Good morning, everyone. A pleasure to be here. Thank you for joining our call. We have a quick update for you this morning in light of the announcement that we just made on the Byjuno acquisition, on the first page here. Look, we're quite excited about this transaction. We're essentially taking two major invoice payment and buy now, pay later providers, creating a true leader in this space in Switzerland. The transaction will be accretive from 2023 onwards on the income level. We're adding 1.5 million customers. We're pleased with the complementary product suites and also from a regional perspective. A great addition to an already strong team, both in terms of product as well as technology. Lastly, it's fully aligned with our strategy, which we presented in December last year at the Investor Day in terms of delivering on that strategy. We also have a brief update for you on the performance for the year. We're pleased to confirm continued strong performance in Q3 and as such, also confirming 2022 and midterm targets. Let me on the next page just quickly explain the highlights and why we believe that this is a great deal. You'll recall this slide from our strategy presentation at the Investor Day and one of our strategic growth pillars, obviously, being embedded finance products. We're building that product suite out across our franchise and buy now, pay later. This deal, this combination of Byjuno with Swissbilling under the Cembra umbrella squarely fits into this ambition and allows us to deliver against our commitments that we articulated. The next page, again, just to recap, why does this matter? You know, we had explained last year how we think about and look at consumer trends and expectations in the market, and embedded finance and with really with payment and financing options increasingly being directly embedded into customer journeys, as opposed to primarily a pre-purchase decision. This acquisition fits right into that. On the next page, just a few words on Byjuno specifically. Company was founded in 2014. They're about 41 employees. We're excited that among that is a highly skilled technology team in Riga. You know, at times where this talent is scarce, I think that's a great addition to our franchise. Next to our 1.1 million customers at Cembra, the 850,000 at Swissbilling, we're adding another 1.5 million customers here. Now, clearly there'll be some overlaps, but I think it's also fair to say this is a significant opportunity for us that we're quite excited about in terms of serving customers with the full range of products across our business. Lastly, Byjuno, profitable business, quite innovative technology, scalable operations. You can see on the right-hand side, combined financials with significantly increasing scale, good profit and high return earnings, given the nature of the business. On the next page, just briefly, on the commercial perspective, and as I alluded to before, we're excited that this transaction really complements our product suite across invoice financing and billing solutions, as you can see here. In a broader scheme, complements our embedded finance suite of products across payments, invoicing, and lending products if you go beyond Swissbilling and Byjuno into the broader Cembra universe. Next page, just again, a quick summary on how we think about the rationale from a strategic and operating perspective for the businesses. Look, it's an attractive business we're acquiring. It's profitable. It's demonstrated consistent growth. Complementary from a product and geographic perspective. We've historically been stronger in the western part, Byjuno more in the eastern German-speaking part of the country. Great combination there. A very strong team. I mentioned the highly skilled IT team and expertise that the business has, which will be great combination with the existing strength we already have on the Swissbilling side. Interactions we've had with the teams to date, quite pleased with a good sense of cultural fit in terms of product development, in terms of customer focus and centricity, and again, the expertise. Will deliver scale benefits in terms of IT and also collection processes. As we have discussed in the past, efficient use of capital with strong net income contribution. Next page, just a word on integration. Look, fair to say we have a good track record here. Just to reassure everyone, there's a detailed plan in place, including appropriate transition of services agreements with the seller. The Byjuno CEO will be leading the combined business going forward. That's really the highlights on the transaction. Let me just hand over to Pascal to talk about financial implication and take us through Q3 trading update. Thank you, Holger and good morning, everyone. These transactions fit very well with our strategy, has compelling economic rationale, and create short and long-term value for our shareholders. Let me explain. In December last year, we announced our ambitions to drive embedded finance solutions across products and channels and to enhance returns and earnings per share through capital redeployment, primarily through organic growth, but also conduct disciplined M&A with strict financial and strategic criteria if available. With these transactions, we acquire a profitable business generating today already above our target of 15%. We expect incremental net income of at least CHF 6 million from 2023 on, before integrations cost of CHF 4 million-CHF 5 million to be incurred over 2022 and 2023. This company grew double-digit for several years, and we expect this embedded finance market to continue to grow in the future as explained during our investor day. The financing of the CHF 60 million purchase price will be done through excess capital available in cash and debt. Regarding the impact of the Tier 1 ratio, this business has marginal impact on the risk-weighted assets. You have seen although before low, net financing receivables, and we expect around 70%-75% of the purchase price allocated to goodwill and intangible assets. In total, we expect the impact of around 1% on the group Tier 1 ratio, Tier 1 capital ratio. As mentioned previously, we confirm the expected impact of the implementation of the current expected credit loss concept under US GAAP to be 0.6-0.9 impact and confirm our outlook of a Tier 1 ratio above 17% by year-end. This business is accretive to net income, accretive to earnings per share, and accretive to return on equity from year one. Let's say a few words on Q3. For the Q3, we are observing a continued strong business performance. After 4% growth for the first six months in net financing receivables, which included also some seasonality in auto business, we expect an additional growth in net financing receivables of around 1% for Q3. Our net revenues expect to grow by 3%, mainly as from commission and fees. As you can see on the right side, our card revenues grew by 8% or expected to grow by 8% compared to prior, with both interest income and commission and fees growing. Q3 2021 last year already recovered from COVID after the major lifting of travel restrictions in Q2 last year. The Q3 quarter-to-quarter growth from 2021 to 2022 is mainly driven by trading performance and not COVID recovery. We are pleased with these card results, and the performance of our card business is progressing as expected and supported by the successful rollout of our new card, Certo!. The migration is going according to our plan, and we are confident that we will deliver on the guidance on the card business. With that, I would like to hand over to you, Holger. Very good. Thank you, Pascal. Let's just briefly go to the outlook page here. Couple quick words in terms of summary and outlook. You know, we continue to be focused on delivering our strategic priorities and milestones. We're moving ahead with the card, credit card transition and migration program, as Pascal alluded to. We're quite pleased with the progress there. Repricing continues to be a theme for us, and there as well, we're progressing and keeping our eye on that ball in terms of the movements and interest rate movements in the market. Operational excellence roadmap as well on track and delivering there is aligned with our strategy going forward. Then look, this transaction here, you know, look, we're excited about it. You know, this is an excellent fit with our strategy, great complementary products, and regions, good cultural fit, accretive, and really allows us to really drive, I think, what will be the most compelling solution for checkout payment services in the country. That's our part of our strategy in terms of buy now, pay later and building our embedded finance franchise. Look, with the combination of these businesses, with the upcoming launch next summer of our integrated payment solution with TWINT, with the existing strength of this business already within Swissbilling, we're also very comfortable about achieving the net income guidance of CHF 10 million-CHF 20 million that we articulated in the next few years. As such, also as Pascal alluded to already, right, we're confirming the 2022 and 2023 outlook. Excited about for what's ahead. With that, we'll conclude the presentation and love to take some of your questions. The first question comes from Daniel Regli from Credit Suisse. Please go ahead. Good morning. Thank you for the presentation, and thank you for taking my questions. I have two questions. First, can you maybe comment a bit about the competitive landscape in buy now, pay later? What is kind of, you know, the market shares you had previously and the market share you kind of achieve or acquire through Byjuno? In how far, you know, kind of what are these ranked by Byjuno or top three, top five? Or I think there are six players in Switzerland, if I'm correct. If you just could talk a bit about this. Then, secondly, about the Q3 update. Obviously, you're saying commission and fees income is up 20%, but credit card revenues is only up 8%. Is the majority of the increase in net commission and fee income coming from Swissbilling or, relatively, you said both increased net interest income in credit cards and commission income. Is the majority of the increase potentially coming from commission income and net interest income in credit cards is more or less flat, or how should I frame these numbers? Excellent. Daniel, thank you for the question. Good morning. I'll take the first question here in terms of competitive landscape and then hand over to Pascal on the, on your question on Q3. Look, I think we said, when we first talked to you about this more extensively last December at the strategy day, we estimate our share around 20-30% or so in this market. And look, this is combining two of the leading players, right? It's hard to estimate precisely, but I think it's fair to say that this really gives us an opportunity to have significant presence and really a true leading position in this market, right? As we articulated, it's buy now, pay later, but it's beyond that, right, in terms of invoice payment solutions in general and the complementary product that's around this. We're quite excited. We believe this gives us an edge in the market and also an opportunity to accelerate growth based on the scale that we're achieving and the combined strength of technology and commercial focus that it will bring. Quite excited about that and again, confident that this will give us an edge. Pascal, you want to speak about Q3 a bit? Yeah. Thank you, Daniel. Again, I'm happy as well to confirm again and to see as well that we are observing a continued strong business performance. The growth as well we are expecting to achieve in the Q3 is, as we alluded, is mainly driven as well by commission and fees. If you look at the card revenues, we are seeing as well the Q3 for the three months, it's basically a combination of both interest income and commission and fees growing. Thank you, Daniel. Okay. May I quickly make two follow-ups? One is about the market share. You said you had a market share of about 20%-30%, even though being difficult to kind of estimate. Given that Byjuno is more or less the same size or even slightly larger, so I'd guess then your final market share would be potentially more than 40%, even going to about 50%. Is this kind of assumption correct? Secondly, can you just remind me, I think there are some kind of differences to Klarna, and obviously there was some kind of negative media coverage about Klarna. Can you maybe explain the differences between Byjuno, Swissbilling, and Klarna? Last but not least, sorry, another follow-up on Q3. Is there any kind of particular seasonality between Q3 and Q4 to consider, since obviously July and August are in Q3, and these are the typical summer holiday months? Is there a kind of higher commission income level in Q3 versus Q4? Thanks. Yeah. No, thanks, Daniel. Look, I mean, I think your assumptions around the numbers is broadly correct, right? Again, it's hard to estimate because there's not that much official data. If you take you know two leading players, put them together, I think your assumptions around where we would land are probably broadly correct, which is also what gives us the confidence, right, that we have a strong position here and an edge to continue to grow this business profitably going forward. Secondly, to your question on Klarna. Look, I think a few things. You know, one, the market in Switzerland is in a sense quite different from a lot of the core markets where the Klarna and the likes are operating in, right? This payment by invoice has for a long time been the most prominent payment method for online purchases. We've been operating in this through Swissbilling very successfully, and importantly, profitably, right, as we confirmed again today. The same goes for Byjuno, as you can tell by the numbers. There's a clear difference here in terms of not only the product suites, the consumer behavior, but also in the operating model and in terms of the numbers that delivers, right? I think that's an important thing to keep in mind. We also apply, Daniel, as we mentioned before, you know, the same sort of rigor in terms of loss management and risk management for this entity, and we plan to continue doing so going forward. Really, I think a bit, you know, different products, different operating models, not least as we can see by the bottom line performance of these businesses. I think that's the main points on the comparison here, competitive comparison. For Pascal on the Q3 and the. Yes, happy to take as well the questions on the seasonality and obviously, as well in percentage terms, as well, it's like to like comparison. As I said, the 8% as well is really as well mainly driven as well by trading performance, and we are pleased with these numbers. There is no doubt some seasonality as in the card business. In summertime, as well with the travel activities, this is usually a bit higher. Then usually we would start to see in the context of, let's say, Christmas time, holidays, again, there's some higher numbers in December. Indeed, there are some seasonalities between the Q3 and Q4. Thank you, Daniel. Okay, thank you very much. The next question comes from Michael Klien from ZKB. Please go ahead. Oh, yeah, thank you very much. Good morning, all. It's Michael Klien from ZKB. On the deal, can you maybe provide some information or insights into the rationale why Intrum is selling the business? Also in connection with that, the agreement that you have with Intrum, is this part of the deal? How long is it? What exactly does it include? And then also in terms of the integration costs, the CHF 4 million-CHF 5 million, what does that encompass? And finally, in terms of the CHF 6 million that you're forecasting in terms of net income for uplift for next year, so last year Byjuno had about CHF 4 million. Can you help us understand how that is going to be achieved? Is it in terms of FTEs? Is it some other efficiencies? Just to get a better understanding of that. Thank you. Yeah, thank you. Good morning, Michael, and thanks for the questions. Let me the three, right? The rationale on the Intrum side, also the collection side of things, the integration cost, and then the income for next year. Look, on the rationale, I, you know, I would kindly ask to refer to Intrum's statement and their IR department. You know, what I will tell you is that, you know, we've gone as you would expect right through a diligent process here in terms of looking at this business and considering the fit, both in terms of financial aspirations and in terms of our strategy that we articulated and have come to that conclusion that this is a great deal for us to go ahead with. The collections agreement really covers the buy now, pay later piece for the joint entity, which again, we took a good look at, and this is really to you know we came to conclusion beneficial for us from a loss management and collections and efficiency perspective. So again, accretive to the overall transaction in that context. Pascal, do you want to take the question on integration costs? Yeah. The income for next year? Yeah. We expect to, as you said, CHF 4-5 million integrations cost for these transactions to be incurred over 2022 and 2023. Look, the majority of these costs are related, as well, to the pure business and IT integrations. We don't plan, as well, any kind of restructuring fees, redundancy fees. Clearly, as well, we see this business as a growth opportunity as well over time. Mainly, as well, the drivers for the 4-5 are the usual IT and purely the business integrations. In terms of the CHF 6 million incremental net income to be expected from 2023, so you are right. 2021 was around CHF 4 million. It's ultimately largely driven, as well, by the stronger trading performance from this company continue to grow as demonstrated in the past, the constant growth. Mainly, as well, the drivers for the CHF 6 million from 2023 on as well will be, as well, driven as well by market development. Thank you. The next question comes from Daniele Brupbacher from UBS. Please go ahead. Yeah, good morning, and thank you. I wanted to ask more broadly about how you think buy now, pay later in an environment with much higher rates and how that impacts the business potentially. Then secondly, when I look at slide six, obviously this is for 2021 key financials there. It looks like the loss rate in relation to financing receivables is somewhat higher for the acquisition, for the acquired company. Is this just a snapshot for 2021 or should I read a bit of a structural difference into this in terms of client profile? Sorry, just a small question. Slide 10, CECL. When I look at slide 10, and probably I missed something, but does this mean you actually implemented already in the second half? Yeah. Morning, Daniel. Thanks for the question. Let me take the first one and then Pascal on the loss rate then CECL. Look, I think again, you know, there's a few things here, right? One, you know, I think there's a whole range of products that we're offering as in terms of payment solutions now, right? Buy now, pay later being one. But it's important to keep in mind, right, that again, compared to what we see in a lot of other countries, the business here is less interest rate and more fee driven, right? Which that's the first consideration, and as such, also high returning. That again, was explicit part of our strategy as articulated. Look and we're also again, I think in a sense, Daniel, right, this is where our strengths come to play, right? We've played difficult cycles in the past. We're monitoring this environment very closely, right? The official forecasts today still foresee marginal minor growth, but do foresee growth for the Swiss economy. If and when that was to turn somewhat more negative, then we would put the right metrics and measurements in place. You know, I think you know, this is something that we've seen in the past. You know, if you think about this from a through the cycle perspective, we're very excited about this business, and to the extent there's any pressure coming in the near future, we'll be able to manage it as well as we've done in the past. That's on the interest rate and economic environment. Perhaps Pascal had a bit on loss rates and then CECL as well. Yeah. Thank you very much. First, on the CECL, we had the one page in the investor pack when we did the investor day in December last year, where we explained basically the CECL level from a US GAAP standpoint, respectively, from a statutory reporting standpoint. Under US GAAP, though, we will implement, though, the CECL level as of January 1st. Day one adjustments. The Tier 1 capital ratio, as we show here, is always based on the statutory as a consolidated financial statement. We also mentioned, though, that there are possibilities to go in one go with the adjustments from the statutory reporting or on a phased approach. At this point in time, though, we expect to have this impact reflected in our Tier 1 by the end of the year. It's mainly difference between US GAAP and statutory. Okay, thank you. On the losses, we ultimately always say the best indications to look at the loss rate compared to the net financing receivables for buy now, pay later. You used the word the client profile, and I think this is a good word. Usually, although it's more, look at this though in the context of the total volumes. Okay. Turn it over to Laura. Okay. Thank you. The next question comes from Andreas Brun from Vontobel. Please go ahead. Thanks. I've got three questions. Your net income contribution in buy now, pay later is unchanged at CHF 10 milion-CHF 20 million despite the acquisition. How should we think about it? Is it now rather at the upper end than at the lower end? And then secondly, integration costs of CHF 4 million-CHF 5 million over 2022 and 2023. Could you elaborate about the split? When will it be booked? How much in 2022 and 2023? And then lastly, does the 15% ROE hold true already today in 2022, or only if you make a net profit of CHF 6 million in the future? Thank you. Good morning, Andreas. Thanks for the question. Pascal, do you want to take that? I mean, it's all around the n et income and then integration and ROE, right? Yeah. On the net income contributions from buy now, pay later, with the strategy, although in December, we announced that we had the ambitions to deliver the CHF 10 million to CHF 20 million. Basically, also we said that we want to redeploy capital. If you look at, though, now with these transactions and how we see, although our core Swissbilling is developing today, we are very confident that we'll be in the position to deliver these ambitions of the CHF 20 million by latest 2026. Regarding the integration costs, I would say the majority of the costs will come in 2023. But some of them will come already in 2022, as I mentioned. Yeah, I know. Finally, although the ROE is obviously it will be impacted shortly by the integration costs, but ultimately CHF 6 million will contribute to an increase of the net income already in 2023. The next question comes from Dagmar Morawitz from AWP. Please go ahead. Yeah, good morning. I have just one question. Are you aiming now for further acquisitions in this sector, or do you concentrate now first on the integration of Byjuno? Yeah, good morning, and thanks for the question. Look, at this point, you know, in the near term, we're clearly going to be focusing on getting to closing as we articulate, right? Making the integration happen. I think that'll keep us busy in a sense. You were talking before as well about the market position that we're achieving with this, which I think we're quite happy and quite excited and also quite comfortable with in terms of our ability to grow from that strong base. Look, you know, more generally, as we've said in the past, right, I think this is a proof point, right? We would consider inorganic growth to the extent that it fits into our strategy as we articulated it last December. I think it's also fair to say in the near term, you know, we've got our hands full, and we're quite excited about bringing the best of these two businesses together. Okay, thanks. Gentlemen, so far, there are no more questions from the phone. Good. Look, thanks again for dialing in this morning. You know, we wanted to make sure we keep you in the loop on what we're doing to deliver on our strategy that we presented last December. We're quite excited about this acquisition. Two great businesses coming together, complementary strengths across the board gives us a great position in this market that we're quite excited about. We talked about Q3. We're pleased with progress there as we go through the year overall, but also as it's supported by the launch of the new credit card propositions and just reconfirming outlook for this year and for 2023. With that, a good Friday, everyone, and a good start of the weekend, and we'll talk to you soon. Thank you.