GCSE grades in Wales are down on last year as results move closer to pre-pandemic levels.
Like A-level results last week, grades were lower overall than last year but higher than before Covid.
Results showed 21.7% got the very top grades, compared with 25.1% in 2022.
The exams regulator said grade boundaries were lower in some subjects to support students hit by the pandemic.
School leaders said "a glide back" to 2019 levels post-pandemic was better than "a crash landing".
Nearly two-thirds of grades were between A* and C.
Students are also receiving Skills Challenge Certificate and level 1 and 2 vocational qualifications results.
