Thank you and good morning. Thank you for joining us in the middle of summer. I'm Eirik D\u00f8nnes, CEO of the company and it will be my pleasure to walk you through Hansa's second quarter 2025 together with our excellent CFO, Lasse \u00d8kland. Now every quarter tells a story and this one is about moving fast forward in a slow market. As you might know, if you've been following us, Hans is not a traditional contract manufacturer. Our model is different and so is our speed of development. So we have many activities going on right now and in this presentation we will focus on three main areas: Leadan, the acquisition we did in March this year where our Swift integration now turned into a capacity expansion driven by strong customer demand. We will talk about Lynx. That's our defense-focused program, which is now accelerated by a targeted acquisition just last week. And we will talk about the future. We see now that volumes are rising again. This is the first time since the downturn began. So a lot of good information will come up today and we have the agenda structured the usual way. I will present the general development. Lars will talk about the sustainability and the financial review. We will have the Q&A session and that's the point where all questions are warmly welcomed. So please use that. Let's start with Leid\u00e9n. This is a company that really has met our expectations. very high technical expertise. They have a healthy corporate culture and should be after our thorough H-Shaped Judiciaries. And just to recap, this is a contract manufacturer of mechanics. They are specializing in sheet metal mechanics, machining and complex assembly. Have about 2, 600 people where 200 are in Estonia and 400 in Finland. Estimated sales this year about 1.1 billion SEK. We started integration as soon as closing was done then in March. It's going really well. We have split the organization. If we look to the right, what we do is that we take the four Liidu units in Finland and bundle them together with our three existing units. creating a new cluster Finland under the leadership of Jukka Hapala, fantastic new leader we got with the acquisition. He used to be then CEO, then is now then president of cluster Finland. Then we took the unit in Estonia, in Tallinn, and grouped it together with the other units under the leadership of the also fantastic Liivar Kungi, who is our president of cluster Baltics. It's been working well, the financial reporting, Works really well, no problem to put this report together. Rebranding, you see also the new signs on the building. What has been a challenge though is that we got with this acquisition a new customer base. We got, for instance, Eaton, it's the power management company. We got Danfoss, working with cooling and heating and multi-drives, we got more of ABB. You know that company, electrification, automation. They are growing quickly and that puts us in a bit of a dilemma. Should we grow with the companies we have, our customers, we have excellent dialogues with them, or should we focus on streamlining operations? It's an easy call. Scale now, optimize later. So what we have done is we have accepted the growth. If you check them, and Lars will probably come back to this in the numbers, if you check the sales for this quarter, it's for later than above 15% more than this 1.1 billion expected, and it's just the first quarter. So we are working with extra shipments, we are working with overtime, we are working with production across several factories, downloading the margin, But the good part is only temporary. The beauty is when you integrate a factory, a company like Leiden to Hansa, the capacity of Hansa and Leiden 1+1 becomes more than two. So already within this year we will have a new capacity solution in place and that will lead them to a very quick upturn in the profitability. So that's about the Leiden case. If you then look at Lynx, this was, let's say, a response to the new security situation in Europe, which was very clear when the new administration took office in the US. Lynx is about targeting the defense sector. And we have a concept that works really well for that. We have electronics, mechanics, complex assembly in local places, exactly what is needed for the expansion of this sector. And I think also we have good experience. Defense is nothing new for us. We've been working for them for many, many years. But I think also on a personal note that this is not just good for business, it's also good for Europe. It's about Europe, it's about democracy. I think every contact manufacturer should ship in some capacity for defense. industry right now. It is really important. On the other hand, we must of course safeguard capacity for other industries, for other customers. And the talk on the street now is that the fence is eating up all the capacity, what will be left for the other industries. And that's why it was so important with this acquisition, Omilectra. It brings expertise, it brings a new customer base, but it also brings a capacity platform. where we can grow with this sector without having to lower the capacity for other industries. Now we are waiting for the approvals from the authorities. It's a standard process. We expect that to be ready by September. We have said at that point we will have a little not opening ceremony, but closing ceremony. And we close the deal in the headquarter in Finland and talk more about the new customer base. We cannot reveal so many details right now and talk about this Lynx project, how that will proceed over the coming year. And you are much welcome to please join us then, we will send out invitations. What we can tell already now is that Melekti comes with one factory in Finland, two in Estonia and one in Abu Dhabi. It brings our total staff up to 3,500 people divided, as you can see on the map to the right, It brings the sales of about 300 million second annually. Same case as with Leiden or better and worse how to say it, but this area will expand even quicker than Leiden, but we do have a capacity platform. So we are not afraid of this increase. We will be able to handle this thanks to the plan we have made in Lynx. And again, more about this in Finland in September. And this will then be kept as a special part, and that is also unusual. Instead of putting the different factories to the different clusters like we did, we will keep this as a special unit, as a special part of the Lynx project. More information to come within soon. And with that, I leave the floor to Lasse to talk about sustainability. Thank you Eric. And the sustainability work in Q2 was focusing on including Liadhon that we acquired in March into the figures. So now we have in the figures you see to the right, Liadhon factories are included We also started to work with the DMA, including Leadium to prepare for the CSRD reporting by the end of this year and the beginning of next year to fulfill the requirements. We also worked with the annual employee survey, the feedback we get from our employees. We work with that, changing where we can improve things based on the feedback we get from our employees. And we also have quite interesting project in Estonia, bringing in people from the open prisons working in our factories in both Tartu and Narva. And next step will be to also do this in Tallinn. We see on the figures that the injury frequency rate are stable at the level we have been for quite a while. And we also see that the hazard waste is increasing a little bit due to the fact that we took down one painting line in Ciavi and that increased this temporarily. We also see that the energy use is increasing, that is due to the acquisition of Leado. Coming into the financials, we see a strong increase of the net sales increasing by 24% and we also see an organic growth of 3% and we are a little bit above this 1.5 billion sec in the quarter and same level as in Q1. So accumulated including LeadiDing the full period of the first half year, we are a little bit above 3 billion or 3 billion 51 million SEK. As Erik mentioned, we see a change in the market. We see that for the first time since the downturn in the economy, we see increased receivable of orders and the volumes that will increase in respect to increase in the second half year. So that's a major change in the operation right now. Earnings, the adjusted operating profit, which actually this quarter is the same as the operating profit is 106 million SEK. and having a continuing increase of the margins. If you take the comparable units, we have 7.8% coming from 4.1 a year ago and in 7.3 in Q1. Eric mentioned the challenges we have in the Leaden factory and that reduces the margin for the whole group. Leaden is approximately on 4% in margin in Q1 compared to 7% in March. We expect Leaden to increase the profitability. We also have arranged the transaction or the acquisition of Leaden with an earnout that is depending on the profitability in Leaden. So, if this lower margin continues, we also will have the release of the earnout in the balance sheet. Orbit One that we acquired a little bit more than a year ago at that time being on six percent approximately in margin are now on the same level as the rest of Hansa if you exclude Liallnd. So that's really positive and show good development of companies that we acquire that we can rearrange some parts and increase the profitability quite fast after the acquisition. The earnings per share increased to 1.13 order. and for the first half year it's 223. Looking into the cash flow we continue to have a strong cash flow. We saw that the cash flow peaked in Q4 but it continues to be strong also in the first half year. We have not seen the full effect of the the work we do with the working capital in Leiden. So we expect to have a positive, continuously positive cash flow also when we are able to release some working capital in Leiden. And what you see on the graph to the right is actually when we acquire a company, we increase the net debt compared to the EBITDA, and then we are able to work it down. down. So both in Q2 24 and in Q1 25, you see that the net debt compared to the EBITDA is increasing a little bit. And we are regarding the net debt compared to the EBITDA, we are well below the 2.5 that we have as a financial target. We will with the acquisition of Electrifica, increase that temporarily, but we expect the net debt compared to the EBITDA to continue to decrease. We have a solid balance sheet. We have equity to asset ratio that actually increased during Q2, despite the fact that we paid out dividends and we are on 35%. So we have a solid balance sheet. We also decreased the net debt if you include the dividends approximately with 100 million SEK. Coming into the segments, we see, which I think is very positive, we see that other markets are at the higher level and closer to the level of the main markets. And for you that have followed Hans for quite a while, I've been hearing me and Eric saying that there shall be really no reason to have a lower margin in other markets compared to the main markets. It's more a matter of how mature the factories are and the programs that we call the next programs, where they are in what phase they are. And now we see the result of both the fact that the factories are more mature and that we have done this ONYX program with restructuring. So we see an increased margin in other market compared to what we have seen previously. We see an organic growth in main markets. We see a slight decrease of organic growth in other markets. And we see the profitability that are in line with historical figures, except for the fact that other markets are increasing the profitability. Ownership and share, we have the same main owner, we have some differences, some financial institutions are increasing their shares, their ownership and some are decreasing, but no major changes. We increased the number of shares in the beginning of the year when we acquired Leodom. We see that Erik continues to increase his owning and holds now 640,000 shares corresponding to 1.4% of the ownership. And by that I leave back to you, Eric, for a summary. Unless you'd like to comment on this slide. Sorry. Yes, the Electrica acquisition and it's 100% of the shares in the construction manufacturing part of Electrica. We also acquired the factories, the real estates where the operations is run. The purchase price is set to 16.4 million euros and it's based on EBITDA multiple or 4.9 of cash and debt free basis. And this will be a cash deal, so there are no Hansa shares involved in this acquisition. And similar to what we did in Orbit and in Leaning, we have An earnout, and the earnout can be maximum 18 million euros based on the revenue in 2025 to 2027. But to reach the full earnout, the sales in the company needs to be more than doubled. during this period. As Eric mentioned, we are waiting for government approvals that we cannot really steer, but we expect them to be ready in September 20. And we also expect this to, from the start, have a positive Impact on both sales, operating margin, and maybe most important, the earnings per share. Now Eric, now you can do the summary. Thank you, L\u00e1szl\u00f3. And today my family is also buying shares. I see on your list, L\u00e1szl\u00f3, that I need to get up to 2% in order to be on the top 10 list. Okay, the key takeaway of today's presentation this quarter, this last year, and maybe the key takeaway how we work is that we keep moving, even putting on some extra speed when the economy stands still. And by doing that, we create a strong position for the future. We talked about the Leiden acquisition, how we're now increasing capacity. We talked about the LINX program, which we've won for up to a year and embrace this electromechanical before we then integrate it into our clusters next year. But as I said in the beginning, we have many other activities going on. In February this year, we opened a new factory in Torsby, Sweden. It's now in full swing. A lot of work behind that. We decided also to expand our building in \u00d6rjeng mechanics in Sweden because of a strong demand from the energy sector. In Poland, we have the streamlining project. We talked about this in earlier reports going really well and also contributing to the margin in other markets that Lars talked about. This is still a slow market in Germany, of course, sad for the volumes, but still we feel that this is bringing new opportunities. We really like to increase our presence in Germany. Then if you look ahead, clear signs that the downturn has started early 24 is now reversing. That was also our initial expectation in the beginning of 24. It was said that it could be a destocking exercise and demand will pick up already second half of 24. We didn't believe in this. This was normal downturn of the demand that we lost for a couple of years. But it's well in line with our plan. And then, of course, we work with Hansa 2028. It's on the final phase. We were in this quarter talking to a number of customers. We have a very close dialogue. We would like to, of course, develop Hansa according to the demand and the strategy of our customers. We will call for a capital market day At the end of this year, we will tell you about this next important step of Hansa. And with that, we can now open up for any questions. If you wish to ask a question, please dial key 5 on your telephone keypad. To enter the queue, if you wish to withdraw your question, please dial key 6 on your telephone keypad. Next question comes from Anders Akerblom from Nordia. Please go ahead. Good morning, Lars and Eric. Thank you for the presentation and taking my questions. So firstly, I would like to ask a bit on profitability in the other markets division. I mean, obviously you reported a very healthy margin uplift. Could you just walk us through this in a bit more detail, particularly as you didn't see any positive organic sales growth in the quarter in the division? Would you start, L\u00e1szl\u00f3, or should I? I'll start. Hello, L\u00e1szl\u00f3. It is, as I said, we have been working since the downturn a year ago, a little bit more than a year ago with this Onix program, restructuring, adjusting the cost base to the volume, the sales volume. So it's not driven by growth of sales. It's driven by higher efficiency and lower cost and switch in the customer base, etc. So that's the main driver of the increased profitability in other markets. I get that and appreciate the answer, but just looking sequentially, it's some 240 basis points uplift. So it seems like, have these effects come through just now in the quarter? Is there a positive impact from Liaden here, given the lower margin profile in other markets? Or just how should we think going forward? I mean, as this say, do you think that it's reasonable to extrapolate this margin to some extent, or will we see a partial reversal? Just anything on that would be really appreciated. I can also add, before you say something more large, that we have also stated that The profitability is not a question of where the cluster is located, like Lars said, but rather how mature it is, how well organized it is. We have a special concept where we really have to create the cluster. It takes some time, but it's really efficient when it's in place. And in Poland was all about this acquisition Orbit Bnd that initiated the right size. We could do the things we like to do. We could have specialized factories and all that. So it's, and we were rounding about six and a half percent, something before the recession. And now we are up to seven and a half. It's not nothing dramatic. It should be about eight percent like main markets. Josh, would you like also to comment more on this? No, I can comment on, you asked about if Leiden contributing and Yes, as we have said in this call, the main challenge in Leiden is in Finland. So Leiden has the most negative impact on the group in main markets and not in other markets. And as Eric said, Poland is the main difference, Orbit 1. coming in in other markets at lower margin, increasing the margin. And then more or less all different, all the clusters in other markets are increasing profitability, but not dramatically. It's in line with our expectations. Okay, no, that makes sense and kind of negates my next question, which was going to be why Margins were down so much in main markets sequentially on the healthy organic growth. So mainly as Leiden, Finland is the most sort of challenged short term in terms of elevated costs, if I understand you correctly. Yeah, and it's really not that dramatic either. You have a big factory move. into a large factory and you start up and before you get full efficiency and are able to get the profitability on the level where it should be combined with high demand or sales, that's not unusual. That takes additional cost in order to keep the customer happy. Makes sense. Asking on recent acquisitions, given an impart that obviously you're buying these companies on rolling earnings, how do you ensure that even in a more challenging market when profitability is a bit more constrained, this is value creative and I mean particularly then with regards to integrating these companies in an efficient and good manner and raising profitability. Could you talk anything about your expectations for not in the leastly of them in terms of when the profitability uplifts could be expected to be realized? I can maybe start there, Lach. I think that in general, if you look at, for instance, Orbit, we acquired a year ago, this is a Sunshine story, a company that has in maximum count to 6% margin, goes down quickly when the volumes goes down, has not gone up again, and now it has the same margin as Hamsa. So what I think is when we buy a company that Of course, we choose them carefully. We are looking for competence, how to expand our offer to the customer. So the input is silver, but the output is gold. And then we then talk about Leiden. I guess I maybe mean, I understand it, but if you then look at Leiden, so there are different challenges in different ways. So Orbit was a lower volumes in Leiden. We have the opposite story that we have increasing volumes. So in any way our concept helps. It restructures and you see you were pointing out that we had a decrease organically in other markets still we're increasing the margin. So of course sale growth helps to increase the margin, but we can also increase the margin when the volume is down. So I expect to answer your question about Leiden that we should have a quick rise of the profitability when the capacity exercise combining Leiden with the rest of the group is done. Now we were just in the integration phase, so we had to quickly start with the capacity expansion program also, but we are quite used to that, so that will be within this year. And that's why we can also restate our financial goals for this year. Not restate, reiterate your financial targets for the year, just so I understand. Yeah, reiterate is a better word, yeah. yeah, yeah. But you see, I thought I missed something. Yeah. The, the, all the answers, then increasing margin by half a percent unit per quarter. And then you have really on top of that, it's not, it's not the complicated mathematics. No, no. And, and just, just one final question, if I may, on, on the, the recent acquisition of mielektria. I just noted that. Just looking at revenue per employee was about 1 million, quite a bit below the average in your most recent acquisitions, which is around, say, 1.5 million. Could you specify a bit what drives this? I mean, if it's only more manual processes and if you expect room for efficiency improvements in this operation? possibly then also kind of the costs associated with potentially pursuing efficiency measures if there are any to begin with. So we will not go into any details regarding this acquisition, but yes, it's more labor intensive and you cannot really calculate the number of people. You have some customers where we have fully automated production with almost no people involved, and then we have a lot of manual labor depending on volumes, depending on target area and so forth. But again, we will give you much more details when we have time. Is there automation opportunities? Okay. Yeah, I think that in the military sector, we don't run into high volumes often, which makes it more specific every case. But we do have a plan how to increase capacity, which we will come back to in September. Okay, sounds good. Thank you very much for taking my questions. Thank you. Next question comes from Goldman Sachs. Please go ahead. Yes, morning, Lachlan Erik. Right, first question here is on Demand and you mentioned that some of your customers are seeing higher demand towards the end of the year. Could you perhaps specify if this is broad based or specific sectors? I think that is the news because we have always had sectors growing even though in this lower economy. So we saw energy and and defense security growing. But now we see more in general. So, and I think if you've been looking, we cannot get details on our customers, but if you've been looking at the reports, you see some upturns in the mining sector, you see some upturns in automation companies. So, there is some areas which are moving now, different areas, which is really, really good. Got it. And second one on cash flow has been quite solid year to date. You previously mentioned that maintenance CapEx will, well, CapEx needs will not be that high this year considering you recently acquired Leiden and also now with the latest acquisition of Mieletria. Wondering how we should think about Capex needs going forward into next year. From my point of view, it looks like it should be fairly low levels next year as well. I can answer on that one. It's not only the fact that Leidam had high standard and new machines and no major needs of investments. It's also that we in the old hands, so to say, invested quite a lot previous years and we've been saying that the Capex level will go down and what you see in both Q1 and Q2 now is that the investment level is if you exclude acquisitions and also if you can exclude factories is a lot lower and we expect that to continue. We will of course not stop investing. There will be investments in replacing machines, etc. And if we see that the volumes are increasing again, then you will see an increase of investment in the future, of course. Mielektra is with the 300 million SEK compared to the little bit six and a half billion or so in Hengansa is not a major part, so you will not see a major impact on that acquisition for investments and also that business is not that heavy in investment needs either. Great. And finally, perhaps just on operating cash flow, how we should think about this going forward, do you have specific cash conversion target that you're aiming for? No, we have not set that. What we have is the net debt compared to the EBITDA that shall be under two and a half times. And as you see, we are on 2.1. It will increase a little bit when we do the acquisition of Mielecja. So that's the only financial goal we have related to the NADT. All right, thank you. Thank you. As a reminder, if you wish to ask a question, please dial key 5 on your telephone keypad. Next question comes from Jakob Soderblom from Carnegie Investment Bank, please go ahead. Yes, good morning, Eric and Lars, can you hear me? Yes, good morning. Oh, perfect. Yeah, there are two short questions that are following up on my end here. I was wondering if you could talk a bit about sales activities during the quarter. And if you compare it, I'm guessing them, have seen some green sprouts across your different sectors and so on. But how can you talk about anything you haven't? released any real new MIG. It has been a lot of other focus during the first half of the year. But yes, if you could talk something about if you have any view around how demand has changed across the quarter, it started from April, kind of a bit of a hesitation, I'm guessing, with everything going on with trade policies and so on. But what are you seeing now? You have entered the summer months and it can give some color on this. So, I think this was mentioned, it was mentioned in the report that first of all, if we look at the LINX program, this has been really successful and we are saying that already this autumn we will be able to launch new deals. So that has been really successful program. It's something that really fits the market, our concepts. In general, sales is good. We have had a number of new discussions, and that's also the challenging part that we cannot reveal so much until the deal is done and maybe also old suppliers are excluded. But I can promise you you will hear some news about the new sales during the autumn. Excellent. Yes, the final one, I'm guessing another question on inventory development have been by natural reasons coming down quite a bit if you look at multiple of the sales. What do you have any type of target view around this? Do you expect to come back like pre-COVID levels? Or I mean, it's a bit of a different supply chain situation now than it was a couple of years back. But what can we expect from it? So it's a drop down below 20% compared to sales or how do you view this coming forward from here? As you said, Joakim, we are quarter by quarter or so decreasing the stock levels compared to sales. And what we are focusing on is actually the total working capital because it also has an impact on type of products and product mix and customer mix. But we have not set externally any sort of target figures on the working capital level compared to sales. We have said previously that we aim to come back to pre-COVID levels, but we have not set any sort of target on that one. I can also add on that, and if you feel that you want. Yes, to add on that. No, sorry, continue. Okay, thank you. So, to add on that, following challenges is if you're a product owning company that you have all these different suppliers and the materials flowing back and forth, and it's all about throughput time. The time between you bought the component and you have the ready product. And there we have a beauty of the scale. So the larger and more integrated our clusters become, the throughput time also becomes shorter. So here we also have advantage both for ourselves and for our customers, which brings down the inventory. Yeah, that makes sense. I think that was all for me. I just want to wish you a happy summer now. Yeah, thank you for calling. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Okay, then I I'd like to thank you again for your time and your attention today and hope that you will keep following us. There's much more to come. Thank you and bye for now.