that the focus remains to transition from a system sales business increasingly to, yeah, recurring revenues, managed services. Do you expect in the midterm managed services to outgrow system sales? Maybe you could elaborate on that as well. Certainly. Thank you for the question. On the core markets, I would add Saudi to that. It is an important market for us where we have focus, as mentioned at several points in the report. In terms of recurring revenue and focus on that going forward, yes, I think we have previously indicated a target of 60% of our revenue being recurring. We continue to work towards that. That does not mean we will not focus on system sales as well. Saudi is a good example of that, where the sale of the in-vehicle systems, over 1,200 in-vehicle systems, led to a follow-on maintenance contract with long-term recurring revenue. I think, as mentioned in the strategic plan or the description of our strategic focus, we will continue to focus on recurring revenue, growing that share, but system sales plays an important part as a leading indicator in that as well. Perfect. Thank you very much. That's all from my side. You're welcome. There are no more phone questions at this time. I hand the conference back to the speakers for any written questions and closing comments. Yeah, we have two questions on the board. One is, could you elaborate a bit further on the operational efficiencies that drove the EBITDA growth in the managed services? Certainly, I'll take that. Our team in the U.S. has prioritized implementing a metrics-based culture and measurements for our back office performance. That includes things such as data processing, customer service, and related activities. The implementation of that metrics-based culture has allowed us to better track performance and improve efficiency. That would be a specific example that has been implemented, which has produced tangible results in improving the margin in the U.S. business. Okay, the second question is around the improved financial outlook. The question is, how has it changed in Q3, right? I think, like Lew mentioned in Q2, the underlying performance on EBITDA has been around 15%, right? We expected Q2 to be slightly better. Now, seeing the results of Q3 come in at 17.7%, we are confident that we can land the year closer to the high end of the bandwidth on EBITDA. I hope that answers that question. There are no more questions on the activity feed. I think that's it for today. Thank you for participating in the presentation and the questions and answers today. I think with that, we'll wrap it up. Thank you. Good morning and welcome to the presentation of Sensys Gatso Group's Q3 2025 interim report. My name is Lewis Miller, Group Chief Executive Officer, and joining me this morning is Simon Mulder, our Group Chief Financial Officer. I'll be speaking briefly on our strategy moving forward and then provide an overview of our excellent Q3 results. I'll then turn the presentation over to Simon to review the group's results and segment reporting in greater detail before addressing our financial outlook for the remainder of the year. In our Q2 market presentation, I highlighted a plan to assess the company over my first 100 days with the goal of defining how we will deliver profitable growth moving forward. Having completed this assessment, we will move forward centered around three strategic pillars designed to drive growth, efficiency, and service. The first pillar focuses on strategic market and customer engagement. Key to this pillar is concentrating on our four core markets: Asia-Pacific, Europe, the Middle East, and North America, while increasing our share of recurring revenue. The second pillar involves advancing technology and go-to-market strategies. We must better leverage our global solutions and development spend across our core geographies while highlighting our market-leading technologies. Third, we will continuously work to optimize our organization through operational efficiencies and recruiting, retaining, and rewarding top talent and performance. With that said, let's take a look at our Q3 performance. Starting first with order intake, we saw strong bookings in Q3. Specifically, Q3 intake landed at SEK 331 million, up significantly from SEK 54 million in Q2 of this year. Australia and the U.S. were key drivers, highlighted by a first-time sale of fixed systems to a new state, South Australia, as well as provision of speed trailer technology for use in the state of Victoria. Recurring revenue made up 86% of the intake, with a healthy mix of renewals, existing customer expansions, and new customers. Turning next to revenue, we continued to see year-over-year improvement. Revenue for the quarter landed at SEK 165 million, a 17% increase over the same period in 2024. This included strong system sales from our core Swedish and Dutch projects, a full quarter of Saudi maintenance revenue, and good performance in the U.S. managed services business. The U.S. business has fully recovered and is growing over the impact of legislative changes in Iowa last year. While the weakened U.S. dollar did impact our results, our underlying year-over-year growth rate in local U.S. Currency is 17%. Now looking at margin, in our Q2 report, I noted that our 15.4% EBITDA margin better reflected our underlying operational strength moving into the second half of the year. Q3 results validated this statement, with EBITDA margin increasing to 17.7%, significantly up from 9.9% in Q3 2024. This continued our positive trend in rolling 12-month EBITDA, with year-to-date performance now sitting at 13.8%. Our Q3 margin results were driven by economies of scale in Sweden and operational efficiencies in the U.S. With that, I'd like to turn the presentation over to Simon for a closer look at our results and segment reporting. Thank you, Lewis. As always, I will take you through our group's financial performance, the segments, and our cash position. Starting off with group financial performance, our Q3 revenue increased 17% year-over-year to SEK 165 million. A large contribution came from system sales, which increased by 60% year-over-year, with recurring revenue remaining stable despite currency fluctuation challenges. Our gross margin for Q3 was 42% compared to 37% last year. The gross margin has improved due to continued deliveries on the Dutch and the Swedish projects. We've seen a strong EBITDA performance in Q3, with SEK 29 million, up from SEK 14 million from Q3 2024. The EBITDA margin landed at 17.7% compared to 9.9%. For the quarter, we've seen a positive cash flow from operations amounting to SEK 38 million, and for the year-to-date, SEK 18 million. Now diving into the segments and starting with the segment managed services, we can see that year-over-year, all key metrics have improved. Our order intake is up to SEK 104 million from SEK 25 million last year. This is driven by renewals with a total value of SEK 58 million and expansions and new customers totaling SEK 46 million. Our revenue came in at SEK 45 million, up 7%. The increase in U.S. dollars, as Lew already mentioned, is 17% year-over-year. During the quarter, we've seen a negative currency impact to the amount of SEK 4 million. Our EBITDA is up to SEK 6 million for the segment managed services, with an EBITDA margin of 13% compared to 5% in Q3 2024. This is driven by improved operational efficiencies in the U.S. Turning to our segment system sales, we can also see that year-over-year, all key metrics have improved. Order intake is up to SEK 227 million from SEK 70 million in Q3 2024. This is mainly driven by Australian order intake to the amount of SEK 196 million in the quarter and smaller repeat orders in the EU. Revenue for the segment came in at SEK 120 million, up by 21%, driven by the Dutch and the Swedish projects, but also notable the first full quarter of Saudi maintenance contribution this year. EBITDA came in at SEK 23 million, up 92%, driven by economies of scale in Sweden and an important contribution from the Saudi maintenance activities. Both of our segments, managed services and system sales, have recurring revenue. Recurring revenue is predictable. Our underlying recurring revenue amounts to approximately SEK 100 million per quarter and is based on long-term contracts with customers with a high retention rate. Part of the order intake during the quarter was incremental order intake and will grow our recurring revenue base in the future. As recurring revenue is in both segments, we also see a good geographical mix with contributions from each of our core markets globally, the U.S. market taking approximately 50% of recurring revenue. Going to our cash position, available cash was stable at SEK 133 million. Year-to-date, we had positive funds from operating activities of SEK 38 million, funding our working capital needs of SEK 33 million year-to-date. Investments in fixed assets and operations and software platforms are financed through the bond proceeds. Our interest-bearing debt has increased to SEK 292 million, mainly due to usage of funds for our investments. Main movements are increased lease liabilities due to prolongation of lease of our headquarters in Jönköping, SEK 18 million, translation effects on the euro-nominated bond, SEK 12 million, and usage of credit facility by SEK 19 million, and closing our cash on bank to SEK 160 million. With that, I'd like to hand it over to Lew. Thank you, Simon. To conclude our presentation, I'd like to address our financial outlook for the remainder of the year. Overall, our outlook has improved. Full-year revenue guidance is unchanged, trending toward the lower end of the range of SEK 700 million-SEK 800 million and overcoming the impact of currency fluctuations. We are increasing our full-year EBITDA guidance from the mid to the high end of the range of 12%-14%. We are committed and confident in our ability to deliver in line with expectations and, as always, will continue to closely monitor market developments. To summarize our interim report today, the takeaways are as follows. We are very pleased with our strong Q3 performance. We have a clear strategic direction moving forward. Order intake is up, and year-over-year, all key financial metrics are improved. With that, I'd like to open things up to questions. If you wish to ask a question, please dial #KEY5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial #KEY6 on your telephone keypad. The next question comes from Örjan Röden from Carnegie Investment Bank. Please go ahead. Good day, everyone. Thanks for taking a few questions from my side. The first question relates to the Australian order. What is the timing of this in your current plan? We expect to deliver, and we had multiple Australian orders that came in in Q3. Is there a specific order that you're referring to? Oh, then it's a general average of general question on all these orders. Yeah. Certainly, yes. The Australian orders were a mix of both renewals of recurring revenue projects in Tasmania and Victoria, as well as new projects also in Victoria and South Australia, as previously mentioned. That is also a mix of recurring revenue and one-time system sales. The one-time system sales will be delivered over a period of months, and the recurring revenue will be implemented typically in a handful of months, three to four months, or in some instances in the renewal, a continuation of what's already occurring today. A combination of continuation and incremental, as well as one-time system sales and recurring revenue. Okay, thank you. The incremental part, do you expect to deliver that in this year, or is it rather for next? Yeah, it'll primarily be next year. Next year. Okay, thank you. How do you view the potential in South Australia? Is it a new state you need to increase the organization there, or can you manage this from your current organization in Australia? We will monitor that over time. Initially, we would work through our home office in the Melbourne area. As with all new projects and customers, our expectation is that we will perform well, and we will see where that leads moving forward. Okay, thank you. The question relates to the gross margin. It was very strong in the quarter, especially compared year-on-year. Were there any special items in this quarter, or would you say that this was a pure underlying performance? Yeah, thank you for that question, Örjan. It was a strong performance, right? That 42% gross margin. What we see is that once we get the scale, and we can see that in Sweden, once we start delivering volume, the margins improve. That is one item. The other item is, as I already mentioned, right? We have had a first full quarter of Saudi maintenance, and that comes at a good margin contribution. Those are some of the items. Of course, last year, we detailed on the lower margin that the first deliveries on a large project, such as the Dutch project. We see that in the first deliveries, right? Once we come up to speed, we also see margin improvements there. It is those three things that are driving it. Okay, thank you. Just to remind us, the Saudi maintenance, for how long period do you expect to have that in your books? We have agreed a framework with the customer for three years, and we get yearly renewals for the maintenance. That is what we are looking at now. Of course, everybody knows that we have delivered over 1,200 units to Saudi, right? That need to be maintained at some point in time. We do expect this to continue into the future. Okay, thank you. Turning over to the strategic update, which was very thoroughly made, I think. Is this the full strategic review, or do you intend to also come out with some financial targets at a later stage? It was a comprehensive review, and we're busy working on that and implementing it right now. At this time, we won't make additional financial guidance, but it's something that we'll consider moving forward. Okay, thank you very much. That's all from my part. Thank you. You're welcome. Thank you, Örjan. The next question comes from Robert Vink from Kepler Cheuvreux. Please go ahead. Yeah, thank you very much. Also, some questions from my side. First question on Iowa. You stated that the U.S. managed service business is fully recovered from the Iowa legislative changes. I was just wondering if you could elaborate a little bit more on that. What is the action that you took inside of the U.S. managed service business, yeah, to drive that recovery? That is my first question. Sure, I'll take that. Specific to Iowa, the legislative framework there has stabilized. We have a clear understanding of what is allowed in Iowa moving forward. As a result of that, we've had additional systems come back online to improve performance in Iowa. For the U.S. business as a whole, we've also seen incremental revenue driven by expansions with existing customers outside Iowa, as well as some new customer signing. The combined impact of that is that we've recovered from the impact of Iowa, and the U.S. business as a whole is now growing over that. Okay, okay, very good. Maybe on the order intake, more than SEK 3 million. There was already a little bit of questions on it, but I was wondering if you could give us a little bit more feeling. What is the split between contract extensions and new contracts? I think you already spoke a bit about the Australian order intake, but if you could clarify a bit more, that would be helpful. Certainly. Please take a look at slide five on order intake in our market presentation when you can take a second look at that. That does break down the mix of 86% recurring revenue on the order intake for the quarter and 14% in non-recurring revenue. In the recurring revenue, SEK 189 million was renewals, and the balance of just under SEK 100 million was pretty much a split between expansions with existing customers and new customers. Okay, very good. Maybe on the revenue guidance, you are maintaining the lower end of the range for the 2025 revenue, which does point, if I do the quick math, to Q4 decelerating in terms of growth rates. Clearly, of course, the environment is volatile with currencies, and maybe, of course, the system sales business is also volatile. Could you explain a little bit more why you have decided to maintain that guidance? It also sounds like on the U.S. managed service business, the run rate is improving as the business has recovered. That. Yeah, I mean, as we sit here today, we have a fairly good view. Nothing certain, as you mentioned, right, on the remaining handful of weeks of the year. We have a clear vision of what we expect over the last few weeks. As you mentioned, we are seeing good growth in the U.S. business, but we do have some headwinds from currency. That has primarily led us to maintain the outlook. Simon, feel free to jump in here, please. Yeah, I think, like you said, Lew, I mean, it's only a couple of weeks out from the end of the year, right? So we have a clear view on what needs to be delivered. So yeah. Okay, okay, very good. Maybe a question on the strategy, the comprehensive review. Now, clearly, some strategic focus. There is a mention of core markets and that the group wants to bring focus to the core markets. What are exactly kind of the key countries that you want to focus on? I assume it's the U.S. It's Australia. Of course, it's the business in Europe. Is that a fair assumption, or are there any other countries that are a key priority, maybe in the Middle East? I was wondering that. Maybe secondly, I think on strategic focus. In the midterm, I assume that the focus remains to transition from a system sales business increasingly to, yeah, recurring revenues, managed services. Yeah, do you expect in the midterm managed services to outgrow system sales? Or yeah, maybe you could elaborate on that as well. Certainly. Thank you for the question. On the core markets, I would add Saudi to that. It is an important market for us where we have focus, as mentioned at several points in the report. In terms of recurring revenue and focus on that going forward, yes, I think we have previously indicated a target of 60% of our revenue being recurring. We continue to work towards that. That does not mean we will not focus on system sales as well. Saudi is a good example of that, where the sale of the in-vehicle systems, over 1,200 in-vehicle systems, led to a follow-on maintenance contract with long-term recurring revenue. I think, as mentioned in the strategic plan or the description of our strategic focus, we will continue to focus on recurring revenue, growing that share, but system sales plays an important part as a leading indicator in that as well. Perfect. Thank you very much. That's all from my side. You're welcome. There are no more phone questions at this time. I hand the conference back to the speakers for any written questions and closing comments. Yeah, so we have two questions on the board. One is, could you elaborate a bit further on the operational efficiencies that drove the EBITDA growth in the managed services? Certainly, I'll take that. Our team in the U.S. has prioritized implementing a metrics-based culture and measurements for our back office performance. That includes things such as data processing, customer service, and related activities. The implementation of that metrics-based culture has allowed us to better track performance and improve efficiency. That would be a specific example that has been implemented, which has produced tangible results in improving the margin in the U.S. business. Okay, and the second question is around the improved financial outlook. The question is, how has it changed in Q3, right? I think, like Lew mentioned in Q2, the underlying performance on EBITDA has been around 15%, right? We expected H2 to be slightly better. Now, seeing the results of Q3 come in at 17.7%, we are confident that we can land the year closer to the high end of the bandwidth on EBITDA. I hope that answers that question. There are no more questions on the activity feed. I think that's it for today. Thank you for participating in the presentation and the questions and answers today. I think with that, we'll wrap it up. Thank you.