Revenio Group Oyj (REG1V) Earnings Call Transcript & Summary

[Presentation] Hello, and good afternoon, everyone, and welcome to Revenio Capital Markets Day 2026. My name is Mari Korhonen. I'm the Vice President of Strategy and Business Development at Revenio and I'm very delighted to see many of you here in Helsinki with us and a very warm welcome to everyone joining us via the webcast online. So this has been a significant year for Revenio, and we today look forward to taking you deeper into the market dynamics that shape our industry, share our updated strategy and explain how we really intend to respond and create value in this new chapter. I will walk us through the agenda shortly. So first, we will hear from our CEO, Jouni Toijala about our market position and how the market is evolving. We'll introduce the comprehensive portfolio and how we're positioned to really advanced clinical confidence and workflow excellence. After that, Umberto Bargiggia, our Vice President of International Sales, will take us through our go-to-market and our sort of commercial excellence. We will -- I will be then coming back to talk about our operational excellence and how people and culture are in the central of what we do. We will have Jukka Kainulainen, our CFO, explain how the strategic priorities then translate into long-term value creation. And we will aim to conclude around 5:00 p.m. Finnish time with Jouni coming back to summarize today and conclude with the Q&A. We are here today, so you'll be hearing from Jouni, Erkki Umberto, myself and Jukka from our leadership team, but we're also -- we also have [ Haniel John, HelianmiAriso Maki, Justin Nevan Hanna ] as part of our leadership team. But with that, I welcome you all. It is my pleasure to welcome our CEO, Jouni to the stage. Over to you.

Good afternoon. My name is Jouni Toijala, and I'm the Group CEO for revenue. Excellent to see you all here at [ Sanomatalo ] and also there through the webcast. I'm going to split my part in 2 parts. So the first one, I'm a bit looking back how we have been able to execute, [indiscernible] more towards the next chapter, which the heading is saying, leading the shift from vision. So if we would have a book on our hands, which tells the story, the whole revenue growth story, even starting more or less more than 20 years back. Perhaps the chapter 1 would look like it covers all the businesses that we used to have, more than 20 years ago, logistics declines report call centers, over 80 legal entities, plus 1 business called iCare. So revolutional technology around the [ rebound ] tech. And if concluding that chapter #1, it basically concluded in a phase where [indiscernible] all other businesses were divested out and then the growth journey started around the [ HealthTech ]. If looking the chapter #2 on that very same growth book, it concentrated on scaling the rebound technology globally, but it's also concentrating on looking another leg on top of which the revenue could stand. And that led us to the acquisition of the Centervue business. And so we opened the third chapter. Bit by bit, by more [indiscernible] imaging tech with the high automation we acquired Oculo. We acquired Thirona Retina, and we started to move more towards the innovative of ophthalmic solutions. We discussed during the last CMD that the amount of the patient is increasing. But then the eye care professionals amount is declining or at least staying static. And then 3 years ago, we said that we need more sophisticated products and software. CMD, we had 4 key cornerstones, the first one was related to the products. So the hardware products, a couple of those, you are going to see later in the event. [indiscernible] has been with us that we have to have the best products in the categories where do we select to play. Quality needs to be excellent, the delta which they provide needs to be the best in order to be able to feed the data to the [indiscernible] data. Then if we look the period, what we have had even starting, I mean, the last 6 years. So we have been growing from EUR 49.5 million to EUR 109.7 million [indiscernible] channel improve the brand and really put the emphasis is also on the operational side of the business. So constantly increasing the quality, constantly increasing the ways of working also at the manufacturing side. And then, of course, we have been investing a lot to the people and culture side, and we have been able to grow the last years in a profitable manner. So if you look at these 4 cornerstones. So on the device side, we have launched [indiscernible] microperimeter, we have launched [ ST500 ] new tonometer, when we just launched a Thursday launched a new tonometer called [ C1000 ] highly recommended to check it out if you yet haven't checked it out. Then on the software side, we have entered with the [ Elum], the readiness screening side. Now with the [ C1000], you're actually having as well the first data management system called [ Altos]. And then throughout all these years, the quality has been improving and we have been able to deliver the products customers have been buying with the excellent delivery accuracy. And then on the people and culture side, business is moving. So we have been investing a lot to people, leadership team training then also moving to more customer-driven development. So implemented the product operating model. And if we look at the last roughly 3 years, so we have been growing faster than the market, and the profitability is the best on the market. But let's start shifting the gears. If you read a couple of sentences on this growth path and book, you go back to the old CMDs, you go back to the older investor meetings or earnings calls. So we have said that we are working on the ophthalmic diagnostic device market, roughly $4 billion. We cover 1/3 would be extremely interesting for us. So we managed to close the Vision transaction during the end of the May. We got that extremely interesting a bit more than EUR 1 billion. So we have we're able to increase our addressable market, 2.5x from EUR 1.1 million to EUR 2.7 million. We got the extremely wide portfolio. We got the expedited entry to the [ OCT ] and we got a way more stronger global presence. And I think now it start to close the chapter and together they open the new chapter and the heading on that chapter is leading the shift from vision care to the connected eye health. So we are going to spend the next 1.5 hours to explain the dynamics behind the shift. Then we are going to go through how the product portfolio is enabling the shift and then we are also going to go through by Umberto, how this plays in the market, what value add we are able to create our customers and then we have a Jukka wrapping up the value creation part. But let's jump on it. So a couple of drivers still valid and even supporting more our long-term growth. So aging population, so amount of the patients is increasing because of that. Then we have a lifestyle-related diseases. Under this, we have always [ mapped ] the diabetes. I would say as well, and even add on top of this, I would even add the myopia on this part and even say it's a bit lifestyle-related diseases because everyone is looking at their mobile phones, they are looking at their patch and so forth. So I'll come back to that one. And then we have a labor shortage getting even worse because the amount of the patients is increasing. Then we have been also talking about the tech and the tech advancements. So tech is crucial here. So if we don't bring new innovation, whether they are products, whether they are software, so we are not able to close the gap between the static amount of the eye care professionals compared to the increasing patient demand. And a couple of examples on this one. So readiness screening, the [indiscernible] AI. So we have been able to with the tech move the burden of the diagnosis as an example, the diabetic clinics, where the diabetic nurse is able to operate simple to use high-quality device analyzing the results within AI and then passing the patient, if needed, then to the ophthalmologist. And what this has been also enabled is that the access of the care is not in a way, focused only on ophthalmology. So we are going to have a new places where screening, where diagnostics are able to be performed. If we jump a bit to the details. So on the aging population side, I mean we see glaucoma increasing. I mean, that's more than 100 million patients more by the end of 2060, AMD, age-related macular generation exactly the same. So the challenge regarding to the IDCs increasing due to the aging population, not going to vanish anywhere rather increase. Then lifestyle-related diseases same here. So diabetes growing extremely fast. Every diabetic person needs to be screened. Their eyes need to be screened. If we go back to the earlier discussions, as an example, in Czech Republic, you used to be 6 to 9 months. Now we introduced the [ ILUM ] solution there, [ DRS+LUM AI ], we have been able to reduce the time in a couple of weeks. And then I referred to the myopia exactly the same case. So it's amazing to think that perhaps half of the people's -- I mean, the population is going to be myopic also having an impact to your eye health. Labor shortage. So getting worse all the time. So the amount of the patients is increasing. And even the high professionals, I mean, even the supply is going to go down. And we really have a big gap on this one. And the only way how we are able to close the gap is to innovate on the new tech side. The new tech enables us to shift the tasks to the people who normally won't be able to do the work and that leads to the expanded from vision care towards the eye health. And we have seen this shift already on the normal health care. So I used to go to hospital to get my blood sample done. I used to go to the hospital to get my EGG done or so forth. But the tech has been evolving. The cost of the tech has been coming down. I mean now I go to [indiscernible] and one of the providers of [indiscernible], I mean, immediately you get everything done at the point of the care. And what we also see now on the optometric side, on the health side is that from ophthalmologists side, the care and the screening and the diagnosis is shifting towards the optical retail as well and we come back to this one on Erkki's presentation. So this is a shift where we are going to be present and which is going to be a huge growth opportunity. [indiscernible] are eye health. So are there any differences? So if you talk about the vision care, so that's a more refraction. It's a vision correction. So it kind of helps if you are not seeing well. So for me, it means that I should have a reading classes, because I'm plus 2, but it doesn't detect are my eyes healthy. That's a major difference. So if you go on the eye health side, so it's about diagnostics, it's about early detection, it's about screening the diseases. And as we have said, so there's not enough eye care professionals to check that the people and the patient's eyes are they healthy? And where we jump into the picture? So we are going to lead the shift from vision care to the connected eye health as cornerstones. So we have combined the device side with the software with the AI and the strategic cornerstone here states that we are going to advance the clinical confidence and workflow excellence. So this is crucial to add. So extremely good devices, which are providing high-quality data in order to be able to do sophisticated clinical than delegate duties across the chain. Erkki is coming to come back to this one, explain it more. And then on the software side, the software comes into the play regarding to the workflow, this one in more detail. Now after the [indiscernible] transaction, we got access the [indiscernible] care side. Vision is extremely, say, kind of old revenue. We have been extremely strong on the optometry and ophthalmology side. Now when we are combining the products, product portfolio, we are combining the sales team. We are going to have more customers and for those customers, we are able to sell more because we have a wider portfolio. And Umberto is going to go through what does this mean in practice? And what's the magic behind asset light, quite how would I say, efficient on the operations side, high availability or delivery accuracy on the products, et cetera. So where we are now moving as well, so we are looking now the combined company assembly manufacturing footprint, we are looking how the operations are run, et cetera. And the plan is really to scale this operational excellence, what we have had at the old Eye Care revenue side, then, of course, to the [indiscernible] side. And so we want to really take care that we have the best motivated, highly skilled people part of the team. And again here, we have 4 strategic cornerstones. We have also included the brand part of the picture. And that's the work that we are currently doing. So what's going to be the brand in the long run. So work is ongoing. We'll come back to that one. Again, the logic is exactly the same. We do all these 4 cornerstones well. We handle the brand, we handle the ESG. I'm sure we are able to provide a sustainable and profitable growth. I'll start to finish here with a couple of comments related the topic that how well we are positioned on this shift. So first important parts of -- we are still operating in a growing market supported a couple of years back. Then we have a highly complementary customer segments. Like I said, we have a differentiated product portfolio, and that covers entire customer journey. Then we have expanded our global [ fruit ] footprint in terms of whether to go direct, whether they go through the distribution and also the country coverage. Then we run part of the integration. We run the culture audit. And that's actually we are going currently through. So you couldn't tell actually a little difference. We were in London [ ESCRS ] during the weekend, we had the first dinner with [indiscernible] with the [ Vision ] team, I mean you could -- you just couldn't tell the difference and people were mixed up in a first joint trade show dinner. And I think that was impressive. Then regarding the integration. So when we launched the deal, I mean, I got a lot of feedback that, hey, are you serious? So be able to do the integration. And here, I can say good and relieving news. So we are proceeding extremely well on the integration side. We stated at the time of the signing and closing that the target is to have a EUR 20 million EBITDA uplift coming from the synergies. I'm happy to say on the done and executed a [indiscernible] of the planned EUR 20 million EBITDA uplift by the 2029. Then regarding to the financial targets, I reiterate even though that the stock exchange release was out earlier today. So we now gave a number -- so we have been receiving quite a lot of feedback from the investors, from the analysts that here, you have been saying 3x faster than the market, but this market growing because your revenue, you almost the only one who is able to grow the long-term growth aim is 5% to 10% during the strategy period ending up 2029. And then we reiterate the profitability target, which is to reach 25% adjusted EBITDA by the end of 2029. I'll finish up here and hand it over to Erkki. So welcome, Erkki, and please the floor is yours.

Good afternoon, everyone, also from my behalf. My name is Erkki Tala and I'm Vice President for Products here at iCare. Next, I will dive into the combined product portfolio and how that supports our strategic goals, Jouni [indiscernible]. So as the headline says here on the slide, now we have a comprehensive offering, really for different customers and covering the entire clinical customer journey. This allows us to advance clinical confidence and workflow excellence at all levels. What does it mean in practice? Let's start from the market. There's some major changes in our addressable market. We operate in [ Automic ] diagnostic equipment market, which is currently worth USD 4.1 billion. And you can see on lighter green background, the product segments or categories where revenue before this next transaction or acquisition was playing. So that's ranging from funders imaging to perimetry, tonometry and clinical data and telehealth, roughly USD 1 billion market. Now on the dark green background, you can see the product categories we have got from [indiscernible]. So OCT, a big part of -- and growing part of the package refraction systems, slit lamp and multimodal diagnostic devices. So all this together is now growing our addressable market from USD 1 billion to USD 2.7 billion. And equally important, size is important, but equally important really is that now we cover the entire clinical customer journey throughout. So we are able to create a real end-to-end solution. It's probably worth mentioning here as well, what is included in that USD 1.4 billion market we are not in. So that's mainly related to surgical equipment or related solutions, like operating room microscopes or optical biometers, which are largely used in cataract [indiscernible]. And we have made a strategic choice not to get into surgical products because those ecosystems are pretty close, and there are only a few players in that space who dominate the market space. But who are our customers? That's the market who are our customers. Our key customer segments in that market are optical retail, optometry and ophthalmology. With the 2 strongest focus areas being one in medical middlefield, as I call it, because it cuts across clinical optometry and general ophthalmology; and two, optical retail. Respectively, our solutions are used in different environments. That's -- those environments that are ranging from optical retail stores to optometric and ophthalmology clinics and hospitals. And as our customers are operating in different environments, they have got different roles in that clinical journey we are referring to many times. And that's good to understand as well. So optometric -- sorry, optical retail, let's start from there because the journey often starts from there. So optical retail customers are really kind of focusing on efficient and reliable refraction and vision testing, enabling then accurate vision correction and spectacle sales. And that's a big, big new customer segment for us and currently consolidating into larger networks where typically, customer demand and supply of professionals is not really meeting. And there, we have got strong foundation, for example, in remote examination capabilities, which can unlock the service in more places. Then optometry. That's like a mixed zone between optical retail and ophthalmology, but with full focus on eye health from screening to diagnostics. And the key in optometry really is to have a reliable diagnostic solutions that are connected to advanced data analysis tools, supporting clinical decision-making and also having smooth referral workflows when necessary, when the patient or customer needs to be referred forward. And then on top of the clinical hierarchy, there is ophthalmology that covers subsegments from generalists to deeply focused specialists. All the ophthalmology is fully focusing on ophthalmic diagnostics, treatment and care. So while all the customers having different roles and working in different environments, there are certain shared, let's say, needs or common denominators, they all have. One is clinical confidence. It means that at all levels, I can trust on the technology I use. The second one is connectivity and access to data. I really need to have access to data and supporting tools in an easy and smooth manner. And the third shared need really is around workflow efficiency. So data and patient flow needs to be smooth within the clinic or the practice, if you like, and then between the operators. If we then move on to this part. So why this broad portfolio end-to-end portfolio is then really important? Why is key for our future success and delivering our strategy on it as described? How the role of these different customers we are just kind of now having? How they are evolving? As Jouni described in his section in opening earlier, the demand for ophthalmic diagnostic capacity and delivery of the professionals or supply of professionals. That's increasingly imbalanced. So this drives really clinical role expansion in optical retail and also in optometry to take on more clinically oriented tasks in this kind of clinical journey. So role of optical retail and optometry is moving. And how this is possible, are 2 main drivers for that. One is the increasing professional educational level of opticians and optometrists in many countries. But importantly, technology is the key enabler really for this shift. So we are in that spot providing these customers with technology that will enable them to adopt those more -- clinically more, let's say, demanding tasks and a bigger role. And typically, what are the first tools or diagnostic modalities adopted in this shift? It's tonometry and it's [ funders ] imaging and revenue is really, really strongly positioned in that. So we feel we are perfectly positioned to lead the shift and to improve people's access to connected eye healthservices. How we are different? I mean everyone probably sees the world in the same way. The megatrends are the kind of same. So how revenue is different so that we believe that we can lead this shift, and we have a winning position in this. Our position in the market is really built on 4 key differentiators. Efficiency is key. It's like the aging population and workforce shortage macro trend expressed at the practice level. It requires clinical confidence at all levels that enables, for example, delegation of clinical tasks without loss of trust. Ease of use. That comes like hand-in-hand with efficiency, but it includes the -- or adds the human factor in the equation. So it removes the skin barrier from the use of diagnostic solutions. And I guess I -- as many of you know, eye care revenue products are known for being highly automated, delegable learning in a day, intuitive, and they really are operable by nonspecialist staff. And the good news is that visit or ex-business product philosophy follows very much the same logic. Clinical confidence and quality. That's revenues, core equity, and that's super critical in medical space. You have to own this. For us, quality means strong clinical evidence backing up all our offering. It's reproducibility of the measurements, it's reliability of device. You know that when you pick up one of our devices, it works. So it's like an experience of trust in a way. And finally, innovation as the fourth differentiator for us in the market. Our products are giving customers new capabilities. They're allowing them to do something that they were not able to do before. And for us, the innovation is really related to [ genuine ] first in the market, and we have got strong track record of introducing those type of solutions. And what is good to probably -- mentioned here as well is that we also innovate in spaces that typically are considered highly commoditized like refraction systems. So how the current combined portfolio is structured and how we -- how different parts of it are focused. Let's look a bit closer. Our broad portfolio, now combining extra revenue and ex [ Visix ] Products & Solutions is covering really the entire clinical customer journey from refraction and tonometry to advanced clinical diagnostics like imaging and perimetry. This breadth of portfolio is key to support the strategy to lead the shift from [ Western Care ] to connected eye health. We have got strong position in different customer segments, and that's built by different parts of the portfolio. So currently, optical retail, automate and ophthalmology are partially using different parts of our broad portfolio. But while these roles are evolving, as just described, the needs of the customers are also evolving. And that's where we are very, very strongly person in the market. Our portfolio supports this role evolution by easy to adopt diagnostic solutions for optical retail, where the major shift will happen. And we'll also give more confidence diagnostic solutions for optometry to adopt tasks that are currently done by ophthalmologists. And equally important than having a kind of strong future looking positioning of the portfolio is to be able to differentiate in a meaningful way within each of the product categories. One important part, although it's on the bottom of the slide, pretty thin string there. Our cloud platform is crucial in connecting all our devices and really creating one source for data. And that data is then used for customer-facing solutions where I'll give you some examples in a minute. So now we are having 2 companies bringing on cloud assets into the equation. We are consolidating those, combining them, consolidating over time while we make sure that we keep supporting our existing customers and we develop further the customer-facing solutions that are already in scale-up phase. If we look a bit closer, the role of connected cloud platform and solutions we build on it, different customer segments operate in different environments and have different clinical tasks, as described earlier. That means that clinical data, they manage is different. But while data management solutions and tools required may vary, smooth data flow really within the practice and from operator to another is a shared need. We call it, workflow excellence. The data flow starts from collection of data, which happens, of course, at every phase of the clinical journey. But when necessary, today that needs to get transferred whether it's a remote review of funders images or second opinion or referral where necessary. Then when we get into more diagnostic part of the clinical journey, clinical decision support. In these days, often AI-assisted solutions is coming into play. And finally, when a customer has got a patient has got diagnosed or treated they need to be monitored, and clinical data needs to be frequently reviewed to ensure effective care. And last point here now is really multisource data. And that's something that is related to our broad portfolio. So multi-source data is more and more used in analysis and supporting clinical decision-making. With our portfolio now covering the whole journey, we are covering also from data perspective, different steps in the journey, and we have a comprehensive view of the patient and data flow during that journey. So in practice, our common cloud platform will act as a shared foundation for what we call modular customer-facing solutions. It contains some shared features like user and patient data, device connectivity or connections to third-party solutions, data storage, data security and compliance. And today, we already have got several existing customer-facing solutions live and scaling. We have got remote examination. We have got lenses experienced customer solutions target to optical retail. We have got retinal AI assisted retinal screening which is focused on either on national diabetic retina [indiscernible] screening programs or optical retail. We have got clinical workspace and workflow and referral solutions which are targeted to optometry and ophthalmology. Good. Now that I've talked about the broad portfolio covering multiple product categories. I will briefly take you through the kind of most important ones, the kind of key categories, brief explanations what they do and where we differentiate in these categories. So if we start from the refraction systems, they measure refractive properties of the eye for accurate vision correction in practical terms, enabling them, for example, spectacle prescription and sales. Our core in this category is in complete connected digital refraction systems with remote refraction capabilities, and that's not very common. This is new addition to revenue product portfolio coming from [indiscernible]. If we then move on to tonometry. Tonometry measures [indiscernible], which is one of key risk factor for vision-threatening glaucoma. We have got market-leading gold standard solution for handheld rebound tonometer, as many of you know. And I think that was mentioned already in Jouni's opening as well. Just last week on Thursday last week, we launched the latest addition to our tonometry family [ C1000], which added connectivity and workflow readiness to our tonometry portfolio as well. Multi-modal diagnostic devices. This is new addition from [ Visonic ] product portfolio to revenue as well. And as the name says, it does many things. It combines all the refractor meter with several measurements from anterior and posterior eye. And our devices they use very unique wavefront technology examining refractive properties of the eye in a very detailed way. These devices are also connected to digital workflows. They have got remote examination capabilities. They are also linked to lenses experience solution we offer to our optical retail customers. Funders imaging is more familiar probably. It provides a detailed view of the retina, i.e., the back of the eye. It's like a photography or the back of the eye. And that's needed in confident diagnosis of many, many eye diseases, where revenue specialty in these categories is really in the imaging technique that's called confocal imaging providing several big benefits compared to traditional fundus imaging, like being able to image through to cataract small pure builds, et cetera. So that means the best image quality, sharpness and image ability. We have also been early in the -- what's called ultra white field imaging market, and we are innovating in that space further that seems to be really a driving trend. Then we have OCT, optical coherence tomography, which was long awaited, I think, the revenue portfolio and many have been focusing on this one. So it's like MRI of the eye, really taking a kind of 3D a noninvasive kind of 3D image of the structures of the eye. And here, our specialty is what's called OCT and geography and related tools which makes [ what ] vessels and their condition visible in retina and choroid without any dye injection. So in normal store environment, for example, not clinic or clinical or hospital environment needed. So [indiscernible] has got strong legacy in this, and we are innovating further in this space. If we move on to perimetry and microperimetry, these modalities are measuring whistle field and sensitivity of retina. And revenues products are in a unique way combining really examination of the structure of the eye and visual function. For example, our combat funders perimeter includes or contains high-quality confocal fundus imaging capabilities and perimeter functionalities in the same device. And Connected Cloud Platform & Solutions, we spent some time on that already. But in short, our cloud platform really connects devices, captures data from them and acts as a foundational infrastructure for customer-facing solution modules as we call them, what we build on it. And these solutions, as explained, ranged from remote examinations to retinal screening diagnostic decision support and workflow and referrals. And then something I haven't presented yet as it doesn't belong to clinical customer journey, but there is a kind of solid piece of [indiscernible] portfolio around finishing products. So our lens finishing solutions are used in efficient spectacle lens shaping and mounting. Different spectral frame types they require different finishing techniques, and we have got really strong knowledge in that space. And can handle them all even in the same device. These solutions are often targeted to optical laboratories and typically located within optical stores. And this is really a new addition to Revenio's portfolio as well. So it sounds like a kind of broad portfolio, and that's what it really is. So how is the broad portfolio of devices and solutions then used by different customer segments and how the adoption is evolving? I have touched the topic already before, but I think it's good to go in more in details. So every clinic, every examination room, they need certain standard equipment like examination units and slit lamps. And that's what [indiscernible] kind of brings to Revenio's portfolio. Equally, refraction systems. They are needed everywhere. So all the customer segments are using those, and now we have got access to that. Tonometers when we get a bit more towards the kind of diagnostic direction, tonometers are broadly used partially by optical retail already, largely by optometry and ophthalmology. And here, our handheld rebound tournament, has got strong position to grow further in different segments, either finding ways to the kind of first-time users or for replacement customers. Then multimodal diagnostic devices. They are mainly used by optometry and optical retail, where they are linked to our cloud-based solution supporting remote examination, but also lenses experienced solution for optical retail customers, supporting ophthalmic selection and sales. Moving to funders imaging. That's a standard diagnostic modality in optometry and optology already today. And this technology is now increasingly adopted by optical retail as a part of their clinical role expansion. And this is one great and clear growth area for us. OCT is quickly becoming a standard of care in ophthalmic diagnostics. It's fully utilized by opthalmology, it's largely used by optometry. And what we can see in the market already today. It can be really expected to see this technology getting more and more into retail environments as well in the years to come. Finally, perimetry. That's focusing on glaucoma diagnostics and screening. It's purely a diagnostic tool there. And as states used by ophthalmology and optometry to student decree. So what's key here is really that we have got relevant offering to all 3 customer segments. And there's change really happening in the market. And we, at Revenio, we are having strong presence across the customer segments and clinical customer journey, which positions us really strongly in this ongoing market shift a bit getting back to the kind of differentiators and how this strong position across the portfolio, across the customer segments is built. So there are 3 main growth drivers we can see really differentiating our offering. Relative importance is varying by customer segment and by product category, of course. But we differentiate either by product features by technology. We have got several unique technologies. Our products are built on or then we differentiate by business model. And if we take a few examples from here, taking OCT, for example, there are 2 basic technologies, all the OCT devices are built on, but the product features are still differentiating products from one -- from another. And our strong part here really is related to advanced tools, OCT, OCT and geography and OCTA metrics which are the only ones in the [indiscernible] portfolio, which have got FDA clearance, for example. So no one else has got through FDA with those. If we take software platform and solutions, we are differentiating in many ways. We're not the only one providing cloud-based solutions, but we are really unique combination of hardware software platform and AI, which is, for example, our retinal AI screening solution. So we have got in-house all that knowledge with the market-leading and creating market-leading solution. We're then taking, of course, tonometer or fundus imaging, where we have got strong technological advancements there. So either rebound tonometry or confocal imaging. So that's what is creating really big differentiation in the marketplace. And the highest growth we expect to see really is in multi-model diagnostics, [ OCG ] and cloud-based solutions while all the product categories have got space to grow. So as a summary, getting to an end. So our connected portfolio covers solutions for the entire clinical customer journey, combining diagnostic devices and cloud-based solutions. Our customer segments cover optical retail, optometry and ophthalmology. Really the key strongest parts being in the medical middle field, cutting across clinical optometry and general optology, and on the other hand, in optical retail, which is a new, big, big segment for us. We are strongly positioned to expand our offering, especially in optical retail and optometry when their clinical roles are expanding. All our product categories are growing and have clear differentiators. And finally, we continue, of course, to innovate and invest in R&D on the strong technological foundation and customer understanding we have, and this is really supporting easy technology adoption, especially in the optical retail. So we believe that we are the one who can really introduce those new solutions for that change supporting that change for that big and growing customer segment. So this is very much summarizing what I just showed on the portfolio slide. I think we are now finishing this brand, and we are good to take a little break, and we will be back in 10 minutes. Thank you. [Break]

Hello, and welcome back from that short break. We are ready to continue on our agenda today. So we will hear soon from Umberto, walking us through how do we drive commercial excellence in the new company. We'll then hear from me, from the operational and people's part, to conclude the strategic cornerstones and then Jukka in the end for the value creation. But without further ado, let's welcome Umberto to the stage.

Good afternoon, everyone, and thank you again from being here. I'm Umberto Bargiggia, Vice President for International Sales. So far, we've talked about the ophthalmic diagnostic equipment market and how it's evolving, about our strategy to successfully position revenue in this changing environment and about the immediate value and future potential of our combined portfolio resulting from the [indiscernible] acquisition. In this section, we want to show how we translate the strategic positioning and the expanded potential of our portfolio into commercial results, leveraging the synergies between revenue and [indiscernible]. As we bring the 2 organizations together, we see 4 core value creation priorities. First, we can capitalize on our commercial footprint. We are combining the best of the 2 organizations to strengthen our competitiveness in key markets. And second, we can leverage now our greater scale to be more relevant across markets and across customer segments, while at the same time, diversifying our revenue streams across sales channels and geographies. And third, we can increase our sales and margin contribution from our direct channels, creating a stronger commercial engine for cross-selling and prospecting activities while at the same time, insource incremental margin by selling direct in Central Europe. And fourth, we can optimize our distribution network. We are assessing our combined distribution network that counts on more than 400 distributors in more than 130 markets to maximize our performance, country per country and segment per segment. These are the 4 priorities we will walk you through to show you how we can create greater value together, turning 1 plus 1 into more than 2. As Jouni introduced earlier, the ophthalmic diagnostic equipment market is a solid and steadily growing market. The U.S. and Western Europe provide the largest contribution to the projected growth with more than 40% of the total expected growth and a relatively small number of other key markets account for the remaining larger part of the projected growth. And this concentration of growth perfectly connects with our first valuation priority, to capitalize on our expanded commercial footprint. Let's connect now market potential with our commercial footprint. This chart shows the size of the ophthalmic diagnostic equipment market across the top countries. Already before the combination, Revenio was a global company with a strong commercial international presence, we had a direct sales organization in the U.S., and we had direct sales representative directly deployed in the countries to support our distribution partners in Japan, China, India and Australia. But when we bring the 2 organizations together, our geographic positioning changes significantly. Now we can accelerate our competitiveness in U.S. We're already over summer, we have already integrated our companies, and we can increase our strength in Western Europe. With 6 mature direct sales channels, namely in Germany, Italy, France, Spain, Portugal and Belgium. And at the same time, we can increase our ability to support our distributors directly in the country with direct salespeople in China, Brazil and Israel. Let's now look at the added value of our expanded footprint. We see 3 tangible benefits. First, the immediate ability to leverage greater resources. From day 1, we can leverage greater commercial power focused exactly where it matters the most. For example, in Europe with our 6 direct sales channels; and second, increased ability to drive innovation. More direct resources means more market-specific expertise, more know-how, as well as greater dedication to accelerate the execution of our strategy as well as accelerate sales of our products and solutions. For example, in Brazil and in Latin America, where now we have resources directly in the country and for the region. And third, greater customer proximity. Having more direct customers and more direct resources brings us closer to our customers. It makes us more appealing for large accounts that more and more often want to engage directly with the manufacturer. And at the same time, it gives a greater ability to understand and serve our customer needs. Let's now quantify the transformation. In U.S., that is our largest direct market our combined business is approximately now 1.6x the size of legacy revenue. And in EMEA, the transformation is even more significant. We reached almost 4x the size of the previous case with a broader and more diverse revenue streams. We add on top the revenue from our direct channels. We increased the contribution from our in direct channels, and we add on top the distribution from our OEM partners. And in Latin America, we reached more than 3x the previous case, and this gives us greater critical mass and stronger regional impact. In Asia Pacific, revenue was already strongly established, and this combination further improves our platform for future growth. But there is another dimension to revenue diversification our combined geographical scale. Our revenues are now distributed more broadly across geographies and therefore, across markets and therefore, across customer segments. So the combination does not simply make us bigger. It creates a more balanced and a more resilient commercial platform, and it gives us greater capacity to impact the markets that matter the most. Now let's look at our direct sales channels. In U.S., that is our single largest market, direct market. Over summer, we have combined our 2 organizations, allowing us to build a sales force that is approximately 50% larger than before. And not only that, with more people in the field, we could pass from 18 to 27 since territories. That means reduced territories with the broader portfolio that we can sell there. And most importantly, probably, more than 35% of the combined customer base is newly addressable customer. It means customers that have a relationship with either one or the other part and that now we can target to accelerate our cross-selling capabilities. At the same time, with more people in the field with smaller sales territories that we can address with the broader portfolio, we can also create greater capacity for prospecting. Let's now move to Central Europe. As we said, we had 6 mature sales channels. And through that, more than 100 customer-facing professionals day in, day out, engaging with our customers and probably even more importantly, through that, we incorporate more than 600 customers already using our software solutions and this is particularly important to strengthen our leading position in the shift from Vision Care to Connected Eye Health. So our renewed positioning in Central Europe is a great asset that allows us to increase the penetration of our portfolio, while at the same time, improving our profitability through selling direct. And of course, our go-to-market model is not only about direct sales. A significant part of our global presence is built through our distribution partners and we can now count on the combined network of more than 400 distributors in more than 130 markets. We have already started the process to assess our distribution network, market per market and segment per segment, and we are doing it focusing on 4 major drivers. First, the strategic alignment. We are engaging with our distributors to assess who best aligns with our values, with our strategy and with our growth ambition. And second, our increased share of wallet. Our broader portfolio gives us the chance to become more important for our customers and therefore, more central in their strategy. Third, stronger market execution by selecting the partners with the stronger access to market and with the strongest access to our customer segment, we can now have a better reach and we can combine this with structural technical service capabilities and with enhanced regulatory capabilities that are more and more important in our space. And finally, proven track record of success. We have the unique opportunity to assess our distribution partners based on data and business intelligence that the 2 organizations can bring together. And as we speak, we are already applying this approach across more than 20 countries. So now so far, we've talked about our commercial footprint, our scale, our revenue diversification, sales channels and execution. We want now to present 3 examples directly from the field to highlight how customers are already responding to our strategic positioning and expanded portfolio potential. The first 2 examples are from Europe, namely from France and Italy. They are 2 very different markets with 2 different health care systems but they illustrate the same underlying structural trends and needs. For example, demand for accessible eye health is increasing, driven by factors such as we discussed before, aging of population and lifestyle-related disease. And at the same time, the availability of iCare professional is limited, for example, ophthalmologists in France and optometrists in Italy. And this creates a gap between the demand and the available professional capacity. And that gap requires new and more efficient and compliant workflows. And this is exactly where we come in. Our connected remote use, remote-ready technologies can create the desired value. They allow customers to expand access, to improve their workflows and at the same time, to unlock new business opportunities. And the good thing is that it's already happening now. In the last 18 months, we have installed more than 200 installations of our DRS in France. These solutions are helping to improve geographical access to high health, particularly in areas where access to ophthalmologist is limited. At the same time, they are transforming the in-store workflow and supporting an enhanced role for optical retail. In Italy, we have installed more than 60 systems in the last 12 months about remote fraction solutions. We've partnered with one of our key accounts, and we help them to scale up and accelerate their expansion and now with just few remote optometries, they can support more than 60 stores, extending in shop opening hours implementing new systems and new workflows for the customers that can have through that, a better customer experience. And our third example from the United States, we want to highlight through this the power of our broader portfolio. We are pleased to share the testimonial of 2 doctors, Dr. [ Julie Rodman ] and Dr. [ Miller], both of them already using a Revenio [indiscernible] and the [indiscernible]. Let's hear directly from the doctors how the combination of the 2 solutions adds value to their clinical confidence and ultimately to patient outcome. [Presentation]

Well, clinical confidence couldn't have been explained better. Thank you, Dr. [ Rodman ] and thank you, Dr. [ Bruce] for your testimonials. So now let me bring this all together. In this section, we presented how we translate the strategic positioning and expanded potential of our portfolio in commercial results. And therefore, how we plan to continue accelerating our sustainable growth. We want to focus on 4 major pillars to capitalize on our expanded commercial footprint to leverage our now greater scale and broader revenue diversification to increase our sales and margin contribution from our direct channels and to optimize our distribution network. We are stronger today and positioned to continue providing sustainable and profitable growth. And this is what we mean when we say creating greater value together, turning 1 plus 1 into more than 2. Thank you. Mari, back to you.

Thank you, Umberto. And hello, everyone, again. My name is Mari Korhonen. We've heard a lot today about how -- what kind of ambitions we have and how we can sort of make a change now in the new chapter. And my focus is now to really go through how do we enable that. So -- and this will be done through the operational excellence and quality with people and culture as the foundation. So we continue building on and strengthening the scalable and cost efficient and really resilient operating model that supports our growth and really strengthens the customer experience and safeguards the high standards of quality and compliance. We are advancing this through 3 clear priorities that I'll walk through now. First, we will really simplify and strengthen our global supply chain network. This means to improve the resilience, balance the internal and external capabilities and applying dual sourcing, for example, where it creates value. We will clearly define what capabilities we should have in-house that they're strategically important and where we need to trust on manufacturing partners, for example, for greater flexibility or scalability. Secondly, we will further advance our customer care and service operations to really combine the strongest capabilities from both of the organizations and harmonize the key processes to be consistent and responsive and to be able to provide that high quality customer experience, really regardless of whether the product is sold through our direct channels or through distributors. And thirdly, the quality is at the center of everything we do. We will strengthen the quality culture in the company and really provide an uninterrupted market access to continuously improve our performance in doing that. And for us, quality is not just about product performance. It's about how we serve, support and collaborate with our partners and customers. The business continuity will be critical when doing any changes, and we are going to face this very deliberately to execute in a controlled way to protect the customer relationships and our day-to-day operations. So in short, we remove the complexity where it doesn't add value we will build resilience where there might be a risk of disruptions and really protect the quality in everything we do. And that is how we enable excellence and again, scale with confidence. And to our final strategic cornerstone, which is developing people and culture as our foundational strength. We strongly believe that our ability to execute the strategy will ultimately depend on how our people operate and how effective we are as one company. So the ambition to build one in the credit organization with a shared culture and a positive employee experience is there. Three areas here as well, how do we continue enabling a high-performing organization. This means that we will have the right capabilities in the right roles. Everyone knows what's expected of them that we align individual and team targets to really support a high-performing organization. We are creating a one company culture, like I already mentioned earlier, we have done a culture survey and to really understand the strength and characteristics of our both organization. And the results show that we are very well aligned. And there are also, of course, areas we can develop our new shared ways of working. Third, the employee experience, how we strengthen that and also strengthen the growth. We want Revenio to be a fair and transparent workplace where everyone can have meaningful opportunities to develop, contribute and succeed and employee well-being will remain an important part of that experience. So together, all of these priorities will support the performance, our capability to innovate and ultimately, our long-term success. Surely, what I mentioned, but I will want to shortly rephrase the operational excellence and uncompromising quality are the foundation of the scalable, profitable growth and the unified culture and the high-performing organizations really act as critical enablers for this integration to be successful and our long-term performance to be secured. But let's go to Jukka and here in the fifth section about how we are positioned for value creation. So over to you, Jukka.

Thanks a lot, Mari. Nice to be here today. Actually, nice to see so many people here present and of course, online as well. And you have heard today our new strategy update in the market dynamics shift to the connected eye health. You have heard about our new product portfolio by Erkki go-to-market plan or priorities in the operational excellence and people [indiscernible] as well. And what I'm going to present, I'm going to present how we turn that to the value generation, what's our revenue plan over the years, profitability plan and of course, as a result of our new updated financial targets. But let's start first look -- let's look a little bit about our history. What has been revenue historical track then look in the net sales profitability from the adjusted EBIT point of view and cash flow. And between the years 2019 up to 2025, we have been able to grow our top line basically doubling that from around EUR 50 million in 2019, up to EUR 110 million during the year 2025. And that has been always complemented and strengthened by the selective strategic M&A over the years. Both in the hardware side and also software sites. And of course, the latest transaction, the [indiscernible], what we are covering here today as well. Then when looking at our profitability profile, which has been adjusted EBIT between 24% and 31% over the years, which is definitely one of the highest in this industry where we operate. And on top of that, we have been always generating strong operating cash flow as well when you look over the years, peaking up to EUR 30 million during the year 2025. And this has enabled us our investment on the products. Also in R&D, around 10% a year. But at the same time, this creates a great foundation for the company in this new strategic phase where we are entering today. Then let's look again a little bit repeating the reasoning of the [ Visonic ] transaction. Of course, the key driver is this market shift, like Jouni highlighted, from [ Vision Care ] to Connected eye health. And what do we now have after the acquisition? Like we have highlighted, our the total addressable market has increased to more than EUR 1 billion year to EUR 2.7 billion. So 2.5-fold increase in the addressable market. Then in addition, we have a stronger global presence both in North America, Europe and APAC as well. And then third one, we now have in our portfolio [ OCD ] offering and other complementary offerings to serve these new market dynamics where we operate. And on top of that, this new scale enables us also the improvement in the profitability levels from the synergies and operational leverage side as well. And the next one, I'm just showing the indication of the new scale of the Revenio group. And these are the pro forma numbers from the year 2025. So like you see the top line, our pro forma net sales in year 2025 was EUR 253 million. So quite a significant growth from the EUR 110 million that we reported out as a stand-alone revenue. And out of this EUR 253 million, our recurring revenue base is around 20%. So quite a significant pace coming from the recurring revenue as well. And we look at the profitability levels in the pro forma numbers, adjusted EBITDA, EUR 45.3 million, 17.9% of the net sales. And just reminding, we are now targeting this EUR 20 million EBITDA uplift due to joint value generation and the synergies and we expect that to be in place by the year-end 2029. And the next one, you see the revenue breakdown pre-deal and post deal then looking pro forma numbers in year 2025. In [indiscernible], EUR 110 million revenue, around half of that came from North America. So EUR 55 million, 1/3 came from the EMEA and LATAM region, so EUR 36 million and EUR 18 million came from the region APAC. And when you look now this new group in pro forma numbers, North America revenue has grown to EUR 90 million but at the same time, share of that has dropped from 50% to around 1/3. And of course, at the same time, significant growth in our revenue base in EMEA LatAm from EUR 36 million up to EUR 139 million, so more than half coming from that region and then increase in the revenue as well from EUR 18 million to EUR 24 million. And the key highlight here is that we have less dependency on the 1 country, 1 region broader revenue base of customer and geographies, which gives us more avenues to grow in the future. And then let's go to financial target. So net sales target for the year '27 and '29, 5% to 10% compound annual growth rate and adjusted EBITDA 25% by the end of the year 2029. And the following slides, you see our plan and the steps how we get there. Starting from the revenue. As I said, 5% to 10% combined and our growth target over the years. First thing, first driver in the top line growth is, of course, continue growing the existing portfolio, existing business and, of course, cross-selling the combined portfolio. As an example of the high-growth offerings of OCP multimodal both Erkki and Umberto covered earlier today. Then on top of that, we have now better access on different customer segments, different geographies, optical retail, product access to optometry and some direct account as well on top of that. And then the third one, of course, we continue our R&D, our product development of the bundled combined offerings of the software hardware [indiscernible] in the market shifted what was described today. And then about our profitability plan and bridge over the years, of course, one critical element that I'm going to show in the following slides is [ million ] synergies altogether what we aim to reach. And then on top of that, top line growth is bringing the operational leverage for the company. And then the third one, our continued focus in the software and services are improving our margins as well. And then let's cover a little bit our EUR 20 million synergy plan. So like we have communicated, we are targeting by the year-end million synergies, bringing the annual recurring EBITDA uplift for the company. And these are basically in 2 different areas. So commercial drivers bringing 30%, and that includes optimizing our distributor network, like Umberto was highlighting, cross-selling to existing customers. and, of course, getting new customers based on our new scale as a company. Major part of that 70% is coming on our improvements in operating model, fixed cost in improvements our supply chain, operational setup, design, production, assembly overall. And like we have communicated, we expect 70% of that to be reached until the year-end 2027. And like Jouni highlighted only 3 months after the deal closed. We have already secured 25% of those synergies, so EUR 5 million altogether. So we are well on track with this plan. Next one, regarding our one-off costs, which are fully connected, of course, on the acquisition and related integration. So like I communicated, we expect the one-off cost to be more or less the similar size and amount than the EBITDA annual uplift of EUR 20 million, what we are gaining. And what are these one-off costs? So a big portion of the one-off costs are coming from IT. It's coming from restructuring. It's coming from marketing and branding and overall project management costs. And we expect around 70% of those costs to happen between years '26 and '27. And what's the payback for those costs? Just repeating this EUR 20 million annual recurring EBITDA uplift by the year-end 2029. The next one regarding the rights offering, like we have communicated, we are planning during the June share issue worth of EUR 80 million. And [ Nordea ] is our global coordinator in the share issue, and they are our underwriter for the case as well. And like we have communicated our main owners, [ William ] demand and sellers at the deal close moment, owning 31% of the company have [indiscernible] committed to subscribe the shares pro rata in the share issue. And the funds from the share issue, we will use to pay out the bridge to act with the facility, EUR 80 million, what we got in the deal closing May 2026. This is a little -- covering also the balance sheet metrics regarding the stay issue before the share issue planned. And after that, like we communicated in connection to quarter 2, we had a net gearing of 15% and at the end of H1. After the share issue takes place, we expect that to drop to around 70% level. We also made public our net debt-to-EBITDA ratio in the quarter 2, which was around 5.3%. We expect that to drop on the level of 3 after share issue takes place and equity ratio, we expect also to increase from 31% to up to 50% after share issue takes place. But remember that on top of that, of course, we continue as a company delivering strong profitability, some cash flow generation and that, of course, improved the balance sheet metrics over the time in the future as well. Then at the end, like I commented, net sales target compound annual growth rate, 5% to 10% driven by 3 different drivers of the bigger size of the company, broader portfolio, growing the existing business utilizing the high-growth offering of multimodal and OCD offerings and, of course, focus also in the recurring revenue side as well. And then adjusted EBITDA of 25% driven by synergies, operational leverage and the higher margin coming from the services and the software offerings as well. Then at the end, our priorities as a company on the short term and midterm, regarding our value creation journey in the short term. Of course, we have been focusing, we will be focusing combining the organization which is well on track at the moment. We will continue developing our enterprise-level processes, our system landscape, our IT application regarding the both companies. We will start taking the quick wins, as you saw in the procurement side, also in the go-to-market side like Umberto highlighted. But of course, we, at the same time, start also planning these long-term synergies as well. On the midterm, when you look at the years '28 and '29, we will capitalize fully our go-to-market asset as a compound company we continue developing this new turnkey solution regarding the market shift. And then when looking that period beyond, we will continue strengthening our market leadership as a company. And of course, we also focus on the strong business performance as a company. But all these taking into account there is 3 things we never compromise. First one is a business continuity. Second one is focus on customers and customer satisfaction and, of course, our people in the Revenio group. Thank you. And I think I hand over to Jouni, our CEO, as the next.

Thank you, Jukka and the team. I think it's time to start wrapping the things up. So as I said earlier, so we are closing a chapter. We are closing a chapter in our growth book, which has been lasting more than the 10 years. But by the closing that one, we are going to open a new chapter. And the new chapter heading is geared towards the leading the shift from Vision Care to connected eye health. And if we go through now the cornerstones, how we are going to do it, so Erkki covered the logic why it's critical that we can really increase we can advance the clinical confidence and the workflow excellence across the different players when we are going through this shift. Then Umberto went through the benefits of combining the 2 companies in terms of having more customers in terms of having a more wider product portfolio and have a wider access to these customers in order to be able to sell more in order to be able to shift the Vision Care players more towards the connected eye health. And then Mari went through the operations part, how we are going to even further improve the operations, the way how we work. And then Mari also covered how we are continuing keeping the people and the culture as a cornerstone of enabling our future growth. And if we do all these well, like we have been doing throughout the years working also with the brand and with the ESG, I'm sure that this next chapter is also going to be the growth chapter for us in a profitable manner. We are well positioned to lead this shift. So Macro trends are backing us up, as we have seen today. We have seen today that the product portfolio is extremely complementary, highly complementary, and it's differentiated and we really cover with the hardware products with the software products. We are able to cover the entire clinical customer journey. Then on the scale side, so like Umberto said amount of the customers is increasing, then we have a way more greater footprint if we think from the sales go-to-market perspective. I mean, honestly, it looks good for the future. And then lastly, but sure, not the least item. So we are culturally aligned -- so if you take the old Vision team, we take old eye care team, the culture seems to be aligned. And this is a great asset for us to forward the integration, which is going extremely well as we speak. So we have been able to execute now first 25% of the 20 million EBITDA uplift, which we promised by the end of 2029. And then as Jukka said, so we are today also reiterating the financial targets in order to be way more clear than the 3x faster than the market. because most probably, market hasn't been increasing too much. So now we are really stating and hopefully making this one more simple to you all. So the target for the growth is going to be 5% to 10% with 25% adjusted EBITDA target by the end of 2025. But with these words, I think, Mari, it's time to move to the questions and answers part. They are hands up and run again. But maybe we sit down first, if that's okay. Mari, over to you.

Thank you. Thank you again. Lovely to hear from all of us. And let's go towards the questions. We could first have a few ones from the audience. I believe there was some hands up. So please, maybe the lady from the front row.

This is Pia Rosqvist from DNB Carnegie. If I start by looking at your growth ambition of 5% to 10%. How should we think about the lower end of this range versus the higher end of the range. In your scenario analysis, what would take you to the lower end but not to the high end and what would take you to the high end?

So I would perhaps try to answer this one and then colleagues, please help. So -- we have been looking at this one from the different scenario point of view. So like Erkki mentioned at the beginning. So we have a couple of high-growth segments, which are growing faster than the at 9%, which is the average market growth for ophthalmic diagnostic devices. So we are envisioning that we are able to grow on the OCT side, very faster than the market is basically growing. And if that growth is what we have been expecting. So from the OCT perspective, we are shooting toward the higher end of the spectrum. Then if we go for a multimodal part, so if that part goes as expected, so that again brings us towards the higher part of the spectrum. And then if we take the traditional one, so we are estimating the tonometry approach is going to continue. But most probably not on the high-end part of the spectrum because tonometer market, in general, if it's growing normally, I mean, it's single digit, close to 0, perhaps 1% to 2%, but we have been able to grow way faster. Then on the fundus imaging side, there, we have been able to move also the needle, but I think that hits not on the higher end, but that bids on perhaps a mid range or lower part of the bracket. Hopefully, this explains and of course, we have to execute. One thing we have to also remember is that if we go to the finishing part of the product. So that market is not growing too much. So if you continue the whole company portfolio, which we said that it's 5 to 10 if you consider that the finishing part is reasonable, it's stable, good business, but reasonably stable. So it means that on the other ophthalmic diagnostic device side, we have to then grow a bit more faster. Hopefully, this answered to your question.

Yes. And if I just may continue with a specification. So how much of your current sales do these faster-growing segments represent how much is OCT and multimodal devices of your the current combination EUR 253 million?

So unfortunately, the same trend is going to continue on this one. So unfortunately, we are not giving a product line specific numbers regarding to the revenue. So it's a bit like what we have been having a bit what we have had on the old revenue side, sorry.

Okay. If I still continue with another question. Just reflecting upon your long-term target, which is for an EBITDA margin, whereas you guide now for this year on adjusted EBIT, why this discrepancy in the target setting?

Yes, it's a great question, and we wanted to be systematic on the deal closed when we already announced some EBITDA targets for the mid and long term. So we wanted to be systematic with that and not to break that. And that's right for this year. When looking at the guidance, we used the EBITA on the short term. So that was the main reason we wanted to [indiscernible]take on the mid and long term. In the metrics we came out in the delcos.

And maybe building top of what Jukka said. So if thinking the part and the forecasted a part because of the depreciation. Are you all -- are you willing to open a bit amount so that you end up China with the guidance bracket.

Yes, yes. So at the moment, our PPA depreciation on the annual level is more than EUR 8 million, so around EUR 8.2 million were looking the annualized amount.

And hopefully, that builds the bridge to the guidance.

And then my final question for now is really on your combined sales of EUR 253 million. In conjunction when -- with the acquisition of [ Vision], you showed a share of sales split with roughly, I think, 23% coming from OEM sales for Vision mix. And now my question is, what will happen with this OEM sales? Is it something you are now reducing? Should we analysts think of EUR 253 million as the base level going forward? Or will there be a shift in that revenue mix, a reduction in the revenue mix.

Maybe I take this one. So if you go for the [indiscernible] and also in the new combined company, so the OEM businesses is actually quite lucrative for us and what also Umberto mentioned regarding to the open the access, perhaps the places where we wouldn't be without the OEM deals. And here, I'm referring especially the lens business. So quite a lot OEM businesses. I mean, it's [ V650], et cetera. And the OEM players are actually buying from us and bundling then the device is what they get from us with the lens business. And that's not -- I mean, that's not bad for us. It's good for us. And then, of course, there's a question that do we have -- is it a reasonable margin or not, but it's actually on the margin level comparable to the margin which we are going to get through the normal distribution network. So it's not kind of eating the margin compared to the normal distribution. Anything Umberto, you would like to add on this one? So not planning. So having discussions with these players, and they are strategic for us and planning to continue to work with them. But Umberto, anything you would like to add because this is a [ vision ] business?

Perhaps just highlighting that our experience so far has been the partnership with them is a big enabler to bring to market new technologies has helped to drive in the market, what we develop and innovate together with them. So I think it's a good asset that will help us also in the years to come.

This is Nikko Ruokangas from SEB. I have 3 questions, and I'd like to start with maybe a bit larger picture on your strategy. You emphasized quite a lot that you want to enable optical retail to take broader or more diagnostic and treatment there. And I understand that you got more access to the segment through the acquisition. I guess that [ Visonic ] has had access to the segment also as well as kind of other segments. So has Vision tried to do that expanding from vision care to eye care and how successful has that been?

Erkki, would you like to take this one? I have a certain thoughts, but first, the [indiscernible] words from Erkki.

Well, I can. So I would answer in probably in a couple of ways. So yes, the product offering, what [indiscernible] has had is kind of -- has been fitting to that shift partially already. What is really kind of new here? I mean [indiscernible] brings really kind of a solid customer base in that optical retail where we haven't been so strong in all revenue -- that said, as I mentioned in my presentation, some of the first diagnostic modalities often taken into use in optical retail tonometry and fundus imaging. And if you look at the revenues product offering there. Our products are, I would say, perfectly fit and probably better fit than business has been in that spot. So if you look at our [ DRS confocal fundus ] imaging camera, for example, fully automated, easy to use, is adopting to use and has proven to be successful in those settings. So I think we are complementing each other. We have bring some really solid product offering and knowledge from iCare to those customers [ Visnix ] is having already. So it's complementing in that sense. And probably to add one more thing. So [ Visonic ] has been really, I think, strong and good and innovative is to introduce those cloud-based solutions to those optical retail customers. For example, combining multimodal diagnostic devices we just talked about into lenses experience solution, which is supporting those customers. And we both have had some activity in retinal screening, AIS listed retinal screening solutions where I think we can combine strength of both companies in one solid solution. So it really combined -- we have been operating slightly in different kind of areas, and it combines the strength of both.

One thing came to my mind. So are you able to open this lens experience. Maybe it's not a familiar term for all?

Yes, sure. And that really relates to the customer profile in OEM business, what Jouni mentioned earlier. So main partners there are big ophthalmic lens manufacturers who are combining lens offering to our multimodal devices or the data produced by our multi-model devices. So our device is are capturing refractive and other data from the customers, which then can be used in profiling the best fitting ophthalmic lens solution for customers. And that supports the -- typically the sales of premium-type lenses for the customers. And that's the kind of a big, let's say, joint interest our multi-model devices are capturing data that is then transformed into a kind of sales support tool for Optical Retail customers. And that's, of course, a joint interest or common interest of both lens manufacturers and us as a tech provider.

All right. Thank you. Then a question on integrating the 2 companies. You said that you are going to decide what capabilities to keep in-house, what suppliers and distributors to use. So I guess that these are quite essential for the cost synergy generation. How long are you in the planning phase of this?

So as we covered already during the Q2 and today, so we have been able to now conclude the organizational setup in the U.S.A. So now the both teams in the U.S.A., we have organized them already in a new way that covers the sales that covers the operations that covers the final, so it covers the whole U.S. entity. So they have been running now full steam roughly 6 weeks, I would say in a new setup. And then, of course, we have plans and understanding that how we are able to move the countries in a setup that we drive the global functions through more. So if you go to the kind of old vision set up, so they were quite country-specific, very tight country-specific P&Ls. So U.S. had, as an example, on stock management for the product's own service organization, own customer service. If we go then for -- as an example, for Italy or we go for France. So pretty much the same. And what we have been now doing is that we try to find the best pieces from the ex revenue and ex [ vision ] in site so that we tighten up the old Revenio model -- revenue model or Revenio model so that in the U.S.A., we have a P&L rest of the world. We have a P&L but we bring the global functions then to cut across so that if we think the warehouses, logic centers, service, customer service, whatever is it finance and control quality. So they cut across and the direction and the development is coming from the global functions, and then we may and keep only to P&L. One is the U.S.A. One is kid the rest of the world with Umberto is looking for. So -- and there, we have plans in place how step-by-step we take this journey forward.

Okay. And then continuing just on this, have you made kind of a higher level decisions on kind of you having before the transaction lighter production model compared to [indiscernible] maybe doing more themselves? How do you want to mix these 2 different production models?

There's -- the plan is developing. So we are we are looking the pros and cons for the both models and really looking also the kind of the total cost and then working on that front that what's an optimal model. So is it really to go really like revenue used to be really light asset-based where we don't manufacture anything or assemble anything by ourselves compared to [ Vision ] model, which is the hybrid so own manufacturing and part is through the strategic manufacturing partners. So this work is ongoing. I think we come back to this one when we have a plan ready.

Okay. And then the last one on sales growth. you are targeting 5% to 10% organically from '27 to '29. So first one, does this include also organic growth from '26 to '27? Or does it start from '27 onwards? And if not, are you kind of targeting this 5% to 10% kind of a growth also in '27?

I can take it.

Yes, you can take that.

Yes, it's an organic growth target with years '27 and '29. So organic growth in '26.

Yes, just a few quick ones from me. Daniel Lepisto from Danske Bank. So maybe a question on your key customer segments now post the transaction. So can you run us through on the -- what's your customer split at the moment? So I guess optical retail become much more important for even now post the transaction. So can you give us any percentages on the customer split?

Do you want to go?

Yes. So I think after the integration between the 2 companies in terms of split between the customer segments. We are quite well balanced with revenue that historically was more on the optometry medical side, and we were more on the optical retail side. So this creates a very good blend. Our direct sales channels, for example, in Europe, they were primarily focused on the optical retail in Europe -- in the U.S. was more optometry in a similar way as even did. So I think we are quite well balanced and around a 50-50 split, I think, between optical retail and optometry medical.

All right. Thank you. Then I would like to know about if you can disclose anything about the gross margin variation between different product categories. So what are you willing to share this different gross margin profiles of your different products?