Top grades at A-level in Wales have fallen for a second year running, but results are still higher than before the pandemic.
The proportion of A and A* grades this year is 34% compared to 40.9% in 2022.
Exams watchdog Qualifications Wales said many grade boundaries were set lower to recognise the impact of disruption caused by Covid.
Education minister Jeremy Miles said extra support helped make this year's exams "fair".
Results for AS, Level 3 vocational and technical qualifications including BTec were also published.
The overall pass rate at A-level was 97.5% with 13.5% of grades the top A*.
Students who have missed out on their expected grades - or who have done better than predicted - are being encouraged to apply to alternative university choices through clearing.
