Greetings from Wärtsilä's headquarters in Helsinki. Wärtsilä released their Q3 report today and that's why I'm here with their CEO, Håkan Agnevall. Hello. Hello. Welcome back. Thank you. So let's start with the quarter. Can you summarize it in a few sentences?

I think it's a very strong quarter. We continue to see very strong momentum in our order intake, especially on the energy side. And then we continue our journey of improving profitability.

Sounds good. You recently announced an innovative generator-to-grid operating model for US data center developers, in collaboration with Schneider Electric and Stanley Consultants. How does this coordinated approach change your competitive position?

So basically, we are very active in the US data center market. And there is a strong focus on delivery times and trying to reduce those. So these three parties, we play different roles. Stanley is the overall engineering consultant. So they do the general layout and the design. Schneider provides equipment, medium voltage, in the data center. Also outside of the data center. And we provide the power generation, so to say. And it's a very simple logic, because if the equipment is combined and the design is combined, if these parties work very closely from the very beginning, it should be possible to save time and cost. And that's what the cooperation is about.

Now we announced it, but we are at a very early stage, so we are not, you know, how far will we get? We don't know that. But we do think that there should be potential when three parties work together.

You are undoubtedly facing strong market demand in energy, which has led many energy equipment providers, including you, to increase their capacity. Are you worried about the long-term price competition in this area if the demand falls back to the historical levels one day?

So first of all, we see the increasing demand in energy. There are several growth drivers. Yes, we talk a lot about data centers, but it's a much broader growth narrative. I would call it even a structural growth narrative because first of all, more and more industries are electrifying their processes. Saving energy. You have transport that is getting electrified. We have air conditioning. A big topic in Southeast Asia, maybe also in Southern Europe going forward. And we have a lot of renewables coming in when demand is growing. And then you need the balancing power that we are providing. We have an aging energy infrastructure in the US. So it's all those factors combined that drive the general demand. And that's why we have a long-term positive general demand outlook.

And what will happen when the market balances back? I think we are also rather confident there because if you look at our technology, it's a very competitive technology in terms of fuel efficiency, in terms of emissions. Because of that, in terms of we consume very little water compared to gas turbine technology. And so we are very good at flexibility, ramping up and ramping down. And in the medium-speed engine, where we are the big player, we are ahead of competition. So we think that we will be competitive also in a situation where the market normalizes. And I forgot to mention our service. We clearly have the leading service network among the medium-speed. So we think we'll be competitive in a normalizing demand situation.

Good. And then if you move on to marine, you recently have been very cautious about marine service demand outlook. Is that somehow stemming from the geopolitical situation?

So I mean, if we look on the marine service order intake and revenues, it is rather flat. It's been there for a couple of quarters. And I mean, there are several drivers, but some of the main drivers are related to the bunkering prices. Fuel prices have gone up. That's a consequence of Hormuz. And what happens when the bunkering prices go up? You could say we have two types of customers. I mean, one type of customer, they have a budget. And when they need to allocate more of that budget to the fuels, they will allocate less money to the maintenance, so they take a risk on that. Then we have another type of customer. And they are operating with very high rates or attractive rates, like take container side. And then they also postpone maintenance because they can make a lot of money. So they take a little bit more risk there. So this is also impacting.

Then we have, you could say, another phenomenon that we talked about in the previous quarters, is that we have seen, because of the IMO regulations, slowing down. We also see that impacting our retrofit business a bit. So those are the drivers. Why the services are flat, but a long-term view, because our order backlog in services in marine is building up. So we continue to have a positive view on growth in our marine service business.

And then finally, you also updated your financial targets today. Which measures and factors are most crucial to lift profitability to the targeted levels?

And that we have to come back to next week when we have a Capital Markets Day. How are we going to do it? Yeah. But I mean, you're just looking at the press release and the numbers that we have released. I mean, clearly, the energy profit EBIT margin to 18%, to 14%. So there is increasing profitability in both businesses. If we look at the growth target, I mean, high teens for energy, and so there is significant growth on the energy side, fueled by the drivers we talked about. And then it's mid-single digit for marine, which, considering where the marine industry is developing, is actually pretty good as well. So those are the drivers, but as we talked about, we'll talk more about it at the CMD next week.

Yeah. So we have to look forward to that then. Thank you and good luck with the final quarter of the year.

Thank you. Thank you very. Much.