Good afternoon, good morning, ladies and gentlemen. This is Juha from Metso to the IR. I want to welcome you all to this audiocast and conference call where we discuss our second quarter and half-year results for 2021 that we published earlier today. Results will be presented by our President and CEO, Pekka Vauramo, and CFO, Eeva Sipilä. After the presentation, we'll have time for a Q&A as always. We'll try to limit the length of this call to 60 minutes. Please be brief with your questions when you ask them. As you can see from our presentation, in the first pages we have the usual forward-looking statements, some information about the financial data we have put out in terms of both IFRS-based numbers and illustrative financial information. Without further ado, we'll kick off the presentation. I'll be handing over to President and CEO Pekka Vauramo. Please go ahead. Thank you, Juha, and thanks for joining this call. We'll go straight into quarter two. We saw, as we said in our outlook, a strong market activity during the second quarter, and I'm sure you have noticed that in our order announcements that we have made several of them during the quarter. Order intake was really strong in all of our three segments. When we look at the top lines of segments Aggregates, we saw really strong order intake, sales, and profitability as well. In fact, we are on record level now in Aggregates all together. It's of course a good result, but I have to say that it was something that we were expecting to happen now in this kind of market environment. On the slight disappointment side is the low sales of Minerals. A good order intake there as well, but low sales primarily because we are now delivering low order intakes that we did book end of last year. We've been saying all the time that one should not expect our top-line start to grow before the second half of the year and that is still the outlook on that side. Metals turnaround program is progressing, and we were able to show black numbers now, though small ones, but more important is that we are moving ahead with that plan. Integration as such, we are ahead of the original plan and well on speed and plan to achieve EUR 120 million cost synergies by the end of the year. Clearly sustainability is gaining importance, and this is visible in many areas. Obviously in our own operations, we are seeing it already in our order intake and the type of orders that we are receiving from our customers. On the figures, orders received grew by 43%, good strong performance as we were expecting the second quarter to be very positive and favorable. Sales flat, just like we had been saying that we shouldn't expect top-line start to grow before the second half of the year. Adjusted EBITDA slightly below last year's EUR 135 million-EUR 139 million last year. This is primarily because of the low sales during the quarter. Operating profit EUR 97 million, last year EUR 89 million. We are seeing now smaller numbers in our adjustments as we have progressed already quite far in our integration and synergy work. That is then increasing that line. Cash flow continues to be on the strong side. However, we will see that one going down as we move on and as the top line starts to grow and we start to tie working capital into our supply chain primarily. In the integration side, cost synergies we track at EUR 105 million run rate and well on track to achieve EUR 120 million by the end of the year. COVID-19 is still with us, as we all know, and by no means it's not over yet. We see different variants as we all read about and third waves and fourth waves coming. We are seeing some domestic traveling recovering. The text says here Australia, but the reason from Australia is that parts of the country are in complete lockdown because of the recent cases there. The situation is still changing. This is affecting primarily our service activity and our Minerals business. Our own operations as such have been running well with the measures that we have in place. We haven't had any major outbreaks of COVID-19 in any of our locations. Going into segments, Aggregates, a really strong order performance, EUR 363 million. That's nearly 70% more than a year ago. It is the infrastructure packages that is encouraging the industry to invest and have their production machinery in good shape for the upcoming projects. Sales EUR 320 million, that's up nearly 30%. Obviously that is basically orders that we did book in the fourth quarter of last year and beginning of first quarter of this year. That was the basis for higher sales right now. Adjusted EBITDA EUR 47 million now, last year EUR 34 million. Record margin level, to a great extent, thanks to volume growth, but also good self-help that we have done, implemented the improvement programs and measures during the past 12, 15 months in our Aggregates business. Minerals order performance was up from last year, EUR 645 million last year, now EUR 755 million. Good performance in that regard. If you remember reading from our order announcements, some of our orders, they are joint orders for Metals and Minerals. That type of orders really contributed nicely into Minerals order intake. Good flow of smaller orders, medium-sized orders which is always healthy in a business. Of course, the order line growing so much faster than the sales line, it means that our sales will start to grow as well as we move on. We do have negative currency impact on these top-line numbers, but that doesn't really explain the profitability drop as such so much because we do have quite a lot of natural hedging in our system. Sales EUR 578 million versus EUR 650 million last year, and that is just the timing of deliveries and the low orders end of last year. Of course, yes, COVID is affecting our service sales still, and we are somewhat behind. Lower service sales has naturally a bigger impact on profitability. Adjusted EBITDA down from EUR 110 million -EUR 82 million, margin of 14.2%. We have some internal issues relating to our integration and merging of our warehouses and things like that, in addition to the issues with global logistics that we all suffer from. In the Metals side, orders really grew from EUR 87 million- EUR 243 million, so three times more orders roughly now than a year ago. Market activity really is improving. We saw several orders, medium-sized orders from the pelletizing plants, and that is very positive development overall. Sales EUR 112, flat compared to year ago. There as well, timing of deliveries, the big orders and large order intake end of last year will only start to realize in the second half of this year and beginning of next year. Adjusted EBITDA slightly on black side, EUR 2 million. Important is that the turnaround program is going well and the orders that we booked during the quarter and of course the major order that we booked after the quarter is contributing really nicely to the possibilities to have a nice turnaround for Metals business. Eeva, please. All right. Good morning, good afternoon on my behalf to everyone as well. One year since the closing of the Metso Outotec transaction, our financials are getting easier to read. Similar to Q1, the actual Q2 figures are straightforward, as is any sequential comparison or comparison to year-end in the case of, for example, balance sheet numbers. However, please do remember that on the comparison to 2020 first half or second quarter under IFRS, that year-over-year comparison is only to Metso Minerals numbers. For operationally better comparison, I recommend using the illustrative combined figures when it comes to second quarter 2020 or first half 2020. Earlier words of caution still apply that they do combine the history of two separate companies, so they are, as their name says, illustrative. Moving to the income statement. Metso Outotec sales in the second quarter were just over EUR 1 billion, flat year-over-year. Sales are, however, over 9% up sequentially. I do appreciate that even if we have highlighted that the backlog composition, especially in Minerals and Metals segments, after several weak order quarters last year in the midst of the COVID-19, is very second half weighted this year, as that backlog only got more support from orders from Q4 last year onwards. This sales number of just over EUR 1 billion is on the low end of expectations. Only in our Aggregates segment is the revenue recognition more immediate following order intake, and overall, of course, lead times from order to delivery are much shorter in that segment. Fortunately, this is a timing issue. Our order intake is very encouraging for future revenue growth. However, you should more expect in Minerals and Metals segments the sales growth to start moving up over the coming quarters rather than assume any abrupt leaps. We did face some unplanned delivery issues due to having a few bigger footprint moves in our supply and warehouses coincide with a quarter with overall very challenging global logistics availability. Even small misses get big if the availability and cost of a new routing is far from normal. Whilst not a big number in volumes, the fixing was not free either and hence gross profit is also slightly impacted and does not really reflect the good work done in most of the company. EUR 131 million translating into 12.9% Adjusted EBITA margin is 50 basis points up from Q1. We are pushing on many fronts, integration and business-specific improvement measures to mention the two main drivers to continue towards our margin target of 15%. Adjustments were EUR 13 million in the quarter, mainly from the integration. PPA amortization was another EUR 13 million and other amortization EUR 8 million, which all then leads to an operating profit of EUR 97 million. We have an unchanged guidance for the integration-related adjustments for this year. You can expect some of that still to come through in the second half. Thereafter, you only then need to model the non-cash amortization elements. Moving to the P&L elements below operating profit on the next slide, I would perhaps just note that we're delivering integration benefits also in our effective tax rate, which is at the 25% level year to date. Earnings per share for continuing operations were EUR 0.07 for the quarter and EUR 0.15 year to date. Thanks to a small capital gain from our divestment of the aluminum business in April, the year to date EPS, including discontinued operations, is EUR 0.02 higher, so EUR 0.17. Moving to our balance sheet. Total assets are up some EUR 100 million from the beginning of the year. You still see a modest growth in inventories and receivables, however, clearly indicating the direction we see when you sort of remember the strong order intake that we've seen in the first half. We were able to pay back debt as well as the first installment of our dividend and still maintain a solid level of liquid funds. A few highlights on our cash flow. Firstly, obviously very happy to see continued healthy cash flow in the second quarter. Since the merger of Metso Outotec, we have delivered solid cash flow in every quarter, which has helped to quickly strengthen our balance sheet. As we move forward, we do expect sales growth to affect our working capital increasingly, but similar to Q2, where in addition to profit from continuing operations, we saw a positive contribution from divestments under discontinued operations. We do expect to see further support on that role also in the second half from the divestment announced. Looking at our net working capital by item, the balance of the items is really similar to earlier. Inventories stood at EUR 1,154 million at the end of June. Trade payables continued to exceed trade receivables also in Q2. We've seen the advances increase slightly as we've booked some bigger orders where they typically form a part of the payment structure. Lastly, on our financial position, as mentioned, healthy cash flow has improved our balance sheet KPIs since the merger. During the second quarter, we canceled two revolving facilities which would have become short-term and were signed when the COVID-19 uncertainty was highest. We didn't feel we would need them anymore. The base revolver of EUR 600 million is more than sufficient for our needs. We had a strong cash position. As we had a strong cash position, we made an early repayment of EUR 50 million on our term loan. Net debt totaled EUR 686 million at the end of June, and our debt to capital was 33.4%. With that, I would hand it back to our President and CEO, Pekka, please. Thank you, Eeva. A few words on integration and strategy before we go into outlook and Q&A. Like mentioned already, run rate basis, the cost synergies we track at EUR 105 million now. This means that our original plan that we announced at the time when this transaction, Metso, the transaction was announced was EUR 100 million. We are ahead of that plan both time-wise and in total already. EUR 120 million remains the target at the end of the year. The remaining work is primarily in the area of IT and procurement for the rest of the year. Restructuring of the organization is almost completed now. We have enough work and enough programs that will contribute towards EUR 120 million by the end of the year. The sales revenue synergies we have reported in our current sales line year to date of EUR 40 million of revenue synergies and this additional EUR 91 million that we have in our order backlog. That number is starting to be already a meaningful number and is getting closer to our target, which is EUR 150 million by the end of next year. The estimated restructuring cost, integration cost is EUR 75 million, and so far we have booked EUR 51 million of that one. I mentioned earlier on that we are seeing sustainability already in our order bookings. We are developing a measurement which we will be able to track in future. We were not able to do it yet, but we already know that share of Planet Positive products and technologies is increasing, and it's really becoming a criteria for customers when they take decisions and part of justification of projects and investment cases. We are committed to 1.5 max global warming, and we have the science-based targets established for that one. We are tracking well in achieving those science-based targets. We are, in fact, well ahead in some of those lines, but this is also volume-related issue, especially the emission side of it, and currently we are going through a low volume period and therefore we are slightly ahead of those targets at this moment. We will get closer to these ones once the volumes get normalized later on. We are engaging our suppliers as well into this work. We have set a target that 30% of supplier spend by 2025 need to have science-based targets, and that work has started. We launched yesterday Planet Positive product portfolio, and that is really to make easy for customers to make the right ecological choices or the best ecological choices, and to make easy also for external world to track our performance in sustainability. In other fronts of ESG safety work that we have been doing very consistently by addressing things that are not moving in right direction and addressing those locations where we may have had issues is really bearing fruit now. We are on year to date basis on LTIF on record low level at 0.6. Just to mention in the month of June, we didn't have any lost time injuries with our own employees and only one with our contractors. Good improvement and first time for Metso Outotec to be on monthly basis that low level. The work continues. Any incident or injury is unnecessary and we keep on working with that one. Planet Positive is visible in orders, pellet plants, several orders as we have booked them. They all contribute towards lower emissions in steel production. The lightweight Metso Outotec Truck Bodies that we are selling and still in the launching phase of that one, but we are starting to have a very good footprint already globally with those ones. If you recall, the lightweight truck body means that any ore that is hauled with it requires 10% less fuel and reduces those 10% emissions. Yes, we have some process plants, precious metals recycling plant and lithium plant orders that we have booked, and they are naturally in this area. On highlights, really the major one is the EUR 360 million order which we booked after closing of the second quarter, so this number will be reported in the third quarter order intake. It is a joint order between Metals and Minerals. About 80% is Metals and 20% Minerals. It is a massive project as such, copper smelter, well-known technology. We have delivered Flash Smelting technology-based copper smelters, more than 50 pieces to different parts of the world. Therefore, we don't feel that this includes any technological risk as such. Very happy about that one. That is a project that has been discussed and debated in Indonesia possibly for 10, 15, maybe 20 years. Now finally then the parties decided to progress with that one. We just announced signing of the agreement with Ahlström Capital to divest Waste Recycling. We expect that one to close during the fourth quarter of the year and the Metals recycling divestment is in progress. Hopefully we'll hear something about that one by the end of the year. The market outlook, we are on relatively high level as our order intake is also indicating that one. We're expecting the high and strong current level to continue and remain. COVID is, of course, around us, as we all know, and we will see still impact of that one, and especially the changes and the new variants of virus will cause unexpected events in near future as well. I would say that in a big picture, our industry has shown that it's very resilient against this kind of pandemic, but it does cause some operational issues, which is affecting slightly our numbers as well. We expect, in general, the environment to remain at the current strong level. Thank you. All right. Thank you, Pekka. Thank you, Eeva. Now it's time to open the lines for questions. Thank you. If you wish to ask a question, please dial 01 on your telephone keypad now. Once your name is announced, you can ask your question. If you find your question is answered before it's your turn to speak, you can dial 02 to cancel. Our first question comes from the line of Magnus Kruber at UBS. Please go ahead. Your line is open. Hi, Pekka, Eeva. Magnus here with UBS. A couple of questions from me. I guess first I'll start where you ended, Pekka, on the outlook. I'm keen to hear what you're thinking about the outlook statement in terms of the different business areas. You've shifted from improving to a current strong level. Is there an element here of sustained momentum in Minerals, offset perhaps by a slight tempering or a cool down in Aggregates as we go into the second half? How do you think about the different business areas in the context of the updated outlook? That'd be very helpful. Yeah, I think it's very well thought by you. Our Aggregates business is seasonally lower in the second half of the year and that is, of course, reflected here in the statement as well. On the other hand, we are on high level in our order bookings, both in Metals and Minerals. Now it's time really to deliver and execute the order book. We will see nice orders going forward as well, very difficult with the COVID situation to say that we would go much higher than where we are at this moment. In order to climb higher level at this moment, we really would have to clear the pandemic first. That's very helpful. Actually, just continuing on that point, if you could talk a little bit about your pipeline for the year in mining overall. Do you have anything similar in the nature of the recent Freeport-McMoRan order? Maybe, also if you could discuss if there's any differences between the Minerals and the Metals, that would also be interesting. Obviously the metals market seems to be heating up quite a bit now. Yeah, that's right. I would say that Minerals market is heating up as well, the nature of Minerals business is different. There are project orders as well in Minerals, but they are smaller orders. Metals orders tend to be bigger ones and because the business is somewhat lower, it makes the business a bit more difficult to forecast the Metals side and then makes it look also very lumpy, especially the order intake. We like the way how Minerals currently is, that the orders are smaller in size. They are well manageable as such, and risk profile is something lower than typically in our Metals businesses. Got it. In the Metals then specifically, do you have anything in the pipeline that's similar to the Freeport-McMoRan order? I know there's a Swedish company building something in Norway that's pretty big. Yeah, that's right. Anything that would start with 3, no, we don't. Okay, got it. Thank you so much. Thank you. Our next question comes from the line of Klas Bergelind of Citi. Please go ahead. Your line is open. Thank you. Hi, Pekka and Eeva. It's Klas at Citi. My first question I had is on the margin drag from the supply chain issues in Minerals, and part of this relates to the integration of Metso and Outotec. Firstly, what impact was this on the margin in Minerals, and do you think this effect will last into year-end? I would also assume that the lifting of the mobility restrictions eventually should help the service business quite a bit into the second half. If you could perhaps help us also with the pent-up effect there. How much below normal levels is the service business? Several questions in one, sorry for that, but impact first of the margin pressure because of the integration, will it stay until year-end? Then likely pent-up effect in services. Thank you. Thanks, Klas. If I try to answer that, we're not talking about a huge number per se as a drag from the actions. Clearly, we have had challenges in being on time in some of our supply units, and hence then we've had to use air freight, for instance to compensate, to kind of catch up, to make it still on time or less late to the customer and these type of things. Obviously, we wouldn't be talking about them if they weren't EUR millions, but it's still a more single EUR 1 million issue. We tried to estimate how much sales we lost on the aftermarket side from the hassle and in the consolidation actions. We've basically been moving, consolidating inventories from several locations to fewer locations and gearing up in the new location, the operations is where we've had the issues. Maybe it's around roughly EUR 15 million of sales. It's, of course, money in the quarter, but I think the bigger impact, really, to the consensus sales was really from the backlog, and we were just not clear enough in our communication on the order backlog composition perhaps earlier. The actions are now complete. We are in the locations we want to be and ramping up operations, so in that sense, we're well on track. Of course, it takes a bit of time to catch up, but we're not really expecting or planning for disturbances in the second half. We do need to just fix the issues and in that sense, move forward. You had a question on the mobility. Yeah, that's, of course, when the news is daily changing on what restriction one has and where, difficult to answer. As we write in the report, when the restrictions have eased, we have seen then the possibility and the willingness from customers to meet us at site and get a bit back to normal. Of course, it is subject to then abrupt changes back to restriction mode as well. I think that is something that I assume we'll see for the rest of the year. Partly, of course, we're learning to move around it, but there's just an element of things that actually have to happen on the site, and hence we'll just need to follow where the pandemic takes us. Have you done anything, Eeva, in terms of looking at how much pent up it could be once restrictions are lifted for services? I would assume that we're trailing a very strong activity from a mobility point of view. Obviously, you look at the installed base and average consumption and average demand and these type of indicators, and of course plan together with our customers. Clearly, the challenge for both of us will then be that if demand leaps, the availability question will come. We now see the availability problems already in components and in many fronts, not only in our industry. Of course, that's something that we together need to manage and prepare with our customers, and I think we've been trying to caution on that not then everybody can move at the same time. That's something. Really, as said, when there's so many moving elements now, as said, on a daily basis in some countries, super difficult to be boom or quantify it more. But- Year -to -date, I would assume that we are maybe 10% below in our service, excluding really the consumables. That has gone almost like normal now. In the rest of the services, we are probably 10% behind with the volume, and I would estimate that this volume comes back at one point. Thank you very much. My very final one is on the mix between equipment and services. When equipment will be a bigger part of sales into the second half, and I'm referring to Minerals here, do you think, Pekka, you have enough self-help efforts to lift the gross margin in equipment, or shall we expect a big negative effect from higher equipment sales into the second half? I know that this is difficult to guide on magnitude, but we have inefficiencies because of supply chain a little bit, and then obviously the question is: Will we have another impact on the margin as we invoice out more from the backlog? We also need to remember that we do suffer from under absorption at this moment, and with the higher volumes in equipment side, that will reduce, and that will mitigate the impact of margin and the mix impact in that regard. I'm expecting our services to recover. Like I said, we are about 10% below where we should be in a normal course of a year. Once that returns, so I'm not too concerned about that we would see margin drop. That would be too dramatic in that one. We see also volume growth at the same time. Yeah, very clear. Thank you. Thank you. Our next question comes from the line of Artem Tarkhanov of Credit Suisse. Please go ahead. Your line is open. Good afternoon. Thank you very much for taking my questions. That's Artem from Credit Suisse. I have three, please. My first question is about synergies. Could you help us understand what was the P&L contribution in H1, and with a faster delivery, what should we expect in terms of P&L contribution for H2, please? Sure, Artem. We tried to clarify it in our report. We made reference to Q3 and Q2 specifically, but basically, I would say that if you use the run rate number we have given out at the end of every quarter, and then as it is an annual number, you divide it by 4 to get the impact on the next quarter. Now we were at EUR 105 million, so we're guiding on roughly EUR 26 million impact for Q3. We were at just above EUR 80 million end of March, and hence it was around EUR 24 million for Q2, and I believe we were at EUR 60 million-ish at year-end. Again, that will be then sort of EUR 15 million, roughly for Q1. That's kind of the speed the progress has been adding roughly EUR 5 million sequentially from quarter to another. Thank you very much. My second question is around your comments on the reports around supply chain and the logistics costs. I guess, could you maybe talk a little bit about whether that's something temporary or whether that's more structural, like your supply chain raising prices, cost inflation, et cetera? Yeah. There's 2 things. Logistics is 1 area. 1 area, yes, we have seen freight charges going up. Just read a report of a shipping company, they said that their container charges have gone up by 59%, if I recall correctly, the number from a year ago. Of course, we are seeing this cost. We are carrying some of it, and some of it our customers are carrying, of course. That is 1 part of it. Inflation, we do see the inflation, of course, but we have taken different mitigation actions in that 1. We have the synergy work ongoing in the procurement area where we are combining the volumes of the past 2 companies. We have gained benefits out of that program. Of course, we have been very active in our pricing. I would still say that most of the inflation is still in the supply chain. Most of the price increases are in our order backlogs at this moment. Inflation is there, and it's a reason to be cautious about that one, but not overly concerned. Our customers are also enjoying good business as metals are contributing quite a lot to this inflationary picture, and it makes it easier for them to justify new investments and new expenditure. Thank you. My last question, maybe could you help us quantify how much of that inflation you've seen in the quarter in terms of the EBIT bridge? As a quick follow-up to this question, I guess, in terms of the contracts which you already have in your backlog, do you have any price escalators which would allow you to pass over some of that inflation or contract prices are firmly set? Thank you very much. Well, I think the majority of the inflationary impact, Artem, is actually on the balance sheet. The inventory value, of course, is based on the prices at which goods have come in due to the rapid change, really, and how quickly certain component prices have changed. Haven't really drilled through the P&L much in the logistics Pekka mentioned. Of course, that comes more immediately, what comes to the other areas, that's something we kind of expect to see. We've been very actively managing prices because of course this is an environment, this is no news to the customers, no news to us and kind of preparing in that sense. That's of course how we should prepare for it and balance it. There are cases where it makes sense for both parties really to have a certain sort of index clause on that. Of course, the less typical in product type of business where it is a customer is kind of agreeing on the price at the time of purchase, and then it's for us to manage the from order to delivery period as kind of a normal course of business. Something to certainly sort of be attentive to and not an easy fight, but I would still say that it's a positive challenge because we also at Metso do benefit from the inflation, as Pekka mentioned. Thank you. Thank you. Our next question comes from the line of Nick Housden at RBC Capital Markets. Please go ahead, your line is open. Yes. Hi, everyone. Thank you for taking my questions. My first one is about the revenue synergies that you mentioned of EUR 40 million so far, with more in the backlog. Is this all from cross-selling products, or has any of this come from increasing the service penetration of the old Outotec business, which obviously had a much lower penetration level than the Metso business? I'll start there. Thanks. There's both of it, yes. I don't have a breakdown for that one, but there's quite a number of consumables that go into grinding mills, and really sort of aftermarket consumable deliveries and which Outotec wasn't really participating at all. Cross-selling is there as well. The pumps, typically that Outotec sourced from other than Metso. Now, of course, we are supplying to most of the cases, and offering very actively Metso pumps in new proposals. There's both cross-selling and really new areas as well. Okay, great. My second question is about the large acquisition that one of your peers announced last week of a well-known European mining equipment business. I'm just wondering how you see that and how it affects the competitive landscape from your standpoint. Yep. Well, I was asked the same question in our employee meeting this morning, and I described what we've been through since we announced Metso Outotec. That was 2 years and 1 month ago. It's quite a journey that we've made, and they have that journey ahead of them. We still have some distance left of our journey. I think in that regard, they will be busy with many things. I'll leave it there. Okay. Thank you very much. Thank you. Our next question comes from the line of Tomi Railo of DNB. Please go ahead. Your line is open. Hi, this is Tomi from DNB. Just to clarify a little bit on the sales impact due to deal delays, did you say EUR 50 million for services and bigger, let's say maybe EUR 50 million for the equipment side from the backlog? Yeah. My answer to Klas's question was that around EUR 50 million probably was revenue that could have landed in the services into the quarter, but got delayed. Yes. Higher impact from the backlog, comparing to consensus maybe. Well, referring to the consensus. Yeah. Obviously there was a wide range in the analyst estimates, but just referring to the consensus average in a way, clearly that even if you add that our sales were on the low end of the consensus. Really that was the backlog. Backlog, I think was this area where we could have done a better job in the communication. Good. Thank you. The second question on the quoting new sales proposals, as you say in the report, that it continued during the second quarter, how do you see July and early August developing? Basically no change in that one other than, of course, in our Aggregates because it's seasonal business, and seasonally second half being the slower ones. There we see some decline. Just ongoing trading for Aggregates, July was the strongest July ever for us. In that regard, even though we're heading slow season, we're still seeing relatively strong months. Thirdly, a quick one, if I may. Synergies processing ahead of the plan. Do you see any upside for the EUR 120 million target? We are working on new items continuously. Of course, we want to deliver what we've said, and we stick with the EUR 120 million target. Inflationary environment hasn't made it easy for us to be more bullish with that target. We have been able to generate new items so that we can fulfill the EUR 120 million. Thank you very much. Thank you. Just as a reminder to participants, if you do wish to ask a question, please dial 01 on your telephone keypads now. The last question in the queue so far comes from the line of Robert Davies at Morgan Stanley. Please go ahead. Your line is open. Yes, thank you for taking my questions. I had a couple. One was just around the, I guess, bigger projects that you're managing. You highlighted the one that you had close. Just from a risk management project, can you just walk us through what's different now to maybe the way Outotec used to manage those businesses as a standalone entity? I know that you mentioned a year or so ago, you'd thinned some of the processes. Just be keen to hear if, given this is a good example of a bigger project, what was different to maybe how that project would have been signed or how you're going to deal with that over the next year or so. Thank you. Yeah, thanks. Really good question. As such, we need to remember that the previous project of that size was booked a really long time ago, nearly seven, eight years ago altogether. Outotec already before merger had upgraded the risk management and risk analysis part and mitigation actions as such. We have, of course, continued along the same path. We have certain decision-making grid and matrix, and we are reviewing the offer and contracts of this size. We are reviewing very thoroughly, just I would say almost like minutes before signing for any changes. We are on the pulse of what is happening. Then, of course, we do have ongoing project reporting and review of the projects on monthly basis in the management, and our audit committee is looking into these projects on a quarterly basis, how we're tracking on bigger ones and major ones. That is the visibility that we do have. We have upgraded also and changed also how we behave at the work site. We are now accumulating documentation in a different way than what was done in the past. This is always important in projects because there is tendency that towards the end of the project, all the things will be reviewed and revised and potentially claims will be presented both ways. We are now much better equipped for that one than we used to be. Maybe to add, Robert, to that in this specific case, as you may know, it's a pure engineering design, really licensing contract. There is nothing on the construction or kind of any EPC elements. It's really pure engineering, of course, that's at the core of our competence area, clearly happens to be a big engineering project. The other thing I would highlight that it is very known technology. If anything, really, copper smelting is something that has been sort of well-proven over the past. I believe there was more than 50 copper smelters delivered by Outotec in the past. Of course, that's something that was another main criteria kind of ticked our risk management box that we can assume that there will be no surprises. Obviously, like Pekka said, it's really on the focus on the execution is always crucial and continues to be so. Yeah. We took a position in Metso Outotec that we are not accepting and participating EPC contracts anymore. Now 13 months into Metso Outotec, we have not booked a single EPC contract, and I don't feel that we have lost too much. We haven't lost a single order because of that one. Some of the orders have turned into smaller by volume, but at the same time, when volume goes down, our margin levels do go up, and our risk exposure reduces. This is what we have been doing, and this is what we will continue to do with regards to projects. Thank you. Then my second question was just around the order progression within the Minerals business. You've obviously seen 3 or 4 quarters now of improving momentum. Just be keen to hear what your view there is through the back half of the year. I know you mentioned, or there was a couple of questions earlier talking about a potential catch-up effect. I guess is it possible, or do you think it's reasonable to assume more than double-digit growth in that business through the second half of the year? I realize that maybe the comps will be becoming less weak as we get towards the tail end of the year. Just be curious the cadence of growth profile in aftermarket specifically as you go into the back half of the year. Thank you. In a way, as Pekka mentioned, the sort of wear parts consumables, of course, been steadier because it's so production rates related, and I think customers have been running flat out now for a few quarters, so hard to push for more. Certainly in the services, I think that sort of opportunity is there. We would be a bit cautious on calling and confirming any specific number for you because there is just this uncertainty around the COVID-19 situation that can easily change it. Clearly, as you see also from specifically the Minerals services order growth number, things have improved, and in that sense, we would expect to see that trend continue in the second half. Thank you. My final one is more of a big picture question, really. In terms of some of these orders in Minerals that we've seen in the last one or two, different companies have talked about seeing bigger projects sort of cut up into smaller pieces. When you look in total across these projects that have been broken up into smaller pieces, do you feel like you're still able to get as much value out of them? Is pricing more difficult when they're so granular and sub-segmented into little bits? Is it easier to push pricing more aggressively if you have a large encompassing project, or is it a bit more easy to get pricing when they come in bit part, sort of smaller medium-sized pieces? Just be curious in terms of pricing on the sort of smaller medium versus the sort of bigger projects you historically had. Thank you. We are very comfortable with the way our business is going in that regard. We like the small orders rather than big clumpy ones. Great. Okay. Thank you very much. That was all my questions. Thank you. We have a follow-up from Magnus Kruber at UBS. Please go ahead. Your line is open. Hi. Thanks a lot for taking my follow-up. I just wanted to ask you a bit following on Martin's question on pricing and raw material headwind. Which quarter do you see as the peak headwind quarter as we stand now? Obviously, things can change, but as we stand now, which is the peak headwind quarter? Also on Minerals and Aggregates separately, are you sort of pricing ahead or in sort of in line with the inflation or are you lagging on the pricing side? If there's a difference in the facing of those pricing versus the cost, it would be interesting to hear. We do pricing, of course, differently in different businesses. In projects, our aim is to fix our costs at the time when we book our project orders. Then we like to have cost escalation clauses in those ones where we time-wise cannot lock them. Recently we have been very successful in doing so. The product businesses, which is spare parts, consumables, Aggregates, we of course work with the price lists, and that is more working ahead of the curve. Okay. It's fair to say that you believe you're ahead overall on pricing in these two business areas into the second half then? That's a difficult topic always to comment on pricing. Yeah. Fair enough. Thank you so much. Thank you. We have one final question in the queue, that's from the line of Antti Kansanen of SEB. Please go ahead, your line is open. Yeah. Hi, it's Antti from SEB. Thanks for taking my question. It's on the Minerals equipment sales side. You were on a EUR 250 million, EUR 260 million level pre-pandemic and obviously now a bit below that, but if the growth is heating up, do you see scope for more and where do you see the bottlenecks right now? Is it supplier capacity? Is it your own assembly capacity and so forth, if we see the continuous growth on the Minerals equipment side going into 2022 and onwards? I think our current order book is really in, I would say, hectic engineering phase, both in Metals and Minerals businesses. That is a phase where the revenue recognition is fairly low. We have a smaller number of actual deliveries in this one. As we move on and deliver the order book, we get into different phase where bulk of the revenues will really come from deliveries. That's where the growth then comes into picture. Yeah, I was more thinking about that if they're starting to be at some point, that kind of strong order intake only leads to prolonged and prolonged delivery times and you are struggling to get the deliveries out of the backlog, or how should we think about this going forward? Yeah, of course, in businesses where we have clearly products, then at times like this, we are selling longer delivery times. In project businesses, we of course are dependent on the capability of our supply chain to keep their promise on deliveries. That's how we work. We work both, in pricing side and in delivery-wise together with our suppliers and we of course want to align and streamline those things, have back-to-back agreements 100%. That's how we work. Fact of life is that in days like this, delivery times do get longer without them being delayed, in fact. Yeah. All right. Thank you. Thank you. If there are no further questions, I'll hand back to our speakers for the closing comments. All right. Ladies and gentlemen, we are at the hour, so it's a good time to wrap up this second quarter results conference call. We are looking forward to speaking with you very soon again, and in the meantime, enjoy your summer. Bye-bye.