Investor update

Sep 29, 2026

Slides

Summary

Open, modular healthcare software and Nordic customer expansion underpin the >7% CAGR ambition for 2027–2028 at 28% profitability. European expansion is gaining traction, with a 7% revenue-share target by 2028, while procurement timelines and partner delivery remain key execution factors.

Good afternoon, and welcome to Tieto's Caretech Deep Dive. This is the first time we are organizing a deep dive session, and we are very excited to start with Caretech. We have gotten many questions from investors and analysts about the business and requests to learn more about it. Today is a great opportunity to dive deeper into the business and hear from Ari Järvelä, who leads the business. Caretech is absolute core for Tieto's business and a very strong fit with our strategy. It has a solid profitability and underlying growth, and we have a clear ambition to grow the business further, through expansion to European markets, for example. Today, you will hear how the market is evolving, how Caretech is positioned, and where Ari Järvelä, the head of the business, sees the best opportunities going forward. We will start with the presentation by Ari, and then after that, we will host a Q&A. After the presentation, I will give you more details on how to ask questions. At this stage, Ari, the floor is yours. Thank you, Tommi. I am super happy to be here with you also and thank you for this opportunity. I will go through various different elements of our business at Caretech to cover firstly the technology, because it is important that we give the overview, of course, of that one and how we see the market, and then how do we develop the business towards our Capital Markets Day ambition. The main points in the presentation are, and which I will be covering is, the market demand is moving towards our strengths, which are open, modular, and interoperable platforms and software. This is the software business. The Nordic install base is what pays for the near term, and Europe is our next growth leg. In the presentation, it is all about how Caretech will reach the targets we set in the Capital Markets Day. Like I said, 7% CAGR growth in 2027 and 2028 and keeping the excellent 28% profitability. I start the presentation a bit of our background of our portfolio. These terms, which are now stated in this slide, you will hear them throughout the presentation, so it is good that I introduce you to them. First of all, we have two main customer segments. We have health providers, both public and private providers, and then we have a social care segment. Our key product family is electronic health record, or patient information system, or hospital information system, like somebody is calling that. That is typically the core system for healthcare providers. In EHR, all vendors, we have the two main components. We have clinical and administrative functionalities. Clinical part is so-called doctor's desktop. When the patient meets the doctor, then that is what doctors are using on a daily basis. The doctor's desktop, this clinical part, includes several modules, from patient journal to observations and medication. As an example, our Lifecare EHR includes somewhat 50 modules or applications in this clinical suite part. There is an administrative part, which is the patient administration, time booking, billing, financial management, and overall reporting. Our Lifecare EHR covers roughly the same functionalities than global or local competitors. There are some unique points in our architecture, and this is important when we are then entering further in the presentation. Compared to many other players, first of all, our data layer is separated from this modular application layer. Data, we are using openEHR standard. Our data in the database is in the standard format. We also have open interfaces to other systems, that means that customer can integrate our system flexibly in their overall situation. Then we have a modular application architecture, meaning that out of these 50 modules, we can sell one to our customer or all 50, depending on customer situation also. With this, customer gets system without data locking. There is no vendor locking and no complex multi-year implementations before getting the tangible results. That is our unique selling point towards the bigger transformations in the Nordics and also in Europe. We also have so-called special products to this healthcare segment. They are best of breed and fit-for-purpose products. As an example, for surgery planning for hospitals, for resource optimization on a hospital level, staff management, scheduling optimization. We have our lab suite for laboratory companies. The second segment is social care, where we have our Lifecare social care client information system for social care case management, including functionalities for elderly care, family care, refugees, home care, and such. To go a bit deeper how customers are using that, I will go one case example from Karolinska University Hospital. On a hospital level, Karolinska has defined four challenges. In their system, in their operations, the problem is cognitive load coming from data knowledge, processes, and analysis. The value is trapped in various different fragmented systems. When looking at wider the market overall in healthcare segment, this is the same thing also for Karolinska. As an example, there is 1.2 million health workers shortage across EU, 27 countries. Statistics Norway states 42,000 FTE gap by 2040. Finland needs 30,000 additional elderly care workers by 2030. Denmark is short 25,000 plus social and health care staff by 2035. When the capacity cannot be added, the existing data must create the capacity. IT budgets gets deferred in a weak year, but a physical inability to start a ward does not. This is the problem, how Karolinska is stating it. Next, I will explain slightly how a hospital, one of the most sophisticated hospitals in Europe and in global, decided to solve it. To solve a specific problem of cognitive load, and I do understand that this is slightly technical slide, but I still will go through it. Karolinska decided to untrap the data with the governed data layer alongside of their EHR and other core systems. That is in the middle of the slide. This slide is based on Karolinska strategic assessment from their chief medical information officer. There were three architecture choices that Karolinska assessed against clinical stability, change speed, integration cost, and data quality. One option was best of breed, so that every single department within the hospital would have had their specific system. Well, then the integration would have been extremely costly and complex. The other solution was closer to monolithic solution full platform, where everybody would have squeezed in to the same system. Then the implementation would have been extremely complex, lengthy, and costly. There was a hybrid, meaning leaving the existing systems as is, but bringing in the additional data layer. Karolinska selected this hybrid model, where all the transactional systems on the left are integrated to Tieto's Lifecare Open Platform in the middle. Data visualization to professionals will be done through Tieto Lifecare Clinical Suite on top of this platform. With this solution, the clinical data is transformed from proprietary data models from the system on the left to standard openEHR format, in Lifecare Open Platform. Together with the customer, we are then implementing the critical care pathways on top of this platform. As an example, chemotherapy. The visualization on professionals, as said, happens through selected modules from Lifecare Clinical Suite. With this solution, for example, oncology professionals do not need to jump between several various different individual application. Most importantly, data is correct and is in standard format. Care pathways supports the patient treatment in the best possible manner. The customer doesn't need to invest in a costly and complex monolithic system implementation, but can build an integrated future in steps. This was the Karolinska example. Now how we see the market and how the wider market evolves. We can see that the market is shifting towards our solution and in favorable way to us. None of the elements in the slide here is our forecast. All of them pushes the spend towards a governed data layer that the customer can buy without replacing its core systems in one big bang. One is regulation. European Health Data Space regulation has been in force since March 2025. Now the supervisory authorities will be designated by March 2025, and most importantly, cross-border patient summaries and e-prescriptions needs to be in place by March 2029. The law demands clinical data that can be found, shared, and reused across systems and borders. That means structured, coded information, and open interfaces. A proprietary data model cannot deliver it, and no amount of integration work makes it compliant. The second one is architecture, and there are some case examples what we have seen in the market. Actually, both southern Swedish regions, Gothenburg regions, VGR and then Skåne, they have stopped their monolithic implementation in the middle of the program. VGR already has decided that its future replacement will be done in parts and with the modular approach. Skåne halted the implementation and is evaluating its options as we speak. Catalonia in Spain decided to build their next generation architecture on open standards and modular applications from the very beginning. Customer's buying behavior. This column is our own read of the tenders we respond to. Customers are moving towards open standards and incremental delivery. That is the market, how we read it, and next, I will present that how we are then approaching the market and what are we selling into it. Names in this slide refers to my earlier slide of our product portfolio. Every product, like you can see in these three columns, is already running for our Nordic customers. We bring the very same solution portfolio to wider European markets. Solutions we provide needs to be naturally fitted in the local health systems, local regulations in different countries, but this doesn't mean tailoring the core itself. There are three routes when we are approaching the markets in all of our countries. Number one is the Karolinska way, innovating around the existing EHR and core systems. This is the fastest way for us. A simple, important, clinically valuable use case besides whatever core the customer already has. Then it grows into a full modernization later. Route two is modernizing the full core. This is the largest prize, but the slowest. This means full-blown core system renewal, being EHR, social care, lab, and includes also, of course, long procurement cycle. For this segment, we offer the full suite in the Nordic markets, and we are implementing that on our own, whereas in Europe, we will have a partner strategy. Route three, we are solving very niche, high-value problems for our customers. These are our specialized products in surgery planning, resource optimization, scheduling all for lab. As you can see from the product list, we have three routes to the market, but only one portfolio. In the Nordics, we deepen our install base, co-create and build references. In Europe, the target is to enter through partners, modular platforms, clinical use cases. Importantly, what we build in European partners come back to our Nordic portfolio, which makes expansion accretive to the base rather than the distraction from it. A few words about competition landscape and how we are playing in it. We are not trying to compete against everybody in this slide, but we are trying to be the layer each of these needs but none of them owns. Column one, the monolith owns the workflow within the scope and locks the data into proprietary models. Interfaces grow with the square of the number of systems, and the implementation risk is all in one event. Our play is to build interoperability alongside or transform the core architecture fully to open and modular. Column two, there are very good companies which are, as an example, openEHR specialists. Typically, these companies lack the clinical side of the offering, the clinical modules, clinical functionalities, and capability to build those clinical pathways. We have it, and we have the references. Column three, we see, of course, in the markets, native AI players. But the durable asset is the structured data, not the model. Models commoditize monthly, a governed longitudinal clinical record does not. Every AI on the market needs the data it cannot itself create. In column four, our playground, our clinical semantics, care workflow, and public sector data sovereignty. Hyperscalers do not model an oncology care pathway. Most of the guys, like in column two, also in column four, we partner with these players. The governed clinical context, care pathways, and AI-ready data is exactly what Karolinska assessment stated earlier and what we are running in the production. To the markets. First, our position and our play in the Nordic markets. We are by far the biggest player in these markets, in all of these Nordic markets, actually. As an example, in Finland, 16 out of 21 wellbeing services counties are using our Lifecare EHR and social care software. We have a 60% market share across Sweden and Norway in municipal social care segment and 80% market share in the private healthcare in Finland. The strong install base is an asset to deliver these paths on the right. Path number 1 is expansion inside the customer engagement that we already have. Typically, this requires no procurement, no contest, and the largest of these 3. This expansion is, of course, through the new functionalities, as an example, to our EHR functionalities, like AI as an example. Path 2 is the new products into our customer base. Sometimes this is the competitive procurement. Sometimes we can bring the new products as part of our existing contracts, meaning that when a customer is using our EHR product, we can bring in our surgery planning or our resource optimization offering, as an example. Path 3 is, of course, fully competitive out of these 3, but we have a lot to grow also, as an example, in regional settings in Sweden and in Norway. When tying this back to our Capital Markets Day's targets, somewhat close to 90% of 2028 revenue comes from this Nordic base and especially from our modern Lifecare portfolio. Half of the gross growth target comes from this pocket, and it compounds approximately at 5% a year net of churn and repricing. Then using these strengths and entering the wider European market. We have selected the markets where there is a high need of electronic health record modernization. As an example, in DACH countries only, there is 1,000 hospitals running outdated system technologies, and they need a new solution to be up and running in production by 2032. To put these 1,000 hospitals into context, there is 350 hospitals in Nordic countries altogether. We focus on countries where the national focus is on integrated care, and this comes, of course, from this EU regulation, as I explained earlier. We also work in the markets and with the customers who are interested for open standards and positioning ourselves against this global monolith. The countries that we are focusing at the moment are Spain, the Netherlands, and the DACH countries, Austria, Germany, and Switzerland. Our go-to-market to these countries are built through partners. We work with partners who have a wide existing healthcare customer base. They have a complementary capabilities, and then they have, of course, willingness to work with the companies like us. Our play is software, partners, consultancy, localization, and services. Through partners, we get needed access to customers, we gain trust, and then we have a sales capacity. We have those 3 routes to the markets I already explained. So innovate around EHR, transform the whole EHR core, or solve certain narrow, high-value problems. Entering through number 1, meaning that a selected clinical use case besides the incumbent core is the fastest way. There is no need of full complex procurement, and it creates a reference that unlocks the other 2. When looking at our current engagements widely in the markets. So in Spain, we are working with NTT DATA, and the customer that we are currently working together is Catalonia, CatSalut. We are now implementing the first clinical use case, which is the back pain treatment pathway. Then the next steps are under negotiation. In Switzerland, our partner is OWT, a Swisscom company, and the customer is Basel University Hospital. There, the first use case that we are building is the lymphoma tumor board pathway. For Germany and Austria, the partner is x-tention, and we just signed a deal with the Mainz University Hospital, where actually the first use case is very similar to Karolinska. They want their existing data to be transformed to a platform in openEHR format, and then we visualize that to professionals when they are meeting the patients. This addressable market in Europe is roughly 4 times the Nordic market. It grows fast, 15%. Then our ambition is to grow our revenue share from total up to 7% by 2028. This is what we communicated in Capital Markets Day. When looking at the markets and how we are, especially these European markets and how we are then approaching the customer and what is our go-to-market strategy. We use mostly land and expand strategy. Already explained that that is the fastest. We have also some full transformational cases in the pipeline. With this strategy, we typically land with one clinical use case which matters the most clinically for the customer. As said, for Catalonia, it was back pain treatment pathway for Parc Taulí. We expand, and this is how we scale up when we first implement the platform, and we implement our clinical modules, then the expansion happens firstly by increasing more patient IDs. It doesn't require any work as such from us. The system is there, and when the customer is onboarding more patients and patient IDs, that also scales our revenue. Naturally, our one scaling logic is attaching more modules. As an example now in this first case, if we have our 4 to 6 clinical modules embedded to the system, it will end up a few tens of modules when the system is fully up and running. We are also building new clinical pathways for the customer. We do have various different ways to scale the business within the customer. Then, of course, when we have first sold it to one customer in a country, then we can leverage the same solution to other customers. The timelines here are indicative, but it gives some kind of estimation of the revenue ramp-up from a customer. To reach the 7% of revenue target, of course, requires landing to several early-stage customers, which is why route 1 in the previous slide, entering through high-value use cases matters at this moment more than the full-blown platform deals. AI is on everybody's lips, including us. We have 2 different AI-related categories in what we are doing. One is for our customers, and it's on the left. Then on the right is something that we are using for our internal process improvement and efficiency. For customers, we are working mainly around embedded AI to our existing solutions. It is the documentation support. It's AI assistant to classify interventions across all medical records. It's also resource optimization in care planning and scheduling. But we are also working in the area of research where our AI supports in rare disease diagnostics. Most importantly, or more importantly, every one of these cases that we build or somebody else builds needs machine-readable clinical data, and that is exactly what the governed data layer produces. The right-hand side shows briefly our development and how we are leveraging AI into our internal operations, from customer service down to product development. As an example, what we have communicated also earlier, we have gained already 30% productivity improvement in our product development by utilizing AI-assisted workflows and partially stepped into agentic software development. Then comes the financial segment and sector of this presentation. Looking back a bit on what happened in H1 2026. The reported growth in first two quarters was approximately minus 2% with two main elements. The underlying growth from our Lifecare portfolio impacted positively +3 percentage point, but then we have this non-core product decline, which was dragging us down by minus 5 percentage point. This was the starting point in the beginning of this year. How to then reach the 7% CAGR in 2027 and 2028? First of all, we remain firmly committed to this ambition. The growth comes by meeting the market growth in the Nordic countries, our ongoing market expansion to Europe, and then declining non-core product portfolio phasing gradually out. In the Nordic Lifecare portfolio, growth is supported by our latest wins. For example, for Finnish wellbeing services counties, where the last implementations are ongoing now, and the production use will start towards the end of this year. This will accelerate the growth in 2027, 2028. Nordic growth will be accelerated also the new logo wins. As an example, in social care segment in Sweden, we have reported city of Stockholm as one of the landmark customers and wins, but we have also gained close to 20 other new logo wins in Sweden. Also, regional healthcare in Sweden and Norway is growing. Like I said, this non-core product will gradually phase out. Most of that will happen during this year, and then there will be some tail for 2027, 2028. This track of minus 5 percentage point will disappear. European expansion, I already explained. We have ongoing customer deliveries currently in four countries outside of the Nordics. I believe that with this good momentum, we can scale the business during the next years. Of course, public sector, public procurement processes, and certain political agendas may impact the one way or the other, the timing of this, especially European expansion. Our plan is to maintain the strong profitability roughly at 28% level while we are investing in growth, reducing the capitalization, because the big part of this Lifecare transformation is behind of us. We need to then, of course, manage the slightly rising depreciation, and gradually also when this relatively profitable legacy runoff will disappear, in the same manner, we're also managing that one. To summarize, the market demand is moving towards our strengths, which are open, modular and interoperable platforms and software. The Nordic is and will be our core market, and that will be the short-term growth engine also for us. European, we have a high ambition, and the growth has started. I am confirming the ambition of more than 7% CAGR growth and 28% profitability. With this, I thank for listening, and I guess, Tommi, now it's time for some potential questions. Exactly. Thank you very much, Ari, for the presentation. As Ari said, we are now ready for the Q&A. If you would like to ask a question, then use the raise hand function in Teams, and I'll then give floor to people in order their hands are raised. When I call you, please unmute your microphone, and then if you wish, you can also then turn on your camera. While we wait for the questions to arrive, if there will be some, let me start with one. Maybe a bit more personal question now in the beginning. What is taking most of your time as the leader of Caretech at the moment, and what are you focusing on, and what takes your attention? The big part of my time, like in the early part of this year, is to meet our European partners and especially European customers. Traveling a lot, meeting a lot of new, interesting potential customers, and convincing them to start working with us and our partners. Healthcare overall is the trust business. All the sales is in the trust, and of course, trust creation starts from me, and I try to walk the talk. Exactly. Customer first. Customer first. as our priorities are. Yes. Maybe the next question, while waiting for people to raise hands. What gives you confidence? You, of course, went through the sort of reach to reach the target for 2028 regarding growth. What gives you confidence that you are able to achieve the 7% target? Yeah, I already mentioned roughly. I believe that where we have now, as an example, I take market by market. In Finland, we have been the clearest winner in this Finnish healthcare social and health transformations. Now the final customers, what we have won, will go to the production. Automatically that will be the growth engine. We have an excellent customer base, good demand on new AI-related services, as an example. I believe that is one element. Not to mention the private sector customers here in Finland, which are hugely important for us. In Sweden, social care has grown nicely. We are talking about 9%-10% organic growth in social care segment. All the latest wins, new logos also, I expect that growth will happen. Then the regional settings like this Karolinska example, I think that is the high demand. Then comes this European, which has been so far somewhat unexplored growth opportunity but has now kickstarted, and there are customer cases ongoing. Yeah. Those are the elements, and I believe that when accelerating these three, I believe that we will meet the target. Exactly. We have a first question coming from online, and it comes from Mark Hyatt for Morgan Stanley. Mark, go ahead. Hey, Tommi. Hey, Ari. Thanks very much for the presentation. Can you hear me okay? Yes. Yes. Absolutely. Great. I have a few questions. Firstly, just on competition. Appreciate the slide that you showed there, showing where you compete and where you are complementary versus some other players. But can you talk a bit more granularly in terms of when you are actually competing for specific areas, which names do you see most often in direct head-to-head competition, and what really makes Tieto stand out? Can you give us anything on win rates? That would be helpful. Secondly, just on the non-core that you talked about, Ari, you mentioned that it has strong profit margins, and you expect that to ramp down in 2026, 2027, and 2028 residually. Could you give us any additional information in terms of product margins or share of revenue today? Anything incremental there would be helpful. Finally, I know that public sector deficits has been a bit of a pressure on spending, particularly in Finland on the healthcare side. Could you just give us an update on the funding environment and why you remain confident that there's plenty of budget in order for you to meet those growth targets? Thanks. All right. One by one. The competitors. Since we have a relatively wide portfolio, the competition landscape is wide. Each of the countries, there are local strong incumbents. In Sweden as an example, Cambio in healthcare sector or Pulsen in social care sector are our competitors. In Norway, we can see Visma, Systematic, DIPS, Aidn as our competitors. Here in Finland, CGI, and also certain smaller players. When coming then to European markets, then it's much wider portfolio of competitors. In EHR market, as an example, in DACH countries, Dedalus, CGM, CompuGroup Medical are some of the competitors we meet every single day. Of course, the big boys from the U.S., but we are slightly in different categories. U.S. players, typically they attack huge and big healthcare providers, the biggest university hospitals, like as an example, Charité in Berlin, in Germany. Whereas our category is small and medium-sized players, and then these U.S. players are not that often in that territory. Then the profitability of non-core, by the way, we have managed that extremely well already for several years, when the impact, as an example in 2024, 2025 was much, much higher than it's today. Now the proportion of that revenue is declining, so I don't see any big problem in managing that. We are not commenting anything on product level profitability, so unfortunately, I need to skip that one. Yes, this Finnish wellbeing services county's budget situation is something that we need to deal with. It has been with us now for a few years. Next year, the budget discussion is ongoing overall on the wellbeing services county levels. The cost budget will increase at the pace of the inflation, meaning that if we want to grow faster, we need to take something also from our competitors. We believe that there are certain niches, like I already mentioned, in resource optimization, in some other areas where our solution is very, very competitive compared to what customers are using. I believe that is one growth angle if we are playing within the box of IT budgets. But then resource optimization or data analytics, we need to together with the customer figure out that what kind of a significant cost efficiency elements we can implement digitally for our customers so that we can get access to also wider operational budgets than looking at IT pocket only. Thanks very much. Very helpful. Thank you. Thanks, Mark. As a reminder, if you would like to ask a question, use the raise hand button in the Teams app. Maybe we ask one more from the list here. You have been talking about, and we have been discussing about the expansion to Europe. Could you elaborate a bit more? What is the customer looking at when they are looking at our products? What is really the competitive edge that your product has? Maybe some real-life example from a customer, why would they choose our product? Okay. I take an example from Catalonia as an example. Catalonia already selected this, what I called Karolinska way, that they will build their future on open platform, openEHR standard, with selected clinical applications. They actually turned to us because they knew what we have done in Finland specifically, but also wider in the European market. We have a strong reference of building that kind of a system architecture gradually for our customers, not a big one. That is one element. Also, the Nordic countries are seen as a front runner in interoperable healthcare system. What I explained that there will be the law that your health record needs to travel cross country, and you need to get medication in whatever country within EU you are traveling. We have that in place in the Nordic countries. Tieto as a company has been an integral part in building that. Of course, we can then help our customers also in consultancy and telling that, "Okay, this is how we have done it," and then fitting that to the local system. I believe that in our industry, Nordic countries and the players, including us, who are strong in the Nordic countries, we are seen as a front runner. Then, of course, when you are jumping to something new, then customers are following us. Very exciting. Next question then from online again, Sami Sarkamies from Danske. Go ahead. Are you, Sami, there on the line? Please unmute your microphone. Okay, let's try again. All right. Yes. You presented the business plan for Tieto Caretech at Capital Markets Day last year. If we think about the accelerated growth, it has a lot to do with European expansion. Just curious, how has the first year gone? Have there been any surprises relative to your expectations? Would you say that you are on track with your plans to accelerate growth driven by European expansion? Okay. Thanks, Sami. I am positive of the first half of this year after the Capital Markets Day. What is positive is the huge interest on what we have done and what we are currently doing for those customers and logos that we are currently doing. The number of dialogue with the new potential customers is incrementally rising, actually, every single week. I am super positive about that one. Our product market fit seems to be very good. What we have done here in the Nordics and what is our offering needs to fit perfectly for customers' ambition. We have started this element. I am not opening the revenue levels, but we land somewhat to the expected level during this year. Actually quite spot on at the expected level. We are still talking about lower single-digit percentage of our total revenue after this year. Still, we have a good start in these markets. What is then this kind of I do not know whether it was expectation, but I think that it is always this unknown factor that what is customers decision-making timeline when we enter with our value proposition, build the story, and then customer starts the internal work, first on operational level, then there is a political debate that whether they should get money of this kind of a transformation, then comes this procurement, and then after the procurement, then the work starts. We have seen this latency in these big transformational cases, especially. These smaller cases, when we are talking about simple use cases, typically lower single digit in millions of EUR type of a cases. They move relatively fast, but then these bigger cases, when we are talking about tens or hundreds of millions of EUR cases, of course, like in the Nordic countries, it is the relatively slow process. Thank you. Thanks. Thanks, Sami. The next question from online again, Jaakko Tyrväinen from SEB. Go ahead. Hi. Good afternoon, gentlemen. It's Jaakko from SEB. A follow-up to the previous one on the European growth. You mentioned that there are a lot of potential deals rising week by week, but are your hands tied with the current deals you've presented earlier now? Or are you able to kind of, do you have capacity to deliver more if this kind of a positive problem of strong demand would appear? Yeah. A very good question, and this is the balancing act that we are working with the team and our partners every single day because these first cases, whatever we implement, well, all the cases, but especially these first cases, they need to be the references. So we need to deliver on promise and above. When looking at what we have now done for Catalonia, several deliveries already on our belt from Basel, the customer satisfaction so far is very good. So we are tracking on that one, and that brings the confidence that the product portfolio is there. But you are then right that if the positive thing happens, that we start to get very sizable and big transformational cases in various different countries, we will lean on partners. That's why we have a slightly wider partner portfolio, not focusing only to one partner, but having the partner in different countries who knows the local system, who has the existing customer interface, and who has the delivery capacity. I do believe that we can meet on our side, on product side, when it comes to product development, tweakings, or modification to local regulation, that we can meet that part. It's more that how are we together with partners then transforming the customer environments to something new. That's why we have this partner strategy. Thanks. Very interesting. Thanks. Thanks, Jaakko. It seems that there's no further question from online audience. Maybe last one from me then. I started with the question at what do you spend the most time on at the moment? Maybe last question, what are you most excited about the business? Yeah. I'm hugely excited that we can build something scalable. We can prove that the Nordic technology and software company in this trust industry like healthcare can scale and grow. I have a strong ambition in making that to happen. I think that is my personal ambition. Excellent. That is a nice way to end, I think. Thank you, Ari Järvelä, very much for the presentation. Thank you for all the questions, and I will see you then again in connection with the Q3 report in a few weeks time. Thanks, Ari Järvelä. Thank you also on my behalf, and hopefully, this was fruitful for everybody. Thank you.