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 update or presentation, because we have, like said, a lot to share with you later.

Quarter three performance is best described by record sales and significantly more new development projects in its initiated. Quarter three sales were highest-ever quarterly sales at 51.1 million NOK, which is a 22% growth or 30% revenue or currency-neutral organic growth.

Our sales to the US, the strategic focus area, were 13.3 million, up from 10.8 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 13.6 million, up from 8.4 in quarter three last year, and gross margin at 61%.

Some additional highlights. We were really pleased to see that both Europe and the US 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 145 million NOK, which is 11% up from last year or 17% currency-neutral organic growth. Sales to the US are at 32.3 million NOK, and that represents a really great growth of 49% year-over-year.

EBITDA is at 26.7 million and gross margin at 56%. Njaal will go more into the financials after my starting part.

Then, if we talk about the products, again, fCAL and fPELA, the BÜHLMANN franchise, is the key growth factor or growth driver for Europe. Europe is up 15% year-to-date.

Also, 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 being back on track and reaching the expected year-over-year growth. With these highlights, and like said, we come back to all these in more details soon, just couple of words about Gentian Diagnostics.

Many of you know us 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 sizeable segment of the diagnostic market, which has a 5 to 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. Like you can see from the graphs on the left- and right-hand side, we are and have been delivering already for years 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, and 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.

Then, in addition, we want to bring, on average, one new diagnostic marker or test, or 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 to 60% range.

Now we are at 56% year-to-date, as you just saw. The aspiration for long-term EBITDA margin is 40%.

How we will reach these 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.

I come back later for the R&D part. Njaal.

All right. Thank you, Matti.

Good morning. I'll run through the numbers with you.

Today we announce revenues of 51.1 million NOK for the third quarter, which is a new record. Then we have, on the geographical side, we see that sales to Europe reached 33 million, which is up 24% in the third quarter and a 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 US we see good growth. There you can see also in the US growth goes from 10.8 million to 13.3 million in the third quarter, and year-to-date we are up almost 50% on the sales in the US.

US 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.

That is good. When it comes back to Cystatin C, I'm shifting a little bit back and forth there, 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 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, and that will of course have an effect on the cost.

Gross margin, very strong gross margin this quarter, 61%, and year-to-date gross margin of 56%. When it comes to the quarter isolated, we have had very good production in the quarter, and that flows directly into the gross margin, obviously.

Of course, with a favorable geographical sales mix also helped. Here, China is a lower-margin market than the US.

As we have stated before, our ambition is to be in the 55 to 60% range when it comes to gross margin. You see that year-to-date, we are there.

We don't control the currencies, as you know. We are not hedged.

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, 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 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. We are quite satisfied with the development on the EBITDA.

Few words on the balance sheet. We have accrued or accumulated 12.7 million in free cash flow in the quarter.

There has not been any major working capital movements. The cash is at 91.4 million.

That is an increase from 86.6 in the same quarter last year. Also to mention here is that we paid a dividend in the second quarter of 9.3 million, so that was returned back to the shareholders.

When it comes to the capex, 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.

I will now leave the floor to Markus, who will provide us with a more detailed product update. Markus.

Thank you so much, Njaal. 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, 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.

Now, what's the reason, and what's behind the growth that we have? Our investment in the US is paying off.

We have seen the strong results in the US as Njaal has mentioned before. We see very strong increase of demand by our largest partner in the US 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.

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, 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 cCRP, 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. 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 5.8 million NOK, 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 5.8 million, and so we continued the solid demand for all the products that are part of the portfolio and execute and delivered by our Nordics team.

With that, I'll turn it back to Matti for the next topic.

Thank you, Njaal and Markus. Those were the numbers and results, so 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 expectations 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 than 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 a 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.

Then, 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's a limited number of new product ideas available.

Through our initial exploratory work, we have been already seeing up to 100 times 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.

Then, couple of words about the more dynamic approach to pipeline. That comes with couple of if not downsides, but at least things I want to mention.

This is something I told and 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 projects that we present to progress to commercial launches. This is the consequence of us running multiple, many more project 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 commitments 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 and because it may be competitive and sensitive information that we or and/or our partners do not want to share too early. Second is that, as we have typically at least one, sometimes three partners in these discussions and developments.

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.

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 that will take you through the pipeline update.

Aleksandra. Sound.

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 a pleasure to report on updates related to our product pipeline and tell you about the progress we made in third quarter.

As Matti mentioned, a partner-driven development is very important part of our strategy. We have previously reported about the IVD partner and 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 remains on track for a planned launch in Q4 2027. We have also previously reported a collaboration with EKF Diagnostics.

The aim with this collaboration into transfer several assays to turbidimetric platforms, to PETIA technology, and make this 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 the proposal for development of two assays in veterinary diagnostics. We have submitted a proposal for the paid development, and in 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. 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, very excited because this is a step towards a 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, there 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 a 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, and this assay will address growing clinical need, which is driven by increased prevalence of this disease or, in general, of liver diseases.

The other project focuses on a 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 a overview over the assays and projects that we have been discussing.

You also see the phase of the development. Exploration and proof of concept are early phases in a 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 verification phase.

The project is moving with good results, and we are committed to commercialization and launch within 12 to 18 months. We have two projects that are in optimization phase, also quite late phase of the assay development: EKF collaboration, where we aimed to develop several assays, and one existing product optimization, which I mentioned before.

In exploratory phase, we have four assays: two assays for human diagnostics and two veterinary assays. Of course, 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 yeah, 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: 8.4 million NOK in 2026 compared to 7.4 million NOK in third quarter '25. 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% on 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 old 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 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 these 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 again 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 to 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's time for questions and answers. I see that we have a good number of questions there.

Njaal will come here to moderate the show, and then we will step in to answer.

Yes. Thank you, Matti.

For the Q&A, as we are still live. If you have any questions, please use the questions box.

We do already have a few questions in. Let's go with them.

I've taken some notes here. First, I think the question's for me here on the raw material cost.

It's 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's 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 2 million NOK for the quarter, meaning that if we had had what we would consider as a normal quarter, we would have had approximately 2 million higher raw material cost. Then on top of that comes, of course, the geographic mix effect, which will explain the rest.

Another, let's say, financial question here relates to the trade receivables. Yes, they are up compared to a year ago.

We have about 32 million of receivables on the books. It was 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. It becomes a little bit technical.

It depends a lot on when these large accounts order within a quarter. If they order late in the quarter, we are not able to collect on that receivable, let's say, within the same quarter.

Then the receivable tend to be high in the balance by the end of the quarter. Another factor is that our sales are up by 10 million compared to last quarter or the same quarter last year.

We do expect sort of that there is an underlying increase in the trade receivables, but the absolute level of 32 million is on the high side. What we have said, just to bring in all the elements there, is that we expect the working capital to be at around 30% of annualized sales.

If we look at that now, we are at, let's 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's on the raw material costs and receivables. Let's move to some of the sales questions and commercial questions.

Yes.

You will just have to drag in the other people as you feel fit, Matti. There is a question here which sort of highlights the fact that 74 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, and 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, it's difficult to catch up them. The other products, cCRP, fPELA, especially, they are the second-tier products, sales-wise, which are both growing very well, above sometimes fPELA is having this year very strong growth, cCRP had excellent year last year.

They are catching up, but also because of the two biggest products are growing really fast, that percentage number is not changing so quickly. Absolutely, we want to grow each and every of our product.

GCAL is still, like we say, in market development, and we are generating new data, but the commercial performance is not yet there, as we would like to. Then, 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. The question is sort of broadly, what is the status on, let's say, the commercial terms and the commercial agreement with a potential partner here?

More specifically, do we expect sort of 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.

Then we hope also to start getting payments from the two veterinary development projects next year. Then 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.

Then, 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, 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 a 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, let's say, 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.

Mm. I see another question there about the seven PETIA projects, and somebody assuming that we calculate four many of those to be EKF.

Actually, in my calculation, EKF 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. It is we have more project running than most of them being with EKF.

Okay. Thank you.

We can continue with EKF. Here is 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're talking about 2028, late '27, '28 probably, looking at Markus, if the development kicks off quarter one, as we hope, next year, but still, that is to be confirmed.

EKF, we actually Njaal, Markus, and I visited the company couple of weeks ago. 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.

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.

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 and are currently in the pipeline, and 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.

We have decided that, and I think it's 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.

Again, as we don't know exactly which one of these projects eventually will realize and become a commercial success, it's difficult to pick one or two of those instead of others, because we may guess wrong. We used some averages.

I don't know, Njaal, anything you want to elaborate about the expected rough contributions going forward?

No, I think it's a quite, let's say, large range. These projects, they have a very different risk profile as well.

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. 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 a 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.

We are basically evaluating all the projects not at a towards a set minimum other than return on investment. We are looking sort of, does it fit?

We have more a prioritization of our pipeline. 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 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.

We have parked two projects due to the either lack of customer commitment or other uncertainties in the future success. 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.

All right. I thank you.

That was the questions that we have received today. A lot of good questions.

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 nice fall and early wintertime.

We come back in early 2027, reporting the full year and quarter four. Thank you so much.

Thank you.