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Yes, I can hear you. Okay, good. Welcome to this place as well as to the line. My name is Jouko Pölönen, the first executive director of the EU. We also have here with us the executive director of the Varaohoito EU, Tero Estovirta, and then also the executive director of the EU, Antti Lyytikäinen. But let's briefly go through the just published report. Our opening figures, the event of the year of review. Of course, the exchange rate dropped so much in the fall and September, as well as the last quarter, Q3. Of course, the drop in Q3 is already getting smaller. In that sense, Q3, the balance sheet figures were already very stable for us. But of course, especially on the corporate finance side, success rates have not been achieved at all in the beginning of the year. Our turnover of 19.4 million euros is 30% less than a year earlier, and it comes through all of our business areas, both in retail, corporate finance and also in investment operations. The net profit per month is 7.6 million euros, 20% lower than a year earlier. The profitability is still good, considering the net profit level in relation to the exchange rate and the cost-benefit ratio, even though it rose over 50-54.6% at the consumer level, so it's quite OK. Our management fees Without the reporting service, the 10.2 million euros were slightly less than in the year change. According to the reporting services, the increase was 13.7 million euros. What was positive was that we raised over 225 million euros in our private equity and housing funds. In that sense, we especially want to grow in terms of private equity in the future. Especially next year, we will have a lot of private equity products for sale. Advium and Consign's own investment operations suffered from a difficult business environment. The activity in the business organization market as well as in the real estate markets is still in the middle and bottom of the long term. Fortunately, it looks like the corporate market and the IFO market will start to thrive. Hopefully, the development of the economy and the market will support it in the future. I started my first nine years as the executive director of the European Commission. It's very nice to be part of a group of entrepreneurs with professional skills. At the beginning of the year, we will of course get to know our own professionals, our products, services and customers. But then also strategic work. We have been doing this for a long time, especially in the field of resource management and business operations. The goal of brightening the strategy is to continue this in the end of the year and then to publish it. Our strategy and economic goals are now in the release of schedule information, which is on the 3rd of February. Our Consen's profit margin was 19.4 million euros, which was 8.2 million euros lower last year. And as you can see from this, it came down somewhat for all business segments. Perhaps the biggest drop comes from the corporate finance side. In that respect, we have a lot of to carry the cases forward, but when will they be received? When will they go to the finish line? Of course, there are big changes taking place every quarter and every year. And, of course, the business activity is based on the long-term success rate. When the cases are received to the finish line, we will receive a business exchange and a business victory. During the beginning of the year, there was one case that went to the finish line. The success rate has been determined, but it's not a public case. Of course, the shareholding sector has dropped 3 million euros. First of all, the shareholding sector still received a fixed salary. But our shareholding business is going quite well according to the plan. We have also estimated our budgets for this year. And we are looking forward to the fact that the construction market will slowly start to hope that the base contact will start to be, at least in Urho, very close already. And now the volumes of construction at the moment, especially in the housing construction side, have already been so low. The beginnings here in the last couple of years, so to speak, the demand-supply balance starts to be found there and also I still believe that urbanization and also the change of land will continue. When we are here in Katkokeskus, in the real estate and real estate business, there should be a positive outlook for the future. The investment side really suffered. Meillä on omia sijoituksia, niin tietysti meidän omissa rahastoissa, niin private equity kuin kiinteistöpuolella, oikeastaan asuntorahastoihin liittyen alaskirjaus tuossa alkupuolesta tehtiin, ja sitten dollariheikkeleminen tietenkin heijastuu sitten myöskin näihin sijoituksiin, niin se oli miinuksella myöskin tuon alkuvuoden aikana. Kun katsoo meidän pitkän aikavälin kehitystä, niin tietysti Eekullahan on ollut erittäinkin vahva, hieno kasvutarina taustalla, Now, quite a long time after the Russian invasion, there was also a significant rise in inflation and interest rates, and of course, the real estate sector and the market were highlighted. It has been there for the last three years in a rather challenging situation, but we believe that it will slowly level out, and then, of course, the strategy and prepare how we will return to a strong growth career. Our balance sheet is strong. Fortunately, this is the main source of light business activity that we have focused on. In terms of our property rights, we have 317% of liability claims. We do not use taxes at all in our business. The interest rate is zero. and our liquid reserves were 22 million euros. Of course, in October, we paid out another part of it. Our own real estate investments, which we have made to our own funds, are 16.4 million euros. When we go to the stock market, the stock market, of course, as well as the trade, as well as the trade, came down. Let's take a look at the January-September or June three numbers. But when we still look at the cost-effectiveness, we can say that this is at a very good level. 44.8% in September and 40.5% in Q3. Here you can see the strategy in September, for example, in other expenses of the business. The plan and the market calculations that have been made have resulted in a 1.5 million euro once-in-a-lifetime sum, which was already written in the Q2 figures. The change in our salary returns can be seen on the real estate side, that it comes a long way from the cash side, 2 million euros, that is, 10% of the government salaries down. You could say that private equity stocks are in a very good line. Previously, private equities were paid a little less than they were a year ago. Government salaries were 0.4 million euros higher. In that sense, we are also guided by the results. We expect the prizes of the private equity sector to increase in relation to last year, but then again, the financial side, that they will decrease from last year. Our share of the prize money, if you look at it, These are already balanced. For example, the real estate side has come down a bit. The real estate side has 43%, the private equity 41%, and the stocks and stocks have 15% of the revenue. When you look at the revenue, it is very much a very stable management revenue. And of course, the revenue from these payments is now more from the private equity segment. And that's what we've been doing for the last couple of years. But now the segment is also starting to be realized as a cash flow. Our private equity returns have been very good, as well as U3 returns. as well as annual and long-term returns. In that sense, we have succeeded in choosing the best private equity funds to invest in. And now the first returns, the cash flows, are expected to come at the end of the year, and especially next year, more of these funds will have to come at the return rate stage. And that is expected, of course, are positive in the coming years in the development of our fleet. As you can see in the consignee, the health insurance is a significant part of the consignee. In the last three years, we have come down, and the growth has been very strong. We are now looking for strategic lines to turn this back to the gas sector. Our managed assets are divided so that the interest rate on the share side is still strong and we want to remain strong. It is 41%, but of course it is a listed market and a very competitive market. The amount of paid salaries is much lower as a basis point. Even though the salary output is about 15%, it is 41% for management and customer service. Dequity 41% is also from our discounted shares and then the total of 18%. The results of the stock exchange interest rates have been good for us. If we look at the longer term, of course, the investment business should look at the longer term, but if we look at the interest rates, how they manage in terms of benchmarks, at the beginning of the year, 54% of the interest rates exceeded. Benchmarks exceeded 69% in three years, and 77% in five years. Benchmark returns. The total amount of funds is 2.2 billion euros, which is 1.4 billion euros in stocks and 0.8 billion euros in bonds. Our securities funds. We are a very large investor in Finland. We are the fourth largest. Kiinteistösijoittaja Kojaamon satoja Ilmarisen jälkeen. Meillä on kiinteistörahastoista, joista on paljonkin uutisoitu viime vuosina, erityisesti avoimista kiinteistörahastoista ja niihin liittyvistä haasteista, niin meillä on käytännössä avoimia kiinteistörahastoja kaksi. Suomen suurin kiinteistörahasto, EQ, yhteiskuntakiinteistöt, joka sijoittaa ennen kaikkea moneneihin hoivoja yhteiskuntakiinteistöihin ja muun muassa nytten tässä viimeisimmäksi julkaistiin rakennetaan yksi koulukiinteistö Espoose ja sitten sen sijoitettu pääoma on noin 1,7 miljardia euroa ja oma pääoma on siitä yli miljardi. low to value, 39.3%. And revenue from the beginning of the year, 1.4% plus. And revenue from the foundation, 59% plus. And then the business assets. Another big challenge. The investment capital is 924 million euros. The capital is 1.5 billion euros, and the value is 43.5%. Of course, we use the pension fund in that sense, but it is a fairly moderate pension fund in these open funds, in the social and business sectors. The profit of business sectors in the beginning is unfortunately negative. minus 3.4 %, and the yield is 3.6 % per annum. Lack of use is, of course, too big at the moment, and especially lack of use in certain business facilities is the cause of the challenge. The business market in Finland is probably one of the most remote working markets in the world. In that sense, it causes business challenges. Pikkuhiljaa, of course, we hope that the employment will improve. As soon as Finland starts to grow, the employment will improve, and the level of employment in real estate will also rise. Asunnot3 fund was founded this year. We then combined Asunnot1 and Asunnot2 funds. It is a closed fund, it is only meant for professional investors, which has invested about 1400 euros in housing. Kasvukeskuksissa, eli Pääkaupunkiseudulla, Tampereen seudulla ja Turun seudulla. Siihen rahastoon on nyt kerätty lisää pääomia, 49 miljoonaa euroa. Sitä varankeruuta edelleen jatketaan, jonkun verran vielä tämän vuoden loppuun mennessä pääsee mukaan. Ne ketkä ammattimaiset sijoittajat siihen haluaa tulla. Se kiinteistövarallisuus on noin 280 miljoonaa euroa siellä. Mutta siinä mielessä avointen kiinteistörahastojen tietysti viime vuosina siellä on ollut netto, Now it is very far from plus or minus zero. Of course, we still have a bit of a lot of losses related to social and business enterprises. Of course, we are waiting for the market transaction market to start to rise and then at reasonable levels we will also be able to realize enterprises and then return these losses to customers. Private equity funds. We have been doing this for a long time. The EU is the market leader in this sector in Finland. Our private equity funds are focused on small and medium-sized companies. In that segment, which is currently the most functional market. Large buyout funds have had big challenges in recent years. The exit market has been in a tight spot for a long time. Also, the new stock purchase market, the stock market, has been very challenging. Globally. But in the P&C sector, of course, many people see that, first of all, the purchase prices, when you enter the company, are lower. There are much more value-added opportunities. You can grow, consolidate, and make a lot of add-on investments. The exit market is also significantly more diverse. You can make it for commercial buyers, private equity investors, and of course, for the IPO market, when you need them. In North America, This year, the private equity of 17 US dollars, which is 182 million dollars, has been collected. It is still somewhat open. Next year, there will be quite a lot of European-based funds. to bring to the sale and to the retail phase. There is also the intention to have the first direct fund also in Finland. The product family here, we have succeeded very well. I believe that there will also be a lot of questions in the future. If we look at, for example, the long-term investment results of pension investors in the last 20 years, what property class is the best which is above that in Finland, is in practice a list-free market, i.e. a private equity market. And its returns are almost double compared to the listed stock market in the last 20 years. Of course, this is of course interesting not only to pensioners, but also to other institutions, and certainly more and more also to wealthy individuals, in what way they would be able to invest in this market precisely. The corporate finance side, indeed, We haven't been able to publish any of the transactions this year. But there have been a lot of cases. We've been working on them all the time. The cases have been closed, of course. That's how we got the net profit report. Unfortunately, the result is 1.3 million euros minus in January and September. because the net turnover is only one million euros, and of course, the costs are running all the time because the case is being worked on. We have made such offers as well as we have won those contracts quite well, but then they are realized for this year at a stage when both the MT deal and the Kiitex deal go to the ground. Our investments We invest more in what new funds are made, so a small, about a million, ticket for this side. Of course, this is reported separately, so we can see what this looks like. In total, the market value is 16.4 million euros. There are still connections. Above all, our PE half of the funds is 5.4 million euros. But our income, actually, which can be found in the field. Here, the minus 1.1 million euros is related to the housing funds in the first year, and also to the US dollar's decline. The dollar has declined by about 14% to the euro. That has a big impact here, because the yen doesn't measure any currency protection in the funds. The largest shareholder has not made any major changes. Of course, I myself had the opportunity to join in as a shareholder. I bought a million shares from three of the largest shareholders. I strongly believe that the ECU will turn this into a strong growth. Of course, it is an amazing thing that the owners, the management's operating management, as well as the individual's interests. How do we increase the value of the best products and products for our customers, and also increase the value of good shareholding for the shareholders? And of course, the individual also gets a good return on investment. In terms of visibility, I could say Tietenkin talousnäkymät on edelleenkin aika epävarmat. Tullikiistat on huhtikuun jälkeen aika tavalla elänyt. The Liberation Day and the news related to it, after that, they are, I would say, quite a lot of disbanded and packed, but again, the last week's messages from between the USA and China, I would say, the trade war situation, of course, creates uncertainty in the whole of this geo- and trade policy situation. I hope that the gas situation will clear up soon, and that Ukraine's war will be over soon, and that there will be a ceasefire and peace in the end. Of course, we believe that this will have a positive impact on Europe and Finland's economy. But here, we are actually giving two central lines. We are estimating the amount of grants, salaries and salaries. compared to last year, and on the other hand, we estimate that the salaries of the EU's private equity old-age companies are increasing compared to last year, even though we were a little lower in September and September, when the income-saving salaries were less repeated. I believe that in the whole year, these would be the largest. And of course, the income-saving salaries are already coming very quickly. to be realized. In that sense, we strongly believe that the cash flow will also come from there. On the other hand, of course, the salary growth is a long-term factor in the market development and what happens there.

We will answer any questions you may have. Yes, Sauli-Mille Ninderström. In the next year, we have been waiting for some year. Now the year is nearing its end and the market has evolved a little, at least in Europe.

Has your visibility improved at all? It has improved, of course. That's why we're hoping that the first private equity fund will be released at the end of this year. There's a lot of activity going on. We can see that the first fund should be released. There will be several funds next year. We've been doing private equity funds for a long time, and we follow them closely. millä tavalla sitten eksittäjä tehdään, mihin tuottotasoihin siellä sitten nämä rahastot pääsee ja paljonko siitä sitten jaksuttuu.

Käytännössähän se menee kuitenkin niin, että nyt kun sieltä rupeaa kassavirtaa palautumaan, niin ensin tietysti puretaan sitä aiemmin kirjattua jaksutusta, että sehän ei näy heti vielä tuloslaskelmassa, että ensin puretaan sitä jaksutusta ja sitten vastaan After the balance period is over, the income calculation is then realized according to the amount of money that is returned to the investors. It is then distributed between the ECU and the investors. Is it product-oriented? Of course, it is product-oriented and then return-oriented. When will they be realized there?

What is positive is that our returns are so good in these investments. When we look at the interest rates and the interest rate-saving returns we expect to get. Of course, we expect that the exit market will work, let's say, at this level as well. We have been able to return returns to investors from these investments. This is a different small-medium gap, you could say, compared to private equity, for example, large-scale returns. This exit market works significantly better than last buyout.

What did you say about next year's sales?

Well, there are of course many private technology products that are being funded. And we believe that our long track record in these products is positive to sell these products. Of course, investors have had challenges with liquidity, because many have invested in these and have not been able to return them. enough capital. How will we get new investment money? But we believe that in the long run, this is really good, and especially our segment, Small Medium Cap, both in Europe and in North America. This is just the right segment to be in terms of revenue, but also in terms of market activity. Well, that's the point. For the first time, we're going to make a direct investment product, so that investors can make direct investments in certain funds.

We've already made a cross-border investment in our funds, but we're still separating this into our own products. We make cross-border investments in the same target companies where our target funds are made. That's basically it. For example, we have had cross-border investments in our own fund-of-funds, and of course there have also been S&F investments that have been part of the fund, and now we take our own product there.

In contrast, a bit like S&F. I don't know if I should interrupt.

Yes, go ahead. What about the salary? At least at the bottom of the table, your colleagues are selling you cheaply the opposite product.

Yes, that leaves the fee layer. For both the EU and the customer, it is more profitable to get it.

I hope that certain institutional investors will be able to help. First of all, I hope that we will be able to tighten the balance sheet a little bit more for the investor.

I think that this is a good place to start.

I think that this is a good place to start.

I think that this is a good place to start.

I think that this is a good place to start. I think that this is a good place to start. I think that this is a good place to start. I think that this is a good place to start.

They have played a big role in that, and now we have our own product.

It's hard to say what the first round will be like. It's hard to say what it will be like. We'll see when we get to do the first closures and report on them. But first of all, we have good products coming. We already have product specs and marketing plans for them. run through the investor's office, how these first closures can be done. Will this run in the same cycle as the previous ones, which have been quite an army-like cycle, which is a good thing that it has been?

Has it been the same?

Yes, it has been in Europe for years.

Yes, when you look at the year of Teo, you can clearly see that we are doing closings and things like that. This goes in the same direction.

Well, that's the plan. At the same cycle, of course. You can't post your first payment. How will it look like? When will the closing be done?

Antti Saariopelta.

First of all, you have about ten people who have been added to the budget. What I thought was that it would have happened in Q3. We went through it a bit, but can you tell us what all the proposals have been done?

Actually, there has been a bit of cross-line. There have been sales teams, investment teams have been selected a bit, and then there have been IT operations in the administration. Let's say that in Q2 the number of employees was Meillä oli jonkun verran lähtövaihtoehto Pekalla puoliskolla, niin mentiin ehkä siinä vähän alaspäin. Nyt tavallaan on tullut niitä korvausrekrytointia sitten tässä ja sitten on tullut myös uusiin positioihin. Sitä kautta se nyt näyttää ehkä Q3, henkilömäärän muutos näyttää vähän isommalta kuin mitä se ehkä huomioiden pois lähteneet, niin mitä se todellisuudessa on.

This is in that sense, of course, this stock management business, especially, I could say, the capital, lightness, but also investments. What investments do we have to make? In practice, they are people. They don't need other investors at that time. Well, how do we attract the best people here to work? And above all, we get sales power, of course, product investment power, in a way that we produce the best products and services and the best investment results for our customers. Silloin vaan meidän pitää olla mahdollisimman vetovoimainen, houkutteleva työnantaja parhaillekin ihmisille. Sitä kautta me pystytään tuottamaan parhaat tuotot. Siinä mielessä ihmisten kautta myöskin sitä kasvua osaltaan tehdään. Tiedän, haluatko Tero vielä täydentää?

Seuraava, kuten Antti tuossa kertoi, kyllä lähtökohdalla on tietysti ollut se, että me ollaan ajateltu vähän jotakin asioita uudestaan. but also new positions. We are preparing for growth here. That's where our recruitment has also gone. We have also looked at what kind of skills we need for the future, which is being built from now on. We have also looked at it in the long run. But of course, there will be certain investment needs, which we have already talked about here, such as ICT and other related ones, which are of course initial pressures. But of course, we are looking forward to their effectiveness in the future. These are some of the pre-pressures, of course, as well as certain recruitment and other investments that we will be doing here in the next year. But we will probably return to them later in the year.

I'm very positive that we still see the EU as a very competitive employer in the market and now we have the best For example, the recruitment of a personal communication manager, which can be found on the internet, is in the linker. There was only one application on our website, and we got really good professional candidates there, about 60, and we have now challenged 18 of them with Antti, and now there are four for the second round. and hopefully we'll be able to release a picture during the next few weeks. The person who will then take care of our personal communications, because the person is the most important thing to us. But on the other hand, how do we highlight the brand awareness of the EU, how do we make it easier for the customer to find us. And when large institutions and wealthy families trust our services, we have been focused on that for a long time. and how it can be leveraged in the future, and perhaps also more broadly, to be offered to the private sector segments, but of course to all the institutions.

In biotechnology, I would like to continue by saying that the Taala effect affects your salaries, of course, but as far as I can tell, It would have been cool to see that coming down too. Is this the example of what I'm worried about? Since you have quite a few teams coming up soon, you have to run faster so that you can be in place, if you think about it that way.

Maybe it depends on what kind of close-up happens to the body, how the cat's up there. Quartals are not necessarily comparable. Depending on the quartal, the closing has always occurred. If you get a catch-up fee from the first closing, the quartals are not comparable. Of course, the dollar effect is relatively large. About a third of the GDP comes from the amount of the currency. and 10% of the currency movement, it can affect the amount of euros. What does it mean this year?

What has been good for us is that we have been able to return the money in the small-medium-cap PE financing. to the investors. And of course, that can be seen in the NAOMI calculation. It is also very important and a good thing for us. Well, it comes in the form of revenue payments. With these exits, little by little, they will start paying the revenue payments to us as well. So, the machines just have to keep spinning. And in that sense, on this side, it is a lot easier to do than in the last phase.

What about biotech products? If we think that you believe that there will be a production phase and more funding next year, it's good that this is the case. But if we look at the rhetoric, it sounds like you are a little more cautious than you were in the last year, but more optimistic than you were in the summer. Is that a real interpretation?

In my opinion, we haven't changed the word or the narrative.

It's been half a year since we last saw each other. It's been a while since we last saw each other. I don't know how I'm going to interpret this. I don't know what we've talked about before. The exit market has been quiet for a while, and has moved forward. It's probably further away from our initial thoughts. But now, of course, our confidence has increased quite a bit when we see that there is an exit and they come to the production and payment phase. And what we have seen from there is that the revenue of the funds has been so good that even at the beginning, as Antti stated, the results are not yet visible, but the results are being taken away. but there is still a lot to be expected in the future. We should also start to see the income lines, not just the cash flow.

One last question, a bit of a technical question. Alvim's expenses, 0.5 million, there has been a lot of business change. It looks surprisingly low, but is this really what you want to achieve?

You have to remember that it's the holiday month in February. The holiday payment periods are deducted from that. In practice, the personal expenses are deducted from the Q3 for one month. But it's the same in all of them. It's the same in all of them. It's the same in all of them. You have to compare them more in Q3 versus Q3 of the previous year.

You have to make comparisons. But I can't say that there has been any exceptions. There are no exceptions.

There hasn't been an increase in the number of individuals. There hasn't been an increase in the number of individuals. There hasn't been an increase in the number of individuals. There hasn't been an increase in the number of individuals. There hasn't been an increase in the number of individuals. There hasn't been an increase in the number of individuals. There hasn't been an increase in the number of individuals.

There hasn't been an increase in the number of individuals. There hasn't been an increase in the number of individuals. There hasn't been an increase in the number of individuals. I haven't been able to make a lot of bonar forecasts this year. I guess they should be comparable.

There's no other option but the bonus forecasts.

The third one is related to the beginning of the season. Of course, now that the results are negative in January and September, the bonus forecasts are zero.

In practice, it affects that. Yes, at least now we see a real-life cash flow this year.

Yes, but there has been a lot of work done. There has been a huge amount of good work, cases have been advanced a lot, and now we're just waiting to see when they're ready to go. Of course, not all of them are ready to go. It could be that it's because of us that it's not going to happen, whether a transaction is possible or not. Today, the corporate finance business has been producing success rates for a very long time.

There is not much to say about the monthly sales. Are there any other questions?

Are there any questions from the line? Sauli. Yes, I have a question. What about the IT infrastructure? and no one has consistently said that IT is expensive and that this project is a success. It is clear that you are doing an IT project. Especially if you expand the customer base, if you organize large processes, I don't know that you will start anything new. As the customer base has been so close to you, it can be managed in a more efficient way.

It's something we've looked at and figured out. We've also developed an ICT strategy. We have to invest, and we want to invest, in data systems and processes. When you have efficient systems, you can automate long-term processes. In the future, we'll add new technology to the data and use it. which we of course do our best to work on and make improvements.

I would like to comment that it is clear that we have grown up and have been able to be involved in this for 11 years, quite small and quite large, so we also see that when growth is the goal, are quite interesting in general. We are talking about technology and technological development and things like that. Of course, we see in that sense that the masses are huge at the moment. In any case, we will have more data from the world and its usability. These are the things. But we can't say that we won't send anything to the banking sector. Our efficiency is central. We take care that it is a profitable company and everything else related to it. It is clear that these are natural development paths that we are now doing, and we are going one step further and so on. It is not that much of a strange thing, but it will probably be visible in all of our operations and in our customer base, and everything along those lines. We have a long process and we have to do well. We have a business that goes around every day and the values are calculated every day.

We do it in a room and in a reasonable way.

I don't know about the previous part, but how did your KV sale go? You were the first one. You've been to a few trade fairs and so on. Something very original about it. What are your first impressions of KV Myytikkientä?

We see the potential there, first of all. We want to share that potential. institutio, varaanhoitaja Suomessa nimenomaan private markkinatuotteissa, private equity, kun myöskin sitten kiinteistövaraanhoito. Siellä meil on todella vahvoja. Totta kai meil on ihan normaali osakekorkopuolella myöskin erityisesti kehittyvät markkinat, niin vahva asema on siellä ja myöskin istin puolen isoistakin toimijoista raha on sisässä. We want to offer good products internationally. Finland needs capital. How could we collect capital from around the world to support Finland's growth? That's an element we want to look through. Of course, we have paid for it with our own resources and factors. Of course, we also look at the models of our partners, how we could take them forward. It's still too early to say how it will work out. We already have some private equity funds coming from around the world, through our partner network. We haven't started selling it ourselves. Some have, for example from North America. I've told my partner that those funds wouldn't be able to get there. Many North Americans might think that Europe might have a good impact, to invest on the spot, and we are launching a lot of European funds this year. Hopefully, we will get good investors there, both new and current start-up investors. It is one of the beginnings of all of these groups.

It is one part of the area that we are looking at, but the rest of the region is also part of the area, and we have been a very strong foreign company. The first one is to take care of your customers properly. We know it won't be easy, but it has been researched enough to know where the products might be a question, if we just find the right channels and the right investors.

How is the market for real estate funds doing?

The market has now increased to some extent and you have been able to How does it look like there? Do you want to move the markets? When will you be able to get rid of the euro?

Yes, of course, it depends on how the transaction market will develop in the future. It is still very quiet compared to long-term markets. Regardless, we have been able to... Antti gave about 700 million euros. In reality, we have returned about 400 million euro in assets. to our customers. Of course, there are some losses now, especially in the business sector. And the transaction market there has been quite quiet. But we are looking forward to it. We can see it in Europe and Sweden. This is the edge market. It will come here soon. We will be able to make reasonable prices. We want to keep all shareholders in a balanced position. We want to make sure that everyone gets as much as possible.

But now, at the end of June, the stock market was already more active than the whole last year. Now we'll see what happens in June. It will come there, little by little. Probably not as fast as in the close quarters, but it will come there for sure. And now it is at very challenging levels. This is an interesting market at the moment. The prices of goods are now, so to speak, on the edge.

That's right. In the beginning of the year, it was said that some kind of a closed-off, opportunistic supply of goods would be on the edge.

If I remember correctly. What do you think? We'll see what happens. As Jouko mentioned, Furniture is a very central area for us, and we will certainly be very active in it in the future. We'll see if it will be realized in thousands, or as a customer base and so on, but in any case, we will see the possibilities in the future.

We are committed to that. Yes, that's right. We have a very professional and good team in the real estate sector. We have a strong knowledge base, and we are already the fourth largest real estate owner in Finland. I see that we can build a strong foundation in the future. We want to see that the real estate sector has been challenging for the last three years. how we can help with the challenges and solutions. We also know that the pension reform will affect the allocation of large investors and so on, and so on.

How do we need to help with these solutions? I'd like to talk about the exchange rate from Advium.

It's really weak. The market is not that weak. I understand that the real estate market is bigger there. It's weaker. But it's not that weak to look at. For example, the taxes on investment banks are a little better. They have been better for some time. I think it's just that it has been Janne's show. Janne has been so big. Janne is the toughest guy in his own space. And the investment bank is a personal business. Is there a risk that part of the drag is that Janne is no longer usable?

Fortunately, Janne is still usable. Of course, he is the executive director of the EU and the third largest owner. Janne's skills and contacts can still be used. Of course, in the adoption, Jaakko is the executive director and leads the team. In fact, there were a few IPOs at the beginning of this year, and of course, Advium didn't participate in them. In that sense, we are very strong in the M&T sector, and perhaps even more so in the P&K sector, in companies, and also in real estate organizations. The case that we have as a subsidiary has not yet gone to another level. But then when they go to the finish line, the potential is quite good. In that sense, at least for us, it shows our strong belief that the team, the assessment team, has done well in terms of performance. We have a good performance ratio. but we need to reach the target. It depends on the providers and the market, whether there is a common understanding between the buyers and sellers, and how we, as providers, have advanced the providers and are able to trust the net worth of the product. The market.

Are there any possible questions from the line? If not, thank you very much.

We will publish our report on Thursday, the 3rd of February. As we said in the review, we will also publish our strategy and strategic goals. In the long run, there will be 20-30 goals and where we will invest in the focus areas. But if we have a strong will, to turn the ECU back to a strong growth career. Of course, in terms of profitability, our business changes are still very unique, and the results of Omanpaimaa, and the ability to pay the bills, and others are great, but of course, the volume should be greatly increased, and the fact that we are not doing this job... It has been done for a long time, during the year, and we are going to do the end of the year and the beginning of the year, and we will go through them in more detail at the beginning of the year. Hugo, kiitos paljon.