Good morning, ladies and gentlemen, and warm welcome to Purmo Group's second quarter and half year 2024 results webcast and conference call. My name is Katariina Kataja. I'm head of Investor Relations here at Purmo Group. Today, joining with us in this virtual webcast, we have our CEO, John Peter Leesi, as well as our CFO, Jan-Elof Cavander. In this presentation, we will give you an overview of the strategy execution during the quarter, followed by an update on the Accelerate PG program. Finally, we will cover the details of the financials for the quarter. We have a separate Q&A session in the end of this presentation, as usual, where you have the possibility to ask questions through the teleconference lines, as well as through the web chat. We are delighted to answer to your questions regarding Purmo Group's second quarter and half-year results, and we recommend that the questions regarding the tender offer from Project Grand and Haier will be directed directly to the offerers, or instead to investors@purmogroup.com. I would also like to remind you that this webcast is recorded, and it will be found on the investor relations site later in the afternoon. Without further introductions, we are ready to start, so I will hand over to John Peter. John Peter, please go ahead. The stage is yours. Thank you very much, good morning, everybody. I hope you can hear me well, and I hope you can see our presentation as well. We have the agenda, where we're gonna talk through, of course, our second quarter results, and we're gonna share with you also the performance when it comes to our Accelerate PG, Accelerate Purmo Group program, which is the transformation program we have successfully been driving for a number of years now. And finally, our CFO, Jan-Elof, will go through the financials, as well as reiterating the guidance for the year 2024. But let's go and look at our core messages, and we usually share with you core messages at the very outset of this quarterly review. And today we have three core messages for all our shareholders, investors, analysts, et cetera. The first one is that we have an improvement in our Adjusted EBITDA margin over the full six-month period, despite a quite challenging market situation. And we, we do reiterate the fact that 2024, from a construction perspective and also an HVAC perspective in residential, will remain a difficult market. Having said that, we do believe in a good demand recovery in 2025, so this is a reiteration of what we have said all along. Second core message is that our earnings in the second quarter, specifically, which are lower, than the corresponding period last year, is affected by what we call temporary inefficiencies. In our programs, we've taken a number of initiatives where we move manufacturing from various places in Western Europe and move them to Eastern Europe, as well as moving manufacturing in one situation also to China, where we have a very efficient plant. During this transition process, we've had temporary inefficiencies in our manufacturing platform, and we see some pain in specifically the second quarter that you see in the numbers here. This is something that's gonna improve going forward, and therefore, we reiterate this, that we see it as a temporary impact. The third core message is that Accelerate PG program continues to deliver ahead of plan, and our confidence in meeting our target to EUR 50 million savings or improvements by the end of 2024 remains firm. We've also taken the learnings and the experiences of a programmatic approach in driving initiatives that improves the performance of the company. We've taken that programmatic approach and the learnings throughout this, and now... into driving sales growth. We will be focusing on driving sales growth going forward, and therefore, we've made the commitment and the target to reach EUR 15 million related to sales growth actions by the end of 2025. So we're very energized and inspired by our achievements in APG, and we're even more energized and inspired by what we can continue to do in terms of sales growth. All of this translates into reiterating our earlier guidance around 2024. Even with a little bit tougher second quarter, and especially a tougher month of May in the second quarter, we now reiterate the fact that we believe that Adjusted EBITDA will be on a similar level in 2024, or higher, than in 2023. So let's look at the financial headline numbers. What I just said translates into a weaker market, lower volume, and we see a 5% drop overall on the top line. This translates to, on the back of what we just explained, into a year-on-year drop in our Adjusted EBITDA of 12%, bringing us to a level of EUR 18.7. Also translating to a slightly lower EBITDA margin for the second quarter, isolated. Mm. Let's go and look at one of our divisions here, the biggest division, which is our Climate Products and Systems division. Here you can see similar level of drop as the overall company on net sales, we're then posting a -5% drop. This is, this is a blend of a volume drop, as well as a bit of a product mix shift when we have moved products, as an example, from our factory in Belgium, moving it to lower cost manufacturing, where we then enjoy higher margins on those products, even if the sales price is slightly lower. There is an impact of lower volume, as well as a mix change in the -5% on the top line. Looking then at our earnings levels, then based on what we just talked about, this transition of manufacturing affecting our UK operations as well as our Polish operations, have then translated into an earnings drop, a temporary earnings drop, in the second quarter of 6%. Having said this, our Adjusted EBITDA margin, as you can see at the bottom right of the chart, remains at the level of 11.8%, close to the 12% we were able to post last year. Looking at the Climate Solutions division, we can then see that we have a similar drop on the top line with a 5% and a slightly bigger drop in terms of our earnings in the quarter, taking down the Adjusted EBITDA margin somewhat. The net sales drop is then caused, or due to, the weak, the continuous weak markets, both in the Nordics as well as the correction, the market correction from times when the Super bonus programs in Italy were, you know, generating a lot of demand. That has been a correction now, over a period of time, and we still see some of this correction kicking in before we will be able to see more horizontal moves in market demand, as well as picking up here in the future. But this is the impact of, of weaker markets in the Nordics and also in Italy. Having said this, we want to highlight that we do have growth in this business, and some of the markets where we've expanded into, markets such as Brazil, Spain, and also Ireland, are growing nicely. They still constitute a small part of our total sales in the group, but it's important to be able to see that our initiatives and ambitions to grow our systems integration business is developing well in our new markets as well. Let's look at some of the highlights around our strategy execution for the period. I just mentioned solution selling in Brazil and Spain, but also would like to add Ireland there. We're looking at growth numbers in a still difficult environment, where these markets are growing with, you know, 6.6% and 5.5% respectively in the second quarter, and even Ireland is showing even stronger development than that. In the quarter, we have launched one product. It's the Thermopanel V4. It's a convector product, which is a new range of products that we firstly launched in two Scandinavian markets, Norway and Sweden. And it's a very flexible product that makes it possible to work with the same type of inserts, the same types of manifolds, the same type of control systems linked to it, making the life easier for the installer. And it's another example of a product launch where we really focus on this, adding value to the installer, being the installer's best friend, and making life easier for her or him. Moving on to operational excellence, Accelerate PG, the run rate improvements are at a very good level, EUR 42.3 million here. These are run rate numbers, and you remember that after this first quarter, we reported EUR 34 million, so there's good progression here, and our target of EUR 50 million for the year is in very much in line of sight. We have managed to complete another conversation with our employee representatives with regards to the transfer of our manufacturing from one of our sites in the U.K. to another sites in the U.K., from Hull to Gateshead, where we will gain efficiency when we have completed this transition. This is one of the areas where we've taken a little bit of pain in the month of May, and also a little bit in the month of June throughout this process. Importantly, my friend Jan-Elof will soon talk about APG in a little bit more detail, and our excitement around having kicked off this growth initiative with the programmatic approach. Sustainability science-based targets validated. So we have now, we have since last year, we have sent all these science-based targets for validation, and the Science Based Targets initiative, the organization has now validated this, and we, we are now told, and we feel unbelievably proud about, you know, being in an exclusive club of, you know. It's more than 4,000 companies globally, but actually that have their science-based targets validated, which, which is a really good thing. We've set targets for Scope 1 and Scope 2 greenhouse gas emissions, and we have also set targets for those both in the long term and the near term, and those are wholesome and healthy targets. Very, very near term, we can also see that our CO2 emissions, or the greenhouse gas emissions, have decreased by 4%. Then we're doing intensive work around sustainability, also around these Environmental Product Declarations, where we're bringing in more and more product ranges into the fold, and of course, with the ambition to have all our products within the EPD framework sooner rather than later. And our final point then, which is an acknowledgment from us in the company, is that many of you have noted that there are tender offers for the for the shares in Purmo Group, and we have received bids, and and there's been communication from the various bidders around these topics, and the company have appropriately responded to those as well. We in the company and we in management, we have then spent time working diligently with diligence, due diligence work, preparatory due diligence work relating to these projects. And I want to thank the organization for actually doing stellar and outstanding work in supporting the various bidders in their endeavors. I will now hand over to Jan-Elof, who will go through our Accelerate PG program and later the financial review. So over to you, Jan. Thank you, John Peter, and good morning, everybody, from my side as well. So let's start with the Accelerate PG program. And just as a reminder, in this, this program, we aim both, profitability improvements as well as net working capital, reductions. And first, let's see. Let's review the progress made in the second quarter. So we are actually ahead of plan, and we have made great progress in the second quarter this year. We have now achieved in total EUR 42 million of run rate improvements to our adjusted EBITDA, which is up from EUR 34 million figure that we reported three months ago. So very good performance, during the months of April, May and June. When we look at the actual improvement that is visible in the P&L statement in the second quarter, so the in-periodic impact, so all of these benefits and improvements that we have made, the number that was visible in the second quarter, Adjusted EBITDA, was EUR 5.7 million versus prior year. So this means that the benefits of this program gave a EUR 5.7 million positive impact to this quarter versus prior year. We have also made very good progress in improving our net working capital via this Accelerate PG program. Our achievement during the quarter was EUR 9.5 million further improvement in net working capital. And this takes now our total improvement during the lifetime of the program to EUR 41.2 million. We start to be close at the EUR 45 million overall target that we have communicated for 2024 for this program. Very good performance here. Let's move on to have a look at our Q2 financial performance. Market conditions continued to be weak in the quarter, and our net sales dropped to EUR 171.5 million. Our adjusted EBITDA decreased of co- also to EUR 18.7 million, and this takes our adjusted EBITDA margin to 10.9%, which is 0.9 percentage points less than a year ago, where, when our sales was on a higher level. So net sales for the second quarter decreased by 5% to EUR 171.5 million, and this was driven by the downturn in most of our main markets, and I would say that generally, a low construction activity across more or less all countries, with a couple of positive exceptions. Of this 5% decrease, 4% was organic, and the rest came from FX rate changes. And when we move on to the Adjusted EBITDA and our earnings performance, so as a result of lower volumes and the temporary inefficiencies related to the manufacturing footprint adjustments that we are doing on a global basis. So, lower volumes and temporary inefficiencies in production when we move production from site to site, Adjusted EBITDA decreased to EUR 8.7 million. It's important to state that earnings of the quarter were also affected by investments in the transformation of the group to strengthen our position in the business mid to long term. So we made some investments as well that have an impact on the Adjusted EBITDA. Overall, the Adjusted EBITDA is 12% lower than in the prior year. As a very important positive highlight from the second quarter... So when we look at the details behind our Adjusted EBITDA in the quarter, our sales margin was up from prior year. Sales margin up due to strong margin management and the increased benefits that we are gaining from the Accelerate PG program. But as said, due to the temporary effects from the production footprint adjustment, the underlying euro-adjusted EBITDA was down from prior year. Then moving on to our net sales by geographical area. The total decline in net sales for the quarter was 5% from prior year, as said. Market conditions continued weak in most of the markets. We had some positive highlights, most importantly, Poland, where we generated sales growth now in the second quarter, which is visible in the Central and Eastern Europe area on this page. Another point to comment on this page is the Rest of the WLeesiorld area, which represents only 6% of our total sales for the quarter, so by far the smallest area. But in this geographical area, China is down from prior year. China is a market with very low construction activity, in our business at the moment. Then moving on to net working capital. We continued to decrease net working capital on a year-to-year basis compared to last year. End of June, net working capital was EUR 93.4 million, which is 16% lower than in the comparison period. We are especially happy to see inventory to be more than EUR 20 million down from the comparison period, EUR 21.8 million, to be more precise. We have done a lot of work in the Accelerate PG program to optimize inventory management, as well as accounts receivable and accounts payable also to a smaller extent, and this work is paying off, and we are now releasing cash from the balance sheet in net working capital. Then moving on to adjusted operating cash flow, which is an internally very important KPI that we follow on a monthly basis. Here we calculate the adjusted twelve-month rolling EBITDA, change in net working capital from June 2023 to June 2024, and also last twelve-month CapEx. For the last twelve months, our adjusted operating cash flow was EUR 81.2 million, which is a strong number. This corresponds to a cash conversion of 90.3% against adjusted EBITDA on the same period. This is a result of improvement, basically in all areas. We have stronger earnings in this last twelve-month period, release of cash from net working capital, and a stable capital expenses here. Important to note that in the current market environment, this continues to be a very important topic for us to manage cash flows very diligently. Then moving on to net debt. So net debt increased slightly during the quarter and ended at EUR 236.9 million, which takes our leverage up by one notch. So now we are at 2.63 in leverage ratio, which is still well in line with our communicated target levels for the company. Our debt portfolio remains roughly similar to the end of first quarter at the end of March, with circa EUR 280 million of syndicated loan facility that expires in 2026. Then moving on to the financial guidance for 2024. So Adjusted EBITDA in 2024 is expected to be on a similar or higher level than in 2023. And a couple of important points behind the guidance here. So first of all, the wholesaler stock levels have stabilized during 2024. Secondly, the guidance is supported by our strong margin management actions that we have done and we continue to do in the rest of the year. On top of this, the Accelerate PG program is performing very well. So that concludes the financial part. Thank you, and we might now open the lines for questions, and we start from the teleconference lines, followed by the questions from the chat. So I ask to open the lines first. Thank you. Thank you. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad.... Do we have any questions? As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. I think people have been good at posting the questions on the website here. So shall we take them one by one? What do you think, Katariina? If there are no questions through the lines, then we might move to the chat, but I ask to confirm from the moderator if there are any questions through the lines. Okay, then we will move questions from the chat, and we have, I said, several questions coming through, and the first one is from Adam H: "The result came down from Q2 2023. Is the market showing any positive signs that could lead to better result in Q3? I think that the comment is that when we look at the markets, both the construction markets as well as the implication of the construction market development across Europe into the demand profiles for HVAC equipment, particularly for residential, we are actually seeing a market that is moving sideways. So we believe that we are in a trough. We believe that we are in a low point, right? We also see some early signals, some early indications that order intake is somewhat improving on a daily basis in a few markets, in the Nordics as well as in Eastern Europe. Yes, there are therefore some indications that things are improving. But from a planning perspective, I think we need to realize that 2024 as a whole is gonna remain, in terms of total addressable market in our industry, is going to be lower than 2023. But yes, there are some early indications of improvements, but generally, we need to see a demand recovery starting in earnest in 2025. And it's important that we plan accordingly and are able to manage our margins and our pricing and our cost in an efficient way. You also need to think about, Aaron, that, that when you move seasonally into the third quarter and the fourth quarter, there is a seasonal implication that the heating season is around the corner in Europe, and, and there is a seasonal pickup normally what you see in the third quarter. So that was a long answer to your short question. Markets remain weak. We are planning for demand to recover in 2025, but we see the early shoots in some markets of recovery. We are right now in the middle of the trough, and we see things moving more horizontally. Thank you, and so the next question is actually quite in line with the first one, but perhaps I say it out loud. So Aaron Aiden asks: "Net sales shows negative general trend. Could we see more positive consecutive quarters in late 2024 and early 2025? I think I've answered that one, right? Yes. Hopefully. Hopefully, I've answered that one. Yes, indeed. Let's go to next one. Eero asks, "Are you satisfied with the current group capital structure, or could we see changes in the structure later this year? Jan? Yeah. Commenting on the group capital structure, so referring to my comments I just made, net debt was slightly up from prior year. But when taking into account the activities we are doing in the Accelerate PG program in managing net working capital and our guidance of our EBITDA, we are comfortable with the capital structure and the funding portfolio that Purmo Group Oyj has today. Thank you, and there are two other questions from Eero, and the first one is: "Are you currently considering any M&A transactions in the buy side? Any general comment on this? Yeah, so, as we have been communicating for a long time already, M&A is an integral part of Purmo Group strategy to consider acquisitions in the space of either expanding our geographical presence in Europe or other regions, especially in the climate solutions business, or to acquire some new capabilities or expanded product portfolios, and this remains to be in the strategy of the company as of today. Yes. Thank you. Eero asks, "The result in Q2 worries me. Are you confident that we will see more positive trajectory in the second half of 2024? ... Yes, and it's a fair point that you're worried when you see a drop in earnings on a quarter-to-quarter basis of 12% year-on-year. So we do definitely acknowledge and recognize that. However, we've said it a few times now. But we see this as a temporary impact. We are doing quite major changes in our operations in order to make Purmo Group a better company, and sometimes you will have these situations where we've done a lot of stuff around moving our manufacturing platform from one place to another, and this is a period where we saw some negative impact from that, and that is what you see in the numbers in the 12% down year-on-year. So we remain very positive around the longer-term future of Purmo Group. And also in the nearer term, we have now... And I reiterate our guidance that we actually remain, we keep our guidance, we retain our guidance on being able to meet an EBITDA that is similar to last year or better. Thank you. Chris has a following question: "The result shows negative track from previous year. If the trend continues, is your leverage level sustainable? Yeah, maybe I partly answered this already, but when we look at our EBITDA guidance for this year, and as we have both said here, we are very confident with that guidance. We have several factors supporting the guidance for this year. So kind of looking at both the adjusted EBITDA view that we have coupled with the activities in cash flow management, we are comfortable with the leverage as of today, and also looking forward. Thank you. Rauli, I believe this is Rauli Juva from Inderes: "Hi, can you quantify the impact on earnings from production inefficiencies? Yeah, so, we didn't disclose the exact number of these production inefficiencies, but they were especially visible in the month of May in our P&L, because that was the month that we had most of these reshuffling happening in the group. But it's, it has a material impact that would have been or is visible in the Adjusted EBITDA for the quarter. We have two questions left, and the first one comes from Elsie Evans: "Do you expect your full year 2024 guidance for EBITDA flat year on year to be supported by market improvements or cost savings? I think that the... As we have said, we see a little bit of the improvement in the second half, the early shoots in some markets. These are still not from a total volume or sales perspective extremely material. However, we are moving into the heating season in Europe in the third quarter and the beginning of the fourth quarter, and that is going to be helpful. But generally, our guidance is not built on some form of major demand recovery in 2024. We've been very clear on that we are cautious around that expectation, but we remain quite firm that we will see a demand recovery in 2025. So we manage our margins, we manage our cost, in order to meet our guidance. That's what we do. Thank you. The final question comes from Andrei: "Q2 Climate, Products and Systems, you mentioned decline was driven by lower volumes, but there was also an impact from the product mix. Could you please elaborate on the product mix point? Thank you. Shall I do that, Jan-Elof? I can boot it off. The one impact... And of course, we have many, many thousands of SKUs here, but one of the impacts we see here is that when we have moved products, as an example, from our plant in Zonhoven in Belgium, that has produced specific products, both horizontal and vertical radiators, we have moved those into a manufacturing platform in Poland, which is one of the most efficient manufacturing platforms of radiators in the world. By doing that, we enjoy cost benefits, but we also, you know, offer our customers price reductions relating to that. Overall, that translates, Andrei, into lower price, but also, more importantly, a better margin for Purmo Group. So that is just one example of these mix changes that you see. Thank you, John Peter. Now it seems that there are no questions in the chat left, but perhaps we can wait for a while if you still have any questions to John Peter or Jan-Elof. There seems to be no questions coming through, so we are about to conclude Purmo Group's second quarter and half year 2024 results webcast and conference call. We were extremely happy to see you on the lines. Thank you all for the good questions, and we wish to see you again soon. Thank you, and bye-bye.