Our CFO, Njaal Kind, our Chief Scientific Officer and Interim R&D Lead, Aleksandra Havelka, and our Chief Growth Officer and Head of Business Development, Markus Jaquemar. We have good news today. We have also a lot of content. Let's get into the presentation. Here you see the important required disclaimers. I start again by talking through the quarter three and year- to- date highlights before giving, this time, quite short company updates or presentation because we have, like I said, a lot to share with you later. Quarter three performance is best described by record sales and significantly more new development projects initiated. Quarter three sales were highest ever quarterly sales at NOK 51.1 million , which is a 22% growth or 30% revenue or currency neutral organic growth.
Our sales to the U.S., the strategic focus area, were NOK 13.3 million, up from NOK 10.8 million last year, same quarter. Not only did we have a very good top line performance, we also had a very good profitability with EBITDA at NOK 13.6 million, up from NOK 8.4 million in quarter three last year, and gross margin at 61%. Some additional highlights, and we were really pleased to see that both Europe and the U.S. delivered significant growth, 24% and 23% respectively. The BÜHLMANN collaboration , fCAL and fPELA, also grew really well, and fCAL turbo sales were up 23% in quarter three. Also, Cystatin C had a strong quarter with growth of 19%.
Today, we will spend also more time to talk about our R&D strategy and the pipeline updates, and I'm really pleased to inform you that we have really demonstrable progress in executing the new R&D strategy with seven assay and one technology development projects active. Year- to- date, again, we have very good performance, and we are on track to deliver another very successful year for Gentian Diagnostics. Sales are, after nine months, almost at NOK 145 million , which is 11% up from last year, or a 17% currency neutral organic growth. Sales to the U.S. are at NOK 32.3 million , and that represents a really great growth of 49% year-over-year. EBITDA is at NOK 26.7 million and gross margin at 56%.
Njaal will go more into the financials after my starting part. If we talk about the products, again, fCAL and fPELA, so the BÜHLMANN franchise is the key growth factor or growth driver for Europe. Europe is up 15% year- to- date. Although despite the flat year-over-year growth for Cystatin C, the other most important product for us, we have a strong order book for quarter four, and we expect the product be back on track, and reaching the expected year-over-year growth. With these highlights, and like I said, we come back to all these in more details soon, just a couple of words about Gentian Diagnostics. Many of you know as well, but there may be some people in the audience who are not that familiar with Gentian. We are a listed MedTech company targeting a sizable segment of the diagnostic market, which has a 5%-10% annual growth.
We offer appealing value proposition to our customers. We operate through lean business model, and we have focused growth strategy. We have strong focus on in-house capabilities, especially R&D and operations. And like you can see from the graphs on the left and right-hand side, we are and have been delivering already for years a very nice profitable growth. Again, as always, very important, our success is rooted on high quality standards, IVDR and ISO certified, and focus on ESG. The long-term growth drivers for Gentian and value creation is based on these. We have five established products, and all of them have a lot of growth potential and untapped sales potential. The first thing is to maximize the sales of existing products. Secondly, we are still working to prove the clinical relevance of our inflammatory diagnostic test for calprotectin called GCAL.
In addition, we want to bring on average one new diagnostic marker or test, not per year, but bring a steady stream of new tests to the market, and sign on average one contract per year with our global partners or new partners. We are aiming to stabilize the gross margin in the 55%-60% range. Now we are at 56% year- to- date as you just saw, and the aspiration for long-term EBITDA margin is 40%. How we will reach this is to live through our new vision, which is that we will be the innovation partner for global IVD companies. With this one, I conclude my opening and highlights, and I hand over now to Njaal, our CFO, who will talk about the regional performance and key financials, and I come back later for the R&D part. Njaal?
All right. Thank you, Matti. Good morning. I will run through the numbers with you. Today we announced revenues of NOK 51.1 million for the third quarter, which is a new record. On the geographical side, we see that sales to Europe reached NOK 33 million, which is up 24% in the third quarter, and year- to- date growth of 15%. Looking at these product categories, we see that Cystatin C had a good quarter with 19% growth in the quarter. Year- to- date, it is flat. That is largely due to Asia, where we see that in China we have some lower sales than we had last year, while in the U.S. we see good growth. There you can see also in the U.S., growth goes from NOK 10.8 million to NOK 13.3 million in the third quarter.
Year- to- date, we are up almost 50% on the sales in the U.S. So U.S. overall good performance. As Matti mentioned, the fCAL which we sell in partnership with BÜHLMANN, has had a strong performance both in the quarter and year- to- date. Almost 22% or 23% in the third quarter and 22% growth year- to- date. So that is good. When it comes back to Cystatin C, I am shifting a little bit back and forth here, I see. We expect growth in the fourth quarter, so that overall, for the year as a whole, we expect growth for Cystatin C. Markus will give you even more details on the product level when he comes after me here. Running through on the cost side, quite stable cost, as you can see. No major shifts on the fixed cost, which is SG&A.
On R&D, we see an uptick, and that is due to higher activity. However, if we look at the year- to- date OpEx, and we adjust for the fact that last year we capitalized NOK 5.5 million in R&D expenses on the balance sheet, if we adjust for that, in fact, the underlying OpEx or the expenses are up by only 4.5% year- to- date, which is acceptable taking into account the growth in revenues. Going forward, we will see a higher activity level for R&D, which we will talk about later today. That will of course, have an effect on the cost. Gross margin, very strong gross margin this quarter, 61%. Year- to- date gross margin of 56%. When it comes to the quarter isolated, we have had very good production in the quarter. That flows directly into the gross margin, obviously.
Of course, with a favorable geographical sales mix also help here. China is a lower margin market than the U.S. As we have stated before, our ambition is to be in the 55%-60% range when it comes to gross margin, and you see that year- to- date we are there. We don't control the currencies, as you know. We are not hedged. So a strengthening NOK is not to our advantage, and that is something which gives us a little bit of headwind. Has done that so far this year and seems to continue. EBITDA, NOK 13.6 million, obviously, with low cost increase and a good gross margin that comes. I would here highlight that last year we had capitalization of development expenses of NOK 5.5 million, which we are not having this year.
If we were to adjust for that, this would in fact be a record quarter on the EBITDA as well. The margin, quite strong, 26.6% in the third quarter and 18.4% year- to- date. So we are quite satisfied with the development on the EBITDA. A few words on the balance sheet. We have accrued or accumulated NOK 12.7 million in free cash flow in the quarter. There has not been any major net working capital movements. So the cash is at NOK 91.4 million. That is an increase from NOK 86.6 million in the same quarter last year. Also to mention here is that we paid a dividend in the second quarter of NOK 9.3 million, so that was returned back to the shareholders.
When it comes to the CapEx, NOK 2.2 million, that is in this quarter equipment CapEx, as we are not capitalizing any amounts on development projects. This is equipment that will help us grow and increase productivity going forward. I will be back with the Q&A. Please use the questions box if you have any questions and I will now leave the floor to Markus, who will provide us with a more detailed product update. Markus?
Thank you so much, Njaal, and good morning from my side as well. Happy to provide some additional flavor to our product performance over the last nine months or the last quarter. Let's start with our Gentian-branded signature product, Cystatin C. As mentioned before, we had a very strong Q3. What you see here on the slide is actually our quarterly performance over the last few years. This year we had a weak Q1, but we have actually delivered two record quarters for Cystatin C in a row in Q2 and Q3. As already mentioned, we have a strong order book, which means we believe the fourth quarter also will deliver strong results. What's the reason and what's behind the growth that we have?
First of all, our investment in the U.S. is paying off, and we have seen the strong results in the U.S. as Njaal has mentioned before. We see very strong increase of demand by our largest partner in the U.S. as well. The third reason is a continued increase of awareness for using Cystatin C, testing chronic kidney disease patients. The fourth reason is that some time ago, a year ago, there was a new global guideline implemented, KDIGO, and that also favors the adoption of Cystatin C testing. We strongly believe that this is actually going to continue and we should see strong performance by our Cystatin C product going forward. Our second product, performing really well, actually, fCAL turbo with our commercial partner, BÜHLMANN.
You've seen tremendous growth, outstanding growth, not only in Q3, but also over the last nine months, at very high levels quarterly, as you can see on the slide here. The growth itself is driven certainly by two reasons. First of all, acquisition of new accounts, but at the same time, existing accounts actually increase the number of tests that they're performing, and that's obviously a strong addition and contributing to the strong performance that we have through the commercial efforts of BÜHLMANN. This is actually happening in all the regions across the globe. So very strong performance and positive for our numbers in Q3. The third category, the other products, which includes pancreatic elastase, which is actually also a product commercialized by our partner, BÜHLMANN, our veterinary product, canine CRP, and our GCAL product, serum plasma calprotectin.
When we look at Q3, we've seen not a strong growth, but within the group, we've actually seen very good growth from pancreatic elastase, but also from canine CRP, while GCAL had somewhat lower sales in Q3. What is notable and important to mention is that fPELA is a little bit kind of the little sister product of calprotectin, and what BÜHLMANN is seeing is that existing calprotectin customers are actually increasing the usage of pancreatic elastase, which actually can be tested out of the same tube. In fact, one of the benefits of our and BÜHLMANN's solution for stool testing is the fact that it is a very high level of automation, which is very appreciated by the customers within the market. Finally, our third-party products. Those are the products which are commercialized in the Nordics, outside of the Gentian portfolio.
In fact, the third quarter with NOK 5.8 million was the highest summer performance, if you want, ever for those products. Typically, the summer months are a little bit weaker, due to timing and obviously, testing requirements during that period. Q3 2026 was actually very strong with NOK 5.8 million, and we continued the solid demand for all the products that are part of the portfolio and executed and delivered by our Nordics team. With that, I will turn it over back to Matti for the next topic.
Thank you, Njaal and Markus. Those were the numbers and results. As you see, very strong product and regional performance. Now we move to the R&D and product development pipeline update. Before I hand over to Aleksandra, I talk once more about our new R&D strategy, which is there to accelerate new product launches and to support our long-term value creation. Our R&D strategy nowadays builds on three pillars. They are accelerated product launches, expansion in point-of-care assay market, and investment in something we call high-sensitivity technology. To be successful to compensate the pipeline and also we can be honest that we are not very happy with the recent number of launches, which are not many, and to really deliver the sustained growth and also the expectation from the market, we need much more product launches. To do that, we need a broader product pipeline.
The broader pipeline will be and is, as you can see, a combination of in-house innovation and partner-driven development projects. In addition, in our new strategy, we are also officially or formally focusing on veterinary diagnostics as a new growth driver. Another new adjacent growth driver is the point-of-care assay market. There are companies and platforms that use the same turbidimetric PETIA technology that we do traditionally for high throughput core labs. It seems that our tests can be used almost directly or with very little adaptations also in these point-of-care instruments. This is something in our strategy that we see as an additional growth driver, but I want to emphasize that we are not pivoting our strategic focus away from the core lab, where we are strongest. The third and longer-term growth driver is our investment in high-sensitivity technology.
The key limitation of traditional PETIA assays is the sensitivity, and that means that there is a limited number of new product ideas available. Through our initial exploratory work, we have been already seeing up to 100 x improvement in assay sensitivity, which can potentially bring approximately 100 new biomarkers within the reach. This would be really a game changer for Gentian and for the turbidimetric market. A couple of words about the more dynamic approach to pipeline. That comes with a couple of, if not downsides, but at least things I want to mention. First of all, this is something I spoke in the quarter two report, and I will probably mention this also in the future, that we are not expecting, and one should not expect all development project that we present to progress to commercial launches.
This is the consequence of us running multiple, many more projects in parallel than we used to. We use so-called prototype-driven model, where we are checking early the technical feasibility, commercial potential, and partner commitment for each product idea. Without those all boxes ticked, we will not move that project all the way to registration. What will be the success rate? That we don't know. We are early in this model, and time will tell how many we can take all the way to the end. As you saw, we have eight projects active, running at the moment. Even if some of those are successful within couple of years, that will be a clear step change to product launches by Gentian compared to the past.
Second thing is something that I know you investors, the market are really hungry, is details and concrete examples of the new pipeline. Believe me, we would love to tell you all the details we know, but there are a couple of things we need to consider, and I hope you have patience, wait for them. One is that too early disclosure is restricted, because it may be competitive and sensitive information that we and/or our partners do not want to share too early. Second is that, as you know, we have typically at least one, sometimes three partners in these discussions and developments, so the confidentiality obligations under the partner agreements may further limit our external communication.
I promise we will always share with you what is available and that we can share, but I am really asking also for your patience that we can't always share the names of the companies or the biomarkers that we are working with, and that happens for good reasons. With this one, I hand over to Aleksandra, who will take you through the pipeline update. Aleksandra?
Thank you, Matti. Good morning, everyone. My name is Aleksandra Havelka. I'm Chief Scientific Officer at Gentian. Since June this year, I'm serving as Interim Head of R&D. Today, I have the pleasure to report on updates related to our product pipeline and tell you about the progress we made in the third quarter. As Matti mentioned, partner-driven development is a very important part of our strategy. We have previously reported about an IVD partner and the collaboration in development of an assay that will fill a gap in this partner's portfolio. This project is progressing from an early development phase to more advanced development, and it remains on track for a planned launch in Q4 2027. We have also previously reported a collaboration with Essange Reagents.
The aim with this collaboration is to transfer several assays to turbidimetric platforms, to PETIA technology, and make these assays available on high throughput clinical chemistry analyzers. These projects are also progressing very well, and I will come back to this a little bit later. In the field of veterinary diagnostics, we have been approached by a key player in that field with a proposal for development of two assays in veterinary diagnostics. We have submitted a proposal for the paid development, and in the third quarter, we have received quite positive feedback. Now we are waiting for financial and contractual arrangements to be finalized. In addition, we are also, as Matti mentioned, working on a completely new technology.
We call it high-sensitivity technology, and we have a collaboration with a partner in the field of point-of-care who is interested to develop this technology together with us and apply it to existing instrument platform. Our partner has started to work on the development of early instrument prototype, and we are together exploring this opportunity and are very excited because this is a step towards the development of new technology, but also to a field of point-of-care diagnostics where we have not been active before. In addition to partner-driven development initiatives, we are also working on several projects that have been identified and initialized internally at Gentian. These projects are focusing on both improvement of our existing assays, but also on development of new PETIA opportunities.
Product optimization, we have existing assay that we will improve the robustness of the assay and at the same time, decrease the manufacturing cost with aim to improve margins for this assay. Talking about new PETIA opportunities, we are working on the development of two new biomarkers. One of them will address liver disease, and this will be first in the market PETIA assay to assess liver disease. This assay will address a growing clinical need, which is driven by increased prevalence of this disease, or in general, of liver diseases. The other project focuses on the biomarker also with growing market demand, and this project will be a good fit and good expansion and complement of our existing product portfolio. In the next slide, you have an overview over the assays and projects that we have been discussing. You also see the phase of the development.
Exploration of proof of concept are early phases in the development of a product, and optimization, verification, and validation are more advanced stages of the project development or assay development. As you can see, our most advanced development is the assay mentioned in collaboration with IVD partner. Here we are entering a verification phase. The project is moving with good results, and we are committed to commercialization and launch within 12 months-18 months. We have two projects that are in optimization phase, also quite late phase of the assay development. Essange collaboration, where we aim to develop several assays and one existing product optimization, which I mentioned before. In a very early phase, in the explorative phase, we have four assays, two assays for human diagnostics and two veterinary assays. A new technology, high-sensitivity technology, and a step towards a new point-of-care diagnostic platform development.
I would also like to mention that the timelines that I presented here are based on our current estimations. They might be changed due to priorities, partner involvement, technical feasibilities, regulatory impact, and, as I said, other priorities that may come in between these projects. Talking about spendings, we have a slightly higher spending in third quarter compared to third quarter last year, NOK 8.4 million in 2026, compared to NOK 7.4 million in third quarter 2025. This is, of course, explained by higher activities and work on several projects in parallel. We are going further, of course, committed to discipline in prioritization, discipline in spending, in resource allocation, in efficient execution, and also, we believe on a return of more than 20% of capital employed for new projects. Thank you. This was all from me.
Thank you, Aleksandra. Just before we go to the Q&A, I want to summarize what we presented and you heard. We have had a very good quarter three this year. Record high sales with good EBITDA and gross margin development, and also year-to-date numbers are absolutely on track, based on our expectations to deliver another very successful year financially for Gentian Diagnostics. In addition, as you saw, we have this more dynamic and broader pipeline approach, which is a combination of in-house innovation and partner-led or driven or partner collaboration projects. As you saw from that illustration that Aleksandra presented, and with a disclaimer, like she said, again, these are current estimations and things can happen, but in any case, you can see that five or maybe six because the veterinary development is two projects in it, can potentially be ready for regulatory approval within two years from now.
Again, things may happen like I said, but even if we get some of those through, that would be a significant change to the historical launch success of Gentian Diagnostics, and that is an absolute requirement for our future growth and a key goal for me and the whole organization. With this good news, we are ready to end the year and quarter four strongly. We expect to have a good year, but again, let's see when we talk next year. Of course, we are organizing ourselves, resourcing and being flexible with the R&D projects and moving them on our own and with our partners as fast as we can. Then, of course, we are also getting ready with our board of directors through 2027. With this, I conclude the quarter three 2026 presentation.
Thank you, Njaal, Markus, Aleksandra for your presentations and preparation work and everybody else also here. Now it is time for questions and answers. I see that we have a good number of questions there. Njaal will come here to moderate the show, then we will step in to give answers.
Yes. Thank you, Matti. For the Q&A, as you know, we are still live, so if you have any questions, please use the questions box. We do already have a few questions in. Let us go with them. I have taken some notes here. First, I think there are questions for me here on the raw material cost. It has been pointed out that the raw material cost has been flat, although the revenues have increased significantly. The question is if we can quantify how much of that, let us say, yield, which is specific to the good production that we have had this quarter. I think what we can attribute to production yields is about NOK 2 million for the quarter. Meaning that if we had had what we would consider as a normal quarter, we would have had approximately NOK 2 million higher raw material cost.
On top of that comes, of course, the geographic mix effect, which will explain the rest. Another, let us say, financial question here relates to the trade receivables. Yes, they are up compared to a year ago. We have about NOK 32 million of receivables on the books. It was NOK 18 million a year ago. The question is, do we expect this to come down, as we said in July? Yes. We do expect it in absolute numbers to come down. I think what is important to emphasize here is that our receivables are driven by a few quite large accounts, and it becomes a little bit technical. It depends a lot on when these large accounts order within the quarter. If they order late in the quarter, we are not able to collect on that receivable, let us say, within the same quarter.
The receivable tends to be high in the balance by the end of the quarter. Another factor is that our sales are up by NOK 10 million compared to the same quarter last year. We do expect that there is an underlying increase in the trade receivables, but the absolute level of NOK 32 million is on the high side. What we have said, just to bring in all the elements here, is that we expect the net working capital to be at around 30% of annualized sales. If we look at that now, we are at, let us say, in the high 30s. Hopefully we will be able to manage the net working capital down to 30% over the next quarter or over the next six months. That is on the raw material cost and receivables. Let us move to some of the sales questions and commercial questions.
Yes.
You will just have to drag in the other people as you—
I will.
—feel fit, Matti. There is a question here which sort of highlights the fact that almost 75% of our sales comes from Cystatin C and fCAL. The question is, when do we see a product coming into the portfolio or one of the other products in the portfolio that can contribute with more than 10% of the sales?
Obviously the concentrated sales is something we want to change. That's of course, also the reason for the broad pipeline bringing more products in. I think one thing is that, fortunately, it's not only the other products that are growing. It's fCAL and Cystatin C are driving very strong growth, so it's difficult to catch up then. The other products, cCRP, fPELA especially, they are the second-tier products sales-wise, which are both growing very well. Both sometimes fPELA is having this year very strong growth. cCRP had excellent year last year. So they are catching up, but also because of the two biggest products are growing really fast, that percentage number is not changing so quickly. But absolutely, we want to grow each and every of our product. GCAL is still, like we say, in market development.
We are generating new data, but the commercial performance is not yet there as we would like to. We do expect the new launches to start delivering from hopefully 2028 onwards.
Good. Thank you. Next question relates to the high sensitivity initiative that we have going, and the question is broadly what is the status on, let's say, the commercial terms, the commercial agreement with a potential partner here? More specifically, do we expect a milestone payment on that initiative in 2026?
The latter part I can take that we don't expect this year milestone payments from that. We do have milestone payments already from the most advanced development project, and we hope also to start getting payments from the two veterinary development projects next year. I have to start by reminding that when overall these development projects and negotiations take time, because typically we don't only negotiate something short term. It is important for the partner or customer and us to have clarity longer term. We are sometimes discussing the next 10, 20 years commercial terms, price volumes, exclusivities, supply IP-related stuff, all that. Those are very large, comprehensive documents and discussions and sometimes, rightly so, tough ones. It takes time. In addition, when we talk about new technology and instrument development, that is even slower than assay development.
At the moment this partner company has started and are putting resources this year and budgeted next year to start doing the hardware work with their existing analyzer, so implementing our technology in it. Once they have their first results that they can repeat those improvements that we see in our prototype, I believe then we are in a phase that we can move on to commercial terms. Another thing I want to say here, although we are obviously talking about milestone payments, the ultimate business model with high-sensitivity technology is, again, the assay development. Longer term, we want to be the high-sensitivity assay developer and manufacturer for our partners, and that's the business model long term.
All right. Thank you. Let's jump to these veterinary assay development projects. It was described as projects which we would land in the near future, in July. The question is what remains before we have something definitive here? Of course, are we still at the point in time where we can risk losing this opportunity? That's part one of the question. Then there is another question which we can add on here. When do we expect revenues and assay margins from these veterinary products?
Yes, until a final contract is signed, there's always a risk. We have received first verbal and after that, at least two written confirmations that we are the prime partner they want to collaborate with. We know that the partner has started to do their in-house work with some reagents, materials that they will provide to us. Still, we are really, again, in this phase of exchanging information and getting ready to finalize the terms. Again, that just takes time. Although that was in July, these projects sometimes take, and discussions, easily half a year. We hope to conclude that quickly. Obviously, when we think about 2027 resourcing and planning, we also are in a hurry to secure resources for that project.
I see another question there about the seven PETIA projects and somebody assuming that we calculate for many of those to be Essange. Actually, in my calculation, Essange is one project. When I come to that seven, this veterinary development is two. Of course, we could have also calculated the exact number of that collaboration, but we did not. We have more projects running than most of them being with Essange.
Okay, thank you. We can continue with Essange. Here's also what is the status of, let's say, the more commercial efforts on commercial terms and also what is our expected timeline to first revenue on that project?
Oh, yeah, the first revenue, by the way, for the vet products, I think we are talking about 2028. Late 2027/ 2028, probably. Looking at Markus, if the development kicks off quarter one as we hope next year, but still that is to be confirmed. Essange, we actually, Njaal, Markus, and I, visited the company a couple of weeks ago, and again, we are discussing both the very extensive framework contract and then commercial terms. Then there is luckily also a potential global partner or customer for the products, who is also involved in these discussions. This is a three-party discussion where we are luckily kind of in the middle, and that, again, just takes time to gather all the information and negotiate and get understanding about expected volumes, and pricing and all that.
We are working on that and putting resources behind it, and we will update you when we are done. Hopefully then, not given, but we hope that we can always give more information once a contract is signed.
Okay, good. Yeah, I think we are approaching the end of the list here. We have one more question here, and that is more a general question, if we could elaborate more on the size of the addressable markets for the products that are currently in the pipeline. Also if we can give some flavor as to what product or which development project where we see the greatest revenue potential, probably over some time since we are expecting to launch from this pipeline over several years?
Well, we have decided that, and I think it is quite understandable that before we can talk about the biomarker or biomarkers, us giving any numbers would be fluffy and difficult to substantiate if we can't talk about exactly that market, the competition, the growth. We are not at the moment giving per project estimations. Of course, we have our estimations, and that is the key factor in our decision-making and prioritization. We did use for our longer-term plan, a weighted sales averages. But again, as we don't know exactly which one of these projects eventually will realize and become a commercial success, it is difficult to pick one or two of those instead of others because we may guess wrong, so we used some averages. I don't know, Njaal, anything you want to elaborate about the expected growth contribution going forward?
No, I think it's a quite, let's say, a large range. These projects, they have a very different risk profile as well, so we also take that into consideration. I think there's another question coming in there. It's a question if we have any minimum thresholds on the projects that we put into the pipeline. Again, this is a sort of a complex answer to that is, first of all, we look at the return on the investment. We have a threshold of at least 20% return on investment on any project. But, let's say we can accept lower revenue projects when the risk is low, when we have a partner agreement, or as we are looking for in some projects that we have milestone payments.
For instance, that can basically give us immediate payback on the development, while other projects, we need to see much higher revenue potential because it comes with market risk and also, in some cases, higher development risk. So we are basically evaluating all the projects not towards a set minimum other than return on investment. We are looking sort of does it fit, and we have more a prioritization of our pipeline. So there are projects that we have considered, but we don't have capacity to bring them into the pipeline now. Those are, of course, those projects where we have the lowest return and/or highest risk.
Yeah. That was exactly what I was also about to use as an example that already since, well, during the last six months, the priority of certain projects have changed. After some key meetings earlier this summer, a project was highly prioritized. Like Njaal said, we have already also executed the strategic thinking, what not to do, and we have parked two projects due to the either lack of customer commitment or other uncertainties in the future success. But they're not killed. We can take them back immediately if and when we can tick all those boxes that we have set to ourselves to move on.
Well, thank you. That was the questions that we have received today. A lot of good questions. So thank you for that. You may want to wrap it up, Matti?
I think I did already. Thank you everybody for joining and spending time with us. Thank you for your activity, submitting questions. I wish you all a nice fall and early winter time. We come back in early 2027 reporting the full year and quarter four. Thank you so much.
Thank you.