Good afternoon, and a warm welcome to our final event in the 2021 Capital Markets Day miniseries, all aimed at giving you a 360 view of how Marel will deliver growth globally, digitally, and sustainably. I'm Tinna Molphy, and I'll be your host in today's event, which is focused on sustainability and broadcast to you live from our headquarters in Reykjavík, Iceland. I'm joined by our Chief Executive Officer, Arni Oddur Thordarson, and Thorsteinn Kari Jonsson, Director of Sustainability and Community Engagement, who will present their keynotes in just a moment. We will also hear from Greta Maria Gretarsdóttir, the Managing Director of Innovation, CSR, and IR from Brim, who is one of our most forward-thinking customer in the Icelandic fish industry. Moving into Q&A, Anna Kristín Pálsdóttir, our Executive Vice President for Innovation, will also join the panel discussions. If you would like to ask a question during the Q&A, please use the link below or email ir@marel.com. The full deck of detailed slides is available for download. Just click the link at the bottom of your screen or visit marel.com/cmdthreesixty. If you have any problems with downloads or posting questions, please do email the IR team and we'll do our best to help. Sustainability is the last thematic component of our 2021 CMD series, and everything you will hear today is embedded in Marel's DNA. One of the greatest challenges of our time is to deliver sustainable, healthy food to the fast-growing population within the limits of our planet. Innovation and digital solutions aimed at minimizing waste and environmental impact while maximizing quality remains Marel's most important contribution to global sustainability. Marel is the only pure-play provider of full-line solutions, software, and services to the poultry, meat, and fish processing industries. For future competitiveness and to win in this attractive market, companies are increasingly thinking about automation, robotic technology, and digital solutions that support sustainable food processing. Our customers demand the sustainability features of Marel's product offering, and success in this field will define the winners. With that, I'd like to hand over to our Chief Executive Officer, Arni Oddur. Dear all, great to be with you today. We will give you both from Marel and customers' perspective, a 360-degree insight into reshaping of the food value chain. Every day, Team Marel is guided by a clear vision where we see a world where food is safe, affordable, and produced in a sustainable way. In partnerships with our customers and suppliers, we are transforming the way food is processed. The growth drivers in our industry circulate again and again around three main themes. Labor scarcity implying rising wages and employee turnover, a dynamic shift in market channels and a request for agility to match the everyday demand for various co-consumer products through e-commerce or modern food service and supermarkets. Around safe and affordable food that is sourced, processed, and distributed in a sustainable way. The momentum is strong in the sustainability journey, and many of our most forward-thinking customers are embarking on a journey to become carbon neutral in their operations. Marel is in a unique position to support our customers in that journey. From day one, we are focused on solutions that improve yield, reduce waste, limit use of resources such as water and energy, and improve operational excellence. Before we start telling others how we can help, we need to make sure we have our own house in order. Marel has committed to become Net Zero by 2040 and is setting and reporting science-based targets. We do not need to reinvent the wheel. By sharing best practices with other companies as well as learning from them, we accelerate the journey and know we make a greater impact. I have sincerely enjoyed the cooperation with other Nordic leaders through the platform of Nordic CEOs for a Sustainable Future, where we work side by side with the Nordic prime ministers on various initiatives to create a better future for people and planet. The Nordic CEOs for a Sustainable Future is a forum where we inspire each other and take on ambitious commitments to achieve the UN Sustainable Development Goals with special focus on diversity, inclusion, and battling climate change. We urge all the companies to participate in the sustainability journey and use innovation and science-based facts and figures to move the needle. We need to shift the culture of accountable business to include not only numbers and performance, but people and planet as well. There is a good correlation between long-term value creation and sustainable business practices. We align execution toward our ambitious financial and sustainability targets. We are a diverse team of 7,000 pioneers, and I proudly say that our optimal gender diversity at executive team and board level with leaders with various background, have stimulated a fast and constructive decision-making. Our operating model is designed to drive growth and value creation in a sustainable way. Our global reach with local teams in all continents has been a true differentiator factor. I'm really proud of how we have managed to keep the food value chain running despite challenges in both mobility and logistics in recent two years. With global reach and digital solutions, we have managed to engage, install our solutions, and service our customers and installed base. We are further leveraging this with an increase of 30% of direct sales and service teams outside of U.S. and Europe in recent 18 months. At the same time, we have significantly reduced the carbon footprint. We reduced fly in and fly out of sales and service experts by focusing on engaging with our customers through local teams on a daily basis. We optimized our sourcing and manufacturing footprint around the globe. We have the innovation and manufacturing hubs based on our historical innovation background, mainly in Europe and U.S. We are modernizing and professionalizing the teams in our growth hubs in Slovakia, Brazil, and China. Those hubs are close to our procurement partners as well as our customers, minimizing needs for logistics back and forth. We are taking on our single largest infrastructure investment to date to elevate our aftercare business and digitalize our spare parts business from customer interfacing platforms toward a network of modern fulfillment centers in various regions. The request for a one-stop shop is becoming the same in China as in Europe and U.S. As we advance into this very dynamic shift in market channel, the request for uptime and lead times increases. These infrastructure investments, alongside the local teams, will drive further share of the wallet in line with our targets of 50% of revenues coming from services, spares, and software. At the same time, this leads to significantly reduced Scope 3 emissions with optimized sourcing and sales and service networks closer to our customers. Marel is in a unique position to support our customers on their journey towards more value creation and net zero emissions. From day one, we are focused on solutions that improve yield, reduce waste, limit use of valuable resources such as water and energy, and improve operational excellence. We continue to transform food processing in a sustainable way. As an example, our poultry reference plants in U.S., the Costco and Bell & Evans, have smart, seamless processing flows from post-farm to dispatch of final products. The planning and scheduling of products starts with matching the demand in the stores to maximize value and minimize waste. Deciding, for instance, which chicken in the farm goes to become roasted and which are sold as chicken breast and drumsticks. The process starts when the ATLAS, our live bird handling system, take over from the farm, designed to take best-in-class animal welfare into account. Additionally, the system is designed to lower CO2 footprint of transportation by over 20% compared to comparable systems. In the factory, we installed air chilling instead of water chilling. This saves a substantial amount of water and increases food safety. We have full traceability of each bird from farm to store. and Spectra systems detect both hard and soft contaminants. In combination with our seamless flow concept, we inspect in line and bypass detected products to remove foreign objects and utilize the remaining part to avoid yield drop. Bear in mind that we are running primary processing of chickens at the speed of 15,000 birds per hour, per line. They go into different swimming lines for whole chickens, three chicken breasts in a pack that is exactly 600 grams. Defrosted legs and the offcuts are then utilized for premium chicken nuggets with our RevoPortioner that is designed to optimize nutritional value and save energy. Digital platforms and products targeted to collect and analyze data from our pioneering solutions. We provide our customers with the data needed to take sustainable decisions in their operation. That kind of data will be crucial for our customers to improve on their net zero journeys and provides the basis for sustainability reporting, for audit assurance, as well as for green financing. We foresee that those digital products will become self-standing, recurring revenue streams in Marel. You simply can't manage what you can't measure. In recent years, we have been focusing on moving our service approach from reactive to proactive with service level agreements replacing the call and respond approach. With the interconnected digital platforms and products, our journey going forward is to move from proactive into predictive maintenance. That will improve the uptime for our customers and create stickiness in our service business as we can, for example, analyze customers' challenges and act on them without even having to hear from them. Thus, we will drive sustainability towards new levels. Gone are the days when I was a 14-year-old boy working in a fish processing plant, and the average yield was only 60%. I witnessed every day how 40% ended up in low value or total waste. Whether it's a gram of a fish fillet, a simple idea, or a drop of water, we realize everything counts. Innovation is a collaborative process, and we work in close partnership with our customers to further transform the food industry. Next keynote is from Greta Maria Gretarsdóttir from Brim. Brim is one of our most forward-thinking and long-standing customers here in Iceland, and their landmark installation is one of the most advanced white fish processing facilities in the world. A cut that's 0.5% more accurate saves hundreds of tons of raw materials, bringing us one slice closer to a world where quality food is produced sustainably and affordably. Marel's digital platform and software solutions then extend beyond the factory and into the wider world, enabling our customers to respond in real time to events in other locations and other stages of the value chain. By integrating data such as satellite forecasting, fishing catches, combined with sales and consumption trends, customers can adapt their production lines accordingly. Let's hear from Greta Maria on how Brim creates value through responsible fishing and processing. In food production, there's an enduring principle: everything counts. For generations, it has guided the hands of butchers, fishers, and farmers. Always adapt our tools and techniques to make the most of what we have. The angle of a cut, a new way of preserving for tomorrow and today. As populations are growing, and the need for food grows with them, it matters more than ever. Each point and process from farm to table, from seed to plate, is an opportunity to do better, to transform how we make food. Not just to make more, but to make the most of what we have. To find new ways to live up to that old principle, to make everything count. My name is Greta Maria Gretarsdóttir. I'm Chief of Innovation, Corporate Social Responsibility, and Investor Relations for Brim, one of Iceland's largest seafood producers. I'm the daughter of a captain, and I also bring to the table my experience as a CEO of a large grocery chain. We at Brim have been producing valuable fish products in harmony with society and the environment since 1985. We are listed on Nasdaq Iceland and employ over 750 people from catching to processing and sales. Our turnover in the first three quarters of 2021 was EUR 292 million. Although Brim is one of Iceland's largest fishery and has roots tracing back decades, we first and foremost see ourselves as an innovative premium food producers with products sold worldwide. We do this through responsible fishing and processing according to Icelandic quotas, always looking at sustainability and innovation as guiding principles. In a sense, you could say that sustainability has been built into the DNA of the Icelandic fishing culture. As a business and a part of the community, our long-term vision is that future generations will continue to enjoy the gifts of the ocean for years to come. When trusted with a limited resource, such as the fragile Icelandic fishing waters, the only way to move forward is to innovate. We do this by finding new ways to create value from what would otherwise be considered waste, increasing the yield and throughput of our catch, and improving the quality and reliability of our products. Economical solutions and increased efficiency typically also mean a smaller footprint, less carbon emissions, and less disturbance to nature. Therefore, investment in new technology is vital to progress and to increase value creation. This is where Marel has been a highly valuable partner for us at Brim with its innovative mentality and industry know-how. Marel and Brim have had a trusted and fruitful partnership for decades, working together to transform the way fish is processed. We have focused on innovation and invested in new technology to catch and process fish more efficiently and sustainably to continue our growth. During the summer of 2020, we renewed our groundfish processing plant in Reykjavík with some of the industry's most advanced fish processing solutions and software, and Marel was a big part of that. Our goal was to increase raw material utilization, improve product quality, and streamline processing performance, and we have seen immediate environmental and social benefits. Not only do we see improved yield, productivity, and value, but also our energy and water consumption have been reduced. The FleXicut is a prime example of a Marel solution that has significantly increased raw material utilization in our production. By using X-ray vision to optimize the raw material utilization when removing pin bones, filleting and portioning, and accurately cutting with water jets that use just one tablespoon of water per fillet, the FleXicut has increased our high-value product ratio. Data is also crucial to a more sustainable future in fish processing, providing insights into how we can do better every step of the way. The valuable data insights collected with Innova's food production software helps us make informed decision about managing and scheduling our production and increases our product flexibility by telling us how much of our raw material is being used and, yes, how much is being wasted. Today, our ground fish processing plant is one of the most advanced in the world, and we are utilizing 100% of each fish that we catch. With our investment in a state-of-the-art processing facilities, we improve our products' quality and freshness, reduce waste, and increase the utilization of every fish, contributing to Brim's strong brand benefits and competitive edge. As CEO of Krónan grocery chain, I saw significant amounts of food waste. It is a problem that runs across the value chain, and it is everyone's responsibility. It reinforced my belief that if you see a problem, and you're in a position to do something about it, then you should do it. Raising awareness and helping people make more informed decisions is a start. Through Marel's automated, innovative, and data-driven solutions, the opportunity to increase product value, significantly reduce food waste, and move towards a more demand-driven production in the fish industry is well within our reach. Our recent investments in new equipment and digital solutions to reduce energy use are attributed to goal number nine of the UN Sustainable Development Goals, industry, innovation, and infrastructure. By partnering and collaborating with Marel, we can share valuable information that moves the innovation of the fish processing industry forward. Without the vast knowledge and expertise from Marel, a project of this magnitude would not have been possible. From the beginning of this journey, we knew we wanted to have the possibility to finance the new technology with green and blue bonds to further contribute to our sustainable development at the local and global level, and Marel supported us in that journey. The Marel machines purchased and installed are carbon neutral to decrease our business's carbon footprint and use less energy and natural resources while the data provided by Innova gives us insights into green reporting. From day one at Brim, Marel has been a solid partner that has grown alongside us, and we are proud of all that we have accomplished together. Marel's vision perfectly aligns with ours, emphasizing the importance of the circular economy, using renewable energy, minimizing waste, and improving efficiency every step of the way. Responsible fishing and processing, with an emphasis on the sustainable use of fish stocks and with innovation driving the industry evolution, we at Brim will ensure that the fishing industry continues to be a pillar of the Icelandic society with continued partnership and support of Marel. Thank you, Greta. Three elements of ESG are environmental, social, and corporate governance. The G pertains to a corporation's purpose. The role and makeup of board of directors, shareholder rights, and how corporate performance is measured are core elements of Marel's corporate governance structure. We at Marel believe that outstanding leadership is based on the highest standards of corporate governance and ethics. Being true to our core value of excellence, we aim at fostering a culture of transparency and integrity with a goal to create long-term value for the company as well as its stakeholders. We strongly value the benefits that diversity brings to the boardroom and senior management teams. We are proud of our diverse board and executive team in terms of nationality, experience, and age, where the gender ratio is currently 43% female. Marel's corporate governance framework is built on the classic Nordic corporate governance model, which closely resembles that of most of the industrialized world and meets the highest international standards. As a company with its shares dually listed on Nasdaq Iceland and Euronext Amsterdam, stock exchange rules and Icelandic and Dutch corporate governance codes also play an important foundation for Marel's corporate governance. The supreme authority in the company's affairs is vested with our shareholders through shareholders' meetings. Elected at such meetings, the board of directors hold supreme authority between shareholders' meetings. Important work is done through the three sub-committees of the board. The board appoints the CEO to manage the company's daily operations. He leads the executive team, currently comprised of nine executives, who are in charge of the company's global business units and industries. Sub-committees of the executive team play an increased role in Marel's governance, with added focus and agility to selected issues. One example is the sustainability and ESG committee, where executives and representatives from core functions work on sustainability-related issues and strategy. This is, of course, instrumental in how we nurture a culture and governance structure that supports our goal to transform food processing sustainably. ESG is taking on a greater significance for every one of our stakeholders. Companies have the responsibility and resources to accomplish positive climate action, building a more sustainable and resilient future, and putting money where their mouth is. Indeed, Marel is taking strides towards addressing tomorrow's challenges. Through our significant innovation investments and development of digital solutions, we aim to drive greater overall efficiency, traceability, and sustainability from sea to supermarket and from farm to fork. With that, I'd like to pass the baton over to Marel's Director of Sustainability and Community Engagement, Thorsteinn Kari Jonsson. Good day. My name is Thorsteinn Kari Jonsson, and I'm the Director of Sustainability and Community Engagement here at Marel. With over 10 years of experience as a sustainability professional, my prior roles to joining Marel were in academia and strategy consulting. I'm passionate about sustainability, and I'm fully convinced that successful companies deliver real impact and improvements to the world in a sustainable manner. What better place to exercise that passion than by working for a company that has strong values and is truly transforming the way food is processed in a sustainable and affordable way? Although Marel is practically built on the notion of sustainability, the designated sustainability journey of Marel started when we felt the need to really understand what sustainability is for a company like Marel. We have this fantastic vision that we need all our stakeholders to understand, and it needs to guide us in every decision that we make. That particular journey started in 2015 when we joined the United Nations Global Compact, and soon thereafter, we published our CSR guidelines that are based around how we approach our people, our planet, and our profits as a responsible corporate citizen. Since then, we've been gradually ramping up our efforts with a significant increase in long-term and impactful initiatives over the past couple of years. There are many high points worth mentioning, such as signing the EUR 700 million sustainability-linked credit facility in 2020, and seeing Arni Oddur Thordarson on stage with the Nordic CEOs for a Sustainable Future, and all the Nordic prime ministers signing their joint statement on intensifying actions on gender diversity and combating climate change in 2019. What are we really doing when it comes to making food processing more sustainable? I think it's important that we take a closer look at some of our initiatives from a direct impact perspective. Innovation is no random thing at Marel. It's approached in a structured and disciplined way. Through our product development process, we apply the Stage-Gate process, where we assess the quality, value, feasibility, and utility of our innovations for our customers. Sustainability is embedded in our product development process by making our Sustainability Scorecard a mandatory requirement to pass through the feasibility stage. In 2017, we introduced it to the product development process. Our first priority was to make sure all of our innovation people were aligned on material sustainability issues. By conducting workshops with our key innovation stakeholders and agreeing on the most material sustainability issues for our product development, we generated sincere and robust awareness on what sustainability is for our customers. From there, we've moved to using it to measure our sustainability efforts regarding these key sustainability topics for our customers. The next step is to introduce the Sustainability Scorecard 2.0, where the focus is on utilizing its potential as a management tool to emphasize strategic priorities from a sustainability perspective. The sustainability scorecard seeks to address and improve the sustainability impact of a solution by focusing on the environmental criteria, including circularity, minimizing food waste, reducing the use of scarce resources, and the social criteria, including increasing food quality, food safety and security, as well as employee health and safety. Last but absolutely not least, animal wellbeing. It's challenging to describe this process in more details because we don't like sharing the intricate details of our innovation processes with the rest of the world for obvious reasons. Let's deep dive into how we measure the actual environmental impact of our solutions through life cycle analysis. A life cycle analysis evaluates the whole life cycle of a solution from sourcing the raw material to end of life. Doing an LCA means we are evaluating the concrete environmental impacts, such as CO2 emissions, use of scarce resources such as water, energy, or waste that a solution has during its production, use and service. Why are we doing this? Apart from this process enabling us to understand how to substantially lower the carbon footprint emitted when manufacturing our solutions, our customers are already asking for LCAs and emission calculations on the solutions because they are, just like Marel, aiming for net zero emissions. We have completed four LCAs already on the FleXitrim, the SensorX, the M1100, and the fantastic FleXicut solution. Focus has always been on cross-industry solution and how we can simplify the very complicated process of doing an LCA with a few thousand components in a single solution. In the future, this means that when we quote our customers, we will not only quote them on the price, but also on the CO2 footprint. Our next step on the LCA journey is all about automating this process and cover the majority of our cross-industry solutions in coming years. Our aim is to document the environmental footprint of the majority of our products in an easy-to-use format to enable our customers on their transition to a low carbon economy to make the industry as a whole more resilient. To improve sustainability in the food industry, it's not all about innovation and technology. We also need to make sure we are prepared to support our customers and understand the consumers all around the globe. To do that, we need to nurture our people and our culture. Diversity and inclusion, in our opinion, is one of the key aspect of future-proofing our company, and diversity and inclusion is not just about gender diversity. Reaching out to our customers with localized teams to listen to the needs from our end consumers, we can only do by speaking to our customers and service them locally in their language. We need to constantly make sure we are mirroring our markets and that everyone feels respected when partnering with us, as well as working for Marel. This calls for diversity in gender, nationalities, age, and educational background, and so many aspects in order for us to ensure that we are ready to walk the talk in partnership with our customers. We're proud to say that we are already seeing our efforts bear fruit when it comes to diversity and inclusion. We already have almost fully local management teams in most of our regions, and in 2020, we made a huge leap forward when both our board of directors as well as our executive teams reached our preferred balance of 40/60 ratio when it comes to gender diversity. Globalization and new ways of working are supporting our purposeful travel policy, and virtual and remote service does not only mean we can stay closer to our customers, it is also key for us to lower our CO2 emissions from business travel. A true highlight of our ESG progress in 2020 was lowering our overall footprint of emissions that we currently measure by over 40%. With continued discipline and travel and focus on continued remote service, we can build on that success. Other notable accomplishments include our injury rate going down from 1.24 to 0.91, and 96% of our new innovations passing through our sustainability scorecard. We are also committed to setting science-based CO2 targets and aligning with the TCFD recommendations on climate related financial disclosures. A signatory of the United Nations Global Compact since 2015, Marel leverages its innovation and technological leadership to contribute to the 17 UN Sustainable Development Goals. By 2030, we want to end hunger and ensure access by all people, and in particular the poor and people in vulnerable situations, including infants, to safe, nutritious, and sufficient food all year round. On goal number nine, we want to upgrade infrastructure and retrofit industries to make them sustainable with increased resource use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes. On goal number 12, we want to achieve sustainable management and efficient use of natural resources and substantially reduce waste generation through prevention, reduction, recycling, and reuse. How do we make sure we take the right decisions going forward? Marel's sustainability roadmap is designed in cooperation with our customers, employees, suppliers, innovation partners, and other key stakeholders. In 2019, we reached out to over 160 stakeholders to get their input for our sustainability roadmap. Everything we do is done in alignment with this roadmap. It aims towards elevating sustainability performances by focusing on four key themes. Our foundation is based on being a responsible corporate citizen when working with the things we have full control over. We want to champion our fundamentals, which are our own emissions, safety and health of our own people, our diversity and inclusion, and compliance to laws and regulations. Following that, we make sure we are always embedding sustainability into our innovation processes, so that we are developing sustainable solutions for our customers. By doing that, we can create partnerships to create value. With a focus on responsible and resilient supply chain, we make the best available solutions available to our customers across the globe through a local presence, which is the only way we can influence the food industry to transform towards more sustainability and affordability. That's why sustainability matters at Marel. I'm pleased to share with you today the launch of our first sustainability program with 2026 targets aligned with timing of our ambitious growth targets. The sustainability program complements and supports our 2026 vision of where we aim to be a EUR 3 billion revenue company, while setting a path to becoming carbon neutral by 2040 and continuing to support the communities we operate in through our social participation guidelines. We know that in order for us to thrive in the long run, we must focus as much on the people and planet as we do on our profits. As of January 2022, we will start implementing a five-year program aimed at further steering our business, and more importantly, our industry, onto a more sustainable path. This program is designed to address the most important environmental, social, and governance-related issues. We are setting clear and ambitious targets that focus equally on our own operation, as well as on how we can have a positive impact on our customers and the whole value chain. We should not forget, sustainability is about capturing business opportunity, overcoming challenges. Together with our digital solution and global reach, we have an opportunity to enhance Marel leadership position, become more competitive, and resilient. Sustainability is no longer a nice-to-have initiative for companies. It is the foundation for future-proof businesses and their purpose. This calls for a bold and ambitious plan with clear targets. We are taking ambitious and responsible steps on our growth journey. The demand and need for highly automated, digital, and sustainable solution has never been clearer, and Marel's vision has never been as important as now. In partnership with our customers, we are transforming the way food is processed in a sustainable and affordable way. Thank you, Thorsteinn and Arni. With that, we have concluded the formal presentations of today, so let's move into the Q&A. In addition to our three keynote speakers, our EVP of Innovation, Anna Kristín Palsdóttir, will also join the Q&A panel. While everyone is getting settled here on stage, let's take a look at the company-wide challenge that we called Move the Globe. Whether it was a trail run in the green hills of Thailand, a bike ride to the office in Copenhagen, or a swim in the ice-cold Atlantic Ocean off the coast of Iceland, Marel colleagues around the world made every step count to collect enough kilometers to cover over four laps around the globe and raise a total of EUR 250,000 for the International Red Cross. Bringing together the expertise and knowledge of organization like Red Cross and the power of companies like Marel, we approached the Marel leadership with the idea that we could work together on various humanitarian issues through financing, awareness, volunteer contributions, and knowledge. We can do much more together to have a real positive impact on communities. Move the Globe was a company-wide challenge that united all 7,000 Marel employees in over 30 countries in a shared mission to raise funds for International Red Cross. We may sometimes feel like the global challenges we face, such as climate change and humanitarian crisis, are overwhelming. By working in partnership across sectors, those challenges become something we can tackle. It is important that companies think about actions like this. Marel already makes an impact through its food processing innovation and goes beyond that, and extends technology, time, expertise, and financial resources to support people and the environment with projects like Move the Globe. I think that this kind of partnership, like we have now between Icelandic Red Cross and Marel, it helps and serve as an inspiration for individuals and companies who want to make difference. We can do it. We have been very proud working with Marel. I would like to give you an example what we've been doing. In Malawi, we built a waterways. We have managed to improve food security in South Sudan, and we supported refugees in northern Brazil. It was great to participate and contribute to help people who are arriving in my country in a vulnerable situation. Taking part in Move the Globe raised a feeling of union with my colleagues across the world. Nice motivation and extra incentive and encouragement to find a way to add some activity to every single day and improve their health. All these projects have been very successful and as well needed. Everyone's contribution counts and can make an impact. Together, we are stronger. Now, time for Q&A. Arni Oddur, Anna Kristin, Thorsteinn, Greta Maria, are you all set and ready to go? Fantastic. As a reminder to our audience, if you would like to ask a question, you can click the link below or email ir@marel.com. Our first question is. You've mentioned extended reality, VR and augmented reality. Can you give examples of why this is important for sustainable processing? I think this is one for yourself, Anna Kristin, and then maybe the rest of you can add. Yes. Very good to mention virtual reality or extended reality when we are talking about sustainability, because this is really, really truly one of the transformative things that we have been introducing to the market. We are for sure changing the way we operate as well as our customers. We saw an example, great example here in the show earlier on where Brim was an example of a plant where we took the virtual reality to the full force, having a real example, virtual example of how the new greenfield that Greta told us about was established. Why we have been doing this. This is critical for us to do innovation in a smart way. We can here, without using steel, without using any resources, like physical resources, we can really develop explore our options and take them faster to the market. Because time to market is not the only thing that matters, but [audio distortion]- ... On time to market, like Anna Kristin say. It's so fascinating to see the factories out there and being in there without even visiting them. When you come to the customers, you really know them inside out. We are using it as well in sales. We have virtual reality just like here in Brazil, Campinas, Shanghai, in China, where we take it to the next level. We have equipment on the floor. We don't need to transport all the steel. We have mixed reality or virtual flow, just like we did with Brim, Greta, when we were trying to engage, and finally then engaging with Brim on how to set up this great factory. Yes. I agree. It's a very good tool today. Yeah. Of course, the technology is always advancing. To have this opportunity to build it in virtual reality before actually building it. Yeah. Then, of course, testing the pain points, seeing if there are any failures, seeing if there's anything that we can do to improve. That is exactly a great example of how we have been using this technology. Exactly. Meaningful conversation to customers. Absolutely. Maybe we promised to have short answer, but I have to tell you one story. When I was in Norway, visiting one of our great customers, and I had been in some of the plants of the customers, then there was you can say they were welcoming me, and they said, "Welcome first time in this factory in middle Norway." I said, "Actually, I've been here several times." That was, of course, not in reality. It was in virtual reality. Then when they were guiding me through the factory, they said, "The next hall is this one." Then I said, "Yeah, and in the other hall is this solution." It's so great to see how it comes together and for the factory managers to get the uptime immediately, but this leads to more sustained results as well. Absolutely. Just connecting this to global reach, we of course have our local teams out in the field, and they get these instant feedback loops from our customers from the ground, but then also from the digital solutions that will enable to be predictive. What are sort of the key pain points customers are facing today? Maybe, Anna Kristin, if you could add color to this from an innovation perspective, and then Greta from the real-life fish industry. Yeah, maybe it's good to call this more opportunities than pain points, because what we are doing with the digital journey is by opening up opportunities for our customers to get real-time insight into their operation. They are getting actionable data, and they can really use this data to know where they are today, set the target for the future, and work then on what they have to do to take the right steps towards the future. We in Marel are focusing on and having a business goal, as Arni talked about earlier on in the show, of being net zero in emissions in 2040. We are seeing this goal over and over again with our customers and within our industry. We, at Marel, we are providing the tools, we are providing the insights so that customers and others in the industry can really achieve the goals that we set for the future. Thank you. Yeah, very good to get these questions. Okay. Data is, of course, very important and number one, it helps us take better decision. I think that's the most important. When you have good data, you take better decision. Then with Innova software. Now a lot of companies are publishing sustainable bonds, and we have done that at Brim. We were actually the first one in Iceland to issue blue bonds. What is the most important is I think there is a lot of supply. We have a lot of money that are willing to go into green or blue or social investment. Companies are, of course, having problems because that is difficult to prove that what you're doing is actually decreasing the impact you have on the environment. With the Innova software, that helped us show that we are getting better results than before. I think that is, you know, it's of course, great for Marel that they have this technology that it can help the companies, because for companies that is the most tricky part. Mm-hmm. Because you know you have a lot of projects and you know that they're good for the environment, but often it's hard to have the data to prove it. Mm-hmm. Thorsteinn, because you have the so deep insight in, but I really want to leverage what Greta was saying about green financing, because in the end, I'm so keen on economics and the financial markets and et cetera. Today, their available green financing is much more than we can deploy. People at home are putting in savings accounts. Investors are putting into green financing. Why? Those that report sustainability are usually using resources better, and they are more profitable and more growing companies in general. However, to be able to report and have audit assurance, you have to collect the data just like we did with our first standard machine, and now we are leveraging with our digital solution. 1% of the total financing in the world is now green financing, most likely heading to 5%. The supply is not more than the demand, but it's more than is available for the real world outside of the financial world to deploy, because we need to collect the data. We believe that we will play an instrumental part in this as a infrastructure provider. Thorsteinn. Yeah. I just wanted to add, I mean, it's great that Greta brings up this point because we had such a good conversation with Brim around the new facilities. I think, first off, having LCAs behind your solution, it really provides an opportunity for- Just for our audience, an LCA is? Is a life cycle analysis. Yes. Where you go in and you measure the overall environmental footprint of a single solution. Having done that on the key solutions that we provided Brim with, it actually creates an opportunity to issue a green bond for those specific machines. Also, like you say, on the Innova side, having oversight over the operational part of it provides you with a great opportunity to go into sustainable financing in other directions, such as what we did, sustainability-linked financing loan. I mean, that's where you look into operations and you're not just improving on the capital expenditures, but also on the operational side of sustainability. Having the actionable data, but also proving it that you are doing the right things. Exactly. I think that's the key point that we're trying to get to our customers. Maybe to put the caveat on the table, because there is more supply than you can deploy in many cases now, some of our customers are getting lower margin. If you discount that amount is greater than the cost of the total equipment that we are providing and making available the data. I think that's always gonna be helpful. Actually, that answered one of the questions that we got from Sveinn Thorarinsson from Landsbankinn. He has a follow-up question, which is around the new and future manufacturing site of Marel. Can you give any insight into sustainability issues on that front? I think I'll throw that one over to you, Thorsteinn. I'm gonna start with this one and then hand it over to Arni. Investing in manufacturing locations not just focusing on what we can do to our customers, but also making sure that our house is in order is of utmost importance because we want to lead with example. What we're doing is that we have a very clear sustainable housing policy that we use to make sure we take the sustainable route when we're building our new facilities. That means that we're looking into material use, we're looking into how we provide our facilities with heating and electricity, but we're also looking into the social factors, you know. Do our people do they feel good in our new facilities? Is it soundproof, and is the air quality at the right, you know, optimal level? These are the kind of things that we go through before we launch a new building project. I think it's important that we don't just have guidelines on it, but also that when we speak to our contractors, that we have guidelines for them to look into, and that's what we're doing. Maybe to underpin how long-term strategy this is, we need to think the total operating model. Those that have been with us for a long time remember when we optimized our manufacturing footprint, went from 19 sites down to nine, to 14 or 15. Now we are in 15 sites. Why were we optimizing our manufacturing site? It was to get more economical scale, but make a future for Slovakia, Brazil, and China. We need to be regionally sourcing and close to the customer, and this is the biggest impact for the green journey going forward, and understanding the customer needs. Then maybe, Thorsteinn, you can maybe tell us, because in the Nordic CEOs, we have as well with the governments making a very important step for procurement strategy. How can we put child labor, how can we put sustainability as a requirement? Just to recap, there are 14 companies here in the Nordic CEOs for a Sustainable Future, and the governments have procurement of EUR 220 billion per year. We can have a meaningful impact by synchronizing this. Thorsteinn, we are as well focusing on Scope 1 emission-free and et cetera, isn't it? I think for every company that wants to be ambitious, you know, if you wanna set the science-based targets, it's important that you know your Scope 3 emissions. That's. You can only do that by looking into where and how you source your materials. That's a key issue for us now. Not just looking into every single category and product and understanding what's the overall footprint here, but engaging in partnership. Mm-hmm. Similar to what we do with our customers, if we want to reach our targets, for example, the Paris Agreement, we need to look both ways, and companies need to partner up across the value and supply chain that they operate in. That's what we're doing now. We engaged with our procurement partners a little over a year ago, started our sustainability procurement program, where we link up with our key procurement partners to make sure that we have an active conversation about environmental aspects as well as social aspects of the way that we partner up together. But- I just want to add- Yeah. It's so great that we are having this talk on the sustainability today, because there is no future without sustainability. I would just like to add to that what Thorsteinn said is that we started over six years ago on this journey trying to get our suppliers on board. Today, the discussions that we're having with our suppliers is so much different than three years ago. Mm-hmm. You know, it's also important to notice the good things that we are getting there. Everyone, when we were asking about the data, you know, what material goes, for example, into the packaging, it was very hard three years ago to get that information. Today, it only takes about two weeks or a month. You know, we're always getting better. Mm-hmm. Many things happening in, like accelerating this. Yeah. The pandemic, if there is anything that came in and really accelerated things, also our mind and our thinking. Mm-hmm. That is the- Yeah. Fact. Mm-hmm. Absolutely. Actually, there is a question that follow-ups from Thorsteinn went on the science-based target, and it's when will you have a validated target for the science-based? We're submitting our target early next year. Okay. Using the full year of 2021 to do our Scope 3 emission calculations, getting our Scope 1 and 2 emissions to an optimal point, as well as understanding what the roadmap is that we have in front of us. Because setting science-based targets is not just about putting down a number on a paper and having it validated. It's also about putting down a roadmap and a plan, showing we're gonna get there by doing this, and that. In order to get there, you need to plan meticulously, and you need to be in good contact with your customers as well as your procurement partners. Mm-hmm. It's all about partnerships as well when you set your science-based targets. For people listening, the outcomes are difficult. TCFD, Scope 1, Scope 2, Scope 3, what does Scope 3 mean, Thorsteinn? Scope 3 are the emissions that are outside of your own control or your own operations. Mm-hmm. You're not emitting on site, you're not procuring directly the emissions such as your energy use or electricity use. Yeah. It's about procured goods and services. Our global reach with service people or sales people out there, that takes the Scope 3 emission down. Mm-hmm. When we procure steel in a sensible way- Mm. We reduce the Scope 3. Absolutely, and we also do it with Brim, because it's not just about what we procure, it's also about the use of our own products. By creating and validating low carbon technology like we have done with Brim, we are actually also lowering our Scope 3 emissions from the use phase part of it. The downstream emissions, they will go down and continue to go down as long as we're on this journey at least. Absolutely. I'm interested to follow up on the question or near topic of acceleration in the pandemic, and maybe this one over to you, Greta, 'cause Brim is, of course, in the fishing and the processing and also into sales. Like, what is the major difference that you see now from the consumers, on how what they want from the products that they're buying from a sustainability aspect? Yes. I think the main difference is that today for companies, sustainability is not a choice. It's the way you have to operate. As everything that you do, it has to be a part of your DNA. Because customers, and we get a lot of people visiting us, and the younger generation and the future generations that are gonna, you know, live here on the planet, they make decisions based on how companies are behaving. If you want to be in business in coming years, then you have to be a part of this, and you have to do everything possible to minimize your impact on the environment. I think that's the key difference that with all the information that customers have when they go to the grocery store, they have all the information they need in their mobile device, that they are so informed, and they could get information on anything, that they are gonna take the decisions based on the information that they have, and they're gonna choose wisely. Just to leverage this recap when the pandemic started, many said it's only about affordability and accessibility. You had the consumer surveys. Even in the youngest generation, the far biggest factor was price. Those companies that said, like Marel, like Brim, that said, "No, it will be balanced," it's as well about safety and sustainability are thriving. That is just the case. The newest dataset from U.K., U.S. is that the youngest two generation, as we measure them, below 30 years old, they put equal nutrition, safety, sustainability, and the price. This is moving fast-forward, and you know it's cheaper to buy higher quality, even though it's a little bit less kilos, and so on. It goes hand in hand. Farmers, generation by generation, know that less resources for same product is more margin and more profits. I think this is exactly the key thing because we are often approached with, "How do you do this? How do you start this journey?" I said, "Okay, it's very important because of the environment." Also it's better for the bottom line of the company. Because what you're actually doing is that you are using less resources. We are using less oil, less electricity, less water. For example, with the implementation of the Marel technology last year, we can see that we are using less water in the factory. Mm-hmm. That's just one of the examples that we have. It's very important. Yeah. This is the trends that we see in, like, all regions and with all age groups. Mm-hmm. People are more going for quality of what they do, quality of products, quality of their social life, thinking more about the planet and thinking more about things that matter for the long term in the future and less about this affordability that Arni- Yeah mentioned earlier on. We need to show empathy and humanity. Everybody that have choice- Mm-hmm ...put this in parameters. Therefore it was so important to see the Red Cross and Marel partnering. We are trying to do our thing here. Mm-hmm ...everybody have to do it. Mm-hmm. When the market doesn't fully function, and unfortunately there is more poverty this year than last year, and this is the first time in 20 years we are seeing that. Where the markets are functioning, nutrition, quality, safety, and price is on equal metrics at the moment. Most likely, quality and safety and sustainability will get even higher attention. Excellent. I think this is a good bridge as well into a question that we have here, which is animal well-being is a major topic in the sustainability journeys of processors. How is Marel getting better at this? Any concrete examples that you can give. Maybe you start with what we are doing in poultry. Yes, definitely. Like, I think what we are doing in primary processing matters a lot and is very vital to the ESG in general. I think we can take the great example of our ATLAS system. Something that we mentioned also in the show earlier on, but I think it is worthwhile to repeat the message there because that is really a product that has been transformative to the industry. If we look at maybe the three pillars that are really making a difference into our industry, it is the logistic part, meaning that we are designing transportation unit that allow truckloads to be better stacked when you go from the growers to the processors, allowing for up to 30%-40% less trucks that are needed to go between the grower and the processors. This, of course, matters a lot for the carbon footprint. We are, of course, also thinking about the animal well-being. That is a critical thing in our industry. We take this very seriously here at Marel. We are designing the transportation units in a way that we are thinking about climate, space, and heat and temperature and everything like that that matters in these type of processing. Then the quality part. Mm-hmm. That is also introducing less hands, less transportation of the broiler before it goes into processing matters a lot. It creates little or lesser stress into the processing, and that matters a lot for the end product and the quality that we deliver. If you think about these three coming together, this really is something that matters for the ESG journey for Marel and but especially for our customers. I can maybe add a little to this because I remember so vividly the conversation I had with the key innovation people a few years ago when we were starting to design the Sustainability Scorecard. Obviously I come from the sustainability world, so I have, like, some preconceptions about what is right and what's wrong, but they were very adamant. Food quality and animal wellbeing are the number one and twos in our world, and those are the first stage and the end states that we're talking about here. Food quality means that we're lessening food waste. Good food gets eaten. That's as simple as it is. On the other hand, if you start by losing quality in the logistical phase, the live bird or live, you know, cattle handling, that is where the yield drops in the most drastic way. Losing 10% in the beginning because of poor animal wellbeing or just not treating the animals in the right way, that will just cascade into the system. It means that if you lose 5% in the end and 10% in the beginning, that means that you're losing a whole lot of value throughout the chain. If you lose nothing in the beginning, then you can, you know, at least try and you know, keep up with 100% going through the whole processing plant. I mean, that's what they said all the time. It's yield- Yep in the first stage, and it's quality in the last stage. That's what we need to look into. I think I see. This is exactly why we moved our strategic window to the post-farm instead of only the factory. Greta knows it very well from the fishing industry. Yeah How quality matters in the very beginning- Yeah how data sharing from the vessel into- Mm-hmm into the factory and into the distribution matters. Mm-hmm. It makes a whole difference of the quality. Yes. Of course, this is very important for us. Of course, the logistic part, the Marel part is like Thorsteinn was describing, it takes us about 30-40 minutes to get the raw material through the factory. What happens before that part is also very important. There, of course, we have another system that we cool the material, the fish below zero as soon as you catch it or process it on board with freezer trawlers within minutes of when it's caught. But also the data, because we are thinking about the future and how data will be important, that I think also in the process that you will get more information about this. Exactly how was the quality of earlier in the process. Because it Like Thorsteinn said, the yield will depend on how it was treated earlier. Mm-hmm. Mm-hmm. And- Maybe to add, it's not only about technology, even though technology and data is a key thing so we can take a decision. It's about our passion, our thinking, listening to the people out there, the consumers that are saying animal welfare needs to go on the next level, quality needs to go on next level. Just to look into what the value chain has been doing in the Netherlands and in the Benelux. We used to raise the chickens in 40 days. It takes less CO₂. However, the request was more social distancing in the hatchery. It was as well growing the chickens in 50 days instead of 40 days to make better quality, more animal welfare. The whole value chain needed to start to talk together. There are "How can we offset more CO₂?" We started together the supermarkets, the producers and Marel looked at what are we selling regionally? We saw quite significant part of the chicken was sold to faraway markets. How could we work together in utilizing the whole animal in the regional market? The supermarkets committed to buy the wings, the drumsticks and et cetera. The processors committed to make tasty and safe produce, and we committed to make new cutting solutions and et cetera. This is driving the business. Now we take care of the region with less carbon footprint, more animal welfare, higher value for everybody in the value chain and even the end consumer. That means we used to export it to Africa, and then we need to build similar and are doing similar ecosystem there. This is the power of being global, digital, and think about sustainability. It's more than technology. It's the whole thinking of the value chain. Partnerships. Partnerships. Yes. The next one is, how much of the 6% innovation promise is classified as supporting sustainability? And that one's for you, Anna Kristin, definitely. I would say the total 6%. Look at what business we are in today. We are developing products that are aiming for less waste and increased yield and increased efficiency. This is like the fundamentals into the sustainability journey, and this is the foundation that the company is built upon. Now, when we look at our digital journey and the opportunities that come with it, we are taking even further step into this direction or steps. I would even call it leaps, because we are not only going for the basics, but we are actually opening up a new opportunity, box of opportunities for our customers to take next steps into sustainability. We also, because we have been mentioning the Sustainability Scorecard- Mm-hmm that is something that all our innovation, everything that we do in innovation has to be measured against. There we are t aking into consideration the life cycle of the product, if we are doing things in as sustainable a way as is possible, and capitalizing on that for the products that we are building for the future. Yeah. It's, I'd say it's very interesting to look into this also because I sometimes get the opportunity to sit a little bit more in the back than maybe these two and Greta and ask some silly questions around the company. Looking into how we are structuring our IP portfolio, for instance, and asking our IP people about, you know, sustainability. Is that something that you see trending in our, you know, IP portfolio? You're talking about intellectual property? Intellectual property. Yes. Sorry. Intellectual property. Absolutely. We're looking into those because we talk about it from day one when we start designing our projects and solutions. We can see that, you know, this is becoming a link of ours, and we do this because it's a competitive advantage. We know that we're creating real results there. Mm-hmm. The biggest impact are our customers. I can tell you how proud I am when I visit Brim and when I see the videos because you saw maybe my speech here, 14-year-old boy working in a fish factory. That is basically Brim has taken over, privately owned now with real leadership. It was the municipal before. I can tell you it's light and bright and sustainable and efficient, and it's so fascinating to see the steps that have been taken. We are seeing this again as well in meat factories and et cetera. I'm really proud when I walk in Brim. I have to say that. Yeah. I think of course we are proud, very proud to have a partnership with Marel through this, and we are very proud that Marel is an Icelandic company, at least yet still. What I think will happen in the future, we are very lucky because Marel has been growing alongside with Brim for decades. With the technology that we were discussing, you will be able to have this relationship even with companies that are in, you know, different parts of the world. I think, you know, that is also very important that you can try things out and simulate them and optimize them even before you start implementing. We of course did that in our last project, but it's so totally different from when we started the journey. Yeah. Yeah. Imagine for us that we needed this storm around the global economy to rethink. We don't need always to send the specialist to China. Mm-hmm. The specialist can stay in Europe and remotely, digitally assist our people out in China. Of course, we have been building up at speed as well. We are engaging with customers, we are installing, and we are servicing. As well with the simulation and the virtual reality, the manufacturing people out there that are basically new as well, some of them to the industry, they have simulated. You would never fly an airplane without simulating before. Why should you do it when we are handling live animals? Mm-hmm. You cannot allow yourself to do it. We have to utilize it from day one as best as we can. It's so fascinating to see how we are taking a step forward, of course, more sustainable. It's as well, just use the old language, it's much more profitable. Mm-hmm. I mean, the fish industry is of course one of the fastest growing proteins in the world, but moving to another fast-growing, alternative protein, how do you look at trends like rising vegan consumption and the development of artificial meat? Oh, maybe you start. Maybe I take this one. Yeah. First of all, there are many, many great things happening in the alternative and plant-based industry. Let's think, what are the people in the plant-based thinking? They are thinking of making quality food for limited resources, just like we are doing. I have now firsthand experience as well. My oldest daughter is a vegetarian, so I go grocery by grocery, not only in Iceland, in the Netherlands as well, and all around to look at the plant-based and alternative. While many good things are happening, unfortunately the mainstream is there is a lot under the label. You have to be very careful, look into it, how what is the nutrition value? What is the carbon footprint even? I have to admit, usually end up cooking from scratch, so we can have vegetarian or plant-based alongside the proteins and et cetera, a balanced diet. What will this lead to? More and more families will have plant-based once, twice a week, the whole family instead of cooking two sets and et cetera. This is just a good evolution or revolution that is happening. However, if you look at the data, and especially after the pandemic, consumers are caring more about our health. We want to move from sugar and cereals into more vegetables and more proteins, both plant-based and animal proteins. However we calculate, the demand for animal proteins is much more than the available supply. For instance, in India, average consumption is 4 kilos a year, while we are here at 80 per year. The health guidelines from the government there is 10 kilos per year. We can all see where this is moving on cost of sugars and cereals to vegetables and proteins. Then we need to add the human factor in, social and et cetera. Direct and indirect labor in agriculture, where the vast majority is animal proteins, is 1 billion people on the planet, 25% of the total workforce. Thorsteinn, maybe you as well give an angle on Yeah, I just wanted to emphasize this point. I think the move, I think it's clear, especially if you look at, for instance, the recommendations made by the EAT-Lancet Commission a few years ago, that we need to adjust our diets, but it needs to include animal protein. That's a clear recommendation. Moving a little bit away from maybe red meat to more fish and poultry, that is what we understand we need to do more of, globally. That does not mean that everybody should stop eating red meat. It means that we need to globally adjust to a more balanced diet. I think what the EAT-Lancet Commission really missed was the social factor, like Arne mentioned. 1 billion people is a lot of people, and we must make sure that we make a just transition when we're talking about climate change. We must make sure that we're not leaving people behind just because we want to increase focus on the climate part. That is just so important to remember that it's currently I mean, alternative plant-based and I mean, in vitro-based meat is you know, at 0% of the market at the moment. Hopefully coming soon. It's gonna be interesting. Plant-based is probably below 0.5%. It's around 1% of the total. Yeah But particularly in the Western world. Of course, if we look at non-commercialized, the bean consumption and et cetera, that is not alternative. Very healthy proteins and et cetera, for instance, in Brazil, quite significant. Not always eating meat and so on. To prevent all misunderstanding, we are investing in the new food market. We are investing in the pet food. We are investing in the alternative. We believe it's very exciting. We started in secondary fish. We moved into all the processes step, into poultry, meat, and fish. There are so many things we can do there. We need to keep focus as well and so on. It is a new growth avenues. We had interesting sales in India in the potato business and so on and so on. Now we are setting up the special teams, our RevoPortioner and the new Spectra, Anna Kristin. I have never seen a demand from an angle that I didn't expect, like the pet food industry when we were starting to introduce it into poultry and et cetera. Safety, sustainability, no plastics. Yeah, I think it is key also to think about it, that this can complement each other. We have a product offering that is really strong in this area. It means that we have the core technology, and we have solutions that can be introduced to these sectors, as Arni was saying. We know the veggie burgers and the hot dogs that are for vegetarians, so and this is something that we are experts in. To come back to the Spectra, we use every opportunity to talk about this very exciting solutions that we are introducing to the market. Currently, we are working on introducing it to the poultry industry. This is a solution that we developed together with TOMRA. TOMRA is the company bringing in the vision technology and the expertise in that area. We're bringing in our expertise in the food industry. When this comes together, we have something very special. We are seeing now the Spectra really making an interest in the market, where we have availability of finding soft contaminants like plastic, something that was introduced a lot into all processing all over the world during the pandemic. We have a solution here that makes food for people or even for pets- Yeah, yeah more safe than before. Greta. Yeah. Of course, the fish is a great source of protein and very nutritious. But what we also need to think about in the process, because we were talking about, okay, alternatives and so on, and there is a lot of demand still for protein in the world that food waste, of course, is a serious problem. In the fish industry, we have made very good progress of, you know, utilizing all the raw material that we have. Mm-hmm. Going into side products and also lower value products, supplements and so on. I think there is still for other proteins, you know. You know, you are not there yet, so you have to keep on increasing the yield, and I think when we get there, then we can start thinking about what we need in the future. Because I think what we have today is enough if we can use it better. Yeah. Mm-hmm. It's not about, like, more- No It's about making the most of things, like we were saying earlier. Yes. Yeah, yeah. Exactly. Once again, it's about partnership. Yeah. It's about circular economy. Mm-hmm. There are so many great things happening now. Look at our great customer, Morrisons, in U.K. That is a grocery- Mm-hmm They have moved into fish with a lot of solutions from Marel into meat and et cetera. They have moved into greenhouse and grow vegetables as well. Instead of using chemicals, they use insects into the greenhouse. Mm-hmm. When the insects come to end of life, they use it for feeding the egg-laying hens to make organic eggs. There is so much happening now when we take the integration of the mechanics and the software and food science and common sense on the table, and then talk together, share the data, experience, not reinvent the wheel, but move forward. Start now. Move forward. Utilize companies like Marel. We're spending over 6% of our revenues on new innovation. Technology is gonna bring a lot of answers when it comes to sustainability and getting to net zero and reaching the climate, the Paris Agreement. I mean, we also have to trust in ourselves because we're doing, in some instances, a very good job. We just have to admit it. Fantastic. Truly exciting times ahead. Everyone can make a difference, and we are proud of our contributions to our customers and to our people and to the positive impact we can have on our environment and society as a whole. We hope that you have enjoyed the 360 degrees of Marel throughout the Capital Markets Day miniseries. Thank you to all our keynote speakers across the five events and, of course, to our passionate Team Marel, who has been working tirelessly behind the camera to make our stories come alive for you. To the audience, many thanks for your time, your attention. Stay safe, and we hope that you get to connect with your family and loved ones and share a festive meal of high quality food that is safe and affordable and, most importantly, produced in a sustainable way. Happy holidays.