Good afternoon. Welcome to Detection Technology's second quarter result announcement. My name is Hannu Martola. I am the President and CEO of Detection Technology, and I am pleased to present. In the second quarter, we reached sales of EUR 25.6 million, which is a 5.1% growth year-on-year. We reached EBITA of EUR 1.8 million, which is slightly better than last quarter, EUR 1.7 million year-on-year. EBITA percentage yielding out to 7.1%, again, slightly better than a year before year-on-year. Where did it come from? The growth continued. It was very much driven both by medical applications and TFT. Good news is that the TFT growth now started also in the Western markets. In total, China weighed on both our security and industrial sales. Total industrial sales was - 6%. Sales of line scans in APAC, China declined, TFT sales grew in APAC, but also in all geographical markets for industrial. Medical sales, strong growth of 21%, driven by global CT demand. The TFT delivers for medical. I mean, we started to deliver those. Security sales, - 8%, and this is a bit controversial because we had good growth both in Europe and Americas, in Western markets. Good growth also in APAC, outside China, but the China security sales declined. The total outcome is - 8%. Despite this, globally, our market share is unchanged. We are a little bit stronger in the Western markets, in China markets, some of our customers also are making products for themselves so that they are using two sources, us and in-house. Net sales by quarter. We see here the past three-year or four-year, including 2026 impact. First and second quarters this year are up about 9% together. Also, EBITA, slightly better than last time on the reference, which was 7%. Going into the regional business units. Americas representing 7% of our sales grew a nice 15%. That was quite much driven by security. This is, I think, also now good news that Americas, we've had some decline in history there and some structural changes. Now it's starting to grow. APAC, representing 72% of our sales, grew 2%. China declined, overall, outside China, growth. EMEIA representing 21%, nice growth of 15%, and EMEIA also was very much driven by security. I must note here also that actually we have some shift here on security sales from Europe into outside China in Asia. That is also affecting these numbers. By applications, industrial, - 6% all together, medical 21%, EUR 13 million, and security, which is representing 20% of our sales, is - 8%, all counted together. Looking at first six-month numbers, I think a nice 9.1% growth, EBITA 8.2% and EUR 4.2 million. First six months regional business unit split. Americas 21% growth, APAC 6% growth, and EMEIA 18% growth. The same six-month by application, industrial growth of 6%, medical growth of 19%, and security flattish - 1.5%. Looking at the key results and numbers, a couple of things that I would like to highlight. I think the profitability here, 7.1%, is very much explained to the product mix. That's something that must be noted. It was quite heavy on medical, and that is affecting the numbers. We also have highest fixed cost due to the fact of building the India factory, Oulu factory, and so on, enablers for future growth. On investment side, that sticks out. Investments, EUR 3.3 million. We made long-term investments into R&D capabilities, competencies. Cash flow ± EUR 600,000. Two reasons. One is the investments, long-term investments. The other thing is increasing of stock. Return on assets. Net assets is still quite nice, 19.9%, and I expect that for the future we can improve that. What I want to a little bit go through is what have we done in our strategy execution. We have four cornerstones. That's the base regarding our legacy technologies and doing everything better what we are doing. New growth areas for TFTs, added value subsystems. Investing into long-term new technology on foundation of better performing organization and team, and more pleased, successful customers through easy-to-use products and services from DT. I think this is quite interesting. This is the EUR 65 million target. Additional sales of EUR 65 million to be reached by 2030. We have divided this, and this is something we also published at our Capital Markets Day a bit over a year ago. We have divided this into the areas for TFT, into the medical industrial CT line scan, into security CT line scan, and then into security cargo. TFT, by the way, represents 1/3 of this growth. Very important for us. We have now launched more than 60 TFT products. We have launched world's largest X-Panel 43108 and its little brother, X-Panel 4386, which is even faster but slightly shorter. We've introduced new IGZO-TFT products for both EV battery and energy storage and dental applications. We've launched AIDA for more value-added subsystem hardware, software detector system. X-ACE for high-speed medical CT. We launched AVA for low cost security, a little bit industrial. We have in our pipeline new, both low cost and high performing CT products, both for medical and security. We launched X-Cargo, which is a very fast detector, especially for trains and cargo detection. All these together are helping us now to get to our target of EUR 65 million additional revenue. We are working on developing new photon counting technology, which boost the growth even higher later on. To have the enablers for doing this, we've opened new sales and production site in India. By the way, it has just been granted medical device manufacturing license in India. It's very fresh news. We started a new site in Shanghai, not only for better environment for our R&D employees and sales and administration there, but especially for new facilities for testing our products and so on, and much bigger capacity. Expanding the European origin capability manufacturing in Oulu, which is helping us further into especially defense area in the Western world. On TFT sales, nice growth of 20% for H1. I think it was 25% for second quarter. The notable thing here is that actually now TFT starts to be 10%, 1/10 of our revenues. Out of this roughly 10%, 20% already is coming outside of China. We are very well now moving ahead with our strategy execution and in plans. We've had growth for industrial applications, all regions for TFTs. TFT deliveries for medical has started. If we look the order backlog, so the future orders, we have growth in all regions. Looks quite nice. Most important foundation here is that now we have the world's best set of fast and large single glass flat panel detectors. This is extremely important, especially for defense weapons industry. To back that up, here are the two new flat panel products. We have 43108 and 4386. As one of our customers stating, a representative from Fraunhofer Institute, which is the largest research institute in Europe, I think Fraunhofer has some 35,000 research people. He said that this is real game changer for industrial CT, and we are now stepping into the era of quantity. Everybody knows the word of drone. From stepping from the missile into multiple high volume drone manufacturing, it's quantity. You need throughput, but also you need the quality. That's where this X-ray technology steps in. Defense drives now demand for fast and large scale scanning for high throughput and quality. This is now positioning after these launches and verified. We have several now customers have been verifying. Now we need to sell. We are number one in high value industrial defense inspection, large panels, dynamic large panels. Okay, stepping from products into the reporting. This is something that we are now planning. We are now planning to move into IFRS reporting first time from the fourth quarter this year, and this would then put us into the same framework with all our peer group. The transition date is 1st of January 2025, and we are doing then the reporting fourth quarter 2026 as informed. This is then helping especially the analysts and financial community to really come up with comparable finance numbers. I would bet that it is more probable that our results will a little bit improve than vice versa, but let's see when we finalize the planning work. What do we see for future? Very short term, we see growth. We see growth for third quarter and fourth quarter. Probably the growth for H2 is similar than the second quarter from the applications. Industrial expect growing, medical growing, but security declining a little bit. The official guidance for third and fourth quarter is growth. The financial targets midterm remains the same, 10% growth, 15% EBITA, and then 30%-60% dividend yield. This is in a nutshell our performance for the second quarter. I would be very happy to answer to any questions if they may arise. Thank you. Hello, this is Nikko Ruokangas from SEB. Thank you for the presentation. I have a couple of questions and I'll go one by one. Starting with security sales, both outlook and sales in Q2. You highlighted that you are not expecting sales to grow due to Chinese weakness and also some fluctuation in EMEIA market. Can you open the reasoning behind especially the EMEIA market a bit more? I think if I look first, the Western market and so on, we know that our customers have new orders. We know that we have in our order pipeline, for example, products that will end up into the U.S. airports as an example and so on. Overall we see growth. Of course there can be some quarterly adjustments and so on, but that market is growing and we expect to be growing. On APAC, also outside of China we see growth. China security market, high probability it is declining still. Let's say the share of our revenues from, if I call companies who have headquarters in China, we also have Western companies in China. I'm not talking of those. Companies whose headquarters are in China, and many of them by the way are government-related companies. The share of our total sales has been constantly declining, but also that means that the impact of it will be getting less. Long term, we see also growth in these China-related headquarters. It's just that, for example, there's not very much investments in China in security, and also after the price rose and, let's say, the market size has been changing. Okay. That's basically the reason you are not expecting growth in Q3 is due to the China. Very much so. Yeah. Then you mentioned also the in-housing trend from a couple of your clients. Can you- I think if we look in history, we have had very strong position. In those days also China was by far the biggest security market in the world, probably bigger than all the other countries counted together. That passed. We don't think that that will return in a way. The picture has changed. Also we were almost having a monopoly. We were winning almost every single piece and obviously we're the first one and we were ready and so on. Now it's becoming more, let's say, normal type that customers might use two suppliers for risk mitigation, et cetera, these kind of things. This has been the journey there. Okay. That considers China? Yes. Okay. Thank you. On medical side, you showed strong growth there. Can you elaborate a bit? Was it between China and markets outside China? How sustainable is the growth rate you are currently having there? Right now it looks quite, let's say, sustainable. Nothing of course is everlasting, but the thing is we also know that both GE HealthCare and Siemens have come out with second quarter results and they've had quite nice results on the imaging sector, which is CT is the most important, biggest and the highest profit maker there. This is global. It's a little bit different if we think that China is the global hub for medical. Let's see, will that change because of India and so on? Right now most of the equipment and so on are made in China because the super competitive supply chain and so on. Part of the equipment will stay there. Answering your questions on growth, we see growth in basically all markets for computed tomography. Okay, good. Thank you. The last one from me. Your business model tends to be scalable while you are now guiding for or expecting medical sales to grow and security sales to decline. Probably the mix will be a bit weaker also in H2. Should we expect relative profitability to improve in H2? Our profitability improves when revenues increase. Of course mix is something that also has an effect. I think from the profitability point of view, medical is high volume. The margins there are smaller. Security, the volumes are smaller, the margins are a little bit better there. If we look the TFT business overall, the margins are quite okay globally. Of course there's big variation on the different segments and also the markets. All right. Thank you. That's all from me. Hi, it's Patrick Campbell from Nordea. You completed some investments in Q2 related to the production process. Could you perhaps explain the rationale behind these investments? Well, I think the Q2 investments, it's in a way threefold. We have production investments a little bit for improved capacity and also the, let's say, quality and automation. Then we have investments for long-term R&D. All right, thank you. Just looking ahead, will further similar investments going to be needed in H2? If so, what is kind of the size of these investments? Probably the long-term R&D investments are not something that are with us every quarter, so we will see that coming down. The production capacity needs to be seen. Compared to our revenues and so on, the investments, the production are fairly small. All right, thank you. Maybe on component availability, which you've mentioned earlier, and now you continue to grow inventory. What kind of cost increases have you seen on the component side, and what is being done to mitigate the impact? I think if we look our P&L, you don't see very much the impact in the cost increases. There's a little bit cost increase there, but we have been able to mitigate those with taking more value added in scintillator pixelation, and that's relating to the investments also to Oulu sort of production and factory. All right, thank you. Maybe just another one on margins. Obviously the weight of medical sales has increased quite a bit, and now we're going into H2, so how should we think about the margin levels towards the end of the year? Should we think about a similar sequential pickup despite the higher medical sales, or should we think about lower underlying margins as a whole? Probably the mix a little bit gets less medical-heavy overall if we look from margin perspective. All right, thank you. Hi, this is Juha from Inderes. Another question about margins. I'm just wondering about the TFT flat panels as they are the growth driver for the future also, I suppose. Now 20% of the sales were coming outside of China, if I understood correctly. How much the margins are better there? Overall, how is the margin profile? Is it somewhere around the middle of DT's offering or I'm just wondering how is the mix going to change when the TFT panels are growing faster than the other sales? I think if we look the TFT margin, first of all, we believe they will be improving overall. If we look on application, it probably behaves a little bit similar than our other business. It's also pending very much on volumes. Somebody buying a lot, there's different type of contracts than somebody who's just buying a little. If we think of, let's say, application, for example, for weapons, for defense these products are under quite a lot of stress because of radiation. These need to be replaced even every eight months. We will see a little bit consumable type of behavior for that business. Well, this is actually another question that I was wondering about. The defense opportunity seems pretty clear. Like you said, there's going to be a lot of quantity coming, and you are in a good position. Could you quantify a little bit what kind of amount of sales it could be if you succeeded very well in the coming years? What we intend to have is double-digit growth in that area. How well then the plans realize it's a little bit challenging to give any exact number there except that I can say that there's a lot of testing being done at current both in U.S. and in Europe for our sort of DTFT-enabled equipment. All right. Maybe a similar question about India because now you have made some deliveries from there. You have new capabilities or let's say government approval for medical, if I understood correctly. Could you quantify a little bit how you expect to grow your sales from India? Yeah. I think India is from our point of view is very nice. We see opportunities for medical, both for CT later on. By the way, there is not CT machines equipment made very, very little volumes today. But also especially TFT, which India is already a sizable market for TFT for medical. We see opportunities for security. India still is in the process of making more than 100 new airports, so that's a big need for all kinds of aviation products. We see opportunities in India for cargo. India has 7,500 km of shoreline, as an example, very undeveloped harbor infrastructure, so that's good opportunity for harbor. India needs to invest into high-speed trains, into trains, and that's also yielding into cargo inspection as harbors. Altogether, it should be quite nice and balanced portfolio. Medical, security, industrial EV, the battery, and so on. India basically has to be able to create internal competence and production for all key technologies. That is battery storages, that's medical, dental, CT, et cetera. A lot of opportunities. Of course, the challenge for India is then the money. How much and how fast can they invest into this infrastructure to be able to develop the economy up? All right. Understood that it's a massive opportunity, you don't want to guide anything to the future. Last question from me is about the cash flows. I think my colleague already asked a little bit about this, I just wanted to kind of understand. Do you still need to raise the inventory levels in the H2 of the year, or are we now in the level where you feel comfortable, even though the situation in the component market is tight? Yeah, I think in big scale, we start to be sort of at the peak. Of course, there can be small ups or downs and so on. Then next year, we should be starting to see some melting of the inventory. All right. Thanks. Thank you, Juha. Let's take some online questions. How much TFT sales is coming from outside industrial? TFT sales outside. The question is how much TFT sales is coming from outside industrial. That's a pretty good question. It's not very sizable because we've just started some, let's say, first deliveries for medical. Basically, TFT, I would bet, and now it's just my guesstimate, it's like 90% is industrial so far. It started with industrial. We're working a lot with EV companies and battery inspection, some electronics companies, we might see in future also some security deals there. Let's see. The big thing is getting, and this is more long term, getting the medical and dental markets opened for DT outside of China, Europe and U.S. Thank you. How do you plan to improve profitability during the H2, given that the product mix is something that you cannot directly impact? First I think the product mix can a little bit improve as a mix. Then we need to increase the top line. Thank you. Do you expect the change in your sales mix in the H2? Not very much. Well, like I said, probably the sales mix is a little bit better from point of view of margins, but not very much. Thank you. That's all. Thank you. Well, I think we are finished. I thank you very much and wish you a great day. Thank you for watching.