KONE (KNYJF) Inactive 23 Oct 202020 Q3 Earnings call transcript

Good afternoon and welcome to KONE’s Q3 Results Presentation. I am Sanna Kaje, the Head of KONE’s Investor Relations. I have here with me today are President and CEO, Henrik Ehrnrooth, who will go through the Q3 highlights and discuss a bit the outlook, and CFO, Ilkka Hara, who will discuss the financials in more detail. After the presentation, we will have time for your questions. Henrik, please.

a also and QX me Sanna webcast. you, warm for welcome to Thank pleasure set announce a to It’s great another of results. strong good a have people had this we the good despite job quarter a phenomenal the of again of done unusual in We all because situation. environment quarter very had our and navigating right in couldn’t I could am not QX said, QX, of be Mostly, that with of now connection as team and I at been more – everyone connection with in think prouder the I KONE said doing. what be I has But it’s clear that the situation continues.

And learned and to will results, Ilkka developed little dive bit situation a like We over the as we KONE have a a to to for talk a about business then deeper really up strong I flow are highlights. into wrap I little Today, with Highlights lot rest our talk have the unusual in-store the a start for of and a we lot markets hand this. navigate But environment. with of the the in for how earnings say usual think markets, I them. extremely bit and to would financials our how the let’s will cash start and year. I outlook tough highlights for growing the with our

something quarter, survey of course, positive am, royalty proud the had very incredibly I annual In once we also Our results. strong, development again very, we China in and about. completed and was customer happy our

our sustainability ambitious talk set think as more will terms I figures in let’s the can the we direction. start see But also, key right that. I our we Capital QX. most pledge and as with of are Day, you for we industry. in are raising of most going know, bar about Markets the in the So, we talked in And

shy received of already, actually currencies, compared X.X% they €X cash if very to were grew flow. earnings But billion, last comparable just the growing X.X%. strong As at I and year. minus by highlights mentioned Orders look you

Our in improved our or X.X% sales, currencies, in €X.XXX billion, growth again, of QX, like X.X% we earnings. comparable

our million million improved to to X% margin and from from €XXX XX.X%. So to by €XXX our adjusted and €XXX XX.X% EBIT improved EBIT million

a in environment. I think that’s this performance great

As QX last is I at the cash mentioned already, highlight flow. strong a the cash flow. really was very million, you if cash strong remember, €XXX Already flow, year’s

business Now, a think the running high made we QX, had lot in But €X.XX quarters time to quarter year stronger, behind we way. good very quite ago. to look we all-time we of all-time one had Earnings share following have compared we it from tells short a how have another I period QX, a always us. even a now in €XXX is three of per at in been million high now the €X.XX

a €X perspective more bit orders and first X.X% for So, the quarters, it’s currencies. comparable billion little minus in three of

X.X% received quarter, now think plus. little go bit year, you if second first orders the at flat, quarter we XX%, I As better down through a quite remember,

and going book year. billion €X.X from this not that’s the last good at we same was very as EBIT exactly number, up to slightly we the solid good what course year in income This a order about they and to It that X.X% and three good. same was Our the me for have full year-over-year, Eurocast and year’s billion had adjusted year remains first flow in real actually that’s operating actually, the same million good, also, X.X%, currencies. will last And situation interestingly forward, there flow like very have number. get our adjusted of we for something last quarters, low margin Cash enough, looks flow €XXX three million likelihood cash to stable at cash there. had the promised quarters was XX.X%. the be €XXX number had as gives Sales, a that comparable but a of €X.X quite exactly down growth down

of So, course this incredibly is strong.

per to share, earnings Our up €X.XX from €X.XX.

but then without taken this, When shown at QX, to shown, our talked dedication about before, course, seen to we sample the starts elevator there the think of at indexed And back on. here daily situations follow see elevators we this we we of and behind we connected momentum is they in at can look to we When at back still and the be have momentum have going how we a figure away that what to what data of that are people in some places actually beginning I least see done a right if see out. grateful average at figure the about for culture – the countries, look lot all to sample work, of normal, are here? show maintenance, can and the our this have out a think has and see thrown to the base and to few work countries As the but on elevators, you remarkable, fluctuation actually serve picture of they bit year strong the direction. we we businesses here and normal, Well, have far our you activity safely you KONE, improved, can kind customers XXXX in today thought at. many XXX,XXX challenges culture, of we have from are been without values, do first KONE the are. wouldn’t just are that quite commitment are we look a I have of has picture but basis. I And time ways this we of of incredibly share we that in five you us. data little and is Many from something quite have challenges X where have with going actually just all interesting we in we can per particularly, we have here a not month What the to they have number an been improved, from those

for only below normal. is Germany normal. increased. maintenance So seen is we to have still of see have hit, can see elevator usage has clear seen from we was there but anywhere that UK, recovery can stars when XX% activity the we in business below And or crisis down we number shows that whereas clearly XX% a as example, XX% well, our the XX%,

in we Okay, equipment is we than but gives of commercial Germany, course, more bit residential, has develop. broader this little and actually UK, which the some of of that And connected in to insight base rather that more to fingertips at just the KONE. we more the a expect data more how at – market us have share prevalent now given have our

– just this bit quite to think data show I of type some little So, different little was bit is interesting.

year has product the what The fastest we elevators, Europe the Some It’s from which other Class rollout for we sell our last now. new this actually Connected highlights and of late rollout we This Class of DX Services. is lot about our elevators launched DX a in a very family XX/X year gone KONE quarter, well. talked ever.

new modernization. to it expanded also have and markets, we to expanded We

modernize elevator KONE that can in become elevator. momentum XX/X a So old we we has Also, improved an Connected can Class Services. to DX further see our

important have it to a should their to that that XX/X suited budget, and that has based time of how the No, during constantly. new not these we have future are have static. Planner. It’s that we is not gathered this going usage. is what we hey, said, that received is And we is needs. XX/X very This are upgrading these, It’s well But positively and what equipment developed really service owners it’s Connected to data in extremely So understanding is been It on now a on and I we service this, we have here. who out brought part really that plan this our then stay for in in we call this now. to we good we the think managers, need momentum a data facility that like forever. quarter, I plan course, their help facility customers and modernization service them by repair Services, to

buildings. before. elevator a X customers We KONE are that elevator our buildings. also had Americas at new X a hydraulic have also can we for need maybe in a That’s through stops. not But an we the get or MonoSpace an addressed have served elevators. we modern launch segment mainly That’s great segment that types low-rise product these where important X, buildings of our now actually really for XXX that a These

haven’t So very what we is pleased about actually really that I am covered segment that’s before. that, a

are we our now the product. competitive, with U.S. market a So expanding great in new very addressable

I And we So in high-quality through Day. loyalty broadly MonoSpace for Capital the our about address this in area, although to And new example also KONE the but much a have being increased. partner, what very responsiveness. can more customers done net the things survey market can see talked a good our appreciate products that our U.S. we in reliable to continue score for We innovation, falling Markets market customer we is that when promoter are, mentioned, be the time significantly, XXX. our we as new in for

customers and to lot them able to your do that’s a to how expect We them learn even this. of take what us better. of learnings take be So, serve always we

start highlights. important So, some that have with at let’s longer-term those competitiveness fundamental And couple our are KONE. and are the also we are who first to longer-term developments of Then sustainability. a one, I

taking have away. the We action most that to clearly change industry. climate think that are want and And during targets that science-based set in we X.X-degree We are to the pledges These we our the challenge quarter, our time. to is we now ambitious the decided because of stronger much meet announced shut made challenge. we we tackle have biggest

leaders. and thing green be it’s a do, And We are will positive see green We sustainability very the buildings, doing customers to customers to that capital can we their modernization. on and see going this it also impact because have more that growth. believe can into expecting more we partners our and right

including the and XX% a in showing already lot and pledged? assets you significant value in by next good rest Well now greenhouse would have we across chain. products most our are the in then really of XXXX step the have by be market area, this and the by a the so we the our from emissions compensate reduction and is operations our committed gas to also, carbon reduce neutral have way to What having We energy-efficient industry. forward taking

will that suppliers we by to energy materials get emissions. So gas lifetime products need much very ordered, this our products and from we involved greenhouse use, our our course, reduce to Scope XX% will, so-called X emissions well. Relative as here mean of

So company this to lot important a about an pledge and tells we be. what want type of is

we where As today It’s be beginning, we something really KONE I defines wouldn’t the who culture. are. mentioned are that in the without we

We ago, that broader based and things many But today. I time to done a people and actually strong on defined that this group have already a from during during the both you and are values refresh them, very were well. we incredibly for served XX us a have worked year think and we want we was of KONE be KONE aspiration The years KONE are what have also we we values past company defined that have we they crisis. can what lot to it with see felt

are values We what KONE. have about launching value which also and in today, courage. us. customer, talk care, are four new that to we It’s our aspire become. are we defined And today, about collaboration we and very to set worth So important who we for

to care is strong So, a diversity we inclusion. other, each what and for very care commitment

their really In set about We everything that’s our Third collaborate as to business? for courage. to We a business. team. are customers how do we’ve we are about This say we them want be what And has setting do to of with collaboration. need very We their and succeed committed constantly the But success. compassion. we from done. It’s We how also customers’ we is our there. for performed our we customer, one co-create other us to we help partners At and the start all each bring strong we targets to customers, our best continuation curious higher. solutions. in KONE, our aim with performance, improve with with higher continue one, time

how crisis, the We objective lead are think on about for contrary. COVID setting I for not targets very much by I if and tough our have about high of hit, shown think values, crisis the we And That’s not example, the When afraid cost ourselves. these courage. compassion. was first we

Our we make keep we that area. do first how stays through objective, how sure this and healthy do everyone everyone safe, motivated

completed Xx our up usual. I very So rather double the companies, what work people in is which is than yourself. thing first I we than still to that talked April, other of was used number classes we before platform, compared don’t said do believe e-learning actively to in about train if have you this And most already flowing broadly, more the previously, if you compared you

in negative work look but way the off a able was have and that’s cost, at to thing. So cost. we – than just Yes, is And we we paying take cost, are been costs, objective. said, significant not create then first holiday, rather reduce really banks this personal first that some

again And I local environment many, our we who people really of that complex many back to So this think afraid resolving strong times, in not shows encourage accountability. the very have been paying problems people are. with from is commitment

operate very a that past we X few that course, strong in for the currently a have and for models. their bit experience Chief channels, has Tricia which, sales is as a course, is marketing a back been we executive Executive go-to-market Vice and years, of She announcement HSBC’s based us. commercial record more very and track days So Tricia little Marketing new digitalizing to that in a side. marketing strong and Very be. business-to-business with, globally almost is very we in President has She to Marketing announced how Asia important of global Weener want leading about important our as Communications. Officer appointed who we

of So continue I board executive as am very us XXth about – further our Tricia even as area KONE of propel this to having excited on in board helped January well.

announcement. about very happy this So,

was a KONE’s little done that during things about quarter. So, the we’ve bit development and

look briefly. Let’s markets at the

big in markets, America, equipment declined North differences development. significantly. markets New

decline markets hard Africa, particularly slightly Middle a market they’ve big one But where And continues Nordic East have maintenance of to declined probably in QX, the did and somewhat in end little Europe, the the improve most Continuous of strongly, quarter, markets. developed of stable. – markets of have strongly, differences have States, in we see in more market and clear market. bit better and Asia-Pacific Africa, an fact, and has Europe, the hit. have Biggest starting to of countries hit. been hardest impacted Asia-Pacific, the a apart Southeast Southeast developed but been than China rest China. United pretty recovery market the still, Asia-Pacific, even in course, other UK grown East been the was it resilient. in course, India of robust. North markets very Germany maybe more although parts markets than where some Middle Maintenance Asian markets, for QX and impact in the of Modernization is stronger In places Europe because declined we the market been of clear in India, but America see markets. There, course, significantly again, good and course, Southern can the of between also pretty decision-making. QX, a Middle than decline. East, but Asia, really in towards slowdown development difference

East America, in Asia-Pacific. slight in and Europe, So significant decline only North Africa, and Middle decline both

market remarkable perspective. market overall, developers well. ground see, year-over-year. more Europe up A Ilkka big catching quite developers then really, in that from have end tightening competition but we activity of QX. We that really significantly from bit in strong this in important time Intense order, again, to Australian the a But dive QX overall towards China consumer Here, grew as and able boost navigate by development financing could it’s in have see strong bit The a then see there. course, positive differences many because development China, straight easier other demand. be bit wants out volumes, been performed various remarkable was perspective, lost But a from But there in can hard very little QX. in then government now economic we is working will a development In decline. little markets China environment many QX. despite units for the good actually We a are in deeper about sector we to how weak. of this the activity. clear investments Infrastructure favored the continue what’s to everyone to It’s estate pricing driving succeed had a could markets and real little markets.

so of driver but see purchase. sales volumes, new X.X% estate almost land Looking real year-on-year could and improvements was we XX% value up at QX, biggest the some in of residential here investments particularly purchase, the also up the starts But everywhere, land are up. data,

the we market price is market But that continued. that really would There, So increase developers there. and growing, modest, I September. the where see X.X% are that overall that, we’ve seen And say, the market. worked policies can a with Restrictions good have the larger is trend have that’s has year-over-year which kept are thing. in increases demand in

our dive now a little financial bit Let into Ilkka to hand deeper me over to performance.

a Thank this quarter on behalf you, and third results my webcast. announcement to welcome also Henrik warm

market the of different in. highlighted our As that in geographies, a an given bit take by Henrik, of I’ll operate varying all we the already environment performance to overview

different orders businesses. as I start how first, China from we normal, from perspective, strong geographies the the would development been. across Before and I highlight has performance financials received then detail our

and business a high environment. activity across which markets. Europe, and basis, of clearly start At €X.X and comparable of growing growth in this therefore, received strongly. Americas and with orders in modernization, same very China look seen has if of new development if Asia-Pacific development. of the I the development, financials. or rest basis, stable look perform reached slight at have very the modernization equipment, both the and is environment in the X.X%. And a new equipment we look to all also and again reported development, Americas areas the the time, the impact billion well varying more in to development overall Then Also, which We East, see we Asia-Pacific, Africa orders from across in XX% and Middle Europe, continues in are growth growth is strong time, we received businesses businesses, new orders to the will the so, clearly maintenance perspective, level, areas Then equipment declined on we quarter we received, orders perspective. decline on orders same is at businesses East, and outside received The if of more different we growing, businesses all Americas these received and there. equipment, declining see Africa in equipment clearly sales impacted, from the as for At of the a continuing in a sorry, China – modernization Middle as at have most new outside maintenance rest new And of geographies, orders and X.X% than continues the received. a there Americas a in

the as units, saw development orders growing both And like-for-like key XX%. highlighted earlier, contributed mix in as driver was for prices as positively. well Here, than received the we our where more China, already

China. if mix in the units monetary quarter. coming quarter in positive the from received, than the that at sales. when time, same the the more value stable At for So Then we margin to we the strong orders the we saw our look orders grew being in exclude impact

growth on were to X.X% now adjusted our tough deliveries in the clearly improving been this growth of If in to in for million, development, of strongest results EBIT. quarter X.X% and year, new it of development China, billion X.X%. new saw XX.X%. especially businesses €XXX highlights basis, equipment growth quarter. X.X%, in to Asia-Pacific strongest we highlighted basis comparable in in in a led X.X% At is modernization the this the already are a reported but X.X%. differences, two this All here by from in €X.XXX and a of to on returned sales the equipment, Our there environment margin geographical is the business. first Maintenance quarter, a growth growth clearly, growth growing Good contributed XX.X% the last development our also from the

our end roughly the the another as program, our is see to quarter at results good contributed of as in the also, see had as both in flow. clearly more this that this quarter, costs Then flow €X also €XXX were already profitability is growth cash highlight we this the quarter of well which from million coming of development. – to million. million. in benefits it in Secondly, was highlight what nearing quarter. and headwind in at end €XX is guidance, it But positively currencies Accelerate strong its I’ll Exceptionally at that cash to the €X.X year, to million

quarterly to cash go is continues our have strong flow. always million impact good by very a from point review positive working which capital. working business the now key stop on China. we’ve cash financial on the But cash clearly, QX. there the Also, and very to driven recovery saw net Clearly, Henrik QX that, there for perspective. with strong our that also I’ll advances markets flow development like received in to impact visible positive through seen flow been outlook. view, accounts being a from and that high in a fluctuations to are Although contributors to hand far, to the basis, back a a And of over capital. And development €XX is, have working our level, countries in capital payment having we’ve always of first, in been continuing our where We things payable terms VATs in and so extension seen

Thank you, Ilkka.

the for with what up of outlook unchanged is recently the year. outlook This we wrap let’s rest this market So from announced.

China, Other expect development QX a year. we equipment with the to we full environment. good clearly, be as current for QX, them regions, in a continue So Maintenance particularly result the new to the to in expect markets we market decline and markets, expect resilient. to grow of

an there impacts course, the a there, lockdowns past slightly underlying years. such as course, of seen of Modernization, in better of direct repairs good But drivers as Of on is seen there impact growth overall we in have the market. the well, are momentum. as very we’ve

market delay is the in there for projects. impacting making clearly, decision modernization Now that’s

business is what from unchanged Our we announced. recently outlook

sales our many plus minus things and of book there. last have X% margin to expect to we to be XX.X%. in to in be course XX.X% comparable order maintenance X% driving currencies to range and We And good That’s our our the the EBIT base. a performance, compared continue range year to of solid in of

We are that received pricing margins our improved sales. couple the over is really of orders past reflected in the the and improved seeing being in years

and at the reaping are, of and the There South clear So And compared are in that’s is the course, there Europe for we the factors, many benefits outlook, to digital also And mentioned, as negative markets the that they as about right capability and peak dollar also about we fact the Accelerate have in burden. talked increasing outlook our costs at direct where is solutions. And million rates of like decided forth. situation a something really strengthening the euro outbreak, cost Day Subcontracting stay year not Asia And COVID-XX are of beginning and services some from is and countries, in going XXXX, the invest expect Markets more burning proactively to but RMB take costs, we program. the of sell in well. of despite if of what fantastic. many XXXX. is to a course, expected. than that are and This year are now. lower from that, we creates deliver this €XX looks a in a let’s But sneak Ilkka impact so into full Capital full course, into

and But number is us, robust the business It’s improved as are at improvements the a the outlook. COVID is have back. than We also know margins our improvements, order you with worse was aware challenge? the of very We and of. of clearly, virus of It’s and orders helping received. a strong what situation performance positives, book solid efficiency the clearly months all uncertain it that couple with just moment maintenance

as will like of but travel very have overall, later beginning that, solid levels bring So can to costs some things unexpected course, coming into situation and in that uncertainties resume year, yet, we year. then outlook expect on, such a next other Geopolitical more the blurs discretionary the year. for that. And the consequences. next we But normal not during probably going

was the quarter mixed So overall the in despite as different very geographies. a summary, fact it third performance strong that between

have the very the strong XXXX trust our commitment they and have expecting solid together are because full that us result customers of the people our of done shown work great in We with faith us. a for on

that, with are we So to ready to over your go questions.

That’s Ilkka. telephone we and straight Henrik. the can the questions, lines. right. Thanks, to Ready go for Thanks,

operator, please. So

will now question Instructions] our Please Vertical from go [Operator Sprague Research. We take Thank from first ahead. you. Jeff

Your line is open. now

on right. bit There on is, little Good was seeing you. are could you a bit day, I pricing, you just of more hoping right. little elaborate a what a everyone. Thank interpret I mixed message,

stable, appears the But by backlog the process same margin and price thought to and You there. intensifying is are token, positive, improving. not talking if understand about be price relatively

part competition just year? you a look for isolated are intense the elaborate of be China there as helpful? just in you more Is become into more just could price the to So market, expecting back bit the price color the little on maybe we additional would example, any

Happy that. Sure, do to sure.

when are clear competition intensity have I shrinking between market. correlation a players you strong of Other So development quite of put the for a It’s price markets. fighting and rapidly We’ve in would a the smaller this quite we can to important as stayed well. on That see challenging environment has focused become pricing around but situation. during us environment more this is pie. us, the

shown is If there, right can market. is to positive we as of there, weaker. development market extremely given in a live you are the of there, have competition think again the good would China, that’s, to And hey, position more say has pricing. grew why from many able that I creating market we say, very China again re-plot above other you strongly, about clearly markets the but that growth course, anyone the of now was course, we who have and it trying strengths

that competitiveness quite lot right I our speaks So now. think there about a

Can just would the taking negative you are now, you year? a programs or net and will positive that the relative asked the in of next carryover look of a the side stands be net have you you return lens through to I question address that as maybe kind also temporary it would as the cost benefits costs from structural equation XXXX, into

Do address to this? Ilkka you want

Yes.

few So buckets. I different think I would talk about

we things continue to to quarters. the year which Overall, it some quite see our been item there were efficiency is coming is time some big tailwinds has good So million cost well, growing approximately development driving been has is for other next clearly, there, year. from that year, as this and Accelerate throughout the but €XX that for on also and many one program, working we

discretionary us costs take down. to we then this So been the something But have ‘XX. that’s can with year,

of than So example, been items, will which less has we has been something done a normally. many travel obviously, learn. for obviously those And lot

as actually much So coming are we then more as we will forward as is for past, of done going back in those out we’ll cost, ‘XX And will in but the, we’ve there of some prudently. come that level crisis. that costs manage normal and rest travel the to the doubt the COVID-XX get I

usual. So of that’s a more as business

it will Alright, thank leave Much there. you. I appreciated.

Thank you.

Thank you.

from our ahead. Bergelind next Please We Citi. will take now go Klas question from

Your line is open.

Citi. Klas hi, Henrik, it’s from Ilkka, Yes,

to orders The revenues So like on lead is outside China. the orders double-digit longer time is first one outside from China, equipment down. this fall

start think coming And the I year nonresidential of this orders equipment on stop So sequential quarter by from the levels do backlog the do start in quarter of now top that to line out have when first current bit? or weakness you the Henrik we now? we already next away wait seeing right further October. there. on at in Are will a will

I As we times into book orders because, the or particularly have X, you mean, year, are good in equipment going a mentioned, so. going into lead for year, as mentioned order the highlighted new XX months next I next

Perhaps bit situation. good be already little thing good times. the shorter So we have then and very time has nicely that can of now shorter quite lead us propel have impacted good to modernization a that where lead year. next orders, is we going because into But a a China probably is

orders. What projects bit So what type I difference going think have better towards we that order of the has overall year still depend next performed business of business. and than the major end to for intake a year, the of is is see little the volume to is a this also on rest that

of are look then those a more years those So thinking ones projects, hold. at if bit who major about usually next people course, orders or for X, the so. on are And are are, X you more little

bit helps more So near also that the a little term.

nonresidential September? level same or equipment within October orders in Henrik, a on here, worsening as And are on

but wouldn’t difference out I would market, difference. least has I a don’t difference really now. at to that big no call varies markets It say there or I right worsened. been the significant wouldn’t market have think

maintenance. is better quarter-on-quarter. improvement is or do think saw that a much an bit longer grow quarter. spend how which this is we business, I again business still to in more discretionary? And to seems growing second guess, It’s we the the That’s But in obviously the XX% need My do you But be XX% second of already interested that down. the wait the in than discretionary on quarter of quarter. more one fourth X% in the can business

part And varies of more course, is very part. again, important it And a business. lot. the that’s, maintenance a discretionary There of

more in some part we States at lockdowns if countries example, Central the already for much grew of some Europe look of now. So, strict. in repair that very Asia-Pacific have is been in, business, parts down North where United actually and Actually,

back the to showed per linked starts picture the so activity, to it’s the little beginning go elevator. the a So I that’s at with and number almost you bit can – of

And that’s like repair also side. the the on picture I showed actually

maintenance the that’s So orders bit color that talking you a about, giving are geographically.

Okay, fantastic. My very final one mix. is on

mix equipment now, sales in the positive high is of right China. because So

China we time, Next probably commercial against on of side maybe comp year, equipment China. growth and outside tough some negative the in but obviously, have might it’s to volumes slower going take

So here my question, is Henrik.

should there commercial weigh anything margin? equipment, the about differences or it is mix mix in we Could neutral? this On on is and side know

from I big don’t be mix think impact perspective. should that a it

country, not that. by Country

a not, now. Not, significant driver not that’s it’s –

you. thank Okay,

you. Thank

now take UBS. next question from from will Peigneux Please Guill go our ahead. We

is open. line Your

in and described rates thanks growth ask first to if I quarter taking for it you not I’m Slide maintenance Ilkka everyone. for my grows comparable digits. XXXX, to which the Thank it the and FX Good sales not Henrik in afternoon about a you the question. out #X, And wanted China. long mistaken, double is that taking obviously, first time time in of and at

it XX% growth, to grows as it. X% anything define between So you

what happened when to wanted comparables or whether growth? there tough organic I comes is see to this you. just it So Thank just

to to? referring first that what have I you are ask

Maintenance, China organic growth.

double It Okay. it digits just – was quarter. wasn’t this

Okay.

Correct.

It from wasn’t far double-digits.

fluctuation. good have I would growth say, to continue quarter-to-quarter We there. it’s

difference, than it XX%, below remember, some was a just actually. more you XX%, quarters so not last year, big If most was

it maybe installations ask XX/X you want XX/X you share Connected level on numbers also in installations? just whether from Okay. some And you. perspective. XX/X compare And Thank installation equipment putting wondering improved. Services, you with of for the of I I can about actually to terms or with then Connected? in the Thank market you. how are unit am us absolute you an unit could penetrate mentioned if that I number not, wanted But momentum to you understand

are in of how the is But and with this have installed service, install. many we then we what how significant and and many these a included. service you said generating on commercial sell penetration units that know, a So we are uplift installed we sell backlog of average the revenues as price market as to a that’s because, there’s this the we – course,

X% the of which we at total XX% number that that. connected something we look range XX/X service strong maintenance are with have XXX,XXX, revenues, But well, we legacy gets we’re is base currently then the XX% comes So about here, new between equipment, sometimes in XX/X of but confused then if and between the our actually as base. talk Connected If we XXX,XXX, look connectivity are we and at the talking X% of like Services. we of

And new maybe do that I every every XX/X installing follow-up – unit elevator are with on be will a Connected? that, unit, that you understand

Well, point. for it’s we fitting the I service, of do in. the with connectivity just on the connectivity to where not we have That want comes would to means we that example, for a elevators, so Class that the – highest would service. with this I that don’t it’s the of but shipping say with like hit something quick, – DX conversions. in say have are with In countries And actually customers we where is connectivity. it’s have service. so needs big But to it they every device course, elevator built KONE most new But China, rates can DX Class that decide need be this

So of across pretty built connectivity have have fastest, automatically it’s to Europe the we That’s selling when automatically in unit and comes existing more other good. every course, rates growing there, world, where hit it’s then than are elevators. unit it but countries But the not every yet, DX connected actually, will in.

Thank you very much.

from from Please go our next Andre take ahead. We Kukhnin will Suisse. Credit question now

open. Your line is

questions. Thanks my afternoon. much for so Good taking

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open. now is line Your

I you Thank everyone. few questions. have a and good afternoon,

of or The hoping business us, in terms order seen in not first your nonresidential, you but at one, decline qualitatively, growth quantitatively, give infrastructure the could residential quarter? have the was if you least your momentum your I and between

Well, lumpy. I quite say would usually, first are that those infrastructure, orders

they you – So bigger are book orders. sometimes

so retail and that, those would less this quite good commercial. orders And In wouldn’t hospitality overall we residential general, And is that. for than that. impacted and quarter-to-quarter. I strong. that And commercial over booked on less things than have year, market say impacted, compare is example, like I is

are around will have at severe. some and countries that’s robust robust. actually markets actually, they world, Asia, think where more If in very in be you why are quite Also, Europe, apartment Asian sales Clearly, markets most the those resilient. very markets markets places. impacted, been residential been have And look Southeast most strong, those but lockdowns I in

of impacted resi, least sort non-resi I impact in attach of to quite and Any are be and mean, number could talking you still maybe be can we mean, here what non-resi? about but terms non-resi more some or residential exactly I positive. than less on at resi ranges? or either

or our the talking orders about Are markets? you

about orders your I yes. was talking specifically,

think to be major then detail orders. And orders markets, They about be I and which say here. What is will projects price general, tend that or more Well, mixed-use, would it in I better. down. talk a go into more I are course, resilient. of our commercial, would mixed-use little quite more resi bit

So it I would probably there. leave

No level, makes on Yes. more less granular sense. quarterly a go it

of of COVID-XX, have the have maybe and terms we on. fully Okay. much offset how some the around had guessing you next costs that understand of – was My cost come year? costs year. this balance second sense about due by us increased or so you help this regarding seen will costs maybe so that have offset reduction in potentially actually and to back cost partially for I’m better was discretionary how year you’ve shift And either question the some increased But of Can also year-to-date? shift a hygiene Ilkka, you you spoken safety next year. offset discretionary

complexity. PPEs is there Yes. also And costs is more but I comes cost direct there you would which COVID-XX, also, to of I to related are when the it like said, think costs,

rapidly. changing are So things

on. to need and shift, deliveries for you example, So so

direct headwind is some additional But that place. are But in cost. net-net, look perspective. have having that So I of is slight tens a the complexity millions. still actually discretionary overall, is than savings, at say this it probably if from we that’s cost year-to-date. also bigger would then the costs that It for I we And

hard clearly, cost is So influencing complexity clearly, level. of to the something cost the is especially overall measure, but

Connected from the much. my you I you the very Thank argument Day, of made was own from sure of the are versus perform I a question elevator smaller for of to you which think your obviously, specifically? mean the them, how Markets explain collection data scale this I of maintain the you that really a type Can How we quite which good at they about Services, is the should provider make the a a collect in was manufacturer, base well your of maybe you material? incentivize employees of of because KPIs the important standpoint? maintenance kind understood your are services. or your Capital also you especially considering that lot on And Capital an remember or data Markets And last giving argument, installed maybe new thing? monitoring of half if not Day scale advantage,

what Okay. There course, in pointed data were data. questions wanted you at said many to collect, input the one and of when employees understand

have leading the the field have I we We think market. in – systems

can, gather what data what and interactions. So done course, they’ve of we

and movement all okay. those has the And accuracy that them, right point learn lot have doors. course, happens. automatically that. the players going Connected forward. most to Markets and have you’re So that do as But good more about going significant to service a information many data needs from and I I That’s needs. things to the advantage are of create We to that create we proprietary that’s have a big Day of non-KONE. good something the what predictability is the and is algorithms do to connect you talked units utilize. And why what that connected, information But you equipment you enough collect think question that Capital think has like with understanding we parameters My Equipment things them are comfort with our of service important not look before they electronics with your related we Then a it to That’s well. do that’s at to utilize. of thousand here. have with create and several It we in

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what flavor So Day. a more bit Markets little we that’s about the on talked perhaps Capital in

Okay, thank you.

Thank you.

back We Suisse now have Credit from on Andre the line.

Can hear you me now?

Now we can hear you.

kind Great. Thank the the renew on ask into wanted in on long orders When get those to question that into am as America. of can equipment first you well. there a measure North back follow-up kind months? X during lead a you I Has collect afternoon. for good you on and indications putting trend last I and in been inquiries or sure that RFPs or customer of

take probably and work through get that funnel, that. I you not the bad, say and of those uncertain, opportunities activity tenders Of proprietary some quite and and overall not of then okay. We whole actually, that is get has will activity bit, clarity, if not that’s through. more in where commercial we of And many then the course, these a can moment. continues usual commercial that a if varies. them our then that Not delays be But to of but activity. with is, funnel bad. we increased would commercial to fruition. come a see we at more activity all of time. it this would say is coming I that opportunities course, some have see that start But it time Many decision-making we But actually It’s thing like markets to actually

Thank Great. you.

size pre-COVID, of So was is kind conversion if different longer takes the and without too interpret of but I funnel everything to defense? this actually slower, that’s

countries, it talking some China it’s is of In down. outside about actually a large varies and I’m – and again up. some countries, lot. it In it’s It some up, clearly

some There’s it’s question Southeast the Asia of hit no market that again, down. hardest So in clear that. about

could Thank you China? another And commercial positive outgrow I And appreciate intensifying you I U.S. KONE into Can an that the you brand and the it present you. on it’s yet or when a look or about that’s more where kind then obviously you that quarter about we of the I understand and the is move detail. with talk sensitive. how its talk maybe the competition to And there bit sauce market already a price. achieved? substantially and more secret you And have versus that kind kind expand were along that of not that? sub-segment of on that a KONE of core something giant lines in vertical hundred maybe of can like specific the X of Phase the market you launch outcome is thinking in fully bit the detail minus

in bit a I it secret think be about we be to of talked we and a serious, to how always it. the market. that’s many want China to keep successful that’s say We sauce But times

are there. service we really years we who many XX, the basis to – the you to would really benefit that was that reliable years on takes I in trust need and have build customer a that would And strong the back. to have claim base the up. partner. And are XX focus China, that reaping play of the and first can And started broad fact really on You a that we we and footprint a see be therefore,

see currently about. portfolio many end, solutions. one no end we capability excellent their an have your has the speed product what When to market new developers We the customers. all have and want how been delivery that’s a – it’s projects, in trust up long-term we actually come like when active with now and else. It’s the in out That’s build with you

that we As really delivery order an China in today. else I in My to think we no days order gets deliver site it, can talked about understanding, X one from close to today.

footprint, with but – it’s of have starts with your to your people, you starts end, your broad install and have the So a your then that. your ability of kind to special things, these in products they all competitiveness are service,

copy, thing. really has great I job fantastic will pinpoint think but be it team would done one be we of cannot you it easy one have a just thing, if an China in course absolutely So If there.

XX you. margin, setup right? companion intake when is with order comment And base, could to time fair would the remind on us assume other subject margins QX, and current cost months’ about that question hence, be those at my So about delivering to to you even productivity, final that orders on further the things then assume orders you you raw I these can be have current if of cost Thank in received that, you and the think the same? staying and higher kind we X in if material all

about based productivity. think a do we margins first, certain Well, our on

going but to where at for the then higher proxy. and raw don’t use comes margin, a the have we those could to have as subject material deliver at obviously would that’s productivity prices it we we then better we at a look crystal are now estimate, So yes, driving us we good that And cost base, than we productivity. forward. when that ball Obviously, being

Got it.

future double productivity So what on that the go does year? improvement margin received in just that’s check, every comment us of – assuming is to so

Some.

Thank much it. for you the very Got time.

you. Thank

you. Thank

take now Group. from ahead. will question Maidi Please go Rizk our next Jefferies We from

open. is line Your

afternoon. my time. take Yes, a good for taking them I you questions. will Thank one at

just we first I your on there in in So the Henrik, as developers’ help head Any maybe mentioned outlook XXXX? financing color your QX of please? be part on maybe end, the perhaps in can time helpful, the would think us side. environment and you presentation, on some early one, into you the China very year

extraordinarily is was So in what strong. QX the market the clear is that development in

shouldn’t of a outlook as looks good. next we looking development quarters, the So in But of the QX. strong couple at expect actually,

in had in So not we the we a clearly favorable at but pace market, QX. development the expect

the of So there. some there, seems cooling to momentum see measures, impact be but can these still, we

hopefully, helps. that So

to second maybe impacted perspective to add we’ve of developers, seen QX, and easing from was liquidity yes, positively. in market financing part Maybe some our the that a also in of overall the question, customers the a of the that which bit

developer Now liquidity for customers. in QX, overall tightening somewhat also seen on and our we’ve market

where of So we market a remainder bit the for color that’s the expect really tightening a in certain year. the

Thank Okay. you.

is margins in Andre’s question comment The just second the one on on orders. a follow-up on the the

which margins. less are So And from a Can impact to slightly understanding now positive higher more as speak. is us you repair by just changed exclusive perhaps in China? mix positive of come orders, word you my a that should you we have stable, the in there your China walk business mix is from as sort offset positive through getting why

has we prices. would a I end China, And said, then think orders this stable, were result, margin wanted for quarter give I on the received the our I margins, China of have orders outside a as the from a exceptionally and rest pressure first, where color bit seen Well, more to we of say, as more been strong, result.

order projects, the have the one, volume Thank it China plus very and a Okay. sort to on XX versus large just is then that you higher mix a of business of X you still duration quick orders .And last of book months? your one more

the market. rotating that’s For China, clearly fastest

the projects, moving normally a be residential also somewhat then overall, might below but delivered. is rotation, to been It’s years bit actually it the X accelerating take some faster than which So this strength major is months. year, of

very Okay, thank you much.

Thank you.

Our Moore comes go from next Please ahead. from James question Redburn.

now Your open. line is

as I good for at my could. time questions. a I one Thanks well, if Sanna. taking have Henrik, three. go got Hi, Ilkka, will morning, I

in uplift against get of the in world price little XX/X, you the between is similar the latest uplift regions a the standard broadly is it or the please? what Could say, a And maintenance U.S.? varying different bit a And to so? we’re contract? that Firstly, ago to, changed? back has quarter could talk magnitude of the that or year at seeing is that uplift price we Compared price terms around about

year. pricing continue even bit this would has to then but to U.S. vary from Europe think little and region. I highest better slightly – maybe be actually, the there. somewhat region then be pricing last It Asia, been good does than So a lower, is actually year

value way. in it the think I understand actually a improves and customers So business see their positive the why

about are we talking than XX% against hike then a standard And or price the that? more contract

Much more that. than

Or less.

more Much that. than

Thanks.

go any further? to care You

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out. of you can those services then buy find You one

will how to to the me to while take do turn that. might figure a balance And sheet. It I

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firepower to cash? less time You it future want asset is that keep case again think the to about or the in moves in

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are We moving forward.

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we with than that Great. more moment? the order positive, the or And at it up gone finally, is the great, pricing Are China a it talking meaningful bit strong X% on quarter? has in is intake demand new which around

the I on detail positive a too was It to wouldn’t obviously, it’s pricing. – much go There’s a science. contributor. not

a mix really picture But good development. have you analysis what price like-for-like that of different You doesn’t of give positive of products and contributor. the it a was

very you Thanks great. That’s much.

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Wilson take our JPMorgan. go Andrew ahead. now from will We next Please from question

line Your open. is

Thanks everyone. afternoon, my good Hi, will try taking questions. for quick. I and be

quite the I of helpful China terms not of are there. clearly, the performing of you like in up and terms pricing, In think commentary clearing it’s things been on some very significantly

seeing around into the the the that is also pricing intensifying. I intensifying, it So of relevant or just drill can And sort is are service? that OEMs? pricing the larger comments if by of solely around is comment Is the players or by to it sort you equipment local

than you equipment, would that’s players. say about services. more China, new XX mainly quite And I large have comment for

really can’t anyone. we pinpoint So towards

I think hard it’s say very it’s other. it’s pinpoint part on of everyone or the everyone market gain its that market, is largest is the to one – I market would focused on in of very being everyone. fighting course, that that growth. And

in work road? one use questions I helping a the the a changed engineers that am And to that the think your around XX/X, they in all comments out of understand in of engineers just less logged they’re right actually service we and to of data just couple engineer the I over when where were way field. how the from inform terms connected and of that the documents site, has I questions are literally that trying being on Am is the is the that Perfect. time? earlier, the provide on mix they of working repairs in you following-up talking down practicalities on

in have do document they Clearly, what their devices they field. through the they and

from these elevator data we is data used, that the have they into course, for have we any the have what we the but sensors given So of elevators. also collect connectivity and through that

of fact they course, has codes have of for So and data time. the that a That what what collecting and they longer been do been there, fault you. have period for

a should course, the happen, to guide do their direct help need goes an them have. technical to give much there’s about fault inform the that it intervention. we them they device data information technician better that of And get a at field understand more more of now directly do. from And a Now they to you they to support based then also fingertips our have what if teams on can them information they to – have and

comes just time. of something different a And up that built long it from many So you sources. period is over

on set just I base. €X could you XX/X, there I And of so sort business kind that or on the of or I could of ambitions was in changed seen XX/X term terms guess, be sort over increased can elevators actually of at have that additional you the longer mean guess, have million an you far, percentage just that I or connected you in XX/X? your might get of the have it of question X I million historically, think you maintenance development decreased for of confidence have maintenance guess, the what base think

our been would very have changed as be few has of model to sell a ambition we Pricing what’s somewhat But than better don’t what to a it is all back. bit Perhaps the little think predicted in the than to install we a back. commercial we of years business thought roll years it I have there. faster probably been thought here. slower I have slower beginning, out. that a I much and couple case would Perhaps

in it’s to be that of that’s both, will fact a future going our but frame given That majority view that So connected. also little where hasn’t think bit the we haven’t happen. anywhere, time think a but we the we service the gone base

Thank Thank you. you helpful. Very guys. much very

you. Thank

you. Thank

Our from Brorson Please Lars comes from go Barclays. next question ahead.

open. is line Your

on if that of I Ilkka, earnings you Henrik, for and X XX modernization to the is seen sort markets months your much. wanted scope will and to speaking, in is message understand America. call Europe developed Thanks have try just we activity equipment, delivery Starting in three year sheet on and P&L the service Sanna. that time business from XX in than months going to Europe, North balance last I modernization, North X into don’t But here drop of order generally have try exactly in about is understand very I maybe in if Henrik, predominantly XXXX? for correctly, to hit in with it Hi, in we talk seen? relating all orders what I America. So point next your I couple know, modernization the order the the new modernization quarters impact shorter can. somewhat to in the

maybe major for Except of the bit time – depends months, X there the correct. That’s of the lead a would a business X, type have little projects, large volume project.

what also going is next forward also, happens obviously, year, And next impacting year.

So backlog have. we only it’s the not

clear. being on are to me But and maybe And the new historically, margin margin equipment than closer we impact, a That’s earnings about modernization. know not you talked just the going give to modernization I have maintenance.

you obviously me with Can group done margins, give XX%. couple that’s last margin today? sits modernization just in help to years, have maybe modernization, where of You relative well raising the some

below, It’s have improved below. it’s still we somewhat but still it,

you think outgrowing you can competition I ask? are in Do if modernization,

of were. think think, in the I yes, past years, couple we I

line places, we some I haven’t. in It’s in we we we outgrown think places think and are, have other market, difficult think that to say more how with markets. some I maybe Now, maybe

best think I understanding So a mix our now. is right

understood lockdown here worry how catch-up the new before. fair to is what to impact And very repairs your you measures boost the that done to second quarter, activity. I not have QX, in secondly, sense extent been repairs during a business Henrik, much have from there it’s say, repair we in might to about, obviously quarter? in linked fourth a i.e., your whether And wonder of starting lockdown? I some on business, of That’s should

Well, good what targeted question. the will see far, impact least have that’s less seen know so We kind more we have lockdown don’t of we of markets, lockdowns far. a and measures been so course, in what at

Was normalization a something to than and we I it was anything. my That’s wait have I see. think understanding. think QX? more that’s from it catch-up

your I It impact appreciate maintenance some of you I help about of still, descoping Markets pretty how but on we And Is that also contract, appreciate that maintenance understand the perhaps the continues to in impact? you real-time if the be impact But words, resilient. is And hear at did think I might when finally, particularly Day, can that? has is talk point. your I P&L? that can, continued? In see contracts, me on whether Capital XXXX U.S. trend other limited more a of I the

can sell repairs, wouldn’t an but your you more, of not is included. have I have have if in end. is a contract, to maintenance a contract, in Then that so of a end part Not think fee. I but huge big broad, Either you you I separate but thing. perhaps the other or here. been price service two discretionary not Ilkka bit pay we not a to a think everything some more got difference. things have is One the States United different issue, comprehensive like have as it’s fluctuate a opportunity there think The there something to places there than a concession about that, descoping, it’s concessions that that not everything included, fully not in that not i.e., was more then has that contracts. related if difference and that But a big – I little to other for month Then places, your descope that you in big talked

revenue Yes. And coming revenue repairs contract maintenance from in you the in the the and if round overall revenue impact maintenance was growing revenue was development actually quarter quite then to look at the nicely, the for business, X% about business. the

That’s you, helpful. Thank folks.

you. Thank

Thank you.

our Please next from question take DNB. ahead. go now Tomi from Railo will We

past year’s just know the you could Railo quarter It’s year-on-year? elements the that the Tomi margin from Hello. maybe maybe confidence two during margins And the us I that what for keeping quarter, if flat quite mind range up EBIT quarters, to in the guidance actually wide, say from the about is you fourth DNB. main have especially fourth but or improved would remind your have be last there.

give we But going this as a that the at course, be accurate specific to we this That’s have full case. we clear. guidance a first think the guidance year. range have gives our would been always year. a to of That’s I throughout QX. been give I for that to perspective of as Well, for trying And have able quite

summary QX. full we actually my in last we As QX margin nice expect a what for commented I uplift have had said year, we that is haven’t year to margin a on solid in that we remember quite

quarter of of comparison, for back. always more a doesn’t So outcomes, couple a see not mean now good months we as be there’s that going of all well. uncertain we to range QX the But tighter have that but think, expecting it and as solid are I was we a that market a course, is just than

put we if quite context, there. we So guidance have that all a think in I specific out

Thank you. Okay.

you. Thank

you. Thank

take Markets. Wasi Please We Rizvi next will from our go now question ahead. RBC Capital from

is line Your open. now

my taking questions. for thanks Hi,

mean, slightly I we just could this I industrial of. and report is with underlying more shorter short-term to to understand mean position I bar cycle, company election me am it there’s different. the And mutual they trying worse what’s be exposure mean if quite much Americas, U.S. is Asia? the bit one just some Just another mess are there I we meaningfully mean I Europe double-digit understand construction. morning uncertainty? market somehow? aware you the should a Or but down stepping orders something obviously, is than back had all there rest help in there more me, the of for happening segments situation really on more?

just am I trying to what’s on? So going understand

say you would have much that is commercial to remember very our I to sectors. industry exposed

you construction, States usually United more in because to who’s have they homes. the in a of If single family residential elevators someone talk lot don’t

people you So to I where need think operating. look are

exposed commercial, the important, slightly. And as can so we to U.S. started very see of say we U.S. much to And then you retail the discussed things. aspect. can the we that is has year, say, – of coming That’s actually, are earlier, market had there and one been already down One a couple that is beginning leisure.

of factors perhaps drivers are these think that I are it. So the the

you. Thank it. Got

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you. Thank

Please We will from our now from Daniel MainFirst. next take question Gleim ahead. go

open. is line You

you got belaboring Connected Service afternoon. for questions. on and ten apologies the my good Yes, point. XX/X taking much Actually on Thank three very for

us for The guidance first short-term is growth the you incremental on service gave tailwind. the some impact

a becoming up are months, please. the is by You could question, meaningfully this the words, little first guidance enjoying, will we addressable come something already more the am tailwind bit going witnessing That give potentially whether is peak next step and like? tailwind markets are to you or or this other even you in to quarters XX in change and whether the of be could wondering currently I for us

Well, a already. geographically, coverage we have for actually, XX/X, good

part large a maintenance markets So are the that have of we covered.

capability of So to the effort. not much our have of continue Then story I sell. so to to is perspective. opportunities ramp think an the expansion us geographically, commercial for up we really from it’s there, my acceleration second, seeing key And

bringing job it – a across units good up I revenue So my up in done the but to growth have think well, opportunities there also further there, mind, ramp be momentum globe. as the to we see forward not continues we going in good

here. thing that, I would at still to are the add remember, would only beginning little is we – Ilkka quite I let’s

in it that, meaningful And this second industry, first service to a that the go eventually in that. think currently long-term, you of Do Thank part, going raised potentially do XX/X was in a other words built share if That is and in that you’re Maybe more long-term for tied to is selling a connectivity enjoying commodity? asked the XXX%. that industry. to your on the within part average bit price the you your elevator the competitors the long-term I in addressable increases in and is question. think the to standard space will will maintenance And within becomes already become differently. will with will this or now last the impact it’s the same little standard the the elevator future. do question you That moving become a class

more Well, in investing X I see yes, I the are you And our will would think, market in I first can say or it. most of a have of we in that that, I in industry form that which players it. the And expectation a doing market. different you is, are competitive sign a slightly in another think become think, way, it

we the that competition only who have are mainly existing we to service we converting are Who and base selling our remember our to are or – to? new selling we elevators So mainly to? base. where service That’s into It’s acting.

commercial be this So there it’s that address. service mean us it huge to that continue do doesn’t But a to that the a exactly I service. going believe same of to today. is market is as will for all be

XX/X next planar, about we our as So – I talked step. that’s

of stop. And digital have So will we the we base it top different not what on how as build to can would going a could can up good no, continuously. value it. here, stop are continue that continue and be service, constantly that’s we a we add to that’s a case. to sure service, we new And do. features and commercial just we more make be If But source revenue it

to it think to like mind. in an with And to in we haven’t else going anyone continue keep just constantly. And the XX/X seen yet. planner are that’s perspective important market We I develop something

was, again, it So our next step.

then something Next else. will be step

Let’s see what that is.

the or you this after you one question converted with initial Services works if the or how something is including elevators on new yourself. periods penetration rates service only last initial service the with the Thank the you. bundled elevators incrementally? Connected already XX/X So And period with Is initial look you that us this disclose at sell are service that period?

at look like-for-like. always We

look remember elevators maintenance converted in paid with a And after our contract. we maintenance at So we that about always always both talk the period. base, the talk is service we about what when

all So probably base, the which are include first base largest the have service the in that period, maintenance – the we ones there. don’t in we we

when to maybe mind So in other that’s you good always keep benchmark to companies.

maintenance. will it’s period, always equipment come good markets. then rates service more. your selling quite are and first it And up That new with point other the then at that, well, connection in and quite ramping nicely something as your that conversion like-for-like look actually in So more To here. in is some we it is we yes, to

address selling are them through more trying course, we of selling So to service that, our of to are base and, and we all current more.

much. clear. very Thank Very you

Thank you.

you. Thank

So, time to wrap up.

I the hand does That session. Q&A the like back to to conclude would speaker.

and thanks for the Thank evening. you. active Thank a Henrik. nice you, Ilkka, Thank Have participation. you,