Hello, and welcome to Nordic Lights Q2 webcast. Today in studio, we do have the company CEO, Tom Nordström, and the company CFO, Ann-Louise Brännback. Also, I would like to remind you that please do send questions on the screen below so we do have them on the last session on the Q&A section. With that said, I would like to hand this speech over to Tom. Thank you very much, and thank you for joining us for the presentation. Let us start with an introduction of ourself. My name is Tom Nordström. I'm the CEO of Nordic Lights since 2015. My name is Ann-Louise Brännback. I'm the CFO for Nordic Lights and have been so now for three years. The agenda of today will be a brief, we'll start with a brief introduction to Nordic Lights. We will then go look at the financial performance of first half this year, moving on to customers and update from our core business areas and how that has developed, followed by a market review. At the end, we'll look into mid and long-term financial goals and the guidance for the full 2022. Our mission is to ensure that the work machines or heavy-duty equipment can be operated safely. Lights and illumination and visibility is crucial to ensure safe operations. We have a clear vision to be the leading supplier of work lights, headlights, and signal lights to our chosen segments of heavy-duty vehicles. To start it, I would like to show you video with some examples of where our lights are used. Typical machine shown on the picture is a wheel loader. We also see dump trucks. They are used in construction work sites, also mining. There's a broad range of equipment and different machines used in such applications. This is such only an example. We also serve the agriculture sector, supply to tractors and forestry both the forest equipment, but also for transportation which we call the truck and trailer side. On the next following here, we will also see an excavator operating, coming in some seconds. This is the most common work machine used in construction work. I think you can see from the pictures how important the lights are to ensure that the operator of the machine can see what they are doing. Let's move on to Nordic Lights, the company, and briefly explain who we are. We provide mission-critical equipment lighting solutions. We are a global supplier serving the heavy-duty equipment market. We work with both OEM-based customers as well as the aftermarket. We are recognized as a premium supplier. We have a lot of long-term customer relationships and very sticky customer relationships. Most customers who have started to work with us stay there for a very long time. We have doubled our market share the last five years from 3%-6%. Our business is a good platform for further growth, and we plan to continue with double-digit organic growth in the future as well with high and profitable margins. Our head office is located in Pietarsaari in Finland. In addition to the factory in Finland, we also have production in China. We have sales offices on four continents to be able to serve our global customers. Totally over 300 employees. We have a broad portfolio of different customers from industry-leading OEMs, global players, to hundreds of mid-size and small-sized OEM customers. In addition to that, distributors who serve mainly the aftermarket. The core strengths of the company is highlighted here, our market position. We have a strong market position since more than 30 years, growing continuously. We are really specialized on niches and focused on the sectors and are recognized as a specialist in our business. A broad customer base around the world in our five chosen end user segments. We see also a good opportunity to grow in the after-market not only with OEM business. Global operations, we are available around the world to give a good service to our customers, and a strong brand in our addressable market. We are well-known among our customers and other stakeholders in our business. Technology is important. We have been a forerunner to bring new technology to the business, starting from the xenon technology 20 years ago, and then followed by the LED technology. Performance has been good since the start of the company. We have been able and to deliver growth and profit to our shareholders since the company started. Good growth opportunities for the future in our core addressable markets organically. We are also exploring growth into adjacent markets, and also analyzing possible acquisitions to accelerate the growth. We have a very committed and professional personnel who knows the need of our customers. They know the business and are able to support our customers to choose the optimal solution for their light setup. Let's move on to the financial performance for the first half of the year. We achieved a net sales of EUR 44.9 million, which is a growth rate 45%. We increased our share of wallet with key customers. We have also grown very good with small and mid-sized. We have implemented new business successfully, and the growth comes across all regions and industries. We will look more into detail later on. The supply chain has been solid, enabled us to increase our production volumes according to the demand, despite the challenging situation in the world. Our guidance for the full year 2022 for net sales will remain at 15%-25% growth. EBITA has improved as well. We reached EUR 7.6 million in Adjusted EBITA, which is a 32% increase. The margin increased with 3.3 percentage points compared to the full year 2021. We have successfully been able to mitigate the impact from cost inflation and other costs from the disruptions in the supply chain. That started already in 2021 and has kicked in very well during first half of 2022, and we expect to continue our processes and actions to further mitigate it throughout the year. There have been a favorable underlying market demand in our market despite the challenging market conditions. We do believe that the macroeconomic uncertainty is expected to result in a somehow weaker market for the second half of 2022. Next, we will go into more details both regarding the financials and customers and the market. I would like to hand over to Ann-Louise Brännback, who will guide you through the financial details. Thank you, Tom. We had EUR 45 million net sales and an EBITA margin of EUR 7.6 million, so a very strong first half year. If you first take a look at the net sales development, last year, H1 was lower, and our strong growth started from Q2 last year. Then was really boosted H2 with new business in ramp-up. The strong growth has continued now in H1 with 45% growth. New business in ramp-up, a good underlying market demand, and we really see growth across all our customers. We have a gross margin of 34%. This is an improvement by 5.7 percentage units from last year. H2 last year was exceptional. It was high component costs, high freight cost, and on top of that we had a very rapid volume increase. We took mitigation actions and this is now the result of this we can see now in the gross margin development as well as in the EBITA margin improvement. EBITA margin 16.8%, an improvement by 7.8 percentage units from H2 last year. The total listing cost was EUR 2.7 million, half a million of this was booked in 2021. EUR 2.2 million now, EUR 1.1 million in operating expenses, and then EUR 1.1 million in financing expenses. Take the next one. We also had a very strong cash flow, EUR 6.6 million from operating activities. The factors behind this is of course the strong result in combination with a decrease of the working capital. That's a very strong performance to be able to decrease working capital in a situation where we have grown very much. The biggest impact here comes from inventory. We have been able to take down the inventories to more normal levels now. Cash flow from investing activities, EUR 2.9 million, EUR 1.1 million is normal CapEx, and EUR 1.8 million is an earn-out payment. Net debt to Adjusted EBITDA 1.8x. We will see further improvement here when the listing proceeds are booked. The trading started 5th of July, so this. That's why these proceeds are not visible in H1 figures. All in all, to summarize, a strong growth, very good improvement in profitability, and a very strong cash flow. Back to you, Tom. Thank you, Ann-Louise. Let me continue with an update regarding customers and the customer base, and what has happened across the regions and the end industries. We have growth from all geographies, all regions and end industries. Especially to highlight is Europe and North America showing very good growth. From the end industries, agriculture sticks out. Already 2021 we had significant growth from the agriculture side, and it has continued during first half of 2022 as expected. We are very happy to see how this is balancing out our business portfolio even more with three large end user segments, which is providing a good resilience to our business. We see multiple avenues for further organic growth across the regions and the end industries, basically all of them. We have a broad customer base, OEM customers, as said, the global big players, but also medium and mid-sized from the five end user segments. Distributors who are serving smaller OEMs, but mainly the aftermarket, are also a significant part of our business, approximately 30% as said. Ongoing activities to accelerate the growth and harness, which I would like to highlight is the investment in aftermarket. We have strengthened our organization in Europe to be able to expand and benefit from opportunities. We are expanding also our LED driving product portfolio. LED technology we expect to grow very fast now when it comes to Driving Lights. Work Lights, it has been going on for many years, but Driving Lights, we expect to accelerate. This started already a couple of years ago and is expected to continue for many years into the future. For that we have developed new products which we are going to launch. To continuously take mitigation actions to reduce the impact from cost inflation, which we expect to continue, is also high on our action lists. I would like to show you also where we are positioned in the value chain. The black boxes represents the OEM business, which is 70% of our business. With OEM, we mean that our product is a component when manufacturing the work machines or the heavy-duty equipment, meaning that we are supplying to the production sites and our product is installed on the machine on the production line. The yellow boxes far to the right is the aftermarket, which represents 30% of our business. It's sold and delivered through two channels. The OEM have their sales channels for the spare parts called OES, but we also work with independent distributors who also serve the end customers. The aftermarket is a combination of upgrading the value package of the machines or replacing broken lights. Many of the work machines or the heavy-duty equipment are used in very harsh and tough conditions. We invest strongly in technology and have done so since the company started 30 years ago. We have a good history of evidence from bringing innovations to the market. To mention a couple of examples, the xenon technology. We were the first one to introduce xenon lights for heavy-duty equipment and then followed the technology development, the LED, both for work lights and driving lights. Current focus areas are on intelligent lighting solutions, where we do a lot of research and partnering with our customers. We focus on smart lights, smart lighting solutions, energy management to reduce the energy consumption and improve or decrease the impact on the environment. We are researching also to develop more cost-efficient products and manufacturing processes. To optimize the lighting solution is what we try to do. The highest power is not always the best solution. The best solution is what is optimizing the visibility around the work site. In the future, we expect the LED technology to still dominate for many years. It's by far the most economic solution in many ways when it comes to cost of the solution, but also the efficiency and to keep the energy consumption down. Some examples that is in continuous development is the color temperature and the possibility to adjust the light according to the environment around the machine. Moving on to the market and information about our market. Our core addressable market has an estimated value of EUR 1 billion. We are now talking about the five end user segments we are targeting and work lights, Driving Lights and Signal Lights. The market is expected to have an average 4% growth for the next five years. The underlying drivers for that is the investments in infrastructure to improve the infrastructure. Number two is the number of lights per vehicle is continuously increasing and the awareness of safety, which is improving all over the world is driving that. There are also other important drivers and new innovations coming in there where high efficiency and also to mention autonomous vehicles which will increase the usage of lights. LED penetration is expected to grow. I mentioned the technology shift from halogen for the Work Lights, and as said already, we see that it will accelerate also for the Driving Lights. Our short-term market outlook is that due to the current macroeconomic uncertainty, a somewhat weaker market is expected for the second half of the year. Nordic Lights is well established with abroad many customers and segments, which gives us a good resilience even in uncertain times where there's a lot of uncertainty. We. This is thanks to new business that we have in ramp up already and is expected to continue, and also that we are represented across many geographies. The new business, which we have still in ramp up, will have a positive impact also in H2. However, it's expected to be significantly less than, compared to, first half of 2022. Some words about our strategy and what we are targeting for the future. Our focus area is organic growth in our core addressable markets, which I introduced earlier. We see good opportunity to continue to grow in the core addressable markets. We invest more in the aftermarket to accelerate the growth in the aftermarket. In addition to that, we see opportunities to grow into adjacent big market segments or product segments and we are also started to investigate possible acquisitions to further accelerate the growth. High priority is also given to the continuous development of our operations to make sure that we are cost-efficient and that we can be competitive and maintain our profitability. Finally, mid and long-term financial targets and to 2022 guidance. We maintain our targets. They will stay as they were when we did the IPO some months ago. We target over 10% annual organic net sales growth on the. On an average, an Adjusted EBITDA margin about 18% and a dividend payout 30%-40% of the net profit. Net debt Adjusted EBITDA ratio to be below 2. As I said in the beginning, our 2022 guidance will be maintained on 15%-25% organic net sales growth. Thank you very much for following us and listening to us. We are open for questions. Great, I actually do have a few questions. If we kick off with the first question, continuing on with the inorganic growth, I have a question. What kind of company would be a good acquisition target? I can of course not mention any names, but a company who is strengthening our product portfolio is interesting, and also to increase our market coverage geographically. The third one could be a company who are strong in an adjacent end user segment where we are not, which is not a part of our core addressable market at the moment. This is three examples of what could be very interesting for us. Thank you. I have a question about inflation, and the component shortages. How do you see the component shortages affecting you going forward? Yeah, we as I said in the presentation, despite the turmoil and the situation, we managed very well in the first half of the year. We were able to significantly increase our production output, otherwise we would have never reached the 45% growth, meaning it means that we have a pretty solid supply base. We can see a somehow improved situation in the world right now. It's too early to say that everything is safe and okay. We are following very closely what is happening and our organization is well positioned to manage, let's say challenges that we might come across. Thank you. I'll continue with the interim. To what extent can you price in the rising cost if the inflation keeps growing and growing longer than predicted? Yeah, interesting question, difficult question. I think the history speaks for itself, what we have achieved. It's not easy, but it has to be if we have to work on many things at the same time. Pricing, we have adjusted the prices, which is part of the improved margin versus H2 last year. At the same time, we have to make sure that we are cost efficient and can maintain our business. It's a combination of how to price the products, what to offer to our customers and of course to benefit from the volume growth and make sure that we are sourcing to the right price. Great. You reported a strong gross margin recovery, notably the Q2 of H1. Are you now satisfied with the level, or is there more actions to come in H2 for future improvement in it? Yeah, well, we have a five-year growth plan, so we can never be satisfied. We have to continue our actions and to implement our growth plans for the future as well. The very high growth in H1 this year, we cannot expect to continue on this level with 45% growth. That is a straight answer. What we strive to and what our target is is to over the next five years keep a double-digit growth on average over time. Thank you. I'll continue with that theme. What are the actionable steps to reach the profitability targets in the future? As I said, there are many things. It is, of course, let's say, to make sure that we can offer a value to our customer that makes it possible to keep a decent price level. The key is also to continuously improve efficiency in all our operations throughout the company from sourcing, production, sales, R&D and so on. It's both efficiency when it comes to having the right cost of the components as well as our operations. Thank you. There's one question about will you report Q3 figures on all levels in the P&L or only selected numbers? Can you provide Q3 2021 and the Q4 2021 figures ahead of the Q3 reports? I can take that one. We will stick to the half year reporting. There will not be a Q3 business review report. Thank you. Your guidance implies no growth year-over-year in H2 after a strong growth in H1. Why would demand slow down this quickly given more than half of growth came from other segments than Agri? Actually, it is not excluding growth in H2. As expected, there are a couple of reasons. I said earlier, there are a couple of reasons why the growth is expected to be less in H2. It's the market situation. It is a lot of uncertainty in the market right now. We have had a lot of new businesses in ramp up, which started already more than a year ago. It's still in ramp up and meaning that there are at the customer where the new business and the customer is implementing our products on more machine types. There's slightly less now to come than in H2 than we have had last year and the beginning of this year. This is very typical in our business that new business is not coming evenly during a reporting period. It might be a little bit less or a little bit more depending on the situation or how our customers has planned the introduction. What do still have an impact now, which we have taken into the calculations is that, we know that many of our customers have challenges to get the components. Even though we are able to deliver our product, which is a component, there might be another component missing. We don't know for sure, but it's possible, and we have taken that into consideration that some upgrades on machines and some new introductions might be postponed due to that. Meaning that even if we are ready to supply, the business will start a bit later. There's some uncertainty there, which we have taken into consideration. Thank you. What customer segments are expected to grow and decline in the second half of the year? Out of the five end user segments, when we are following the reports from our customers, and many of them are public listed companies so we are following it of course. They're the most optimistic in agriculture and mining. Thank you. Your sales guidance midpoint suggested slight year-over-year like decline in H2. However, you should still benefit from the new business ramp up in year-over-year terms. Could you talk a little bit, where do you see the most weaknesses and risks in H2? I think I already covered most of it with, say, the availability and the components and how that can delay things and with new business and with our for our customers. That is the uncertainty we see. Our customers, as I said, most of them in the five end user segments, all of them are reporting in their public reports to their shareholders that there's still a good demand, market demand, but they are. The supply chain constraints might have an impact on how that can be realized. Thank you. That was our last question for this webcast. I'd like to thank you for joining and tuning in for this webcast. Thank you from my end. Thank you very much. Thank you. Thank you. I appreciate that you wanted to follow us and listen to us, to our half-year report. Thank you. Thank you.