Hi, and good afternoon. On behalf of Hans Christian Andersen Capital, I'd like to welcome you all to this Presentation of the Q2 2025 Report from SP Group that was published yesterday. My name is Rasmus Køjborg, and I have the pleasure of welcoming CEO Lars Bering and CFO Tilde Kejlhof. They promised to take us through the quarterly numbers here and recent highlights, so a warm welcome to you. Before I hand over, also a warm welcome to those of you who signed up for today's presentation. As usual, you can ask questions during the presentation in the chat room on your lower right corner. If you're not comfortable writing in English, you can also do it in Danish, and I'll translate the questions. Of course, we'll be recording this and put it on different platforms afterwards if you want to see it again. With that, I'll leave it to you, Lars and Tilde. Thank you very much, Rasmus, and thank you to all of you who have chosen to tune in and listen to us. SP Group is a global manufacturer of plastic solutions. We are producing 73% of our revenue as customer-specific solutions, where we act as a subsupplier. 27% of our revenue comes from our own products, our own brands. We produce in 30 factories in a global setup with just a little above 2,400 employees, and we operate a number of different plastic technologies. Our strategic focus on the sales goes to the areas of healthcare, clean tech, and food tech, which I will come back to a little later. We also produce a large number of other plastic components. [Foreign language] We had, as you might remember, a strong growth in Q1. It was actually the best quarter ever, both on top line and on bottom line. It was followed by a Q2 where we saw some slowdown. Totally seen in the first half, we had a reduced sale of our own products, but we have subsupplied products on a slightly upward trend. We have made many new agreements on new projects for both healthcare and for clean tech, which we expect to contribute to growth in the future. We have also made agreements on new projects for the defense industry. For us, that part is in the category as we call other, which I'll come back to. We have had a focus on reducing complexity, improving efficiency, and that has contributed to improved margins. We have decided to increase the space for our medical production. We have seen how we utilize our space and our machinery as we need more space for medical production. That I will come back to also a little later. Overall, seeing we expect 2025 in line with what we realized last year in terms of revenue and also the margins. However, it's still a very unsecure world, but that is how we see it right now. If we take the whole tariffs and trade war area, we can see that a new U.S.-EU trade deal in the way it is presented right now will only have a marginal effect on us. We have more and more production in the U.S. for the U.S., so it will not hurt us very much. The cost that will arise, we expect that we can pass on to our customers over time. At the same time, we are also in close dialogue with customers who see the needs of moving production from one region to another region, and we expect that to go on in the coming months. During the second quarter, we have also started a share buyback program, and we have now decided to increase it with additional DKK 40 million because we see that there's room for this. In the second quarter, we also paid out DKK 48 million in dividends to our shareholders, all in all, which of course have affected our financials in this quarter. I said this about the complexity reduction. We are looking into the whole structure of the group. We are merging Dan-Hill Plast, Natune Plast, Atlantic Floats into SP Gibo in order to make the business more simple. We are changing names in the business, Coroplast and Ultraplast, so all of our injection molding business for industry is named the same. We are looking at this with customer eyes and working on to make it more simple to become a customer in SP Group. We have closed down a small factory in Thailand. It was a small satellite production for communication equipment, but here the customer does not need the products here anymore, so we will produce it in the future in one of the other factories. Overall, seen on the first half year, we have sold products for DKK 1.467 billion, which was a reduction of 1.2% compared to the first half last year. EBITDA was reduced to 3.7%, and we realized a level of DKK 291 million. Likewise, EBITDA was also reduced with 5% to DKK 192 million. The sales of our own products were reduced by 11.5% to DKK 388 million. All this led to the fact that we realized an EBT of DKK 167 million, which was a reduction of 6.7%, which also meant that earnings per share fell to 10.6, which was a reduction of 6.2%. Despite paying our dividends and spending have started to buy back shares, we have been able to reduce our debt. The net debt is by the end of Q2 DKK 757 million. At the same time, our equity grew with DKK 4 million to DKK 1.700 billion. We are doing very well in the medical area, and we have a demand for increased capacity for the new products that we have made agreements about with our customers. We have started up the Atlanta, U.S. factory. It runs very well. It is still ramp up. As we write in the half-year message, the factory will affect the result negatively this year. However, we have been ISO-certified after the medical standards. We have started to use our new clean room of 1,000 square meters. We have also made new projects that will give us additional business in 2026 for this factory. We still see this Atlanta factory as the right choice, and we are also very happy with the progress that we are doing there. We have decided to expand our capacity for medical production in Poland with a huge focus on capacity, efficiency, and space utilization all over in the group, especially in the Polish plants. We are able to convert a 7,000 square meter building from traditional industrial production to medical production. We will start this year constructing both a big clean room and a big wide room for a different type of medical production. We will start producing these two facilities in Q1 2026. We will move some machines around, and we will also install some new machines to start up this in quarter one next year. Our own products have not sold so good in quarter two. This has affected the first half year where sales were reduced to DKK 388 million. There are big projects that have been postponed. We have seen a number of places where customers are unsecure due to the trade wars and the risk of tariffs. We have seen a reduction in components for agricultural ventilation, general industry parts that we classify as our own products because of various places. We have also seen this lack of sales in Ergomat. All in all, we see it as a postponement of orders. We have not lost any customers, or we have not seen any projects go away. We merely see it as a postponement. If we take all of our customer groups, we have seen that the healthcare business has fell 1.4% to DKK 584 million in the first half year. This is medical equipment and medical packaging and ergonomic and safety products. The clean tech accounts for 25% of our revenue. This is renewable energy. It's components for energy reduction and insulation products. Here was a reduction of 8.1% to DKK 400 million. Food tech is 12% of the total revenue in the first half year, and it fell by 5.1% to DKK 171 million. Here, it is mainly the agriculture ventilation products that have impacted this area. We have had a nice growth in the category others. Here, it is components as furniture components, components for specialist vehicles, maritime products, defense industry. This increased by 12.3% to DKK 313 million. If someone is able to remember further back, you will remember that we actually had a big drop here from 2023 -2024. You would say DKK 313 million is coming back to a bit more normal level. It is especially components for the satellite industry, satellite communication industry that has picked up again. Yeah. Yes. If you look at the financial ratios, we started to look only at Q2. Please keep in mind that Q2 last year was a very nice quarter. The top line in Q2 was DKK 680 million. It's a decrease of 10.7%. The EBITDA was DKK 125 million. It is a decrease of 18.8%. EBIT was DKK 75 million. Net profit was DKK 64 million. This is a decrease of almost 30%. If we look at the cash flow, from operating activities, the cash flow was almost DKK 100 million. We used DKK 26 million for our business. We paid the share buyback program and dividends for shareholders for DKK 61 million. If you look at the full year, in the first half year, the decrease in the top line was 1.2%. That was an EBITDA of DKK 291 million. The EBIT was DKK 292 million, and net profit was DKK 165 million. Earnings per share was 10.6. It's a decrease of 6.2%. The equity was DKK 1.7 billion. That's the first time we were above DKK 1.7 billion. From the cash flow from operation, we had DKK 228 million. We used DKK 84 million for investments and then paid debt to shareholders, dividends to shareholders, and a share buyback program of DKK 170 million. The interest payment on debt was DKK 7.56 million, and the gearing was 1.3. Compared to last year, it was 1.8, and at the end of 2024, it was 1.4. The range was 55, almost. If you look at the top line, there has been growth during the years. However, in the last 12 months, there was a small drop. It was a decline in healthcare, clean tech, and food tech. However, all other segments were increasing. T he EBITDA margin also have a nice decrease during the years, both in the EBITDA and the margin. However, the last 12 months, there was a drop. The drop was due to lower revenue and that changed product mix. The same story goes for the EBT and the EBITDA margin performance. It has been a steady increase during the year, but however, looking at the last 12 months, there has been a decrease due to lower revenue and product mix. Yes. Then we come to the outlook for the full year. We have had to adjust our outlook for the full year. From the start of the year, we expected growth from 3% - 10%. Based on the results we have seen in quarter two, we came out with an adjustment on July 10th, where we now say we expect revenue growth in the level of -3% to 3%. Basically saying we aim to hit the same numbers as we did last year. We expect also that we can keep our margins. We expect the EBITDA margin from 19% - 21%, and we expect an EBT margin in the range of 11% to 13%. Finally, if you have seen our report, we have put in a new logo, and we are also updating our visual appearance. We will launch a new website on September 1st, both with a new site telling about SP Group and what we are able to do, but also a new investor site, which I hope that you will go in and have a look at on September 1st or after that. All in all, in summary, after a very good Q1 where we set nice records on revenue and earnings, we had a lack of growth in Q2, mainly due to postponed orders due to uncertainty among our customers. Our new U.S. factory has come off from a very good start. It's also very important. It is one of our biggest investments ever in making new factories. We have increased the share buyback program. Despite a lot of uncertainty, we see that new tariffs between EU and U.S. will only hit us marginal. That was all for our side. Rasmus, do you have any questions for us? Yes, thank you very much, Lars and Tilde. Yes, we have a few questions here that came up during the presentation. There was one here: with a gearing ratio near the low end of your range, do you expect share buybacks can increase further if results improve as expected here in the second half of 2025? I do not expect that we will change anything this year, but we will, of course, look at it again next year. Could you expand on the downturn we've seen in Q2? What makes you so confident that it's only temporary postponements? When do you expect this to restart or to see the orders come in again at the pace you've seen earlier? Is that already happening now here in the beginning of Q3 or at least halfway through Q3? Actually, what we have seen is that the experience is customers who are hesitating to push the order button. We have agreements with our customers, but they're telling us we need to wait for this and this. We have seen that in different cases. There are also a lot of things that are going very well. We made a lot of agreements in 2024 about new projects. They are also coming in. You know we are producing several thousand different plastic parts every day. It is a big mix of different things. The main part of what we see here that actually hit us is that some big projects in different areas, agricultural insulation, on the clean tech part, or healthcare part, they're postponed. Good. As we could hear from the presentation, you're still investing quite heavily in clean rooms at some of your sites. You mentioned U.S. and Poland. What is sort of the expected CapEx for this ramp up? There's a question here. We are building a new clean room in Poland now. We're building a 900 square meter clean room and 800 square meter wide room for different types of production. We expect that this clean room in an existing building will have a cost of around EUR 3 million, DKK 20 million -DKK 22 million. Okay. Very good. There was, I think it was mentioned in the Q2 report here that you prolonged your credit facilities with some of the banks, but it's only until spring 2026. Is it usual to have this short time span on these kind of arrangements? Yeah, we're not far away from spring 2026. No, we normally only prolong one year with the banks. Okay. Good. There was a question here: if you could also give some color on the M&A pipeline. Is it lack of short-time targets? Is that the reason for the increased buybacks? The reason for the increased buybacks is that we feel we have capacity for it or liquidity for it, which you might have seen. We have also formalized a policy for capital allocation and dividend payment, and we merely follow that. We do have a pipeline of interesting M&A targets, but nothing has yet materialized. We are quite picky on how it should fit in. We need to see a very good strategic fit at a reasonable price, of course. We have had a huge focus on organic growth in our medical part, and we will continue to do that. We also see a need for expanding more, creating more space for medical production going forward because we see good opportunities here. We like that very much to have this area where we can grow it. Good. There was also a question in the presentation earlier on the Danish presentation regarding the defense industry that you're targeting now. Could you put a little bit more flavor on this? Yes, of course. In the category other, there has always been a slight part of defense products. We see now that it's an area where we can grow more and more, but for now, we will still keep it in the category other. As the whole industry is facing big growth, we also see a demand for more plastic parts. We also have our ideas on where more plastic parts can be used. It's, of course, an area with great confidentiality. You should not expect us to put the parts for the defense industry on our homepage. It is a nice, interesting area where plastic can be used in many ways. Many of the products that shall be used must be durable. They must be lightweight. Here, plastic is a very good solution despite it's not bulletproof, all of it. There are many, many areas where this can be used. Yes. Very good. One last question. It goes here: if the CapEx-driven growth appears sort of inherent to your business model, you need to invest to grow. Can SP Group ever generate a ROIC above 20% if you are to sort of invest every time in growing? I would say so. I mean, we, of course, need to look into also how we use our capacity. We have started to focus on capital capacity utilization in all of our plants and have a tight focus on making sure that the machines are utilized to a higher degree and seek to improve here in order also to improve our levels of what we're doing. Very good. With that, we will conclude today's presentation. Thank you very much, Lars and Tilde, for the presentation here today. Thank you, Rasmus, and thank you all for listening in. Great. Thank you very much. Bye.