Hello, and welcome to Enersense's January-June webcast. Our Q2 was a solid quarter with strong cash flow, and we are happy to tell you more about it today. Our CEO, Kari Sundbäck, will start with the highlights of the quarter, and t hen, CFO, Jan-Elof Cavander, will continue with the financials. After him, Kari will continue with the way forward, how we are seeing the topical issues at the moment. In the end, we will have a good time for a Q&A, so please write your questions through the chat box on your screen already during the presentations. Now, we are ready to start, so Kari, please go ahead.
Thank you, Liisi, and welcome on my behalf to the webcast. We had a solid quarter with strong cash flow. We continued good performance, now fully in line with our lifecycle partner strategy. Our cash flow increased significantly, and our balance sheet strengthened. We completed the Value Uplift programme, which we have been running for 18 months, with results that exceeded our targets, and t he strategic focus is well reflected in our order book. I am particularly pleased by two new orders I would mention here already, one in Energy Transition, a significant new contract with Aquatech, where we joined them in building the water treatment plant at the first new steel mill in Europe in 50 years. It is built in Sweden. Then, a significant contract after the review period last week with atNorth developing one of the largest data centers underway now in Finland. We provide a substation there.
So, stable revenue and profitability with a significant increase in cash flow and then improvement in net debt. Comparable revenue came out at EUR 73.0 million, which is about 1% up from a year ago. Adjusted EBITDA at EUR 3.1 million, which is the same number as last year, and consequently, the margin at 4.2% is the same. Cash flow from operating activities was EUR 6.7 million versus a -EUR 3.1 million a year ago. Our net debt went down to EUR 10.1 million, and it was EUR 34.3 million a year ago. Let us look at the development of the adjusted EBITDA. So, EUR 3.1 million last year and now, EUR 3.1 million this year. However, there is important insight to be shared inside the evolution. In our Power business, we did decrease by EUR 900,000. However, all the other parts of the Power business, excluding Estonia, would have grown by EUR 500,000.
We had a drop in Estonia, and I will return to that momentarily. The Energy Transition business managed to improve even though revenue declined, and Connectivity had a slight decline on the back of decreasing fiber to the home volumes in the market. Finally, we had a significant decrease in our admin cost, and this all leads to EUR 3.1 million of adjusted EBITDA in Q2. Looking then at revenue, the comparable revenue at EUR 73.0 million compared to EUR 72.5 million a year ago, is stable. However, there are important differences between the business units inside the EUR 73 million. Our Power business, backed by a very strong order book, grew by 31% year-on-year. The Energy Transition business, where we have now completed the strategic refocusing, and in particular, the refocusing of the project portfolio, declined by 41%.
However, I would remind that the Aquatech order of EUR 30 million came into this business as a new project into Energy Transition, so this trend has already changed now as we have entered Q3. Then, in Connectivity, we had a slight decline too, by -15%, due to decreasing volumes in fiber to the home market. When we look at the revenue split of this quarter against the full year 2025, we can notice a few things, and one which is repeated in the three different views to look at this. Between the business units, there is a sharp increase of the share of the Power business unit. This comes from a very strong performance, in particular in the Finnish high voltage line and substation business, which grow and grow profitably. On the other hand, also, the decline in Energy Transition.
Then, between projects and services, we see again the strong order book and the growth in the Power business, which comes from projects in the Power business. Between geographical regions, we see again that these projects in the Power business have grown mostly in Finland. So the share of Finland has increased, and the relative share of the other two has slightly decreased. Our order book at the end of Q2 2026 is at the level of end of quarter two 2025. Here also, it is important to look into the evolution by business unit. In Power, which is the lowest bar, the orange bar, the order book has grown significantly year-on-year. In the dark blue bar, in Energy Transition, we see the strategic refocusing of the project portfolio.
We let it shrink as we refocused the portfolio business all the way down to EUR 36 million at the end of last year. Then, in Q1 this year, we added the option years from Helen, extension of contract for the years 2027, 2028, into the order book. Now, in quarter two, we added the Aquatech contract into the Energy Transition order book. Then, the topmost business unit Connectivity, the order book has declined. Now, the order book behaves differently in Connectivity, and there is nothing to worry about in that decline since a large share of the Connectivity business comes from frame agreement, which when they enter the order book, provide a peak into the order book volume, and then they are consumed over time. So nothing to be worried about in the Connectivity order book. I said all of our businesses.
Now, according to our strategy, and I would like to mention in particular these two significant orders. The first one of them, Aquatech. So, an agreement with them to join them in building the first green steel plant in the world. We are responsible for installing the equipment, the steel structures, and pipelines for the water treatment plant of the whole green steel plant. The value of this agreement is about EUR 30 million, and t his completes the strategic turnaround of our Energy Transition business. We have a solid service business there, which has carried us through the refocusing of the project portfolio, and now, we have a significant project to undertake that is underway already. It has started. Secondly, here on the page, the substation for atNorth data center.
We'll deliver a high voltage substation integration works for atNorth data center in Kouvola in Finland in partnership with general constructor Recset Rakennus, and this Kouvola, Myllykoski, atNorth data center is one of the largest being built in Finland. Then, the order book in Connectivity includes mainly framework contracts, so e ven if it went down in Q2 this year, nothing to be worried about there. Now, I would like to hand over for a while to Jan-Elof for the financial review. Welcome.
Thank you, Kari. Good afternoon from my side as well, and very happy to report to you a very solid quarter, for the second quarter this year. Let's first look at our comparable revenue. We ended the quarter, we generated EUR 73 million of comparable revenue in the second quarter compared to EUR 72.5 million a year ago. When we look at the mix from our different business units, Power business grew significantly and added EUR 10.8 million to our top line. Energy Transition business went through a strategic turnaround, and as a consequence of that, sales was lower than a year ago. In the Connectivity business, we had a EUR 3.1 million drop, and this ends in EUR 73 million. This represents a little bit less than 1% of top-line growth compared to year ago.
But it's important to note, as Kari mentioned already, that if you exclude Estonia from Power, we actually grew almost 5% in the remaining part of our business, so e xcluding Estonia, almost 5% of increase in top line. And there, we have several actions strongly put in place already in June to address that situation. When we look at the earnings of the second quarter in adjusted EBITDA, we generated EUR 3.1 million of adjusted EBITDA in the second quarter compared to a similar number a year ago. When we look at the mix, where this comes from and how does it deviate from previous year, in Power business, we generated EUR 900,000 less earnings than a year ago. But here is the very important highlight that this was impacted largely due to the business and the market in Estonia.
Without the changes in Estonia, if you exclude Estonia, the Power business would actually have grown by EUR 500,000 . Then, Energy Transition business, we had EUR 200,000 increase and improvement. Connectivity, slightly down. Then, the admin center added actually EUR 1 million better results than a year ago when we compare. This is due to lower than planned fixed expenses in our admin unit and also, some internal cost allocations between the units. This ends up in EUR 3.1 million compared to EUR 3.1 million last year. Once again, to highlight that excluding Estonia, we would have posted here a nice growth from last year. Here, my key point is that this is an Estonia issue that drives the flat earnings, which we have strongly addressed already a couple of months ago. Then, let's go have a deep dive in our different business units.
First, our Power business, which grew significantly in top line compared to a year ago. We generated EUR 45 million of comparable revenue in the second quarter. This was driven largely by excellent performance in high voltage line business and substation businesses in Finland. These are business areas, business lines that grew profitably in our portfolio. Adjusted EBITDA for the second quarter for Power business was EUR 2.2 million. Once again, I would like to highlight the Estonian issue here. We are at EUR 2.7 million, excluding Estonia, and would have been growing in the business. The main takeaway here is that the Power business had very, very good performance outside of Estonia in the second quarter. Then, moving on to Energy Transition business.
This is a business that has gone through a strategic turnaround and is currently at a turning point, which is very much visible in the revenue for the second quarter. Second quarter revenue was EUR 10.3 million, which is lower than a year ago. It is impacted by a couple of issues. First of all, we have been very selective in the project business, what we take in this business unit. The second reason in the drop in revenue is that in a certain service contract, we have improved service efficiencies, and consequently, we have lower billing in that business, which has driven down the revenue. As a demonstration of the strategic turnaround of the business, our earnings improved from last year despite the big drop in the revenue. It was still on the negative side by EUR 300,000.
But here, I would really highlight what Kari already mentioned, the big order that we received in June, which is supporting this business now going onwards. I would also like to highlight that after completing the turnaround in this business, we are now very well-positioned in the Energy Transition business going forward to the remainder of this year and into next year. Then, having a look at our Connectivity business unit, h ere, we generated EUR 17.7 million of comparable revenue, which is slightly below the comparison period of second quarter last year. This is mainly driven by lower demand in the market and lower activity in the fiber to the home, FTTH, business. We have less of those project deliveries booked second quarter of this year, and that has decreased the revenue to some extent.
The adjusted EBITDA is then consequently slightly down from the comparison period and posting a + EUR 400,000 for this business unit. Then, moving on to something that is very important, our financial foundation and the financing of the company. We had a good quarter in cash flow. Our net debt reduced to EUR 10.1 million at the end of June this year. It is a significant drop compared to a year ago, where we were close to EUR 35 million level at the end of Q2 2025, and now we are at EUR 10.1 million. The financial foundation is solid, and this provides a lot of support and room for strategy execution and future growth in the business. As a consequence of good management on this side, our leverage ratio was 1.3x at the end of the quarter, which is a good number that we are happy with.
Similarly, net gearing was on a good level, and equity ratio was also on a good level, and we were well within all covenant requirements at the end of June. Then, going into operating cash flow, we are very proud of the achievement of EUR 6.7 million, generating operating cash flow during the second quarter of the year. It is a considerable increase compared to a year ago, and our good efforts here are really paying off. Another point I would like to highlight here is that the Value Uplift programme and the strategic turnaround that we have been executing in the company has also meant that we have had several millions of cash outflow on one-off related items during the past four quarters.
If you look at Q2 last year to Q1 this year, all of those quarters were quite significantly impacted by one-off type of cash outflow payments relating to the strategy renewable and the Value Uplift programme. On top of that, the first quarter of this year included a EUR 12.5 million decrease in VAT liabilities, where we paid back some accumulated VAT liabilities. This number does not represent a run rate payment but was more of a one-off type of cash outflow in the first quarter. We will obviously continue this strong cash management now going forward in the year. Now, I hand over to Kari to continue on the next steps. Thank you.
Thank you, Jan-Elof. So, a few highlights of the way forward, starting with the result of Value Uplift and how we go on from here. As a reminder, we started the programme 18 months ago, late 2024, in order to improve our efficiency and support profitable growth. We have worked in three streams in the programme. The largest stream in terms of amount and impact of initiatives is to improve procurement performance. Secondly, we have reduced fixed costs, we have reallocated resources to support the implementation of the strategy, and we started to strengthen commercial management. Going forward, we will continue to strengthen commercial management, just not under the Value Uplift programme construct and with a slightly different team. We, of course, continue to embed the new ways of working developed during the Value Uplift programme.
In particular, or as an example, the new ways of working with which we have increased the performance of our procurement team to now keep the level of performance and keep on improving from where we have got in these 18 months. We set a target originally for this programme of a run rate improvement of EUR 5 million against the starting point at the beginning of 2025. We increased, a few times during these 18 months, the target as the good performance of the programme continued and our confidence in the results increased. The latest target we had was EUR 8 million. Now, we come out at EUR 8.6 million, so this is a well-executed programme. I would like to comment a bit more on Estonia, the impact of which in Q2 Jan-Elof described well.
There is a significant decline in market activity, so lower investment levels both in the medium and low voltage and the high voltage market. Now, we have implemented now targeted restructuring measures. We have reorganized. We have aligned the organization sizing and made changes to structure to align to this current market situation. We have also assessed the customer portfolio and deliberately let go some of the least profitable contracts we have in Estonia. With this, we, of course, then support Estonia, and Estonia supports with their expertise other parts of the company through our business lines and our functions. We remain committed to Estonia as a market and to implement the Enersense lifec ycle p artner strategy in Estonia. We have just realigned now the organization setup and size to the current market reality. Now, where is Enersense at the moment in the market?
In the Power business, we have had strong growth well above the group's strategic target in Q2, 31% year-on-year growth in revenue, and w e have a solid order book that improves the predictability and provides a strong foundation for continued growth. The negative item in the results of Power business unit in Q2 have been taken care of. We have turned around the Estonian business. The Power business unit of our three business units is the first one to work in different data center development projects where the demand is high, direct demand from data centers and then indirect to develop the grid. We are present in a number of projects to develop the grid and now, h ave entered also this atNorth directly in Finland. Then, in Energy Transition, a major strategic turnaround has taken place in the past year.
The order book turned back to growth first in the service part of Energy Transition in Q1, now, in the project part of Energy Transition in Q2. In data centers, also, I will come back to the evolution of a data center project, there is plenty to do for our Energy Transition unit in terms of cooling solutions, heat recovery, and connecting heat recovery to district heating. Then, in Connectivity, we have solid performance with long-term customers, so we continue a stable and solid business with them. In the fiber side of the business, in fixed network, the demand for FTTH has declined, but at the same time, the demand for data center infrastructure has increased. And we continue in this unit something that is fundamental in such a field service and field installation business, is to improve efficiency every day.
We see it in our order book, in our daily life, in our revenues, that the data network capacity needs are increasing. Next, something to be really proud of. The net promoter score in our different business units was already at a high level. In Power at 69 a year ago, Connectivity, 66. It increased in both in the latest survey we conducted. So, we are there at levels of 72 and 78, which are quite exceptional in this type of business. We read these results with a humble attitude, and w e continue to build trust with our customers so that we could continue this evolution going forward. There is a third number missing. There is no number result for net promoter score for Energy Transition business. Due to the strategic turnaround, we decided to conduct a survey this autumn.
There will be a number shortly there and the latest NPS for that third business unit as well. A word on data centers. This evolves fast, the situation in the market, in Finland in particular. The typical evolution of a data center development, from our perspective, from the Enersense perspective, we are, first of all, i n the gray part of the arrow at the left. We are strengthening electricity grid and the data network to improve capacity for data centers then to connect to. Then, in a typical project, you need electricity very quick. One of the first concerns and development areas is to ensure connection to the grid, high voltage lines and substations. For example, last week's atNorth deal is about that, the number one in the picture. Then, soon after that comes the fixed data connection.
We connect the data center to the data network infrastructure, and then, over time, comes the cooling infrastructure and heat recovery and connecting that recovering heat into the district heating network, if available. Now, the data centers are developed in phases, typically of a few dozen megawatts. This cycle repeats and all of these areas are expanded over the multiple years that a data center is developed. Someday, maintenance starts and will run for multiple years. We are only at the beginning of generating work for Enersense and for the market altogether. I mean, these projects generating work in this market in particular. There is a lot to be developed, lot to be delivered, in Finland and in data centers. At this point, a recap on why to invest in Enersense.
We have now completed the strategic turnaround with Energy Transition being also compliant with our strategy. We have established in Q2 a new segment and a new team to address the data center business. We now have leading expertise, differentiating competitive solutions in each market we address, and each of these markets are growing. Our lifecycle partner strategy creates value and enhances resilience. We have seen it lately with Energy Transition when we refocused the project business. The service business carried us, and carried us well through, in particular, the first half of this year. We have a reinforced financial foundation supporting sustainable growth, which gives us the means then and the backing to continue growing and developing Enersense. Finally, I would like to remind of our guidance. It is unchanged. We estimate adjusted EBITDA to be between EUR 19 million and EUR 23 million this year.
We just add here the note that we expect the full year adjusted EBITDA to be weighted towards the end of the year. We have an exciting second half of the year ahead of us. Thank you for your attention this far, and we will now go to Q&A with Liisi and Jan-Elof joining me.
Yes. Thank you, and thank you for many good questions. I think some of them are already answered during the presentation, but, let's take a recap anyway, and there are still some new aspects as well. Let's start with the guidance as you finished with that. So full year, the EBITDA is guided to be heavily tilted towards the latter half of the year, due to the timing of certain projects. Do you see that these projects will continue during 2027, and how should we think about the run rate going into 2027?
Indeed, H2 is larger than H1, and we have grown our order book since many quarters now, and there are several new projects starting in Q3. If a project starts in Q3, then it will not have finished at the end of this year, so it will continue over the year shift. But the volume of activity on a large base across our customer field is growing throughout H2.
Yes. And if you think about the H2, how much do you see there are risks related to the timing of the projects and to Estonia?
Well, we maintain this guidance, and we are confident with it. We have the order book. The challenge, obviously, for us is to deliver higher volumes, significantly higher volumes in some teams. Some teams have experienced these kinds of volumes earlier. For some, they will be records. But we have full focus on that.
Good. What about the demand outlook? How do you see that, and also the pricing power of Enersense?
Overall, the market is favorable. Then, we have commented here on some areas of the market where it is less favorable. Estonia is particularly silent on the Power business unit side at the moment. However, there is more like private investments coming there, so data centers, renewable, et cetera, starting to loom. In Finland, in Connectivity, fiber to the home is declining. But overall, the market is favorable, and there is no particular sign of something new in the pricing pressure environment. It is as competitive as ever, so need to be good to win this business.
Good. Jan-Elof, one question to you. What was the main driver behind the change in trade payables and other liabilities in Q2?
Yeah, thanks for the question. We are optimizing our cash flow and focusing on cash flow to drive even to a lower level our net debt . In due course, we have now put in place good processes to manage our cash on a monthly and daily basis to have a good level in net working capital. As you can see in the report, we are driving on negative net working capital, around - 10% for the last 12 months, which will then support us now when we grow and the business is growing. That will give a positive boost for our net working capital and our indebtedness overall.
Thank you. Then, we have quite a few questions on Value Uplift, which we completed during Q2. First of all, a question that the Value Uplift reached the run rate of EUR 8.6 million, but still the H1 adjusted EBITDA fell by 14%, and Estonia is the one reason which we stated. Can you quantify the Estonian impact?
Just a reminder of the Estonian impact in Q2. So, EUR 1.4 million less than last year. As the Power business decreased in EBITDA by EUR 900,000, it would have been +EUR 500,000 without Estonia. Estonia apart, coming back to Value Uplift, we see the results and the impact of Value Uplift gradually increasing between the latter part of 2025 and all the way to 2027 as the impact of the different initiatives, there's tens of them, fully comes into play.
Yes.
In terms of cashing the benefits, some came in in 2025, the bulk of it in 2026, and it will increase in 2027.
Yeah. How much of the EUR 8.6 million run rate was already in the base of 2025?
We would estimate around EUR 2 million, and the rest to come during 2026, 2027. Of course, some, a minor part of that, we reinvest into competitiveness in the market.
Yes. There are a couple of questions which I try to combine, which you already answered, but maybe you can elaborate a little bit that when will we see Value Uplift impact in the result figures?
Between 2025 second half and 2027, and gradually increasing.
Yes. Also, there is a question that which were the three biggest savings that we reached during the Value Uplift?
The two biggest were impacts of renegotiated contracts, so direct contracts, material contracts of high-volume material purchases, combined with the operating model where we use the power of the Enersense group to rally behind the new contract to put up our purchasing power there. The third one, as a whole, is the fixed cost reduction that we did in Q3 last year in connection with the operating model renewal and reallocation of resources according to the new strategy.
Good. Then, let's move on to data centers, and Kari, maybe you can continue with this. You already described the market and how it looks like, but what is our current order and offering base for data centers?
We don't yet have a number to single out by business unit. But as I tried to describe with the evolution of a typical project, the biggest impact of data centers is in Power, first in the indirect business, then the direct business with the data centers. Then, it moves on to Connectivity and in Energy Transition, not so much yet at this stage. We have historically worked on a number of data centers in Energy Transition. For example, one in Helsinki, we have installed the heat recovery and connected it to the Helen heat district. But relatively speaking, in Power first, biggest, and then in Connectivity, and it will come in Energy Transition as well.
Yes. And many active discussions with the customers ongoing.
This market is very exciting.
Yes. What is the competitive advantage that we have compared to other players in the data centers?
Starting from Finland, we are the best substation company, and we are probably there in the top in high voltage lines as well. We have long experience in a very competitive environment to work with the TSO, Fingrid, and with the same competence customer that keeps the market honest, that pushes the different companies to be very competitive in terms of value, cost efficiency, but also, quality of works. We are very high in the quality evaluations by this long-term customer. We use the same knowledge. We just grow it with actually a parallel team. So, we have organized ourselves into a Fingrid-dedicated team and then data center and renewable business-related team to use that same competitiveness built over years in this data center segment. Very competitive market, which keeps you honest. You just have to be the best to win these cases and have the supply capability.
That is something that someday, will become a topic.
Excellent. The agreement which we announced last week was with atNorth, and it was worth EUR 7 million. Should we expect orders with clearly higher values going forward?
Yes.
Good, short answer. Then, Jan-Elof, back to you. A question: what was the cash impact of restructuring costs in the past 12 months?
Yeah, that's a good question. As I mentioned, the cash outflow related to our strategy program has been quite big. In the last 12 months, it's close to EUR 7 million that we have paid out on cash outflow related to these one-off expenses in Value Uplift programme and other strategic restructuring expenses. That number is close to EUR 7 million.
Good. Then Kari, back to you. A question on the professionals. Is it easy to hire skilled professionals, and how has Enersense managed that?
I think we are doing well in that. Of course, we keep on developing all the time the attractiveness of Enersense as an employer, in particular in three aspects. This is how we have defined it. One is that many of our professions are in dangerous environments. We want to be the best in providing the safest environment to our employees. If somebody considers joining Enersense or some other company, we would like that to be one element of the positive choice for Enersense, that you do the same or a similar job, but in safer conditions at Enersense. Secondly, our lifecycle strategy provides unique professional growth opportunities, because you may work in your field of expertise in different phases of the lifecycle of a customer network or plant or asset.
You may be in design, you may be in construction, you may be in maintenance modernization, you go back to designing something you have modernized. Professionally speaking, in this type of business model, there is great opportunities to grow inside Enersense, and that is pretty appealing. Thirdly, we make sure we live according to our values.
Good. Then let us move on to Estonia, which you already discussed quite a lot in the presentation, actually, both of you. But very shortly put, what was the key underlying reason for a weakness in Estonia?
Market decline, and our organization and cost level altogether had to be adjusted.
Yes.
And the impact between the decline being assessed, quantified, and the actions having been put in place really hit Q2. Now, we have taken the actions necessary, and we are fit now for the market activity we have. As I mentioned in the presentation, we did also assess critically our customer portfolio and decided to part from some contracts that we deemed not future proof.
Yes. So, what is the outlook for Estonian business?
Estonia is back on track now, so, there is a growth outlook, and it is a business which is according to Enersense's lifecycle partner strategy. Whilst the DSO side in Power is more silent, we are seizing other opportunities.
So, Estonia will not be a long-term problem.
No
For Enersense. Jan-Elof, could you walk us through the key items below the EBITDA line that drove the EBIT to negative?
Yeah, that's a good question. First of all, seasonally speaking, as we have guided as well, the year is going to be loaded on the second half. That means that, to begin with, our Q2 earnings is lower compared to other quarters, which means that when you take the adjustments away, the depreciations, amortizations, you end up with a smaller number. The adjustment has thus decreased from last year, as we have been now completing the VUP programme. But the sheer fact that the bulk of the earnings are guided to be on the second half of the year mean that you have the similar amount, of course, of depreciations, taxes, and interest expenses that hit the second quarter, and then mathematically, it becomes a lower number.
Good. Then, Kari, to Energy Transition. It was still below break even. What is behind the development there?
Yeah, the revenue level was rather low in Q2, but we are happy with the relative improvement compared to a year ago because we achieved, like Jan-Elof described, a better result, albeit slightly negative than last year when revenue was higher. The underlying profitability has increased. The service business is carrying as well, and we're operating it profitably. And now, the project portfolio became very small momentarily, and we are back now with the Aquatech order, a very significant order, and developing a new type of project portfolio with a rich sales pipeline. We'll hear more news from that very soon.
Good. Jan-Elof, a question about the possible earn-out related to wind and solar power project portfolio, which was sold to Fortum. Any updates there?
Yeah. On the valuation there, we do mark-to-market valuation every quarter, and it's impacted by the different project portfolio. In the project portfolio, different project likelihoods. The second element impacting it is the discount interest rate. During the quarter, as a normal practice, we update the interest rate, which had a certain impact. Some of the projects had higher likelihood and some lower likelihood, and as a consequence of that, we had a small decrease in the valuation of the earn-out portfolio. But in the big picture, no changes in the earn-out compared to our previous announcements on that.
Good. Then, just an estimate on the adjustments going forward for the rest of the year. Will there be some adjustments, for example, related to the new ERP system?
Yeah, we'll continue to have some adjustments in the second part of the year, but they will significantly go down from the prior year, as we have been communicating. And now, it will be smaller amounts related to some restructurings, namely Estonia and some other entities, and then, obviously, the ERP project and related work to that, but a significantly smaller number.
Good. Thank you. Those were all the questions so far that we have received. We would like to thank you all for your active participation and good questions. It has been a delight to discuss them with you, and we will see you next time in early November with the Q3 result. Thank you.
Thank you.