Hello, everyone, and welcome to Musti's half-year financial report. Here in Stockholm, we have David Rönnberg, CEO, and from Helsinki, we have Robert Berglund, CFO. Today, we will go through the agenda with the group development, the segments, then also the financial and market outlook. We call this report Accelerating Growth. That takes us to slide four. Musti is growing faster than ever. Net sales increased with 20.5% to EUR 82.4 million, mainly driven from, as we saw before, from new customers. We are continued taking good market share in all three countries. During the quarter, we have continued to focus on growth, adapting to the COVID-19 situations, and profitability. Sales like-for-like was 11.6% in total, 8% in stores, and online about 20%. During the quarter, we had some short-term negative sales impact on our online due to the platform change that we did last quarter and also the warehouse consolidation. We will come back to that later. We see that we are back on track from April, we see higher sales in the online verticals from there. Adjusted EBITDA was EUR 7.7 million. If we exclude the short-term negative impact related to our warehouse consolidations, we end up at EUR 8.5 million. That's about 54% versus last year. Strong profitable growth in all countries. Adjusted EBITDA margin was 9.3%, and excluding the warehouse impact, it was 10.3% versus last year, 8.3%. Something that we're really proud about is the cash flow from the operations that came in strong at EUR 14 million versus last year, EUR 4.7. Robert will go through the details later. We focus on the number of customers that's coming in, the number of loyal customers grew to 1.2 million. That's approximately 14% versus last year. If we include the ones that is coming in in the registrations in the online verticals, we are at 1.45 million customers as we speak. Also important to highlight is that Musti's underlying growth has continued very strong after the quarter. Let's move on and look at our growth. Net sales increased by 20.5%. That's a record quarter in growth, 12% like-for-like, strong growth in all countries. As you see in the staples, the trend are looking really, really good. Sweden came in at 19.5% growth. That was strong growth in stores and a bit lower in the online due to the warehouse consolidation and the platform change. Norway, 78% growth. Very strong growth in both stores and online. Finland, our mature market, came in at 10% growth. Strong growth in both stores and online, even though we've seen some stronger COVID-19 restrictions compared to Sweden and Norway. Net sales rolling 12 months was EUR 312 million. Per segment, Sweden and Norway are taking a bigger share where Finland now has 45%, but Sweden and Norway has 55%. Let's move on and look at our EBITDA. On slide six, you can see that we are trending up, and we are very pleased with the increased profitability in the quarter. EBITDA increased with 54% to EUR 8.5 with a 10.3% margin versus last year, EUR 8.1, if we exclude the short-term negative impact to the warehouse consolidation. We truly see this as a short-term impact. When we're doing the warehouse consolidation, that has been affecting the efficiency and has also been seen in higher cost in the P&L. Something that we're also extremely proud about is the gross margin that increased to 45.3% from last year, 43.3%. At the same time, we saw that online share of sales increased to 24.4% versus last year, 23.7%. As we've been discussing before, we've seen that the margins in Sweden and Norway has converged faster than expected, and we saw this even this quarter. Maybe we've seen that Norway is going faster than before. Robert will go through that more later. Operating profit was EUR 6.5 million, which increased with 183% versus last year. Let's look why Musti is gaining share in this growing market. We mainly see three main reasons why we're seeing this high growth and that will continue for a long time. Since April last year, we've seen a strong growth in puppy registrations. two year growth is steady at 32%, 33% since January to April this year. During our second quarter, there was 29% growth in puppy registrations versus last year. You can see that in the staples. Second thing is that the new puppy customers is that Musti is taking more than 50% of the market. It seems like our concept is tailored for these puppy customers. The new customers that we acquired the last four quarters are the best in history. They are more loyal and spending more than the ones before. The third reason is that we're gaining share in a growing market where Nordic is a sizable market. We still see a long runway ahead of us. Especially in Sweden and Norway, we see the significant runway to reach the market share we have in Finland. If we look at Norway, the momentum has accelerated. This takes us to the next slide where we have updated the financial targets. With these favorable trends we're seeing, we have updated our financial targets. If we look at the growth, we say that we will at least reach EUR 500 million at 2024, and before we had EUR 350 million at 2023. From a profitability mid to long term, EBITDA margin at least 13%. It's a floor, let's see where it takes us. Before we had a range between 10%-12% to reach at 2023. Both capital structure and dividend policy will be kept the same. In the capital structure we keep as before, net debt in relation to adjusted EBITDA below 2.5, and the dividend policy to keep pay dividend corresponding to 60%-80% of the net profit. I will hand over to Robert that will go through the segments more in detail. Thank you, David. We start with Finland. As David said, we had a strong sales growth in Finland of about 11.9%, out of which 10.6% was driven by like-for-like. We had a good sales trend in both the stores and on the online channels. This was actually also driven by the customer, of course increased number of customers as we have seen before, but also this quarter now partly driven by the increase in average spend. EBITDA also increased by 11.1%, now to EUR 8.4 million, which in terms of EBITDA margin is about the same level as last year. We keep the kind of a steady high level of margin in Finland. The reason why is the operating leverage and the good kind of campaigning mix that we have seen already for some time. Of course, that is then offset by the increase of share of online sales with a slightly lower margin. The store efficiency has also continued to be on a high level, and we were pretty efficient in adjusting the cost base in the stores based on the changes in the traffic due to the COVID-19 restrictions. During the quarter, in Finland, we did no changes to the store network. In Sweden we had a very strong sales growth of 19.6%, driven by, first of all, number of stores, new acquisitions of franchise stores and new stores by the like-for-like growth of 6.8%, but also by a strengthening Swedish krona exchange rate. As David Rönnberg also said, the online sales was slightly negatively impact by the consolidation and the platform change that we did in Q1. There we have a good trend at the moment. Adjusted EBITDA increased by 53.1%, now to EUR 4.5 million, which was 12.5% of sales compared to 9.8% of sales last year's Q2. Again, the same reasons behind that, good operating leverage, good campaigning mix, and then partly offset by the lower share of sales online. Here also we had a good efficiency in the stores that we also have seen earlier. In Q2, we also increased the number of directly operated stores. We opened one, we acquired three franchise stores. We also at the same time closed one directly operated stores and one franchise agreement was terminated. Then to Norway. Here again, we have seen a quite strong sales growth for many quarters already. That just continued now this Q2, 77.6% sales growth now up to EUR 9.7 million. 42% was driven by the Like-for-like and the rest then by the good ramp-up of the new stores that we have opened. We actually also had a slight negative impact of the Norwegian krone exchange rate. That was not significant. Adjusted EBITDA landed at EUR 1.6 million compared to EUR 0.1 last year, an extremely good development. Now 16% of sales compared to 2.5% of sales last year's same quarter. Again, driven by the fact that we have operating leverage. We also have a good increase in the store efficiency due to the fact that more and more stores are getting matured and also the ramp-up of our new stores have been very good. During the quarter, we opened two directly operated stores in Norway. If we compare the countries, we really can see that Sweden and Norway continue to converging towards the profitability level in Finland. On the right-hand side, you can see the situation now in Q2 where Finland has been steady on the level of 22.8. Norway has now increased up to 16%, Sweden to 12.5%. And on the left-hand side, you can see the long-term development there, where we are very happy to see that Finland has continued to stay on this high level of 24%. Really now Sweden and Norway are approaching that level. Norway the fastest, also Sweden has a good trend. Sweden now 14%, Norway 18%, compared to 24 in Finland. Which is of course in line with the strategy we have to really converge the profitability of Sweden and Norway towards Finland. We go over to the financial position. As David also said, we had a strong cash flow, EUR 14 million in Q2 compared to EUR 4.7 million last year, driven by a couple of things. First of all, a good trend in EBITDA, and also a decrease in net working capital this quarter. We also had no adjustments to the EBITDA, which we had last year due to the IPO costs. If you go down to the financing activities cash flow, we actually see that that has been impacted by the cash return that we paid out in line with our financial target in February of EUR 12.7 million. That of course impacts the KPIs relating to the capital structure. Gearing is now 70.7% compared to 61.8% at the end of last financial year. Net debt is now EUR 106.3 million, out of which EUR 73.8 million is leasing. Net debt in relation to LTM adjusted EBITDA was 1.9. The liquidity of the group continues to be on a strong level. Cash and cash equivalents at the end of the period amounted to EUR 17.6, compared to EUR 21.6 at the end of September. The investments into tangible or intangible assets amounted to EUR 3 million, mainly relating to stores and digital and e-com development we have ongoing. We invested EUR 1.1 million into the acquisitions of franchise stores during the quarter. I hand over to David for the closing remarks. Thank you, Robert. If we do a summary of the report, we see that sales is increasing over the last quarters, and we came in at 20.5%. A record-high growth, mainly driven from new customers as before. We saw that all three countries showed a very strong like-for-like. Store sales increased by 21.5%, so extremely high store sales growth. Online share of sales came in at 24.4%. We saw strong growth in Finland and Norway, and a bit lower in Sweden, relating then to the platform change and the warehouse consolidations. That will be seeing uptrends already from April. As I said before, profitability in Sweden and Norway has converged faster than expected towards Finland levels, and we saw a huge uplift here in Norway going extremely strong. EBITDA increased with 54% to EUR 8.5 if we take out the short-term negative impact due to the warehouse consolidation, which also was 10.3% margin versus last year, 8.1%. Gross margin has increased as well to 45.3% versus last year, 43.3%. Musti's underlying growth has continued to be strong after the second quarter. Also that we communicated is that the board has updated long-term financial targets, and we are well on track and committed to delivering on this plan. With that, I will hand over for questions. Thank you. Currently, there's one question lined up. Just as a reminder to participants, if you do wish to ask a question, please dial zero one on your telephone keypads now. The question we have in the queue is from Svantje Kruse of Nordea. Please go ahead, your line is open. Yeah, hi David and Robert. Thanks for taking my questions. The first one is relating to your updated financial targets. Looking at the top-line target, that's actually quite a strong one. Looking at the margin target, I know it's above 13%, but I think the 13% is kind of low, sounds quite conservative given basically what you have said also today with Norway and Sweden converging towards Finland faster than expected, stable gross margin. If you calculate it backwards, the EBITDA drop through seems quite weak when you put the guidances together. Could you elaborate a bit on the reasoning behind the margin target? I have some echo here, sorry. I think if we look at how we have been communicating since we did the IPO, also that we saw that we were waiting a bit coming out with the revised targets, is that when we did the IPO, we came in at 350, we'd also arranged 10%-12%. When we communicated a 10%-12% margin, I think we were also saying that that was absolutely not the ceiling. I think you should see it that this way, when we communicate the 13%, is that the 13% is a floor, where the ceiling is, I think that's something that you can calculate that we have some upsides, absolutely. If we get the follow-through as we're talking about, Norway and Sweden continue. I think we have good opportunities to have it pretty much above 13%. We see it that we want to come in, better to overdeliver than underperform. Okay, thank you. We shouldn't factor in any increased cost of increasing growth or perhaps Finnish EBIT margin being under pressure? No, exactly. We don't see any reasons why the cost structure will change and the follow-through will change. We see the short-term negative impact with Eskilstuna, that will go away, hopefully from now, from April, and that we after summer will have higher efficiency than before. It has nothing to do that we're opening stores. It's the same model and the strategy that we're working with. We come in with the floor instead of a range. Okay, thank you. Regarding Eskilstuna, you had a EUR 800,000 one-off there. Was that mainly related to extra workforce, or was there also some lost sales in that? It's both cost and lost sales. We have not accounted anything of the lost sales. Of course, when we did the warehouse consolidation and also changed the platform, we needed to take down marketing and also reduce traffic to the Swedish online verticals. That has an impact on the sales online. We haven't accounted that anything. What we look at is that the first quarter, we had about EUR 1.2 million impact in the cost structure. Some we had as one-offs in the P&L. This quarter, we had EUR 0.8. That's mainly related to higher cost and lower efficiency than that's related to what we had before we did the move. What we hope is that we will have higher efficiency from summer and then going forward. During this consolidation phase, it has a negative short-term effect. Thanks. Perhaps on the puppies into your loyalty programs, are you still gaining over 50% of new puppies into your programs? Yes. We're seeing the same trends that we've seen now the last months. The interesting thing is that it's the same percentage, more or less, in all three countries. Now when we're meeting a bit higher comps in April, for an example, last year, if we look at it over a two-year period, that's why we're looking at the steady 32%, 33%, if we look January to April versus 2021 versus 2019. That growth in pup registrations with 32%, 33% is that we're seeing that we're getting more than 50% of those in from a group perspective. Thank you. Regarding your average spend per loyal customer, which has now started to pick up quite nicely, can you comment a bit on the cohorts there? You said that the new customers are quite eager spenders, have you seen some change also in the older cohorts? Exactly. Important to highlight there is that we said with the puppy customers and other new customers coming in are spending more and are more loyal. Also we've seen some up-spend in the old customers, and we believe that that is relating to that the pet parenting strand is increasing. That trend is increasing due to COVID-19. We've seen that the average spend is picking up nicely, and we have a plan to, of course, increase that further on. The growth will be number of customers, new customers coming in, and that also average spend will increase going forward. Thanks. Perhaps a question on market shares. The numbers you disclosed are from 2019. What's your feeling of the size of market share gains over the last two years? Maybe, Robert, you have a view on that? I can say that we, of course, don't have any data from 2020 yet available, but you can see our growth has been pretty strong during the last quarters, and comparing that to a market growth at the moment of maybe 5%, 6%, we are clearly gaining market share at the moment, and that actually happens in all countries. We don't have any exact data at the moment. Okay, thanks. Perhaps a question regarding the competitive landscape in Norway. Have you seen any changes there given your very successful start there? I can answer that. No, we haven't seen any specific increase from competitors in Norway, or I would say in Sweden and in Finland either. Regarding some statistics we showed last quarter, 2020, groceries in Finland was growing with about 1% in the space where we were growing over 10%, and in a market that is growing 5%-6%. I think we're gaining a lot of market share in all three countries. Could you please repeat the question, Svantje? Yes. In online, have you seen any change in how Zooplus behaves or in the competitive landscape in the online? I can answer. We see that Zooplus has been around since a long time, long before me, since I joined. We're not seeing any difference from their point of view in the three markets. From how Google Pay and all of those things, we're not seeing it in the SEM. More or less the same in all three countries. Okay, thank you. That's all from me. Thank you. Our next question comes from the line of Olli Vilppo of Inderes. Please go ahead. Your line is open. Hello, guys. This is Olli Vilppo from Inderes. Can you talk about your revenue target, and how do you think about this store network expansion going forward? This year it's 25 to 35 own stores, and is the pace going to be kept as high as this? Yes. Thank you. I can hand over to you, Robert. Yeah. We see clear opportunities going forward also to open new stores in all the countries and especially, of course, Sweden and Norway. One part of this growth target is really to, of course, push on that and make sure that we take a big market share in all countries. We haven't set any clear targets on next year's, but of course, we see opportunities and also in order to, of course, reach this target, we will clearly open more stores also going forward. I could say that we will continue with the pace that is this or close to this level as where we are today. Okay. Is the target to get something like 30% of the Norway market, or how do you see that? How many stores you can fit in Norway still? There's no reason to believe that we couldn't reach the same type of market share in Norway as we have in Finland or in Sweden. There, clearly we can continue to push. Exactly how many stores that applies, that we need to, of course, look at. The Norway market is about the same size as Finland, and in Norway, we have a bit more than 40 stores, in Finland, 130. A lot of opportunities still to open stores. Okay. About this puppy boom continuing after this pandemia. I checked the April numbers, and there was only 11% growth in the new puppy registrations. This is just one month that is lower than previous months. How do you see that it's continuing? Yeah, I can answer. How we see it, now in April, we were meeting much stronger comps last year. How we see it is first we calculate it in number of registrations, and then we see it over two years. If we look at, it was 11% in Sweden in April, meeting 19% last year, so that was about 30%. As I said, if you look at it over a two-year period, it's stable at about 30%. We believe that will continue. We also get the information from the kennel clubs that there are still waiting lists on about 4-6 months on many breeds. It's to our favor. Additional question regarding the Musti ecosystem, what's going on there, and how has, for example, the digital vet business started, and do you expect to do something additionally? Robert, maybe you can take that. Yeah. First of all, the vet chat that we started in Finland has started very well. Of course, we need a couple of more months to have enough data on then taking decisions on rolling out to other countries. Clearly a kind of a positive trend in that. Also in terms of the whole ecosystem, we are working on a number of different initiatives on that too. Of course, we will publish those and come up with more information once we are that far with the initiatives and can start to launch them. Thank you. Thank you. Once again, if there are any further questions on the phones, please dial zero one on your telephone keypads now. Okay, there seems to be no further questions on the phones at this time. Okay, perfect. Thanks a lot. Please reach out if there are anything. Thank you very much. Bye-bye. Bye.