The investment program for volume growth, quality improvement and efficiency gains is a multi-year program with a total investment of 12 MEUR in 2025. We believe that the dynamics of the birch plywood market and the stage of Koskisen's growth strategy justify investing in Panel Industry.

Koskisen's Q3 report was overall weaker than we expected, and we made negative forecast changes after the report with an emphasis on the near term.

Koskisen held a call with analysts yesterday ahead of the Q3 silent period. The content of the discussion reflected a somewhat stable development of the business environment compared to Q2 and was quite in line with our expectations.

The Suolahti spruce and birch plywood mill competes in particular with Koskisen and UPM on the end product market and also on the raw material market.

Overall, Koskisen's Q2 report was broadly in line with our expectations and we made only marginal changes to our near-term forecasts after the report, apart from the lowered depreciation forecasts.