Good morning, everyone, and welcome to this webcast covering Incap's second quarter and half year 2026 results. My name is Pauliina Tennilä, and I will be hosting this webcast today. The speakers are Incap's President and CEO, Otto Pukk, and CFO, Antti Pynnönen. Otto and Antti will walk you through the results, after which we will go through your questions. You can post your questions at any time using the Q&A function. A recording of this webcast will be available on Incap's website later today. With that, I'll hand it over now to Otto Pukk. Thank you very much, Pauliina. Hello and thank you for all who are tuned in and listening to this webcast and have interest in Incap. We might have a little bit technical difficulty today. I'm in India and hopefully all the presentations will work, but otherwise, we will share the presentation, and as Pauliina said, also the webcast in a whole so you can go back and have a look at it. The first half of the year is over, and we did a smaller adjustment in that sense just a few days ago when it comes to the steering. With that taken into account, the year have gone as we have expected. We ended up the first half on EUR 130.2 million, which, of course, is a big increase compared to previous year. A large contribution of this is, as well, the local acquisition that now is more fully than perhaps in Q1 and so on. Nevertheless, it's an increase from year-on-year. EBITDA ended up 11.7%. The profitability was a little bit impacted by, of course, the change in business mix that we have had with the acquisition. Also we had some postponements in deliveries, also in the second quarter. Some were postponed, as you remember, in the first quarter to the second, but these challenges has impacted. If you look at the full year, the foreign exchange impact that was in the first quarter also impacted the first half in that sense. Business-wide, we have concentrated a lot on the integration, of course, getting our new team members in and working to increase the collaboration that we have between the units. All of this, of course, is to drive organic growth, which is currently our main target. I'm happy to say that in quarter two, we have got back into organic growth. We had a 4.2%, 4.1% organic growth, but quarter-to-quarter it's a 20% increase and we are moving in the right direction with the organic growth. We can take the next slide. As you saw in one of our releases, we have changed a little bit the management structure that we work on, and this is also to support our organic growth issues. We are now a larger company, and we are a little bit more organized regionally. This is to support the collaboration and also the way we work towards organic growth in the different units that we're in. I'm very happy with that development, and I think that will help us to support organic growth moving forward. Yes, next slide. We have also, with our new acquisitions, strengthen our position segment-wise and here in one picture is an example of our defense team coming together here in Helsinki earlier this year. We see that also across other segments. I think this is also the knowledge, I would say, that we have accumulated and our, as a whole, will help us to moving forward with driving growth and finding synergy and cross-selling opportunities in the company. That of course, with the added capabilities that we now have in engineering and with the general broader service offering in the group, I think will provide good value for our customer and help us to grow our business. Yes, we can continue. As always, we continue to invest in our operations during this first half. We have invested now in cleanroom facilities in Slovakia. We are strengthen our SMT and testing here in India, where I'm at currently, and also in Estonia, we have invested in conformal coating and other smaller investments across the group. For us, it's always important to keep on developing and keep on investing in our operations so we can provide world-class services to our customers. Also, when it comes to how we work, we have, for example, in Germany during this and Romania during this quarter, got certified on ISO 27001, the IT standard, which is of course very important for our customers that are in different, more regulated markets. This initiative we are continuing with in the group, and we have a plan now going site by site and continuing to get certified on this very vital security and management system. Yes. Basically Over to you, Antti. Thank you, Otto. We start looking through the second quarter results. Here are the main figures that we recorded. Revenue grew 34%, totaling EUR 74.2 million. Like Otto mentioned, of course, this is first full quarter we had our quite large acquisition, Lacon company, consolidated into Incap figures so that drove the number up. As we wrote in the report, the pure organic growth was 4.1% in second quarter. Comparable EBITDA was EUR 6.5 million, which means 8.8% from the revenue. That number was impacted by EUR 850,000 salary-related, personnel expense-related, I would say more like a one-off type of costs. In quarter two of 2025, there was an accrual release, which gave some upside in the comparison year, but this year, same topic was actually cost. The delta was this EUR 850,000. I think that is good to understand. Operating profit was mentioned there as well, I'll come back to that one on the graph on this one here. There was also impact on currency exchange rates, it wasn't that much actually in the second quarter. That's why we didn't highlight that much on the Q2 report. Instead of first half January-June period, this still played a role, mainly driven by the U.S. dollar compared to the 2025 figures. That played a role. Yes, if we look into this graph here, this is what we have listed here. The jump indeed in the revenue, big jump here, is explained by the acquisition. We can see the operating profit here in the right-hand side on the quarterly basis. We have, of course, the percentage here. A little bit down there, we will discuss, I think, later on also about the margins. If we look into the next slide, this is just a summary of the slides. I wanted to highlight again the inventory levels. There has been some delays in Incap projects. Already we mentioned that in the first quarter, we saw some material availability challenges, that continued to be similar way in the second quarter. That is something that is also increasing our inventory levels now totaling almost EUR 84 million. There's a quite big increase from the year-end closing, which was EUR 52 million. Again, Lacon acquisition explains majority of this data. Interest-bearing net debt we have listed also here as one KPI we are following continuously. EUR 9.1 million, the personnel exceeded slightly over 3,000. If we look into the next slide It's me again, isn't it? We changed our outlook here on the 24th, as I mentioned before. We estimate now that the year will end somewhere between EUR 270 million and EUR 290 million in revenue, the EBITDA will be somewhere from EUR 26 million to EUR 29 million in the year. That's the estimate, we haven't changed it since we gave it just a few days ago. I think we are ready for questions, take it away, Pauliina. I hope we get interesting questions to answer. Thank you, Otto and Antti. Let's indeed begin with the Q&A. Maybe as the first question, in addition to the Lacon's impact on your revenue, your organic growth picked up in Q2. What is driving that, and how do you see that moving ahead? Yeah, of course, our main focus now is driving organic growth, and this, of course, is to create as much value for our customers and for our owners as well is key. Before we have looked also on inorganic growth, and I think, of course, that is somewhere there. We're a tough market currently with very high valuations when we look at different kind of M&A targets and so on. Of course, responsible capital allocation is always key. With our multiples being at the level that they are currently, then of course, organic growth is what we are focusing on. I think we have a very strong basis for driving organic growth. We have a good positioning now with the new service offering and a strong team with the new Incap now, the larger Incap. I'm quite sure that our efforts in this will continue to yield result and to move forward. Already, as I said, we see it now compared to last quarter, it's already 20% up organic growth. I think that from quarter to quarter is already a good indication where we are going. May I add a few things? Traditional Incap business is where we have a very strong power electronics, and this has been quite stable. If you look into the new sectors that have been picking up, like defense sector, so that already played a big role in second quarter versus year-on-year on this 4% growth. We have had good success stories in defense sector recently. Yeah. Thank you. There's a question about India. Could you please elaborate on the situation there and the increased competition that you mentioned? Is this the certain market segments that you also mentioned in the profit warning? India. Now, of course, India is a very important part of our company, and we have a great team here in India. EMS market here is very hot. There's a lot of competition coming up. Those that follow, for example, EMS companies on the Bombay Stock Exchange see that a very high evaluation, a lot of investments into the market. This of course, have an effect also, new players coming in and increased competition compared to what was perhaps a few years ago or even going back further when perhaps we were one of the first EMS companies or international companies here in India. We see a bigger competition and more players on the market in general. I wouldn't say that it's in any particular segment. It's more geographical, or how to say, the thing that the companies are coming up. We have lot of OEMs as well moving their manufacturing and their R&D facilities here to India. It's a hot place to be, and especially here in Bangalore or near Bangalore. We are in Tumkur, outside Bangalore, and in this area what's called the Silicon Valley of India. A hot market, and of course, it also gives opportunities, but with more competition than it used to be. How about the competition and your headcount? Have you lost some business in India, and what is the status of production in India currently? The headcount has decreased actually in India. That's the question about the production status. The headcount, of course, always fluctuate depending on what product mix we have and what kind of business we're driving. Volume wise, I think we have increased the business in India, but it all depends, of course, on the product mix, on how it turns out in the revenue numbers. In general, we are attracting new accounts here. We are ramping up new larger customers as [Morten] here in some interview here during the quarter also mentioned when we were talking about India. There is a lot of positive development in India. I wouldn't say that we have lost any customer accounts, but of course, it's pressure with the increased competition, and this is something we need to maneuver with. At the same time, India is, as a market, growing and there's a lot of opportunities, and we see that we are working together with many multinational companies now here in India. I'm still very positive on being here and the potentials that we are pursuing. Thank you. There's maybe another question still about the competition, and I would maybe turn this into why is India so hot? What is sort of the root cause? Why do you think the EMS market is doing so well there? Let's begin with that every year in India, 1.5 million engineers graduate. 1.5 million engineers. Put that into perspective on many European countries, just to share a number. They are all English speaking. They have great engineering schools here in India. This is, I think, the key driver, the availability of engineers. In Europe, in U.S., in many places in the world, there's lack of engineers. Here in India, there is engineers available, and that is driving, of course, many companies to invest into India, into R&D, and utilizing this engineering power that is in India. I think that is the main driver, the engineers in India. Add that to also that India is a democracy, one of the few democracies in Asia, that you can drive and run manufacturing in. That is, of course, a huge difference between doing business here compared to perhaps some of the more totalitarian states in the region. There's a lot of things talking on India, like for India, and I think the engineers are the main factor. Of course, there's a growing market as well in India itself, which is very attractive for many companies and also for Incap. Thank you. Moving on to other units and markets. Do you see margin pressure intensifying also in other units than India? How would you describe the business in other parts of Incap's operations? Of course, there's always margin pressure in the EMS business. Price, quality, and on-time delivery are some kind of hygiene factors, and we all deal on the same market. Yeah, not in the same way as we see here in India. We don't see increased competition and that kind of margin pressure. It's more focused on India currently. If you look at my statement, then that's us. How about the Lacon? You have not published the figures about Lacon's business, but is there anything to comment on the financial development of Lacon during 2026? Yeah, I think there has been a positive development. We have had great order intake. As Antti mentioned, some of the defense projects, there have been some delays in the start. We have accumulated materials due to that. We've driven up our inventory. Overall, we have had the high order intake we mentioned during Q1 have continued in Q2. I think the Lacon Group in general has performed well, and there is still good opportunities here. Once we get the projects to start more in scale, I think the numbers will show as well. Yeah, I think one key thing is that we still have been, of course, very early in the integration. The key message also is that the integration has gone very well. Of course now it's moving into the phase that focusing on harvesting the synergies, so the teams in the Incap sales and Lacon Group team sales, they are collaborating and sharing the leads and doing these cross efforts on boosting the sales. I believe the figures will be picking up. As I mentioned already, Q2 was the first full quarter, so we are very beginning in this journey. It has gone better than expected in terms of all streams in the integration. The second half, I think we will start seeing increasing financials as well. As Otto mentioned, there was the all-time high order intake for these big defense customers. Those start to impact also in the figures at some near future. Thank you. Maybe moving on then to more strategic questions. There's a question about what strategic options are you considering. Maybe we can combine that with another one where somebody's asking if you are expecting a new acquisition before the year-end. As I mentioned, we are focusing on organic growth, that is the key focus currently. Of course, when we do acquisitions, it must be value-creating. If you look at the current multiples that deals are being done with and compare those to our trading multiples, then it's hard to make value-creating acquisitions from pure metrics in that sense. Of course, there might be strategic alternatives. There might be bolt-on acquisitions where we acquire some customers that I would more count as organic growth. The main focus is to develop our current operations and to focus on organic growth. I think that is the key message from this. How about the organic growth? How would you describe the focus? Are you focusing on existing customers or new customers? We are both, of course. We are focusing on both existing customers and new customers. We were always trying to increase our offering to the customers we have. That's perhaps the easiest way to drive organic growth. New customer acquisition, of course, is always welcome and that's something we work strongly with the team to achieve. Thank you. Maybe we take one more question, going back to the figures. There's a question about the personal costs, they have doubled in Q2. Is there anything else but Lacon and the accruals which would explain this increase? Do you expect similar personal cost level in coming quarters? Well, as I briefly commented, compared to the year-on-year quarters against each other, this almost EUR 900,000 I would classify as a one-time cost is explaining partially that one, and the rest is mainly driven by Lacon acquisition. As I mentioned, they are now reporting full quarter under Incap. Those two elements explain, I would say, 98% of this growth. Going forward, obviously, this EUR 900,000, which has been now mentioned a few times, that will not materialize anymore going forward, at least in Q3, Q4. Thank you, Antti. I think we have covered now all the answers one way or another, I would like to hand it over once more back to you, Otto. Would you like to recap? Yes. Thank you. Thank you very much, Pauliina, and Antti as well. Of course, thank you to all that has been listening in. Please reach out to us if you have more questions. We always try to be available for our investors and analysts and so on. Reach out if there is anything. We will of course continue with our work, and we will see you sooner than later in different interviews and other things as well. Thank you for listening, and I think the main takeaway from this is that organic growth, we are starting or have already resulted in this, and we'll continue to grow and develop the company and create value for you shareholders. Thank you very much.