Raisio plc (RAIVV) Earnings Call Transcript & Summary

Super. I hope everybody has found a nice, good seat. Welcome. Warm welcome to everybody this morning, both in the room here in Helsinki and online, where we have a webcast with viewers there as well. So let's keep them in mind. My name is Annika Boström. I am currently Chief Marketing Officer at Raisio, and it is my great pleasure to welcome you here today on behalf of myself, our leadership team and all of the company. And we have a jam-packed session for you with a lot of deep digging into our new strategy. So, looking forward to getting to tell you all a little bit more about it. Let's jump into the agenda. So here's our speaker lineup for today. In just a few minutes, Pasi Flinkman, CEO, will start off with an overview of the new strategy and what it means for Raisio in accelerating growth. After that, we will have Mikko Lindqvist, my sales officer colleague on the stage, digging more in detail into the international growth and expansion of Raisio that we know is a hot topic, probably to hear more about. Once we're done with that, we're going to have a Q&A session. So that's the first chance to be able to ask questions both in the room and online. So we're going to have a bit of a facilitated discussion there at that point. After that, I will have the pleasure and honor of inviting my colleague, Reetta Andolin, Chief Innovation Officer, to a session with me, where we're going to look at how we work with innovation and being a consumer-driven company and what that means. After that, we have some real experts for you, quite a few, 4 of our colleagues that work really closely with different sustainability-related topics, and they are going to come and have a chat as well about how we build a sustainable food system and how we look at sustainability. And then last but not least, Mika Saarinen, CFO, is going to take you through the financials of the strategy period. And then we're going to end with another Q&A. So that's another chance then to ask questions, both in the room and online. So 2 Q&A sessions throughout this full agenda. If I wrap that up, this is what it looks like more in a compact format. A few practicalities then before we begin. We will not have an actual break during these 2 hours, going to try and stay focused for 2 hours. Of course, the Q&A sessions will loosen up a little bit. But if you need a technical break or get something to drink, just feel free to sneak out in the back and help yourself. However, at the end of the session, we will have a bit of a technical break, 10, 15 minutes or so, while the venue are actually making sure we're getting some nice food, and they're going to set up a lunch for us after the session. So we will have a bit of a break at noon. And then we hope that as many as possible of you will be able to join us for lunch and then some more informal chatting over lunch. Also a reminder, this is all recorded and will be published online as well for future viewers. So bear that in mind, just so that we're well aware of it. And when it comes to questions, during the Q&As, everybody online can, of course, use the chat box or the question box in the webcast system. In the room, please raise your hand. We would want to hand you a microphone so that we get the sound also for the webcast. So for questions in the room, please raise your hand. I will remind you at that point, but just a heads up. And the whole session today will be in English for our international audiences, but feel free to ask questions also in Finnish if that feels more comfortable. We can translate a bit on the go. I think that's it in terms of practicalities. Once again, really, really warmly welcome. And yes, my great pleasure to invite Pasi then for the first session.

Yes. Thank you, Annika. And very warm welcome on my behalf as well. It's really great to see you all here this morning. And I'm really excited to share our new strategy with you. It is a strategy that builds on a very solid foundation. It enables long-term growth, and it delivers shareholder value. The team that we will be leading this execution is in addition to what you already heard actually, yes, Mika continues as CFO. We will have a new colleague joining us in first quarter of next year. Noora Pöyhönen will take the role of Chief Business Officer in Breakfast, Snacking and Food Solutions, joining us from Fazer. Mikko, currently, our Chief Sales Officer, will take the role of Chief Business Officer for the Heart Health business area. I will talk about the new structure a bit later on so that you know more what they are all about. Virpi continues as a Chief Operations Officer, and Reetta and Annika were already introduced. Annika's role will be also slightly adjusted being a Chief Brand and Sustainability Officer; and Sari, who we will find at the back of the room at the moment, is Chief People and Legal Officer. So somewhat renewed team, somewhat new roles and a new structure that I will go through in a moment. So in today's Raisio, we are 350 people stationed in 7 countries and selling our products in more than 40 markets. We are not a global conglomerate, but we are not a small local company either. We are actually combining the best of both worlds. Like a small company, we are fast and flexible. We are intimately close with our consumers and customers. And we have empowered local organizations with clear responsibilities and ability to make decisions locally. And like a big company, we operate in several markets, providing us with synergies. We have brain muscles for doing long-term research and financial resources to also have structural growth. So we like to call ourselves a big small company combining the best of both worlds and competing with our own strengths. The past strategy period started in '21 with the new plant-based dairy in Raisio acquisition of Härkis. Soon followed by the Russia's attack in Ukraine, that forced us to sell the Russian business and subsequently also the Fish Feed business. The business for Elovena in '22 and '23 went very well, and we systematically invested in capacity in instant oatmeal production in the plant-based dairy production as well as the oat capacity in Nokia. Coming to 2024, we have further increased the capacity and started the geographical expansion in Europe with Elovena, launched in Belgium, in the Netherlands and Sweden. In the second half of '24, we have focused quite a lot of time and energy into reformulating our strategy and setting the direction for the years to come. And this year has started then with the implementation of it. The core of the strategy includes focus on areas and businesses where we can really add and create value. And that's why we have chosen to divest the plant-based proteins. Instead, we have continued the geographical expansion with launches in Spain and in Denmark. It is a cliche that the world is changing faster than ever. But at the same time, it is very true. It is very volatile. There's a lot of sudden changes, quite unpredictable, difficult to see and estimate what's going to happen next in the market and where we operate. It is complex. There's a lot of long chain reactions, and there's a lot of ambiguity, and people see the same thing and then interpret it in different ways. And now with Trump and Putin, this is more true than ever. So we are actually very happy that we operate in a business, in food business that is significantly more stable than more others, and we are not that directly impacted by all these big changes. But what kind of a company does then succeed in this kind of a world? We believe that it's not a company that has a very rigid and fixed 3- to 5-year plans. We believe that the winning formula and winning combination is having a clear direction, determination and then flexibility and speed in the implementation of the business, being able to adjust and add to the changing world. There are a lot of changes that are causing challenges for all of us and all of the businesses. But at the same time, there are plenty of opportunities arising from them. Like when you think of consumers, this increasing role of food in people's health opens up plenty of opportunities. We trade, there's a lot of talk about private label, for example. But strong #1 and #2 brands are doing very well. It is the #3, #4, #5 players that are struggling. So strong brands are important, and that's why we are systematically investing behind our brands. And I will show you how they're actually performing. When it comes to technology and innovation, I'd like to bring up that there are a lot of problematic raw materials in -- for example, cocoa and coffee have been on the news, gum arabic as an example. A lot of issues with those that actually can be solved through research, and that opens up significant business opportunities as well. And some of the things we will also address today. With the volatility in raw materials brings up the significance and importance of close connection with the raw material supplier and the contract farmers and controlling actually the whole value chain. Starting from contract farmers, milling production of the good, sales and marketing, we have very good control all the way. This enabling us to control our quality and supply security very well. And when it comes to changes in economy, well, you of all people know better than me, for example, the volatility in interest rates and so on, highlights the importance of having a solid financial situation and the ability to implement our strategy in spite of sudden changes in the market. So basically, we'll be talking about 3 market areas today. First of all, breakfast and snacking, huge market. In those European markets where we are today present, it's EUR 76 billion market. In -- according to Euromonitor, in previous years, 64% of consumers stated that they have replaced at least 1 meal a day by a snack. So -- and the global growth of healthy snacking has been 5% to 7% per annum in the past 5 years. So it is increasingly moving our daily energy intake from those fixed traditional mealtimes also in snacking, especially true for young consumers who are looking for convenient, easy solutions that are also good for you. Cholesterol-lowering foods is a very niche market, where we have a very strong position, EUR 700 million in Europe. And here, the growth opportunity builds on 4 things, 4 things that really drive a lot of opportunity in this. First of all, only 5% of those consumers that have been diagnosed with high cholesterol and that would benefit of using cholesterol-lowering food stuff are actually using it today. So 95% of the people are still out there for us to grab. Secondly, menopause has proven to influence the hormone levels and driving a higher cholesterol, opening up a very interesting new segment for us. Also a target audience that actually often are health conscious and have a very big influence on the household food purchase as well. So absolutely interesting for us. Then growing obesity in the world actually keeps on increasing the problem we are having with cholesterol worldwide, feeding people into this category. And then the fourth big growth opportunity here is that currently, most of the food stuff available are sold in chilled sections, dairy-based products. By expanding into other product types, it enables a completely new type of shopping occasions and usage occasions that are not there yet. And then the last one is more for our research and future business, new business is the European weight management market. At very infant stage today and already EUR 3 billion market. I don't know if anybody read Helsingin Sanomat this morning here. Just -- there was an article on semaglutide, the medicine for weight control, has grown 11x in the past 5 years in Finland and very rapid increase. If any of you have been in U.S. in the past year, watched TV, any American channel -- TV channel, dominated by GLP-1 drugs, semaglutide, for diabetes and obesity. It doesn't -- and we are following the trend in the rest of the world, what's happening in the U.S. That is -- there are many -- 2 types of opportunities in here. First of all, this -- when it affects on hormonal level, your appetite and your satiety you are craving for less sweet things, craving less for fatty things and also smaller portions, feeding very much in the opportunities of healthier snacking, less sweet and less fatty, throughout the day. Secondly, healthy food, you need your nutrients, even though a portion size goes down, but you need your macronutrients anyway. So healthy food is really increasing in demand. And then not to mention that with food and fibers, there's research indicating that similar effects that the drugs are providing today could be delivered also by food. But I will not spoil Reetta's part any further than that. So our business in the new structure basically consists of 3 areas here. On the left-hand side are the existing growth engines that we have. This is where the most organic growth will come in during the next 5 years. It is the breakfast and snacking and heart health, where we already have a strong base today. Then the longer-term future growth comes from 2 areas: it is the innovations -- oat innovations and weight management area, where we have research going on at this point. And also through structural growth through acquisitions, which we will talk a bit more in a moment as well. And then the third area is providing fuel for our growth. Very important for us. The grain-based industrial solutions and the local heritage brands have an important role in delivering steady cash flow that we need to drive growth in the other 2 areas. So out of my presentation, there are actually 4 things that I would like you to remember, and they're all linked to this picture. First of all, each part of these businesses that we have, they have their own clear role and purpose. Why are we in these businesses? Then secondly, my colleagues will be sharing with you concrete action plans and activities, what are we actually doing to make them happen. Third, we are now organized accordingly as well in a new structure that supports these different businesses and enables us to allocate resources efficiently. And then the fourth one refers to the middle part. We do have a strong balance sheet, and we will put it to good use. Very quickly on the first growth area on the breakfast and snacking. We are after growth in all of our European markets and our intention to be the fastest-growing player in Europe. We will capitalize on the growth trends of plant-based dairy and snackification. We will continue winning market shares and expand geographically. We will tell more about that in a moment. And this area will also be supported by M&A activities. We actually have a very strong track record of continuous growth over many years. And we have proven that the Elovena brand can be expanded -- extended, launched -- by launching it into new categories without cannibalizing on the core and the base. We also have a very strong home base to build, very strong market positions in a number of categories with more than 80% and 90% market share, which provides us a very good base to build on. And furthermore, we are actually winning more share in most of the categories where we're operating, growing faster than the market. Then the second growth area is heart health. By the end of the strategy period, we will be a market leader in our 4 biggest home markets. The biggest growth will come from organic growth, but also here, we will support that with geographic expansion. Traditionally, Benecol has been a good, profitable business for us, but it has not been really growing. And that will now change. New product development, new categories and assortment expansion will play an important role in the existing markets. Also, we have a very good position in hypermarkets and supermarkets, but limited presence in the hyper -- I mean, discounters and convenience channels, and that opens up significant growth opportunities. Also in -- we have a program to renew the brand and build emotional efficacy, not only functional benefits, but more talk to the heart of the consumers. You know what is the single most important category entry point for these cholesterol-lowering products, when do you become interested in this? It's the moment when you are there with the doctor or a nurse who are explaining you the blood test results that are showing, "Hey, by the way, had you noticed that you have elevated cholesterol level. You should do something about this". At that moment, if this medical professional actually tells you that, "Hey, there are products out there that you could use and switch to that will help you", that is extremely powerful and brings us consumers that are very loyal long-term users because they have a very high credibility. And that's why we are investing systematically in our healthcare professional program in a number of markets, and it is bringing very good long-term results. And then I already mentioned about the new target groups and segments with the menopause. And so that's a lot of growth from the existing markets. We will do also some geographic expansion, not as much as in Elovena, but we'll open at least 1 new European market and continue with our partners in Southeast Asia. But again, Mikko will talk more in detail about this. New business stands on 2 legs, research on the oat-based materials and then the weight management and then M&A. We actually -- it's a privilege to work for this company because we work in the sort of intersection of heritage and innovation, bridging the 2, and I find it absolutely fascinating. And this research that we are doing has actually a very strong link to our business and value creation. Historically, Raisio has delivered new business, for example, Benecol or the plant-based dairy, all based on the research work done in the house. Through the research program, we are able to access market potential that no other company can do. It allows us to have premium prices, healthy margins and also access to funding and partnerships that we would now, otherwise, not have. And then, of course, competitive advantages and claims versus our competitors. When it comes to M&A, we will be -- there are -- we will be sort of supporting our existing businesses in breakfast and snacking and heart health. But in addition, we are open to a business that is completely new to Raisio as well. We have significantly broadened the scope. We have previously been quite focused on very healthy food. Now we have opened that to healthier food also as long as it's better in the category. Already today, 87% of our assortment is healthier than the category average. So in line that it opens up still a lot of these permissible indulgence businesses, like ice cream would not be typically healthy, but it is possible to have healthier oat-based Elovena ice-cream as an example, just illustrative, not being launched right now, but we will continue building on the trends of convenience and well-being and clean label naturalness. The categories of interest for us are especially granola and muesli at breakfast occasion, heart health in general and convenience snacking on the go, especially, but we can expand to new things, for example, like drinkables. Functional drinks are very interesting, and it can also be other things. We have not restricted ourselves that tightly. Primarily focusing on Europe, especially those markets where we already have presence, but M&A can also be used as a tool to open new markets and expand our presence. We were not after turnarounds. We are not after startups, small companies with a lot of flexibility or with a lot of complexity and not small companies also with high dependency on individuals, but solid, good businesses with proven track record. To support this, we have done a lot of internal education and invested educating people. We are currently in a process of recruiting internal M&A director. We have just started a M&A committee in our Board of Directors to put focus and force behind this, put the resources behind it that is needed to make it happen. Mika will talk more about the financial side of this in his part a bit later today. And then fuel for growth. We spoke about the industrial solutions and the local heritage brands. The industrial part is important in leveraging the scale and providing efficiencies in our production, and there's plenty of latent value in our local brands like Sunnuntai, Nalle and Torino. And that those can be utilized in a creative and entrepreneurial way, new -- in new ways that you will come to see as well. I did mention about the reorganization, and that was out in the news yesterday as well. Our new structure builds on business units, 3 business units. First of all is Breakfast, Snacking and Food solutions; second, Heart Health; and then, new business development and supported then by shared functions. With this, each of these areas will have a dedicated leader with clear accountability, clear mission; this is your job, this needs to be done, this is what you need to deliver. This will provide us clear management, clear accountability and responsibilities. Also, it makes it easier to allocate resources accordingly what is needed and where and allocate the capital that we have efficiently. Also, it is a way to drive fast consumer and customer and market-driven decision-making and effective implementation of the strategy, also providing cost efficiencies. So we are not just presenting a strategy today, we are actually committing ourselves to deliver organic growth above the market growth. We are committing ourselves to deliver EBIT more than EUR 30 million in 2027, and we are committing ourselves to disciplined execution and measurable outcomes. How this will be done in practice will be presented by my colleagues in a moment. And I'd like to sum up my part, again, by reminding of the 4 things. Each part of the business has a clear role. Each of these parts has a clear, concrete action plan how we will do it. We have now organized ourselves to deliver on that, and we will put the balance sheet to good use. With that, I will hand over the word to Mikko.

Thank you. Good morning, all. My name is Mikko Lindqvist. I'm the Chief Sales Officer for Raisio. And in my presentation, I will take you through Europe and how we will grow in international markets with our brands. We have a good starting point. Half of our sales in total is coming from outside Finland. And as you can see, half of our consumer-branded sales is already also coming from outside Finland, which means that we have the networks, customer relations and a good base to build further growth. We are actually growing both in B2B and B2C sales. In B2B sales, we are seeing double-digit growth in our gluten-free out sales. And that's a very interesting area. However, in this presentation, I will be more focusing on the consumer-branded international sales, which you can see that is dominated by Benecol at the moment. And in the future, we will grow the share of Elovena and also find new countries and market areas for Benecol. We have made good progress in the last 15 months. We have opened new markets for Elovena. We started our journey last year in February with the Netherlands. We had a really good start in the Netherlands with our partners, and since then, the sales has been quite stable. We are not fully satisfied on the level, and then, I will show you in the next slides what we intend to do in the Netherlands in the future. In Belgium, we have had our traditional oat flakes in sale. And there, we are also discussing about new opportunities, new distribution, new categories. We need to improve there as well, but the discussions are ongoing. August, last year, we started in Sweden. We had a bit of a slow start. We explored, experimented. And actually now early this year, we have seen constant sales growth with the activities that we've had, and we're actually quite satisfied with how the things are going in Sweden with our biscuits. And we've had a flying start in March with Denmark with really good distribution built, really good sales start in Denmark. And now the latest one is Spain, where we have a good distribution build. It's too early to say about the consumer sales take-up, but we are definitely present there in some major retailers in the Spanish market. What we have learned so far in this journey is that Elovena brand and the message of oats is really resonating across all these markets. Our products have positive differentiation in terms of the quality, taste and the nutritional qualities. And we have also learned how to launch our products in these markets with more targeted media mix that is also driving cost efficiency when we go about in new markets. Netherlands, as said, our experience is that there is definitely interest in oats. The non-dairy category, oats is the leading ingredient and growing there. What we are doing currently in the Netherlands is that we are changing our marketing message, more building on the oats, the expert in oats position and also the fact that we have 100 years of heritage and expertise in oats. And that is really something that not many brands can claim, and it's actually a unique selling proposition for us in many markets and in the Netherlands as well that we can claim 100 years of oat expertise in different categories. And that is really resonating with consumers and retailers alike. As said, Sweden and Denmark, we are seeing constant sales growth. A good example of the wideness of our portfolio is that we entered in these markets with our biscuits, and we are already planning new categories with our partners in these markets, thanks to the good start that we've had in launching the biscuits. So when we were creating the new strategy, we also thought of, okay, what is the big small company approach when it comes to the international growth and sales. We took the learnings from this journey and also reflected them on our strategy and came up with a set of, let's say, principles how we intend to do this in the future. The model to enter will be more dynamic and agile. We will be using more networks, distributors and partners in order to speed up the opening of the new markets. We will also focus both on Elovena and Benecol in the future. We see potential for Benecol future markets as well, and we will continue to drive Elovena in new markets. The big retailers will remain important for us. On top of that, we will be open for more different and more focused channels like food service or online channels, for example. We value learning and flexibility, and we want to identify the route to profitability from the very beginning when we enter into the market. And an important part of our new way of working is the shared portfolio, which we intend to create following the European market trends and the consumer voice and also work with the brand assets with local touch so that we have a, let's say, centralized bank of brand assets, but we can localize them according to the markets as you see -- saw, for example, in case of Netherlands, Sweden and Denmark. We have some ambitious, but reachable goals. We will establish a new market with consistent net sales growth so that it is amongst the top 5 of our markets by the end of '27. We will create a consumer-centric and cost-efficient product portfolio to drive our growth in Europe. We have a good start of 10 SKUs, but that's only a start. We have plans how to create it even more attractive and consumer-centric. And we are talking about the repeatable model of success. It is a proven and clearly documented model how we accelerate our growth in Europe. And one important part of that model is the agile management of that, so how do we make sure that we have new markets entering into that model and how do we make sure that we exit also markets that are showing no traction in due time. This is how the model looks like in all its simplicity. As you can see, the number of markets is high in the first phase. And then when we are going further, only the most promising and successful markets will remain in the last phase. And subsequently also, the sales and profitability will grow as we go along this model. We start by exploring a number of countries creating a proof of concept and consumable so that we know that it's worth investing into these markets. When we enter into the build phase, we start to widen the distribution, add new categories in and create credible and sustainable market positions at main retailers. The last phase of this is really getting more local, growing through market-specific products, wider distribution in different channels and also adding local resources into the market. The markets where we have entered so far provide promising opportunities for us. The total worth of the categories and the markets where we have entered is EUR 6.5 billion and the estimated growth of those markets and categories is EUR 800 million. Naturally, Spain is dominated here, but also the other countries have really interesting growth opportunities for us in the future. We also intend to add at least 3 new European markets in '26 and '27 into this picture. We are currently discussing with our partners and exploring different markets. We have a set of choice criteria to decide which markets are the right markets for us to enter in different phase. We want to find the right partner and the right go-to-market model. Size and growth, competition, pricing and the retail landscape play an important picture when we are choosing our markets. The focus categories, especially for Elovena will be biscuits, snack bars, oat flakes and plant-based milks, where we see market growth across Europe. We also see potential for gluten-free oat products in some of these markets. And within Benecol, we see a lot of potential for all yogurt drinks. And as said, for Elovena, our main market area for growth will be Europe as well as for Benecol. But for Benecol, we have opportunities also in Southeast Asia, as said, with our partner network, and then, there are some very promising opportunities for new countries for Benecol in that area. We have 2 strong brands to grow in the European market. The positioning of these brands is very different from each other, which opens up possibilities for us. Elovena is really about oats. We are focusing on oats, and we claim to be expert in oats with the 100 years of heritage. It's a very credible message. We have one of the widest portfolio in oats with constant innovation coming up with novelties and also with new type of products in Elovena. And as said, we have a great taste and beneficial nutritional profile to provide. And it is really capitalizing on the trend of oats and the 100 years of heritage that creates trust for Elovena. When it comes to Benecol, our positioning is the creator of cholesterol-lowering foods category. And our unique selling proposition and the way to enter the market, as I said, is the healthcare professional marketing model, which enables us to talk to healthcare professionals and help them in when they help their patients to lower their cholesterol with smart food choices. And as said, there is a big potential. There are a large proportion of people who are not using cholesterol-lowering foods and would be beneficial for them. We also have active novelty development coming up with new type of products to lower cholesterol. And with Benecol as well, we already have 30 years of expertise and experience in different European markets to drive growth. If we look at our journey in the coming years, what we'll do this year is about learning and creating models of success. We have opened many new markets. We will improve the distribution and rate of sale in these markets, and we will make Denmark and Spain successful during this year. Then, next year is really about picking our battles, building on the successes that we have created this year, launching a new Benecol market, opening new Elovena markets as well and then increasing the investments in markets where we see the cycle of success created. We will also introduce new categories in these markets where we have entered. '27, we will have a market with consistent net sales growth and which is positioned among top 5 in our countries. We will have a portfolio that is delivering healthy gross margin for us. And our target is to have markets in all these 3 stages of our repeatable model of success. Thank you for joining me on this journey across Europe. With these strong brands like Benecol and Elovena, I think we are really well-positioned in further growth. And yes, now, it would be time for Q&A, I guess.

Yes. Absolutely. So now we take a bit of a reflection pause, and we have a couple of questions online. We're going to get back to them in a second. [Operator Instructions] But now we have one in the room, so please?

Maria Wikstrom from SEB. The new strategy is about accelerating growth. And then you also target to be a fastest-growing European snacking company. But then on the financial targets, the growth rate is between 3% to 4%. So is this really in line with accelerating the growth?

The fastest growth is yet to come later on. We are building a very solid foundation and making sure that it is sort of profitable enough and it's well-oiled machine that we can then leverage after the first 3 years. So I would expect that -- yes, I will not open up the next strategy period yet, but then might be they are more balanced. During this 3-year period, the EBIT growth will be faster than the topline growth.

And if I may, one more, and I think this is directed to Mikko. I mean, you said that, I mean, you want to be more agile. I mean, when you go to a new market, if it doesn't work, I mean, then you adjust the model. And now I think we learned that the Dutch expansion hasn't been as fast as you hoped for. So if you could enlighten us a bit that, I mean, now when you are more agile, so how you -- what you are going to do concrete to fix the Netherlands?

What we are doing at the moment is that we are looking at our marketing mix. We have changed our packaging to a more visible one. We have also changed our marketing mix to be more focused on channels directed to the point of purchase, and we have also adjusted our message. We have experimented different types of messages, and the one with old expertise and 100 years of expertise is really the one that is working well. We are also going to use more of our networks and partners in the future to find new opportunities in those markets. So it's about a lot of things that we want to do in a new way there.

And what is an average timeline that you expect to reach profitability of the new markets?

We are not opening up the individual profitability of different markets, but when we are talking about this model, what we have here, it might take depending on the market 1 to 3 years, really depending on the category and the market conditions.

Super. You have a question there right behind. Yes.

Sanna Perälä from Nordea. I have one question also perhaps for Mikko. You talked about your recent market entries in Sweden, Denmark and Spain. Could you talk about how did you choose these markets? Why these markets specifically? And why now?

It's a combination of different things. We are talking constantly with different partners across Europe and looking at opportunities in different markets. When it comes to Spain and Sweden, for example, we found a good partner that had a credible plan on entering the markets. We also see that oats is trending in both of these markets. And what is important when we look at the market is to find the right category. So in Spain, we are working with biscuits and snack bars, and we saw opportunities in both of these markets in terms of price level, competition and the uniqueness that we can provide. And in Sweden, we are working with biscuits, and we really saw an opportunity to add a more healthier, tastier biscuit in the Swedish biscuit category. And we think that we have quite a unique proposition in Sweden. So kind of looking at the different parts of the marketing mix and finding opportunities. So we have a lot of discussions ongoing at the moment, and it's just finding the right mix of different things to go in the right order.

This one here in the front. Thank you.

Kaisa Vanha-Perttula from Inderes. First question is related. How does the new organization structure help you practically streamline the production chain of your grain-based productions?

In, let's say, everyday life, it is -- we have a management team for each business unit. And there also, both on daily basis, basically sales, marketing, product development and the whole operation-supply chain have a common agenda, same priorities. And so aligning their activities and sort of managing the totality. So I'm quite convinced of this.

Okay. And then moving to the Heart Health. You mentioned in your presentation that you're going to increase the investments in the growth of health -- Heart Health products. How significantly do these investments differ from what you have done before? And what is the root reason behind wanting to increase these investments?

The reason why we are actually increasing -- well, investments, both in our brands, but also in our research is that they actually work and deliver value. We are seeing that the topline growth, the sales growth that we are seeing is clearly supported by the marketing and brand investments and the sales investments. Like on -- Mikko mentioned on the Swedish level, after the campaign, the consumer, the base level ends up on a higher level than before the campaign. So it is actually worthwhile investing. And then secondly, research is showing so much sort of a long-term potential as well that we very much believe that it will be a good long-term investment.

Okay. And if I can add one more question related to that, what kind of new product innovations you are considering within the Heart Health products for example? Is there a demand for these from retail players for example?

Yes. And actually, Reetta and Annika will be talking a bit more about that in a moment. So I think I would rather leave it for them, so -- if you don't mind.

Yes, of course.

Next question, [ Maurice ] over there.

[indiscernible] from OP Mortgage. To my understanding your financial reporting is not going to follow your new organizational structure. So why is that?

Actually, we will be reorganizing also the financial reporting, and Mika will be sharing more about that also shortly today.

Okay. So it's going to follow the new structure, or I guess, with the release, I understood that there will be only 2 segments you're reporting.

The primary -- there will be -- yes, there will be 2 segments. And actually, I think Mika will be able to explain it more in detail.

Good. Do we have more questions in the room? Or do we go to the online questions? It seems quiet in the room. I'll take one from here then. I think this one is a really good one that we do hear from time to time, maybe for Mikko mostly. You kept the name Elovena also for other countries. Would it have been better to change it? Elovena is strong in Finland, but is the name and concept too difficult for others?

That's a good question. And actually, our experience so far is that it is really resonating. There is something original and true about it. And the word Elovena is universal. Actually, in Spain, the word oat is avena. So they instantly recognize that Elovena is about oats. So it has a good sound to it. And also the design language is something that is familiar and then also something that is distinguishing in the shelf. So we get a good shelf visibility with our blue color. And, of course, when we go into new markets, we need to think of the local touch. So we work with the languages, we work with the message, and we think how do we bring the oats into this context in a real way. But the brand platform, so to say, is really solid and working across different markets.

Good. I think there's time for one more, so I will shoot also from online and again about expansion and internationalization. Why has it been so difficult for Elovena in the Netherlands that you're not in your targets? Was it a surprise that it was challenging?

We knew that the market we entered is a competitive one. Of course, Netherlands and the nondairy market is a competitive one. It's a growing market. It's attractive market for many other players as we are. And as I said, we are exploring, finding new ways of doing things. And the first experiences from the new packaging design and the new marketing model are encouraging. So I firmly believe that we are on a new track also in the Netherlands. But as said, we are building a repeatable model of success. Not all market entries will be successful from the start, but we are willing to learn and adjust our way as we go forward.

And actually, I would like to comment a bit on the basic logic of this branded consumer goods business as well. It is all based on the fact that it is very difficult to launch new products and enter new markets. If it was easy, no branded player could defend their position in the markets, and there would be -- that is what provides the strong value behind Elovena and Benecol because they are also very strong to attack by others. And so that's why it is. So it's not automatic when going into a new market that you will succeed in that. But we believe that we know how we will do it. We will know how we will learn to do it, do more systematically in a repeated way.

Good stuff. I think if nothing further in the room -- do we have more questions? We will have, as said, another Q&A session in the end. So some of the questions have been paused for then, and you are free to, of course, shoot more as we go along and also online. But yes, I think we're good to move on in the program then. Thank you, guys.

And I think next up, if I'm not mistaken, exactly, I have the pleasure of inviting Reetta Andolin, our fantastic Chief Innovation Officer to enlighten you all a little bit on -- well, basically looking under the -- into the machine of how we work with innovation and product development.

Thank you.

Good to have you here. Super. Let's go. We thought we would start with this, which is a big statement, but it is really something that is very sort of present in our daily lives and in what we do. And that is the fundamental truth that we build everything on and are why essentially of what we're doing here. And that is there is a lot of transformative power in food. It's more than filling the belly. It has impact on people's lives. It can have -- we can support -- through food, we can support both the health of people. We can impact the planet. We can enable preventative health and also sustainability. It is also very much true to who we are as a company to Raisio. We have a long legacy and history in science and in research, and it is something that we know how to do, and relative to our size, we're really strong at. So it's also something that, that very much sits in our DNA. And that's why we wanted to start there. We are, I think, bigger than our size in this area. If we look at that a little bit further, we exist because of this. What we do is food for heart health and earth. That hasn't changed with the strategy period. It still is what we're here to do. And then our task today is to elaborate a little bit on the -- how we then make that come to life. So the how for us is really through innovation and through understanding our consumers and then starting very much with the consumer. Yes. I think next, let's just dig into how we leverage this both now and in the future, what it actually means.

Exactly. Yes. Good morning. It's good to be here, is indeed. So yes, we are talking lots of about innovations, which is important to talk about them. But what is behind that we need to really understand, so that's why we have this -- this is our journey, how we go to towards the innovative outcomes, also continuously and also in future. So everything is founded on the innovation culture, and there needs to be the mindset, there needs to be the thinking behind. And what is important, I said many times, so we have the heritage, we have the roots, but there is still room to modernize ourselves. As the world is now changing and it's much more complex as it has been, we also need to be thinking a little bit differently. And that means that there needs to be the mindsets of everyone so that we can find opportunities of all the fields that each of the persons in the company are working. So it's not only the scientist or it's not only the product developers, but it's everyone. And so this is the culture what we have started to build up, and we are continuing, and it's also about creativeness. And on top of this, so we need also systematic ways of finding the opportunities, the processes. And that's also what we have been building and refreshing and what we are also going to do. And then on top of that, to be the top level in the world or in the Europe, we need research to really bring the solutions so that they are unique, so that we can be pioneering or that we -- if not pioneering, we can be in the top level because we cannot like lay on the solutions what already exists there. And then this is like the internal part, so what we are building inside Raisio now. But, of course, also, we need to be working in networks, in ecosystems. We can't be there alone anymore. So we need to watch outside as well and to be a desired ecosystem partner. So this is something that we want to know all the time better how to do that as a big small company. Yes. These are as just little sneak peeks, but are now ongoing things about this, like this innovation culture and building up the foundation of innovation. So internally, we are part of this radical creative project, which is actually a pretty much pioneering thinking behind innovating in corporation so that we are linking the creativeness of our teams to the corporation, our KPIs to the business in the first time. And that has been really exciting. I think that we can really find new ways of going forward. And then this -- the voice of innovations is an example about our co-innovation actions. There has been over 100 students with us innovating, and it has been really inspiring first of all, but also there has been really nice outcomes like new products and so on. And then this EIT Food Accelerator Network is an example of the -- our start-up network building. We are a corporate partner of this. And this is about like the most promising start-ups in Europe. There has been 40 of them, which has -- which we have now chosen 10 to work with. And actually today, one of us is in Paris, just spurring them and working with the start-up. So these are kind of like -- this is now the field what we have started to do and what we are continuing in the ecosystems.

Yes, moving on.

Yes. And then the processes. So inside the company, it's important to understand that what is the innovation process because it's an easy word. So innovation is everywhere nowadays, but in Raisio, innovation, it has -- innovation process has 2 parts. So it's about research, it's about product development. And research is the long-term. Research is the unknown part, and it should be delivering something unique and something that doesn't exist, something that is patentable and something that we can really own. But for this -- and also -- and then product development, of course, also unique and innovative things, but possibly a little bit more like understandable so that the consumer is already there. And in research, the target is to produce more like platforms, not products. It's something that we can take many different categories, many different products in the end. But what is common to these both is that they both start from the needs so that we understand the world around us, we understand the opportunities and the weak signals, the trends, mega trends in both, of course, in a little bit different level. As said, research is more about platforms, and product development is about the products themselves and understanding the consumer. So this is basically the process that we are following. And what is important here is that they are talking to each other. So we can have sometimes in product development. So there are ideas that we would like to have because the consumers want it, but it's not possible because we don't have all the tools. For example, when working with new materials like oats, it's still a new material. Then we can go back to the research, and they can discuss not only like this way, but also this way. And in research, we have 4 different focus areas at that time. So this orange one, it's a textile materials and it's more internal food tech. So it's about understanding the material. As said, quite many things are still new. What is the everything what we can do, for example, out of oats, what are the other materials, what we want to utilize in the plant-based, what is those things or textures what we want to own, what could be those different platforms we can utilize in different categories. So this is the enabler, the internal enabler that enables us to be the top -- in top 3 or whatever, 5, and being the pioneers. But -- and then this Heart Health is also supporting existing business, but it's more to be done outside. And that is actually now like in recreation, so how to do it most effectively. As known, we have now been doing it lots of internally. But now there is actually a situation that cholesterol-lowering research is mainly about medicines. It's not about food. And as said, so it's only 5% of the diagnosed people who are now using our stanol esters. So how do we do that? And, of course, I think that it's based on the foundation that comes from researchers and those who really are talking about new things. And that's something that we want to build outside of the company so that the researchers will then really work in the ecosystem, which is creating the knowledge outside of Raisio. And then we have this purple one, which are creating new business, weight management and fibers. We will talk about those more later, and also, Pasi was already really well talking about that. Thanks for that. And then this future ingredients, which is about the risk materials or critical materials. As we know, we are losing lots of really common ingredients due to the climate change. And as our latitude is quite lucky one so possibly, we can be those ones who are providing some of those, not all. There is lots of research behind every single functional ingredient, but possibly we can take some of those. So that is also what we are now just starting. So this future ingredient is more in the pre-study phase or start-up collaboration, a start-up partnership phase. Yes, that's it. So product development.

Yes. Exactly. So then when we move on the axis further to the right and into more scaling and then we move into product development. That's where typically, I work a little bit more with our marketing experts in the organization. And there, we make a second round of making sure that it's really built on needs that are out there and founded in the lives of the consumers that we then will be selling to. We have a tool that we call our innovation platform. Sometimes you will hear also these things talked about as maybe demand spaces. And that's really a tool that we have created for ourselves for mid- to long term to really get into the heads of those consumers and understand what drivers they have in their daily lives and what things will resonate to them. And when we move on, this can be used for both products, but also, yes, marketing services in many ways, not just for products, product development, but they do come in there. And when we move on then, these are just a few examples of how we make sure that what we then release in the end really does connect back to the consumer. So it starts already in the research phase, but then it becomes even more hands-on when we move into product development. These are just a few examples. And we thought actually that to give a bit of a picture of some real concrete stuff and how this then works and what it can look like, we will take you into a few current examples and live cases of what is currently cooking in this area of research and innovation. I think the first one is kind of a spoiler alert without a spoiler really. This is -- these are actually existing products, all of these, either on our own markets or through licensing partners. But we have recently -- during the last year or so, we have been discussing and getting busy ourselves with the question of, what if Benecol was invented today? We have a lot of new thinking now in the company. We have 30 years of history with Benecol. It was invented in 1995. So we're actually celebrating 30 this year, and a lot has happened since as we would all know. So we sat down with that question of what if it was a start-up today, what would it look like. And we think it could look a little bit different. Having said that, we have some strengths to build on. So how do we merge these 2 worlds? These are just examples of products, as I said, that are more recent and that could tap into more recent consumer need states. We will -- this is something that we're actively working on, and we'll get back to you during the strategy period, but more -- maybe a teaser at this point. If we move into something much more concrete, which is more than a teaser, we actually have these in the bags for you to take home today, this is a completely new product. It's a bit of a world premiere today, actually. These will be launched in Finland in July. And this is, I think, a good example of how we combine research and product development and consumer insights. So this project started with the insight that in the categories that we play in, consumers now move towards both bigger snacks, more filling snacks and also more indulgent snacks. So more sort of sugar-heavy and really sort of tasty, tasty snacks. There is, however, a need for the more healthy option, and that's, of course, where Elovena as a brand comes in and we as a company comes in. So we wanted to find a way to make a big indulgent, really nice tasting snack bar that would still not be extremely unhealthy, but rather actually healthy and good for you. And 1 cue that we found that we needed to address was that a big part of the taste is actually crunchiness. And that's where research stepped in.

Yes. I think as well that this is a great example, if you think about the process. So there was a need, so there was a product development projects, but they didn't have the solution or the ingredient market didn't have the solution, how to make this kind of product crunchy. So -- and because we have the internal research, we know how to make miracles, so there was only like not too many months' time to make this. But we were lucky, really lucky and able to do actually a component, which will be soon patented, and it will bring the crunchiness into the bars as you will taste possibly later. And yes, so I think that we can be quite proud of the step. And yes, as Annika said, so the problem was that usually the crunchiness is made by sugar and fat. But as we didn't want to use, so we used oats, which is really like a lousy one if thinking about the technological properties, but that was possible.

Yes. Coming to the market in July, as said. And when we tested this one, we got a purchase intent of over 90%. So that is really good. Looking forward to this. And you will have some of our very first production run samples later today. Moving on to the next one. This was a pretty similar case, something that we launched also in Finland in January this year. It's a fresh chilled oat drink, and this started with understanding that oat drinks have taken a lot of space out of the coffee consumption occasion. That's where we have a lot of good growth, and the category is growing, but there is a very big part of the market for chilled milk type drinks that, of course, sit then in the mall just as a drink or with cereals, for example. So this is something that we wanted to have a look at. We dug really deeply into what the taste cues are, what the qualities of cow's milk are that we're used to in our plates and how to address that and how to make something quite similar. And how did that go, Reetta?

Yes. This is also an interesting one, totally different from the crunchiness, where it was like about the texture and the material science, but this is more about understanding the whole chain from mill to the plant dairy. And because always, when we are working with plants, we are having site taste, and we are having very much challenges with the taste, but this is whenever you have a chance to taste this, this is really fresh and no -- nothing there like a disturbing experience. And also, there has been lots of research, microbiological research to get this product stable since we wanted to have this fresh one. So lots of things behind even though it's good that the consumers can't see it. So it's as natural as possible, but lots of innovation or research behind.

Yes. So in these projects, we have definitely been moving on this research, product development and consumer access. Then we have something new coming up.

Yes. So this is now like this long-term research, which is only in the exploring phase and in the research process. So as already heard, so we really do believe in fibers and that the future is in fiber. So we have been talking in this world a lot of proteins and most of the start-ups are based on proteins, new proteins, alternative proteins. But the fibers are actually something really solid if thinking about the nutrition. And we think that there is still a big lack in functional fibers. And that's what we have been doing now a few years, so searching for novel technology how to utilize our site streams for these functional fibers. And why we think that there is this opportunity is, as Pasi already talked, about this changed market. So there is now crack in the market due to the novel weight management drugs. So we believe that now when they educate, be able to talk about satiety and talk about weight management, so it's a really good foundation for us. And why is that? It's because already now people know that fiber -- or fibers are associated with satiety and with weight management. So we have the tools, and also, there is a scientific foundation for that, not only what the consumers know. So this is a really good place because now, the other companies are educating about satiety. The consumers are associating fibers already in that. And then we know that it's solid so that it's also scientifically proven. And we know that in our guts, fibers are doing the same jobs as the weight management drug so that they are extracting the same hormones, the GLP hormones. And then what is also good for us because we have this long history with fibers and oat fibers, which are like one of the best ones, is that the competitor field is a little bit -- they are lax. So just thinking about those easy-to-use fibers like inulin, they cause severe gut symptoms, and they are not belly friendly at all. And it's not easy to find easy-to-use fibers in a novel application such as [indiscernible] and so on. And also the sustainability is not always there. They are quite of synthetic fibers. They are not natural, what is like preferred, and also the taste is important that we are now being able to produce natural tasting fibers. So -- and also, we have some examples about what we are now doing so. We have started the journey. Yes, there has been laboratory work for a few years already, and the technology is there in laboratory scale. But now we are building up a pilot, which is -- which we are really proud of. And we will be -- this looks pretty small, but it's a quite big one. So it's a big pilot actually. So we are going to get next autumn this up and running and start getting this -- the first fiber, which is actually a quite good replacer to gum arabic, which is a starting point. So even though we are heading to function like a healthy functional fiber so that we are wanting to speak about society, and we are wanting to have the health claims in the end. But as we know, it takes time, so it will take like 5 years at least, that is our target. But meanwhile, we can use its like technological functionalities. As said, there is not too many natural easy-to-use fibers in the market. So that is the plan now so that we can get this up and running, and then, we get like some 10s of kilos fibers out per day, and then, we can start the clinical studies, proper clinical studies. We can start our journey towards the health claim. And then we can start application tests with different partners, and also, of course, concept validation and test marketing and so on. So this is really something we are waiting forward.

Yes. Super exciting. All right.

That was it. Wasn't it?

I think that was it. Yes, I think just to sum up what we wanted to maybe sum up still and make sure that we come across in the right way where we want to stress is that research really is -- has been always and is still a big part of Raisio's DNA and is now having a bit of a renaissance thanks to Reetta and the team getting more open and more into ecosystems. It really makes us unique for the size that we are. And even as we do research, it still all starts with the consumer and with understanding the world that we live in, even though the first part is more explorative and then we make a big effort to make sure that we are in sync with the consumers and their needs and research feeds always for development.

Yes, it's important. Yes. One of the most important thing that the research feeds the solutions to product development, so it's -- they are talking every day together and also that we are widely innovating in the existing business or the -- for the purposes of existing business, but also then finding initiatives for the new business. So there are the pre-studies and the like the funnels like a front end and then there is now this venture about fibers, what we are really putting resources on. That was the messages. Wasn't it?

Those were the messages. Thank you. Thank you, Reetta. I think next, we will then go and deep dive into sustainability and how we are playing a part in building a sustainable food system. We've got -- I think I will only introduce Saara Kurkilahti, who is our ESG manager. And you get to introduce the rest as we get going. Yes. Welcome.

Brilliant. Okay. So we're going to have a bit more people in front now. Thank you. Great to be here, really excited and especially really excited to listen to all the presentations today. As you can see from what you heard today, sustainability is not a trendy topic for us. It's really embedded in all our work. And that's why we're so many here. We wanted to give you kind of a short deep dive into what sustainability means for us in practice in Raisio. So -- and actually, based on the previous presentation, I would really would love to hear more about this also from clients and competitors like what do we do to solve these big problems we have ahead of us when it comes to nutrition and human health. I think we need everyone's contribution in this topic going forward. So how we work with sustainability within Raisio? It's actually embedded, everything has been embedded into one plan, which is called The Good Food Plan. And that has 5 different areas in it, starting from healthy food, obviously, but also sustainable food chain. We work with packaging, not a small topic nowadays. Environmental and climate action, and finally, us, professionals, sustainability professionals and good food professionals there who make it all happen. If we go through just the top line, obviously, emissions, it's a big topic for a lot of companies, also for food producers. Our big climate actions include our last year's commitment to the science-based target initiative, where we will be setting targets for this end of this year and working obviously in accordance with the Paris Climate Agreement. So that is where -- when it comes to our own production, we're 0.2% away from 100% carbon neutrality. So we're well on our way. But obviously, Scope 3 emissions, as you all know, is not a small topic for food producers. So there's a lot more work to be done there, and we are working closely with our -- especially with our farmer partners to get those targets checked in. But I wanted to talk to my dear colleagues today a bit more about our target group consumers. It's not sustainability for consumers. What does that mean? There's a lot of noise out there, a lot of noise about pricing, about cost, where do the products come from, do consumers understand what sustainabilities or do they even care.

Yes. Thanks, Saara. Consumers really value sustainability or it's a really important thing for them. But actually, for them, it's not about any abstract concepts, but it's more about the everyday choices. When they are picking food from store, for example, they are thinking where is it from, what's in it, can I trust it. And us in Raisio and for our brands, sustainably is really an integral part and themes like transparent sourcing near the production sites, understanding local needs and tastes and also trust in health nutritionals. They are really high priorities across markets. And these we actually excel in our brands, for example, Elovena, and hence, Elovena has been chosen in the Finnish Sustainable Brand Index as the top brand already second year a row. And what I would say, when it comes to sustainability with the consumers, what they actually want, it's mostly about picking a brand or product that they can choose with a clear conscience. And that's what matters in the end for the consumers.

Yes. Thank you, Meri. So Meri is my dear colleague, so I forgot to present her. She's Meri Mattila, and she works with Elovena. As you can see, Brand Manager for Finland. So -- and -- yes, there's one thing I think is also important to highlight is great taste. I remember Pasi is mentioning at some point, great taste is also a sustainability factor. And this, when you think about the amount of food waste in Europe last year, 54% of it was produced by households. So we need to make sure that whatever consumers open up, unwrap and try, they eat it, they finish it, and they ideally then tell everyone about it also. So this is something that it's really a part of our duty as food producers when it comes to the sustainability targets. So -- okay, so we've got the brand in check. We've got the consumers love there for us. Health wise, we have Sarah Franciosi here, who is our Science and Nutrition Communications Manager. I'm sure, Sarah, you can tell us why -- how do we get our message through on health because that's not a simple topic anyway. It's not everyone doesn't agree on it. If you look at social media, there's a lot of opinions. A lot of experts and known experts and misinformation and everything you want. So how do we get through our science-based proven fact to the consumers?

Good question. Thank you, and thanks, Saara, for the introduction. And yes, nutrition and health are super buzzwords. You've heard them lots of times today for a really good reason. And as a nutrition scientist, I'm very proud that it is in the DNA of this company to have nutrition at the forefront of everything we do. And yes, we operate in a world where there is so much confusion and misinformation around the topic of nutrition and health. And that is why you've heard it from research. You've heard that actually facts are and should be the basis for everything we produce and everything we do. So to give you a little bit of a backstep into the kind of world in which we're operating, some of the biggest health challenges in the world today are those of nutrition. And for example, obesity-related conditions, heart health, heart disease is the biggest killer in Europe still. So these are also -- these are all conditions that are intrinsically linked to nutrition, the foods that we eat. And as a food producer, it is our responsibility to make sure that those foods are tasty so that they're being eaten up so that they're meeting the needs of our consumers, but also so that they are actually responsible in the nutrition that they're delivering. And that's why it falls under the sustainability umbrella for us that the nutrition and health of our products or the health that we are supporting is really at the forefront of our minds. So what we do is we look to the facts. We look to the Nutrition Science. We look to everything that's coming from the evidence base, and we develop our products accordingly. So whether that is the plant channels that are found in the cholesterol-lowering portfolio, over 80 clinical studies show those cholesterol-lowering benefits, or whether we're looking at the balance of the nutrients, the sugar, the fat, the salt, the fiber in the Elovena biscuits or the fiber in the Torino pasta, that really is a really important factor to be healthier than what's out there and to really be delivering health in the day-to-day consumption of these foods because they are daily foods and they should be lending themselves to be part of the solution to some of those big health challenges that we all face today. Also, you've heard from our interactions externally, and this is really important for us. We're not lone wolves in this. We have to be part of a big multifactorial solution to these multifaceted problems. We participate in these big health ecosystems, so for example, the healthcare professional interactions that we do, we work with health organizations that focus on these big issues. As a food company, we stand by other organizations focused on this. So we were just recently, for example, at a health conference, as the only food company there, but amongst scientists and researchers working out how we can do better to kind of work in this preventative space with regards to health and heart health, for example. Yes, so try cut through that misinformation and do better.

Yes. I mean one thing that I wanted to ask you actually because I'm personally a big fan of proper meals. I'm not very good with the snacking. I like to sit down and have my meal, but I know snacking is a huge trend. And there's -- it's also an opportunity for us. But -- so snacking can be also healthy then because, I mean, for me that's what I -- maybe I'm so old, I've been told that snacking is something that you should maybe moderate and then focus on the big meals. But with the trend coming in, there's a big opportunity there. Yes.

And talking about agility, we've heard about agility and flexibility. And really, when we look at the history of nutrition in the food that we eat the food that we -- has changed so much over the last 50, 60 years because of the world we live and the fact that our jobs have changed, the infrastructure around us has changed and we've moved from having 3 meals a day at a table at home with our families to really eating on the go a lot more. And we have to adapt and make sure that we're still able to have an offering that's delivering what people need for their own health for longevity, not just to live for a long time, but to live well and healthily for a really long time. And yes, we are making big leaps into the snacking sector. I think in terms of health, of course, there is -- it is still challenging to navigate and the history of it is -- can be unhealthy, but I think the focus needs to be what can we tweak, what can we do better than what's really out there and how can we benchmark ourselves against categories and offer something that is superior health.

Yes. I'm going back to what you said about brand promise and trust. So you don't have to worry. When you choose Elovena, when you choose Benecol, you know what you're getting. You don't need to go through the detailed writing on the back of the pack, like what is in it. So you're good to go. Right. So we have all the demands here now. So Mari Siviranta, Head of Procurement. This is a big job for you. How do you get around this? I mean, you need to source the ingredients. You need to find the packaging and affordably. You can't really grow everything around the corner in Finland, can you, or source them. How do you get around these challenges?

Yes. Well, it is a challenge, but it's also an opportunity. So actually, we do buy a wide range of different materials, but actually the major part of our ingredients, we buy directly from our contract farmers because the major part of the ingredients we use in our products is grains. And they are actually grown around the corner or close to our oat mills, so in Raisio in Nokia area. And keeping in mind the climate change, and also, we engage our contract farmers in close collaboration in order to reduce the carbon footprint and also in the longer run improve the farming conditions. Yes. But of course, we buy a lot of other stuff, too. And they are not all grown in Finland. So they cannot be Finnish originating. For example, if we take in cocoa, which can also be considered as or classified as a risk material. But for those we only use and buy certified cocoa materials in order to be guaranteed that is sustainably sourced. Further, we have developed a process for a sustainability audit, which means that we are able to check and validate that all the things along the supply chain are in order. And in top of, and in addition, as Saara mentioned, so it's not only the ingredients, but also packaging matters, and there's a lot of different packaging materials that we are buying. And there our target has been to have 100% sustainable packaging, the consumer packaging. And actually, we are already in a good position. So all our consumer packaging are recyclable. And the further step onwards is then to have also recycled material in our packaging. There's a lot of development and innovation ongoing in packaging sector, and we are following that closely, and we're also in the networks and in the forums attending those that we are -- we know what's happening there. And when there are solutions available, so we are ready for those. But of course, we have to keep in mind that the quality and the food safety is the #1. But all in all, I don't think that the sustainability and the procurement are like separate things. They go in hand in. And actually, they are -- the sustainability is integrated into our processes, into our ways of working, into our documents. So it is sustainable sourcing. There is no other way around nowadays.

Yes. Definitely. When I talk to your team or anyone actually in Raisio, it's -- sustainability is no longer a topic that you need to debate about or discuss, it's a given. So it comes with the territory, and everyone is very curious and excited to be on this new journey. Right. I think we are done with our deep dive. If -- obviously, as you all know, sustainability is a mountain of detail to be gathered so that everything works together, a lot of things to check and develop. So if you're interested in diving a bit further and getting more into the topic from Raisio point of view, please visit our annual report. There's a wide section on sustainability and all the work that we do, which is ongoing and daily and will continue. So feel free to visit that and read some more. Thank you. I think that's it, and we hand over back to Annika then.

Or actually to Mika, I suppose.

Mika, yes.

So welcome also for my part. How are you faring? Still energy for the last part. It's always nice to be the last one to actually present. But hopefully, there is something of your interest. My presentation will consist of, well, 4 different agendas or areas, if you like. So firstly, a quick glance on let's say that -- the world that we live in today, so what is happening in the world. There is no company, not an industry that would live in isolation and independent of the situations happening abroad and happening in the economic front. So a quick glance there. I won't bore you with, let's say, 2 slides, I promise that's all. And also, I would take a quick glance into the valuation of our sector, valuation history during the last couple of years, actually, I think, during 7 years, if I recall. Then we'll dig into the close history, '22, '24 from the P&L and cash flow front, and of course, try to combine the, let's say, macroeconomic and what have you situations that actually have occurred and how that has impacted us if they have. Then we'll take a look at targets, '25, '27, for which, of course, my dear colleagues have already been discussing about. And then lastly, I will run you through the M&A, also widely discussed topic also today. I will take the glance on that from the balance sheet perspective. So what is actually our firepower, what kind of leverage should we or could we actually be using that might be of interest. So these 4 topics, and I try to raise something, let's say, what are the most important, at least to me, that you should bring home with you from the presentation. I try to highlight those. But let's just quickly run through, let's say, situations and circumstances that we live in or have been living in since the, well, last couple of years. Of course, the very hot topic nowadays is that -- from the left side of picture would be the Liberation Day, someone might actually figure out some other words to liberation, but there we go Liberation Day and the unprecedented threat of overwhelming tariffs that might, at the worst, really hit the world all around. Lastly, Europe is now under stress of even 50% of tariffs, as you well know. But well, during the Trump, let's say, season, the first 100 days have been quite well eventful, you might say. And still, of course, the expectations for the global growth, and also here in the left-hand side, you can see the prospects of the U.K., a very key market for us as well as the euro area. Of course, they have come down quite substantially. Well, at the same time, on the right hand of side, there you can see the, well, central bank's movements firstly to try to mitigate the inflation spike that's really occurred. It hit us as well due to raw material inflation. And then, again, on the easing cycle that now as the inflationary main threats have subsided, again, this should play quite nicely from the consumer purchasing power perspective. So again, for us, I would say, to sum this page up, we, as we do not -- well, you might say, our exposure to the U.S. as a trading partner is quite limited. We hardly procure anything from there or deliver products to there. So the tariff implications would be quite muted if not existent. So that I think is good to know. And of course, that's the direct implications. The secondary ones would be if this whole war really will actually escalate the economic war, then of course, they're -- it's quite likely that the purchasing power of the consumers globally will shrink quite a bit. That would be the secondary effect that we might be facing, as with every other company in the world, but highly unlikely at this point. And the right-hand side, of course, the consumers should now be transforming to, let's say, from this right-hand side picture with -- it's quite a busy one, I apologize, but still quite a high level of uncertainty that the consumers have been having and have been feeling during the last years. Of course, the inflation spike really affected there as well. But at least for Europe, the monetary easing, and let's say, the regaining of purchasing power should really play in our interest as a company. So that I think is, in net terms, quite good news. On the right-hand side, and this is the last, let's say, macroeconomic picture I promised, then we move into something more, let's say, tangible. But taking a look at the Finnish trade and the trade volumes there when it comes to retail, there you can see that ever since the inflation really broke, '22, the volumes have been in a quite -- actually quite rare decline, you might say. This is an event that hardly happens. The volumes tend to perform quite modestly, but positively over time. And still, the food beverages index during the last couple of years actually has shrunk again and the total retail trade as well. And again, I would say what to take home from that picture would be, I think, the net effect of all the easing that is now going on in Europe, especially in Finland, but I say would apply to U.K. and Continental Europe. I think the monetary easing would help the consumer. And, of course, the tariffs would always remain a threat because the unpredictability is very much dependent on the mood that Mr. Trump awakes every morning. But let's hope that we can get it into some kind of consensus with the trade. So I think net terms, the circumstances that are prevailing and will quite likely to prevail in terms of their consumer and their intentions and purchasing power, they look a bit perkier than they did, a bit more sunny side, I would say, is what we can expect. So what has this, let's say, quite unusual 3-year period at least, last 3 years, what really has it meant for companies and valuations? And this, I think, is quite interesting also to look at. So in the blue line here is the Nordic-listed food and beverage companies when the orange one is the European, well, 600, larger food and beverage companies and the green one is us as a listed share. And from there, you can see that ever since the, well, inflation really broke in the beginning of the Ukrainian War in the beginning of '22, then the valuations really have come down since then quite substantially dependent on the index that we are looking for or the share that we are looking at here. So -- and of course, there are a couple of things that, again, should be worth understanding here. As we are -- and we'll want to be quite active on the M&A, it might be listed company M&A or private company. This kind of circumstances from the buyer's perspective are quite lucrative. So good potential for us, obviously. From the valuation perspective, it's highly unlikely that we would be overpaying in such an environment as we are living. So that I think is worth mentioning and worth understanding. So not a bad landscape for a company like us with a quite good firepower in balance sheet. So in that sense, very good starting point, if you like, for an inorganic growth. So to sum this up, we have been faring quite well these turbulent times, I would say, especially well. And the food industry, of course, as a whole is, and still can be, seen as quite stable. But as you know, have been hearing, we do have ample room to grow. And during this next '25 to '27 season, if you like, we are focusing more on the bottom line improvement. We are looking at that just after a while, and of course, still growing more rapidly than the industry in the top line. So that, again, is one thing to remember. So a quick glance into the late -- well, not late, but a couple of last years and the events really highlighting that. So as you can see, the top line growth in the group level has been quite, quite stable. And I think especially worth mentioning is the word 2022. It actually was quite a transformative year for Raisio. That was the year when we actually decided to divest all of our Russia-related assets, so 2 companies altogether, whereas losing EUR 50 million, give or take EUR 1 million, of turnover and about EUR 2 million plus or minus some of EBIT. So quite a transformation there. And, of course, at the same time, we were hit with the raw material price increases for, let's say, threefold from the normal levels in a, let's say, 6-month period. So quite tricky ones to mitigate. But actually, we managed that. I can -- I will show the EBIT, let's say, figures on the next page. But still, let's say, more towards normal in '23, in '24, and at the same time, it's worth mentioning also that as we are here for the long term, we have also been consistently year after year allocating more operating expenses to sales and marketing and also to R&D. So that I think is kind of a way to show commitment as well for the brands and brand development. And again, first quarter, our last one, 4.2% organic growth there compared to last year. So good start, very good start for this year as well. And what that means is or meant in EBIT, so as you can see, the '22, it took for us some time to actually be able to mitigate the huge and rapid hit in raw materials, but we managed. There was some delay, which was kind of inevitable. We -- that was just a force majeure for us as well to actually swallow some of the impact in the short term, but we managed eventually. So '22 is a low point in this kind of short history time period. And from then -- from there, we actually regained quite a bit. And our, let's say, absolute and relative performance from the EBIT perspective is quite good already now. It has ample room to grow, as we are going to see just after a couple of slides here. So cash flow. This is the major measure, if you like, that actually you can see the fluctuation in '22. That was very much from the quick increase in net working capital and due to this huge rise in raw materials, and the cash was tied up in raw materials and inventories. Thereafter, the last -- next 2 years, actually, we, again, adjusted the net working capital to more normal and even better than before levels. We are now sitting at, let's say, 12% to 13% of net working capital when compared to net debt sales. So that is a pretty good measure already. That gives us more, let's say, of course, predictability, but of course, also exposes us in the possible fluctuations in mostly grain-based raw material price development, but that is the way that we are handling the, let's say, cash flow burdening or freeing assets at the moment. So we do have a very good cash generation capabilities, always have been, always, I think, will be as well. And this was pretty much an outlier, the year '22. And of course, as we are also being quite successful in actually turning the EBIT around since the '22, we do have a long history of paying quite substantial cash dividends as well. So in this 4-year period, actually, we have allocated EUR 0.14 per share, so each and every year then exceeding the reported EPS. And our dividend policy actually stays the same in this strategy period. That doesn't mean that we commit to exactly EUR 0.14, but it's a very good indication of the history of the cash distribution. And of course, from the yield perspective, as you can see, our share price is very much illustrative of the Page 3 that you saw when we -- I saw the valuations of our company and so as the whole industry has come down quite a bit. So the effective yield, of course, is quite high, especially in this kind of rate environment as we are now in a 2% level. So for -- let's say, for value as with the growth investors, I think we offer a quite interesting place to be. So the financial base is quite strong. So what about the next strategy period then, and this, I will revisit the base that was in Pasi's beginning of this event today. So from the cumulative annual growth rate, 3 to 4 would be the group level. And you also -- I think it's good to know that we are going to report according to the new organization and new reporting structure the H1 figures, so that would be in mid-August. I think 12th or 13th, either, of August, we will report our H1. And in there, we are reporting according to the new organizational an external reporting structure. And I think those, I think, are also worth understanding that from the turnover perspective, these 2 business units are actually, as we speak, quite, well, comparable if you like from the sales perspective. And of course, they do carry a different -- at the moment, they are different. When it comes to profitability, they are different with their likely ability to grow. So the Breakfast and Snacking part would grow at least 4.5% and Heart Health at least 3%. And inside, especially in Breakfast and Snacking, there are brands like Elovena. You might recall and you might know that it has been quite successful in the last 3 years, growing 10 -- actually above 10% yearly in terms of sales. So there is a different -- there are different brands in that business unit. That is, I think, worth remembering as well. So the total other targets here are for sales to grow, 3% to 4%, and to reach EBIT level at or above EUR 30 million by the end of '27. And that brings us with a net sales of at or above EUR 250 million until the end of '27. And we will be giving, of course, more light on the contents of the business units in terms of their sales distribution, their, let's say, sales allocation towards countries and such. This is something that, of course, we are planning now, as we are now just ready with the organization and ready to report or, let's say, transform the reporting. But rest assured that we will provide some additional information from the sales, let's say, all category, whatever we see fit for you as an investor to actually understand more that I think is also worth mentioning. So -- and from the EBIT perspective, I told that we are looking for actually quite a bit more rapid growth when it comes to EBIT CAGR than the net sales value CAGR. So 9-ish percent yearly would be from the starting point year '24 until the end of '27, so quite substantial improvement over a period of 3 years. And there are, let's say, building blocks, if you like, on this bridge to actually move forward. You can also see that from the very right-hand side there are, let's say, illustrative blocks that are due to the successful M&A. Of course, it's not wise for us to build a figure on that. But I think it gives you an idea that we are looking at the M&A, well, with the targets that actually would contribute to our growth also from the EBIT perspective so that I think is worth mentioning again and taking home so that we are not looking at deeply loss-making possible turnarounds or start-ups. That's not our cup of tea really on that -- this following strategy period. And you can see also that the main building blocks on the left-hand side are, let's say, leveraging the growth of non-dairy categories. Mikko ran you through quite professionally and well on how we see the Benecol positioning and how is Benecol able to grow and where. So these are, let's say, main drivers to actually achieve that goal. You also see the plant protein business divestment. And of course, that is also a done deal for us. We closed the deal in mid-March this year. So it was loss making. Just to remind you, that contributed about EUR 4.5 million of sales in '24 and about EUR 2.6 million EBIT losses in '24. And of course, those losses now are gone, if you like, so they won't be recurring anymore after the closure of that deal. So that alone brings, of course, us pretty much forward with towards the goals. We have also been hearing our milling, especially the oat side of things and the volume development there has been quite promising during the different times of the last years. Demand has been strong, both in consumer and industrial side. So also, we need to, let's say, optimize some of the usage of the asset and also increase capacity of the asset, especially oat mill. And that is quite likely to bring us also EBIT benefits then. Mikko also run us through about the geographic expansion and of course, our way of, let's say, making sure that we are making right choices and with the right kind of cost base. And that is quite a different approach than what we did in Holland. And as we now have entered already several markets that is quite promising in a way that now we are committed to different cost base also. So very promising also from that building block side of things. And as we said, the nondairy, that, of course, is we entered the greenfield territory in the very beginning of '22. Then we had no existing, well, shelf spaces or history or category knowledge, if you like, or category, something to actually compare with. It was a new business for us. And now we are in about EUR 15 million phase at the moment in this year. So from 0 to that in 3 years is not a bad thing at all. And also, we can still further leverage quite rapidly and quite substantially also on the category, so moving from one leader, let's say, consumer packaging to smaller, let's say, gurt, not yogurts, but gurt and such products. There is a very ample room to grow and ample room to maneuver and utilize the brand power that we have. So very good and very, I think, a trustworthy agenda. These all blocks carry a quite comprehensive plans in each and every one. And so hence, we are maintaining the plus EUR 30 million EBIT target. And then we should look also lastly on the M&A just to sum up, and I -- as we have been today hearing quite a bit on our, let's say, intention and abilities and willingness to be active in this, I will take just lastly a last glance on the balance sheet perspective. So what's our firepower really? What does it look like? And before I do, there are just some, let's say, balance sheet items. You might be quite familiar with those. And in time, in these, let's say, 3 years of quite well, you might say, difficult market circumstances, we have been consistently actually, again, strengthening our balance sheet while paying quite substantial cash dividends. So we are at EUR 82.6 million net -- minus EUR 82.6 million net and interest-bearing debt holders, so quite a liquid, you might say. And what we are looking at, we don't like to categorize our appetite towards M&A in net sales perspective. That's not that important, at least not for me. It's more about the EV side. So what kind of size with regards to EV are we looking at? So you might be -- or you should be expecting plus EUR 20 million, so smaller would be same effort as with a bigger one, but still that really doesn't necessarily make that much sense. So plus EUR 20 million EV, and again, established, branded, also stand-alone companies, companies that could also stand-alone or have been standing alone. So they have something unique enough to actually keep them interesting also for us. That is also, I think, good thing to remember, besides what Pasi told our, let's say, widened scope of different new items that are not grain-based or are not heart health directed. So good area to move over there. And just lastly, just an illustrative example on, let's say, the different size of, let's say, possible EV and how would that actually affect us as a company when implementing that. So if we are looking at, for example, and I would like to stress this is illustrative, but it's good for you to understand how our leverage would actually fluctuate in implementing those. Let's say, scenario 2, when there is EUR 125 million EV kind of target or deal done, let's say, from the right-hand side that actually that would be EUR 10 million extra EBITDA, quite, well, conservative, you might say, or realistic at least. So currently, the consensus estimate for our own as is Raisio '25 EBITDA would be EUR 38-ish million. So on top of that EUR 10 million would bring us to EUR 48 million all in all. And I think it's more wise to look at this kind of a role than what would it mean. So after implementing such a deal with such a profitability, and of course, carving out quite likely possibilities of some synergies, at least bottom line synergies. So let's just play it kind of simple and safe. So then we would be levered to 1.1x net debt to EBITDA, which is quite conservative still. And we could reach to -- I think, 2.5 would be the pain point from the rating perspective, meaning that in that kind of situation, our cost of borrowed money would rise quite a bit. But until that, it's quite safe to assume that given these circumstances, and of course, now I'm not looking at any particular banker here in the room, but I would say it's quite safe to say that we are looking at some 100 basis points of margin on our debt at the moment, depending, of course, on the maturity of the debt. But this, I think, I hope, gives you some kind of understanding, further understanding on the size or sizes of multiple transactions that we could take and where that would lead us from the balance sheet perspective. So we would stay quite, quite safe, quite predictable. But again, that gives us a big boost in short and in the longer term, of course, due to the all -- towards all our goals, again. So I think we are in a very good situation, a very good place. So this is my last page before we enter into Q&A. So, again, some things to remember. So quite steady performer even during these turbulent times and even, I would say, the times ahead be there tariffs, be there not, but I think, of course, we will be facing different kind of situations as that's just new normal these days. So no worries there. The growth targets, at least for me, they are quite realistic. They are quite clearly pronounced. We do have very trustworthy plans. I do believe in them personally on how to actually with each of those levers in each bits and pieces we can achieve them. That's quite clear. Balance sheet, you just saw it carries a huge potential with a quite sizable EV or multiple EV kind of deals. And then, again, of course, still we are quite likely to remain as we are or have been in a profile-wise value company in that sense that we also value our shareholders quite high. And then again, we do appreciate also that the majority of them quite likely will prefer cash dividends. Of course, we are looking at other options, but that has been the way to go for us, and that is quite likely to remain. So I would now like to thank you for your attention. Good job for staying awake for 2 hours, and I do hope that you did pick some from my presentation and also from the previous ones. So, Pasi, I think you might have some final words. I will just help you with that. There you go.

Thank you. Well, thank you very much. So today, we are not just here presenting a strategy for you. We are committing ourselves into disciplined execution. We are committing ourselves to measurable outcomes. And some of the goals might seem ambitious, but they are very much rooted on realism and responsibility, and we are convinced that we are able to deliver on them. And we are also committed to keeping you updated along the way that how does it go. So thank you very much for your time, your trust, and I look forward to delivering on what we have outlined today. And now I think would be a good moment to take some questions as well.

Yes. It's -- yes, we have run a bit over. It's already 5 past 12:00. I guess we're all hungry, but we are still really happy to take a few questions if we have some in the room. There's a couple again. A couple of good ones on the webcast. But yes, do we have questions in the room? Yes. One here.

Kaisa Vanha-Perttula from Inderes again. It was very interesting. I have one question still left. What do you see the M&As as the right way to create value from excess balance sheet capital rather than distributing it to investors such as additional dividends?

I believe we can actually accelerate the growth and leverage the strength that we have and this way create value for our shareholders. And should we not, then we'll have to revisit. But at this point of time, I do see that we can really put it into good use for our shareholders as well. And we had a question over there.

Yes. Well, here.

Sanna Perälä from Nordea. It was all very informative. And I only have one question at this stage regarding research and M&A. So you mentioned that you are working with startups and students at the moment. But then, again, you mentioned also that you would not be interested in acquiring start-ups. So I'm just curious what happens if one of those start-ups or students comes up with such a good idea that you want to develop into a product? Are you then going to acquire? Or what happens?

Of course, we as a big small company are flexible with our approach. But primarily, the intention would not be to -- not necessarily to be a sort of an owner, but more finding other ways of cooperating. We have actually a lot to give for the start-ups that we work with, commercial capabilities, productional capabilities, branding capabilities and also experience with the international business. We have a lot of other things to offer as well apart from ownership. We even have facilities where we can actually work close together with those start-ups. But primarily, we are not focusing on the -- our M&A activities in that field.

One more question on the M&A given that it has been quite absent since the Verso Food acquisition. And I think, Mika, you presented that the target size would be above EUR 20 million, EBIT above EUR 20 million. then you also presented that you guys are currently sitting on an EUR 80-plus million cash pile. And then you presented about the debt capacity. So what's really your ambition level? So should we actually look -- I mean, this EUR 20 million sounds small? Or do you -- are you looking like multiple acquisitions in a very short period, which actually might question the execution power and then like the after management of the acquisitions?

I can start. So, yes, very good, Maria, for your question. So the EUR 20 million, I would like to highlight that, that, I think, represents a minimum size, and I think also from another perspective, EUR 100 million might act as a higher possibility at onetime. So I think the most practical way of thinking our M&A during the last -- next 3 years would be several, 2 or more, with, I think, the totality bringing us to EUR 100 million to EUR 150 million of the total EV. That I think is the most -- best estimate on the future.

You said EUR 100 million to...

EUR 100 million to EUR 150 million.

Further questions still in the room? If not, I could take actually -- I think there's a couple on the chat that deserves some attention and are really good questions. So, first one, I'll try and read that loud. "I'm a vegan since 2010, and I consume many Raisio products. Now I'm considering investing in companies, which -- whose products are 100% vegan. Raisio is not yet there, for example, dairy products in Benecol brand, but how is the future looking? I would invest if Raisio could make the ethical choice of cutting off all the animal products. I also know I am not the only one".

Yes. We are not yet ready to go completely vegan. We are actually -- a lot of our product development is -- a majority of our product development and majority of our research is taking us to that direction. But at this point, we are not yet able to go all the way.

Yes. Maybe I would add what I think Reetta said wisely as well that in innovation and in research today, there's no point in doing anything that's not sustainable for the future, but that's more than looking to the future. Yes. And then actually also on R&D, but I'm sure you can answer this one as well, it was mentioned that research is having a renaissance at Raisio. Do you foresee that it will also lead to increased investments in R&D spending going forward?

Yes. Currently, we are on single low-digit millions and -- low-digit single millions in euros annually, and it has been increasing already for a few years, and we are systematically increasing it. And you, as Reetta has a lot of things cooking in the lab, there are potential things that might actually make a step change. But we are not really to come out with those yet there also.

Yes, very good. I think it also is worth mentioning that, of course, that increase will consist of both operating expenses and capital expenditures. So a pilot plant that, for example, Reetta mentioned, of course, that is a CapEx investment. So, yes.

And it's on an increasing trend.

Yes. I think that's that actually. I think we have deserved lunch now. Thank you to everybody watching online and for being with us. And to everybody in the room, as said, we will have a short break, set up some food in the back, and then, we would be really, really happy for you to join us for lunch. Anything else, Pasi, from your side?

Thank you very much. Bon appétit.

Thank you.