Good afternoon, welcome to Neles half year 2021 review. Our President and CEO, Olli Isotalo, and CFO, Simo Sääskilahti, will present the results today. The presentation will be followed by a Q&A session. Let me also remind you that this will be recorded and will be available on Neles website later on this afternoon. Before we start, I would like to draw your attention to the merger consideration forward-looking statement disclaimer. Now, Olli, please. Thank you, Rita, and welcome all of you on my behalf as well. First, starting from the highlights from the first half year. Q2 orders were 16% up year-on-year. In fact, even though we try to avoid to comment or explain our results by the currencies or currency exchange rates, this time I cannot avoid saying that in constant currencies, the growth has been 21%. It's quite a significant difference this time. It's the US dollar and Brazilian real. We saw strong performance in our services and in our valve automation business. Services actually already hitting the pre-COVID record levels that we saw in 2019. From the geographical point of view, North America is going strong. We saw the uptick starting already during the Q1. It has continued, and we are expecting that to continue and going further. EMEA, our big Europe, Middle East, Africa, India, is a bit mixed bag. There are some areas in Europe where we have seen already quite nice development. On the other hand, some other areas, the opposite, still quite sticky. The same in Asia. Especially, I would like to mention that in some big projects or big investment decisions in our important Chinese market have been postponed by the customer, so let's say delayed by the customers. We do not expect those projects to be canceled. Some of the delays are related to the limitations in CO2 quota, so that even already approved projects have been delayed because they have been forced to reconfirm their permits. In Q2, project business was slow in chemicals, in petrochemicals, oil and gas. Meanwhile, in pulp and paper and bio side, the activity continued on a good level, which was already there in Q1. Project pipeline is healthy in all the project areas, and we are expecting that activity to turn to orders during second half. Not maybe fully unexpectedly, but we face some challenges in global logistics, availability of containers, difficulties to get slots in train transportation or in ships on board. Availability of electronic components postponing some of our valve control deliveries, but also some package deliveries where the valve controls are part of the delivery. Customers, probably because of facing the same challenges in logistics and because still, of course, in many places, challenges with the COVID and the restrictions in there, they have been delaying their projects, let's say, more than normal. That has been postponed some sales, and our order backlog is quite strong. Again, we are expecting that order backlog to turn to sales during second half. There are interesting things in the product development side. I have a separate slide of those later in my presentation, so I skip it at this stage. Important investment ongoing here in Hakkila in Finland, where we are expanding our production facility to make some layout changes, helping our project business and delivery accuracy on that front. We hit our short-term safety targets, which is being below one in long-term incident frequency 2.7 compared to any benchmark starts to be excellent level. That's something that we are very proud of. After H1, Neles and Valmet announced a plan to merge. Today, we are not aiming to talk about that. This is pretty much as much as we can communicate about that. There are dedicated web pages on both companies, Valmet and Neles, both companies' web pages, where you can find up-to-date information regarding the process. The market, as already mentioned, were behaving somewhat differently. Okay, I forgot to mention one thing from the previous one. Sales was slowish, and that is, of course, impacting the profitability. As the cost base is gradually normalizing after various temporary COVID savings, and as we are seeing now improving market, we are encouraged to spend more in growth, meaning in sales network development in R&D going forward and actually starting already during Q2. The costs have been gradually growing. They are still on the low level and still expected to grow towards the year-end. The couple of extra millions that we maybe lost because of the challenges in global logistics have been greatly helped us in the profitability side already during Q2. The markets and the operating environment was different in different market areas. Here you can see clear improvement and improving trend in North America, as mentioned. In EMEA, I would say it's flat. It has not been really turning yet, but it's not, on the other hand, not declining either. There, the highlight is that the services and customer MRO-driven business, generally speaking, has clearly improved already, both in EMEA and APAC. We are expecting that further strengthened. Of course, as said, we are expecting then more project orders during the second half. Comparison period, when looking at last year, the same period was strong in order intake. We are late cyclical. We were still a year ago enjoying a good project funnel and already ongoing big customer projects globally. That order backlog has been delivered, we have been seeing the decline in our project business with a delay. We have been late cyclical in earlier crises, and it seems to be the case this time as well. The market outlook. We expect pulp and paper projects business to continue at a good level as it has been. The market activity in chemicals and oil and gas project was weak. That was a bit of a disappointment, especially the second quarter. Anyway, we are expecting that activity now to return to satisfactory. That is supported by the market activities that we can see our quotation activity and so on. Of course, there are still uncertainties related to COVID having various situations in different parts of the world and changing continues. The market activity that was already good in our own services, but also okay in the customer-driven maintenance, repair, and operations business, MRO business. All together satisfactory. We are expecting to improve during the second half. Especially towards the end of 2021. Okay. That was my part. Then Simo will continue with the finances. Thank you, Olli. First, focusing on the second quarter. Like Olli said, orders quite comfortably nicely about the comparison period with comparable currencies would have been 21% growth. Clearly better market situation. Like Olli said, really the kind of services going strong. Sales was less up compared to last previous year's Q2, only 4%. Again, currencies were against us. We would have been 9% with constant currencies. Now this on a slightly higher sales than a year ago also turned out to do kind of only a bit better cost profit. Also in terms of SG&A, we were higher than a year ago. We had also this year negative impact from hedging results, currencies, and some withholding taxes, whereas a year ago, that was a positive impact. That also deteriorated our profitability in the second quarter. Olli said, we were still managing the cost very carefully to compensate for the volumes that were lower than we were hoping. Reminding them that a year ago, the costs were very low because then we were having further COVID-related cost savings, which included also, for example, temporary layoffs and such things that we don't have now. Another point to note is that we were then part of Metso Group, and that was the last quarter before the demerger. Of course, there were also some items coming from the kind of group allocations, etc, that impacted the profitability then and made the benchmark quite high. The delta is smaller when you're looking at the operating profit level. Last year, we had a lot of much more adjustment items that were related to the carve-out and launch of New Neles. This year, we also in the second quarter reported EUR 1 million of adjustment items that are related to M&A costs. Looking at maybe a little bit noise-reduced picture on the past performance, looking at the sort of the half-year results. There we can see that the orders on the half-year basis is 5% down or flat on comparable currency basis. Again, reminding that comparison year, we had a very strong project order intake in the first quarter. As we just a minute ago saw, now the second quarter, we were clearly kind of on a much better level than a year ago. Sales -1% or in comparable currency is 5%. Overall, we were, during the first half, impacted by the global logistics challenges, both in our systems, in our kind of operations. We also saw that customers were hit by similar things, and there was slowness on that side also to get some projects kind of shipped. Lacking electric components was also another factor we have to deal with. As you remember, we also had during the period had to shut down first in the first quarter the Brazil supply center, and then we had similar issues in India in the second quarter. However, local management handled those well, and we were able to recover and are back in the business. Nevertheless, because of more the logistics situations, we saw that the sales or certain deliveries were delaying, and we are now obviously planning to catch up in the second half, which should improve the volumes. Order backlog is on a good level. Then like we discussed overall, we continued a kind of tight cost control in the first half, less so than a year ago in the second quarter. Now as we are seeing the market normalizing, as Olli said, there will be also increases in the cost side because of the increased activity, and then as Olli will later cover kind of the execution of the strategy. One thing to note here is that you can see a big difference in the market environment when you're focusing on the right-hand side of the slide, comparing the CapEx-driven business versus the OpEx-driven business, which is the services and MRO business, and the CapEx-driven is mainly the project. You can see that the world is quite different. Last year, the typically so resilient OpEx-driven business was hit by the pandemic. That has recovered in particular the services side, whereas we are now kind of seeing a weaker environment in the CapEx side, in particular oil and gas projects. The sales picture which information you have in the release is a bit more balanced. This is more visible in the order side. Looking at then the net working capital, compared to the situation a year ago, we are doing better. We were talking that towards the end of last year, we were able to improve the terms and of our inventories, etc. Now basically we went the other way because of the logistics challenges and accumulating these projects in our inventories. Otherwise, no major items there except that the net working capital then went up and contributed negatively to the cash flow, in particular in the second quarter. I think I've covered these points already. Looking at the balance sheet, apart from the net working capital, no other material items. Of course, the cash and cash equivalents was also impacted by the payment of the dividend during the second quarter. Key figures on a good level, solid balance sheet. Like I said, that the cash flow, of course, the profitability should have been better. That was one impact. As you can see that the change in net working capital was also not supporting, and it was mainly in the second quarter. Also, you can note that the income taxes paid during this period is higher than a year ago. I would say that a year ago, we were still part of Metso Group, maybe the comparison is not that accurate. Nothing particular in the income taxes in this period. That's the highlights from the financial side. I'm turning back to Olli to focus on the way forward. Thank you, Simo. I promised to tell a bit more about the R&D side and the achievements on that side. Two topics to be highlighted this time. The next generation butterfly valve was launched during the Q2. It gives new functionality, although still based on the field-proven Neles technology. It is engineered for sustainability in mind. It helps our customers to reduce their emissions. For us, it gives better, easier logistics and manufacturability because it's even further modularized compared to the earlier platforms. This gives also more flexibility when making new versions, new variants to new fluids and customer applications, so helping our diversification strategy to new industries. The other one, which is not going to have a very short-term impact to our financial results or anything, I don't dare to say that, but it's important milestone from the technology development point of view. 3D printing as such is nothing super new anymore as a technology, that's sure. In our case, it is not the ability to make a similar type of valve, but actually it enables to make different forms that are not possible to manufacture from cast iron. That gives better flexibility for some internal components of the valve to optimize their form in the noise performance point of view or different trims, generally speaking. That was a small but important milestone from Neles' point of view in that area. Strategy execution is back to normal and is definitely so during the second half. As Simo said, still during the first half, as we saw the uncertainty and the volumes not developing as we hoped, we were still a bit of, or actually quite a lot still on the cost savings mode. We are gradually moving to the normal life, even in that front. That means more spend in sales channel development and speeding up for R&D. No, I don't think I mentioned. We are reorganizing our factory here in Hakkila to get better production flows and better separation between the project deliveries and day-to-day deliveries, improving, at the end of the day, the delivery accuracy from the customer point of view. Thank you. That was what we had in mind to brief you. We are ready to move to Q&A. Thank you. If you wish to ask a question, please dial zero one on your telephone keypads now to enter the queue. Once your name has been announced, you can ask your question. If you find it's answered before it's your turn to speak, you can dial zero two to cancel. Our first question comes from the line of Magnus Gruber of UBS. Please go ahead. Your line is open. Hi, Olli, Simo, Rita. Magnus here with UBS. Just a couple of questions from me. First of all, on the profitability, again, I know you mentioned you had some negative impact from non-deductible withholding taxes and currency and so on, but could you give us some more color on the raw material impact, net impact, raw material and pricing, the supply chain impact you might have had, and the ramp-up of R&D and sales, how much cost you added yesterday? Across these three items would be very helpful to understand what happened there in detail. Okay. Overall, of course, we are seeing that there is a, in particular, the logistics side, the costs have gone up. That's of course something that is impacting us. However, we were still able to keep our margins on a kind of okay level. The other point is that looking at the SG&A without, in particular, without the kind of adjust, yes, they went up a bit. The same period a year ago, still, we have to say that we were most of the time still in a kind of a cost control mode, only very carefully kind of opening or getting back to the kind of putting more resources to R&D, etc. Would still characterize that the cost base was still more in the saving mode than an expansion mode. Yeah. Is it fair to say that the raw material supply chain and ramp-up in sales and R&D is going to remain at the similar level into Q3, and that the only sort of reversal, shall we say, that we made facing Q3 from what we saw in Q2 is this, shall we say, costs in currency and taxes? That was- Well, go away. That is an item that as you saw a year ago, it was positive, now it was negative. Kind of really fluctuating based on the currency. That's not the only one. I would say that still we see that there is a kind of, like I think Olli was saying, that we believe that our cost base will be increasing. We also believe that the sales will be increasing because of what we have in backlog, and like we said that we made a comment before being the delay in the sales orders was already good. Now also orders in the more fast-turning services and MRO were good in the quarter. Expecting to see more volumes, but also the costs will go up. Again, keeping in mind that we have still sticking to the strategy or the financial equation that we published earlier about targeting growth, but still keeping good profitability and saying that means going midterm over 15% adjusted EBITDA. That's the kind of, let's say the guidance for Sorry, I didn't mean to say guidance, but internally what we kind of keep as the guiding light. Got it. Thank you very much. The second question, could you add some extra color on the pulp pipeline? The market will obviously be very strong, and I can see your market outlook obviously. Any additional comments you can make on large projects ahead that's sort of publicly available and/or anything extra you can mention on the outlook there would be very helpful. Yeah. Without going to the particular projects, indeed, the good strong momentum continues in pulp and paper. We are actually expecting that to continue even maybe, well, at least this year, maybe still early next year, we believe that's the case. That is what we see from the funnel that we are actively working. That's why we are saying that outlook is that it remains on a good level. Perfect. Thank you very much. Finally, I'm not sure how much you can comment, but now that you are set to become part of Valmet, do you expect to be running the business sort of with a relative independence and the same targets as you do now? Sort of how do you feel about the transaction as it stands overall? Yeah. We are not aiming to comment these merger-related questions, but I have no reasons to believe that would not be the case. I guess this is quite obvious that we are executing our strategy, and I believe that we continue to do that regardless of the potential change in the owners. Perfect. Thank you very much. Thank you. Our next question comes from the line of Tom Skogman of Carnegie. Please go ahead, your line is open. Yes, good afternoon. This is Tom from Carnegie. Hello. Can you hear me? Yes. Given that the EGMs are scheduled already for September, I mean, this is a bit of kind of speak now or forever be silent moment. I'm not going to ask anything about the merger, but I think one thing that is what I really don't understand is that could be of interest to long-term investors or other potential bidders, is that what is Neles' kind of position and possibility to be a big supplier to the hydrogen value chain in the future? I mean, it's still far out, but I guess that's something that potential bidders must be building a puzzle in different parts and different companies and so on. How well-positioned do you think you are for this likely strongly growing part of the economy in the next 10 years? Yeah. Well, we are working with some projects actively at the moment. We have not been able to publish those yet, but we are already in that business. It's quite natural that we are in that business because our technology, we have actually technology available for many of the applications. Not to all that is required in green or blue hydrogen production or especially the distribution. We are dealing with hydrogen already today. It's one of the industrial gases that we have product for. We are quite a natural partner for the new players as well coming to this new industry, emerging industry. We have identified it is an opportunity. In long term, it is a sizable opportunity, but of course, the growth will be there. I would like to get a bit more granularity. I mean, if we, let's say, upgrade the existing gas pipelines in Europe, is that a realistic sales opportunity for you if you build a totally new kind of hydrogen distribution system? Is that the possibility, or is it more local production sites, or what do you plan to do within the hydrogen space? I would say that basically the most natural thing and where the product availability is actually our offering is covering the needs already quite well is this production part, electrolyzers, which are needed when making green hydrogen. Also, the other topic is that when oil refineries, you know that you use quite a lot hydrogen in oil refining. When they are turning their current brown or black hydrogen to blue or green, it's another opportunity because there we talk to our current customer base. How logistics and storage of hydrogen, do you have suitable products for that or not? I have not heard that you have been supplying to the natural gas networks in Germany, for instance, even though your valves manufacturer used to be part of Linde. The offering on that segment is not as complete as the production or then in the end user applications. We see those are more immediate. There are different types of valves that you don't have in your offering basically, or other suppliers that have a strong foothold there. Yes. It's both, but it's also so that when some of these technologies, they are still immature and there may be no suppliers currently there. It's then the question of who is then developing the offering faster. You have not supplied to gas pipelines earlier? Not to these big pipelines. Yeah. For transportation like this pipeline here in the Baltic Sea, no. Are there some other kind of big industrial long-term opportunities that you would like to flag in this situation, just so that investors have all information about really bigger opportunities? You mean other industries that we are targeting? Yeah. I think if EGM deciding upon the destiny of your company in September, it's quite critical that investors know what kind of long-term plans you have, basically, and what could change the big picture for you. I understand. Not necessarily the connection with the EGM, I think generally that's interesting to the investors regardless of this process. What I would say is that we have been talking in every investor call basically, about diversification and the importance of going to new industry, and that we have been systematically working with. I already mentioned this new valve platform that will help us to build easier new configurations and variants to new fluids. We have also used mining and metals processing as one example that we are very interested about, and we are actively working in that front. There are opportunities, I do not see the connection to the merger here. Okay. Thank you. Thank you. We currently have one further question in the queue. Just as a reminder to participants, if you do wish to ask a question, please dial zero one on your telephone keypads now. That's from the line of Tomi Railo of DNB. Please go ahead. Your line is open. Hello, this is Tomi from DNB. Just a question on the delayed investment decisions. Can you give any color or comment, either way, are these sizeable possible projects? Are we talking about EUR 5 million, EUR 10 million, EUR 20 million, let's say, impact or delay from the current environment to the second half? That would be my question. Yeah. It was more than five, maybe. I don't have exact figure in my mind. Where it had a bit bigger impact was really in China, as I mentioned, there some of already kind of an approved customer project. Approved, I mean that they have all the licenses and permits, whatever they need. They were already in place. For tighter CO2 quotas, there they had to apply again, or let's say, reconfirm that they have these in place, and that took some time. We do not expect those projects really, as I said, to be canceled or anything. It was just that it took some more time. We see now then, or we believe now then to materialize then to decisions during the second half. Okay. That's clear. Thank you. Thank you. As there are no further questions in the queue at this time, I'll hand back to our speakers for the closing comments. Thank you. Thank you everyone for participating in this half year review session. We wish you good summer. Thank you very much.