Hello, a warm welcome from Marel here in Reykjavík, Iceland, to our Capital Markets 360 Event. I'm Tinna Molphy, Head of IR here at Marel. Since listing on Euronext in 2019, we've increased our international shareholder base from 5% to 35%. I'm delighted to welcome some of our new investors to this meeting. This is our second event in the 2021 Capital Markets miniseries, all aimed at giving you a 360 view of our operations, our customer relationships, and our strategy for growth. Today, we will take a deep dive into how we aim to achieve our ambitious 12% annual average revenue growth through organic growth and M&A activity. In the coming weeks, we'll host three more events focused on the core growth pillars of global reach, digital solutions, and sustainability, all of which support our transforming food processing story. Today, I am joined by our CEO, Arni Oddur Thordarson, and our CFO, Linda Jonsdottir, and our Chief Strategy Officer, Arni Sigurdsson. The agenda is simple. You will hear presentations from all three, and then we'll move into Q&A. Before we get going, though, a bit of housekeeping from my side. To ask a question live on camera, please enter the Zoom waiting room using the link below, or alternatively, you can also email ir@marel.com. The full deck of detailed slides is available for download. Just click the button at the bottom of your screen or visit marel.com/cmd. I at least love to have my own PDF slide deck to jot down notes as the presenters go through them. If you have any problems with downloads or posting questions, please email the IR team, and we'll do our best to help. With that, I'd now like to hand over to our CEO, Arni Oddur, who will share his thoughts on how we will deliver growth globally, digitally, and sustainably. Welcome to all of you. It's great to know so many of you are watching online. I'm Arni Oddur, and I have been with Marel for 17 years now. My father and I invested in Marel back in 2004. Then I became chairman of the board, 2005, and transitioned to the executive role of CEO in 2013. Believe me when I say that I still feel as passionate about the opportunities ahead for Marel today as I did on day one. It is great that we have the opportunity to host this miniseries of Capital Markets Day. The team and I are proud and excited to use this opportunity to give you a 360-degree view of Marel and our activities since our last Capital Markets Day, two years ago in 2019. It's also a chance for us to share with you how we have been connecting, selling, and servicing our customers worldwide through our online platforms and digital solutions. In the past two years, we have seen challenges in the food value chain, such as labor scarcity, shifting market demands with rapidly changing consumer behaviors, and even channel disruptions. Maintaining production flow took on new proportions. Together our customers, suppliers, and the passionate team Marel have ensured that one of the most important value chains in the world remains operational. Marel is the only pure-play provider of solutions, software, and services to the poultry, meat, and fish industry, a one-stop shop. Our global reach and digital platforms are true X factors and key competitive strengths in how we will win in today's environment. Our key topic for today, and indeed the 360 miniseries, is about how we will deliver growth globally, digitally, and sustainably. Let me take you through some of the key milestones in our growth story and importantly, the learnings we have made over the past few years. We have a strong track record of growth since our listing 1992 of around 20% annual compounded growth. Today, we are a EUR 1.5 billion business looking at the annualized order received in the first nine months of the year. Our revenue streams are well diversified by geography, by industries, and by processing steps, reaching from the farm gate to the final consumer-ready products. Very important, recurring aftermarket revenues consisting of spares and services have increased to 40% of total revenues, up from 10% in 2005. Our software and digital products are a core part of our value chain, and this will start to reflect more prominently in revenues from 2024 and onwards. We have ambitious and attainable long-term growth targets to reach EUR 3 billion in revenues by 2026, whereby around 50% will come from recurring revenues from service, spares, and software, our three SS. Through an active M&A program, we have learned a great deal from each acquisition. To recap, the Scanvaegt acquisition was important in terms of our aftermarket services. Scanvaegt was simply more advanced than Marel in terms of sophisticated service offering and service level agreements. From the acquisition of Stork Food Systems, we learned the importance of standardization and modularization as we became a full line provider in the poultry processing industry. Most recently, the acquisition of TREIF opens up interesting opportunities in the shop channel, ranging from small butchers to our global leading supermarkets. Our market is still fragmented, and the consolidation wave is ongoing. Scale, scope, and speed is important to win in our attractive and dynamic markets. The market for food processing solution is sizable, and the positive outlook is supported by long-term secular trends. I'm referring here to population growth, rising income, and changing consumer habits, and the pandemic has been an accelerator for this. We focus on the high growth animal protein market, which is valued at EUR 1,200 billion-EUR 1,300 billion annually. We are also exploring new growth avenues, such as vegetables, alternatives, and pet food. This is in line with how we have gradually expanded our playing field in the past. All in all, we believe the commercial value of poultry, meat, and fish is growing by 3% annually in the long term, consisting of growth in volumes, as well as growth coming from the modernization of farming and shopping. We are witnessing one of the most interesting disruption that will reshape our industry in years to come. Here, I'm referring to the dynamic shift in consumer behavior and demand across various market channels such as e-commerce, food service, and traditional supermarkets. The significant rise in e-commerce and home deliveries of consumer-ready products, both ready to cook and ready to eat, calls for the modernization of food service providers. Look at China, which is skyrocketing in terms of e-commerce and home deliveries compared with Europe and the U.S. Home deliveries in China now double. This is a huge step forward compared to a decade ago when it was only a fraction of the U.S. market. The food value chain is undergoing a transformation with focus on automation, robotics, and digital solution that will support sustainable food processing. All of Marel innovations and digital solution are aimed at improving yield and throughput and reducing the waste. The market for food processing solution, software and services for three key proteins is expected to grow by 4%-6% in the long term. However, we believe the market growth will be at a level of 6%-8% in the next five years due to catch-up from the past five years and a very strong tailwind in the market today, accelerated by the pandemic. When I speak to the leaders of our well-diversified and blue-chip customers, which I highly enjoy doing, three topics stand out that I believe will drive a new level of demand for Marel solutions. First, the labor scarcity is at level we have not seen before. Wage inflation and employee turnover is escalating in countries like U.K., Germany, and the U.S., to mention a few. Second, agility. As I mentioned, consumer behavior is changing rapidly. 2020 saw a dynamic shift in demand in the different channels, be it food service, retail, or the rise of the e-commerce. Food processors with the flexibility to pursue different consumer products have navigated well in those turbulent times. Marel is in pole position to support this ongoing transformation. Third, sustainability. Consumers and regulators are also increasingly focused on sustainability, food safety, traceability, nutrition, health, and wellness. We expect the market growth in the coming five years to be in the range of 6%-8%, and Marel intends to grow faster than the market based on its significant investment in innovation, infrastructure, and market coverage. Now let me tell you why. Throughout the years, we have driven organic growth by continuous innovation and by expanding our global reach. In recent years, we have formulated and strengthened our global reach with local leadership teams across six regions. Our network of local sales and service team is unique to support our customers. It is the result of systematic build-up throughout the years. It's simply hard to replicate. It has also proved to be a key differentiating factor during the pandemic, allowing us to sell, install, and service customers in over 140 countries during times of travel restriction and lockdowns. Ahead of the growth curve, we are ramping up. We have continued to invest in market coverage, especially outside U.S. and Europe, where we have stepped up our frontline by 30% in the first nine months. Yes, you heard correctly. We have increased our frontline sales and service teams in key geographies like Shanghai in China and Campinas in Brazil. Demo centers are hugely important for our marketing and sales effort in regions where we don't have the network of state-of-the-art reference plants, like we have in the U.S. and Europe. We have also bolstered our infrastructure to automate and digitalize the manufacturing platform, supply chain, and aftermarket. These are all measures that will ensure the same lead times and which is reshaping the industry. Recent years have seen an era of digital transformation, and as we have all become actually aware, the past two years have greatly accelerated the speed of change. Shopping is now one click away, possible due to the automation and digitalization process working behind the scenes. Mechanics, Marel has become a leading innovator of solution to meet the world's food processing challenges. The value chain when we brought accurate data collection to the fishing grounds here in Iceland with the first motion-compensating marine scale. Digital is in our DNA. Firstly, the integration of mechanics and software into standard modules that are fully connected, easy to install, easy to upgrade, and easy to service. All innovation, including new generation of standard equipment, are in other words, working on the same digital platform. This will improve speed and scale for customers to chase different proteins, as well as products or SKUs, and at the same time foundation for preventive and predictive maintenance, which again will lead to stickier customer base for Marel as a trusted maintenance partner. Of course, drive higher recurring aftermarket revenues. Secondly, there is a process control, often called MES, the Manufacturing Execution Systems. Our customers are moving increasingly to the cloud, and we are modularizing our MES system at speed. Our cutting-edge software already has the largest install base in the food processing industry. Combining the first two layers can create live insight into operations and actionable data and less energy. No less importantly, it also supports the agility to play the mix game and change consumer products for various distribution channels throughout the day instead of shift by shift. Today, single-digit range, and the aim is for significant step up in the coming years. Thirdly, we are introducing new digital products or, as I often say, the icing on the cake or cherry on top. The digital products like the MES or process control will be a self-standing software revenue stream, easy to install, easy to run, and upgrade. As an example, the digital products open up opportunities for green refinancing for our customers. Looking ahead, the vertical integration of the value chain will also enable more demand-driven value chain. By integrating data from satellite forecasting and consumption trends back to the fishing catches or farm harvest, processors can adapt their production throughout the day instead of shift by shift. Which brings us to sustainability. One of the greatest challenges of our time is to deliver sustainable, healthy food to the fast-growing population on our planet. For Marel, sustainability is our business, both as corporate citizen and also through our role as an innovator, advisor, and enabler for change. Marel is an enabler for improved sustainability throughout the whole food value chain. We have the processing know-how, we have the digital products, we have the cutting-edge technology for robotics, portioning, sensing, and we are located right at the center of the value chain. Data is in our DNA. Many of the net zero commitments, and we have as well made a net zero commitment for carbon neutrality by 2040. Marel is committed to meeting the highest standard to ESG and pioneer our industry toward a more sustainable future, and this drives the passion of our employees. Everything counts, everyone counts, and together we can make a difference. Looking back, the past 20 months have been a true testimony to our vision, business model, and operational resiliences. The tailwind is strong in the market and the outlook is positive. With all the drivers at play that I have mentioned, we expect market growth in the coming five years to be in the range of 6%-8%. We intend, as before, to grow faster than the market based on our continued investment in innovation, infrastructure, and global reach. When I joined Marel, I worked with 700 pioneers. Today, it's a privilege to work with 7,000 pioneers, all of whom are key enablers and providers of solutions, services, and software to reshape the food industry. Marel's vision is founded on the strong belief that we can create economic value and have a positive social impact at the same time. In partnership with our customers, we are transforming the way food is processed. We envision a world where food is safe, affordable, and sustainable. Thank you, Arni Oddur. Next up is our Chief Strategy Officer, Arni Sigurdsson, who will share with you his visualization of the key strategic pillars supporting our 12% revenue growth target. Before I pass the baton over to Arni, I want to set the scene with a short video from one of our key customers in the U.K., Cranswick. They are a great example of successful vertical integration across the value chain in close partnership with Marel. Cranswick were one of the first food processors to use Marel's pioneering technology to process 15,000 birds per hour in their poultry facility and have since expanded into prepared invested in three convenience lines. Cranswick is a pioneering example of how vertical integration across the value chain goes hand in hand with the sustainable food production. Cranswick is a British supplier of premium fresh pork and poultry products. The company was started by farmers in 1975. In the 1980s, Cranswick moved into food production, bringing the U.K. one of its first farm-to-fork offerings. A long-standing customer of Marel, Cranswick operates its own feed mills and farms, as well as pork and poultry processing plants that turn fresh ingredients into ready-to-eat. Their state-of-the-art production facilities enable them to create exceptional food experiences that customers love and trust. Marel has been a strategic partner to Cranswick in building such facilities, fully equipped with automated digital solutions. In 2019, Cranswick opened its high-tech poultry facility, capable of processing 15,000 birds per hour. They set a new record in processing speed with fully integrated lines from Marel. Most recently, Cranswick built a world-class convenience factory that is equipped with all the latest technology from Marel designed to make products for the ready-to-eat and ready-to-cook markets. Through close partnership, Marel and Cranswick continue to set new standards in terms of quality, affordability, food safety, and sustainability. Welcome. I'm Arni Sigurdsson, Chief Strategy Officer and EVP of Retail and Foodservice Solutions and Innova Software. I started working with Marel in 2007 during the acquisition of Stork Food Systems and joined the company early in 2014. Since then, I, together with the team, have been working to help transform Marel to become a global provider of food processing solutions. My passion for Marel and the industry is really around the huge opportunity to create value for our customers and other stakeholders. Surprisingly, the maturity of the industry is quite low, so we really have the potential to transform the way food is processed. Marel has an ambitious growth target of EUR 3 billion in revenue in 2026, which is 12% annual growth from 2016. We need to grow with our customers and gain scale so we can service our customers in a reliable and effortless manner. What I want to show you is how we're executing to deliver the growth target, both through organic growth and acquisitions. We have three key strategic pillars to execute our strategy and achieve our growth targets. Number one is customer focus. Customer focus has always been important, but it is, I believe, becoming more important as consumers and our customers are becoming more demanding and want more agility. When we speak with our customers, the message is consistent. They want us to be reliable and easy to do business with, and I'll deep dive into that later on. Innovation, best-in-class products and technology. It is not a coincidence that innovation is one of the three values of Marel. We pride ourselves on innovation, and we are a true pioneer. We do put our money where our mouth is and are committed to investing 6% of revenue annually in innovation. We focus on standard and modular solutions to the mid and high-end customer segments because these are the segments that are growing the fastest due to scarcity of labor, drive for digitalization and automation, and growing number of different food products. The third pillar is people and culture. Our people drive the success of Marel, and we don't do great things without great people. Marel is very focused on attracting and retaining top talent, as that is ever more important due to the conditions in the labor market across the board. Some have even described it as a war for talent. What is really helping us on that journey is our clear and compelling vision and purpose, transforming the way food is processed and a world where food is affordable and produced sustainably. That resonates very well with current and potential employees. It's not enough to attract the people, but you also need to work hard to retain them, and development is a very important factor in that. We have been taking more systematic steps in that journey. We have rolled our growth and succession planning across Marel, where we identify future potential roles for individuals and build growth plans for them to prepare for those opportunities. We are also taking our value of unity to heart with focus on diversity and inclusion through training and clear targets. We are very focused on driving engagement as it improves satisfaction of our people and performance. There's actually a high correlation between engaged employees and engaged customers. A true win-win. What have we been doing with regards to customer focus? We have been building up our global reach with local presence, and we now have six strong regions with local management on the ground. In China, for example, the whole management team is Chinese and one-third are females. Customers do want to engage with people that understand the culture, the customer needs, and operate in the same time zone and speak the same language. Responsiveness is simply higher if you're on the ground close to the customer, and we limit fly in, fly out, which is a part of our sustainability journey. We have been stepping up our investment in frontline resources to improve market coverage. In the last 18 months, we've increased direct service and sales resources by over 30% outside North America and Europe, and that is around 120 people in Asia and Latin America. We aim to do more, but it takes time to hire, onboard, and train, so we need to find the right pace. We have identified opportunities where we can do better, especially with the small and mid-sized customers. Recently, we opened up demonstration centers in both Brazil and China. Seeing is believing, and in our demo centers, we can show our customers our solutions in action and also co-develop end products. This is really important in secondary and further processing. While in primary processing, reference plants are more common due to the nature of the process where you have very big systems with high throughput. We want our customers to have an effortless journey. Think about some of the companies you love doing business with. Those tend to be reliable, good quality, and easy to do business with. Let's take the Apple Help Desk as an example. They are fast, brilliant, non-patronizing, and follow through until the problem is resolved. There's a direct human contact over the phone. None of this scrolling through endless remote options that don't meet the problem. Their customer service is why people stick with them, and that stickiness is what Marel's customer service provides. My vision is that our end-to-end spare parts customer journey will become effortless and fully reliable. We are now investing in a new end-to-end spare parts model, infrastructure, and processes to become a stronger partner to our customers. We've also established a new business unit, retail and food service solutions, that is focused downstream on solutions for consumer-driven products like marinated chicken thighs, nuggets, or ready-to-cook meat products that you buy in the supermarket. It will have a more agile approach because when you're focused on customers selling into retail, you need to be more agile and flexible as the customer requirements change really fast and the number of end products is high and increasing exponentially currently. For example, the growth in vegan and alternative products such as vegan burgers and no chicken nuggets. We need that ability to adapt to the different demands. Consumer-driven rather than customer-driven. As part of the change, we're also formally building a dedicated business development team to focus on adjacent markets and alternatives in pet food to begin with. We've already had successes there, but we want to put more focus and investment behind it. Let's look at innovation in more detail. Marel focuses on line solutions with modular and standard building blocks and overarching software and digital solutions. We focus on best-in-class products and technology as our vision is to transform the way food is processed. The main pillars are digitalization, automation, and sustainability, as these are addressing the main customer challenges and driving quality and affordable food. When you pick up a tray of chicken thighs in the supermarket, you want to know it is of high quality and affordable, and that's what it's really all about, and Marel is instrumental for food processors in that journey. We partner with our customers to work with them on new innovation to better understand customer needs and increase probability of success. As an example, with our Magna solution that ensures a bone-free meat mass and specific fat-to-lean ratio, we worked with Cargill from idea phase to a ready product. A really great partnership there. Strategic partnerships have become more important as Marel cannot do everything itself. We're partnering with other best-in-class companies that have technologies or solutions where we can create win-win for both parties. TOMRA is a great example. I remember so clearly when I took the first meeting with them at the end of 2017, and now we have launched Marel Spectra, a solution that detects soft foreign contaminants such as plastics, where we are combining Marel's SensorX knowledge and process know-how with TOMRA's vision technology. Another example is Risco, an Italian producer of vacuum fillers or pumps that we have successfully cooperated with since 2006. The Risco filler works well with our forming solution to produce, for example, chicken nuggets, hamburgers, and even plant-based products. Through the years, we've optimized how the complete solution works, which also means optimizing the value for our customers. Sustainability has been integrated into our product development process, and today, all new developments go through our sustainability scorecard that is a part of the business case and makes sure we improve sustainability of our solutions. We've also started mapping out the CO2 footprint of our machines, as that is an important factor for our customers in their sustainability journey. 2020 was an innovative year. We launched over 30 new solutions, and we had focus on robotic solution in that year. As an example, we launched RoboBatcher Box, which performs fully automated fish packing into fixed-weight boxes. We also launched the M-Line Neck Cutter, a fully automated robot using 3D scanning in primary processing in pork. Let me give you an insight into the partnership with TOMRA. We at Marel are proud to be enriching our product offering to our customers through our own innovation, through mergers and acquisitions, and through innovation that we do in partnerships, where we only work with those that are best in class, and TOMRA has for sure proven to be such a partner. With innovation at the core of what we do at both TOMRA and Marel, we have the same driven values and vision. We have known for a long time that Marel is leading the food processing industry, and this with innovative solutions in both hardware and software. Combining this with TOMRA's cutting-edge technology in partnership of pioneers, this is certainly creating a lot of value and a lot of leading edge for the food processing industry. Every innovation, every milestone on our journey is in close partnership with customers. That's the bedrock of Marel's success in transforming poultry processing. By being close and listening to our customers, we know how much of a challenge plastics and other foreign materials are for them. This is why we are investing so much in developing this new solution with TOMRA. After successful collaboration on several products, we are very excited to be introducing a new co-development to the market. This is a game changer when it comes to foreign material detection, and you will hear a lot more about it throughout 2021. We have high strategic focus on digital products, and our vision is to be the digital partner of choice for the food processing industry and enable our customers to sustainably maximize value creation by providing digital products and platform for connectivity and optimization. Make sure you join us on December second when we go through our exciting digital journey. I'll be joined by Hjalti Thorarinsson, VP of Innova Software, and Anna Kristin Palsdottir, EVP of Innovation. M&A activity is an important pillar in achieving our growth targets. We have invested around EUR 620 million in high-quality acquisitions since 2016. The key investment considerations for these acquisitions are strengthened line offering and product portfolio of high-quality products, which all acquisitions have contributed to. Number two is better market reach and customer engagement. Sulmaq would be a great example, and I also wanna highlight TREIF and MAJA that have good customer coverage in customer segments that are complementary to Marel. Shared vision and strategy is a very important element to have successful integrations and drive organic growth. That is always a key consideration for us. To make it clear, acquisitions are not a totally separate growth driver because they actually enhance our three strategic pillars and drive organic growth. If we think about the key investment considerations on the previous slide, they fully sync with our three strategic pillars. Better market reach and customer engagement enhances customer focus. Strengthening the line offering and high-quality products enhances best-in-class products and technology. Shared vision and strategy is all about people and culture. As I said, it fits with our strategy and strategic pillars, and I also wanna show you how acquisitions drive organic growth. A good example of this is TREIF, where we really strengthen our offering in cutting, which is often the heart of secondary processing. TREIF is really strong in the market and actually pulled Marel into a project with Vion, one of the largest meat producers in Europe. The Sulmaq integration has been very successful, where we've been able to drive 12% annual growth since the acquisition in 2017. Sulmaq's strong markets presence in Latin America has really delivered. For example, we sold a big greenfield project to Frimesa, which will be the largest and most advanced pork processing plant in Latin America. There, we really showed the full strength of Marel. Let's hear more from the Roos brothers, who are the former owners of Sulmaq and now current team members of Marel. Well, Sulmaq started its activities in 1971. Actually, Sulmaq was founded by my father. The start of Sulmaq is more or less based on their strategy that it's an interesting phrase, do not put all eggs in the same basket. Of course, after some years, the process started to grow and Sulmaq was supplying everywhere in Brazil and later in Latin America. For me, I'm proud to be part of this kind of company as many colleagues, now executives, no regrets so far. It's a very amazing journey. Yes, very good. A lot of learnings. In my opinion, the chances to grow the career, chances to learn, to make courses, and to go deeply in some fields are much more higher right now being part of Marel. I believe uses the most modern techniques in order to train people, to make the people happy working here. We still keep the Sulmaq portfolio to like a base, but we complement a lot with all this portfolio that Marel brought. Everyone in this market, including us, recognize it and knowing very well Marel here in Brazil and Latin America. We believe that the consolidation wave will continue, and Marel has a unique value proposition to the companies in the market. We have our X factors of global reach and digital platform, both of which take time, effort, and capital to build. It makes a lot of sense for companies to join Marel to create a win-win. We also have a very clear vision and strategy, which articulates what we stand for with a track record that shows that we are a good home for family-owned businesses. We believe that these factors have increased in relevance over the last couple of years, and therefore, we are very optimistic about the future acquisitions that will support the growth story of Marel. Super. Thank you, Arni Sigurdsson. Indeed, Marel is well-positioned to capitalize on the underlying market growth and secular growth trends. As Arni Sigurdsson said, based on our significant investments, we expect to grow faster than the general market. With that, I would like to hand over to our CFO. The resilience of our business model and how our robust cash flow and financial strength will support both the organic and acquired growth ahead. Over to you, Linda. Good day, everyone. I'm Linda Jonsdottir, and I've been with Marel since 2009. In my current role, Global Business Services. The financials of Marel are all about long-term structural growth, quality, resilience, strong margins, good diversification, strong capital structure, and very importantly, cash and cash returns to shareholders. We are long-term focused and proudly invest in our people, our most important asset, innovation and infrastructure, as well as our X factors being global reach and digital, and often on higher levels than our peers. Instead, we ask for higher growth and cash flow. There are a lot of things happening now that will support our 2026 growth targets. You see the momentum change. The pandemic has made a permanent mark on our value chain. Our investments in the digital and customer journey, to mention a few. In addition, Marel is financially a very strong company that has a war chest of firepower for acquisitions. I want to link those things and tell you more about the financials and where we are at. To reflect back on the growth journey, Marel is a growth company that has grown around two-thirds through acquisitions throughout the years. We are targeting revenue growth of on average 12% during the period 2017-2026, reaching EUR 3 billion in revenues in 2026. Revenues have been growing annually on average 7% since 2017, with quite some variation in that growth rate from year to year. That variation is of course quite normal, but over the long term, it is our belief it will revert to the mean of our broader expectation and our guidance. Looking at the 7% since 2017 and our target of 12%, it's clear that we do expect to accelerate our growth rate over the coming years. The question you are no doubt asking is how we will get to 12% and what will drive that growth. It will be partly driven by organic growth, where we already do see 20% growth in order intake in 2021. This will impact revenues in the coming quarters and drive organic growth. For the full year 2020, Marel had revenues of EUR 1.2 billion. If I look at annualized order intake in 2021, it's close to EUR 1.5 billion, so we are taking good steps on our growth journey. The demand and need for highly automated and digital solution has never been more clear. Looking at the pipeline, it is also strong across all industries, all processing steps, which should then drive further organic growth. Even though the exact timing of conversion is a bit difficult to predict in the environment we are in, the growing need is clear. Needless to say that our expected organic growth targets remain unchanged. The other part of our growth strategy is continued M&A, where we have sufficient firepower to pursue opportunities according to our tried and tested M&A strategy. We remain firmly committed to our medium-term targets put forward for 2023. We have an exciting journey ahead of us. In 2023, Marel is targeting EBIT of 16%. How are we going to get there? We are focusing on a number of areas, and I will just name a few examples, but we do have quite a lot of initiatives ongoing, all to improve the customer journey and the efficiency in our operations, improving margins. Let's start with the gross profit. Gross profit is targeted to be at a level of 40%. Here, we are focusing on both the mix and our share of wallet. We are moving into more value-based pricing. We are optimizing our platform and our end-to-end spare parts journey. Looking at the gross profit year to date, that is 37%. The gap is a bit wide at the moment. As you can see on our historical numbers, we've been closer to the 38%-39% levels. Are impacted at the moment both by mobility and logistical challenges because of COVID, and also having negative impact from current industry mix that will soon change based on our order book. Taking our ongoing actions, all the improvement initiatives, and continued focus on improving step by step, we feel confident in our targets for gross profit of 40% in 2023. If we look at SG&A, where we are currently at a level of 20%, above our target of 18%, but partly because we are stepping up ahead of the growth curve. Here, we are stepping on the pedal, increasing market coverage to grab further opportunities on the order intake side, making sure we grow our share of wallet by better coverage and improved customer journey. At the same time, we are focused on more efficiency in ways of working. Digital approach, we are optimizing the back end, setting up shared service center, making us a more scalable organization. Revenues should grow in 2022 versus 2021 based on our order intake and pipeline, giving also more cost coverage. The long-term targets. Looking towards 2026, reaching EUR 3 billion, coming from acquired and organic growth. There is a rising demand for more automation due to labor challenges, as well as consumer-ready products on the back of dynamic shifts we have been seeing in consumer behavior. The need for our products and services has never been clearer. Let's look at the key performance metrics that we are mostly focusing on. On the financial side, the focus is on earnings per share, free cash flow, and net debt/EBITDA. Marel has a proven track record of strong financial results and value creation. We have been delivering solid earnings per share and are targeting to increase earnings per share faster than revenues, where the focus is on continued operational improvements, value creation, and margin expansion. For example, with meat and fish delivering better results. Cash flow is strong, and the underlying cash flow model has enabled Marel to invest in the business and in acquisitions, while at the same time we have been deleveraging. Looking at the leverage, it has been below our targeted capital structure in recent years. While further deleveraging, we have at the same time finalized a number of acquisitions, paid dividends to our shareholders, and done share buyback. Our targeted capital structure is 2-3x net debt to EBITDA. Currently, we are at a level of 0.9. Marel has great banking partners and is a very well-funded company with strong capital structure and sustainability linked financing. The strong cash flow enables us then to support the growth planned ahead. Why is this new level of order intake so important? Our order intake and pipeline is our best forward-looking indicator. Here you can see the order intake from 2016 to 2021, and the revenues during this period. Also important for the industry mix and the expected profitability is that poultry order intake is also growing again in Q2 and Q3 this year after a slow Q1. This underpins more volume and profitability in the coming quarters. We also need to remember that a significant portion, around 40%, of Marel's revenues are derived from service and spare parts, and Q3 was record quarter in spare parts. Our order book is at a strong level of EUR 528 million at the end of Q3 2021, which represents around 39% of last twelve months of revenues. Having strong order book makes planning and scheduling so much easier. One of the things you've heard me say often is the benefit of having well-balanced revenue streams. Why is that so important for us? It is really like risk mitigation to be reliant on the different industries and geographies, and in addition, we have diversification across standard equipment, greenfield, spares, and service. Connected to what I said earlier on the order intake and looking at the industry mix 2021 for poultry, you can see that revenues are 47% compared to 55% last year, which is impacting our profitability at the moment. That is changing looking at the order intake in recent quarters. On the geographies, AC& O accelerating as requirement for automation and food safety is increasing, underpinned by the pandemic. We have been stepping up in our frontline activities there, and that is also reflected in our increased portion of revenues coming from that, area of the world. Turning now to our margin trends and what are the drivers there, and some history. Looking back, the profitability trend has been very strong. In 2014 and 2015, we successfully refocused the business. In the period from 2016 to end of 2019, we delivered strong results and EBIT around 15%. At the end of 2019, Marel was impacted by trade constraints, African swine fever, which created some hesitation to invest, and on top of that, COVID impacted 2020 and 2021. Despite all this, in 2020, Marel delivered EBIT of 13.5% and started seeing positive trends in pipeline and order intake, driven by the accelerated need across the world for further automation. Recognizing this trend, we took steps to improve coverage and prepare for growth by increasing cost. At the same time, we experienced mobility and logistical challenges and, on top of that, component shortages, which put some pressure on EBIT, which is year to date, 2021, at a level of 11.3% below our targets because of two things. Our decision to step up certain operating expenses ahead of the growth curve. Second reason being pressure on gross profit related to the pandemic. Now, we are firmly targeting a step up in revenues in 2022 versus 2021 on the basis of our already secured order book, very promising pipeline. With good product mix and industry mix, margin should be positively impacted in the coming quarters, stepping up towards our medium-term target of 16% EBIT in 2023. Marel has a very strong cash flow model, which has enabled us to invest in the business and in value-enhancing acquisitions and at the same time, deleveraging. Strong cash conversion supports continued investment in the global R&D, our people, and infrastructure to support our growth and profitability targets. Let me now do a deep dive into CapEx. We have been investing in our business. CapEx has been around 2.5%, and then I'm talking about CapEx without R&D investments. We are targeting a 200 basis point increase, further investing in our business, taking us to a level of around 4.5% for the next four years. There's a lot happening here. We are building up in frontline and also stepping up in frontline investments. We are investing in our end-to-end spare parts journey, supporting our aftermarket, that is now 40% of revenues, and we are also investing to automate and digitize the processes we have in our current manufacturing. The projects will support organic growth, but also create a platform where we can integrate acquired companies and impact our gross profit positively in line with our medium and long-term targets. To tell you more about what we're doing in stepping up market coverage and frontline investments, we are working on exciting investments both in Brazil, earlier this year, and now in Shanghai, China, in November. Our share of wallet is way too low, for example, in Asia and China. We need to invest so we can have the same lead times as in Europe and U.S. We need to increase speed to our customers. In addition, we are more and more focusing on digital approach, implementing online tools to display our solutions and engage with our customers. These efforts will support both growth and margins. On the end-to-end spare parts, there we are building up a new global distribution center to transform the end-to-end spare parts handling and shortening lead times to customers. The aim is to grow the maintenance business to 50% by 2026. We are changing, most importantly, to be able to service our customers better and shortening lead times, but also to get more efficiency and to improve gross profit. Then more about what we're doing on automating and digitizing the manufacturing footprint to accelerate speed and improve scale, to be able to have more agility to meet changes in customer demands, increase our footprint for further growth, improve working conditions, and become more efficient with automation and digitization, again, improving our margins. On capital returns to shareholders, our dividend and share buyback is targeted at 20%-40% of net profits. Excess capital is used to stimulate growth and value creation, as can be seen by the number of acquisitions throughout the period 2016 to 2020. The largest one in 2016 when Marel acquired MPS, but a number of smaller ones after that. We are very much focused on the disciplined capital. Marel has been improving the leverage ratio and at the same time acquiring companies and returning capital to our shareholders. Going back to our long-term targets for 2026, both to conclude and to underpin, we are targeting to deliver 12% average annual revenue growth in 2017 to 2026, where 50% of revenues will come from spares, service, and software. Earnings per share will grow faster than revenues, and Marel will continue investing 6% in innovation. Fantastic. Thank you, Linda. With that, we have concluded the formal presentations of today. Let's move into the Q&A. While everyone is getting settled, I'd like to share with you a video from one of our key clients in the meat industry, Westfort. Westfort grew out of two family businesses to become highly specialized meat processing company, which today employs 1,000 people at four different locations. Like many processors, they are faced with issues raised earlier, like labor scarcity and rapidly changing consumer demand. Since partnering with Marel, Westfort has added secondary capabilities to their primary processing and been able to leverage our intellectual capabilities using our technology and software to provide pork in a sustainable and efficient manner for the highest quality products. Westfort will be a recurring guest throughout our 360 mini-series in the coming weeks. Let's hear what they have to say on today's topic, Growth. Hello, good morning or afternoon. My name is Robert van 't Hof. I'm CEO of Westfort. We're standing here in the Netherlands in the beautiful IJsselstein. We're a family-owned meat production company. We opened our new deboning production and frozen warehouse facility. One important reason why we choose for Marel for this new deboning facility was DeboFlex. What we do is labor intensive. We have a lot of challenges to get people working with us, and it's heavy work, and of course, yield is important. At this moment, or I can say the last two, three years, the market is dominated, or disrupted, I could say, with ASF. That's made a totally change of how protein goes from one continent to the other and how demands developed. Our company had to adapt to that situation. Integrated processes, software, but also services that enable our clients not only today, but also tomorrow. We would like to be able to follow our clients in the domain of becoming larger and bigger and more efficient. Of course, as a customer, you're not always aware what will be coming. These kind of factories, they have to operate for 30, 40 years, and you want to be ready, and you want that your supplier has already taken into thought and advised you about maybe next technologies, and that you will not have to totally disrupt your already done investments, but that you're ready to do new investments which are added to your current investments. Westfort initially had their primary process organized via Marel, and then decided to expand towards secondary process. We trust in that Marel to deliver to us what we need for our business and that we together bring this to a success because, of course, if we are successful, Marel should also be. Brilliant company, Westfort. Now, let's dive into Q&A. Arni Oddur, Linda Jonsdottir, Arni Sig, you're all comfortable and ready to go? Perfect. As a reminder to our audience, if you would like to ask a question, please do so via the link that you can find at the bottom of your screen. You can also email ir@marel.com. I see that we have one question ready to go, so that is from Sumaira from Citi. Please go ahead. Hi, guys. This is Sumaira from Citi. A couple of questions, please. First one, I'll start with automation. You guys have talked about the increased use of automation, how it is resulting from scarcity of skilled labor. Given the increased focus on process uptime and the ability to innovate software. My question really is, what is the level of penetration that you have achieved till now and how much can you achieve in the future? If you can just talk around the opportunity here, your targets, and if you could possibly split across poultry, meat, and fish verticals. I'll start there. Right. I will hand that over to Arni Oddur. Yeah, I will start, and then Arni Sigurdsson will support me in this. We have to close our eyes and imagine the poultry factories, for instance, for automation. The primary processing is running at 50,000 chicken per hour, and then we go for different swim lines into whole roasted chicken, for instance. Three chicken pressed in a pack, 600 g, not 700 g. The problem challenge starts already when the average size is 250. Then we have to take the offcuts into chicken nuggets, and it needs to be contamination-free all the time, both plastic and et cetera. There is an immense opportunity to advance and get a seamless flow here. We are not in the elevator business going from floor zero to the top. We are endless swim lines. Arni, you maybe go deeper into what we are doing in the automation. Yeah, I think what we need to think about is really that even though the automation is at a much higher level in North America and Europe and in the developed world, there's still a lot of opportunities. We've talked about the Marel Spectra, which is detecting foreign contaminants such as plastics. That's really taking us the next step from the SensorX that has bone detection. I think it's also worthwhile to mention. We have actually a product here next to us, a robot that is putting fish into fixed weight boxes. That's really for kind of we have that in Iceland, this solution. We launched it in 2020. There's a lot of opportunities there. I think it's also worthwhile to mention that the seamless flow that we've been focused on through line concepts, we're trying to take that and working on taking that to the next level with the digital solutions to really be able to use data across the value chain. Use data early in the process to make decisions later in the process, and use information late in the process to adapt the process earlier. There are a lot of opportunities there, and we've talked about the ones in the developed world, but I also think, I mean, with the developing world catching up, there's also opportunities there. Absolutely. Any follow-up question from you, Sumaira? Okay. We might then go to the next one in line, which is Stefán Broddi Guðjónsson from Arion Bank. Over to you. Hi there. Thank you. My first question I would like to ask is on organic growth and how COVID has changed the view, how you view it. Are you seeing organic growth playing a larger or a lesser role in reaching and maintaining the 12% growth target you foresaw than, for example, that you foresaw pre-COVID? Stefán Broddi, actually, when we look back to 2017, we didn't see the African swine fever, we didn't see the timing of the pandemic, and et cetera. Actually, we are seeing it the same way. However, there was a slow, slowing factors in beginning. Now we are seeing the acceleration factor. We didn't have Microsoft Teams before the COVID. Now we are moving into the digital and connectivity, and we stated here, I think I said it three times in my speech, that we believe the underlying growth will be 6%-8% in the coming five years. Of course, Marel requests to grow faster than the market due to the high investment in innovation. Our pole position as well, we are investing in infrastructure as well, as Linda said, so naturally we deem to be on the high end, and we are seeing 6%-8%. There's no other way to meet the demand from the consumers for a high quality, fast-moving protein out in the market. Okay, fantastic. We've had a few questions via email, so I might just sum up one, which is around the surge of global food prices and the impact on Marel. How will it play out for Marel and its customers and its end consumers? I think this is one for yourself, Arni Oddur. For how the food prices? Yes, the global. Yeah, yeah prices. The inflation is now in every newspaper out there. We have to bear in mind, last 10 years it has been very, very low inflation in food due to technology shift, more supply and et cetera. Now we are seeing the demand skyrocketing for the end products. While we have labor scarcity out there, we have turnover rate in U.S. up to 50% in some meat factories, 30% in Germany and et cetera. The way forward is to enhance the optimization, digitalization, and seamless flow to solve this equation. We will see higher food inflation next year. Actually, this is the first time since I started in Marel that our customers are able to bypass the increased cost in the same calendar year. 2013 we had skyrocketing corn prices, however, there were fixed prices with the supermarkets. Now everybody are fighting for the proteins or the food. It is e-commerce, home deliveries, it's the quick service restaurants. The demand is more than the supply. We can stabilize that throughout by integrating the value chain and enhance the investment in the chain. However, there will be food inflation next year. This is not same for every country. Let's recap before the pandemic, when we were spending in U.S. only 11% of our net income on food, 50-50 at home and at restaurants. In many Asian countries, we were 30, 40% of our net incomes. This is not the same pressure everywhere. However, there will be food inflation. Maybe food needs to be a little bit more expensive to reduce the waste, and pressure for the sustainability journey and etc., but it's not the same U.S., Europe vis-a-vis Asia. Affordability is in our vision, and we will continue to pump out pioneering seamless solutions out there. Brilliant. I think Sumaira from Citi is then ready with his follow-up questions via Zoom. Thank you for taking my follow-up here. My follow-up is on the aftermarket. You have guided it to be 50% of the share in the long term. Could we have a kind of a gauge in terms of how we can break this share in terms of long-term service contracts versus spare parts versus software? How do you see this mix developing in the mid to long term here? I can take it and add to it, but the three Ss will be 50%. We don't know exactly what will be software as a service or the aftercare revenues, and it will come closer and closer. However, by connecting all our machines on the same digital platforms and having the digital products that are focusing on this, software as a service will not be low single digit. It will be a recurring revenue base + 5%, and we will start to see meaningful change 2024, and then it will always become higher and higher part of it. We have integrated the mechanics and the software, and this will play together. It works as the foundation for all the other revenue streams, how we integrate those. Arni, have you anything to add here? I think there is maybe just to show you a little bit better how this works. For example, a product that we have that is called Impact, that is really around overall equipment efficiency. There we are actually creating an integrated product or an integrated solution for the customer, which is combining the software, service visits, and making sure the equipment is operating at peak performance. You need also the spare parts. We're selling that as a package. Exactly what is what doesn't really matter as you're delivering on the customer needs, and that's why we are kind of describing that target in that way, because it's really around servicing the customer, and we see the trend towards more integrated solutions having all the components. Fantastic. Next up we have a question from Eric. Please go ahead. Hi, good afternoon, everyone. I had a question on R&D. You have a 6% R&D target of annual sales. I was wondering if you could shed some light on where ongoing R&D- Yeah, I know, I know. Mainly focuses on. On which processing steps and on which protein steps, and where do you currently, within the current Marel organization, see the biggest white spots? Thank you. Great question. I think that's one for yourself, Arni Sig. Yeah, I'll try to cover that one. I think, I mean, across the board we are investing in all the processing steps and all the proteins. We are seeing a number of opportunities in more downstream where we're looking at creating more integrated lines, where the industry has been more focused on standalone solutions. Kind of I would say to give you a little bit of a flavor, we're probably investing kind of a little bit more in kind of more downstream compared to the primary part of the process as that is more mature. Also kind of we need to highlight, we have been stepping up our investments in digital. That is a business model that it has a high fixed cost and low variable cost type of dynamic, and we've been building up the platform there. We've been building up the capabilities of connecting our solutions to our new hybrid cloud platform. I would say kind of there's also a heavy investment there. To add on it, Linda, there is more demand from our customers and the organization to go even higher in the innovation. Yes, for sure. Like, we are, like, definitely not missing ideas and opportunities internally, and there's, like, quite some demand to continue stepping up in our innovation journey. I mean, we are of course at the level of 6%. That's our strategic level. We have a bit different levels if you look at the industries, with fish being the highest one because, like, there we still are missing some solutions, so we are focusing on stepping up there. There are, like, definitely a lot of opportunities. I mean, you see of course the pandemic has also very much underpinned our business because, like, the need for automation has never been greater, and there we can really be a part of the solution, so lot of interesting things there. As Arni Sigurdsson mentioned, like, definitely also on the digital journey, we are putting a very important emphasis there, supporting our growth in that area. May I add to Linda Mm-hmm Your answer has been simple, that, yeah, if you want to go higher, you have to then deliver higher than 40% gross profit or even higher growth. Is it? Absolutely. I mean, our medium-term target is of course, 40% gross profit, but it's all about, like, what is the return. Like, if we see opportunities, to improve our gross profit even further, like with, great solutions to our customers, that's something we are open for. At the moment, like, we are still around the 6%, strategic level, but, if we see opportunities to further grow our gross profit, delivering better profitability in the medium to long term, we will definitely look into that. Absolutely. I think then Stefán Broddi from Arion Bank is ready with a follow-up question. Please go ahead. Oh, thank you very much. I would like to ask how concerned you are that the current setback in the Chinese economy will affect your growth, cash flow, or profitability targets in the immediate future? Right. I think I'd hand that one over to Arni at this. It's not all about China, but we were opening up this week the demo center in China, and we had a very good appearance there, where we are demonstrating all our new innovation. There is a lot happening in the e-commerce, and even though the kilos don't go up at the same speed and et cetera, we need to display it differently. There is a request from the e-commerce platforms that we have a full traceability back there. Setback in China, I have heard it every second or three years in the last 20 years. The economic growth there has been 12% per year, the equity value compared to 9% in high growth here. Wherever you look at it, we are having the one-child policy at 41-year-old, I think now. There is no processing skills at home any longer. There is modernization of the slaughtering. There is consolidation of the farming. Overall, maybe there is a setback at the moment in China. However, if you look at next five years, 20 years, there is an underlying growth and need, and the secular trends are super strong. This is not only China. This is Latin America, later on Africa, later on India as well. Being global understanding, serving with local management team, very, very important. We don't see everything in China, and by having the local management team stepping up from 60 to 120 people in the front end now in recent 12 months and next six months, we will see things differently. At least it was very promising that we saw this week in China. Great. I think this sort of diversified revenue model that you point to is a great leeway into a couple of questions that we received via email and are centered around the topic of margins. I want to direct that question to Linda. For how long do you think the current margin pressures will last? And can you give us a bit more color on the different margins by the three industries and the key drivers behind expanding those EBIT margins, especially for meat and for fish? Yeah, thanks, Tina. Like, as I explained a bit like in before in the video, like, we are now at the level of 11.3% year to date, which is below our targeted levels for sure. It's clearly impacted by two things. It's like the pandemic and the mobility and logistical challenges, which is something that is difficult for us to time, like when will that change. The other part is on the operating expenses, like we are deliberately stepping up ahead of the growth curve. Looking at our order intake that is coming in, there's like a lot of demand for our product. There's like our pipeline is growing. It's very strong across all industries and processing steps. Like, we are looking towards that because you don't scale up overnight, so we are a bit ahead of the growth curve. In terms of like when will we see that change, looking at our order book at the moment and also like the mix change we see now industry-wise where poultry is having stronger orders now for two quarters, we should see improvement in margin because of that. Now I'm looking towards the next few quarters. I'm also expecting volume to go up because like we are growing order intake that's still quite significantly above our revenue level. Like we should see that reaching better equilibrium in the coming quarters. Improvement in margins are based off that. We are like expecting margins to be closer to like our normal levels like middle of next year with the target to be at 16% EBIT in 2023. Then you asked about the industries, or we got the questions on the industries. Like, they are definitely at different levels, like where poultry has been driving the highest profitability. I mean, they have the full line offering, have had it for a number of years. They have the largest installed base out there, so like there are fundamentals reasons why they are at the stronger levels. Like, and we will continue on our journey there. And there's still a lot of demand for our products. We have meat, like where we are, have been strengthening the full line offering, like, with acquisitions. Now we have very close to a full line offering in meat and the focus there is on more cross and upselling, like, delivering organic growth. And it's also about like, becoming more standardized and motorized similar to what we do in poultry. Driving EBIT in the medium to long term, we are now around close to 10% level year to date. We are moving to 13%-15% in the medium term, and then higher in the long term towards our long-term targets. In fish, it's all a bit like different. They have taken good steps like on standardization, motorization. They are better in project execution than they were before. They, we are investing a lot in innovation. They're higher than the other two industries because we still have application gaps. It's more about volume. We need more volume to cover the cost base. What is good there is that we are securing very important projects in Fish and the pipeline and outlook is good. All this in addition to our improvement projects that we're running across the organization should deliver improved margins in the medium to long term. Great. I think we're then ready for the next. Maybe because it was so great answer by Linda here, there is one point as well. We have taken proactive steps now in increasing the prices of our products, 4%-6% in last quarter. We are moving more into the proactive value-based pricing next year. We strongly believe that our pioneering portfolio has a pricing power out there, and the reason is simple. We have seen 25% increase per hour in the wages out there, for instance, in U.S., and the turnover rate is up. The demand is more than ever after automating in a seamless way. We need to be more proactive. We have to admit it. We were a little bit too late in third quarter to pass on the cost to our customers. We were only passing on the cost to our customers. We are not using the opportunity. We should have done it in second quarter. We did it in third quarter, and we will do it more frequently next year. Yeah. Yeah, exactly. Yes, I mean, yeah, I think perhaps I touched a bit on it, like we are doing a lot of things to mitigate like the impact we see on EBIT at the moment. Like, on the supply chain side, it's about like building up inventory, using our strong cash flow to mitigate that. Then on the pricing side, it's about passing some of the cost increases we see to our products and we've done that both in the beginning of the year, also in Q3. And like we have definitely the pricing power, like labor shortages like connect very well to like our product, own product offering. We feel like we have the solutions there for our customers and we can pass that into the price, and we will, of course, follow this very closely like now in the beginning of 2022. Great. I would like to introduce Donlon Fraser from Berenberg. Please go ahead. Hi, team. Hopefully you can hear me. Fraser here from Berenberg. I'll just rattle through three or four questions, if that's all right, and then I'll let you work through them. The first would be, you know, speaking about innovation. Could you maybe give some color on, you know, the contribution to sales of new product launches or something like this over a given time period, so over the past two or three years for example? Second topic would be great if you could address would just be, you know, talking about the aftermarket. Could you maybe give some color on the competitive situation in the aftermarket, the extent to which you compete with more agnostic players? I think at the last CMD, you were talking about getting kind of better data on the installed base and how that can help you in the aftermarket. An update there would be great. And then maybe finally, if you could just talking about M&A, go through the three main business units and highlight if, you know, what are the key gaps you still have to fill. I guess mainly more in meat and fish, but it would just be good to have your kind of personal insights there. I'll leave it there. Thanks very much. Thank you, Fraser. I would like to direct the first one to Arni Sig, second one to Arni Oddur, and then maybe back to Arni Sig for the third one. Does that sound like a plan? Yeah. If I start with the innovation, I mean, we are dedicated in on investing in innovation, like we've talked about, investing 6% of revenue on an annual basis. We are requiring return on that obviously. We have shown that we launched multiple new products in 2020 that are showing kind of the fruit of that investment. We don't disclose exactly the revenue from new product development, but I think it's also worth highlighting what we're trying to do. We're trying to look at the customer to understand what is the customer need from the end product that they are producing. That is kind of our increased focus on line solutions. That means that if you have maybe an application gap, and you then maybe competition is stronger, but once you close that application gap, you're not only selling that new product, you're selling the whole line. That is really kind of what we're trying to do to make sure that the line and the line solution is really strong to sell into that customer base. Okay. The second one. Yeah. It was about competition in the aftercare market. We have to remember that Marel is already with 40% in aftercare revenues in recurring revenues compared to 10% in 2005. Using more sophisticated service level agreements and et cetera. There is a high competition out there, so we define proprietary parts, fast-moving parts, and et cetera. More importantly, we have greater share of the wallet with our long-term customers as a trusted maintenance partner in Europe, U.S. We are pretty good in many countries in LatAm. We are having way too low share of the wallet in China and Asia. Our by far biggest investment that we are now preparing is the end-to-end spare parts journey. We want to be one click away. Our industry is not there. We need more speed. We need more scale there because competition is coming here. We are making the platform for this industry, and this is essential part. Digital and spare part and services will work together. This industry is moving from reactive to proactive, and we want to be, in three years' time, predictive. Competition will always be there, but we will be ahead of the game. We are in 40% when typical family-run companies that we acquire are at 20% level. They are using agents out there, and agents are very seldom only good in aftercare business. They look at the capital goods sales. We are life cycle partner supporting our customers. I hope this, Fraser, answer the question. It is our heartbeat, and we run it faster and faster. Always, we can always improve, and we are working very hard now on investing in our people and our infrastructure because we want to be ahead of the game. Yes, exactly. That relates back to Linda's point earlier on in her presentation on ongoing investments. Maybe on the third point, which was around the M&A landscape and our activities to that end. Yeah, I mean, it is a good question kind of how we're thinking about it. It is not only kind of poultry, meat, and fish how we look at the opportunities, and that's really based on how the industry is structured. If you look at kind of primary processing and the first step in secondary processing, which is cut up and deboning, that's really kind of industry focused. You have poultry-specific players, meat-specific players, and fish-specific players. That industry is fairly consolidated. There are a handful of players in each step. We have been taking steps there that I think it's worth to mention on the fish side. We have acquired a 40% stake in Stranda. We have acquired a 50% stake in Curio, and then actually we just recently got the antitrust approval for the acquisition of Valka. That's also the step, to Linda's point earlier, to increase volume in fish to cover the OpEx, and we're complementing those acquisitions with organic innovation. If you move kind of further into the value chain, more downstream, closer to the end product, then a lot of the players there are more kind of application driven or technology focused that goes across the industry. There we're more focusing on kind of what are the right technologies for us that fill into that line concept that I kind of repeatedly talk about that is servicing the customer in the right way. That is more fragmented, and there are more opportunities there because the consumer is becoming very demanding and different end products, so the opportunities to have a solutions for different type of products is gonna grow exponentially, so there's more opportunity on that front. What we really focus on is the strategic fit in our acquisitions. It is around the complementary product portfolio. It is around increased customer focus, either through kind of strong customer presence, like the acquisition with Sulmaq in Latin America that we got, like, a great insights into earlier. Then it's around a kind of shared vision and strategy. For those potential companies out there, then we have a clear value proposition. We do have our global reach of sales and service network that is second to none in the industry. We are investing heavily in our digital platform, which are what we talk about our two X factors. We have a reputation and history of being a good home for family-owned businesses. We are doing kind of mapping and looking at where the opportunities are. We have our criteria, and I think we have a very strong value proposition. I'm very excited and confident about the M&A path going forward. I think we all share that excitement as well. Yeah. Great answer, Arni, and to put it in perspective as well that one of the most forward-thinking Salma producer in the world was here in the headquarters of Marel full day yesterday in strategic meeting, and we were talking about digital. We were talking about service and how we could improve in service and so on to give you insight how they were fascinated by how much we are investing in the connectivity and very pleased with our recent acquisition to get more scale, more speed to service them. In the end, it's all about the customers and the end consumers like Arni went so well through in his speech earlier. We are here to drive the growth and growth as our customers grow. Exactly. Next up we have a question from Akash Gupta that I will read out. Can you give an indication of penetration of automation in your customers? How much of the organic growth in the medium term to come from higher penetration compared to growth in consumption of animal protein because of rising population growth? Yeah, like we touched on and Arni went into it where we are investing it. You would be surprised to see in Europe and U.S., where we are most advanced, how much is needed in the consumer-ready products to automate. We are having too much labor, shoulder to shoulder there. We can get the same seamless flow in the secondary processing as there. Latin America in primary, and we are very well advanced in primary processing in general, for instance, poultry in Europe and U.S., quite advanced in many buckets or countries in LatAm. You move into Asia where you have maybe 8,000 people in deboning halls. We need to have more consistency in delivering the products. It needs to be in same shape and delivery, especially in e-commerce. We expect as a consumer consistency in quality. This is optimization level, it's difficult to say how mature it is, but sometimes I joke about it, on a scale 0- 10, then we are mostly at four because that means how much more can you do? While I compare it maybe with the elevator business at or printing business at scale nine. Of course this is all, you cannot calculate it. We see endless opportunities. Moreover, our customers see endless opportunity, and it's more in the back end now in Europe, U.S., but the primary processing need to take a leap forward as well in the fast-growing countries, in Asia for instance. Great. Then his follow-up question maybe relates to your mentions of adjacent industries, so pet food, vegetables. So how much of current sales, and this may be for Linda and Arni Sigurðsson, how much of current sales come from non-animal protein industries like cheese or alternative meat, for example, and the trend line for that? Maybe if I start to explain a little bit just what we're doing there and then, again, then cover the kind of the order of magnitude. What we are focused on now is that we have established a new business development team that is initially gonna start to focus on the alternatives market and pet food, and we're seeing a big opportunity there. I mean, if you look at just the secular trends and the demand that is happening with what Arni was talking about earlier, the population growth and the urbanization, the demand is just quite significant, and I think the alternatives market will actually complement our poultry, meat, and fish. We want to focus on that market as well. If you just look at kind of the average meat consumption in the OECD countries compared to the average in the world, it's almost double. There's a lot there in terms of that trend. We're putting more resources behind it. We've obviously sold some current technologies like the RevoPortioner portioner and other equipment into alternatives, pet food, potatoes. We have technologies there and wanna build on that with the business development team to really focus on that. But Linda, maybe you can. Yes Highlight some of the financials. Yeah, exactly. I mean, I think the good news is that, like, we have the opportunities to build on. Like, looking at our revenue split, we only have, like, still a few percent coming from other and then so you see the split in terms of poultry, meat, fish, and then other. So it's still only a small portion, but opportunities are obviously great. I think what has been, like, also good for Marel in the past is to stay focused on our three industries. But of course we look for opportunities and we grow step by step on that journey. Yes, Linda, that's correct. That we are very fortunate that we expand gradually our playing field. To recap, our blockbuster in poultry, the SensorX detecting the bones were invented in fish. Last quarter, like, Arni was saying, potatoes with RevoPortioner in India, last quarter. Now Marel Spectra that is detecting the plastic and other soft contamination. We were targeting original poultry, fish, and then meat. That was our plan. The demand we are getting from the pet food industry, because let's face it, our cats and dogs can eat bones, but not plastics. There is a demand. Sometimes it comes faster at scale from some other areas than you plan in beginning, but we need to be agile and adapt for it. The opportunities, growth opportunities are out there. Truly exciting journey ahead. Many fantastic questions. Thank you for joining us today. We hope it was an insightful and interesting session. Here is a reminder that we have three more 360 events coming up in the next few weeks. We have Global Reach on November 18, where EVP of Sales and Services, Ulrika Lindberg, and Gudbjorg Gudmundsdottir, EVP of Fish, will lead the session. We then have Digitalization on the 2nd December, led by our Chief Strategy Officer, Arni Sigurdsson, our EVP of Innovation, Anna Kristin Palsdottir, and our VP of Software, Hjalti Thorarinsson. Last but not least, Sustainability on December 9, where this is a subject our CEO feels very passionate about will lead the session together with Thorsteinn Kari Jonsson, our Head of Sustainability. I look forward to seeing you again soon, and please do get in touch if you've any questions or follow-ups. On behalf of the Marel team, thank you and goodbye.